Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Jul. 31, 2018 | Oct. 16, 2018 | Jan. 31, 2018 | |
Document And Entity Information | |||
Entity Registrant Name | WECONNECT Tech International, Inc. | ||
Entity Central Index Key | 1,409,175 | ||
Document Type | 10-K | ||
Document Period End Date | Jul. 31, 2018 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --07-31 | ||
Is Entity a Well-known Seasoned Issuer? | No | ||
Is Entity a Voluntary Filer? | No | ||
Is Entity's Reporting Status Current? | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | true | ||
Entity Shell Company | false | ||
Entity Ex Transition Period | true | ||
Entity Public Float | $ 0 | ||
Entity Common Stock, Shares Outstanding | 593,610,070 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Jul. 31, 2018 | Jul. 31, 2017 |
Current Assets | ||
Cash and cash equivalents | $ 14,159 | $ 68,075 |
Account receivables | 179 | 0 |
Other receivables, deposits and prepayments | 748,260 | 58,572 |
Amount due from related parties | 38,353 | 175,126 |
Inventories | 3,288 | 22,331 |
Total Current Assets | 804,239 | 324,104 |
NON-CURRENT ASSETS | ||
Plant and equipment, net | 118,610 | 128,284 |
Total Non-Current Assets | 118,610 | 128,284 |
Total Assets | 922,849 | 452,388 |
Current Liabilities | ||
Accounts payable | 1,515 | 7,022 |
Other payables and accrued liabilities | 250,624 | 543,790 |
Amount due to directors | 51,920 | 144,894 |
Amount Due to related parties | 323,424 | 857,632 |
Current tax liabilities | 10,792 | 1,255 |
Total Current Liabilities | 638,275 | 1,554,593 |
NON-CURRENT LIABILITIES | ||
Deferred taxation | 9,605 | 8,605 |
Total Non-Current Liabilities | 9,605 | 8,605 |
Total Liabilities | 647,880 | 1,563,198 |
STOCKHOLDERS' EQUITY | ||
Common stock 643,610,070 and 24,240,002 shares issued and outstanding as of July 31, 2018 and 2017, respectively | 5,117,462 | 1,899,694 |
Additional paid up share capital | 434,929 | 524,629 |
Donated capital | 0 | 185,881 |
Accumulated loss | (5,048,961) | (3,642,860) |
Other comprehensive loss | (228,461) | (78,154) |
TOTAL STOCKHOLDERS' EQUITY | 274,969 | (1,110,810) |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 922,849 | $ 452,388 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - shares | Jul. 31, 2018 | Jul. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Common Stock, Shares, Issued | 643,610,070 | 24,240,002 |
Common Stock, Shares, Outstanding | 643,610,070 | 24,240,002 |
Consolidated Statement Of Opera
Consolidated Statement Of Operation And Comprehensive Income - USD ($) | 12 Months Ended | |
Jul. 31, 2018 | Jul. 31, 2017 | |
Income Statement [Abstract] | ||
REVENUE | $ 238,716 | $ 71,246 |
COST OF REVENUE | (266,161) | (300,785) |
GROSS LOSS | (27,445) | (229,539) |
OTHER INCOME | 104,868 | 2,968 |
GENERAL AND ADMINISTRATIVE EXPENSES | (1,483,773) | (1,473,191) |
LOSS BEFORE TAXATION | (1,406,350) | (1,699,762) |
TAXATION | 249 | (5,501) |
LOSS AFTER TAXATION | (1,406,101) | (1,705,263) |
OTHER COMPREHENSIVE LOSS | ||
Foreign exchange translation adjustment | (150,307) | (32,131) |
COMPREHENSIVE LOSS | $ (1,556,408) | $ (1,737,394) |
EARNING PER SHARE | $ 0 | $ 0 |
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING | ||
Basic and diluted | 177,078,669 | 23,275,153 |
Consolidated Statement Of Cash
Consolidated Statement Of Cash Flows - USD ($) | 12 Months Ended | |
Jul. 31, 2018 | Jul. 31, 2017 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss | $ (1,406,101) | $ (1,705,263) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation of plant and equipment | 28,536 | 22,693 |
Plant and equipment written off | 50,150 | 0 |
Donated services and rent | 1,500 | 18,000 |
Operating loss before working capital changes | (1,325,915) | (1,664,570) |
Changes in operating assets and liabilities: | ||
Inventories | 19,043 | 3,862 |
Account receivables | (179) | 0 |
Other receivables, deposits and prepayments | (689,688) | 35,567 |
Amount due from directors | (92,974) | 145,590 |
Amount due from/(to) related parties | (397,435) | 522,079 |
Account payables | (5,507) | (28,628) |
Other payables and accrued liabilities | (293,166) | 289,671 |
Cash used in operating activities | (2,785,821) | (696,429) |
Tax payable | 10,537 | 5,303 |
Net cash used in operating activities | (2,775,284) | (691,126) |
CASH FLOWS FROM INVESTING ACTIVITY | ||
Purchase of plant and equipment | (70,669) | (68,833) |
Net cash used in investing activity | (70,669) | (68,833) |
CASH FLOWS FROM FINANCING ACTIVITY | ||
Proceed from issuance of share capital | 2,940,687 | 436,844 |
Net cash generated from financing activity | 2,940,687 | 436,844 |
Foreign currency translation adjustment | (148,650) | (27,388) |
NET CHANGE IN CASH AND CASH EQUIVALENTS | (53,916) | (350,503) |
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | 68,075 | 418,578 |
CASH AND CASH EQUIVALENTS, END OF YEAR | $ 14,159 | $ 68,075 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Stockholders' Equity - USD ($) | Common Stock | Additional Paid-In Capital | Donated Capital | Accumulated Profit/(Loss) | AccumulatedOtherComprehensiveLoss | Total |
Beginning balance, shares at Jul. 31, 2016 | 22,305,002 | |||||
Beginning balance, value at Jul. 31, 2016 | $ 1,462,850 | $ 524,629 | $ 167,881 | $ (1,937,597) | $ (46,023) | $ 171,740 |
Donated services and rent | 18,000 | 18,000 | ||||
Issuance of shares, shares | 1,935,000 | |||||
Issuance of shares, value | $ 436,844 | 436,844 | ||||
Net loss for the year | (1,705,263) | (1,705,263) | ||||
Foreign currency translation adjustment | (32,131) | (32,131) | ||||
Ending balance, shares at Jul. 31, 2017 | 24,240,002 | |||||
Ending balance, value at Jul. 31, 2017 | $ 1,899,694 | 524,629 | 185,881 | (3,642,860) | (78,154) | (1,110,810) |
Donated services and rent | 1,500 | 1,500 | ||||
Issuance of shares, shares | 619,370,068 | |||||
Issuance of shares, value | $ 3,217,768 | (89,700) | (187,381) | 2,940,687 | ||
Net loss for the year | (1,406,101) | (1,406,101) | ||||
Foreign currency translation adjustment | (150,307) | (150,307) | ||||
Ending balance, shares at Jul. 31, 2018 | 643,610,070 | |||||
Ending balance, value at Jul. 31, 2018 | $ 5,117,462 | $ 434,929 | $ (5,048,961) | $ (228,461) | $ 274,969 |
1. Organization and Business Ba
1. Organization and Business Background | 12 Months Ended |
Jul. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Business Background | 1. ORGANIZATION AND BUSINESS BACKGROUND WECONNECT Tech International Inc was incorporated under the laws of the State of Nevada on April 25, 2007. For purposes of financial statements presentation, WECONNECT Tech International Inc and its subsidiary are herein referred to as “the Company” or “We”. Our business office is located at 1st Floor, Block A, Axis Business Campus, No. 13A & 13B, Jalan 225, Section 51A, 46100 Petaling Jaya, Selangor, Malaysia. On June 8, 2018, we have acquired approximately 99.662% equity interest of MIG Mobile Tech Bhd, a public limited company incorporated in Malaysia. MIG Mobile Tech Bhd is mainly engaged in e-commerce, online to offline marketplace and payment eco-system. This transaction was accounted for as a transaction among entities under common control and the assets, liabilities, revenues, and expenses of MIG Mobile Tech Bhd were carried over to and combined with the Company at historical cost, and as if the transfer occurred at the beginning of the period. We have conducted our business through MIG Mobile Tech Bhd since then. Details of the Company’s subsidiary: No Company Name Place and date of incorporation Particulars of issued capital Principal activities 1 MIG Mobile Tech Bhd Malaysia Oct 1, 2015 50,000,000 ordinary shares of RM1 each E-commerce, online to offline marketplace and payment eco-system |
2. Summary of Significant Accou
2. Summary of Significant Accounting Policies | 12 Months Ended |
Jul. 31, 2018 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The accompanying consolidated financial statements reflect the application of certain significant accounting policies as described in this note and elsewhere in the accompanying notes to consolidated financial statements. Basic of Presentation These financial statements and accompanying notes have been prepared in accordance with generally accepted accounting principles in the United States of America (“US GAAP”). The Company has adopted its fiscal year-end to be July 31. Basic of Consolidation The consolidated financial statements include the accounts of the Company and its subsidiary. All inter-company accounts and transactions have been eliminated upon consolidation. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles 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. The Company regularly evaluates estimates and assumptions related to valuation of donated services and rent, fair value measurements and deferred income tax asset valuation allowances. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. Cash and Cash Equivalents Cash and cash equivalents are carried at cost and represent cash on hand, demand deposits placed with banks or other financial institutions and all highly liquid investments with an original maturity of three months or less as of the purchase date of such investments. Plant and Equipment Plant and equipment is stated at cost less accumulated depreciation and impairment. Depreciation of plant and equipment are calculated on the straight-line method over their estimated useful lives as follows: Classification Principal annual rate / Estimated useful lives Computer hardware and software 4 years Furniture and fittings 10 years Office equipment 5 years Telecommunication 2 years Renovation 10 years Signboard 5 years Security and alarm system 4 years Expenditures for maintenance and repairs are expenses as incurred. Inventories Inventories consisting of products available for sell, are stated at the lower of cost or market value. Cost of inventory is determined using the first-in, first-out (FIFO) method. Inventory reserve is recorded to write down the cost of inventory to the estimated market value due to slow-moving merchandise and damaged goods, which is dependent upon factors such as historical and forecasted consumer demand, and promotional environment. The Company takes ownership, risks and rewards of the products purchased. Write downs are recorded in cost of revenues in the Statements of Operation and Comprehensive Income. Revenue Recognition Revenue recognized when it is probable that the economic benefits associated with the transaction will flow to the enterprise and the amount of the revenue can be measured reliably. Revenue is measured at the fair value of consideration received or receivable. a) Sales of goods Revenue from sales of goods is recognized when the significant risks and rewards of ownership have been transferred to the buyer. Revenue is measured at the fair value of the consideration received or receivable, net of discounts and taxes application to the revenue. b) Rendering of Services Revenue from rendering of services is measured by reference to the stage of completions of the transaction at the reporting date. c) Interest income Interest income is recognized using the effective interest method, and accrued on a timely basis. Comprehensive Income ASC Topic 220, “Comprehensive Income” establishes standards for reporting and display of comprehensive income, its components and accumulated balances. Comprehensive income as defined includes all changes in equity during a period from non-owner sources. Accumulated other comprehensive income, as presented in the accompanying statements of stockholders’ equity consists of changes in unrealized gains and losses on foreign currency translation and cumulative net change in the fair value of available-for-sale investments held at the balance sheet date. This comprehensive income is not included in the computation of income tax expense or benefit. Income Tax Expense Potential benefits of income tax losses are not recognized in the accounts until realization is more likely than not. The Company computes tax asset benefits for net operating losses carried forward. The potential benefits of net operating losses have not been recognized in these financial statements because the Company cannot be assured it is more likely than not it will utilize the net operating losses carried forward in future year. The company conducts major businesses in Malaysia and is subject to tax in their own jurisdiction. As a result of its business activities, the company will file separate tax returns that are subject to examination by the foreign tax authorities. Basic and Diluted Net Income/(Loss) Per Share The Company calculates net income/(loss) per share in accordance with ASC Topic 260, “Earnings per Share.” Basic income/(loss) per share is computed by dividing the net income/(loss) by the weighted-average number of common shares outstanding during the period. Diluted income per share is computed similar to basic income/(loss) per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common stock equivalents had been issued and if the additional common shares were dilutive. Diluted earnings per share excludes all dilutive potential shares if their effect is anti-dilutive. As at July 31, 2018 and 2017, there were no potentially dilutive securities outstanding. Foreign Currencies Translation Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded in the statement of operations. The functional currency of the Company is the United States Dollars (“US$”) and the accompanying financial statements have been expressed in US$. In addition, the subsidiary maintains its books and record in a local currency, Malaysian Ringgit (“MYR” or “RM”), which is functional currency as being the primary currency of the economic environment in which the entity operates. In general, for consolidation purposes, assets and liabilities of its subsidiaries whose functional currency is not US$ are translated into US$, in accordance with ASC Topic 830-30, “Translation of Financial Statement”, using the exchange rate on the balance sheet date. Revenues and expenses are translated at average rates prevailing during the period. The gains and losses resulting from translation of financial statements of foreign subsidiary are recorded as a separate component of other comprehensive income. The Company has not to, the date of these financial statements, entered into derivative instruments to offset the impact of foreign currency fluctuations. Translation of amounts from the local currency of the Company into US$1 has been made at the following exchange rates for the respective years: As of and for the years ended July 31, 2018 2017 Year-end MYR : US$1 exchange rate 4.0605 4.2790 Yearly average MYR : US$1 exchange rate 4.0538 4.3119 Related Parties Parties, which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Companies are also considered to be related if they are subject to common control or common significant influence. Fair Value of Financial Instruments The carrying value of the Company’s financial instruments: cash and cash equivalents, trade receivable, deposits and other receivables, amount due to related parties and other payables approximate at their fair values because of the short-term nature of these financial instruments. The Company also follows the guidance of the ASC Topic 820-10, “Fair Value Measurements and Disclosures” ("ASC 820-10"), with respect to financial assets and liabilities that are measured at fair value. ASC 820-10 establishes a three-tier fair value hierarchy that prioritizes the inputs used in measuring fair value as follows: Level 1 : Observable inputs such as quoted prices in active markets; Level 2 : Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and Level 3 : Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions Segment Reporting ASC Topic 280, "Segment Reporting" establish standards for reporting information about operating segments on a basis consistent with the Company's internal organization structure as well as information about geographical areas, business segments and major customers in financial statements. For the years ended July 31, 2018 and 2017, the Company operates in one reportable operating segment in Singapore and Malaysia. Recent Accounting Pronouncements In May 2014, the FASB issued Accounting Standards Update No. 2014-09, “Revenue from Contracts with Customers” (“ASU 2014-09”). ASU 2014-09 supersedes the revenue recognition requirements in “Revenue Recognition (Topic 605)”, and requires entities to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. ASU 2014-09 is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Early adoption is not permitted. In August 2015, the FASB issued an Accounting Standards Update to defer by one year the effective dates of its new revenue recognition standard until annual reporting periods beginning after December 15, 2017 (2018 for calendar-year public entities) and interim periods therein. This adoption will not have a material impact on our financial statements. In June 2014, the FASB issued ASU 2014-15, "Presentation of Financial Statements-Going concern (Subtopic 205-40) which provides guidance to an organization’s management, with principles and definitions that are intended to reduce diversity in the timing and content of disclosures that are commonly provided by organizations today in the financial statement footnotes. This guidance in ASU 2014-15 is effective for annual periods ending after December 15, 2016, and interim periods within annual periods beginning after December 15, 2016. Early application is permitted for annual or interim reporting periods for which the financial statements have not previously been issued. This adoption will not have a material impact on our financial statements. In February 2015, the FASB issued ASU 2015-02 "Consolidation (Topic 810): Amendments to the Consolidation Analysis." ASU 2015-02 changes the analysis that a reporting entity must perform to determine whether it should consolidate certain types of legal entities. It is effective for annual reporting periods, and interim periods within those years, beginning after December 15, 2015. Early adoption is permitted, including adoption in an interim period. This adoption will not have a material impact on our financial statements. In January 2017, the FASB issued Accounting Standards Update No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business (ASU 2017-01), which revises the definition of a business and provides new guidance in evaluating when a set of transferred assets and activities is a business. We had adopt the new standard effective January 1, 2018, on a prospective basis and do not expect the standard to have a material impact on our consolidated financial statements. |
3. Other Receivables, Deposits
3. Other Receivables, Deposits And Prepayments | 12 Months Ended |
Jul. 31, 2018 | |
Receivables [Abstract] | |
Other Receivables, Deposits And Prepayments | 3. OTHER RECEIVABLES, DEPOSITS AND PREPAYMENTS As at July 31, 2018 2017 Other receivables $ 52,777 $ 41,413 Deposits 695,379 12,311 Prepayments 104 4,848 $ 748,260 $ 58,572 |
4. Amount Due From_(To) Related
4. Amount Due From/(To) Related Parties | 12 Months Ended |
Jul. 31, 2018 | |
Amount Due Fromto Related Parties | |
Amount Due From/(To) Related Parties | 4. AMOUNT DUE FROM/(TO) RELATED PARTIES The amounts are unsecured, bear no interest and are repayable on demand. |
5. Inventories
5. Inventories | 12 Months Ended |
Jul. 31, 2018 | |
Inventory Disclosure [Abstract] | |
Inventories | 5. INVENTORIES As at July 31, 2018 2017 Finished goods, at net realisable value $ 3,288 $ 22,331 $ 3,288 $ 22,331 |
6. Plant and Equipment
6. Plant and Equipment | 12 Months Ended |
Jul. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Plant and Equipment | 6. PLANT AND EQUIPMENT Plant and equipment consist of the following: As at July 31, 2018 2017 Computer hardware $ 38,892 . $ 38,083 . Computer software 15,278 . 14,498 . Furniture and fittings 23,751 . 19,365 . Office equipment 13,926 . 14,033 . Telecommunication 6,408 . 6,700 . Renovation 57,869 . 59,086 . Signboard 1,601 . 1,837 . Security and alarm system 2,180 . 1,416 . 159,905 . 155,018 . (Less): Accumulated depreciation (41,367 ) (26,528 ) (Less): Foreign currency translation adjustments 72 . (206 ) Plant and equipment, net $ 118,610 . $ 128,284 . Depreciation expense for the years ended July 31, 2018 and 2017 are US$28,536 and US$22,693 respectively. |
7. Other Payables and Accrued L
7. Other Payables and Accrued Liabilities | 12 Months Ended |
Jul. 31, 2018 | |
Payables and Accruals [Abstract] | |
Other Payables and Accrued Liabilities | 7. OTHER PAYABLES AND ACCRUED LIABILITIES As at July 31, 2018 2017 Other payables $ 212,629 $ 268,497 Accrued liabilities 37,995 14,556 Deposit received – 162 Share application account – 260,575 $ 250,624 $ 543,790 |
8. Amount Due To Directors
8. Amount Due To Directors | 12 Months Ended |
Jul. 31, 2018 | |
Payables and Accruals [Abstract] | |
Amount Due To Directors | 8. AMOUNT DUE TO DIRECTORS The amounts are unsecured, bear no interest and are repayable on demand. |
9. Income Tax
9. Income Tax | 12 Months Ended |
Jul. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Tax | 9. INCOME TAX The loss before income taxes of the Company for the years ended July 31, 2018 and 2017 were comprised of the following: As at July 31, 2018 2017 Tax jurisdictions from: Local $ (183,313 ) $ (62,454 ) Foreign, representing Malaysia (1,223,037 ) (1,637,308 ) Loss before income taxes $ (1,406,350 ) $ (1,699,762 ) Provision for income taxes consist of the following: As at July 31, 2018 2017 Current Local $ 10,254 $ – Foreign, representing Malaysia 538 1,255 Deferred Foreign, representing Malaysia 9,605 8,605 $ 20,397 $ 9,860 The effective tax rate in the periods presented is the result of the mix of income earned in various tax jurisdictions that apply a broad range of income tax rates. The Company is registered in State of Nevada and has subsidiary that operate in Malaysia that are subject to taxes in the jurisdictions in which they operate, as follows: United States of America The Company is registered in the State of Nevada and is subject to the tax laws of the United States of America. The corporate income tax rates is reduced to 21% from 35% since the introduction of The Tax Cuts and Job Acts on January 1, 2018. Malaysia MIG Mobile Tech Bhd is subject to Malaysia Corporate Tax at a progressive income tax rate ranging from 18% to 24% on its assessable income for its tax year. The following table sets forth the significant components of the aggregate deferred tax assets of the Company as of July 31, 2018 and 2017: As at July 31, 2018 2017 Deferred tax assets: Net operating loss carry forwards Foreign, representing Malaysia $ (1,211,751 ) $ (874,286 ) (1,211,751 ) (874,286 ) (Less): Valuation allowance 1,211,751 . 874,286 . Loss before income taxes $ – $ – Management believes that it is more likely than not that the deferred tax assets will not be fully realizable in the future. Accordingly, the Company provided for a full valuation allowance against its deferred tax assets of US$874,286 as of July 31, 2017. For the year ended July 31, 2018, the valuation allowance increased by US$337,465 primarily relating to net operating loss carry forwards from the various tax regime. |
10. Related Party Transactions
10. Related Party Transactions | 12 Months Ended |
Jul. 31, 2018 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 10. RELATED PARTY TRANSACTIONS As at July 31, 2018 2017 Revenue generated from Related party A $ 34,536 $ 1,365 Related party B 78,938 – Related party C – 34,788 Related party D 2 175 113,476 36,328 Manpower charge back to Related party B 100,792 – Payroll outsourcing charge back to Related party A 1,627 207 Related party F 349 – 1,976 207 Rental paid to Related party A 70,062 28,294 Related party G – 6,494 $ 70,062 $ 34,788 Utilities paid to Related party A $ 1,511 $ 6,759 Related party G – 193 1,511 6,952 Sewerage paid to Related party A – 643 Legal fees paid to Related party A 9,621 10,436 Management fees paid to Related party A – 8,651 Manpower charge expense paid to Related party A – 738 Payroll outsourcing paid to Related party A 1,987 – Balance sheet item Purchase of PPE Related party A 5,313 – Rental deposit paid to Related party A $ 13,276 $ – The related party transactions are generally transacted in an arm-length basis at the current market value in the normal course of business. All the related parties stated above are under common directors, Wee Shiong Han and Wong Kwueh Lin. |
11. Concentration of Risk
11. Concentration of Risk | 12 Months Ended |
Jul. 31, 2018 | |
Risks and Uncertainties [Abstract] | |
Concentration of Risk | 11. CONCENTRATION OF RISK a) Major customers For the years ended July 31, 2018 and 2017, the customers who accounted for 10% or more of the Company’s sales and its outstanding receivables balance at period-end are presented as follows: Revenue Percentage of Revenue Account Receivables, Trade 2018 2017 2018 2017 2018 2017 Customer A $ 108,540 $ – $ 45% $ 0% $ – $ – Customer B 78,938 – 33% 0% – – Customer C 34,536 1,365 14% 2% – – Customer D – 34,788 0% 49% 36,941 35,055 Customer E – 16,277 0% 23% – – $ 222,014 $ 52,430 $ 92% $ 74% $ 36,941 $ 35,055 b) Exchange rate risk The Company cannot guarantee that the current exchange rate will remain stable, therefore there is a possibility that the Company could post the same amount of income for two comparable periods and because of the fluctuating exchange rate post higher or lower income depending on exchange rate converted into US$ at the end of the financial year. The exchange rate could fluctuate depending on changes in political and economic environments without notice. |
12. Commitments and Contingenci
12. Commitments and Contingencies | 12 Months Ended |
Jul. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 12. COMMITMENTS AND CONTINGENCIES The Company has entered into a new agreement for developing and enhancing the web-based Merchant Management System which amounting to US$180,490 on September 14, 2018 with an independent third party. The Company had paid US$43,428 in relation for the first stage of development work done on September 21, 2018. The Company has entered into an agreement with Digiland Pte Ltd on September 12, 2017, amounting to US$1,189,061 for eMobile Apps (User and Merchant) and Backed Admin Web Portal. The remaining cost to complete the eMobile Apps (User and Merchant) and Backed Admin Web Portal in future is amounting to US$617,559. Subsequent to the financial year end, the Company’s future lease payments of US$5,929 per month for office premise is expected to end on Oct 31, 2018. |
13. Subsequent Events
13. Subsequent Events | 12 Months Ended |
Jul. 31, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | 13. SUBSEQUENT EVENTS In accordance with ASC Topic 855, “Subsequent Events”, which establishes general standards of accounting for and disclosure of events that occur after the balance sheet date but before financial statements are issued, the Company has evaluated all events or transactions that occurred after July 31, 2018 up through the date the Company presented these audited financial statements. |
14. Comparative Figures
14. Comparative Figures | 12 Months Ended |
Jul. 31, 2018 | |
Comparative Figures | |
Comparative Figures | 14. COMPARATIVE FIGURES The comparative figures in fiscal year ended 31 July 2017 had been restated due to the Merger and Acquisition – Reverse Take Over of our subsidiary company – MIG Mobile Tech Bhd on 8 June 2018 under common control. |
2. Summary of Significant Acc_2
2. Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Jul. 31, 2018 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basic of Presentation These financial statements and accompanying notes have been prepared in accordance with generally accepted accounting principles in the United States of America (“US GAAP”). The Company has adopted its fiscal year-end to be July 31. |
Basic of Consolidation | Basic of Consolidation The consolidated financial statements include the accounts of the Company and its subsidiary. All inter-company accounts and transactions have been eliminated upon consolidation. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles 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. The Company regularly evaluates estimates and assumptions related to valuation of donated services and rent, fair value measurements and deferred income tax asset valuation allowances. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents are carried at cost and represent cash on hand, demand deposits placed with banks or other financial institutions and all highly liquid investments with an original maturity of three months or less as of the purchase date of such investments. |
Plant and Equipment | Plant and Equipment Plant and equipment is stated at cost less accumulated depreciation and impairment. Depreciation of plant and equipment are calculated on the straight-line method over their estimated useful lives as follows: Classification Principal annual rate / Estimated useful lives Computer hardware and software 4 years Furniture and fittings 10 years Office equipment 5 years Telecommunication 2 years Renovation 10 years Signboard 5 years Security and alarm system 4 years Expenditures for maintenance and repairs are expenses as incurred. |
Inventories | Inventories Inventories consisting of products available for sell, are stated at the lower of cost or market value. Cost of inventory is determined using the first-in, first-out (FIFO) method. Inventory reserve is recorded to write down the cost of inventory to the estimated market value due to slow-moving merchandise and damaged goods, which is dependent upon factors such as historical and forecasted consumer demand, and promotional environment. The Company takes ownership, risks and rewards of the products purchased. Write downs are recorded in cost of revenues in the Statements of Operation and Comprehensive Income. |
Revenue Recognition | Revenue Recognition Revenue recognized when it is probable that the economic benefits associated with the transaction will flow to the enterprise and the amount of the revenue can be measured reliably. Revenue is measured at the fair value of consideration received or receivable. a) Sales of goods Revenue from sales of goods is recognized when the significant risks and rewards of ownership have been transferred to the buyer. Revenue is measured at the fair value of the consideration received or receivable, net of discounts and taxes application to the revenue. b) Rendering of Services Revenue from rendering of services is measured by reference to the stage of completions of the transaction at the reporting date. c) Interest income Interest income is recognized using the effective interest method, and accrued on a timely basis. |
Comprehensive Income | Comprehensive Income ASC Topic 220, “Comprehensive Income” establishes standards for reporting and display of comprehensive income, its components and accumulated balances. Comprehensive income as defined includes all changes in equity during a period from non-owner sources. Accumulated other comprehensive income, as presented in the accompanying statements of stockholders’ equity consists of changes in unrealized gains and losses on foreign currency translation and cumulative net change in the fair value of available-for-sale investments held at the balance sheet date. This comprehensive income is not included in the computation of income tax expense or benefit. |
Income Tax Expense | Income Tax Expense Potential benefits of income tax losses are not recognized in the accounts until realization is more likely than not. The Company computes tax asset benefits for net operating losses carried forward. The potential benefits of net operating losses have not been recognized in these financial statements because the Company cannot be assured it is more likely than not it will utilize the net operating losses carried forward in future year. The company conducts major businesses in Malaysia and is subject to tax in their own jurisdiction. As a result of its business activities, the company will file separate tax returns that are subject to examination by the foreign tax authorities. |
Basic and Diluted Net Income (Loss) Per Share | Basic and Diluted Net Income/(Loss) Per Share The Company calculates net income/(loss) per share in accordance with ASC Topic 260, “Earnings per Share.” Basic income/(loss) per share is computed by dividing the net income/(loss) by the weighted-average number of common shares outstanding during the period. Diluted income per share is computed similar to basic income/(loss) per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common stock equivalents had been issued and if the additional common shares were dilutive. Diluted earnings per share excludes all dilutive potential shares if their effect is anti-dilutive. As at July 31, 2018 and 2017, there were no potentially dilutive securities outstanding. |
Foreign Currency Translation | Foreign Currencies Translation Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded in the statement of operations. The functional currency of the Company is the United States Dollars (“US$”) and the accompanying financial statements have been expressed in US$. In addition, the subsidiary maintains its books and record in a local currency, Malaysian Ringgit (“MYR” or “RM”), which is functional currency as being the primary currency of the economic environment in which the entity operates. In general, for consolidation purposes, assets and liabilities of its subsidiaries whose functional currency is not US$ are translated into US$, in accordance with ASC Topic 830-30, “Translation of Financial Statement”, using the exchange rate on the balance sheet date. Revenues and expenses are translated at average rates prevailing during the period. The gains and losses resulting from translation of financial statements of foreign subsidiary are recorded as a separate component of other comprehensive income. The Company has not to, the date of these financial statements, entered into derivative instruments to offset the impact of foreign currency fluctuations. Translation of amounts from the local currency of the Company into US$1 has been made at the following exchange rates for the respective years: As of and for the years ended July 31, 2018 2017 Year-end MYR : US$1 exchange rate 4.0605 4.2790 Yearly average MYR : US$1 exchange rate 4.0538 4.3119 |
Related Parties | Related Parties Parties, which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Companies are also considered to be related if they are subject to common control or common significant influence. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The carrying value of the Company’s financial instruments: cash and cash equivalents, trade receivable, deposits and other receivables, amount due to related parties and other payables approximate at their fair values because of the short-term nature of these financial instruments. The Company also follows the guidance of the ASC Topic 820-10, “Fair Value Measurements and Disclosures” ("ASC 820-10"), with respect to financial assets and liabilities that are measured at fair value. ASC 820-10 establishes a three-tier fair value hierarchy that prioritizes the inputs used in measuring fair value as follows: Level 1 : Observable inputs such as quoted prices in active markets; Level 2 : Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and Level 3 : Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions |
Segment Reporting | Segment Reporting ASC Topic 280, "Segment Reporting" establish standards for reporting information about operating segments on a basis consistent with the Company's internal organization structure as well as information about geographical areas, business segments and major customers in financial statements. For the years ended July 31, 2018 and 2017, the Company operates in one reportable operating segment in Singapore and Malaysia. |
Recently Issued Accounting Pronouncements | Recent Accounting Pronouncements In May 2014, the FASB issued Accounting Standards Update No. 2014-09, “Revenue from Contracts with Customers” (“ASU 2014-09”). ASU 2014-09 supersedes the revenue recognition requirements in “Revenue Recognition (Topic 605)”, and requires entities to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. ASU 2014-09 is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Early adoption is not permitted. In August 2015, the FASB issued an Accounting Standards Update to defer by one year the effective dates of its new revenue recognition standard until annual reporting periods beginning after December 15, 2017 (2018 for calendar-year public entities) and interim periods therein. This adoption will not have a material impact on our financial statements. In June 2014, the FASB issued ASU 2014-15, "Presentation of Financial Statements-Going concern (Subtopic 205-40) which provides guidance to an organization’s management, with principles and definitions that are intended to reduce diversity in the timing and content of disclosures that are commonly provided by organizations today in the financial statement footnotes. This guidance in ASU 2014-15 is effective for annual periods ending after December 15, 2016, and interim periods within annual periods beginning after December 15, 2016. Early application is permitted for annual or interim reporting periods for which the financial statements have not previously been issued. This adoption will not have a material impact on our financial statements. In February 2015, the FASB issued ASU 2015-02 "Consolidation (Topic 810): Amendments to the Consolidation Analysis." ASU 2015-02 changes the analysis that a reporting entity must perform to determine whether it should consolidate certain types of legal entities. It is effective for annual reporting periods, and interim periods within those years, beginning after December 15, 2015. Early adoption is permitted, including adoption in an interim period. This adoption will not have a material impact on our financial statements. In January 2017, the FASB issued Accounting Standards Update No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business (ASU 2017-01), which revises the definition of a business and provides new guidance in evaluating when a set of transferred assets and activities is a business. We had adopt the new standard effective January 1, 2018, on a prospective basis and do not expect the standard to have a material impact on our consolidated financial statements. |
1. Organization and Business _2
1. Organization and Business Background (Tables) | 12 Months Ended |
Jul. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Subsidiary | No Company Name Place and date of incorporation Particulars of issued capital Principal activities 1 MIG Mobile Tech Bhd Malaysia Oct 1, 2015 50,000,000 ordinary shares of RM1 each E-commerce, online to offline marketplace and payment eco-system |
2. Summary of Significant Acc_3
2. Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Jul. 31, 2018 | |
Accounting Policies [Abstract] | |
Schedule of estimated useful lives of Plant and Equipment | Classification Principal annual rate / Estimated useful lives Computer hardware and software 4 years Furniture and fittings 10 years Office equipment 5 years Telecommunication 2 years Renovation 10 years Signboard 5 years Security and alarm system 4 years |
Schedule of exchange rate of foreign currencies translation | As of and for the years ended July 31, 2018 2017 Year-end MYR : US$1 exchange rate 4.0605 4.2790 Yearly average MYR : US$1 exchange rate 4.0538 4.3119 |
3. Other Receivables, Deposit_2
3. Other Receivables, Deposits And Prepayments (Tables) | 12 Months Ended |
Jul. 31, 2018 | |
Receivables [Abstract] | |
Other Receivables, Deposits And Prepayments | As at July 31, 2018 2017 Other receivables $ 52,777 $ 41,413 Deposits 695,379 12,311 Prepayments 104 4,848 $ 748,260 $ 58,572 |
5. Inventories (Tables)
5. Inventories (Tables) | 12 Months Ended |
Jul. 31, 2018 | |
Inventory Disclosure [Abstract] | |
Inventories | As at July 31, 2018 2017 Finished goods, at net realisable value $ 3,288 $ 22,331 $ 3,288 $ 22,331 |
6. Plant and Equipment (Tables)
6. Plant and Equipment (Tables) | 12 Months Ended |
Jul. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Plant and Equipment | As at July 31, 2018 2017 Computer hardware $ 38,892 . $ 38,083 . Computer software 15,278 . 14,498 . Furniture and fittings 23,751 . 19,365 . Office equipment 13,926 . 14,033 . Telecommunication 6,408 . 6,700 . Renovation 57,869 . 59,086 . Signboard 1,601 . 1,837 . Security and alarm system 2,180 . 1,416 . 159,905 . 155,018 . (Less): Accumulated depreciation (41,367 ) (26,528 ) (Less): Foreign currency translation adjustments 72 . (206 ) Plant and equipment, net $ 118,610 . $ 128,284 . |
7. Other Payables and Accrued_2
7. Other Payables and Accrued Liabilities (Tables) | 12 Months Ended |
Jul. 31, 2018 | |
Payables and Accruals [Abstract] | |
Other Payables and Accrued Liabilities | As at July 31, 2018 2017 Other payables $ 212,629 $ 268,497 Accrued liabilities 37,995 14,556 Deposit received – 162 Share application account – 260,575 $ 250,624 $ 543,790 |
9. Income Tax (Tables)
9. Income Tax (Tables) | 12 Months Ended |
Jul. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Schedule of loss before income taxes | As at July 31, 2018 2017 Tax jurisdictions from: Local $ (183,313 ) $ (62,454 ) Foreign, representing Malaysia (1,223,037 ) (1,637,308 ) Loss before income taxes $ (1,406,350 ) $ (1,699,762 ) |
Provision for income taxes | As at July 31, 2018 2017 Current Local $ 10,254 $ – Foreign, representing Malaysia 538 1,255 Deferred Foreign, representing Malaysia 9,605 8,605 $ 20,397 $ 9,860 |
Deferred tax assets | As at July 31, 2018 2017 Deferred tax assets: Net operating loss carry forwards Foreign, representing Malaysia $ (1,211,751 ) $ (874,286 ) (1,211,751 ) (874,286 ) (Less): Valuation allowance 1,211,751 . 874,286 . Loss before income taxes $ – $ – |
10. Related Party Transactions
10. Related Party Transactions (Tables) | 12 Months Ended |
Jul. 31, 2018 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | As at July 31, 2018 2017 Revenue generated from Related party A $ 34,536 $ 1,365 Related party B 78,938 – Related party C – 34,788 Related party D 2 175 113,476 36,328 Manpower charge back to Related party B 100,792 – Payroll outsourcing charge back to Related party A 1,627 207 Related party F 349 – 1,976 207 Rental paid to Related party A 70,062 28,294 Related party G – 6,494 $ 70,062 $ 34,788 Utilities paid to Related party A $ 1,511 $ 6,759 Related party G – 193 1,511 6,952 Sewerage paid to Related party A – 643 Legal fees paid to Related party A 9,621 10,436 Management fees paid to Related party A – 8,651 Manpower charge expense paid to Related party A – 738 Payroll outsourcing paid to Related party A 1,987 – Balance sheet item Purchase of PPE Related party A 5,313 – Rental deposit paid to Related party A $ 13,276 $ – |
11. Concentration of Risk (Tabl
11. Concentration of Risk (Tables) | 12 Months Ended |
Jul. 31, 2018 | |
Risks and Uncertainties [Abstract] | |
Concentration of Risk | Revenue Percentage of Revenue Account Receivables, Trade 2018 2017 2018 2017 2018 2017 Customer A $ 108,540 $ – $ 45% $ 0% $ – $ – Customer B 78,938 – 33% 0% – – Customer C 34,536 1,365 14% 2% – – Customer D – 34,788 0% 49% 36,941 35,055 Customer E – 16,277 0% 23% – – $ 222,014 $ 52,430 $ 92% $ 74% $ 36,941 $ 35,055 |
1. Organization and Business _3
1. Organization and Business Background (Details) | 12 Months Ended |
Jul. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Company Name | MIG Mobile Tech Bhd |
Place of incorporation | Malaysia |
Date of incorporation | Oct. 1, 2015 |
Particulars of issued capital | 50,000,000 ordinary shares of RM1 each |
Principal activities | E-commerce, online to offline marketplace and payment eco-system |
1. Organization and Business _4
1. Organization and Business Background (Details Narrative) | Jul. 31, 2018 |
MIG Mobile Tech Bhd [Member] | |
Equity interest | 99.662% |
2. Summary of Significant Acc_4
2. Summary of Significant Accounting Policies (Details - Estimated useful lives) | 12 Months Ended |
Jul. 31, 2018 | |
Computer hardware and software [Member] | |
Estimated useful lives | 4 years |
Furniture and fittings [Member] | |
Estimated useful lives | 10 years |
Office Equipment [Member] | |
Estimated useful lives | 5 years |
Telecommunication [Member] | |
Estimated useful lives | 2 years |
Renovation [Member] | |
Estimated useful lives | 10 years |
Signboard [Member] | |
Estimated useful lives | 5 years |
Security and alarm system [Member] | |
Estimated useful lives | 4 years |
2. Summary of Significant Acc_5
2. Summary of Significant Accounting Policies (Details - Exchange rates) | Jul. 31, 2018 | Jul. 31, 2017 |
Accounting Policies [Abstract] | ||
Year-end exchange rate | 4.0605 | 4.2790 |
Yearly average exchange rate | 4.0538 | 4.3119 |
2. Summary of Significant Acc_6
2. Summary of Significant Accounting Policies (Details Narrative) | 12 Months Ended | |
Jul. 31, 2018Integershares | Jul. 31, 2017Integershares | |
Accounting Policies [Abstract] | ||
Antidilutive shares | shares | 0 | 0 |
Number of Operating Segments | Integer | 1 | 1 |
3. Other Receivables, Deposit_3
3. Other Receivables, Deposits And Prepayments (Details) - USD ($) | Jul. 31, 2018 | Jul. 31, 2017 |
Receivables [Abstract] | ||
Other receivables | $ 52,777 | $ 41,413 |
Deposits | 695,379 | 12,311 |
Prepayments | 104 | 4,848 |
Other receivables, deposits and prepayments | $ 748,260 | $ 58,572 |
4. Amount Due From_(To) Relat_2
4. Amount Due From/(To) Related Parties (Details Narrative) | 12 Months Ended |
Jul. 31, 2018 | |
Amount Due Fromto Related Parties | |
Debscription of Collateral | Loan is unsecured |
Description of interest rate terms | Bears no interest |
Description of repayment terms | Repayable on demand |
5. Inventories (Details)
5. Inventories (Details) - USD ($) | Jul. 31, 2018 | Jul. 31, 2017 |
Inventory Disclosure [Abstract] | ||
Finished goods, at net realisable value | $ 3,288 | $ 22,331 |
Inventory, Net | $ 3,288 | $ 22,331 |
6. Plant and Equipment (Details
6. Plant and Equipment (Details) - USD ($) | Jul. 31, 2018 | Jul. 31, 2017 |
Plant and equipment, Gross | $ 159,905 | $ 155,018 |
(Less): Accumulated depreciation | (41,367) | (26,528) |
(Less): Foreign currency translation adjustments | 72 | (206) |
Plant and equipment, net | 118,610 | 128,284 |
Computer Hardware [Member] | ||
Plant and equipment, Gross | 38,892 | 38,083 |
Computer Software [Member] | ||
Plant and equipment, Gross | 15,278 | 14,498 |
Furniture and fittings [Member] | ||
Plant and equipment, Gross | 23,751 | 19,365 |
Office Equipment [Member] | ||
Plant and equipment, Gross | 13,926 | 14,033 |
Telecommunication [Member] | ||
Plant and equipment, Gross | 6,408 | 6,700 |
Renovation [Member] | ||
Plant and equipment, Gross | 57,869 | 59,086 |
Signboard [Member] | ||
Plant and equipment, Gross | 1,601 | 1,837 |
Security and alarm system [Member] | ||
Plant and equipment, Gross | $ 2,180 | $ 1,416 |
6. Plant and Equipment (Detai_2
6. Plant and Equipment (Details Narrative) - USD ($) | 12 Months Ended | |
Jul. 31, 2018 | Jul. 31, 2017 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation expense | $ 28,536 | $ 22,693 |
7. Other Payables and Accrued_3
7. Other Payables and Accrued Liabilities (Details) - USD ($) | Jul. 31, 2018 | Jul. 31, 2017 |
Payables and Accruals [Abstract] | ||
Other payables | $ 212,629 | $ 268,497 |
Accrued liabilities | 37,995 | 14,556 |
Deposit received | 0 | 162 |
Share application account | 0 | 260,575 |
Other payables and accrued liabilities | $ 250,624 | $ 543,790 |
8. Amount Due To Directors (Det
8. Amount Due To Directors (Details Narrative) | 12 Months Ended |
Jul. 31, 2018 | |
Payables and Accruals [Abstract] | |
Debscription of Collateral | Loan is unsecured |
Description of interest rate terms | Bears no interest |
Description of repayment terms | Repayable on demand |
9. Income Tax (Details - loss b
9. Income Tax (Details - loss before income taxes) - USD ($) | 12 Months Ended | |
Jul. 31, 2018 | Jul. 31, 2017 | |
Tax jurisdictions from: | ||
Local | $ (183,313) | $ (62,454) |
Foreign, representing Malaysia | (1,223,037) | (1,637,308) |
Loss before income taxes | $ (1,406,350) | $ (1,699,762) |
9. Income Tax (Details - Provis
9. Income Tax (Details - Provision for income taxes) - USD ($) | 12 Months Ended | |
Jul. 31, 2018 | Jul. 31, 2017 | |
Current | ||
Local | $ 10,254 | $ 0 |
Foreign, representing Malaysia | 538 | 1,255 |
Deferred | ||
Foreign, representing Malaysia | 9,605 | 8,605 |
Provision for taxation | $ 20,397 | $ 9,860 |
9. Income Tax (Details - deferr
9. Income Tax (Details - deferred tax assets) - USD ($) | Jul. 31, 2018 | Jul. 31, 2017 |
Net operating loss carry forwards | ||
Foreign, representing Malaysia | $ (1,211,751) | $ (874,286) |
Net operating loss carry forwards | (1,211,751) | (874,286) |
(Less): Valuation allowance | 1,211,751 | 874,286 |
Loss before income taxes | $ 0 | $ 0 |
9. Income Tax (Details Narrativ
9. Income Tax (Details Narrative) - USD ($) | 12 Months Ended | |
Jul. 31, 2018 | Jul. 31, 2017 | |
Income Tax Disclosure [Abstract] | ||
Corporate income tax rate | 21.00% | 35.00% |
Malaysia Corporate tax rate range | 18% to 24% | |
Deferred tax assets Valuation allowance | $ 1,211,751 | $ 874,286 |
Increase in valuation allowance | $ 337,465 |
10. Related Party Transaction_2
10. Related Party Transactions (Details) - USD ($) | 12 Months Ended | |
Jul. 31, 2018 | Jul. 31, 2017 | |
Revenue from related party | $ 113,476 | $ 36,328 |
Payroll outsourcing charge back | 1,976 | 207 |
Rental Paid | 70,062 | 34,788 |
Utilities paid | 1,511 | 6,952 |
Rental deposit paid | 695,379 | 12,311 |
Related party A [Member] | ||
Revenue from related party | 34,536 | 1,365 |
Payroll outsourcing charge back | 1,627 | 207 |
Rental Paid | 70,062 | 28,294 |
Utilities paid | 1,511 | 6,759 |
Sewerage paid | 0 | 643 |
Legal fees | 9,621 | 10,436 |
Management fees | 0 | 8,651 |
Manpower charge expense paid | 0 | 738 |
Payroll outsourcing paid | 1,987 | |
Purchase of PPE | 5,313 | 0 |
Rental deposit paid | 13,276 | 0 |
Related party B [Member] | ||
Revenue from related party | 78,938 | 0 |
Manpower charge back to related party | 100,792 | 0 |
Payroll outsourcing paid | 0 | |
Related party C [Member] | ||
Revenue from related party | 0 | 34,788 |
Related party D [Member] | ||
Revenue from related party | 2 | 175 |
Related party F [Member] | ||
Payroll outsourcing charge back | 349 | 0 |
Related party G [Member] | ||
Rental Paid | 0 | 6,494 |
Utilities paid | $ 0 | $ 193 |
11. Concentration of Risk (Deta
11. Concentration of Risk (Details) - USD ($) | 12 Months Ended | |
Jul. 31, 2018 | Jul. 31, 2017 | |
Revenue from customers who accounted for 10% or more | $ 222,014 | $ 52,430 |
Percentage of Revenue | 92.00% | 74.00% |
Account Receivables, Trade | $ 36,941 | $ 35,055 |
Customer A [Member] | ||
Revenue from customers who accounted for 10% or more | $ 108,540 | $ 0 |
Percentage of Revenue | 45.00% | 0.00% |
Account Receivables, Trade | $ 0 | $ 0 |
Customer B [Member] | ||
Revenue from customers who accounted for 10% or more | $ 78,938 | $ 0 |
Percentage of Revenue | 33.00% | 0.00% |
Account Receivables, Trade | $ 0 | $ 0 |
Customer C [Member] | ||
Revenue from customers who accounted for 10% or more | $ 34,536 | $ 1,365 |
Percentage of Revenue | 14.00% | 2.00% |
Account Receivables, Trade | $ 0 | $ 0 |
Customer D Member] | ||
Revenue from customers who accounted for 10% or more | $ 0 | $ 34,788 |
Percentage of Revenue | 0.00% | 49.00% |
Account Receivables, Trade | $ 36,941 | $ 35,055 |
Customer E [Member] | ||
Revenue from customers who accounted for 10% or more | $ 0 | $ 16,277 |
Percentage of Revenue | 0.00% | 23.00% |
Account Receivables, Trade | $ 0 | $ 0 |
12. Commitments and Contingen_2
12. Commitments and Contingencies (Details Narrative) - USD ($) | Sep. 14, 2018 | Sep. 12, 2018 | Sep. 21, 2018 | Oct. 31, 2018 |
Future lease payments | $ 5,929 | |||
Independent third party [Member] | ||||
Developing and enhancing cost | $ 180,490 | |||
Development expenses paid | $ 43,428 | |||
Digiland Pte Ltd [Member] | ||||
eMobile Apps and Backed Admin Web Portal cost | $ 1,189,061 | |||
eMobile Apps and Backed Admin Web Portal future cost | $ 617,559 |