2023 Q4 Form 20-F Financial Statement

#000121390024032987 Filed on April 15, 2024

View on sec.gov

Income Statement

Concept 2023 Q4 2023 2022 Q4
Revenue $61.69M $61.69M $44.56M
YoY Change 38.43% 38.43% 99.86%
Cost Of Revenue $56.54M $56.54M $40.81M
YoY Change 38.56% 38.56% 106.18%
Gross Profit $5.143M $5.143M $3.752M
YoY Change 37.08% 37.08% 49.87%
Gross Profit Margin 8.34% 8.34% 8.42%
Selling, General & Admin $10.30M $10.30M $11.12M
YoY Change -7.43% -7.43% 3.84%
% of Gross Profit 200.21% 200.21% 296.45%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.023M $1.333M $240.0K
YoY Change 326.37% 204.9% 100.0%
% of Gross Profit 19.9% 25.93% 6.4%
Operating Expenses $10.30M $10.30M $11.12M
YoY Change -7.43% -7.43% 3.84%
Operating Profit -$5.153M -$5.153M -$7.370M
YoY Change -30.08% -30.08% -10.2%
Interest Expense -$294.1K -$294.1K -$283.5K
YoY Change 3.74% 3.74% 990.92%
% of Operating Profit
Other Income/Expense, Net $285.0K $285.0K $127.2K
YoY Change 124.0% 124.0% 92.1%
Pretax Income -$5.162M -$5.162M -$6.701M
YoY Change -22.96% -22.96% -17.95%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$5.146M -$5.146M -$6.661M
YoY Change -22.74% -22.74% -17.15%
Net Earnings / Revenue -8.34% -8.34% -14.95%
Basic Earnings Per Share -$0.11
Diluted Earnings Per Share -$0.11 -$0.11 -$0.13
COMMON SHARES
Basic Shares Outstanding 48.83M shares
Diluted Shares Outstanding 48.83M shares

Balance Sheet

Concept 2023 Q4 2023 2022 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $5.394M $5.394M $1.550M
YoY Change 247.99% 246.99%
Cash & Equivalents $5.394M $5.394M $1.550M
Short-Term Investments
Other Short-Term Assets $2.356M $2.356M $540.0K
YoY Change 336.25% 334.92%
Inventory $769.6K $769.6K $1.130M
Prepaid Expenses
Receivables $13.19M $13.19M $2.570M
Other Receivables $3.688M $3.688M $800.0K
Total Short-Term Assets $25.39M $25.39M $6.590M
YoY Change 285.36% 285.28%
LONG-TERM ASSETS
Property, Plant & Equipment $3.587M $3.587M $470.0K
YoY Change 663.2% 669.18%
Goodwill
YoY Change
Intangibles $1.251M $933.0K
YoY Change 34.1%
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $4.838M $4.838M $1.400M
YoY Change 245.59% 245.75%
TOTAL ASSETS
Total Short-Term Assets $25.39M $25.39M $6.590M
Total Long-Term Assets $4.838M $4.838M $1.400M
Total Assets $30.23M $30.23M $7.990M
YoY Change 278.39% 278.36%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $11.06M $11.06M $5.460M
YoY Change 102.54% 102.37%
Accrued Expenses $1.384M $1.384M $510.0K
YoY Change 171.35% 173.29%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $2.414M $2.414M $2.020M
YoY Change 19.51% 19.3%
Total Short-Term Liabilities $22.18M $22.18M $10.28M
YoY Change 115.74% 115.7%
LONG-TERM LIABILITIES
Long-Term Debt $204.8K $204.8K $470.0K
YoY Change -56.43% -56.78%
Other Long-Term Liabilities $2.195M $2.195M $10.00K
YoY Change 21845.5% 20603.3%
Total Long-Term Liabilities $2.399M $2.399M $480.0K
YoY Change 399.86% 395.36%
TOTAL LIABILITIES
Total Short-Term Liabilities $22.18M $22.18M $10.28M
Total Long-Term Liabilities $2.399M $2.399M $480.0K
Total Liabilities $24.52M $24.52M $10.73M
YoY Change 128.54% 128.64%
SHAREHOLDERS EQUITY
Retained Earnings -$23.48M -$18.34M
YoY Change 28.06%
Common Stock $20.00 $18.00
YoY Change 11.11%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $5.710M $5.710M -$2.730M
YoY Change
Total Liabilities & Shareholders Equity $30.23M $30.23M $7.990M
YoY Change 278.39% 278.36%

Cashflow Statement

Concept 2023 Q4 2023 2022 Q4
OPERATING ACTIVITIES
Net Income -$5.146M -$5.146M -$6.661M
YoY Change -22.74% -22.74% -17.15%
Depreciation, Depletion And Amortization $1.023M $1.333M $240.0K
YoY Change 326.37% 204.9% 100.0%
Cash From Operating Activities -$6.276M -$7.161M -$1.510M
YoY Change 315.62% 73.9% -41.47%
INVESTING ACTIVITIES
Capital Expenditures $1.024M $1.589M $690.0K
YoY Change 48.45% 39.47% 213.64%
Acquisitions
YoY Change
Other Investing Activities -$3.000M -$3.000M
YoY Change
Cash From Investing Activities -$4.024M -$4.589M -$690.0K
YoY Change 483.24% 302.85% 213.64%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $15.54M $15.54M $300.0K
YoY Change 5081.25% 5081.25%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 14.70M 15.53M 870.0K
YoY Change 1589.36% 190.15% -11.22%
NET CHANGE
Cash From Operating Activities -6.276M -7.161M -1.510M
Cash From Investing Activities -4.024M -4.589M -690.0K
Cash From Financing Activities 14.70M 15.53M 870.0K
Net Change In Cash 4.397M 3.780M -1.330M
YoY Change -430.62% 3863.31% -26.92%
FREE CASH FLOW
Cash From Operating Activities -$6.276M -$7.161M -$1.510M
Capital Expenditures $1.024M $1.589M $690.0K
Free Cash Flow -$7.300M -$8.749M -$2.200M
YoY Change 231.83% 66.44% -21.43%

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CY2021 us-gaap Depreciation
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CY2022 us-gaap Share Based Compensation
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CY2021 us-gaap Share Based Compensation
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CY2021 us-gaap Other Noncash Expense
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CY2022 us-gaap Increase Decrease In Inventories
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CY2021 us-gaap Increase Decrease In Inventories
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CY2023 us-gaap Increase Decrease In Accounts Receivable
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CY2022 us-gaap Increase Decrease In Accounts Receivable
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CY2021 us-gaap Increase Decrease In Accounts Receivable
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CY2023 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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CY2022 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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CY2021 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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CY2023 us-gaap Increase Decrease In Operating Lease Liability
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CY2022 us-gaap Increase Decrease In Operating Lease Liability
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CY2021 us-gaap Increase Decrease In Operating Lease Liability
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CY2023 us-gaap Increase Decrease In Accounts Payable
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CY2022 us-gaap Increase Decrease In Accounts Payable
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CY2021 us-gaap Increase Decrease In Accounts Payable
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CY2023 us-gaap Increase Decrease In Deferred Revenue
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CY2022 us-gaap Increase Decrease In Deferred Revenue
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CY2021 us-gaap Increase Decrease In Deferred Revenue
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CY2023 us-gaap Increase Decrease In Other Current Liabilities
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CY2022 us-gaap Increase Decrease In Other Current Liabilities
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CY2021 us-gaap Increase Decrease In Other Current Liabilities
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CY2023 us-gaap Increase Decrease In Due To Related Parties
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CY2022 us-gaap Increase Decrease In Due To Related Parties
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CY2021 us-gaap Increase Decrease In Due To Related Parties
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CY2023 us-gaap Net Cash Provided By Used In Operating Activities
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CY2022 us-gaap Net Cash Provided By Used In Operating Activities
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CY2021 us-gaap Net Cash Provided By Used In Operating Activities
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CY2023 us-gaap Payments To Acquire Intangible Assets
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CY2022 us-gaap Payments To Acquire Intangible Assets
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CY2021 us-gaap Payments To Acquire Intangible Assets
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CY2023 us-gaap Payments To Acquire Machinery And Equipment
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CY2022 us-gaap Payments To Acquire Machinery And Equipment
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CY2021 us-gaap Payments To Acquire Machinery And Equipment
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CY2023 us-gaap Payments To Acquire Notes Receivable
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CY2023 us-gaap Net Cash Provided By Used In Investing Activities
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CY2022 us-gaap Net Cash Provided By Used In Investing Activities
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CY2022 us-gaap Proceeds From Issuance Of Common Stock
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CY2023 us-gaap Proceeds From Convertible Debt
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CY2022 us-gaap Proceeds From Convertible Debt
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CY2022 wbuy Proceeds From Issuance Of Safe Note
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750000 usd
CY2021 wbuy Increase In Investment In Subsidiary
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CY2022 us-gaap Proceeds From Other Debt
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CY2021 us-gaap Proceeds From Other Debt
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CY2023 us-gaap Repayments Of Notes Payable
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CY2022 us-gaap Repayments Of Notes Payable
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CY2021 us-gaap Repayments Of Notes Payable
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CY2023 us-gaap Net Cash Provided By Used In Financing Activities
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CY2022 us-gaap Net Cash Provided By Used In Financing Activities
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CY2021 us-gaap Net Cash Provided By Used In Financing Activities
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CY2023 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2022 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2021 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2023 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2022 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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15116 usd
CY2021 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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1554464 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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1554464 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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1539348 usd
CY2023 us-gaap Interest Paid Net
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CY2022 us-gaap Interest Paid Net
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CY2021 us-gaap Interest Paid Net
InterestPaidNet
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CY2022 us-gaap Conversion Of Stock Amount Converted1
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CY2022 wbuy Conversion Of Safe Note Into Ordinary Shares
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750000 usd
CY2023 us-gaap Use Of Estimates
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Use of estimates</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The preparation of the consolidated financial statements in conformity with US GAAP requires management of the Company to make a number of estimates and assumptions relating to the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the period. Significant accounting estimates reflected in the Company’s consolidated financial statements include but are not limited to estimates and judgments applied in the allowance for receivables, accounting for share-based compensation arrangements, estimated useful lives of leasehold improvements and equipment, impairment of long-lived assets, and going concern. Actual results could differ from those estimates and judgments.</p>
CY2023Q4 us-gaap Defined Benefit Plan Governments Rights To Plan Assets In Event Of Plan Termination Amount
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CY2022Q4 us-gaap Defined Benefit Plan Governments Rights To Plan Assets In Event Of Plan Termination Amount
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1221685 usd
CY2023Q4 us-gaap Notes Receivable Net
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CY2022 us-gaap Allocated Share Based Compensation Expense
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1270000 usd
CY2021 us-gaap Allocated Share Based Compensation Expense
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1970000 usd
CY2023 wbuy Leasehold Improvements And Equipment Policy Textblock
LeaseholdImprovementsAndEquipmentPolicyTextblock
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Leasehold improvements and equipment, net</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Leasehold improvements and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Cost represents the purchase price of the asset and other costs incurred to bring the asset into its existing use. Maintenance and repairs are charged to expense; major additions to physical properties are capitalized.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Depreciation of leasehold improvements is provided using the straight-line method over the shorter of the remaining lease term or their estimated useful lives. Except for leasehold improvements, depreciation of equipment is computed using the straight-line method over the estimated useful lives of the assets with no residual value. The estimated useful lives are as follows:</p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; "> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Useful life</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%; text-align: left">Motor vehicles</td><td style="width: 1%"> </td> <td style="width: 11%; text-align: center">5 – 10 years</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Office equipment</td><td> </td> <td style="text-align: center">2 – 8 years</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Furniture and fittings</td><td> </td> <td style="text-align: center">5 years</td></tr> <tr style="vertical-align: bottom; "> <td>Computer</td><td> </td> <td style="text-align: center">3 years</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Warehouse equipment</td><td> </td> <td style="text-align: center">2 years</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Machinery equipment</td><td> </td> <td style="text-align: center">3 years</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Leasehold improvements</td><td> </td> <td style="text-align: center">5 years</td></tr> </table>
CY2023 us-gaap Revenues
Revenues
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CY2023 wbuy Percentage Of Total Revenue
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CY2022 us-gaap Revenues
Revenues
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CY2022 wbuy Percentage Of Total Revenue
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CY2023 wbuy Safe Notes Payable Policy Textblock
SAFENotesPayablePolicyTextblock
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>SAFE Notes Payable</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company evaluates the Simple Agreement for Future Equity (“SAFE”) notes in accordance with ASC 480-10 and determined that the SAFEs represented an obligation that the Company must settle by issuing a variable number of its equity shares, the monetary value of which is known when entering into the SAFE. This provision requires the SAFE notes to be classified as marked-to-market liabilities. The SAFE notes are recorded as a liability at their estimated fair value.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i> </i></p>
CY2023 us-gaap Deferred Revenue Revenue Recognized1
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CY2022 us-gaap Deferred Revenue Revenue Recognized1
DeferredRevenueRevenueRecognized1
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CY2023 us-gaap Sale Of Stock Percentage Of Ownership After Transaction
SaleOfStockPercentageOfOwnershipAfterTransaction
0.76 pure
CY2023Q4 us-gaap Revenue Remaining Performance Obligation Percentage
RevenueRemainingPerformanceObligationPercentage
0.24 pure
CY2023 wbuy Product Service Type
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CY2023 wbuy Percentage Of Total Revenue
PercentageOfTotalRevenue
1 pure
CY2022 wbuy Product Service Type
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CY2022 wbuy Percentage Of Total Revenue
PercentageOfTotalRevenue
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CY2021 wbuy Percentage Of Total Revenue
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CY2021 us-gaap Revenues
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CY2021 wbuy Percentage Of Total Revenue
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CY2023 wbuy Related Parties Policy Textvkicj
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Related Parties</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company follows ASC 850,<i> “Related Party Disclosures,” </i>for the identification of related parties and disclosure of related party transactions and balances.</p>
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CY2023Q4 us-gaap Earnest Money Deposits
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CY2023Q4 us-gaap Short Term Debt Interest Rate Increase
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CY2023Q4 us-gaap Property Plant And Equipment Gross
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CY2022Q4 us-gaap Property Plant And Equipment Gross
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CY2023Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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CY2023Q4 us-gaap Property Plant And Equipment Net
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CY2022Q4 us-gaap Property Plant And Equipment Net
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CY2023 us-gaap Impairment Of Leasehold
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CY2022 us-gaap Impairment Of Leasehold
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CY2021 us-gaap Impairment Of Leasehold
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CY2021 us-gaap Payments For Purchase Of Other Assets1
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CY2023Q4 us-gaap Leasehold Improvements Gross
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CY2022Q4 us-gaap Leasehold Improvements Gross
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CY2021Q4 us-gaap Leasehold Improvements Gross
LeaseholdImprovementsGross
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CY2023 us-gaap Payments For Rent
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CY2023Q4 wbuy Operating Lease Right Of Use Asset Gross
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CY2022Q4 wbuy Operating Lease Right Of Use Asset Gross
OperatingLeaseRightOfUseAssetGross
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CY2023Q4 wbuy Operating Lease Rightof Use Asset Accumulated Amortization
OperatingLeaseRightofUseAssetAccumulatedAmortization
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CY2022Q4 wbuy Operating Lease Rightof Use Asset Accumulated Amortization
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CY2023Q4 us-gaap Operating Lease Right Of Use Asset
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CY2022Q4 us-gaap Operating Lease Right Of Use Asset
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CY2023 us-gaap Operating Lease Cost
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CY2022 us-gaap Operating Lease Cost
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CY2021 us-gaap Operating Lease Cost
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CY2023 us-gaap Short Term Lease Cost
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CY2022 us-gaap Short Term Lease Cost
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CY2021 us-gaap Short Term Lease Cost
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CY2023 us-gaap Lease Cost
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CY2022 us-gaap Lease Cost
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CY2021 us-gaap Lease Cost
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CY2023 us-gaap Other Operating Activities Cash Flow Statement
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CY2022 us-gaap Other Operating Activities Cash Flow Statement
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CY2021 us-gaap Other Operating Activities Cash Flow Statement
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CY2023 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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CY2022 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
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CY2021 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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CY2023Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
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CY2022Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
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CY2021Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
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CY2023Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.06 pure
CY2022Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.05 pure
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
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CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
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CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
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CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
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CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Five
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CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due
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CY2023Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
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CY2023Q4 us-gaap Operating Lease Liability
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CY2023Q4 us-gaap Operating Lease Liability Current
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CY2023Q4 us-gaap Operating Lease Liability Noncurrent
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CY2023Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
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CY2022Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
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CY2023Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
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CY2022Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
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CY2023Q4 us-gaap Finite Lived Intangible Assets Net
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CY2022Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
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CY2023 us-gaap Amortization Of Intangible Assets
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CY2022 us-gaap Amortization Of Intangible Assets
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CY2021 us-gaap Amortization Of Intangible Assets
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CY2023 us-gaap Finitelived Intangible Assets Acquired1
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CY2022 us-gaap Finitelived Intangible Assets Acquired1
FinitelivedIntangibleAssetsAcquired1
853049 usd
CY2021 us-gaap Finitelived Intangible Assets Acquired1
FinitelivedIntangibleAssetsAcquired1
459198 usd
CY2023Q4 us-gaap Accrued Liabilities Current
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674949 usd
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CY2023 us-gaap Share Based Compensation
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CY2023 us-gaap Gain Or Loss On Sale Of Stock In Subsidiary
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CY2023 us-gaap Income Tax Expense Benefit
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CY2022 us-gaap Provision For Doubtful Accounts
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CY2023 us-gaap Other Asset Impairment Charges
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CY2023 wbuy Paymentto Disposal Of Subsidiaries
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CY2023 wbuy Increase In Investment In Subsidiary
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CY2023 us-gaap Conversion Of Stock Amount Converted1
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CY2023 wbuy Conversion Of Safe Note Into Ordinary Shares
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