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WETG WeTrade

Cover

Cover - USD ($)12 Months Ended
Dec. 31, 2020Mar. 31, 2021Jun. 30, 2020
Cover [Abstract]
Entity Registrant NameWeTrade Group Inc.
Entity Central Index Key0001784970
Document Type10-K
Amendment Flagfalse
Entity Voluntary FilersNo
Current Fiscal Year End Date--12-31
Entity Well Known Seasoned IssuerNo
Entity Small Businesstrue
Entity Shell Companyfalse
Entity Emerging Growth Companytrue
Entity Current Reporting StatusYes
Document Period End DateDec. 31,
2020
Entity Filer CategoryNon-accelerated Filer
Document Fiscal Period FocusFY
Document Fiscal Year Focus2020
Entity Ex Transition Periodfalse
Entity Common Stock Shares Outstanding305,451,498
Entity Public Float $ 0
Document Annual Reporttrue
Document Transition Reportfalse
Entity Interactive Data CurrentYes

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)Dec. 31, 2020Dec. 31, 2019
Current Assets:
Cash and Cash Equivalents $ 4,640,603 $ 6,591,128
Accounts receivables2,609,520 0
Note receivable3,097,981
Other receivables270,681 0
Prepayments61,707 0
Total Current Assets10,680,492 6,591,128
Right of use assets2,813,186 0
Intangible asset, net49,029 0
Total Assets:13,542,707 6,591,128
Current Liabilities:
Account Payables8,176 0
Accrued expenses263,355 32,000
Tax payables828,695 0
Amount due to related parties416,501 1,754,515
Lease liabilities, current569,865 0
Other payables90,632 0
Total Current Liabilities2,177,224 1,786,515
Lease liabilities, non- current2,471,598 0
Total Liabilities4,648,822 1,786,515
Stockholders' Equity:
Common Stock; $0.00 per share par value; 305,451,498 issued and outstanding at December 31, 2020 and 300,222,000 issued and outstanding at December 31, 2019*0 0
Additional Paid in Capital6,057,520 222,020
Share to be issued0 5,000,000
Accumulated other comprehensive income578,735 0
Retained Earnings/ (Accumulated Deficit)2,257,630 (417,407)
Total Stockholders' Equity8,893,885 4,804,613
Total Liabilities and Stockholders' Equity $ 13,542,707 $ 6,591,128

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / sharesDec. 31, 2020Dec. 31, 2019
Stockholders' Equity
Common stock, shares par value $ 0 $ 0
Common stock, shares issued305,451,498 300,222,000
Common stock, shares outstanding305,451,498 300,222,000

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($)9 Months Ended12 Months Ended
Dec. 31, 2019Dec. 31, 2020
Revenue:
Service revenue, non-related party $ 0 $ 3,440,312
Service revenue, related party0 2,831,252
Total Revenue:0 6,271,564
Cost of Revenue0 (615,595)
Gross Profit5,655,969
Operating Expenses:
General and Administrative(417,407)(1,901,336)
Operations Profit/ (Loss)(417,407)3,754,633
Other income0 82,960
Net Income/ (Loss) before income tax(417,407)3,837,593
Income tax expense0 (1,162,556)
Net Income/ (loss)(417,407)2,675,037
Other Comprehensive Income
Foreign currency translation adjustment0 578,735
Comprehensive Income (Loss) $ (417,407) $ 3,253,772
Net income (loss) per share - basic and diluted $ 0 $ 0.01
Weighted average number of shares outstanding*; Basic and Diluted300,222,000 304,166,073

Statements of Changes in Stockh

Statements of Changes in Stockholders' Equity - USD ($)TotalCommon Stock [Member]Additional Paid-in Capital [Member]Share To Be Issued [Member]Retained Earnings (Accumulated Deficit) [Member]Accumulated other comprehensive loss
Balance, shares at Mar. 28, 2019300,000,000
Stock issued during the year, shares222,000
Stock issued during the year, amount $ 222,020 $ 222,020
Stock to be issued5,000,000 $ 5,000,000
Net loss for the period(417,407) $ (417,407) $ 0
Balance, shares at Dec. 31, 2019300,222,000
Balance, amount at Dec. 31, 2019 $ 4,804,613 $ 0 222,020 5,000,000 (417,407)
Stock issued during the year, shares 5,229,498
Stock issued during the year, amount $ 835,500 (5,835,500)(5,000,000)0 0
Foreign currency translation adjustment578,735 $ 0 0 578,735
Net income for the year2,675,037 0 0 2,675,037 0
Balance, shares at Dec. 31, 2020305,451,498
Balance, amount at Dec. 31, 2020 $ 8,893,885 $ 6,057,520 $ 0 $ 2,257,630 $ 578,735

STATEMENTS OF CASH FLOWS

STATEMENTS OF CASH FLOWS - USD ($)9 Months Ended12 Months Ended
Dec. 31, 2019Dec. 31, 2020
Cash Flows from Operating Activities:
Net Income/ (Loss) $ (417,407) $ 2,675,037
Adjustment to reconcile net income to cash flows from operating activities:
Amortization of intangible assets0 11,696
Changes in Operating Assets and Liabilities:
Trade Receivables0 (2,489,993)
Intangible asset(58,480)
Other receivables0 (258,282)
Prepaid expenses0 (41,141)
Trade payable0 7,802
Amount due to related parties254,515 0
Accrued expenses32,000 220,658
Tax payables0 828,695
Other payables0 48,524
Right of use assets0 (2,684,330)
Lease liabilities0 2,902,151
Net Cash Flows provided by/ (used in) Operating Activities:(130,892)1,162,337
Cash flow from financing activities:
Proceeds from issuance of common stock222,020 835,500
Share to be issued5,000,000 0
Note receivable0 (2,957,622)
Related party loan1,500,000 (1,560,020)
Net cash (used in)/ provided by financing activities:6,722,020 (3,682,142)
Effect of exchange rate changes on cash0 569,280
Change in Cash and Cash Equivalents:6,591,128 (1,950,525)
Cash and Cash Equivalents, Beginning of Period0 6,591,128
Cash and Cash Equivalents, End of Period6,591,128 4,640,603
Supplemental Cash Flow Information:
Cash paid for interest0 0
Cash paid for taxes $ 0 $ 1,162,556

NATURE OF BUSINESS

NATURE OF BUSINESS12 Months Ended
Dec. 31, 2020
NATURE OF BUSINESS
NOTE 1 - NATURE OF BUSINESSOrganization WeTrade Group, Inc. was incorporated in the State of Wyoming on March 28, 2019 and is in the business of providing technical services and solutions via its membership-based social e-commerce platform. We are committed to providing an international cloud-based intelligence system and independently developed a micro-business cloud intelligence system called the “YCloud.” Our goal is to provide technical and auto-billing management services to micro-business online stores in China through big data analytics, machine learning mechanisms, social network recommendations, and multi-channel data analysis. We provide technology services to both individual and corporate users. Through Yueshang Beijing, we provide “YCloud” service to our customer, Zhuozhou Weijiafu Information Technology Limited, or Weijiafu, a PRC technology company, which provide “YCloud” services to individual and corporate micro-business owners. The market individual micro-business owners represents a potential of 330 million users by the year of 2023. (Source: iResrarch. http://xueqiu.com/8455183447/172404679?sharetime=2,2/22/2021). YCloud serves corporate users in multiple industries, including Yuetao Group, Zhiding, Lvyue, Yuebei, Yuedian, Coke GO, and Zhongyanshangyue. We conduct business operations in mainland China and have established trial operations in Hong Kong, the Philippines, and Singapore. We expect to utilize the YCloud system to establish a global strategic cooperation with various social media platforms. Plan to negotiate with Kakao Talk, Line, Whatsapp, Ohho, and Bluechat. Additionally, we have formed long-term technical collaborations with Yuetao App, Daren App, Yuebei App, Zhiding App, Yuedian App, and Lvyue App through Weijiafu. In January 2020, we appointed 3rd party software company to develop an auto-billing management system (“WeTrade System”), to provide online payment services for our customers in PRC. The main functions of YCloud System are users’ marketing relationship, CPS commission profit management, multi-channel data statistics, AI fission and management, improved supply chain system. YCloud applications cover the micro business industry, tourism industry, hospitality industry, livestreaming and short video industry, medical beauty industry and traditional retail industry. Currently, YCloud serves the micro business industry. We expect to expand the application of YCloud to tourism, hospitality, livestreaming and short video, medical beauty and traditional retail industries.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES12 Months Ended
Dec. 31, 2020
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESBasis 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, 2020, 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 % Yueshang Group Network (Hunan) Co., Limited (“Yueshang Hunan”) P.R.C 100 % Yueshang Technology Group (Hainan Special Economic Zone) Co. Limited (“Yueshang Hainan”) 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. Significant estimates include the allowance for doubtful accounts, impairment assessments of goodwill, valuation of deferred tax assets, rebilling collections and certain accrued liabilities such as contingent liabilities. 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. Revenue recognition The Company follows the guidance of Accounting Standards Codification (ASC) 606, Revenue from Contracts As of December 31, 2020 December 31, 2019 RMB: US$ exchange rate 6.53 6.96 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, 2020. Year ended December 31, 2020 2019 RMB: US$ exchange rate 6.84 7.01 The balance sheet amounts, with the exception of equity, December 31, 2020 and December 31, 2019 were translated at 6.53 RMB and 6.96 RMB to $1.00, respectively. The equity accounts were stated at their historical rates. The average translation rates applied to statements of operations and comprehensive income (loss) accounts for the year ended December 31, 2020 and year ended December 31, 2019 were 6.84 RMB and 7.01 RMB to $1.00, respectively. Cash flows were also translated at average translation rates for the year and, therefore, amounts reported on the statement of cash flows would not necessarily agree with changes in the corresponding balances on the consolidated balance sheet. The transactions dominated in SGD are immaterial. Intangible Asset Intangible asset is software development cost of YCloud system incurred by the Company, it will be amortized on a straight line basis over the estimated useful life of 5 years. Commitments and contingencies On September 16, 2020 the Company entered into lease agreement for a new office space in Beijing. The term of the lease is for a (5) Five Years with first 4 months free on the 1st year of the term and 1st month free of each following years of the term. The monthly rent on the 1st year will be $54,081 with a 6% increase for each subsequent year. Total commitment for the full term of the lease will be $3,424,163. Leases In February 2016, the FASB established Topic 842, Leases, by issuing Accounting Standards Update (“ASU”) No. 2016-02, which requires lessees to recognize the rights and obligations created by leases on the balance sheet and disclose key information about leasing arrangements. Topic 842 was subsequently amended by ASU No. 2018-11, Targeted Improvements, ASU No. 2018-10, Codification Improvements to Topic 842, and ASU No. 2018-01, Land Easement Practical Expedient for Transition to Topic 842. The new standard establishes a right-of-use model (“ROU”) that requires a lessee to recognize a ROU asset and lease liability on the balance sheet for all leases with a term longer than 12 months. Leases will be classified as finance or operating, with classification affecting the pattern and classification of expense recognition in the statement of operations. The new standard became effective April 1, 2019. A modified retrospective transition approach is required, applying the new standard to all leases existing at the date of initial application. An entity may choose to use either (1) its effective date or (2) the beginning of the earliest comparative period presented in the financial statements as its date of initial application. If an entity chooses the second option, the transition requirements for existing leases also apply to leases entered into between the date of initial application and the effective date. The entity must also recast its comparative period financial statements and provide the disclosures required by the new standard for the comparative periods. The Company adopted the new standard on July 1, 2019 using the modified retrospective transition approach as of the effective date of the initial application. The new standard provides a number of optional practical expedients in transition. The Company elected the “package of practical expedients”, which permits entities not to reassess under the new lease standard prior conclusions about lease identification, lease classification and initial direct costs. The Company does not expect to elect the use-of-hindsight or the practical expedient pertaining to land easements. The most significant effects of the adoption of the new standard relate to the recognition of new ROU assets and lease labilities on our balance sheet for office operating leases and providing significant new disclosures about our leasing activities. The new standard also provides practical expedients for an entity’s ongoing accounting. The Company has also elected the short-term leases recognition exemption for all leases that qualify. This means that the Company will not recognize ROU assets or lease liabilities, and this includes not recognizing ROU assets and lease liabilities, for existing short-term leases of those assets in transition. The Company also currently expects to elect the practical expedient to not separate lease and non-lease components for its leases. All existing leases are reported under this rule. Under ASC 840, leases were classified as either capital or operating, and the classification significantly impacted the effect the contract had on the company’s financial statements. Capital lease classification resulted in a liability that was recorded on a company’s balance sheet, whereas operating leases did not impact the balance sheet. After the new adoption, $2,813,186 of operating lease right-of-use asset and $3,041,463 of operating lease liabilities were reflected on the Company’s December 31, 2020 financial statements. ASU 2016-02 requires that public companies use a secured incremental browning rate for the present value of lease payments when the rate implicit in the contract is not readily determinable. We determine a secured rate on a quarterly basis and update the weighted average discount rate accordingly. Lease terms and discount rate follow: Lease cost In USD Operating lease cost (included in general and admin in company’s statement of operations) $ 217,821 Other information Cash paid for amounts included in the measurement of lease liabilities for the quarter ended 12/31/2020 - Weighted average remaining lease term-operating leases (in years) 4.67 Average discount rate - operating leases 5 % The supplemental balance sheet information related to leases for the period is as follows: Operating leases Long -term right-of-use assets 2,813,186 Total right-of-use assets $ 2,813,186 Short-term operating lease liabilities 569,865 Long-term operating lease liabilities 2,471,598 Total operating lease liabilities $ 3,041,463 Maturities of the Company’s lease liabilities are as follows: Year ending December 31, 2021 709,227 2022 690,685 2023 733,273 2024 777,890 2025 513,088 Total lease payments 3,424,163 Less: Imputed interest/present value discount (382,700 ) Present value of lease liabilities $ 3,041,463 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 305,451,498 shares issued and outstanding as of December 31, 2020. 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, 2020 and 2019, there were no potentially dilutive shares. 2020 2019 Statement of Operations Summary Information: Net Profit/ (loss) $ 2,675,037 $ (417,407 ) Weighted-average common shares outstanding - basic and diluted 304,166,073 300,222,000 Net loss per share, basic and diluted $ 0.01 $ (0.00 )

REVENUE

REVENUE12 Months Ended
Dec. 31, 2020
REVENUE
NOTE 3 - REVENUEIn the business of providing technical services and solutions via a social e-commerce platform, we are committed to providing an international cloud-based intelligence system and independently developed the “YCloud” system. We aim to provide technical and auto-billing management services to micro-business online stores in China through big data analytics, machine learning mechanisms, social network recommendations, and multi-channel data analysis. Weijiafu is in charge of the client profiles. Meanwhile, all YCloud users’ information is retained within YCloud system. We derive our revenue from service fees charged for transactions conducted through YCloud. We receive 2%-3.5% of the total Gross Merchandise Volume generated in the platform as a service fee through our agreement with Weijiafu, depending on the type of service and industry. Gross Merchandise Volume, or GMV, is a term used in online retailing to indicate a total sales monetary-value for merchandise sold through a particular marketplace over a certain time frame. We generally settle the service fee with Weijiafu within the first ten days of each calendar month. As of year ended December 31, 2020, we generated revenues from a non-related party amounting $3,440,312 and a related party amounting $2,831,252.

CASH

CASH12 Months Ended
Dec. 31, 2020
CASH
NOTE 4 - CASHAs of December 31, 2020, the Company held cash in bank in the amount of $4,640,603 which consist of the following: December 31, 2020 December 31, 2019 Bank Deposits-China $ 4,593,943 5,000,014 Bank Deposits-Singapore 46,660 1,591,114 4,640,603 6,591,128

INTANGIBLE ASSET

INTANGIBLE ASSET12 Months Ended
Dec. 31, 2020
INTANGIBLE ASSET
NOTE 5 - INTANGIBLE ASSETIntangible asset is software development cost incurred by company, it will be amortized on a straight line basis over the estimated useful life of 5 years as follow: December 31, 2020 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Weighted Average Useful Life (Years) Intangible assets: Software development $ 57,143 $ (11,696 ) $ 45,447 5 Foreign currency translation adjustment - - 3,582 Intangible assets, net $ 57,143 $ (11,696 ) $ 49,029 Amortization expense for intangible assets was $11,696 for the year ended December 31, 2020. Expected future intangible asset amortization as of December 31, 2020 was as follows: Fiscal years: Remaining 2020 $ 49,029 2021 36,772 2022 24,515 2023 12,257

ACCOUNT RECEIVABLES

ACCOUNT RECEIVABLES12 Months Ended
Dec. 31, 2020
ACCOUNT RECEIVABLES
NOTE 6 - ACCOUNT RECEIVABLESAs of December 31, 2020, account receivables consist of the following: December 31, 2020 December 31, 2019 Account Receivables $ 2,609,520 - Account receivables-Third parties is related to the services fee receivable from a third party customer.

NOTE RECEIVABLES

NOTE RECEIVABLES12 Months Ended
Dec. 31, 2020
NOTE RECEIVABLES
NOTE 7 - NOTE RECEIVABLESAs of December 31, 2020, Note receivables consist of the following: December 31, 2020 December 31, 2019 Note receivables 3,097,981 - Note receivable is related to the short-term loan of RMB 30 million to a third party with annual interest of 5%, which will be matured on November 4, 2021. As at December 31, 2020, the accrued interest for the loan is $33,646.

OTHER RECEIVABLE

OTHER RECEIVABLE12 Months Ended
Dec. 31, 2020
OTHER RECEIVABLE
NOTE 8 - OTHER RECEIVABLEAs of December 31, 2020, other receivables is consist of rental deposit, property management fee deposit, prepaid trademark and system set up fees as follow: December 31, 2020 December 31, 2019 Rental deposit 230,620 - Property management fee deposit 34,290 - Prepaid trademark and system set up fee 3,318 - Others 2,453 - 270,681 -

AMOUNT DUE TO RELATED PARTIES

AMOUNT DUE TO RELATED PARTIES12 Months Ended
Dec. 31, 2020
AMOUNT DUE TO RELATED PARTIES
NOTE 9 - AMOUNT DUE TO RELATED PARTIESAs of December 31, 2020, amount due to related parties consist of the following: As of December 31, 2020 As of December 31, 2019 Related parties payable 276,500 254,515 Related party loan 140,000 1,500,000 $ 416,500 1,754,515 The related party balance of $416,500 represented an outstanding loan of $140,000 from the related company owned by Company’s director-Dai Zheng for daily business operation in Singapore, and professional expenses paid on behalf by Director of $276,500 and which consist of $224,500 advance from Dai Zheng, $42,000 advance from Li Zhuo and $10,000 from Che Kean Tat. It is unsecured, interest-free with no fixed payment term and imputed interest is consider to be immaterial. The Company have settled related party loan of $650,000 and $710,000 in January 21, 2020 and March 2, 2020 respectively due to cost cutting in business operation in Singapore as a result of change in business plan. As of December 31, 2020, there were $140,000 of related party loan that are due to the company owned by Mr. Dai, the Chairman of the Board.

TAX PAYABLE

TAX PAYABLE12 Months Ended
Dec. 31, 2020
TAX PAYABLE
NOTE 10 - TAX PAYABLEAs of December 31, 2020, tax payable of $828,695 is consist of PRC corporate income tax at the rate of 25%, Value-added Tax of 6% and PRC Urban construction tax and levies.

OTHER PAYABLES

OTHER PAYABLES12 Months Ended
Dec. 31, 2020
OTHER PAYABLES
NOTE 11 - OTHER PAYABLESOther payables of $90,632 is consist of the payables of securities account set up fee and related documentation expenses.

EQUITY

EQUITY12 Months Ended
Dec. 31, 2020
Consolidated Statements of Operations and Comprehensive Income (Loss)
NOTE 12 - EQUITYThe company has an unlimited number of ordinary shares authorized, and has issued 305,451,498 shares with no par value as of December 31, 2020. On March 29, 2019, the company has issued 100,000,000 shares with no par value to thirty-three founders. On September 3, 2019, the company has issued a total 74,000 shares at $3 each to 5 non-US shareholders. The total outstanding shares has increased to 100,074,000 shares as at December 31, 2019. In February, 2020, there are 1,666,666 shares issued at $3 per share to 2 new shareholders. On July 10, 2020, the company has issued another 26,000 shares at $3 per share to 2 new shareholders and the total outstanding shares has increased to 101,766,666 shares. On September 15, 2020, the Wyoming Secretary of State approved the Company’s certificate of amendment to amend its Articles of Incorporation to effectuate a 3 for 1 forward stock split. The total issued and outstanding shares of the Company’s common stock has been increased from 101,766,666 to 305,299,998 shares, with the par value unchanged at zero. On September 21, 2020, there are 151,500 shares issued at $5 per share to 303 new shareholders, the Company’s common stock issued has been increased to 305,451,498 shares as of December 31, 2020.

INCOME TAXES

INCOME TAXES12 Months Ended
Dec. 31, 2020
INCOME TAXES
NOTE 13- INCOME TAXESThe 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 is currently conducting its major operations in the PRC through Yueshang Information Technology (Beijing) Co., Ltd., Yushang Group (Hunan) Network Technology Limited and Yueshang Technology Group( Hainan) Limited, which are in accordance with the relevant tax laws and regulations and the corporate income tax rate in China is 25%.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS12 Months Ended
Dec. 31, 2020
SUBSEQUENT EVENTS
NOTE 14 - SUBSEQUENT EVENTSOn January 25, 2021, the Company has provided a short-term loan of RMB 9 million (approximately of USD 1.38 million) to a third party with annual interest of 5%, which will be matured on November 4, 2021. On January 27, 2021, the Company has appointed a third party software company to develop a customized YCloud system to provide auto-billing management, stock management and online payment systems for a PRC tobacco Company. The estimated total development cost of customized YCloud system will be RMB 7 million (approximately of USD 1.08 million), the company has paid RMB 4 million (approximately of USD 0.62 million) for the initial development cost on January 27, 2021. On January 27, 2021, the Company made the payment of RMB 5 million (approximately of USD 0.77 million) for its renovation expenses of new office located in Beijing Economic and Technological Development Zone, Beijing, China. The Company is plan to move the headquarter to the above-mentioned office in July 2021.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)12 Months Ended
Dec. 31, 2020
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of PresentationThe 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, 2020, 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 % Yueshang Group Network (Hunan) Co., Limited (“Yueshang Hunan”) P.R.C 100 % Yueshang Technology Group (Hainan Special Economic Zone) Co. Limited (“Yueshang Hainan”) P.R.C 100 %
Use of EstimatesThe 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. Significant estimates include the allowance for doubtful accounts, impairment assessments of goodwill, valuation of deferred tax assets, rebilling collections and certain accrued liabilities such as contingent liabilities.
Fair ValueThe 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.
Revenue recognitionThe Company follows the guidance of Accounting Standards Codification (ASC) 606, Revenue from Contracts As of December 31, 2020 December 31, 2019 RMB: US$ exchange rate 6.53 6.96
Cash EquivalentsThe 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 CurrencyThe 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, 2020. Year ended December 31, 2020 2019 RMB: US$ exchange rate 6.84 7.01 The balance sheet amounts, with the exception of equity, December 31, 2020 and December 31, 2019 were translated at 6.53 RMB and 6.96 RMB to $1.00, respectively. The equity accounts were stated at their historical rates. The average translation rates applied to statements of operations and comprehensive income (loss) accounts for the year ended December 31, 2020 and year ended December 31, 2019 were 6.84 RMB and 7.01 RMB to $1.00, respectively. Cash flows were also translated at average translation rates for the year and, therefore, amounts reported on the statement of cash flows would not necessarily agree with changes in the corresponding balances on the consolidated balance sheet. The transactions dominated in SGD are immaterial.
Intangible Asset Intangible asset is software development cost of YCloud system incurred by the Company, it will be amortized on a straight line basis over the estimated useful life of 5 years.
Commitments and contingenciesOn September 16, 2020 the Company entered into lease agreement for a new office space in Beijing. The term of the lease is for a (5) Five Years with first 4 months free on the 1st year of the term and 1st month free of each following years of the term. The monthly rent on the 1st year will be $54,081 with a 6% increase for each subsequent year. Total commitment for the full term of the lease will be $3,424,163.
LeasesIn February 2016, the FASB established Topic 842, Leases, by issuing Accounting Standards Update (“ASU”) No. 2016-02, which requires lessees to recognize the rights and obligations created by leases on the balance sheet and disclose key information about leasing arrangements. Topic 842 was subsequently amended by ASU No. 2018-11, Targeted Improvements, ASU No. 2018-10, Codification Improvements to Topic 842, and ASU No. 2018-01, Land Easement Practical Expedient for Transition to Topic 842. The new standard establishes a right-of-use model (“ROU”) that requires a lessee to recognize a ROU asset and lease liability on the balance sheet for all leases with a term longer than 12 months. Leases will be classified as finance or operating, with classification affecting the pattern and classification of expense recognition in the statement of operations. The new standard became effective April 1, 2019. A modified retrospective transition approach is required, applying the new standard to all leases existing at the date of initial application. An entity may choose to use either (1) its effective date or (2) the beginning of the earliest comparative period presented in the financial statements as its date of initial application. If an entity chooses the second option, the transition requirements for existing leases also apply to leases entered into between the date of initial application and the effective date. The entity must also recast its comparative period financial statements and provide the disclosures required by the new standard for the comparative periods. The Company adopted the new standard on July 1, 2019 using the modified retrospective transition approach as of the effective date of the initial application. The new standard provides a number of optional practical expedients in transition. The Company elected the “package of practical expedients”, which permits entities not to reassess under the new lease standard prior conclusions about lease identification, lease classification and initial direct costs. The Company does not expect to elect the use-of-hindsight or the practical expedient pertaining to land easements. The most significant effects of the adoption of the new standard relate to the recognition of new ROU assets and lease labilities on our balance sheet for office operating leases and providing significant new disclosures about our leasing activities. The new standard also provides practical expedients for an entity’s ongoing accounting. The Company has also elected the short-term leases recognition exemption for all leases that qualify. This means that the Company will not recognize ROU assets or lease liabilities, and this includes not recognizing ROU assets and lease liabilities, for existing short-term leases of those assets in transition. The Company also currently expects to elect the practical expedient to not separate lease and non-lease components for its leases. All existing leases are reported under this rule. Under ASC 840, leases were classified as either capital or operating, and the classification significantly impacted the effect the contract had on the company’s financial statements. Capital lease classification resulted in a liability that was recorded on a company’s balance sheet, whereas operating leases did not impact the balance sheet. After the new adoption, $2,813,186 of operating lease right-of-use asset and $3,041,463 of operating lease liabilities were reflected on the Company’s December 31, 2020 financial statements. ASU 2016-02 requires that public companies use a secured incremental browning rate for the present value of lease payments when the rate implicit in the contract is not readily determinable. We determine a secured rate on a quarterly basis and update the weighted average discount rate accordingly. Lease terms and discount rate follow: Lease cost In USD Operating lease cost (included in general and admin in company’s statement of operations) $ 217,821 Other information Cash paid for amounts included in the measurement of lease liabilities for the quarter ended 12/31/2020 - Weighted average remaining lease term-operating leases (in years) 4.67 Average discount rate - operating leases 5 % The supplemental balance sheet information related to leases for the period is as follows: Operating leases Long -term right-of-use assets 2,813,186 Total right-of-use assets $ 2,813,186 Short-term operating lease liabilities 569,865 Long-term operating lease liabilities 2,471,598 Total operating lease liabilities $ 3,041,463 Maturities of the Company’s lease liabilities are as follows: Year ending December 31, 2021 709,227 2022 690,685 2023 733,273 2024 777,890 2025 513,088 Total lease payments 3,424,163 Less: Imputed interest/present value discount (382,700 ) Present value of lease liabilities $ 3,041,463
Income TaxIncome 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 StructureThe Company currently has unlimited authorized shares of $0.00 par value common stock, with 305,451,498 shares issued and outstanding as of December 31, 2020.
Earnings (loss) per shareBasic 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, 2020 and 2019, there were no potentially dilutive shares. 2020 2019 Statement of Operations Summary Information: Net Profit/ (loss) $ 2,675,037 $ (417,407 ) Weighted-average common shares outstanding - basic and diluted 304,166,073 300,222,000 Net loss per share, basic and diluted $ 0.01 $ (0.00 )

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)12 Months Ended
Dec. 31, 2020
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Schedule of consolidated subsidiaries 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 % Yueshang Group Network (Hunan) Co., Limited (“Yueshang Hunan”) P.R.C 100 % Yueshang Technology Group (Hainan Special Economic Zone) Co. Limited (“Yueshang Hainan”) P.R.C 100 %
Schedule of exchange rate As of December 31, 2020 December 31, 2019 RMB: US$ exchange rate 6.53 6.96
Schedule of average exchange rate Year ended December 31, 2020 2019 RMB: US$ exchange rate 6.84 7.01
Schedule lease terms and discount rate Lease cost In USD Operating lease cost (included in general and admin in company’s statement of operations) $ 217,821 Other information Cash paid for amounts included in the measurement of lease liabilities for the quarter ended 12/31/2020 - Weighted average remaining lease term-operating leases (in years) 4.67 Average discount rate - operating leases 5 % The supplemental balance sheet information related to leases for the period is as follows: Operating leases Long -term right-of-use assets 2,813,186 Total right-of-use assets $ 2,813,186 Short-term operating lease liabilities 569,865 Long-term operating lease liabilities 2,471,598 Total operating lease liabilities $ 3,041,463 Maturities of the Company’s lease liabilities are as follows: Year ending December 31, 2021 709,227 2022 690,685 2023 733,273 2024 777,890 2025 513,088 Total lease payments 3,424,163 Less: Imputed interest/present value discount (382,700 ) Present value of lease liabilities $ 3,041,463
Schedule of potentially diluted shares 2020 2019 Statement of Operations Summary Information: Net Profit/ (loss) $ 2,675,037 $ (417,407 ) Weighted-average common shares outstanding - basic and diluted 304,166,073 300,222,000 Net loss per share, basic and diluted $ 0.01 $ (0.00 )

CASH (Tables)

CASH (Tables)12 Months Ended
Dec. 31, 2020
CASH (Tables)
Schedule of cash in bank December 31, 2020 December 31, 2019 Bank Deposits-China $ 4,593,943 5,000,014 Bank Deposits-Singapore 46,660 1,591,114 4,640,603 6,591,128

INTANGIBLE ASSET (Tables)

INTANGIBLE ASSET (Tables)12 Months Ended
Dec. 31, 2020
INTANGIBLE ASSET
Schedule of intangible assets December 31, 2020 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Weighted Average Useful Life (Years) Intangible assets: Software development $ 57,143 $ (11,696 ) $ 45,447 5 Foreign currency translation adjustment - - 3,582 Intangible assets, net $ 57,143 $ (11,696 ) $ 49,029
Schedule of intangible assets amortization expenses Fiscal years: Remaining 2020 $ 49,029 2021 36,772 2022 24,515 2023 12,257

ACCOUNT RECEIVABLES (Tables)

ACCOUNT RECEIVABLES (Tables)12 Months Ended
Dec. 31, 2020
ACCOUNT RECEIVABLES
Schedule of Account receivable December 31, 2020 December 31, 2019 Account Receivables $ 2,609,520 -

NOTE RECEIVABLES (Tables)

NOTE RECEIVABLES (Tables)12 Months Ended
Dec. 31, 2020
NOTE RECEIVABLES
Schedule of Note receivables December 31, 2020 December 31, 2019 Note receivables 3,097,981 -

OTHER RECEIVABLE (Tables)

OTHER RECEIVABLE (Tables)12 Months Ended
Dec. 31, 2020
OTHER RECEIVABLE
Schedule of other receivable December 31, 2020 December 31, 2019 Rental deposit 230,620 - Property management fee deposit 34,290 - Prepaid trademark and system set up fee 3,318 - Others 2,453 - 270,681 -

AMOUNT DUE TO DIRECTOR (Tables)

AMOUNT DUE TO DIRECTOR (Tables)12 Months Ended
Dec. 31, 2020
AMOUNT DUE TO DIRECTOR (Tables)
Schedule of due to related parties As of December 31, 2020 As of December 31, 2019 Related parties payable 276,500 254,515 Related party loan 140,000 1,500,000 $ 416,500 1,754,515

NATURE OF BUSINESS (Details Nar

NATURE OF BUSINESS (Details Narrative)12 Months Ended
Dec. 31, 2020
WeTrade Information Technology Limited [Member] | March 28 , 2019 [Member]
Management service descriptionsWe provide technology services to both individual and corporate users. Through Yueshang Beijing, we provide “YCloud” service to our customer, Zhuozhou Weijiafu Information Technology Limited, or Weijiafu, a PRC technology company, which provide “YCloud” services to individual and corporate micro-business owners. The market individual micro-business owners represents a potential of 330 million users by the year of 2023

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)12 Months Ended
Dec. 31, 2020
Yueshang Information Technology (Beijing) Co., Ltd. ("YITB") [Member]
Attributable equity interest100.00%
Place of incorporationP.R.C
Utour Pte Ltd [Member]
Attributable equity interest100.00%
Place of incorporationSingapore
WeTrade Information Technology Limited [Member]
Attributable equity interest100.00%
Place of incorporationHong Kong
Yueshang Group Network (Hunan) Co., Limited ("Yueshang Hunan") [Member]
Attributable equity interest100.00%
Place of incorporationP.R.C
Yueshang Technology Group (Hainan Special Economic Zone) Co. Limited ("Yueshang Hainan") [Member]
Attributable equity interest100.00%
Place of incorporationP.R.C

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 1)Dec. 31, 2020Dec. 31, 2019
RMB [Member]
Exchange rate6.536.96

SUMMARY OF SIGNIFICANT ACCOUN_6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 2)12 Months Ended
Dec. 31, 2020Dec. 31, 2019
RMB [Member]
Average exchange rate6.847.01

SUMMARY OF SIGNIFICANT ACCOUN_7

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 3)12 Months Ended
Dec. 31, 2020USD ($)
Lease cost
Operating lease cost (included in general and admin in company's statement of operations) $ 217,821
Other information :
Cash paid for amounts included in the measurement of lease liabilities for the quarter ended 9/30/2020 $ 0
Weighted average remaining lease term-operating leases (in years)4 years 11 months 1 day
Operating leases
Average discount rate - operating leases5.00%
Long -term right-of-use assets $ 2,813,186
Total right-of-use assets2,813,186
Short-term operating lease liabilities569,865
Long-term operating lease liabilities2,471,598
Total operating lease liabilities3,041,463
Maturities of the Company's lease liabilities are as follows:
2021709,227
2022690,685
2023733,273
2024777,890
2025513,088
Total lease payments3,424,163
Less: Imputed interest/present value discount(382,700)
Present value of lease liabilities $ 3,041,463

SUMMARY OF SIGNIFICANT ACCOUN_8

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 4) - USD ($)9 Months Ended12 Months Ended
Dec. 31, 2019Dec. 31, 2020Dec. 31, 2019
Statement of Operations Summary Information:
Net Income/ (Loss) $ (417,407) $ 2,675,037 $ (417,407)
Weighted-average common shares outstanding - basic and diluted300,222,000 304,166,073 300,222,000
Net loss per share, basic and diluted $ 0 $ 0.01 $ 0

SUMMARY OF SIGNIFICANT ACCOUN_9

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative)1 Months Ended12 Months Ended
Sep. 16, 2020USD ($)Dec. 31, 2020USD ($)sharesDec. 31, 2019USD ($)shares
Common stock shares outstanding | shares305,451,498 300,222,000
Common stock shares issued | shares305,451,498 300,222,000
Common stock value $ 0 $ 0
Monthly rent $ 54,081
Lease expense $ 3,424,163
Operating lease right-of-use asset $ 2,813,186 $ 0
Tax benefit rate50.00%
Operating lease liabilities $ 3,041,463
Sotware developments [Member]
Intangible assets, estimated useful lives5 years
Intangible assets, amortization methodStraight line basis
RMB [Member]
Exchange rate6.536.96
Average exchange rate6.847.01

REVENUE (Details Narrative)

REVENUE (Details Narrative) - USD ($)9 Months Ended12 Months Ended
Dec. 31, 2019Dec. 31, 2020
REVENUE (Details Narrative)
System services fees from related party, descriptionWe receive 2%-3.5% of the total Gross Merchandise Volume generated in the platform as a service fee through our agreement with Weijiafu, depending on the type of service and industry.
Service revenue, non-related party $ 0 $ 3,440,312
Service revenue, related party $ 0 $ 2,831,252

CASH (Details)

CASH (Details) - USD ($)Dec. 31, 2020Dec. 31, 2019Mar. 27, 2019
Bank Deposits $ 4,640,603 $ 6,591,128 $ 0
China [Member]
Bank Deposits4,593,943 5,000,014
Singapore [Member]
Bank Deposits $ 46,660 $ 1,591,114

CASH (Details Narrative)

CASH (Details Narrative) - USD ($)Dec. 31, 2020Dec. 31, 2019Mar. 27, 2019
CASH (Details Narrative)
Bank Deposits $ 4,640,603 $ 6,591,128 $ 0

INTANGIBLE ASSET (Details)

INTANGIBLE ASSET (Details) - USD ($)12 Months Ended
Dec. 31, 2020Dec. 31, 2019
Intangible assets, gross carrying amount $ 57,143
Intangible assets, accumulated amortization(11,696)
Intangible assets, net carrying amount49,029 $ 0
Sotware developments [Member]
Intangible assets, gross carrying amount57,143
Intangible assets, accumulated amortization(11,696)
Intangible assets, net carrying amount $ 45,447
Intangible assets, weighted average useful lives5 years
Foreign Currency Translation Adjustment [Member]
Intangible assets, net carrying amount $ 3,582

INTANGIBLE ASSET (Details 1)

INTANGIBLE ASSET (Details 1)Dec. 31, 2020USD ($)
Fiscal years:
Remaining 2020 $ 49,029
202136,772
202224,515
2023 $ 12,257

INTANGIBLE ASSET (Details Narra

INTANGIBLE ASSET (Details Narrative) - USD ($)9 Months Ended12 Months Ended
Dec. 31, 2019Dec. 31, 2020
Intangible assets, amortization expense $ 0 $ (11,696)
Sotware developments [Member]
Intangible assets, estimated useful lives5 years
Intangible assets, amortization methodStraight line basis

ACCOUNT RECEIVABLES (Details)

ACCOUNT RECEIVABLES (Details) - USD ($)Dec. 31, 2020Dec. 31, 2019
ACCOUNT RECEIVABLES
Accounts Receivables $ 2,609,520 $ 0

NOTE RECEIVABLES (Details)

NOTE RECEIVABLES (Details) - USD ($)Dec. 31, 2020Dec. 31, 2019
ACCOUNT RECEIVABLES
Note receivables $ 3,097,981 $ 0

NOTE RECEIVABLES (Details Narra

NOTE RECEIVABLES (Details Narrative) - 12 months ended Dec. 31, 2020 ¥ in MillionsUSD ($)CNY (¥)
NOTE RECEIVABLES (Details Narrative)
Note receivable from related party | ¥ ¥ 30
Annual interest percentage5.00%
Accrued interest | $ $ 33,646
Maturity dateNov. 4,
2021

OTHER RECEIVABLE (Details)

OTHER RECEIVABLE (Details) - USD ($)Dec. 31, 2020Dec. 31, 2019
ACCOUNT RECEIVABLES
Rental deposit $ 230,620 $ 0
Property management fee deposit34,290
Prepaid trademark and system set up fee3,318
Others2,453 0
Other receivable $ 270,681 $ 0

AMOUNT DUE TO DIRECTOR (Details

AMOUNT DUE TO DIRECTOR (Details) - USD ($)Dec. 31, 2020Dec. 31, 2019
AMOUNT DUE TO DIRECTOR (Tables)
Related parties payable $ 276,500 $ 254,515
Related party loan140,000 1,500,000
Amount due to related parties $ 416,500 $ 1,754,515

AMOUNT DUE TO DIRECTOR (Detai_2

AMOUNT DUE TO DIRECTOR (Details Narrative) - USD ($)Mar. 02, 2020Jan. 21, 2020Dec. 31, 2020Dec. 31, 2019
Amount due to related parties $ 416,501 $ 1,754,515
Repayment of related party loan $ 710,000 $ 650,000
Related party loan140,000 1,500,000
Related party payable276,500 $ 254,515
Dai Zheng [Member]
Related party loan140,000
Che Kean Tat [Member]
Related party payable10,000
Director [Member]
Related party loan224,500
Related party payable276,500
Li Zhuo [Member]
Related party payable $ 42,000

TAX PAYABLE (Details Narrative)

TAX PAYABLE (Details Narrative)12 Months Ended
Dec. 31, 2020USD ($)
NOTE RECEIVABLES (Details Narrative)
VAT rate6.00%
Tax payables $ 828,695
Statutory income tax rates25.00%

OTHER PAYABLES (Details Narrati

OTHER PAYABLES (Details Narrative)Dec. 31, 2020USD ($)
ACCOUNT RECEIVABLES
Other payables $ 90,632

EQUITY (Details Narrative)

EQUITY (Details Narrative)Jul. 10, 2020integer$ / sharessharesSep. 03, 2019$ / sharessharesSep. 21, 2020integer$ / sharessharesSep. 15, 2020sharesFeb. 29, 2020integer$ / sharessharesDec. 31, 2020integer$ / sharessharesDec. 31, 2019shares
Common stock, shares issued
Founders [Member]
Common stock, shares issued100,000,000
Per share value | $ / shares $ 0
Number of founders | integer33
5 non-US shareholders [Member]
Common stock, shares issued74,000
Per share value | $ / shares $ 3
Total outstanding shares100,074,000
Minimum [Member]
Increase in common stock outstanding101,766,666
Maximum [Member] | Certificate Of Amendment [Member]
Increase in common stock outstanding305,451,498
Stock split, description3 for 1 forward stock split
Shareholders [Member]
Common stock, shares issued26,000 151,500 1,666,666 305,299,998
Number of shareholder | integer2 303 2
Per share value | $ / shares $ 3 $ 5 $ 3
Increase in common stock outstanding10,176,666

INCOME TAXES (Details Narrative

INCOME TAXES (Details Narrative)12 Months Ended
Dec. 31, 2020
Income tax rate6.00%
China [Member]
Income tax rate25.00%
Hong Kong [Member]
Income tax rate16.50%
Singapore [Member]
Income tax rate17.00%

SUBSEQUENT EVENTS (Details Narr

SUBSEQUENT EVENTS (Details Narrative) - Subsequent Event [Member] - USD ($)1 Months Ended
Jan. 27, 2021Jan. 25, 2021
YCloud System[Member] | China [Member]
Expenses paid by company $ 620,000
Renovation expenses770,000
Development cost $ 1,080,000
Third Party [Member]
Short-term loan $ 1,380,000
Annual interest rate5.00%
Maturity dateNov. 4,
2021