CHINESEWORLDNET COM INC Files 20-F for Fiscal Year Ended December 31, 2023

TL;DR

<b>CHINESEWORLDNET COM INC filed its 20-F report for FY2023, detailing financial data and corporate structure.</b>

AI Summary

CHINESEWORLDNET COM INC (CWNOF) filed a Foreign Annual Report (20-F) with the SEC on April 30, 2024. The company filed its annual 20-F report for the fiscal year ending December 31, 2023. The filing includes financial data for multiple years, including 2023, 2022, 2021, and 2020. Key financial components such as Retained Earnings, Additional Paid-In Capital, and Common Stock are detailed. Promissory notes, including non-interest-bearing ones, are referenced with specific dates. The filing lists various entities and their associated financial periods, such as Ningbo International Limited and CwnChina.

Why It Matters

For investors and stakeholders tracking CHINESEWORLDNET COM INC, this filing contains several important signals. This 20-F filing provides a comprehensive overview of CHINESEWORLDNET COM INC's financial position and activities for the fiscal year 2023, crucial for investors and stakeholders to assess performance and stability. The detailed breakdown of equity components and related party transactions offers insights into the company's capital structure and inter-company relationships, important for understanding financial health and potential risks.

Risk Assessment

Risk Level: low — CHINESEWORLDNET COM INC shows low risk based on this filing. The filing is a standard annual report (20-F) and does not contain immediate red flags or significant negative disclosures, indicating a routine compliance filing.

Analyst Insight

Review the detailed financial statements and notes within the 20-F filing to understand the company's financial health, equity structure, and any disclosed related-party transactions.

Key Numbers

• 10950000 — Common Stock Value (As of 2023-12-31)
• 10950000 — Retained Earnings Value (As of 2023-12-31)
• 10950000 — Additional Paid-In Capital Value (As of 2023-12-31)

Key Players & Entities

• CHINESEWORLDNET COM INC (company) — Filer of the 20-F report
• 2023-12-31 (date) — Fiscal year end
• Ningbo International Limited (company) — Associated entity with financial data
• CwnChina (company) — Associated entity with financial data
• NoninterestBearingPromissoryNotesMember (other) — Financial instrument mentioned
• StockHoldersAndDirectorsMember (other) — Category of stakeholders

FAQ

Risk Factors

• Financial Reporting [low — financial]: The company's financial statements and disclosures are presented in accordance with US GAAP, requiring adherence to specific accounting standards and reporting formats.

Key Dates

• 2024-04-30: Filing Date — Submission of the annual 20-F report for the fiscal year 2023
• 2023-12-31: Fiscal Year End — Period covered by the financial statements in the 20-F report

Glossary

20-F

An annual report required by the U.S. Securities and Exchange Commission (SEC) from foreign private issuers. (Provides comprehensive financial and operational information about the company for the fiscal year.)

Retained Earnings

The cumulative earnings of a company that have not been distributed to shareholders as dividends. (Indicates the company's historical profitability and its ability to reinvest earnings back into the business.)

Additional Paid-In Capital

The amount shareholders have paid for stock above its par or stated value. (Reflects capital raised from equity issuance beyond the nominal value of the shares.)

Key Financial Figures

• $0.001 — he Act. Common Shares, Par Value of US$0.001 Per Share (Title of Class) Securities
• $5.00 — market price (as defined) of less than $5.00 per share or an exercise price of less
• $5,000,000 — o institutions with assets in excess of $5,000,000 or individuals with a net worth in exce
• $1,000,000 — dividuals with a net worth in excess of $1,000,000 or annual income exceeding $200,000 or
• $200,000 — f $1,000,000 or annual income exceeding $200,000 or $300,000 jointly with their spouse.
• $300,000 — or annual income exceeding $200,000 or $300,000 jointly with their spouse. The penny st
• $0.01 — ommon shares at a subscription price of $0.01 per share to Silver Lake Investment Par
• $1.00 — ommon shares at a subscription price of $1.00 per share to Goldpac Investments Partne
• $400,000 — December 31, 2011, CWN HK paid cash of $400,000 which result of our financial interest
• $187,200 — 3, CWN HK further invested an amount of $187,200 to CWN China and the Company's effectiv
• $263,969 — ) in exchange for a cash payment of CDN$263,969 and a non-interest bearing promissory n
• $831,031 — sory note in the principal amount of CDN$831,031 with a maturity date of one year with t

Filing Documents

• cwnof-20231231x20f.htm (20-F) — 789KB
• cwnof-20231231xex12d1.htm (EX-12.1) — 13KB
• cwnof-20231231xex13d1.htm (EX-13.1) — 6KB
• cwnof-20231231x20f001.jpg (GRAPHIC) — 4KB
• cwnof-20231231x20f002.jpg (GRAPHIC) — 2KB
• 0001410578-24-000565.txt (&nbsp;) — 2373KB
• cwnof-20231231.xsd (EX-101.SCH) — 19KB
• cwnof-20231231_cal.xml (EX-101.CAL) — 17KB
• cwnof-20231231_def.xml (EX-101.DEF) — 59KB
• cwnof-20231231_lab.xml (EX-101.LAB) — 148KB
• cwnof-20231231_pre.xml (EX-101.PRE) — 117KB
• cwnof-20231231x20f_htm.xml (XML) — 171KB

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 16 ITEM 12.

DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES

DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES 16 Table of Contents PART II 17 ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES 17 ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS 17 ITEM 15.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 17 ITEM 16. [RESERVED] 18 ITEM 16A. AUDIT COMMITTEE FINANCIAL EXPERT 18 ITEM 16B. CODE OF ETHICS 18 ITEM 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES 18 ITEM 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES 19 ITEM 16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILAITED PURCHASERS 19 ITEM 16F. CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANT 19 ITEM 16G. CORPORATE GOVERNANCE 19 ITEM 16H. MINE SAFETY DISCLOSURE 19 PART III 20 ITEM 17.

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS 20 ITEM 18.

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS 20 ITEM 19. EXHIBITS 21 ii Table of Contents INTRODUCTION AND USE OF CERTAIN TERMS ChineseWorldNet.Com Inc. is a corporation incorporated under the Company Law (1998 revision) of the Cayman Islands on January 12, 2000. Except as the context otherwise requires, all references in this annual report (the " Report ") on Form 20-F to "we," "us," "our," "CWN," and the "Company" are to ChineseWorldNet.Com Inc. and, where applicable, our former subsidiaries, including NAI Interactive Ltd. ( "NAI" ), a company incorporated under the laws of British Columbia, ChineseWorldNet.com (Hong Kong) Ltd. ( "CWN HK" ), a company incorporated under the laws of Hong Kong, 85% owned interest in ChineseWorldNet.com (Shanghai) Ltd. ( "CWN China" ), a company incorporated under the laws of People's Republic of China, and 85% owned interest in Weihai Consulting Investment Ltd. (" Weihai "), a company incorporated under the laws of People's Republic of China. Our financial statements are prepared in accordance with the United States generally accepted accounting principles ( "US GAAP" ) and are presented in United States dollars ( "US dollars" ). All monetary amounts contained in this Report are in US dollars unless otherwise indicated. References to "Fiscal 2023" are to our fiscal year ended December 31, 2023, and other fiscal years of the Company are referred to in a corresponding manner. References to "Common Shares" are to our Common Shares, par value of US$0.001 per share. Our registered office and principal executive office is located at Appleby, Clifton House, 75 Fort Street, P.O. Box 190, Grand Cayman, Cayman Islands KY1-1104. CAUTIONARY NOTICE REGARDING FORWARD-LOOKING STATEMENTS This Report contains forward-looking statements that reflect the management's current expectations and assumptions with respect to the general economic and business conditions, our operation and business strategies, products, services and competition, future financial po

IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISORS

ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISORS This Report on Form 20-F is being filed as an annual report under the Securities Exchange Act of 1934 (the " Exchange Act ") and, as such, there is no requirement to provide any information under this item.

OFFER STATISTICS AND EXPECTED TIMETABLE

ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE This Report on Form 20-F is being filed as an annual report under the Exchange Act and, as such, there is no requirement to provide any information under this item.

KEY INFORMATION

ITEM 3. KEY INFORMATION A. Selected Financial Data The following table sets forth selected financial information from our financial statements prepared in accordance with US GAAP for our three most recently completed fiscal periods consisting of the years ended December 31, 2023, 2022 and 2021. The information have been extracted from our audited financial statements and the related notes included herein and should be read in conjunction with such in " Item 5 – Operating and Financial Review and Prospects" . Year Ended December 31 2023 2022 2021 Net loss for the year (61,991) (359,999) (40,955) Income (loss) per share – basic (0.01) (0.03) 0.00 Income (loss) per share – diluted (0.01) (0.03) 0.00 Weighted average common shares outstanding – basic 10,950,000 10,950,000 10,950,000 Weighted average common shares outstanding – diluted 10,950,000 10,950,000 10,950,000 Balance Sheets: Total assets $ 122,018 $ 227,020 $ 526,352 Total current liabilities 242,109 285,120 224,453 Total stockholders' equity (120,091) (58,100) 301,899 No dividends have been declared or paid in Fiscal 2023, Fiscal 2022, and Fiscal 2021. B. Capitalization and Indebtedness This Report on Form 20-F is being filed as an annual report under the Exchange Act and, as such, there is no requirement to provide any information under this item. C. Reasons for the Offer and Use of Proceeds This Report on Form 20-F is being filed as an annual report under the Exchange Act and, as such, there is no requirement to provide any information under this item. - 4 - Table of Contents D. Risk Factors The following discussion in this Report on Form 20-F contains forward-looking statements regarding our business, prospects and results of operations that involve risks and uncertainties. Our actual results may differ materially from the results that may be anticipated by such forward-looking statements and disc

INFORMATION ON THE COMPANY

ITEM 4. INFORMATION ON THE COMPANY A. History and Development of the Company ChineseWorldNet.Com Inc. was incorporated on January 12, 2000 under the Company Law (1998 revision) of the Cayman Islands. The address of our registered and principle executive office is that of our agent, Appleby, being: Clifton House, 75 Fort Street, P.O. Box 190, Grand Cayman, Cayman Islands KY1-1104, telephone number is (345) 949-4900. In August 2009, we incorporated CWN Capital Inc. (" CWN Capital ") under the BVI Business Companies Act, with a registered address at Morgan & Morgan Building, Pasea Estate, Road Town, Tortola, British Virgin Islands, focusing on capital markets businesses. CWN Capital provided a vehicle for expanding the scope of our businesses into the capital markets. On October 1, 2010, CWN Capital completed a non-brokered private placement and issued 25,000 of its common shares at a subscription price of $0.01 per share to Silver Lake Investment Partners, Ltd., resulted in CWN diluted down to a 50% ownership in CWN Capital. On December 18, 2010, CWN Capital completed another non-brokered private placement and issued 55,000 of its common shares at a subscription price of $1.00 per share to Goldpac Investments Partners Ltd., resulted in CWN a diluted down to 23.8% ownership in CWN Capital. As a result, we deconsolidated CWN Capital on December 18, 2010 and recorded our interest in CWN Capital as an equity interest. Silver Lake Investment Partners, Ltd. and Goldpac Investments Partners Ltd. were companies controlled by two directors of our company. - 6 - Table of Contents On September 8, 2009, CWN China funded and incorporated Weihai as a local entity for the purpose of carrying out certain business operations in the Greater China. Weihai has the same address as CWN China. Through CWN China, we had a 85% controlling interest in Weihai. On February 1, 2008, CWN HK and Shanghai Compass Venture Capital Investment Company Limited (" Shanghai Compass ") signed an Ag

UNRESOLVED STAFF COMMENTS

ITEM 4A. UNRESOLVED STAFF COMMENTS Not applicable.

OPERATING AND FINANCIAL REVIEW AND PROSPECTS

ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS This discussion and analysis is of our operating results and our financial position for the fiscal years ended December 31, 2023 and 2022 should be read in conjunction with the financial statemen

View Full Filing

View this 20-F filing on SEC EDGAR