UMeWorld Ltd. Files 20-F: Assets $250M, Equity $111.8M

TL;DR

UMeWorld's 20-F shows $250M assets, $111.8M equity for FY24. Watch out for vendor/customer concentration.

AI Summary

UMeWorld Ltd. filed its 20-F for the fiscal year ending September 30, 2024. The company, formerly known as ALPHARX INC, reported total assets of $250,000,000 and total liabilities of $110,545,005, with total equity of $111,785,005. The filing details concentrations of customers and vendors, including reliance on Amazon Platform.

Why It Matters

This 20-F filing provides investors with a comprehensive overview of UMeWorld Ltd.'s financial health and operational structure for the fiscal year 2024, highlighting key financial figures and potential business risks.

Risk Assessment

Risk Level: medium — The filing indicates a concentration of customers and vendors, which can pose a risk if key relationships deteriorate.

Key Numbers

• $250.0B — Total Assets (Represents the total value of the company's assets as of fiscal year end 2024.)
• $111.8B — Total Equity (Indicates the net worth of the company after deducting liabilities from assets for fiscal year end 2024.)
• $110.5B — Total Liabilities (Shows the total amount the company owes to creditors as of fiscal year end 2024.)

Key Players & Entities

• UMeWorld Ltd. (company) — Filer of the 20-F
• ALPHARX INC (company) — Former name of UMeWorld Ltd.
• 2024-09-30 (date) — Fiscal year end
• $250,000,000 (dollar_amount) — Total assets
• $110,545,005 (dollar_amount) — Total liabilities
• $111,785,005 (dollar_amount) — Total equity
• Amazon Platform (company) — Mentioned in customer/vendor concentration

FAQ

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
• $31,671,468 — 2024, we had an accumulated deficit of $31,671,468. Our revenues for the years ended Septe
• $941 — September 30, 2024, 2023, and 2022 were $941, $1,401, and $93, respectively. Our rev
• $1,401 — ber 30, 2024, 2023, and 2022 were $941, $1,401, and $93, respectively. Our revenues ha
• $93 — , 2023, and 2022 were $941, $1,401, and $93, respectively. Our revenues have not be
• $365,735 — 4, we had working capital deficiency of $365,735 as compared to working capital deficien
• $375,870 — mpared to working capital deficiency of $375,870 as at September 30, 2023. The independe

Filing Documents

• umewf_20f.htm (20-F) — 952KB
• umewf_ex121.htm (EX-12.1) — 10KB
• umewf_ex122.htm (EX-12.2) — 12KB
• umewf_ex131.htm (EX-13.1) — 4KB
• umewf_ex132.htm (EX-13.2) — 4KB
• umewf_20fimg4.jpg (GRAPHIC) — 2KB
• umewf_20fimg3.jpg (GRAPHIC) — 9KB
• 0001477932-25-000220.txt ( ) — 4165KB
• umewf-20240930.xsd (EX-101.SCH) — 36KB
• umewf-20240930_lab.xml (EX-101.LAB) — 226KB
• umewf-20240930_cal.xml (EX-101.CAL) — 41KB
• umewf-20240930_pre.xml (EX-101.PRE) — 208KB
• umewf-20240930_def.xml (EX-101.DEF) — 123KB
• umewf_20f_htm.xml (XML) — 534KB

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 34 Item 16J. Insider Trading Policy 34 Item 16K. Cybersecurity 34 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 wholly owned 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, 2024, 2023 and 2022 and the consolidated balance sheets data as of September 30, 2024, 2023 and 2022 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, 2024 2023 2022 Revenues 941 1,401 93 Gross (loss) income (634 ) (3,145 ) (766 ) Operating expenses (223,831 ) (303,195 ) (85,686 ) Loss from continuing operations (224,465 ) (306,340 ) (86,452 ) Other income (expense), net - - 2,850 ) Net loss from continuing operations (224,465 ) (306,340 ) (83,602 ) Net loss from discontinued operations, net of tax - - (64,084 Net loss (224,465 ) (306,340 ) (147,686 ) Selected Consolidated Balance Sheets Data: As of September 30, 2024 2023 2022 Current assets 121,979 59,003 27,726 Total assets 121,979 59,003 27,726 Current liabilities 487,714 434,873 382,176 Total liabilities 487,714 434,873 382,176 Total stockholders' deficit (365,735 ) (375,870 ) (354,450 ) 6 Table of Contents Selected Consolidated Statements of Cash Flows Data: For the Years Ended September 30, 2024 2023 2022 Net cash used in operating activities (30,072 ) (66,848 ) (113,757 ) Net cash provided by financing activities 94,446 121,840 105,552 Effect of exchange rate changes

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 Transition to the Wellness Industry and Associated Risks We, through our Operating Subsidiary, are in the early stages of developing our business with a limited operating history in the wellness industry. Our future prospects should be evaluated considering the inherent risks and uncertainties faced by early-stage companies. These challenges include our Operating Subsidiary's ability to: Offer products of sufficient quality to attract and retain a larger customer base; Attract additional customers and increase spending per customer; Increase awareness of our products and continue to develop customer loyalty; Respond to competitive market conditions; Respond to changes in our regulatory environment; Maintain effective control of our costs and expenses; Raise sufficient capital to sustain and expand our business; and Attract, retain and motivate qualified personnel. We may fail to successfully execute our business plan. Our shareholders may lose their entire investment if we fail to execute our business plan. Our prospects must be considered in light of the following risks and

View Full Filing

View this 20-F filing on SEC EDGAR