# EDGAR Filing Document

**Accession Number:** 0001616156
**File Stem:** 0001079973-25-001354
**Filing Date:** 2025-8
**Character Count:** 116708
**Document Hash:** 148604ba3741b780930d5e1c835c73f0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001079973-25-001354.hdr.sgml**: 20250820

**ACCESSION NUMBER**: 0001079973-25-001354

**CONFORMED SUBMISSION TYPE**: 10-K

**PUBLIC DOCUMENT COUNT**: 47

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250820

**DATE AS OF CHANGE**: 20250820

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** WEWARDS, INC.
- **CENTRAL INDEX KEY:** 0001616156
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-COMPUTER PROGRAMMING, DATA PROCESSING, ETC. [7370]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 331230099
- **STATE OF INCORPORATION:** NV
- **FISCAL YEAR END:** 0531

**FILING VALUES:**
- **FORM TYPE:** 10-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-55957
- **FILM NUMBER:** 251236978

**BUSINESS ADDRESS:**
- **STREET 1:** 3305 SPRING MOUNTAIN ROAD
- **STREET 2:** SUITE 104
- **CITY:** LAS VEGAS
- **STATE:** NV
- **ZIP:** 89102
- **BUSINESS PHONE:** 702-944-5599

**MAIL ADDRESS:**
- **STREET 1:** 3305 SPRING MOUNTAIN ROAD
- **STREET 2:** SUITE 104
- **CITY:** LAS VEGAS
- **STATE:** NV
- **ZIP:** 89102

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** GLOBAL ENTERTAINMENT CLUBS, INC.
- **DATE OF NAME CHANGE:** 20170227

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FUTURE WORLD GROUP, INC.
- **DATE OF NAME CHANGE:** 20151008

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Betafox Corp.
- **DATE OF NAME CHANGE:** 20140807

?xml version='1.0' encoding='ASCII'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM 10-K**

☒&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended **May 31, 2025**

OR

□&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

For the transition period from ____________ to ____________

Commission file number: **000-55957**

**WEWARDS, INC.**

(Exact name of registrant as specified in its charter)

---

| | |
|:---|:---|
| **nevada** | **33-1230099** |
| (State or other jurisdiction of | (I.R.S. Employer |
| incorporation or organization) | Identification No.) |

---

**3305 Spring Mountain Road, Suite 104**

**Las Vegas, Nevada 89102**

(Address of principal executive offices and zip code)

Registrant's telephone number, including area code: **(702) 944-5599**

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

---

| | | |
|:---|:---|:---|
| **<u>Title of each class</u>** | **<u>Trading Symbol(s)</u>** | **<u>Name of each exchange on which registered</u>** |
| N/A | N/A | N/A |

---

Securities registered pursuant to Section 12(g) of the Act: Common Stock

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes □ No ☒

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Exchange Act. Yes □ No ☒

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☒ No □

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes ☒ No □

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer □ Accelerated filer □ <br> Non-accelerated filer ⌧ Smaller reporting company ⌧ <br> Emerging growth company □

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. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes □ No☒

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

The aggregate market value of the registrant's common stock held by non-affiliates of the registrant based upon the closing price of $2.02 per share as of November 30, 2024 was approximately $12,382,600.

As of August 19, 2025, there were 107,483,450 shares of registrant's common stock outstanding.

**DOCUMENTS INCORPORATED BY REFERENCE: None**

**<u>**TABLE OF CONTENTS**</u>**

---

| | |
|:---|:---|
|  | Page |
| **PART I** |  |
| [Item 1. Business](#a_001) | 1 |
| [Item 1A. Risk Factors](#a_002) | 2 |
| [Item 1B. Unresolved Staff Comments](#a_003) | 2 |
| [Item 1C. Cybersecurity](#a_004) | 2 |
| [Item 2. Properties](#a_005) | 3 |
| [Item 3. Legal Proceedings](#a_006) | 3 |
| [Item 4. Mine Safety Disclosures](#a_007) | 3 |
| **PART II** |  |
| [Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](#a_008) | 4 |
| [Item 6. Selected Financial Data](#a_009) | 4 |
| [Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations](#a_010) | 5 |
| [Item 7A. Quantitative and Qualitative Disclosures About Market Risk](#a_011) | 10 |
| [Item 8. Financial Statements and Supplementary Data](#a_012) | F-1 |
| [Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](#a_017) | 11 |
| [Item 9A. Controls and Procedures](#a_018) | 11 |
| [Item 9B. Other Information](#a_019) | 12 |
| **PART III** |  |
| [Item 10. Directors, Executive Officers and Corporate Governance](#a_020) | 13 |
| [Item 11. Executive Compensation](#a_021) | 13 |
| [Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](#a_022) | 14 |
| [Item 13. Certain Relationships and Related Transactions, and Director Independence](#a_023) | 14 |
| [Item 14. Principal Accounting Fees and Services](#a_024) | 15 |
| **PART IV** |  |
| [Item 15. Exhibits and Financial Statement Schedules](#a_025) | 16 |
| [SIGNATURES](#a_027) | 17 |

---

i

**PART I**

**Forward Looking Statements**

This Form 10-K contains "forward-looking" statements including statements regarding our expectations of our future operations. For this purpose, any statements contained in this Form 10-K that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the foregoing, words such as "may," "will," "expect," "believe," "anticipate," "estimate," or "continue" or comparable terminology are intended to identify forward-looking statements. These statements by their nature involve substantial risks and uncertainties, and actual results may differ materially depending on a variety of factors, many of which are not within our control.

These risks and uncertainties include demand for our products and services, governmental regulation of the cannabis industry, our ability to maintain customer and strategic business relationships, the impact of competitive products and pricing, growth in targeted markets, the adequacy of our liquidity and financial strength to support our growth, general economic and market conditions; our ability to sustain, manage, or forecast growth, our ability to successfully make and integrate acquisitions, new product development and introduction, existing government regulations and changes in, or the failure to comply with, government regulations, adverse publicity, difficulty in forecasting operating results, change in business strategy or development plans, business disruptions, and the ability to attract and retain qualified personnel. Although the forward-looking statements in this report reflect the good faith judgment of our management, such statements can only be based on facts and factors currently known by them. In light of these risks and uncertainties, you are cautioned not to place undue reliance on these forward-looking statements. Except as required by law, we undertake no obligation to announce publicly revisions we make to these forward-looking statements to reflect the effect of events or circumstances that may arise after the date of this report. All written and oral forward-looking statements made subsequent to the date of this report and attributable to us or persons acting on our behalf are expressly qualified in their entirety by this section.

**ITEM 1. DESCRIPTION OF BUSINESS**

**Overview**

We were incorporated in Nevada on September 10, 2013, as Betafox Corp., for the purpose of engaging in the business of manufacturing and selling candles. On May 11 2015, our principal stockholder at that time sold six million shares of our common stock, constituting approximately 73.8% of our issued and outstanding common shares at such time, to Future Continental Limited. In October 2015, Future Continental Limited sold those shares to Mr. Lei Pei, an affiliate of Future Continental Limited, in consideration of Mr. Pei's agreement to serve as our director and CEO. On January 8, 2018, we changed our name to Wewards, Inc. Our corporate office is located in Las Vegas, Nevada.

We have developed and are the owner of a web-based platform accessible by mobile apps (the "Platform") that will enable consumers to purchase goods from merchants and earn rebates payable in the form of Bitcoin. The Platform provides an innovative Bitcoin rewards ecosystem. It is designed to transform traditional concepts of commerce into a cooperative society where both merchants and consumers are collaborating, utilizing Bitcoin to reward consumers. The ecosystem provides consumers with rewards each time they complete a challenge defined by a merchant. This is intended to make the ecommerce process beneficial to all market participants, and to help distribute commercial wealth among and between the merchants and consumers.

We intend to generate revenue by licensing "white-label" versions of the Platform to third parties. However, to date, no such license agreement has been entered into, and we have not generated any revenues from the Platform.

On April 2, 2020, we purchased intellectual property rights ("IP") from United Power, a Nevada corporation under common ownership with Lei Pei, our sole officer and director and majority shareholder, for cash consideration of $179,300, based on a price determined by an independent valuation.

The IP consists of technology and related rights associated with the game Megopoly, an MMO (Massively Multiplayer Online Game). Megopoly is an MMO board game where players are able to earn fractions of Bitcoins (satoshi) through buying, selling, and managing virtual real estate properties using in-game currency (Megopoly Coins). The game is similar in some respects to Monopoly.

The game allows players around the world to interact with each other online. Players travel (move) through different parts of a city, earning profit by investing in properties, charging rent, acquiring bonus assets, and selling their properties to other players for in-game currency. A player is able to progress to higher levels of "cities" at any time.

The player's goal in Megopoly is to earn Megopoly Coins by investing in properties and collecting rent from other players. Players can keep playing the game using their Megopoly Coins for the opportunity to earn more coins, or they can exchange those coins for Bitcoins based on real-time market exchange rates.

Megopoly is playable at any time through a web browser on a PC, tablet or smart phone, in both Chinese and English. The game has been designed for players of all skill levels. To date, we have not generated any revenue from Megopoly other than pursuant to related party agreements as described below.

The Company entered into an agreement in January of 2021 with Sandbx Corp., a company owned by the Chief Operating Officer of United Power and FL Galaxy, related parties to the Company, as our Chief Executive Officer, Lei Pei, is also the Chief Executive Officer of United Power and FL Galaxy, to further develop the Megopoly game, under which the Company paid Sandbx Corp. monthly fees of $168,500, resulting in $1,622,500 of related party software development costs for the year ended May 31, 2022. The development agreement with Sandbx Corp. was terminated with the completion of Megopoly in December of 2021. We did not generate any revenue, or incur any software development costs, during our fiscal years ended May 31, 2025 or 2024, and are now actively seeking licensing arrangements to bring the game to market.

**Employees**

We currently have no full-time employees, other than our sole officer and director Mr. Lei Pei, who receives no salary.

**Research and Development Expenditures**

We intend to continue to make investments in research and development and product development in seeking to sustain and improve our competitive position and meet our customers' needs.

**Government Regulation**

Because of the current regulatory uncertainties surrounding the Platform, we do not intend to operate the Platform in the United States unless and until we are satisfied that our operations will not be in violation of any statutes or regulations. At this time, we are unable to determine what governmental agencies, if any, will have jurisdiction over the Platform, or what effect, if any, those government regulations will have on the Platform. Currently, all of our operations consist of outsourced licensing arrangements.

**Patents and Trademarks**

We do not own any patents or trademarks.

**Corporate Information**

Our principal executive offices are located at 3305 Spring Mountain Road, Suite 104, Las Vegas, Nevada 89102. Our telephone number is (702) 944-5599, and our website is http://*www.wewards.io*. The content on our website is available for information purposes only. It should not be relied upon for investment purposes, nor is it incorporated by reference into this Report.

**ITEM 1A. Risk Factors**

We are a smaller reporting company as defined in Rule 12b-2 of the Exchange Act and are not required to provide the information required under this item.

**ITEM 1B. Unresolved Staff Comments**

None.

**ITEM 1C. CYBERSECURITY**

**Risk Management and Strategy**

We periodically assess risks from cybersecurity threats, and monitor our information systems for potential vulnerabilities. However, to date, given the small size of our company and the nature of our operations, our reliance on information systems has been limited to the use of standard off-the-shelf software (such as Google, QuickBooks and Microsoft Office) and the use by our employees of standard personal computers. Accordingly, management has not implemented any formal process for assessing, identifying, and managing risks from cybersecurity threats.

Risks from cybersecurity threats have, to date, not materially affected us, our business strategy, results of operations or financial condition. We discuss how cybersecurity incidents could materially affect us in our risk factor disclosures in Item 1A of this Annual Report on Form 10-K.

**Governance**

As discussed above, given the nature of our current operations and our experience to date, we do not currently perceive cybersecurity as a particularly significant risk to our business. Accordingly, we have not tasked our Board of Directors with any additional cybersecurity oversight duties, or designated any committee of the Board of Directors to specifically oversee cybersecurity risks to our business.

**ITEM 2. Properties**

Our principal executive offices consist of shared office space located at 3305 Spring Mountain Road, Suite 104, Las Vegas, NV 89102 on a month-to-month basis.

We believe that our current facilities are adequate for our current needs. We intend to secure new facilities or expand existing facilities as necessary to support future growth. We believe that suitable additional space will be available on commercially reasonable terms as needed to accommodate our operations.

**ITEM 3. Legal Proceedings**

There are no material pending legal proceedings to which we are a party or to which any of our property is subject, nor are there any such proceedings known to be contemplated by governmental authorities. None of our directors, officers or affiliates is involved in a proceeding adverse to our business or has a material interest adverse to our business.

**ITEM 4. MINE SAFETY DISCLOSURES**

Not applicable.

**PART II**

**ITEM 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities**

**Market Information**

Shares of our common stock trade on a very limited basis on the over-the-counter market and are quoted on the The Pink Limited Market under the symbol "WEWA". As of August 15, 2025, the closing price of our common stock on the The Pink Limited Market was $2.11.

The following table sets forth, for the fiscal quarters indicated, the high and low bid information for our common stock, as reported on the The Pink Limited Market. The following quotations reflect inter-dealer prices, without retail mark-up, mark-down or commission and may not represent actual transactions.

---

| | | |
|:---|:---|:---|
|  | **High** | **Low** |
| &nbsp;&nbsp;**Fiscal Year Ended May 31, 2025** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Quarter | $2.11 | $2.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Second Quarter | $2.02 | $2.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Third Quarter | $2.02 | $2.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fourth Quarter | $2.02 | $2.02 |
| &nbsp;&nbsp;**Fiscal Year Ended May 31, 2024** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Quarter | $2.02 | $2.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Second Quarter | $2.02 | $2.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Third Quarter | $2.02 | $2.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fourth Quarter | $2.02 | $2.02 |

---

As of August 15, 2025, there were approximately 75 shareholders of record of our common stock. Such number does not include any shareholders holding shares in nominee or "street name". As of August 15, 2025, there were 107,483,450 shares of common stock outstanding on record.

**Dividends**

We have not declared or paid any dividends on our common stock since our inception and do not anticipate paying dividends for the foreseeable future. The payment of dividends is subject to the discretion of our board of directors and depends, among other things, upon our earnings, our capital requirements, our financial condition, and other relevant factors. We intend to reinvest any earnings in the development and expansion of our business. Any cash dividends in the future to common shareholders will be payable when, as and if declared by our board of directors, based upon the board's assessment of our financial condition and performance, earnings, need for funds, capital requirements, prior claims of preferred stock to the extent issued and outstanding, and other factors, including income tax consequences, restrictions and applicable laws. There can be no assurance, therefore, that any dividends on our common stock will ever be paid.

**Equity Compensation Plan Information**

We currently do not have any equity compensation plans.

**Recent Sales of Unregistered Securities**

None

**ITEM 6. Selected Financial Data**

We are a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934 and are not required to provide the information under this item.

**ITEM 7. Management's Discussion and Analysis of Financial Condition and Results of Operations**

*This discussion summarizes the significant factors affecting the operating results, financial condition, liquidity and cash flows of the Company and its subsidiaries for the fiscal years ended May 31, 2025 and 2024. The discussion and analysis that follows should be read together with the section entitled "Forward Looking Statements" and our financial statements and the notes to the financial statements included elsewhere in this annual report on Form 10-K.*

 

*Except for historical information, the matters discussed in this section are forward looking statements that involve risks and uncertainties and are based upon judgments concerning various factors that are beyond the Company's control. Consequently, and because forward-looking statements are inherently subject to risks and uncertainties, the actual results and outcomes may differ materially from the results and outcomes discussed in the forward-looking statements. You are urged to carefully review and consider the various disclosures made by us in this report.*

**Overview**

Wewards, Inc. ("Wewards" or "the Company") was incorporated in Nevada on September 10, 2013, as Betafox Corp. On January 8, 2018, we changed our name to Wewards, Inc.

We have developed and are the owner of a web-based platform accessible by mobile apps (the "Platform") that will enable consumers to purchase goods from merchants and earn rebates payable in the form of Bitcoin. The Platform provides an innovative Bitcoin rewards ecosystem. It is designed to transform traditional concepts of commerce into a cooperative society where both merchants and consumers are collaborating, utilizing Bitcoin to reward consumers. The ecosystem provides consumers with rewards each time they complete a challenge defined by a merchant. This is intended to make the ecommerce process beneficial to all market participants, and to help distribute commercial wealth among and between the merchants and consumers. We intend to generate revenue by licensing "white-label" versions of the Platform to third parties. However, to date, no such license agreement has been entered into, and we have not generated any revenues from the Platform.

On April 2, 2020, we purchased intellectual property rights ("IP") from United Power, a Nevada corporation under common ownership with Lei Pei, our sole officer and director and majority shareholder, for cash consideration of $179,300, based on a price determined by an independent valuation.

The IP consists of technology and related rights associated with the game Megopoly, an MMO (Massively Multiplayer Online Game). Megopoly is an MMO board game where players are able to earn fractions of Bitcoins (satoshi) through buying, selling, and managing virtual real estate properties using in-game currency (Megopoly Coins). The game is similar in some respects to Monopoly.

The game allows players around the world to interact with each other online. Players travel (move) through different parts of a city, earning profit by investing in properties, charging rent, acquiring bonus assets, and selling their properties to other players for in-game currency. A player is able to progress to higher levels of "cities" at any time.

The player's goal in Megopoly is to earn Megopoly Coins by investing in properties and collecting rent from other players. Players can keep playing the game using their Megopoly Coins for the opportunity to earn more coins, or they can exchange those coins for Bitcoins based on real-time market exchange rates. Megopoly is playable at any time through a web browser on a PC, tablet or smart phone, in both Chinese and English. The game has been designed for players of all skill levels.

Megopoly is playable at any time through a web browser on a PC, tablet or smart phone, in both Chinese and English. The game has been designed for players of all skill levels. We did not generate any revenue during the nine months ended February 28, 2025 and February 29, 2024.

The Company terminated its office lease effective October 31, 2023.

**Critical Accounting Policies**

The establishment and consistent application of accounting policies is a vital component of accurately and fairly presenting our financial statements in accordance with generally accepted accounting principles in the United States ("GAAP"), as well as ensuring compliance with applicable laws and regulations governing financial reporting. While there are rarely alternative methods or rules from which to select in establishing accounting and financial reporting policies, proper application often involves significant judgment regarding a given set of facts and circumstances and a complex series of decisions.

<u>Concentrations of Credit Risk</u>

The Company maintains our cash in bank deposit accounts, the balances of which at times may exceed federally insured limits. Accounts are guaranteed by the Federal Deposit Insurance Corporation (FDIC) up to $250,000 under current regulations. The Company had approximately $443,290 and $514,205 in excess of FDIC insured limits at May 31, 2025 and 2024, respectively. The Company has not experienced any losses in such accounts.

<u>Revenue Recognition</u>

The Company recognizes revenue in accordance with ASC 606 — Revenue from Contracts with Customers. Under ASC 606, the Company recognizes revenue from the licensing of our software by applying the following steps: (1) identify the contract with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to each performance obligation in the contract; and (5) recognize revenue when each performance obligation is satisfied. All revenues to date have been recognized from licensing Megopoly and related IP to Sandbx Corp., a separate company owned by the Chief Operating Officer of United Power and FL Galaxy, related parties of the Company, as our Chief Executive Officer, Lei Pei, is also the Chief Executive Officer of United Power and FL Galaxy.

We derive revenue principally from licensing our intellectual property, including our game, and related extra content and services that can be utilized by players of our game. Our product and service offerings include, but are not limited to, licensing to third parties ("software license") to distribute and host our games and content ("Online-Hosted Service Games").

We evaluate and recognize revenue by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• identifying the contract(s) with the customer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• identifying the performance obligations in the contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• determining the transaction price;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• allocating the transaction price to performance obligations in the contract; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• recognizing revenue as each performance obligation is satisfied through the transfer of a promised good or service to a customer (i.e., "transfer of control").

*Online-Hosted Service Games.* Sales of our Online-Hosted Service Games are determined to have one distinct performance obligation: the online hosting. We recognize revenue from these arrangements as the service is provided through our licensing agreement(s).

*Licensing Revenue*

We utilize third-party licensees to distribute and host our games and content in accordance with license agreements, for which the licensees typically pay us a fixed minimum guarantee and/or sales-based royalties. These arrangements typically include multiple performance obligations, such as a time-based license of software and future update rights. We recognize as revenue a portion of the minimum guarantee when we transfer control of the license of software (generally upon commercial launch) and the remaining portion ratably over the contractual term in which we provide the licensee with future update rights. Any sales-based royalties are generally recognized as the related sales occur by the licensee.

*Significant Judgments around Revenue Arrangements*

*Identifying performance obligations.* Performance obligations promised in a contract are identified based on the goods and services that will be transferred to the customer that are both capable of being distinct, (i.e., the customer can benefit from the goods or services either on its own or together with other resources that are readily available), and are distinct in the context of the contract (i.e., it is separately identifiable from other goods or services in the contract). To the extent a contract includes multiple promises, we must apply judgment to determine whether those promises are separate and distinct performance obligations. If these criteria are not met, the promises are accounted for as a combined performance obligation.

*Determining the transaction price.* The transaction price is determined based on the consideration that we will be entitled to receive in exchange for transferring our goods and services to the customer. Determining the transaction price often requires judgment, based on an assessment of contractual terms and business practices. It further includes review of variable consideration such as discounts, sales returns, price protection, and rebates, which is estimated at the time of the transaction. In addition, the transaction price does not include an estimate of the variable consideration related to sales-based royalties. Sales-based royalties are recognized as the sales occur.

*Allocating the transaction price.* Allocating the transaction price requires that we determine an estimate of the relative stand-alone selling price for each distinct performance obligation. Determining the relative stand-alone selling price is inherently subjective, especially in situations where we do not sell the performance obligation on a stand-alone basis (which occurs in the majority of our transactions). In those situations, we determine the relative stand-alone selling price based on various observable inputs using all information that is reasonably available. Examples of observable inputs and information include: historical internal pricing data, cost plus margin analyses, third-party external pricing of similar or same products and services such as software licenses and maintenance support within the enterprise software industry. The results of our analysis resulted in a specific percentage of the transaction price being allocated to each performance obligation.

*Determining the Estimated Offering Period.* The offering period is the period in which we offer to provide the future update rights and/or online hosting for the game. Because the offering period is not an explicitly defined period, we must make an estimate of the offering period for the service-related performance obligations (i.e., future update rights and online hosting). Determining the Estimated Offering Period is inherently subjective and is subject to regular revision. Generally, we consider the specified contract period of our software licenses and therefore, the offering period is estimated to be over the term of the license. We recognize revenue for future update rights and online hosting performance obligations ratably on a straight-line basis over this period as there is a consistent pattern of delivery for these performance obligations.

<u>Software Development Costs</u>

The Company expenses software development costs, including costs to develop software products or the software component of products to be sold, leased, or marketed to external users, before technological feasibility is reached. Technological feasibility is typically reached shortly before the release of such products. Software development costs also include costs to develop software to be used solely to meet internal needs and cloud-based applications used to deliver our services. The Company capitalizes development costs related to these software applications once the preliminary project stage is complete and it is probable that the project will be completed, and the software will be used to perform the function intended. Capitalization ends, and amortization begins when the product is available for general release to customers.

**Results of Operations for the Years Ended May 31, 2025 and 2024:**

The following table summarizes selected items from the statement of operations for the years ended May 31, 2025 and 2024.

---

| | | | |
|:---|:---|:---|:---|
|  | **Years Ended** | **Years Ended** | |
|  | **May 31,** | **May 31,** | |
|  | **2025** | **2024** | <br>**Increase /**<br>**(Decrease)** |
| Revenues | $— | $— | $— |
| &nbsp;&nbsp;Operating expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 21945 | 8218 | 13727 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rent expense | 300 | 75113 | (74813) |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional fees | 68425 | 62515 | 5910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses: | 90670 | 145846 | (55176) |
| &nbsp;&nbsp;Operating loss | (90670) | (145846) | (55176) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total other income (expense) | (505470) | (505893) | (423) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss | $(596140) | $(651739) | $(55599) |

---

**Revenues**

We did not generate any revenues during our fiscal years ended May 31, 2025 or 2024. We are not currently engaged in revenue producing activities.

**General and Administrative Expenses**

General and administrative expenses for the year ended May 31, 2025 were $21,945, compared to $8,218 during the year ended May 31, 2024, an increase of $13,727, or 167%. The expenses consisted primarily of office, travel, compliance and business development expenses. General and administrative expense increased during the current period primarily due to a civil tax penalty of $15,742.

**Rent Expense**

Rent expense was $300 during the year ended May 31, 2025, compared to the $75,113 of expenses incurred during the year ended May 31, 2024, a decrease of $74,813, or 100%. Rent expense decreased due to the termination of our lease on October 31, 2023.

**Professional Fees**

Professional fees for the year ended May 31, 2025 were $68,425, compared to $62,515 during the year ended May 31, 2024, an increase of $5,910, or 9%.

**Operating Loss**

Our operating loss for the year ended May 31, 2025 was $90,670, compared to $145,846 during the year ended May 31, 2024, a decrease of $55,176, or 38%. Our operating loss decreased primarily due to decreased rents incurred in the current period, compared to the prior period due to the termination of our lease on October 31, 2023.

**Other Income (Expense)**

Other expense, on a net basis, for the year ended May 31, 2025 was $505,470, compared to other expense, on a net basis, of $505,893 during the year ended May 31, 2024, a decrease of $423. Other expense consisted of $525,000 of interest expense on related party loans, as offset by $19,530 of interest income for the year ended May 31, 2025. Other expense consisted of $526,439 of interest expense on related party loans, as offset by $20,546 of interest income for the year ended May 31, 2024. Other expense, on a net basis, decreased primarily due to $1,439 of decreased interest expense and $1,016 of decreased interest income on cash balances in the current period that reduced our total other expense, on a net basis.

**Net Loss**

Net loss for the year ended May 31, 2025 was $596,140, compared to $651,739 during the year ended May 31, 2024, a decrease of $55,599, or 9%. The decreased net loss was due primarily to $74,813 of decreased rent expense related to the termination of our lease on October 31, 2023, as partially offset by a civil tax penalty of $15,742.

**Liquidity and Capital Resources**

As of May 31, 2025, the Company had current assets of $693,777, comprised almost entirely of cash. The Company's current liabilities as of May 31, 2025 were $4,046,231, consisting of $325 of accounts payable and $4,045,906 of accrued interest.

The following table summarizes our total current assets, liabilities and working capital at May 31, 2025 and 2024.

---

| | | |
|:---|:---|:---|
|  | **May 31,** | **May 31,** |
|  | **2025** | **2024** |
| &nbsp;&nbsp;Current Assets | $693777 | $764692 |
| &nbsp;&nbsp;Current Liabilities | $4046231 | $3521006 |
| &nbsp;&nbsp;Working Capital | $(3352454) | $(2756314) |

---

The following table summarizes our cash flows during the years ended May 31, 2025 and 2024, respectively.

---

| | | |
|:---|:---|:---|
|  | **Years Ended** | **Years Ended** |
|  | **May 31,** | **May 31,** |
|  | **2025** | **2024** |
| &nbsp;&nbsp;Net cash used in operating activities | $(70915) | $(125200) |
| &nbsp;&nbsp;Net cash used in investing activities |  |  |
| &nbsp;&nbsp;Net cash used in financing activities |  |  |
| &nbsp;&nbsp;Net change in cash | $(70915) | $(125200) |

---

<u>Net Cash Used in Operating Activities</u>

We have not generated positive cash flows from operating activities. During the year ended May 31, 2025, net cash flows used in operating activities was $70,915. For the year ended May 31, 2024, net cash flows used in operating activities was $125,200. The decrease in cash used in operating activities is primarily attributable to our decreased net loss.

<u>Net Cash Used in Investing Activities</u>

During the years ended May 31, 2025 and 2024, we did not use any cash in investing activities.

<u>Net Cash Used in Financing Activities</u>

During the years ended May 31, 2025 and 2024, we did not use any cash in financing activities.

**Satisfaction of our Cash Obligations for the Next 12 Months**

As of May 31, 2025, our balance of cash on hand was $693,290, and we had negative working capital of $3,352,454. We do not currently have sufficient funds to fund our operations at their current levels for the next twelve months. As we continue to develop our business and attempt to expand operational activities, we expect to continue to experience net negative cash flows from operations in amounts not now determinable, and will be required to obtain additional financing to fund operations. Our ability to continue as a going concern is dependent upon our ability to raise additional capital and to achieve sustainable revenues and profitable operations. Since our CEO and majority shareholder, Mr. Pei, acquired control over the Company in May 2015, we have been wholly dependent upon him and his affiliated companies, to provide financing to us when needed, generally in the form of convertible loans. There can be no assurance that Mr. Pei will continue to make additional financing available to us when needed.

We will need additional funds to repay our related party debts should they not be converted to equity. No assurance can be given that any future financing will be available or, if available, that it will be on terms that are satisfactory to us. Even if we are able to obtain additional financing (whether from our affiliates or third parties), the terms of such financing may contain undue restrictions on our operations and result in substantial dilution for our stockholders. We cannot guarantee that we will ever become profitable. Even if we achieve profitability, given the competitive and evolving nature of the industry in which we operate, we may not be able to sustain or increase profitability, and our failure to do so would adversely affect our business, including our ability to raise additional funds.

**Off-Balance Sheet Arrangements**

We have no outstanding off-balance sheet guarantees, interest rate swap transactions or foreign currency contracts. We do not engage in trading activities involving non-exchange traded contracts.

**ITEM 7A. Quantitative and Qualitative Disclosures About Market Risk**

We are a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934 and are not required to provide the information under this item.

**ITEM 8. Financial Statements and Supplementary Data**

**WEWARDS, INC.**

**FINANCIAL STATEMENTS**

**FOR THE YEARS ENDED MAY 31, 2025 AND 2024**

**TABLE OF CONTENTS**

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| | |
|:---|:---|
|  | **Page** |
| [Report of Independent Registered Public Accounting Firm, M&K CPAS, PLLC](#a_028) (PCAOB ID: 2738) | F-2 |
| [Balance Sheets as of May 31, 2025 and 2024](#a_013) | F-3 |
| [Statements of Operations for the years ended May 31, 2025 and 2024](#a_014) | F-4 |
| [Statements of Stockholders' Equity (Deficit) for the years ended May 31, 2025 and 2024](#a_015) | F-5 |
| [Statements of Cash Flows for the years ended May 31, 2025 and 2024](#a_016) | F-6 |
| [Notes to Financial Statements](#a_029) | F-7 |

---

![](image_001.jpg)

<u>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u>

To the Board of Directors and

Stockholders of Wewards, Inc.,

**Opinion on the Financial Statements**

We have audited the accompanying balance sheets of Wewards, Inc. ("the Company") as of May 31, 2025 and 2024, and the related statements of operations, stockholders' equity (deficit), and cash flows for each of the years in the two-year period ended May 31, 2025, 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 May 31, 2025 and 2024, and the results of its operations and its cash flows for each of the years in the two-year period ended May 31, 2025, in conformity with accounting principles generally accepted in the United States of America.

**Going Concern**

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 has suffered net losses from operations, has a net capital deficiency, and has negative cash flow from operations which raises substantial doubt about its ability to continue as a going concern. Management's plans regarding those matters are discussed 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 audit 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.

**Critical Audit Matters**

The critical audit matters communicated below are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.

**Going Concern**

As discussed in Note 2 to the financial statements, the Company had a going concern due to a working capital deficiency, stockholders' deficiency, and negative cash flows from operations. Auditing management's evaluation of a going concern can be a significant judgment given the fact that the Company uses management estimates on future revenues and expenses, which are not able to be substantiated. To evaluate the appropriateness of the going concern, we examined and evaluated the financial information that was the initial cause along with management's plans to mitigate the going concern and management's disclosure on going concern.

**/s/ M&K CPAS, PLLC**

We have served as the Company's auditor since 2020.

The Woodlands, TX

August 20, 2025

---

| |
|:---|
| &nbsp;&nbsp;**WEWARDS, INC.** |
| &nbsp;&nbsp;**BALANCE SHEETS** |

---

---

| | | |
|:---|:---|:---|
|  | **May 31,**<br>**2025** | **May 31,**<br>**2024** |
| &nbsp;&nbsp;**ASSETS** |  |  |
| &nbsp;&nbsp;Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash | $693290 | $764205 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expense | 487 | 487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 693777 | 764692 |
| &nbsp;&nbsp;Total assets | $693777 | $764692 |
| &nbsp;&nbsp;**LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)** |  |  |
| &nbsp;&nbsp;Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | $325 | $100 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued interest, related parties | 4045906 | 3520906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 4046231 | 3521006 |
| &nbsp;&nbsp;Long term liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Convertible notes payable, related party, net of current maturities | 10500000 | 10500000 |
| &nbsp;&nbsp;Total liabilities | 14546231 | 14021006 |
| &nbsp;&nbsp;Commitments and contingencies |  |  |
| &nbsp;&nbsp;Stockholders' equity (deficit): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred stock, $0.001 par value, 50,000,000 shares authorized, no shares issued and outstanding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock, $0.001 par value, 500,000,000 shares authorized, 107,483,450 issued and outstanding | 107483 | 107483 |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional paid in capital | 5161532 | 5161532 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated deficit | (19121469) | (18525329) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity (deficit) | (13852454) | (13256314) |
| &nbsp;&nbsp;Total liabilities and stockholders' equity (deficit) | $693777 | $764692 |

---

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

---

| |
|:---|
| &nbsp;&nbsp;**WEWARDS, INC.** |
| &nbsp;&nbsp;**STATEMENTS OF OPERATIONS** |

---

---

| | | |
|:---|:---|:---|
|  | **For the Years Ended** | **For the Years Ended** |
|  | **May 31,** | **May 31,** |
|  | **2025** | **2024** |
| &nbsp;&nbsp;Revenues | $— | $— |
| &nbsp;&nbsp;Operating expenses: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 21945 | 8218 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rent expense | 300 | 75113 |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional fees | 68425 | 62515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 90670 | 145846 |
| &nbsp;&nbsp;Operating loss | (90670) | (145846) |
| &nbsp;&nbsp;Other income (expense): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense, related party | (525000) | (526439) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income | 19530 | 20546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other income (expense) | (505470) | (505893) |
| &nbsp;&nbsp;Net loss | $(596140) | $(651739) |
| &nbsp;&nbsp;Weighted average number of common shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;outstanding - basic and fully diluted | 107483450 | 107483450 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss per share - basic and fully diluted | $(0.01) | $(0.01) |

---

The accompanying notes are an integral part of these financial statements

---

| |
|:---|
| &nbsp;&nbsp;**WEWARDS, INC.** |
| &nbsp;&nbsp;**STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT)** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Preferred Stock** | **Preferred Stock** | **Common Stock** | **Common Stock** | | | |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Additional Paid-in**<br>**Capital** | **Accumulated**<br>**Deficit** | **Total Stockholders'**<br>**Equity** |
| &nbsp;&nbsp;Balance, May 31, 2023 |  | $— | 107483450 | $107483 | $5161532 | $(17873590) | $(12604575) |
| &nbsp;&nbsp;Net loss for the year ended May 31, 2024 |  |  |  |  |  | (651739) | (651739) |
| &nbsp;&nbsp;Balance, May 31, 2024 |  | $— | 107483450 | $107483 | $5161532 | $(18525329) | $(13256314) |
| &nbsp;&nbsp;Net loss for the year ended May 31, 2025 |  |  |  |  |  | (596140) | (596140) |
| &nbsp;&nbsp;Balance, May 31, 2025 |  | $— | 107483450 | $107483 | $5161532 | $(19121469) | $(13852454) |

---

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

---

| |
|:---|
| &nbsp;&nbsp;**WEWARDS, INC.** |
| &nbsp;&nbsp;**STATEMENTS OF CASH FLOWS** |

---

---

| | | |
|:---|:---|:---|
|  | **For the Years Ended** | **For the Years Ended** |
|  | **May 31,** | **May 31,** |
|  | **2025** | **2024** |
| &nbsp;&nbsp;**CASH FLOWS FROM OPERATING ACTIVITIES** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss | $(596140) | $(651739) |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile net loss to net cash used in operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Decrease (increase) in assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses |  | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | 225 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued interest, related party | 525000 | 526439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in operating activities | (70915) | (125200) |
| &nbsp;&nbsp;NET CHANGE IN CASH | (70915) | (125200) |
| &nbsp;&nbsp;CASH AT BEGINNING OF PERIOD | 764205 | 889405 |
| &nbsp;&nbsp;CASH AT END OF PERIOD | $693290 | $764205 |
| &nbsp;&nbsp;SUPPLEMENTAL INFORMATION: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest paid | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Income taxes paid | $— | $— |

---

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

**WEWARDS, INC.**

**NOTES TO FINANCIAL STATEMENTS**

**NOTE 1 – NATURE OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES**

<u>Nature of Business</u>

Wewards, Inc. ("Wewards" or "the Company") was incorporated in the state of Nevada on September 10, 2013 as Betafox Corp., with the initial intent to manufacture and sell color candles. On April 26, 2015, Giorgos Kallides (the "Seller"), entered into an agreement with Future Continental Limited ("Purchaser"), pursuant to which, on May 11, 2015, the Seller sold to Purchaser six million (6,000,000) shares of common stock of the Company (the "Shares") owned by the Seller, constituting approximately 73.8% of the Company's 8,130,000 issued and outstanding common shares at such time, for $340,000. In October 2015, the Purchaser sold the 6,000,000 Shares to Mr. Lei Pei, an affiliate of the Purchaser, in consideration of Mr. Pei's agreement to serve as our director and CEO. On January 8, 2018, by consent of Lei Pei as the Company's principal shareholder, the Company changed its name to Wewards, Inc. The Company's corporate office is located in Las Vegas, Nevada.

The Company has developed, and is the owner of a web-based platform, accessible by mobile apps (the "Platform") that will enable consumers to purchase goods from merchants and earn rebates payable in the form of Bitcoin. The Platform provides an innovative Bitcoin rewards ecosystem. It is designed to transform traditional concepts of commerce into a cooperative society where both merchants and consumers are collaborating, utilizing Bitcoin to reward consumers. The ecosystem provides consumers with rewards each time they complete a challenge defined by a merchant. This is intended to make the ecommerce process beneficial to all market participants, and to help distribute commercial wealth among and between the merchants and consumers. The Company intends to generate revenue by licensing "white-label" versions of the Platform to third parties.

On April 2, 2020, we purchased intellectual property rights ("IP") from United Power, a Nevada corporation under common ownership with Lei Pei, our sole officer and director and majority shareholder, for cash consideration of $179,300, based on a price determined by an independent valuation.

The IP consists of technology and related rights associated with the game Megopoly, an MMO (Massively Multiplayer Online Game). Megopoly is an MMO board game where players are able to earn fractions of Bitcoins (satoshi) through buying, selling, and managing virtual real estate properties using in-game currency (Megopoly Coins). The game is similar in some respects to Monopoly.

The game allows players around the world to interact with each other online. Players travel (move) through different parts of a city, earning profit by investing in properties, charging rent, acquiring bonus assets, and selling their properties to other players for in-game currency. A player is able to progress to higher levels of "cities" at any time.

The player's goal in Megopoly is to earn Megopoly Coins by investing in properties and collecting rent from other players. Players can keep playing the game using their Megopoly Coins for the opportunity to earn more coins, or they can exchange those coins for Bitcoins based on real-time market exchange rates.

Megopoly is playable at any time through a web browser on a PC, tablet or smart phone, in both Chinese and English. The game has been designed for players of all skill levels. To date, we have not generated any revenue from Megopoly other than pursuant to related party agreements as described below.

The Company entered into an agreement in January of 2021 with Sandbx Corp., a company owned by the Chief Operating Officer of United Power and FL Galaxy, related parties to the Company, as our Chief Executive Officer, Lei Pei, is also the Chief Executive Officer of United Power and FL Galaxy, to further develop the Megopoly game, under which the Company paid Sandbx Corp. monthly fees of $168,500, resulting in $1,622,500 of related party software development costs for the year ended May 31, 2022. The development agreement with Sandbx Corp. was terminated with the completion of Megopoly in December of 2021. The Company did not generate any revenue, or incur any software development costs, during our fiscal years ended May 31, 2025 or 2024, and is now actively seeking licensing arrangements to bring the game to market.

<u>Basis of Accounting</u>

The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission (SEC). All references to Generally Accepted Accounting Principles ("GAAP") are in accordance with The Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") and the Hierarchy of Generally Accepted Accounting Principles.

**WEWARDS, INC.**<br>**NOTES TO FINANCIAL STATEMENTS**<br>

<u>Use of Estimates</u>

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that may affect the 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 reporting period. Actual results could differ from these estimates.

<u>Concentrations of Credit Risk</u>

The Company maintains cash in bank deposit accounts, the balances of which at times may exceed federally insured limits. Accounts are guaranteed by the Federal Deposit Insurance Corporation (FDIC) up to $250,000 under current regulations. The Company had approximately $443,290 and $514,205 in excess of FDIC insured limits at May 31, 2025 and 2024, respectively. The Company has not experienced any losses in such accounts.

<u>Fair Value of Financial Instruments</u>

The Company adopted ASC 820, Fair Value Measurements and Disclosures (ASC 820). ASC 820 defines fair value, establishes a three-level valuation hierarchy for disclosures of fair value measurement and enhances disclosure requirements for fair value measures. The three levels are defined as follows:

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| |
|:---|
| • Level 1 inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. |
| • Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. |
| • Level 3 inputs to valuation methodology are unobservable and significant to the fair measurement. |

---

The carrying value of cash, accounts payables and accrued expenses are estimated by management to approximate fair value primarily due to the short-term nature of the instruments.

Impairment of Long-Lived Assets

The Company reviews intangible assets for impairment when events or changes in circumstances indicate the carrying amount may not be recoverable. The Company measures recoverability of these assets by comparing the carrying amounts to the future undiscounted cash flows that the assets or the asset group are expected to generate. If the carrying value of the assets are not recoverable, the impairment recognized is measured as the amount by which the carrying value of the asset exceeds its fair value.

<u>Convertible Instruments</u>

The Company evaluates its convertible instruments, options, warrants or other contracts to determine if those contracts or embedded components of those contracts qualify as derivatives to be separately accounted for under ASC Topic 815, "Derivatives and Hedging." The result of this accounting treatment is that the fair value of the derivative is marked-to-market each balance sheet date and recorded as a liability. In the event that the fair value is recorded as a liability, the change in fair value is recorded in the statement of operations as other income (expense). Upon conversion or exercise of a derivative instrument, the instrument is marked to fair value at the conversion date and then that fair value is reclassified to equity. Equity instruments that are initially classified as equity that become subject to reclassification under ASC Topic 815 are reclassified to liabilities at the fair value of the instrument on the reclassification date. We analyzed the derivative financial instruments (the Convertible Notes), in accordance with ASC 815. The objective is to provide guidance for determining whether an equity-linked financial instrument is indexed to an entity's own stock. This determination is needed for a scope exception which would enable a derivative instrument to be accounted for under the accrual method. The classification of a non-derivative instrument that falls within the scope of ASC 815-40-05 "Accounting for Derivative Financial Instruments Indexed to, and Potentially Settled in, a Company's Own Stock" also hinges on whether the instrument is indexed to an entity's own stock. A non-derivative instrument that is not indexed to an entity's own stock cannot be classified as equity and must be accounted for as a liability. There is a two-step approach in determining whether an instrument or embedded feature is indexed to an entity's own stock. First, the instrument's contingent exercise provisions, if any, must be evaluated, followed by an evaluation of the instrument's settlement provisions. The Company utilized multinomial lattice models that value the derivative liability within the notes based on a probability weighted discounted cash flow model. The Company utilized the fair value standard set forth by the Financial Accounting Standards Board, defined as the amount at which the assets (or liability) could be bought (or incurred) or sold (or settled) in a current transaction between willing parties, that is, other than in a forced or liquidation sale.

**WEWARDS, INC.**<br>**NOTES TO FINANCIAL STATEMENTS**<br>

<u>Revenue Recognition</u>

The Company recognizes revenue in accordance with ASC 606 — Revenue from Contracts with Customers. Under ASC 606, the Company recognizes revenue from the licensing of our software by applying the following steps: (1) identify the contract with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to each performance obligation in the contract; and (5) recognize revenue when each performance obligation is satisfied. All revenues to date have been recognized from licensing Megopoly and related IP to Sandbx Corp., a separate company owned by the Chief Operating Officer of United Power and FL Galaxy, related parties of the Company, as our Chief Executive Officer, Lei Pei, is also the Chief Executive Officer of United Power and FL Galaxy.

We derive revenue principally from licensing our intellectual property, including our game, and related extra content and services that can be utilized by players of our game. Our product and service offerings include, but are not limited to, licensing to third parties ("software license") to distribute and host our games and content ("Online-Hosted Service Games"). For the years ended May 31, 2025 and 2024, there were no revenues recognized.

We evaluate and recognize revenue by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• identifying the contract(s) with the customer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• identifying the performance obligations in the contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• determining the transaction price;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• allocating the transaction price to performance obligations in the contract; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• recognizing revenue as each performance obligation is satisfied through the transfer of a promised good or service to a customer (i.e., "transfer of control").

*Online-Hosted Service Games.* Sales of our Online-Hosted Service Games are determined to have one distinct performance obligation: the online hosting. We recognize revenue from these arrangements as the service is provided through our licensing agreement(s).

*Licensing Revenue*

We utilize third-party licensees to distribute and host our games and content in accordance with license agreements, for which the licensees typically pay us a fixed minimum guarantee and/or sales-based royalties. These arrangements typically include multiple performance obligations, such as a time-based license of software and future update rights. We recognize as revenue a portion of the minimum guarantee when we transfer control of the license of software (generally upon commercial launch) and the remaining portion ratably over the contractual term in which we provide the licensee with future update rights. Any sales-based royalties are generally recognized as the related sales occur by the licensee.

*Significant Judgments around Revenue Arrangements*

*Identifying performance obligations.* Performance obligations promised in a contract are identified based on the goods and services that will be transferred to the customer that are both capable of being distinct, (i.e., the customer can benefit from the goods or services either on its own or together with other resources that are readily available), and are distinct in the context of the contract (i.e., it is separately identifiable from other goods or services in the contract). To the extent a contract includes multiple promises, we must apply judgment to determine whether those promises are separate and distinct performance obligations. If these criteria are not met, the promises are accounted for as a combined performance obligation.

*Determining the transaction price.* The transaction price is determined based on the consideration that we will be entitled to receive in exchange for transferring our goods and services to the customer. Determining the transaction price often requires judgment, based on an assessment of contractual terms and business practices. It further includes review of variable consideration such as discounts, sales returns, price protection, and rebates, which is estimated at the time of the transaction. In addition, the transaction price does not include an estimate of the variable consideration related to sales-based royalties. Sales-based royalties are recognized as the sales occur.

*Allocating the transaction price.* Allocating the transaction price requires that we determine an estimate of the relative stand-alone selling price for each distinct performance obligation. Determining the relative stand-alone selling price is inherently subjective, especially in situations where we do not sell the performance obligation on a stand-alone basis (which occurs in the majority of our transactions). In those situations, we determine the relative stand-alone selling price based on various observable inputs using all information that is reasonably available. Examples of observable inputs and information include: historical internal pricing data, cost plus margin analyses, third-party external pricing of similar or same products and services such as software licenses and maintenance support within the enterprise software industry. The results of our analysis resulted in a specific percentage of the transaction price being allocated to each performance obligation.

**WEWARDS, INC.**<br>**NOTES TO FINANCIAL STATEMENTS**<br>

*Determining the Estimated Offering Period.* The offering period is the period in which we offer to provide the future update rights and/or online hosting for the game. Because the offering period is not an explicitly defined period, we must make an estimate of the offering period for the service-related performance obligations (i.e., future update rights and online hosting). Determining the Estimated Offering Period is inherently subjective and is subject to regular revision. Generally, we consider the specified contract period of our software licenses and therefore, the offering period is estimated to be over the term of the license. We recognize revenue for future update rights and online hosting performance obligations ratably on a straight-line basis over this period as there is a consistent pattern of delivery for these performance obligations.

<u>Software Development Costs</u>

The Company expenses software development costs, including costs to develop software products or the software component of products to be sold, leased, or marketed to external users, before technological feasibility is reached. Technological feasibility is typically reached shortly before the release of such products. Software development costs also include costs to develop software to be used solely to meet internal needs and cloud-based applications used to deliver our services. The Company capitalizes development costs related to these software applications once the preliminary project stage is complete and it is probable that the project will be completed, and the software will be used to perform the function intended. Capitalization ends, and amortization begins when the product is available for general release to customers.

<u>Stock-Based Compensation</u>

The Company accounts for equity instruments issued to employees in accordance with the provisions of ASC 718 Stock Compensation (ASC 718) and Equity-Based Payments to Non-employees pursuant to ASC 2018-07 (ASC 2018-07). All transactions in which goods or services are the consideration received for the issuance of equity instruments are accounted for based on the fair value of the consideration received or the fair value of the equity instrument issued, whichever is more reliably measurable. The measurement date of the fair value of the equity instrument issued is the earlier of the date on which the counterparty's performance is complete or the date at which a commitment for performance by the counterparty to earn the equity instruments is reached because of sufficiently large disincentives for nonperformance.

<u>Basic and Diluted Loss Per Share</u>

Basic earnings per share ("EPS") are computed by dividing net income (the numerator) by the weighted average number of common shares outstanding for the period (the denominator). Diluted EPS is computed by dividing net income by the weighted average number of common shares and potential common shares outstanding (if dilutive) during each period. Potential common shares include stock options, warrants and restricted stock. The number of potential common shares outstanding relating to stock options, warrants and restricted stock is computed using the treasury stock method. For the periods presented, potential dilutive securities had an anti-dilutive effect and were not included in the calculation of diluted net loss per common share.

<u>Income Taxes</u>

Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. A valuation allowance is provided for significant deferred tax assets when it is more likely than not, that such asset will not be recovered through future operations.

<u>Uncertain Tax Positions</u>

In accordance with ASC 740, "Income Taxes" ("ASC 740"), the Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be capable of withstanding examination by the taxing authorities based on the technical merits of the position. These standards prescribe a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. These standards also provide guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition.

Various taxing authorities may periodically audit the Company's income tax returns. These audits include questions regarding the Company's tax filing positions, including the timing and amount of deductions and the allocation of income to various tax jurisdictions. In evaluating the exposures connected with various tax filing positions, including state and local taxes, the Company records allowances for probable exposures. A number of years may elapse before a particular matter, for which an allowance has been established, is audited and fully resolved. The Company has not yet undergone an examination by any taxing authorities.

The assessment of the Company's tax position relies on the judgment of management to estimate the exposures associated with the Company's various filing positions.

**WEWARDS, INC.**<br>**NOTES TO FINANCIAL STATEMENTS**<br>

<u>Recent Accounting Standards</u>

From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board ("FASB") that are adopted by the Company as of the specified effective date. If not discussed, management believes that the impact of recently issued standards, which are not yet effective, will not have a material impact on the Company's financial statements upon adoption.

In November 2023, the FASB issued Accounting Standards Update ("ASU") No. 2023-07, "S*egment Reporting (Topic 280): Improvements to Reportable Segment Disclosure.*" The ASU updated reportable segment disclosure requirements, primarily through requiring enhanced disclosures about significant segment expenses and information used to assess segment performance. The ASU is effective in the first fiscal reporting period beginning after December 15, 2024, and for interim periods within annual reporting periods beginning after December 15, 2024. The Company will adopt ASU No. 2023-07 on June 1, 2025. The Company is currently evaluating the final rule to determine its impact on the Company's disclosures.

In December 2023, the FASB issued ASU 2023-09, "*Income Taxes (Topic 740): Improvements to Income Tax Disclosures"*. The amendments in this ASU add specific requirements for income tax disclosures to improve transparency and decision usefulness. The guidance in ASU 2023-09 requires that public business entities disclose specific categories in the income tax rate reconciliation and provide additional qualitative information for reconciling items that meet a quantitative threshold. In addition, the amendments in ASU 2023-09 require that all entities disclose the amount of income taxes paid disaggregated by federal, state, and foreign taxes and disaggregated by individual jurisdictions. The ASU also includes other disclosure amendments related to the disaggregation of income tax expense between federal, state and foreign taxes. For public business entities, the amendments in this update are effective for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The amendments in this update should be applied on a prospective basis and retrospective application is permitted. The Company is currently evaluating this ASU to determine its impact on the Company's disclosures.

In March 2024, the U.S. Securities and Exchange Commission (the "SEC") adopted the final rule under SEC Release No. 33-11275, *The Enhancement and Standardization of Climate-Related Disclosures for Investors*. This rule would require registrants to disclose certain climate-related information in registration statements and annual reports. In April 2024, the SEC voluntarily stayed the final rule as a result of pending legal challenges. The disclosure requirements would apply to the Company's fiscal year beginning June 1, 2025, pending resolution of the stay. The Company is currently evaluating the final rule to determine its impact on the Company's disclosures.

In November 2024, the FASB issued ASU 2024-03 and in January 2025, the FASB issued ASU 2025-01, "*Income Statement - Reporting Comprehensive Income -Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses.*" The guidance requires disclosures about specific expense categories, including but not limited to, purchases of inventory, employee compensation, depreciation, amortization and selling expenses. The ASU is effective in the first annual reporting period beginning after December 15, 2026, and for interim periods within annual reporting periods beginning after December 15, 2027. The Company is currently assessing the effect that adoption of this guidance will have on its Consolidated Financial Statements.

There are no other recently issued accounting pronouncements that the Company has yet to adopt that are expected to have a material effect on its financial position, results of operations, or cash flows.

**NOTE 2 – GOING CONCERN**

As shown in the accompanying financial statements, the Company has incurred recurring losses from operations resulting in an accumulated deficit of $19,121,469 and had negative working capital of $3,352,454, and as of May 31, 2025, the Company's cash on hand may not be sufficient to sustain operations. These factors raise substantial doubt about the Company's ability to continue as a going concern. Management is actively pursuing licensing agreements to commence revenues. Since our CEO and majority shareholder, Mr. Pei, acquired control over the Company in May 2015, we have been wholly dependent upon him and his affiliated companies, to provide financing to us when needed, generally in the form of convertible loans. There can be no assurance that Mr. Pei will continue to make additional financing available to us when needed. The accompanying financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.

The financial statements do not include any adjustments that might result from the outcome of any uncertainty as to the Company's ability to continue as a going concern. These financial statements also do not include any adjustments relating to the recoverability and classification of recorded asset amounts, or amounts and classifications of liabilities that might be necessary should the Company be unable to continue as a going concern.

**WEWARDS, INC.**<br>**NOTES TO FINANCIAL STATEMENTS**<br>

**NOTE 3 – RELATED PARTY TRANSACTIONS**

<u>Convertible Notes Payable, Related Party</u>

As disclosed in Note 5, below, the Company has received a total of $10,500,000 in exchange for convertible notes owed to Sky Rover Holdings, Ltd ("Sky Rover"), an entity owned and controlled by Mr. Pei. Sky Rover has since been dissolved, and Mr. Pei has assumed the debt as the beneficial owner.

**NOTE 4 – FAIR VALUE OF FINANCIAL INSTRUMENTS**

Under FASB ASC 820-10-5, fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). The standard outlines a valuation framework and creates a fair value hierarchy in order to increase the consistency and comparability of fair value measurements and the related disclosures. Under GAAP, certain assets and liabilities must be measured at fair value, and FASB ASC 820-10-50 details the disclosures that are required for items measured at fair value.

The Company has certain financial instruments that must be measured under the new fair value standard. The Company's financial assets and liabilities are measured using inputs from the three levels of the fair value hierarchy. The three levels are as follows:

Level 1 - Inputs are unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date.

Level 2 - Inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates, yield curves, etc.), and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market corroborated inputs).

Level 3 - Unobservable inputs that reflect our assumptions about the assumptions that market participants would use in pricing the asset or liability.

The following schedule summarizes the valuation of financial instruments at fair value on a recurring basis in the balance sheets as of May 31, 2025 and 2024, respectively:

---

| | | | |
|:---|:---|:---|:---|
|  | **Fair Value Measurements at May 31, 2025** | **Fair Value Measurements at May 31, 2025** | **Fair Value Measurements at May 31, 2025** |
|  | **Level 1** | **Level 2** | **Level 3** |
| **Assets** | | | |
| &nbsp;&nbsp;Cash | $693290 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Total assets | 693290 |  |  |
| **Liabilities** |  |  |  |
| &nbsp;&nbsp;Convertible notes payable, related party |  |  | 10500000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities |  |  | 10500000 |
| &nbsp;&nbsp;**Total** | $693290 | $— | $(10500000) |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Fair Value Measurements at May 31, 2024** | **Fair Value Measurements at May 31, 2024** | **Fair Value Measurements at May 31, 2024** |
|  | **Level 1** | **Level 2** | **Level 3** |
| **Assets** | | | |
| &nbsp;&nbsp;Cash | $764205 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Total assets | 764205 |  |  |
| **Liabilities** |  |  |  |
| &nbsp;&nbsp;Convertible notes payable, related party |  |  | 10500000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities |  |  | 10500000 |
| &nbsp;&nbsp;**Total** | $764205 | $— | $(10500000) |

---

The fair values of our related party debts are deemed to approximate book value, and are considered Level 2 and 3 inputs as defined by ASC Topic 820-10-35.

There were no transfers of financial assets or liabilities between Level 1, Level 2 and Level 3 inputs for the years ended May 31, 2025 and 2024.

**WEWARDS, INC.**<br>**NOTES TO FINANCIAL STATEMENTS**<br>

**NOTE 5 – CONVERTIBLE NOTES PAYABLE, RELATED PARTY**

Convertible notes payable, related party consists of the following at May 31, 2025 and 2024, respectively:

---

| | | |
|:---|:---|:---|
|  | **May 31,**<br>**2025** | **May 31,**<br>**2024** |
| &nbsp;&nbsp;On February 26, 2017, Sky Rover, which is owned and controlled by Mr. Pei, agreed to loan up to $20,000,000 to the Company, of which $8,000,000 was loaned on February 28, 2017. Sky Rover was issued an unsecured, 5%, convertible promissory note which is due on May 31, 2027 (as extended), and is, in whole or in part, at the option of the holder, convertible into common shares at any time before the due date, at a conversion price of $0.08 per share (subject to adjustment in the event of stock splits, forward splits, recapitalizations, a merger, etc.). At the option of the Company, the interest may also be paid by issuing restricted shares of common stock, at the same conversion price per share. On June 26, 2018, the Company repaid $4,000,000 of principal of this loan. In addition, Sky Rover converted $1,500,000 of principal of this loan into common shares at the conversion price of $0.08 per share into a total of 18,750,000 shares. Sky Rover waived accrued and unpaid interest of $363,904, which was credited to additional paid in capital. As of May 31, 2025, there is $1,033,303 of accrued interest due on this loan. | $2500000 | $2500000 |
| &nbsp;&nbsp;On November 20, 2017, Sky Rover loaned an additional $8,000,000 to the Company. Sky Rover was issued an unsecured, 5%, convertible promissory note which is due on May 31, 2027 (as extended), and is, in whole or in part, at the option of the holder, convertible into common shares at any time before the due date, at a conversion price of $0.08 per share (subject to adjustment in the event of stock splits, forward splits, recapitalizations, a merger, etc.). At the option of the Company, the interest may also be paid by issuing restricted shares of common stock, at the same conversion price per share. As of May 31, 2025, there is $3,012,603 of accrued interest on this loan. | 8000000 | 8000000 |
| &nbsp;&nbsp;Total convertible notes payable, related party | 10500000 | 10500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: current portion |  |  |
| &nbsp;&nbsp;Convertible notes payable, related party, less current portion | $10500000 | $10500000 |

---

If Sky Rover converts the remaining $10,500,000 of principal on the Convertible Notes at the present conversion price of $0.08 per share into 131,250,000 shares, then those shares, plus the 101,353,450 shares Mr. Pei currently owns, would give him beneficial ownership of 232,603,450 shares of the Company's 238,733,450 then-issued and outstanding shares (assuming that no other shares are issued prior to conversion), which would approximate 97.4% of the then-outstanding shares.

The Company recognized $525,000 and $526,439 of interest expense on related party convertible notes for the years ended May 31, 2025 and May 31, 2024, respectively.

**NOTE 6 –STOCKHOLDERS' EQUITY**

<u>Preferred Stock</u>

The Company has authorized "blank check" preferred stock of 50,000,000 shares, par value $0.001 per share. The voting powers, conversion features, if any, designations, preferences, limitations, restrictions and other rights of each series of preferred stock shall be prescribed by resolution of the Board of Directors at the time a specific series of preferred stock is designated. None of the preferred shares have been designated or issued as of the date of this Report.

<u>Common Stock</u>

The Company has 500,000,000 authorized shares of $0.001 par value Common Stock, and had 107,483,450 shares issued and outstanding as of May 31, 2025.

**WEWARDS, INC.**<br>**NOTES TO FINANCIAL STATEMENTS**<br>

**NOTE 7 - INCOME TAX**

The Company accounts for income taxes under FASB ASC 740-10, which requires use of the liability method. FASB ASC 740-10-25 provides that deferred tax assets and liabilities are recorded based on the differences between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes, referred to as temporary differences.

For the years ended May 31, 2025 and 2024, the Company incurred a net operating loss and, accordingly, no provision for income taxes has been recorded. In addition, no benefit for income taxes has been recorded due to the uncertainty of the realization of any tax assets. At May 31, 2025, the Company had approximately $9,021,000 of federal net operating losses. The net operating loss carry forwards, if not utilized, will begin to expire in 2034.

The effective income tax rate for the years ended May 31, 2025 and 2024 consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **May 31,** | **May 31,** |
|  | **2025** | **2024** |
| &nbsp;&nbsp;Federal statutory income tax rate | 21% | 21% |
| &nbsp;&nbsp;State income taxes | —% | —% |
| &nbsp;&nbsp;Change in valuation allowance | (21)% | (21)% |
| &nbsp;&nbsp;Net effective income tax rate |  |  |

---

The components of the Company's deferred tax asset are as follows:

---

| | | |
|:---|:---|:---|
|  | **May 31,** | **May 31,** |
|  | **2025** | **2024** |
| &nbsp;&nbsp;Deferred tax assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net operating loss carry forwards | $1906128 | $1894000 |
| &nbsp;&nbsp;Net deferred tax assets before valuation allowance | $1906128 | $1894000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Valuation allowance | (1906128) | (1894000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net deferred tax assets | $— | $— |

---

Based on the available objective evidence, including the Company's history of its loss, management believes it is more likely than not that the net deferred tax assets will not be fully realizable. Accordingly, the Company provided for a full valuation allowance against its net deferred tax assets at May 31, 2025 and 2024, respectively.

In accordance with FASB ASC 740, the Company has evaluated its tax positions and determined there are no uncertain tax positions.

**NOTE 8 – SUBSEQUENT EVENTS**

In accordance with ASC 855-10, management has performed an evaluation of subsequent events through the date that the financial statements were available to be issued and has determined that it does not have any material subsequent events to disclose in these financial statements.

**ITEM 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure**

None

**ITEM 9A. Controls and Procedures**

**Evaluation of Disclosure Controls and Procedures**

Our management, with the participation of our Principal Executive Officer and our Principal Financial Officer, who is one and the same, evaluated the effectiveness of our disclosure controls and procedures as of May 31, 2025 (the "Evaluation Date"). The term "disclosure controls and procedures," as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act, means controls and other procedures of a company that are designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the SEC's rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is accumulated and communicated to the company's management, including its principal executive and principal financial officers, as appropriate, to allow timely decisions regarding required disclosure. Management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving their objectives and management necessarily applies its judgment in evaluating the cost-benefit relationship of possible controls and procedures.

Based upon that evaluation, the Company's management concluded, as of the end of the period covered by this Annual Report, that our disclosure controls and procedures were not effective in recording, processing, summarizing, and reporting information required to be disclosed, within the time periods specified in the Commission's rules and forms, and that such information was not accumulated and communicated to management, including the principal executive officer and the principal financial officer, who is one and the same, to allow timely decisions regarding required disclosures as a result of the identified material weakness in internal control over financial reporting, the nature of which is summarized below.

**Management's Annual Report on Internal Control Over Financial Reporting**

Management is responsible for establishing and maintaining adequate internal control over financial reporting. Internal control over financial reporting is a process, under the supervision of the principal executive officer and the principal financial officer, designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of the Company's financial statements for external purposes in accordance with United States generally accepted accounting principles (GAAP). Internal control over financial reporting includes those policies and procedures that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions
and dispositions of the Company's assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Provide reasonable assurance that transactions are recorded as necessary to permit preparation of the
financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures are being made only
in accordance with authorizations of management and the board of directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use,
or disposition of the Company's assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

The Company's management has conducted, with the participation of our Principal Executive Officer and our Principal Accounting Officer, who is one and the same, an assessment, including testing of the effectiveness, of our internal control over financial reporting as of Evaluation Date. Management's assessment of internal control over financial reporting was conducted using the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control — Integrated Framework (2013 Framework). Based on the Company's assessment, management has concluded that its internal control over financial reporting was not effective as of May 31, 2025 to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements in accordance with GAAP.

A material weakness is a control deficiency, or a combination of deficiencies in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of our annual or interim financial statements will not be prevented or detected on a timely basis. In connection with management's assessment of our internal control over financial reporting, we have determined that there were control deficiencies that constituted material deficiencies, as described below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. We do not have an Audit Committee – While not being legally obligated to have an audit committee, it is management' s view that such a committee, including a financial expert member, is an important entity level control over the Company's financial statements. Currently the single-member Board of Directors acts in the capacity of the Audit Committee, and does not include a member that is considered to be independent of management to provide the necessary oversight over management's activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. We did not maintain appropriate cash controls – As of May 31, 2025, the Company has not maintained sufficient internal controls over financial reporting for the cash process, including failure to segregate cash handling and accounting functions, and did not require dual signature on the Company' s bank accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Lack of segregation of duties – We have no employees other than our CEO and CFO, who are one and the same person. Therefore, all accounting information is currently reviewed only by one person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Related parties – The Company has no formal process related to the identification and approval of related party transactions.

While these control deficiencies did not result in any audit adjustments to our interim or annual financial statements, it could have resulted in a material misstatement that might have been prevented or detected by a segregation of duties. Accordingly, we have determined that these control deficiencies constitute a material weakness.

To the extent reasonably possible, given our limited resources, our goal is to separate the responsibilities of the principal executive officer and principal financial officer, intending to rely on two or more individuals. We will also seek to expand our current board of directors to include additional individuals willing to perform directorial functions. Since the recited remedial actions will require that we hire or engage additional personnel, this material weakness may not be overcome in the near term due to our limited financial resources. Until such remedial actions can be realized, we will continue to rely on the advice of outside professionals and consultants.

This annual report does not include an attestation report of our registered public accounting firm regarding our internal controls over financial reporting. Management's report was not subject to attestation by our registered public accounting firm pursuant to Section 404(c) of the Sarbanes-Oxley Act that permit us to provide only management's report in this annual report.

**Changes in Internal Control over Financial Reporting**

There have been no changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) or in other factors that occurred during the fiscal quarter ending May 31, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

**ITEM 9B. Other Information**

During the quarter ended May 31, 2025, no director or officer of the Company adopted or terminated a contract, instruction or written plan for the purchase or sale of securities of the Company intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) and/or a non-Rule 10b5-1 trading arrangement.

**PART III**

**ITEM 10. Directors, Executive Officers and Corporate Governance**

Set forth below is information on our sole director and executive officer.

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **Age** | **Age** | **Position** |
| &nbsp;&nbsp;Lei Pei |  | 47 | &nbsp;&nbsp;President, Chief Executive Officer, Chief Financial Officer, Treasurer, Secretary and sole Director |

---

***Lei Pei*** has been our sole director and executive officer since April 2015. Mr. Pei holds a Bachelor's degree in International Economic Law from Nankai University, China and a Master's degree in International Business Law from the University of Manchester, UK. Mr. Pei has previously served as a consultant to global, top 10 law firms regarding Chinese law related matters. Mr. Pei served as Legal Counsel for Liberty & Co. Solicitors in London, UK, from 2002 to 2005. He was a lawyer with the Beijing Concord & Partners from 2005 to 2007, and then with the Beijing office of the international law firm, Hogan Lovells, from 2007 to 2008. He served as a Managing Partner with King& Bond Law Firm in Beijing from 2008 to 2010. From 2010 to 2013, Mr. Pei served as the Co-founder and General Manager of Lawspirit Education Group Limited in Beijing, China. He is also the sole shareholder and officer of Sky Rover Holdings, Ltd.

**Family Relationships**

None.

**Board Committees and Audit Committee Financial Expert**

We do not currently have a standing audit, nominating or compensation committee of the board of directors, or any committee performing similar functions. Our board of directors performs the functions of audit, nominating and compensation committees. As of the date of this prospectus, no member of our board of directors qualifies as an "audit committee financial expert" as defined in Item 407(d)(5) of Regulation S-K promulgated under the Securities Act.

**Director Nominations**

As of May 31, 2025, we did not affect any material changes to the procedures by which our shareholders may recommend nominees to our board of directors. We have not established formal procedures by which security holders may recommend nominees to the Company's board of directors.

**Delinquent Section 16(a) Reports**

Section 16(a) of the Exchange Act requires the Company's directors, executive officers and persons who own more than 10% of a registered class of the Company's securities to file with the SEC initial reports of ownership and reports of changes in ownership of common stock and other equity securities of the Company. Directors, executive officers and greater than 10% stockholders are required by SEC regulation to furnish the Company with copies of all Section 16(a) reports they file. To our knowledge, based solely on the review of the copies of these forms furnished to us and representations that no other reports were required, the Company believes that all forms required to be filed under Section 16 of the Exchange Act for the year ended May 31, 2025 were filed timely.

**ITEM 11. Executive Compensation**

**Officer Compensation**

We did not pay or accrue any compensation during the fiscal years ended May 31, 2025 and 2024 to Mr. Pei, who was our only executive officer during the fiscal year ended May 31, 2025.

We have no employment agreement with Mr. Pei, and do not currently contemplate entering into any employment agreement.

There are no stock option plans, retirement, pension, or profit-sharing plans for the benefit of our current sole officer and director.

**Director Compensation**

The sole member of our board of directors is not compensated for his services as a director.

**ITEM 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters**

The following table sets forth, as of August 15, 2025, certain information with regard to the record and beneficial ownership of the Company's common stock by (i) each person known to the Company to be the record or beneficial owner of 5% or more of the Company's common stock, (ii) each director of the Company, (iii) each of the named executive officers, and (iv) all executive officers and directors of the Company as a group. The address of each of our directors and executive officers named in the table is c/o Wewards, Inc., 3305 Spring Mountain Road, Suite 104, Las Vegas, Nevada 89102:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Common Stock** | **Common Stock** | **Preferred Stock** | **Preferred Stock** |
| **Name of Beneficial Owner<sup>(1)</sup>** | **Number of Shares** | **% of Class<sup>(2)</sup>** | **Number of Shares** | **% of Class** |
| **Officers and Directors:** |  |  |  |  |
| Lei Pei, CEO<sup>(3)</sup> | 101353450 | 94.3% |  |  |
| &nbsp;&nbsp;&nbsp;Directors and Officers as a Group (1 person) | 101353450 | 94.3% |  |  |

---

\* less than 1%

<sup>(1)</sup> Except as indicated in the footnotes to this table and pursuant to applicable community property laws, the persons named in the table have sole voting and investment power with respect to all shares of Common Stock or Preferred Stock owned by such person.

<sup>(2)</sup> Percentage of beneficial ownership is based upon 107,483,450 shares of Common Stock outstanding as of August 15, 2025. For each named person, this percentage includes Common Stock that the person has the right to acquire either currently or within 60 days of August 15, 2025, including through the exercise of an option; however, such Common Stock is not deemed outstanding for the purpose of computing the percentage owned by any other person.

<sup>(3)</sup> Includes 30,406,035 shares owned by the LFA Irrevocable Trust DTD 7/31/18 for the benefit of Mr. Lei Pei's children, for which Mr. Pei's wife, Mrs. Chenfang Wang, is the sole trustee, and 30,406,035 shares owned by the LFC Irrevocable Trust DTD 7/31/18 for the benefit of Mr. Lei Pei's children, for which Mr. Pei's wife, Mrs. Chenfang Wang, is the sole trustee.

**ITEM 13. Certain Relationships and Related Transactions, and Director Independence**

**Director Independence**

Mr. Lei Pei is our only director. Mr. Pei is not "independent" in accordance with the NASDAQ Global Market's requirements. However, as our common stock is currently quoted on the The Pink Limited Market, we are not currently subject to corporate governance standards of listed companies.

*<u>Convertible Promissory Notes</u>*

On February 26, 2017, Sky Rover Holdings, Ltd ("Sky Rover), which is owned and controlled by Mr. Pei, agreed to loan up to $20,000,000 to the Company, of which $8,000,000 was loaned on February 28, 2017. Sky Rover was issued an unsecured, 5% convertible promissory note which is due on May 31, 2027 (as extended), and is, in whole or in part, at the option of the holder, convertible into common shares at any time before the due date, at a conversion price of $0.08 per share (subject to adjustment in the event of stock splits, forward splits, recapitalizations, a merger, etc.). At the option of the Company, the interest may also be paid by issuing restricted shares of common stock, at the same conversion price per share. On June 26, 2018, the Company repaid $4,000,000 of principal of this loan. In addition, Sky Rover converted $1,500,000 of principal of this loan into common shares at the conversion price of $0.08 per share into a total of 18,750,000 shares. Sky Rover waived accrued and unpaid interest of $363,904, which was credited to additional paid in capital. As of May 31, 2025, there is $1,033,303 of accrued interest due on this loan.

On November 20, 2017, Sky Rover loaned an additional $8,000,000 to the Company. Sky Rover was issued an unsecured, 5%, convertible promissory note which is due on May 31, 2027 (as extended), and is, in whole or in part, at the option of the holder, convertible into common shares at any time before the due date, at a conversion price of $0.08 per share (subject to adjustment in the event of stock splits, forward splits, recapitalizations, a merger, etc.). At the option of the Company, the interest may also be paid by issuing restricted shares of common stock, at the same conversion price per share. As of May 31, 2025, there is $3,012,603 of accrued interest on this loan.

**ITEM 14. Principal AccountING Fees And Services**

All audit work was performed by the full-time employees of M&K CPAS, PLLC ("M&K") for the years ended May 31, 2025 and 2024. Our board of directors does not have an audit committee. The functions customarily delegated to an audit committee are performed by our full board of directors. Our board of directors approves in advance, all services performed by M&K. Our board of directors has considered whether the provision of non-audit services is compatible with maintaining the principal accountant's independence, and has approved such services.

The following table sets forth fees billed by our auditors during the last two fiscal years for services rendered for the audit of our annual financial statements and the review of our quarterly financial statements, services by our auditors that are reasonably related to the performance of the audit or review of our financial statements and that are not reported as audit fees, services rendered in connection with tax compliance, tax advice and tax planning, and all other fees for services rendered.

---

| | | |
|:---|:---|:---|
|  | **Years Ended May 31,** | **Years Ended May 31,** |
|  | **2025** | **2024** |
| &nbsp;&nbsp;Audit fees<sup>(1)</sup> | $33750 | $32250 |
| &nbsp;&nbsp;Audit related fees |  |  |
| &nbsp;&nbsp;Tax fees |  |  |
| &nbsp;&nbsp;All other fees |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $33750 | $32250 |

---

 

<sup>(1)</sup> Audit fees were principally for audit services and work performed in the review of the Company's quarterly reports on Form 10-Q

**PART IV**

**ITEM 15. Exhibits and Financial Statement Schedules**

---

| | |
|:---|:---|
| Exhibit | Description |
| 3.1 | [Amended and Restated Articles of Incorporation (incorporated by reference to Exhibit 3.1 of the Form 8-K-1 filed with the Securities and Exchange Commission by Wewards, Inc. on March 1, 2017)](https://www.sec.gov/Archives/edgar/data/1616156/000155335017000210/egds_ex8z03.htm) |
| 3.2 | [Certificate of Amendment to Articles of Incorporation dated January 18, 2018 (incorporated by reference to Exhibit 3.4 of the Form 8-A filed with the Securities and Exchange Commission by Wewards, Inc. on July 2, 2018)](https://www.sec.gov/Archives/edgar/data/1616156/000155335017000210/egds_ex8z03.htm) |
| 3.3 | [Bylaws of Wewards, Inc., f/k/a Betafox Corp. (incorporated by reference to Exhibit 3.2 of the Form 8-A filed with the Securities and Exchange Commission by Wewards, Inc. on July 2, 2018)](https://www.sec.gov/Archives/edgar/data/1616156/000116552714000485/ex3-2.txt) |
| 4.1 | [Description of Registrant's Securities (incorporated by reference to Exhibit 4.1 of the Form 10-K filed with the Securities and exchange Commission by Wewards, Inc. on August 31, 2022)](https://www.sec.gov/Archives/edgar/data/1616156/000155335022000730/wewa_ex4z1.htm) |
| 10.1 | [Intellectual Property Rights Purchase and Transfer Agreement between Wewards, Inc. and United Power, Inc., dated as of April 2, 2020 (incorporated by reference to Exhibit 10.1 of the Form 10-K filed with the Securities and Exchange Commission by Wewards, Inc. on August 31, 2020)](https://www.sec.gov/Archives/edgar/data/1616156/000155335020000816/wewa_ex10z1.htm) |
| 31.1\* | [Certification of Chief Executive Officer and Chief Financial Officer pursuant to Securities Exchange Act of 1934 Rule 13a-14(a) or 15d-14(a)](ex31x1.htm) |
| 32.1\* | [Certification of Chief Executive Officer and Chief Financial Officer pursuant to Securities Exchange Act of 1934 Rule 13a-14(b) or 15d-14(b) and 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](ex32x1.htm) |
| 101.INS\* | Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document) |
| 101.SCH\* | Inline XBRL Taxonomy Extension Schema Document |
| 101.CAL\* | Inline XBRL Taxonomy Extension Calculation Linkbase Document |
| 101.DEF\* | Inline XBRL Taxonomy Extension Definition Linkbase Document |
| 101.LAB\* | Inline XBRL Taxonomy Extension Label Linkbase Document |
| 101.PRE\* | Inline XBRL Taxonomy Extension Presentation Linkbase Document |
| 104\* | Cover Page Interactive Data File (formatted in IXBRL, and included in exhibit 101) |

---

\* Filed herewith.

**SIGNATURES**

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

---

| | |
|:---|:---|
| **WEWARDS, INC.** | **WEWARDS, INC.** |
| (Registrant) | (Registrant) |
| By: | <u>/s/ *Lei Pei*</u> |
|  | Lei Pei |
|  | Chief Executive Officer and Chief Financial Officer (Principal Executive Officer and Principal Financial Officer) |
| Dated: | August 20, 2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant, and in the capacities and on the dates indicated:

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| <u>/s/ *Lei Pei*</u> | Chief Executive Officer and Chief Financial Officer |  |
| Lei Pei | (Principal Executive Officer and Principal Financial Officer) | <u>August 20, 2025</u> |

---

## Exhibit 31.1

**Exhibit 31.1**

**WEWARDS, INC.<br>CERTIFICATIONS PURSUANT TO<br> RULE 13A-14(A) OR RULE 15D-14(A),<br> AS ADOPTED PURSUANT TO<br> RULE 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Lei Pei, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this Form 10-K of Wewards, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. I have disclosed, based on my most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

<u>/s/ *Lei Pei*</u>

Lei Pei

Chief Executive Officer and Chief Financial Officer

Dated: August 20, 2025

## Exhibit 32.1

**EXHIBIT 32.1**

**WEWARDS, INC.**

**CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,<br> AS ADOPTED PURSUANT TO SECTION 906<br> OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Annual Report of Wewards, Inc. (the "Company") on Form 10-K for the year ended May 31, 2025, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Lei Pei, Chief Executive Officer and Principal Financial Officer of the Company, certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | |
|:---|:---|
|  | <u>/s/ *Lei Pei*</u><br> Lei Pei |
| Date: August 20, 2025 | Principal Executive Officer and Principal Financial Officer |

---