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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 6 Months Ended | 12 Months Ended
--- | --- | ---
Jun. 30, 2021 | Dec. 31, 2020
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |  |
Schedule of consolidated subsidiaries |
|  | Place of |  | Attributable |
Name of Company |  | incorporation |  | equity interest % |
Utour Pte Ltd |  | Singapore |  |  | 100 | %
WeTrade Information Technology Limited (“WITL”) |  | Hong Kong |  |  | 100 | %
Yueshang Information Technology (Beijing) Co., Ltd. (“YITB”) |  | P.R.C. |  |  | 100 | %
Yueshang Group Network (Hunan) Co., Limited (“Yueshang Hunan”) |  | P.R.C |  |  | 100 | %
Yueshang Technology Group (Hainan Special Economic Zone) Co. Limited (“Yueshang Hainan”) |  | P.R.C |  |  | 100 | %
WeTrade Digital (Beijing) Technology Co Limited (FKA: XiaoShang Technology Beijing Co Limited) |  | P.R.C |  |  | 100 | %
|  | Place of |  | Attributable |
Name of Company |  | incorporation |  | equity interest % |
Utour Pte Ltd |  | Singapore |  |  | 100 | %
WeTrade Information Technology Limited (“WITL”) |  | Hong Kong |  |  | 100 | %
Yueshang Information Technology (Beijing) Co., Ltd. (“YITB”) |  | P.R.C. |  |  | 100 | %
Yueshang Group Network (Hunan) Co., Limited (“Yueshang Hunan”) |  | P.R.C |  |  | 100 | %
Yueshang Technology Group (Hainan Special Economic Zone) Co. Limited (“Yueshang Hainan”) |  | P.R.C |  |  | 100 | %
Schedule of investment holding company |
|  | Place of |  | Nature of |
Name of Company |  | incorporation |  | operation |
Utour Pte Ltd |  | Singapore |  | Investment holding company |
WeTrade Information Technology Limited (“WITL”) |  | Hong Kong |  | Investment holding company |
Yueshang Information Technology (Beijing) Co., Ltd. (“YITB”) |  | P.R.C. |  | Providing of social e-commerce services, technical system support and services |
Yueshang Group Network (Hunan) Co., Limited (“Yueshang Hunan”) |  | P.R.C |  | Providing of social e-commerce services, technical system support and services |
Yueshang Technology Group (Hainan Special Economic Zone) Co. Limited (“Yueshang Hainan”) |  | P.R.C |  | Providing of social e-commerce services, technical system support and services |
WeTrade Digital (Beijing) Technology Co Limited (FKA: XiaoShang Technology Beijing Co Limited) |  | P.R.C |  | Providing of social e-commerce services, technical system support and services |
Schedule of exchange rate |
|  | June 30, 2021 |  |  | December 31, 2020 |
RMB: US$ exchange rate |  |  | 6.46 |  |  |  | 6.53 |
|  | As of |
|  | December 31, 2020 |  |  | December 31, 2019 |
RMB: US$ exchange rate |  |  | 6.53 |  |  |  | 6.96 |
Schedule lease terms and discount rate |
Lease cost |  | In USD |
Operating lease cost (included in general and admin in company’s statement of operations) |  | $ | 230,770 |
Other information |  |  |  |
Cash paid for amounts included in the measurement of lease liabilities for the six months ended 6/30/2021 |  |  | 351,456 |
Weighted average remaining lease term-operating leases (in years) |  |  | 4.17 |
Average discount rate - operating leases |  |  | 5 | %
The supplemental balance sheet information related to leases for the period is as follows: |  |  |  |
Operating leases |  |  |  |
Long -term right-of-use assets |  |  | 2,574,212 |
Total right-of-use assets |  | $ | 2,574,212 |
Short-term operating lease liabilities |  |  | 612,537 |
Long-term operating lease liabilities |  |  | 2,187,361 |
Total operating lease liabilities |  | $ | 2,799,898 |
Maturities of the Company’s lease liabilities are as follows: |  |  |  |
Year ending June 30, |  |  |  |
2021 |  |  | 365,866 |
2022 |  |  | 698,898 |
2023 |  |  | 741,993 |
2024 |  |  | 787,140 |
2025 |  |  | 519,190 |
Total lease payments |  |  | 3,113,087 |
Less: Imputed interest/present value discount |  |  | (313,189 | )
Present value of lease liabilities |  | $ | 5,912,985 |
Lease cost |  | In USD |
Operating lease cost (included in general and admin in company’s statement of operations) |  | $ | 217,821 |
Other information |  |  |  |
Cash paid for amounts included in the measurement of lease liabilities for the quarter ended 12/31/2020 |  |  | - |
Weighted average remaining lease term-operating leases (in years) |  |  | 4.67 |
Average discount rate - operating leases |  |  | 5 | %
The supplemental balance sheet information related to leases for the period is as follows: |  |  |  |
Operating leases |  |  |  |
Long -term right-of-use assets |  |  | 2,813,186 |
Total right-of-use assets |  | $ | 2,813,186 |
Short-term operating lease liabilities |  |  | 569,865 |
Long-term operating lease liabilities |  |  | 2,471,598 |
Total operating lease liabilities |  | $ | 3,041,463 |
Maturities of the Company’s lease liabilities are as follows: |  |  |  |
Year ending December 31, |  |  |  |
2021 |  |  | 709,227 |
2022 |  |  | 690,685 |
2023 |  |  | 733,273 |
2024 |  |  | 777,890 |
2025 |  |  | 513,088 |
Total lease payments |  |  | 3,424,163 |
Less: Imputed interest/present value discount |  |  | (382,700 | )
Present value of lease liabilities |  | $ | 3,041,463 |
Schedule of potentially diluted shares |
|  | For the period June 30, 2021 |  |  | For the period June 30, 2020 |
Statement of Operations Summary Information: |  |  |  |  |  |
Net Profit |  | $ | 2,494,114 |  |  | $ | 566,233 |
Weighted-average common shares outstanding - basic and diluted |  |  | 305,451,498 |  |  |  | 301,888,665 |
Net loss per share, basic and diluted |  | $ | 0.01 |  |  | $ | 0.00 |
|  | 2020 |  |  | 2019 |
Statement of Operations Summary Information: |  |  |  |  |  |
Net Profit/ (loss) |  | $ | 2,675,037 |  |  | $ | (417,407 | )
Weighted-average common shares outstanding - basic and diluted |  |  | 304,166,073 |  |  |  | 300,222,000 |
Net loss per share, basic and diluted |  | $ | 0.01 |  |  | $ | (0.00 | )
Schedule of average exchange rate |  |
|  | Year ended December 31, |
|  | 2020 |  |  | 2019 |
RMB: US$ exchange rate |  |  | 6.84 |  |  |  | 7.01 |

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