{"id":8404,"date":"2022-04-19T16:25:00","date_gmt":"2022-04-19T16:25:00","guid":{"rendered":"https:\/\/www.prnasia.com\/story\/archive\/3729327_CN29327_0"},"modified":"2022-04-19T16:25:00","modified_gmt":"2022-04-19T16:25:00","slug":"wetrade-group-inc-reports-fiscal-year-2021-financial-results","status":"publish","type":"post","link":"https:\/\/transmediavictoria.net.au\/?p=8404","title":{"rendered":"WeTrade Group Inc. Reports Fiscal Year 2021 Financial Results"},"content":{"rendered":"
\n

BEIJING<\/span>, April 20, 2022 \/PRNewswire\/ — WeTrade Group Inc. (“Wetrade” or the “Company”) (US: WETG), an emerging growth company engaged in the business of providing software-as-a-services (SaaS) and cloud intelligent systems for micro-businesses, today reports its financial results for fiscal year 2021 ended December 31, 2021.<\/span><\/p>\n

Mr. Pijun Liu, Chief Executive Officer of Wetrade, commented, “2021 was another strong year for us, with solid year-over-year growth across our key financial metrics. The COVID-19 pandemic boosted the home-based economy and has further promoted the rapid development of e-commerce, live broadcasting, and short videos. As a result, the market demand for the tools of SaaS and cloud intelligent systems provided by the Company for micro-businesses was strong, which is a significant factor for the Company’s fast growth. The solid financial results for fiscal year 2021 are the best proof. Looking forward, the Company will continue focusing on business development in vertical areas and investing our resources to create value and returns for our shareholders. We strive to achieve breakthrough innovations in the field of e-commerce retail SaaS and promote the sustainable development of enterprise service.” <\/p>\n

Mr. Kean Tat Che, Chief Financial Officer of Wetrade, commented, “Our high financial growth in 2021 is contributed by the booming of short video and live-streaming e-commerce and the rapid transition of business from offline to online. However, the resurgence of the COVID-19 pandemic at the beginning of 2022 disrupted our planned operation and expansion. In the future, we will keep optimizing our strategic development plan in a timely and effective manner to mitigate the adverse impact of the COVID-19 pandemic to ensure our financial resilience.”<\/p>\n

Fiscal Year 2021 Financial Results<\/b><\/p>\n

\n\n\n\n\n\n\n\n\n\n\n
<\/td>\n<\/td>\n\n

For the Year Ended December 31,<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

\n

($ millions, except per share data)<\/span><\/p>\n<\/td>\n

<\/td>\n\n

2021<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

2020<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

% Change<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Revenue<\/span><\/p>\n<\/td>\n

<\/td>\n\n

14.38<\/span><\/p>\n<\/td>\n

<\/td>\n\n

6.27<\/span><\/p>\n<\/td>\n

<\/td>\n\n

129.3%<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Gross Profit<\/span><\/p>\n<\/td>\n

<\/td>\n\n

11.70<\/span><\/p>\n<\/td>\n

<\/td>\n\n

5.66<\/span><\/p>\n<\/td>\n

<\/td>\n\n

106.8%<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Gross Margin<\/span><\/p>\n<\/td>\n

<\/td>\n\n

81.4%<\/span><\/p>\n<\/td>\n

<\/td>\n\n

90.2%<\/span><\/p>\n<\/td>\n

<\/td>\n\n

-8.8pp*<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Operations Profit<\/span><\/p>\n<\/td>\n

<\/td>\n\n

5.99<\/span><\/p>\n<\/td>\n

<\/td>\n\n

3.75<\/span><\/p>\n<\/td>\n

<\/td>\n\n

59.7%<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Net Income<\/span><\/p>\n<\/td>\n

<\/td>\n\n

5.18<\/span><\/p>\n<\/td>\n

<\/td>\n\n

2.68<\/span><\/p>\n<\/td>\n

<\/td>\n\n

93.5%<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Earnings Per Share<\/span><\/p>\n<\/td>\n

<\/td>\n\n

0.02<\/span><\/p>\n<\/td>\n

<\/td>\n\n

0.01<\/span><\/p>\n<\/td>\n

<\/td>\n\n

100%<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n

*Notes: pp represents percentage points<\/p>\n

Revenue<\/i><\/p>\n

Total revenue was $14.38 million<\/span> and $6.27 million<\/span> for fiscal year 2021 and 2020, respectively. The increase was mainly due to the increase in Gross Merchandise Volume (“GMV”) in Ycloud system.<\/p>\n

Cost of Revenue<\/i><\/p>\n

Cost of revenue was $2.68 million<\/span> for fiscal year 2021, compared with $0.62 million<\/span> for the same period of last year. 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.<\/p>\n

Gross profit and gross margin<\/i><\/p>\n

Gross profit increased by $6.04 million, or 106.8%, to $11.70 million for fiscal year 2021 from $5.66 million for the same period of last year.<\/p>\n

Gross margin was 81.4% for fiscal year 2021, compared with 90.2% for the same period of last year.<\/p>\n

Operations Profit<\/i><\/p>\n

General and administrative expenses increased by $3.80 million, or 200.1%, to $5.71 million for fiscal year 2021 from $1.90 million for the same period of last year. The increase is mainly due to increase in the payroll expenses as a result of more new staffs were recruited during the year.<\/p>\n

Operations profit increased by $2.24 million, or 59.7%, to $5.99 million for fiscal year 2021 from $3.75 million for the same period of last year.<\/p>\n

Net Income<\/i><\/p>\n

Net income increased by $2.50 million, or 93.5%, to $5.18 million for fiscal year 2021 from $2.68 million for the same period of last year. The increase is mainly due to increase in Gross Merchandise Volume (“GMV”) in YCloud system and services are collected from YCloud users based on GMV during the year.<\/p>\n

Basic and diluted earnings per share was $0.02 for Fiscal year 2021, compared with basic and diluted earnings per share of $0.01<\/span> for the same period of last year.<\/p>\n

Financial Condition<\/b><\/p>\n

As of December 31, 2021, the Company had cash and cash equivalents for $0.62 million, compared to $4.64 million as of December 31, 2020. Net cash used in operating activities was $3.75 million for fiscal year 2021, compared to net cash provided by operating activities of $1.16 million for the same period of last year. Net cash used in investing activities was $0.42 million for fiscal year 2021, compared with nil for the same period of last year. Net cash provided by our financing activities was $0.08 million<\/span> for fiscal year 2021, compared to net cash used in financing activities of $3.68 million<\/span> for the same period of last year.<\/p>\n

About WeTrade Group Inc. <\/b><\/p>\n

WeTrade Group Inc. is a world’s leading technical service provider of SAAS and Cloud Intelligent System for micro-businesses, and is a pioneering internationalized system in the global micro-business cloud intelligence field and the leader, innovator and promoter of the world’s cloud intelligent system for micro-businesses. WeTrade Group independently developed the cloud intelligent system for micro-businesses (Abbreviation: YCloud). YCloud can strengthen users’ marketing relationship and CPS commission profit management through leading technology and big data analysis. It also can help increase the payment scenarios to increase customers’ revenue by multi-channel data statistics, AI fission and management as well as improved supply chain system.Up to now, YCloud’s business has successfully landed in mainland China and Hong Kong, covering the micro business industry, tourism industry, hospitality industry, livestreaming and short video industry, aesthetic medical industry and traditional retail industry. For more information, please visit https:\/\/ir.wetg.group<\/a>.<\/p>\n

Forward-Looking Statements<\/i><\/b><\/p>\n

This press release contains information about the Company’s view of its future expectations, plans and prospects that constitute forward-looking statements. Actual results may differ materially from historical results or those indicated by these forward-looking statements as a result of a variety of factors including, but not limited to, risks and uncertainties associated with its ability to raise additional funding, its ability to maintain and grow its business, variability of operating results, its ability to maintain and enhance its brand, its development and introduction of new products and services, the successful integration of acquired companies, technologies and assets into its portfolio of products and services, marketing and other business development initiatives, competition in the industry, general government regulation, economic conditions, dependence on key personnel, the ability to attract, hire and retain personnel who possess the technical skills and experience necessary to meet the requirements of its clients, and its ability to protect its intellectual property. The Company’s encourages you to review other factors that may affect its future results in the Company’s annual reports and in its other filings with the Securities and Exchange Commission.<\/i><\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

WETRADE GROUP INC<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

\n

CONSOLIDATED BALANCE SHEETS<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

\n

As of December 31<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/tr>\n
\n

(All amounts shown in U.S. Dollars)<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

December 31, <\/b><\/span><\/p>\n

2021<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

December 31, <\/b><\/span><\/p>\n

2020<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

ASSETS<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Current Assets:<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Cash and Cash Equivalents<\/span><\/p>\n<\/td>\n

<\/td>\n\n

$<\/span><\/p>\n<\/td>\n

\n

616,593<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

$<\/span><\/p>\n<\/td>\n

\n

4,640,603<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

Accounts receivable<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

5,627,463<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

2,609,520<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

Account receivable- related party<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

3,603,402<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

–<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

Note receivable<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

3,798,130<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

3,097,981<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

Other receivables<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

30,147<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

5,771<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

Prepayments<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

2,760,658<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

61,707<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

Total Current Assets<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

16,436,393<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

10,415,582<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

Property and equipment, net<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

395,353<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

–<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

Right of use assets<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

2,328,950<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

2,813,186<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

Intangible asset, net<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

37,765<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

49,029<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

Rental deposit<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

272,063<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

264,910<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

Total Assets:<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

$<\/b><\/span><\/p>\n<\/td>\n

\n

19,470,524<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

$<\/b><\/span><\/p>\n<\/td>\n

\n

13,542,707<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

LIABILITIES AND STOCKHOLDERS’ EQUITY<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Current Liabilities:<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Account payables<\/span><\/p>\n<\/td>\n

<\/td>\n\n

$<\/span><\/p>\n<\/td>\n

\n

7,710<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

$<\/span><\/p>\n<\/td>\n

\n

8,176<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

Account payables- related parties<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

54,436<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

–<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

Accrued expenses<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

217,073<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

263,355<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

Tax payables<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

711,841<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

828,695<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

Amount due to related parties<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

1,105,532<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

416,501<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

Lease liabilities, current<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

596,098<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

569,865<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

Other payables<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

306,270<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

90,632<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

Total Current Liabilities<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

2,998,960<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

2,177,224<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Lease liabilities, non- current<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

1,942,242<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

2,471,598<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

Total Liabilities<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

4,941,202<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

4,648,822<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Stockholders’ Equity:<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Common Stock; $0.00 per share par value;305,451,498 issued and outstanding at December 31,
2021 and 305,451,498 issued and outstanding at December 31, 2020*<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

–<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

–<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

Additional Paid in Capital<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

6,197,520<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

6,057,520<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

Accumulated other comprehensive income <\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

898,497<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

578,735<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

Retained Earnings<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

7,433,305<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

2,257,630<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

Total Stockholders’ Equity<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

14,529,322<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

8,893,885<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Total Liabilities and Stockholders’ Equity<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

$<\/b><\/span><\/p>\n<\/td>\n

\n

19,470,524<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

$<\/b><\/span><\/p>\n<\/td>\n

\n

13,542,707<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

WETRADE GROUP INC<\/b> <\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Consolidated Statements of Operations and Comprehensive Income<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n\n

For the year <\/b><\/span><\/p>\n

ended <\/b><\/span><\/p>\n

December 31,<\/b><\/span><\/p>\n

2021<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

From the year<\/b><\/span><\/p>\n

 ended<\/b><\/span><\/p>\n

December 31,<\/b><\/span><\/p>\n

2020<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

Revenue:<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Service revenue, non-related party<\/span><\/p>\n<\/td>\n

<\/td>\n\n

$<\/span><\/p>\n<\/td>\n

\n

9,734,966<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

$<\/span><\/p>\n<\/td>\n

\n

3,440,312<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

Service revenue, related party<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

4,646,329<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

2,831,252<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

Total service revenue<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

14,381,295<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

6,271,564<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

Cost of Revenue<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(2,681,939)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

(615,595)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

Gross Profit<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

11,699,356<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

5,655,969<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

Operating Expenses:<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

General and Administrative<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(5,705,063)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

(1,901,336)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

Operations Profit<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

5,994,293<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

3,754,633<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

Other income<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

303,665<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

82,960<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

Income before income tax<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

6,297,958<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

3,837,593<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

Income tax expense<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(1,122,283)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

(1,162,556)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

Net Income<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

$<\/span><\/p>\n<\/td>\n

\n

5,175,675<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

$<\/span><\/p>\n<\/td>\n

\n

2,675,037<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

Other Comprehensive Income <\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Foreign currency translation adjustment<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

319,762<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

578,735<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

Comprehensive Income <\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

5,495,437<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

3,253,772<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Net income per share – basic and diluted<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

$<\/span><\/p>\n<\/td>\n

\n

0.02<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

$<\/span><\/p>\n<\/td>\n

\n

0.01<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

Weighted average number of shares outstanding*; Basic and Diluted<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

305,451,498<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

304,166,073<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

WETRADE GROUP INC<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

\n

CONSOLIDATED STATEMENTS OF CASH FLOWS<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Year Ended December 31, 2021 and 2020<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n\n

For the year<\/b><\/span><\/p>\n

December<\/b><\/span><\/p>\n

31, 2021<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

For the year<\/b><\/span><\/p>\n

December<\/b><\/span><\/p>\n

31, 2020<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Cash Flows from Operating Activities:<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Net Income<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

$<\/b><\/span><\/p>\n<\/td>\n

\n

5,175,675<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

$<\/b><\/span><\/p>\n<\/td>\n

\n

2,675,037<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

Adjustment to reconcile net income to cash flows from operating activities:<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Depreciation expenses<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

23,353<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

–<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

Amortization of intangible assets<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

12,519<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

11,696<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

Forgiveness of related party debt<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

140,000<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

–<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

Changes in Operating Assets and Liabilities:<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Accounts receivables<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(2,910,665)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

(2,489,993)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

Accounts receivables- related parties<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(3,558,398)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

–<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

Intangible asset<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

–<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

(58,480)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

Other receivables<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

244,749<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

(258,282)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

Prepaid expenses<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(2,926,541)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

(41,141)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

Accounts payable<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(910)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

7,802<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

Account payables-related parties<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

51,031<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

–<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

Accrued expenses<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(52,178)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

220,658<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

Tax payables<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(177,836)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

828,695<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

Other payables<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

250,870<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

48,524<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

Right of use assets<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

560,200<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

(2,684,330)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

Lease liabilities<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(585,253)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

2,902,151<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

Net Cash Flows (used in) \/provided by Operating Activities:<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(3,753,384)<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

1,162,337<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Cash flow from Investing activities:<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Office equipment<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(417,112)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

–<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

Net Cash Flows used in Investing Activities:<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(417,112)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

–<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Cash flow from financing activities:<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Proceeds from issuance of common stock<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

–<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

835,500<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

Note receivable<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(611,210)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

(2,957,622)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

Related party loan<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

689,031<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

(1,560,020)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

Net cash provided by (used in) financing activities:<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

77,821<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

(3,682,142)<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Effect of exchange rate changes on cash<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

68,665<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

569,280<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Change in Cash and Cash Equivalents:<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(4,024,010)<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

(1,950,525)<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Cash and Cash Equivalents, Beginning of Period<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

4,640,603<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

6,591,128<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Cash and Cash Equivalents, End of Period<\/span><\/p>\n<\/td>\n

<\/td>\n\n

$<\/b><\/span><\/p>\n<\/td>\n

\n

616,593<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

$<\/b><\/span><\/p>\n<\/td>\n

\n

4,640,603<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

NON-CASH INVESTING AND FINANCING TRANSACTION<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Forgiveness of related party payable<\/span><\/p>\n<\/td>\n

<\/td>\n\n

$<\/span><\/p>\n<\/td>\n

\n

140,000<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

$<\/span><\/p>\n<\/td>\n

\n

–<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Supplemental Cash Flow Information:<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Cash paid for interest<\/span><\/p>\n<\/td>\n

<\/td>\n\n

$<\/span><\/p>\n<\/td>\n

\n

–<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

$<\/span><\/p>\n<\/td>\n

\n

–<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

Cash paid for taxes<\/span><\/p>\n<\/td>\n

<\/td>\n\n

$<\/span><\/p>\n<\/td>\n

\n

480,528<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

$<\/span><\/p>\n<\/td>\n

\n

1,162,556<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n

\"Cision\" View original content:https:\/\/www.prnewswire.com\/news-releases\/wetrade-group-inc-reports-fiscal-year-2021-financial-results-301528228.html<\/a><\/p>\n<\/p><\/div>\n

Source: WeTrade Group Inc.<\/p>\n","protected":false},"excerpt":{"rendered":"

BEIJING, April 20, 2022 \/PRNewswire\/ — WeTrade Group Inc. (“Wetrade” or the “Company”) (US: WETG), an emerging growth company engaged in the business of providing software-as-a-services (SaaS) and cloud intelligent systems for micro-businesses, today reports its financial results for fiscal year 2021 ended December 31, 2021. Mr. Pijun Liu, Chief Executive Officer of Wetrade, commented, “2021 […]<\/p>\n","protected":false},"author":8,"featured_media":8405,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[20],"tags":[],"class_list":["post-8404","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news"],"yoast_head":"\nWeTrade Group Inc. Reports Fiscal Year 2021 Financial Results - My Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/transmediavictoria.net.au\/?p=8404\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"WeTrade Group Inc. Reports Fiscal Year 2021 Financial Results - My Blog\" \/>\n<meta property=\"og:description\" content=\"BEIJING, April 20, 2022 \/PRNewswire\/ — WeTrade Group Inc. (“Wetrade” or the “Company”) (US: WETG), an emerging growth company engaged in the business of providing software-as-a-services (SaaS) and cloud intelligent systems for micro-businesses, today reports its financial results for fiscal year 2021 ended December 31, 2021. 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