Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Mar. 06, 2020 | |
Document And Entity Information | ||
Entity Registrant Name | WeTrade Group Inc. | |
Entity Central Index Key | 0001784970 | |
Document Type | 10-K | |
Amendment Flag | false | |
Entity Voluntary Filers | No | |
Current Fiscal Year End Date | --12-31 | |
Entity Well Known Seasoned Issuer | No | |
Entity Small Business | true | |
Entity Shell Company | true | |
Entity Emerging Growth Company | true | |
Entity Current Reporting Status | Yes | |
Document Period End Date | Dec. 31, 2019 | |
Entity Filer Category | Non-accelerated Filer | |
Document Fiscal Period Focus | FY | |
Document Fiscal Year Focus | 2019 | |
Entity Ex Transition Period | false | |
Entity Common Stock Shares Outstanding | 101,740,666 | |
Entity Public Float | $ 0 | |
EntityFileNumber | 333-233165 | |
EntityAddressAddressLine1 | No 1 Gaobei South Coast, Yi An Men 111 Block 37 | |
EntityAddressAddressLine2 | Chao Yang District | |
EntityAddressPostalZipCode | 852 | |
EntityTaxIdentificationNumber | 333233165 | |
EntityAddressCityOrTown | Beijing City | |
LocalPhoneNumber | 67966335 | |
CityAreaCode | 852 | |
EntityAddressStateOrProvince | CHINA |
CONDENSED BALANCE SHEETS
CONDENSED BALANCE SHEETS | Dec. 31, 2019USD ($) |
Current Assets: | |
Cash | $ 6,591,128 |
Total Current Assets | 6,591,128 |
Total Assets: | 6,591,128 |
Current Liabilities: | |
Accrued expenses | 32,000 |
Amount due to related parties | 1,754,515 |
Total Current Liabilities | 1,786,515 |
Total Liabilities | 1,786,515 |
Stockholders' Equity: | |
Common Stock; $0.00 per share par value; 100,074,000 issued and outstanding at December 31, 2019 | |
Additional Paid in Capital | 220,020 |
Shares to be issued | 5,000,000 |
Accumulated Deficit | (417,407) |
Total Stockholders' Equity | 4,804,613 |
Total Liabilities and Stockholders' Equity | $ 6,591,128 |
CONDENSED BALANCE SHEETS (Paren
CONDENSED BALANCE SHEETS (Parenthetical) | Dec. 31, 2019$ / sharesshares |
Stockholders' Equity | |
Common stock, shares par value | $ / shares | $ 0 |
Common stock, shares issued | 100,074,000 |
Common stock, shares outstanding | 100,074,000 |
CONDENSED STATEMENTS OF OPERATI
CONDENSED STATEMENTS OF OPERATIONS | 12 Months Ended |
Dec. 31, 2019USD ($)$ / sharesshares | |
CONDENSED STATEMENTS OF OPERATIONS | |
Revenue | |
Operating Expenses | 417,407 |
Loss on operations before income taxes | (417,407) |
Income tax expense | |
Net Loss | $ (417,407) |
Net loss per share - basic and diluted | $ / shares | $ 0 |
Weighted average shares - basic and diluted | shares | 100,024,667 |
Statements of Changes in Stockh
Statements of Changes in Stockholders' Equity - 9 months ended Dec. 31, 2019 - USD ($) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Share To Be Issued [Member] | Retained Earnings (Accumulated Deficit) [Member] |
Balance, shares at Mar. 28, 2019 | 100,000,000 | ||||
Balance, amount at Mar. 28, 2019 | |||||
Stock to be issued | 5,000,000 | 5,000,000 | |||
Stock issued in September, 2019, Shares | 74,000 | ||||
Stock issued in September, 2019, Amount | 222,020 | 222,020 | |||
Net Loss for the period | $ (417,407) | $ (417,407) | |||
Balance, shares at Dec. 31, 2019 | 100,074,000 | ||||
Balance, amount at Dec. 31, 2019 | $ 4,804,613 | $ 222,020 | $ 5,000,000 | $ (417,407) |
CONDENSED STATEMENTS OF CASH FL
CONDENSED STATEMENTS OF CASH FLOWS | 9 Months Ended |
Dec. 31, 2019USD ($) | |
CONDENSED STATEMENTS OF CASH FLOWS | |
Net Loss | $ (417,407) |
Amount due to related parties | 254,515 |
Accrued expense | 32,000 |
Net Cash Flows Used in Operating Activities: | (130,892) |
Cash flow from financing activities: | |
Share issued for cash | 222,020 |
Share to be issued | 5,000,000 |
Related party loan | 1,500,000 |
Net cash provided by financing activities: | 6,722,020 |
Change in Cash and Cash Equivalents: | 6,591,128 |
Cash and Cash Equivalents, Beginning of Period | |
Cash and Cash Equivalents, End of Period | 6,591,128 |
Supplemental Cash Flow Information: | |
Cash paid for interest | |
Cash paid for taxes |
NATURE OF BUSINESS
NATURE OF BUSINESS | 12 Months Ended |
Dec. 31, 2019 | |
NATURE OF BUSINESS | |
NOTE 1 - NATURE OF BUSINESS | Organization WeTrade Group Inc. was incorporated in the State of Wyoming on March 28, 2019. WeTrade Group Inc. is in the business of providing an online membership-based e-commerce platform services in China that will provide a unique and aggregate information on hotels, flights, travelling packages and other travelling products that enable customers to make informed and cost-effective hotel, flight and other travelling packages bookings. In addition, the company intends to incorporate into its business plan advanced technologies including big data and artificial intelligence to optimize user experience and incentivize members to promote platform as well as share products with their social contacts. The Company e-commerce platform is currently in operation and its website is www.wetradegroup.net. Currently, the Company owns 100% of UTour Pte. Ltd, a Singapore business company incorporated on March 23, 2018. On December 12 ,2019, the Company acquired 100% of WeTrade Information Technology Limited, a Hong Kong holding company incorporate on September 4, 2019 from our CFO, Mr. Che Kean Tat at nominal consideration. WeTrade Information Technology Limited owns 100% of Yueshang Information Technology (Beijing) Limited, a China WOFE company incorporated on September 4, 2019. The purpose of the acquisition was to enable the company to conduct future operations in China. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2019 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | Basis of Presentation The consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”). The consolidated financial statements include the financial statements of the Company and its subsidiaries. All significant inter-company transactions and balances have been eliminated in consolidation. As of December 31, 2019, the details of the consolidating subsidiaries are as follows: Place of Attributable Name of Company incorporation equity interest % Utour Pte Ltd Singapore 100 % WeTrade Information Technology Limited (“WITL”) Hong Kong 100 % Yueshang Information Technology (Beijing) Co., Ltd. (“YITB”) P.R.C. 100 % Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Management believes that the estimates used in preparing the financial statements are reasonable and prudent; however, actual results could differ from these estimates. Fair Value The Company follows guidance for accounting for fair value measurements of financial assets and financial liabilities and for fair value measurements of nonfinancial items that are recognized or disclosed at fair value in the financial statements on a recurring basis. Additionally, the Company adopted guidance for fair value measurement related to nonfinancial items that are recognized and disclosed at fair value in the financial statements on a nonrecurring basis. The guidance establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to measurements involving significant unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows: Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3 inputs are unobservable inputs for the asset or liability. The carrying amounts of financial assets such as cash approximate their fair values because of the short maturity of these instruments. Cash Equivalents The Company considers all highly liquid debt instruments purchased with a maturity period of three months or less to be cash or cash equivalents. The carrying amounts reported in the accompanying unaudited condensed consolidated balance sheets for cash and cash equivalents approximate their fair value. All of the Company’s cash that is held in bank accounts in Singapore and PRC is not protected by Federal Deposit Insurance Corporation (“FDIC”) insurance or any other similar insurance in the PRC, or Singapore. Foreign Currency The Company’s principal country of operations is the PRC. The accompanying consolidated financial statements are presented in US$. The functional currency of the Company is US$, and the functional currency of the Company’s subsidiaries is RMB. The consolidated financial statements are translated into US$ from RMB at year-end exchange rates as to assets and liabilities and average exchange rates as to revenues and expenses. Capital accounts are translated at their historical exchange rates when the capital transactions occurred. The resulting translation adjustments are recorded as a component of shareholders’ equity included in other comprehensive income. Gains and losses from foreign currency transactions are included in profit or loss. There were no gains and losses from foreign currency transactions from the inception to December 31, 2019. As of December 31, 2019 Average of Year Ended December 31, 2019 RMB: US$ exchange rate 6.96 7.01 SGD: US$ exchange rate 1.35 1.35 The RMB is not freely convertible into foreign currency and all foreign exchange transactions must take place through authorized institutions. No representation is made that the RMB amounts could have been, or could be, converted into US$ at the rates used in translation. Income Tax Income taxes are determined in accordance with the provisions of ASC Topic 740, “Income Taxes” (“ASC Topic 740”). Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted income tax rates expected to apply to taxable income in the periods in which those temporary differences are expected to be recovered or settled. Any effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. ASC 740 prescribes a comprehensive model for how companies should recognize, measure, present, and disclose in their financial statements uncertain tax positions taken or expected to be taken on a tax return. Under ASC 740, tax positions must initially be recognized in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions must initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts. The Company has a subsidiary in Singapore and PRC. The Company is subject to tax in Singapore and PRC jurisdictions. As a result of its future business activities, the Company will be required to file tax returns that are subject to examination by the Inland Revenue Authority of Singapore and Tax Department of PRC. Capital Structure The Company currently has unlimited authorized shares of $0.00 par value common stock, with 100,074,000 shares issued and outstanding as of December 31, 2019. Earnings (loss) per share Basic net income (loss) per share of common stock attributable to common stockholders is calculated by dividing net income (loss) attributable to common stockholders by the weighted-average shares of common stock outstanding for the period. Potentially dilutive shares, which are based on the weighted-average shares of common stock underlying outstanding stock-based awards, warrants, options, or convertible debt using the treasury stock method or the if-converted method, as applicable, are included when calculating diluted net income (loss) per share of common stock attributable to common stockholders when their effect is dilutive. Potential dilutive securities are excluded from the calculation of diluted EPS in loss periods as their effect would be anti-dilutive. As of December 31, 2019, there were potentially dilutive shares. 2019 Statement of Operations Summary Information: Net loss $ (417,407 ) Weighted-average common shares outstanding - basic and diluted 100,024,667 Net loss per share, basic and diluted $ 0.00 |
CASH
CASH | 12 Months Ended |
Dec. 31, 2019 | |
CASH | |
NOTE 3 - CASH | Cash consist of the following: As of December 31, 2019 Bank Deposits-China $ 5,000,014 Bank Deposits-Singapore 1,591,114 $ 6,591,128 |
ACCRUED EXPENSES AND OTHER PAYA
ACCRUED EXPENSES AND OTHER PAYABLES | 12 Months Ended |
Dec. 31, 2019 | |
ACCRUED EXPENSES AND OTHER PAYABLES | |
NOTE 4 - ACCRUED EXPENSES AND OTHER PAYABLE | Accrued expenses and other payables consist of the following: As of December 31, 2019 Accrued audit fee 12,000 Accrued lawyer fee 20,000 $ 32,000 Accrued expenses includes audit and lawyers fees liabilities as of December 31, 2019. |
AMOUNT DUE TO RELATED PARTIES
AMOUNT DUE TO RELATED PARTIES | 12 Months Ended |
Dec. 31, 2019 | |
AMOUNT DUE TO RELATED PARTIES | |
NOTE 5 - AMOUNT DUE TO RELATED PARTIES | As of December 31, 2019, amount due to related parties consist of the following: As of December 31, Related parties payable 254,515 Related party loan 1,500,000 $ 1,754,515 The related party balance of $1,754,515 represented an outstanding loan of $1,500,000 from the related company owned by Company’s director for the future business operation, and professional expenses paid on behalf by Director of $254,515 and which consist of $224,515 advance from Dai Zheng, $20,000 advance from Li Zhuo and $10,000 from Che Kean Tat. It is unsecured, interest-free with no fixed payment term, for loan purpose. |
EQUITY
EQUITY | 12 Months Ended |
Dec. 31, 2019 | |
EQUITY | |
NOTE 6 - EQUITY | The company has an unlimited number of ordinary shares authorized, and has issued 100,074,000 shares with no par value as of December 31, 2019. The 100,000,0000 shares were issued as founders shares to thirty-three founders on March 28, 2019 and additional 74,000 shares were issued at $3 per share to thirteen new shareholders on September 3, 2019. There are 1,666,666 shares to be issued at $3 per share to 2 new shareholder in February 2020. |
OPERATING EXPENSES
OPERATING EXPENSES | 12 Months Ended |
Dec. 31, 2019 | |
OPERATING EXPENSES | |
NOTE 7 - OPERATING EXPENSES | The company has no employees other than the directors, who did not receive any remuneration. The Company incurred $ 417,407 |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2019 | |
INCOME TAXES | |
NOTE 8 - INCOME TAXES | The Company is subject to U.S. Federal tax laws. The Company has not recognized an income tax benefit for its operating losses in the United States because the Company does not expect to commence active operations in the United States. UTour Pte Ltd was incorporated in Singapore and is subject to Singapore profits tax at a tax rate of 17%. Since UTour Pte Ltd had no taxable income during the reporting period, it has not paid Singapore profits taxes. UTour has not recognized an income tax benefit for its operating losses in Singapore because the Company does not expect to commence active operations in Singapore. WeTrade Information Technology Limited (“WITL”) was incorporated in Hong Kong and is subject to Hong Kong profits tax at a tax rate of 16.5%. Since WITL had no taxable income during the reporting period, it has not paid Hong Kong profits taxes. WITL has not recognized an income tax benefit for its operating losses in Hong Kong because the Company does not expect to commence active operations in Hong Kong. The Company plans to conduct its major operations in the PRC through Yueshang Information Technology (Beijing) Co., Ltd., and in accordance with the relevant tax laws and regulations. The corporate income tax rate in China is 25%. The Company has not paid PRC profits taxes, since it had no taxable income during the reporting period. The Company is incorporated in United States, and is subject to corporate income tax rate of 21%. As of December 31, 2019, the Company has net operating losses from operations. The carry forwards expire through the year 2039. The Company’s net operating loss carry forward may be subject to annual limitations, which could reduce or defer the utilization of the losses as a result of an ownership change as defined in Section 382 of the Internal Revenue Code. A valuation allowance has been applied due to the uncertainty of realization. The deferred tax asset as of December 31, 2019 consisted of the following: 2019 Net operating loss carryforwards $ 87,700 Less valuation allowance (87,700 ) - |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2019 | |
SUBSEQUENT EVENTS | |
NOTE 9 - SUBSEQUENT EVENTS | The Company issued additional 1,666,666 shares of common stock at the price of $3 per share to 2 new shareholders in February 2020. As of March 6, 2020, there were 101,740,666 shares of common stock outstanding. The Company have settled related party loan of $650,000 and $710,000 in January 21, 2020 and March 2, 2020 respectively. As of March 6, 2020, there were $140,000 of related party loan that are due to the company owned by Mr. Dai, the Chairman of the Board. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Basis of Presentation | The consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (GAAP). The consolidated financial statements include the financial statements of the Company and its subsidiaries. All significant inter-company transactions and balances have been eliminated in consolidation. As of December 31, 2019, the details of the consolidating subsidiaries are as follows: Place of Attributable Name of Company incorporation equity interest % Utour Pte Ltd Singapore 100 % WeTrade Information Technology Limited (WITL) Hong Kong 100 % Yueshang Information Technology (Beijing) Co., Ltd. (YITB) P.R.C. 100 % |
Use of Estimate | The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Management believes that the estimates used in preparing the financial statements are reasonable and prudent; however, actual results could differ from these estimates. |
Fair Value | The Company follows guidance for accounting for fair value measurements of financial assets and financial liabilities and for fair value measurements of nonfinancial items that are recognized or disclosed at fair value in the financial statements on a recurring basis. Additionally, the Company adopted guidance for fair value measurement related to nonfinancial items that are recognized and disclosed at fair value in the financial statements on a nonrecurring basis. The guidance establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to measurements involving significant unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows: Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3 inputs are unobservable inputs for the asset or liability. The carrying amounts of financial assets such as cash approximate their fair values because of the short maturity of these instruments. |
Cash Equivalents | The Company considers all highly liquid debt instruments purchased with a maturity period of three months or less to be cash or cash equivalents. The carrying amounts reported in the accompanying unaudited condensed consolidated balance sheets for cash and cash equivalents approximate their fair value. All of the Companys cash that is held in bank accounts in Singapore and PRC is not protected by Federal Deposit Insurance Corporation (FDIC) insurance or any other similar insurance in the PRC, or Singapore. |
Foreign Currency | The Companys principal country of operations is the PRC. The accompanying consolidated financial statements are presented in US$. The functional currency of the Company is US$, and the functional currency of the Companys subsidiaries is RMB. The consolidated financial statements are translated into US$ from RMB at year-end exchange rates as to assets and liabilities and average exchange rates as to revenues and expenses. Capital accounts are translated at their historical exchange rates when the capital transactions occurred. The resulting translation adjustments are recorded as a component of shareholders equity included in other comprehensive income. Gains and losses from foreign currency transactions are included in profit or loss. There were no gains and losses from foreign currency transactions from the inception to December 31, 2019. As of December 31, 2019 Average of Year Ended December 31, 2019 RMB: US$ exchange rate 6.96 7.01 SGD: US$ exchange rate 1.35 1.35 The RMB is not freely convertible into foreign currency and all foreign exchange transactions must take place through authorized institutions. No representation is made that the RMB amounts could have been, or could be, converted into US$ at the rates used in translation. |
Income Tax | Income taxes are determined in accordance with the provisions of ASC Topic 740, Income Taxes (ASC Topic 740). Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted income tax rates expected to apply to taxable income in the periods in which those temporary differences are expected to be recovered or settled. Any effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. ASC 740 prescribes a comprehensive model for how companies should recognize, measure, present, and disclose in their financial statements uncertain tax positions taken or expected to be taken on a tax return. Under ASC 740, tax positions must initially be recognized in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions must initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts. The Company has a subsidiary in Singapore and PRC. The Company is subject to tax in Singapore and PRC jurisdictions. As a result of its future business activities, the Company will be required to file tax returns that are subject to examination by the Inland Revenue Authority of Singapore and Tax Department of PRC. |
Capital Structure | The Company currently has unlimited authorized shares of $0.00 par value common stock, with 100,074,000 shares issued and outstanding as of December 31, 2019. |
Earnings (loss) per share | Basic net income (loss) per share of common stock attributable to common stockholders is calculated by dividing net income (loss) attributable to common stockholders by the weighted-average shares of common stock outstanding for the period. Potentially dilutive shares, which are based on the weighted-average shares of common stock underlying outstanding stock-based awards, warrants, options, or convertible debt using the treasury stock method or the if-converted method, as applicable, are included when calculating diluted net income (loss) per share of common stock attributable to common stockholders when their effect is dilutive. Potential dilutive securities are excluded from the calculation of diluted EPS in loss periods as their effect would be anti-dilutive. As of December 31, 2019, there were potentially dilutive shares. 2019 Statement of Operations Summary Information: Net loss $ (417,407 ) Weighted-average common shares outstanding - basic and diluted 100,024,667 Net loss per share, basic and diluted $ 0.00 |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Table) | 12 Months Ended |
Dec. 31, 2019 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Schedule of exchange rate of currency | As of December 31, 2019 Average of Year Ended December 31, 2019 RMB: US$ exchange rate 6.96 7.01 SGD: US$ exchange rate 1.35 1.35 |
Schedule of Operations Summary Information | 2019 Statement of Operations Summary Information: Net loss $ (417,407 ) Weighted-average common shares outstanding - basic and diluted 100,024,667 Net loss per share, basic and diluted $ 0.00 |
CASH (Table)
CASH (Table) | 12 Months Ended |
Dec. 31, 2019 | |
CASH (Table) | |
Schedule of bank deposits | As of December 31, 2019 Bank Deposits-China $ 5,000,014 Bank Deposits-Singapore 1,591,114 $ 6,591,128 |
ACCRUED EXPENSES AND OTHER PA_2
ACCRUED EXPENSES AND OTHER PAYABLES (Table) | 12 Months Ended |
Dec. 31, 2019 | |
ACCRUED EXPENSES AND OTHER PAYABLES (Table) | |
Schedule of accrued expenses and other payables | As of December 31, 2019 Accrued audit fee 12,000 Accrued lawyer fee 20,000 $ 32,000 |
AMOUNT DUE TO RELATED PARTIES (
AMOUNT DUE TO RELATED PARTIES (Table) | 12 Months Ended |
Dec. 31, 2019 | |
AMOUNT DUE TO RELATED PARTIES | |
Schedule of due to related parties | As of December 31, 2019 Related parties payable 254,515 Related party loan 1,500,000 $ 1,754,515 |
INCOME TAXES (Table)
INCOME TAXES (Table) | 12 Months Ended |
Dec. 31, 2019 | |
INCOME TAXES | |
Schedule of deferred tax assets | 2019 Net operating loss carryforwards $ 87,700 Less valuation allowance (87,700 ) - |
NATURE OF BUSINESS (Details Nar
NATURE OF BUSINESS (Details Narrative) | 12 Months Ended |
Dec. 31, 2019 | |
State of Incorporation | Wyoming |
Date of Incorporation | Mar. 28, 2019 |
Director [Member] | |
Business Combination, Step Acquisition, Equity Interest in Acquiree, Percentage | 100.00% |
Date of incorporation of Acquiree | Mar. 23, 2018 |
UTour Pte. Ltd [Member] | |
Noncontrolling Interest, Ownership Percentage by WeTrade Information Technology Limited | 100.00% |
Shareholder [Member] | |
Business Combination, Step Acquisition, Equity Interest in Acquiree, Percentage | 100.00% |
Date of incorporation of Acquiree | Sep. 4, 2019 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) | Dec. 31, 2019 |
Yueshang Information Technology (Beijing) Limited [Member] | September 4, 2019 [Member] | |
Exchange rate | 1.35 |
Average exchange rate | 1.35 |
WeTrade Information Technology Limited [Member] | December 12 ,2019 [Member] | |
Exchange rate | 6.96 |
Average exchange rate | 7.01 |
SUMMARY OF SIGNIFICANT ACCOUN_5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 1) - USD ($) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2019 | Dec. 31, 2019 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||
Net Loss | $ (417,407) | $ (417,407) |
Weighted-average common shares outstanding - basic and diluted | 100,024,667 | |
Net loss per share, basic and diluted | $ 0 |
SUMMARY OF SIGNIFICANT ACCOUN_6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) | Dec. 31, 2019$ / sharesshares |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Common stock, shares outstanding | 100,074,000 |
Common stock, shares issued | 100,074,000 |
Common stock, shares par value | $ / shares | $ 0 |
CASH (Details)
CASH (Details) - USD ($) | Dec. 31, 2019 | Mar. 27, 2019 |
Bank Deposits | $ 6,591,128 | |
SGD [Member] | ||
Bank Deposits | 5,000,014 | |
RMB [Member] | ||
Bank Deposits | $ 1,591,114 |
ACCRUED EXPENSES AND OTHER PA_3
ACCRUED EXPENSES AND OTHER PAYABLES (Details) | Dec. 31, 2019USD ($) |
CASH (Details) | |
Accrued audit fee | $ 12,000 |
Accrued lawyer fee | 20,000 |
Accrued expenses | $ 32,000 |
AMOUNT DUE TO RELATED PARTIES_2
AMOUNT DUE TO RELATED PARTIES (Details) - USD ($) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2019 | Dec. 31, 2019 | |
AMOUNT DUE TO RELATED PARTIES | ||
Related parties payable | $ 254,515 | $ 254,515 |
Related party loan | $ 1,500,000 | 1,500,000 |
Amount due to related parties | $ 1,754,515 |
AMOUNT DUE TO RELATED PARTIES_3
AMOUNT DUE TO RELATED PARTIES (Details Narrative) - USD ($) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2019 | Dec. 31, 2019 | |
Amount due to related parties | $ 1,754,515 | |
Related party loan | $ 1,500,000 | 1,500,000 |
Related parties payable | $ 254,515 | 254,515 |
Shares to be issued [Member] | ||
Related party loan | 1,500,000 | |
Related parties payable | 254,515 | |
Subsequent Event [Member] | ||
Related party loan | 20,000 | |
Dai Zheng [Member] | ||
Related party loan | 10,000 | |
Four new shareholders [Member] | Subsequent Event [Member] | February 2020 and March 2020 [Member] | ||
Related party loan | $ 224,515 |
EQUITY (Details Narrative)
EQUITY (Details Narrative) | 1 Months Ended | |||
Feb. 29, 2020integer$ / sharesshares | Dec. 31, 2019shares | Sep. 03, 2019integer$ / sharesshares | Mar. 27, 2019integershares | |
Common stock, shares issued | shares | 100,074,000 | 100,000,000 | ||
Number of founder | integer | 33 | |||
Li Zhuo [Member] | ||||
Common stock, shares issued | shares | 1,666,666 | |||
Number of shareholder | integer | 2 | |||
Per share value | $ / shares | $ 3 | |||
Founder [Member] | ||||
Common stock, shares issued | shares | 74,000 | |||
Number of shareholder | integer | 13 | |||
Per share value | $ / shares | $ 3 |
OPERATING EXPENSES (Details Nar
OPERATING EXPENSES (Details Narrative) | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Accrued expenses | $ 32,000 |
General and Administrative | 417,407 |
Shares to be issued [Member] | |
Operating expenses paid by related party | $ 254,515 |
INCOME TAXES (Details)
INCOME TAXES (Details) | Dec. 31, 2019USD ($) |
INCOME TAXES | |
Net operating loss carryforwards | $ 87,700 |
Less valuation allowance | (87,700) |
Deferred tax assets, net |
INCOME TAXES (Details Narrative
INCOME TAXES (Details Narrative) | 12 Months Ended |
Dec. 31, 2019 | |
Operating Loss Carryforwards, Expiration Year | 2039 |
Director [Member] | |
Income tax rate | 17.00% |
China [Member] | |
Income tax rate | 25.00% |
Singapore [Member] | |
Income tax rate | 16.50% |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) - USD ($) | 1 Months Ended | |||
Mar. 02, 2020 | Jan. 21, 2020 | Mar. 06, 2020 | Dec. 31, 2019 | |
Common Stock, Shares, Outstanding | 100,074,000 | |||
Common stock, shares issued | 100,074,000 | |||
Subsequent Event [Member] | ||||
Common Stock, Shares, Outstanding | 101,740,666 | |||
Payment of loan | $ 710,000 | $ 650,000 | ||
Subsequent Event [Member] | Mr. Dai [Member] | ||||
Due to related party | $ 140,000 | |||
Subsequent Event [Member] | Two new shareholders [Member] | February 2020 [Member] | ||||
Common stock, share price | $ 3 | |||
Common stock, shares issued | 1,666,666 |