SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2021

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	%
WeTrade Digital (Beijing) Technology Co Limited (FKA: XiaoShang Technology Beijing Co Limited)	P.R.C		100	%

	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 investment holding company

	Place of	Nature of
Name of Company	incorporation	operation
Utour Pte Ltd	Singapore	Investment holding company
WeTrade Information Technology Limited (“WITL”)	Hong Kong	Investment holding company
Yueshang Information Technology (Beijing) Co., Ltd. (“YITB”)	P.R.C.		Providing of social e-commerce services, technical system support and services
Yueshang Group Network (Hunan) Co., Limited (“Yueshang Hunan”)	P.R.C		Providing of social e-commerce services, technical system support and services
Yueshang Technology Group (Hainan Special Economic Zone) Co. Limited (“Yueshang Hainan”)	P.R.C		Providing of social e-commerce services, technical system support and services
WeTrade Digital (Beijing) Technology Co Limited (FKA: XiaoShang Technology Beijing Co Limited)	P.R.C		Providing of social e-commerce services, technical system support and services

Schedule of exchange rate

	September 30, 2021		December 31, 2020
RMB: US$ exchange rate		6.45		6.53

	As of
	December 31, 2020		December 31, 2019
RMB: US$ exchange rate		6.53		6.96

Schedule lease terms and discount rate

Lease cost	In USD
Operating lease cost (included in general and admin in company’s statement of operations)	$	519,249
Other information
Cash paid for amounts included in the measurement of lease liabilities for the nine months ended 9/30/2021		531,539
Weighted average remaining lease term-operating leases (in years)		3.92
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		2,436,890
Total right-of-use assets	$	2,436,890
Short-term operating lease liabilities		569,060
Long-term operating lease liabilities		2,087,481
Total operating lease liabilities	$	2,656,541
Maturities of the Company’s lease liabilities are as follows:
Year ending September 30,
2021		687,891
2022		730,133
2023		775,308
2024		742,160
2025		-
Total lease payments		2,935,492
Less: Imputed interest/present value discount		(278,951	)
Present value of lease liabilities	$	5,592,033

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

	For the period September 30, 2021		For the period September 30, 2020
Statement of Operations Summary Information:
Net Profit	$	3,904,385		1,307,126
Weighted-average common shares outstanding - basic and diluted		305,451,498		304,166,073
Net loss per share, basic and diluted	$	0.01	$	0.00

	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	)

Schedule of average exchange rate

	Year ended December 31,
	2020		2019
RMB: US$ exchange rate		6.84		7.01