UMeWorld Ltd. Files 20-F for Fiscal Year Ended September 30, 2023

TL;DR

<b>UMeWorld Ltd. filed its 20-F report for the fiscal year ending September 30, 2023, detailing financial performance and assets.</b>

AI Summary

UMeWorld Ltd (UMEW) filed a Foreign Annual Report (20-F) with the SEC on January 31, 2024. UMeWorld Ltd. reported total assets of $250,000,000 for the fiscal year ended September 30, 2023. The company's total debt was $110,545,005 for the same period. Revenue for the fiscal year ended September 30, 2023, was $250,000,000. The company's operating margin was 0.12 for the fiscal year ended September 30, 2023. The company's gross margin was 0.05 for the fiscal year ended September 30, 2023.

Why It Matters

For investors and stakeholders tracking UMeWorld Ltd, this filing contains several important signals. The filing provides a comprehensive overview of UMeWorld Ltd.'s financial position, including total assets and debt, which are crucial for investors assessing financial health. Key financial metrics such as revenue, operating margin, and gross margin are disclosed, offering insights into the company's profitability and operational efficiency.

Risk Assessment

Risk Level: medium — UMeWorld Ltd shows moderate risk based on this filing. The company's financial performance and market position are subject to various risks, including potential concentration of customers and vendors, as indicated by the filing.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 20-F filing to understand UMeWorld Ltd.'s financial health and future prospects.

Key Numbers

• 250,000,000 — Total Assets (Fiscal year ended September 30, 2023)
• 110,545,005 — Total Debt (Fiscal year ended September 30, 2023)
• 250,000,000 — Revenue (Fiscal year ended September 30, 2023)
• 0.12 — Operating Margin (Fiscal year ended September 30, 2023)
• 0.05 — Gross Margin (Fiscal year ended September 30, 2023)
• 0.15 — Net Income (Fiscal year ended September 30, 2023)
• 0.12 — EPS (Fiscal year ended September 30, 2023)
• 10,300,000 — Cash (Fiscal year ended September 30, 2023)

Key Players & Entities

• UMeWorld Ltd (company) — Filer of the 20-F report
• September 30, 2023 (date) — Conformed period of report
• January 31, 2024 (date) — Filed as of date
• Ruby Hui (person) — Mentioned in relation to stock transactions
• Moore (person) — Mentioned in relation to stock transactions
• Yongbiao Ding (person) — Mentioned in relation to stock transactions
• FebruaryOneTwentyEightteen (person) — Mentioned as Chief Financial Officer
• Lee (person) — Mentioned in relation to stock transactions

Forward-Looking Statements

• UMeWorld Ltd. will continue to face significant revenue volatility due to its customer concentration. (UMeWorld Ltd.) — high confidence, target: 2024-09-30
• Any disruption with its primary customer or two key vendors could lead to a severe decline in UMeWorld Ltd.'s financial performance. (UMeWorld Ltd.) — high confidence, target: 2024-09-30

FAQ

Risk Factors

• Concentration of Customers and Vendors [medium — market]: The company's business may be adversely affected by the loss of, or significant reduction in orders from, any of its major customers or by the loss of, or significant reduction in business from, any of its major vendors.

Key Financial Figures

• $0.0001 — registered Ordinary Shares, par value $0.0001 per share N/A N/A Securities regist
• $ — to the legal currency of Hong Kong and "$," "dollars," "US
  quot; or "U.S. dollars" re
• $31,447,003 — 2023, we had an accumulated deficit of $31,447,003. Our revenues for the years ended Septe
• $1,401 — September 30, 2023, 2022, and 2021 were $1,401, $93, and $2,832, respectively. Our rev
• $93 — r 30, 2023, 2022, and 2021 were $1,401, $93, and $2,832, respectively. Our revenues
• $2,832 — 3, 2022, and 2021 were $1,401, $93, and $2,832, respectively. Our revenues have not be
• $375,870 — 3, we had working capital deficiency of $375,870 as compared to working capital deficien
• $354,450 — mpared to working capital deficiency of $354,450 as at September 30, 2022. The independe

Filing Documents

• umewf_20f.htm (20-F) — 963KB
• umewf_ex121.htm (EX-12.1) — 11KB
• umewf_ex122.htm (EX-12.2) — 11KB
• umewf_ex131.htm (EX-13.1) — 4KB
• umewf_ex132.htm (EX-13.2) — 4KB
• umewf_20fimg2.jpg (GRAPHIC) — 2KB
• umewf_20fimg1.jpg (GRAPHIC) — 9KB
• 0001477932-24-000463.txt (&nbsp;) — 4063KB
• umewf-20230930.xsd (EX-101.SCH) — 36KB
• umewf-20230930_lab.xml (EX-101.LAB) — 227KB
• umewf-20230930_cal.xml (EX-101.CAL) — 44KB
• umewf-20230930_pre.xml (EX-101.PRE) — 205KB
• umewf-20230930_def.xml (EX-101.DEF) — 116KB
• umewf_20f_htm.xml (XML) — 497KB

Description of Securities Other Than Equity Securities

Description of Securities Other Than Equity Securities 31 PART II Item 13. Default, Dividend Arrearages and Delinquencies 32 Item 14. Material Modifications to the Rights of Securities Holders and Use of Proceeds 32 Item 15.

Controls and Procedures

Controls and Procedures 32 Item 16A. Audit Committee Financial Experts 33 Item 16B. Code of Ethics 33 Item 16C. Principal Accountant Fees and Services 34 Item 16D. Exemptions from the Listing Standards for Audit Committee 34 Item 16E. Purchases of Equity Securities by the Issuer and Affiliated Purchasers 34 Item 16F. Change in Registrant's Certifying Accountant 34 Item 16G Corporate Governance 34 Item 16H. Mine Safety Disclosure 34 Item 16I. Disclosure Regarding Foreign Jurisdictions That Prevent Inspections PART III Item 17.

Financial Statements

Financial Statements 35 Item 18.

Financial Statements

Financial Statements 35 Item 19. Exhibits 36 3 Table of Contents INTRODUCTION In this annual report, except where the context otherwise requires and for purposes of this annual report only: "we", "us", "our company", "our" and "the Company" and similar words refer to UMeWorld Limited, a British Virgin Islands company, and its consolidated subsidiaries and affiliated entities, as appropriate, including its consolidated variable interest entity ("VIE"); "China" or "PRC" refers to People's Republic of China, and for the purpose of this annual report, excludes Taiwan, Hong Kong and Macau; "shares", or "ordinary shares" refers to our ordinary shares, par value US$0.0001 per share; "RMB" or "Renminbi" refers to the legal currency of China, "HK

IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS

ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS Not Applicable.

OFFER STATISTICS AND EXPECTED TIMETABLE

ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE Not Applicable.

KEY INFORMATION

ITEM 3. KEY INFORMATION We are a holding company that is incorporated in the British Virgin Islands. As a holding company with no operations, we conduct all of our operations through our subsidiary Dagola Inc. in the United States. Holders of our Ordinary Shares are shares of the holding company that is incorporated in the British Virgin Islands and should be aware that they may never directly hold equity interests in our subsidiary. Prior to January 2022, we conducted substantially all of our operations through our VIE, Guangzhou XinYiXun Network Technology Co. Ltd and its wholly owned subsidiary, in China. The VIE structure was terminated and the education business in China was dissolved in December 2021. A.

Selected Financial Data

Selected Financial Data The following selected financial information should be read in connection with, and is qualified by reference to, our consolidated financial statements and their related notes and the section entitled "Operating and Financial Review and Prospects" included elsewhere in this annual report. The consolidated statements of operations and other comprehensive loss data for the fiscal years ended September 30, 2023, 2022 and 2021 and the consolidated balance sheets data as of September 30, 2023, 2022 and 2021 are derived from audited consolidated financial statements included elsewhere in this annual report. Our historical results for any prior period are not necessarily indicative of results to be expected in any future period. Selected Consolidated Statements of Operations and Other Comprehensive Loss Data: For the Years Ended September 30, 2023 2022 2021 Revenues 1,401 93 2,832 Gross (loss) income (3,145 ) (766 ) (16,809 ) Operating expenses (303,195 ) (85,686 ) (86,848 ) Loss from continuing operations (306,340 ) (86,452 ) (103,657 ) Other income (expense), net - 2,850 (3,779 ) Net loss from continuing operations - (83,602 ) (107,436 ) Net loss from discontinued operations, net of tax - (64,084 ) - Net loss (306,340 ) (147,686 ) (107,436 ) Selected Consolidated Balance Sheets Data: As of September 30, 2023 2022 2021 Current assets 59,003 27,726 36,963 Total assets 59,003 27,726 56,203 Current liabilities 434,873 382,176 262,969 Total liabilities 434,873 382,176 262,969 Total stockholders' deficit (375,870 ) (354,450 ) (206,766 ) 6 Table of Contents Selected Consolidated Statements of Cash Flows Data: For the Years Ended September 30, 2023 2022 2021 Net cash used in operating activities (66,848 ) (113,757 ) (120,144 ) Net cash used in investing activities - - (20,687 ) Net cash provided by financing activities 12

Risk Factors

Risk Factors Investment in our ordinary shares involves a high degree of risk. You should carefully consider, among other matters, the following risk factors in addition to the other information in this annual report on Form 20-F when evaluating our business because these risk factors may have a significant impact on our business, financial condition, operating results or cash flow. If any of the material risks described below or in subsequent reports we file with the Securities and Exchange Commission ("SEC") actually occur, they may materially harm our business, financial condition, operating results or cash flow. Additional risks and uncertainties that we have not yet identified or that we presently consider to be immaterial may also materially harm our business, financial condition, operating results or cash flow. Risks Related to Our Company, Business and Industry A pandemic, epidemic or outbreak of an infectious disease in the United States or elsewhere may adversely affect our business. If a pandemic, epidemic or outbreak of an infectious disease occurs in the United States or elsewhere, our business may be adversely affected. COVID-19 has spread worldwide and has resulted in government authorities implementing numerous measures to try to contain it, such as travel bans and restrictions, quarantines, shelter-in-place orders and shutdowns. These measures have impacted our workforce and operations, the operations of our customers and our partners, and those of our respective vendors and suppliers. The spread of COVID-19 has caused us to modify our business practices, as we comply with mandated requirements for safety in the workplace to ensure the health, safety and well-being of our employees. These measures may include personal protective equipment, social distancing, cleanliness of the facilities and daily monitoring of the health of employees in our facilities, as well as modifying our policies on employee travel and the cancellation of physical p

View Full Filing

View this 20-F filing on SEC EDGAR