Wewards, Inc. reported no revenue for the fiscal years ending May 31, 2025, and May 31, 2024, as the company continues to seek licensing agreements for its web-based platform designed to facilitate consumer purchases and Bitcoin rebates. The company’s operating expenses for the year ended May 31, 2025, totaled $90,670, a decrease of 38% from $145,846 in the previous year. This reduction was primarily attributed to a significant drop in rent expenses following the termination of its office lease on October 31, 2023. The net loss for the year was $596,140, compared to a loss of $651,739 in the prior year, reflecting a decrease of $55,599.
In terms of operational changes, Wewards has not generated any revenue from its intellectual property, including the game Megopoly, which allows players to earn Bitcoin through virtual real estate transactions. The company had previously incurred substantial software development costs related to Megopoly, but these costs have ceased as of the end of the fiscal year. The company is actively pursuing licensing arrangements to bring the game to market, although it has not yet entered into any agreements.
Wewards reported current assets of $693,777 as of May 31, 2025, primarily in cash, while current liabilities stood at $4,046,231, resulting in negative working capital of $3,352,454. The company’s total liabilities increased from $14,021,006 in 2024 to $14,546,231 in 2025, largely due to accrued interest on related party loans. The company has been reliant on its CEO and majority shareholder, Lei Pei, for financing, primarily through convertible loans, raising concerns about its ability to continue as a going concern without additional capital.
Looking ahead, Wewards acknowledges the need for further financing to sustain operations and repay related party debts. The company has expressed uncertainty regarding its ability to generate sustainable revenues and achieve profitability, given the competitive landscape and regulatory challenges in the cannabis industry. Management is focused on securing licensing agreements and expanding its operational capabilities, but the lack of revenue generation and ongoing financial losses present significant risks to its future viability.
About WEWARDS, INC.
Wewards, Inc. develops a web-based platform and intellectual property focused on blockchain rewards and online gaming. Its primary activities include licensing a Bitcoin rewards ecosystem and a multiplayer online game, Megopoly. The company targets digital consumers and merchants, offering innovative, blockchain-based incentives and entertainment. It operates through licensing agreements, aiming to generate revenue from third-party platform and game licensing, with a focus on blockchain and gaming markets.
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