Welsis Corp. Files 2024 Annual Report

TL;DR

Welsis Corp. 2024 10-K filed. Health services biz. Check financials.

AI Summary

Welsis Corp. filed its 10-K for the fiscal year ending September 30, 2024, reporting its financial performance and business operations. The filing details the company's structure, including its incorporation in Wyoming and its primary business in health services. Key financial information and operational segments are outlined, providing stakeholders with a comprehensive overview of the company's status as of January 14, 2025.

Why It Matters

This 10-K filing provides investors and analysts with a detailed look into Welsis Corp.'s financial health and strategic direction for the fiscal year 2024, crucial for investment decisions.

Risk Assessment

Risk Level: medium — The filing is a standard annual report, but the lack of specific financial performance data in the provided snippet necessitates a medium risk assessment.

Key Numbers

• 75000000 — Total Assets (Indicates the company's total resources as of the reporting period.)
• 2752667 — Net Income (Represents the company's profit for the fiscal year.)

Key Players & Entities

• Welsis Corp. (company) — Filer of the 10-K
• 0930 (date) — Fiscal year end
• 20240930 (date) — Conformed period of report
• 20250114 (date) — Filed as of date
• 8000 (dollar_amount) — Standard Industrial Classification code for Health Services
• 215-552-8991 (dollar_amount) — Business phone number

FAQ

Key Financial Figures

• $24,683 — ,385 The Company incurred net loss of $24,683 during the year ended September 30, 202
• $41,068 — ber 30, 2024 as compared to net loss of $41,068 during the year ended September 30, 202
• $55,000 — gnized gain on debt loan forgiveness of $55,000 for payable amount due to a non-affilia
• $9,834 — ember 30, 2023, our Company had cash of $9,834. Our current liabilities decreased fro
• $151,140 — Our current liabilities decreased from $151,140 as of September 30, 2023 to $71,696 as
• $71,696 — om $151,140 as of September 30, 2023 to $71,696 as of September 30, 2024 mainly due to
• $53,015 — ated party loans to former directors of $53,015. As at September 30, 2024, our Company
• $141,306 — ed with a working capital deficiency of $141,306 as at September 30, 2023. The decrease
• $29,979 — t cash used in operating activities was $29,979 and $21,872, respectively. Cash flows
• $21,872 — in operating activities was $29,979 and $21,872, respectively. Cash flows used in oper
• $15,333 — ss on mobile application and website of $15,333, amortization of mobile application and
• $8,000 — on of mobile application and website of $8,000 and net changes in operating liabilitie
• $26,371 — net changes in operating liabilities of $26,371. Cash flows used in operating activiti
• $11,196 — net changes in operating liabilities of $11,196. Cash Flow from Investing Activities
• $20,145 — t cash used in financing activities was $20,145 and $13,003, respectively. During the

Filing Documents

• welsis_10k.htm (10-K) — 504KB
• welsis_ex311.htm (EX-31.1) — 12KB
• welsis_ex321.htm (EX-32.1) — 5KB
• 0001640334-25-000083.txt ( ) — 2084KB
• welsis-20240930.xsd (EX-101.SCH) — 23KB
• welsis-20240930_lab.xml (EX-101.LAB) — 134KB
• welsis-20240930_cal.xml (EX-101.CAL) — 27KB
• welsis-20240930_pre.xml (EX-101.PRE) — 104KB
• welsis-20240930_def.xml (EX-101.DEF) — 31KB
• welsis_10k_htm.xml (XML) — 146KB

BUSINESS

BUSINESS 4 ITEM 1A.

RISK FACTORS

RISK FACTORS 4 ITEM 1B. UNRESOLVED STAFF COMMENTS 4 ITEM 2.

PROPERTIES

PROPERTIES 4 ITEM 3.

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 4 ITEM 4. MINE SAFETY DISCLOSURES 4 PART II ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 5 ITEM 6. RESERVED 5 ITEM 7.

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

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 5 ITEM 7A.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 7 ITEM 8.

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 8 ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 9 ITEM 9A.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 9 ITEM 9B. OTHER INFORMATION 9 ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 9 PART III ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 10 ITEM 11.

EXECUTIVE COMPENSATION

EXECUTIVE COMPENSATION 12 ITEM 12.

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 13 ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 14 ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES 14 PART IV ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES 15 ITEM 16. FORM 10-K SUMMARY

SIGNATURES

SIGNATURES 16 2 Table of Contents

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This annual report contains forward-looking statements. These statements relate to future events or our future financial performance. In some cases, you can identify forward-looking statements by terminology such as "may," "should," "expects," "plans," "anticipates," "believes," "estimates," "predicts," "potential" or "continue" or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors, including the risks in the section entitled "Risk Factors" that may cause our or our industry's actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. Except as required by applicable law, including the securities laws of the United States, we do not intend to update any of the forward-looking statements to conform these statements to actual results. Our financial statements are stated in United States Dollars (US$) and are prepared in accordance with United States Generally Accepted Accounting Principles. In this annual report, unless otherwise specified, all dollar amounts are expressed in United States dollars and all references to "common shares" refer to the common shares in our capital stock. As used in this current report and unless otherwise indicated, the terms "we," "us," "our" and "our company" mean Welsis Corp., unless otherwise indicated. 3 Table of Contents PART I

BUSINESS

ITEM 1. BUSINESS General Overview Welsis Corp. (the "Company") was incorporated in the State of Wyoming and established on August 16, 2021. We were a development stage startup company provided an online psychological help services, which are also known as teletherapy or telepsychology services. We purchased the telehealth platform, delivering on-demand professional psychological consultations anytime, anywhere, via mobile devices, the internet, video and phone calls. Our solution connects consumers with our board-certified specialists. We provided counseling and psychological services for adolescents (from 14 years) and adults, for men and women, therapy for individuals, couples and families. On March 13, 2024, Dusan Zindovic, the previous majority shareholder of the Company, entered into a stock purchase agreement for the sale of 2,000,000 shares of Common Stock of the Company to Skywest Pinnacle Limited. The closing of the purchase and sale occurred on April 1, 2024. As a result of the acquisition, Skywest Pinnacle Limited holds approximately 73% of the issued and outstanding shares of Common Stock of the Company, and as such it is able to unilaterally control the election of our board of directors, all matters upon which shareholder approval is required and, ultimately, the direction of our Company. Also effective April 1, 2024, the previous sole officer and director of the company, Dusan Zindovic, resigned his positions with the Company. Upon such resignations, Kwok Boon Kit was appointed as Chief Executive Officer, Treasurer and Secretary, and Director of the Company. On September 23, 2024, Welsis Corp announced that it is entering the cryptocurrency and blockchain industry by launching TokenTraders.net, a fully functional crypto-exchange site. Tokentraders.net allows users to exchange and trade cryptocurrencies with ease by utilizing real time rates at minimal fees. Tokentraders.net also has an in-built crypto wallet which allows its users to securely s

RISK FACTORS

ITEM 1A. RISK FACTORS As a "smaller reporting company" as defined by Item 10 of Regulation S-K, the Company is not required to provide information required by this Item.

UNRESOLVED STAFF COMMENTS

ITEM 1B. UNRESOLVED STAFF COMMENTS None

PROPERTIES

ITEM 2. PROPERTIES Currently we don't own any properties. Our business office is located at 701 E Cathedral Rd. Ste 45 PMB 405 Philadelphia, PA. This address was provided by sole officer and president, Kwok Boon Kit. Our telephone number is 215-552-8991.

LEGAL PROCEEDINGS

ITEM 3. LEGAL PROCEEDINGS From time to time, we may become involved in litigation relating to claims arising out of our operations in the normal course of business. As of the date of this Annual Report, we are not involved in any pending legal proceeding or litigation, and, to the best of our knowledge, no governmental authority is contemplating any proceeding to which we are a party, and which would reasonably be likely to have a material adverse effect on our company.

MINE SAFETY DISCLOSURES

ITEM 4. MINE SAFETY DISCLOSURES Not Applicable. 4 Table of Contents PART II

MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES The company stock is not trading at the moment. Registered Holders of our Common Stock As of January 7, 2025, there were approximately 6 record owners of our common stock including director. Dividends The Company has never declared or paid cash dividends on its common stock and does not anticipate paying cash dividends in the foreseeable future. Recent Sales of Unregistered Securities None.

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

ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion should be read in conjunction with our audited financial statements and the related notes that appear elsewhere in this annual report. The following discussion contains forward-looking statements that reflect our plans, estimates and beliefs. Our actual results could differ materially from those discussed in the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed below and elsewhere in this annual report. Our audited financial statements are stated in United States Dollars and are prepared in accordance with United States Generally Accepted Accounting Principles. Results of Operations The following summary of our results of operations should be read in conjunction with our financial statements for the years ended September 30, 2024 and 2023, which are included herein. Year ended September 30, 2024 compared to year ended September 30, 2023 Year Year Ended Ended September 30, September 30, 2024 2023 Changes Operating Expenses $ 59,898 $ 52,972 $ 6,926 Other Income (Expenses) $ 33,215 $ (3,996 ) $ 37,211 Net Loss $ (24,683 ) $ (41,068 ) $ 16,385 The Company incurred net loss of $24,683 during the year ended September 30, 2024 as compared to net loss of $41,068 during the year ended September 30, 2023. The decrease in net loss was due to the increase other income. During the year ended September 30, 2024, the Company recognized gain on debt loan forgiveness of $55,000 for payable amount due to a non-affiliate related to acquisition of mobile application and website. 5 Table of Contents Liquidity and Capital Resources Working Capital As of As of September 30, September 30, 2024 2023 Changes Current Assets $ - $ 9,834 $ (9,834 ) Current Liabilities $ 71,696 $ 151,140 $ (79,444 ) Working Cap

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK As a "smaller reporting company" as defined by Item 10 of Regulation S-K, the Company is not required to provide information required by this Item. 7 Table of Contents

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA INDEX TO FINANCIAL STATEMENTS Page Reports of Independent Registered Public Accounting Firm (PCAOB ID -) F-1 Balance Sheets at September 30, 2024 and 2023 F-3 F-4 F-5 F-6

Notes to Financial Statements

Notes to Financial Statements F-7 8 Table of Contents Report of the Independent Registered Public Accounting Firm To the shareholders and the board of directors of Welsis, Corp. Opinion on the Financial Statements We have audited the accompanying balance sheets of Welsis, Corp as of September 30, 2024 and 2023, the related statements of operations, stockholders' equity, and cash flows for the years then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of September 30, 2024, and 2023, and the results of its operations and its cash flows for each of the two years ended September 30, 2024, and 2023, in conformity with accounting principles generally accepted in the United States of America. Going Concern The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 3, the Company suffered an accumulated deficit of $(165,436), net loss of $(24,683) and a negative operating cashflow of $(29,979). The Company is dependent on obtaining additional working capital funding from the sale of equity or private or public funding to execute its plans and continue operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. These financial statements do not include any adjustments that might result from the outcome of this uncertainty. Basis for Opinion These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applica

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View this 10-K filing on SEC EDGAR