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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 3 Months Ended
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Mar. 31, 2022
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 (f/k/a XiaoShang Technology Beijing Co Limited) |  | P.R.C |  |  | 100 | %
Tibet Xiaoshang Technology Group Limited |  | 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 |
Tibet Xiaoshang Technology Group Limited |  | P.R.C |  | Providing of social e-commerce services, technical system support and services. |
Schedule of exchange rate |
|  | March 31, 202 2 |  |  | December 31, 202 1 |
RMB: US$ exchange rate |  |  | 6.34 |  |  |  | 6.36 |
Property and equipment |
Office equipment |  | 3 years
Leasehold improvements |  | 5 years
Schedule lease terms and discount rate |
Lease cost |  | In USD |
Operating lease cost (included in general and admin in company’s statement of operations) |  | $ | 705,407 |
Other information |  |  |  |
Cash paid for amounts included in the measurement of lease liabilities for the quarter ended 3/31/2022 |  |  | 730,112 |
Weighted average remaining lease term-operating leases (in years) |  |  | 3.42 |
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 |  |  | 2,189,390 |
Total right-of-use assets |  | $ | 2,189,390 |
Short-term operating lease liabilities |  |  | 616,698 |
Long-term operating lease liabilities |  |  | 1,769,144 |
Total operating lease liabilities |  | $ | 2,385,842 |
Maturities of the Company’s lease liabilities are as follows: |  |  |  |
Year ending March 31, |  |  |  |
2023 |  |  | 722,656 |
2024 |  |  | 767,393 |
2025 |  |  | 813,323 |
2026 |  |  | 301,828 |
Total lease payments |  |  | 2,605,200 |
Less: Imputed interest/present value discount |  |  | (219,358 | )
Present value of lease liabilities |  | $ | 2,385,842 |
Schedule of potentially diluted shares |
|  | For the period March 31, 202 2 |  |  | For the period March 31, 202 1 |
Statement of Operations Summary Information: |  |  |  |  |  |
Net Profit |  | $ | 560,855 |  |  |  | 652,084 |
Weighted-average common shares outstanding - basic and diluted |  |  | 305,451,498 |  |  |  | 305,451,498 |
Net profit per share, basic and diluted |  | $ | 0.00 |  |  |  | 0.00 |

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