WEWARDS, INC. Files Q1 2024 10-Q

TL;DR

WEWARDS, INC. 10-Q filed for Q1 ending Aug 31, 2024. Formerly Betafox Corp.

AI Summary

WEWARDS, INC. filed its 10-Q for the period ending August 31, 2024. The company, formerly known as Betafox Corp., Global Entertainment Clubs, Inc., and FUTURE WORLD GROUP, INC., is based in Las Vegas, Nevada. The filing covers the first quarter of their fiscal year, which ends on May 31st.

Why It Matters

This filing provides investors with an update on WEWARDS, INC.'s financial performance and operational status for the first quarter of their fiscal year.

Risk Assessment

Risk Level: low — This is a standard quarterly filing with no immediate red flags or significant new information presented.

Key Players & Entities

• WEWARDS, INC. (company) — Filer of the 10-Q
• 20240831 (date) — End of reporting period
• 20241015 (date) — Filing date
• Betafox Corp. (company) — Former company name
• Global Entertainment Clubs, Inc. (company) — Former company name
• FUTURE WORLD GROUP, INC. (company) — Former company name
• 702-944-5599 (phone_number) — Business phone number

FAQ

Filing Documents

• wewa_10q-083124.htm (10-Q) — 360KB
• ex31x1.htm (EX-31.1) — 9KB
• ex32x1.htm (EX-32.1) — 3KB
• 0001079973-24-001405.txt ( ) — 2294KB
• wewa-20240831.xsd (EX-101.SCH) — 17KB
• wewa-20240831_cal.xml (EX-101.CAL) — 23KB
• wewa-20240831_def.xml (EX-101.DEF) — 45KB
• wewa-20240831_lab.xml (EX-101.LAB) — 184KB
• wewa-20240831_pre.xml (EX-101.PRE) — 149KB
• wewa_10q-083124_htm.xml (XML) — 237KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION 1 ITEM 1.

FINANCIAL STATEMENTS (Unaudited)

FINANCIAL STATEMENTS (Unaudited) 1 Condensed Balance Sheets as of August 31, 2024 (Unaudited) and May 31, 2024 1 Condensed Statements of Operations for the Three Months Ended August 31, 2024 and 2023 (Unaudited) 2 Condensed Statements of Changes in Stockholders' Equity (Deficit) for the Three Months Ended August 31, 2024 and 2023 (Unaudited) 3 Condensed Statements of Cash Flows for the Three Months Ended August 31, 2024 and 2023 (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 19 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 August 31, May 31, 2024 2024 ASSETS (Unaudited) Current assets: Cash $ 741,560 $ 764,205 Prepaid expense 187 487 Total current assets 741,747 764,692 Total assets $ 741,747 $ 764,692 LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) Current liabilities: Accounts payable $ 4,050 $ 100 Accrued expenses 875 — Accrued interest, related parties 3,653,235 3,520,906 Total current liabilities 3,658,160 3,521,006 Long term liabilities: Convertible notes payable, related party 10,500,000 10,500,000 Total liabilities 14,158,160 14,021,006 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 ( 18,685,428 ) ( 18,525,329 ) Total stockholders' equity (deficit) ( 13,416,413 ) ( 13,256,314 ) Total liabilities and stockholders' equity (deficit) $ 741,747 $ 764,692 See accompanying notes to financial statements. 1 WEWARDS, INC. CONDENSED STATEMENTS OF OPERATIONS (Unaudited) For the Three Months Ended August 31, 2024 2023 Revenue, related party $ — $ — Operating expenses: General and administrative 1,540 765 Rent expense 75 45,000 Professional fees 31,075 28,787 Total operating expenses 32,690 74,552 Operating loss ( 32,690 ) ( 74,552 ) Other income (expense): Interest expense, related party ( 132,329 ) ( 132,329 ) Interest income 4,920 6,048 Total other income (expense) ( 127,409 ) ( 126,281 ) Net loss $ ( 160,099 ) $ ( 200,833 ) Weighted average number of common shares outstanding - basic and fully diluted 107,483,450 107,483,450 Net loss per share - basic and fully dilute

View Full Filing

View this 10-Q filing on SEC EDGAR