UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

 

FORM 6-K

 

REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF THE
SECURITIES EXCHANGE ACT OF 1934

 

For the month of February, 2016

 

Commission File Number 000-030813

 

UMeWorld, Limited
(Translation of registrant's name into English)

 

31/F, Tower One, Times Square

1 Matheson Street, Causeway Bay

Hong Kong, China

(Address of principal executive offices)

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

 

Form 20-F x Form 40-F ¨

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ¨

 

Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ¨

 

Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant's "home country"), or under the rules of the home country exchange on which the registrant's securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant's security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.

  

  

Exhibit

 

 

Exhibit

 

Description

99.1

 

Consolidated Financial Statements for the three month periods ended December 31, 2015

99.2

 

First Quarter 2016 Financial Results

 

 
2
 

  

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

 

UMeWorld, Limited

 

    
Date: February 29, 2016By/s/ Michael Lee

 

 

 

Michael Lee, Chief Executive Officer and Director

 

 

 

(Principal Executive Officer)

 

 

 

3


  

 



EXHIBIT 99.1

 

 

UMEWORLD LIMITED 

INTERIM CONSOLIDATED BALANCE SHEETS 

AS AT DECEMBER 31, 2015 AND SEPTEMBER 30, 2015 

(Unaudited)

 

(All amounts in US Dollars)

 

 

 

December 31,
2015

 

 

 September 30,
2015

 

CURRENT ASSETS

 

 (Unaudited)

 

 

(Audited)

 

Cash and Cash Equivalents

 

$172,140

 

 

$351,058

 

Accounts Receivable

 

 

260

 

 

 

262

 

Deposit

 

 

9,167

 

 

 

9,357

 

Prepayment

 

 

23,945

 

 

 

30,842

 

TOTAL CURRENT ASSETS

 

 

205,512

 

 

 

391,519

 

NON-CURRENT ASSETS

 

 

 

 

 

 

 

 

Property, plant and equipment, net

 

 

9,494

 

 

 

10,874

 

Deferred Charges

 

 

400,468

 

 

 

423,380

 

TOTAL NON-CURRENT ASSETS

 

 

409,962

 

 

 

434,254

 

TOTAL ASSETS

 

 

615,474

 

 

 

825,773

 

CURRENT LIABILITIES

 

 

 

 

 

 

 

 

Accounts Payable and Accrued Liabilities

 

 

624,149

 

 

 

598,229

 

Unearned Revenue

 

 

386,399

 

 

 

394,724

 

TOTAL CURRENT LIABILITIES

 

 

1,010,548

 

 

 

992,953

 

NON-CURRENT LIABILITIES

 

 

 

 

 

 

 

 

Notes Payable

 

 

1,563,919

 

 

 

1,556,318

 

TOTAL LIABILITIES

 

 

2,574,467

 

 

 

2,549,271

 

 

 

 

 

 

 

 

 

 

STOCKHOLDERS' DEFICIENCY

 

 

 

 

 

 

 

 

Common Stock: $0.0001 par value, Authorized: 250,000,000 shares; Issued and outstanding September 30, 2014; December 31, 2014 - 89,036,000

 

 

8,904

 

 

 

8,904

 

Additional paid-in capital

 

 

25,219,195

 

 

 

25,213,365

 

Deficit

 

 

(27,393,077)

 

 

(27,147,910)

Accumulated Other Comprehensive Loss

 

 

(1,339)

 

 

(1,286)

Non-controlling Interest

 

 

207,324

 

 

 

203,429

 

TOTAL STOCKHOLDERS' EQUITY/ (DEFICIENCY)

 

 

(1,958,993)

 

 

(1,723,498)

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY/DEFICIENCY

 

$615,474

 

 

$825,773

 

 

 
1
 

 

UMEWORLD LIMITED 

INTERIM CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS 

FOR THE THREE MONTHS ENDED DECEMBER 31, 2015 AND 2014 

(UNAUDITED)

 

(All amounts in US Dollars)

 

 

 

3 months ended

December 31,
2015

 

 

3 months ended

December 31,
2014

 

 

 

(Unaudited)

 

 

(Unaudited)

 

License Fees and Royalties

 

$0

 

 

$0

 

Other Income

 

 

 

 

 

 

 

 

Total Revenues

 

$0

 

 

$0

 

General and Administrative Expenses

 

 

200,678

 

 

 

163,672

 

Depreciation

 

 

1,170

 

 

 

1,202

 

Stock-based compensation

 

 

5,830

 

 

 

19,984

 

Gain/(Loss) from Operations

 

 

(207,678)

 

 

(184,858)

OTHER INCOME

 

 

 

 

 

 

 

 

Other Income

 

 

0

 

 

 

0

 

Interest Income

 

 

22

 

 

 

65

 

OTHER EXPENSES

 

 

 

 

 

 

 

 

Interest Expense, net

 

 

33,603

 

 

 

28,144

 

Gain/(Loss) before Income Taxes

 

 

(241,259)

 

 

(212,937)

Income Tax

 

 

-

 

 

 

-

 

Net Gain/(Loss)

 

 

(241,259)

 

 

(212,937)

Net Income/(Loss) attributable to Non-controlling interests

 

 

(3,908)

 

 

(3,905)

Net Gain/(Loss) attributable toUMeWorld Stockholders

 

 

(245,167)

 

 

(216,842)

Comprehensive Loss

 

 

 

 

 

 

 

 

Net Gain/(Loss)

 

 

(245,167)

 

 

(216,842)

Translation Adjustment

 

 

(66)

 

 

(911)

Comprehensive Gain/(Loss)

 

 

(245,233)

 

 

(217,753)

Less: Comprehensive Loss Attributable to Non-Controlling Interests

 

 

13

 

 

 

(182)

Comprehensive Gain/(Loss) Attributable to UMeWorld Stockholders

 

 

(245,220)

 

 

(217,935)

Per Share Data

 

 

 

 

 

 

 

 

Net Loss Per Share, basic and diluted

 

$0.0028

 

 

$0.0024

 

Weighted Average Number of Common Shares Outstanding

 

 

89,036,000

 

 

 

89,036,000

 

 

 
2
 

 

UMEWORLD LIMITED 

INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' DEFICIENCY 

AS OF DECEMBER 31, 2015 AND SEPTEMBER 30, 2015 

(UNAUDITED)

 

(All amounts in US Dollars)

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other

 

 

 

 

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

Common Stock    

 

 

Additional

 

 

Com-

 

 

 

 

 

 

AlphaRx Inc.

 

 

 

 Non-

 

 

 

 

 

 

 

Number of

 

 

 

 

 

Paid in

 

 

prehensive

 

 

 

 

 

 

Stockholders'

 

 

 

controlling

 

 

 

Total Gain/

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Loss

 

 

(Deficiency)

 

 

 

Deficiency

 

 

 

Interest

 

 

 

 (Deficiency)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance as of September 30, 2014

 

89,036,000

 

$

8,904

 

$

24,727,453

 

$

(2,980

)

$

(25,777,160

)

 

$

(1,043,783

)

 

$

187,380

 

 

$

(856,403

)

Warrants Issued

 

 

 

 

 

 

485,912

 

 

 

 

 

 

 

485,912

 

 

 

 

 

 

485,912

 

Foreign Currency Translation

 

 

 

 

 

 

 

 

 

1,694

 

 

 

 

 

1,694

 

 

 

424

 

 

 

2,118

 

Non-controlling interest

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

15,625

 

 

 

15,625

 

Net Gain/(Loss) for the period

 

 

 

 

 

 

 

 

 

 

 

 

(1,370,750)

 

 

(1,370,750)

 

 

 

 

 

 

(1,370,750)
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance as of September 30, 2015

 

89,036,000

 

$8,904

 

$25,213,365

 

$(1,286)$(27,147,910)

 

$(1,926,927)

 

$203,429

 

 

$(1,723,498)

Warrants Issued

 

 

 

 

 

 

 

5,830

 

 

 

 

 

 

 

 

 

5,830

 

 

 

 

 

 

 

5,830

 

Foreign Currency Translation

 

 

 

 

 

 

 

 

 

 

(53)

 

 

 

 

 

(53)

 

 

(13)

 

 

(66)

Non-controlling interest

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,908

 

 

 

3,908

 

Net Gain/(Loss) for the period

 

 

 

 

 

 

 

 

 

 

 

 

 

(245,167)

 

 

(245,167)

 

 

 

 

 

 

(245,167)

Balance as of December 31, 2015

 

89,036,000

 

$8,904

 

$25,219,195

 

$(1,339)$(27,393,077)

 

$(2,166,317)

 

$207,324

 

 

$(1,958,993)

 

 
3
 

 

UMEWORLD LIMITED 

INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS 

FOR THE THREE MONTHS ENDED DECEMBER 31, 2015 AND 2014 

(UNAUDITED)

 

(All amounts in US Dollars)

 

 

 

3 months ended

December 31,

2015

 

 

3 months ended

December 31,

2014

 

CASH FLOWS FROM OPERATING ACTIVITIES

 

 

 

 

 

 

Net Gain/(Loss)

 

$(241,259)

 

$(212,937)

Noncash item:

 

 

 

 

 

 

 

 

Non-Controlling Interest

 

 

3,895

 

 

 

4,087

 

Adjustments to reconcile net income/(loss) to net cash used in operating activities:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

1,170

 

 

 

15,994

 

Stock based compensation

 

 

5,830

 

 

 

19,984

 

Changes in assets and liabilities:

 

 

 

 

 

 

 

 

Decrease/(Increase) in Prepayment

 

 

6,897

 

 

 

(10)

Decrease/(Increase) in Deferred Charges

 

 

22,912

 

 

 

13,581

 

Decrease/(Increase) in Accounts Receivable

 

 

2

 

 

 

50

 

Decrease/(Increase) in Loans Receivable

 

 

0

 

 

 

0

 

(Decrease)/Increase in Accounts Payable and Accrued Liabilities

 

 

25,920

 

 

 

30,313

 

(Decrease)/Increase in Accrued Interest and Notes Payable

 

 

48,290

 

 

 

11,843

 

Decrease/(Increase) in Deposit

 

 

190

 

 

 

174

 

 

 

 

 

 

 

 

 

 

NET CASH PROVIDED BY/USED IN OPERATING ACTIVITIES

 

 

(126,153)

 

 

(116,921)
 

 

 

 

 

 

 

 

 

CASH FLOWS FROM INVESTING ACTIVITIES

 

 

 

 

 

 

 

 

(Purchase) / Sale of Machinery and Equipment

 

 

0

 

 

 

0

 

NET CASH PROVIDED BY INVESTING ACTIVITIES

 

 

0

 

 

 

0

 

 

 

 

 

 

 

 

 

 

CASH FLOWS FROM FINANCING ACTIVITIES

 

 

 

 

 

 

 

 

Additional Paid-in Capital

 

 

0

 

 

 

(19,984)

Issuance / (cancellation) of Common Stock

 

 

0

 

 

 

0

 

Issuance (repayment) of Notes Payable, net

 

 

3,721

 

 

 

22,580

 

 

 

 

 

 

 

 

 

 

NET CASH PROVIDED BY FINANCING ACTIVITIES

 

 

3,721

 

 

 

2,596

 

Effect of exchange rate changes on cash and cash equivalents

 

 

(56,486)

 

 

(21,966)

NET (DECREASE)/INCREASE IN CASH

 

 

(178,918)

 

 

(136,291)
 

 

 

 

 

 

 

 

 

CASH, and cash equivalents, beginning of period

 

 

351,058

 

 

 

845,084

 

 

 

 

 

 

 

 

 

 

CASH, and cash equivalents, end of period

 

$172,140

 

 

$708,793

 

 

 

 

 

 

 

 

 

 

SUPPLEMENTARY INFORMATION

 

 

 

 

 

 

 

 

Taxes Paid

 

$0

 

 

$0

 

Interest Paid

 

$0

 

 

$0

 

 

 

4




EXHIBIT 99.2

 

FIRST QUARTER 2016 FINANCIAL RESULTS

 

General

 

UMeWorld is an internet technology company with a focus on the K-12 education market in China. UMFun, the Company's K-12 flagship product, is a cloud-based, patent-pending, adaptive learning and assessment platform that can intelligently analyze and adapt to a student's performance and personalizes the delivery of proprietary educational items in accordance with the student's learning needs. UMFun's off-school version is made available to Chinese K-12 students through China Mobile, the world's largest mobile service provider by network scale and subscriber base, serving over 801,000,000 customers.

 

UMFun is currently available to China Mobile's subscription-based "AND! Education" platform in the Shanxi, Guangxi, Guizhou and Guangdong provinces, servicing over 16,000,000 paid subscribers. Established in 2003, China Mobile's "AND! Education" K-12 subscription-based communication plat-form is the largest of its' kind in the world, used primarily by teachers, students, parents and schools through the provinces that China Mobile services.

 

The kindergarten-to-grade-12 (K-12) educational system in China is the largest in the world, comprising approximately 200 million students. Our objective is to become the leading kindergarten to grade 12 education services platform, content provider and social networking system in China's education sector. We intend to provide a range of services to government education authorities, schools, teachers, students and their parents. We have developed the UMFun Formative Assessment Item Bank, one of the most robust and comprehensive item banks available, is a repository of high-quality, standards-based item designed for us on district and classroom formative assessments to monitor and track student progress toward mastering standards. Using our item bank educators can:

 

· Evaluate student skills for placement early in the year

 

· Measure student progress toward provincial standards

 

· Provide targeted testing to identify students having difficulty with specific concepts

 

· Give students valuable test experience in preparation for provincial and national tests

 

· Assess student readiness for end-of-course or national tests

 

Our formative item bank consists of nearly 1,000,000 high-quality multiple choice and constructed response items aligned to provincial standards. The items in the bank cover the core subject areas of Chinese Language Arts, English Language and Mathematics.

 

Overview of Results of Operations

 

Three Months Ended

 

Dec 31

2015

$

 

 

Sep 30

2015

$

 

 

Jun 30

2015

$

 

 

Mar 31

2015

$

 

 

Dec 31

2014

$

 

 

Sep 30

2014

$

 

 

Jun 30

2014

$

 

 

Mar 31

2014

$

 

Net Sales

 

 

0

 

 

 

0

 

 

 

0

 

 

 

0

 

 

 

0

 

 

 

0

 

 

 

0

 

 

 

0

 

Net Income (Loss)

 

 

(245,220)

 

 

(389,011)

 

 

(474,750)

 

 

(296,594)

 

 

(212,937)

 

 

(369,110)

 

 

(2,933,595)

 

 

(336,871)

Net Income (Loss) per Share

 

 

(0.0028)

 

 

(0.0043)

 

 

(0.0054)

 

 

(0.0033)

 

 

(0.0024)

 

 

(0.0041)

 

 

(0.0329)

 

 

(0.0038)

 

 
1
 

  

Revenues

 

Total revenues for the three-month period ended December 31, 2015 were $0 as compared to $0 generated for the same period a year ago.

 

General and Administrative Expenses

 

General and Administrative expenses consist primarily of personnel costs related to general management functions, finance, office overheads, as well as insurance costs and professional fees related to legal, audit and tax matters. General and Administrative expenses were $200,678 for the three months ended December 31, 2015 as compared to $163,672 incurred for the same period a year ago, an increase of $37,006.

 

Net Gain/(Loss) from Operations

 

The Company incurred a net loss of $241,167 for the three-month period ended December 31, 2015 as compared to a net loss of $212,937 incurred for the same period a year ago.

 

Interest Expense

 

Interest expense for the three-month period ended December 31, 2015 was $33,603 as compared to interest expense of $28,144 generated during the same period a year ago.

 

Liquidity and capital resources

 

As at December 31, 2015 the Company had a working capital deficiency of $805,036 as compared to a working capital of $208,581 as at December 31, 2014.

 

Since inception, we have financed operations primarily from the issuance of Common Stock. We expect to continue Common Stock issuances and issuance of promissory notes to fund our ongoing activities.

 

We currently do not have sufficient resources to carry out our entire business strategy. Therefore, we will need to raise additional capital to fund our operations sometime in the future. We cannot be certain that any financing will be available when needed. Any additional equity financings will be dilutive to our existing stockholders, and debt financing, if available, may involve restrictive covenants on our business and also the issuance of warrants or conversion features which may further dilute our existing stockholders.

 

We expect to continue to spend capital on:

 

1.

development, sales and marketing activities related to UMFun, our digital education platform; and

2.

expansion into the English language training & test prep business.

 

The inability to raise capital would have a material adverse effect on the Company.

 

Internal control over financial reporting

 

During the three-month period ended December 31, 2015, there were no changes in the Company's internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting.

  

 


 

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