Note 1  Organization, Nature of Operations and Basis of Presentation W&amp;E Source Corp. (the Company) was incorporated in the State of Delaware on October 11, 2005 and is based in Montreal, Quebec, Canada. The Company is providing air ticket reservations, hotel reservations and other travel related services. On August 25, 2011, the Company incorporated a company called Airchn Travel Global, Inc. (ATGI) in the State of Washington, USA. ATGI is a wholly owned subsidiary of the Company. ATGI focuses on a business segment of travel businesses which includes air ticket reservations, hotel reservations and other travel services. On October 4, 2011, the Company incorporated a company called Airchn Travel (Canada) Inc. (ATCI) in the Province of British Columbia, Canada. ATCI is a wholly owned subsidiary of ATGI. ATCI has a similar business segment as ATGI. In January 2012, the Company changed its name from News of China, Inc. to W&amp;E Source Corp. and increased its authorized shares to 500,000,000 shares. As a result of the name change, the Companys listing symbol on OTCQB is also changed to WESC. During the quarter ended March 31, 2012, the Company incorporated a company named Airchn Travel (Beijing) Inc. (ATBI) in Beijing, China. ATBI is also a wholly owned subsidiary of ATGI. ATBI has a similar business segment as ATGI. On December 15, 2012, Airchn Travel (Beijing) Inc., a wholly owned subsidiary of W&amp;E Source Corp. (the Company), entered into the Share Purchase Agreement (the Agreement) with Mr. Wu Hao (the Seller), a majority shareholder of Chengdu Baopiao Internet Co., Ltd. (Baopiao), to acquire part of his ownership in Baopiao which equals 51% of all issued and outstanding stock of Baopiao (the Shares). The Company will pay for the aggregate purchase price of RMB 2,550,000 for the Shares in cash and by assuming the Sellers debt to Baopiao in the amount of RMB1,800,000 (approximately US $289,000) (the Debt). According to the terms of the Agreement, the Company will assume the Debt upon execution of the Agreement and pay the Seller the remaining RMB750,000 of the purchase price within 20 days from the execution of the Agreement. Also at execution, the Company will pay Baopiao RMB200, 000 as repayment of the Debt and satisfy the remaining Debt of RMB1,600,000 within 20 days from the execution of the Agreement. Also pursuant to the Agreement, the Seller will provide guaranties that other than the information including financial statements provided to the Company, Baopiao does not have any other debts, and no third party has any rights or liens on the assets of Baopiao. The Seller and Baopiao will also indemnify the Company against any damages, liabilities, losses and expenses which the Company may sustain or suffer due to any breach of the guaranties made by the Seller or Baopiao. Baopiao has obtained the necessary shareholder approval for the transfer of the Shares and will register the transfer of the Shares with the applicable State Administration for Industry and Commerce within three days from the date of the Agreement. In connection with the Agreement, the Company also entered into an agreement with the Seller and Baopiao that as an incentive for the management team of Baopiao, the Company will reserve up to 26 million shares of its common stock for issuance to the Baopiao employees upon achievement of certain milestones over the next three years. The Share Purchase Agreement with Mr. Wu Hao was not completed in January, 2013 and both the Company and Mr. Wu Hao agreed to terminate the agreement entered on December 15, 2012.