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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

3 Months Ended

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, 2022				December 31, 2021
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, 2022				For the  period March 31, 2021
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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