WEWARDS, INC. Files 10-Q for Period Ending November 30, 2023

TL;DR

<b>WEWARDS, INC. (WEWA) filed its quarterly report (10-Q) for the period ending November 30, 2023, detailing its financial performance and operational status.</b>

AI Summary

WEWARDS, INC. (WEWA) filed a Quarterly Report (10-Q) with the SEC on January 16, 2024. WEWARDS, INC. filed a 10-Q report for the period ending November 30, 2023. The filing covers the second quarter of fiscal year 2024. The company's fiscal year ends on May 31st. WEWARDS, INC. was formerly known as GLOBAL ENTERTAINMENT CLUBS, INC., FUTURE WORLD GROUP, INC., and Betafox Corp. The company is incorporated in Nevada and its business address is in Las Vegas, NV.

Why It Matters

For investors and stakeholders tracking WEWARDS, INC., this filing contains several important signals. This 10-Q filing provides investors with an updated view of WEWARDS, INC.'s financial health and operational progress for the second quarter of fiscal year 2024. Understanding the company's performance in this period is crucial for assessing its trajectory and making informed investment decisions regarding WEWA.

Risk Assessment

Risk Level: low — WEWARDS, INC. shows low risk based on this filing. The filing is a standard 10-Q, which is a routine quarterly report and does not contain significant new information that would drastically alter the risk profile.

Analyst Insight

Monitor future filings for revenue growth and profitability trends to assess the company's market position and operational efficiency.

Key Numbers

• 2023-11-30 — Period End Date (10-Q Filing)
• 2024-01-16 — Filing Date (10-Q Filing)
• 0531 — Fiscal Year End (Company Information)
• 7370 — SIC Code (Company Information)

Key Players & Entities

• WEWARDS, INC. (company) — Filer
• WEWA (company) — Ticker Symbol
• GLOBAL ENTERTAINMENT CLUBS, INC. (company) — Former Company Name
• FUTURE WORLD GROUP, INC. (company) — Former Company Name
• Betafox Corp. (company) — Former Company Name
• 2023-11-30 (date) — Period of Report
• 2024-01-16 (date) — Filing Date
• Nevada (location) — State of Incorporation

Forward-Looking Statements

• WEWARDS, INC. will continue to operate under its current name for the foreseeable future. (WEWARDS, INC.) — medium confidence, target: 2025-01-16

FAQ

Industry Context

WEWARDS, INC. operates within the Services-Computer Programming, Data Processing, etc. industry, as indicated by its SIC code 7370.

Regulatory Implications

The filing is a standard 10-Q, adhering to the regulations set forth by the Securities and Exchange Commission (SEC) for quarterly financial reporting.

What Investors Should Do

1. Review the full 10-Q document for detailed financial statements and management discussion.
2. Analyze any disclosed risk factors or legal proceedings for potential impacts on the company.
3. Compare the reported period's performance against previous quarters and the same period last year.

Key Dates

• 2023-11-30: Period End Date — End of the reporting period for the 10-Q filing.
• 2024-01-16: Filing Date — Date the 10-Q report was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial 10-Q filing for the period ending November 30, 2023, and no prior period data for comparison is available within this specific filing.

Filing Documents

• wewa_10q.htm (10-Q) — 499KB
• ex31x1.htm (EX-31.1) — 9KB
• ex32x1.htm (EX-32.1) — 3KB
• 0001079973-24-000068.txt (&nbsp;) — 2269KB
• wewa-20231130.xsd (EX-101.SCH) — 18KB
• wewa-20231130_cal.xml (EX-101.CAL) — 24KB
• wewa-20231130_def.xml (EX-101.DEF) — 43KB
• wewa-20231130_lab.xml (EX-101.LAB) — 137KB
• wewa-20231130_pre.xml (EX-101.PRE) — 115KB
• wewa_10q_htm.xml (XML) — 248KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION ITEM 1.

FINANCIAL STATEMENTS (Unaudited)

FINANCIAL STATEMENTS (Unaudited) 1 Condensed Balance Sheets as of November 30, 2023 (Unaudited) and May 31, 2023 1 Condensed Statements of Operations for the Three and Six Months Ended November 30, 2023 and 2022 (Unaudited) 2 Condensed Statements of Changes in Stockholders' Equity (Deficit) for the Three and Six Months Ended November 30, 2023 and 2022 (Unaudited) 3 Condensed Statements of Cash Flows for the Six Months Ended November 30, 2023 and 2022 (Unaudited) 4 Notes to the Condensed Financial Statements (Unaudited) 5 ITEM 2.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 13 ITEM 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 18 ITEM 4.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 18

- OTHER INFORMATION

PART II - OTHER INFORMATION ITEM 1.

Legal Proceedings

Legal Proceedings 19 ITEM 1A.

RISK FACTORS

RISK FACTORS 19 ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 19 ITEM 3. DEFAULTS UPON SENIOR SECURITIES 19 ITEM 4. MINE SAFETY DISCLOSURES 19 ITEM 5. OTHER INFORMATION 19 ITEM 6. EXHIBITS 19

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS WEWARDS, INC. CONDENSED BALANCE SHEETS November 30, May 31, 2023 2023 ASSETS (Unaudited) Current assets: Cash $ 780,173 $ 889,405 Prepaid expense 2,475 587 Total current assets 782,648 889,992 Total assets $ 782,648 $ 889,992 LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) Current liabilities: Accounts payable $ 100 $ 100 Accrued interest, related parties 3,257,686 2,994,467 Current maturities of convertible notes payable, related party 10,500,000 2,500,000 Total current liabilities 13,757,786 5,494,567 Long term liabilities: Convertible notes payable, related party, net of current maturities — 8,000,000 Total liabilities 13,757,786 13,494,567 Commitments and contingencies — — Stockholders' equity (deficit): Preferred stock, $ 0.001 par value, 50,000,000 shares authorized, no shares issued and outstanding — — Common stock, $ 0.001 par value, 500,000,000 shares authorized, 107,483,450 issued and outstanding 107,483 107,483 Additional paid in capital 5,161,532 5,161,532 Accumulated deficit ( 18,244,153 ) ( 17,873,590 ) Total stockholders' equity (deficit) ( 12,975,138 ) ( 12,604,575 ) Total liabilities and stockholders' equity (deficit) $ 782,648 $ 889,992 See accompanying notes to financial statements. 1 WEWARDS, INC. CONDENSED STATEMENTS OF OPERATIONS (Unaudited) For the Three Months Ended For the Six Months Ended November 30, November 30, 2023 2022 2023 2022 Revenue, related party $ — $ — $ — $ — Operating expenses: General and administrative 2,782 662 3,547 1,380 Rent expense 30,000 45,000 75,000 90,000 Professional fees 10,850 10,337 39,637 39,007 Total operating expenses 43,632 55,999 118,184 130,387 Operating loss ( 43,632 ) ( 55,999 ) ( 118,184 ) ( 130,387 ) Other income (expense): Interest expense, related party ( 130,890 ) ( 130,890 ) ( 263,219 ) ( 263,219 ) Interest income

View Full Filing

View this 10-Q filing on SEC EDGAR