W&E SOURCE CORP. Forward Looking Statements
This report contains forward-looking statements. These statements relate to future events or our future financial performance. In some cases, you can identify forward-looking statements by terminology such as "may", "should", "expects", "plans", "anticipates", "believes", "estimates", "predicts", "potential" or "continue" or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors, including the risks in the section entitled "Risk Factors", that may cause our company's or our industry's actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements.
Although we believe that the expectations reflected in the forward-looking
statements are reasonable, we cannot guarantee future results, levels of
activity, performance or achievements. Except as required by applicable law,
including the securities laws of
Our financial statements are stated in
In this quarterly report, unless otherwise specified, all references to "common shares" refer to the common shares of our capital stock.
As used in this quarterly report, the terms "we", "us", "our", "
Corporate Overview
The Company has identified the global tourism market as its first investment target. As it currently exists, the tourism industry is fragmented into various geographic regions. We believe that approaching this industry from a global perspective is an emerging market with tremendous growth potential. We plan to set up and/or acquire offices in various regions of the world and through them, develop the local tourism industry and expand our local tourism market. Ultimately, we plan to unify and manage our regional offices and to market our global services through the internet.
We have set up three subsidiaries,
We are engaged in services such as airline and cruise ticketing, customized and packaged tours, travel blogs, travel magazines, sales of travel related merchandise, group hotel reservations, business travel arrangements, conference travel arrangements, car rental and admission ticket sale for local tourist attractions.
We will continue to explore other business growth opportunities, regardless of industry, in order to diversify our business operations and investments.
On
COVID-19
In
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Results of Operations
The following summary of our results of operations should be read in conjunction
with our unaudited financial statements for the three months ended
Three Months Ended
Three Months Ended Three Months Ended
September 30 , September 30,
2022 2021
Expenses
General and administrative expenses (11,689 ) (9,631 ) Imputed interest expenses (588 ) (38 ) Foreign currency exchange loss (8,471 ) (2,396 ) Net loss $ (20,748 ) $ (12,065 ) Revenues
We had no revenue for the three months ended
General and administrative expenses
General and administrative expenses for the three months ended
Net loss
We had net losses of
Liquidity and Capital Resources
Our financial condition at the end of
Working Capital
September 30, June 30,
2022 2022
Current Assets $ 854 $ 893
Current Liabilities (110,117 ) (100,784 )
Working Capital $ (109,263 ) $ (99,891 )
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Our working capital deficit increased from the previous year-end and current
assets were still insufficient to cover liabilities; the deficit magnitude
increased by
Cash Flow
September 30 ,September 30, 2022 2021
Cash used in operating activities
-
Cumulative translation adjustment 8,434 2,364
Net decrease in cash $ (37 ) $ (32 )
Cash Used in Operating Activities
For the three months ended
Cash Used in Investing Activities
For the three months ended
Cash Provided by Financing Activities
For the three months ended
Cash Requirements
Over the next 12 months, we anticipate that we will incur the following operating expenses: Expense Amount General and administrative$ 5,000 Professional fees 50,000 Foreign currency exchange loss 5,000 Total$ 60,000
Our Director,
Management believes that the Company will be able to raise sufficient capital to meet our working capital requirements for the next 12-month period. Management is currently seeking financing opportunities to meet our estimated funding requirements for the next 12 months primarily through private placements of our equity securities.
There is substantial doubt about our ability to continue as a going concern as the continuation of our business is dependent upon the continued financial support from our shareholders, our ability to obtain necessary equity financing to continue operations, and achieving a profitable level of operations. The issuance of additional equity securities by us could result in a significant dilution in the equity interests of our current stockholders. Obtaining commercial loans, assuming those loans would be available, will increase our liabilities and future cash commitments.
Transactions with related parties
Mrs.
As of
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As of
During the three months ended
As of
As of
As of
Off Balance Sheet Arrangements
We have no significant 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 is material to stockholders.
Recently Issued Accounting Standards
We continue to assess the effects of recently issued accounting standards. The impact of all recently adopted and issued accounting standards has been disclosed in the Footnotes to the financial statements.
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