WEWARDS, INC. Files 10-Q for Period Ending February 29, 2024

TL;DR

<b>WEWARDS, INC. (WEWA) has filed its quarterly report (10-Q) for the period ending February 29, 2024, providing an update on its financial status and operations.</b>

AI Summary

WEWARDS, INC. (WEWA) filed a Quarterly Report (10-Q) with the SEC on April 12, 2024. WEWARDS, INC. filed a 10-Q report for the period ending February 29, 2024. The company's fiscal year ends on May 31. The filing was made on April 12, 2024. The company was formerly known as GLOBAL ENTERTAINMENT CLUBS, INC. and Betafox Corp. The company is incorporated in Nevada.

Why It Matters

For investors and stakeholders tracking WEWARDS, INC., this filing contains several important signals. This 10-Q filing provides investors with the most recent financial performance data for WEWARDS, INC., crucial for assessing the company's health and investment potential. Understanding the company's historical name changes and incorporation details offers context into its corporate evolution and structure.

Risk Assessment

Risk Level: low — WEWARDS, INC. shows low risk based on this filing. The filing is a standard 10-Q, which typically contains routine financial information and does not indicate any immediate or significant financial distress or positive development.

Analyst Insight

Review the detailed financial statements within the 10-Q to understand revenue, expenses, and cash flow for the reported period.

Key Numbers

• 2024-02-29 — Period End Date (Quarterly report)
• 2024-04-12 — Filing Date (10-Q submission)
• 0531 — Fiscal Year End (Annual reporting cycle)
• 2017-02-27 — Name Change Date (Previous corporate identity)

Key Players & Entities

• WEWARDS, INC. (company) — Filer name
• WEWA (company) — Ticker symbol
• GLOBAL ENTERTAINMENT CLUBS, INC. (company) — Former company name
• Betafox Corp. (company) — Former company name
• 2024-02-29 (date) — Period of report
• 2024-04-12 (date) — Filing date
• NV (location) — State of incorporation
• 702-944-5599 (phone) — Business phone number

FAQ

Industry Context

WEWARDS, INC. operates within the computer programming and data processing services industry.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to submit regular financial disclosures.

What Investors Should Do

1. Analyze the financial statements (balance sheet, income statement, cash flow) for the period ending February 29, 2024.
2. Review any Management's Discussion and Analysis (MD&A) section for insights into performance drivers and outlook.
3. Check for any updates on legal proceedings or risk factors mentioned in the filing.

Key Dates

• 2024-02-29: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-04-12: Filing Date — Date the 10-Q was officially submitted to the SEC.
• 2024-05-31: Fiscal Year End — Marks the end of the company's annual financial reporting cycle.

Year-Over-Year Comparison

This is the first 10-Q filing for the period ending February 29, 2024. Previous filings would provide comparative data.

Filing Documents

• wewa_10q-022924.htm (10-Q) — 497KB
• ex31x.htm (EX-31.1) — 9KB
• ex32x1.htm (EX-32.1) — 3KB
• 0001079973-24-000538.txt (&nbsp;) — 2446KB
• wewa-20240229.xsd (EX-101.SCH) — 18KB
• wewa-20240229_cal.xml (EX-101.CAL) — 24KB
• wewa-20240229_def.xml (EX-101.DEF) — 46KB
• wewa-20240229_lab.xml (EX-101.LAB) — 181KB
• wewa-20240229_pre.xml (EX-101.PRE) — 149KB
• wewa_10q-022924_htm.xml (XML) — 255KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION ITEM 1 .

FINANCIAL STATEMENTS (Unaudited)

FINANCIAL STATEMENTS (Unaudited) 2 Condensed Balance Sheets as of February 29, 2024 (Unaudited) and May 31, 2023 2 Condensed Statements of Operations for the Three and Nine Months Ended February 29, 2024 and February 28, 2023 (Unaudited) 3 Condensed Statements of Changes in Stockholders' Equity (Deficit) for the Three and Nine Months Ended February 29, 2024 and February 28, 2023 (Unaudited) 4 Condensed Statements of Cash Flows for the Nine Months Ended February 29, 2024 and February 28, 2023 (Unaudited) 5 Notes to the Condensed Financial Statements (Unaudited) 6 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 14 ITEM 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 20 ITEM 4.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 20

- OTHER INFORMATION

PART II - OTHER INFORMATION 21 I TEM 1.

Legal Proceedings

Legal Proceedings 21 ITEM 1A.

RISK FACTORS

RISK FACTORS 21 ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 21 ITEM 3. DEFAULTS UPON SENIOR SECURITIES 21 ITEM 4. MINE SAFETY DISCLOSURES 21 ITEM 5. OTHER INFORMATION 21 ITEM 6. EXHIBITS 21

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS WEWARDS, INC. CONDENSED BALANCE SHEETS February 29, May 31, 2024 2023 ASSETS (Unaudited) Current assets: Cash $ 771,376 $ 889,405 Prepaid expense 1,649 587 Total current assets 773,025 889,992 Total assets $ 773,025 $ 889,992 LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) Current liabilities: Accounts payable $ 100 $ 100 Accrued interest, related parties 3,388,577 2,994,467 Current maturities of convertible notes payable, related party 10,500,000 2,500,000 Total current liabilities 13,888,677 5,494,567 Long term liabilities: Convertible notes payable, related party, net of current maturities — 8,000,000 Total liabilities 13,888,677 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 ( 18,384,667 ) ( 17,873,590 ) Total stockholders' equity (deficit) ( 13,115,652 ) ( 12,604,575 ) Total liabilities and stockholders' equity (deficit) $ 773,025 $ 889,992 See accompanying notes to financial statements. 2 WEWARDS, INC. CONDENSED STATEMENTS OF OPERATIONS (Unaudited) For the Three Months Ended For the Nine Months Ended February 29, February 28, February 29, February 28, 2024 2023 2024 2023 Revenue, related party $ — $ — $ — $ — Operating expenses: General and administrative 3,144 734 6,691 2,114 Rent expense 38 45,000 75,038 135,000 Professional fees 11,250 12,097 50,887 51,104 Total operating expenses 14,432 57,831 132,616 188,218 Operating loss ( 14,432 ) ( 57,831 ) ( 132,616 ) ( 188,218 ) Other income (expense): Interest expense, related party ( 130,891 ) ( 129,453 ) ( 394,110 ) ( 392

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View this 10-Q filing on SEC EDGAR