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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10-Q
þ |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|
For the quarter ended August 31, 2024 |
|
|
¨ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|
For the transition period from __________to __________ |
Commission file number: 000-55957
WEWARDS, INC.
(Exact name of registrant as specified in its Charter)
Nevada |
33-1230099 |
(State or other jurisdiction of |
(I.R.S. Employer |
incorporation or organization) |
Identification No.) |
3305 Spring Mountain Rd Ste 104
Las Vegas, NV |
89102 |
(Address of principal executive offices) |
(Zip Code) |
Registrant's telephone number, including area code:
702-944-5599
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
|
Trading Symbol(s) |
|
Name of each exchange on which registered |
None |
|
None |
|
None |
Indicate by check mark whether the registrant:
(1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months
(or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements
for the past 90 days. Yes þ No ¨
Indicate by check mark whether the registrant
has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding
12 months (or for such shorter period that the registrant was required to submit such files). Yes þ No ¨
Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.
See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company”
and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer ¨
Non-accelerated filer þ
Emerging growth company ¨ |
Accelerated filer ¨
Smaller reporting company þ |
If an emerging growth company, indicate by check
mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant
is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ¨ No þ
As of October 14, 2024, the registrant had 107,483,450
shares of common stock issued and outstanding.
TABLE
OF CONTENTS
i
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
WEWARDS, INC.
CONDENSED BALANCE SHEETS
| |
| | | |
| | |
| |
| | |
| |
| |
August 31, | | |
May 31, | |
| |
2024 | | |
2024 | |
ASSETS | |
| (Unaudited) | | |
| | |
| |
| | | |
| | |
Current assets: | |
| | | |
| | |
Cash | |
$ | 741,560 | | |
$ | 764,205 | |
Prepaid expense | |
| 187 | | |
| 487 | |
Total current assets | |
| 741,747 | | |
| 764,692 | |
| |
| | | |
| | |
Total assets | |
$ | 741,747 | | |
$ | 764,692 | |
| |
| | | |
| | |
| |
| | | |
| | |
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) | |
| | | |
| | |
| |
| | | |
| | |
Current liabilities: | |
| | | |
| | |
Accounts payable | |
$ | 4,050 | | |
$ | 100 | |
Accrued expenses | |
| 875 | | |
| — | |
Accrued interest, related parties | |
| 3,653,235 | | |
| 3,520,906 | |
Total current liabilities | |
| 3,658,160 | | |
| 3,521,006 | |
| |
| | | |
| | |
Long term liabilities: | |
| | | |
| | |
Convertible notes payable, related party | |
| 10,500,000 | | |
| 10,500,000 | |
| |
| | | |
| | |
Total liabilities | |
| 14,158,160 | | |
| 14,021,006 | |
| |
| | | |
| | |
Commitments and contingencies | |
| — | | |
| — | |
| |
| | | |
| | |
Stockholders' equity (deficit): | |
| | | |
| | |
Preferred stock, $0.001 par value, 50,000,000 shares authorized, no shares issued and outstanding | |
| — | | |
| — | |
Common stock, $0.001 par value, 500,000,000 shares authorized, 107,483,450 issued and outstanding | |
| 107,483 | | |
| 107,483 | |
Additional paid in capital | |
| 5,161,532 | | |
| 5,161,532 | |
Accumulated deficit | |
| (18,685,428 | ) | |
| (18,525,329 | ) |
Total stockholders' equity (deficit) | |
| (13,416,413 | ) | |
| (13,256,314 | ) |
| |
| | | |
| | |
Total liabilities and stockholders' equity (deficit) | |
$ | 741,747 | | |
$ | 764,692 | |
| |
| | | |
| | |
See accompanying notes to financial statements.
WEWARDS, INC.
CONDENSED STATEMENTS OF OPERATIONS
(Unaudited)
| |
| | |
| |
| |
For the Three Months Ended | |
| |
August 31, | |
| |
2024 | | |
2023 | |
| |
| | |
| |
Revenue, related party | |
$ | — | | |
$ | — | |
| |
| | | |
| | |
Operating expenses: | |
| | | |
| | |
General and administrative | |
| 1,540 | | |
| 765 | |
Rent expense | |
| 75 | | |
| 45,000 | |
Professional fees | |
| 31,075 | | |
| 28,787 | |
Total operating expenses | |
| 32,690 | | |
| 74,552 | |
| |
| | | |
| | |
Operating loss | |
| (32,690 | ) | |
| (74,552 | ) |
| |
| | | |
| | |
Other income (expense): | |
| | | |
| | |
Interest expense, related party | |
| (132,329 | ) | |
| (132,329 | ) |
Interest income | |
| 4,920 | | |
| 6,048 | |
Total other income (expense) | |
| (127,409 | ) | |
| (126,281 | ) |
| |
| | | |
| | |
Net loss | |
$ | (160,099 | ) | |
$ | (200,833 | ) |
| |
| | | |
| | |
| |
| | | |
| | |
Weighted average number of common shares | |
| | | |
| | |
outstanding - basic and fully diluted | |
| 107,483,450 | | |
| 107,483,450 | |
| |
| | | |
| | |
Net loss per share - basic and fully diluted | |
$ | (0.00 | ) | |
$ | (0.00 | ) |
See accompanying notes to financial statements.
WEWARDS, INC.
CONDENSED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIT)
(Unaudited)
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| | |
For the Three Months Ended August 31, 2024 | |
| | |
| | |
| | |
| | |
| | |
Additional | | |
| | |
Total | |
| | |
Preferred Stock | | |
Common Stock | | |
Paid-in | | |
Accumulated | | |
Stockholders' Equity | |
| | |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
(Deficit) | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
Balance, May 31, 2024 | | |
| — | | |
$ | — | | |
| 107,483,450 | | |
$ | 107,483 | | |
$ | 5,161,532 | | |
$ | (18,525,329 | ) | |
$ | (13,256,314 | ) |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net loss for the three months ended August 31, 2024 | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| (160,099 | ) | |
| (160,099 | ) |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance, August 31, 2024 | | |
| — | | |
$ | — | | |
| 107,483,450 | | |
$ | 107,483 | | |
$ | 5,161,532 | | |
$ | (18,685,428 | ) | |
$ | (13,416,413 | ) |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| |
For the Three Months Ended August 31, 2023 | |
| |
| | |
| | |
| | |
| | |
Additional | | |
| | |
Total | |
| |
Preferred Stock | | |
Common Stock | | |
Paid-in | | |
Accumulated | | |
Stockholders' Equity | |
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
(Deficit) | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| |
Balance, May 31, 2023 | |
| — | | |
$ | — | | |
| 107,483,450 | | |
$ | 107,483 | | |
$ | 5,161,532 | | |
$ | (17,873,590 | ) | |
$ | (12,604,575 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net loss for the three months ended August 31, 2023 | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| (200,833 | ) | |
| (200,833 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance, August 31, 2023 | |
| — | | |
$ | — | | |
| 107,483,450 | | |
$ | 107,483 | | |
$ | 5,161,532 | | |
$ | (18,074,423 | ) | |
$ | (12,805,408 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
See accompanying notes to financial statements.
WEWARDS, INC.
CONDENSED STATEMENTS OF CASH FLOWS
(Unaudited)
| |
| | | |
| | |
|
| |
For the Three Months Ended | |
| |
August 31, | |
| |
2024 | | |
2023 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |
| | | |
| | |
Net loss | |
$ | (160,099 | ) | |
$ | (200,833 | ) |
Adjustments to reconcile net loss to net
cash used in operating activities: | |
| | | |
| | |
Decrease (increase) in assets: | |
| | | |
| | |
Prepaid expenses | |
| 300 | | |
| (14,488 | ) |
Increase (decrease) in liabilities: | |
| | | |
| | |
Accounts payable | |
| 3,950 | | |
| 3,900 | |
Accrued expenses | |
| 875 | | |
| — | |
Accrued interest, related party | |
| 132,329 | | |
| 132,329 | |
Net cash used in operating activities | |
| (22,645 | ) | |
| (79,092 | ) |
| |
| | | |
| | |
NET CHANGE IN CASH | |
| (22,645 | ) | |
| (79,092 | ) |
CASH AT BEGINNING OF PERIOD | |
| 764,205 | | |
| 889,405 | |
| |
| | | |
| | |
CASH AT END OF PERIOD | |
$ | 741,560 | | |
$ | 810,313 | |
| |
| | | |
| | |
SUPPLEMENTAL INFORMATION: | |
| | | |
| | |
Interest paid | |
$ | — | | |
$ | — | |
Income taxes paid | |
$ | — | | |
$ | — | |
See accompanying notes to financial statements.
WEWARDS, INC.
NOTES TO THE FINANCIAL STATEMENTS
August 31, 2024
(Unaudited)
NOTE 1 – ORGANIZATION, BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING
POLICIES
Organization
Wewards, Inc. (“Wewards” or “the
Company”) was incorporated in the state of Nevada on September 10, 2013 as Betafox Corp., with the initial intent to manufacture
and sell color candles. On April 26, 2015, Giorgos Kallides (the “Seller”), entered into an agreement with Future Continental
Limited (“Purchaser”), pursuant to which, on May 11, 2015, the Seller sold to Purchaser six million (6,000,000) shares of
common stock of the Company (the “Shares”) owned by the Seller, constituting approximately 73.8% of the Company’s 8,130,000
issued and outstanding common shares at such time, for $340,000. In October 2015, the Purchaser
sold the 6,000,000 Shares to Mr. Lei Pei, an affiliate of the Purchaser, in consideration of Mr. Pei’s agreement to serve as our
director and CEO. On January 8, 2018, by consent of Lei Pei as the Company’s principal shareholder, the Company changed its
name to Wewards, Inc. The Company’s corporate office is located in Las Vegas, Nevada.
The Company has developed, and is the owner of a web-based
platform, accessible by mobile apps (the “Platform”) that will enable consumers to purchase goods from merchants and earn
rebates payable in the form of Bitcoin. The Platform provides an innovative Bitcoin rewards ecosystem.
It is designed to transform traditional concepts of commerce into a cooperative society where both merchants and consumers are collaborating,
utilizing Bitcoin to reward consumers. The ecosystem provides consumers with rewards each time they complete a challenge defined by a
merchant. This is intended to make the ecommerce process beneficial to all market participants, and to help distribute commercial wealth
among and between the merchants and consumers. The Company intends to generate revenue by licensing “white-label” versions
of the Platform to third parties.
The Company did not generate any revenue, or incur
any software development costs, during the three months ended August 31, 2024 or the fiscal year ended May 31, 2024, and is
now actively seeking licensing arrangements to bring the game to market.
Basis of Presentation
The unaudited condensed financial statements of the
Company and the accompanying notes included in this Quarterly Report on Form 10-Q are unaudited. In the opinion of management, all
adjustments necessary for a fair presentation of the Condensed Financial Statements have been included. Such adjustments are of a normal,
recurring nature. The Condensed Financial Statements, and the accompanying notes, are prepared in accordance with accounting principles
generally accepted in the United States of America (“GAAP”) and do not contain certain information included in the Company’s
Annual Report on Form 10-K for the fiscal year ended May 31, 2024. The interim Condensed Financial Statements should be read in conjunction
with that Annual Report on Form 10-K. Results for the interim periods presented are not necessarily indicative of the results that
might be expected for the entire fiscal year.
Use of Estimates
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.
Concentrations of Credit Risk
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 $491,560 and $514,205 in excess of FDIC insured limits
at August 31, 2024 and May 31, 2024, respectively. The Company has not experienced any losses in such accounts.
Fair Value of Financial Instruments
Under Financial Accounting Standards Board “FASB”,
Accounting Standards Codification (“ASC”) 820-10-05, the FASB establishes a framework for measuring fair value in generally
accepted accounting principles and expands disclosures about fair value measurements. This Statement reaffirms that fair value is the
relevant measurement attribute. The adoption of this standard did not have a material effect on the Company’s financial statements
as reflected herein. The carrying amounts of cash, accounts payable and accrued expenses reported on the balance sheets are estimated
by management to approximate fair value primarily due to the short-term nature of the instruments. The Company had no items that required
fair value measurement on a recurring basis.
WEWARDS, INC. NOTES TO THE FINANCIAL STATEMENTS August 31, 2024 (Unaudited) |
Impairment of Intangible Assets
The Company reviews intangible assets for impairment
when events or changes in circumstances indicate the carrying amount may not be recoverable. The Company measures recoverability of these
assets by comparing the carrying amounts to the future undiscounted cash flows that the assets or the asset group are expected to generate.
If the carrying value of the assets are not recoverable, the impairment recognized is measured as the amount by which the carrying value
of the asset exceeds its fair value.
Convertible Instruments
The Company evaluates its convertible instruments,
options, warrants or other contracts to determine if those contracts or embedded components of those contracts qualify as derivatives
to be separately accounted for under ASC Topic 815, “Derivatives and Hedging.” The result of this accounting treatment is
that the fair value of the derivative is marked-to-market each balance sheet date and recorded as a liability. In the event that the fair
value is recorded as a liability, the change in fair value is recorded in the statement of operations as other income (expense). Upon
conversion or exercise of a derivative instrument, the instrument is marked to fair value at the conversion date and then that fair value
is reclassified to equity. Equity instruments that are initially classified as equity that become subject to reclassification under ASC
Topic 815 are reclassified to liabilities at the fair value of the instrument on the reclassification date. We analyzed the derivative
financial instruments (the Convertible Notes), in accordance with ASC 815. The objective is to provide guidance for determining whether
an equity-linked financial instrument is indexed to an entity’s own stock. This determination is needed for a scope exception which
would enable a derivative instrument to be accounted for under the accrual method. The classification of a non-derivative instrument that
falls within the scope of ASC 815-40-05 “Accounting for Derivative Financial Instruments Indexed to, and Potentially Settled in,
a Company’s Own Stock” also hinges on whether the instrument is indexed to an entity’s own stock. A non-derivative instrument
that is not indexed to an entity’s own stock cannot be classified as equity and must be accounted for as a liability. There is a
two-step approach in determining whether an instrument or embedded feature is indexed to an entity’s own stock. First, the instrument's
contingent exercise provisions, if any, must be evaluated, followed by an evaluation of the instrument's settlement provisions. The Company
utilized multinomial lattice models that value the derivative liability within the notes based on a probability weighted discounted cash
flow model. The Company utilized the fair value standard set forth by the Financial Accounting Standards Board, defined as the amount
at which the assets (or liability) could be bought (or incurred) or sold (or settled) in a current transaction between willing parties,
that is, other than in a forced or liquidation sale.
Revenue Recognition
The Company recognizes revenue in accordance with
ASC 606 — Revenue from Contracts with Customers. Under ASC 606, the Company recognizes revenue from the licensing of our software
by applying the following steps: (1) identify the contract with a customer; (2) identify the performance obligations in the contract;
(3) determine the transaction price; (4) allocate the transaction price to each performance obligation in the contract; and (5) recognize
revenue when each performance obligation is satisfied. All revenues to date have been recognized from licensing Megopoly and related IP
to Sandbx Corp., a separate company owned by the Chief Operating Officer of United Power
and FL Galaxy, related parties of the Company, as our Chief Executive Officer, Lei Pei, is also the Chief Executive Officer of United
Power and FL Galaxy.
We derive revenue principally
from licensing our intellectual property, including our game, and related extra content and services that can be utilized by players of
our game. Our product and service offerings include, but are not limited to, licensing to third parties (“software license”)
to distribute and host our games and content (“Online-Hosted Service Games”).
We evaluate and recognize
revenue by:
•
identifying the contract(s) with the customer;
•
identifying the performance obligations in the contract;
•
determining the transaction price;
•
allocating the transaction price to performance obligations in the contract; and
•
recognizing revenue as each performance obligation is satisfied through the transfer of a promised good or service to a customer (i.e.,
“transfer of control”).
Online-Hosted Service
Games. Sales of our Online-Hosted Service Games are determined to have one distinct performance obligation: the online hosting. We
recognize revenue from these arrangements as the service is provided through our licensing agreement(s).
WEWARDS, INC. NOTES TO THE FINANCIAL STATEMENTS August 31, 2024 (Unaudited) |
Licensing Revenue
We utilize third-party licensees
to distribute and host our games and content in accordance with license agreements, for which the licensees typically pay us a fixed minimum
guarantee and/or sales-based royalties. These arrangements typically include multiple performance obligations, such as a time-based license
of software and future update rights. We recognize as revenue a portion of the minimum guarantee when we transfer control of the license
of software (generally upon commercial launch) and the remaining portion ratably over the contractual term in which we provide the licensee
with future update rights. Any sales-based royalties are generally recognized as the related sales occur by the licensee.
Significant Judgments
around Revenue Arrangements
Identifying performance
obligations. Performance obligations promised in a contract are identified based on the goods and services that will be transferred
to the customer that are both capable of being distinct, (i.e., the customer can benefit from the goods or services either on its own
or together with other resources that are readily available), and are distinct in the context of the contract (i.e., it is separately
identifiable from other goods or services in the contract). To the extent a contract includes multiple promises, we must apply judgment
to determine whether those promises are separate and distinct performance obligations. If these criteria are not met, the promises are
accounted for as a combined performance obligation.
Determining the transaction
price. The transaction price is determined based on the consideration that we will be entitled to receive in exchange for transferring
our goods and services to the customer. Determining the transaction price often requires judgment, based on an assessment of contractual
terms and business practices. It further includes review of variable consideration such as discounts, sales returns, price protection,
and rebates, which is estimated at the time of the transaction. In addition, the transaction price does not include an estimate of the
variable consideration related to sales-based royalties. Sales-based royalties are recognized as the sales occur.
Allocating the transaction
price. Allocating the transaction price requires that we determine an estimate of the relative stand-alone selling price for each
distinct performance obligation. Determining the relative stand-alone selling price is inherently subjective, especially in situations
where we do not sell the performance obligation on a stand-alone basis (which occurs in the majority of our transactions). In those situations,
we determine the relative stand-alone selling price based on various observable inputs using all information that is reasonably available.
Examples of observable inputs and information include: historical internal pricing data, cost plus margin analyses, third-party external
pricing of similar or same products and services such as software licenses and maintenance support within the enterprise software industry.
The results of our analysis resulted in a specific percentage of the transaction price being allocated to each performance obligation.
Determining the Estimated
Offering Period. The offering period is the period in which we offer to provide the future update rights and/or online hosting for
the game. Because the offering period is not an explicitly defined period, we must make an estimate of the offering period for the service-related
performance obligations (i.e., future update rights and online hosting). Determining the Estimated Offering Period is inherently subjective
and is subject to regular revision. Generally, we consider the specified contract period of our software licenses and therefore, the offering
period is estimated to be over the term of the license. We recognize revenue for future update rights and online hosting performance obligations
ratably on a straight-line basis over this period as there is a consistent pattern of delivery for these performance obligations.
Software Development Costs
The Company expenses software development costs, including
costs to develop software products or the software component of products to be sold, leased, or marketed to external users, before technological
feasibility is reached. Technological feasibility is typically reached shortly before the release of such products. Software development
costs also include costs to develop software to be used solely to meet internal needs and cloud-based applications used to deliver our
services. The Company capitalizes development costs related to these software applications once the preliminary project stage is complete
and it is probable that the project will be completed, and the software will be used to perform the function intended. Capitalization
ends, and amortization begins when the product is available for general release to customers.
WEWARDS, INC. NOTES TO THE FINANCIAL STATEMENTS August 31, 2024 (Unaudited) |
Stock-Based Compensation
The Company accounts for equity instruments issued
to employees in accordance with the provisions of ASC 718 Stock Compensation (ASC 718) and Equity-Based Payments to Non-employees pursuant
to ASC 2018-07 (ASC 2018-07). All transactions in which goods or services are the consideration received for the issuance of equity instruments
are accounted for based on the fair value of the consideration received or the fair value of the equity instrument issued, whichever is
more reliably measurable. The measurement date of the fair value of the equity instrument issued is the earlier of the date on which the
counterparty's performance is complete or the date at which a commitment for performance by the counterparty to earn the equity instruments
is reached because of sufficiently large disincentives for nonperformance.
Basic and Diluted Loss Per Share
Basic earnings per share (“EPS”) are computed
by dividing net income (the numerator) by the weighted average number of common shares outstanding for the period (the denominator). Diluted
EPS is computed by dividing net income by the weighted average number of common shares and potential common shares outstanding (if dilutive)
during each period. Potential common shares include stock options, warrants and restricted stock. The number of potential common shares
outstanding relating to stock options, warrants and restricted stock is computed using the treasury stock method. For the periods presented,
potential dilutive securities had an anti-dilutive effect and were not included in the calculation of diluted net loss per common share.
Income Taxes
Deferred tax assets and liabilities are recognized
for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities
and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable
income in the years in which those temporary differences are expected to be recovered or settled. A valuation allowance is provided for
significant deferred tax assets when it is more likely than not, that such asset will not be recovered through future operations.
Uncertain Tax Positions
In accordance with ASC 740, “Income Taxes”
(“ASC 740”), the Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not that
the tax position will be capable of withstanding examination by the taxing authorities based on the technical merits of the position.
These standards prescribe a recognition threshold and measurement attribute for the financial statement recognition and measurement of
a tax position taken or expected to be taken in a tax return. These standards also provide guidance on de-recognition, classification,
interest and penalties, accounting in interim periods, disclosure, and transition.
Various taxing authorities may periodically audit
the Company’s income tax returns. These audits include questions regarding the Company’s tax filing positions, including the
timing and amount of deductions and the allocation of income to various tax jurisdictions. In evaluating the exposures connected with
various tax filing positions, including state and local taxes, the Company records allowances for probable exposures. A number of years
may elapse before a particular matter, for which an allowance has been established, is audited and fully resolved. The Company has not
yet undergone an examination by any taxing authorities.
The assessment of the Company’s tax position
relies on the judgment of management to estimate the exposures associated with the Company’s various filing positions.
Recent Accounting Standards
From time to time, new accounting
pronouncements are issued by the FASB that are adopted by the Company as of the specified effective date.
Management does not believe
that any recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the
Company’s financial statements.
WEWARDS, INC. NOTES TO THE FINANCIAL STATEMENTS August 31, 2024 (Unaudited) |
NOTE 2 – GOING CONCERN
As shown in the accompanying financial statements,
the Company has incurred recurring losses from operations resulting in an accumulated deficit of $18,685,428 and had negative working
capital of $2,916,413, and as of August 31, 2024, the Company’s cash on hand may not be sufficient to sustain operations. These
factors raise substantial doubt about the Company’s ability to continue as a going concern. Management is actively pursuing licensing
agreements to commence revenues. Since our CEO and majority shareholder, Mr. Pei, acquired control over the Company in May 2015, we have
been wholly dependent upon him and his affiliated companies, to provide financing to us when needed, generally in the form of convertible
loans. There can be no assurance that Mr. Pei will continue to make additional financing available to us when needed. The accompanying
financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.
The financial statements do not include any adjustments
that might result from the outcome of any uncertainty as to the Company’s ability to continue as a going concern. These financial
statements also do not include any adjustments relating to the recoverability and classification of recorded asset amounts, or amounts
and classifications of liabilities that might be necessary should the Company be unable to continue as a going concern.
NOTE 3 – RELATED PARTY TRANSACTIONS
Convertible Notes Payable, Related Party
As disclosed
in Note 5, below, the Company has received a total of $10,500,000 in exchange for convertible notes owed to Sky Rover Holdings,
Ltd (“Sky Rover”), an entity owned and controlled by Mr. Pei. Sky Rover has since been
dissolved, and Mr. Pei has assumed the debt as the beneficial owner.
NOTE 4 – FAIR VALUE OF FINANCIAL INSTRUMENTS
Under FASB ASC 820-10-5, fair value is defined as
the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants
at the measurement date (an exit price). The standard outlines a valuation framework and creates a fair value hierarchy in order to increase
the consistency and comparability of fair value measurements and the related disclosures. Under GAAP, certain assets and liabilities must
be measured at fair value, and FASB ASC 820-10-50 details the disclosures that are required for items measured at fair value.
The Company has certain financial instruments that
must be measured under the new fair value standard. The Company’s financial assets and liabilities are measured using inputs from
the three levels of the fair value hierarchy. The three levels are as follows:
Level 1 - Inputs are unadjusted quoted
prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date.
Level 2 - Inputs include quoted prices
for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are
not active, inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates, yield curves, etc.),
and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market corroborated
inputs).
Level 3 - Unobservable inputs that reflect
our assumptions about the assumptions that market participants would use in pricing the asset or liability.
WEWARDS, INC. NOTES TO THE FINANCIAL STATEMENTS August 31, 2024 (Unaudited) |
The following schedule summarizes the valuation of
financial instruments at fair value on a recurring basis in the balance sheets as of August 31, 2024 and May 31, 2024, respectively:
Schedule of fair value on a recurring basis in the balance sheets | |
| | | |
| | | |
| | |
| |
Fair Value Measurements
at August 31, 2024 | |
| |
Level 1 | | |
Level 2 | | |
Level 3 | |
Assets | |
| | |
| | |
| |
Cash | |
$ | 741,560 | | |
$ | — | | |
$ | — | |
Total assets | |
| 741,560 | | |
| — | | |
| — | |
Liabilities | |
| | | |
| | | |
| | |
Convertible notes payable, related party | |
| — | | |
| — | | |
| 10,500,000 | |
Total liabilities | |
| — | | |
| — | | |
| 10,500,000 | |
Total | |
$ | 741,560 | | |
$ | — | | |
$ | (10,500,000 | ) |
| |
| | | |
| | | |
| | |
| |
Fair Value Measurements
at May 31, 2024 | |
| |
Level 1 | | |
Level 2 | | |
Level 3 | |
Assets | |
| | |
| | |
| |
Cash | |
$ | 764,205 | | |
$ | — | | |
$ | — | |
Total assets | |
| 764,205 | | |
| — | | |
| — | |
Liabilities | |
| | | |
| | | |
| | |
Convertible notes payable, related party | |
| — | | |
| — | | |
| 10,500,000 | |
Total liabilities | |
| — | | |
| — | | |
| 10,500,000 | |
Total | |
$ | 764,205 | | |
$ | — | | |
$ | (10,500,000 | ) |
The fair values of our related party debts are deemed
to approximate book value, and are considered Level 2 and 3 inputs as defined by ASC Topic 820-10-35.
There were no transfers of financial assets or liabilities
between Level 1, Level 2 and Level 3 inputs for the period ended August 31, 2024 or the year ended May 31, 2024.
WEWARDS, INC. NOTES TO THE FINANCIAL STATEMENTS August 31, 2024 (Unaudited) |
NOTE 5 – CONVERTIBLE NOTES PAYABLE, RELATED PARTY
Convertible notes payable, related party consists
of the following at August 31, 2024 and May 31, 2024, respectively:
Schedule of convertible notes payable, related party | |
| | | |
| | |
| |
August 31, | | |
May 31, | |
| |
2024 | | |
2024 | |
| |
| | |
| |
On February 26, 2017, Sky Rover, which is owned and controlled by Mr. Pei, agreed to loan up to $20,000,000 to the Company, of which $8,000,000 was loaned on February 28, 2017. Sky Rover was issued an unsecured, 5%, convertible promissory note which is due on May 31, 2027 (as extended), and is, in whole or in part, at the option of the holder, convertible into common shares at any time before the due date, at a conversion price of $0.08 per share (subject to adjustment in the event of stock splits, forward splits, recapitalizations, a merger, etc.). At the option of the Company, the interest may also be paid by issuing restricted shares of common stock, at the same conversion price per share. On June 26, 2018, the Company repaid $4,000,000 of principal of this loan. In addition, Sky Rover converted $1,500,000 of principal of this loan into common shares at the conversion price of $0.08 per share into a total of 18,750,000 shares. Sky Rover waived accrued and unpaid interest of $363,904, which was credited to additional paid in capital. As of August 31, 2024, there is $939,810 of accrued interest due on this loan. | |
$ | 2,500,000 | | |
$ | 2,500,000 | |
| |
| | | |
| | |
On November 20, 2017, Sky Rover loaned an additional $8,000,000 to the Company. Sky Rover was issued an unsecured, 5%, convertible promissory note which is due on May 31, 2027 (as extended), and is, in whole or in part, at the option of the holder, convertible into common shares at any time before the due date, at a conversion price of $0.08 per share (subject to adjustment in the event of stock splits, forward splits, recapitalizations, a merger, etc.). At the option of the Company, the interest may also be paid by issuing restricted shares of common stock, at the same conversion price per share. As of August 31, 2024, there is $2,713,425 of accrued interest on this loan. | |
| 8,000,000 | | |
| 8,000,000 | |
| |
| | | |
| | |
Total convertible notes payable, related party | |
| 10,500,000 | | |
| 10,500,000 | |
Less: current portion | |
| 10,500,000 | | |
| 2,500,000 | |
Convertible notes payable, related party, less current portion | |
$ | — | | |
$ | 8,000,000 | |
If Sky Rover converts the remaining $10,500,000 of
principal on the Convertible Notes at the present conversion price of $0.08 per share into 131,250,000 shares, those shares, plus the
approximate 101,353,450 shares Mr. Pei currently owns, would give him beneficial ownership of 232,603,450 shares of the Company’s
238,733,450 then-issued and outstanding shares (assuming that no other shares are issued prior to conversion), which would approximate
97.4% of the then-outstanding shares.
The Company recognized $132,329 of interest expense
for each of the three months ended August 31, 2024 and 2023.
NOTE 6 – CHANGES IN STOCKHOLDERS’ EQUITY
Preferred Stock
The Company has authorized preferred stock of 50,000,000
shares, par value $0.001 per share. The voting powers, conversion features, if any, designations, preferences, limitations, restrictions
and other rights of the preferred stock shall be prescribed by resolution of the Board of Directors at the time a specific series of preferred
stock is designated. None of the preferred shares have been issued as of the date of this Report.
Common Stock
The Company has 500,000,000 authorized shares of $0.001
par value Common Stock, and had 107,483,450 shares issued and outstanding as of August 31, 2024.
WEWARDS, INC. NOTES TO THE FINANCIAL STATEMENTS August 31, 2024 (Unaudited) |
NOTE 7 - INCOME TAX
The Company accounts for income taxes under FASB ASC
740-10, which requires use of the liability method. FASB ASC 740-10-25 provides that deferred tax assets and liabilities are recorded
based on the differences between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes,
referred to as temporary differences.
For the three months ended August 31, 2024 and
the year ended May 31, 2024, the Company incurred a net operating loss and, accordingly, no provision for income taxes has been recorded.
In addition, no benefit for income taxes has been recorded due to the uncertainty of the realization of any tax assets. At August 31,
2024, the Company had approximately $9,049,000 of federal net operating losses. The net operating loss carry forwards, if not utilized,
will begin to expire in 2034.
Based on the available objective evidence, including
the Company’s history of losses, management believes it is more likely than not that the net deferred tax assets will not be fully
realizable. Accordingly, the Company provided for a full valuation allowance against its net deferred tax assets at both August 31,
2024 and May 31, 2024.
In accordance with FASB ASC 740, the Company has evaluated
its tax positions and determined there are no uncertain tax positions.
NOTE 8 – SUBSEQUENT EVENTS
In accordance with ASC 855-10, management has performed
an evaluation of subsequent events through the date that the financial statements were available to be issued and has determined that
it does not have any material subsequent events to disclose in these financial statements.
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The information contained in
this Form 10-Q is intended to update the information contained in our Annual Report on Form 10-K for the year ended May 31, 2024
and presumes that readers have access to, and will have read, the “Management’s Discussion and Analysis of Financial Condition
and Results of Operations” and other information contained in such Form 10-K. The following discussion and analysis also should
be read together with our financial statements and the notes to the financial statements included elsewhere in this Form 10-Q.
The following discussion contains
certain statements that may be deemed “forward-looking statements” within the meaning of the Private Securities Litigation
Reform Act of 1995. Such statements appear in a number of places in this Report, including, without limitation, “Management’s
Discussion and Analysis of Financial Condition and Results of Operations.” These statements are not guarantees of future performance
and involve risks, uncertainties and requirements that are difficult to predict or are beyond our control. Forward-looking statements
speak only as of the date of this quarterly report. You should not put undue reliance on any forward-looking statements. We strongly encourage
investors to carefully read the factors described in our Annual Report on Form 10-K for the year ended May 31, 2024 in the section
entitled “Risk Factors” for a description of certain risks that could, among other things, cause actual results to differ
from these forward-looking statements. We assume no responsibility to update the forward-looking statements contained in this quarterly
report on Form 10-Q. The following should also be read in conjunction with the unaudited Financial Statements and notes thereto that
appear elsewhere in this report.
Overview
Wewards, Inc. (“Wewards”
or “the Company”) was incorporated in Nevada on September 10, 2013, as Betafox Corp.
On January 8, 2018, we changed our name to Wewards, Inc.
We have developed and are the
owner of a web-based platform accessible by mobile apps (the “Platform”) that will enable consumers to purchase goods from
merchants and earn rebates payable in the form of Bitcoin. The Platform provides an innovative Bitcoin
rewards ecosystem. It is designed to transform traditional concepts of commerce into a cooperative society where both merchants and consumers
are collaborating, utilizing Bitcoin to reward consumers. The ecosystem provides consumers with rewards each time they complete a challenge
defined by a merchant. This is intended to make the ecommerce process beneficial to all market participants, and to help distribute commercial
wealth among and between the merchants and consumers. We intend to generate revenue by licensing “white-label” versions of
the Platform to third parties. However, to date, no such license agreement has been entered into, and we have not generated any revenues
from the Platform.
On April 2, 2020, we purchased
intellectual property rights (“IP”) from United Power, a Nevada corporation under
common ownership with Lei Pei, our sole officer and director and majority shareholder, for cash consideration of $179,300, based on
a price determined by an independent valuation.
The
IP consists of technology and related rights associated with the game Megopoly, an MMO (Massively Multiplayer Online Game).
Megopoly is an MMO board game where players are able to earn fractions of Bitcoins (satoshi) through buying, selling, and managing virtual
real estate properties using in-game currency (Megopoly Coins). The game is similar in some respects to Monopoly.
The game allows players around
the world to interact with each other online. Players travel (move) through different parts of a city, earning profit by investing in
properties, charging rent, acquiring bonus assets, and selling their properties to other players for in-game currency. A player is able
to progress to higher levels of “cities” at any time.
The player’s goal in Megopoly
is to earn Megopoly Coins by investing in properties and collecting rent from other players. Players can keep playing the game using their
Megopoly Coins for the opportunity to earn more coins, or they can exchange those coins for Bitcoins based on real-time market exchange
rates. Megopoly is playable at any time through a web browser on a PC, tablet or smart phone, in both Chinese and English. The game has
been designed for players of all skill levels.
Megopoly is playable at any time
through a web browser on a PC, tablet or smart phone, in both Chinese and English. The game has been designed for players of all skill
levels. We did not generate any revenue during the three months ended August 31, 2024 or 2023.
The Company terminated its office
lease effective October 31, 2023.
Results of Operations for the Three Months Ended
August 31, 2024 and 2023:
The following table summarizes
selected items from the statement of operations for the three months ended August 31, 2024 and 2023.
| |
Three Months Ended | | |
| |
| |
August 31, | | |
August 31, | | |
Increase / | |
| |
2024 | | |
2023 | | |
(Decrease) | |
Revenue, related party | |
$ | — | | |
$ | — | | |
$ | — | |
| |
| | | |
| | | |
| | |
Operating expenses: | |
| | | |
| | | |
| | |
General and administrative | |
| 1,540 | | |
| 765 | | |
| 775 | |
Rent expense | |
| 75 | | |
| 45,000 | | |
| (44,925 | ) |
Professional fees | |
| 31,075 | | |
| 28,787 | | |
| 2,288 | |
Total operating expenses: | |
| 32,690 | | |
| 74,552 | | |
| (41,862 | ) |
| |
| | | |
| | | |
| | |
Operating loss | |
| (32,690 | ) | |
| (74,552 | ) | |
| (41,862 | ) |
| |
| | | |
| | | |
| | |
Total other income (expense) | |
| (127,409 | ) | |
| (126,281 | ) | |
| (1,128 | ) |
| |
| | | |
| | | |
| | |
Net loss | |
$ | (160,099 | ) | |
$ | (200,833 | ) | |
$ | (40,734 | ) |
Revenue, Related Party
We did not generate any revenues
during the three months ended August 31, 2024 and 2023.
General and Administrative Expenses
General and administrative expenses
for the three months ended August 31, 2024 were $1,540, compared to $765 during the three months ended August 31, 2023, an increase
of $775, or 101%. The expenses consisted primarily of office, travel, compliance and business development expenses. General and administrative
expense increased during the current period due to increased compliance fees.
Rent Expense
Rent expense was $75 for the three
months ended August 31, 2024, compared to $45,000 during the three months ended August 31, 2023, a decrease of $44,925, or 100%.
Rent expense decreased due to the termination of our lease as effective October 31, 2023.
Professional Fees
Professional fees for the three
months ended August 31, 2024 were $31,075, compared to $28,787 during the three months ended August 31, 2023, an increase of
$2,288, or 8%. Professional fees increased primarily due to increased audit fees during the current period.
Operating Loss
Our operating loss for the three
months ended August 31, 2024 was $32,690, compared to $74,552 during the three months ended August 31, 2023, a decrease of $41,862,
or 56%. Our operating loss decreased primarily due to the termination of our lease on October 31, 2023.
Other Income (Expense)
Other expense, on a net basis,
for the three months ended August 31, 2024 was $127,409, compared to other expense, on a net basis, of $126,281 during the three
months ended August 31, 2023, an increase of $1,128, or 1%. Other expense consisted of $132,329 of interest expense on related party
loans, as offset by $4,920 of interest income for the three months ended August 31, 2024. Other expense consisted of $132,329 of
interest expense on related party loans, as offset by $6,048 of interest income for the three months ended August 31, 2023. Other
expense, on a net basis, increased primarily due to decreased interest income on cash balances due to falling interest rates.
Net Loss
Net loss for the three months
ended August 31, 2024 was $160,099, compared to $200,833 during the three months ended August 31, 2023, a decrease of $40,734,
or 20%. The decreased net loss was due primarily to $44,925 of decreased rent expense related to the termination of our lease on October
31, 2023, as partially offset by decreased interest income on cash balances due to falling interest rates.
Liquidity and Capital Resources
The following is a summary of
the Company’s cash flows used in operating, investing, and financing activities for the three-month periods ended August 31,
2024 and August 31, 2023:
| |
August 31, | | |
August 31, | |
| |
2024 | | |
2023 | |
Operating Activities | |
$ | (22,645 | ) | |
$ | (79,092 | ) |
Investing Activities | |
| — | | |
| — | |
Financing Activities | |
| — | | |
| — | |
Net Decrease in Cash | |
$ | (22,645 | ) | |
$ | (79,092 | ) |
Cash Flows from Operating Activities
We have not generated positive
cash flows from operating activities. During the three months ended August 31, 2024, net cash flows used in operating activities
was $22,645. For the same period ended August 31, 2023, net cash flows used in operating activities was $79,092. The decrease in
cash used in operating activities is primarily attributable to our decreased net loss due primarily to decreased rent expense related
to the termination of our lease on October 31, 2023, as partially offset by decreased interest income on cash balances due to falling
interest rates.
Cash Flows from Investing Activities
We did not engage in any
investing activities during the three months ended August 31, 2024 and August 31, 2023.
Cash Flows from Financing Activities
We did not engage in any
financing activities during the three months ended August 31, 2024 and August 31, 2023.
Satisfaction of our Cash Obligations for the Next
12 Months
As of August 31, 2024, our
balance of cash on hand was $741,560, and we had negative working capital of $2,916,413. We do not currently have sufficient funds to
fund our operations at their current levels for the next twelve months. As we continue to develop our business and attempt to expand operational
activities, we expect to continue to experience net negative cash flows from operations in amounts not now determinable, and will be required
to obtain additional financing to fund operations. Our ability to continue as a going concern is dependent upon our ability to raise additional
capital and to achieve sustainable revenues and profitable operations. Since our CEO and majority shareholder, Mr. Pei, acquired control
over the Company in May 2015, we have been wholly dependent upon him and his affiliated companies, to provide financing to us when needed,
generally in the form of convertible loans. There can be no assurance that Mr. Pei will continue to make additional financing available
to us when needed.
We will need additional funds
to repay our related party debts should they not be converted to equity. No assurance can be given that any future financing will be available
or, if available, that it will be on terms that are satisfactory to us. Even if we are able to obtain additional financing (whether from
our affiliates or third parties), the terms of such financing may contain undue restrictions on our operations and result in substantial
dilution for our stockholders. We cannot guarantee that we will ever become profitable. Even if we achieve profitability, given the competitive
and evolving nature of the industry in which we operate, we may not be able to sustain or increase profitability, and our failure to do
so would adversely affect our business, including our ability to raise additional funds.
Material Commitments
As of the date of this Quarterly Report, we do
not have any material commitments.
Purchase of Significant Equipment
We do not have any agreements
at this time, to purchase any significant equipment during the next twelve months.
Off-Balance Sheet Arrangements
As of the date of this Quarterly
Report, we do not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our
financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital
resources that are material to investors.
Critical Accounting Policies and Estimates
The preparation of financial
statements in conformity with accounting principles generally accepted in the United States requires our management to make assumptions,
estimates and judgments that affect the amounts reported, including the notes thereto, and related disclosures of commitments and contingencies,
if any. We have identified certain accounting policies that are significant to the preparation of our financial statements. These accounting
policies are important for an understanding of our financial condition and results of operations. Critical accounting policies are those
that are most important to the presentation of our financial condition and results of operations and require management’s subjective
or complex judgment, often as a result of the need to make estimates about the effect of matters that are inherently uncertain and may
change in subsequent periods. Certain accounting estimates are particularly sensitive because of their significance to financial statements
and because of the possibility that future events affecting the estimate may differ significantly from management’s current judgments.
While our significant accounting
policies are more fully described in notes to our financial statements appearing elsewhere in this Form 10-Q, we believe that the following
accounting policies are the most critical to aid you in fully understanding and evaluating our reported financial results and affect the
more significant judgments and estimates that we used in the preparation of our financial statements.
Concentrations of Credit Risk
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 $491,560 and $514,205 in excess of
FDIC insured limits at August 31, 2024 and May 31, 2024, respectively. The Company has not experienced any losses in such accounts.
Revenue Recognition
The Company recognizes revenue
in accordance with ASC 606 — Revenue from Contracts with Customers. Under ASC 606, the Company recognizes revenue from the licensing
of our software by applying the following steps: (1) identify the contract with a customer; (2) identify the performance obligations in
the contract; (3) determine the transaction price; (4) allocate the transaction price to each performance obligation in the contract;
and (5) recognize revenue when each performance obligation is satisfied. All revenues to date have been recognized from licensing Megopoly
and related IP to Sandbx Corp., a separate company owned by the Chief Operating Officer of
United Power and FL Galaxy, related parties of the Company, as our Chief Executive Officer, Lei Pei, is also the Chief Executive
Officer of United Power and FL Galaxy.
We derive
revenue principally from licensing our intellectual property, including our game, and related extra content and services that can be utilized
by players of our game. Our product and service offerings include, but are not limited to, licensing to third parties (“software
license”) to distribute and host our games and content (“Online-Hosted Service Games”).
We evaluate
and recognize revenue by:
•
identifying the contract(s) with the customer;
•
identifying the performance obligations in the contract;
•
determining the transaction price;
•
allocating the transaction price to performance obligations in the contract; and
•
recognizing revenue as each performance obligation is satisfied through the transfer of a promised good or service to a customer (i.e.,
“transfer of control”).
Online-Hosted
Service Games. Sales of our Online-Hosted Service Games are determined to have one distinct performance obligation: the online hosting.
We recognize revenue from these arrangements as the service is provided through our licensing agreement(s).
Licensing Revenue
We utilize
third-party licensees to distribute and host our games and content in accordance with license agreements, for which the licensees typically
pay us a fixed minimum guarantee and/or sales-based royalties. These arrangements typically include multiple performance obligations,
such as a time-based license of software and future update rights. We recognize as revenue a portion of the minimum guarantee when we
transfer control of the license of software (generally upon commercial launch) and the remaining portion ratably over the contractual
term in which we provide the licensee with future update rights. Any sales-based royalties are generally recognized as the related sales
occur by the licensee.
Significant Judgments
around Revenue Arrangements
Identifying
performance obligations. Performance obligations promised in a contract are identified based on the goods and services that will be
transferred to the customer that are both capable of being distinct, (i.e., the customer can benefit from the goods or services either
on its own or together with other resources that are readily available), and are distinct in the context of the contract (i.e., it is
separately identifiable from other goods or services in the contract). To the extent a contract includes multiple promises, we must apply
judgment to determine whether those promises are separate and distinct performance obligations. If these criteria are not met, the promises
are accounted for as a combined performance obligation.
Determining
the transaction price. The transaction price is determined based on the consideration that we will be entitled to receive in exchange
for transferring our goods and services to the customer. Determining the transaction price often requires judgment, based on an assessment
of contractual terms and business practices. It further includes review of variable consideration such as discounts, sales returns, price
protection, and rebates, which is estimated at the time of the transaction. In addition, the transaction price does not include an estimate
of the variable consideration related to sales-based royalties. Sales-based royalties are recognized as the sales occur.
Allocating
the transaction price. Allocating the transaction price requires that we determine an estimate of the relative stand-alone selling
price for each distinct performance obligation. Determining the relative stand-alone selling price is inherently subjective, especially
in situations where we do not sell the performance obligation on a stand-alone basis (which occurs in the majority of our transactions).
In those situations, we determine the relative stand-alone selling price based on various observable inputs using all information that
is reasonably available. Examples of observable inputs and information include: historical internal pricing data, cost plus margin analyses,
third-party external pricing of similar or same products and services such as software licenses and maintenance support within the enterprise
software industry. The results of our analysis resulted in a specific percentage of the transaction price being allocated to each performance
obligation.
Determining
the Estimated Offering Period. The offering period is the period in which we offer to provide the future update rights and/or online
hosting for the game. Because the offering period is not an explicitly defined period, we must make an estimate of the offering period
for the service-related performance obligations (i.e., future update rights and online hosting). Determining the Estimated Offering Period
is inherently subjective and is subject to regular revision. Generally, we consider the specified contract period of our software licenses
and therefore, the offering period is estimated to be over the term of the license. We recognize revenue for future update rights and
online hosting performance obligations ratably on a straight-line basis over this period as there is a consistent pattern of delivery
for these performance obligations.
Software Development Costs
The Company expenses software
development costs, including costs to develop software products or the software component of products to be sold, leased, or marketed
to external users, before technological feasibility is reached. Technological feasibility is typically reached shortly before the release
of such products. Software development costs also include costs to develop software to be used solely to meet internal needs and cloud-based
applications used to deliver our services. The Company capitalizes development costs related to these software applications once the preliminary
project stage is complete and it is probable that the project will be completed, and the software will be used to perform the function
intended. Capitalization ends, and amortization begins when the product is available for general release to customers.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
We are a smaller reporting
company as defined in Rule 12b-2 of the Exchange Act and are not required to provide the information required under this item.
ITEM 4. CONTROLS AND PROCEDURES
Disclosure Controls and Procedures
Our management,
with the participation of our Chief Executive Officer and our Chief Financial Officer, who is one and the same, evaluated the effectiveness
of our disclosure controls and procedures as of August 31, 2024. The term “disclosure controls and procedures,” as defined
in Rules 13a-15(e) and 15d-15(e) under the Exchange Act, means controls and other procedures of a company that are designed to ensure
that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is recorded, processed,
summarized and reported, within the time periods specified in the SEC's rules and forms. Disclosure controls and procedures include, without
limitation, controls and procedures designed to ensure that information required to be disclosed by a company in the reports that it files
or submits under the Exchange Act is accumulated and communicated to the company's management, including its principal executive and principal
financial officers, as appropriate to allow timely decisions regarding required disclosure. Management recognizes that any controls and
procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving their objectives, and management
necessarily applies its judgment in evaluating the cost-benefit relationship of possible controls and procedures. Based on the evaluation
of our disclosure controls and procedures as of August 31, 2024, our Chief Executive Officer and Chief Financial Officer concluded
that, as of such date, our disclosure controls and procedures were not effective at the reasonable assurance level due to the material
weaknesses identified and described in Item 9A of our Annual Report on Form 10-K for the fiscal year ended May 31, 2024 under “Evaluation
of Disclosure Controls and Procedures”.
Changes in Internal Control over Financial
Reporting
There have been no significant
changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) or in other
factors that occurred during the period of our evaluation or subsequent to the date we carried out our evaluation which have materially
affected, or are reasonably likely to materially affect, our internal control over financial reporting. The design of any system of controls
and procedures is based in part upon certain assumptions about the likelihood of future events. There can be no assurance that any system
of controls and procedures will succeed in achieving its stated goals under all potential future conditions, regardless of how remote.
PART II. OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
We are not a party to any legal
or administrative proceedings that we believe, individually or in the aggregate, would be likely to have a material adverse effect on
our financial condition or results of operations.
ITEM 1A. RISK FACTORS
As a “smaller reporting
company”, the Company is not required to provide the information required by this Item.
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
None.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
None.
ITEM 4. MINE SAFETY DISCLOSURES
Not applicable.
ITEM 5. OTHER INFORMATION
During the quarter ended August 31,
2024, no director or officer of the Company adopted or terminated a contract, instruction or written plan for the purchase or sale of
securities of the Company intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) and/or a non-Rule 10b5-1 trading arrangement.
ITEM 6. EXHIBITS
The following exhibits are included as part of this report by reference:
Exhibit |
|
Description |
3.1 |
|
Amended
and Restated Articles of Incorporation (incorporated by reference to Exhibit 3.1 of the Form 8-K-1 filed with the Securities and
Exchange Commission by Wewards, Inc. on March 1, 2017) |
3.2 |
|
Certificate
of Amendment to Articles of Incorporation dated January 18, 2018 (incorporated by reference to Exhibit 3.4 of the Form 8-A filed
with the Securities and Exchange Commission by Wewards, Inc. on July 2, 2018) |
3.3 |
|
Bylaws of
Wewards, Inc., f/k/a Betafox Corp. (incorporated by reference to Exhibit 3.2 of the Form 8-A filed with the Securities and Exchange
Commission by Wewards, Inc. on July 2, 2018) |
4.1 |
|
Description
of Registrant’s Securities (incorporated by reference to Exhibit 4.1 of the Form 10-K filed with the Securities and exchange
Commission by Wewards, Inc. on August 31, 2022) |
10.1 |
|
Intellectual
Property Rights Purchase and Transfer Agreement between Wewards, Inc. and United Power, Inc., dated as of April 2, 2020 (incorporated
by reference to Exhibit 10.1 of the Form 10-K filed with the Securities and Exchange Commission by Wewards, Inc. on August 31, 2020) |
31.1* |
|
Certification of Chief Executive Officer and Chief Financial Officer pursuant
to Securities Exchange Act of 1934 Rule 13a-14(a) or 15d-14(a) |
32.1* |
|
Certification of Chief Executive Officer and Chief Financial Officer pursuant
to Securities Exchange Act of 1934 Rule 13a-14(b) or 15d-14(b) and 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of
the Sarbanes-Oxley Act of 2002 |
101.INS* |
|
Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File
because its XBRL tags are embedded within the Inline XBRL document) |
101.SCH* |
|
Inline XBRL Taxonomy Extension Schema Document |
101.CAL* |
|
Inline XBRL Taxonomy Extension Calculation Linkbase Document |
101.DEF* |
|
Inline XBRL Taxonomy Extension Definition Linkbase Document |
101.LAB* |
|
Inline XBRL Taxonomy Extension Label Linkbase Document |
101.PRE* |
|
Inline XBRL Taxonomy Extension Presentation Linkbase Document |
104* |
|
Cover Page Interactive Data File (formatted in IXBRL, and included in exhibit 101) |
* Filed herewith.
SIGNATURES
Pursuant to the requirements of the Securities Exchange
Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
|
|
WEWARDS, INC. |
|
|
|
|
|
|
Date: October 15, 2024 |
|
By: |
/s/ Lei Pei |
|
|
|
|
Lei Pei |
|
|
|
|
President, Chief Executive Officer and Chief Financial Officer |
|
EXHIBIT 31.1
CERTIFICATIONS PURSUANT
TO
RULE 13A-14(A) OR RULE 15D-14(A),
AS ADOPTED PURSUANT TO
RULE 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Lei Pei, certify that:
1. I have
reviewed this quarterly report on Form 10-Q of Wewards, Inc.;
| 2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report; |
| 3. | Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for,
the periods presented in this report; |
| 4. | I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange
Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f)
and 15d-15(f)) for the registrant and have: |
| a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant is made known to me by others within
those entities, particularly during the period in which this report is being prepared; |
| b. | Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under my supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
| c. | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered
by this report based on such evaluation; and |
| d. | Disclosed in this report any change in the registrant’s internal control over financial reporting
that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an
annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over
financial reporting; |
| 5. | I have disclosed, based on my most recent evaluation of internal control over financial reporting, to
the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent
functions): |
| a. | All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report
financial information; and |
| b. | Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant’s internal control over financial reporting. |
/s/ Lei
Pei
Lei Pei
Chief Executive Officer and Chief Financial
Officer
Dated: October 15, 2024
EXHIBIT 32.1
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection
with the Quarterly Report of Wewards, Inc. (the “Company”) on Form 10-Q for the period ending August 31, 2024 (the “Report”)
I, Lei Pei, Chief Executive Officer and Principal Financial Officer of the Company, certify, pursuant to 18 USC Section 1350, as
adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge and belief:
1. The Report fully
complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
2. Information contained
in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
Date: October 15, 2024
/s/ Lei Pei
Name: Lei Pei
Title: Chief Executive Officer and Principal Financial Officer
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v3.24.3
CONDENSED BALANCE SHEETS - USD ($)
|
Aug. 31, 2024 |
May 31, 2024 |
Current assets: |
|
|
Cash |
$ 741,560
|
$ 764,205
|
Prepaid expense |
187
|
487
|
Total current assets |
741,747
|
764,692
|
Total assets |
741,747
|
764,692
|
Current liabilities: |
|
|
Accounts payable |
4,050
|
100
|
Accrued expenses |
875
|
0
|
Accrued interest, related parties |
3,653,235
|
3,520,906
|
Total current liabilities |
3,658,160
|
3,521,006
|
Long term liabilities: |
|
|
Convertible notes payable, related party |
10,500,000
|
10,500,000
|
Total liabilities |
14,158,160
|
14,021,006
|
Commitments and contingencies |
|
|
Stockholders' equity (deficit): |
|
|
Preferred stock, $0.001 par value, 50,000,000 shares authorized, no shares issued and outstanding |
0
|
0
|
Common stock, $0.001 par value, 500,000,000 shares authorized, 107,483,450 issued and outstanding |
107,483
|
107,483
|
Additional paid in capital |
5,161,532
|
5,161,532
|
Accumulated deficit |
(18,685,428)
|
(18,525,329)
|
Total stockholders' equity (deficit) |
(13,416,413)
|
(13,256,314)
|
Total liabilities and stockholders' equity (deficit) |
$ 741,747
|
$ 764,692
|
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v3.24.3
CONDENSED BALANCE SHEETS (Parenthetical) - $ / shares
|
Aug. 31, 2024 |
May 31, 2024 |
Statement of Financial Position [Abstract] |
|
|
Preferred stock, par value |
$ 0.001
|
$ 0.001
|
Preferred stock, shares authorized |
50,000,000
|
50,000,000
|
Preferred stock, shares issued |
0
|
0
|
Preferred stock, shares outstanding |
0
|
0
|
Common stock, par value |
$ 0.001
|
$ 0.001
|
Common stock, shares authorized |
500,000,000
|
500,000,000
|
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107,483,450
|
107,483,450
|
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107,483,450
|
107,483,450
|
X |
- DefinitionFace amount or stated value per share of common stock.
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v3.24.3
CONDENSED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
|
3 Months Ended |
Aug. 31, 2024 |
Aug. 31, 2023 |
Income Statement [Abstract] |
|
|
Revenue, related party |
$ 0
|
$ 0
|
Operating expenses: |
|
|
General and administrative |
1,540
|
765
|
Rent expense |
75
|
45,000
|
Professional fees |
31,075
|
28,787
|
Total operating expenses |
32,690
|
74,552
|
Operating loss |
(32,690)
|
(74,552)
|
Other income (expense): |
|
|
Interest expense, related party |
(132,329)
|
(132,329)
|
Interest income |
4,920
|
6,048
|
Total other income (expense) |
(127,409)
|
(126,281)
|
Net loss |
$ (160,099)
|
$ (200,833)
|
Weighted average number of common shares outstanding - basic |
107,483,450
|
107,483,450
|
Weighted average number of common shares outstanding - fully diluted |
107,483,450
|
107,483,450
|
Net loss per share - basic |
$ (0.00)
|
$ (0.00)
|
Net loss per share - fully diluted |
$ (0.00)
|
$ (0.00)
|
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v3.24.3
CONDENSED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIT) (Unaudited) - USD ($)
|
Preferred Stock [Member] |
Common Stock [Member] |
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
Total |
Beginning balance, value at May. 31, 2023 |
$ 0
|
$ 107,483
|
$ 5,161,532
|
$ (17,873,590)
|
$ (12,604,575)
|
Beginning balance, shares at May. 31, 2023 |
0
|
107,483,450
|
|
|
|
Net loss |
|
|
|
(200,833)
|
(200,833)
|
Ending balance, value at Aug. 31, 2023 |
$ 0
|
$ 107,483
|
5,161,532
|
(18,074,423)
|
(12,805,408)
|
Ending balance, shares at Aug. 31, 2023 |
0
|
107,483,450
|
|
|
|
Beginning balance, value at May. 31, 2024 |
$ 0
|
$ 107,483
|
5,161,532
|
(18,525,329)
|
(13,256,314)
|
Beginning balance, shares at May. 31, 2024 |
0
|
107,483,450
|
|
|
|
Net loss |
|
|
|
(160,099)
|
(160,099)
|
Ending balance, value at Aug. 31, 2024 |
$ 0
|
$ 107,483
|
$ 5,161,532
|
$ (18,685,428)
|
$ (13,416,413)
|
Ending balance, shares at Aug. 31, 2024 |
0
|
107,483,450
|
|
|
|
X |
- DefinitionThe portion of profit or loss for the period, net of income taxes, which is attributable to the parent.
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v3.24.3
CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
|
3 Months Ended |
Aug. 31, 2024 |
Aug. 31, 2023 |
CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
Net loss |
$ (160,099)
|
$ (200,833)
|
Decrease (increase) in assets: |
|
|
Prepaid expenses |
300
|
(14,488)
|
Increase (decrease) in liabilities: |
|
|
Accounts payable |
3,950
|
3,900
|
Accrued expenses |
875
|
0
|
Accrued interest, related party |
132,329
|
132,329
|
Net cash used in operating activities |
(22,645)
|
(79,092)
|
NET CHANGE IN CASH |
(22,645)
|
(79,092)
|
CASH AT BEGINNING OF PERIOD |
764,205
|
889,405
|
CASH AT END OF PERIOD |
741,560
|
810,313
|
SUPPLEMENTAL INFORMATION: |
|
|
Interest paid |
0
|
0
|
Income taxes paid |
$ 0
|
$ 0
|
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v3.24.3
ORGANIZATION, BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
|
3 Months Ended |
Aug. 31, 2024 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
ORGANIZATION, BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES |
NOTE 1 – ORGANIZATION, BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING
POLICIES
Organization
Wewards, Inc. (“Wewards” or “the
Company”) was incorporated in the state of Nevada on September 10, 2013 as Betafox Corp., with the initial intent to manufacture
and sell color candles. On April 26, 2015, Giorgos Kallides (the “Seller”), entered into an agreement with Future Continental
Limited (“Purchaser”), pursuant to which, on May 11, 2015, the Seller sold to Purchaser six million (6,000,000) shares of
common stock of the Company (the “Shares”) owned by the Seller, constituting approximately 73.8% of the Company’s 8,130,000
issued and outstanding common shares at such time, for $340,000. In October 2015, the Purchaser
sold the 6,000,000 Shares to Mr. Lei Pei, an affiliate of the Purchaser, in consideration of Mr. Pei’s agreement to serve as our
director and CEO. On January 8, 2018, by consent of Lei Pei as the Company’s principal shareholder, the Company changed its
name to Wewards, Inc. The Company’s corporate office is located in Las Vegas, Nevada.
The Company has developed, and is the owner of a web-based
platform, accessible by mobile apps (the “Platform”) that will enable consumers to purchase goods from merchants and earn
rebates payable in the form of Bitcoin. The Platform provides an innovative Bitcoin rewards ecosystem.
It is designed to transform traditional concepts of commerce into a cooperative society where both merchants and consumers are collaborating,
utilizing Bitcoin to reward consumers. The ecosystem provides consumers with rewards each time they complete a challenge defined by a
merchant. This is intended to make the ecommerce process beneficial to all market participants, and to help distribute commercial wealth
among and between the merchants and consumers. The Company intends to generate revenue by licensing “white-label” versions
of the Platform to third parties.
The Company did not generate any revenue, or incur
any software development costs, during the three months ended August 31, 2024 or the fiscal year ended May 31, 2024, and is
now actively seeking licensing arrangements to bring the game to market.
Basis of Presentation
The unaudited condensed financial statements of the
Company and the accompanying notes included in this Quarterly Report on Form 10-Q are unaudited. In the opinion of management, all
adjustments necessary for a fair presentation of the Condensed Financial Statements have been included. Such adjustments are of a normal,
recurring nature. The Condensed Financial Statements, and the accompanying notes, are prepared in accordance with accounting principles
generally accepted in the United States of America (“GAAP”) and do not contain certain information included in the Company’s
Annual Report on Form 10-K for the fiscal year ended May 31, 2024. The interim Condensed Financial Statements should be read in conjunction
with that Annual Report on Form 10-K. Results for the interim periods presented are not necessarily indicative of the results that
might be expected for the entire fiscal year.
Use of Estimates
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.
Concentrations of Credit Risk
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 $491,560 and $514,205 in excess of FDIC insured limits
at August 31, 2024 and May 31, 2024, respectively. The Company has not experienced any losses in such accounts.
Fair Value of Financial Instruments
Under Financial Accounting Standards Board “FASB”,
Accounting Standards Codification (“ASC”) 820-10-05, the FASB establishes a framework for measuring fair value in generally
accepted accounting principles and expands disclosures about fair value measurements. This Statement reaffirms that fair value is the
relevant measurement attribute. The adoption of this standard did not have a material effect on the Company’s financial statements
as reflected herein. The carrying amounts of cash, accounts payable and accrued expenses reported on the balance sheets are estimated
by management to approximate fair value primarily due to the short-term nature of the instruments. The Company had no items that required
fair value measurement on a recurring basis.
Impairment of Intangible Assets
The Company reviews intangible assets for impairment
when events or changes in circumstances indicate the carrying amount may not be recoverable. The Company measures recoverability of these
assets by comparing the carrying amounts to the future undiscounted cash flows that the assets or the asset group are expected to generate.
If the carrying value of the assets are not recoverable, the impairment recognized is measured as the amount by which the carrying value
of the asset exceeds its fair value.
Convertible Instruments
The Company evaluates its convertible instruments,
options, warrants or other contracts to determine if those contracts or embedded components of those contracts qualify as derivatives
to be separately accounted for under ASC Topic 815, “Derivatives and Hedging.” The result of this accounting treatment is
that the fair value of the derivative is marked-to-market each balance sheet date and recorded as a liability. In the event that the fair
value is recorded as a liability, the change in fair value is recorded in the statement of operations as other income (expense). Upon
conversion or exercise of a derivative instrument, the instrument is marked to fair value at the conversion date and then that fair value
is reclassified to equity. Equity instruments that are initially classified as equity that become subject to reclassification under ASC
Topic 815 are reclassified to liabilities at the fair value of the instrument on the reclassification date. We analyzed the derivative
financial instruments (the Convertible Notes), in accordance with ASC 815. The objective is to provide guidance for determining whether
an equity-linked financial instrument is indexed to an entity’s own stock. This determination is needed for a scope exception which
would enable a derivative instrument to be accounted for under the accrual method. The classification of a non-derivative instrument that
falls within the scope of ASC 815-40-05 “Accounting for Derivative Financial Instruments Indexed to, and Potentially Settled in,
a Company’s Own Stock” also hinges on whether the instrument is indexed to an entity’s own stock. A non-derivative instrument
that is not indexed to an entity’s own stock cannot be classified as equity and must be accounted for as a liability. There is a
two-step approach in determining whether an instrument or embedded feature is indexed to an entity’s own stock. First, the instrument's
contingent exercise provisions, if any, must be evaluated, followed by an evaluation of the instrument's settlement provisions. The Company
utilized multinomial lattice models that value the derivative liability within the notes based on a probability weighted discounted cash
flow model. The Company utilized the fair value standard set forth by the Financial Accounting Standards Board, defined as the amount
at which the assets (or liability) could be bought (or incurred) or sold (or settled) in a current transaction between willing parties,
that is, other than in a forced or liquidation sale.
Revenue Recognition
The Company recognizes revenue in accordance with
ASC 606 — Revenue from Contracts with Customers. Under ASC 606, the Company recognizes revenue from the licensing of our software
by applying the following steps: (1) identify the contract with a customer; (2) identify the performance obligations in the contract;
(3) determine the transaction price; (4) allocate the transaction price to each performance obligation in the contract; and (5) recognize
revenue when each performance obligation is satisfied. All revenues to date have been recognized from licensing Megopoly and related IP
to Sandbx Corp., a separate company owned by the Chief Operating Officer of United Power
and FL Galaxy, related parties of the Company, as our Chief Executive Officer, Lei Pei, is also the Chief Executive Officer of United
Power and FL Galaxy.
We derive revenue principally
from licensing our intellectual property, including our game, and related extra content and services that can be utilized by players of
our game. Our product and service offerings include, but are not limited to, licensing to third parties (“software license”)
to distribute and host our games and content (“Online-Hosted Service Games”).
We evaluate and recognize
revenue by:
•
identifying the contract(s) with the customer;
•
identifying the performance obligations in the contract;
•
determining the transaction price;
•
allocating the transaction price to performance obligations in the contract; and
•
recognizing revenue as each performance obligation is satisfied through the transfer of a promised good or service to a customer (i.e.,
“transfer of control”).
Online-Hosted Service
Games. Sales of our Online-Hosted Service Games are determined to have one distinct performance obligation: the online hosting. We
recognize revenue from these arrangements as the service is provided through our licensing agreement(s).
Licensing Revenue
We utilize third-party licensees
to distribute and host our games and content in accordance with license agreements, for which the licensees typically pay us a fixed minimum
guarantee and/or sales-based royalties. These arrangements typically include multiple performance obligations, such as a time-based license
of software and future update rights. We recognize as revenue a portion of the minimum guarantee when we transfer control of the license
of software (generally upon commercial launch) and the remaining portion ratably over the contractual term in which we provide the licensee
with future update rights. Any sales-based royalties are generally recognized as the related sales occur by the licensee.
Significant Judgments
around Revenue Arrangements
Identifying performance
obligations. Performance obligations promised in a contract are identified based on the goods and services that will be transferred
to the customer that are both capable of being distinct, (i.e., the customer can benefit from the goods or services either on its own
or together with other resources that are readily available), and are distinct in the context of the contract (i.e., it is separately
identifiable from other goods or services in the contract). To the extent a contract includes multiple promises, we must apply judgment
to determine whether those promises are separate and distinct performance obligations. If these criteria are not met, the promises are
accounted for as a combined performance obligation.
Determining the transaction
price. The transaction price is determined based on the consideration that we will be entitled to receive in exchange for transferring
our goods and services to the customer. Determining the transaction price often requires judgment, based on an assessment of contractual
terms and business practices. It further includes review of variable consideration such as discounts, sales returns, price protection,
and rebates, which is estimated at the time of the transaction. In addition, the transaction price does not include an estimate of the
variable consideration related to sales-based royalties. Sales-based royalties are recognized as the sales occur.
Allocating the transaction
price. Allocating the transaction price requires that we determine an estimate of the relative stand-alone selling price for each
distinct performance obligation. Determining the relative stand-alone selling price is inherently subjective, especially in situations
where we do not sell the performance obligation on a stand-alone basis (which occurs in the majority of our transactions). In those situations,
we determine the relative stand-alone selling price based on various observable inputs using all information that is reasonably available.
Examples of observable inputs and information include: historical internal pricing data, cost plus margin analyses, third-party external
pricing of similar or same products and services such as software licenses and maintenance support within the enterprise software industry.
The results of our analysis resulted in a specific percentage of the transaction price being allocated to each performance obligation.
Determining the Estimated
Offering Period. The offering period is the period in which we offer to provide the future update rights and/or online hosting for
the game. Because the offering period is not an explicitly defined period, we must make an estimate of the offering period for the service-related
performance obligations (i.e., future update rights and online hosting). Determining the Estimated Offering Period is inherently subjective
and is subject to regular revision. Generally, we consider the specified contract period of our software licenses and therefore, the offering
period is estimated to be over the term of the license. We recognize revenue for future update rights and online hosting performance obligations
ratably on a straight-line basis over this period as there is a consistent pattern of delivery for these performance obligations.
Software Development Costs
The Company expenses software development costs, including
costs to develop software products or the software component of products to be sold, leased, or marketed to external users, before technological
feasibility is reached. Technological feasibility is typically reached shortly before the release of such products. Software development
costs also include costs to develop software to be used solely to meet internal needs and cloud-based applications used to deliver our
services. The Company capitalizes development costs related to these software applications once the preliminary project stage is complete
and it is probable that the project will be completed, and the software will be used to perform the function intended. Capitalization
ends, and amortization begins when the product is available for general release to customers.
Stock-Based Compensation
The Company accounts for equity instruments issued
to employees in accordance with the provisions of ASC 718 Stock Compensation (ASC 718) and Equity-Based Payments to Non-employees pursuant
to ASC 2018-07 (ASC 2018-07). All transactions in which goods or services are the consideration received for the issuance of equity instruments
are accounted for based on the fair value of the consideration received or the fair value of the equity instrument issued, whichever is
more reliably measurable. The measurement date of the fair value of the equity instrument issued is the earlier of the date on which the
counterparty's performance is complete or the date at which a commitment for performance by the counterparty to earn the equity instruments
is reached because of sufficiently large disincentives for nonperformance.
Basic and Diluted Loss Per Share
Basic earnings per share (“EPS”) are computed
by dividing net income (the numerator) by the weighted average number of common shares outstanding for the period (the denominator). Diluted
EPS is computed by dividing net income by the weighted average number of common shares and potential common shares outstanding (if dilutive)
during each period. Potential common shares include stock options, warrants and restricted stock. The number of potential common shares
outstanding relating to stock options, warrants and restricted stock is computed using the treasury stock method. For the periods presented,
potential dilutive securities had an anti-dilutive effect and were not included in the calculation of diluted net loss per common share.
Income Taxes
Deferred tax assets and liabilities are recognized
for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities
and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable
income in the years in which those temporary differences are expected to be recovered or settled. A valuation allowance is provided for
significant deferred tax assets when it is more likely than not, that such asset will not be recovered through future operations.
Uncertain Tax Positions
In accordance with ASC 740, “Income Taxes”
(“ASC 740”), the Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not that
the tax position will be capable of withstanding examination by the taxing authorities based on the technical merits of the position.
These standards prescribe a recognition threshold and measurement attribute for the financial statement recognition and measurement of
a tax position taken or expected to be taken in a tax return. These standards also provide guidance on de-recognition, classification,
interest and penalties, accounting in interim periods, disclosure, and transition.
Various taxing authorities may periodically audit
the Company’s income tax returns. These audits include questions regarding the Company’s tax filing positions, including the
timing and amount of deductions and the allocation of income to various tax jurisdictions. In evaluating the exposures connected with
various tax filing positions, including state and local taxes, the Company records allowances for probable exposures. A number of years
may elapse before a particular matter, for which an allowance has been established, is audited and fully resolved. The Company has not
yet undergone an examination by any taxing authorities.
The assessment of the Company’s tax position
relies on the judgment of management to estimate the exposures associated with the Company’s various filing positions.
Recent Accounting Standards
From time to time, new accounting
pronouncements are issued by the FASB that are adopted by the Company as of the specified effective date.
Management does not believe
that any recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the
Company’s financial statements.
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- DefinitionThe entire disclosure for the organization, consolidation and basis of presentation of financial statements disclosure, and significant accounting policies of the reporting entity. May be provided in more than one note to the financial statements, as long as users are provided with an understanding of (1) the significant judgments and assumptions made by an enterprise in determining whether it must consolidate a VIE and/or disclose information about its involvement with a VIE, (2) the nature of restrictions on a consolidated VIE's assets reported by an enterprise in its statement of financial position, including the carrying amounts of such assets, (3) the nature of, and changes in, the risks associated with an enterprise's involvement with the VIE, and (4) how an enterprise's involvement with the VIE affects the enterprise's financial position, financial performance, and cash flows. Describes procedure if disclosures are provided in more than one note to the financial statements.
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v3.24.3
GOING CONCERN
|
3 Months Ended |
Aug. 31, 2024 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
GOING CONCERN |
NOTE 2 – GOING CONCERN
As shown in the accompanying financial statements,
the Company has incurred recurring losses from operations resulting in an accumulated deficit of $18,685,428 and had negative working
capital of $2,916,413, and as of August 31, 2024, the Company’s cash on hand may not be sufficient to sustain operations. These
factors raise substantial doubt about the Company’s ability to continue as a going concern. Management is actively pursuing licensing
agreements to commence revenues. Since our CEO and majority shareholder, Mr. Pei, acquired control over the Company in May 2015, we have
been wholly dependent upon him and his affiliated companies, to provide financing to us when needed, generally in the form of convertible
loans. There can be no assurance that Mr. Pei will continue to make additional financing available to us when needed. The accompanying
financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.
The financial statements do not include any adjustments
that might result from the outcome of any uncertainty as to the Company’s ability to continue as a going concern. These financial
statements also do not include any adjustments relating to the recoverability and classification of recorded asset amounts, or amounts
and classifications of liabilities that might be necessary should the Company be unable to continue as a going concern.
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- DefinitionThe entire disclosure when substantial doubt is raised about the ability to continue as a going concern. Includes, but is not limited to, principal conditions or events that raised substantial doubt about the ability to continue as a going concern, management's evaluation of the significance of those conditions or events in relation to the ability to meet its obligations, and management's plans that alleviated or are intended to mitigate the conditions or events that raise substantial doubt about the ability to continue as a going concern.
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v3.24.3
RELATED PARTY TRANSACTIONS
|
3 Months Ended |
Aug. 31, 2024 |
Related Party Transactions [Abstract] |
|
RELATED PARTY TRANSACTIONS |
NOTE 3 – RELATED PARTY TRANSACTIONS
Convertible Notes Payable, Related Party
As disclosed
in Note 5, below, the Company has received a total of $10,500,000 in exchange for convertible notes owed to Sky Rover Holdings,
Ltd (“Sky Rover”), an entity owned and controlled by Mr. Pei. Sky Rover has since been
dissolved, and Mr. Pei has assumed the debt as the beneficial owner.
|
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- DefinitionThe entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
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v3.24.3
FAIR VALUE OF FINANCIAL INSTRUMENTS
|
3 Months Ended |
Aug. 31, 2024 |
Fair Value Disclosures [Abstract] |
|
FAIR VALUE OF FINANCIAL INSTRUMENTS |
NOTE 4 – FAIR VALUE OF FINANCIAL INSTRUMENTS
Under FASB ASC 820-10-5, fair value is defined as
the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants
at the measurement date (an exit price). The standard outlines a valuation framework and creates a fair value hierarchy in order to increase
the consistency and comparability of fair value measurements and the related disclosures. Under GAAP, certain assets and liabilities must
be measured at fair value, and FASB ASC 820-10-50 details the disclosures that are required for items measured at fair value.
The Company has certain financial instruments that
must be measured under the new fair value standard. The Company’s financial assets and liabilities are measured using inputs from
the three levels of the fair value hierarchy. The three levels are as follows:
Level 1 - Inputs are unadjusted quoted
prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date.
Level 2 - Inputs include quoted prices
for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are
not active, inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates, yield curves, etc.),
and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market corroborated
inputs).
Level 3 - Unobservable inputs that reflect
our assumptions about the assumptions that market participants would use in pricing the asset or liability.
The following schedule summarizes the valuation of
financial instruments at fair value on a recurring basis in the balance sheets as of August 31, 2024 and May 31, 2024, respectively:
Schedule of fair value on a recurring basis in the balance sheets | |
| | | |
| | | |
| | |
| |
Fair Value Measurements
at August 31, 2024 | |
| |
Level 1 | | |
Level 2 | | |
Level 3 | |
Assets | |
| | |
| | |
| |
Cash | |
$ | 741,560 | | |
$ | — | | |
$ | — | |
Total assets | |
| 741,560 | | |
| — | | |
| — | |
Liabilities | |
| | | |
| | | |
| | |
Convertible notes payable, related party | |
| — | | |
| — | | |
| 10,500,000 | |
Total liabilities | |
| — | | |
| — | | |
| 10,500,000 | |
Total | |
$ | 741,560 | | |
$ | — | | |
$ | (10,500,000 | ) |
| |
| | | |
| | | |
| | |
| |
Fair Value Measurements
at May 31, 2024 | |
| |
Level 1 | | |
Level 2 | | |
Level 3 | |
Assets | |
| | |
| | |
| |
Cash | |
$ | 764,205 | | |
$ | — | | |
$ | — | |
Total assets | |
| 764,205 | | |
| — | | |
| — | |
Liabilities | |
| | | |
| | | |
| | |
Convertible notes payable, related party | |
| — | | |
| — | | |
| 10,500,000 | |
Total liabilities | |
| — | | |
| — | | |
| 10,500,000 | |
Total | |
$ | 764,205 | | |
$ | — | | |
$ | (10,500,000 | ) |
The fair values of our related party debts are deemed
to approximate book value, and are considered Level 2 and 3 inputs as defined by ASC Topic 820-10-35.
There were no transfers of financial assets or liabilities
between Level 1, Level 2 and Level 3 inputs for the period ended August 31, 2024 or the year ended May 31, 2024.
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- DefinitionThe entire disclosure of the fair value measurement of assets and liabilities, which includes financial instruments measured at fair value that are classified in shareholders' equity, which may be measured on a recurring or nonrecurring basis.
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v3.24.3
CONVERTIBLE NOTES PAYABLE, RELATED PARTY
|
3 Months Ended |
Aug. 31, 2024 |
Debt Disclosure [Abstract] |
|
CONVERTIBLE NOTES PAYABLE, RELATED PARTY |
NOTE 5 – CONVERTIBLE NOTES PAYABLE, RELATED PARTY
Convertible notes payable, related party consists
of the following at August 31, 2024 and May 31, 2024, respectively:
Schedule of convertible notes payable, related party | |
| | | |
| | |
| |
August 31, | | |
May 31, | |
| |
2024 | | |
2024 | |
| |
| | |
| |
On February 26, 2017, Sky Rover, which is owned and controlled by Mr. Pei, agreed to loan up to $20,000,000 to the Company, of which $8,000,000 was loaned on February 28, 2017. Sky Rover was issued an unsecured, 5%, convertible promissory note which is due on May 31, 2027 (as extended), and is, in whole or in part, at the option of the holder, convertible into common shares at any time before the due date, at a conversion price of $0.08 per share (subject to adjustment in the event of stock splits, forward splits, recapitalizations, a merger, etc.). At the option of the Company, the interest may also be paid by issuing restricted shares of common stock, at the same conversion price per share. On June 26, 2018, the Company repaid $4,000,000 of principal of this loan. In addition, Sky Rover converted $1,500,000 of principal of this loan into common shares at the conversion price of $0.08 per share into a total of 18,750,000 shares. Sky Rover waived accrued and unpaid interest of $363,904, which was credited to additional paid in capital. As of August 31, 2024, there is $939,810 of accrued interest due on this loan. | |
$ | 2,500,000 | | |
$ | 2,500,000 | |
| |
| | | |
| | |
On November 20, 2017, Sky Rover loaned an additional $8,000,000 to the Company. Sky Rover was issued an unsecured, 5%, convertible promissory note which is due on May 31, 2027 (as extended), and is, in whole or in part, at the option of the holder, convertible into common shares at any time before the due date, at a conversion price of $0.08 per share (subject to adjustment in the event of stock splits, forward splits, recapitalizations, a merger, etc.). At the option of the Company, the interest may also be paid by issuing restricted shares of common stock, at the same conversion price per share. As of August 31, 2024, there is $2,713,425 of accrued interest on this loan. | |
| 8,000,000 | | |
| 8,000,000 | |
| |
| | | |
| | |
Total convertible notes payable, related party | |
| 10,500,000 | | |
| 10,500,000 | |
Less: current portion | |
| 10,500,000 | | |
| 2,500,000 | |
Convertible notes payable, related party, less current portion | |
$ | — | | |
$ | 8,000,000 | |
If Sky Rover converts the remaining $10,500,000 of
principal on the Convertible Notes at the present conversion price of $0.08 per share into 131,250,000 shares, those shares, plus the
approximate 101,353,450 shares Mr. Pei currently owns, would give him beneficial ownership of 232,603,450 shares of the Company’s
238,733,450 then-issued and outstanding shares (assuming that no other shares are issued prior to conversion), which would approximate
97.4% of the then-outstanding shares.
The Company recognized $132,329 of interest expense
for each of the three months ended August 31, 2024 and 2023.
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- DefinitionThe entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.
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v3.24.3
CHANGES IN STOCKHOLDERS’ EQUITY
|
3 Months Ended |
Aug. 31, 2024 |
Equity [Abstract] |
|
CHANGES IN STOCKHOLDERS’ EQUITY |
NOTE 6 – CHANGES IN STOCKHOLDERS’ EQUITY
Preferred Stock
The Company has authorized preferred stock of 50,000,000
shares, par value $0.001 per share. The voting powers, conversion features, if any, designations, preferences, limitations, restrictions
and other rights of the preferred stock shall be prescribed by resolution of the Board of Directors at the time a specific series of preferred
stock is designated. None of the preferred shares have been issued as of the date of this Report.
Common Stock
The Company has 500,000,000 authorized shares of $0.001
par value Common Stock, and had 107,483,450 shares issued and outstanding as of August 31, 2024.
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v3.24.3
INCOME TAX
|
3 Months Ended |
Aug. 31, 2024 |
Income Tax Disclosure [Abstract] |
|
INCOME TAX |
NOTE 7 - INCOME TAX
The Company accounts for income taxes under FASB ASC
740-10, which requires use of the liability method. FASB ASC 740-10-25 provides that deferred tax assets and liabilities are recorded
based on the differences between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes,
referred to as temporary differences.
For the three months ended August 31, 2024 and
the year ended May 31, 2024, the Company incurred a net operating loss and, accordingly, no provision for income taxes has been recorded.
In addition, no benefit for income taxes has been recorded due to the uncertainty of the realization of any tax assets. At August 31,
2024, the Company had approximately $9,049,000 of federal net operating losses. The net operating loss carry forwards, if not utilized,
will begin to expire in 2034.
Based on the available objective evidence, including
the Company’s history of losses, management believes it is more likely than not that the net deferred tax assets will not be fully
realizable. Accordingly, the Company provided for a full valuation allowance against its net deferred tax assets at both August 31,
2024 and May 31, 2024.
In accordance with FASB ASC 740, the Company has evaluated
its tax positions and determined there are no uncertain tax positions.
|
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v3.24.3
SUBSEQUENT EVENTS
|
3 Months Ended |
Aug. 31, 2024 |
Subsequent Events [Abstract] |
|
SUBSEQUENT EVENTS |
NOTE 8 – SUBSEQUENT EVENTS
In accordance with ASC 855-10, management has performed
an evaluation of subsequent events through the date that the financial statements were available to be issued and has determined that
it does not have any material subsequent events to disclose in these financial statements.
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v3.24.3
ORGANIZATION, BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies)
|
3 Months Ended |
Aug. 31, 2024 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Organization |
Organization
Wewards, Inc. (“Wewards” or “the
Company”) was incorporated in the state of Nevada on September 10, 2013 as Betafox Corp., with the initial intent to manufacture
and sell color candles. On April 26, 2015, Giorgos Kallides (the “Seller”), entered into an agreement with Future Continental
Limited (“Purchaser”), pursuant to which, on May 11, 2015, the Seller sold to Purchaser six million (6,000,000) shares of
common stock of the Company (the “Shares”) owned by the Seller, constituting approximately 73.8% of the Company’s 8,130,000
issued and outstanding common shares at such time, for $340,000. In October 2015, the Purchaser
sold the 6,000,000 Shares to Mr. Lei Pei, an affiliate of the Purchaser, in consideration of Mr. Pei’s agreement to serve as our
director and CEO. On January 8, 2018, by consent of Lei Pei as the Company’s principal shareholder, the Company changed its
name to Wewards, Inc. The Company’s corporate office is located in Las Vegas, Nevada.
The Company has developed, and is the owner of a web-based
platform, accessible by mobile apps (the “Platform”) that will enable consumers to purchase goods from merchants and earn
rebates payable in the form of Bitcoin. The Platform provides an innovative Bitcoin rewards ecosystem.
It is designed to transform traditional concepts of commerce into a cooperative society where both merchants and consumers are collaborating,
utilizing Bitcoin to reward consumers. The ecosystem provides consumers with rewards each time they complete a challenge defined by a
merchant. This is intended to make the ecommerce process beneficial to all market participants, and to help distribute commercial wealth
among and between the merchants and consumers. The Company intends to generate revenue by licensing “white-label” versions
of the Platform to third parties.
The Company did not generate any revenue, or incur
any software development costs, during the three months ended August 31, 2024 or the fiscal year ended May 31, 2024, and is
now actively seeking licensing arrangements to bring the game to market.
|
Basis of Presentation |
Basis of Presentation
The unaudited condensed financial statements of the
Company and the accompanying notes included in this Quarterly Report on Form 10-Q are unaudited. In the opinion of management, all
adjustments necessary for a fair presentation of the Condensed Financial Statements have been included. Such adjustments are of a normal,
recurring nature. The Condensed Financial Statements, and the accompanying notes, are prepared in accordance with accounting principles
generally accepted in the United States of America (“GAAP”) and do not contain certain information included in the Company’s
Annual Report on Form 10-K for the fiscal year ended May 31, 2024. The interim Condensed Financial Statements should be read in conjunction
with that Annual Report on Form 10-K. Results for the interim periods presented are not necessarily indicative of the results that
might be expected for the entire fiscal year.
|
Use of Estimates |
Use of Estimates
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.
|
Concentrations of Credit Risk |
Concentrations of Credit Risk
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 $491,560 and $514,205 in excess of FDIC insured limits
at August 31, 2024 and May 31, 2024, respectively. The Company has not experienced any losses in such accounts.
|
Fair Value of Financial Instruments |
Fair Value of Financial Instruments
Under Financial Accounting Standards Board “FASB”,
Accounting Standards Codification (“ASC”) 820-10-05, the FASB establishes a framework for measuring fair value in generally
accepted accounting principles and expands disclosures about fair value measurements. This Statement reaffirms that fair value is the
relevant measurement attribute. The adoption of this standard did not have a material effect on the Company’s financial statements
as reflected herein. The carrying amounts of cash, accounts payable and accrued expenses reported on the balance sheets are estimated
by management to approximate fair value primarily due to the short-term nature of the instruments. The Company had no items that required
fair value measurement on a recurring basis.
|
Impairment of Intangible Assets |
Impairment of Intangible Assets
The Company reviews intangible assets for impairment
when events or changes in circumstances indicate the carrying amount may not be recoverable. The Company measures recoverability of these
assets by comparing the carrying amounts to the future undiscounted cash flows that the assets or the asset group are expected to generate.
If the carrying value of the assets are not recoverable, the impairment recognized is measured as the amount by which the carrying value
of the asset exceeds its fair value.
|
Convertible Instruments |
Convertible Instruments
The Company evaluates its convertible instruments,
options, warrants or other contracts to determine if those contracts or embedded components of those contracts qualify as derivatives
to be separately accounted for under ASC Topic 815, “Derivatives and Hedging.” The result of this accounting treatment is
that the fair value of the derivative is marked-to-market each balance sheet date and recorded as a liability. In the event that the fair
value is recorded as a liability, the change in fair value is recorded in the statement of operations as other income (expense). Upon
conversion or exercise of a derivative instrument, the instrument is marked to fair value at the conversion date and then that fair value
is reclassified to equity. Equity instruments that are initially classified as equity that become subject to reclassification under ASC
Topic 815 are reclassified to liabilities at the fair value of the instrument on the reclassification date. We analyzed the derivative
financial instruments (the Convertible Notes), in accordance with ASC 815. The objective is to provide guidance for determining whether
an equity-linked financial instrument is indexed to an entity’s own stock. This determination is needed for a scope exception which
would enable a derivative instrument to be accounted for under the accrual method. The classification of a non-derivative instrument that
falls within the scope of ASC 815-40-05 “Accounting for Derivative Financial Instruments Indexed to, and Potentially Settled in,
a Company’s Own Stock” also hinges on whether the instrument is indexed to an entity’s own stock. A non-derivative instrument
that is not indexed to an entity’s own stock cannot be classified as equity and must be accounted for as a liability. There is a
two-step approach in determining whether an instrument or embedded feature is indexed to an entity’s own stock. First, the instrument's
contingent exercise provisions, if any, must be evaluated, followed by an evaluation of the instrument's settlement provisions. The Company
utilized multinomial lattice models that value the derivative liability within the notes based on a probability weighted discounted cash
flow model. The Company utilized the fair value standard set forth by the Financial Accounting Standards Board, defined as the amount
at which the assets (or liability) could be bought (or incurred) or sold (or settled) in a current transaction between willing parties,
that is, other than in a forced or liquidation sale.
|
Revenue Recognition |
Revenue Recognition
The Company recognizes revenue in accordance with
ASC 606 — Revenue from Contracts with Customers. Under ASC 606, the Company recognizes revenue from the licensing of our software
by applying the following steps: (1) identify the contract with a customer; (2) identify the performance obligations in the contract;
(3) determine the transaction price; (4) allocate the transaction price to each performance obligation in the contract; and (5) recognize
revenue when each performance obligation is satisfied. All revenues to date have been recognized from licensing Megopoly and related IP
to Sandbx Corp., a separate company owned by the Chief Operating Officer of United Power
and FL Galaxy, related parties of the Company, as our Chief Executive Officer, Lei Pei, is also the Chief Executive Officer of United
Power and FL Galaxy.
We derive revenue principally
from licensing our intellectual property, including our game, and related extra content and services that can be utilized by players of
our game. Our product and service offerings include, but are not limited to, licensing to third parties (“software license”)
to distribute and host our games and content (“Online-Hosted Service Games”).
We evaluate and recognize
revenue by:
•
identifying the contract(s) with the customer;
•
identifying the performance obligations in the contract;
•
determining the transaction price;
•
allocating the transaction price to performance obligations in the contract; and
•
recognizing revenue as each performance obligation is satisfied through the transfer of a promised good or service to a customer (i.e.,
“transfer of control”).
Online-Hosted Service
Games. Sales of our Online-Hosted Service Games are determined to have one distinct performance obligation: the online hosting. We
recognize revenue from these arrangements as the service is provided through our licensing agreement(s).
Licensing Revenue
We utilize third-party licensees
to distribute and host our games and content in accordance with license agreements, for which the licensees typically pay us a fixed minimum
guarantee and/or sales-based royalties. These arrangements typically include multiple performance obligations, such as a time-based license
of software and future update rights. We recognize as revenue a portion of the minimum guarantee when we transfer control of the license
of software (generally upon commercial launch) and the remaining portion ratably over the contractual term in which we provide the licensee
with future update rights. Any sales-based royalties are generally recognized as the related sales occur by the licensee.
Significant Judgments
around Revenue Arrangements
Identifying performance
obligations. Performance obligations promised in a contract are identified based on the goods and services that will be transferred
to the customer that are both capable of being distinct, (i.e., the customer can benefit from the goods or services either on its own
or together with other resources that are readily available), and are distinct in the context of the contract (i.e., it is separately
identifiable from other goods or services in the contract). To the extent a contract includes multiple promises, we must apply judgment
to determine whether those promises are separate and distinct performance obligations. If these criteria are not met, the promises are
accounted for as a combined performance obligation.
Determining the transaction
price. The transaction price is determined based on the consideration that we will be entitled to receive in exchange for transferring
our goods and services to the customer. Determining the transaction price often requires judgment, based on an assessment of contractual
terms and business practices. It further includes review of variable consideration such as discounts, sales returns, price protection,
and rebates, which is estimated at the time of the transaction. In addition, the transaction price does not include an estimate of the
variable consideration related to sales-based royalties. Sales-based royalties are recognized as the sales occur.
Allocating the transaction
price. Allocating the transaction price requires that we determine an estimate of the relative stand-alone selling price for each
distinct performance obligation. Determining the relative stand-alone selling price is inherently subjective, especially in situations
where we do not sell the performance obligation on a stand-alone basis (which occurs in the majority of our transactions). In those situations,
we determine the relative stand-alone selling price based on various observable inputs using all information that is reasonably available.
Examples of observable inputs and information include: historical internal pricing data, cost plus margin analyses, third-party external
pricing of similar or same products and services such as software licenses and maintenance support within the enterprise software industry.
The results of our analysis resulted in a specific percentage of the transaction price being allocated to each performance obligation.
Determining the Estimated
Offering Period. The offering period is the period in which we offer to provide the future update rights and/or online hosting for
the game. Because the offering period is not an explicitly defined period, we must make an estimate of the offering period for the service-related
performance obligations (i.e., future update rights and online hosting). Determining the Estimated Offering Period is inherently subjective
and is subject to regular revision. Generally, we consider the specified contract period of our software licenses and therefore, the offering
period is estimated to be over the term of the license. We recognize revenue for future update rights and online hosting performance obligations
ratably on a straight-line basis over this period as there is a consistent pattern of delivery for these performance obligations.
|
Software Development Costs |
Software Development Costs
The Company expenses software development costs, including
costs to develop software products or the software component of products to be sold, leased, or marketed to external users, before technological
feasibility is reached. Technological feasibility is typically reached shortly before the release of such products. Software development
costs also include costs to develop software to be used solely to meet internal needs and cloud-based applications used to deliver our
services. The Company capitalizes development costs related to these software applications once the preliminary project stage is complete
and it is probable that the project will be completed, and the software will be used to perform the function intended. Capitalization
ends, and amortization begins when the product is available for general release to customers.
|
Stock-Based Compensation |
Stock-Based Compensation
The Company accounts for equity instruments issued
to employees in accordance with the provisions of ASC 718 Stock Compensation (ASC 718) and Equity-Based Payments to Non-employees pursuant
to ASC 2018-07 (ASC 2018-07). All transactions in which goods or services are the consideration received for the issuance of equity instruments
are accounted for based on the fair value of the consideration received or the fair value of the equity instrument issued, whichever is
more reliably measurable. The measurement date of the fair value of the equity instrument issued is the earlier of the date on which the
counterparty's performance is complete or the date at which a commitment for performance by the counterparty to earn the equity instruments
is reached because of sufficiently large disincentives for nonperformance.
|
Basic and Diluted Loss Per Share |
Basic and Diluted Loss Per Share
Basic earnings per share (“EPS”) are computed
by dividing net income (the numerator) by the weighted average number of common shares outstanding for the period (the denominator). Diluted
EPS is computed by dividing net income by the weighted average number of common shares and potential common shares outstanding (if dilutive)
during each period. Potential common shares include stock options, warrants and restricted stock. The number of potential common shares
outstanding relating to stock options, warrants and restricted stock is computed using the treasury stock method. For the periods presented,
potential dilutive securities had an anti-dilutive effect and were not included in the calculation of diluted net loss per common share.
|
Income Taxes |
Income Taxes
Deferred tax assets and liabilities are recognized
for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities
and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable
income in the years in which those temporary differences are expected to be recovered or settled. A valuation allowance is provided for
significant deferred tax assets when it is more likely than not, that such asset will not be recovered through future operations.
|
Uncertain Tax Positions |
Uncertain Tax Positions
In accordance with ASC 740, “Income Taxes”
(“ASC 740”), the Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not that
the tax position will be capable of withstanding examination by the taxing authorities based on the technical merits of the position.
These standards prescribe a recognition threshold and measurement attribute for the financial statement recognition and measurement of
a tax position taken or expected to be taken in a tax return. These standards also provide guidance on de-recognition, classification,
interest and penalties, accounting in interim periods, disclosure, and transition.
Various taxing authorities may periodically audit
the Company’s income tax returns. These audits include questions regarding the Company’s tax filing positions, including the
timing and amount of deductions and the allocation of income to various tax jurisdictions. In evaluating the exposures connected with
various tax filing positions, including state and local taxes, the Company records allowances for probable exposures. A number of years
may elapse before a particular matter, for which an allowance has been established, is audited and fully resolved. The Company has not
yet undergone an examination by any taxing authorities.
The assessment of the Company’s tax position
relies on the judgment of management to estimate the exposures associated with the Company’s various filing positions.
|
Recent Accounting Standards |
Recent Accounting Standards
From time to time, new accounting
pronouncements are issued by the FASB that are adopted by the Company as of the specified effective date.
Management does not believe
that any recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the
Company’s financial statements.
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v3.24.3
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)
|
3 Months Ended |
Aug. 31, 2024 |
Fair Value Disclosures [Abstract] |
|
Schedule of fair value on a recurring basis in the balance sheets |
Schedule of fair value on a recurring basis in the balance sheets | |
| | | |
| | | |
| | |
| |
Fair Value Measurements
at August 31, 2024 | |
| |
Level 1 | | |
Level 2 | | |
Level 3 | |
Assets | |
| | |
| | |
| |
Cash | |
$ | 741,560 | | |
$ | — | | |
$ | — | |
Total assets | |
| 741,560 | | |
| — | | |
| — | |
Liabilities | |
| | | |
| | | |
| | |
Convertible notes payable, related party | |
| — | | |
| — | | |
| 10,500,000 | |
Total liabilities | |
| — | | |
| — | | |
| 10,500,000 | |
Total | |
$ | 741,560 | | |
$ | — | | |
$ | (10,500,000 | ) |
| |
| | | |
| | | |
| | |
| |
Fair Value Measurements
at May 31, 2024 | |
| |
Level 1 | | |
Level 2 | | |
Level 3 | |
Assets | |
| | |
| | |
| |
Cash | |
$ | 764,205 | | |
$ | — | | |
$ | — | |
Total assets | |
| 764,205 | | |
| — | | |
| — | |
Liabilities | |
| | | |
| | | |
| | |
Convertible notes payable, related party | |
| — | | |
| — | | |
| 10,500,000 | |
Total liabilities | |
| — | | |
| — | | |
| 10,500,000 | |
Total | |
$ | 764,205 | | |
$ | — | | |
$ | (10,500,000 | ) |
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v3.24.3
CONVERTIBLE NOTES PAYABLE, RELATED PARTY (Tables)
|
3 Months Ended |
Aug. 31, 2024 |
Debt Disclosure [Abstract] |
|
Schedule of convertible notes payable, related party |
Schedule of convertible notes payable, related party | |
| | | |
| | |
| |
August 31, | | |
May 31, | |
| |
2024 | | |
2024 | |
| |
| | |
| |
On February 26, 2017, Sky Rover, which is owned and controlled by Mr. Pei, agreed to loan up to $20,000,000 to the Company, of which $8,000,000 was loaned on February 28, 2017. Sky Rover was issued an unsecured, 5%, convertible promissory note which is due on May 31, 2027 (as extended), and is, in whole or in part, at the option of the holder, convertible into common shares at any time before the due date, at a conversion price of $0.08 per share (subject to adjustment in the event of stock splits, forward splits, recapitalizations, a merger, etc.). At the option of the Company, the interest may also be paid by issuing restricted shares of common stock, at the same conversion price per share. On June 26, 2018, the Company repaid $4,000,000 of principal of this loan. In addition, Sky Rover converted $1,500,000 of principal of this loan into common shares at the conversion price of $0.08 per share into a total of 18,750,000 shares. Sky Rover waived accrued and unpaid interest of $363,904, which was credited to additional paid in capital. As of August 31, 2024, there is $939,810 of accrued interest due on this loan. | |
$ | 2,500,000 | | |
$ | 2,500,000 | |
| |
| | | |
| | |
On November 20, 2017, Sky Rover loaned an additional $8,000,000 to the Company. Sky Rover was issued an unsecured, 5%, convertible promissory note which is due on May 31, 2027 (as extended), and is, in whole or in part, at the option of the holder, convertible into common shares at any time before the due date, at a conversion price of $0.08 per share (subject to adjustment in the event of stock splits, forward splits, recapitalizations, a merger, etc.). At the option of the Company, the interest may also be paid by issuing restricted shares of common stock, at the same conversion price per share. As of August 31, 2024, there is $2,713,425 of accrued interest on this loan. | |
| 8,000,000 | | |
| 8,000,000 | |
| |
| | | |
| | |
Total convertible notes payable, related party | |
| 10,500,000 | | |
| 10,500,000 | |
Less: current portion | |
| 10,500,000 | | |
| 2,500,000 | |
Convertible notes payable, related party, less current portion | |
$ | — | | |
$ | 8,000,000 | |
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v3.24.3
ORGANIZATION, BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)
|
May 11, 2015 |
Aug. 31, 2024 |
May 31, 2024 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
|
|
Number of shares sold |
6,000,000
|
|
|
Percentage of shares sold |
73.80%
|
|
|
Common stock, shares issued |
8,130,000
|
|
|
Common stock, shares outstanding |
8,130,000
|
|
|
Number of shares issued |
$ 340,000
|
|
|
Number of common shares sold through stock purchase agreement |
6,000,000
|
|
|
FDIC insured amount |
|
$ 250,000
|
|
Excess of FDIC insured limits |
|
$ 491,560
|
$ 514,205
|
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- DefinitionIncluding the current and noncurrent portions, carrying value as of the balance sheet date of a written promise to pay a note, initially due after one year or beyond the operating cycle if longer, which can be exchanged for a specified amount of one or more securities (typically common stock), at the option of the issuer or the holder.
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v3.24.3
FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - USD ($)
|
Aug. 31, 2024 |
May 31, 2024 |
Fair Value, Inputs, Level 1 [Member] |
|
|
Assets |
|
|
Cash |
$ 741,560
|
$ 764,205
|
Total assets |
741,560
|
764,205
|
Liabilities |
|
|
Convertible notes payable, related party |
0
|
0
|
Total liabilities |
0
|
0
|
Total |
741,560
|
764,205
|
Fair Value, Inputs, Level 2 [Member] |
|
|
Assets |
|
|
Cash |
0
|
0
|
Total assets |
0
|
0
|
Liabilities |
|
|
Convertible notes payable, related party |
0
|
0
|
Total liabilities |
0
|
0
|
Total |
0
|
0
|
Fair Value, Inputs, Level 3 [Member] |
|
|
Assets |
|
|
Cash |
0
|
0
|
Total assets |
0
|
0
|
Liabilities |
|
|
Convertible notes payable, related party |
10,500,000
|
10,500,000
|
Total liabilities |
10,500,000
|
10,500,000
|
Total |
$ (10,500,000)
|
$ (10,500,000)
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v3.24.3
CONVERTIBLE NOTES PAYABLE, RELATED PARTY (Details) - USD ($)
|
Aug. 31, 2024 |
May 31, 2024 |
Debt Instrument [Line Items] |
|
|
Convertible notes payable related party |
$ 10,500,000
|
$ 10,500,000
|
Less: current portion |
10,500,000
|
2,500,000
|
Convertible notes payable, related party less current portion |
0
|
8,000,000
|
Convertible Note Payable [Member] | Sky Rover Holdings Ltd [Member] |
|
|
Debt Instrument [Line Items] |
|
|
Convertible notes payable related party |
2,500,000
|
2,500,000
|
Convertible Note Payable [Member] | Sky Rover Holdings Ltd 1 [Member] |
|
|
Debt Instrument [Line Items] |
|
|
Convertible notes payable related party |
$ 8,000,000
|
$ 8,000,000
|
X |
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v3.24.3
CONVERTIBLE NOTES PAYABLE, RELATED PARTY (Details Narrative) - USD ($)
|
|
|
|
|
3 Months Ended |
|
Jun. 26, 2018 |
Nov. 20, 2017 |
Feb. 28, 2017 |
Feb. 26, 2017 |
Aug. 31, 2024 |
Aug. 31, 2023 |
May 31, 2024 |
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
Accrued interest |
|
|
|
|
$ 3,653,235
|
|
$ 3,520,906
|
Interest expense |
|
|
|
|
$ 132,329
|
$ 132,329
|
|
Convertible Note Payable [Member] | Sky Rover Holdings Ltd [Member] |
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
Loan commitment |
|
|
|
$ 20,000,000
|
|
|
|
Proceeds from a related party |
|
|
$ 8,000,000
|
|
|
|
|
Unsecured interest rate |
|
|
|
5.00%
|
|
|
|
Maturity date |
|
|
|
May 31, 2027
|
|
|
|
Conversion price |
$ 0.08
|
|
|
$ 0.08
|
$ 0.08
|
|
|
Repayment of related party loan |
$ 4,000,000
|
|
|
|
|
|
|
Stock issued for conversion of debt |
$ 1,500,000
|
|
|
|
|
|
|
Number of shares converted |
18,750,000
|
|
|
|
131,250,000
|
|
|
Accrued and unpaid interest waived |
$ 363,904
|
|
|
|
|
|
|
Accrued interest |
|
|
|
|
$ 939,810
|
|
|
Number of shares converted, amount |
|
|
|
|
$ 10,500,000
|
|
|
Current number of shares owned |
|
|
|
|
101,353,450
|
|
|
Number of shares owned debt converted |
|
|
|
|
232,603,450
|
|
|
Number of shares outstanding debt converted |
|
|
|
|
238,733,450
|
|
|
Percentage of shares owned if debt converted |
|
|
|
|
97.40%
|
|
|
Convertible Note Payable [Member] | Sky Rover Holdings Ltd 1 [Member] |
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
Proceeds from a related party |
|
$ 8,000,000
|
|
|
|
|
|
Unsecured interest rate |
|
5.00%
|
|
|
|
|
|
Maturity date |
|
May 31, 2027
|
|
|
|
|
|
Conversion price |
|
$ 0.08
|
|
|
|
|
|
Accrued interest |
|
|
|
|
$ 2,713,425
|
|
|
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v3.24.3
CHANGES IN STOCKHOLDERS’ EQUITY (Details Narrative) - $ / shares
|
Aug. 31, 2024 |
May 31, 2024 |
Equity [Abstract] |
|
|
Preferred stock, shares authorized |
50,000,000
|
50,000,000
|
Preferred stock, par value |
$ 0.001
|
$ 0.001
|
Preferred stock, shares issued |
0
|
0
|
Common stock, shares authorized |
500,000,000
|
500,000,000
|
Common stock, par value |
$ 0.001
|
$ 0.001
|
Common stock, shares issued |
107,483,450
|
107,483,450
|
Common stock, shares outstanding |
107,483,450
|
107,483,450
|
X |
- DefinitionFace amount or stated value per share of common stock.
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v3.24.3
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Wewards (PK) (USOTC:WEWA)
과거 데이터 주식 차트
부터 11월(11) 2024 으로 12월(12) 2024
Wewards (PK) (USOTC:WEWA)
과거 데이터 주식 차트
부터 12월(12) 2023 으로 12월(12) 2024