10-K Filing

WEWARDS, INC. CIK: 1616156 FY 2020

Filing Information

Form Type	10-K
Accession Number	`0001553350-20-000816`
Period End Date	20200531
Filing Date	20200831
Fiscal Year	2020
Fiscal Period	FY
XBRL Instance	wewa-20200531.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 62 Income Statement 30 Cash Flow Statement 46 Stockholders Equity 16

Balance Sheet 62 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`	$10.79M	USD	Point-in-time
Preferred stock, share issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$4.51M	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$4.02M	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$25.00K	USD	Point-in-time
Preferred stock, outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Preferred stock, outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	-	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Total current assets	`AssetsCurrent`	$4.02M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$4.53M	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
Right of use asset	`OperatingLeaseRightOfUseAsset`	$443.01K	USD	Point-in-time
Right of use asset	`OperatingLeaseRightOfUseAsset`	$540.43K	USD	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`	$4.46M	USD	Point-in-time
Total assets	`Assets`	$5.07M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	107.48M	shares	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`	$325.00	USD	Point-in-time
Accounts payable, related party	`AccountsPayableRelatedPartiesCurrent`	$15.01K	USD	Point-in-time
Accounts payable, related party	`AccountsPayableRelatedPartiesCurrent`	-	USD	Point-in-time
Accrued interest, related parties	`InterestPayableCurrent`	$912.12K	USD	Point-in-time
Accrued interest, related parties	`InterestPayableCurrent`	$1.42M	USD	Point-in-time
Deferred revenues, related party	`DeferredRevenueCurrent`	$5.83K	USD	Point-in-time
Deferred revenues, related party	`DeferredRevenueCurrent`	-	USD	Point-in-time
Current maturities of operating lease obligation	`OperatingLeaseLiabilityCurrent`	$149.98K	USD	Point-in-time
Current maturities of operating lease obligation	`OperatingLeaseLiabilityCurrent`	$128.71K	USD	Point-in-time
Due to related parties	`DueToRelatedPartiesCurrent`	-	USD	Point-in-time
Due to related parties	`DueToRelatedPartiesCurrent`	$225.27K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.27M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.59M	USD	Point-in-time
Operating lease obligation, related party	`OperatingLeaseLiabilityNoncurrent`	$411.73K	USD	Point-in-time
Operating lease obligation, related party	`OperatingLeaseLiabilityNoncurrent`	$293.04K	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
Total liabilities	`Liabilities`	$12.18M	USD	Point-in-time
Total liabilities	`Liabilities`	$12.38M	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred stock, $0.001 par value, 50,000,000 shares authorized, no shares issued and outstanding	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, $0.001 par value, 50,000,000 shares authorized, no shares issued and outstanding	`PreferredStockValue`	-	USD	Point-in-time
Common stock, $0.001 par value, 500,000,000 shares authorized, 107,483,450 issued and outstanding	`CommonStockValue`	$107.48K	USD	Point-in-time
Common stock, $0.001 par value, 500,000,000 shares authorized, 107,483,450 issued and outstanding	`CommonStockValue`	$107.48K	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$5.16M	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$5.08M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-13.19M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-12.30M	USD	Point-in-time
Total stockholders' equity (deficit)	`StockholdersEquity`	$-7.10M	USD	Point-in-time
Total stockholders' equity (deficit)	`StockholdersEquity`	$-7.92M	USD	Point-in-time
Total stockholders' equity (deficit)	`StockholdersEquity`	$-6.65M	USD	Point-in-time
Total liabilities and stockholders' equity (deficit)	`LiabilitiesAndStockholdersEquity`	$5.07M	USD	Point-in-time
Total liabilities and stockholders' equity (deficit)	`LiabilitiesAndStockholdersEquity`	$4.46M	USD	Point-in-time

Income Statement 30 line items

Line Item	Tag	Value	Unit	Period
Revenue, related party	`Revenues`	$4.17K	USD	Annual
Revenue, related party	`Revenues`	-	USD	Annual
General and administrative	`GeneralAndAdministrativeExpense`	$6.38K	USD	Annual
General and administrative	`GeneralAndAdministrativeExpense`	$216.48K	USD	Annual
General and administrative, related party	`GeneralAndAdministrativeExpenseRelatedParty`	$292.13K	USD	Annual
General and administrative, related party	`GeneralAndAdministrativeExpenseRelatedParty`	-	USD	Annual
Rent expense, related party	`LeaseAndRentalExpense`	$180.00K	USD	Annual
Rent expense, related party	`LeaseAndRentalExpense`	$180.00K	USD	Annual
Professional fees	`ProfessionalFees`	$392.93K	USD	Annual
Professional fees	`ProfessionalFees`	$245.67K	USD	Annual
Impairment loss, software development	`ImpairmentOfIntangibleAssetsIndefinitelivedExcludingGoodwill`	-	USD	Annual
Impairment loss, software development	`ImpairmentOfIntangibleAssetsIndefinitelivedExcludingGoodwill`	$374.12K	USD	Annual
Research and development	`ResearchAndDevelopmentExpense`	$447.42K	USD	Annual
Research and development	`ResearchAndDevelopmentExpense`	-	USD	Annual
Total operating expenses	`OperatingExpenses`	$1.90M	USD	Annual
Total operating expenses	`OperatingExpenses`	$432.04K	USD	Annual
Operating loss	`OperatingIncomeLoss`	$-1.90M	USD	Annual
Operating loss	`OperatingIncomeLoss`	$-427.88K	USD	Annual
Interest expense, related party	`InterestExpenseRelatedParty`	$539.56K	USD	Annual
Interest expense, related party	`InterestExpenseRelatedParty`	$557.74K	USD	Annual
Interest income	`InterestIncomeExpenseNet`	$76.61K	USD	Annual
Interest income	`InterestIncomeExpenseNet`	$70.05K	USD	Annual
Total other income (expense)	`NonoperatingIncomeExpense`	$-469.51K	USD	Annual
Total other income (expense)	`NonoperatingIncomeExpense`	$-481.13K	USD	Annual
Net loss	`NetIncomeLoss`	$-897.38K	USD	Annual
Net loss	`NetIncomeLoss`	$-2.38M	USD	Annual
Weighted average number of common shares outstanding - basic and fully diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	106.15M	shares	Annual
Weighted average number of common shares outstanding - basic and fully diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	107.48M	shares	Annual
Net loss per share - basic and fully diluted	`EarningsPerShareBasicAndDiluted`	$-0.01	USD	Annual
Net loss per share - basic and fully diluted	`EarningsPerShareBasicAndDiluted`	$-0.02	USD	Annual

Cash Flow Statement 46 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-897.38K	USD	Annual
Net loss	`NetIncomeLoss`	$-2.38M	USD	Annual
Impairment loss, software development costs	`ImpairmentOfIntangibleAssetsIndefinitelivedExcludingGoodwill`	-	USD	Annual
Impairment loss, software development costs	`ImpairmentOfIntangibleAssetsIndefinitelivedExcludingGoodwill`	$374.12K	USD	Annual
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$-25.00K	USD	Annual
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$-291.67K	USD	Annual
Right-of-use asset	`RightOfUseAsset`	$-97.42K	USD	Annual
Right-of-use asset	`RightOfUseAsset`	-	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-160.21K	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-4.00	USD	Annual
Accounts payable, related party	`IncreaseDecreaseInAccountsPayableRelatedParties`	-	USD	Annual
Accounts payable, related party	`IncreaseDecreaseInAccountsPayableRelatedParties`	$15.01K	USD	Annual
Accrued interest, related party	`IncreaseDecreaseInInterestPayableNet`	$557.73K	USD	Annual
Accrued interest, related party	`IncreaseDecreaseInInterestPayableNet`	$539.56K	USD	Annual
Deferred revenue, related party	`IncreaseDecreaseInDeferredRevenue`	-	USD	Annual
Deferred revenue, related party	`IncreaseDecreaseInDeferredRevenue`	$5.83K	USD	Annual
Operating lease obligation, related party	`OperatingLeaseObligationRelatedParty`	-	USD	Annual
Operating lease obligation, related party	`OperatingLeaseObligationRelatedParty`	$-97.42K	USD	Annual
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-311.99K	USD	Annual
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.32M	USD	Annual
Purchase of software, related party	`PaymentsToAcquireIntangibleAssets`	-	USD	Annual
Purchase of software, related party	`PaymentsToAcquireIntangibleAssets`	$179.30K	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	-	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-179.30K	USD	Annual
Proceeds received from a related party	`ProceedsFromRelatedPartyDebt`	-	USD	Annual
Proceeds received from a related party	`ProceedsFromRelatedPartyDebt`	$35.00K	USD	Annual
Repayment of related party loans	`RepaymentsOfRelatedPartyDebt`	$5.00M	USD	Annual
Repayment of related party loans	`RepaymentsOfRelatedPartyDebt`	-	USD	Annual
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	-	USD	Annual
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-4.96M	USD	Annual
NET CHANGE IN CASH	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-6.29M	USD	Annual
NET CHANGE IN CASH	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-491.29K	USD	Annual
CASH AT BEGINNING OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$10.79M	USD	Point-in-time
CASH AT BEGINNING OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$4.51M	USD	Point-in-time
CASH AT BEGINNING OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$4.02M	USD	Point-in-time
CASH AT END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$10.79M	USD	Point-in-time
CASH AT END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$4.51M	USD	Point-in-time
CASH AT END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$4.02M	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`	-	USD	Annual
Related party debt converted to common stock	`RelatedPartyDebtsConvertedToCommonStock`	$1.50M	USD	Annual
Forgiveness of debt, related party contributed to capital	`ForgivenessOfDebtRelatedPartyContributedToCapital`	$257.48K	USD	Annual
Forgiveness of debt, related party contributed to capital	`ForgivenessOfDebtRelatedPartyContributedToCapital`	$430.90K	USD	Annual

Stockholders Equity 16 line items

Line Item	Tag	Value	Unit	Period
Beginning balance	`StockholdersEquity`	$-7.10M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$-7.92M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$-6.65M	USD	Point-in-time
Beginning balance, shares	`CommonStockSharesOutstanding`	107.48M	shares	Point-in-time
Beginning balance, shares	`CommonStockSharesOutstanding`	107.48M	shares	Point-in-time
Software acquisition, related party	`SoftwareAcquisitionRelatedParty`	$179.30K	USD	Annual
Stock issued for conversion of debt	`StockIssuedDuringPeriodValueNewIssues`	$1.50M	USD	Annual
Forgiveness of accrued interest, related party	`AdjustmentsToAdditionalPaidInCapitalOther`	$430.90K	USD	Annual
Forgiveness of debt, related party	`ForgivenessOfDebtRelatedParty`	$257.48K	USD	Annual
Net loss	`NetIncomeLoss`	$-897.38K	USD	Annual
Net loss	`NetIncomeLoss`	$-2.38M	USD	Annual
Ending balance	`StockholdersEquity`	$-7.10M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$-7.92M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$-6.65M	USD	Point-in-time
Ending balance, shares	`CommonStockSharesOutstanding`	107.48M	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.