OTC: WEWA
WEWARDS, INC.CIK 0001616156 · SIC 7370 · Computer & Data Processing
We were incorporated in Nevada on September 10, 2013, as Betafox Corp., for the purpose of engaging in the business of manufacturing and selling candles. On May 11 2015, our principal stockholder at that time sold six million shares of our common stock, constituting approximately 73.8% of our… About this business →
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Latest financial statements
From 10-K/A filed Oct 9, 2026 (period ending May 31, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Consolidated Statements of Operations
| Description | Year ended May 31, 2026 | Year ended May 31, 2025 | Year ended May 31, 2024 |
|---|---|---|---|
| Revenue: | |||
| Total revenue / net sales | — | — | — |
| Operating expenses: | |||
| General and administrative | 2,733 | 21,945 | 8,218 |
| Total operating expenses | 76,655 | 90,670 | 145,846 |
| Operating income | (76,655) | (90,670) | (145,846) |
| Interest expense | 437,260 | 525,000 | 526,439 |
| Other income/(expense), net | 16,403 | 19,530 | 20,546 |
| Net income | (497,512) | (596,140) | (651,739) |
| Basic earnings per share | — | (0.01) | (0.01) |
| Diluted earnings per share | — | (0.01) | (0.01) |
Consolidated Balance Sheets
| Description | May 31, 2026 | May 31, 2025 |
|---|---|---|
| Current assets: | ||
| Cash and equivalents | — | 693,290 |
| Prepaid expenses and other current assets | 300.00 | 487.00 |
| Total current assets | 300.00 | 693,777 |
| TOTAL ASSETS | 300.00 | 693,777 |
| Current liabilities: | ||
| Convertible notes, current | — | — |
| Accounts payable | 400.00 | 325.00 |
| Other current liabilities | 4,045,906 | |
| Total current liabilities | 400.00 | 4,046,231 |
| Other long-term liabilities | 10,500,000 | |
| Total liabilities | 400.00 | 14,546,231 |
| Shareholders' equity: | ||
| Common stock | 107,483 | 107,483 |
| Capital in excess of stated value | 19,511,398 | 5,161,532 |
| Retained earnings (deficit) | (19,618,981) | (19,121,469) |
| Total shareholders' equity | (100.00) | (13,852,454) |
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 300.00 | 693,777 |
Consolidated Statements of Cash Flows
| Description | Year ended May 31, 2026 | Year ended May 31, 2025 |
|---|---|---|
| Operating Activities: | ||
| Net cash from operating activities | (59,990) | (70,915) |
| Financing Activities: | ||
| Net cash from financing activities | (633,300) | — |
| Net increase/(decrease) in cash | (693,290) | (70,915) |
Amounts in USD as reported; EPS as reported. Line labels are presentation-friendly mappings of filer XBRL tags — not a re-audit of the full statements. Use EDGAR for interactive notes and detail. Interactive statements & notes on EDGAR ↗
About WEWARDS, INC.
Source: Item 1 (Business) from the 10-K filed September 14, 2026. Description as filed by the company with the SEC.
ITEM 1. DESCRIPTION OF BUSINESS
Overview
We
were incorporated in Nevada on September 10, 2013, as Betafox Corp., for the purpose of engaging in the business of manufacturing and
selling candles. On May 11 2015, our principal stockholder at that time sold six million shares of our common stock, constituting
approximately 73.8% of our issued and outstanding common shares at such time, to Future Continental Limited. In
October 2015, Future Continental Limited sold those shares to Mr. Lei Pei, an affiliate
of Future Continental Limited, in consideration of Mr. Pei’s agreement to serve
as our director and CEO. On January 8, 2018, we changed our name to Wewards, Inc. Our corporate office is located in Las Vegas,
Nevada.
We have developed and are
the owner of a web-based platform accessible by mobile apps (the “Platform”) that will enable consumers to purchase goods
from merchants and earn rebates payable in the form of Bitcoin. The Platform provides an innovative
Bitcoin rewards ecosystem. It is designed to transform traditional concepts of commerce into a cooperative society where both merchants
and consumers are collaborating, utilizing Bitcoin to reward consumers. The ecosystem provides consumers with rewards each time they complete
a challenge defined by a merchant. This is intended to make the ecommerce process beneficial to all market participants, and to help distribute
commercial wealth among and between the merchants and consumers.
We
intend to generate revenue by licensing “white-label” versions of the Platform to third parties. However, to date, no such
license agreement has been entered into, and we have not generated any revenues from the Platform.
Read full description ↓
On April 2, 2020, we purchased
intellectual property rights (“IP”) from United Power, a Nevada corporation under common
ownership with Lei Pei, our sole officer and director and majority shareholder, for cash consideration of $179,300, based on a
price determined by an independent valuation.
The
IP consists of technology and related rights associated with the game Megopoly, an MMO (Massively Multiplayer Online Game). Megopoly
is an MMO board game where players are able to earn fractions of Bitcoins (satoshi) through buying, selling, and managing virtual real
estate properties using in-game currency (Megopoly Coins). The game is similar in some respects to Monopoly.
The game allows players around
the world to interact with each other online. Players travel (move) through different parts of a city, earning profit by investing in
properties, charging rent, acquiring bonus assets, and selling their properties to other players for in-game currency. A player is able
to progress to higher levels of “cities” at any time.
The player’s goal in
Megopoly is to earn Megopoly Coins by investing in properties and collecting rent from other players. Players can keep playing the game
using their Megopoly Coins for the opportunity to earn more coins, or they can exchange those coins for Bitcoins based on real-time market
exchange rates.
1
Megopoly is playable at any
time through a web browser on a PC, tablet or smart phone, in both Chinese and English. The game has been designed for players of all
skill levels. To date, we have not generated any revenue from Megopoly other than pursuant to related party agreements as described below.
The
Company entered into an agreement in January of 2021 with Sandbx Corp., a company owned by the Chief Operating Officer of United
Power and FL Galaxy, related parties to the Company, as our Chief Executive Officer, Lei Pei, is also the Chief Executive Officer
of United Power and FL Galaxy, to further develop the Megopoly game, under which the Company paid
Sandbx Corp. monthly fees of $168,500, resulting in $1,622,500 of related party software development costs for the year ended May 31,
2022. The development agreement with Sandbx Corp. was terminated with the completion of Megopoly in December of 2021. We did not
generate any revenue, or incur any software development costs, during our fiscal years ended May 31, 2026 or 2025, and are now actively
seeking licensing arrangements to bring the game to market.
Employees
We currently have no full-time
employees, other than our sole officer and director Mr. Lei Pei, who receives no salary.
Research and Development Expenditures
We intend to continue to make
investments in research and development and product development in seeking to sustain and improve our competitive position and meet our
customers’ needs.
Government Regulation
Because of the current regulatory
uncertainties surrounding the Platform, we do not intend to operate the Platform in the United States unless and until we are satisfied
that our operations will not be in violation of any statutes or regulations. At this time, we are unable to determine what governmental
agencies, if any, will have jurisdiction over the Platform, or what effect, if any, those government regulations will have on the Platform.
Currently, all of our operations consist of outsourced licensing arrangements.
Patents and Trademarks
We do not own any patents
or trademarks.
Corporate Information
Our principal executive offices
are located at 3305 Spring Mountain Road, Suite 104, Las Vegas, Nevada 89102. Our telephone number is (702) 944-5599, and our website
is http://www.wewards.io. The content on our website is available for information purposes only. It should not be relied upon for
investment purposes, nor is it incorporated by reference into this Report.