$WEWA
WEWARDS, INC.

2022 Q3 Form 10-K Financial Statement

#000155335022000730 Filed on August 31, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022
Revenue $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $74.39K $56.56K $242.8K
YoY Change 2.85% -7.22% -11.82%
% of Gross Profit
Research & Development $0.00 $1.623M
YoY Change -100.0% 92.58%
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $74.39K $56.56K $1.865M
YoY Change -87.13% -90.02% 66.87%
Operating Profit -$74.39K -$1.865M
YoY Change -87.13% 80.33%
Interest Expense -$130.7K -$131.8K -$518.5K
YoY Change 1.03% 2.33% 3.25%
% of Operating Profit
Other Income/Expense, Net -$130.7K -$518.5K
YoY Change 1.03% 3.25%
Pretax Income -$205.1K -$188.3K -$2.384M
YoY Change -71.0% -72.07% 55.14%
Income Tax
% Of Pretax Income
Net Earnings -$205.1K -$188.3K -$2.384M
YoY Change -71.0% -72.07% 55.14%
Net Earnings / Revenue
Basic Earnings Per Share $0.00 -$0.02
Diluted Earnings Per Share $0.00 -$1.752K -$0.02
COMMON SHARES
Basic Shares Outstanding 107.5M shares 107.5M shares
Diluted Shares Outstanding 107.5M shares 107.5M shares

Balance Sheet

Concept 2022 Q3 2022 Q2 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.057M $1.140M $1.140M
YoY Change -56.46% -61.98% -61.98%
Cash & Equivalents $1.057M $1.140M
Short-Term Investments
Other Short-Term Assets $920.00 $300.00 $300.00
YoY Change 0.0% 20.0% 20.0%
Inventory
Prepaid Expenses $924.00 $300.00
Receivables
Other Receivables
Total Short-Term Assets $1.058M $1.141M $1.141M
YoY Change -56.44% -61.98% -61.98%
LONG-TERM ASSETS
Property, Plant & Equipment $87.94K $130.6K $130.6K
YoY Change -65.33% -55.43% -55.43%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $87.94K $130.6K $130.6K
YoY Change -65.33% -55.43% -55.43%
TOTAL ASSETS
Total Short-Term Assets $1.058M $1.141M $1.141M
Total Long-Term Assets $87.94K $130.6K $130.6K
Total Assets $1.146M $1.271M $1.271M
YoY Change -57.28% -61.4% -61.4%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.207K $15.10K $15.10K
YoY Change -73.3% -3.64% -3.64%
Accrued Expenses $2.690M $2.600M $2.600M
YoY Change 19.94% 23.41% 23.41%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $2.695M $2.615M $2.615M
YoY Change 19.14% 23.21% 23.21%
LONG-TERM LIABILITIES
Long-Term Debt $10.50M $10.50M $10.50M
YoY Change 0.0% 0.0% 0.0%
Other Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change -100.0% -100.0% -100.0%
Total Long-Term Liabilities $10.50M $10.50M $10.50M
YoY Change -0.83% -1.23% -1.23%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.695M $2.615M $2.615M
Total Long-Term Liabilities $10.50M $10.50M $10.50M
Total Liabilities $13.19M $13.12M $13.12M
YoY Change 2.68% 2.84% 2.84%
SHAREHOLDERS EQUITY
Retained Earnings -$17.32M -$17.11M
YoY Change 16.18%
Common Stock $107.5K $107.5K
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$12.05M -$11.84M -$11.84M
YoY Change
Total Liabilities & Shareholders Equity $1.146M $1.271M $1.271M
YoY Change -57.28% -61.4% -61.4%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022
OPERATING ACTIVITIES
Net Income -$205.1K -$188.3K -$2.384M
YoY Change -71.0% -72.07% 55.14%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$83.29K -$59.79K -$1.859M
YoY Change -85.43% -89.35% 82.78%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities
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 -$83.29K -59.79K -$1.859M
Cash From Investing Activities
Cash From Financing Activities
Net Change In Cash -$83.29K -59.79K -$1.859M
YoY Change -85.43% -89.35% 82.78%
FREE CASH FLOW
Cash From Operating Activities -$83.29K -$59.79K -$1.859M
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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WEWARDS, INC.
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CY2022 us-gaap Use Of Estimates
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<p id="xdx_843_eus-gaap--UseOfEstimates_zBL84rspHNy" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="text-decoration: underline"><span id="xdx_86B_zYrWRZCkF411">Use of Estimates</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that may affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
CY2022 us-gaap Concentration Risk Credit Risk
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<p id="xdx_840_eus-gaap--ConcentrationRiskCreditRisk_z60mzUEenez" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="text-decoration: underline"><span id="xdx_86D_zGQ1mTUFloO">Concentrations of Credit Risk</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company maintains cash in bank deposit accounts, the balances of which at times may exceed federally insured limits. Accounts are guaranteed by the Federal Deposit Insurance Corporation (FDIC) up to $<span id="xdx_901_eus-gaap--CashFDICInsuredAmount_iI_c20220531_zoPefDfBlZ22" title="FDIC insured amount">250,000</span> under current regulations. The Company had approximately $<span id="xdx_902_eus-gaap--CashUninsuredAmount_c20220531_pp0p0" title="Excess of FDIC insured limits">890,382</span> and $<span id="xdx_901_eus-gaap--CashUninsuredAmount_c20210531_pp0p0" title="Excess of FDIC insured limits">2,499,798</span> in excess of FDIC insured limits at May 31, 2022 and 2021, respectively. The Company has not experienced any losses in such accounts.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
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CY2022Q2 WEWA Number Of Shares Outstanding If Converted
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5000 usd
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83454 usd
CY2021Q1 WEWA Hourly Rate For Software Development
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50 pure
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CY2022Q2 us-gaap Convertible Debt
ConvertibleDebt
10500000 usd
CY2021Q2 us-gaap Convertible Debt
ConvertibleDebt
10500000 usd
CY2022Q2 us-gaap Convertible Long Term Notes Payable
ConvertibleLongTermNotesPayable
10500000 usd
CY2021Q2 us-gaap Convertible Long Term Notes Payable
ConvertibleLongTermNotesPayable
10500000 usd
CY2022Q2 WEWA Monthly Base Rent Payable
MonthlyBaseRentPayable
15000 usd
CY2022 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
180000 usd
CY2021 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
180000 usd
CY2022 us-gaap Amortization Of Leased Asset
AmortizationOfLeasedAsset
162427 usd
CY2022 WEWA Interest On Lease Liabilities
InterestOnLeaseLiabilities
17573 usd
CY2022 us-gaap Operating Lease Cost
OperatingLeaseCost
180000 usd
CY2022Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
130608 usd
CY2022Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
130608 usd
CY2022Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
130608 usd
CY2022Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P0Y9M
CY2022Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0800 pure
CY2022 WEWA Supplement Cash Flow And Other Information Table Textblock
SupplementCashFlowAndOtherInformationTableTextblock
<table cellpadding="0" cellspacing="0" id="xdx_88D_ecustom--SupplementCashFlowAndOtherInformationTableTextblock_zACnEYd4CQt8" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - COMMITMENTS AND CONTINGENCIES - LEASE (Supplemental cash flow) (Details)"> <tr style="vertical-align: bottom"> <td style="text-align: justify"><span id="xdx_8B5_zxXFKaNsmtRa" style="display: none">Schedule of Supplemental cash flow and other information related to operating leases</span></td><td> </td> <td colspan="2" id="xdx_492_20210601__20220531_zqiwLt3IKnld" style="text-align: center"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td> </td> <td colspan="2" style="text-align: center">For the</td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td> </td> <td colspan="2" style="text-align: center">Year Ended</td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td> </td> <td colspan="2" style="text-align: center">May 31,</td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">2022</td><td style="padding-bottom: 1pt"> </td></tr> <tr id="xdx_405_ecustom--CashPaidForAmountsIncludedInMeasurementOfLeaseLiabilitiesAbstract_iB" style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="text-align: justify">Cash paid for amounts included in the measurement of lease liabilities:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--OperatingLeasePayments_i_pp0p0" style="vertical-align: bottom; background-color: transparent"> <td style="width: 87%; text-align: left; padding-bottom: 2.5pt; text-indent: -0.5pc; padding-left: 1.5pc">Operating cash flows used for operating leases</td><td style="width: 1%; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; width: 10%; text-align: right">180,000</td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>
CY2022 us-gaap Operating Lease Payments
OperatingLeasePayments
180000 usd
CY2022 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
180000 usd
CY2021 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
180000 usd
CY2022Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
50000000 shares
CY2022Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2022Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2022Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
500000000 shares
CY2022Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2022Q2 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
107483450 shares
CY2022Q2 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
107483450 shares
CY2022Q2 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
8660000 usd
CY2022 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21 pure
CY2021 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21 pure
CY2022 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
0.21 pure
CY2021 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
0.21 pure
CY2022Q2 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
1818600 usd
CY2021Q2 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
1428420 usd
CY2022Q2 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
1818600 usd
CY2021Q2 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
1428420 usd
CY2022Q2 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
1818600 usd
CY2021Q2 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
1428420 usd

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