Forward Looking Statements
This report contains forward-looking statements. These statements relate to
future events or our future financial performance. In some cases, you can
identify forward-looking statements by terminology such as “may”, “should”,
“expects”, “plans”, “anticipates”, “believes”, “estimates”, “predicts”,
“potential” or “continue” or the negative of these terms or other comparable
terminology. These statements are only predictions and involve known and unknown
risks, uncertainties and other factors, including the risks in the section
entitled “Risk Factors”, that may cause our company’s or our industry’s actual
results, levels of activity, performance or achievements to be materially
different from any future results, levels of activity, performance or
achievements expressed or implied by these forward-looking statements.
Although we believe that the expectations reflected in the forward-looking
statements are reasonable, we cannot guarantee future results, levels of
activity, performance or achievements. Except as required by applicable law,
including the securities laws of
any of the forward-looking statements to conform these statements to actual
results.
Our financial statements are stated in
prepared in accordance with
principles.
In this quarterly report, unless otherwise specified, all references to “common
shares” refer to the common shares of our capital stock.
As used in this quarterly report, the terms “we”, “us”, “our”, “
Corp.
Corporate Overview
The Company has identified the global tourism market as its first investment
target. As it currently exists, the tourism industry is fragmented into various
geographic regions. We believe that approaching this industry from a global
perspective is an emerging market with tremendous growth potential. We plan to
set up and/or acquire offices in various regions of the world and through them,
develop the local tourism industry and expand our local tourism market.
Ultimately, we plan to unify and manage our regional offices and to market our
global services through the internet.
We have set up three subsidiaries,
Washington
Columbia
(“ATBI”). Our
of business and to reduce operating costs.
We are engaged in services such as airline and cruise ticketing, customized and
packaged tours, travel blogs, travel magazines, sales of travel related
merchandise, group hotel reservations, business travel arrangements, conference
travel arrangements, car rental and admission ticket sale for local tourist
attractions.
We will continue to explore other business growth opportunities, regardless of
industry, in order to diversify our business operations and investments.
On
Certificate of Incorporation with the Secretary of
its name from News of
change, our listing symbol also changed from “NWCH” to “WESC.” In addition, the
Company also increased its total authorized shares to 500,000,000 to anticipate
future financing through the issuance of our equity or convertible debt to
finance our business.
COVID-19
In
America
rapidly spreading COVID-19 outbreak was a global pandemic (“COVID-19 pandemic”).
In response to the pandemic, many governments around the world have implemented,
and continue to implement, a variety of measures to reduce the spread of
COVID-19, including travel restrictions and bans, instructions to residents to
practice social distancing, quarantine advisories, shelter-in-place orders and
required closures of non-essential businesses. These government mandates have
forced many of the companies on whom our business relies, including hotels and
other accommodation providers and airlines, to seek government support in order
to continue operating, to curtail drastically their service offerings or to
cease operations entirely. Further, these measures have materially adversely
affected, and may further adversely affect, consumer sentiment and discretionary
spending patterns, economies and financial markets, and our customers. The
COVID-19 pandemic and the resulting economic conditions and government orders
have resulted in a material decrease in consumer spending and an unprecedented
decline in travel activities and consumer demand for related services. Our
financial results and prospects are almost entirely dependent on the sale of
such travel-related services. Our results for the quarter ended
2021
gross travel bookings and total revenues as compared to the corresponding period
in 2020. We expect to continue to see severely reduced new travel reservation
bookings as compared to 2020 levels for the foreseeable future, which will have
a materially adverse impact on our business, financial condition, results of
operations and cash flows. Due to the uncertain and rapidly evolving nature of
current conditions around the world, we are unable to predict accurately the
impact that the COVID-19 pandemic will have on our business going forward. With
the continued spread of COVID-19 in
countries, we expect the pandemic and its effects to continue to have a
significant adverse impact on our business for the duration of the pandemic,
during any resurgences of the pandemic and during the subsequent economic
recovery, which could be an extended period of time.
11
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Results of Operations
The following summary of our results of operations should be read in conjunction
with our unaudited financial statements for the quarters ended
and 2020 contained in this Report.
Three Months Ended
Three Months Ended Three Months Ended
December 31 , December 31,
2021 2020
Expenses
General and administrative
expenses (11,031 ) (13,770 )
Imputed interest expenses (70 ) (1,160 )
Gain on debt settlement - 90,433
Foreign currency exchange gain
(loss) 556 7,360
Net income (loss) $ (10,545 ) $ 82,863
Revenues
We had no revenue for the three months ended
due to the decrease in our travel business arrangement income caused by the
covid-19 pandemic globally.
General and administrative expenses
General and administrative expenses for the three months ended
decreased by
was mainly due to a decrease in filing fees.
Net loss
We had a net loss of
ended
and had an accumulated deficit of
as at
gain on debt settlement in connection with the advance share issuance during the
three months ended
12
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Six Months Ended
Six Months Ended Six Months Ended
December 31 , December 31,
2021 2020
Expenses
General and administrative expenses (20,662 ) (24,968 )
Imputed interest expenses (108 ) (14,326 )
Gain on debt settlement - 90,433
Foreign currency exchange gain (loss) (1,840 ) 5,256
Net income (loss) $ (22,610 ) $ 56,395
Revenues
We had no revenue for the six months ended
due to the decrease in our travel business arrangement income caused by the
covid-19 pandemic globally.
General and administrative expenses
General and administrative expenses for the six months ended
decreased by
was mainly due to a decrease in legal and filing fees.
Net loss
We had net loss of
an accumulated deficit of
debt settlement in connection with the advance share issuance during the three
months ended
Liquidity and Capital Resources
Our financial condition at the end of
summarized as follows:
Working Capital
December 31, June 30,
2021 2021
Current Assets $ 2,286 $ 2,290
Current Liabilities (56,995 ) (36,581 )
Working Capital $ (54,709 ) $ (34,291 )
Our working capital deficit increased from the previous year-end and current
assets were still insufficient to cover liabilities; the deficit magnitude
increased by
liabilities.
Cash Flows
December 31 , December 31,
2021 2020
Cash provided (used in) operating activities
Cash provided by financing activities
7,232 13,405 Cumulative translation adjustment 1,292 (11,787 ) Net increase (decrease) in cash $ (3 )$ 5,035
Cash Used in Operating Activities
For the six months ended
activities increased by
six months in the prior year. The increase is mainly due to the debt settlement
by share issuance during the six months ended
13
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Cash Used in Investing Activities
For the six months ended
activities as compared from the same period last year.
Cash Provided by Financing Activities
For the six months ended
rent expense and advanced operating expenses compared with in the same period in
2020, in which the Company received
and advanced operating expenses.
Cash Requirements
Over the next 12-months, we anticipate that we will incur the following operating expenses: Expense Amount General and administrative$ 5,000 Professional fees 50,000 Foreign currency exchange loss 5,000 Total$ 60,000
Our CEO,
for the next 12 months.
Management believes that the Company will be able to raise sufficient capital to
meet our working capital requirements for the next 12 month period. Management
is currently seeking financing opportunities to meet our estimated funding
requirements for the next 12 months primarily through private placements of our
equity securities.
There is substantial doubt about our ability to continue as a going concern as
the continuation of our business is dependent upon the continued financial
support from our shareholders, our ability to obtain necessary equity financing
to continue operations, and achieving a profitable level of operations. The
issuance of additional equity securities by us could result in a significant
dilution in the equity interests of our current stockholders. Obtaining
commercial loans, assuming those loans would be available, will increase our
liabilities and future cash commitments.
Transactions with related persons
Mrs.
Mr.
Financial Inc.
to time for the Company’s operations. These advances are due on demand and
non-interest bearing.
As of
related parties in total.
As of the six months ended
During the six months ended
husband of Mrs.
(
due to the related party (
As of the period ended
advanced
expenditure.
As of
2021
shareholder of the Company
Off Balance Sheet Arrangements
We have no significant off-balance sheet arrangements that have or are
reasonably likely to have a current or future effect on our financial condition,
changes in financial condition, revenues or expenses, results of operations,
liquidity, capital expenditures or capital resources that is material to
stockholders.
Recently Issued Accounting Standards
We continue to assess the effects of recently issued accounting standards. The
impact of all recently adopted and issued accounting standards has been
disclosed in the Footnotes to the financial statements.
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