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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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