$CWNOF
CHINESEWORLDNET COM INC

2022 Q4 Form 20-F Financial Statement

#000141057823000862 Filed on May 01, 2023

View on sec.gov

Income Statement

Concept 2022 Q4 2022 2021 Q4
Revenue
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $61.45K
YoY Change -0.25%
Operating Profit
YoY Change
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net -$298.5K
YoY Change -1545.74%
Pretax Income -$360.0K
YoY Change 779.01%
Income Tax
% Of Pretax Income
Net Earnings -$360.0K
YoY Change 779.01%
Net Earnings / Revenue
Basic Earnings Per Share -$0.03
Diluted Earnings Per Share -$0.03
COMMON SHARES
Basic Shares Outstanding 10.95M 10.95M
Diluted Shares Outstanding 10.95M

Balance Sheet

Concept 2022 Q4 2022 2021 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $227.0K $526.4K
YoY Change -56.87%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $0.00 $0.00
YoY Change
TOTAL ASSETS
Total Short-Term Assets $227.0K $526.4K
Total Long-Term Assets $0.00 $0.00
Total Assets $227.0K $526.4K
YoY Change -56.87%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $285.1K $224.5K
YoY Change 27.03%
LONG-TERM LIABILITIES
Long-Term Debt
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $285.1K $224.5K
Total Long-Term Liabilities
Total Liabilities
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings -$4.252M -$3.892M
YoY Change 9.25%
Common Stock $4.194M $4.194M
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity
YoY Change
Total Liabilities & Shareholders Equity $227.0K $526.4K
YoY Change -56.87%

Cashflow Statement

Concept 2022 Q4 2022 2021 Q4
OPERATING ACTIVITIES
Net Income -$360.0K
YoY Change 779.01%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities $0.00
YoY Change
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $0.00
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities
YoY Change
NET CHANGE
Cash From Operating Activities 0.000
Cash From Investing Activities 0.000
Cash From Financing Activities
Net Change In Cash 0.000
YoY Change -100.0%
FREE CASH FLOW
Cash From Operating Activities $0.00
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
CY2022 dei Entity Registrant Name
EntityRegistrantName
CHINESEWORLDNET COM INC
CY2022 dei Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
E9
CY2022 dei Entity Address Country
EntityAddressCountry
KY
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CY2022 dei Entity Central Index Key
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CY2022 dei Current Fiscal Year End Date
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CY2022 dei Document Fiscal Year Focus
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CY2022 dei Document Fiscal Period Focus
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CY2022 dei Entity Filer Category
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CY2022 dei Security Exchange Name
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2022-12-31
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CY2022 dei Document Shell Company Report
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CY2022 dei Entity File Number
EntityFileNumber
000-33051
CY2022 dei Entity Address Address Line1
EntityAddressAddressLine1
Appleby, Clifton House 75 Fort Street, PO Box 190
CY2022 dei Entity Address City Or Town
EntityAddressCityOrTown
Grand Cayman
CY2022 dei Entity Address Postal Zip Code
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KY1-1104
CY2022 dei Security12b Title
Security12bTitle
Common Shares
CY2022 dei Trading Symbol
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CWNOF
CY2022Q4 dei Entity Common Stock Shares Outstanding
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CY2022 dei Entity Well Known Seasoned Issuer
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No
CY2022 dei Entity Voluntary Filers
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CY2022 dei Entity Current Reporting Status
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CY2022 dei Entity Interactive Data Current
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CY2022 dei Entity Emerging Growth Company
EntityEmergingGrowthCompany
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CY2022 dei Document Accounting Standard
DocumentAccountingStandard
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CY2022 dei Auditor Name
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MNP LLP
CY2022 dei Auditor Firm
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1930
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Vancouver, BC, Canada
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207
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CY2022 us-gaap Nature Of Operations
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;text-align:justify;margin:0pt 0pt 12pt 0pt;">1. NATURE OF OPERATIONS AND GOING CONCERN</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Company was incorporated under the laws of Cayman Islands on January 12, 2000. On January 15, 2000 the Company acquired 100% of the issued and outstanding shares of NAI Interactive Ltd. (“NAI”), a company incorporated under the laws of British Columbia, Canada. The Company also has a dormant wholly-owned subsidiary ChineseWorldNet.com HK Limited (“CWN HK”) incorporated under the laws of Hong Kong. ChineseWorldNet.com (Shanghai) Ltd. (“CWN China”) was incorporated under the laws of People’s Republic of China in April 2008. In fiscal year 2012, the Company’s ownership interests in CWN China increased from 80% to 83% after CWN HK invested an amount of $200,000 to CWN China’s registered capital. During the fiscal year 2013, the Company’s ownership interests in CWN China further increased from 83% to 85% after CWN HK invested an amount of $187,200 to CWN China’s registered capital. CWN China has a wholly-owned subsidiary, Weihai Consulting Investment Ltd (“Weihai”), a company incorporated under the laws of People’s Republic of China in September 2009. In year 2014, the Company received shareholder approval and sold all issued and outstanding shares in NAI, all issued and outstanding shares of CWN HK and 23.8% of issued and outstanding shares of CWN Capital. For the consideration, the Company received an aggregate of CAD $263,968 in funds and one non-interest bearing promissory notes in the aggregate principal amount of CAD $831,031 with a maturity date of one year with the option to extend upon mutual agreement.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">After disposal of all subsidiaries and long-term investment on April 28, 2014, the core business activities and operations were discontinued. The Company is currently inactive with limited operations and is in the process of seeking new business opportunities.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">These financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America applicable to a going concern, which contemplates the realization of assets and the satisfaction of liabilities and commitments in the normal course of business. The Company has accumulated losses since its inception and requires additional funds to maintain and expand its intended business operations. As at December 31, 2022, the Company has a working capital deficiency of $58,100 (2021: working capital of $301,899).</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Management’s plans in this regard are to raise debt or equity financing as required which the Company has been able to finance the operations through a series of equity and debt financings and additional funds is still required to fund the Company’s anticipated business expansion. There can be no assurance that a viable business opportunity that can be adequately financed will be identified and available to the Company. Additional equity and/or debt financing is subject to the global financial markets and prevailing economic conditions, which have recently been volatile and distressed. These factors will likely make it more challenging to obtain financing for the Company going forward. These matters and conditions indicate the existence of a material uncertainty that causes substantial doubt about the Company’s ability to continue as going concern.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Early in 2020, there was a global outbreak of COVID-19 (coronavirus). This contagious disease outbreak, which has continued to spread, and any related adverse public health developments, has adversely affected workforces, economies, and financial markets globally, potentially leading to an economic downturn. At this time, it is unknown the extent of the impact the COVID-19 outbreak may have on the Company as this will depend on future developments that are highly uncertain and that cannot be predicted with confidence. These uncertainties arise from the inability to predict the ultimate geographic spread of the disease, and the duration of the outbreak, including the duration of travel restrictions, business closures or disruptions, and quarantine/isolation measures that are currently, or may be put, in place by Canada and other countries to fight the virus. The Company has been<span style="font-family:'Calibri','Helvetica','sans-serif';"> </span>minimally affected by COVID19 in terms of business activities.</p>
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;text-align:justify;margin:0pt 0pt 12pt 0pt;">Use of estimates</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Estimates and underlying assumptions are reviewed at each period end. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected. Significant areas requiring the use of management estimates relate to fair value of financial instruments.</p>
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IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-45570
CY2022 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0
CY2021 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0
CY2020 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0
CY2022 cwnof Anticipated Tax Recovery
AnticipatedTaxRecovery
0
CY2021 cwnof Anticipated Tax Recovery
AnticipatedTaxRecovery
0
CY2020 cwnof Anticipated Tax Recovery
AnticipatedTaxRecovery
0
CY2022Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0

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