$WEWA
WEWARDS, INC.

2023 Q2 Form 10-Q Financial Statement

#000155335023000276 Filed on April 14, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q1
Revenue $0.00 $0.00 $0.00
YoY Change -100.0%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $57.11K $57.83K $58.42K
YoY Change 0.97% -1.01% 5.24%
% of Gross Profit
Research & Development $0.00 $611.5K
YoY Change 81.45%
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $57.11K $57.83K $669.9K
YoY Change 0.97% -91.37% 70.68%
Operating Profit -$57.83K -$669.9K
YoY Change -91.37%
Interest Expense -$127.2K -$128.1K -$128.6K
YoY Change -3.47% -0.43% 3.39%
% of Operating Profit
Other Income/Expense, Net -$128.1K -$128.6K
YoY Change -0.43%
Pretax Income -$184.3K -$185.9K -$798.5K
YoY Change -2.14% -76.72% 63.17%
Income Tax
% Of Pretax Income
Net Earnings -$184.3K -$185.9K -$798.5K
YoY Change -2.14% -76.72% 63.17%
Net Earnings / Revenue
Basic Earnings Per Share $0.00 -$0.01
Diluted Earnings Per Share $0.00 $0.00 -$7.429K
COMMON SHARES
Basic Shares Outstanding 107.5M shares 107.5M shares 107.5M shares
Diluted Shares Outstanding 107.5M shares 107.5M shares

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $889.4K $956.6K $1.200M
YoY Change -22.01% -20.29% -66.3%
Cash & Equivalents $889.4K $956.6K $1.200M
Short-Term Investments
Other Short-Term Assets $590.00 $1.680K $1.390K
YoY Change 96.67% 20.86% 6.92%
Inventory
Prepaid Expenses $587.00 $1.675K
Receivables
Other Receivables
Total Short-Term Assets $890.0K $958.3K $1.202M
YoY Change -21.98% -20.24% -66.27%
LONG-TERM ASSETS
Property, Plant & Equipment $0.00 $0.00 $172.4K
YoY Change -100.0% -100.0% -48.01%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $0.00 $0.00 $172.4K
YoY Change -100.0% -100.0% -48.01%
TOTAL ASSETS
Total Short-Term Assets $890.0K $958.3K $1.202M
Total Long-Term Assets $0.00 $0.00 $172.4K
Total Assets $890.0K $958.3K $1.374M
YoY Change -29.99% -30.25% -64.72%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $100.00 $16.45K $19.98K
YoY Change -99.34% -17.67% -27.92%
Accrued Expenses $2.994M $2.862M $2.510M
YoY Change 15.17% 14.05% 27.3%
Deferred Revenue
YoY Change
Short-Term Debt $2.500M $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $5.495M $2.879M $2.530M
YoY Change 110.1% 13.8% 26.01%
LONG-TERM LIABILITIES
Long-Term Debt $8.000M $10.50M $10.50M
YoY Change -23.81% 0.0% 0.0%
Other Long-Term Liabilities $0.00
YoY Change -100.0%
Total Long-Term Liabilities $8.000M $10.50M $10.50M
YoY Change -23.81% 0.0% -1.62%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.495M $2.879M $2.530M
Total Long-Term Liabilities $8.000M $10.50M $10.50M
Total Liabilities $13.49M $13.38M $13.03M
YoY Change 2.89% 2.68% 2.76%
SHAREHOLDERS EQUITY
Retained Earnings -$17.87M -$17.69M
YoY Change 4.45%
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 -$12.60M -$12.42M -$11.66M
YoY Change
Total Liabilities & Shareholders Equity $890.0K $958.3K $1.374M
YoY Change -29.99% -30.25% -64.72%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income -$184.3K -$185.9K -$798.5K
YoY Change -2.14% -76.72% 63.17%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$67.24K -$56.68K -$664.0K
YoY Change 12.46% -91.46% 71.85%
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 -67.24K -56.68K -664.0K
Cash From Investing Activities
Cash From Financing Activities
Net Change In Cash -67.24K -56.68K -664.0K
YoY Change 12.46% -91.46% 71.85%
FREE CASH FLOW
Cash From Operating Activities -$67.24K -$56.68K -$664.0K
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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<p id="xdx_84B_eus-gaap--UseOfEstimates_zXzv36djzvIj" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="text-decoration: underline"><span id="xdx_86C_zfXcvwC2gbWh">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 generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date 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: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
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<p id="xdx_84C_eus-gaap--ConcentrationRiskCreditRisk_zapvIIePEK78" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="text-decoration: underline"><span id="xdx_869_zmyhKQI0Hosc">Concentrations of Credit Risk</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company maintains our 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 $250,000 under current regulations. The Company had approximately $<span id="xdx_905_eus-gaap--CashUninsuredAmount_pp0p0_c20230228_zvu5DV7JIz7d" title="Excess of FDIC insured limits">706,643</span> and $<span id="xdx_90D_eus-gaap--CashUninsuredAmount_pp0p0_c20220531_zHNdksCILRRh" title="Excess of FDIC insured limits">890,382</span> in excess of FDIC insured limits at February 28, 2023and May 31, 2022, 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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1920271 usd
CY2020Q2 us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
179300 usd
CY2020Q2 us-gaap Related Party Transaction Description Of Transaction
RelatedPartyTransactionDescriptionOfTransaction
The IP consists of technology and related rights associated with the game Megopoly, an MMO (Massively Multiplayer Online Game). Because United Power is a related party, the acquisition did not result in a stepped-up basis in the IP, and the full purchase price of $179,300 was treated as an equity contribution.
CY2023Q1 us-gaap Convertible Debt
ConvertibleDebt
10500000 usd
CY2022Q2 us-gaap Convertible Debt
ConvertibleDebt
10500000 usd
CY2023Q1 us-gaap Convertible Long Term Notes Payable
ConvertibleLongTermNotesPayable
10500000 usd
CY2022Q2 us-gaap Convertible Long Term Notes Payable
ConvertibleLongTermNotesPayable
10500000 usd
CY2023Q1 WEWA Current Number Of Shares Owned
CurrentNumberOfSharesOwned
101353450 shares
CY2023Q1 WEWA Number Of Shares Owned If Debt Converted
NumberOfSharesOwnedIfDebtConverted
232603450 shares
CY2023Q1 WEWA Number Of Shares Outstanding If Converted
NumberOfSharesOutstandingIfConverted
238733450 shares
CY2023Q1 WEWA Percentage Of Shares Owned If Debt Converted
PercentageOfSharesOwnedIfDebtConverted
0.974 pure
us-gaap Interest Expense Related Party
InterestExpenseRelatedParty
392672 usd
us-gaap Interest Expense Related Party
InterestExpenseRelatedParty
392671 usd
CY2023Q1 WEWA Monthly Base Rent Payable
MonthlyBaseRentPayable
15000 usd
us-gaap Lease And Rental Expense
LeaseAndRentalExpense
135000 usd
CY2023Q1 us-gaap Description Of Lessee Leasing Arrangements Operating Leases
DescriptionOfLesseeLeasingArrangementsOperatingLeases
The lease expired on February 28, 2023, and was amended to continue on a month-to-month basis at $15,000 per month
us-gaap Amortization Of Leased Asset
AmortizationOfLeasedAsset
10608 usd
WEWA Interest On Lease Liabilities
InterestOnLeaseLiabilities
4392 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
135000 usd
WEWA Supplement Cash Flow And Other Information Table Textblock
SupplementCashFlowAndOtherInformationTableTextblock
<table cellpadding="0" cellspacing="0" id="xdx_895_ecustom--SupplementCashFlowAndOtherInformationTableTextblock_z8N2twewcemh" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - COMMITMENTS AND CONTINGENCIES - LEASE, RELATED PARTY (Supplemental cash flow) (Details)"> <tr style="vertical-align: bottom; background-color: transparent"> <td style="text-align: justify; text-indent: 8pt"><span id="xdx_8B7_ziaADOcDo1Ec" style="display: none">Schedule of Supplemental cash flow and other information related to operating leases</span></td><td> </td> <td style="text-align: left"> </td><td id="xdx_49F_20220601__20230228_z9B6WdiLk1ej" style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"><span style="font-size: 8pt"><b> </b></span></td><td><span style="font-size: 8pt"><b> </b></span></td> <td colspan="2" style="text-align: center"><span style="font-size: 8pt"><b>For the Nine</b></span></td><td><span style="font-size: 8pt"><b> </b></span></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"><span style="font-size: 8pt"><b> </b></span></td><td><span style="font-size: 8pt"><b> </b></span></td> <td colspan="2" style="text-align: center"><span style="font-size: 8pt"><b>Months Ended</b></span></td><td><span style="font-size: 8pt"><b> </b></span></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"><span style="font-size: 8pt"><b> </b></span></td><td><span style="font-size: 8pt"><b> </b></span></td> <td colspan="2" style="text-align: center"><span style="font-size: 8pt"><b>February 28,</b></span></td><td><span style="font-size: 8pt"><b> </b></span></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"><span style="font-size: 8pt"><b> </b></span></td><td style="padding-bottom: 1pt"><span style="font-size: 8pt"><b> </b></span></td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><span style="font-size: 8pt"><b>2023</b></span></td><td style="padding-bottom: 1pt"><span style="font-size: 8pt"><b> </b></span></td></tr> <tr id="xdx_400_ecustom--CashPaidForAmountsIncludedInMeasurementOfLeaseLiabilitiesAbstract_iB_zg75iPsc6U17" 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: justify; padding-bottom: 2.5pt; text-indent: 8pt">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">135,000</td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>
us-gaap Operating Lease Payments
OperatingLeasePayments
135000 usd
CY2023Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
50000000 shares
CY2022Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
50000000 shares
CY2023Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2022Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2023Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2022Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2023Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
500000000 shares
CY2023Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2023Q1 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
107483450 shares
CY2023Q1 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
107483450 shares
CY2023Q1 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
8844000 usd

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