# EDGAR Filing Document

**Accession Number:** 0001623590
**File Stem:** 0001753926-23-000169
**Filing Date:** 2023-2
**Character Count:** 163470
**Document Hash:** 5a59058a794aba1e5a6f85180c7d8249
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001753926-23-000169.hdr.sgml**: 20230215

**ACCESSION NUMBER**: 0001753926-23-000169

**CONFORMED SUBMISSION TYPE**: 8-K/A

**PUBLIC DOCUMENT COUNT**: 20

**CONFORMED PERIOD OF REPORT**: 20221130

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230215

**DATE AS OF CHANGE**: 20230215

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** HWGC Holdings Ltd
- **CENTRAL INDEX KEY:** 0001623590
- **STANDARD INDUSTRIAL CLASSIFICATION:** FINANCE SERVICES [6199]
- **IRS NUMBER:** 300803939
- **STATE OF INCORPORATION:** NV
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-55685
- **FILM NUMBER:** 23635310

**BUSINESS ADDRESS:**
- **STREET 1:** PORTMAN HOUSE, 2 PORTMAN STREET
- **CITY:** LONDON
- **STATE:** X0
- **ZIP:** W1H 6DU
- **BUSINESS PHONE:** 60321432889

**MAIL ADDRESS:**
- **STREET 1:** PORTMAN HOUSE, 2 PORTMAN STREET
- **CITY:** LONDON
- **STATE:** X0
- **ZIP:** W1H 6DU

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Vitaxel Group Ltd
- **DATE OF NAME CHANGE:** 20160111

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ALBERO, CORP.
- **DATE OF NAME CHANGE:** 20141028

?xml version="1.0" encoding="utf-8"?

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549**

**FORM 8-K/A** 

(Amendment No. 1)

**CURRENT REPORT** 

**Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934**

Date of Report (Date of earliest event reported): **<u>November 30, 2022</u>**

**<u>HWGC Holdings Limited</u>**

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **<u>Nevada</u>**<br> (State or other<br> jurisdiction of incorporation) | **<u>000-55685</u>**<br> (Commission<br> File Number) | **<u>30-0803939</u>**<br> (I.R.S. Employer<br> Identification No.) |

---

**Portman House, 2 Portman Street,** <br> **London, W1H 6DU, UK** <br> (Address of principal executive offices)<br>

Registrant's telephone number, including area code: **+603** **2143 2889**

**<u>N/A</u>**

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (*see* General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4© under the Exchange Act (17 CFR 240.13©(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| None | N/A | N/A |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

**EXPLANATORY NOTE**

On November 30, 2022, HWGC Holdings Limited, a Nevada corporation (the "Company"), consummated the share exchange transaction (the "Share Exchange") contemplated by the Share Exchange Agreement, dated August 9, 2022 (the "Share Exchange Agreement"), by and among the Company, Fintech Scion Limited, a private limited company incorporated in the United Kingdom ("Fintech"), and all of the shareholders of Fintech. This Current Report on Form 8-K/A (the "Amendment") amends the Current Report on Form 8-K (the "Form 8-K") filed by the Company with the Securities and Exchange Commission on November 30, 2022 to include the financial statements of the business acquired and the pro forma information required by Items 9.01(a) and 9.01(b) of Form 8-K, respectively.

The Company is filing an updated description of certain aspects of its business, as well as updated risk factors describing risks and uncertainties that may affect the Company and the market price of its common stock. The updated description of the Company's business and the updated risk factors are filed herewith as Exhibit 99.5 and Exhibit 99.6, respectively, and are incorporated herein by reference. The Company is also filing a statement regarding forward-looking information in the updated business disclosure and risk factors as Exhibit 99.4, which is incorporated herein by reference.

Except as described above, no other amendments are being made to the Form 8-K. This Amendment does not reflect events occurring after the filing of the Form 8-K or modify or update the disclosure contained therein in any way other than as required to reflect the amendments discussed above.

**Item 9.01. Financial Statements and Exhibits**

(a) *Financial Statements of Businesses Acquired*

The audited consolidated financial statements of Fintech as of and for the years ended December 31, 2021 and 2020 are set forth in Exhibit 99.1.

The unaudited consolidated financial statements of Fintech as of and for the nine months ended September 30, 2022 are set forth in Exhibit 99.2.

(b) *Pro forma financial information.*

The unaudited pro forma condensed combined financial information of the Company and Fintech as of and for the year ended December 31, 2021 and for the nine months ended September 30, 2022 are set forth in Exhibit 99.3.

(d) *Exhibits*

The following exhibits are filed with this Current Report on Form 8-K/A.

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| [99.1](g083381_ex99-1.htm) | [Audited consolidated financial statements of Fintech Scion Limited as of and for the years ended December 31, 2021 and 2020](g083381_ex99-1.htm) |
| [99.2](g083381_ex99-2.htm) | [Unaudited consolidated financial statements of Fintech Scion Limited for the nine-months ended September 30, 2022](g083381_ex99-2.htm) |
| [99.3](g083381_ex99-3.htm) | [Pro forma unaudited combined financial statements for the fiscal year ended December 31, 2021, and for the nine months ended September, 2022](g083381_ex99-3.htm) |
| [99.4](g083381_ex99-4.htm) | [Forward-Looking Information](g083381_ex99-4.htm) |
| [99.5](g083381_ex99-5.htm) | [Updated Business Disclosures](g083381_ex99-5.htm) |
| [99.6](g083381_ex99-6.htm) | [Updated Risk Factors](g083381_ex99-6.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

**SIGNATURES**

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.

---

| | | |
|:---|:---|:---|
| Dated: February 15, 2023 | **HWGC HOLDINGS LIMITED** | **HWGC HOLDINGS LIMITED** |
|  | By: | /s/ Lim Chun Hoo |
|  | Name: | Lim Chun Hoo |
|  | Title: | Director |

---

**HWGC HOLDINGS LIMITED** 

**FINANCIAL STATEMENT** 

**Table of Contents**

---

| | |
|:---|:---|
|  | **PAGE** |
| **Audited Consolidated Financial Statements of Fintech Scion Limited as of and for the years ended December 31, 2021 and 2020** |  |
| Report of Independent Registered Public Accounting Firm | F-2 |
| &nbsp;&nbsp;Consolidated Balance Sheets as of December 31, 2021 and 2020 | F-3 |
| &nbsp;&nbsp;Consolidated Statements of Loss and Comprehensive Loss for the years ended December 31, 2021 and 2020 | F-4 |
| &nbsp;&nbsp;Consolidated Statements of Stockholders' Equity | F-5 |
| &nbsp;&nbsp;Consolidated Statements of Cash Flows for the years ended December 31, 2021 and 2020 | F-6 |
| &nbsp;&nbsp;Notes to the Consolidated Financial Statements | F7 - F15 |
| **Unaudited Consolidated Financial Statements of Fintech Scion Limited for the period ended September 30, 2022** |  |
| &nbsp;&nbsp;Condensed Consolidated Balance Sheet | F-16 |
| &nbsp;&nbsp;Condensed Consolidated Statements of Operations and Comprehensive Income or Loss | F-17 |
| &nbsp;&nbsp;Notes to Unaudited Condensed Consolidated Financial Statements | F-18 – F-21 |
| **Unaudited Pro Forma Condensed Combined Financial Statements** | F-22 |
| &nbsp;&nbsp;Pro Forma Condensed Combined Consolidated Balance Sheet as of December 31, 2021 | F-23 |
| &nbsp;&nbsp;Pro Forma Condensed Combined Consolidated Statements of Operations and Comprehensive Income or Loss for the year ended December 31, 2021 | F-24 |
| &nbsp;&nbsp;Pro Forma Condensed Combined Consolidated Balance Sheet as of September 30, 2022 | F-25 |
| &nbsp;&nbsp;Pro Forma Condensed Combined Consolidated Statements of Operations and Comprehensive Income or Loss for the period ended September 30, 2022 | F-26  |
| &nbsp;&nbsp;Notes to the Unaudited Pro Forma Condensed Combined Financial Statements | F27 – F28 |

---

## Exhibit 99.1

**Exhibit 99.1**

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

**To the Board of Directors and Stockholders of FINTECH SCION LIMITED :**

**Opinion on the Financial Statements**

We have audited the accompanying consolidated balance sheet of "FINTECH SCION LIMITED together with its subsidiaries ("the Company") as of December 31, 2021 and 2020, and the related consolidated statements of Income (loss) and comprehensive Income (loss), stockholders' equity, and cash flows for the years then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2021 and 2020, and the results of its operations and its cash flows for the years then ended, in conformity with accounting principles generally accepted in the United States.

**Going Concern Uncertainty**

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 2 to the financial statements, the Company incurred losses from operations, had accumulated deficits and had net cash used in operating activities that raise substantial doubt about its ability to continue as a going concern. The Company is dependent on continuing finance from related party. Management's plans in regard to these matters are also described in Note 2. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

**Basis for Opinion**

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

**Emphasis of Matter**

The Company has significant transactions with related parties, which are described in Note 7 to the financial statements. Transactions involving related parties cannot be presumed to be carried out on an arm's length basis, as the requisite conditions of competitive, free market dealings may not exist.

*/s/ **Pan-China Singapore PAC (6255)***

We have served as the Company's auditor since 2022.

Singapore

October 31, 2022

**FINTECH SCION LIMITED**

**CONSOLIDATED BALANCE SHEETS**

(In U.S. Dollars)

---

| | | |
|:---|:---|:---|
|  | **As of**<br>**December 31,**<br>**2021** | **As of**<br>**December 31,**<br>**2020** |
| **ASSETS** |  |  |
| **Current assets** |  |  |
| Cash and cash equivalents | $126054 | $87732 |
| Other receivables other current assets | 31116 |  |
| Total Current Assets | 157170 | 87732 |
| **Non-current assets** |  |  |
| Property and equipment, net | 7726 |  |
| Total Non-Current Assets | 7726 |  |
| **TOTAL ASSETS** | $164896 | $87732 |
| **LIABILITIES** |  |  |
| **Current liabilities** |  |  |
| Amount due to related parties | 297410 | 95656 |
| Accruals and other payables | 22535 |  |
| **TOTAL LIABILITIES** | 319945 | 95656 |
| **STOCKHOLDERS' EQUITY** |  |  |
| Common stock par value $1.35: 50,000 shares issued and outstanding, and $1.37: 1,000 shares issued and outstanding, respectively | 67516 | 1366 |
| Accumulated deficit | (226828) | (9290) |
| Foreign translation reserve | 4263 |  |
| Total Stockholders' Equity | (155049) | (7924) |
| **TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY** | $164896 | $87732 |

---

The accompanying notes are an integral part of the financial statements.

**FINTECH SCION LIMITED**

**CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS**

(In U.S. Dollars)

---

| | | |
|:---|:---|:---|
|  | **For the Years Ended<br> December, 31** | **For the Years Ended<br> December, 31** |
|  | **2021** | **2020** |
| **REVENUE** | $885428 | $— |
| **COST OF REVENUE** |  |  |
| **GROSS PROFIT** | 885428 |  |
| **OPERATING EXPENSES** |  |  |
| General and administrative expenses | (1091642) | (9290) |
| Total Operating Expenses | (1091642) | (9290) |
| **LOSS FROM OPERATIONS** | (206214) | (9290) |
| **OTHER EXPENSES** | (11324) |  |
| **NET LOSS FOR THE YEAR** | $(217538) | $(9290) |
| **OTHER COMPREHENSIVE LOSS** |  |  |
| Foreign currency translation adjustment | 4263 |  |
| **TOTAL COMPREHENSIVE LOSS** | $(213275) | $(9290) |
| **Weighted average number of common shares outstanding – basic and diluted** | 50000 | 1000 |
| **Net loss per share – basic and diluted** | $(4.27) | $(9.29) |

---

The accompanying notes are an integral part of the financial statements

**FINTECH SCION LIMITED**

**CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY**

(In U.S. Dollars)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Common** | **Common** | | | |
|  | **Stock** | **Stock** | | | |
|  |<br>**Shares** |<br>**Amount** |<br>**Accumulated**<br>**gain/ (deficit)** |<br>**Foreign**<br>**translation**<br>**reserve** |<br>**Total**<br>**Stockholders'**<br>**Equity** |
| Balance, November 20, 2020 (date of incorporation) | 1000 | $1366 | $— | $— | $1366 |
| Net loss |  |  | (9290) |  | (9290) |
| Balance, December 31, 2020 | 1000 | $1366 | $(9290) | $— | $(7924) |
| Issuance of shares | 49000 | 66150 |  |  | 66150 |
| Net loss |  |  | (217538) |  | (217538) |
| Foreign currency translation adjustment |  |  |  | 4263 | 4263 |
| Balance, December 31, 2021 | 50000 | $67516 | $(226828) | $4263 | $(155049) |

---

The accompanying notes are an integral part of the financial statements.

**FINTECH SCION LIMITED**

**CONSOLIDATED STATEMENTS OF CASH FLOWS**

(In U.S. Dollars)

---

| | | |
|:---|:---|:---|
|  | **For the Year Ended December 31,** | **For the Year Ended December 31,** |
|  | **2021** | **2020** |
| **CASH FLOWS FROM OPERATING ACTIVITIES** |  |  |
| Net loss | $(217538) | $(9290) |
| Items not involving cash: |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization of property and equipment | 131 |  |
| &nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Other receivables, prepayments and other current assets | (31116) |  |
| &nbsp;&nbsp;&nbsp;Accrued expense and other payables | 22535 |  |
| &nbsp;&nbsp;&nbsp;Net cash used in operating activities | (225988) | (9290) |
| **CASH FLOWS FROM INVESTING ACTIVITIES** |  |  |
| Purchase of property, plant and equipment | (7857) |  |
| Net cash used in investing activities | (7857) |  |
| **CASH FLOWS FROM FINANCING ACTIVITIES** |  |  |
| Proceeds from issuance of shares | 66150 | 1366 |
| Proceed from advances from related parties | 207057 | 95656 |
| Net cash generated by financing activities | 273207 | 97022 |
| **EFFECT OF EXCHANGE RATES ON CASH** | (1040) |  |
| **NET CHANGE IN CASH AND CASH EQUIVALENTS** | 38322 | 87732 |
| **CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR** | 87732 |  |
| **CASH AND CASH EQUIVALENTS, END OF YEAR** | $126054 | $87732 |

---

The accompanying notes are an integral part of the financial statements.

**FINTECH SCION LIMITED**

**NOTES TO THE CONSOLIDATE FINANCIAL STATEMENTS**

(In U.S. Dollars)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **ORGANIZATION AND BUSINESS** 

Fintech Scion Limited, was incorporated in the United Kingdom on 20<sup>th</sup> November 2020. The Company's business operations involved with being an international financial technology company, delivering financial payment and settlement services through its ONE Application, ONE Integration, GLOBAL REACH Payment Gateway headquartered in London, United Kingdom.

As of December 31, 2021, the Company's subsidiaries are as follows:

---

| | | | |
|:---|:---|:---|:---|
| Entity | Place of <br> incorporation | Percentage of <br> legal <br> ownership by <br> the Company | Principal <br> activities |
| Fintech Digital Consulting Limited ("FDC") 8<sup>th</sup> February 2021 | United Kingdom | 100% | Digital Payment Services |
| Fintech Digital Solutions Limited ("FDS") 5<sup>th</sup> February 2021 | United Kingdom | 100% | Digital Payment Services |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** 

***Basis of presentation***

The accompanying consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP").

This basis of accounting involves the application of accrual accounting and consequently, revenues and gains are recognized when earned, and expenses and losses are recognized when incurred. The Company's financial statements are expressed in U.S. dollars.

The ability to continue as a going concern is dependent upon the Company's profit generating operations in the future and/or obtaining the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they become due. These consolidated financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

The Company expects to finance operations primarily through cash flow from revenue and capital contributions from the director . During the year, the director has provided financial support for the operations of the Company. In the event that the Company requires additional funding to finance the growth of the Company's current and expected future operations as well as to achieve our strategic objectives, the director has indicated the intent and ability to provide additional equity financing.

These conditions raise substantial doubt about the Company's ability to continue as a going concern. The Company's continuation as a going concern is dependent on the Company's ability to meet obligations as they become due and to obtain additional equity or alternative financing required to fund operations until sufficient sources of recurring revenues can be generated. There can be no assurance that the Company will be successful in its plans described above or in attracting equity or alternative financing on acceptable terms, or if at all. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.

On 11 March 2020, the World Health Organization declared the Coronavirus ("COVID-19") outbreak as a pandemic in recognition of its rapid spread across the globe. The directors of the Company are of the opinion that the outbreak of the COVID-19 may affect the business performance and position of the Company mainly due to travel and movement restriction and other precautionary measures imposed by relevant local authorities that resulted in delay in commencement of work and delivery of products to customers.

Meanwhile, due to inherent nature and unpredictability of future development of the virus and market sentiment, the extent of the impact depends on:

(i) ongoing precautionary measures introduced by each country to address this pandemic; and

(ii) (ii) the durations of this pandemic. Accordingly, the management has considered the possible financial
impact of the COVID-19 pandemic to the financial statements to the best of their knowledge.

***Principles of Consolidation***

The consolidated financial statements include the accounts of the Company, and its wholly owned subsidiaries, FDC and FDS. All intercompany balances and transactions are eliminated upon consolidation.

***Business Combination***

The Company accounts for its business combinations using the acquisition method of accounting in accordance with ASC 805 — "Business Combinations". The cost of an acquisition is measured as the aggregate of the acquisition date fair value of the assets transferred to the sellers, liabilities incurred by the Company and equity instruments issued by the Company. Transaction costs directly attributable to the acquisition are expensed as incurred. Identifiable assets acquired and liabilities assumed are measured separately at their fair values as of the acquisition date, irrespective of the extent of any non-controlling interests. The excess of (i) the total costs of acquisition, fair value of the non-controlling interests and acquisition date fair value of any previously held equity interest in the acquiree over (ii) the fair value of the identifiable net assets of the acquiree is recorded as goodwill. If the cost of acquisition is less than the fair value of the net assets of the subsidiary acquired, the difference is recognized directly in the consolidated statements of comprehensive loss.

In a business combination achieved in stages, the Company re-measures the previously held equity interest in the acquiree immediately before obtaining control at its acquisition date fair value and the re-measurement gain or loss, if any, is recognized in the consolidated statements of comprehensive loss.

***Use of estimates***

The preparation of consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect certain reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the year. The Company regularly evaluates estimates and assumptions. The Company bases its estimates and assumptions on current facts, historical experience and various other factors it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. Significant areas of estimate include valuation of goodwill and intangible assets, useful lives of property and equipment, recoverability of investments and deferred income tax obligations. The actual results experienced by the Company may differ materially and adversely from the Company's estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected.

***Foreign currency translation and transactions***

The reporting currency of Fintech Scion Group is United States Dollar ("USD"). The functional currency of FSG, FDC and FDS are Pound Sterling (GBP). The translation of Pound Sterling to the reporting currency of the company, the USD, is performed for assets and liabilities using exchange rates in effect at the balance sheet date. Revenue and expense transactions are translated using average exchange rate prevailing during the year. Translation adjustments arising on conversion of the Company's financial statements from the subsidiary's functional currencies into the reporting currency, USD, are excluded from the determination of income (loss) and are disclosed as other comprehensive income in the consolidated statements of income and comprehensive income.

***Cash and cash equivalents***

Cash and cash equivalents consist of cash on hand and highly liquid investments, which are unrestricted from withdrawal or use, and which have original maturities of three months or less when purchased.

***Impairment of Long-Lived Assets***

The Company periodically reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to the estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized for the amount by which the carrying amount of the asset exceeds the estimated fair value of the asset.

***Fair value of financial instruments***

Fair value is defined as the price that would be received to sell and asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

FASB ASC 820, "Fair Value Measurement," specifies a hierarchy of valuation techniques based upon whether the inputs to those valuation techniques reflect assumptions other market participants would use based upon market data obtained from independent sources (observable inputs). In accordance with ASC 820, the following summarizes the fair value hierarchy:

Level 1 Inputs – Unadjusted quoted market prices for identical assets and liabilities in an active market that the Company has the ability to access.

Level 2 Inputs – Inputs other than the quoted prices in active markets that are observable either directly or indirectly.

Level 3 Inputs – Inputs based on prices or valuation techniques that are both unobservable and significant to the overall fair value measurements.

ASC 820 requires the use of observable market data, when available, in making fair value measurements. When inputs used to measure fair value fall within different levels of the hierarchy, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurements. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs. As of December 31, 2021 and 2020, none of the Company's assets and liabilities was required to be reported at fair value on a recurring basis. Carrying values of non-derivative financial instruments, including cash, accounts receivables, payables and accrued liabilities, approximate their fair values due to the short-term nature of these financial instruments. There were no changes in methods or assumptions during the periods presented.

***Property and equipment, net***

Property and equipment are carried at cost less accumulated depreciation. Depreciation is calculated on a straight-line basis over the following estimated useful lives:

Computer equipment 5 years

The residual values, useful lives and methods of depreciation of property and equipment are reviewed and adjusted if appropriate, on an annual basis.

***Revenue recognition***

The primary sources of our revenues are as follows:

(a) Commission from financial payment and settlement services

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue is generated through delivery services. Revenue is recognized when a customer receives services and is recognized in an amount that reflects the consideration that the Company expects to receive in exchange for those services. In addition, the standard requires disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The amount of revenue that is recorded reflects the consideration that the Company expects to receive in exchange for those services. The Company applies the following five-step model in order to determine this amount:

(i) identification of the services in the contract;

(ii) determination of whether the services are performance obligations, including whether they are distinct in the context of the contract;

(iii) measurement of the transaction price, including the constraint on variable consideration;

(iv) allocation of the transaction price to the performance obligations; and

(v) recognition of revenue when (or as) the Company satisfies each performance obligation.

The Company only applies the five-step model to contracts when it is probable that the Company will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. Once a contract is determined to be within the scope of ASC 606 at contract inception, the Company reviews the contract to determine which performance obligations the Company must deliver and which of these performance obligations are distinct. The Company recognizes as revenues the amount of the transaction price that is allocated to the respective performance obligation when the performance obligation is satisfied or as it is satisfied. Generally, the Company's performance obligations are transferred to customers as services are performed over the remaining contractual terms.

For all reporting periods, the Company has not disclosed the value of unsatisfied performance obligations for all service revenue contracts with an original expected length of one year or less, which is an optional exemption that is permitted under the adopted rules.

***Research and Development Costs***

Research and development ("R&D") costs are charged to expense in the periods incurred. There were no expenditures incurred by the Company for research and development for the year ended December 31, 2021 and 2020.

***Income Taxes***

Income taxes are determined using the liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using the enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes that date of enactment. In addition, a valuation allowance is established to reduce any deferred tax asset for which it is determined that it is more likely than not that some portion of the deferred tax asset will not be realized.

***Uncertain Tax Positions***

The impact of an uncertain income tax position on the income tax return is recognized at the largest amount that is more-likely-than-not to be sustained upon audit by the relevant tax authority. An uncertain income tax position will not be recognized if it has less than a 50% likelihood of being sustained. Interest and penalties on income taxes are classified as a component of the provisions for income taxes. The Company did not recognize any income tax due to uncertain tax positions or incur any interest and penalties related to potential underpaid income tax expense as of December 31, 2021 and 2020.

***Comprehensive loss***

Comprehensive loss includes net loss and cumulative foreign currency translation adjustments and is reported in the Consolidated Statement of Comprehensive Loss.

***Loss per share***

The loss per share is computed using the weighted average number of shares outstanding during the fiscal years. For the years ended December 31, 2021 and 2020, there was no dilutive effect due to net loss.

***Related party transactions***

The Company follows subtopic 850-10 of the FASB Accounting Standards Codification for the identification of related parties and disclosure of related party transactions.

Pursuant to Section 850-10-20 the related parties include (a) affiliates of the registrant; (b) entities for which investments in their equity securities would be required, absent the election of the fair value option under the Fair Value Option Subsection of Section 825–10–15, to be accounted for by the equity method by the investing entity; (c) trusts for the benefit of employees, such as pension and profit-sharing trusts that are managed by or under the trusteeship of management; (d) principal owners of the Company;© management of the Company; (f) other parties with which the Company may deal if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests; and (g) Other parties that can significantly influence the management or operating policies of the transacting parties or that have an ownership interest in one of the transacting parties and can significantly influence the other to an extent that one or more of the transacting parties might be prevented from fully pursuing its own separate interests. The financial statements include disclosures of material related party transactions, other than compensation arrangements, expense allowances, and other similar items in the ordinary course of business. However, disclosure of transactions that are eliminated in the preparation of financial statements is not required in those statements. The disclosures shall include: (a) the nature of the relationship(s) involved; (b) description of the transactions, including transactions to which no amounts or nominal amounts were ascribed, for each of the periods for which income statements are presented, and such other information deemed necessary to an understanding of the effects of the transactions on the financial statements; (c) the dollar amounts of transactions for each of the periods for which income statements are presented and the effects of any change in the method of establishing the terms from that used in the preceding period; and (d) amounts due from or to related parties as of the date of each balance sheet presented and, if not otherwise apparent, the terms and manner of settlement.

***Recently issued accounting pronouncements***

In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326), that requires companies to present certain financial assets, including accounts receivable and available-for-sale debt securities, net of the amount expected to be collected. The guidance requires the measurement of expected credit losses to be based on relevant information from past events, including historical experiences, current conditions, and reasonable and supportable forecasts that affect collectability. ASU 2016-13 is effective for the Company's annual and interim periods beginning after December 15, 2022, with early adoption permitted. The Company is currently evaluating the impact of ASU 2016-13 on its consolidated financial condition and results of operations.

In August 2018, the FASB issued ASU 2018-13, *Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement*, which improves fair value disclosure requirements by removing disclosures that are not cost beneficial, clarifying disclosures' specific requirements and adding relevant disclosure requirements. This ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. Early adoption is permitted and an entity can choose to early adopt any removed or modified disclosures upon issuance of this ASU and delay adoption of the additional disclosures until their effective date. The adoption of ASU 2018-13 did not have a material impact on the consolidated financial statements.

In December 2019, the FASB issued ASU2019-12, *Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes,* with the intent to reduce the complexity in accounting for income taxes. This ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020, and early adoption is permitted. The accounting update removes certain exceptions to the general principles in ASC 740 as well as provides simplification by clarifying and amending existing guidance. The Company is currently assessing the impact of the new standard on the consolidated financial statements.

On January 16, 2020, the FASB issued Accounting Standards Update (ASU) 2020-01, which clarifies the interaction of the accounting for equity securities under Topic 321, the accounting for equity method investments in Topic 323, and the accounting for certain forward contracts and purchased options in Topic 815. The adoption of ASU 2020-01 did not have a material impact on the consolidated financial statements.

Other recent accounting pronouncements issued by the FASB (including its Emerging Issues Task Force), the AICPA, and the Securities and Exchange Commission ("SEC") did not, or are not believed by management, to have a material impact on the Company's present and future consolidated financial statements.

**3.** **OTHER RECEIVABLES AND OTHER CURRENT ASSETS** 

Other receivables and other current assets consist of the following:

---

| | | |
|:---|:---|:---|
|  | **As of <br> December 31,<br> 2021** | **As of <br> December 31,<br> 2020** |
| Other receivables <sup>(1)</sup> | $18245 | $— |
| Deposits <sup>(2)</sup> | 12871 |  |
|  | $31116 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Other receivables primarily represent VAT receivables.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Deposits represented deposits for rental.

**4.** **PROPERTY AND EQUIPMENT** 

Property and equipment, net consist of the following:

---

| | | |
|:---|:---|:---|
|  | **As of <br> December 31,<br> 2021** | **As of <br> December 31,<br> 2020** |
| Computer equipment | $7857 | $— |
| Less: Accumulated depreciation | (131) |  |
| Balance at end of year | $7726 | $— |

---

Depreciation expenses charged to the statements of operations and comprehensive loss for the years ended December 31, 2021 and 2020 were $131 and $nil respectively.

**5.** **ACCRUALS AND OTHER PAYABLES** 

Accruals and other payables consist of the following:

---

| | | |
|:---|:---|:---|
|  | **As of <br> December 31,<br> 2021** | **As of <br> December 31,<br> 2020** |
| Payroll and welfare payable | $11060 | $— |
| Accruals | 8100 |  |
| Others | 3375 |  |
| Balance at end of year | $22535 | $— |

---

**6.** **INCOME TAX** As of December 31, 2021 and December
31, 2020, there was no taxation recognized due to there was no taxable business income.

**7.** **RELATED PARTY TRANSACTIONS** The Company had the following
balances due to related parties:

---

| | | |
|:---|:---|:---|
|  | **As of <br> December 31,<br> 2021** | **As of <br> December 31,<br> 2020** |
| **Amount due to related parties** |  |  |
| Shalom Dodoun <sup>(1)</sup> | $297410 | $95656 |
| **Total Amount due to related parties** | $297410 | $95656 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Shalom Dodoun is the director, founder, CEO and executive chairman of the Company. The balances
as at December 31, 2021 and December 30, 2020 was advances made to the Company for working capital purposes. The advances are due
on demand and non-interest bearing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Payments in form of remunerations have been made to the following officers of the Company:

---

| | | |
|:---|:---|:---|
|  | **December 31,<br> 2021** | **December 31,<br> 2020** |
| Shalom Dodoum (i) | $64025 | $— |
| Natalie Katsberg (ii) | 45988 |  |
|  | $110013 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Shalom Dodoun is the director, founder, CEO and executive chairman of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Natalie Katsberg is director and chief operation officer of the Company, Fintech Digital Solutions Limited and Fintech Digital
Consulting Limited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.** **COMMITMENTS AND CONTINGENCIES** 

<u>Capital Commitments</u>

As of December 31, 2021, and 2020, Company has no capital commitments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.** **SHAREHOLDERS' EQUITY** 

As of December 31, 2021, the Company has 50,000 shares authorized for common stock, with 50,000 outstanding during the year.

As of December 31, 2020, the Company has 1,000 shares authorized for common stock, with 1,000 outstanding during the year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.** **SUBSEQUENT EVENTS** 

On August 9, 2022, the Company ("Fintech") entered into share exchange agreement (the "Fintech Share Exchange Agreement") with HWGC Holdings Limited, ("HWGC"), a Nevada Corporation, and all of the shareholders of Fintech. Subject to the closing conditions set forth in the Fintech Share Exchange Agreement, each shareholder of Fintech irrevocably agreed to transfer and assign all Fintech's shares held by such shareholders in exchange for an aggregate of 101,666,666 newly issued shares of the HWGC's common stock, par value $0.001 per share (the "Common Stock"). Following the closing of the share exchange (the "Fintech Transaction"), Fintech will be a wholly owned subsidiary of HWGC Holdings Limited.

Subject to the terms and conditions of the Fintech Share Exchange Agreement, at the closing of the Fintech Transaction, each issued and outstanding share of Fintech shall be exchanged for such number of shares of newly issued shares Common Stock (the "Exchange Shares") for an aggregate of $61,000,000. The number of Exchange Shares will be calculated based on a $0.60 share price.

The consummation of the Fintech Transaction is subject to certain closing conditions, including, among other matters: (a) any required notices have been sent to the United Kingdom's Financial Conduct Authority regarding the change in ownership of Fintech; (b) the SEC declaring effective the registration statement on Form S-4 that will be filed in connection with the registration of the shares of Common Stock to be issued to the shareholders of HWGC Holdings Limited in accordance with the terms of the Fintech Share Exchange Agreement; (c) the accuracy of the parties' respective representations and warranties in the Fintech Share Exchange Agreement, subject to specified materiality qualifications; (d) compliance by the parties with their respective pre-closing obligations in the Share Exchange Agreement in all material respects; and (e) the absence of a Seller Material Adverse Effect (as defined in the Fintech Share Exchange Agreement).

## Exhibit 99.2

**Exhibit 99.2**

**FINTECH SCION LIMITED** <br> **CONDENSED CONSOLIDATED BALANCE SHEETS** <br> (In U.S. dollars)

---

| | | |
|:---|:---|:---|
|  | **As of**<br>**September 30,**<br>**2022**<br> **(Unaudited)** | **As of**<br>**December 31,**<br>**2021 <br> (Audited)** |
| **ASSETS** |  |  |
| **Current assets** |  |  |
| Cash and cash equivalents | $953202 | $126054 |
| Accounts receivable | 107467 |  |
| Amount due from related parties |  |  |
| Other receivables and other current assets | 78931 | 31116 |
| Total Current Assets | 1139600 | 157170 |
| **Non-current assets** |  |  |
| Intangible asset, net |  |  |
| Property and equipment, net | 16625 | 7726 |
| Total Non-Current Assets | 16625 | 7726 |
| **TOTAL ASSETS** | $1156225 | $164896 |
| **LIABILITIES** |  |  |
| **Current liabilities** |  |  |
| Amounts due to related parties | $227623 | $297410 |
| Accruals and other payables | 121424 | 22535 |
| **TOTAL LIABILITIES** | 349047 | 319945 |
| **STOCKHOLDERS' EQUITY** |  |  |
| Common stock par value $1.35: 50,000 shares issued and outstanding, respectively | 67516 | 67516 |
| Accumulated surplus/ (deficit) | 828868 | (226828) |
| Foreign translation reserve | (89206) | 4263 |
| Total Stockholders' Equity | 807178 | (155049) |
| **TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY** | $1156225 | $164896 |

---

The accompanying notes are an integral part of these condensed consolidated financial statements.

**F-16** 

**FINTECH SCION LIMITED**<br> **CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS** <br> (Unaudited) <br> (In U.S. dollars)

---

| | | |
|:---|:---|:---|
|  | **For the Period <br> Ended <br> September 30, <br> 2022** | **For the Year <br> Ended**<br> **December 31, <br> 2021** |
| **REVENUE** | $2456125 | $885428 |
| **COST OF REVENUE** |  |  |
| **GROSS PROFIT** | 2456125 | 885428 |
| **OPERATING EXPENSES** |  |  |
| General and administrative expenses | (1395092) | (1091642) |
| Total Operating Expenses | (1395092) | (1091642) |
| **INCOME / (LOSS) FROM OPERATIONS** | 1061033 | (206214) |
| **OTHER EXPENSE, NET** | (5337) | (11324) |
| **INCOME / (LOSS) BEFORE TAXES** | $1055696 | $(217538) |
| **OTHER COMPREHENSIVE INCOME / (LOSS)** |  |  |
| Foreign currency translation adjustment | (93469) | 4263 |
| **TOTAL COMPREHENSIVE INCOME / (LOSS)** | $962227 | $(213275) |
| **Weighted average number of common shares outstanding – basic and diluted** | 50000 | 50000 |
| **Net income / (loss) per share – basic and diluted** | $19.24 | $(4.27) |

---

The accompanying notes are an integral part of these condensed consolidated financial statements.

**F-17** 

**FINTECH SCION LIMITED**<br> **NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS** <br> (Unaudited)<br> (In U.S. dollars)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **ORGANIZATION AND BUSINESS** 

Fintech Scion Limited, was incorporated in the United Kingdom on 20<sup>th</sup> November 2020. The Company's business operations involved with being an international financial technology company, delivering financial payment and settlement services through its ONE Application, ONE Integration, GLOBAL REACH Payment Gateway headquartered in London, United Kingdom.

As of September 30, 2022, the Company's subsidiaries are as follows:

---

| | | | |
|:---|:---|:---|:---|
| Entity | Place of <br> incorporation | Percentage of <br> legal <br> ownership by <br> the Company | Principal <br> activities |
| Fintech Digital Consulting Limited ("FDC") 8<sup>th</sup> February 2021 | United Kingdom | 100% | Digital Payment Services |
| Fintech Digital Solutions Limited ("FDS") 5<sup>th</sup> February 2021 | United Kingdom | 100% | Digital Payment Services |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **UNAUDITED INTERIM FINANCIAL STATEMENTS** 

The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") for interim financial information under Article 8 of Regulation S-X. They do not include all information and foot notes required by U.S. GAAP for complete financial statements. The interim unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes thereto as of and for the year ended December 31, 2021.

In the opinion of management, the Company has made all adjustments necessary to present a fair statement of the financial position as of September 30, 2022, results of operations for the nine months ended September 30, 2022, and cash flows for the nine months ended September 30, 2022. All significant intercompany transactions and balances are eliminated on consolidation. The results of operations for the nine months ended September 30, 2022 are not necessarily indicative of the results of operations for the entire fiscal year.

***Recently issued accounting pronouncements***

The Company has implemented all applicable new accounting pronouncements that are in effect. Those pronouncements did not have any material impact on the consolidated financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.

**F-18** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **OTHER RECEIVABLES, PREPAYMENTS AND OTHER CURRENT ASSETS** 

Other receivables, prepayments and other current assets consist of the following:

---

| | | |
|:---|:---|:---|
|  | **September 30,<br> 2022** | **December 31,<br> 2021** |
| Other receivables <sup>(1)</sup> | $49843 | $18245 |
| Deposits <sup>(2)</sup> | 29088 | 12871 |
|  | $78931 | $31116 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Other receivables primarily represent VAT receivables

(2) Deposits represented deposits for rental..

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **PROPERTY AND EQUIPMENT, NET** 

Property and equipment, net consist of the following:

---

| | | |
|:---|:---|:---|
|  | **As of** <br>**September 30,**<br> **2022** | **As of <br> December 31,<br> 2021** |
| Office equipment | $3072 | $— |
| Computer equipment | 13349 | 7857 |
| Furniture and fittings | 1833 |  |
|  | 18254 | 7857 |
| Less: Accumulated depreciation | (1629) | (131) |
| Balance at end of period/year | $16625 | $7726 |

---

Depreciation expenses charged to the statements of operations and comprehensive loss for the periods ended September 30, 2022 and for the year ended December 31, 2021 were $1,498 and $131 respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **ACCRUED EXPENSE AND OTHER PAYABLES** 

Accruals and other payables consist of the following:

---

| | | |
|:---|:---|:---|
|  | **As of** <br>**September 30,**<br> **2022** | **As of <br> December 31,<br> 2021** |
| Payroll and welfare payable | $68487 | $11060 |
| Accruals | 6680 | 8100 |
| Others <sup>(1)</sup> | 46257 | 3375 |
| Balance at end of period/year | $121424 | $22535 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Other payables mainly consist of non-interest-bearing advances made by third parties

**F-19** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **RELATED PARTY BALANCES AND TRANSACTIONS** 

---

| | | |
|:---|:---|:---|
|  | **As of <br> September 30,<br> 2022** | **As of <br> December 31,<br> 2021** |
| **Amount due to related parties** |  |  |
| Shalom Dodoun <sup>(1)</sup> | $227623 | $297410 |
| **Total Amount due to related parties** | $227623 | $297410 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Shalom Dodoun is the Director, founder, CEO and executive
chairman of the Company. The balances as at September 30, 2022 and December 31, 2021 was advances made to the Company for working
capital purposes. The advances are due on demand and non-interest bearing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Payments in form of remunerations have been made to the
following officers of the Company:

---

| | | |
|:---|:---|:---|
|  | **September 30,<br> 2022** | **December 31,<br> 2021** |
| Shalom Dodoum (i) | $168685 | $88124 |
| Natalie Katsberg (ii) | 47097 | 63297 |
|  | $215782 | $151421 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Shalom Dodoun is the Director, founder, CEO and executive chairman of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Natalie Katsberg is director and chief operation officer of the Company, Fintech Digital Solutions Limited and Fintech Digital
Consulting Limited.

**F-20** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.** **SIGNIFICANT EVENT** 

On August 9, 2022, the Company ("Fintech") entered into share exchange agreement (the "Fintech Share Exchange Agreement") with HWGC Holdings Limited, ("HWGC"), a Nevada Corporation, and all of the shareholders of Fintech. Subject to the closing conditions set forth in the Fintech Share Exchange Agreement, each shareholder of Fintech irrevocably agreed to transfer and assign all Fintech's shares held by such shareholders in exchange for an aggregate of 101,666,666 newly issued shares of the HWGC's common stock, par value $0.001 per share (the "Common Stock"). Following the closing of the share exchange (the "Fintech Transaction"), Fintech will be a wholly owned subsidiary of HWGC Holdings Limited.

Subject to the terms and conditions of the Fintech Share Exchange Agreement, at the closing of the Fintech Transaction, each issued and outstanding share of Fintech shall be exchanged for such number of shares of newly issued shares Common Stock (the "Exchange Shares") for an aggregate of $61,000,000. The number of Exchange Shares will be calculated based on a $0.60 share price.

The consummation of the Fintech Transaction is subject to certain closing conditions, including, among other matters: (a) any required notices have been sent to the United Kingdom's Financial Conduct Authority regarding the change in ownership of Fintech; (b) the SEC declaring effective the registration statement on Form S-4 that will be filed in connection with the registration of the shares of Common Stock to be issued to the shareholders of HWGC Holdings Limited in accordance with the terms of the Fintech Share Exchange Agreement; (c) the accuracy of the parties' respective representations and warranties in the Fintech Share Exchange Agreement, subject to specified materiality qualifications; (d) compliance by the parties with their respective pre-closing obligations in the Share Exchange Agreement in all material respects; and (e) the absence of a Seller Material Adverse Effect (as defined in the Fintech Share Exchange Agreement).

On November 30, 2022, the Fintech Transaction have been consummated. Prior to the effective time of consummation, HWGC notified the Company on the waiving of the closing condition provided for in the Fintech Share Exchange Agreement that required a registration statement on Form S-4 for the registration of the shares of HWGC's common stock that were issued pursuant to the terms of that certain Share Exchange Agreement, by and among HWGC, HWGG Capital P.L.C., and the shareholders of HWGG Capital P.L.C., dated as of July 21, 2022, which transaction closed on November 15, 2022 (the "HWGG Capital Transaction") having been declared effective by the Commission under the Securities Act of 1933.

**F-21**

## Exhibit 99.3

**Exhibit 99.3**

**UNAUDITED PRO FORMA CONDENSED CONSOLIDATED COMBINED FINANCIAL INFORMATION**

On November 30, 2022, HWGC Holdings Limited ("HWGC") consummated the share exchange transaction ("Share Exchange") with Fintech Scion Limited ("Fintech). The consummation is after HWGC closed the share exchange transaction with HWGG Capital P.L.C ("HWGG") on November 15, 2022.

With the consummation of the Share Exchange, the owners and management of Fintech have voting and operation control of HWGC, which give effect to the reverse acquisition transaction ("Reverse Acquisition"). In the Reverse Acquisition, HWGC issued 101,666,666 shares of its common stock to the shareholders of Fintech in exchange for all the issued and outstanding common shares of Fintech, resulted in Fintech becoming a wholly owned subsidiary of HWGC.

The unaudited pro forma consolidated financial statements presented below are prepared by applying the acquisition method of accounting to a business combination that is a reverse acquisition. The unaudited pro forma condensed combined financial statements as of and for the period September 30, 2022, and as of and for the year ended December 31, 2021 contained in this prospectus have been prepared based on certain pro forma adjustments to the Company's historical financial statements set forth in the quarterly report of the Company on Form 10-Q for the period ended September 30, 2022 and annual report of the Company on Form 10-K for the year ended December 31, 2021, as filed with the Securities and Exchange Commission, and are qualified in their entirety by reference to such historical financial statements and related notes contained in those reports. The historical financial statements for Fintech were derived from unaudited quarterly financial statements for the period ended September 30, 2022 and the audited financial statements for the year ended December 31, 2021. The historical financial statements for HWGG were derived from unaudited quarterly financial statements for the period ended September 30, 2022 and the audited financial statements for the year ended December 31, 2021. The unaudited pro forma condensed combined financial statements should be read in conjunction with the accompanying notes and with the historical consolidated financial statements and related notes thereto.

The unaudited pro forma condensed combined balance sheet has been prepared as if the transaction had occurred as of September 30, 2022 and December 31, 2021 respectively. The unaudited pro forma condensed combined statements of operations have been prepared as if this transaction had occurred on January 1, 2022 and 2021 respectively.

These unaudited pro forma condensed combined financial statements are presented for illustrative purposes only. Such information is not necessarily indicative of the operating results or financial position that would have occurred had the Share Exchange been completed at the dates indicated or what would be any future periods and should not be taken as representative of Company's consolidated results of operations of financial condition following the completion of the transaction. In addition, the unaudited pro forma condensed combined financial information is not intended to project future financial position or results of the combined company.

**F-22** 

**UNAUDITED PRO FORMA CONDENSED CONSOLIDATED COMBINED BALANCE SHEET** 

**AS OF DECEMBER 31, 2021** 

(In U.S. dollars)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **HWGC** | **HWGG**  | **Fintech** | **Notes** | **Notes** | **Pro Forma**<br>**Combined**  |
| **ASSETS** |  |  |  |  |  |  |
| Current Assets |  |  |  |  |  |  |
| Cash and cash equivalents | $37033 | $455404 | $126054 |  |  | $618491 |
| Trade receivable |  | 2082551 |  |  |  | 2082551 |
| Amount due from related parties | 49805 | 2116513 |  |  |  | 2166318 |
| Inventories |  | 17546 |  |  |  | 17546 |
| Other receivables, prepayments and other current assets | 37333 | 2112148 | 31116 |  |  | 2180597 |
| Total Current Assets | 124171 | 6784162 | 157170 |  |  | 7065503 |
| **Non-current assets** |  |  |  |  |  |  |
| Other investments |  | 500100 |  |  |  | 500100 |
| Intangible asset |  | 89706 |  |  |  | 89706 |
| Goodwill |  | 29279 |  |  | 3 | 55180964 |
| Property and equipment, net | 24048 | 13410 | 7726 |  |  | 45184 |
| Right-of-use assets | 34768 |  |  |  |  | 34768 |
| Total Non-Current Assets | 58816 | 632495 | 7726 |  |  | 55850722 |
| **TOTAL ASSETS** | $182987 | $7416657 | $164896 |  |  | $62916225 |
| **LIABILITIES** |  |  |  |  |  |  |
| **Current liabilities** |  |  |  |  |  |  |
| Accounts payable | $78 | $1923910 | $— |  |  | $1923988 |
| Amount due to related parties | 4267033 |  | 297410 |  |  | 4564443 |
| Commission payables | 126315 |  |  |  |  | 126315 |
| Accruals and other payables | 342661 | 1531085 | 22535 |  |  | 1896281 |
| Lease obligation | 30289 |  |  |  |  | 30289 |
| Total Current Liabilities | $4766376 | $3454995 | $319945 |  |  | $8541316 |
| **Non-current liabilities** |  |  |  |  |  |  |
| Lease obligation, net of current portion | $2576 | $— | $— |  |  | $2576 |
| Total Non-Current Liabilities | 2576 |  |  |  |  | 2576 |
| **TOTAL LIABILITIES** | $4768952 | $3454995 | $319945 |  |  | $8543892 |
| **STOCKHOLDERS' EQUITY** |  |  |  |  |  |  |
| Common stock | $5409 | $2395000 | $1366 |  | 3 | $198742 |
| Additional paid-in capital | 4749798 |  | 66150 |  | 3 | 106698600 |
| Merger reserves |  |  |  |  | 3 | (55000000) |
| Accumulated deficit | (9598819) | (873247) | (226828) |  | 3 | (226828) |
| Accumulated other comprehensive income | 257647 |  | 4263 |  |  | 261910 |
| Equity attributable to equity holders of the parent | (4585965) | 1521753 | (155049) |  |  | 51932424 |
| Non-controlling interests |  | 2439909 |  |  |  | 2439909 |
| Total Stockholders' Equity | $(4585965) | $3961662 | $(155049) |  |  | $54372333 |
| **TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY** | $182987 | $7416657 | $164896 | $— |  | $62916225 |

---

See accompanying notes to unaudited pro forma condensed combined financial statements.

**F-23** 

**UNAUDITED PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME OR LOSS**

**FOR THE YEAR ENDED DECEMBER 31, 2021** 

(In U.S. dollars)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **HWGC** | **HWGG** | **Fintech** | **Notes** | **Pro Forma** <br> **Combined**  |
| **REVENUE** | $3124 | 431356 | $885428 | $ | $1319908 |
| **COST OF REVENUE** | (2861) | (12167) |  |  | (68967) |
| **GROSS PROFIT** | 263 | 419189 | 885428 |  | 1250941 |
| **OPERATING EXPENSES** |  |  |  |  |  |
| Selling expense | (23) | (37818) |  |  | (37841) |
| General and administrative expenses | (451154) | (577444) | (1091642) |  | (2066301) |
| Total operating expenses | (451177) | (615262) | (1091642) |  | (2104142) |
| **LOSS FROM OPERATIONS** | (450914) | (196073) | (206214) |  | (853201) |
| **OTHER INCOME / (EXPENSE), NET** | 428156 | 127337 | (11324) |  | 544169 |
| **NET LOSS** | (22758) | (68736) | (217538) |  | (309032) |
| Less: (Income) / Loss attributable to non- controlling interest |  | (74463)  |  |  | (74463) |
| **NET LOSS FOR THE YEAR** | $(22758) | (143199) | $(217538) | $ | $(383495) |
| **OTHER COMPREHENSIVE INCOME** |  |  |  |  |  |
| Foreign currency translation adjustment | 170055 | (19065)<br>| 4263 |  | 155253 |
| **TOTAL COMPREHENSIVE INCOME / (LOSS)** | $147297 | (162264)  | $(213275) | $ | $(228242) |
| **Weighted average number of common shares outstanding - basic and diluted** |  |  |  |  | 198742643 |
| **Net Loss per share - basic and diluted** |  |  |  |  | $(0.00) |

---

See accompanying notes to unaudited pro forma condensed combined financial statements.

**F-24** 

**UNAUDITED PRO FORMA CONDENSED CONSOLIDATED COMBINED BALANCE SHEET** 

**AS OF SEPTEMBER 30, 2022** 

(In U.S. dollars)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **HWGC** | **HWGG** | **Fintech** | **Notes** | **Pro Forma**<br> **Combined**  |
| **ASSETS** |  |  |  |  |  |
| Current Assets |  |  |  |  |  |
| Cash and cash equivalents | $47178 | $3657307 | $953202 |  | $4657687 |
| Trade receivable |  | 4363163 | 107467 |  | 4470630 |
| Amount due from related parties | 55997 | 1901006 |  |  | 1957003 |
| Inventories |  | 2314 |  |  | 2314 |
| Other receivables, prepayments and other current assets | 26529 | 553008 | 78931 |  | 658468 |
| Total Current Assets | 129704 | 10476798 | 1139600 |  | 11746102 |
| **Non-current assets** |  |  |  |  |  |
| Other investments |  |  |  |  |  |
| Intangible asset |  | 67280 |  |  | 67280 |
| Goodwill |  |  |  | 3 | 55414483 |
| Property and equipment, net | 14593 | 8505 | 16625 |  | 39723 |
| Right-of-use assets | 80202 |  |  |  | 80202 |
| Total Non-Current Assets | 94795 | 75785 | 16625 |  | 55601688 |
| **TOTAL ASSETS** | $224499 | $10552583 | $1156225 |  | $67347790 |
| **LIABILITIES** |  |  |  |  |  |
| **Current liabilities** |  |  |  |  |  |
| Accounts payable | $140 | $5036449 | $— |  | $5036589 |
| Amount due to related parties | 4324975 | 2195914 | 227623 |  | 6748512 |
| Commission payables | 113757 |  |  |  | 113757 |
| Accruals and other payables | 339043 | 178159 | 121424 |  | 638626 |
| Lease obligation | 8443 |  |  |  | 8443 |
| Total Current Liabilities | $4786358 | $7410522 | $349047 |  | $12545927 |
| **Non-current liabilities** |  |  |  |  |  |
| Lease obligation, net of current portion | $72432 | $— | $— |  | $72432 |
| Total Non-Current Liabilities | 72432 |  |  |  | 72432 |
| **TOTAL LIABILITIES** | $4858790 | $7410522 | $349047 |  | $12618359 |
| **STOCKHOLDERS' EQUITY** |  |  |  |  |  |
| Common stock | $5409 | $3820750 | $67516 | 3 | $198742 |
| Additional paid-in capital | 4749798 |  |  | 3 | 108242880 |
| Merger reserves |  |  |  | 3 | (55000000) |
| Accumulated deficit | (9934315) | (682019) | 828868 | 3 | 828868 |
| Accumulated other comprehensive income | 544817 |  | (89206) |  | 455611 |
| Equity attributable to equity holders of the parent | (4634291) | 3138731 | 807178 |  | 54726101 |
| Non-controlling interests |  | 3330 |  |  | 3330 |
| Total Stockholders' Equity | $(4634291) | $3142061 | $807178 |  | $54729431 |
| **TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY** | $224499 | $10552583 | $1156225 | $— | $67347790 |

---

**F-25** 

**UNAUDITED PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME OR LOSS**

**FOR THE PERIOD ENDED SEPTEMBER 30, 2022** 

(In U.S. dollars)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **HWGC** | **HWGG**  | **Fintech** | **Notes** | **Pro Forma** <br>**Combined**  |
| **REVENUE** | $325 | 552288 | $2456125 | $— | $3008738 |
| **COST OF REVENUE** | (292) | (15232) |  |  | (15524) |
| **GROSS PROFIT** | 33 | 537056 | 2456125 |  | 2993214 |
| **OPERATING EXPENSES** |  |  |  |  |  |
| Selling expense |  |  |  |  |  |
| General and administrative expenses | (533842) | (362329) | (1395092 |  | (2291263) |
| Total operating expenses | (533842) | (362329) | (1395092 |  | (2291263) |
| **LOSS FROM OPERATIONS** | (533809) | 174727 | 1061033 |  | 701951 |
| **OTHER INCOME / (EXPENSE), NET** | 198313 | 16501 | (5337 |  | 209477 |
| **NET LOSS** | (335496) | 191228 | 1055696 |  | 911428 |
| Less: (Income) / Loss attributable to non- controlling interest |  |  |  |  |  |
| **NET LOSS FOR THE YEAR** | $(335496) | 191228 | $1055696 | $— | $911428 |
| **OTHER COMPREHENSIVE INCOME** |  |  |  |  |  |
| Foreign currency translation adjustment | 287170 |  | (93469 |  | 193701 |
| **TOTAL COMPREHENSIVE INCOME / (LOSS)** | $(48326) | 191228 | $962227 | $— | $1105129 |
| **Weighted average number of common shares outstanding - basic and diluted** |  |  |  |  | 198742643 |
| **Net Loss per share - basic and diluted** |  |  |  |  | $0.00 |

---

See accompanying notes to unaudited pro forma condensed combined financial statements.

**F-26** 

**NOTES TO UNAUDITED CONDENSED CONSOLIDATED COMBINED PRO FORMA FINANCIAL INFORMATION**

**1.** **BASIS OF PRESENTATION** 

The historical consolidated financial statements have been adjusted in the pro forma condensed combined financial statements to give effect to pro forma events that are (1) directly attributable to the business combination, (2) factually supportable and (3) with respect to the pro forma condensed combined statements of operations, expected to have a continuing impact on the combined results following the business combination. The business combination was accounted for as reorganization of entities under common control. As a result, we measured the recognized assets and liabilities combined at their historical cost at the date of transfer. The pro forma combined financial statements do not necessarily reflect what the combined company's financial condition or results of operations would have been had the acquisition occurred on the dates indicated. They also may not be useful in predicting the future financial condition and results of operations of the combined company. The actual financial position and results of operations may differ significantly from the pro forma amounts reflected herein due to a variety of factors.

**2.** **COMMON STOCK** 

The Company's authorized common stock is $0.0001: 70,000,000 shares, with 54,087,903 shares issued and outstanding during the year ended December 31, 2021.

On April 8, 2022, Financial Industry Regulatory Authority, Inc. ("FINRA") notified the Company that the Reverse Stock Split will take effect on the over-the-counter market at the start of business on April 11, 2022. Effectively on April 11, 2022, the Company's authorized common stock is $0.001: 400,000,000 shares, with 5,409,310 shares issued and outstanding.

**3.** **PRO FORMA ADJUSTMENTS AND ASSUMPTIONS** 

The pro forma adjustments are based on management preliminary estimates and assumptions that are subject to change. The following adjustments have been reflected in the unaudited pro forma condensed combined financial information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To reflect 91,666,667 and 101,666,666 newly-issued shares of Common Stock
of the Registrant

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Removing the Registrant's and HWGG's accumulated deficit and
adjusting equity for recapitalization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Recognition of goodwill approximately at $55 million arising from the excess
in purchase consideration as compared to the estimated fair value of HWGC.

In determining the purchase consideration on the reverse acquisition, the number of shares that the Company would have had to issue to maintain the ratio of ownership interest in the combined entity and the agreed price in the share exchange agreement is used. The agreed price is more reliably measured reference as the quoted price of the registrant is not an indicative fair value price of the Company. The consideration transferred is approximately $58.2 million.

In order to reflect the estimated fair value of HWGC, fair value adjustments have been made on inventories and related parties balances. The estimated fair value of HWGC identifiable net assets after consideration of fair value adjustments for the year ended December 31, 2021 and period ended September 30, 2022 are approximately $2.8 million and $3 million respectively, illustrated as follows:

---

| | | |
|:---|:---|:---|
|  | **September 30,**<br> **2022**  | **December 31,**<br> **2021** |
| Property, plant and equipment, net. | $23098 | $37458 |
| Intangible asset | 67280 | 89706 |
| Current assets | 10604188 | 6890787 |
| Current liabilities | (7863462) | (3924049) |
| Net assets acquired | $2831104 | $3093902 |

---

**F-27** 

**4.** **PREFERRED STOCK** 

On March 10, 2022, the Company filed with the Secretary of State of the State of Nevada a Certificate of Designation of the Relative Rights and Preferences of The Redeemable Convertible Preferred Stock (the "Certificate of Designation"). Pursuant to the Certificate of Designation, the board of directors of the Company authorized the creation 25,000,000 shares of Redeemable Convertible Preferred Stock, par value $0.0001 per share (the "RCPS"). The RCPS is ranked senior to all classes or series of the Company's common stock and does not have any voting rights. However, the holders of the RCPS are entitled to receive, when declared by the board of directors, cumulative cash dividends at the rate of 6% per annum on each $1.00 per RCPS. Commencing on the date of issuance, the dividends on the RCPS shall accrue and be cumulative, payable annually in arrears on the 30th business day on each anniversary of the issue date. Dividends will accumulate whether or not the Company has earnings or whether funds are legally available or declared by the Board, and no interest will be payable on any dividends which may be in arrears. Each share of RCPS shall be convertible into one share of common stock of the Company, upon the Board approving the initiation of the listing process to list the shares of the Company on any stock exchange, or upon the written approval of the Company. The Company may also, at its option, redeem the RCPS for cash at a redemption price of $1.00 per share plus any accumulated and unpaid dividends thereon. Notwithstanding, all outstanding RCPS shall be redeemable by the Company on the second anniversary of the issuance date thereof.

The unaudited pro forma condensed combined financial information has been prepared assuming no issuance of RCPS occurred as of September 30, 2022 and December 31, 2021 respectively.

In the scenario of issuance of RCPS, the changes on the unaudited pro forma condensed combined financial shall be on the following selected consolidated balance sheet data:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended September 30, 2022** | **Period Ended September 30, 2022** | **Period Ended September 30, 2022** | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** |
| **RCPS issuance scenario** | **30%** | **50%** | **100%** | **30%** | **50%** | **100%** |
| **SELECTED PRO FORMA CONDENSED COMBINED BALANCE SHEET DATA:** |  |  |  |  |  |  |
| Cash and cash equivalents | $12157687 | 17157687 | 29657687 | 8118491 | 13118491 | 25618491 |
| Total assets | $74847790 | 79847790 | 93347790 | 70416225 | 75416225 | 87916225 |
| Total liabilities | $12618359 | 12618359 | 12618359 | 8543892 | 8543892 | 8543892 |
| Total stockholders' equity | $62229431 | 67229431 | 79729431 | 61872333 | 66872333 | 79372333 |

---

**5.** **EARNINGS PER SHARE** 

The following table illustrates the calculation of pro forma earnings per share:

---

| | | |
|:---|:---|:---|
|  | **Period Ended**<br>**September 30,**<br> **2022**  | **Year Ended**<br>**December 31,**<br>**2021** |
| Pro forma net profit / (loss) | $911428 | $(383495) |
| Weighted average shares outstanding: | 198742643 | 198742643 |
| Net profit / (loss) per share - basic and diluted | $0.00 | $(0.00) |

---

**F-28**

## Exhibit 99.4

**Exhibit 99.4**

**FORWARD-LOOKING INFORMATION**

Exhibits 99.5 and 99.6 to this Current Report on Form 8-K contain "forward-looking information" and "forward-looking statements" (collectively, "forward-looking information") within the meaning of applicable securities laws. Such forward-looking information may include, without limitation, information with respect to our objectives and the strategies to achieve these objectives, as well as information with respect to our beliefs, plans, expectations, anticipations, estimates and intentions. This forward-looking information is identified by the use of terms and phrases such as "may", "would", "should", "could", "expect", "intend", "estimate", "anticipate", "plan", "foresee", "believe", or "continue", the negative of these terms and similar terminology, including references to assumptions, although not all forward-looking information contains these terms and phrases. Particularly, information regarding our expectations of future results, performance, achievements, prospects or opportunities or the markets in which we operate, expectations regarding industry trends and the size and growth rates of addressable markets, our business plans and growth strategies, addressable market opportunity for our solutions, expectations regarding growth and cross-selling opportunities and intention to capture an increasing share of addressable markets, the costs and success of our sales and marketing efforts, intentions to expand existing relationships, further penetrate verticals, enter new geographical markets, expand into and further increase penetration of international markets, intentions to selectively pursue and successfully integrate acquisitions, and expected acquisition outcomes and benefits, future investments in our business and anticipated capital expenditures, our intention to continuously innovate, differentiate and enhance our platform and solutions, expected pace of ongoing legislation of regulated activities and industries, our competitive strengths and competitive position in our industry, expectations regarding our revenue, revenue mix and the revenue generation potential of our solutions, expectations regarding our margins and future profitability, our financial outlook and guidance as well as medium and long-term targets in various financial metrics, and the future impact of the COVID-19 pandemic is forward-looking information.

In addition, any statements that refer to expectations, intentions, projections or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts but instead represent management's expectations, estimates and projections regarding future events or circumstances. Any financial outlook and targets, as the case may be, may also constitute "financial outlook" within the meaning of applicable securities laws and are provided for the purposes of assisting the reader in understanding the Company's financial performance and measuring progress toward management's objectives and the reader is cautioned that it may not be appropriate for other purposes.

Forward-looking information involves known and unknown risks and uncertainties, many of which are beyond our control, that could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. These risks and uncertainties include, but are not limited to, the risk factors described in greater detail in Exhibit 99.6 of this Current Report on Form 8-K.

Although we have attempted to identify important risk factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other risk factors not presently known to us or that we presently believe are not material that could also cause actual results or future events to differ materially from those expressed in such forward-looking information. If any of these risks materialize, or if any of the assumptions underlying forward-looking statements prove incorrect, actual results and developments may differ materially from those made in or suggested by the forward-looking statements contained herein.

Forward-looking information is based on management's beliefs and assumptions and on information currently available to management, regarding, among other things, general economic conditions and the competitive environment within our industry, including the following assumptions: (a) our results of operations and ability to achieve suitable margins will continue in line with management's expectations, (b) we will continue to effectively execute against our key strategic growth priorities, without any material adverse impact from the COVID-19 pandemic on us our our customers' business, financial condition, financial performance, liquidity nor any significant reduction in demand for our products and services, (c) losses owing to business failures of merchants and customers will remain in line with anticipated levels, (d) our ability to capture an increasing share of addressable markets by continuing to retain and grow existing customer relationships while adding new customers adopting our technology processing transactions in existing and new geographies at or above historical levels, (e) our continued ability to maintain our competitiveness relative to competitors' products or services, including as to changes in terms, conditions and pricing, (f) our continued ability to manage our growth effectively, (g) that we will continue to attract and retain key talent and personnel required to achieve our plans and strategies, including sales, marketing, support and product and technology operations, in each case both domestically and internationally, (h) our ability to successfully identify, complete, integrate and realize the expected benefits of, acquisitions and manage the associated risks, (i) absence of material changes in economic conditions in our core markets, geographies and verticals, (j) the size and growth rates of our addressable markets and verticals, including that the industries in which we operate will continue to grow consistent with management's expectations, (k) the accuracy of our assumptions as to currency exchange rates and interest rates, including inflation, and volatility in financial markets, (l) the absence of adverse changes in legislative or regulatory matters, (m) the absence of adverse changes in current tax laws, (n) projected operating and capital expenditure requirements, and (o) the COVID-19 pandemic, including any variants, having durably subsided with broad immunity achieved in our core markets, geographies and verticals, including the elimination of social distancing measures and other restrictions generally in such markets. Unless otherwise indicated, forward-looking information does not give effect to the potential impact of any mergers, acquisitions, divestitures or business combinations that may be announced or closed after the date hereof. Although the forward-looking information contained herein is based upon what we believe are reasonable assumptions, investors are cautioned against placing undue reliance on this information since actual results may vary from the forward-looking information.

Consequently, all of the forward-looking information contained herein is qualified by the foregoing cautionary statements, and there can be no guarantee that the results or developments that we anticipate will be realized or, even if substantially realized, that they will have the expected consequences or effects on our business, financial condition or results of operation. Unless otherwise noted or the context otherwise indicates, the forward-looking information contained herein represents our expectations as of the date hereof or as of the date it is otherwise stated to be made, as applicable, and is subject to change after such date. However, we disclaim any intention or obligation or undertaking to update or amend such forward-looking information whether as a result of new information, future events or otherwise, except as may be required by applicable law.

## Exhibit 99.5

**Exhibit 99.5**

**BUSINESS**

**Overview**

HWGC Holdings Limited ("FintechCashier", the "Company", "we", "our", or "us") offers digital banking services by providing the tools, skills and solutions to facilitate payment services to merchants, offering a variety of secured, online and fully managed transactions and settlements.

We provide a financial layered ecosystem built on a broad technology infrastructure that enables financial institutions to offer a consolidated experience. We support different verticals serving the business-to-business, business-to-consumer and consumer-to-business landscape.

● Merchants are increasingly adopting various software solutions and new digital tools to operate their business and remain competitive. The scale and complexity of managing these software systems that are sourced from different providers, while seamlessly accepting payments, is challenging for merchants of any size.

Our payments platform hosts a full suite of integrated payment products and services that can be used across multiple channels (in-store, online, mobile and tablet-based) and industry verticals, including:

● end-to-end payment processing for a broad range of payment types;

● merchant acquiring and issuing;

● multiple methods of mobile, contactless and QR code-based payments;

● complementary software integrations;

● virtual international bank account number or IBAN issuing;

● integrated and mobile point of sale or POS solutions;

● security and risk management solutions; and

● reporting and analytical tools.

We integrate e-money remittance services working in the global

marketplace, ranging from open banking and credit card processing, to wire solutions enabling customers to coordinate payments across a multitude of payment methods.

Our solution is delivered as a Software as a Service ,or Saas, to clients, enabling them to focus their time and energies on their operations and sales. FintechCashier gives clients and merchants the ability to streamline their onboarding procedures and increase customer retention, which thereby creates additional revenue.

We aim to build our market share and become a recognized leader in the payments and banking space on a global scale. Our team comprises of experienced and knowledgeable personnel in the areas of operations, sales, tech, onboarding, support, legal and compliance.

Our vision is to minimize and automate the hassle to send and receive funds globally, while ensuring security. We aim to provide merchants with a true merchant payment ecosystem or MPE where they can combine all payment needs under one system. Our technology platform uses an innovative Gateway Cashier Technology to provide our services.

Our merchants include small and medium enterprises, or SMEs, and large enterprises across numerous verticals including hospitality, e-gaming, consulting, retail, marketing and eCommerce.

All though we provide a SaaS, we believe that technology should be free and accessible to everyone. We therefore generate our revenue from our extra value-added services. We derive the majority of our revenue from fees paid by our merchants, which principally include processing fees charged as a percentage of end-to-end payment volumes. In cases where merchants subscribe only to our gateway, we generate revenue from transaction fees charged in the form of a fixed fee per transaction and a monthly fee.

Our revenue is continuous, as merchants only pay for the specific amount of service or usage they consume, rather than a flat fee for access to the service. Because of our different layers as described below, merchants sign up for different services which increases revenue for the company. We believe we can maintain long-term relationships with our clients due our customer relationship team as well as the high barriers of entry of the payment market including high switching costs resulting from set-up fees, onboarding costs and integration costs with various other providers. We also benefit from a high degree of operating leverage given the combination of our highly scalable payments platform and strong customer unit.

**Corporate History and Structure**

We were incorporated in Nevada on November 19, 2013 as Albero, Corp. On January 8, 2015, we changed our name from Albero, Corp. to Vitaxel Group Limited. On March 2, 2022, we changed our name from Vitaxel Group Limited to HWGC Holdings Limited. On July 21, 2022, we entered into a share exchange agreement with HWGG Capital P.L.C., a Labuan company ("HWGG Capital"), and all of the shareholders of HWGG Capital.

Following the closing of the share exchange on November 15, 2022, HWGG Capital became a wholly owned subsidiary of the Company.

On August 9, 2022, we entered into another share exchange agreement with Fintech Scion Limited ("Fintech"), a private limited company incorporated in the United Kingdom, and all of the shareholders of Fintech. Following the closing of the share exchange on November 30, 2022, Fintech became a wholly owned subsidiary of the Company.

The diagram below illustrates our corporate structure:

![](img001_v4.jpg)

**Services**

We and our subsidiaries currently focus on six business areas:

● **PSP (Payment Services Provider):** acting as a PSP by providing a number of international payment solutions to merchants through contracting with card acquiring banks and international alternative payment solutions. The PSP operates under the brand name FintechCashier.

● **Business Accounts:** opening corporate accounts for businesses in a variety of industries and currencies and assisting clients in operating on a global scale.

● **Settlement with Payment (SEPA & SWIFT payments):** transferring funds for merchants and/or business clients to different banks in the world. This is done by transferring funds between accounts and then sending out a SWIFT or SEPA payment.

● **FX Conversion:** providing foreign exchange payments through partners, and transfers the amounts to clients' accounts or 3rd party payments (e.g., paying invoices, payrolls, goods and services etc.).

● **Acquirer**: providing debit and credit card acquiring services worldwide for online merchants. Merchants are sourced through PSPs and Independent Sales Organizations.

● **Whitelabelling:** providing a fully white label platform as a customized merchant back office with access to all banking payments methods.

Within the six business areas mentioned above, we provide four technology integrations through one platform, to help merchants expand their activities, in one full payment ecosystem:

![](img002_v4.jpg)

Our MPE utilizes strict Know Your Customer, or KYC, rules and policies and incorporates fraud and risk management tools, while guaranteeing certified compliance in accordance with the European Union's general data protection regulation or GDPR and the Payment Card Industry Data Security Standard or PCI DSS Level 1. We facilitate payment services including transactions, payouts and settlements in multiple currencies and countries.

We aim to provide an agile and innovative approach to payments services along with speedy accurate operation. Our services portfolio serves all end-to-end payment chains globally: clients, merchants, PSP providers, affiliates/partners, integrating with acquiring banks and solution providers.

Our technology and payment solutions allows businesses to develop services according to their business plans, avoiding the headache of the payment plan budgeting restraints.

We believe that our services provide multiple benefits including:

● support of multiple currencies with optimized conversion;

● multilingual support opens opportunities to market new services;

● an always-on friendly management portal incorporating high availability/cloud based/real time/high performance gateway intended to guarantee service continuity and build customers' loyalty;

● comprehensive reports and analysis capabilities allowing clients to follow on services performances and support cash flow analysis for various transaction types (captured andreferrals, refund, void, capture), as well as chargeback & retrieval disputes;

● support of an experienced team;

● faster onboarding and integration, with the use of only one platform to hundreds of payment providers, enabling fast 'go live' new services without delays and without budget restraints;

● Services manageable via a secured accessibility built-in portal; and

● hosted payment page or HPP built into the platform to facilitate "one-click-checkout" simplicity.

Our competitive advantage as the payment hub providing multiple payment services, allows customers to get all their needs under one roof, without the need to look for other service providers. We address merchants' payment solution needs and provides a gateway to manage their operations and relationships by providing services such as KYC and AML compliance, customer relationship management or CRM and transaction monitoring, transaction statistics and reports.

**Customers**

Unlike many other market players, We offers a full payment ecosystem, targeting multiple customers who include:

● enterprises and organizations of all categories looking to minimize the costs of transferring funds;

● online businesses looking for effective solutions to the entire process of online selling including payment collection, cross border payments ; and

● certain categories of online businesses who may have difficulties in opening and maintaining physical bank accounts in all the territories they operate. In particular, this category includes SMEs, online businesses, marketplaces, operating in various countries on a global scale.

We do not depend on one or a few major customers for our revenues.

**Operations and Support Services**

Our operations infrastructure is designed to deliver high-quality experiences to our customers throughout the entire payment ecosystem. Our operations and support services include:

*• Merchant underwriting* – Our merchant underwriting team manages applications and risk evaluation of new merchants. Our merchant base operates in end markets with high card-present volume and low levels of fraud and chargeback losses. In addition, our underwriting strategy offers merchants with a low risk profile expedited activation which enhances their customer experience.

*• Merchant onboarding and activation* – A business owner can sign up for a merchant account within minutes via our web based portal. For enterprises, our merchant onboarding and activation team works closely with our partners to ensure a high-touch transition from sales to implementation and activation. Our streamlined activation and automated approval process enables fast and frictionless onboarding, providing us and our partners with enhanced speed-to-market. We are typically able to onboard even the largest and most complex merchants within 48 hours of submitting an application.

*• Merchant training* – We provide training materials to our merchants through a dedicated department and content delivery platform.

*• Merchant risk management* – Our risk management operations are designed to monitor merchant accounts on an on-going basis through our dedicated security and regulatory support (i.e compliance support, vulnerability scanning, and system monitoring and breach assistance). Once a merchant is activated, our systems are configured to automatically monitor any activity that may require additional diligence, which in turn helps minimize losses associated with fraud and default.

*• Merchant support* – Our merchant support team responds to inquiries from merchants seven days a week, 24 hours a day, 365 days a year. The team provides customer support for systems integrations and other technical solutions. In addition, we have a dedicated team of merchant account specialists that guide merchants through the payment acceptance process from onboarding to settlements and reporting. With a strong emphasis on first-call resolution, we seek to provide exceptional payment expertise and support for our merchants. Our customer support team is trained to quickly identify and resolve each matter in an empathetic and professional manner, reducing repeat calls and improving our operational efficiency.

*• Software integrations and compliance management* – We have a team of engineers and technical support staff dedicated to support software integrations and ensure compliance with all security and regulatory requirements, including PCI and Payment Application Data Security Standard compliance support, system integration and configuration guidance.

*• Partner support* – We have dedicated support teams who work with our software providers to address any questions or issues that may pertain to the integration of our products and solutions into their software suites. We aim to deliver end-to-end issue resolution by bringing all appropriate departments together in an integrated manner, in order to optimize partner support. In addition, we help resolve issues that may pertain to our partners' entire portfolio of merchants or incidents pertaining to a single merchant.

*• Partner services* – Through our partner-facing customer relationship management system, our partners are able to track each step of the activation process of their new merchant accounts in real-time. Through this system, our partners can track their merchant portfolio, including commissions, residual payments and even support calls/recordings, in an accurate and real-time manner. We have added substantial automation to these processes, which is essential to ensure optimal experience as well as financial efficiency.

**Business Strategy and Revenue Model**

During the next five years, we and our subsidiaries aim to build market share and become a leading provider in the FAAS space and a global payment solution provider expanding our existing range of services and licenses to provide a full payment ecosystem on an even larger scale.

A key element will be to acquire or invest in companies in the payment space to achieve a larger portfolio of services and merchants. As of the date of this report, we do not have any binding agreements for such investments or acquisitions. The directors believe that this approach will enable FintechCashier and its subsidiaries to achieve fast growth in revenue without a corresponding increase in operational costs.

In general, we intend to develop a strong software model that fits the needs of different sized businesses; remain flexible in product offerings and offer custom solutions that meets clients' needs; and be the market leader attuned to the marketplace, integrating products into our business portfolio for our targeted audience as well as continual research and development.

Our "layered" approach is built to serve merchants throughout their payment needs. Our vision is to enable merchants to grow their businesses worldwide by providing state of the art payment technology with financial services with no hidden costs – With one banking Application, One Payment Integration to your website., Pay as you GO.

We add value to our customers as described below:

● SMEs – simplifying the acceptance of payments globally from a single integration;

● Fintechs – extending their functionalities and allowing them to build better, scalable products; and

● PPSPs/Card Acquirers – transforming them into more accessible providers with over 280 application programming interface integrations in one platform and services that simplify the onboarding process.

Each layer serves a different need to merchants.

**Technology Layer -** our technology is a PCI level 1 payment gateway, a payment system that adheres to the compliance of PCI. PCI compliance is adherence to a set of security standards that were developed to protect card information during and after a financial transaction. The gateway is also registered with both VISA and MasterCard as a third-party provider. Targeting the main verticals markets, (acquiring, issuing and banking) our technology layer integrates service providers such as credit card acquirers, issuers, corporate accounts, open banking, transaction monitoring, Know your Customer and Know your Business providers.

**Payments Layer -** through our subsidiaries, we have access to multiple financial and regulatory licenses and are a Merchant of Record or MoR, authorized to open a variety of processing accounts. This allows us to onboard merchants onto our platform and manage all of their payment needs. An MoR is an entity authorized by a financial institution and responsible for processing a consumer's credit and debit card transactions. The MoR maintains merchant accounts, processing payments, and managing credit card processing fees. The MoR also ensures compliance with the PCI-DSS, and is up to date with any laws where the transactions take place. In the last 12 months, we developed a technology software solution to operate as a Payment Initiation Service Provider, or PISP, under PSD2, which allows us to offer direct banking services through an open banking infrastructure. Through strategic partnerships, we incorporated open banking functionality directly into our payment gateway and become one of the leading providers within the payment offering.

Our payment stack refers to the various components and technologies that are used to process and facilitate electronic payments. It typically includes the following components:

● Payment gateway: This is the component that connects a merchant's website or mobile app to the payment processor, allowing customers to make secure payments with their credit or debit card.

● Payment processor: This component is responsible for the actual processing of the payment, including the authorization and settlement of the transaction with the customer's bank or financial institution.

● Fraud detection and prevention: These components are used to protect against fraudulent transactions and to comply with industry regulations.

● Risk management: These components are used to manage and mitigate the risk associated with electronic payments, such as chargebacks and fraud.

● Payment methods: These are the various ways customers can make a payment, such as credit card, debit card, e-wallet and bank transfer.

Together, these components form the infrastructure that enables businesses to accept and process electronic payments from customers. The payment stack can be provided by a PSP as an integrated solution or can be built in-house by merchants using different tools.

**Banking Layer** - with our technology and payments layers, we incorporate the creation of virtual bank accounts into our payments offering, expanding not only to "pay-in" solutions (allowing for corporates to collect funds from their clients both corporates and individuals) but also "pay-out" solutions (allowing for corporates to send funds to their clients both corporates and individuals). Through our banking layer, a merchant can easily sign up for a bank account and payment processing in minutes through our automated onboarding process.

"Pay-in" solutions refer to methods or systems that allow individuals or organizations to make payments or deposits into accounts or systems. These can include traditional bank transfers, credit or debit card payments, or online payment platforms such as PayPal. In other contexts, pay-in solutions may be used to make payments for goods or services, or to add funds to a prepaid account.

"Pay-out" solutions refer to methods or systems that allow individuals or organizations to withdraw or transfer funds from accounts or systems. They are also used to disburse funds or payouts to customers or beneficiaries of a certain service or program.

**Licensing Layer –**becoming a licensed and regulated entity can be a time consuming process. Even early stage startups and medium level corporate entities require vast knowledge and expertise to obtain licenses in this field. By offering a "sub-license" offering to pre-vetted companies, we can assist and partner with them to launch their services. The experience we have acquired over the years makes us a valuable asset to any company entering and involved in the fintech/payments ecosystem.

**Marketing**

We market through a variety of channels, including from direct sales to digital marketing, social media and word of mouth.

**Direct Sales -** The direct sales team typically employs a variety of sales techniques, such as cold calling, networking, and in-person presentations, to reach potential customers and generate leads. They may also use marketing tools like email campaigns, brochures and flyers to promote their products or services. The direct sales team's primary goal is to generate revenue by making sales, but they may also be responsible for building relationships with customers, providing customer service and support, and gathering customer feedback to inform product development and marketing strategies. **Social Media -** The marketing team generates brand awareness on various social media sites such as Facebook, Twitter, and LinkedIn to reach millions of potential consumers.

**Website and Mobile -** Through a well-optimized mobile and website with clear, easy navigation and targeted keywords embedded throughout the site has been constructed to ensure proper search engine ranking and saturation.

**Adwords -** pay-per-click (PPC) advertising, cost-per-thousand advertising, and site-targeted advertising for text, banner, and rich-media ads.

**Partnerships –** integration with well-known banks and financial institutions to promote services to reach thousands of businesses annually.

**Affiliates -** commission-based structure will be offered to promote and bring new customers via affiliates.

**Market Opportunity**

By targeting four different layers within the payment space, FintechCashier has positioned itself in not one, but several markets simultaneously thereby creating a huge potential. As such there is less need to compete for a larger market share in any one layer, but rather compete in many layers with opportunities to grow.

Technology Layer - Payment Gateway Market - A market size of $90.9 billion in 2022 expected to grow to $174.4 billion in 2027.

Banking Layer - Digital Payment Market - A market size of $89.5 billion in 2021 expected to grow to $374.9 billion in 2030.

Payment Layer - Payment Processing Market - A market size of $60.5 billion in 2021 expected to grow to $116.2 billion in 2027.

License Layer - Payment as a Service Market - A market size of $8 billion in 2021 expected to grow to $53.6 billion in 2027.

The above estimations result in Fintechcashier's current market opportunity comprising of up to approximately $248.9 billion throughout the four layers.

FaaS is gaining attention and leveraging modern technology to aid multiple industry segments, including lending, credit, and payments, in resolving long-standing challenges. Businesses are increasingly turning to FaaS to optimize their processes and increase efficiency. Customer satisfaction and customer retention are two compelling reasons why numerous companies are now adopting FaaS. Legal compliance and optimal security mechanisms are additional benefits. Using FaaS, financial and non-financial companies can automate their financial processes and offer customers hassle-free access to credit and services.

FaaS automates financial processes and makes them efficient, eliminates cumbersome paperwork, and reduces human intervention. Robotic automation frees up working hours for more valuable tasks. The result—streamlined workflows, thorough document analyses, and quick results. By integrating FaaS, companies can significantly reduce the turnaround time for the entire financial process and improve customer experience.

Reports suggest that the global financial services market will grow from $2.25 trillion in 2021 to $2.85 trillion in 2025 (CAGR 6%)

FaaS has tremendous potential for growth and is finding many takers. Bringing together the old and the new and bridging the gap between legacy structures and next-generation technology, FaaS hints at how the hybrid new world will develop going ahead. Moreover, with companies keen on improving financial processes, reducing human intervention, and increasing personalization, FaaS is likely to see quick and sustained adoption by financial and non-financial companies in the years to come.

**Competitive Strengths** 

FintechCashier competes with a range of providers, each of whom may provide a component of our total offering, but do not provide an integrated offering which is where Fintechcashier stands out.

FintechCashier believes it can compete with these and other providers in the industry by virtue of:

● offering a one platform solution;

● offering a faster solution – by faster onboarding and one integration only;

● more flexibility in its onboarding process meaning higher merchant acceptance rate;

● competitive pricing; and

● staying innovative - responsive to client feedback and quick turnaround for new features and products.

**Employees**

As of January 27, 2023, we have approximately 50 full-time employees who work primarily in onboarding, compliance and operation. We have employment contracts with all of our full-time employees.

**Intellectual Property** 

We rely on a combination of trademark, domain names and trade secret laws, as well as employee and third-party non-disclosure, confidentiality and other types of contractual arrangements to establish, maintain and enforce our intellectual property rights, including with respect to our proprietary rights related to our products and services. In addition, we license technology from third parties.

As of January 27, 2023, we own rights to domains (fintechcashier.com, fintechcashier.co.uk) and trade names (FintechCashier) and their respective logos.

**Properties**

Our corporate headquarters, which include the majority of our product development, sales, marketing, and business operations, is located at 2 Portman Street, W1H 6DU, London, United Kingdom, supported by our Asian branch located at No. 31 & 33, Ground Floor, Wisma Malaysia- Beijing, Jalan Maharajalela, 50150, Kuala Lumpur, Malaysia.Both properties are leased on a rolling contract basis.

**Legal Proceedings**

We are not a party to existing or pending material legal proceedings against us, and we have no knowledge of any threatened litigation, nor are we involved as a plaintiff in any proceeding or pending litigation. There are no proceedings in which any of our directors, officers or any of their respective affiliates, or any beneficial shareholder, is an adverse party or has a material interest adverse to our interest.

**Government Regulations**

We are subject to regulatory authorizations or registration in the jurisdictions in which we operate and conduct our activities, including (i) the jurisdictions of our merchants, the majority of which are located in the European Economic Area, EEA, and the United Kingdom.

We have obtained financial licenses in different jurisdictions in which we operate. Where we are not able, we have partnered with other financial institutions with the necessary regulatory licenses.

## Exhibit 99.6

**Exhibit 99.6** 

**RISK FACTORS** 

**General Risk Factors**

 ****

***The market price of our common stock will likely fluctuate.***

The market price of our common stock has been volatile. There is currently only a limited public market for our common stock, which is listed on the OTCQB marketplace of OTC Markets, and there can be no assurance that a trading market will develop further or be maintained in the future. The trading price of our common stockis likely to be highly volatile and could be subject to wide fluctuations in response to various factors, some of which are beyond our control, including the following:

● quarterly variations in operating and financial results;

● general market conditions in each party's respective industry and market;

● announcements and actions by competitors;

● the limited trading volume of our securities on the OTCQB;

● regulatory and judicial actions; and

● general economic conditions

***Certain shareholders may exercise significant control over our business policies.***

Two shareholders, who are officers and directors of us or our subsidiaries, have collective ownership of approximately 70% of our equity securities and have the ability to exercise significant control over our business policies and other corporate matters, including, the composition of our board of directors and any actions requiring the approval of our shareholders, including the adoption of amendments to our articles of incorporation, the approval of a merger, share exchange or sale of substantially all of our assets. These persons will be able to vote their shares in favor of their interests that may not always coincide with the interests of the other shareholders.

***The requirements of being a public company is expensive and administratively burdensome.***

As a public company, we have significant additional requirements for enhanced financial reporting and internal controls. We are subject to the information and reporting requirements of the Securities Act, the Securities Exchange Act of 1934, as amended (the "Exchange Act") and other federal securities laws, rules and regulations related thereto, including compliance with the Sarbanes-Oxley Act of 2002 ("Sarbanes-Oxley Act"). Complying with these laws and regulations requires the time and attention of our board of directors and management and increases our expenses. Among other things, we are required to:

● maintain and evaluate a system of internal controls over financial reporting in compliance with the requirements of Section 404 of the Sarbanes-Oxley Act and the related rules and regulations of the SEC and the Public Company Accounting Oversight Board ("PCAOB");

● maintain policies relating to disclosure controls and procedures;

● prepare and distribute periodic reports in compliance with our obligations under federal securities laws;

● institute a more comprehensive compliance function, including with respect to corporate governance; and

● involve, to a greater degree, our outside legal counsel and accountants in the above activities.

The costs of preparing and filing annual and quarterly reports, proxy statements, when required, and other information with the SEC and furnishing audited reports to shareholders is expensive and much greater than that of a privately-held company, and compliance with these rules and regulations may require us to hire additional financial reporting, internal controls and other finance personnel, and will involve a material increase in regulatory, legal and accounting expenses and the attention of management. There can be no assurance that we will be able to comply with the applicable regulations in a timely manner, if at all. In addition, being a public company makes it more expensive for us to obtain director and officer liability insurance. In the future, we may be required to accept reduced coverage or incur substantially higher costs to obtain this coverage.

***Failure to achieve and maintain effective internal controls in accordance with Section 404 of the Sarbanes Oxley Act of 2002 could prevent us from producing reliable financial reports or identifying fraud. In addition, current and potential shareholders could lose confidence in our financial reporting, which could have an adverse effect on our stock price.***

We are subject to Section 404 of the Sarbanes-Oxley Act of 2002. Effective internal controls are necessary for us to provide reliable financial reports and effectively prevent fraud, and a lack of effective controls could preclude us from accomplishing these critical functions. We are required to document and test our internal control procedures in order to satisfy the requirements of Section 404 of the Sarbanes-Oxley Act of 2002, in connection with, PCAOB Auditing Standard No. 5 which requires annual management assessments of the effectiveness of our internal controls over financial reporting. Our management assessed the effectiveness of our internal control over financial reporting as of December 31, 2021 and concluded that our internal controls and procedures were effective in ensuring that: (i) information required to be disclosed by us in reports that we file or submit to the SEC under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in applicable rules and forms, and (ii) material information required to be disclosed in our reports filed under the Exchange Act is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow for accurate and timely decisions regarding required disclosure.

We cannot assure you that we will not, in the future, identify areas requiring improvement in our internal control over financial reporting. We cannot assure you that the measures we will take to remediate any areas in need of improvement will be successful or that we will implement and maintain adequate controls over our financial processes and reporting in the future as we continue our growth. If we are unable to establish appropriate internal financial reporting controls and procedures, it could cause us to fail to meet our reporting obligations, result in the restatement of our financial statements, harm our operating results, subject us to regulatory scrutiny and sanction, cause investors to lose confidence in our reported financial information and have a negative effect on the market price for shares of our Common Stock.

***Our Articles of Incorporation allow for our board of directors to create new series of preferred stock without further approval by our shareholders which could adversely affect the rights of the holders of our common stock.***

Our board of directors has the authority to fix and determine the relative rights and preferences of preferred stock without shareholder approval. As a result, our board of directors could authorize the issuance of a series of preferred stock that would grant to holders the preferred right to our assets upon liquidation, the right to receive dividend payments before dividends are distributed to the holders of common stock and the right to the redemption of the shares, together with a premium, prior to the redemption of our common stock. In addition, our board of directors could authorize the issuance of a series of preferred stock that has greater voting power than our common stock or that is convertible into our common stock, which could decrease the relative voting power of our common stock or result in dilution to our existing shareholders. As of the date hereof, we have 25,000,000 shares designated as Redeemable Convertible Preferred Stock, par value $0.0001 per share, although no shares of Redeemable Convertible Preferred Stock were ever issued.

***Our independent auditors have issued an audit opinion for our company, which includes a statement describing our going concern status. Our financial status creates a doubt whether we will continue as a going concern.***

Our auditors have issued an opinion regarding our ability to continue as a going concern and our inability to obtain adequate financing. This means there is substantial doubt we can continue as an ongoing business for the next twelve months. The financial statements do not include any adjustments that might result from the uncertainty regarding our ability to continue in business. As such we may have to cease operations and investors could lose part or all of their investment in our company.

***If securities or industry analysts do not publish research or publish inaccurate or unfavorable research about our business, our stock price and any trading volume could decline.***

Any trading market for our common stock that may develop will depend in part on the research and reports that securities or industry analysts publish about us or our business. Securities and industry analysts do not currently, and may never, publish research on us or our business. If no securities or industry analysts commence coverage of our company, the trading price for our common stock could be negatively affected. If securities or industry analysts initiate coverage, and one or more of those analysts downgrade our stock or publish inaccurate or unfavorable research about our business, our stock price would likely decline. If one or more of these analysts cease coverage of our company or fail to publish reports on us regularly, demand for our common stock could decrease, which might cause our stock price and any trading volume to decline.

***Future sales and issuances of our common stock or rights to purchase common stock, including pursuant to our equity incentive plan or otherwise, could result in dilution of the percentage ownership of our shareholders and could cause our stock price to fall.***

We expect that we will need significant additional capital in the future to continue our planned operations. To raise capital, we may sell common stock, convertible securities or other equity securities in one or more transactions at prices and in a manner we determine from time to time. If we sell common stock, convertible securities or other equity securities in more than one transaction, including issuance of equity securities pursuant to any future stock incentive plan to our officers, directors, employees and non-employee consultants for their services to us, investors in a prior transaction may be materially diluted by subsequent sales. Additionally, any such sales may result in material dilution to our existing shareholders, and new investors could gain rights, preferences and privileges senior to those of holders of our common stock. Further, any future sales of our common stock by us or resales of our common stock by our existing shareholders could cause the market price of our common stock to decline. Any future grants of options, warrants or other securities exercisable or convertible into our common stock, or the exercise or conversion of such shares, and any sales of such shares in the market, could have an adverse effect on the market price of our common stock.

***Our common stock may be subject to the "penny stock" rules of the SEC, which may make it more difficult for shareholders to sell our common stock.***

The SEC has adopted Rule 15g-9 which establishes the definition of a "penny stock," for the purposes relevant to us, as any equity security that has a market price of less than $5.00 per share, subject to certain exceptions. For any transaction involving a penny stock, unless exempt, the rules require that a broker or dealer approve a person's account for transactions in penny stocks, and the broker or dealer receive from the investor a written agreement to the transaction, setting forth the identity and quantity of the penny stock to be purchased.

In order to approve a person's account for transactions in penny stocks, the broker or dealer must obtain financial information and investment experience objectives of the person and make a reasonable determination that the transactions in penny stocks are suitable for that person and the person has sufficient knowledge and experience in financial matters to be capable of evaluating the risks of transactions in penny stocks.

The broker or dealer must also deliver, prior to any transaction in a penny stock, a disclosure schedule prescribed by the SEC relating to the penny stock market, which, in highlight form sets forth the basis on which the broker or dealer made the suitability determination, and that the broker or dealer received a signed, written agreement from the investor prior to the transaction.

Generally, brokers may be less willing to execute transactions in securities subject to the "penny stock" rules. This may make it more difficult for investors to dispose of our common stock if and when such shares are eligible for sale and may cause a decline in the market value of our stock.

Disclosure also has to be made about the risks of investing in penny stocks in both public offerings and in secondary trading and about the commissions payable to both the broker-dealer and the registered representative, current quotations for the securities and the rights and remedies available to an investor in cases of fraud in penny stock transactions. Finally, monthly statements have to be sent disclosing recent price information for the penny stock held in the account and information on the limited market in penny stock.

**Risks Relating to Our Business and Industry**

***We have a limited operating history with financial results that may not be indicative of future performance, and our revenue growth rate is likely to slow down as our business matures.***

We began operations in 2017. As a result of our limited operating history, we have limited financial data that can be used to evaluate our current business, and such data may not be indicative of future performance. In particular, we have experienced periods of high revenue growth since we began selling our products and services, and we do not expect to be able to maintain the same rate of revenue growth as our business matures. In addition, estimates of future revenue growth are subject to many risks and uncertainties, and our future revenue may be materially lower than projected.

We have encountered, and expect to continue to encounter, risks and difficulties frequently experienced by growing companies, including challenges in financial forecasting accuracy, hiring of experienced personnel, hiring of technology employees, determining appropriate investments, developing new products and features, assessing legal and regulatory risks, among others. Any evaluation of our business and prospects should be considered in light of our limited operating history, and the risks and uncertainties inherent in investing in early-stage companies.

 ****

***If we cannot keep pace with rapid developments and change in our industry and continue to acquire new merchants and partners rapidly, the use of our services could decline, reducing our revenue.***

The electronic payments market in which we compete is subject to rapid and significant changes. This market is characterized by rapid technological change, new product and service introductions, evolving industry standards, changing client needs, consolidation and the entrance of non-traditional competitors. In order to remain competitive and continue to acquire new merchants and partners rapidly, we are continually involved in a number of projects to develop new services and improve our existing services. These projects may not be successful and carry some risks, such as cost overruns, delays in delivery, performance problems and lack of client adoption, and may cause us to become subject to additional regulation. Moreover, the merchant base that we target is varied and non-geographically bound or restricted by scale, making it more challenging to predict demand for our offerings. Any inability to develop or delay in the delivery of new services or the failure to differentiate our services or to accurately predict and address market demand could render our services less desirable, or even obsolete, to our clients. In addition, many current or prospective customers may find competing services more attractive if we do not keep pace with market innovation, and many may choose to switch to competing services even if we do our best to innovate and provide superior services.

We rely in part, and may in the future rely in part, on third parties, including some of our competitors and potential competitors, for the development of, and access to, new technologies. If we are unable to maintain these relationships, we may lose access to new technologies or may not have the speed-to-market necessary to successfully launch new offerings.

Our future success will depend on our ability to adapt to technological changes and evolving industry standards. We cannot predict the effects of technological changes on our business. If we are unable to adapt to technological changes or evolving industry standards on a timely and cost-effective basis by introducing new services and improving existing services, our business, financial condition and results of operations could be materially adversely affected.

***Substantial and increasing competition, both within our industry and from other payments methods, and disintermediation from other participants in the payments chain may harm our business.***

The market for payment processing services is highly competitive. Other providers of payment processing services have established a sizable market share in the merchant acquiring sector. Our growth will depend on a combination of the continued growth of electronic payments and our ability to increase our market share.

Our competitors include traditional merchant acquirers such as financial institutions, affiliates of financial institutions and global payment providers, as well as local payment providers. These competitors and other industry participants may develop products and services that compete with or replace our value-added products and services, including products and services that enable payment networks and banks to transact with consumers directly.

Many of our competitors, in particular those affiliated with large financial institutions, also have substantially greater financial, technological, operational and marketing resources than we have. Accordingly, these competitors may be able to offer their products and services at more competitive prices. As a result, we may need to reduce our fees or otherwise modify the terms of use of our products and services in order to retain existing clients and attract new ones. If we are required to materially reduce our fees in order to remain competitive, we will need to aggressively control our costs in order to maintain our profit margins, and our revenue may be adversely affected. Our risk management team monitors our client relationships and we have at times terminated, and may continue to terminate, client relationships that may no longer be profitable to us due to such pricing pressure. Moreover, our competitors may have the ability to devote significantly more financial and operational resources than we can to the development of new products, services or new technologies or to acquire other companies or technology so that they can provide improved operating functionality and features to their existing service offerings. If successful, their efforts in this regard could render our products or services less desirable to clients, resulting in the loss of existing clients, an inability to obtain new clients or a reduction in the fees we could generate from our offerings.

Any of the foregoing could have a material adverse effect on our business, financial condition and results of operations.

In addition, we are currently facing new competitive pressure from non-traditional payment processors and other parties entering the payments industry, which may compete in one or more of the functions performed in processing merchant transactions. These competitors have significant financial resources and robust networks and are highly regarded by consumers. If these competitors gain a greater share of total electronic payments transactions, or if we are unable to successfully react to changes in the industry spurred by the entry of these new market participants, then it could have a material adverse effect on our business, financial condition and results of operations.

***If we lose key personnel, our business, financial condition and results of operations may be adversely affected.***

We are dependent upon the ability and experience of our senior leadership, including the president of our Fintechcashier subsidiary, who have substantial experience with our operations, the rapidly changing payment processing industry, and emerging markets. It is possible that the loss of the services of one or a combination of our senior executives or key managers, including key executive officers, could have a material adverse effect on our business, financial condition, and results of operations.

***In a dynamic industry like ours, the ability to attract, recruit, develop and retain qualified employees is critical to our success and growth. If we are not able to do so, our business and prospects may be materially and adversely affected.***

Our business functions at the intersection of rapidly changing technological, social, economic and regulatory developments that require a wide-ranging set of expertise and intellectual capital. In order for us to successfully compete and grow, we must attract, recruit, develop and retain the necessary personnel who can provide the needed expertise across the entire spectrum of our intellectual capital needs. In addition, we must also develop our personnel to provide succession plans capable of maintaining continuity in the midst of the inevitable unpredictability of human capital. However, the market for qualified personnel is competitive, and we may not succeed in recruiting additional personnel or may fail to effectively replace current personnel who depart with qualified or effective successors, particularly in the technology business. We must continue to hire additional personnel to execute our strategic plans. Our effort to retain and develop personnel may also result in significant additional expenses, including option grants, which could adversely affect our profitability. We cannot assure that qualified employees will continue to be employed or that we will be able to attract and retain qualified personnel in the future. Failure to retain or attract key personnel could have a material adverse effect on our business, financial condition, and results of operations.

***We are subject to economic and political risk, the business cycles and credit risk of our clients and volatility in the overall level of consumer, business and government spending.***

The electronic payments industry depends heavily on the overall level of consumer, business and government spending. This spending depends on worldwide economic and geopolitical conditions. Key international economies have experienced cyclical downturns from time to time in which economic activity was impacted by falling supply or demand for a variety of goods and services, restricted credit, poor liquidity, reduced corporate profitability, inflation, volatility in credit, equity and foreign exchange markets, bankruptcies, pandemics such as COVID-19 and overall economic uncertainty. We are exposed to general economic conditions that affect consumer confidence, consumer spending, consumer discretionary income or changes in consumer purchasing habits. The current deterioration in general economic conditions, including the rise in unemployment rates, inflation and any increases in interest rates, particularly in Europe, the United States, the U.K. and Canada, may adversely affect consumer spending, consumer debt levels and credit and debit card usage, and as a result, adversely affect our financial performance by reducing the number or average purchase amount of transactions made using electronic payments. The conflict in Ukraine could lead to heightened volatility in the global markets and increase inflation, all of which could reduce our profitability and have a material adverse effect on our business, results of operations or financial condition.

More recently, in response to Russian military actions in Ukraine, the United States and certain allies have imposed economic sanctions and export control measures, and may impose additional sanctions or export control measures in the future, which have and could in the future result in, among other things, severe or complete restrictions on exports and other commerce and business dealings involving Russia, certain regions of Ukraine, and/or particular entities and individuals. Such actions could have a significant adverse impact on the Russian economy and related markets and in turn could adversely affect our customers and business partners which have international operations and exposure to such risks. If our customers make fewer sales of their products and services using electronic payments or people spend less money per transaction, we will have fewer transactions to process and lower overall volume, resulting in lower revenue.

In addition, a recessionary economic environment and markets experiencing relatively high inflation and/or unemployment could affect our customers through a higher rate of bankruptcy filings, in particular for our SMB clients, which could result in higher customer attrition and decrease our revenue. Any of the foregoing risks would negatively impact our business, financial condition and results of operations.

In addition, the uncertainty caused by the COVID-19 outbreak continues with the duration and severity of the pandemic and the overall impact on supply and consumer demand is still unknown. Even after the COVID-19 pandemic has subsided, we may experience material and adverse impacts to our business as a result of the virus's global economic impact. There are no comparable recent events that provide guidance as to the effect the COVID-19 pandemic may have, and we are unable to forecast the full impact on our business; however, this represents a known area of uncertainty and the impacts from the COVID-19 pandemic and the related economic disruption will have a material and adverse impact on our business, results of operations, financial condition and cash flows.

***We may not realize the expected benefits of our recent acquisitions because of integration difficulties and other challenges.***

The success of our recent share exchanges will depend, in part, on our ability to realize the anticipated revenue, cost-savings, tax, collaboration and other synergies from integrating our two recent acquisitions with our existing business. The integration process may be complex, costly, and time-consuming. The difficulties of integrating the operations could include, among others:

● failure to implement our business plan for the combined business;

● unanticipated issues in integrating logistics, information, communications, and other systems;

● unanticipated changes in applicable laws and regulations;

● negative impacts on our internal control over financial reporting accounting; and

● other unanticipated issues, expenses, or liabilities that could impact, among other things, our ability to realize any expected synergies on a timely basis, or at all.

We may not accomplish the integration smoothly, successfully, or within the anticipated costs or time frame. The diversion of the attention of management from our current operations to the integration effort and any difficulties encountered in combining operations could prevent us from realizing the full benefits anticipated to result from the share exchanges and could adversely affect our business. In addition, the integration efforts could divert the focus and resources of the management of the Company from other strategic opportunities and operational matters during the integration process.

***If we fail to raise additional capital, our ability to implement our business model and strategy could be compromised.***

We have limited capital resources and operations. From time to time, we may seek additional financing to provide the capital required to expand production of our business operation and development initiatives and/or working capital, as well as to repay outstanding loans if cash flow from operations is insufficient to do so. We cannot predict with certainty the timing or amount of any such capital requirements.

If we do not raise sufficient capital to fund our ongoing development activities, it is likely that we will be unable to carry out our business plans. We may not be able to obtain additional financing on terms acceptable, or at all. Even if we obtain financing for near term operations, we may require additional capital beyond the near term. If we are unable to raise capital when needed, our business, financial condition and results of operations would be materially adversely affected, and we could be forced to reduce or discontinue our operations.

***The COVID-19 pandemic and other actual or threatened epidemics, pandemics, outbreaks, or other public health crises could have an adverse impact on our business.***

Our business could be materially and adversely affected by the risks (or the public perception of the risks) related to an epidemic, pandemic, outbreak, or other public health crisis, such as the recent outbreak of novel coronavirus (COVID-19). The global spread of the COVID-19 pandemic, which originated in late 2019 and was later declared a pandemic by the World Health Organization in March 2020, has negatively impacted the global economy, disrupted supply chains and created significant volatility in global financial markets. The COVID-19 pandemic has resulted in the temporary or permanent closure of many businesses, and has required adjustments in how many businesses operate, including our merchants. These factors have adversely impacted certain companies and industries, including certain of our merchants, particularly those in the ride hailing and travel industries, and have severely disrupted economic conditions generally.

While we believe that our business has thus far seen a net benefit from the shift from in-store shopping and traditional payment methods towards e-commerce and digital payments, the ultimate extent of the impact of COVID-19 or any other epidemic, pandemic or other health crisis on our business, financial condition and results of operations will depend on future developments, including the condition and the dynamics of the global economy after the pandemic, shifts in purchasing behavior, new virus variants (which are highly uncertain and cannot be predicted), new information that may emerge concerning the severity of the pandemic or other health crisis and actions taken to contain or prevent their further spread, among others. These and other potential impacts of an epidemic, pandemic or other health crisis, such as the COVID-19 pandemic, including effects due to variants of the novel coronavirus (such as the Omicron variant), could have a material adverse effect on our business, financial condition and results of operations, and it may also have the effect of heightening many of the other risks described in this "Risk Factors" section.

***The financial technology industry in which we operate is characterized by rapid technological changes, new product introductions, evolving industry standards and changing customer needs.***

We are a relatively new company in the financial technology industry, and we compete with many established centralized and decentralized companies with greater financial and other resources. The industry continues to grow as a result of wider merchant acceptance, advances in payment solutions and digital processing technology, and migration to e-commerce, omnichannel and contactless payment solutions. The increase of credit and debit cards, as well as other digital payment solutions, has made the acceptance of digital payments a necessity for many businesses, regardless of size, in order to remain competitive. The COVID-19 pandemic has further accelerated the use of digital payments, the need for the development of technologies and digital-based solutions and expansion of ecommerce, omnichannel and contactless payment solutions. To remain competitive in this industry with constantly evolving standards, we need to develop new platforms, e-commerce services and other new products. Such projects carry the risks associated with any development effort, including cost overruns, delays in delivery and performance problems. In the payment solution technology markets, these risks are even more acute. Any delay in the delivery of new services or the failure to differentiate services could render our services less desirable to our clients. In addition, since the payment solution services provided by us are designed to process complex transactions at high volumes and processing speed and deliver reports and other information on those transactions, any failure to deliver an effective and secure product or any performance issue that arises with a new product or service could result in significant processing or reporting errors or other losses. As a result of these factors, our development efforts could result in higher costs that could reduce our earnings in addition to a loss of revenues if new services are not delivered timely to our customers or do not perform as anticipated. If we are not able to respond to our competitors effectively, our business, operating results, and financial condition may be adversely affected.

***We may experience software defects, undetected errors, and development delays, which could damage client relations, decrease our potential profitability and expose it to liability.***

We depend on the efficient and uninterrupted operation of our computer systems, software, telecommunications networks, as well as the systems and services of third parties. The services provided by us are based on software and computing systems that may often encounter development delays, and the underlying software may contain undetected errors, viruses or defects. Defects in these software services and errors or delays in the processing of digital transactions could result in additional development costs, diversion of technical and other resources from other development efforts, loss of credibility with current or potential clients, may harm our reputation and expose it to liability claims. A system outage or data loss in these services could have a material adverse effect on the business, financial condition, results of operations and cash flows. In addition, We rely on technologies and software supplied by third parties that may also contain undetected errors, viruses or defects that could have a material adverse effect on our business, financial condition, results of operations and cash flows.

***We compete with companies that have various competitive advantages***

Many innovative start-up companies and larger companies have made, and continue to make, significant investments in research and development, and we expect these companies to continue to develop similar or superior products and technologies that may compete with our products and services. We compete with many companies that have and expected to have various competitive advantages over us, such as:

● greater name recognition, longer operating histories, larger customer bases, and larger market shares

● larger sales and marketing budgets and organizations

● more established marketing, banking, and compliance relationships

● greater resources to make acquisitions

● lower labor, compliance, risk mitigation, and research and development costs

● larger and more mature intellectual property portfolios

● substantially greater financial, technical, and other resources

● operations in certain jurisdictions with lower compliance costs and greater flexibility to explore new product offerings.

If we are unable to compete successfully, or if competing successfully requires it to take costly actions in response to the actions of our competitors, our business, operating results, and financial condition could be adversely affected.

**Intellectual Property Risks.** 

***If we are unable to successfully obtain, maintain, protect, enforce or otherwise manage our intellectual property and proprietary rights, we may incur significant expenses and our business may be adversely affected.***

Our success depends in part, and we place considerable emphasis, on obtaining, maintaining, protecting and enforcing relevant intellectual property and proprietary rights, which may include patent, design, utility model, trademark, copyright and trade secret protection, as well as regulatory exclusivity periods and confidentiality agreements (collectively, "IP Rights"). We cannot be sure that our means of obtaining, maintaining and enforcing our IP Rights in the United States or abroad will be adequate to protect such rights against infringement, misappropriation or other violation. We may not receive protection for pending or future applications relating to IP Rights owned by or licensed to us, and the scope of protection granted under any issued or registered IP Rights may not be sufficiently broad to protect our technology, products, services, systems, brands, trademarks or information. Also, because of the rapid pace of technological change in our industry, aspects of our business and our products and services rely on technologies developed or licensed by third parties, and we may not be able to obtain or continue to obtain licenses and technologies from these third parties on reasonable terms or at all. Moreover, the laws of certain jurisdictions, including emerging countries, do not protect IP Rights to the same extent as the laws of the United States. If we cannot adequately obtain, maintain, protect or enforce our IP Rights, third parties may be able to compete more successfully against us and develop and commercialize substantially identical products, services or technologies, which could have a material adverse effect on our business, financial condition or results of operations.

Third parties may challenge, invalidate, circumvent, infringe or misappropriate our IP Rights, and such IP Rights may be lost or no longer sufficient to permit us to take advantage of current market trends or to otherwise provide competitive advantages, which could result in costly redesign efforts, discontinuance of certain service offerings or other competitive harm. Others, including our competitors, may independently develop similar technology, duplicate our products and services or design around our IP Rights, and in such cases, we could not assert our IP Rights against such parties. Moreover, third parties may infringe, misappropriate or otherwise violate IP Rights owned or licensed by us and we may assert claims against such third parties to enforce, or determine the scope and enforceability of, our IP Rights, which could result in lengthy litigation or other proceedings and could cause a diversion of resources and may not prove successful. Such third parties could also counterclaim that any IP Rights we assert are invalid or unenforceable and if such counterclaims are successful, we could lose valuable IP Rights.

We rely heavily on trade secrets and proprietary know-how to protect our products, services and technology and their development and commercialization, and rely in part on confidentiality agreements with suppliers and other partners, employees, independent contractors and consultants. However, we cannot guarantee that we have entered into such agreements with each party that has or may have had access to our trade secrets. Moreover, these agreements may be breached, and we may not have or be able to enforce adequate remedies for any such breach. There is also no guarantee that these agreements or other precautions will provide sufficient protection against any unauthorized access, use or misuse, misappropriation, counterfeiting, cloning, reverse engineering or disclosure of any of our trade secrets, proprietary know-how and any other information or technology. Trade secrets can be difficult to protect and some courts inside and outside of the United States are unwilling or less willing to protect trade secrets as compared to other forms of intellectual property. Defending against unauthorized access, use or misuse, misappropriation, counterfeiting, cloning, reverse engineering or disclosure of our technology, trade secrets, proprietary know-how and other IP Rights and technology may result in lengthy and expensive litigation or other proceedings with uncertain outcomes and cause significant disruption to our business and operations. If we are unable to obtain, maintain, protect or effectively enforce our IP Rights, it could impact the development, manufacture and commercialization of our products, services and solutions and have a material adverse effect on our business, financial condition or results of operations.

***Claims by others that we have infringed their proprietary technology or other IP Rights could harm our business.***

Our success depends, in part, on our ability to develop and commercialize our services and technologies without infringing, misappropriating or otherwise violating the IP Rights of third parties. However, we may not be aware that our products, services, solutions or technologies are infringing, misappropriating or otherwise violating third-party IP Rights, and such third parties may bring claims alleging such infringement, misappropriation or violation. Third parties may have issued, or may eventually issue, patents that could be infringed by our services or technology. Any of these third parties could make a claim of infringement against us with respect to our services or technology. We may also be subject to claims by third parties for breach of copyright, trademark, license usage or other IP Rights. When any such claims are asserted against us, we may seek to license the third party's IP Rights, which could be expensive. We may be unable to obtain the necessary licenses on satisfactory terms, if at all. Any claim from third parties may result in a limitation on our ability to use the intellectual property subject to these claims or could prevent us from registering our brands as trademarks. Even if we believe that intellectual property-related claims are without merit, defending against such claims is time-consuming and expensive, and could result in the diversion of the time and attention of our management and employees. Claims of intellectual property infringement also might require us to redesign affected services, enter into costly settlement or license agreements, pay costly damage awards, change our brands or face a temporary or permanent injunction prohibiting us from importing, marketing, selling or operating certain of our services, using certain of our brands or operating our business as presently conducted. Even if we have an agreement for indemnification against such costs, the indemnifying party, if any in such circumstances, may be unable to uphold our contractual obligations.

We may be subject to adverse publicity or reputational harm, even if claims against us are later shown to be unfounded or unsubstantiated. Moreover, there could be public announcements of the results of hearings, motions or other interim proceedings or developments and if securities analysts or investors perceive these results to be negative, it could have an adverse effect on the price of our common stock. The award of damages, including material royalty payments, or the entry of an injunction against the manufacture, import, marketing, sale or operation of some or all of our products or services, or our entry into any license or settlement agreement in connection with such claims could affect our ability to compete with third parties and have a material adverse effect on our business, financial condition and results of operations.

***If we are unable to obtain or fail to comply with the required licenses to operate our business or experience disputes with licensors or disruptions to our business relationships with our licensors, we could lose license rights that are important to our business.***

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We have entered into license agreements with third parties and may need to obtain additional licenses from our existing licensors and others to advance or allow commercialization of our solutions. It is possible that we may be unable to obtain any additional licenses at a reasonable cost or on reasonable terms, if at all. In that event, we may be required to expend significant time and resources to redesign our solutions or to develop or license replacement technology, all of which may not be feasible on a technical or commercial basis. If we are unable to do so, we may be unable to develop or commercialize the affected solutions, which could disrupt and adversely affect our business.

Disputes may arise regarding intellectual property, including software and data, that is subject to a licensing agreement, including the scope of rights granted under the license agreement and other interpretation-related issues. In addition, the agreements under which we currently license intellectual property or technology from third parties are complex, and certain provisions in such agreements may be susceptible to multiple interpretations. The resolution of any contract interpretation disagreement that may arise could narrow what we believe to be the scope of our rights to the relevant intellectual property or technology or increase what we believe to be our financial or other obligations under the relevant agreement. If these events were to occur, we may lose the right to continue to use and exploit such licensed intellectual property or technology in connection with our operations and solutions, which could have a material adverse effect on our business, financial condition and results of operations.

***Third parties may assert that our employees or consultants have wrongfully used or disclosed confidential information or misappropriated trade secrets.***

We may also be subject to costly litigation in the event our services and technology infringe upon another party's proprietary rights. Third parties may have, or may eventually be issued, patents that could be infringed by our services or technology. We might employ individuals who were previously employed at other companies, including their competitors or potential competitors. Although we are trying to ensure that their employees and consultants do not use the proprietary information or know-how of others in their work, it may be subject to claims that it or our employees, consultants or independent contractors have inadvertently or otherwise used or disclosed intellectual property, including trade secrets or other proprietary information, of a former employer or other third parties. Any of these third parties could make a claim of infringement against us with respect to our services or technology. We may also be subject to claims by third parties for breach of copyright, trademark or license usage rights. Litigation may be necessary to defend against these claims. If we fail in defending any such claims, in addition to paying monetary damages, we may lose valuable intellectual property rights or personnel. Even if we are successful in defending against such claims, litigation could result in substantial costs and be a distraction to our management and other employees.

**Risks Relating to Regulation**

***We are subject to costs and risks associated with new or changing laws and regulations and governmental action affecting our business.***

We operate in a complex regulatory and legal environment and are subject to a wide variety of laws and regulations in the several jurisdictions in which we operate. Some of the laws and regulations in jurisdictions in which we operate that affect or may affect us include: those relating to anti-money laundering and cross-border and domestic money transmission; those relating to consumer products, product liability and consumer protection; those relating to financial services and gaming and sports betting; those relating to the manner in which we advertise, market and sell products; labor and employment laws, including wage and hour laws; tax laws or interpretations thereof; bank secrecy laws; data protection and privacy laws and regulations; and securities and exchange laws and regulations. The laws and regulations specifically applicable to us may also change on the basis of a change in the nature of our products or services, or a change in the jurisdictions in which those products or services are being offered, including, but not limited to, as a result of acquisitions. There can be no guarantee that we will have sufficient resources to comply with new laws, regulations or government action, or to successfully compete in the context of a shifting regulatory environment. Moreover, these laws and regulations may change, sometimes significantly, as a result of political, economic and social events. Our ability to comply with applicable laws and rules is also largely dependent on the establishment and maintenance of compliance, review and reporting systems, as well as the ability to attract and retain qualified compliance and other risk management personnel. We cannot provide any assurance that our compliance policies and procedures will always be effective or that we will always be successful in monitoring or evaluating our risks. In the case of alleged non-compliance with applicable laws or regulations or suspension or cancellation of a license, we could be subject to investigations and judicial or administrative proceedings that may result in substantial penalties or civil lawsuits, including by customers, for damages, restitution or other remedies, which could be significant. Any of these outcomes, individually or together, may among other things, materially and adversely affect our reputation, business, operating results and financial condition.

We also generate a significant portion of our revenue from customers operating in the regulated gaming and sports betting and financial services sectors. Regulations in the gaming and sports betting and financial services sectors vary significantly among different countries and localities. In many cases, they may be unclear and may also change, sometimes dramatically.

From time to time, we may also acquire entities subject to local regulatory supervision or oversight. There are substantial costs and potential operational challenges involved in maintaining and renewing licenses, certifications, and approvals, and we could be subject to fines, other enforcement actions, and litigation if we are found to violate any of these requirements. There can be no assurance that we will be able to (or decide to) continue to apply for or obtain any licenses, renewals, certifications, and approvals in any jurisdictions. In certain markets, we may rely on local banks or other partners to process payments and conduct financial services transactions in local currency, and local regulators may use their authority over such local partners to prohibit, restrict, or limit us from doing business. The need to obtain or maintain licenses, certifications, or other regulatory approvals could impose substantial additional costs, delay or preclude planned transactions, product launches or improvements, require significant and costly operational changes, impose restrictions, limitations, or additional requirements on our business, products and services, or prevent us from providing our products or services in a given market.