10-Q Filing

WEWARDS, INC. CIK: 1616156 Q1 2020

Filing Information

Form Type	10-Q
Accession Number	`0001553350-19-001046`
Period End Date	20190831
Filing Date	20191011
Fiscal Year	2020
Fiscal Period	Q1
XBRL Instance	wewa-20190831.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 58 Income Statement 26 Cash Flow Statement 38 Stockholders Equity 20

Balance Sheet 58 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
Preferred stock, share issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$4.32M	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$5.03M	USD	Point-in-time
Preferred stock, share issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$10.79M	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$4.51M	USD	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`	-	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	500.00M	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	500.00M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$4.53M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$4.32M	USD	Point-in-time
Right of use asset	`OperatingLeaseRightOfUseAsset`	$540.43K	USD	Point-in-time
Right of use asset	`OperatingLeaseRightOfUseAsset`	$509.21K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	8.13M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	107.48M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	107.48M	shares	Point-in-time
Total Assets	`Assets`	$4.83M	USD	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
Total Assets	`Assets`	$5.07M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	107.48M	shares	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$329.00	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$100.00	USD	Point-in-time
Accrued interest - related party	`InterestPayableCurrent`	$912.12K	USD	Point-in-time
Accrued interest - related party	`InterestPayableCurrent`	$1.05M	USD	Point-in-time
Due to related parties	`DueToRelatedPartiesCurrent`	$225.27K	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`	$131.30K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$1.27M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$1.40M	USD	Point-in-time
Convertible Notes Payable - related party	`ConvertibleLongTermNotesPayable`	$10.50M	USD	Point-in-time
Convertible Notes Payable - related party	`ConvertibleLongTermNotesPayable`	$10.50M	USD	Point-in-time
Operating lease obligation - noncurrent portion	`OperatingLeaseLiabilityNoncurrent`	$411.73K	USD	Point-in-time
Operating lease obligation - noncurrent portion	`OperatingLeaseLiabilityNoncurrent`	$377.92K	USD	Point-in-time
Total Liabilities	`Liabilities`	$12.18M	USD	Point-in-time
Total Liabilities	`Liabilities`	$12.28M	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 107,483,450 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 107,483,450 shares issued and outstanding; respectively	`CommonStockValue`	$107.48K	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$5.08M	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$5.08M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-12.64M	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`	$-7.45M	USD	Point-in-time
Total Stockholders' Deficit	`StockholdersEquity`	$-5.22M	USD	Point-in-time
Total Liabilities and Stockholders' Deficit	`LiabilitiesAndStockholdersEquity`	$4.83M	USD	Point-in-time
Total Liabilities and Stockholders' Deficit	`LiabilitiesAndStockholdersEquity`	$5.07M	USD	Point-in-time

Income Statement 26 line items

Line Item	Tag	Value	Unit	Period
Revenue	`Revenues`	-	USD	1 Quarter
Revenue	`Revenues`	-	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$223.46K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$191.70K	USD	1 Quarter
General and administrative - related party	`OtherGeneralAndAdministrativeExpense`	-	USD	1 Quarter
General and administrative - related party	`OtherGeneralAndAdministrativeExpense`	$87.50K	USD	1 Quarter
Rent expense - related party	`LeaseAndRentalExpense`	$45.00K	USD	1 Quarter
Rent expense - related party	`LeaseAndRentalExpense`	$45.00K	USD	1 Quarter
Total expenses	`OperatingExpenses`	$355.96K	USD	1 Quarter
Total expenses	`OperatingExpenses`	$236.70K	USD	1 Quarter
Interest expense - related party	`InterestExpenseRelatedParty`	$157.88K	USD	1 Quarter
Interest expense - related party	`InterestExpenseRelatedParty`	$134.73K	USD	1 Quarter
Interest income	`InterestIncomeExpenseNet`	$13.12K	USD	1 Quarter
Interest income	`InterestIncomeExpenseNet`	$21.75K	USD	1 Quarter
Total other expense	`NonoperatingIncomeExpense`	$-144.76K	USD	1 Quarter
Total other expense	`NonoperatingIncomeExpense`	$-112.97K	USD	1 Quarter
Loss before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-500.72K	USD	1 Quarter
Loss before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-349.68K	USD	1 Quarter
Provision for Income Taxes	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Provision for Income Taxes	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Net Loss	`NetIncomeLoss`	$-349.68K	USD	1 Quarter
Net Loss	`NetIncomeLoss`	$-500.72K	USD	1 Quarter
Net loss per share, basic and diluted	`EarningsPerShareBasicAndDiluted`	-	USD	1 Quarter
Net loss per share, basic and diluted	`EarningsPerShareBasicAndDiluted`	-	USD	1 Quarter
Weighted average shares outstanding, basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	107.48M	shares	1 Quarter
Weighted average shares outstanding, basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	102.18M	shares	1 Quarter

Cash Flow Statement 38 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-349.68K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-500.72K	USD	1 Quarter
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$-87.51K	USD	1 Quarter
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$-25.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-229.00	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-114.89K	USD	1 Quarter
Accrued interest - related party	`IncreaseDecreaseInInterestPayableNet`	$157.87K	USD	1 Quarter
Accrued interest - related party	`IncreaseDecreaseInInterestPayableNet`	$134.73K	USD	1 Quarter
Cash flows used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-190.18K	USD	1 Quarter
Cash flows used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-370.23K	USD	1 Quarter
Capitalized software development costs	`PaymentsToAcquireIntangibleAssets`	$432.20K	USD	1 Quarter
Capitalized software development costs	`PaymentsToAcquireIntangibleAssets`	-	USD	1 Quarter
Cash flows used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	-	USD	1 Quarter
Cash flows used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-432.20K	USD	1 Quarter
Proceeds from a related party	`ProceedsFromRelatedPartyDebt`	-	USD	1 Quarter
Proceeds from a related party	`ProceedsFromRelatedPartyDebt`	$35.00K	USD	1 Quarter
Repayment of related party notes	`RepaymentsOfRelatedPartyDebt`	-	USD	1 Quarter
Repayment of related party notes	`RepaymentsOfRelatedPartyDebt`	$5.00M	USD	1 Quarter
Cash flows provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	-	USD	1 Quarter
Cash flows provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-4.96M	USD	1 Quarter
Net increase (decrease) in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-5.77M	USD	1 Quarter
Net increase (decrease) in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-190.18K	USD	1 Quarter
Cash, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$4.32M	USD	Point-in-time
Cash, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$5.03M	USD	Point-in-time
Cash, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$10.79M	USD	Point-in-time
Cash, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$4.51M	USD	Point-in-time
Cash, end of period	`CashAndCashEquivalentsAtCarryingValue`	$4.32M	USD	Point-in-time
Cash, end of period	`CashAndCashEquivalentsAtCarryingValue`	$5.03M	USD	Point-in-time
Cash, end of period	`CashAndCashEquivalentsAtCarryingValue`	$10.79M	USD	Point-in-time
Cash, end of period	`CashAndCashEquivalentsAtCarryingValue`	$4.51M	USD	Point-in-time
Interest paid	`InterestPaidNet`	-	USD	1 Quarter
Interest paid	`InterestPaidNet`	-	USD	1 Quarter
Income taxes paid	`IncomeTaxesPaidNet`	-	USD	1 Quarter
Income taxes paid	`IncomeTaxesPaidNet`	-	USD	1 Quarter
Related party debt converted to common stock	`RelatedPartyDebtsConvertedToCommonStock`	-	USD	1 Quarter
Related party debt converted to common stock	`RelatedPartyDebtsConvertedToCommonStock`	$1.50M	USD	1 Quarter
Forgiveness of accrued interest, related party, classified to additional paid in capital	`ForgivenessOfAccruedInterestRelatedPartyClassifiedToAdditionalPaidInCapital`	$430.90K	USD	1 Quarter
Forgiveness of accrued interest, related party, classified to additional paid in capital	`ForgivenessOfAccruedInterestRelatedPartyClassifiedToAdditionalPaidInCapital`	-	USD	1 Quarter

Stockholders Equity 20 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`	$-7.45M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$-5.22M	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`	107.48M	shares	Point-in-time
Stock issued for conversion of debt - related party	`StockIssuedDuringPeriodValueNewIssues`	$1.50M	USD	1 Quarter
Stock issued for conversion of debt - related party	`StockIssuedDuringPeriodValueNewIssues`	$1.50M	USD	1 Quarter
Forgiveness of accrued interest - related party	`ForgivenessOfAccruedInterestRelatedPartyClassifiedToAdditionalPaidInCapital`	$430.90K	USD	1 Quarter
Forgiveness of accrued interest - related party	`ForgivenessOfAccruedInterestRelatedPartyClassifiedToAdditionalPaidInCapital`	-	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-349.68K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-500.72K	USD	1 Quarter
Ending balance	`StockholdersEquity`	$-6.65M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$-7.10M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$-7.45M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$-5.22M	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`	107.48M	shares	Point-in-time

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