Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Jul. 31, 2021 | Oct. 21, 2021 | Apr. 30, 2020 | |
Cover [Abstract] | |||
Entity Registrant Name | WECONNECT Tech International, Inc. | ||
Entity Central Index Key | 0001409175 | ||
Document Type | 10-K/A | ||
Document Period End Date | Jul. 31, 2021 | ||
Amendment Flag | true | ||
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 | true | ||
Entity Public Float | $ 0 | ||
Entity Common Stock, Shares Outstanding | 593,610,070 | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Interactive data current? | Yes | ||
State of Incorporation | NV | ||
Entity file number | 000-52879 | ||
ICFR Auditor Attestation Flag | false | ||
Amendment description | no changes |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Jul. 31, 2021 | Jul. 31, 2020 |
Current Assets | ||
Cash | $ 542 | $ 544 |
Total Current Assets | 542 | 544 |
Plant and equipment, net | 0 | 0 |
Total Assets | 542 | 544 |
Current Liabilities | ||
Accounts Payable | 85,956 | 83,458 |
Other Payables And Accrued Liabilities | 967,189 | 933,410 |
Amount Due to Related Party | 1,248,070 | 1,236,274 |
Current tax liabilities | 21,199 | 21,194 |
Total Current Liabilities | 2,322,414 | 2,274,336 |
Deferred tax | 9,236 | 9,143 |
Total Liabilities | 2,331,650 | 2,283,479 |
Shareholders' Equity: | ||
Common Stock 593,610,070 shares issued and outstanding as of July 31, 2020 and 2019 respectively | 593,610 | 593,610 |
Additional paid-up share capital | 4,958,781 | 4,958,781 |
Accumulated loss | (7,667,225) | (7,638,503) |
Other comprehensive loss | (216,274) | (196,823) |
Total Owners' Equity | (2,331,108) | (2,282,935) |
Total Liabilities and Owners' Equity | $ 542 | $ 544 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - shares | Jul. 31, 2021 | Jul. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Common Stock, Shares, Issued | 593,610,070 | 593,610,070 |
Common Stock, Shares, Outstanding | 593,610,070 | 593,610,070 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | |
Jul. 31, 2021 | Jul. 31, 2020 | |
Income Statement [Abstract] | ||
Revenue | $ 0 | $ 65,690 |
Cost of Revenue | 0 | 0 |
Gross Margin | 0 | 65,690 |
Other Income / (Expense) | (1,523) | 10,794 |
General and Administrative Expense | (27,199) | (1,179,650) |
Loss before tax | (28,722) | (1,103,166) |
Taxation | 0 | 0 |
Net Loss | (28,722) | (1,103,166) |
Other Comprehensive Loss: | ||
Translation adjustment | (19,451) | 38,546 |
Comprehensive Loss | $ (48,173) | $ (1,064,620) |
Income per share | $ 0 | $ 0 |
Weighted average shares outstanding | 593,610,070 | 593,610,070 |
Consolidated Statement of Share
Consolidated Statement of Shareholders' Equity - USD ($) | Common Stock | Additional Paid-In Capital | Other Comprehensive Loss | Retained Earnings | Total |
Beginning balance, shares at Jul. 31, 2019 | 593,610,070 | ||||
Beginning balance, value at Jul. 31, 2019 | $ 593,610 | $ 4,958,781 | $ (235,369) | $ (6,535,337) | $ (1,218,315) |
Net loss | (1,103,166) | (1,103,166) | |||
Translation Adjustment | 38,546 | 38,546 | |||
Ending balance, shares at Jul. 31, 2020 | 593,610,070 | ||||
Ending balance, value at Jul. 31, 2020 | $ 593,610 | 4,958,781 | (196,823) | (7,638,503) | (2,282,935) |
Net loss | (28,722) | (28,722) | |||
Translation Adjustment | (19,451) | (19,451) | |||
Ending balance, shares at Jul. 31, 2021 | 593,610,070 | ||||
Ending balance, value at Jul. 31, 2021 | $ 593,610 | $ 4,958,781 | $ (216,274) | $ (7,667,225) | $ (2,331,108) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Jul. 31, 2021 | Jul. 31, 2020 | |
Cash Flows from Operating Activities: | ||
Net loss | $ (28,722) | $ (1,103,166) |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 0 | 16,687 |
Impairment of deposit | 0 | 0 |
Inventory written off | 0 | 0 |
Plant & Equipment written off | 0 | 68,247 |
Gain on Disposal of Asset | 0 | (26) |
Foreign translation reserve | (19,451) | 7,092 |
Changes in operating assets and liabilities: | ||
Account receivables | 0 | 11,696 |
Other receivables, deposits and prepayments | 0 | 52,869 |
Amount due to directors | 0 | 0 |
Due to related party | 11,796 | 200,110 |
Account payable | 2,498 | 9,258 |
Other payables and accrued liabilities | 33,877 | 734,308 |
Net cash provided by operations | (2) | (2,925) |
Cash Flows from Investing Activities: | ||
Proceed from disposal of property and equipment | 0 | 126 |
Funds placed in escrow | 0 | 0 |
Net cash used in investing activities | 0 | 126 |
Cash Flows from Financing Activities: | ||
Proceeds from issuance of share capital | 0 | 0 |
Payment on loan payable | 0 | 0 |
Net cash provided by financing activities | 0 | 0 |
Foreign currency translation adjustment | 0 | 0 |
Net increase (decrease) in cash | (2) | (2,799) |
Cash at Beginning of Year | 544 | 3,343 |
Cash at End of Year | 542 | 544 |
Supplemental Disclosure of non-cash activity: | ||
Interest paid | 0 | 0 |
Taxes paid | $ 0 | $ 0 |
1. Organization and Basis of Pr
1. Organization and Basis of Presentation | 12 Months Ended |
Jul. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and basis of presentation | NOTE 1 - ORGANIZATION AND BASIS OF PRESENTATION 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 was located at 25, Jalan Puteri 7/15, Bandar Puteri, 47100 Puchong, Selangor, Malaysia. On June 8, 2018, we 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 Place and date of Particulars of Principal 1 MIG Mobile Tech Bhd Malaysia 50,000,000 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, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of presentation The Company’s consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Use of estimates The preparation of financial statements in conformity with generally accepted accounting principles 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. Actual results could differ from those estimates. Concentrations of Credit Risk We maintain our cash in bank deposit accounts, the balances of which at times may exceed federally insured limits. We continually monitor our banking relationships and consequently have not experienced any losses in our accounts. We believe we are not exposed to any significant credit risk on cash. Cash equivalents The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. There were no cash equivalents for the years ended July 31, 2020 or 2019. Inventories Inventories are valued at the lower of cost or net realizable value. In general cost is determined by applying either the first in first out (FIFO) or percentages mark-up to the selling price valuations for the inventory item. Net realizable value is the estimated selling price in the ordinary course of business, less selling expenses. Allowances is made for obsolete, slow moving and defective inventories. All of the Company’s inventories consists of merchandise held for sale. Net income (loss) per common share Net income (loss) per common share is computed pursuant to section 260-10-45 of the FASB Accounting Standards Codification. Basic net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the period. Diluted net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock and potentially outstanding shares of common stock during the period. The weighted average number of common shares outstanding and potentially outstanding common shares assumes that the Company incorporated as of the beginning of the first period presented. There are no potentially dilutive shares of common stock. Revenue recognition Revenue is recognized when a customer obtains control of promised goods or services and is recognized in an amount that reflects the consideration that an entity expects to receive in exchange for those goods or services. In addition, the standard requires disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The amount of revenue that is recorded reflects the consideration that the Company expects to receive in exchange for those goods. The Company applies the following five-step model in order to determine this amount: (i) identification of the promised goods in the contract; (ii) determination of whether the promised goods are performance obligations, including whether they are distinct in the context of the contract; (iii) measurement of the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations; and (v) recognition of revenue when (or as) the Company satisfies each performance obligation. 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. Accounts receivable Accounts receivable, which generally have thirty-day terms are recognized and carried at original invoice amount, less an allowance for uncollectible amounts, if applicable. The Company maintains an allowance for doubtful accounts at a level considered adequate to provide for potential uncollectible receivables. The level of this allowance is evaluated by management based on collection experience and other factors affecting the accounts such as customer relationship and market factors. Taxes 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. Fair Value Measurements Fair value is the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is estimated by applying the following hierarchy, which prioritize the inputs used to measure fair value into three levels and bases the categorization with the hierarchy upon the lowest level of input that is available and significant to the fair value measurement. The fair value hierarchy consists of three broad levels, which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy under ASC 820 are described below: Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. Level 2 - Inputs, other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability (e.g. interest rates); and inputs that are derived principally from or corroborated by observable market data by correlation or other means. Level 3 - Inputs that are both significant to the fair value measurement and unobservable. The Company’s cash and cash equivalents and short-term investments are classified within Level 1 of the fair value hierarchy because they are valued using quoted market prices. The carrying amounts of accounts payable, advances payable and short-term loans approximate their fair value due to short term maturities. Recently issued accounting pronouncements In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) On June 20, 2018, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2018-07, Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting In November 2019, the FASB issued ASU 2019-10, Financial Instruments—Credit Losses (Topic 326), Derivative and Hedging (Topic 815, and Leases (Topic 841). This new guidance will be effective for annual reporting periods beginning after December 15, 2019, including interim periods within those annual reporting periods. While the Company is continuing to assess the potential impacts of ASU 2019-10, it does not expect ASU 2019-10 to have a material effect on its financial statements. The Company has implemented all new accounting pronouncements that are in effect. These pronouncements did not have any material impact on the financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations. Foreign currency 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: For the Years Ended July 31, 2021 2020 Year-end MYR: US$1 exchange rate 4.2225 4.2657 Yearly average MYR: US$1 exchange rate 4.1205 4.2197 |
3. Property and Equipment
3. Property and Equipment | 12 Months Ended |
Jul. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | NOTE 3 – PROPERTY AND EQUIPMENT Property and Equipment are first recorded at cost. Depreciation is computed using the straight-line method over the estimated useful lives of the various classes of assets. Long lived assets, including property and equipment, to be held and used by the Company are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value of the assets may not be recoverable. Impairment losses are recognized if expected future cash flows of the related assets are less than their carrying values. Measurement of an impairment loss is based on the fair value of the asset. Long-lived assets to be disposed of are reported at the lower of carrying amount or fair value less cost to sell. Maintenance and repair expenses, as incurred, are charged to expense. Betterments and renewals are capitalized in plant and equipment accounts. Cost and accumulated depreciation applicable to items replaced or retired are eliminated from the related accounts with any gain or loss on the disposition included as income. Property and equipment stated at cost, less accumulated depreciation consisted of the following: July 31, July 31, Computer Hardware $ 34,064 $ 34,064 Computer Software 14,340 14,340 Furniture and Fittings 22,557 22,557 Office Equipment 13,178 13,178 Telecommunication 5,335 5,335 Renovation 54,317 54,317 Signboard 1,503 1,503 Security and alarm system 2,150 2,150 147,444 147,444 Asset Written Off (68,247 ) (68,247 Disposal (126 ) (126 Less: accumulated depreciation (79,071 ) (79,071 ) Property and equipment, net $ – $ – Depreciation expense Depreciation expense for the years ended July 31, 2021 and 2020 was $0 and $0, respectively. On May 31 2020, due to the closing down of the operating office of the subsidiary in Malaysia, Management carried out an impairment test on its fixed asset and realized its fixed asset has no recoverable value hence, write off. |
4. Related Party Transactions
4. Related Party Transactions | 12 Months Ended |
Jul. 31, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | NOTE 4 – RELATED PARTY TRANSACTIONS The Company, in the regular conduct of business, has entered transaction with related parties in the form of cash or expenses paid on behalf of the related party and rendering of services. All advances are unsecured, due on demand and non-interest bearing. The table below show the breakdown of revenue generated from related party during the period: Related Party July 31, 2019 July 31, 2020 July 31, 2021 East Cloud Sdn Bhd $ 18,190 $ 16,470 $ – Creative Property Management 2,708 6,390 – MIG 020 Berhad 19.360 – – MIG Network and Consultancy Sdn Bhd 16,053 15,042 – Wpay International Bhd 8,948 – – MIG F&B Sdn Bhd – – – $ 65,259 $ 37,902 $ – East Cloud Sdn Bhd, Creative Property Management Sdn Bhd, MIG O2O Berhad and MIG Network & Consultancy Sdn Bhd are owned by our executive officers and directors, Shiong Han Wee and Kwueh Lin Wong. Messrs. Wee and Wong also serve as directors of these companies. As of July 31, 2021 and 2020, the Company was indebted to MIG Network & Consultancy Sdn Bhd, our related company, in the amount of $1,248,070 and $1,236,274, respectively, for advances and expenses incurred on behalf of the Company. The amounts are included in due to related parties and are non-interest bearing, unsecured, and due on demand. As of July 31, 2021 and 2020 we recognized a total of $Nil and $18,026 respectively for manpower charge back to MIG O2O Berhad, our related company, which have been included in the statements of operations and comprehensive (loss) income. During the years ended July 31, 2021 and 2020, we recognized the following transactions with MIG Network & Consultancy Sdn Bhd, our related company. 2021 2020 Rental paid to $ – $ 16,906 Legal fees paid to – 6,700 Payroll outsourcing paid to – 729 |
5. Going Concern
5. Going Concern | 12 Months Ended |
Jul. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
5. Going Concern | NOTE 5 – GOING CONCERN The accompanying financial statements have been prepared using the going concern basis of accounting, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. As of July 31, 2020, the Company suffered an accumulated deficit of $7,667,225 and continuously incurred a net operating loss of $28,722 for year ended July 31, 2021. The continuation of the Company as a going concern through July 31, 2021 is dependent upon improving the profitability and the continuing financial support from its stockholders. Management believes the existing shareholders or external financing will provide the additional cash to meet the Company’s obligations as they become due. These and other factors raise substantial doubt about the Company’s ability to continue as a going concern. These financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result in the Company not being able to continue as a going concern. |
6. Contingent Liability
6. Contingent Liability | 12 Months Ended |
Jul. 31, 2021 | |
Payables and Accruals [Abstract] | |
Contingent Liability | NOTE 6 – CONTINGENT LIABILITY On November 12, 2018, MIG Mobile Tech Berhad, a subsidiary of the Company, filed a claim against Digiland Private Limited (“Digiland”) for breach of contract and misrepresentation arising from, among other things, Digiland’s failure to perform under its supplier contract with the Company. In its suit, MIG Mobile Tech Berhad is seeking a return of funds previously paid to Digiland in the amount of S$800,000 Singaporean Dollars (approximately US $584,000) together with a claim for damages to be assessed by the Singapore Court. Within the same suit, Digiland has filed a counterclaim against MIG Mobile Tech Berhad for the balance of the payment due to it under contract in the sum of S$800,000, together with a claim for damages to be assessed by the Singapore Court. Prior to the filing of the its claims against Digiland, the Company recognized the amount of $596,912 in receivable, deposits and prepayments. The amount is being recognized as deposit because the development of the application-based software has not been materialized to-date. Subsequent to the filing of its claims, the Company has recognized a full impairment in the amount of $596,612. As the COVID-19 pandemic had seriously affected the economy and business environment worldwide, in view of the uncertainty on the recovery of the refund of deposit paid to Digiland and the costs of prolonging the legal proceedings in light of the Company’s limited resources, the Company discontinued its proceedings on April 17, 2020. On November 5, 2020, the Singapore Court awarded a judgment in favor of Digiland, and as a result, MIG Mobile Tech Berhad was ordered to pay: a) The Judgment Sum of S$800,000 b) Interest on the Judgment Sum at 5.33% per annum from 29th November 2018 to the date of payment; and c) Legal costs of the action to be taxed if not agreed. Interest on the Judgment Sum calculated up to February 16, 2021 is S$94,507.38. Digiland further claimed legal cost together with disbursement in the sum of S$79,616.88. The total liabilities is estimated to be at S$974,124.26 and was accrued in the financial statement for the period ended July 31, 2020. No further liabilities were accrued in the financial statement for the period ended July 31, 2021. On June 20, 2021, we and Ng Chee Chun, an individual (“Purchaser”) entered into that certain Share Sale Agreement pursuant to which the Corporation sold to the Purchaser all shares of MIG Mobile Tech Bhd held by the Corporation in consideration of Malaysia Ringgit One Thousand. The sale consummated and was registered with the Malaysian Government pursuant to Section 51 of the Companies Act 2016 on August 24, 2021. As a result, MIG Mobile Tech Bhd is no longer a subsidiary of the Corporation, and the liabilities associated with the foregoing judgment will no longer be accrued on our financial statements on a going forward basis. |
7. Commitments and Contingencie
7. Commitments and Contingencies | 12 Months Ended |
Jul. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | NOTE 7 – COMMITMENTS AND CONTINGENCIES. When a loss contingency is not both probable and estimable, the Company does not establish an accrued liability. However, if the loss (or an additional loss in excess of the accrual) is at least a reasonable possibility and material, then the Company discloses an estimate of the possible loss or range of loss, if such estimate can be made or discloses that an estimate cannot be made. The assessments whether a loss is probable or a reasonable possibility, and whether the loss or a range of loss is estimable, often involve a series of complex judgments about future events. Management is often unable to estimate a range of reasonably possible loss, particularly where (i) the damages sought are substantial or indeterminate, (ii) the proceedings are in the early stages, or (iii) the matters involve novel or unsettled legal theories or a large number of parties. In such cases, there is considerable uncertainty regarding the timing or ultimate resolution of such matters, therefore, no contingencies were provided as at July 31, 2021. |
8. Subsequent Events
8. Subsequent Events | 12 Months Ended |
Jul. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 8 - SUBSEQUENT EVENTS On June 20, 2021, the Corporation and Ng Chee Chun, an individual (“Purchaser”) entered into that certain Share Sale Agreement pursuant to which the Corporation sold to the Purchaser all shares of MMT held by the Corporation in consideration of Malaysia Ringgit One Thousand. The sale consummated and was registered with the Malaysian Government pursuant to Section 51 of the Companies Act 2016 on August 24, 2021. As a result, MMT is no longer a subsidiary of the Corporation in the next fiscal year ended July 31, 2022. On September 27, 2021, the Corporation, certain sellers of shares of our common stock, including our sole executive officer and director Shiong Han Wee (collectively, the “Sellers”), and Moto America, Inc.(the “Buyer”) entered into a Sale and Purchase Agreement dated September 24, 2021, pursuant to which the Buyer agreed to purchase from the Sellers an aggregate of 436,482,690 shares of common stock of the Company (the “Common Shares”) and 10,000,000 shares of Series A Preferred Convertible Stock (the “Preferred Shares”). The Preferred Stock will be issued to Shiong Han Wee as payment in full of all amounts owed by the Company to Mr. Wee. The securities were sold pursuant to the exemption provided by Section 4(a)(2) of the Securities Act of 1933, as amended, and Regulation D promulgated thereunder. Upon closing of the Sale and Purchase Agreement, all of the executive officers and directors of the Corporation will resign from their positions with the Corporation and the following individuals will be appointed to serve in the capacities set forth next to their names as described below: Name Position Vance Harrison Chief Executive Officer, President and Director Terina Liddiard Chief Financial Officer, Secretary and Director Taylor Brody Chief Marketing Officer and Director All executive officers and directors will also forgive and waive all liabilities due to them from us in connection with such change in control. |
2. Summary of Significant Acc_2
2. Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Jul. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of presentation The Company’s consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). |
Use of Estimates | Use of estimates The preparation of financial statements in conformity with generally accepted accounting principles 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. Actual results could differ from those estimates. |
Concentrations of Credit Risk | Concentrations of Credit Risk We maintain our cash in bank deposit accounts, the balances of which at times may exceed federally insured limits. We continually monitor our banking relationships and consequently have not experienced any losses in our accounts. We believe we are not exposed to any significant credit risk on cash. |
Cash equivalents | Cash equivalents The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. There were no cash equivalents for the years ended July 31, 2020 or 2019. |
Inventories | Inventories Inventories are valued at the lower of cost or net realizable value. In general cost is determined by applying either the first in first out (FIFO) or percentages mark-up to the selling price valuations for the inventory item. Net realizable value is the estimated selling price in the ordinary course of business, less selling expenses. Allowances is made for obsolete, slow moving and defective inventories. All of the Company’s inventories consists of merchandise held for sale. |
Net income (loss) per common share | Net income (loss) per common share Net income (loss) per common share is computed pursuant to section 260-10-45 of the FASB Accounting Standards Codification. Basic net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the period. Diluted net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock and potentially outstanding shares of common stock during the period. The weighted average number of common shares outstanding and potentially outstanding common shares assumes that the Company incorporated as of the beginning of the first period presented. There are no potentially dilutive shares of common stock. |
Revenue Recognition | Revenue recognition Revenue is recognized when a customer obtains control of promised goods or services and is recognized in an amount that reflects the consideration that an entity expects to receive in exchange for those goods or services. In addition, the standard requires disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The amount of revenue that is recorded reflects the consideration that the Company expects to receive in exchange for those goods. The Company applies the following five-step model in order to determine this amount: (i) identification of the promised goods in the contract; (ii) determination of whether the promised goods are performance obligations, including whether they are distinct in the context of the contract; (iii) measurement of the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations; and (v) recognition of revenue when (or as) the Company satisfies each performance obligation. |
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. |
Accounts receivable | Accounts receivable Accounts receivable, which generally have thirty-day terms are recognized and carried at original invoice amount, less an allowance for uncollectible amounts, if applicable. The Company maintains an allowance for doubtful accounts at a level considered adequate to provide for potential uncollectible receivables. The level of this allowance is evaluated by management based on collection experience and other factors affecting the accounts such as customer relationship and market factors. |
Taxes | Taxes 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. |
Fair Value Measurements | Fair Value Measurements Fair value is the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is estimated by applying the following hierarchy, which prioritize the inputs used to measure fair value into three levels and bases the categorization with the hierarchy upon the lowest level of input that is available and significant to the fair value measurement. The fair value hierarchy consists of three broad levels, which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy under ASC 820 are described below: Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. Level 2 - Inputs, other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability (e.g. interest rates); and inputs that are derived principally from or corroborated by observable market data by correlation or other means. Level 3 - Inputs that are both significant to the fair value measurement and unobservable. The Company’s cash and cash equivalents and short-term investments are classified within Level 1 of the fair value hierarchy because they are valued using quoted market prices. The carrying amounts of accounts payable, advances payable and short-term loans approximate their fair value due to short term maturities. |
Recent Accounting Pronouncements | Recently issued accounting pronouncements In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) On June 20, 2018, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2018-07, Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting In November 2019, the FASB issued ASU 2019-10, Financial Instruments—Credit Losses (Topic 326), Derivative and Hedging (Topic 815, and Leases (Topic 841). This new guidance will be effective for annual reporting periods beginning after December 15, 2019, including interim periods within those annual reporting periods. While the Company is continuing to assess the potential impacts of ASU 2019-10, it does not expect ASU 2019-10 to have a material effect on its financial statements. The Company has implemented all new accounting pronouncements that are in effect. These pronouncements did not have any material impact on the financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations. |
Foreign Currency Translation | Foreign currency 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: For the Years Ended July 31, 2021 2020 Year-end MYR: US$1 exchange rate 4.2225 4.2657 Yearly average MYR: US$1 exchange rate 4.1205 4.2197 |
1. Organization and basis of _2
1. Organization and basis of presentation (Tables) | 12 Months Ended |
Jul. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Subsidiary | Details of the Company’s subsidiary: No Company Place and date of Particulars of Principal 1 MIG Mobile Tech Bhd Malaysia 50,000,000 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, 2021 | |
Accounting Policies [Abstract] | |
Schedule of exchange rate of foreign currencies translation | 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: For the Years Ended July 31, 2021 2020 Year-end MYR: US$1 exchange rate 4.2225 4.2657 Yearly average MYR: US$1 exchange rate 4.1205 4.2197 |
3. Property and Equipment (Tabl
3. Property and Equipment (Tables) | 12 Months Ended |
Jul. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Property and equipment stated at cost, less accumulated depreciation consisted of the following: July 31, July 31, Computer Hardware $ 34,064 $ 34,064 Computer Software 14,340 14,340 Furniture and Fittings 22,557 22,557 Office Equipment 13,178 13,178 Telecommunication 5,335 5,335 Renovation 54,317 54,317 Signboard 1,503 1,503 Security and alarm system 2,150 2,150 147,444 147,444 Asset Written Off (68,247 ) (68,247 Disposal (126 ) (126 Less: accumulated depreciation (79,071 ) (79,071 ) Property and equipment, net $ – $ – |
4. Related Party Transactions (
4. Related Party Transactions (Tables) | 12 Months Ended |
Jul. 31, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | The table below show the breakdown of revenue generated from related party during the period: Related Party July 31, 2019 July 31, 2020 July 31, 2021 East Cloud Sdn Bhd $ 18,190 $ 16,470 $ – Creative Property Management 2,708 6,390 – MIG 020 Berhad 19.360 – – MIG Network and Consultancy Sdn Bhd 16,053 15,042 – Wpay International Bhd 8,948 – – MIG F&B Sdn Bhd – – – $ 65,259 $ 37,902 $ – During the years ended July 31, 2021 and 2020, we recognized the following transactions with MIG Network & Consultancy Sdn Bhd, our related company. 2021 2020 Rental paid to $ – $ 16,906 Legal fees paid to – 6,700 Payroll outsourcing paid to – 729 |
1. Organization and basis of _3
1. Organization and basis of presentation (Details) | 12 Months Ended |
Jul. 31, 2021 | |
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 |
Principal activities | E-commerce, online to offline Marketplace and payment eco-system |
1. Organization and basis of _4
1. Organization and basis of presentation (Details Narrative) | Jul. 31, 2021 |
MIG Mobile Tech Bhd [Member] | |
Equity interest | 99.662% |
2. Summary of Significant Acc_4
2. Summary of Significant Accounting Policies (Details - Exchange rates) | 12 Months Ended | |
Jul. 31, 2021 | Jul. 31, 2020 | |
Accounting Policies [Abstract] | ||
Period-end exchange rate | 4.2225 | 4.2657 |
Period average exchange rate | 4.1205 | 4.2197 |
2. Summary of Significant Acc_5
2. Summary of Significant Accounting Policies (Details Narrative) - USD ($) | Jul. 31, 2021 | Jul. 31, 2020 |
Accounting Policies [Abstract] | ||
Cash equivalents | $ 0 | $ 0 |
3. Property and Equipment (Deta
3. Property and Equipment (Details) - USD ($) | 12 Months Ended | |
Jul. 31, 2021 | Jul. 31, 2020 | |
Plant and equipment, Gross | $ 147,444 | |
Asset Written Off | (68,247) | $ (68,247) |
Disposal | (126) | (126) |
(Less): Accumulated depreciation | (79,071) | (79,071) |
Plant and equipment, net | 0 | 0 |
Computer Hardware [Member] | ||
Plant and equipment, Gross | 34,064 | 34,064 |
Computer Software [Member] | ||
Plant and equipment, Gross | 14,340 | 14,340 |
Furniture and fittings [Member] | ||
Plant and equipment, Gross | 22,557 | 22,557 |
Office Equipment [Member] | ||
Plant and equipment, Gross | 13,178 | 13,178 |
Telecommunication [Member] | ||
Plant and equipment, Gross | 5,335 | 5,335 |
Renovation [Member] | ||
Plant and equipment, Gross | 54,317 | 54,317 |
Signboard [Member] | ||
Plant and equipment, Gross | 1,503 | 1,503 |
Security and alarm system [Member] | ||
Plant and equipment, Gross | $ 2,150 | $ 2,150 |
3. Property and Equipment (De_2
3. Property and Equipment (Details Narrative) - USD ($) | 12 Months Ended | |
Jul. 31, 2021 | Jul. 31, 2020 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation expense | $ 0 | $ 0 |
4. Related Party Transactions_2
4. Related Party Transactions (Details) - USD ($) | 12 Months Ended | ||
Jul. 31, 2021 | Jul. 31, 2020 | Jul. 31, 2019 | |
Revenue from related parties | $ 0 | $ 37,902 | $ 65,259 |
Rents paid | 69,906 | 0 | |
Legal fee paid | 9,147 | 0 | |
Payroll outsourcing paid | 1,765 | 0 | |
East Cloud Sdn Bhd [Member] | |||
Revenue from related parties | 0 | 16,470 | 18,190 |
Creative Property Management [Member] | |||
Revenue from related parties | 0 | 6,390 | 2,708 |
MIG O2O Berhad [Member] | |||
Revenue from related parties | 0 | 0 | 19,360 |
MIG Network & Consultancy [Member] | |||
Revenue from related parties | 0 | 15,042 | 16,053 |
WPAY International Berhad [Member] | |||
Revenue from related parties | 0 | 0 | 8,948 |
North Cloud Sdn Bhd [Member] | |||
Revenue from related parties | $ 0 | $ 0 | $ 0 |
4. Related Party Transactions_3
4. Related Party Transactions (Details Narrative) - USD ($) | 12 Months Ended | |
Jul. 31, 2021 | Jul. 31, 2020 | |
Amount due to related parties | $ 1,248,070 | $ 1,236,274 |
MIG O2O Berhad [Member] | ||
Manpower charge back to related party | 0 | 18,026 |
MIG Network & Consultancy [Member] | ||
Amount due to related parties | $ 1,248,070 | $ 1,236,274 |
5. Going Concern (Details Narra
5. Going Concern (Details Narrative) - USD ($) | 12 Months Ended | |
Jul. 31, 2021 | Jul. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Accumulated deficit | $ (7,667,225) | $ (7,638,503) |
Net loss | $ (28,722) | $ (1,103,166) |
6. Contingent Liability (Detail
6. Contingent Liability (Details Narrative) | 3 Months Ended | 7 Months Ended | 12 Months Ended | ||||
Nov. 12, 2018USD ($) | Nov. 12, 2018SGD ($) | Feb. 16, 2021SGD ($) | Jul. 31, 2021USD ($) | Jul. 31, 2020USD ($) | Jul. 31, 2021SGD ($) | Jul. 31, 2020SGD ($) | |
Impairment of deposit | $ 0 | $ 0 | |||||
Legal cost | 9,147 | 0 | |||||
Total Liabilities | $ 2,331,650 | $ 2,283,479 | |||||
Digiland Private Limited [Member] | |||||||
Claim for damages | $ 584,000 | ||||||
Impairment of deposit | $ 596,612 | ||||||
Interest rate on Judgment | 5.33% | ||||||
Digiland Private Limited [Member] | Singapore, Dollars | |||||||
Claim for damages | $ 800,000 | ||||||
Interest on Judgment | $ 94,507 | ||||||
Legal cost | $ 79,617 | ||||||
Total Liabilities | $ 0 | $ 974,124 |