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    WETG   US9618841038

WETRADE GROUP INC.

(WETG)
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WETRADE : MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (form 10-Q)

05/28/2021 | 05:28pm EDT

The following discussion and analysis of financial condition and results of operations should be read in conjunction with our financial statements and related notes included elsewhere in this report. This discussion contains forward-looking statements that involve risks, uncertainties and assumptions. See "Cautionary Note Regarding Forward-Looking Statements." Our actual results could differ materially from those anticipated in the forward-looking statements as a result of certain factors discussed elsewhere in this report.



Overview


WeTrade Group, Inc. was incorporated in the State of Wyoming on March 28, 2019 and is in the business of providing technical services and solutions via its membership-based social e-commerce platform. We are committed to providing an international cloud-based intelligence system and independently developed a micro-business cloud intelligence system called the "YCloud." Our goal is to provide technical and auto-billing management services to micro-business online stores in China through big data analytics, machine learning mechanisms, social network recommendations, and multi-channel data analysis.

We provide technology services to both individual and corporate users. Through Yueshang Beijing, we provide "YCloud" service to our customer, Zhuozhou Weijiafu Information Technology Limited, or Weijiafu, a PRC technology company, which provide "YCloud" services to individual and corporate micro-business owners. The market individual micro-business owners represents a potential of 330 million users by the year of 2023. YCloud serves corporate users in multiple industries, including Yuetao Group, Zhiding, Lvyue, Yuebei, Yuedian, Coke GO, and Zhongyanshangyue. We conduct business operations in mainland China and have established trial operations in Hong Kong, the Philippines, and Singapore. We expect to utilize the YCloud system to establish a global strategic cooperation with various social media platforms. Plan to negotiate with Kakao Talk, Line, Whatsapp, Ohho, and Bluechat. Additionally, we have formed long-term technical collaborations with Yuetao App, Daren App, Yuebei App, Zhiding App, Yuedian App, and Lvyue App through Weijiafu.

In January 2020, we appointed a third-party software company to develop an auto-billing management system ("WeTrade System"), the early stage of the YCloud system, at the cost of RMB 400,000 (or approximately USD $62,000) to provide online payment services for micro-business owners in the PRC. The main functions of the YCloud system is to manage users' marketing relationships, CPS commission profit management, multi-channel data statistics, AI fission and management, and improved supply chain systems.

Currently, YCloud serves the micro business industry. We expect to expand the application of YCloud to tourism, hospitality, livestreaming and short video, medical beauty and traditional retail industries.




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Results of Operations


The following tables provide a comparison of a summary of our results of operations for the three months period ended March 31, 2021 and 2020.

Results of Operations for the Three months period Ended March 31, 2021 and 2020



                                         For the period        From the period
                                           March 31,             March 31,
                                              2021                  2020
Revenue:
Service revenue- related party                         -                 21,070
Service revenue- non related party      $      2,780,923                      -
                                                                         21,070
Cost of Sales                                   (146,308 )                    -
Gross Profit                                   2,634,615                 21,070
Operating Expenses:
General and Administrative                     1,889,190                 25,070
Operations Profit/ (Loss)                        745,425                 (4,000 )
Other revenue                                     83,515                  3,539
Net Profit/ (Loss) before income tax             828,940                   (461 )
Income tax expense                              (176,856 )                    -
Net income/ (loss)                               652,084                   (461 )
Basic and Diluted Net Loss per share:               0.00                  (0.00 )




Revenue from Operations

For the three-month period ended March 31, 2021, total revenue was $2,780,923 from customers, which are mainly from the service revenue generated from auto-billing management system from customers.

Cost of revenue

Cost of revenue is mainly consists of staff payroll, PRC central provident fund ("CPF") and other staff benefits, the increase is mainly due to more staffs were recruited during the period. The increase is in line with the increase in revenue during the period.

General and Administrative Expenses

For the three months period ended March 31, 2021, general and administrative expenses were $1,889,190, the increase is mainly due to increase in the payroll expenses as a result of 89 new staffs were recruited for software development during the period as compared to nil in prior period.

Net Income (Loss)

As a result of the factors described above, there was a net profit of $652,084 for the three months period ended March 31, 2021, the increase mainly due to revenue generated from auto-billing management system from related party.




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Revenue from Operations

For the three-month period ended March 31, 2021, total revenue was $2,780,923 from customers, which are mainly due to increase in service revenue generated from auto-billing management system from micro-business users.

General and Administrative Expenses

For the three months period ended March 31, 2021, general and administrative expenses were $1,889,190, the increase is mainly due to increase in the payroll expenses as a result of 89 new staffs were recruited for software development during the period.




Net Income (Loss)

As a result of the factors described above, there was a net profit of $652,084 for the three months period ended March 31, 2021, the increase mainly due to increase in revenue generated from auto-billing management system from customers.

Liquidity and Capital Resources

As of March 31, 2021, we had cash on hand of $2,672,940. The decrease is mainly due to additional short term loan of approximate $1.37 million (RMB 9 million) to third party during the period.

Operating activities

Our continuing operating activities used cash of ($1,969,329) during the period, which was mainly due to additional short term loan of $1.37 million (RMB 9 million) to third party during the period.

Financing activities

Cash provided in our financing activities was nil for the three months period ended March 31, 2021.



Inflation


Inflation does not materially affect our business or the results of our operations.

Off-Balance Sheet Arrangements

We do not have any off-balance sheet arrangements.



Critical Accounting Policies


We prepare our financial statements in accordance with generally accepted accounting principles of the United States ("GAAP"). GAAP represents a comprehensive set of accounting and disclosure rules and requirements. The preparation of our financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Our actual results could differ from those estimates. We use historical data to assist in the forecast of our future results. Deviations from our projections are addressed when our financials are reviewed on a monthly basis. This allows us to be proactive in our approach to managing our business. It also allows us to rely on proven data rather than having to make assumptions regarding our estimates.

Recent Accounting Pronouncements

We have reviewed all the recently issued, but not yet effective, accounting pronouncements and we do not believe any of these pronouncements will have a material impact on the Company financial statements.




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© Edgar Online, source Glimpses

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Financials (USD)
Sales 2020 6,27  - -
Net income 2020 2,68 M - -
Net cash 2020 1,46 M - -
P/E ratio 2020 688x
Yield 2020 -
Capitalization 1 008 M 1 008 M -
EV / Sales 2019 -
EV / Sales 2020 294 427 741x
Nbr of Employees 89
Free-Float 27,5%
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Managers and Directors
Pi Jun Liu Chief Executive Officer & Director
Kean Tat Che CFO, Secretary & Executive Director
Dai Zheng Chairman
Li Zhuo Chief Operating Officer & Executive Director
Yu Xing Ye Independent Director & Compliance Officer
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