UMeWorld Ltd SEC Filings

UMeWorld Inc. reported a sharp ramp-up in sales but remains deeply unprofitable and financially strained. Revenue for the three months ended March 31, 2026 rose to $351,187 from $411 a year earlier, driven mainly by distributor sales in China. For the six-month period, revenue reached $498,642.

Despite this, gross profit was modest at $15,152 for the quarter and $19,694 year-to-date, while operating expenses climbed, producing a quarterly net loss of $105,450 and a six‑month net loss of $244,177. Cash was $145,445 and total assets $1.52 million, against liabilities of $1.74 million and a stockholders’ deficit of $214,260, with a disclosed working capital deficiency of similar magnitude.

Management states there is substantial doubt about the company’s ability to continue as a going concern and plans to pursue growth in functional nutrition markets and additional financing. The business has heavy concentration risks, with about 99.17% of six‑month revenue from China and roughly 88.94% from a single distributor, and relies on a specialized DAG oil supplier. During the quarter, UMeWorld issued 814,588 shares to convert $203,647 of related‑party advances and sold 500,000 shares for $150,000 of cash. Disclosure controls and procedures were deemed not effective due to limited accounting personnel and segregation of duties, and remediation efforts are underway.

UMeWorld Inc. filed an initial ownership report showing that its CFO, Ding Yongbiao, holds 1,663,834 common shares directly following the reported date. This Form 3 filing establishes his baseline ownership position as an officer of the company.

UMeWorld Inc. director Milroy John David filed an initial statement of ownership on Form 3. He reports direct beneficial ownership of 1,342,131 shares of common stock and indirect beneficial ownership of 38,000 shares held by his spouse, all as of January 21, 2026.

UMeWorld Inc. reported a sharp jump in quarterly revenue but remains deeply unprofitable and financially strained. For the three months ended December 31, 2025, revenue rose to $147,455 from $195 a year earlier, driven mainly by an initial distributor order in China.

The company still posted a net loss of $138,727 and ended the quarter with cash of $60,904, a working capital deficiency of about $462,599, and an accumulated deficit of $32,068,371, leading auditors to highlight substantial doubt about its ability to continue as a going concern.

Inventory ballooned to $1,682,509 from $13,410, while accounts payable increased to $1,670,243, reflecting heavy stocking and reliance on vendor credit. The business depends on a single Chinese supplier for specialized DAG oil and a key distributor that accounted for about 98% of quarterly revenue. Management is seeking additional capital and expanding distribution but also disclosed that disclosure controls and procedures were not effective due to internal control weaknesses.

UMeWorld Inc. Chairman and CEO Lee Man Ching has filed an initial insider ownership report, disclosing direct holdings of 7,242,291 shares of UMeWorld common stock. This Form 3 filing records his existing ownership position and, based on the data shown, does not reflect new buying or selling activity.

UMeWorld Inc. has appointed WSJ & Partners as its new independent registered public accounting firm to audit the company’s consolidated financial statements for the fiscal year ending September 30, 2026. The Board of Directors approved the engagement.

The new appointment follows the previously disclosed resignation of J&S Associate PLT as UMeWorld’s independent auditor, effective December 31, 2025. UMeWorld states that during the last two fiscal years and the subsequent interim period before WSJ’s engagement, neither the company nor its representatives consulted WSJ on accounting principles, potential audit opinions, or any matters involving disagreements or reportable events under SEC rules.