NOTES TO FINANCIAL STATEMENTS
As of and for the three months ended March 31,
2022 and 2021
(Unaudited)
NOTE 1 - ORGANIZATION AND OPERATIONS
Un Monde International Worldwide Ltd formerly known as Asiarim Corporation
(the “Company”) is a corporation organized under the laws of the State of Nevada on June 15, 2007. The operations of Asiarim
Corporation and its subsidiaries were abandoned by former management and a custodianship action was commenced in 2016.
On May 5, 2016, the Eighth District Court of Clark County of Nevada
granted the Application for Appointment of Custodian as a result of the absence of a functioning board of directors and the revocation
of the Company’s charter. The order appointed a custodian to take any Corporation actions on behalf of the Company that would further
the interests of its shareholders.
On March 29, 2019, a change of control occurred with respect to the
Company to better reflect its new business direction.
The Company intends to acquire private corporations that are involved
in education and management services offering private, distinguished, specialized, and internationalized education to international students
in schools.
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of presentation
The Company’s financial statements have been prepared in accordance
with accounting principles generally accepted in the United States of America (“U.S. GAAP”). 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 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 those estimates.
Management further acknowledges that it is solely responsible for adopting
sound accounting practices, establishing and maintaining a system of internal accounting control and preventing and detecting fraud. The
Company's system of internal accounting control is designed to assure, among other items, that 1) recorded transactions are valid; 2)
valid transactions are recorded; and 3) transactions are recorded in the proper period in a timely manner to produce financial statements
which present fairly the financial condition, results of operations and cash flows of the Company for the respective periods being presented.
Use of estimates
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 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 reported period.
The Company’s significant estimates include income taxes provision
and valuation allowance of deferred tax assets; the fair value of financial instruments; the carrying value and recoverability of long-lived
assets, including the values assigned to an estimated useful lives of computer equipment; and the assumption that the Company will continue
as a going concern. Those significant accounting estimates or assumptions bear the risk of change due to the fact that there are uncertainties
attached to those estimates or assumptions, and certain estimates or assumptions are difficult to measure or value. Management bases its
estimates on historical experience and on various assumptions that are believed to be reasonable under the circumstances, the results
of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other
sources.
Management regularly reviews its estimates utilizing currently available
information, changes in facts and circumstances, historical experience and reasonable assumptions. After such reviews, and if deemed appropriate,
those estimates are adjusted accordingly. Actual results could differ from those estimates.
Carrying value, recoverability and impairment of long-lived assets
The Company has adopted paragraph 360-10-35-17 of the FASB Accounting
Standards Codification for its long-lived assets. The Company’s long-lived assets, which include computer equipment are reviewed
for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable.
The Company assesses the recoverability of its long-lived assets by
comparing the projected undiscounted net cash flows associated with the related long-lived asset or group of long-lived assets over their
remaining estimated useful lives against their respective carrying amounts. Impairment, if any, is based on the excess of the carrying
amount over the fair value of those assets. Fair value is generally determined using the asset’s expected future discounted cash
flows or market value, if readily determinable. If long-lived assets are determined to be recoverable, but the newly determined remaining
estimated useful lives are shorter than originally estimated, the net book values of the long-lived assets are depreciated over the newly
determined remaining estimated useful lives.
The Company considers the following to be some examples of important
indicators that may trigger an impairment review: (i) significant under-performance or losses of assets relative to expected historical
or projected future operating results; (ii) significant changes in the manner or use of assets or in the Company’s overall strategy
with respect to the manner or use of the acquired assets or changes in the Company’s overall business strategy; (iii) significant
negative industry or economic trends; (iv) increased competitive pressures; (v) a significant decline in the Company’s stock price
for a sustained period of time; and (vi) regulatory changes. The Company evaluates acquired assets for potential impairment indicators
at least annually and more frequently upon the occurrence of such events.
The impairment charges, if any, is included in operating expenses in
the accompanying consolidated statements of operations.
Cash and cash equivalents
The Company considers all highly liquid investments with a maturity
of three months or less when purchased to be cash equivalents.
Related parties
The Company follows subtopic 850-10 of the FASB Accounting Standards
Codification for the identification of related parties and disclosure of related party transactions.
Pursuant to Section 850-10-20 the Related parties include a) affiliates
of the Company; b) Entities for which investments in their equity securities would be required, absent the election of the fair value
option under the Fair Value Option Subsection of Section 825–10–15, to be accounted for by the equity method by the investing
entity; c) trusts for the benefit of employees, such as pension and profit-sharing trusts that are managed by or under the trusteeship
of management; d) principal owners of the Company; e) management of the Company; f) other parties with which the Company may deal if one
party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting
parties might be prevented from fully pursuing its own separate interests; and g) Other parties that can significantly influence the management
or operating policies of the transacting parties or that have an ownership interest in one of the transacting parties and can significantly
influence the other to an extent that one or more of the transacting parties might be prevented from fully pursuing its own separate interests.
Commitments and contingencies
The Company follows subtopic 450-20 of the FASB Accounting Standards
Codification to report accounting for contingencies. Certain conditions may exist as of the date the consolidated financial statements
are issued, which may result in a loss to the Company but which will only be resolved when one or more future events occur or fail to
occur. The Company assesses such contingent liabilities, and such assessment inherently involves an exercise of judgment. In assessing
loss contingencies related to legal proceedings that are pending against the Company or unasserted claims that may result in such proceedings,
the Company evaluates the perceived merits of any legal proceedings or unasserted claims as well as the perceived merits of the amount
of relief sought or expected to be sought therein.
If the assessment of a contingency indicates that it is probable that
a material loss has been incurred and the amount of the liability can be estimated, then the estimated liability would be accrued in the
Company’s consolidated financial statements. If the assessment indicates that a potential material loss contingency is not probable
but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, and an estimate of the
range of possible losses, if determinable and material, would be disclosed.
Loss contingencies considered remote are generally not disclosed unless
they involve guarantees, in which case the guarantees would be disclosed. Management does not believe, based upon information available
at this time, that these matters will have a material adverse effect on the Company’s consolidated financial position, results of
operations or cash flows. However, there is no assurance that such matters will not materially and adversely affect the Company’s
business, financial position, and results of operations or cash flows.
Revenue recognition
The Company adopted ASU 2014-09, Topic 606 on January 1, 2018, using
the modified retrospective method. ASC 606 requires the use of a new five-step model to recognize revenue from customer contracts. The
five-step model requires that the Company (i) identify the contract with the customer, (ii) identify the performance obligations in the
contract, (iii) determine the transaction price, including variable consideration to the extent that it is probable that a significant
future reversal will not occur, (iv) allocate the transaction price to the respective performance obligations in the contract, and (v)
recognize revenue when (or as) the Company satisfies the performance obligation.
The adoption of Topic 606 has no impact on revenue amounts recorded
on the Company’s financial statements as the Company has not generate any revenues.
Income Tax Provisions
The Company follows Section 740-10-30 of the FASB Accounting Standards
Codification, which requires recognition of deferred tax assets and liabilities for the expected future tax consequences of events that
have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are based on the
differences between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the fiscal year
in which the differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance to the extent management concludes
it is more likely than not that the assets will not be realized. Deferred tax assets and liabilities are measured using enacted tax rates
expected to apply to taxable income in the fiscal years in which those temporary differences are expected to be recovered or settled.
The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the Statements of Income and Comprehensive
Income in the period that includes the enactment date.
The Company adopted section 740-10-25 of the FASB Accounting Standards
Codification (“Section 740-10-25”) with regards to uncertainty income taxes. Section 740-10-25 addresses the determination
of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under Section
740-10-25, the Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position
will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized
in the financial statements from such a position should be measured based on the largest benefit that has a greater than fifty percent
(50%) likelihood of being realized upon ultimate settlement. Section 740-10-25 also provides guidance on de-recognition, classification,
interest and penalties on income taxes, accounting in interim periods and requires increased disclosures.
Net income (loss) per common share
Net income (loss) per common share is computed pursuant to section
260-10-45 of the FASB Accounting Standards Codification. Basic net income (loss) per common share is computed by dividing net income (loss)
by the weighted average number of shares of common stock outstanding during the period. Diluted net income (loss) per common share is
computed by dividing net income (loss) by the weighted average number of shares of common stock and potentially outstanding shares of
common stock during the period. The weighted average number of common shares outstanding and potentially outstanding common shares assumes
that the Company incorporated as of the beginning of the first period presented.
Cash flows reporting
The Company adopted paragraph 230-10-45-24 of the FASB Accounting Standards
Codification for cash flows reporting, classifies cash receipts and payments according to whether they stem from operating, investing,
or financing activities and provides definitions of each category, and uses the indirect or reconciliation method (“Indirect method”)
as defined by paragraph 230-10-45-25 of the FASB Accounting Standards Codification to report net cash flow from operating activities by
adjusting net income to reconcile it to net cash flow from operating activities by removing the effects of (a) all deferrals of past operating
cash receipts and payments and all accruals of expected future operating cash receipts and payments and (b) all items that are included
in net income that do not affect operating cash receipts and payments. The Company reports the reporting currency equivalent of foreign
currency cash flows, using the current exchange rate at the time of the cash flows and the effect of exchange rate changes on cash held
in foreign currencies is reported as a separate item in the reconciliation of beginning and ending balances of cash and cash equivalents
and separately provides information about investing and financing activities not resulting in cash receipts or payments in the period
pursuant to paragraph 830-230-45-1 of the FASB Accounting Standards Codification.
Recently Issued Accounting Pronouncements
Management does not believe that
any recently issued, but not yet effective accounting pronouncements, when adopted, will have a material effect on the accompanying financial
statements.
NOTE 3 – GOING CONCERN
The accompanying financial statements have been prepared assuming that
the Company will continue as a going concern, which contemplates continuity of operations, realization of assets, and liquidation of liabilities
in the normal course of business.
As reflected in the accompanying financial statements, the Company
has net losses, accumulated deficit and a negative working capital without generating any revenues. These factors among others raise substantial
doubt about the Company’s ability to continue as a going concern.
While the Company has not commenced operations and generate revenues,
the Company’s cash position may not be significant enough to support the Company’s daily operations. Management intends to
raise additional funds by way of a public or private offering. Management believes that the actions presently being taken to further implement
its business plan and generate revenues provide the opportunity for the Company to continue as a going concern. While the Company believes
in the viability of its strategy to generate revenues and in its ability to raise additional funds, there can be no assurances to that
effect. The ability of the Company to continue as a going concern is dependent upon the Company’s ability to further implement its
business plan and generate revenues.
The financial statements do not include any adjustments that might
be necessary if the Company is unable to continue as a going concern.
NOTE 4 – STOCKHOLDERS’ DEFICIT
Common Stock
The Company is authorized to issue 90,000,000 shares of common stock.
On September 9, 2021 the Company effected a one-for-ten reverse stock
split of its common stock. All share and earnings per share information have been retroactively adjusted to reflect the reverse stock
split was recorded with the offset to additional paid-in capital.
On July 12, 2021, the Company completed the cancellation of 1,276,487
shares of common stock pursuant to an Assignment of Rights agreement dated October 3, 2016 where certain shareholders have entered into
with the Company to return 1,276,487 shares of common stock to the Company as treasury stock.
For the year ended December 31, 2020, the Company issued 89,334 shares
at $3 per share for proceeds of $267,999. The proceeds were provided to the sole director’s and officer’s company as working
capital and were recorded as a reduction to additional paid-in capital.
As of March 31, 2022 and December 31, 2021, the Company has 6,493,346
and 6,493,346 shares issued and outstanding.
Preferred Stock
The Company is authorized to issue 10,000,000 shares of preferred stock.
As of March 31, 2022 and December 31, 2021, the Company has 0 shares
issued and outstanding.
NOTE 5 – INCOME TAX
On December 22, 2017, the President of the United States signed into
law the Tax Cuts and Jobs Act (“Tax Reform Act”). The legislation significantly changes U.S. tax law by, among other things,
lowering corporate income tax rates, implementing a territorial tax system and imposing a transition tax on deemed repatriated earnings
of foreign subsidiaries. The Tax Reform Act permanently reduces the U.S. corporate income tax rate from a maximum of 34% to a flat 21%
rate, effective January 1, 2018. As a result of the reduction in the U.S. corporate income tax rate from 34% to 21% under the Tax Reform
Act, the Company revalued its ending net deferred tax assets.
The Company has accumulated approximately $2,391,654 of net operating
losses (“NOL”) carried forward to offset future taxable income. In assessing the realization of deferred tax assets, management
considers whether it is more likely than not that some portion or all of the deferred tax assets will be realized. The ultimate realization
of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences
become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning
strategies in making this assessment. Based on the assessment, management has established a full valuation allowance against all of the
deferred tax asset relating to NOLs for every period because it is more likely than not that all of the deferred tax asset will not be
realized.
NOTE 6 – RELATED PARTY TRANSACTION
Zhang Ci, majority shareholder, director and officer of the Company,
have paid certain expenses on behalf of the Company. Such amounts are due on demand and non-interest bearing. The outstanding amount due
to related parties was $62,308 and $62,308 as of March 31, 2022 and December 31, 2021, respectively.
The proceeds from the share issuance were provided to the sole director’s
and officer’s company as working capital and were recorded as a reduction to additional paid-in capital (Refer to Note 4).
NOTE 7 – SUBSEQUENT EVENTS
The Company has evaluated subsequent events to
the date the financial statements were issued and has determined that there are no items to disclose or require adjustments.
