WEWARDS, INC. Files 10-Q for Q2 FY2025
Ticker: WEWA · Form: 10-Q · Filed: Jan 14, 2025 · CIK: 1616156
| Field | Detail |
|---|---|
| Company | Wewards, Inc. (WEWA) |
| Form Type | 10-Q |
| Filed Date | Jan 14, 2025 |
| Risk Level | medium |
| Pages | 15 |
| Reading Time | 18 min |
| Sentiment | neutral |
Sentiment: neutral
Topics: 10-Q, financials, quarterly-report
TL;DR
WEWARDS, INC. 10-Q filed. Financials for Nov 30, 2024 quarter out.
AI Summary
WEWARDS, INC. filed a 10-Q for the period ending November 30, 2024. The company, formerly known as GLOBAL ENTERTAINMENT CLUBS, INC., is based in Las Vegas, NV. The filing covers financial information for the second quarter of fiscal year 2025.
Why It Matters
This filing provides investors with an update on WEWARDS, INC.'s financial performance and position as of November 30, 2024, crucial for understanding the company's current health.
Risk Assessment
Risk Level: medium — The filing is a standard quarterly report, but the company has a history of name changes, which can sometimes indicate restructuring or shifts in business focus.
Key Numbers
- 20241130 — Reporting Period End Date (Indicates the end of the financial quarter being reported.)
- 20250114 — Filing Date (Shows when the 10-Q was officially submitted to the SEC.)
Key Players & Entities
- WEWARDS, INC. (company) — Filer of the 10-Q
- November 30, 2024 (date) — End of the reporting period
- GLOBAL ENTERTAINMENT CLUBS, INC. (company) — Former name of WEWARDS, INC.
- Las Vegas, NV (location) — Company's business address
FAQ
What is the primary business of WEWARDS, INC.?
WEWARDS, INC. is classified under SERVICES-COMPUTER PROGRAMMING, DATA PROCESSING, ETC. [7370].
When did WEWARDS, INC. change its name from GLOBAL ENTERTAINMENT CLUBS, INC.?
The date of name change from GLOBAL ENTERTAINMENT CLUBS, INC. was February 27, 2017.
What is the fiscal year end for WEWARDS, INC.?
The fiscal year end for WEWARDS, INC. is May 31.
What is the SEC file number for WEWARDS, INC.?
The SEC file number for WEWARDS, INC. is 000-55957.
What is the business address of WEWARDS, INC.?
The business address is 2960 WEST SAHARA AVENUE, LAS VEGAS, NV 89102.
Filing Stats: 4,511 words · 18 min read · ~15 pages · Grade level 14.8 · Accepted 2025-01-14 17:19:31
Filing Documents
- wewa_10q-113024.htm (10-Q) — 458KB
- ex31x1.htm (EX-31.1) — 9KB
- ex32x1.htm (EX-32.1) — 3KB
- 0001079973-25-000076.txt ( ) — 2416KB
- wewa-20241130.xsd (EX-101.SCH) — 17KB
- wewa-20241130_cal.xml (EX-101.CAL) — 22KB
- wewa-20241130_def.xml (EX-101.DEF) — 45KB
- wewa-20241130_lab.xml (EX-101.LAB) — 182KB
- wewa-20241130_pre.xml (EX-101.PRE) — 147KB
- wewa_10q-113024_htm.xml (XML) — 256KB
- FINANCIAL INFORMATION
PART I - FINANCIAL INFORMATION ITEM 1.
FINANCIAL STATEMENTS (Unaudited)
FINANCIAL STATEMENTS (Unaudited) 1 Condensed Balance Sheets as of November 30, 2024 (Unaudited) and May 31, 2024 1 Condensed Statements of Operations for the Three and Six Months Ended November 30, 2024 and 2023 (Unaudited) 2 Condensed Statements of Changes in Stockholders' Equity (Deficit) for the Three and Six Months Ended November 30, 2024 and 2023 (Unaudited) 3 Condensed Statements of Cash Flows for the Six Months Ended November 30, 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 19 ITEM 4.
CONTROLS AND PROCEDURES
CONTROLS AND PROCEDURES 19
- OTHER INFORMATION
PART II - OTHER INFORMATION ITEM 1.
Legal Proceedings
Legal Proceedings 20 ITEM 1A.
RISK FACTORS
RISK FACTORS 20 ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 20 ITEM 3. DEFAULTS UPON SENIOR SECURITIES 20 ITEM 4. MINE SAFETY DISCLOSURES 20 ITEM 5. OTHER INFORMATION 20 ITEM 6. EXHIBITS 20
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION
FINANCIAL STATEMENTS
ITEM 1. FINANCIAL STATEMENTS WEWARDS, INC. CONDENSED BALANCE SHEETS November 30, May 31, 2024 2024 ASSETS (Unaudited) Current assets: Cash $ 725,817 $ 764,205 Prepaid expense 2,537 487 Total current assets 728,354 764,692 Total assets $ 728,354 $ 764,692 LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) Current liabilities: Accounts payable $ 100 $ 100 Accrued interest, related parties 3,784,125 3,520,906 Total current liabilities 3,784,225 3,521,006 Long term liabilities: Convertible notes payable, related party 10,500,000 10,500,000 Total liabilities 14,284,225 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 ( 18,824,886 ) ( 18,525,329 ) Total stockholders' equity (deficit) ( 13,555,871 ) ( 13,256,314 ) Total liabilities and stockholders' equity (deficit) $ 728,354 $ 764,692 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, 2024 2023 2024 2023 Revenue, related party $ — $ — $ — $ — Operating expenses: General and administrative 1,602 2,782 3,142 3,547 Rent expense 75 30,000 150 75,000 Professional fees 11,750 10,850 42,825 39,637 Total operating expenses 13,427 43,632 46,117 118,184 Operating loss ( 13,427 ) ( 43,632 ) ( 46,117 ) ( 118,184 ) Other income (expense): Interest expense, related party ( 130,890 ) ( 130,890 ) ( 263,219 ) ( 263,219 ) Interest income 4,859 4,792 9,779 10,840 Total other income (expense) ( 126,031 ) ( 126,098 ) ( 253,440 ) ( 252,379 )