Value Exchange International (VEII) 10-K 31 Mar 21 2020 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2020	Mar. 31, 2021	Jun. 30, 2020
Details
Registrant CIK	0001417664
Fiscal Year End	--12-31
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2020
Document Transition Report	false
Entity File Number	000-53537
Entity Registrant Name	VALUE EXCHANGE INTERNATIONAL, INC.
Entity Incorporation, State or Country Code	NV
Entity Tax Identification Number	20-2819367
Entity Address, Address Line One	Unit 02-03, 6/F. Block B
Entity Address, Address Line Two	Shatin Industrial Centre
Entity Address, Address Line Three	5-7 Yuen Shun Circuit
Entity Address, City or Town	Shatin
Entity Address, Postal Zip Code	N.T.
Entity Address, Country	HK
Entity Address, Address Description	Address of Principal Executive Offices
Country Region	852
City Area Code	295
Local Phone Number	0 4288
Phone Fax Number Description	Registrant’s telephone number, including area code
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float			$ 712,803
Entity Common Stock, Shares Outstanding		29,656,130
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Dec. 31, 2020	Dec. 31, 2019
CURRENT ASSETS
Cash	$ 523,337	$ 234,089
Accounts receivable, less allowance for doubtful accounts	599,436	773,560
Amounts due from related parties	1,343,466	534,806
Other receivables and prepayments	414,342	257,173
Inventories	238,147	219,592
Total current assets	3,118,728	2,019,220
NON-CURRENT ASSETS
Plant and equipment, net	357,021	353,826
Deferred tax assets	71,681	56,045
Goodwill	206,812	206,812
Operating lease right-of-use assets, net	585,057	824,230
Intangible assets	0	0
Total non-current assets	1,220,571	1,440,913
Total assets	4,339,299	3,460,133
CURRENT LIABILITIES
Accounts payable	1,038,518	685,150
Other payables and accrued liabilities	831,817	553,259
Deferred income	254,937	255,749
Amounts due to related parties	263,063	32,909
Operating lease liabilities, current	303,687	356,960
Current portion of long term bank loan and short term bank loan	38,874	13,686
Total current liabilities	2,730,896	1,897,713
NON-CURRENT LIABILITIES
Long term bank loan	62,949	0
Operating lease liabilities, non-current	277,111	478,641
Total non-current liabilities	340,060	478,641
Total liabilities	3,070,956	2,376,354
SHAREHOLDERS' EQUITY
Preferred Stock, Value	0	0
Common Stock, Value	297	297
Additional paid-in capital	690,589	690,589
Statutory reserves	11,835	11,925
Retained earnings	414,225	308,813
Accumulated other comprehensive loss	97,944	60,742
Stockholders' Equity Attributable to Parent	1,214,890	1,072,366
Non-controlling interest	53,453	11,413
Total shareholders' equity	1,268,343	1,083,779
Total liabilities and shareholders' equity	$ 4,339,299	$ 3,460,133

CONSOLIDATED BALANCE SHEETS - P

CONSOLIDATED BALANCE SHEETS - Parenthetical - $ / shares	Dec. 31, 2020	Dec. 31, 2019
Details
Preferred Stock, Shares Authorized	100,000,000	100,000,000
Preferred Stock, Par or Stated Value Per Share	$ 0.00001	$ 0.00001
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0
Common Stock, Shares Authorized	100,000,000	100,000,000
Common Stock, Par or Stated Value Per Share	$ 0.00001	$ 0.00001
Common Stock, Shares, Issued	29,656,130	29,656,130
Common Stock, Shares, Outstanding	29,656,130	29,656,130

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
NET REVENUES
Service income	$ 20,551,471	$ 8,309,129
COST OF SERVICES
Cost of service income	(18,497,409)	(6,542,407)
GROSS PROFIT	2,054,062	1,766,722
OPERATING EXPENSES:
General and administrative expenses	(1,869,455)	(1,894,419)
Foreign exchange (loss) gain	(58,281)	8,384
TOTAL OPERATING EXPENSES	(1,927,736)	(1,886,035)
PROFIT (LOSS) FROM OPERATIONS	126,326	(119,313)
OTHER INCOME (EXPENSES):
Interest income	5,517	505
Interest expense	(15,162)	(10,410)
Finance cost	(15,502)	(11,371)
VAT refund	111,559	20,508
Management fee income	154,315	154,870
Redundancy cost	(285,601)	0
Others	44,779	30,062
Total other income (expenses), net	(95)	184,164
INCOME BEFORE PROVISION FOR INCOME TAXES	126,231	64,851
INCOME TAXES EXPENSES	(20,727)	(11,416)
NET INCOME	105,504	53,435
OTHER COMPREHENSIVE INCOME:
Foreign currency translation adjustment	37,202	78,553
COMPREHENSIVE INCOME	142,706	131,988
Equity holders of the Company	142,614	154,727
Non-controlling interests	$ 92	$ (22,739)
Net profit per share, basic and diluted	$ 0	$ 0
Weighted average number of shares outstanding	29,656,130	29,656,130

CONSOLIDATED STATEMENTS OF SHAR

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($)	Common Stock	Additional Paid-in Capital	Retained Earnings	Statutory reserves	Noncontrolling Interest	Accumulated other comprehensive income	Total
Equity Balance, Starting at Dec. 31, 2018	$ 297	$ 690,589	$ 232,639	$ 12,476	$ 0	$ (17,811)	$ 918,190
Shares Outstanding, Starting at Dec. 31, 2018	29,656,130
Change in noncontrolling Interests	$ 0	0	0	0	34,851	0	34,851
Foreign currency translation adjustment	0	0	0	(551)	(699)	78,553	77,303
Net Income (Loss)	$ 0	0	76,174	0	(22,739)	0	53,435
Shares Outstanding, Ending at Dec. 31, 2019	29,656,130
Equity Balance, Ending at Dec. 31, 2019	$ 297	690,589	308,813	11,925	11,413	60,742	1,083,779
Change in noncontrolling Interests	0	0	0	0	25,497	0	25,497
Foreign currency translation adjustment	0	0	0	(90)	16,451	37,202	53,563
Net Income (Loss)	$ 0	0	105,412	0	92	0	105,504
Shares Outstanding, Ending at Dec. 31, 2020	29,656,130
Equity Balance, Ending at Dec. 31, 2020	$ 297	$ 690,589	$ 414,225	$ 11,835	$ 53,453	$ 97,944	$ 1,268,343

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 105,504	$ 53,435
Adjustments to reconcile net income to cash provided by (used in) operating activities:
Depreciation	193,390	156,563
Amortization	361,796	66,880
Interest income	(5,517)	(505)
Loss on disposal of plant and equipment	3,213	800
Interest expenses	15,162	10,410
Finance costs on Right-of-use assets	15,502	0
Deferred income taxes	(15,636)	(35,682)
Changes in operating assets and liabilities
Accounts receivable	174,124	(198,520)
Other receivables, deposit and prepayments	(157,169)	(108,390)
Amounts due from related parties	(808,660)	72,320
Inventories	(18,555)	(78,988)
Accounts payable	353,368	(19,758)
Other payables and accrued liabilities	278,558	(84,305)
Deferred income	(812)	(315,792)
Amounts due to related parties	230,154	(24,232)
Net cash provided by (used in) operating activities	724,422	(505,764)
CASH FLOWS FROM INVESTING ACTIVITIES:
Interest received	5,517	505
Purchase of plant and equipment	(150,862)	(89,746)
Net cash used in investing activities	(145,345)	(89,241)
CASH FLOWS FROM FINANCING ACTIVITIES:
Interest paid	(15,162)	(8,039)
Principal payments on finance leases	(410,020)	11,371
Proceeds from non-controlling interests	25,497	34,851
Proceeds from bank loan	120,238	13,686
Repayment of loan from a director	0	(32,051)
Repayment of bank loan	(32,102)	(1,926)
Net cash (used in) provided by financing activities	(311,549)	17,892
EFFECT OF EXCHANGE RATE ON CASH	21,720	82,133
INCREASE (DECREASE) IN CASH	289,248	(494,980)
Cash and Cash Equivalents, at Carrying Value, Beginning Balance	234,089	729,069
Cash and Cash Equivalents, at Carrying Value, Ending Balance	523,337	234,089
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid for income taxes	$ (7,468)	$ (33,620)

Note 1 - Organization and descr

Note 1 - Organization and description of business	12 Months Ended
	Dec. 31, 2020
Notes
Note 1 - Organization and description of business	Note 1 - Organization and description of business Value Exchange International, Inc. (“VEII” or the “Company”), formerly known as Sino Payments Inc., was incorporated in the State of Nevada on June 26, 2007. The Company’s principal business is to provide credit and debit card processing services to multinational retailers in Asia and the systems development and information technology business of Value Exchange Int’l (China) Limited (collectively, the “IT Business”). On January 1, 2014, VEII received 100% of the issued and outstanding shares of in Value Exchange Int’l (China) Limited (“VEI CHN”) in exchange for i) newly issued 12,000,000 shares of VEII’s common stock to the majority stockholder of VEI CHN; and ii) 166,667 shares of our common stock held by VEI CHN to be transferred to the majority stockholder of VEI CHN (“Share Exchange”). This transaction resulted in the owners of VEI CHN obtaining a majority voting interest in VEII. The merger of VEI CHN into VEII, which has nominal net assets, resulted in VEI CHN having control of the combined entities. For financial reporting purposes, the transaction represents a "reverse merger" rather than a business combination and VEII is deemed to be the accounting acquiree in the transaction. The transaction is being accounted for as a reverse merger and recapitalization. VEII is the legal acquirer but accounting acquiree for financial reporting purposes and VEI CHN is the acquired company but accounting acquirer. Consequently, the assets and liabilities and the operations that will be reflected in the historical financial statements prior to the transaction will be those of VEI CHN and will be recorded at the historical cost basis of VEI CHN, and no goodwill will be recognized in this transaction. The consolidated financial statements after completion of the transaction will include the assets and liabilities of VEI CHN and VEII, and the historical operations of VEII and the combined operations of VEI CHN from the initial closing date of the transaction. VEI CHN, formerly known as TAP Investments Group Limited, was incorporated on November 16, 2001 under the laws of Hong Kong SAR and changed its name to Value Exchange Int’l (China) Limited on May 13, 2013. VEI CHN is an investment holding company. The Company provides IT Business’ services and solutions to the retail sector through three operating subsidiaries located in Hong Kong SAR and the People’s Republic of China (“PRC”). On September 2, 2008 VEI CHN established its first operating subsidiary, Value Exchange Int’l (Shanghai) Limited (“VEI SHG”) in Shanghai, PRC, under the laws of the PRC. VEI SHG engages in software development, trading and servicing of computer hardware and software activities. On September 25, 2008, VEI CHN acquired its second operating subsidiary, TAP Services (HK) Limited in Hong Kong which subsequently changed its name to Value Exchange Int’l (Hong Kong) Limited (“VEI HKG”) on May 14, 2013. VEI HKG engages in software development, trading and servicing of computer hardware and software activities. On May 14, 2013, VEI CHN further established another operating subsidiary, Ke Dao Solutions Limited in Hong Kong, which subsequently changed its name to Cucumbuy.com Limited (“CUCUMBUY”) on May 26, 2017. CUCUMBUY conducts consultancy services for IT Services and Solutions activities. On May 21, 2018, VEI CHN disposed of CUCUMBUY with consideration of HK$1. In January 2017, VEI CHN acquired 100% of the capital stock of TapServices, Inc., a corporation organized under the laws of the Republic of the Philippines (the “TSI”). TSI engages in software development, trading and servicing of computer hardware and software activities in Philippines. TSI is operated as a subsidiary of VEI CHN. Prior to and continuing after the acquisition, TSI relied on VEI CHN for provision of IT services. In January 2019, VEI SHG established an operating subsidiary, Value Exchange Int’l (Hunan) Limited (“VEI HN”) in Hunan, PRC, under the laws of the PRC. VEI HN engages in IT service call-center activities. In February 2020, VEI SHG established an operating subsidiary, Shanghai Zhaonan Hengan Information Technology Co., Limited (“SZH”) in Shanghai, PRC, under the laws of the PRC. SZH engages in IT services. As of December 31, 2020, the Company have four wholly owned subsidiaries.

Note 2 - Accounting policies

Note 2 - Accounting policies	12 Months Ended
	Dec. 31, 2020
Notes
Note 2 - Accounting policies	Note 2 - Accounting policies Basis of presentation and principle of consolidation The consolidated financial statements include all of the assets, liabilities, revenues, expenses and cash flows of entities in which the Company has a controlling interest (“subsidiaries”). Intercompany accounts and transactions between consolidated companies have been eliminated in consolidation. Consolidated financial statements prepared following a reverse acquisition are issued under the name of the legal parent (accounting acquiree) (i.e. VEII) but as a continuation of the financial statements of the legal subsidiary (accounting acquirer) (i.e VEI CHN), with one adjustment, which is to retroactively adjust the accounting acquirer’s legal capital to reflect the legal capital of the accounting acquiree. That adjustment is required to reflect the capital of the legal parent (the accounting acquiree). Comparative information presented in those consolidated financial statements also is retroactively adjusted to reflect the legal capital of the legal parent (accounting acquiree). The consolidated financial statements include the accounts of Value Exchange International, Inc., and the following subsidiaries: 1. 2. 3. 4. 5. 6. The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), and include the financial statements of the Company and all its wholly-owned subsidiaries that require consolidation. All material intercompany transactions and balances have been eliminated in the consolidation. The following entities were consolidated as of December 31, 2020: Ownership percentage Place of incorporation 2020 2019 Value Exchange International, Inc. USA Parent Company Parent Company Value Exchange Int’l (China) Limited Hong Kong 100% 100% Value Exchange Int’l (Shanghai) Limited PRC 100% 100% Value Exchange Int’l (Hong Kong) Limited Hong Kong 100% 100% Koinon Technology Services, Inc. US Virgin Islands, US - 51% TapServices, Inc. Philippines 100% 100% Value Exchange Int’l (Hunan) Limited PRC 51% 51% Shanghai Zhaonan Hengan Information Technology Co., Limited PRC 51% - Value Exchange International, Inc. - a Nevada Company 100% Value Exchange Int’l (China) Limited - a Hong Kong Company 100% 100% 100% Value Exchange Int’l (Shanghai) Limited - a PRC Company Value Exchange Int’l (Hong Kong) Limited - a Hong Kong Company TapServices, Inc. - a Philippines Company 51% 51% Value Exchange Int’l (Hunan) Limited - a PRC Company Shanghai Zhaonan Hengan Information Technology Co., Limited - a PRC Company Use of estimates Preparing consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions affecting 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 more significant areas requiring using management’s estimates and assumptions relate to the collectability of its receivables, the fair value and accounting treatment of financial instruments, the valuation of long-lived assets and valuation of deferred tax liabilities. Management bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. Accordingly, actual results may differ significantly from these estimates. In addition, different assumptions or circumstances could reasonably be expected to yield different results. Cash and cash equivalents For purposes of the cash flow statements, the Company considers all highly liquid investments with original maturities of three months or less at the time of purchase to be cash equivalents. Cash includes cash on hand and demand deposits in accounts maintained with financial institutions or state owned banks within the PRC and Hong Kong. Accounts receivable and other receivables Receivables include trade accounts due from customers and other receivables such as cash advances to employees, utility deposits paid and advance to suppliers. Management reviews the composition of accounts receivable and analyzes historical bad debts, customer concentration, customer credit worthiness, current economic trends and changes in customer payment patterns to determine if the allowance for doubtful accounts is adequate. An estimate for doubtful accounts is made when collection of the full amount is no longer probable. Delinquent account balances are written-off after management has determined that the likelihood of collection is not probable and known bad debts are written off against the allowance for doubtful accounts when identified. As of December 31, 2020 and 2019, there was no allowance for uncollectible accounts receivable, respectively. Management believes that the remaining accounts receivable are collectable. Plant and equipment Plant and equipment is stated at cost less accumulated depreciation and accumulated impairment losses, if any. Expenditures for maintenance and repairs are charged to earnings as incurred. Major additions are capitalized. When assets are retired or otherwise disposed of, the related cost and accumulated depreciation are removed from the respective accounts, and any gain or loss is included in operations. Depreciation of plant and equipment is provided using the straight-line method for substantially all assets with estimated lives as follows: Estimated Useful Life Leasehold improvements Lesser of lease term or the estimated useful lives of 5 years Computer equipment 5 years Computer software 5 years Office furniture and equipment 5 years Motor Vehicle 3 years Building 5 years Impairment of long-lived assets The Company evaluates long lived assets, including equipment, for impairment at least once per year and whenever events or changes in circumstances indicate that the carrying value may not be recoverable from its estimated future cash flows. Based on the existence of one or more indicators of impairment, the Company measures any impairment of long-lived assets by comparing the asset's estimated fair value with its carrying value, based on cash flow methodology. If the net book value of the asset exceeds the related undiscounted cash flows, the asset is considered impaired and an impairment loss equal to an amount by which the carrying value exceeds the fair value of the asset is recognized. Fair value of financial instruments The Company values its financial instruments as required by FASB ASC 320-12-65. The estimated fair value amounts have been determined by the Company, using available market information or other appropriate valuation methodologies. However, considerable judgment is required in interpreting market data to develop estimates of fair value. Consequently, the estimates are not necessarily indicative of the amounts that could be realized or would be paid in a current market exchange. ASC Topic 820, Fair Value Measurement and Disclosures, defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. This topic also establishes a fair value hierarchy which requires classification based on observable and unobservable inputs when measuring fair value. The fair value hierarchy distinguishes between assumptions based on market data (observable inputs) and an entity’s own assumptions (unobservable inputs). The hierarchy consists of three levels: Level one — Level two — Level three — Determining which category an asset or liability falls within the hierarchy requires significant judgment. The Company evaluates its hierarchy disclosures each quarter. The carrying values of the Company’s financial instruments; consisting of cash and cash equivalents, accounts receivable, accounts payable, other receivables and prepayments, other payables and accrued liabilities, balances with a related party, balances with related companies and amounts due to director approximate their fair values due to the short maturities of these instruments. As of December 31, 2020, the Company’s financial instruments consist principally of cash, and amounts due to related parties. Pursuant to ASC 820, the fair value of our cash is determined based on “Level 1” inputs, which consist of quoted prices in active markets for identical assets. We believe that the recorded values of all of our other financial instruments approximate their current fair values because of their nature and respective maturity dates or durations. There was no asset or liability measured at fair value on a non-recurring basis as of December 31, 2020. Comprehensive income U.S. GAAP generally requires that recognized revenue, expenses, gains and losses be included in net income or loss. Although certain changes in assets and liabilities are reported as separate components of the equity section of the consolidated balance sheet, such items, along with net income, are components of comprehensive income or loss. The components of other comprehensive income or loss consist of foreign currency translation adjustments. Earnings per share The Company reports earnings per share in accordance with ASC 260, Earnings per Share. ASC 260 requires presentation of both basic and diluted earnings per share (“EPS”) on the face of the income statement. Basic EPS is computed by dividing net income available to common shareholders (numerator) by the weighted average number of shares outstanding (denominator) during the period. Diluted EPS gives effect to all dilutive potential common shares outstanding during the period using the treasury stock method and convertible preferred stock using the if-converted method. In computing diluted EPS, the average stock price for the period is used in determining the number of shares assumed to be purchased from the exercise of stock options or warrants. Diluted EPS excludes all dilutive potential shares if their effect is anti-dilutive. Revenue recognition Sales revenue is recognized when all of the following have occurred: (i) persuasive evidence of an arrangement exists, (ii) delivery has occurred or services have been rendered, (iii) the price is fixed or determinable, and (iv) the ability to collect is reasonably assured. The Company’s revenue is derived from three primary sources: (i) professional services for systems development and integration, including procurement of related hardware and software licenses on behalf of customers, if required; (ii) professional services for system maintenance normally for a period of one year; and (iii) sale of hardware and consumables during the service performed as stated above. Multiple-deliverable arrangements The Company derives revenue from fixed-price sale contracts with customers that may provide for the Company to procure hardware and software licenses with varied performance specifications specific to each customer and provide the technical services for systems development and integration of the hardware and software licenses. In instances where the contract price is inclusive of the technical services, the sale contracts include multiple deliverables. A multiple-element arrangement is separated into more than one unit of accounting if all of the following criteria are met: · · · The Company’s multiple-element contracts generally include customer-acceptance provisions which provide for the Company to carry out installation, test runs and performance tests at the Company’s cost until the systems as a whole can meet the performance specifications stated in the contracts. The delivered equipment and software licenses have no standalone value to the customer until they are installed, integrated and tested at the customer’s site by the Company in accordance with the performance specifications specific to each customer. In addition, under these multiple-element contracts, the Company has not sold the equipment and software licenses separately from the installation, integration and testing services, and hence there is no objective and reliable evidence of the fair value for each deliverable included in the arrangement. As a result, the equipment and the technical services for installation, integration and testing of the equipment are considered a single unit of accounting pursuant to ASC Subtopic 605-25, Revenue Recognition — Multiple-Element Arrangements. In addition, the arrangement generally includes customer acceptance criteria that cannot be tested before installation and integration at the customer’s site. Accordingly, revenue recognition is deferred until customer acceptance, indicated by an acceptance certificate signed off by the customer. Revenues of maintenance services are recognized when the services are performed in accordance with the contract term. Revenues of sale of software, if not bundled with other arrangements, are recognized when shipped and customer acceptance obtained, if all other revenue recognition criteria are met. Costs associated with revenues are recognized when incurred. Revenues are recorded net of value-added taxes, sales discounts and returns. There were no sales returns during the years ended December 31, 2020 and 2019. 2020 2019 US$ US$ NET REVENUES Service income - systems development and integration 11,268,268 72,062 - systems maintenance 7,379,350 5,856,729 - sales of hardware and consumables 1,903,853 2,380,338 20,551,471 8,309,129 Billings in excess of revenues recognized are recorded as deferred revenue. Income taxes The Company accounts for income taxes in accordance with the accounting standard issued by the Financial Accounting Standard Board (“FASB”) for income taxes. Under the asset and liability method as required by this accounting standard, deferred income taxes are recognized for the tax consequences of temporary differences by applying enacted statutory tax rates applicable to future years to differences between the financial statement carrying amounts and the tax bases of existing assets and liabilities. The charge for taxation is based on the results for the reporting period as adjusted for items which are non-assessable or disallowed. It is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date. The effect on deferred income taxes of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is recognized if it is more likely than not that some portion, or all of, a deferred tax asset will not be realized. Under the accounting standard regarding accounting for uncertainty in income taxes, a tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. Penalties and interest incurred related to underpayment of income tax are classified as income tax expense in the year incurred. Refer to Note 13 to the consolidated financial statements for further information regarding the components of the Company’s income tax. Operating leases Leases where substantially all the rewards and risks of ownership of assets remain with the leasing company are accounted for as operating leases. Payments made under operating leases are charged to the statements of income on a straight-line basis over the lease periods. Advertising costs The Company expenses the cost of advertising as incurred in the period in which the advertisements and marketing activities are first run or over the life of the endorsement contract. Advertising and marketing expense for the years ended December 31, 2020 and 2019 were approximately $575 and $3,690, respectively. Shipping and handling Shipping and handling cost incurred to ship computer products to customers are included in selling expenses. Shipping and handling expenses for the years ended December 31, 2020 and 2019 were insignificant. Research and development costs Research and development costs are expensed as incurred and are included in general and administrative expenses. Research and development costs for the years ended December 31, 2020 and 2019 were insignificant. Foreign currency translation The functional currency and reporting currency of the Company is the U.S. Dollar. (“US$” or “$”). The functional currency of the Hong Kong subsidiaries is the Hong Kong Dollar. The functional currency of the PRC subsidiary is RMB. Results of operations and cash flow are translated at average exchange rates during the period, and assets and liabilities are translated at the exchange rate as quoted by the Hong Kong Monetary Authority (“HKMA”) at the end of the period. Capital accounts are translated at their historical exchange rates when the capital transaction occurred. Translation adjustments resulting from this process are included in accumulated other comprehensive income. Transaction gains and losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the functional currency are included in the results of operations as incurred. Year ended December 31, 2020 December 31, 2019 RMB : USD exchange rate 6.9348 6.8829 Average period ended HKD : USD exchange rate 7.800 7.800 Average period ended PESO : USD exchange rate 49.6473 51.0424 Average period ended Year ended December 31, 2020 December 31, 2019 RMB : USD exchange rate 6.5442 6.9799 HKD : USD exchange rate 7.800 7.800 PESO : USD exchange rate 47.7064 51.1475 Commitments and contingencies The Company follows FASB ASC Subtopic 450-20, “Loss Contingencies” in determining its accruals and disclosures with respect to loss contingencies. Accordingly, estimated losses from loss contingencies are accrued by a charge to income when information available prior to issuance of the financial statements indicates that it is probable that a liability could be incurred and the amount of the loss can be reasonably estimated. Legal expenses associated with the contingency are expensed as incurred. If a loss contingency is not probable or reasonably estimable, disclosure of the loss contingency is made in the financial statements when it is at least reasonably possible that a material loss could be incurred. Segment Reporting The Company uses the “management approach” in determining reportable operating segments. The management approach considers the internal organization and reporting used by the Company’s chief operating decision maker for making operating decisions and assessing performance as the source for determining the Company’s reportable segments. Management, including the chief operating decision maker, reviews operating results solely by monthly revenue from software development and maintenance services (but not by sub-services/product type or geographic area) and operating results of the Company and, as such, the Company has determined that the Company has one operating segment as defined by ASC Topic 280 “Segment Reporting”. Recent accounting pronouncements In June 2016, FASB amended guidance related to impairment of financial instruments as part of ASU 2016-13 Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which will be effective on January 1, 2020. The guidance replaces the incurred loss impairment methodology with an expected credit loss model for which a group is required to recognize an allowance based on its estimate of expected credit loss. We are currently evaluating the impact of this new guidance on our consolidated financial statements. In January 2017, the FASB issued ASU No. 2017-04, Simplifying the Test for Goodwill Impairment. The guidance removes Step 2 of the goodwill impairment test, which requires a hypothetical purchase price allocation. A goodwill impairment will now be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. The guidance should be adopted on a prospective basis for the annual or any interim goodwill impairment tests beginning after December 15, 2019. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company currently intends to adopt this guidance for the fiscal year beginning January 1, 2020, and does not anticipate that the adoption of this guidance will have a material impact on its financial statements or disclosures because the Company does not currently have any recorded goodwill. In August 2018, the FASB issued Accounting Standard Update No. 2018-13, Changes to Disclosure Requirements for Fair Value Measurements (Topic 820) (ASU 2018-13), which improved the effectiveness of disclosure requirements for recurring and nonrecurring fair value measurements. The standard removes, modifies, and adds certain disclosure requirements. This guidance will be effective for us in the first quarter of 2020 on a prospective basis, with early adoption permitted. We do not expect the adoption of this guidance to have a material impact on our consolidated financial statements. In December 2019, the Financial Accounting Standards Board (FASB) issued Accounting Standard Update No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (ASU 2019-12), which simplifies the accounting for income taxes. This guidance will be effective for us in the first quarter of 2021 on a prospective basis, with early adoption permitted. We do not expect the adoption of this guidance to have a material impact on our consolidated financial statements. In January 2020, the FASB issued Accounting Standards Update No. 2020-01, Investments—Equity Securities (Topic 321), Investments—Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815) (ASU 2020-01), which clarifies the interaction of the accounting for equity securities under Topic 321, the accounting for equity method investments in Topic 323, and the accounting for certain forward contracts and purchased options in Topic 815. This guidance will be effective for us in the first quarter of 2021 on a prospective basis, with early adoption permitted. We do not expect the adoption of this guidance to have a material impact on our consolidated financial statements. Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies that do not require adoption until a future date are not expected to have a material impact on the Company’s consolidated financial statements upon adoption.

Note 3 - Accounts receivable

Note 3 - Accounts receivable	12 Months Ended
	Dec. 31, 2020
Notes
Note 3 - Accounts receivable	Note 3 - Accounts receivable Accounts receivable as of December 31, 2020 and 2019 consisted of the following: December 31, 2020 2019 US$ US$ Accounts receivable 603,689 777,348 Allowance for doubtful accounts (4,253) (3,788) 599,436 773,560 During the years ended December 31, 2020 and 2019, the Company did not have delinquent accounts receivable to write-off. All of the Company’s customers are located in the PRC, Hong Kong and Philippines. The Company provides credit in the normal course of business. The Company performs ongoing credit evaluations of its customers and maintains allowances for doubtful accounts based on factors surrounding the credit risk of specific customers, historical trends, and other information.

Note 4 - Other receivables and

Note 4 - Other receivables and prepayments	12 Months Ended
	Dec. 31, 2020
Notes
Note 4 - Other receivables and prepayments	Note 4 - Other receivables and prepayments Other receivables and prepayments as of December 31, 2020 and 2019 consisted of the following: December 31, 2020 2019 US$ US$ Prepaid expense 201,435 140,635 Rental deposits 98,355 74,506 Others 114,552 42,032 414,342 257,173

Note 5 - Inventories

Note 5 - Inventories	12 Months Ended
	Dec. 31, 2020
Notes
Note 5 - Inventories	Note 5 - Inventories Inventories as of December 31, 2020 and 2019 consisted of the following: December 31, 2020 2019 US$ US$ Finished goods 238,147 219,592

Note 6 - Plant and equipment, n

Note 6 - Plant and equipment, net	12 Months Ended
	Dec. 31, 2020
Notes
Note 6 - Plant and equipment, net	Note 6 – Plant and equipment, net Plant and equipment consisted of the following as of December 31, 2020 and 2019: December 31, 2020 2019 US$ US$ Leasehold improvements 78,224 73,322 Office furniture and equipment 254,681 145,002 Computer equipment 334,237 315,332 Computer software 43,319 39,548 Motor Vehicle 119,806 154,434 Building 68,904 64,673 Total 899,171 792,311 Less: accumulated depreciation (542,150) (438,485) Plant and equipment, net 357,021 353,826 Depreciation expense for the years ended December 31, 2020 and 2019 amounted to $193,390 and $156,563, respectively. For the years ended December 31, 2020 and 2019, no interest expense was capitalized into plant and equipment. As of December 31, 2020 and 2019, the Company's motor vehicle was under finance lease arrangement with a net carrying amount $44,533 and nil respectively.

Note 7 - Goodwill

Note 7 - Goodwill	12 Months Ended
	Dec. 31, 2020
Notes
Note 7 - Goodwill	Note 7 – Goodwill Goodwill consisted of the following as of December 31, 2020 and 2019: December 31, 2020 2019 US$ US$ Goodwill arising from acquisition of TSI 206,812 206,812

Note 8 - Leases

Note 8 - Leases	12 Months Ended
	Dec. 31, 2020
Notes
Note 8 - Leases	Note 8 – Leases We have entered into various non-cancelable operating lease agreements for certain of our offices. Our leases have original lease periods expiring between the remainder of 2021 and 2025. Many leases include option to renew. We do not assume renewals in our determination of the lease term unless the renewals are deemed to be reasonably assured. Our lease agreements generally do not contain any material residual value guarantees or material restrictive covenants. December 31, 2020 2019 US$ US$ Operating lease right-of-use assets, net 585,057 824,230 The components of lease liabilities are as follows: December 31, 2020 2019 US$ US$ Lease liabilities, current 303,687 356,960 Lease liabilities, non-current 277,111 478,641 Present value of lease liabilities 580,798 835,601 Total lease cost for the year ended December 31, 2020 and 2019 amounted to $15,502 and $11,371. Weighted-average remaining lease term is 1.6 years, and weighted-average discount rate is 3%. The following is a schedule, by years, of maturities of lease liabilities as of December 31, 2020: December 31, 2020 2019 US$ US$ Year one 316,880 367,669 Year two 187,971 344,461 Year three 95,772 137,839 Year four - 31,302 Thereafter - - Total undiscounted cash flows 600,623 881,271 Less: Imputed interest (19,826) (45,670) Present value of lease liabilities 580,798 835,601

Note 9 - Intangible Assets

Note 9 - Intangible Assets	12 Months Ended
	Dec. 31, 2020
Notes
Note 9 - Intangible Assets	Note 9 – Intangible Assets Intangible Assets consisted of the following as of December 31, 2020 and 2019: December 31, 2020 2019 US$ US$ Customer relationship 200,641 200,641 Less: accumulated amortization (200,641) (200,641) - - Amortization expense for the year ended December 31, 2020 and 2019 amounted to nil and $66,881, respectively. The amortization expense was included in general and administrative expenses.

Note 10 - Bank loan

Note 10 - Bank loan	12 Months Ended
	Dec. 31, 2020
Notes
Note 10 - Bank loan	Note 10 – Bank loan Bank loan and accruals consisted of the following as of December 31, 2020 and 2019: December 31, 2020 2019 US$ US$ Long term bank loan 101,823 - Less: Current portion of long term bank loan (38,874) - 62,949 - Short term bank loan - 13,686 Current portion of long term bank loan 38,874 - 38,874 13,686 As of December 31, 2020 and 2019, the above bank loan secured by property and equipment with net carrying amount of $44,533 and nil respectively.

Note 11 - Other payables and ac

Note 11 - Other payables and accrued liabilities	12 Months Ended
	Dec. 31, 2020
Notes
Note 11 - Other payables and accrued liabilities	Note 11 – Other payables and accrued liabilities Other payables and accruals consisted of the following as of December 31, 2020 and 2019: December 31, 2020 2019 US$ US$ Accrual 737,141 519,853 Income taxes payable 94,675 33,406 831,816 553,259 Accrual mainly represents salary payables and fringe and social security accruals. According to the prevailing laws and regulations of the PRC, all eligible employees of the Company’s subsidiary are entitled to staff welfare benefits including medical care, welfare subsidies, unemployment insurance and pension benefits through a PRC government-mandated multi-employer defined contribution plan. The Company’s subsidiary is required to accrue for these benefits based on certain percentages of the qualified employees’ salaries. The Company’s subsidiary is required to make contributions to the plans out of the amounts accrued. The Company’s subsidiaries incorporated in Hong Kong manage a defined contribution Mandatory Provident Fund (the “MPF Scheme”) under the Mandatory Provident Fund Schemes Ordinance, for all of its employees in Hong Kong. The Company is required to contribute 5% of the monthly salaries for all Hong Kong based employees to the MPF Scheme up to a maximum statutory limit.

Note 12 - Deferred income

Note 12 - Deferred income	12 Months Ended
	Dec. 31, 2020
Notes
Note 12 - Deferred income	Note 12 – Deferred income Deferred income consisted of the following as of December 31, 2020 and 2019: December 31, 2020 2019 US$ US$ Service fees received in advance 254,937 255,749

Note 13 - Income taxes

Note 13 - Income taxes	12 Months Ended
	Dec. 31, 2020
Notes
Note 13 - Income taxes	Note 13 - Income taxes Income is subject to tax in the various countries in which the company operates. The Company is subject to United States tax at a tax rate of 21%. No provision for income taxes in the United States has been made as the Company had no income taxable in the United States. The Company’s Hong Kong subsidiaries are subject to Hong Kong Profits Tax at 16.5% of the estimated assessable profit. The Income Tax Laws in Hong Kong exempts income tax for dividends distributed to its shareholders. Accordingly, no deferred tax liability was recognized for the undistributed earnings of the Company and its Hong Kong subsidiaries. The Company’s Philippine subsidiary is subject to Philippine Statutory Corporate Income Tax at 30%. The Company’s PRC subsidiary in the PRC is subject to PRC Enterprise Income Tax at 25%. The Income Tax Laws in PRC also imposes a 10% withholding income tax for dividends distributed by a foreign invested enterprise to its immediate holding company outside PRC for distribution of earnings generated after January 1, 2008. Under the Income Tax Laws, the distribution of earnings generated prior to January 1, 2008 is exempt from the withholding tax. As the Company’s subsidiary located in the PRC that are available for distribution to the Company of approximately $0 at December 31, 2019 are considered to be indefinitely reinvested, and accordingly, no provision has been made for the Chinese dividend withholding taxes that would be payable upon the distribution of those amounts to the Company. As of December 31, 2020, the Company’s subsidiary located in the PRC that are available for distribution to the Company of approximately $0. The Company’s income tax expense consisted of: December 31, 2020 2019 US$ US$ Current income tax 20,727 33,621 Deferred income tax - (22,205) Income tax expenses 20,727 11,416 A reconciliation of the income tax expense / (credit) applicable to income before tax using the applicable statutory rates for the jurisdictions in which the Company and its subsidiaries operated to the tax expense / (credit) at the effective tax rates are as follows: December 31, 2020 2019 US$ US$ Pre-tax income 126,231 64,851 U.S. federal corporate income tax rate 21% 35% Philippine corporate income tax rate 30% 30% P.R.C. corporate income tax rate 25% 25% Hong Kong corporate income tax rate 16.5% 16.5% Current tax computed at various jurisdiction rate 20,727 33,621 Deferred tax computed at various jurisdiction rate - (22,205) Effective income taxes 20,727 11,416 Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of deferred income tax assets and liabilities are as follows: December 31, 2020 2019 US$ US$ Deferred income tax assets: Tax losses 71,681 56,045

Note 14 - Statutory reserves

Note 14 - Statutory reserves	12 Months Ended
	Dec. 31, 2020
Notes
Note 14 - Statutory reserves	Note 14 – Statutory reserves Statutory reserves The laws and regulations of the PRC require that before an enterprise distributes profits to its owners, it must first satisfy all tax liabilities, provide for losses in previous years, and make allocations in proportions determined at the discretion of the Board of Directors after the statutory reserves. As stipulated by the Company Law of the PRC, as applicable to Chinese companies with foreign ownership, net income after taxation can only be distributed as dividends after appropriation has been made for the following: 1. 2. 3. The statutory reserve fund is non-distributable other than during liquidation and can be used to fund previous years’ losses, if any. It may be utilized for business expansion or converted into share capital by issuing new shares to existing shareholders in proportion to their shareholding or by increasing the par value of the shares currently held by them, provided that the remaining reserve balance after such issue is not less than 25% of the registered capital.

Note 15 - Related party and sha

Note 15 - Related party and shareholder transactions	12 Months Ended
	Dec. 31, 2020
Notes
Note 15 - Related party and shareholder transactions	Note 15 – Related party and shareholder transactions Other than disclosed elsewhere in these financial statements, the Company also had the following related party balances and transactions: Related party balances December 31, 2020 2019 Due from related parties US$ US$ Value Exchange International Limited (i) 1,269,620 534,806 Cucumbuy.com Limited (ii) 30,769 SmartMyWays Co., Limited (iii) 30,769 - Retail Intelligent Unit Limited (iv) 12,308 - 1,343,466 534,806 Due to related parties AppMyWays Co., Limited (v) 253,063 - Mr. Edmund Yeung (vi) - 32,909 Mr. Johan Pehrson (vii) 10,000 - 263,063 32,909 Related party transactions: Year end December 31, 2020 2019 US$ US$ Subcontracting fees paid to Value Exchange International Limited (i) - (16,910) AppMyWays Co., Limited (v) (771,538) - ValueX International Pte. Ltd. (viii) - (1,769) Service income received from Value Exchange International Limited (i) 1,117 351,903 AppMyWays Co., Limited (v) 788,987 - ValueX International Pte. Ltd. (viii) 159,581 3,035 Value E Consultant International (M) Sdn. Bhd (ix) 18,069 80,483 TAP Technology (HK) Limited (x) 262,821 - Service income paid to Cucumbuy.com Limited (ii) (41,216) (30,769) TAP Technology (HK) Limited (x) - (155,696) Interest expenses payable to Mr. Edmund Yeung (vi) - (2,371) Management fees received from Value Exchange International Limited (i) 49,700 154,870 Cucumbuy.com Limited (ii) 30,769 - SmartMyWays Co., Limited (iii) 30,769 - Retail Intelligent Unit Limited (vi) 12,308 - TAP Technology (HK) Limited (x) 30,769 - (i) (ii) (iii) (iv) (v) (vi) (vii) (viii) (ix) (x)

Note 16 - Concentration of risk

Note 16 - Concentration of risks	12 Months Ended
	Dec. 31, 2020
Notes
Note 16 - Concentration of risks	Note 16 - Concentration of risks The Company’s operations are carried out in the PRC and in Hong Kong through the Company’s operating subsidiaries located in PRC and Hong Kong SAR. Its operations in the PRC and Hong Kong SAR are subject to specific considerations and significant risks not typically associated with companies in North America and Western Europe. These include risks associated with, among others, the political, economic and legal environments and foreign currency exchange. The Company’s results may be adversely affected by changes in government policies regarding laws and regulations, anti-inflationary measures, currency conversion and remittance abroad, and rates and methods of taxation, among other things. The Company provides unsecured credit terms for sales to certain customers. As a result, there are credit risks with the accounts receivable balances. The Company constantly re-evaluates the credit worthiness of customers buying on credit and maintains an allowance for doubtful accounts. The following individual customer accounted for 10% or more of the Company’s revenues for the years ended December 31, 2020 and 2019: 2020 2019 DXC Technology Enterprise Services (Hong Kong) Limited 52.4% - Wuhan Watson's Personal Care Stores Co., Limited 8.1% 29.1 % Aisino Wincor Nixdorf Retail & Banking Systems (Shanghai) Co., Ltd. Company 9.9% 28.8 % Fujitsu Hong Kong Limited 4.6% 11.9% Individual customer accounts receivable that represented 10% or more of total accounts receivable as of December 31, 2020 and 2019 were as follows: Percentage of accounts receivable as of December 31, 2020 2019 Wuhan Watson's Personal Care Stores Co., Limited 0.1% 20.0% Aisino Wincor Nixdorf Retail & Banking Systems (Shanghai) Co., Ltd. Company 10.6% 19.0% Wincor Nixdorf (Hong Kong) Limited 13.5% 14.8% Robinsons Retail Group 37.1% 14.0%

Note 2 - Accounting policies_ B

Note 2 - Accounting policies: Basis of presentation and principle of consolidation (Policies)	12 Months Ended
	Dec. 31, 2020
Policies
Basis of presentation and principle of consolidation	Basis of presentation and principle of consolidation The consolidated financial statements include all of the assets, liabilities, revenues, expenses and cash flows of entities in which the Company has a controlling interest (“subsidiaries”). Intercompany accounts and transactions between consolidated companies have been eliminated in consolidation. Consolidated financial statements prepared following a reverse acquisition are issued under the name of the legal parent (accounting acquiree) (i.e. VEII) but as a continuation of the financial statements of the legal subsidiary (accounting acquirer) (i.e VEI CHN), with one adjustment, which is to retroactively adjust the accounting acquirer’s legal capital to reflect the legal capital of the accounting acquiree. That adjustment is required to reflect the capital of the legal parent (the accounting acquiree). Comparative information presented in those consolidated financial statements also is retroactively adjusted to reflect the legal capital of the legal parent (accounting acquiree). The consolidated financial statements include the accounts of Value Exchange International, Inc., and the following subsidiaries: 1. 2. 3. 4. 5. 6. The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), and include the financial statements of the Company and all its wholly-owned subsidiaries that require consolidation. All material intercompany transactions and balances have been eliminated in the consolidation. The following entities were consolidated as of December 31, 2020: Ownership percentage Place of incorporation 2020 2019 Value Exchange International, Inc. USA Parent Company Parent Company Value Exchange Int’l (China) Limited Hong Kong 100% 100% Value Exchange Int’l (Shanghai) Limited PRC 100% 100% Value Exchange Int’l (Hong Kong) Limited Hong Kong 100% 100% Koinon Technology Services, Inc. US Virgin Islands, US - 51% TapServices, Inc. Philippines 100% 100% Value Exchange Int’l (Hunan) Limited PRC 51% 51% Shanghai Zhaonan Hengan Information Technology Co., Limited PRC 51% - Value Exchange International, Inc. - a Nevada Company 100% Value Exchange Int’l (China) Limited - a Hong Kong Company 100% 100% 100% Value Exchange Int’l (Shanghai) Limited - a PRC Company Value Exchange Int’l (Hong Kong) Limited - a Hong Kong Company TapServices, Inc. - a Philippines Company 51% 51% Value Exchange Int’l (Hunan) Limited - a PRC Company Shanghai Zhaonan Hengan Information Technology Co., Limited - a PRC Company

Note 2 - Accounting policies_ U

Note 2 - Accounting policies: Use of estimates (Policies)	12 Months Ended
	Dec. 31, 2020
Policies
Use of estimates	Use of estimates Preparing consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions affecting 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 more significant areas requiring using management’s estimates and assumptions relate to the collectability of its receivables, the fair value and accounting treatment of financial instruments, the valuation of long-lived assets and valuation of deferred tax liabilities. Management bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. Accordingly, actual results may differ significantly from these estimates. In addition, different assumptions or circumstances could reasonably be expected to yield different results.

Note 2 - Accounting policies_ C

Note 2 - Accounting policies: Cash and cash equivalents (Policies)	12 Months Ended
	Dec. 31, 2020
Policies
Cash and cash equivalents	Cash and cash equivalents For purposes of the cash flow statements, the Company considers all highly liquid investments with original maturities of three months or less at the time of purchase to be cash equivalents. Cash includes cash on hand and demand deposits in accounts maintained with financial institutions or state owned banks within the PRC and Hong Kong.

Note 2 - Accounting policies_ A

Note 2 - Accounting policies: Accounts receivable and other receivables (Policies)	12 Months Ended
	Dec. 31, 2020
Policies
Accounts receivable and other receivables	Accounts receivable and other receivables Receivables include trade accounts due from customers and other receivables such as cash advances to employees, utility deposits paid and advance to suppliers. Management reviews the composition of accounts receivable and analyzes historical bad debts, customer concentration, customer credit worthiness, current economic trends and changes in customer payment patterns to determine if the allowance for doubtful accounts is adequate. An estimate for doubtful accounts is made when collection of the full amount is no longer probable. Delinquent account balances are written-off after management has determined that the likelihood of collection is not probable and known bad debts are written off against the allowance for doubtful accounts when identified. As of December 31, 2020 and 2019, there was no allowance for uncollectible accounts receivable, respectively. Management believes that the remaining accounts receivable are collectable.

Note 2 - Accounting policies_ P

Note 2 - Accounting policies: Plant and equipment (Policies)	12 Months Ended
	Dec. 31, 2020
Policies
Plant and equipment	Plant and equipment Plant and equipment is stated at cost less accumulated depreciation and accumulated impairment losses, if any. Expenditures for maintenance and repairs are charged to earnings as incurred. Major additions are capitalized. When assets are retired or otherwise disposed of, the related cost and accumulated depreciation are removed from the respective accounts, and any gain or loss is included in operations. Depreciation of plant and equipment is provided using the straight-line method for substantially all assets with estimated lives as follows: Estimated Useful Life Leasehold improvements Lesser of lease term or the estimated useful lives of 5 years Computer equipment 5 years Computer software 5 years Office furniture and equipment 5 years Motor Vehicle 3 years Building 5 years

Note 2 - Accounting policies_ I

Note 2 - Accounting policies: Impairment of long-lived assets (Policies)	12 Months Ended
	Dec. 31, 2020
Policies
Impairment of long-lived assets	Impairment of long-lived assets The Company evaluates long lived assets, including equipment, for impairment at least once per year and whenever events or changes in circumstances indicate that the carrying value may not be recoverable from its estimated future cash flows. Based on the existence of one or more indicators of impairment, the Company measures any impairment of long-lived assets by comparing the asset's estimated fair value with its carrying value, based on cash flow methodology. If the net book value of the asset exceeds the related undiscounted cash flows, the asset is considered impaired and an impairment loss equal to an amount by which the carrying value exceeds the fair value of the asset is recognized.

Note 2 - Accounting policies_ F

Note 2 - Accounting policies: Fair value of financial instruments (Policies)	12 Months Ended
	Dec. 31, 2020
Policies
Fair value of financial instruments	Fair value of financial instruments The Company values its financial instruments as required by FASB ASC 320-12-65. The estimated fair value amounts have been determined by the Company, using available market information or other appropriate valuation methodologies. However, considerable judgment is required in interpreting market data to develop estimates of fair value. Consequently, the estimates are not necessarily indicative of the amounts that could be realized or would be paid in a current market exchange. ASC Topic 820, Fair Value Measurement and Disclosures, defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. This topic also establishes a fair value hierarchy which requires classification based on observable and unobservable inputs when measuring fair value. The fair value hierarchy distinguishes between assumptions based on market data (observable inputs) and an entity’s own assumptions (unobservable inputs). The hierarchy consists of three levels: Level one — Level two — Level three — Determining which category an asset or liability falls within the hierarchy requires significant judgment. The Company evaluates its hierarchy disclosures each quarter. The carrying values of the Company’s financial instruments; consisting of cash and cash equivalents, accounts receivable, accounts payable, other receivables and prepayments, other payables and accrued liabilities, balances with a related party, balances with related companies and amounts due to director approximate their fair values due to the short maturities of these instruments. As of December 31, 2020, the Company’s financial instruments consist principally of cash, and amounts due to related parties. Pursuant to ASC 820, the fair value of our cash is determined based on “Level 1” inputs, which consist of quoted prices in active markets for identical assets. We believe that the recorded values of all of our other financial instruments approximate their current fair values because of their nature and respective maturity dates or durations. There was no asset or liability measured at fair value on a non-recurring basis as of December 31, 2020.

Note 2 - Accounting policies__2

Note 2 - Accounting policies: Comprehensive income (Policies)	12 Months Ended
	Dec. 31, 2020
Policies
Comprehensive income	Comprehensive income U.S. GAAP generally requires that recognized revenue, expenses, gains and losses be included in net income or loss. Although certain changes in assets and liabilities are reported as separate components of the equity section of the consolidated balance sheet, such items, along with net income, are components of comprehensive income or loss. The components of other comprehensive income or loss consist of foreign currency translation adjustments.

Note 2 - Accounting policies_ E

Note 2 - Accounting policies: Earnings per share (Policies)	12 Months Ended
	Dec. 31, 2020
Policies
Earnings per share	Earnings per share The Company reports earnings per share in accordance with ASC 260, Earnings per Share. ASC 260 requires presentation of both basic and diluted earnings per share (“EPS”) on the face of the income statement. Basic EPS is computed by dividing net income available to common shareholders (numerator) by the weighted average number of shares outstanding (denominator) during the period. Diluted EPS gives effect to all dilutive potential common shares outstanding during the period using the treasury stock method and convertible preferred stock using the if-converted method. In computing diluted EPS, the average stock price for the period is used in determining the number of shares assumed to be purchased from the exercise of stock options or warrants. Diluted EPS excludes all dilutive potential shares if their effect is anti-dilutive.

Note 2 - Accounting policies_ R

Note 2 - Accounting policies: Revenue recognition (Policies)	12 Months Ended
	Dec. 31, 2020
Policies
Revenue recognition	Revenue recognition Sales revenue is recognized when all of the following have occurred: (i) persuasive evidence of an arrangement exists, (ii) delivery has occurred or services have been rendered, (iii) the price is fixed or determinable, and (iv) the ability to collect is reasonably assured. The Company’s revenue is derived from three primary sources: (i) professional services for systems development and integration, including procurement of related hardware and software licenses on behalf of customers, if required; (ii) professional services for system maintenance normally for a period of one year; and (iii) sale of hardware and consumables during the service performed as stated above. Multiple-deliverable arrangements The Company derives revenue from fixed-price sale contracts with customers that may provide for the Company to procure hardware and software licenses with varied performance specifications specific to each customer and provide the technical services for systems development and integration of the hardware and software licenses. In instances where the contract price is inclusive of the technical services, the sale contracts include multiple deliverables. A multiple-element arrangement is separated into more than one unit of accounting if all of the following criteria are met: · · · The Company’s multiple-element contracts generally include customer-acceptance provisions which provide for the Company to carry out installation, test runs and performance tests at the Company’s cost until the systems as a whole can meet the performance specifications stated in the contracts. The delivered equipment and software licenses have no standalone value to the customer until they are installed, integrated and tested at the customer’s site by the Company in accordance with the performance specifications specific to each customer. In addition, under these multiple-element contracts, the Company has not sold the equipment and software licenses separately from the installation, integration and testing services, and hence there is no objective and reliable evidence of the fair value for each deliverable included in the arrangement. As a result, the equipment and the technical services for installation, integration and testing of the equipment are considered a single unit of accounting pursuant to ASC Subtopic 605-25, Revenue Recognition — Multiple-Element Arrangements. In addition, the arrangement generally includes customer acceptance criteria that cannot be tested before installation and integration at the customer’s site. Accordingly, revenue recognition is deferred until customer acceptance, indicated by an acceptance certificate signed off by the customer. Revenues of maintenance services are recognized when the services are performed in accordance with the contract term. Revenues of sale of software, if not bundled with other arrangements, are recognized when shipped and customer acceptance obtained, if all other revenue recognition criteria are met. Costs associated with revenues are recognized when incurred. Revenues are recorded net of value-added taxes, sales discounts and returns. There were no sales returns during the years ended December 31, 2020 and 2019. 2020 2019 US$ US$ NET REVENUES Service income - systems development and integration 11,268,268 72,062 - systems maintenance 7,379,350 5,856,729 - sales of hardware and consumables 1,903,853 2,380,338 20,551,471 8,309,129 Billings in excess of revenues recognized are recorded as deferred revenue.

Note 2 - Accounting policies__3

Note 2 - Accounting policies: Income taxes (Policies)	12 Months Ended
	Dec. 31, 2020
Policies
Income taxes	Income taxes The Company accounts for income taxes in accordance with the accounting standard issued by the Financial Accounting Standard Board (“FASB”) for income taxes. Under the asset and liability method as required by this accounting standard, deferred income taxes are recognized for the tax consequences of temporary differences by applying enacted statutory tax rates applicable to future years to differences between the financial statement carrying amounts and the tax bases of existing assets and liabilities. The charge for taxation is based on the results for the reporting period as adjusted for items which are non-assessable or disallowed. It is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date. The effect on deferred income taxes of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is recognized if it is more likely than not that some portion, or all of, a deferred tax asset will not be realized. Under the accounting standard regarding accounting for uncertainty in income taxes, a tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. Penalties and interest incurred related to underpayment of income tax are classified as income tax expense in the year incurred. Refer to Note 13 to the consolidated financial statements for further information regarding the components of the Company’s income tax.

Note 2 - Accounting policies_ O

Note 2 - Accounting policies: Operating leases (Policies)	12 Months Ended
	Dec. 31, 2020
Policies
Operating leases	Operating leases Leases where substantially all the rewards and risks of ownership of assets remain with the leasing company are accounted for as operating leases. Payments made under operating leases are charged to the statements of income on a straight-line basis over the lease periods.

Note 2 - Accounting policies__4

Note 2 - Accounting policies: Advertising costs (Policies)	12 Months Ended
	Dec. 31, 2020
Policies
Advertising costs	Advertising costs The Company expenses the cost of advertising as incurred in the period in which the advertisements and marketing activities are first run or over the life of the endorsement contract. Advertising and marketing expense for the years ended December 31, 2020 and 2019 were approximately $575 and $3,690, respectively.

Note 2 - Accounting policies_ S

Note 2 - Accounting policies: Shipping and handling (Policies)	12 Months Ended
	Dec. 31, 2020
Policies
Shipping and handling	Shipping and handling Shipping and handling cost incurred to ship computer products to customers are included in selling expenses. Shipping and handling expenses for the years ended December 31, 2020 and 2019 were insignificant.

Note 2 - Accounting policies__5

Note 2 - Accounting policies: Research and development costs (Policies)	12 Months Ended
	Dec. 31, 2020
Policies
Research and development costs	Research and development costs Research and development costs are expensed as incurred and are included in general and administrative expenses. Research and development costs for the years ended December 31, 2020 and 2019 were insignificant.

Note 2 - Accounting policies__6

Note 2 - Accounting policies: Foreign currency translation (Policies)	12 Months Ended
	Dec. 31, 2020
Policies
Foreign currency translation	Foreign currency translation The functional currency and reporting currency of the Company is the U.S. Dollar. (“US$” or “$”). The functional currency of the Hong Kong subsidiaries is the Hong Kong Dollar. The functional currency of the PRC subsidiary is RMB. Results of operations and cash flow are translated at average exchange rates during the period, and assets and liabilities are translated at the exchange rate as quoted by the Hong Kong Monetary Authority (“HKMA”) at the end of the period. Capital accounts are translated at their historical exchange rates when the capital transaction occurred. Translation adjustments resulting from this process are included in accumulated other comprehensive income. Transaction gains and losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the functional currency are included in the results of operations as incurred. Year ended December 31, 2020 December 31, 2019 RMB : USD exchange rate 6.9348 6.8829 Average period ended HKD : USD exchange rate 7.800 7.800 Average period ended PESO : USD exchange rate 49.6473 51.0424 Average period ended Year ended December 31, 2020 December 31, 2019 RMB : USD exchange rate 6.5442 6.9799 HKD : USD exchange rate 7.800 7.800 PESO : USD exchange rate 47.7064 51.1475

Note 2 - Accounting policies__7

Note 2 - Accounting policies: Commitments and contingencies (Policies)	12 Months Ended
	Dec. 31, 2020
Policies
Commitments and contingencies	Commitments and contingencies The Company follows FASB ASC Subtopic 450-20, “Loss Contingencies” in determining its accruals and disclosures with respect to loss contingencies. Accordingly, estimated losses from loss contingencies are accrued by a charge to income when information available prior to issuance of the financial statements indicates that it is probable that a liability could be incurred and the amount of the loss can be reasonably estimated. Legal expenses associated with the contingency are expensed as incurred. If a loss contingency is not probable or reasonably estimable, disclosure of the loss contingency is made in the financial statements when it is at least reasonably possible that a material loss could be incurred.

Note 2 - Accounting policies__8

Note 2 - Accounting policies: Segment Reporting (Policies)	12 Months Ended
	Dec. 31, 2020
Policies
Segment Reporting	Segment Reporting The Company uses the “management approach” in determining reportable operating segments. The management approach considers the internal organization and reporting used by the Company’s chief operating decision maker for making operating decisions and assessing performance as the source for determining the Company’s reportable segments. Management, including the chief operating decision maker, reviews operating results solely by monthly revenue from software development and maintenance services (but not by sub-services/product type or geographic area) and operating results of the Company and, as such, the Company has determined that the Company has one operating segment as defined by ASC Topic 280 “Segment Reporting”.

Note 2 - Accounting policies__9

Note 2 - Accounting policies: Recent accounting pronouncements (Policies)	12 Months Ended
	Dec. 31, 2020
Policies
Recent accounting pronouncements	Recent accounting pronouncements In June 2016, FASB amended guidance related to impairment of financial instruments as part of ASU 2016-13 Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which will be effective on January 1, 2020. The guidance replaces the incurred loss impairment methodology with an expected credit loss model for which a group is required to recognize an allowance based on its estimate of expected credit loss. We are currently evaluating the impact of this new guidance on our consolidated financial statements. In January 2017, the FASB issued ASU No. 2017-04, Simplifying the Test for Goodwill Impairment. The guidance removes Step 2 of the goodwill impairment test, which requires a hypothetical purchase price allocation. A goodwill impairment will now be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. The guidance should be adopted on a prospective basis for the annual or any interim goodwill impairment tests beginning after December 15, 2019. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company currently intends to adopt this guidance for the fiscal year beginning January 1, 2020, and does not anticipate that the adoption of this guidance will have a material impact on its financial statements or disclosures because the Company does not currently have any recorded goodwill. In August 2018, the FASB issued Accounting Standard Update No. 2018-13, Changes to Disclosure Requirements for Fair Value Measurements (Topic 820) (ASU 2018-13), which improved the effectiveness of disclosure requirements for recurring and nonrecurring fair value measurements. The standard removes, modifies, and adds certain disclosure requirements. This guidance will be effective for us in the first quarter of 2020 on a prospective basis, with early adoption permitted. We do not expect the adoption of this guidance to have a material impact on our consolidated financial statements. In December 2019, the Financial Accounting Standards Board (FASB) issued Accounting Standard Update No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (ASU 2019-12), which simplifies the accounting for income taxes. This guidance will be effective for us in the first quarter of 2021 on a prospective basis, with early adoption permitted. We do not expect the adoption of this guidance to have a material impact on our consolidated financial statements. In January 2020, the FASB issued Accounting Standards Update No. 2020-01, Investments—Equity Securities (Topic 321), Investments—Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815) (ASU 2020-01), which clarifies the interaction of the accounting for equity securities under Topic 321, the accounting for equity method investments in Topic 323, and the accounting for certain forward contracts and purchased options in Topic 815. This guidance will be effective for us in the first quarter of 2021 on a prospective basis, with early adoption permitted. We do not expect the adoption of this guidance to have a material impact on our consolidated financial statements. Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies that do not require adoption until a future date are not expected to have a material impact on the Company’s consolidated financial statements upon adoption.

Note 2 - Accounting policies_10

Note 2 - Accounting policies: Basis of presentation and principle of consolidation: Schedule of Consolidated Entities (Tables)	12 Months Ended
	Dec. 31, 2020
Tables/Schedules
Schedule of Consolidated Entities	Ownership percentage Place of incorporation 2020 2019 Value Exchange International, Inc. USA Parent Company Parent Company Value Exchange Int’l (China) Limited Hong Kong 100% 100% Value Exchange Int’l (Shanghai) Limited PRC 100% 100% Value Exchange Int’l (Hong Kong) Limited Hong Kong 100% 100% Koinon Technology Services, Inc. US Virgin Islands, US - 51% TapServices, Inc. Philippines 100% 100% Value Exchange Int’l (Hunan) Limited PRC 51% 51% Shanghai Zhaonan Hengan Information Technology Co., Limited PRC 51% -

Note 2 - Accounting policies_11

Note 2 - Accounting policies: Plant and equipment: Schedule of Estimated Useful Life (Tables)	12 Months Ended
	Dec. 31, 2020
Tables/Schedules
Schedule of Estimated Useful Life	Estimated Useful Life Leasehold improvements Lesser of lease term or the estimated useful lives of 5 years Computer equipment 5 years Computer software 5 years Office furniture and equipment 5 years Motor Vehicle 3 years Building 5 years

Note 2 - Accounting policies_12

Note 2 - Accounting policies: Revenue recognition: Schedule of Revenues (Tables)	12 Months Ended
	Dec. 31, 2020
Tables/Schedules
Schedule of Revenues	2020 2019 US$ US$ NET REVENUES Service income - systems development and integration 11,268,268 72,062 - systems maintenance 7,379,350 5,856,729 - sales of hardware and consumables 1,903,853 2,380,338 20,551,471 8,309,129

Note 2 - Accounting policies_13

Note 2 - Accounting policies: Foreign currency translation: Schedule of Foreign currency translation (Tables)	12 Months Ended
	Dec. 31, 2020
Tables/Schedules
Schedule of Foreign currency translation	Year ended December 31, 2020 December 31, 2019 RMB : USD exchange rate 6.9348 6.8829 Average period ended HKD : USD exchange rate 7.800 7.800 Average period ended PESO : USD exchange rate 49.6473 51.0424 Average period ended Year ended December 31, 2020 December 31, 2019 RMB : USD exchange rate 6.5442 6.9799 HKD : USD exchange rate 7.800 7.800 PESO : USD exchange rate 47.7064 51.1475

Note 3 - Accounts receivable_ S

Note 3 - Accounts receivable: Schedule of Accounts Receivable (Tables)	12 Months Ended
	Dec. 31, 2020
Tables/Schedules
Schedule of Accounts Receivable	December 31, 2020 2019 US$ US$ Accounts receivable 603,689 777,348 Allowance for doubtful accounts (4,253) (3,788) 599,436 773,560

Note 4 - Other receivables an_2

Note 4 - Other receivables and prepayments: Schedule of Other Receivables and Prepayments (Tables)	12 Months Ended
	Dec. 31, 2020
Tables/Schedules
Schedule of Other Receivables and Prepayments	December 31, 2020 2019 US$ US$ Prepaid expense 201,435 140,635 Rental deposits 98,355 74,506 Others 114,552 42,032 414,342 257,173

Note 5 - Inventories_ Schedule

Note 5 - Inventories: Schedule of Inventories (Tables)	12 Months Ended
	Dec. 31, 2020
Tables/Schedules
Schedule of Inventories	December 31, 2020 2019 US$ US$ Finished goods 238,147 219,592

Note 6 - Plant and equipment,_2

Note 6 - Plant and equipment, net: Schedule of Property, Plant, and Equipment (Tables)	12 Months Ended
	Dec. 31, 2020
Tables/Schedules
Schedule of Property, Plant, and Equipment	December 31, 2020 2019 US$ US$ Leasehold improvements 78,224 73,322 Office furniture and equipment 254,681 145,002 Computer equipment 334,237 315,332 Computer software 43,319 39,548 Motor Vehicle 119,806 154,434 Building 68,904 64,673 Total 899,171 792,311 Less: accumulated depreciation (542,150) (438,485) Plant and equipment, net 357,021 353,826

Note 7 - Goodwill_ Schedule of

Note 7 - Goodwill: Schedule of Goodwill (Tables)	12 Months Ended
	Dec. 31, 2020
Tables/Schedules
Schedule of Goodwill	December 31, 2020 2019 US$ US$ Goodwill arising from acquisition of TSI 206,812 206,812

Note 8 - Leases_ Schedule of Op

Note 8 - Leases: Schedule of Operating lease right-of-use assets (Tables)	12 Months Ended
	Dec. 31, 2020
Tables/Schedules
Schedule of Operating lease right-of-use assets	December 31, 2020 2019 US$ US$ Operating lease right-of-use assets, net 585,057 824,230

Note 8 - Leases_ Schedule of co

Note 8 - Leases: Schedule of components of lease liabilities (Tables)	12 Months Ended
	Dec. 31, 2020
Tables/Schedules
Schedule of components of lease liabilities	December 31, 2020 2019 US$ US$ Lease liabilities, current 303,687 356,960 Lease liabilities, non-current 277,111 478,641 Present value of lease liabilities 580,798 835,601

Note 8 - Leases_ Schedule of Fu

Note 8 - Leases: Schedule of Future Minimum Rental Payments for Operating Leases (Tables)	12 Months Ended
	Dec. 31, 2020
Tables/Schedules
Schedule of Future Minimum Rental Payments for Operating Leases	December 31, 2020 2019 US$ US$ Year one 316,880 367,669 Year two 187,971 344,461 Year three 95,772 137,839 Year four - 31,302 Thereafter - - Total undiscounted cash flows 600,623 881,271 Less: Imputed interest (19,826) (45,670) Present value of lease liabilities 580,798 835,601

Note 9 - Intangible Assets_ Sch

Note 9 - Intangible Assets: Schedule of Finite-Lived Intangible Assets (Tables)	12 Months Ended
	Dec. 31, 2020
Tables/Schedules
Schedule of Finite-Lived Intangible Assets	December 31, 2020 2019 US$ US$ Customer relationship 200,641 200,641 Less: accumulated amortization (200,641) (200,641) - -

Note 10 - Bank loan_ Schedule o

Note 10 - Bank loan: Schedule of Bank Loan (Tables)	12 Months Ended
	Dec. 31, 2020
Tables/Schedules
Schedule of Bank Loan	December 31, 2020 2019 US$ US$ Long term bank loan 101,823 - Less: Current portion of long term bank loan (38,874) - 62,949 - Short term bank loan - 13,686 Current portion of long term bank loan 38,874 - 38,874 13,686

Note 11 - Other payables and _2

Note 11 - Other payables and accrued liabilities: Schedule of Other Payables and Accrued Liabilities (Tables)	12 Months Ended
	Dec. 31, 2020
Tables/Schedules
Schedule of Other Payables and Accrued Liabilities	December 31, 2020 2019 US$ US$ Accrual 737,141 519,853 Income taxes payable 94,675 33,406 831,816 553,259

Note 12 - Deferred income_ Sche

Note 12 - Deferred income: Schedule of Deferred Income (Tables)	12 Months Ended
	Dec. 31, 2020
Tables/Schedules
Schedule of Deferred Income	December 31, 2020 2019 US$ US$ Service fees received in advance 254,937 255,749

Note 13 - Income taxes_ Schedul

Note 13 - Income taxes: Schedule of Deferred Tax Assets and Liabilities (Tables)	12 Months Ended
	Dec. 31, 2020
Tables/Schedules
Schedule of Deferred Tax Assets and Liabilities	December 31, 2020 2019 US$ US$ Current income tax 20,727 33,621 Deferred income tax - (22,205) Income tax expenses 20,727 11,416

Note 13 - Income taxes_ Sched_2

Note 13 - Income taxes: Schedule of Effective Income Tax Rate Reconciliation (Tables)	12 Months Ended
	Dec. 31, 2020
Tables/Schedules
Schedule of Effective Income Tax Rate Reconciliation	December 31, 2020 2019 US$ US$ Pre-tax income 126,231 64,851 U.S. federal corporate income tax rate 21% 35% Philippine corporate income tax rate 30% 30% P.R.C. corporate income tax rate 25% 25% Hong Kong corporate income tax rate 16.5% 16.5% Current tax computed at various jurisdiction rate 20,727 33,621 Deferred tax computed at various jurisdiction rate - (22,205) Effective income taxes 20,727 11,416

Note 13 - Income taxes_ Sched_3

Note 13 - Income taxes: Schedule of Significant components of deferred income tax assets and liabilities (Tables)	12 Months Ended
	Dec. 31, 2020
Tables/Schedules
Schedule of Significant components of deferred income tax assets and liabilities	December 31, 2020 2019 US$ US$ Deferred income tax assets: Tax losses 71,681 56,045

Note 15 - Related party and s_2

Note 15 - Related party and shareholder transactions: Schedule of Balances due from Related Parties (Tables)	12 Months Ended
	Dec. 31, 2020
Tables/Schedules
Schedule of Balances due from Related Parties	December 31, 2020 2019 Due from related parties US$ US$ Value Exchange International Limited (i) 1,269,620 534,806 Cucumbuy.com Limited (ii) 30,769 SmartMyWays Co., Limited (iii) 30,769 - Retail Intelligent Unit Limited (iv) 12,308 - 1,343,466 534,806 Due to related parties AppMyWays Co., Limited (v) 253,063 - Mr. Edmund Yeung (vi) - 32,909 Mr. Johan Pehrson (vii) 10,000 - 263,063 32,909

Note 15 - Related party and s_3

Note 15 - Related party and shareholder transactions: Schedule of Related Party Transactions (Tables)	12 Months Ended
	Dec. 31, 2020
Tables/Schedules
Schedule of Related Party Transactions	Year end December 31, 2020 2019 US$ US$ Subcontracting fees paid to Value Exchange International Limited (i) - (16,910) AppMyWays Co., Limited (v) (771,538) - ValueX International Pte. Ltd. (viii) - (1,769) Service income received from Value Exchange International Limited (i) 1,117 351,903 AppMyWays Co., Limited (v) 788,987 - ValueX International Pte. Ltd. (viii) 159,581 3,035 Value E Consultant International (M) Sdn. Bhd (ix) 18,069 80,483 TAP Technology (HK) Limited (x) 262,821 - Service income paid to Cucumbuy.com Limited (ii) (41,216) (30,769) TAP Technology (HK) Limited (x) - (155,696) Interest expenses payable to Mr. Edmund Yeung (vi) - (2,371) Management fees received from Value Exchange International Limited (i) 49,700 154,870 Cucumbuy.com Limited (ii) 30,769 - SmartMyWays Co., Limited (iii) 30,769 - Retail Intelligent Unit Limited (vi) 12,308 - TAP Technology (HK) Limited (x) 30,769 -

Note 16 - Concentration of ri_2

Note 16 - Concentration of risks: Schedule of Concentration of risks (Tables)	12 Months Ended
	Dec. 31, 2020
Tables/Schedules
Schedule of Concentration of risks	The following individual customer accounted for 10% or more of the Company’s revenues for the years ended December 31, 2020 and 2019: 2020 2019 DXC Technology Enterprise Services (Hong Kong) Limited 52.4% - Wuhan Watson's Personal Care Stores Co., Limited 8.1% 29.1 % Aisino Wincor Nixdorf Retail & Banking Systems (Shanghai) Co., Ltd. Company 9.9% 28.8 % Fujitsu Hong Kong Limited 4.6% 11.9% Individual customer accounts receivable that represented 10% or more of total accounts receivable as of December 31, 2020 and 2019 were as follows: Percentage of accounts receivable as of December 31, 2020 2019 Wuhan Watson's Personal Care Stores Co., Limited 0.1% 20.0% Aisino Wincor Nixdorf Retail & Banking Systems (Shanghai) Co., Ltd. Company 10.6% 19.0% Wincor Nixdorf (Hong Kong) Limited 13.5% 14.8% Robinsons Retail Group 37.1% 14.0%

Note 1 - Organization and des_2

Note 1 - Organization and description of business (Details)	12 Months Ended
	Dec. 31, 2020
Details
Entity Incorporation, State or Country Code	NV
Entity Incorporation, Date of Incorporation	Jun. 26, 2007

Note 2 - Accounting policies_14

Note 2 - Accounting policies: Revenue recognition: Schedule of Revenues (Details) - USD ($)	3 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Revenues	$ 20,551,471	$ 8,309,129
Systems development and integration
Revenues	11,268,268	72,062
Systems maintenance
Revenues	7,379,350	5,856,729
Sales of hardware and consumables
Revenues	$ 1,903,853	$ 2,380,338

Note 3 - Accounts receivable__2

Note 3 - Accounts receivable: Schedule of Accounts Receivable (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Details
Accounts receivable	$ 603,689	$ 777,348
Allowance for doubtful accounts	(4,253)	(3,788)
Accounts receivable, less allowance for doubtful accounts	$ 599,436	$ 773,560

Note 4 - Other receivables an_3

Note 4 - Other receivables and prepayments: Schedule of Other Receivables and Prepayments (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Details
Prepaid expense	$ 201,435	$ 140,635
Rental deposits	98,355	74,506
Others	114,552	42,032
Other receivables and prepayments	$ 414,342	$ 257,173

Note 5 - Inventories_ Schedul_2

Note 5 - Inventories: Schedule of Inventories (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Details
Inventory - Finished Goods	$ 238,147	$ 219,592

Note 6 - Plant and equipment,_3

Note 6 - Plant and equipment, net: Schedule of Property, Plant, and Equipment (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment, Gross	$ 899,171	$ 792,311
Less: accumulated depreciation	(542,150)	(438,485)
Plant and equipment, net	357,021	353,826
Leasehold improvements
Property, Plant and Equipment, Gross	78,224	73,322
Office furniture and equipment
Property, Plant and Equipment, Gross	254,681	145,002
Computer equipment
Property, Plant and Equipment, Gross	334,237	315,332
Computer software
Property, Plant and Equipment, Gross	43,319	39,548
Motor Vehicle
Property, Plant and Equipment, Gross	119,806	154,434
Building
Property, Plant and Equipment, Gross	$ 68,904	$ 64,673

Note 7 - Goodwill_ Schedule o_2

Note 7 - Goodwill: Schedule of Goodwill (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Details
Goodwill arising from acquisition of TSI	$ 206,812	$ 206,812

Note 8 - Leases_ Schedule of _2

Note 8 - Leases: Schedule of Operating lease right-of-use assets (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Details
Operating lease right-of-use assets, net	$ 585,057	$ 824,230

Note 8 - Leases_ Schedule of _3

Note 8 - Leases: Schedule of components of lease liabilities (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Details
Lease liabilities, current	$ 303,687	$ 356,960
Operating lease liabilities, non-current	277,111	478,641
Present value of lease liabilities	$ 580,798	$ 835,601

Note 8 - Leases_ Schedule of _4

Note 8 - Leases: Schedule of Future Minimum Rental Payments for Operating Leases (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Details
Year one	$ 316,880	$ 367,669
Year two	187,971	344,461
Year three	95,772	137,839
Year four	0	31,302
Thereafter	0	0
Total undiscounted cash flows	600,623	881,271
Less: Imputed interest	(19,826)	(45,670)
Present value of lease liabilities	$ 580,798	$ 835,601

Note 9 - Intangible Assets_ S_2

Note 9 - Intangible Assets: Schedule of Finite-Lived Intangible Assets (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Details
Customer relationship	$ 200,641	$ 200,641
Less: accumulated amortization	$ (200,641)	$ (200,641)

Note 11 - Other payables and _3

Note 11 - Other payables and accrued liabilities: Schedule of Other Payables and Accrued Liabilities (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Details
Accrual	$ 737,141	$ 519,853
Income taxes payable	94,675	33,406
Accrued Liabilities, Current	$ 831,816	$ 553,259

Note 12 - Deferred income_ Sc_2

Note 12 - Deferred income: Schedule of Deferred Income (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Details
Service fees received in advance	$ 254,937	$ 255,749