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REVENUE | 6 Months Ended
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Jun. 30, 2022
REVENUE |
REVENUE | NOTE 4 – REVENUE In the business of providing an international cloud-based intelligence system, namely “YCloud” system. We aim to provide technical and auto-billing management system services to micro-business online stores in China through big data analytics, machine learning mechanisms, social network recommendations, and multi-channel data analysis. Weijiafu and Changtongfu are our customers to take charge of the YCloud users’ profiles. Meanwhile, all YCloud users’ information is retained within YCloud system. We derive our revenue from system service fees charged for transactions conducted through YCloud. We receive 2%-3.5% of the total Gross Merchandise Volume generated in the platform as a system service fee from YCloud users through service agreement with our customers (such as Weijiafu, Changtongfu, Beijing Yidong, Maitu International and Beijing Youth ), depending on the type of service and industry. Gross Merchandise Volume, or GMV, is a term used in online retailing to indicate a total sales monetary-value for merchandise sold through a particular marketplace over a certain time frame. We generally receive the system service fee from customers within the first ten days of each calendar month. With effect from October 2021, YCloud system service fee will be settled within the first ten days of each quarter due to high volume of transaction amounts conducted through YCloud from end users. As of reporting date, all the service fee receivable has been fully settled and received. The system services fees are collected from five customers of YCloud system based on the GMV as follow:
Gross Merchandise Volume (“GMV”) |  | June 30, 2022 |  |  | June 30, 2021 |
|  | US$ |  |  | US$ |
Non-related parties: |  |  |  |  |  |
Weijiafu |  |  | 53,496,041 |  |  |  | 150,250,147 |
Beijing Yidong |  |  | 20,811,155 |  |  |  | - |
Maidu International |  |  | 14,094,841 |  |  |  | - |
Beijing Youth |  |  | 19,312,009 |  |  |  | - |
|  |  | 107,714,046 |  |  |  | 150,250,147 |
Related party: |  |  |  |  |  |  |  |
Changtongfu |  |  | 8,732,504 |  |  |  | - |
Beijing Joy Trip |  |  | - |  |  |  | 50,678,696 |
Total GMV: |  |  | 116,466,550 |  |  |  | 200,928,843 |
As of and for the period ended June 30, 2022, we generated revenues from the four third parties customers amounting $3,556,596 and related party- Changtongfu amounting $288,337.

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- Definition The entire disclosure for deferred revenues at the end of the reporting period, and description and amounts of significant changes that occurred during the reporting period. Deferred revenue is a liability as of the balance sheet date related to a revenue producing activity for which revenue has not yet been recognized. Generally, an entity records deferred revenue when it receives consideration from a customer before achieving certain criteria that must be met for revenue to be recognized in conformity with GAAP. + References Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 430 -URI https://asc.fasb.org/topic&trid=2122452 + Details
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