UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

Form 6-K

 

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

 

For the month of December 2023

 

Commission File Number: 001-39803

 

Meiwu Technology Co. Ltd.

(Translation of registrant’s name into English)

 

1602, Building C, Shenye Century Industry

No. 743 Zhoushi Road, Bao’an District

Shenzhen, People’s Republic of China

Telephone: +86-755-85250400

(Address of principal executive office)

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

 

Form 20-F ☒ Form 40-F ☐

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐

 

Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐

 

Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant’s “home country”), or under the rules of the home country exchange on which the registrant’s securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant’s security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.

 

 

 

 

 

 

Explanatory Note

 

On December 29, 2023 Meiwu Technology Co., Limited (the “Company”) reported its financial results for the six months ended June 30, 2023. The Company hereby furnishes the following documents as exhibits to this report: “Unaudited Condensed Consolidated Financial Statements for the Six Months Ended June 30, 2023 and 2022” and “Press Release dated December 29, 2023”.

 

EXHIBIT INDEX

 

Exhibit No.   Description
     
99.1   Unaudited Condensed Consolidated Financial Statements for the Six Months Ended June 30, 2023 and 2022
99.2   Press Release dated December 29, 2023
101   Interactive Data Files (formatted as Inline XBRL)
104   Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

 

 

 

 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

  Meiwu Technology Co. Ltd.
     
  By: /s/ Xinliang Zhang
    Xinliang Zhang
    Chief Executive Officer

 

Date: December 29, 2023

 

 

 

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Exhibit 99.1

 

MEIWU TECHNOLOGY COMPANY LIMITED

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

 

           
  

December 31,

2022

  

June 30,

2023

 
       (Unaudited) 
ASSETS          
Current Assets:          
Cash  $23,716,768   $15,783,731 
Accounts receivable   4,043,473    5,008,411 
Inventories, net   344,823    259,269 
Advances to suppliers, net   1,382,172    1,275,527 
Other current assets   386,954    426,942 
Total Current Assets   29,874,190    22,753,880 
Property and equipment, net   183,386    121,453 
Right of use lease assets, net   227,603    166,530 
Intangible Assets   -    6,757,409 
Deferred Offering Costs   9,893    - 
Goodwill   7,700,569    7,700,569 
Total Non-current Assets   8,121,451    14,745,961 
TOTAL ASSETS  $37,995,641   $37,499,841 
           
LIABILITIES AND STOCKHOLDERS’ EQUITY          
Current Liabilities:          
Accounts payable  $4,990,647   $4,587,561 
Short-term loan   332,309    291,106 
Contract liabilities   747,093    1,038,871 
Lease liabilities   107,467    96,819 
Tax Payable   204,232    388,520 
Accrued expenses and other current liabilities   1,964,469    2,441,940 
Total Current Liabilities   8,346,217    8,844,817 
Due to related parties   3,679,717    3,619,505 
Long-term loan   218,722    156,031 
Convertible notes   5,550,607    - 
Lease liabilities   144,163    37,705 
Total Non-current Liabilities   9,593,209    3,813,241 
TOTAL LIABILITIES  $17,939,426   $12,658,058 
           
Commitment and Contingencies   -      
Stockholders’ Equity          
Ordinary Shares, no par value, unlimited shares authorized; 100,670,199 and 60,945,313 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively  $-   $- 
Additional paid-in capital   38,571,534    44,515,801 
Accumulated deficit   (17,081,329)   (17,349,240)
Accumulated other comprehensive loss   (1,281,864)   (2,161,936)
Equity attributable to owners of the Company   20,208,341    25,004,624 
Non-controlling interests   (152,126)   (162,841)
Total Stockholders’ Equity   20,056,215    24,841,783 
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY  $37,995,641   $37,499,841 

 

1
 

 

MEIWU TECHNOLOGY COMPANY LIMITED

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND OTHER

COMPREHENSIVE LOSS

(Unaudited)

 

   2022   2023 
   For the Six Months Ended
June 30,		 
   2022   2023 
NET REVENUE  $1,166,425   $10,683,243 
COST OF REVENUE   (1,015,769)   (8,228,377)
GROSS PROFIT   150,656    2,454,866 
           
OPERATING EXPENSES          
Sales and Marketing Expenses   (414,750)   (801,374)
General and Administrative Expenses   (5,122,188)   (1,504,654)
Research and Development Expenses   (172,437)   (107,626)
Total operating expenses   (5,709,375)   (2,413,654)
(LOSS) INCOME FROM OPERATIONS   (5,558,719)   41,212 
           
Gain on disposal of subsidiary   -    (29,279)
Other Income, net   28,647    (79,191)
LOSS BEFORE INCOME TAX   (5,530,072)   (67,258)
Provision for Income Taxes   -    211,368 
NET LOSS   (5,530,072)   (278,626)
Less: net loss attributable to non-controlling interest   (24,926)   (10,715)
OTHER COMPREHENSIVE LOSS          
Foreign Currency Translation Adjustment   (991,133)   (880,073)
TOTAL COMPREHENSIVE LOSS  $(6,521,205)  $(1,158,699)
           
LOSS PER SHARE – BASIC AND DILUTED   (0.17)   (0.01)
WEIGHTED AVERAGE SHARES OUTSTANDING – BASIC AND DILUTED   39,376,394    80,917,493 

 

2
 

 

MEIWU TECHNOLOGY COMPANY LIMITED

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

 

   2022   2023 
   For the Six Months Ended
June 30,		 
   2022   2023 
Net cash used in operating activities   (10,073,063)   (333,642)
Net cash used in investing activities   (26,915)   (6,762,905)
Net cash provided by financing activities   7,670,698    157,068 
Effect of changes of foreign exchange rate on cash   261,068    (993,558)
Net decrease in cash   (2,168,212)   (7,933,037)
Cash, beginning of the period   26,634,332    23,716,768 
Cash, end of the period   24,466,120    15,783,731 

 

3

 

Exhibit 99.2

 

Meiwu Technology Co., Limited Reports Unaudited Financial Results for the First Half Fiscal Year of 2023

 

Shenzhen, China, December 29, 2023 — Meiwu Technology Co., Limited (NASDAQ: WNW) (“Meiwu” or the “Company”), an online and mobile commerce company providing organic and green food products to customers on its online platform and in its stores, enterprise short message service (“SMS”) and information technology to serve designated medical insurance institutions in China. The Company today announced its unaudited financial results for the six months ended June 30, 2023.

 

First Half Fiscal Year of 2023 Operating Highlights

 

  ● Registered users of the Company’s online platform generated from selling food products were 729,131 as of June 30, 2023, compared to 711,534 as of June 30, 2022.

 

  ● Average daily active users (“DAUs”) of the Company’s online platform generated from selling food products decreased to approximately 63.4 compared to 197.3 in the same period of 2022.

 

  ●

Number of merchants carried in the Company’s online platform generated from selling food products were 26 as  of June 30, 2023, compared to 504 as of June 30, 2022.

     
  ● Type of goods carried in the Company’s online platform generated from selling food products were 8 as of June 30, 2023, compared to 3,225 as of June 30, 2022.
     
  ●

Quantity of billing short messages of the Company’s revenue generated from short message service (“SMS”) increased to approximately 984.33 million compared to 79.41 million in the same period of 2022.

 

  ●

Average unit price of short messages of the Company’s revenue generated from SMS increased to approximately $0.0083 compared to $0.0077 in the same period of 2022.

 

First Half Fiscal Year of 2023 Financial Highlights

 

  ● Total revenues in the first half fiscal year of 2023 increased by 816.90% to US$10.68 million compared to US$1.17 million in the same period of 2022.

 

  ● Net loss in the first half fiscal year of 2023 decreased by 94.96% to US$0.28 million from US$5.53 million in the same period of 2022.

 

First Half Fiscal Year of 2023 Key Operating Metrics

 

The Company monitors the following key metrics to evaluate the growth of its business, measure the effectiveness of its marketing efforts, identify trends affecting its business, and make strategic decisions.

 

Registered users of the Company’s online platform. The Company defines this metric as the total number of the registered users of the Company’s online platform as of the end of the period. As an online and mobile e-commerce business, the Company believes that this is a key operating metric for understanding the growth of its business. The Company views the number of registered users at the end of a given period as a key indicator of the attractiveness and usability of its online platform. As of June 30, 2023, the registered users of Meiwu’s online platform exceeded 729,131, as compared to 711,534 as of June 30, 2022. The Company believes that this increase in registered users demonstrates the success that convert the offline users to online users.

 

Daily Active Users (DAUs). The Company defines daily active users, or DAUs, as users who have logged in or accessed its online platform, whether on a mobile phone or tablet. The Company calculates DAUs using internal company data based on the activity of the user account and as adjusted to remove “duplicate” accounts. The DAU number is a metric that Meiwu’s management uses to manage their operations. In particular, its management sets daily targets of DAUs and monitors the DAUs to see whether to make adjustments as to the promotional activities and advertising campaigns. For the six months ended June 30, 2023 and 2022, the average DAUs were 63.4 and 197.3 respectively.

 

Number of merchants. The Company defines this metric as the total number of the merchants which sell goods on Meiwu’s online platform as of the end of the period. Merchants sell goods on Meiwu’s online platform after passing the Company’s screening process. Different businesses offer different products. The number of merchants were 26 as of June 30, 2023, compared to 504 as of June 30, 2022.

 

1

 

 

Type of goods. The Company defines this metric as the type of the goods which provided in Meiwu’s online platform as of the end of the period. As of June 30, 2023, the type of the goods of Meiwu’s online platform were 8, as compared to 3,225 as of June 30, 2022.

 

Quantity of billing short messages. The Company defines this metric as the total quantity of the revenue generated from SMS for the period. The Company account for revenue from customers’ usage of text message on the Company’s Communication Platform-as-a-Service (“CPaaS”) platform. For the six months ended June 30, 2023 and 2022, the quantity of billing short messages were 984.33 million and 79.41 million respectively. The increase mainly due to the the acquisition of Mahaotiaodong (Xiamen) Technology Co., Ltd. (“Mahao”) on June 23, 2022.

 

Average unit price of short messages. The Company defines this metric as the average unit price of the revenue generated from SMS for the period. Different SMS channels offer different unit prices. For the six months ended June 30, 2023 and 2022, the average unit price of short messages were $0.0083 and $0.0077 respectively.

 

First Half Fiscal Year of 2023 Financial Results

 

Revenues in the first half fiscal year of 2023 increased by 815.90% to US$10.68 million compared to US$1.17 million in the same period of 2022. The increase is mainly due to the acquisition of Mahao in June 2022. Mahao is a company engaging in providing internet access and related services based in Xiamen, China, and generate the revenue of US$8.11 million for the six months ended June 30, 2023.

 

Total operating expenses in the first half fiscal year of 2023 decreased by 57.72% to US$2.41 million from US$5.71 million in the same period of 2022.

 

  ● Cost of revenues in the first half fiscal year of 2023 increased by 710.06% to US$8.23 million from US$1.02 million in the same period of 2022, mainly due to the end of epidemic prevention and control and an increase in business. The rise trend of cost of revenues was close to the increase of the revenues.

 

  ● Sales and marketing expenses in the first half fiscal year of 2023 increased by 93.22% to US$0.80 million from US$0.41 million in the same period of 2022, mainly due to the launch of new sales activities, sales personnel’s bonuses have increased.

 

  ● General and administrative expenses in the first half fiscal year of 2023 decreased by 70.62% to US$1.50 million from US$5.12 million in the same period of 2022, mainly due to the expenses generated by convertible bonds in 2022.

 

  ● Research and development expenses in the first half fiscal year of 2023 decreased by 37.59% to US$0.11 million from US$0.17 million in the same period of 2022, mainly due to the completion of some application development and the departure of some R&D personnel.

 

Gross Profit in the first half fiscal year of 2023 was US$2.45 million, increasing 1,529.45% from US$0.15 million in the same period of 2022. Gross margin in the first half fiscal year of 2023 was 22.98%, compared to 12.92% for the same period of 2022.

 

Net loss in the first half fiscal year of 2023 decreased by 94.96% to US$0.28 million from US$5.53 million in the same period of 2022. The main reason for the decrease in net loss is that the revenue in 2023 increased compared to 2022.

 

Basic and diluted loss per share in the first half fiscal year of 2023 was US$0.01, compared to US$0.17 in the same period of 2022.

 

Net cash used in operating activities in the first half fiscal year of 2023 was US$0.33 million, compared to US$10.07 million in the same period of 2022. Mainly due to the decrease in losses as revenue grew with the growth of business this year.

 

As of June 30, 2023, the Company had cash and cash equivalents of US$15.78 million, compared to US$23.72 million as of December 31, 2022.

 

2

 

 

About Meiwu Technology Company Limited

 

Meiwu Technology Company Limited is a British Virgin Islands company incorporated on December 4, 2018, and conduct our business in China through our subsidiaries and variable interest entity, Meiwuzhishi Technology (Shenzhen) Co., Ltd (“VIE”). The VIE is an online and mobile commerce company and conduct our business through our online retail store on the website www.wnw108.com. The VIE sell a myriad of food products on the website all the food products sold on the website are from the suppliers. The VIE do not sell genetically modified food and committed to providing our customers with safe, high-quality, nutritious, tasty and non-genetically modified food products through our portfolio of trusted and well-known suppliers. Optimizing the Website and real-time data, the VIE able to respond to and match supply with demand for food products in keeping with consumer trends. On June 23, 2022, we had completed the acquisition of Mahaotiaodong (Xiamen) Technology Company Limited (“Mahao”). Mahao is a company engaging in providing internet access and related services based in Xiamen, China. Mahao operated a short message service platform to send customized content to terminal customers. Mahao is a mobile information service provider with rich industry experience. Enterprise Short Message Service (“SMS”) is currently the main business form of Mahao. Mahao utilizes its accumulated system development technology and business understanding based on customers’ industry to provide professional enterprise SMS services to customers. Mahao mainly provides customers with a complete set of services around enterprise SMS through various forms such as customized system development, enterprise instant messaging platform, API system docking, etc., including early debugging and opening of customer and Mahao platform docking, maintenance and upgrading of customer SMS operation system during operation, and solving problems such as delay in SMS transmission, ensuring smooth and fast SMS transmission. At the same time, Mahao takes auditing information security and optimizing customer experience as its responsibility. Through a rigorous program, mobile information content is audited to ensure that various enterprise SMS messages, including information verification, user notifications, member reminders, and marketing promotion, can be safely and effectively delivered to information recipients. On the basis of ensuring efficient transmission of mobile information and content security, Mahao provides various enterprise SMS services, including mobile business scenario construction, product operation support, consumer relationship management and support, for various financial, internet, e-commerce, express logistics and other enterprise customers.

 

Safe Harbor Statement

 

Certain statements made in this release are “forward looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,” “propose” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the Company’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, are: the ability to manage growth; ability to identify and integrate other future acquisitions; ability to obtain additional financing in the future to fund capital expenditures; fluctuations in general economic and business conditions; costs or other factors adversely affecting our profitability; litigation involving patents, intellectual property, and other matters; potential changes in the legislative and regulatory environment; a pandemic or epidemic. The forward-looking statements contained in this release are also subject to other risks and uncertainties, including those more fully described in the Company’s filings with the Securities and Exchange Commission, including the Company’s Amended Annual Report on Form 20F filed with the SEC on October 18, 2023, the Current Report on Form 6-K filed with the SEC on November 23, 2022, which may be amended from time to time, and in our Quarterly Report on Form 6-K that will be filed following this earnings release. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law. Such information speaks only as of the date of this release.

 

Contacts

 

Meiwu Technology Company Limited

Xinliang Zhang

Email: meiwuBS@usmeiwu.com

 

3

 

 

MEIWU TECHNOLOGY COMPANY LIMITED

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

 

  

December 31,

2022

  

June 30,

2023

 
       (Unaudited) 
ASSETS          
Current Assets:          
Cash  $23,716,768   $15,783,731 
Accounts receivable   4,043,473    5,008,411 
Inventories, net   344,823    259,269 
Advances to suppliers, net   1,382,172    1,275,527 
Other current assets   386,954    426,942 
Total Current Assets   29,874,190    22,753,880 
Property and equipment, net   183,386    121,453 
Right of use lease assets, net   227,603    166,530 
Intangible Assets   -    6,757,409 
Deferred Offering Costs   9,893    - 
Goodwill   7,700,569    7,700,569 
Total Non-current Assets   8,121,451    14,745,961 
TOTAL ASSETS  $37,995,641   $37,499,841 
           
LIABILITIES AND STOCKHOLDERS’ EQUITY          
Current Liabilities:          
Accounts payable  $4,990,647   $4,587,561 
Short-term loan   332,309    291,106 
Contract liabilities   747,093    1,038,871 
Lease liabilities   107,467    96,819 
Tax Payable   204,232    388,520 
Accrued expenses and other current liabilities   1,964,469    2,441,940 
Total Current Liabilities   8,346,217    8,844,817 
Due to related parties   3,679,717    3,619,505 
Long-term loan   218,722    156,031 
Convertible notes   5,550,607    - 
Lease liabilities   144,163    37,705 
Total Non-current Liabilities   9,593,209    3,813,241 
TOTAL LIABILITIES  $17,939,426   $12,658,058 
           
Commitment and Contingencies          
Stockholders’ Equity          
Ordinary Shares, no par value, unlimited shares authorized; 100,670,199 and 60,945,313 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively  $-   $- 
Additional paid-in capital   38,571,534    44,515,801 
Accumulated deficit   (17,081,329)   (17,349,240)
Accumulated other comprehensive loss   (1,281,864)   (2,161,936)
Equity attributable to owners of the Company   20,208,341    25,004,624 
Non-controlling interests   (152,126)   (162,841)
Total Stockholders’ Equity   20,056,215    24,841,783 
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY  $37,995,641   $37,499,841 

 

4

 

 

MEIWU TECHNOLOGY COMPANY LIMITED

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND OTHER

COMPREHENSIVE LOSS

(Unaudited)

 

   For the Six Months Ended
June 30,		 
   2022   2023 
NET REVENUE  $1,166,425   $10,683,243 
COST OF REVENUE   (1,015,769)   (8,228,377)
GROSS PROFIT   150,656    2,454,866 
           
OPERATING EXPENSES          
Sales and Marketing Expenses   (414,750)   (801,374)
General and Administrative Expenses   (5,122,188)   (1,504,654)
Research and Development Expenses   (172,437)   (107,626)
Total operating expenses   (5,709,375)   (2,413,654)
(LOSS) INCOME FROM OPERATIONS   (5,558,719)   41,212 
           
Gain on disposal of subsidiary   -    (29,279)
Other Income, net   28,647    (79,191)
LOSS BEFORE INCOME TAX   (5,530,072)   (67,258)
Provision for Income Taxes   -    211,368 
NET LOSS   (5,530,072)   (278,626)
Less: net loss attributable to non-controlling interest   (24,926)   (10,715)
OTHER COMPREHENSIVE LOSS          
Foreign Currency Translation Adjustment   (991,133)   (880,073)
TOTAL COMPREHENSIVE LOSS  $(6,521,205)  $(1,158,699)
           
LOSS PER SHARE – BASIC AND DILUTED   (0.17)   (0.01)
WEIGHTED AVERAGE SHARES OUTSTANDING – BASIC AND DILUTED   39,376,394    80,917,493 

 

5

 

 

MEIWU TECHNOLOGY COMPANY LIMITED

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

 

   For the Six Months Ended
June 30,		 
   2022   2023 
Net cash used in operating activities   (10,073,063)   (333,642)
Net cash used in investing activities   (26,915)   (6,762,905)
Net cash provided by financing activities   7,670,698    157,068 
Effect of changes of foreign exchange rate on cash   261,068    (993,558)
Net decrease in cash   (2,168,212)   (7,933,037)
Cash, beginning of the period   26,634,332    23,716,768 
Cash, end of the period   24,466,120    15,783,731 

 

6

v3.23.4
Cover
 6 Months Ended
Jun. 30, 2023
Cover [Abstract]  
Document Type 6-K
Amendment Flag false
Document Period End Date Jun. 30, 2023
Document Fiscal Period Focus Q2
Document Fiscal Year Focus 2023
Current Fiscal Year End Date --12-31
Entity File Number 001-39803
Entity Registrant Name Meiwu Technology Co. Ltd.
Entity Central Index Key 0001787803
Entity Address, Address Line One 1602, Building C, Shenye Century Industry
Entity Address, Address Line Two No. 743 Zhoushi Road
Entity Address, Address Line Three Bao’an District
Entity Address, City or Town Shenzhen
Entity Address, Country CN
Country Region 86
City Area Code 755
Local Phone Number 85250400
v3.23.4
Condensed Consolidated Balance Sheets - USD ($)
Jun. 30, 2023
Dec. 31, 2022
Current Assets:    
Cash $ 15,783,731 $ 23,716,768
Accounts receivable 5,008,411 4,043,473
Inventories, net 259,269 344,823
Advances to suppliers, net 1,275,527 1,382,172
Other current assets 426,942 386,954
Total Current Assets 22,753,880 29,874,190
Property and equipment, net 121,453 183,386
Right of use lease assets, net 166,530 227,603
Intangible Assets 6,757,409
Deferred Offering Costs 9,893
Goodwill 7,700,569 7,700,569
Total Non-current Assets 14,745,961 8,121,451
TOTAL ASSETS 37,499,841 37,995,641
Current Liabilities:    
Accounts payable 4,587,561 4,990,647
Short-term loan 291,106 332,309
Contract liabilities 1,038,871 747,093
Lease liabilities 96,819 107,467
Tax Payable 388,520 204,232
Accrued expenses and other current liabilities 2,441,940 1,964,469
Total Current Liabilities 8,844,817 8,346,217
Due to related parties 3,619,505 3,679,717
Long-term loan 156,031 218,722
Convertible notes 5,550,607
Lease liabilities 37,705 144,163
Total Non-current Liabilities 3,813,241 9,593,209
TOTAL LIABILITIES 12,658,058 17,939,426
Commitment and Contingencies  
Stockholders’ Equity    
Ordinary Shares, no par value, unlimited shares authorized; 100,670,199 and 60,945,313 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively
Additional paid-in capital 44,515,801 38,571,534
Accumulated deficit (17,349,240) (17,081,329)
Accumulated other comprehensive loss (2,161,936) (1,281,864)
Equity attributable to owners of the Company 25,004,624 20,208,341
Non-controlling interests (162,841) (152,126)
Total Stockholders’ Equity 24,841,783 20,056,215
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 37,499,841 $ 37,995,641
v3.23.4
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares
 6 Months Ended 12 Months Ended
Jun. 30, 2023
Dec. 31, 2022
Statement of Financial Position [Abstract]    
Ordinary shares, par value $ 0 $ 0
Ordinary shares, shares authorized Unlimited Unlimited
Ordinary shares, shares issued 100,670,199 60,945,313
Ordinary shares, shares outstanding 100,670,199 60,945,313
v3.23.4
Condensed Consolidated Statements of Operations and Other Comprehensive Loss (Unaudited) - USD ($)
 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Income Statement [Abstract]    
NET REVENUE $ 10,683,243 $ 1,166,425
COST OF REVENUE (8,228,377) (1,015,769)
GROSS PROFIT 2,454,866 150,656
OPERATING EXPENSES    
Sales and Marketing Expenses (801,374) (414,750)
General and Administrative Expenses (1,504,654) (5,122,188)
Research and Development Expenses (107,626) (172,437)
Total operating expenses (2,413,654) (5,709,375)
(LOSS) INCOME FROM OPERATIONS 41,212 (5,558,719)
Gain on disposal of subsidiary (29,279)
Other Income, net (79,191) 28,647
LOSS BEFORE INCOME TAX (67,258) (5,530,072)
Provision for Income Taxes 211,368
NET LOSS (278,626) (5,530,072)
Less: net loss attributable to non-controlling interest (10,715) (24,926)
OTHER COMPREHENSIVE LOSS    
Foreign Currency Translation Adjustment (880,073) (991,133)
TOTAL COMPREHENSIVE LOSS $ (1,158,699) $ (6,521,205)
Loss per share - basic $ (0.01) $ (0.17)
Loss per share - diluted $ (0.01) $ (0.17)
Weighted average shares outstanding - basic 80,917,493 39,376,394
Weighted average shares outstanding - diluted 80,917,493 39,376,394
v3.23.4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Statement of Cash Flows [Abstract]    
Net cash used in operating activities $ (333,642) $ (10,073,063)
Net cash used in investing activities (6,762,905) (26,915)
Net cash provided by financing activities 157,068 7,670,698
Effect of changes of foreign exchange rate on cash (993,558) 261,068
Net decrease in cash (7,933,037) (2,168,212)
Cash, beginning of the period 23,716,768 26,634,332
Cash, end of the period $ 15,783,731 $ 24,466,120
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