10-K Filing

WEWARDS, INC. CIK: 1616156 FY 2019

Filing Information

Form Type	10-K
Accession Number	`0001553350-19-000976`
Period End Date	20190531
Filing Date	20190923
Fiscal Year	2019
Fiscal Period	FY
XBRL Instance	wewa-20190531.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 59 Income Statement 32 Cash Flow Statement 38 Stockholders Equity 19

Balance Sheet 59 line items

Line Item	Tag	Value	Unit	Period
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	50.00M	shares	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	50.00M	shares	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$7.24M	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$4.51M	USD	Point-in-time
Preferred stock, share issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$10.79M	USD	Point-in-time
Preferred stock, share issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$25.00K	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$316.67K	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Total current assets	`AssetsCurrent`	$4.53M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	500.00M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$11.11M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	500.00M	shares	Point-in-time
Capitalized software development costs	`IntangibleAssetsCurrent`	$374.12K	USD	Point-in-time
Capitalized software development costs	`IntangibleAssetsCurrent`	-	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	107.48M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	88.73M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	8.13M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	107.48M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	8.13M	shares	Point-in-time
Right of use asset	`OperatingLeaseRightOfUseAsset`	-	USD	Point-in-time
Right of use asset	`OperatingLeaseRightOfUseAsset`	$540.43K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	88.73M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	8.13M	shares	Point-in-time
Total Assets	`Assets`	$5.07M	USD	Point-in-time
Total Assets	`Assets`	$11.49M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$329.00	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$160.54K	USD	Point-in-time
Accrued interest, related party	`InterestPayableCurrent`	$912.12K	USD	Point-in-time
Accrued interest, related party	`InterestPayableCurrent`	$785.29K	USD	Point-in-time
Due to related parties	`DueToRelatedPartiesCurrent`	$190.27K	USD	Point-in-time
Due to related parties	`DueToRelatedPartiesCurrent`	$225.27K	USD	Point-in-time
Operating lease obligation	`OperatingLeaseLiabilityCurrent`	$128.71K	USD	Point-in-time
Operating lease obligation	`OperatingLeaseLiabilityCurrent`	-	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$1.14M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$1.27M	USD	Point-in-time
Convertible Notes Payable, related party	`ConvertibleLongTermNotesPayable`	$17.00M	USD	Point-in-time
Convertible Notes Payable, related party	`ConvertibleLongTermNotesPayable`	$10.50M	USD	Point-in-time
Operating lease obligation - noncurrent portion	`OperatingLeaseLiabilityNoncurrent`	-	USD	Point-in-time
Operating lease obligation - noncurrent portion	`OperatingLeaseLiabilityNoncurrent`	$411.73K	USD	Point-in-time
Total Liabilities	`Liabilities`	$12.18M	USD	Point-in-time
Total Liabilities	`Liabilities`	$18.14M	USD	Point-in-time
Preferred stock, par value $0.001; 50,000,000 shares authorized, no shares issued	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, par value $0.001; 50,000,000 shares authorized, no shares issued	`PreferredStockValue`	-	USD	Point-in-time
Common stock, par value $0.001; 500,000,000 shares authorized, 107,483,450 and 88,733,450 shares issued and outstanding; respectively	`CommonStockValue`	$107.48K	USD	Point-in-time
Common stock, par value $0.001; 500,000,000 shares authorized, 107,483,450 and 88,733,450 shares issued and outstanding; respectively	`CommonStockValue`	$88.73K	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$3.17M	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$5.08M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-9.91M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-12.30M	USD	Point-in-time
Total Stockholders' Deficit	`StockholdersEquity`	$-6.65M	USD	Point-in-time
Total Stockholders' Deficit	`StockholdersEquity`	$-7.10M	USD	Point-in-time
Total Stockholders' Deficit	`StockholdersEquity`	$-5.13M	USD	Point-in-time
Total Liabilities and Stockholders' Deficit	`LiabilitiesAndStockholdersEquity`	$11.49M	USD	Point-in-time
Total Liabilities and Stockholders' Deficit	`LiabilitiesAndStockholdersEquity`	$5.07M	USD	Point-in-time

Income Statement 32 line items

Line Item	Tag	Value	Unit	Period
Revenue	`Revenues`	-	USD	Annual
Revenue	`Revenues`	-	USD	Annual
General and administrative	`GeneralAndAdministrativeExpense`	$1.25M	USD	Annual
General and administrative	`GeneralAndAdministrativeExpense`	$609.41K	USD	Annual
General and administrative - related party	`GeneralAndAdministrativeExpenseRelatedParty`	$58.33K	USD	Annual
General and administrative - related party	`GeneralAndAdministrativeExpenseRelatedParty`	$292.13K	USD	Annual
Rent expense - related party	`LeaseAndRentalExpense`	$40.50K	USD	Annual
Rent expense - related party	`LeaseAndRentalExpense`	$180.00K	USD	Annual
Impairment loss - software development costs	`ImpairmentOfIntangibleAssetsIndefinitelivedExcludingGoodwill`	-	USD	Annual
Impairment loss - software development costs	`ImpairmentOfIntangibleAssetsIndefinitelivedExcludingGoodwill`	$374.12K	USD	Annual
Research and development expense	`ResearchAndDevelopmentExpense`	$447.42K	USD	Annual
Research and development expense	`ResearchAndDevelopmentExpense`	$2.12M	USD	Annual
Total expenses	`OperatingExpenses`	$1.90M	USD	Annual
Total expenses	`OperatingExpenses`	$3.47M	USD	Annual
Interest expense - related party	`InterestExpense`	$784.17K	USD	Annual
Interest expense - related party	`InterestExpense`	$557.74K	USD	Annual
Other expense	`OtherNonoperatingExpense`	$496.00K	USD	Annual
Other expense	`OtherNonoperatingExpense`	-	USD	Annual
Interest income	`InvestmentIncomeInterest`	$76.61K	USD	Annual
Interest income	`InvestmentIncomeInterest`	$1.63K	USD	Annual
Total other expense	`NonoperatingIncomeExpense`	$-1.28M	USD	Annual
Total other expense	`NonoperatingIncomeExpense`	$-481.13K	USD	Annual
Loss before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-2.38M	USD	Annual
Loss before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-4.74M	USD	Annual
Provision for Income Taxes	`IncomeTaxExpenseBenefit`	-	USD	Annual
Provision for Income Taxes	`IncomeTaxExpenseBenefit`	-	USD	Annual
Net Loss	`NetIncomeLoss`	$-4.74M	USD	Annual
Net Loss	`NetIncomeLoss`	$-2.38M	USD	Annual
Net loss per share - basic & diluted	`EarningsPerShareBasicAndDiluted`	$-0.02	USD	Annual
Net loss per share - basic & diluted	`EarningsPerShareBasicAndDiluted`	$-0.17	USD	Annual
Weighted average shares outstanding, basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	106.15M	shares	Annual
Weighted average shares outstanding, basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	27.34M	shares	Annual

Cash Flow Statement 38 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-4.74M	USD	Annual
Net loss	`NetIncomeLoss`	$-2.38M	USD	Annual
Impairment	`ImpairmentOfIntangibleAssetsIndefinitelivedExcludingGoodwill`	-	USD	Annual
Impairment	`ImpairmentOfIntangibleAssetsIndefinitelivedExcludingGoodwill`	$374.12K	USD	Annual
Prepaids expenses	`IncreaseDecreaseInPrepaidExpense`	$-291.67K	USD	Annual
Prepaids expenses	`IncreaseDecreaseInPrepaidExpense`	$274.17K	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$944.71K	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-160.21K	USD	Annual
Accrued interest - related party	`IncreaseDecreaseInInterestPayableNet`	-	USD	Annual
Accrued interest - related party	`IncreaseDecreaseInInterestPayableNet`	$557.73K	USD	Annual
Cash flows used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.32M	USD	Annual
Cash flows used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-4.07M	USD	Annual
Capitalized software development costs	`PaymentsToAcquireIntangibleAssets`	$374.12K	USD	Annual
Capitalized software development costs	`PaymentsToAcquireIntangibleAssets`	-	USD	Annual
Cash flows used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	-	USD	Annual
Cash flows used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-374.12K	USD	Annual
Proceeds from a related party	`ProceedsFromRelatedPartyDebt`	$35.00K	USD	Annual
Proceeds from a related party	`ProceedsFromRelatedPartyDebt`	$8.04M	USD	Annual
Repayment of related party notes	`RepaymentsOfRelatedPartyDebt`	$35.00K	USD	Annual
Repayment of related party notes	`RepaymentsOfRelatedPartyDebt`	$5.00M	USD	Annual
Cash flows (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-4.96M	USD	Annual
Cash flows (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$8.00M	USD	Annual
Net (decrease) increase in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$3.56M	USD	Annual
Net (decrease) increase in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-6.29M	USD	Annual
Cash, beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$7.24M	USD	Point-in-time
Cash, beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$4.51M	USD	Point-in-time
Cash, beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$10.79M	USD	Point-in-time
Cash, end of year	`CashAndCashEquivalentsAtCarryingValue`	$7.24M	USD	Point-in-time
Cash, end of year	`CashAndCashEquivalentsAtCarryingValue`	$4.51M	USD	Point-in-time
Cash, end of year	`CashAndCashEquivalentsAtCarryingValue`	$10.79M	USD	Point-in-time
Interest paid	`InterestPaidNet`	-	USD	Annual
Interest paid	`InterestPaidNet`	-	USD	Annual
Income taxes paid	`IncomeTaxesPaidNet`	-	USD	Annual
Income taxes paid	`IncomeTaxesPaidNet`	-	USD	Annual
Related party debt converted to common stock	`RelatedPartyDebtsConvertedToCommonStock`	$1.50M	USD	Annual
Related party debt converted to common stock	`RelatedPartyDebtsConvertedToCommonStock`	-	USD	Annual
Forgiveness of accrued interest, related party, classified to additional paid in capital	`ForgivenessOfAccruedInterestRelatedPartyClassifiedToAdditionalPaidInCapital`	$430.90K	USD	Annual
Forgiveness of accrued interest, related party, classified to additional paid in capital	`ForgivenessOfAccruedInterestRelatedPartyClassifiedToAdditionalPaidInCapital`	-	USD	Annual

Stockholders Equity 19 line items

Line Item	Tag	Value	Unit	Period
Beginning balance	`StockholdersEquity`	$-6.65M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$-7.10M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$-5.13M	USD	Point-in-time
Beginning balance, shares	`CommonStockSharesOutstanding`	107.48M	shares	Point-in-time
Beginning balance, shares	`CommonStockSharesOutstanding`	8.13M	shares	Point-in-time
Beginning balance, shares	`CommonStockSharesOutstanding`	88.73M	shares	Point-in-time
Beginning balance, shares	`CommonStockSharesOutstanding`	8.13M	shares	Point-in-time
Stock issued for conversion of debt - related party	`StockIssuedDuringPeriodValueNewIssues`	$1.50M	USD	Annual
Stock issued for conversion of debt - related party	`StockIssuedDuringPeriodValueNewIssues`	$3.22M	USD	Annual
Forgiveness of accrued interest - related party	`AdjustmentsToAdditionalPaidInCapitalOther`	$430.90K	USD	Annual
Net loss	`NetIncomeLoss`	$-4.74M	USD	Annual
Net loss	`NetIncomeLoss`	$-2.38M	USD	Annual
Ending balance	`StockholdersEquity`	$-6.65M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$-7.10M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$-5.13M	USD	Point-in-time
Ending balance, shares	`CommonStockSharesOutstanding`	107.48M	shares	Point-in-time
Ending balance, shares	`CommonStockSharesOutstanding`	8.13M	shares	Point-in-time
Ending balance, shares	`CommonStockSharesOutstanding`	88.73M	shares	Point-in-time
Ending balance, shares	`CommonStockSharesOutstanding`	8.13M	shares	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.