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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 6 Months Ended
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Jun. 30, 2022
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
Schedule of consolidated subsidiaries |
|  | Place of |  | Attributable equity |
Name of Company |  | incorporation |  | 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 |
|  | June 30, 2022 |  |  | December 31, 2021 |
RMB: US$ exchange rate |  |  | 6.7 |  |  |  | 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) |  | $ | 343,937 |
Other information |  |  |  |
Cash paid for amounts included in the measurement of lease liabilities for the six months ended 6/30/2022 |  |  | 358,988 |
Weighted average remaining lease term-operating leases (in years) |  |  | 3.17 |
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 |  |  | 1,932,561 |
Total right-of-use assets |  | $ | 1,932,561 |
Short-term operating lease liabilities |  |  | 601,939 |
Long-term operating lease liabilities |  |  | 1,503,804 |
Total operating lease liabilities |  | $ | 2,105,743 |
Maturities of the Company’s lease liabilities are as follows: |  |  |  |
Year ending June 30, |  |  |  |
2023 |  |  | 694,833 |
2024 |  |  | 738,013 |
2025 |  |  | 781,476 |
2026 |  |  | 71,402 |
Total lease payments |  |  | 2,285,725 |
Less: Imputed interest/present value discount |  |  | (179,982 | )
Present value of lease liabilities |  | $ | 2,105,743 |
Schedule of potentially diluted shares |
|  | For the period June 30, 2022 |  |  | For the period June 30, 2021 |
Statement of Operations Summary Information: |  |  |  |  |  |
Net Profit |  | $ | 118,218 |  |  |  | 2,494,114 |
Weighted-average common shares outstanding - basic and diluted |  |  | 294,361,978 |  |  |  | 305,451,498 |
Net profit per share, basic and diluted |  | $ | 0.00 |  |  |  | 0.00 |

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