WeTrade disclosed that the third quarter financial statements
released by WeTrade Group Inc. ("WeTrade" or the "Company")
(NASDAQ: WETG) were not signed and released by the current
management of the company. The data disclosed in the statements is
not true, as follows:
1. On page 1 of the financial report, the
announcement disclosed that the main administrative office area is
Room 519, 5th floor, Building T3, Unit 2, Qianhai Excellence
Financial Center, Guiwan District, Nanshan District, Shenzhen,
China. However, regardless of the company's announcement or data
from Chinese Qichacha, the company has never had any registration
information at this address. The actual address of the company is
Room 101, 1st floor, Building 8, Courtyard 18, Kechuang 10th
Street, Beijing Economic and Technological Development Zone.
2. In the financial report regarding cash and cash
equivalents, as of September 30, 2023, the company held cash in
bank in the amount of $1,416,885 in the bank, with a US account of
0.In fact, the company's US bank account deposit is $163.
3. In the financial report, other comprehensive
income in the consolidated operating statements is 0. But on July
21, 2023, WeTrade's wholly-owned subsidiary in China, Yueshang
Information Technology (Beijing) Limited., received a cash of 6
million RMB from China's business and financial services
policy.This does not match the announcement that other
comprehensive income is 0.
4. The financial statements officially released the
BTC strategy, but it did’t disclose the source of funds for
the company's purchase of BTC.
5. According to the financial report, on September 29, 2023, the
Company's Board of Directors passed a resolution to dissolve the
operation of WeTrade Information System Limited and its wholly
owned subsidiaries, resulting in a gain on disposal of
$1,124,675.
In fact, as of September 30th, there are still
employees in the Chinese business who have not been paid, and they
have not been informed of this news and subsequent processing
methods.
6. On page 17 of the financial report, as of
September 30, 2023, a total of 2,625,130 shares of issued capital
have been issued.But in all public information, as of November 21,
2023, the total share capital is still 1.055 million shares. And as
of now, the company has not received any additional funds for stock
issuance in any bank account.
7. According to the financial report, the cost
of income includes employee wages and employee benefits. However,
as of September 30, 2023, the company has not paid any wages to its
employees for July, August, or September. How can we determine the
cost of income that includes employee wages and employee
benefits.
8. The financial report shows that WeTrade
launched a new artificial intelligence SAAS business in the third
quarter, but did not report to the senior management on the
arrangement and distribution of business orientation. Moreover, no
description of this new business was presented in the
announcement.
9. According to the financial report, as of
September 30, 2023, there were no legal proceedings.However, in
July 2023, there were still legal lawsuits filed by the company
regarding contract disputes, which were also presented in Chinese
Qichacha.And meanwhile,The former management, current management,
and shareholders have been in multiple lawsuits since September,
with the latest hearing date being December 5, 2023.
About WeTrade Group Inc.
WeTrade Group Inc. is a global diversified
“software as a service” (“SaaS”) technology service provider which
is committed to providing technical support and digital
transformation tools for enterprises across different industries.
The four business segments of WeTrade Group are YCloud, WTPay
,Y-Health and YG.
YCloud is a micro-business cloud intelligent system
launched by WeTrade, serving global micro-business industry. YCloud
strengthens users' marketing relationship and CPS commission profit
management through leading technology and big data analysis. It
also helps increase the payment scenarios to increase customers'
revenue by multi-channel data statistics, AI fission and management
as well as improved supply chain system.
Independently developed by the Company, WTPay
supports multiple methods of online payment and eight mainstream
digital wallets in over 100 countries to help customers quickly
realize global collection and payment business.
Y-Health is the sector focusing on public health
business, which engages in developing global business for
biological health and medical enterprises. Currently, Y-Health
mainly focuses on detection and prevention of epidemic, daily
healthcare, traditional Chinese medicines, and others.
YG is the new energy business segment which mainly
provides tools and technical support for the digital new energy
industry in the Middle East and Central Asia.
For more information, please
visit https://ir.wetg.group.
Vivian
ir@WeTradegroup.net
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