E-WORLD USA HOLDING,INC

CIK:0001517498|SEC Filings

CONDENSED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
CONDENSED STATEMENTS OF OPERATIONS (UNAUDITED)
SALES - OEM and Packaging	$ 81,477	$ 761,107	$ 227,366	$ 1,196,469
COST OF SALES
OEM and Packaging	59,394	630,550	116,480	855,985
Inventory write-down	18,143	0	23,016	4,075
Idle Capacity	0	1,284	0	9,298
TOTAL COST OF SALES	77,537	631,834	139,496	869,358
GROSS PROFIT	3,940	129,273	87,870	327,111
OPERATING EXPENSES
Selling expenses	4,983	20,094	8,612	66,197
General and administrative expenses	318,392	301,334	635,533	667,940
Stock compensation expense	0	84,867	0	168,801
Impairment loss of right-of-use asset	65,482	0	65,482	0
Loss on disposal of equipment	0	268,800	0	268,800
Total operating expenses	388,857	675,095	709,627	1,171,738
LOSS FROM OPERATIONS	(384,917)	(545,822)	(621,757)	(844,627)
OTHER (EXPENSE) INCOME, net
Other income	466	28,600	6,063	33,620
Finance expenses	(10,352)	(3,214)	(14,550)	(7,069)
Total other (expense) income, net	(9,886)	25,386	(8,487)	26,551
LOSS BEFORE INCOME TAXES	(394,803)	(520,436)	(630,244)	(818,076)
PROVISION FOR INCOME TAXES	0	0	0	0
NET LOSS	$ (394,803)	$ (520,436)	$ (630,244)	$ (818,076)
WEIGHTED AVERAGE NUMBER OF COMMON SHARES
Basic and diluted*	62,286,573	61,519,905	62,286,573	61,519,905
LOSS PER SHARE
Basic and diluted	$ (0.01)	$ (0.01)	$ (0.01)	$ (0.01)

CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash Flows from Operating Activities:
Net loss	$ (630,244)	$ (818,076)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	10,325	27,825
Loss on disposal of equipment	0	268,800
Stock compensation expense	0	168,801
Amortization of operating right-of-use assets	110,835	105,652
Impairment loss of right-of-use asset	65,482	0
Bad debt expenses	25,144	0
Inventory write-down	23,016	4,075
Changes in operating assets and liabilities
Accounts receivable	0	75,258
Inventories	(842)	11,341
Prepaid expenses	32,524	106,243
Accounts payable and accrued expenses	60,691	(76,140)
Deferred revenue	(95,465)	104,871
Operating lease liabilities	(101,941)	(105,127)
Net Cash Used in Operating Activities	(500,475)	(126,477)
Cash Flows from Investing Activities:
Proceeds from disposal of equipment	0	7,700
Net Cash Provided by Investing Activities	0	7,700
Cash Flows from Financing Activities:
Proceeds from third party loan, non-interest bearing	16,667	0
Proceeds from third party loan, interest bearing	40,000	0
Advances from shareholder	151,820	6,912
Repayment of shareholder loan	(27,366)	(21,490)
Proceeds from loan payable	350,000	137,792
Principal payments of long-term debt	(8,599)	(8,217)
Net Cash Provided by Financing Activities	522,522	114,997
Net Change in Cash	22,047	(3,780)
Cash, beginning of period	882	9,506
Cash, end of period	22,929	5,726
Supplemental Disclosure of Cash Flow Information:
Cash paid for interest	1,693	2,075
Cash paid for income tax	$ 0	$ 0

CONDENSED BALANCE SHEETS - USD ($)	Jun. 30, 2022	Dec. 31, 2021
CURRENT ASSETS:
Cash	$ 22,929	$ 882
Accounts receivable, net	0	25,144
Inventories	0	22,174
Prepaid expenses	44,332	76,856
TOTAL CURRENT ASSETS	67,261	125,056
PROPERTY AND EQUIPMENT, net	75,718	86,043
OPERATING RIGHT-OF-USE ASSETS	221,942	398,260
DEPOSITS	15,410	15,410
TOTAL ASSETS	380,331	624,769
CURRENT LIABILITIES:
Loan payable - Economic Injury Disaster Loan	30,468	4,386
Accounts payable and accrued expenses	270,179	218,360
Deferred revenue	654,135	749,600
Operating lease liabilities - current	272,626	288,049
Long term debt - current	17,795	17,395
Due to third party, non-interest bearing	16,667	0
Due to third party, interest bearing	43,871	0
Due to shareholder, non-interest bearing	258,954	134,500
TOTAL CURRENT LIABILITIES	1,564,695	1,412,290
NON-CURRENT LIABILITIES:
Operating lease liabilities - non-current	96,879	183,397
Long term debt	51,599	60,598
Loan payable -Economic Injury Disaster Loan	482,501	153,583
TOTAL NON-CURRENT LIABILITIES	630,979	397,578
TOTAL LIABILITIES	2,195,674	1,809,868
SHAREHOLDERS' DEFICIT:
Common stock, $0.001 par value, 333,333,333 shares authorized, 62,286,573 shares issued and outstanding, as of June 30, 2022 and December 31, 2021	62,287	62,287
Additional paid-in capital	26,438,841	26,438,841
Deficit	(26,580,776)	(25,950,532)
Stock subscription receivable	(1,735,695)	(1,735,695)
TOTAL SHAREHOLDERS' DEFICIT	(1,815,343)	(1,185,099)
TOTAL LIABILITIES AND SHAREHOLDERS' DEFICIT	$ 380,331	$ 624,769