| NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES BASIS OF PRESENTATION The financial statements have been prepared
on a historical cost basis to reflect the financial position and results of operations of the Company in accordance with the accounting
principles generally accepted in the United States of America (“US GAAP”). USE OF ESTIMATES The preparation of the Company’s
financial statements in conformity with generally accepted accounting principles of 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. Management makes its best estimate of the ultimate outcome for these items based on historical trends and other information
available when the financial statements are prepared. Actual results could differ from those estimates. CERTAIN RISKS AND UNCERTAINTIES The Company relies on cloud-based hosting
through a global accredited hosting provider. Management believes that alternate sources are available; however, disruption or
termination of this relationship could adversely affect our operating results in the near-term. SEGMENT REPORTING Operating segments are defined as components
of an enterprise about which separate financial information is available that is evaluated regularly by our chief operating decision
maker, or decision- making group, in deciding how to allocate resources and in assessing performance. The Company is focused on mobile commerce
enablement via our enhanced platform built in 2017, and offered on a Platform-as-a-Service (“PaaS”) basis, and the
company’s e-wallet initiative. We identify our reportable segments as those customer groups that represent more than 10%
of our combined revenue or gross profit or loss of all reported operating segments. We manage our business on the basis of the
one reportable segment e-commerce solutions and service provider. The accounting policies for segment reporting are the same as
for the Company as a whole. We do not segregate assets by segments since our chief operating decision maker, or decision-making
group, does not use assets as a basis to evaluate a segment’s performance. IDENTIFIABLE INTANGIBLE ASSETS Identifiable intangible assets are recorded
at cost and are amortized over 3-10 years. Similar to tangible property and equipment, the Company periodically evaluates identifiable
intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. IMPAIRMENT OF LONG-LIVED ASSETS The Company classifies its long-life assets
into: (i) computer and office equipment; (ii) furniture and fixtures, (iii) leasehold improvements, and (iv) finite – life
intangible assets. Long-life assets held and used by the Company
are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value of such assets may not
be fully recoverable. It is possible that these assets could become impaired as a result of technology, economy or other industry
changes. If circumstances require a long-lived asset or asset group to be tested for possible impairment, the Company first compares
undiscounted cash flows expected to be generated by that asset or asset group to its carrying value. If the carrying value of the
long-life asset or asset group is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent
that the carrying value exceeds its fair value. Fair value is determined through various valuation techniques, including discounted
cash flow models, relief from royalty income approach, quoted market values and third-party independent appraisals, as considered
necessary. The Company makes various assumptions and estimates
regarding estimated future cash flows and other factors in determining the fair values of the respective assets. The assumptions
and estimates used to determine future values and remaining useful lives of long-lived assets are complex and subjective. They
can be affected by various factors, including external factors such as industry and economic trends, and internal factors such
as the Company’s business strategy and its forecasts for specific market expansion. ASSOCIATES Associates are all entities over which the
group has significant influence but not control or joint control, generally accompanying a shareholding of between 20% and 50%
of the voting rights. Investments in associates are accounted for using the equity method of accounting, after initially being
recognized at cost. The group’s investment in associates includes goodwill identified on acquisition. The group’s share
of its associates’ post-acquisition profits or losses is recognized in profit or loss, and its share of post-acquisition
other comprehensive income is recognized in other comprehensive income. The cumulative post-acquisition movements are adjusted
against the carrying amount of the investment. Dividends receivable from associates are recognized as a reduction in the carrying
amount of the investment. Where the group’s share of losses in an associate equals or exceeds its interest in the associate,
including any other unsecured long-term receivables, the group does not recognize further losses, unless it has incurred obligations
or made payments on behalf of the associate. Unrealized gains on transactions between the group and its associates are eliminated
to the extent of the group’s interest in the associates. Unrealized losses are also eliminated, unless the transaction provides
evidence of an impairment of the asset transferred. Accounting policies of associates have been changed, where necessary, to ensure
consistency with the policies adopted by the group. ACCOUNTS RECEIVABLE AND CONCENTRATION OF RISK Accounts receivable, net is stated at the amount
the Company expects to collect, or the net realizable value. The Company provides a provision for allowances that includes returns,
allowances and doubtful accounts equal to the estimated uncollectible amounts. The Company estimates its provision for allowances
based on historical collection experience and a review of the current status of trade accounts receivable. It is reasonably possible
that the Company’s estimate of the provision for allowances will change. The Company’s CreateApp business effective
1 September 2015 is based on a nil accounts receivable balance as subscriptions are collected on a usage basis. As of December 31, 2017, sales included a concentration
from a major customer although accounts receivable had a nil balance. CASH AND CASH EQUIVALENTS Cash and cash equivalents represent
cash on hand, demand deposits, and other short-term highly liquid investments placed with banks, which have original maturities
of twelve months or less and are readily convertible to known amounts of cash. EARNINGS PER SHARE Basic (loss) earnings per share is based on
the weighted average number of common shares outstanding during the period while the effects of potential common shares outstanding
during the period are included in diluted earnings per share. FASB Accounting Standard Codification Topic
260 (“ASC 260”), “Earnings Per Share,” requires that employee equity share options, non-vested shares and
similar equity instruments granted to employees be treated as potential common shares in computing diluted earnings per share.
Diluted earnings per share should be based on the actual number of options or shares granted and not yet forfeited, unless doing
so would be anti-dilutive. The Company uses the “treasury stock” method for equity instruments granted in share-based
payment transactions provided in ASC 260 to determine diluted earnings per share. Antidilutive securities represent potentially
dilutive securities which are excluded from the computation of diluted earnings or loss per share as their impact was antidilutive. REVENUE RECOGNITION The Company’s Platform as a Service
(“PaaS”) provides the infrastructure allowing users to develop their own applications and IT services, which users
can access anywhere via a web or desktop browser. The Company recognizes revenue on a pay-to-use subscription basis when our customers
use our platform. For the territories licensed to our distributors and on a white label basis, we derive royalty income from the
end user use of our platform on a white label basis. The Company maintains the PaaS software platform
at its own cost. Any enhancements and minor customization for our resellers/distributors are not separately billed. Major
new proprietary features are billed to the customer separately as development income while re-usable features are added to the
features available to all customers on subsequent releases of our platform. COST OF SERVICE Cost of service comprises fees from
cloud-based hosting services. INCOME TAXES The Company uses the asset and liability
method of accounting for income taxes in accordance with Accounting Standards Codification (“ASC”) 740, “Income
Taxes” (“ASC 740”). Under this method, income tax expense is recognized as the amount of: (i) taxes payable or
refundable for the current year and (ii) future tax consequences attributable to differences between financial statement carrying
amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using
enacted tax rates expected to apply to taxable income in the years 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 results of operations
in the period that includes the enactment date. A valuation allowance is provided to reduce the deferred tax assets reported if
based on the weight of available evidence it is more likely than not that some portion or all of the deferred tax assets will not
be realized. RECENT ACCOUNTING PRONOUNCEMENTS On October 2, 2017, the FASB has issued Accounting
Standards Update (ASU) No. 2017-13, “Revenue Recognition (Topic 605), Revenue from Contracts with Customers (Topic 606),
Leases (Topic 840), and Leases (Topic 842): Amendments to SEC Paragraphs Pursuant to the Staff Announcement at the July 20, 2017
EITF Meeting and Rescission of Prior SEC Staff Announcements and Observer Comments.” The ASU adds SEC paragraphs to the new
revenue and leases sections of the Codification on the announcement the SEC Observer made at the 20 July 2017 Emerging Issues Task
Force (EITF) meeting. The SEC Observer said that the SEC staff would not object if entities that are considered public business
entities only because their financial statements or financial information is required to be included in another entity’s
SEC filing use the effective dates for private companies when they adopt ASC 606, Revenue from Contracts with Customers, and ASC
842, Leases. This would include entities whose financial statements are included in another entity’s SEC filing because they
are significant acquirees under Rule 3-05 of Regulation S-X, significant equity method investees under Rule 3-09 of Regulation
S-X and equity method investees whose summarized financial information is included in a registrant’s financial statement
notes under Rule 4-08(g) of Regulation S-X. The ASU also supersedes certain SEC paragraphs in the Codification related to previous
SEC staff announcements and moves other paragraphs, upon adoption of ASC 606 or ASC 842. The Company does not expect that the adoption
of this guidance will have a material impact on its condensed consolidated financial statements. On November 22, 2017, the FASB ASU No. 2017-14,
“Income Statement—Reporting Comprehensive Income (Topic 220), Revenue Recognition (Topic 605), and Revenue from Contracts
with Customers (Topic 606): Amendments to SEC Paragraphs Pursuant to Staff Accounting Bulletin No. 116 and SEC Release 33-10403.”
The ASU amends various paragraphs in ASC 220, Income Statement — Reporting Comprehensive Income; ASC 605, Revenue Recognition;
and ASC 606, Revenue From Contracts With Customers, that contain SEC guidance. The amendments include superseding ASC 605-10-S25-1
(SAB Topic 13) as a result of SEC Staff Accounting Bulletin No. 116 and adding ASC 606-10-S25-1 as a result of SEC Release No.
33-10403. The Company does not expect that the adoption of this guidance will have a material impact on its condensed consolidated
financial statements. In February 2018, the FASB issued ASU No. 2018-02,
“Reclassification of Certain Tax Effects From Accumulated Other Comprehensive Income.” The ASU amends ASC 220, Income
Statement — Reporting Comprehensive Income, to “allow a reclassification from accumulated other comprehensive income
to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act.” In addition, under the ASU, an entity
will be required to provide certain disclosures regarding stranded tax effects. The ASU is effective for all entities for fiscal
years beginning after December 15, 2018, and interim periods within those fiscal years. The Company does not expect that the adoption
of this guidance will have a material impact on its condensed consolidated financial statements. In March 2018, the FASB issued ASU 2018-05
— Income Taxes (Topic 740): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118 (“ASU 2018-05”),
which amends the FASB Accounting Standards Codification and XBRL Taxonomy based on the Tax Cuts and Jobs Act (the “Act”)
that was signed into law on December 22, 2017 and Staff Accounting Bulletin No. 118 (“SAB 118”) that was released by
the Securities and Exchange Commission. The Act changes numerous provisions that impact U.S. corporate tax rates, business-related
exclusions, and deductions and credits and may additionally have international tax consequences for many companies that operate
internationally. The Company does not believe this guidance will have a material impact on its condensed consolidated financial
statements. In July 2018, the FASB issued ASU 2018-10,
“Codification Improvements to Topic 842, Leases.” The ASU addresses 16 separate issues which include, for example,
a correction to a cross reference regarding residual value guarantees, a clarification regarding rates implicit in lease contracts,
and a consolidation of the requirements about lease classification reassessments. The guidance also addresses lessor reassessments
of lease terms and purchase options, variable lease payments that depend on an index or a rate, investment tax credits, lease terms
and purchase options, transition guidance for amounts previously recognized in business combinations, and certain transition adjustments,
among others. For entities that early adopted Topic 842, the amendments are effective upon issuance of this Update, and the transition
requirements are the same as those in Topic 842. For entities that have not adopted Topic 842, the effective date and transition
requirements will be the same as the effective date and transition requirements in Topic 842. The Company does not believe this
guidance will have a material impact on its condensed consolidated financial statements. In July 2018, the FASB issued ASU 2018-11 -
Leases (Topic 842): Targeted Improvements. The ASU simplifies transition requirements and, for lessors, provides a practical expedient
for the separation of non-lease components from lease components. Specifically, the ASU provides: (1) an optional transition method
that entities can use when adopting ASC 842 and (2) a practical expedient that permits lessors to not separate non-lease components
from the associated lease component if certain conditions are met. For entities that have not adopted Topic 842 before the issuance
of this Update, the effective date and transition requirements for the amendments in this Update are the same as the effective
date and transition requirements in Update 2016-02. For entities that have adopted Topic 842 before the issuance of this Update,
the transition and effective date of the amendments in this Update are as follows: 1) The practical expedient may be elected either
in the first reporting period following the issuance of this Update or at the original effective date of Topic 842 for that entity.
2) The practical expedient may be applied either retrospectively or prospectively. All entities, including early adopters, that
elect the practical expedient related to separating components of a contract in this Update must apply the expedient, by class
of underlying asset, to all existing lease transactions that qualify for the expedient at the date elected. The Company does not
believe this guidance will have a material impact on its condensed consolidated financial statements. The Company has considered all new accounting
pronouncements and has concluded that there are no new pronouncements that may have a material impact on results of operations,
financial condition, or cash flows, based on current information. |
