WeTrade Group Inc. Reports First Quarter 2021 Unaudited Financial Results
BEIJING, June 1, 2021 /PRNewswire/ -- WeTrade Group Inc. ("Wetrade" or the "Company") (US: WETG), an emerging growth company engaged in the business of providing software-as-a-services (SAAS) and cloud intelligent systems for micro-businesses, today reports its unaudited financial results for the first quarter ended March 31, 2021.
Mr. Pijun Liu, Chief Executive Officer of Wetrade, commented, "The Company's revenue and profits in the first quarter of 2021 are in line with our expectation. With COVID-19 has been brought under control and the offline economy has resumed, the Company's performance still maintained a rapid growth trend, indicating the irresistible outbreak of the private sector economy."
Mr. Liu continued, "In the digital economy era, more and more companies and individuals are beginning to pay attention to private domain traffic operations, especially after experiencing the COVID-19 pandemic. The pursuit of multi-channel network and SaaS of private domain traffic marketing has become an industry consensus. At the beginning of the year, the Company reached a cooperation with Zhongyan Corporation to help its digital transformation and monetization of private domain traffic marketing. The Company's cooperation with Beijing Youth Hostel and China Kanghui showed good examples and industry trend."
Mr. Kean Tat Che, Chief Financial Officer of Wetrade, commented, "In the first quarter of 2021, YCloud has served 18 million small and medium-sized enterprises, an increase of 3 million compared to 2020. The Company still maintained a momentum of rapid development this quarter due to the improvement of YCloud technology and the growth of the Company's customer base. 2021 will be a year of rapid development for the Company. The Company will further increase the development of technologies and applications in the vertical field of micro-business, provide more applications based on consumption scenarios and seek more new partners and business opportunities."
First Quarter of 2021 Financial Results
For the Three Months Ended March 31, |
||||||
($) |
2021 |
2020 |
% Change |
|||
Revenue |
2,780,923 |
21,070 |
13,098.5% |
|||
Gross Profit |
2,634,615 |
21,070 |
12,404.1% |
|||
Gross Margin |
94.7% |
100% |
-5.3pp* |
|||
Operations Profit/(Loss) |
745,425 |
(4,000) |
NM |
|||
Net Income/(Loss) |
652,084 |
(461) |
NM |
|||
Earnings/(Loss) Per Share |
0.00 |
(0.00) |
NM |
|||
*Notes: pp represents percentage points |
||||||
Revenue
Total revenue was $2.78 million from customers for the three months ended March 31, 2021, which are mainly from the service revenue generated from auto-billing management system from customers.
Cost of Revenue
Cost of revenue was $0.15 million for the three months ended March 31, 2021, compared with nil for the same period of last year. The increase was mainly due to more staffs were recruited and was in line with the increase in revenue during the period.
Gross profit and gross margin
Gross profit was $2.63 million for the three months ended March 31, 2021, compared with $0.02 million for the same period of last year.
Gross margin was 94.7% for the three months ended March 31, 2021, compared with 100% for the same period of last year.
Operations Profit/(Loss)
Operations profit was $745,425 for the three months ended March 31, 2021, compared with operations loss of $4,000 for the same period of last year.
Net Income/(Loss)
Net income was $652,084 for the three months ended March 31, 2021, compared with net loss of $461 for the same period of last year. Basic and diluted earnings per share was nil for the three months ended March 31, 2021, compared with nil for the same period of last year.
Financial Condition
As of March 31, 2021, the Company had cash and cash equivalents for $2.67 million, compared to $4.64 million as of December 31, 2020.
Net cash used in operating activities was $1.97 million for the three months ended March 31, 2021, compared to $1.42 million for the same period of last year.
Net cash provided by financing activities was nil for the three months ended March 31, 2021, compared to $0.08 million for the same period of last year.
About WeTrade Group Inc.
WeTrade Group Inc. is believed the world's first technical service provider of Cloud Intelligent System and SAAS for micro-businesses. It is the first internationalized system in the global micro-business cloud intelligence field and also the leader, innovator and promoter of the world's cloud intelligent system for micro-businesses. WeTrade Group independently developed the cloud intelligent system for micro-businesses (Abbreviation: YCloud). YCloud can strengthen users' marketing relationship and CPS commission profit management through leading technology and big data analysis. It also can help increase the payment scenarios, revenue and group leader management to increase customers' revenue by multi-channel data statistics, AI fission and management as well as improved supply chain system. Up to now, YCloud's business has successfully landed in mainland China, Hong Kong, the Philippines, Singapore and other countries, covering the micro business industry, tourism industry, hospitality industry, livestreaming and short video industry, aesthetic medical industry and traditional retail industry. For more information, please visit https://ir.wetg.group.
Forward-Looking Statements
This press release contains information about the Company's view of its future expectations, plans and prospects that constitute forward-looking statements. Actual results may differ materially from historical results or those indicated by these forward-looking statements as a result of a variety of factors including, but not limited to, risks and uncertainties associated with its ability to raise additional funding, its ability to maintain and grow its business, variability of operating results, its ability to maintain and enhance its brand, its development and introduction of new products and services, the successful integration of acquired companies, technologies and assets into its portfolio of products and services, marketing and other business development initiatives, competition in the industry, general government regulation, economic conditions, dependence on key personnel, the ability to attract, hire and retain personnel who possess the technical skills and experience necessary to meet the requirements of its clients, and its ability to protect its intellectual property. The Company's encourages you to review other factors that may affect its future results in the Company's annual reports and in its other filings with the Securities and Exchange Commission.
For more information, please contact:
Ascent Investor Relations LLC
Tina Xiao
+1-917-609-0333
[email protected]
WETRADE GROUP INC |
||||
BALANCE SHEETS |
||||
March 31, |
December 31, |
|||
(All amounts shown in U.S. Dollars) |
2021 |
2020 |
||
ASSETS |
(unaudited) |
|||
Current Assets: |
||||
Cash and Cash Equivalents |
$ 2,672,940 |
4,640,603 |
||
Accounts Receivables |
2,880,285 |
2,609,520 |
||
Note receivable |
4,516,275 |
3,097,981 |
||
Other receivables |
51,193 |
50,786 |
||
Prepayments |
1,313,949 |
61,707 |
||
Total current assets |
11,434,642 |
10,460,597 |
||
Non current Assets: |
||||
Right of use assets |
2,668,764 |
2,813,186 |
||
Intangible asset, net |
45,782 |
49,029 |
||
Rental deposit |
219,020 |
219,895 |
||
Total non-current assets |
2,933,566 |
3,082,110 |
||
Total Assets: |
14,368,208 |
13,542,707 |
||
LIABILITIES AND STOCKHOLDERS' EQUITY |
||||
Current Liabilities: |
||||
Account payables |
669,469 |
8,176 |
||
Accrued expenses |
238,634 |
263,355 |
||
Tax payables |
275,500 |
828,695 |
||
Amount due to related parties |
452,500 |
416,500 |
||
Lease liabilities, current |
585,153 |
569,865 |
||
Other payables |
344,547 |
90,633 |
||
Total Current Liabilities |
2,565,803 |
2,177,224 |
||
Lease liabilities, non current |
2,308,369 |
2,471,598 |
||
Total Liabilities |
4,874,172 |
4,648,822 |
||
Stockholders' Equity: |
||||
Common Stock; $0.00 per share par value; 305,451,498 issued and outstanding at March 31, 2021 and 305,451,498 |
||||
issued and outstanding at December 31, 2020 |
- |
- |
||
Additional Paid in Capital |
6,057,520 |
6,057,520 |
||
Accumulated other comprehensive income (loss) |
526,802 |
578,735 |
||
Retained Earning/ (Accumulated Deficit) |
2,909,714 |
2,257,630 |
||
Total Stockholders' Equity |
9,494,036 |
8,893,885 |
||
Total Liabilities and Stockholders' Equity |
$ 14,368,208 |
13,542,707 |
||
WETRADE GROUP INC |
||||
STATEMENTS OF OPERATIONS |
||||
Unaudited |
||||
Three Months |
Three Months |
|||
ended |
ended |
|||
March 31 |
March 31 |
|||
2021 |
2020 |
|||
Revenue: |
||||
Service revenue, related party |
- |
21,070 |
||
Service revenue |
2,780,923 |
-- |
||
Total service revenue |
2,780,923 |
21,070 |
||
Cost of revenue |
(146,308) |
- |
||
Gross Profit |
2,634,615 |
21,070 |
||
Operating expenses: |
||||
General and Administrative |
1,889,190 |
25,070 |
||
Operations Profit/ (Loss) |
745,425 |
(25,070) |
||
Other revenue/ (loss) |
83,515 |
3,539 |
||
Net Profit/ (Loss) before Income Tax |
828,940 |
(461) |
||
Income tax expense |
176,856 |
- |
||
Net income (loss) attributable to noncontrolling interest |
652,084 |
(461) |
||
Other Comprehensive Income (Loss) |
||||
Foreign currency translation adjustment |
(51,933) |
(57,060) |
||
Total comprehensive Income (Loss) |
600,151 |
(56,599) |
||
Basic and Diluted Net Income (Loss) per share: |
0.00 |
(0.00) |
||
Weighted average number of shares outstanding; Basic and Diluted* |
305,451,498 |
301,888,665 |
||
*Share and per share amounts have been retroactively adjusted to reflect the increased number of shares resulting from a 1:3 stock |
||||
WETRADE GROUP INC |
||||
STATEMENTS OF CASH FLOWS |
||||
For the |
From the |
|||
Period |
period |
|||
March 31, |
March 31, |
|||
2021 |
2020 |
|||
(unaudited) |
(unaudited) |
|||
Cash Flows from Operating Activities: |
||||
Net Income/ (Loss) |
$ 652,084 |
(461) |
||
Amortization of intangible asset |
3,084 |
|||
Changes in Operating Assets and Liabilities: |
||||
Accounts receivables |
(284,056) |
- |
||
Note receivable |
(1,444,683) |
- |
||
Other receivables |
(615) |
- |
||
Prepayments |
(1,272,083) |
(13,531) |
||
Amount due to related parties |
36,000 |
(1,338,000) |
||
Intangible assets |
- |
(56,191) |
||
Accounts payables |
668,159 |
- |
||
Accrued expenses |
254,206 |
(11,790) |
||
Right of use assets |
133,224 |
- |
||
Lease liabilities |
(135,835) |
- |
||
Tax payables |
(578,814) |
- |
||
Net Cash Flows Used in Operating Activities: |
(1,969,329) |
(1,419,973) |
||
Cash flow from financing activities: |
||||
Share issued for cash |
- |
78,000 |
||
Net cash provided by financing activities: |
- |
78,000 |
||
Effect of exchange rate changes on cash |
1,666 |
(57,060) |
||
Change in Cash and Cash Equivalents: |
(1,967,663) |
(1,399,033) |
||
Cash and Cash Equivalents, Beginning of Period |
4,640,603 |
6,591,128 |
||
Cash and Cash Equivalents, End of Period |
$ 2,672,940 |
5,192,095 |
||
Supplemental Cash Flow Information: |
||||
Cash paid for interest |
$ - |
- |
||
Cash paid for taxes |
$ 553,195 |
- |
||
SOURCE WeTrade Group Inc.
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