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Item 1. Financial Statements

2023-11-20 compared with 2023-08-22 · 486 added, 518 removed, 181 unchanged (85% of the section changed)

Financial Statements

CONSOLIDATED BALANCE SHEETS

WETRADE GROUP INC

CONDENSED CONSOLIDATED BALANCE SHEETS

(All amounts shown in U.S.

As of December 31,

September 30,

Current assets:

Cash and cash equivalents

Digital assets

Accounts receivable- non related parties, net

Accounts receivable- related parties, net

Loan receivables

Other receivables

Prepayments- related parties

Other receivables-related parties

Assets related to discontinued operation

Total current assets

Non-current assets:

Amortised expenses, net

Property and equipment, net

Intangible asset, net

Other receivables

Total non-current assets

Total assets:

2 unchanged sentences

Account payables

Account payables- related parties

Accrued expenses

1 unchanged sentence

Other payables

Liabilities related to discontinued operation

Total current liabilities

3 unchanged sentences

no par value;

1,054,530 and 195,057,503 issued and outstanding at June 30, 2023 and December 31, 2022 respectively

2,625,130 and 195,057,503 issued and outstanding at September 30, 2023 and December 31, 2022 respectively

Additional paid in capital

5 unchanged sentences

Total liabilities and stockholders’ equity

accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

CONSOLIDATED STATEMENTS OF OPERATIONS

The accompanying notes are an integral part of

these unaudited condensed consolidated financial statements.

WETRADE GROUP INC

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

For the Three

September 30,

For the Three

September 30,

Service revenue, related party

3 unchanged sentences

( 6,902,250 )

Gross (Loss)/Profit

( 1,391,665 )

( 7,670,836 )

Gross Profit/ (Loss)

( 1,294,980 )

Operating expenses

4 unchanged sentences

( 15,128,916 )

(Loss)/ Profit from operations

( 10,419,873 )

Loss from operations

( 12,386,850 )

( 9,094,959 )

( 14,290,582 )

( 8,893,028 )

Other expenses

Profit/ (loss) before income taxes

Income tax expenses

Net Income/(Loss) from continuing operation

( 5,365,900 )

( 4,355,420 )

Loss before income taxes

( 8,496,926 )

( 8,859,541 )

( 9,423,445 )

( 8,584,668 )

Income tax income/(expenses)

Net loss from continuing operation

$ ( 8,496,543 )

$ ( 8,657,091 )

$ ( 9,455,304 )

$ ( 8,538,873 )

Discontinued Operations:

2 unchanged sentences

( 4,936,613 )

( 5,421,237 )

( 6,418,752 )

Comprehensive income

Net Income/(Loss)

$ ( 12,673,547 )

1 unchanged sentence

$ ( 14,876,541 )

$ ( 14,957,625 )

Other comprehensive income

7 unchanged sentences

*Weighted-average shares outstanding, basic and diluted

and per share amounts have been retroactively adjusted to reflect the decreased number of shares resulting from a reverse stock split

and issuance of new shares.

accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

Share and per share amounts have been retroactively adjusted to reflect the decreased number of shares resulting from a reverse stock split and issuance of new shares.

The accompanying notes are an integral part of

these unaudited condensed consolidated financial statements.

WETRADE GROUP INC

CONDENSED CONSOLIDATED STATEMENT OF CHANGES

IN STOCKHOLDERS’ EQUITY

Three months ended June 30, 2023

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’

Three months ended September 30, 2023

Comprehensive

Balance as of March 31, 2023

Balance as of June 30, 2023

$ ( 3,917,104 )

2 unchanged sentences

( 194,002,973 )

Stock issued during the period

Foreign currency translation adjustment

Disposition of discontinued operations

( 5,305,607 )

Net gain from discontinued operation

Net profit for the period

Balance as of June 30, 2023

$ ( 8,496,543 )

Six months ended June 30, 2023

$ ( 8,496,543 )

Balance as of September 30, 2023

$ ( 16,590,652 )

Nine months ended September 30, 2023

Comprehensive

4 unchanged sentences

( 194,002,973 )

Stock issued during the period

Foreign currency translation adjustment

6 unchanged sentences

$ ( 9,455,304 )

Balance as of June 30, 2023

Balance as of September 30, 2023

$ ( 16,590,652 )

Three months ended June 30, 2022

Three months ended September 30, 2022

Other Comprehensive

Balance as of March 31, 2022

Balance as of June 30, 2022

Share cancellation

( 120,418,995 )

Stock issued during the period

Stock compensation

Foreign currency translation adjustment

Disposition of discontinued operation

( 8,733,966 )

Net gain from discontinued operations

Net profit for the period

1 unchanged sentence

$ ( 8,657,091 )

Balance as of June 30, 2022

Six months ended June 30, 2022

Balance as of September 30, 2022

$ ( 8,100,966 )

Nine months ended September 30, 2022

Comprehensive

2 unchanged sentences

( 120,418,995 )

Stock issued during the period

Stock compensation

Foreign currency translation adjustment

2 unchanged sentences

( 8,733,966 )

Net loss from discontinued operations

Net profit for the period

Balance as of June 30, 2022

The accompanying notes are an integral part

of these unaudited condensed consolidated f inancial statements.

CONSOLIDATED STATEMENTS OF CASH FLOWS

Net gain from discontinued operations

Net loss for the period

$ ( 8,538,873 )

Balance as of September 30, 2022

$ ( 8,100,966 )

The accompanying notes are an integral part of these unaudited condensed consolidated f inancial statements.

WETRADE GROUP INC

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Nine months Ended

September 30,

Cash flows from operating activities:

Net (Loss)/ income

$ ( 9,455,304 )

Loss from discontinued operation

Loss from dissolved operation

$ ( 8,538,873 )

Gain from discontinued operation

Loss from disposal operation

( 6,545,912 )

( 6,418,752 )

Digital assets impairment loss

Amortization of intangible asset

2 unchanged sentences

Account receivable- related parties

Other receivables-related parties

( 5,805,500 )

Other receivables

2 unchanged sentences

Prepaid expenses- related parties

( 2,312,339 )

Account payables

3 unchanged sentences

Lease liabilities

( 2,789,981 )

Other payables

2 unchanged sentences

Net cash flows provided by operating activities:

( 8,530,677 )

( 18,924,761 )

Cash flow from investing activities:

Loan receivables

Digital assets

( 24,990,000 )

Loan receivables

Amortised expenses

2 unchanged sentences

Cash flow from financing activities:

Proceed from issuance of common stock

Shareholders loan

2 unchanged sentences

Change in cash and cash equivalents:

( 18,608,595 )

Cash and cash equivalents, beginning of period

3 unchanged sentences

Cash paid for taxes

accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

TO CONSOLIDATED FINANCIAL STATEMENTS

1 – NATURE OF BUSINESS

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 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.

provide technology services to both individual and corporate users.

We provide access to “YCloud” to our two customers, Zhuozhou

Weijiafu Information Technology Limited (“Weijiafu”), a PRC technology company, and Changtongfu Technology (Hainan) Co Limited

(“Changtongfu”), a PRC technology company.

Weijiafu provides “YCloud” services to individual and corporate micro-business

Changtongfu provides “YCloud” services to individual and corporate business owners in the hotel and travel industries.

market of individual micro-business owners represents a potential of 330 million users by the end of 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.

We expect to utilize the YCloud system to establish a global strategic cooperation with various social

media platforms.

main functions of the YCloud system include assisting users in managing its marketing relationships, CPS commission profit management,

multi-channel data statistics, AI fission and management, and improving supply chain systems.

YCloud serves the micro business industries such as tourism, hospitality, livestreaming and short video, medical beauty and traditional

retail industries.

have utilized digitalization, electronic management, electronic data exchange, big data analysis, AI fission technology, revenue management

and other technologies to build a strong coordination effect.

We believe that our cloud technology enables us to develop a highly functional

platform for micro-business users in China.

In developing YCloud, we have optimized our products using the tools and platforms best suited

to serve our customers.

believe that YCloud is the first global micro-business cloud intelligent internationalization system.

It conducts multi-channel data

analysis through the learning of big data and social recommendation.

It also provides users with AI fission, management systems

and supply chain systems to reach a wider range of user groups.

YCloud has the following four main functions and competitive advantages:

integrated payment methods and payment analytics :

the YCloud system provides micro-businesses and hotel owners with multiple

payment methods such as Alipay, WeChat, and UnionPay.

The total order amount is directly entered into the platform to collect funds in

separate accounts.

Meanwhile, YCloud assigns a bar code to merchandises that purchasers can scan to pay, which allows purchasers to make

payments both online and offline.

Single-scenario

payment function:

although micro-business owners are provided with a multi-method payment function for their consumers through the

YCloud system, micro-business owners only have a single sales channel to display.

The revenue of each sale is divided by commissions,

and the cost is allocated to suppliers and the handling fee to the YCloud system.

The remaining balance goes to micro-business owners.

Multi-scenario

payment function:

micro-business owners have multiple sales channels to display and numerous channels to perform revenue sharing

and profit consolidation functions.

After various products are sold through different channels, the cost are allocated to suppliers

and the handling fee are allocated to the YCloud system.

The remaining balance will be combined and goes to micro-business owners.

the year 2020, due to the impact of the COVID-19 outbreak, many companies, including businesses traditionally operating offline, from

a wide range of industries, such as tourism, catering, entertainment or retail, have opted for a micro-business model to build sales

channels through online social platforms and expand business opportunities.

As a result of the COVID-19 outbreak, consumer demand shifted,

forcing business owners to expand to new markets and be present on multiple social platforms.

Through continuous research on the micro-business

industry, combined with understanding of social relationships on social platforms, YCloud develops new technology designed to meet the

ever changing demand of micro-business owners across all industries.

the YCloud system utilizes user marketing relationship tracking and CPS commission revenue management tools.

fission and management :

using intelligent robots to analyze user behavior, data sharing, purchase history, and other data, YCloud

system provides tailored recommendations and displays.

For example, YCloud system connects users’ behavior across multiple apps

and platforms and makes automatic recommendations based on its analysis.

chain system integration :

the YCloud system applies cross-platform resource integration technology.

The integration allows the multi-channel

output of high-quality products and creates a seamless connection between suppliers and customers.

The YCloud provides a complete supply

chain system integrating supply, sales, finance, and service.

following diagram sets forth the structure of the Company as of the date of this Quarterly Report:

business and corporate address in the United States is 1621 Central Ave, Cheyenne, WY 82001.

telephone number is +86-13795206876 and our registered agent for service of process is Wyoming Registered Agent, 1621 Central Ave, Cheyenne,

Our fiscal year end is December 31.

Our Chinese business and corporate address is No.

18, Kechuang 10th Street, Beijing Economic

and Technological Development Zone, Beijing, People Republic of China.

The Chinese address is where our management is located.

2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The accompanying notes are an integral part

of these unaudited condensed consolidated financial statements.

WETRADE GROUP INC

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1 – NATURE OF BUSINESS

WeTrade Group, Inc was incorporated in the State of

Wyoming on March 28, 2019.

We currently pursue two corporate strategies.

One business strategy is to continue providing software development

services, and the other strategy is to acquire and hold bitcoin.

Software development

We provide AI-enabled software development services

to our customers, which included developing, designing, and implementing various SAAS software solutions for businesses of all types,

including industrial and other businesses.

Bitcoin Acquisition Strategy

Our bitcoin acquisition strategy generally involves

acquiring bitcoin with our liquid assets that exceed working capital requirements, and from time to time, subject to market conditions,

issuing debt or equity securities or engaging in other capital raising transactions with the objective of using the proceeds to purchase

We view our bitcoin holdings as long-term holdings

and expect to continue to accumulate bitcoin.

We have not set any specific target for the amount of bitcoin we seek to hold, and we will

continue to monitor market conditions in determining whether to engage in additional financings to purchase additional bitcoin.

This overall strategy also contemplates that we may

(i) periodically sell bitcoin for general corporate purposes, including to generate cash for treasury management or in connection with

strategies that generate tax benefits in accordance with applicable law, (ii) enter into additional capital raising transactions that

are collateralized by our bitcoin holdings, and (iii) consider pursuing additional strategies to create income streams or otherwise generate

funds using our bitcoin holdings.

We believe that, due to its limited supply, bitcoin

offers the opportunity for appreciation in value if its adoption increases and has the potential to serve as a hedge against inflation

in the long-term.

The following table presents a roll-forward of our bitcoin holdings,

including additional information related to our bitcoin purchases, and digital asset impairment losses during the period:

Schedule of digital asset impairment losses

Source of capital used to purchase Bitcoin

Digital asset original cost basis

Digital asset impairment losses

Digital asset carrying amount

Approximate number of Bitcoin held

at December 31, 2022

asset purchase

asset impairment loss

( 2,591,490 )

at September 30, 2023

( 2,591,490 )

NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING

Cautionary Statement

This Form 10-Q has not undergone external audit review.

The information presented herein is the responsibility of the Company’s management and has not been verified for accuracy by independent

On completion of the review of auditors, the company will file an amended 10-Q/A upon the completion of audit review.

Basis of Preparation of Financial Statements

condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the

United States of America (“GAAP”).

The condensed consolidated financial statements include the financial statements of

the Company and its subsidiaries.

All significant inter-company transactions and balances have been eliminated in

consolidation.

condensed consolidated financial statements of the Company as of and for the three months ended June 30, 2023 and 2022 are

In the opinion of management, all adjustments (including normal recurring adjustments) that have been made are necessary

to fairly present the financial position of the Company as of June 30, 2023, the results of its operations for the three months

ended June 30, 2023 and 2022, and its cash flows for the three months ended June 30, 2023 and 2022.

Operating results for the

quarterly periods presented are not necessarily indicative of the results to be expected for a full fiscal year.

statements and related notes have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the

Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance

GAAP have been omitted pursuant to such rules and regulations.

These financial statements should be read in conjunction with

the financial statements and other information included in the Company’s Annual Report on Form 10-K as filed with the SEC for the

fiscal year ended December 31, 2022.

of June 30, 2023, the details of the consolidating subsidiaries are as follows:

Name of Company

incorporation

Utour Pte Ltd

WeTrade Information Technology Limited (“WITL”)

Yueshang Information Technology (Beijing) Co., Ltd.

WeTrade Digital Technology (Beijing) Co Limited

Yueshang Technology Group (Zhuhai Hengqin) Limited

Tibet Xiaoshang Technology Co Limited (“Tibet Xiaoshang”)

Shanghai Yueshang Information Technology Limited

of Operations

(the “Company” or “We’ or “Us”) is a Wyoming corporation incorporated on March 28, 2019.

The Company is an investment holding company that formed as a Wyoming corporation to use as a vehicle for raising equity outside the

of June 30, 2023, the nature operation of its subsidiaries are as follows:

of incorporation

Utour Pte Ltd

Investment holding company

WeTrade Information Technology Limited (“WITL”)

Investment holding company

Yueshang Information Technology (Beijing) Co., Ltd.

Providing of social e-commerce services, technical system support and services

WeTrade Digital Technology (“Beijing”) Co Limited

Providing of social e-commerce services, technical system support and services

Yueshang Technology Group (Zhuhai Hengqin) Limited

Providing of social e-commerce services, technical system support and services

Tibet Xiaoshang Technology Co Limited (“Tibet Xiaoshang”)

Providing of social e-commerce services, technical system support and services.

Shanghai Yueshang Information Technology Limited

Providing of social e-commerce services, technical system support and services.

Company follows the guidance of Accounting Standards Codification (ASC) 606, Revenue from Contracts .

ASC 606 creates a five-step

model that requires entities to exercise judgment when considering the terms of contracts, which includes (1) identifying the contracts

or agreements with a customer, (2) identifying our performance obligations in the contract or agreement, (3) determining the transaction

price, (4) allocating the transaction price to the separate performance obligations, and (5) recognizing revenue as each performance

obligation is satisfied.

The Company only applies the five-step model to contracts when it is probable that the Company will collect

the consideration it is entitled to in exchange for the services it transfers to its clients.

and Cash Equivalents

Company considers all highly liquid debt instruments purchased with a maturity period of three months or less to be cash or cash

The carrying amounts reported in the accompanying unaudited condensed consolidated balance sheets for cash and cash

equivalents approximate their fair value.

All of the Company’s cash that is held in bank accounts in Singapore, Hong Kong and

PRC are not protected by Federal Deposit Insurance Corporation (“FDIC”) insurance.

Company’s principal country of operations is the PRC.

The accompanying condensed consolidated financial statements are

presented in US$.

The functional currency of the Company is US$, and the functional currency of the Company’s subsidiaries is

The condensed consolidated financial statements are translated into US$ from RMB at year-end exchange rates as to assets and

liabilities and average exchange rates as to revenues and expenses.

Capital accounts are translated at their historical exchange

rates when the capital transactions occurred.

The resulting translation adjustments are recorded as a component of

shareholders’ equity included in other comprehensive income.

Gains and losses from foreign currency transactions are included

in profit or loss.

There were no gains and losses from foreign currency transactions from the inception to June 30, 2023.

The condensed consolidated financial statements have

been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”).

The condensed

consolidated financial statements include the financial statements of the Company and its subsidiaries.

All significant inter-company

transactions and balances have been eliminated in consolidation.

The condensed consolidated financial statements of

the Company as of and for the nine months ended September 30, 2023 and 2022 are unaudited.

In the opinion of management, all adjustments

(including normal recurring adjustments) that have been made are necessary to fairly present the financial position of the Company as

of September 30, 2023, the results of its operations for the nine months ended September 30, 2023 and 2022, and its cash flows for the

nine months ended September 30, 2023 and 2022.

Operating results for the quarterly periods presented are not necessarily indicative of

the results to be expected for a full fiscal year.

The statements and related notes have been prepared

pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”).

Accordingly, certain information

and footnote disclosures normally included in financial statements prepared in accordance with U.S.

GAAP have been omitted pursuant to

such rules and regulations.

These financial statements should be read in conjunction with the financial statements and other information

included in the Company’s Annual Report on Form 10-K as filed with the SEC for the fiscal year ended December 31, 2022.

Revenue recognition

The Company follows the guidance of Accounting Standards

Codification (ASC) 606, Revenue from Contracts .

ASC 606 creates a five-step model that requires entities to exercise judgment when

considering the terms of contracts, which includes (1) identifying the contracts or agreements with a customer, (2) identifying our performance

obligations in the contract or agreement, (3) determining the transaction price, (4) allocating the transaction price to the separate

performance obligations, and (5) recognizing revenue as each performance obligation is satisfied.

The Company only applies the five-step

model to contracts when it is probable that the Company will collect the consideration it is entitled to in exchange for the services

it transfers to its clients.

Digital Assets

The Company accounts for its digital assets, which

are comprised solely of bitcoin, as indefinite-lived intangible assets in accordance with Accounting Standards Codification (“ASC”)

350, Intangibles—Goodwill and Other.

The Company’s digital assets are initially recorded at cost.

Subsequently, they are measured

at cost, net of any impairment losses incurred since acquisition.

Impairment losses are recognized as “Digital asset impairment

losses” in the Company’s Consolidated Statement of Operations in the period in which the impairment occurs.

Gains (if any)

are not recorded until realized upon sale, at which point they are presented net of any impairment losses in the Company’s Consolidated

Statements of Operations.

In determining the gain to be recognized upon sale, the Company calculates the difference between the sales

price and carrying value of the specific bitcoins sold immediately prior to sale.

The following table summarizes the Company’s

digital asset holdings as of:

Schedule of digital asset holdings

September 30,

Approximate number of bitcoins held

Digital assets carrying value

Cumulative asset impairment losses

As of September 30, 2023, approximately 833 .19

of the bitcoins held by the Company, which had a carrying value of approximately $22.4

22,398,510 million on the Company’s Consolidated Balance Sheet as of September 30, 2023.

Cash and Cash Equivalents

The Company considers all highly liquid debt instruments

purchased with a maturity period of three months or less to be cash or cash equivalents.

The carrying amounts reported in the accompanying

unaudited condensed consolidated balance sheets for cash and cash equivalents approximate their fair value.

All of the Company’s

cash that is held in bank accounts in Singapore, Hong Kong and PRC are not protected by Federal Deposit Insurance Corporation (“FDIC”)

Foreign Currency

The Company’s principal country of operations

The accompanying condensed consolidated financial statements are presented in US$.

The functional currency of the Company

is US$, and the functional currency of the Company’s subsidiaries is RMB.

The condensed consolidated financial statements are translated

into US$ from RMB at year-end exchange rates as to assets and liabilities and average exchange rates as to revenues and expenses.

accounts are translated at their historical exchange rates when the capital transactions occurred.

The resulting translation adjustments

are recorded as a component of shareholders’ equity included in other comprehensive income.

Gains and losses from foreign currency

transactions are included in profit or loss.

There were no gains and losses from foreign currency transactions from the inception to September

Schedule of exchange rate

September 30,

US$ exchange rate

The balance sheet amounts, with the

exception of equity, June 30, 2023 and December 31, 2022 were translated at 7.25 RMB and 6.9 RMB to US$ 1.00 , respectively.

equity accounts were stated at their historical rates.

The average translation rates applied to statements of operations and

comprehensive income accounts for the period ended June 30, 2023 and year ended December 31, 2022 were 6.97 RMB and 6.75 RMB to

US$ 1.00 , respectively.

Cash flows were also translated at average translation rates for the year and, therefore, amounts reported on

the statement of cash flows would not necessarily agree with changes in the corresponding balances on the condensed consolidated

balance sheet.

The balance sheet amounts, with the exception of equity,

September 30, 2023 and December 31, 2022 were translated at 7.27 RMB and 6.9 RMB to US$ 1.00 , respectively.

The equity accounts were stated

at their historical rates.

The average translation rates applied to statements of operations and comprehensive income accounts for the

period ended September 30, 2023 and year ended December 31, 2022 were 7.05 RMB and 6.75 RMB to US$ 1.00 , respectively.

Cash flows were

also translated at average translation rates for the year and, therefore, amounts reported on the statement of cash flows would not necessarily

agree with changes in the corresponding balances on the condensed consolidated balance sheet.

The transactions dominated in SGD are immaterial.

Consolidation

Company’s condensed consolidated financial statements include the financial statements of the Group and subsidiaries.

transactions and balances among the Group and its subsidiaries have been eliminated upon consolidation.

preparation of financial statements in conformity with US GAAP requires management to make judgement estimates and assumptions that

affect the amounts reported in the condensed consolidated financial statements and accompanying notes.

Management believes that the

estimates used in preparing the financial statements are reasonable and prudent;

however, actual results could differ from these

Significant accounting estimates include the allowance for doubtful accounts, useful lives of intangible asset, valuation

of deferred tax assets, and certain accrued liabilities such as contingent liabilities.

and Equipment, Net

and equipment are stated at the historical cost less accumulated depreciation.

Depreciation on property and equipment is provided

using the straight-line method over the estimated useful lives of the assets for both financial and income tax reporting purposes as

Office equipment

Leasehold improvements

sale or disposal of an asset, the historical cost and related accumulated depreciation or amortization of such asset were removed from

their respective accounts and any gain or loss is recorded in the statements of income.

Company reviews the carrying value of property and equipment for impairment whenever events and circumstances indicate that the

carrying value of an asset may not be recoverable from the estimated future cash flows expected to result from its use and eventual disposition.

In cases where undiscounted expected future cash flows are less than the carrying value, an impairment loss is recognized equal to an

amount by which the carrying value exceeds the fair value of assets.

The factors considered by management in performing this assessment

include current operating results, trends and prospects, the manner in which the property is used, and the effects of obsolescence, demand,

competition and other economic factors.

Based on this assessment, no impairment expenses for property and equipment

were recorded in operating expenses during the six months ended June 30, 2023 and 2022.

Concentration

instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and equivalents and accounts receivable.

Cash on hand amounted to $ 20,004,914 and accounts receivable is $ nil as of June 30, 2023.

receivables are presented net of allowance for doubtful accounts.

The Company uses specific identification in providing for bad debts

when facts and circumstances indicate that collection is doubtful and based on factors listed in the following paragraph.

If the financial

conditions of its customers were to deteriorate, resulting in an impairment of their ability to make payments, additional allowance may

Company maintains an allowance for doubtful accounts which reflects its best estimate of amounts that potentially will not be collected.

The Company determines the allowance for doubtful accounts on general basis taking into consideration various factors including but not

limited to historical collection experience and credit-worthiness of the customers as well as the age of the individual receivables balance.

Additionally, the Company makes specific bad debt provisions based on any specific knowledge the Company has acquired that might indicate

that an account is uncollectible.

The facts and circumstances of each account may require the Company to use substantial judgment in

assessing its collectability.

asset is software development cost incurred by the Company and it will be amortized on a straight line basis over the estimated

useful life of 5 years.

Company adopted Accounting Standards Update No.

2016-02, Leases (Topic 842) (ASU 2016-02), and generally requires lessees to recognize

operating and financing lease liabilities and corresponding right-of-use (ROU) assets on the balance sheet and to provide enhanced disclosures

surrounding the amount, timing and uncertainty of cash flows arising from leasing arrangements.

Operating leases are included in operating lease

right-of-use (“ROU”) assets and short-term and long-term lease liabilities in our condensed consolidated balance sheets.

leases are included in property and equipment, other current liabilities, and other long-term liabilities in our condensed consolidated

balance sheets.

assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s

obligation to make lease payments arising from the lease.

Operating lease ROU assets and liabilities are recognized at commencement date

based on the present value of lease payments over the lease term.

As most of the leases do not provide an implicit rate, we use the industry

incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments.

The Company’s condensed consolidated financial

statements include the financial statements of the Group and subsidiaries.

All transactions and balances among the Group and its subsidiaries

have been eliminated upon consolidation.

Use of Estimates

The preparation of financial statements in conformity

with US GAAP requires management to make judgement estimates and assumptions that affect the amounts reported in the condensed consolidated

financial statements and accompanying notes.

Management believes that the estimates used in preparing the financial statements are reasonable

however, actual results could differ from these estimates.

Significant accounting estimates include the allowance for doubtful

accounts, useful lives of intangible asset, valuation of deferred tax assets, and certain accrued liabilities such as contingent liabilities.

Accounts Receivable

Accounts receivables are presented net of allowance

for doubtful accounts.

The Company uses specific identification in providing for bad debts when facts and circumstances indicate that

collection is doubtful and based on factors listed in the following paragraph.

If the financial conditions of its customers were to deteriorate,

resulting in an impairment of their ability to make payments, additional allowance may be required.

The Company maintains an allowance for doubtful accounts

which reflects its best estimate of amounts that potentially will not be collected.

The Company determines the allowance for doubtful

accounts on general basis taking into consideration various factors including but not limited to historical collection experience and

credit-worthiness of the customers as well as the age of the individual receivables balance.

Additionally, the Company makes specific

bad debt provisions based on any specific knowledge the Company has acquired that might indicate that an account is uncollectible.

facts and circumstances of each account may require the Company to use substantial judgment in assessing its collectability.

The Company adopted Accounting Standards Update No.

2016-02, Leases (Topic 842) (ASU 2016-02), and generally requires lessees to recognize operating and financing lease liabilities and corresponding

right-of-use (ROU) assets on the balance sheet and to provide enhanced disclosures surrounding the amount, timing and uncertainty of cash

flows arising from leasing arrangements.

Operating leases are included in operating lease right-of-use

(“ROU”) assets and short-term and long-term lease liabilities in our condensed consolidated balance sheets.

Finance leases

are included in property and equipment, other current liabilities, and other long-term liabilities in our condensed consolidated balance

ROU assets represent the Company’s right to

use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising

from the lease.

Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments

over the lease term.

As most of the leases do not provide an implicit rate, we use the industry incremental borrowing rate based on the

information available at commencement date in determining the present value of lease payments.

We use the implicit rate when readily determinable.

The operating lease ROU asset also includes any lease payments made and excludes

lease incentives.

The lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise

Lease expense for lease payments is recognized on a straight-line basis over the lease term.

2016-02 requires that public companies use a secured incremental browning rate for the present value of lease payments when the rate

implicit in the contract is not readily determinable.

We determine a secured rate on a quarterly basis and update the weighted average

discount rate accordingly.

Development Costs

apply ASC 985-20, Software—Costs of Software to Be Sold, Leased, or Marketed, in analyzing our software development costs.

985-20 requires the capitalization of certain software development costs subsequent to the establishment of technological feasibility

for a software product in development.

Research and development costs associated with establishing technological feasibility are expensed

Based on our software development process, technological feasibility is established upon the completion of a working model.

In addition, we apply this to our review of development projects related to software used exclusively for our SaaS subscription offerings.

In these reviews, all costs incurred during the preliminary project stages are expensed as incurred.

Once the projects have been committed

to and it is probable that the projects will meet functional requirements, costs are capitalized.

taxes are determined in accordance with the provisions of ASC Topic 740, “Income Taxes” (“ASC Topic 740”).

this method, 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 basis.

Deferred tax assets and liabilities

are measured using enacted income tax rates expected to apply to taxable income in the periods in which those temporary differences are

expected to be recovered or settled.

Any effect on deferred tax assets and liabilities of a change in tax rates is recognized in income

in the period that includes the enactment date.

740 prescribes a comprehensive model for how companies should recognize, measure, present, and disclose in their financial statements

uncertain tax positions taken or expected to be taken on a tax return.

Under ASC 740, tax positions must initially be recognized in the

financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities.

positions must initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50 % likelihood of

being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts.

Company has subsidiaries in Singapore and PRC.

The operating lease ROU asset also includes any lease payments made and excludes lease incentives.

The lease terms may include options

to extend or terminate the lease when it is reasonably certain that we will exercise that option.

Lease expense for lease payments is

recognized on a straight-line basis over the lease term.

ASU 2016-02 requires that public companies use a secured

incremental browning rate for the present value of lease payments when the rate implicit in the contract is not readily determinable.

We determine a secured rate on a quarterly basis and update the weighted average discount rate accordingly.

Software Development Costs

We apply ASC 985-20, Software—Costs of Software

to Be Sold, Leased, or Marketed, in analyzing our software development costs.

ASC 985-20 requires the capitalization of certain software

development costs subsequent to the establishment of technological feasibility for a software product in development.

Research and development

costs associated with establishing technological feasibility are expensed as incurred.

Based on our software development process, technological

feasibility is established upon the completion of a working model.

In addition, we apply this to our review of development projects related

to software used exclusively for our SaaS subscription offerings.

In these reviews, all costs incurred during the preliminary project

stages are expensed as incurred.

Once the projects have been committed to and it is probable that the projects will meet functional requirements,

costs are capitalized.

Income taxes are determined in accordance with the

provisions of ASC Topic 740, “Income Taxes” (“ASC Topic 740”).

Under this method, 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 basis.

Deferred tax assets and liabilities are measured using enacted income tax rates

expected to apply to taxable income in the periods in which those temporary differences are expected to be recovered or settled.

on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.

ASC 740 prescribes a comprehensive model for how companies

should recognize, measure, present, and disclose in their financial statements uncertain tax positions taken or expected to be taken on

a tax return.

Under ASC 740, tax positions must initially be recognized in the financial statements when it is more likely than not the

position will be sustained upon examination by the tax authorities.

Such tax positions must initially and subsequently be measured as

the largest amount of tax benefit that has a greater than 50 % likelihood of being realized upon ultimate settlement with the tax authority

assuming full knowledge of the position and relevant facts.

The Company has subsidiaries in Singapore and PRC.

The Company is subject to tax in Singapore and PRC jurisdictions.

As a result of its future

business activities, the Company will be required to file tax returns that are subject to examination by the Inland Revenue Authority

of Singapore and Tax Department of PRC.

net income per share of common stock attributable to common stockholders is calculated by dividing net income attributable to common

stockholders by the weighted-average shares of common stock outstanding for the period.

Potentially dilutive shares, which are based

on the weighted-average shares of common stock underlying outstanding stock-based awards, warrants, options, or convertible debt using

the treasury stock method or the if-converted method, as applicable, are included when calculating diluted net income (loss) per share

of common stock attributable to common stockholders when their effect is dilutive.

dilutive securities are excluded from the calculation of diluted EPS in profit periods as their effect would be anti-dilutive.

of June 30, 2023, there were no potentially dilutive shares.

As a result of its future business activities, the Company will be required

to file tax returns that are subject to examination by the Inland Revenue Authority of Singapore and Tax Department of PRC.

Loss Per Share

Basic net income per share of common stock attributable

to common stockholders is calculated by dividing net income attributable to common stockholders by the weighted-average shares of common

stock outstanding for the period.

Potentially dilutive shares, which are based on the weighted-average shares of common stock underlying

outstanding stock-based awards, warrants, options, or convertible debt using the treasury stock method or the if-converted method, as

applicable, are included when calculating diluted net income (loss) per share of common stock attributable to common stockholders when

their effect is dilutive.

Potential dilutive securities are excluded from the

calculation of diluted EPS in profit periods as their effect would be anti-dilutive.

As of September 30, 2023, there were no potentially

dilutive shares.

Schedule of potentially diluted shares

September 30,

Statement of Operations Summary Information:

Net (Loss)/ Profit

$ ( 9,455,304 )

$ ( 8,496,543 )

Weighted-average common shares outstanding - basic and diluted

Net (Loss)/ Profit per share, basic and diluted

Value Measurements

Company follows guidance for accounting for fair value measurements of financial assets and financial liabilities and for fair value

measurements of nonfinancial items that are recognized or disclosed at fair value in the financial statements on a recurring basis.

Additionally,

the Company adopted guidance for fair value measurement related to non-financial items that are recognized and disclosed at fair value

in the financial statements on a non-recurring basis.

The guidance establishes a fair value hierarchy that prioritizes the inputs to valuation

techniques used to measure fair value.

hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements)

and the lowest priority to measurements involving significant unobservable inputs (Level 3 measurements).

The three levels of the fair

value hierarchy are as follows:

1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access

at the measurement date.

2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly

or indirectly.

3 inputs are unobservable inputs for the asset or liability.

The carrying amounts of financial assets such as cash approximate their

fair values because of the short maturity of these instruments.

3 – RECENT ACCOUNTING PRONOUNCEMENTS

accounting pronouncements issued by the FASB (including its Emerging Issues Task Force) and the United States Securities and Exchange

Commission did not or are not believed by management to have a material impact on the Company’s present or future financial statements.

the business of providing an international cloud-based intelligence system, namely “YCloud” system.

We aim to provide technical

and auto-billing management system services to micro-business online stores in China through big data analytics, machine learning mechanisms,

social network recommendations, and multi-channel data analysis.

Weijiafu and Changtongfu are our customers to take charge of the Ycloud

users’ profiles.

Meanwhile, all YCloud users’ information is retained within YCloud system.

derive our revenue from system service fees charged for transactions conducted through YCloud.

We receive 2 %- 3.5 % of the total Gross

Merchandise Volume generated in the platform as a system service fee from YCloud users through service agreement with our customers (such

as Weijiafu, Changtongfu, Beijing Yidong, Maitu International and Beijing Youth), depending on the type of service and industry.

Merchandise Volume, or GMV, is a term used in online retailing to indicate a total sale monetary-value for merchandise sold through a

particular marketplace over a certain time frame.

We generally receive the system service fee from customers within the first ten days

of each calendar month.

As of reporting date, all the service fee receivable has been fully settled and received.

system services fees are collected from five customers of YCloud system based on the GMV as follows:

Gross Merchandise Volume (“GMV”)

Non-related parties:

Related party:

As of and for the period ended June 30, 2023,

Net loss per share, basic and diluted

Fair Value Measurements

The Company follows guidance for accounting for fair

value measurements of financial assets and financial liabilities and for fair value measurements of nonfinancial items that are recognized

or disclosed at fair value in the financial statements on a recurring basis.

Additionally, the Company adopted guidance for fair value

measurement related to non-financial items that are recognized and disclosed at fair value in the financial statements on a non-recurring

The guidance establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value.

The hierarchy gives the highest priority to unadjusted

quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to measurements involving

significant unobservable inputs (Level 3 measurements).

The three levels of the fair value hierarchy are as follows:

Level 1 inputs are quoted prices (unadjusted) in active

markets for identical assets or liabilities that the Company has the ability to access at the measurement date.

Level 2 inputs are inputs other than quoted prices

included within Level 1 that are observable for the asset or liability, either directly or indirectly.

Level 3 inputs are unobservable inputs for the asset

or liability.

The carrying amounts of financial assets such as cash approximate their fair values because of the short maturity of these

NOTE 3 – RECENT ACCOUNTING PRONOUNCEMENTS

Recent accounting pronouncements issued by the FASB

(including its Emerging Issues Task Force) and the United States Securities and Exchange Commission did not or are not believed by management

to have a material impact on the Company’s present or future financial statements.

NOTE 4 – REVENUE

We are in the business of providing AI-enabled software

development services for industrial and other customers.

As of and for the period ended September 30,

2023, we generated revenues from customers amounting $2,229,009 2,229,999

5 – CASH AND CASH EQUIVALENTS

As of June 30, 2023, the Company held cash in bank in the amount of

$ 20,004,914 , which consist of the following:

Schedule of revenue

September 30,

Ycloud-SAAS business

Software development and industrial SAAS business

NOTE 5 – CASH AND CASH EQUIVALENTS

As of September 30, 2023, the Company held cash in

bank in the amount of $ 1,416,885 , which consist of the following:

Schedule of held cash in bank in the amount

September 30,

Bank Deposits-USA

Bank Deposits- Outside USA

6 – INTANGIBLE ASSET, NET

asset is software development cost incurred by Company, it will be amortized on a straight line basis over the estimated useful life

of 5 years as follow:

June 30, 2023

Gross Carrying

Intangible assets:

Software development

Foreign currency translation adjustment

Intangible assets, net

December 31, 2022

Gross Carrying

Useful Life (Years)

Intangible assets:

Software development

Foreign currency translation adjustment

Intangible assets, net

Amortization expense for intangible assets was

$ 4,510 for the six months period ended June 30, 2023.

Expected future intangible asset amortization

as of June 30, 2023 was as follows:

Fiscal years:

Remaining 2023

– PROPERTY AND EQUIPMENT, NET

of June 30, 2023, property and equipment consists of the following:

Property and equipment:

Office equipment

Leasehold improvement

Accumulated depreciation

Property and equipment, net

expenses of office equipment were $ 182,924 and $ 24,952 for the period ended June 30, 2023 and 2022.

Amortised expenses

Accumulated amortization

Amortised expenses, net

expenses are related to the office renovation.

Amortisation expenses were $ 134,789 for the period ended June 30, 2023 and

$ 3,546 for the period ended June 30, 2022.

8 – ACCOUNT RECEIVABLES, NET

As of June 30, 2023, accounts receivable are related

to the services fee receivables from customers as follow:

Accounts Receivable- Non related parties

Accounts Receivable- Related parties

The Company’s financial instruments

that are exposed to concentrations of credit risk consist primarily of accounts receivable.

The Company does not require collateral

for accounts receivable.

NOTE 6 – DIGITAL ASSETS

As of September 30, 2023, digital assets holdings

are as follow:

Schedule of digital assets holdings

September 30,

Opening balance

Purchase of BTC

Impairment losses of digital assets

( 2,591,490 )

Ending balance

As of September 30, 2023, the Company has

purchase approximately 833

BTC at the total cost of $24,990,000 22,398,510 .

For the nine months ended September 30, 2023, the Company recognized impairment loss of $ 2,591,490

on digital assets.

NOTE 7 – ACCOUNT RECEIVABLES, NET

As of September 30, 2023, accounts receivable are

related to the services fee receivables from customers as follow:

Schedule of account receivable

September 30,

Accounts Receivables

The Company does not require collateral for accounts

The Company maintains an allowance for its doubtful accounts receivable due to estimated credit losses.

The Company records the allowance against bad debt expense through the condensed consolidated statements of operations, included in

general and administrative expense, up to the amount of revenues recognized to date.

Receivables are written off and charged against

the recorded allowance when the Company has exhausted collection efforts without success.

As of June 30, 2023, accounts receivable

from five main customers have been fully settled.

9 – PREPAYMENTS

of June 30, 2023, prepayments consist of the following:

Software development fee- Current

Software development fee- Non current

Block chain software and annual fee

of June 30, 2023, software development fee-current are mainly related to the prepayment of Y-cloud system development and system

iteration of $ 1,926,838 , which expect to be completed by September 2023.

of June 30, 2023, software development fee-non-current are mainly related to the WT Pay system development prepayment of $ 10

million, which expect to be completed by September 2023.

of June 30, 2023 and December 31, 2022, prepayments- related parties consist of the following:

Software development fee- Current

of June 30, 2023, the prepayment- related parties are mainly related to the Y-cloud system upgrade, which is expected to be completed

by September 2023.

10 – LOAN RECEIVABLES

of June 30, 2023, loan receivables consist of the following:

Loan receivables

The accrued interest and principal amount of the

loan for the year ended June 30, 2023 and December 31, 2022 are as follow:

Accrued interest

Company has waived the interest to the borrower I and the interest from borrower II will be commenced from July 1, 2023, therefore no

interest was accrued during the period.

11 – OTHER RECEIVABLES

of June 30, 2023, other receivables-current consists of staff advances and petty cash as follow:

Advances to staff

of June 30, 2023 other receivables non-current consists of office rental deposit as follow:

Rental deposit

The Company records

the allowance against bad debt expense through the condensed consolidated statements of operations, included in general and administrative

expense, up to the amount of revenues recognized to date.

Receivables are written off and charged against the recorded allowance when

the Company has exhausted collection efforts without success.

NOTE 8 – PREPAYMENTS

As of September 30, 2023, prepayments consist of the

Schedule of prepayments

September 30,

Digital assets

As of September 30, 2023, there are prepayment of

approximately $ 12,125,500 for the 40% prepayment of 1000 BTC, which is expected to be delivered by end of November 2023 with the lock

up price of $30,000 per BTC.

NOTE 9 – AMOUNT DUE TO RELATED PARTIES

Schedule of due to related parties

September 30,

Related parties payable

1 unchanged sentence

The related party balance of $ 719,683 represented

advances and professional expenses paid on behalf by Shareholders, which consists of $ 427,731 advance from Dai Zheng, $ 42,000 advance

from Li Zhuo, $ 760,537 from Che Kean Tat and $ 189,235 office rental advance from Liu Pijun through Zhiding Network Technology (Beijing)

Co Limited (“ZNTB”).

It is unsecured, interest-free with no fixed payment term and imputed interest is considered to be immaterial.

As of June 30, 2023, the director fee payable

of $ 854,000 represented the accrual of director fees from the appointment date to June 30, 2023.

13 – ACCRUED EXPENSES

As of June 30, 2023, accrued expenses consists

of the accrued payroll, Central Provident Fund and social welfare as follow:

Accrued payroll

NOTE 14 – OTHER PAYABLES

As of June 30, 2023, other payables consists of

the payables of tax payable, securities account set up fee and related documentation expenses as follow:

Tax (receivable)/ payables

Y-Cloud System upgrade and iteration payables

Security account set up fee-Staff

advances and professional expenses paid on behalf by Shareholders, which consist of audit fees, lawyers’ fee and other professional

As of September 30, 2023, the director fee payable

of $ 954,000 represented the accrual of director fees from the appointment date to September 30, 2023.

NOTE 10 – ACCRUED EXPENSES

As of September 30, 2023, accrued expenses consists

of outsourcing expenses of software developments as follow:

Schedule of accrued expenses

September 30,

Software development fee for outsource staffs

NOTE 11 – DISCONTINUED OPERATIONS

On January 16, 2023, the Company’s Board

of Directors passed a resolution to dissolve the operation of Yueshang Group Network (Hunan) Co., Limited (“Yueshang Hunan”),

resulting in a loss on disposal of $ 3,928 .

Loss from discontinued operations for the period ended June 30, 2023 and 2022 was as follows:

On September 29, 2023, the Company’s Board of

Directors passed a resolution to dissolve the operation of WeTrade Information System Limited and its wholly owned subsidiaries, resulting

in a gain on disposal of $ 1,124,675 .

Loss from discontinued operations for the period ended September 30, 2023 and 2022 was as follows:

Schedule of discontinued operations

Service revenue

3 unchanged sentences

Operations Loss

( 11,998,681 )

Other (expenses)/ revenue

Loss from discontinued operations before income tax

( 1,092,816 )

Income tax expense

Loss from discontinued operation after tax

Gain from discontinued operation after tax

Loss on disposal of discontinued operation

4 unchanged sentences

$ ( 6,418,752 )

The major components of assets and liabilities

related to discontinued operations are summarized below:

The major components of assets and liabilities related

to discontinued operations are summarized below:

Schedule of assets and liabilities related to discontinued operations

September 30,

Current assets:

1 unchanged sentence

Accounts receivables

Loan receivables

Property and equipment, net

6 unchanged sentences

NOTE 12 – SHAREHOLDERS’ EQUITY

Company has an unlimited number of ordinary shares authorized, and has issued 195,057,503 shares with no par value as of December 31,

March 29, 2019, the Company has issued 100,000,000 shares with no par value to thirty-three founders.

On September 3, 2019, the Company

has issued a total 74,000 shares at $ 3 each to 5 non-US shareholders.

The total outstanding shares has increased to 100,074,000 shares

as of December 31, 2019.

February 2020, there are 1,666,666 shares were issued at $ 3 per share to 2 new shareholders.

On July 10, 2020, the Company issued another

26,000 shares at $ 3 per share to 2 new shareholders and the total outstanding shares has increased to 101,766,666 shares.

September 15, 2020, the Wyoming Secretary of State approved the Company’s certificate of amendment to amend its Articles of Incorporation

to effect 3 for 1 forward stock split .

The total issued and outstanding shares of the Company’s common stock has been increased

from 101,766,666 to 305,299,998 shares, with the par value unchanged at zero.

September 21, 2020, there are 151,500 shares issued at $ 5 per share to 303 new shareholders, the Company’s common stock issued

has been increased to 305,451,498 shares as of December 31, 2020.

April 13, 2022, the Company and 15 shareholders entered into that certain Share Exchange Agreement (the “Share Exchange Agreement”),

pursuant to which Company and the 15 Shareholders have cancelled 120,418,995 shares of Common Stock (“Cancellation Shares”).

Upon completion of the transaction, the outstanding shares of the Company’s Common Stock has been decreased from 305,451,498 shares

to 185,032,503 shares as of June 30, 2022.

July 21, 2022, the Company completed uplisting of its common stock to the Nasdaq Capital Market, and the closing of its public offering

of 10,000,000 shares of common stock with the gross proceeds of $ 40,000,000 and net proceeds of $ 37,057,176 after deducting the total

offering cost of $ 2,942,824 .

The shares were priced at $ 4.00 per share, and the offering was conducted on a firm commitment basis.

shares continue to trade under the stock symbol “WETG.” The Company’s total issued and outstanding common stock has

been increased to 195,032,503 shares after the offering.

July 22, 2022, the Company issued 25,000 shares of common stock to certain service providers for services in connection with the public

offering, the fair value of the share was $ 477,500 .

The Company’s total issued and outstanding common stock has been increased

to 195,057,503 shares in 2022.

June 9, 2023, the Wyoming Secretary of State approved the Company’s certificate of amendment to amend its Articles of Incorporation

to effect 1 for 185 reverse stock split (“Reverse Stock Split”).

The Company has an unlimited number of ordinary shares

authorized, and has issued 2,625,130 shares with no par value as of September 30, 2023.

On March 29, 2019, the Company has issued 100,000,000

shares with no par value to thirty-three founders.

On September 3, 2019, the Company has issued a total 74,000 shares at $ 3 each to 5

non-US shareholders.

The total outstanding shares has increased to 100,074,000 shares as of December 31, 2019.

In February 2020, there are 1,666,666 shares were

issued at $ 3 per share to 2 new shareholders.

On July 10, 2020, the Company issued another 26,000 shares at $ 3 per share to 2 new shareholders

and the total outstanding shares has increased to 101,766,666 shares.

On September 15, 2020, the Wyoming Secretary of State

approved the Company’s certificate of amendment to amend its Articles of Incorporation to effect 3 for 1 forward stock split .

total issued and outstanding shares of the Company’s common stock has been increased from 101,766,666 to 305,299,998 shares, with

the par value unchanged at zero.

On September 21, 2020, there are 151,500 shares issued

at $ 5 per share to 303 new shareholders, the Company’s common stock issued has been increased to 305,451,498 shares as of December

On April 13, 2022, the Company and 15 shareholders

entered into that certain Share Exchange Agreement (the “Share Exchange Agreement”), pursuant to which Company and the 15

Shareholders have cancelled 120,418,995 shares of Common Stock (“Cancellation Shares”).

Upon completion of the transaction,

the outstanding shares of the Company’s Common Stock has been decreased from 305,451,498 shares to 185,032,503 shares as of June

On July 21, 2022, the Company completed uplisting

of its common stock to the Nasdaq Capital Market, and the closing of its public offering of 10,000,000 shares of common stock with the

gross proceeds of $ 40,000,000 and net proceeds of $ 37,057,176 after deducting the total offering cost of $ 2,942,824 .

The shares were priced

at $ 4.00 per share, and the offering was conducted on a firm commitment basis.

The shares continue to trade under the stock symbol “WETG.”

The Company’s total issued and outstanding common stock has been increased to 195,032,503 shares after the offering.

On July 22, 2022, the Company issued 25,000 shares

of common stock to certain service providers for services in connection with the public offering, the fair value of the share was $ 477,500 .

The Company’s total issued and outstanding common stock has been increased to 195,057,503 shares in 2022.

On June 9, 2023, the Wyoming Secretary of State approved

the Company’s certificate of amendment to amend its Articles of Incorporation to effect 1

for 185 reverse stock split (“Reverse Stock Split”).

The total issued and outstanding shares of the Company’s

common stock decreased from 195,057,503 to 1,054,530 shares, with the par value unchanged at zero .

17 – INCOME TAXES

Company is subject to U.S.

common stock decreased from 195,057,503

shares, with the par value unchanged at zero 0 .

In September, 2023, there are 1,570,600 shares issued

with the total amount of $ 12,616,454 , the Company’s common stock issued has been increased to 2,625,130 shares as of September 30,

NOTE 13 – INCOME TAXES

The Company is subject to U.S.

Federal tax laws.

The Company has not recognized an income tax benefit for its operating losses in the United

States because the Company does not expect to commence active operations in the United States.

Pte Ltd (“UTour”) was incorporated in Singapore and is subject to Singapore profits tax at a tax rate of 17 %.

had no taxable income during the reporting period, it has not paid Singapore profits taxes.

UTour has not recognized an income tax benefit

for its operating losses in Singapore because it does not expect to commence active operations in Singapore.

Information Technology Limited (“WITL”) was incorporated in Hong Kong and is subject to Hong Kong profits tax at a tax rate

Since WITL had no taxable income during the reporting period, it has not paid Hong Kong profits taxes.

WITL has not recognized

an income tax benefit for its operating losses in Hong Kong because the Company does not expect to commence active operations in Hong

Company is currently conducting its major operations in the PRC through Yueshang Information Technology (Beijing) Co., Ltd., Yushang

Group (Hunan) Network Technology Limited, Yueshang Technology Group (Hainan) Limited and Tibet Xiaoshang Technology Group Limited, which

are subject to tax from 15 % to 25 %.

18- SUBSEQUENT EVENTS

In accordance with FASB ASC 855-10 Subsequent Events, the Company has

analyzed its operations subsequent to June 30, 2023, to the date these unaudited condensed consolidated financial statements were issued

and has determined that it does not have any material subsequent events to disclose in these consolidated financial statements.

Company has not recognized an income tax benefit for its operating losses in the United States because the Company does not expect to

commence active operations in the United States.

UTour Pte Ltd (“UTour”) was incorporated

in Singapore and is subject to Singapore profits tax at a tax rate of 17 % .

Since UTour had no taxable income during the reporting period,

it has not paid Singapore profits taxes.

UTour has not recognized an income tax benefit for its operating losses in Singapore because

it does not expect to commence active operations in Singapore.

WeTrade Bit Technology Limited (“WBIT”)

was incorporated in Hong Kong and is subject to Hong Kong profits tax at a tax rate of 16.5 % .

Since WBIT had no taxable income during

the reporting period, it has not paid Hong Kong profits taxes.

WITL has not recognized an income tax benefit for its operating losses

in Hong Kong because the Company does not expect to commence active operations in Hong Kong.

The Company is currently conducting its major operations

in the PRC through its subsidiaries, which are subject to tax from 15 % to 25 % .

NOTE 14- SUBSEQUENT EVENTS

In accordance with FASB ASC 855-10 Subsequent Events, the Company

has analyzed its operations subsequent to September 30, 2023, to the date these unaudited condensed consolidated financial statements

were issued and has determined that it does not have any material subsequent events to disclose in these consolidated financial

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements