2023 Q4 Form 10-Q Financial Statement

#000109991023000212 Filed on November 20, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3 2022 Q3
Revenue $403.3K $1.634M $5.353M
YoY Change -83.7% -69.48% 16.4%
Cost Of Revenue -$193.6K $398.5K $6.791M
YoY Change -109.56% -94.13% 222.59%
Gross Profit $596.9K $1.235M -$1.438M
YoY Change 32.89% -185.89% -157.68%
Gross Profit Margin 148.01% 75.61% -26.87%
Selling, General & Admin $13.62M $7.632M
YoY Change 78.49% 634.5%
% of Gross Profit 1102.74%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization -$320.0K $13.16K
YoY Change -2531.61% 722.5%
% of Gross Profit -25.9%
Operating Expenses -$11.65M $13.62M $7.632M
YoY Change -918.62% 78.49% -834.5%
Operating Profit $12.25M -$12.39M -$9.070M
YoY Change -1357.46% 36.56% -723.61%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net -$5.997M -$5.366M $232.8K
YoY Change -1925.27% -2405.44% 288.56%
Pretax Income $6.250M -$8.497M -$8.838M
YoY Change -1068.41% -3.85% -673.36%
Income Tax -$31.86K -$383.00 $180.5K
% Of Pretax Income -0.51%
Net Earnings $10.65M -$12.67M -$8.657M
YoY Change -1850.15% 46.4% -713.86%
Net Earnings / Revenue 2640.74% -775.69% -161.73%
Basic Earnings Per Share -$0.18 -$0.04
Diluted Earnings Per Share $5.72 -$0.18 -$44.91K
COMMON SHARES
Basic Shares Outstanding 2.625M shares 1.055M shares 195.0M shares
Diluted Shares Outstanding 48.21M shares 192.8M shares

Balance Sheet

Concept 2023 Q4 2023 Q3 2022 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $668.4K $1.417M $20.26M
YoY Change -96.66% -93.01% 1352.43%
Cash & Equivalents $668.4K $1.417M $20.26M
Short-Term Investments
Other Short-Term Assets $47.33M $34.52M $17.58M
YoY Change 832.58% 96.42% 497.61%
Inventory
Prepaid Expenses $12.13M $12.13M $15.00M
Receivables $1.133M $129.8K $4.473M
Other Receivables $0.00 $5.806M $2.376M
Total Short-Term Assets $49.13M $41.88M $44.69M
YoY Change 43.9% -6.29% 202.58%
LONG-TERM ASSETS
Property, Plant & Equipment $1.135M
YoY Change 720.66%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $0.00 $0.00 $1.407M
YoY Change -100.0% -100.0% -51.24%
TOTAL ASSETS
Total Short-Term Assets $49.13M $41.88M $44.69M
Total Long-Term Assets $0.00 $0.00 $1.407M
Total Assets $49.13M $41.88M $46.09M
YoY Change 6.28% -9.15% 161.1%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $926.5K $123.3K $2.082M
YoY Change 117.96% -94.08% 817.82%
Accrued Expenses $0.00 $270.9K $126.3K
YoY Change -100.0% 114.53% -26.63%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $1.417M $0.00
YoY Change -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $4.208M $2.118M $4.044M
YoY Change -6.69% -47.62% 53.28%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $0.00
YoY Change -100.0%
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.208M $2.118M $4.044M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $4.208M $2.118M $4.044M
YoY Change -6.69% -47.62% -14.43%
SHAREHOLDERS EQUITY
Retained Earnings -$11.63M -$16.59M
YoY Change 578.75%
Common Stock $56.35M $0.00 $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $44.93M $39.76M $42.05M
YoY Change
Total Liabilities & Shareholders Equity $49.13M $41.88M $46.09M
YoY Change 6.28% -9.15% 161.1%

Cashflow Statement

Concept 2023 Q4 2023 Q3 2022 Q3
OPERATING ACTIVITIES
Net Income $10.65M -$12.67M -$8.657M
YoY Change -1850.15% 46.4% -713.86%
Depreciation, Depletion And Amortization -$320.0K $13.16K
YoY Change -2531.61% 722.5%
Cash From Operating Activities $16.66M -$13.77M -$24.94M
YoY Change 1886.06% -44.78% 1000.07%
INVESTING ACTIVITIES
Capital Expenditures $0.00 -$167.9K
YoY Change -100.0% -622.4%
Acquisitions
YoY Change
Other Investing Activities -$1.615M -$17.77M
YoY Change -173.96%
Cash From Investing Activities -$1.615M -$17.77M -$167.9K
YoY Change -223.24% 10477.65% -622.4%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 4.507M 12.02M 38.21M
YoY Change -438.92% -68.54% 8984.99%
NET CHANGE
Cash From Operating Activities 16.66M -13.77M -24.94M
Cash From Investing Activities -1.615M -17.77M -167.9K
Cash From Financing Activities 4.507M 12.02M 38.21M
Net Change In Cash 19.55M -19.52M 13.10M
YoY Change 2286.78% -248.97% -822.11%
FREE CASH FLOW
Cash From Operating Activities $16.66M -$13.77M -$24.94M
Capital Expenditures $0.00 -$167.9K
Free Cash Flow -$13.77M -$24.77M
YoY Change -44.41% 977.38%

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WETG Disposition Of Discontinued Operations
DispositionOfDiscontinuedOperations
-6545912 usd
WETG Net Gain Loss From Discontinued Operation
NetGainLossFromDiscontinuedOperation
1124674 usd
us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
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CY2023Q3 us-gaap Stockholders Equity
StockholdersEquity
39757823 usd
CY2022Q2 us-gaap Stockholders Equity
StockholdersEquity
13936431 usd
CY2022Q3 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
37057176 usd
CY2022Q3 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
477500 usd
CY2022Q3 us-gaap Temporary Equity Foreign Currency Translation Adjustments
TemporaryEquityForeignCurrencyTranslationAdjustments
-187388 usd
CY2022Q3 WETG Net Gain Loss From Discontinued Operation
NetGainLossFromDiscontinuedOperation
1738568 usd
CY2022Q3 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
-8657091 usd
CY2022Q3 us-gaap Stockholders Equity
StockholdersEquity
35631230 usd
CY2021Q4 us-gaap Stockholders Equity
StockholdersEquity
14529322 usd
us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
37057176 usd
us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
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us-gaap Temporary Equity Foreign Currency Translation Adjustments
TemporaryEquityForeignCurrencyTranslationAdjustments
-898497 usd
WETG Disposition Of Discontinued Operations
DispositionOfDiscontinuedOperations
-8733966 usd
WETG Net Gain Loss From Discontinued Operation
NetGainLossFromDiscontinuedOperation
1738568 usd
us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
-8538873 usd
CY2022Q3 us-gaap Stockholders Equity
StockholdersEquity
35631230 usd
us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
-9455304 usd
us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
-8538873 usd
WETG Gain From Discontinued Operation
GainFromDiscontinuedOperation
1124675 usd
us-gaap Discontinued Operation Gain Loss On Disposal Of Discontinued Operation Net Of Tax
DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax
6545912 usd
us-gaap Discontinued Operation Gain Loss On Disposal Of Discontinued Operation Net Of Tax
DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax
6418752 usd
us-gaap Impairment Of Investments
ImpairmentOfInvestments
2591489 usd
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
4633 usd
us-gaap Depreciation
Depreciation
36641 usd
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-6044289 usd
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
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us-gaap Increase Decrease In Accounts Receivable Related Parties
IncreaseDecreaseInAccountsReceivableRelatedParties
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us-gaap Increase Decrease In Accounts Receivable Related Parties
IncreaseDecreaseInAccountsReceivableRelatedParties
-3043409 usd
us-gaap Increase Decrease In Notes Receivable Related Parties
IncreaseDecreaseInNotesReceivableRelatedParties
5805500 usd
us-gaap Increase Decrease In Other Receivables
IncreaseDecreaseInOtherReceivables
-288143 usd
us-gaap Increase Decrease In Other Receivables
IncreaseDecreaseInOtherReceivables
118958 usd
us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
-287715 usd
us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
12936012 usd
WETG Increase Decrease In Prepaid Expense Related Parties
IncreaseDecreaseInPrepaidExpenseRelatedParties
-1914515 usd
WETG Increase Decrease In Prepaid Expense Related Parties
IncreaseDecreaseInPrepaidExpenseRelatedParties
2312339 usd
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-20644 usd
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
2161958 usd
us-gaap Increase Decrease In Due To Other Related Parties
IncreaseDecreaseInDueToOtherRelatedParties
-86956 usd
us-gaap Increase Decrease In Due To Other Related Parties
IncreaseDecreaseInDueToOtherRelatedParties
-74027 usd
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-27730 usd
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-102753 usd
WETG Increase Decrease In Right Of Use Assets
IncreaseDecreaseInRightOfUseAssets
-2580579 usd
us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-2789981 usd
us-gaap Increase Decrease In Accrued Taxes Payable
IncreaseDecreaseInAccruedTaxesPayable
-130200 usd
us-gaap Increase Decrease In Accrued Taxes Payable
IncreaseDecreaseInAccruedTaxesPayable
-489844 usd
us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
-2276992 usd
us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
17882 usd
WETG Increasedecreaseinassets Related To Discontinued Operations
IncreasedecreaseinassetsRelatedToDiscontinuedOperations
3018129 usd
WETG Increasedecreaseinassets Related To Discontinued Operations
IncreasedecreaseinassetsRelatedToDiscontinuedOperations
6418752 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-8530677 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-18924761 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
24990000 usd
us-gaap Payments For Proceeds From Loans Receivable
PaymentsForProceedsFromLoansReceivable
-1614841 usd
us-gaap Payments For Proceeds From Loans Receivable
PaymentsForProceedsFromLoansReceivable
-1662363 usd
WETG Payments To Acquire Amortised Expenses
PaymentsToAcquireAmortisedExpenses
816340 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-23375159 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
846023 usd
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
12616454 usd
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
37534676 usd
us-gaap Proceeds From Repayments Of Related Party Debt
ProceedsFromRepaymentsOfRelatedPartyDebt
382387 usd
us-gaap Proceeds From Repayments Of Related Party Debt
ProceedsFromRepaymentsOfRelatedPartyDebt
330832 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
12998841 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
37865508 usd
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
298400 usd
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
-141482 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-18608595 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
19645288 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
20025480 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
616594 usd
CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1416885 usd
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
20261882 usd
us-gaap Nature Of Operations
NatureOfOperations
<p id="xdx_809_eus-gaap--NatureOfOperations_zmJigPIfAQD9" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>NOTE 1</b> – <b><span id="xdx_823_zkmgFgYdj906">NATURE OF BUSINESS</span> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Business</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">WeTrade Group, Inc was incorporated in the State of Wyoming on March 28, 2019. We currently pursue two corporate strategies. One business strategy is to continue providing software development services, and the other strategy is to acquire and hold bitcoin.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Software development</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We provide AI-enabled software development services to our customers, which included developing, designing, and implementing various SAAS software solutions for businesses of all types, including industrial and other businesses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Bitcoin Acquisition Strategy</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our bitcoin acquisition strategy generally involves acquiring bitcoin with our liquid assets that exceed working capital requirements, and from time to time, subject to market conditions, issuing debt or equity securities or engaging in other capital raising transactions with the objective of using the proceeds to purchase bitcoin.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We view our bitcoin holdings as long-term holdings and expect to continue to accumulate bitcoin. We have not set any specific target for the amount of bitcoin we seek to hold, and we will continue to monitor market conditions in determining whether to engage in additional financings to purchase additional bitcoin.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This overall strategy also contemplates that we may (i) periodically sell bitcoin for general corporate purposes, including to generate cash for treasury management or in connection with strategies that generate tax benefits in accordance with applicable law, (ii) enter into additional capital raising transactions that are collateralized by our bitcoin holdings, and (iii) consider pursuing additional strategies to create income streams or otherwise generate funds using our bitcoin holdings.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We believe that, due to its limited supply, bitcoin offers the opportunity for appreciation in value if its adoption increases and has the potential to serve as a hedge against inflation in the long-term.<br/> <br/> </p> <p style="font: 4pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt">The following table presents a roll-forward of our bitcoin holdings, including additional information related to our bitcoin purchases, and digital asset impairment losses during the period:</p> <table cellpadding="0" cellspacing="0" id="xdx_885_ecustom--ScheduleOfDigitaAssetsImpairmentLossesTableTextBlock_zO2gPNIv2Hbk" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - NATURE OF BUSINESS (Details)"> <tr style="vertical-align: top; background-color: White"> <td style="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt"><span id="xdx_8BF_zj3xu3FGowic" style="display: none">Schedule of digital asset impairment losses</span></td> <td style="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: center"> </td></tr> <tr style="vertical-align: top"> <td style="border: Black 1pt solid; width: 24%; padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt"> </td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left; width: 18%; padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Source of capital used to purchase Bitcoin</b></span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left; width: 15%; padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Digital asset original cost basis</b></span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left; width: 15%; padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Digital asset impairment losses</b></span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left; width: 15%; padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Digital asset carrying amount</b></span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left; width: 13%; padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Approximate number of Bitcoin held</b></span></td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Balance at December 31, 2022</b></span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td> <td id="xdx_983_ecustom--DigitalAssetOriginalCostBasis_iS_pp0p0_c20230101__20230930_zO44vSaz4cta" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: center" title="Digital asset original cost basis at beginning"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl0633">-</span></span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td> <td id="xdx_98C_ecustom--DigitalAssets_iS_pp0p0_c20230101__20230930_znFPto6vPthf" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: center" title="Digital assets carrying amount at beginning"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl0635">-</span></span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td></tr> <tr style="vertical-align: top; background-color: White"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Digital asset purchase</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</span></td> <td id="xdx_980_ecustom--DigitalAssetPurchase_pp0p0_c20230101__20230930_zJPTNhtBD2Ng" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: center" title="Digital asset purchase"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">24,990,000</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td> <td id="xdx_985_eus-gaap--PaymentsToAcquireOtherPropertyPlantAndEquipment_pp0p0_c20230101__20230930_znqIRoktF8e2" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: center" title="Digital asset purchase"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">24,990,000</span></td> <td id="xdx_985_ecustom--ApproximateNumberOfBitcoinHeld_c20230101__20230930_pdd" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: center" title="Approximate number of Bitcoin held"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">833</span></td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Digital asset impairment loss</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: center"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td> <td id="xdx_989_eus-gaap--AssetImpairmentCharges_iN_pp0p0_di_c20230101__20230930_z81NyFErYiQg" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: center" title="Digital asset impairment loss"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2,591,490)</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td></tr> <tr style="vertical-align: top; background-color: White"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Balance at September 30, 2023</b></span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: center"> </td> <td id="xdx_98A_ecustom--DigitalAssetOriginalCostBasis_iE_pp0p0_c20230101__20230930_zhEuldR7VUR2" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: center" title="Digital asset original cost basis at end"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>24,990,000</b></span></td> <td id="xdx_985_eus-gaap--AssetImpairmentCharges_iN_pp0p0_di_c20230101__20230930_zIpcJGSPV483" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: center" title="Digital asset impairment loss"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(2,591,490)</b></span></td> <td id="xdx_98B_ecustom--DigitalAssets_iE_pp0p0_c20230101__20230930_zshRqAlqIZve" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: center" title="Digital assets carrying amount at end"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>22,398,510</b></span></td> <td id="xdx_98B_ecustom--ApproximateNumberOfBitcoinHeld_c20230101__20230930_z7gcNbyolAnk" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: center" title="Approximate number of Bitcoin held"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>833</b></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
WETG Digital Asset Purchase
DigitalAssetPurchase
24990000 usd
us-gaap Payments To Acquire Other Property Plant And Equipment
PaymentsToAcquireOtherPropertyPlantAndEquipment
24990000 usd
WETG Approximate Number Of Bitcoin Held
ApproximateNumberOfBitcoinHeld
833
us-gaap Asset Impairment Charges
AssetImpairmentCharges
2591490 usd
CY2023Q3 WETG Digital Asset Original Cost Basis
DigitalAssetOriginalCostBasis
24990000 usd
us-gaap Asset Impairment Charges
AssetImpairmentCharges
2591490 usd
CY2023Q3 WETG Digital Assets
DigitalAssets
22398510 usd
WETG Approximate Number Of Bitcoin Held
ApproximateNumberOfBitcoinHeld
833
WETG Approximate Number Of Bitcoins Held
ApproximateNumberOfBitcoinsHeld
833
CY2023Q3 WETG Digital Assets
DigitalAssets
22398510 usd
us-gaap Asset Impairment Charges
AssetImpairmentCharges
2591490 usd
WETG Approximate Number Of Bitcoins Held
ApproximateNumberOfBitcoinsHeld
833
CY2023Q3 WETG Digital Assets
DigitalAssets
22398510 usd
CY2023Q3 WETG Foreign Currency Exchange Rate Translation
ForeignCurrencyExchangeRateTranslation
7.27
CY2022Q4 WETG Foreign Currency Exchange Rate Translation
ForeignCurrencyExchangeRateTranslation
6.9
CY2023Q3 WETG Foreign Currency Exchange Rate Translation
ForeignCurrencyExchangeRateTranslation
7.27
CY2022Q4 WETG Foreign Currency Exchange Rate Translation
ForeignCurrencyExchangeRateTranslation
6.9
WETG Operations And Comprehensive Income Accounts
OperationsAndComprehensiveIncomeAccounts
7.05
CY2022 WETG Operations And Comprehensive Income Accounts
OperationsAndComprehensiveIncomeAccounts
6.75
us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_84A_eus-gaap--UseOfEstimates_zsxOrXVlUnEi" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><span id="xdx_86B_zHT09X73o8Ie">Use of Estimates</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The preparation of financial statements in conformity with US GAAP requires management to make judgement estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Management believes that the estimates used in preparing the financial statements are reasonable and prudent; however, actual results could differ from these estimates. Significant accounting estimates include the allowance for doubtful accounts, useful lives of intangible asset, valuation of deferred tax assets, and certain accrued liabilities such as contingent liabilities.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center"></p> <p style="font: 4pt Times New Roman, Times, Serif; margin: 0"> </p>
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.50 pure
us-gaap Net Income Loss
NetIncomeLoss
-9455304 usd
us-gaap Net Income Loss
NetIncomeLoss
-8496543 usd
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
114844076 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
114844076 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
233072453 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
233072453 shares
us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
-0.08
us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
-0.08
us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
-0.04
us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
-0.04
us-gaap Revenues
Revenues
2229999 usd
us-gaap Revenues
Revenues
2229999 usd
us-gaap Revenues
Revenues
9197681 usd
CY2023Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
1416885 usd
CY2023Q3 us-gaap Short Term Borrowings
ShortTermBorrowings
1416885 usd
CY2022Q4 us-gaap Short Term Borrowings
ShortTermBorrowings
22926 usd
us-gaap Payments To Acquire Other Property Plant And Equipment
PaymentsToAcquireOtherPropertyPlantAndEquipment
24990000 usd
us-gaap Asset Impairment Charges
AssetImpairmentCharges
2591490 usd
CY2023Q3 WETG Digital Assets
DigitalAssets
22398510 usd
WETG Approximate Number Of Bitcoins Held
ApproximateNumberOfBitcoinsHeld
833
CY2023Q3 WETG Digital Assets
DigitalAssets
22398510 usd
us-gaap Asset Impairment Charges
AssetImpairmentCharges
2591490 usd
CY2023Q3 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
129765 usd
WETG Schedule Of Prepayments Table Textblock
ScheduleOfPrepaymentsTableTextblock
<table cellpadding="0" cellspacing="0" id="xdx_88E_ecustom--ScheduleOfPrepaymentsTableTextblock_z7ChWJZakl9e" style="font: 11pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - PREPAYMENTS (Details)"> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 1pt"><span id="xdx_8B0_zfuBFKWDjmEi" style="display: none">Schedule of prepayments</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">September 30,<br/> 2023</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">December 31,<br/> 2022</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; width: 56%; text-align: justify">Digital assets</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td id="xdx_982_ecustom--Prepayments_iI_pp0p0_c20230930__us-gaap--IndefiniteLivedIntangibleAssetsByMajorClassAxis__custom--DigitalAssetsMember_zFoauKBS6Bzk" style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right" title="Prepayments">12,125,500</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td id="xdx_98D_ecustom--Prepayments_iI_pp0p0_c20221231__us-gaap--IndefiniteLivedIntangibleAssetsByMajorClassAxis__custom--DigitalAssetsMember_zGDQLEbWY7S1" style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right" title="Prepayments"><span style="-sec-ix-hidden: xdx2ixbrl0820">—</span>  </td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 1pt">Others</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_984_ecustom--Prepayments_iI_pp0p0_c20230930__us-gaap--IndefiniteLivedIntangibleAssetsByMajorClassAxis__custom--OthersMember_zHow5IMzArU5" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Prepayments"><span style="-sec-ix-hidden: xdx2ixbrl0822">—</span>  </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_98E_ecustom--Prepayments_iI_pp0p0_c20221231__us-gaap--IndefiniteLivedIntangibleAssetsByMajorClassAxis__custom--OthersMember_ze2SHrfxm7s5" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Prepayments">50,000</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td id="xdx_988_ecustom--Prepayments_iI_pp0p0_c20230930_zLJ11uAUj3e4" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Prepayments">12,125,500</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td id="xdx_983_ecustom--Prepayments_iI_pp0p0_c20221231_zb1pn0pXrnJf" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Prepayments">50,000</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td></tr> </table>
CY2023Q3 WETG Prepayments
Prepayments
12125500 usd
CY2022Q4 WETG Prepayments
Prepayments
50000 usd
CY2023Q3 WETG Related Parties Payable
RelatedPartiesPayable
719683 usd
CY2022Q4 WETG Related Parties Payable
RelatedPartiesPayable
521296 usd
CY2023Q3 us-gaap Management Fee Payable
ManagementFeePayable
954000 usd
CY2022Q4 us-gaap Management Fee Payable
ManagementFeePayable
770000 usd
CY2023Q3 WETG Amount Due To Related Parties
AmountDueToRelatedParties
1673683 usd
CY2022Q4 WETG Amount Due To Related Parties
AmountDueToRelatedParties
1291296 usd
us-gaap Professional Fees
ProfessionalFees
719683 usd
us-gaap Payments For Fees
PaymentsForFees
954000 usd
CY2023Q3 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
2625130 shares
CY2019Q3 us-gaap Excess Stock Shares Issued
ExcessStockSharesIssued
74000 shares
CY2020Q1 WETG Number Of Shareholder
NumberOfShareholder
2
CY2020Q3 us-gaap Share Price
SharePrice
3
CY2020Q3 WETG Number Of Shareholder
NumberOfShareholder
2
CY2020Q3 WETG Common Stock Shares Outstanding Shares
CommonStockSharesOutstandingShares
101766666 shares
CY2022Q3 us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
477500 usd
CY2023Q2 us-gaap Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
1 for 185
CY2023Q2 us-gaap Common Stock No Par Value
CommonStockNoParValue
0
CY2023Q3 us-gaap Shares Issued
SharesIssued
1570600 shares
us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
12616454 usd
CY2023Q3 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
2625130 shares

Files In Submission

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wetg-20230930_cal.xml Edgar Link unprocessable
wetg-20230930_def.xml Edgar Link unprocessable
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wetg_10q_htm.xml Edgar Link completed