Cover
Cover - shares | 9 Months Ended | |
Sep. 30, 2021 | Mar. 23, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Sep. 30, 2021 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2021 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 000-53612 | |
Entity Registrant Name | BONANZA GOLDFIELDS CORP. | |
Entity Central Index Key | 0001439264 | |
Entity Tax Identification Number | 26-2723015 | |
Entity Incorporation, State or Country Code | NV | |
Entity Address, Address Line One | 37/F | |
Entity Address, Address Line Two | Singapore Land Tower | |
Entity Address, City or Town | 50 Raffles Place | |
Entity Address, Country | SG | |
Entity Address, Postal Zip Code | 048623 | |
City Area Code | 65 | |
Local Phone Number | 6829 7029 | |
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 Common Stock, Shares Outstanding | 1,867,681,876 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Current assets: | ||
Loans and interest receivable | $ 19,041 | $ 0 |
Prepayment and other receivables | 4,119 | 1,290 |
Cash and cash equivalents | 2,647 | 1,360 |
Total current assets | 25,807 | 2,650 |
Non-current asset: | ||
Intangible asset | 3,493 | 0 |
TOTAL ASSETS | 29,300 | 2,650 |
Current liabilities: | ||
Accrued liabilities and other payables | 44,366 | 64 |
Amount due to a director | 54,007 | 4,218 |
Total current liabilities | 98,373 | 4,282 |
TOTAL LIABILITIES | 98,373 | 4,282 |
Commitments and contingencies | 0 | 0 |
STOCKHOLDERS’ DEFICIT | ||
Common stock, par value $0.0001, 1,970,000,000 shares authorized, 1,970,000,000 and 1,970,000,000 shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively | 197,000 | 197,000 |
Common stock to be issued | 13,836,639 | 13,836,639 |
Accumulated other comprehensive income (loss) | 104 | (16) |
Accumulated deficit | (14,103,853) | (14,036,292) |
Stockholders’ deficit | (69,073) | (1,632) |
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT | 29,300 | 2,650 |
Series A Preferred Stock [Member] | ||
STOCKHOLDERS’ DEFICIT | ||
Preferred stock, value | 1,000 | 1,000 |
Series B Preferred Stock [Member] | ||
STOCKHOLDERS’ DEFICIT | ||
Preferred stock, value | 36 | 36 |
Series C Preferred Stock [Member] | ||
STOCKHOLDERS’ DEFICIT | ||
Preferred stock, value | $ 1 | $ 1 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares | Sep. 30, 2021 | Dec. 31, 2020 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 1,970,000,000 | 1,970,000,000 |
Common stock, shares issued | 1,970,000,000 | 1,970,000,000 |
Common stock, shares outstanding | 1,970,000,000 | 1,970,000,000 |
Series A Preferred Stock [Member] | ||
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 10,000,000 | 10,000,000 |
Preferred stock, shares outstanding | 10,000,000 | 10,000,000 |
Series B Preferred Stock [Member] | ||
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | 361,999 | 361,999 |
Preferred stock, shares outstanding | 361,999 | 361,999 |
Series C Preferred Stock [Member] | ||
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 1 | 1 |
Preferred stock, shares issued | 1 | 1 |
Preferred stock, shares outstanding | 1 | 1 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Income Statement [Abstract] | ||||
Revenue, net | $ 13,677 | $ 0 | $ 177,017 | $ 0 |
Cost of revenue | (3,628) | 0 | (60,967) | 0 |
Gross profit | 10,049 | 0 | 116,050 | 0 |
Operating expenses: | ||||
General and administrative expenses | (84,974) | (52) | (183,611) | (433) |
Total operating expenses | (84,974) | (52) | (183,611) | (433) |
LOSS BEFORE INCOME TAXES | (74,925) | (52) | (67,561) | (433) |
Income tax expense | 0 | 0 | 0 | 0 |
NET LOSS | (74,925) | (52) | (67,561) | (433) |
Other comprehensive loss: | ||||
Foreign currency adjustment loss | 120 | 0 | 120 | (4) |
COMPREHENSIVE LOSS | $ (74,805) | $ (52) | $ (67,441) | $ (437) |
Net loss per share – Basic and Diluted | $ 0 | $ 0 | $ 0 | $ 0 |
Weighted average common shares outstanding | ||||
– Basic | 1,970,000,000 | 1,320,082,946 | 1,970,000,000 | 1,320,082,946 |
– Diluted | 1,970,000,000 | 1,320,082,946 | 1,970,000,000 | 1,320,082,946 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Cash flows from operating activities: | ||
Net loss | $ (67,561) | $ (433) |
Change in operating assets and liabilities: | ||
Prepayment and other receivables | (2,829) | 0 |
Accrued liabilities and other payables | 44,302 | 0 |
Loans and interest receivable | (19,041) | 0 |
Net cash used in operating activities | (45,129) | (433) |
Cash flows from investing activities: | ||
Payment to acquire intangible assets | (3,493) | 0 |
Net cash used in investing activities | (3,493) | 0 |
Cash flows from financing activities: | ||
Advance from a director | 49,789 | 865 |
Net cash provided by financing activities | 49,789 | 865 |
Foreign currency translation adjustment | 120 | 1 |
Net change in cash and cash equivalents | 1,287 | 433 |
BEGINNING OF PERIOD | 1,360 | 2,151 |
END OF PERIOD | 2,647 | 2,584 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||
Cash paid for income taxes | 0 | 0 |
Cash paid for interest | $ 0 | $ 0 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIT) (Unaudited) - USD ($) | Preferred Stock [Member] | Common Stock [Member] | Common Stock To Be Issued [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Total |
Beginning balance, value at Dec. 31, 2019 | $ 132,009 | $ 13,836,639 | $ (13) | $ (13,969,399) | $ (764) | |
Beginning balance, shares at Dec. 31, 2019 | 1,320,082,946 | 138,366,398,507 | ||||
Foreign currency translation adjustment | (4) | (4) | ||||
Net loss for the period | (433) | (433) | ||||
Ending balance, value at Sep. 30, 2020 | $ 132,009 | $ 13,836,639 | (17) | (13,969,832) | (1,201) | |
Shares, Outstanding, Ending Balance at Sep. 30, 2020 | 1,320,082,946 | 138,366,398,507 | ||||
Beginning balance, value at Jun. 30, 2020 | $ 132,009 | $ 13,836,639 | (17) | (13,969,780) | (1,149) | |
Beginning balance, shares at Jun. 30, 2020 | 1,320,082,946 | 138,366,398,507 | ||||
Net loss for the period | (52) | (52) | ||||
Ending balance, value at Sep. 30, 2020 | $ 132,009 | $ 13,836,639 | (17) | (13,969,832) | (1,201) | |
Shares, Outstanding, Ending Balance at Sep. 30, 2020 | 1,320,082,946 | 138,366,398,507 | ||||
Beginning balance, value at Dec. 31, 2020 | $ 1,037 | $ 197,000 | $ 13,836,639 | (16) | (14,036,292) | (1,632) |
Beginning balance, shares at Dec. 31, 2020 | 10,362,000 | 1,970,000,000 | 138,366,398,507 | |||
Foreign currency translation adjustment | 120 | 120 | ||||
Net loss for the period | (67,561) | (67,561) | ||||
Ending balance, value at Sep. 30, 2021 | $ 1,037 | $ 197,000 | $ 13,836,639 | 104 | (14,103,853) | (69,073) |
Shares, Outstanding, Ending Balance at Sep. 30, 2021 | 10,362,000 | 1,970,000,000 | 138,366,398,507 | |||
Beginning balance, value at Jun. 30, 2021 | $ 1,037 | $ 197,000 | $ 13,836,639 | (16) | (14,028,928) | 5,732 |
Beginning balance, shares at Jun. 30, 2021 | 10,362,000 | 1,970,000,000 | 138,366,398,507 | |||
Foreign currency translation adjustment | 120 | 120 | ||||
Net loss for the period | (74,925) | (74,925) | ||||
Ending balance, value at Sep. 30, 2021 | $ 1,037 | $ 197,000 | $ 13,836,639 | $ 104 | $ (14,103,853) | $ (69,073) |
Shares, Outstanding, Ending Balance at Sep. 30, 2021 | 10,362,000 | 1,970,000,000 | 138,366,398,507 |
DESCRIPTION OF BUSINESS AND ORG
DESCRIPTION OF BUSINESS AND ORGANIZATION | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
DESCRIPTION OF BUSINESS AND ORGANIZATION | 1. DESCRIPTION OF BUSINESS AND ORGANIZATION Bonanza Goldfields Corp. (the “Company”) was incorporated in the State of Nevada on March 6, 2008. Currently, the Company through its subsidiaries, are principally engaged in the provision of financing, business development solutions & related professional services in Hong Kong. On August 27, 2021, Mr. LEE Ying Chiu Herbert purchased a controlling interest in the Company, resulting in a change of control. On August 26, 2021, Mr. LEE Ying Chiu Herbert was appointed to serve as director of the Company. On October 18, 2021, the Company consummated the Share Exchange Transaction among Marvion Holdings Limited (“MHL”) and its shareholders. The Company acquired all of the issued and outstanding shares of MHL from its shareholders, in exchange for 139,686,481,453 shares of the issued and outstanding common stock. Upon completion of the Share Exchange Transaction, MHL became a 100% owned subsidiary of the Company. Prior to the Share Exchange, the Company was considered as a shell company due to its nominal assets and limited operation. The transaction will be treated as a recapitalization of the Company. The Share Exchange between the Company and MHL on October 18, 2021, is a merger of entities under common control that Mr. LEE Ying Chiu Herbert is the common director and shareholder of both the Company and MHL. Under the guidance in ASC 805 for transactions between entities under common control, the assets, liabilities and results of operations, are recognized at their carrying amounts on the date of the Share Exchange, which required retrospective combination of the Company and MHL for all periods presented. Description of subsidiaries Description of Subsidiaries Name Place of incorporation and kind of legal entity Principal activities and place of operation Particulars of registered/paid up share capital Effective interest held Marvion Holdings Limited British Virgin Islands Investment holding 50,000 ordinary shares at par value of US$1 100 Marvion Private Limited Singapore Corporate management and IT development in Singapore 1,000 ordinary shares at par value of S$1 100 Marvion Group Limited British Virgin Islands Procurement of media and entertainment in Singapore 50,000 ordinary shares at par value of US$1 100 Marvion (Hong Kong) Limited Hong Kong Corporate management in Hong Kong 1,000 ordinary shares for HK$1,000 100 Typerwise Limited Hong Kong Provision of financing, business development solutions & related professional services 10,000 ordinary shares for HK$10,000 100 The Company and its subsidiaries are hereinafter referred to as (the “Company”). |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The accompanying condensed consolidated financial statements reflect the application of certain significant accounting policies as described in this note and elsewhere in the accompanying condensed consolidated financial statements and notes. · Basis of presentation These accompanying condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“US GAAP”). · Use of estimates and assumptions In preparing these condensed consolidated financial statements, management makes estimates and assumptions that affect the reported amounts of assets and liabilities in the balance sheet and revenues and expenses during the years reported. Actual results may differ from these estimates. · Basis of consolidation The condensed consolidated financial statements include the accounts of BONZ and its subsidiaries. All significant inter-company balances and transactions within the Company have been eliminated upon consolidation. · Cash and cash equivalents Cash and cash equivalents are carried at cost and represent cash on hand, demand deposits placed with banks or other financial institutions and all highly liquid investments with an original maturity of three months or less as of the purchase date of such investments. · Intangible asset Intangible asset represents the trademark, which is stated at cost less accumulated amortization, if any. Amortization is calculated on the straight-line basis over the expected useful lives of 10 · Impairment of long-lived assets In accordance with the provisions of ASC Topic 360, “ Impairment or Disposal of Long-Lived Assets” no · Revenue recognition The Company adopted Accounting Standards Update ("ASU") No. 2014-09, Revenue from Contracts with Customers Under ASU 2014-09, the Company recognizes revenue when control of the promised goods or services is transferred to customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. The Company applies the following five steps in order to determine the appropriate amount of revenue to be recognized as it fulfills its obligations under each of its agreements: · identify the contract with a customer; · identify the performance obligations in the contract; · determine the transaction price; · allocate the transaction price to performance obligations in the contract; and · recognize revenue as the performance obligation is satisfied. Revenue is generated from the rendering of marketing and strategic advisory services. The Company recognizes services revenue over the period in which such services are performed under fixed price contracts. Service fee becomes billable to the customer when services are rendered. · Income taxes The Company adopted the ASC 740 “Income tax” The estimated future tax effects of temporary differences between the tax basis of assets and liabilities are reported in the accompanying balance sheets, as well as tax credit carry-backs and carry-forwards. The Company periodically reviews the recoverability of deferred tax assets recorded on its balance sheets and provides valuation allowances as management deems necessary. · Uncertain tax positions The Company did not take any uncertain tax positions and had no adjustments to its income tax liabilities or benefits pursuant to the ASC 740 provisions of Section 740-10-25 for the nine months ended September 30, 2021 and 2020. · Foreign currencies translation Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded in the condensed consolidated statement of operations. The reporting currency of the Company is United States Dollar ("US$") and the accompanying condensed consolidated financial statements have been expressed in US$. In addition, the Company is operating in Hong Kong and maintains its books and record in its local currency, Hong Kong Dollars (“HKD”), which is a functional currency as being the primary currency of the economic environment in which their operations are conducted. In general, for consolidation purposes, assets and liabilities of its subsidiary whose functional currency is not US$ are translated into US$, in accordance with ASC Topic 830-30, “ Translation of Financial Statement Translation of amounts from HKD into US$ has been made at the following exchange rates for the periods ended September 30, 2021 and 2020: Schedule of translation rates September 30, 2021 September 30, 2020 Period-end HKD:US$ exchange rate 0.1284 0.1290 Average HKD:US$ exchange rate 0.1288 0.1289 Period-end SGD:US$ exchange rate 0.7355 0.7312 Average SGD:US$ exchange rate 0.7469 0.7192 · Comprehensive income ASC Topic 220, “ Comprehensive Income · Segment reporting ASC Topic 280, “ Segment Reporting 1 · Retirement plan costs Contributions to retirement plans (which are defined contribution plans) are charged to general and administrative expenses in the accompanying statements of operation as the related employee service are provided. · Related parties The Company follows the ASC 850-10, “Related Party Disclosures” Pursuant to section 850-10-20 the related parties include a) affiliates of the Company; b) entities for which investments in their equity securities would be required, absent the election of the fair value option under the Fair Value Option Subsection of section 825–10–15, to be accounted for by the equity method by the investing entity; c) trusts for the benefit of employees, such as pension and Income-sharing trusts that are managed by or under the trusteeship of management; d) principal owners of the Company; e) management of the Company; f) other parties with which the Company may deal if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests; and g) other parties that can significantly influence the management or operating policies of the transacting parties or that have an ownership interest in one of the transacting parties and can significantly influence the other to an extent that one or more of the transacting parties might be prevented from fully pursuing its own separate interests. The condensed consolidated financial statements shall include disclosures of material related party transactions, other than compensation arrangements, expense allowances, and other similar items in the ordinary course of business. However, disclosure of transactions that are eliminated in the preparation of consolidated or combined financial statements is not required in those statements. The disclosures shall include: a) the nature of the relationship(s) involved; b) a description of the transactions, including transactions to which no amounts or nominal amounts were ascribed, for each of the periods for which income statements are presented, and such other information deemed necessary to an understanding of the effects of the transactions on the financial statements; c) the dollar amounts of transactions for each of the periods for which income statements are presented and the effects of any change in the method of establishing the terms from that used in the preceding period; and d) amount due from or to related parties as of the date of each balance sheet presented and, if not otherwise apparent, the terms and manner of settlement. · Commitments and contingencies The Company follows the ASC 450-20, “Contingencies” If the assessment of a contingency indicates that it is probable that a material loss has been incurred and the amount of the liability can be estimated, then the estimated liability would be accrued in the Company’s condensed consolidated financial statements. If the assessment indicates that a potentially material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, and an estimate of the range of possible losses, if determinable and material, would be disclosed. Loss contingencies considered remote are generally not disclosed unless they involve guarantees, in which case the guarantees would be disclosed. Management does not believe, based upon information available at this time that these matters will have a material adverse effect on the Company’s financial position, results of operations or cash flows. However, there is no assurance that such matters will not materially and adversely affect the Company’s business, financial position, and results of operations or cash flows. · Fair value of financial instruments The Company follows paragraph 825-10-50-10 of the FASB Accounting Standards Codification for disclosures about fair value of its financial instruments and has adopted paragraph 820-10-35-37 of the FASB Accounting Standards Codification (“Paragraph 820-10-35-37”) to measure the fair value of its financial instruments. Paragraph 820-10-35-37 of the FASB Accounting Standards Codification establishes a framework for measuring fair value in generally accepted accounting principles (GAAP), and expands disclosures about fair value measurements. To increase consistency and comparability in fair value measurements and related disclosures, paragraph 820-10-35-37 of the FASB Accounting Standards Codification establishes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three (3) broad levels. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The three (3) levels of fair value hierarchy defined by paragraph 820-10-35-37 of the FASB Accounting Standards Codification are described below: Level 1 Quoted market prices available in active markets for identical assets or liabilities as of the reporting date. Level 2 Pricing inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date. Level 3 Pricing inputs that are generally observable inputs and not corroborated by market data. Financial assets are considered Level 3 when their fair values are determined using pricing models, discounted cash flow methodologies or similar techniques and at least one significant model assumption or input is unobservable. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. If the inputs used to measure the financial assets and liabilities fall within more than one level described above, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument. The carrying amounts of the Company’s financial assets and liabilities, such as cash and cash equivalents, approximate their fair values because of the short maturity of these instruments. · Recent accounting pronouncements In September 2016, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2016-13, “Financial Instruments – Credit Losses (Topic 326)” (“ASU 2016-13”), which requires the immediate recognition of management’s estimates of current and expected credit losses. In November 2018, the FASB issued ASU 2018-19, which makes certain improvements to Topic 326. In April and May 2019, the FASB issued ASUs 2019-04 and 2019-05, respectively, which adds codification improvements and transition relief for Topic 326. In November 2019, the FASB issued ASU 2019-10, which delays the effective date of Topic 326 for Smaller Reporting Companies to interim and annual periods beginning after December 15, 2022, with early adoption permitted. In November 2019, the FASB issued ASU 2019-11, which makes improvements to certain areas of Topic 326. In February 2020, the FASB issued ASU 2020-02, which adds an SEC paragraph, pursuant to the issuance of SEC Staff Accounting Bulletin No. 119, to Topic 326. Topic 326 is effective for the Company for fiscal years and interim reporting periods within those years beginning after December 15, 2022. Early adoption is permitted for interim and annual periods beginning December 15, 2019. The Company is currently evaluating the potential impact of adopting this guidance on the consolidated financial statements. On January 1, 2020, the Company adopted ASU No. 2017-04, “Intangibles and Other (Topic 350): Simplifying the Test for Goodwill Impairment”, which eliminates the requirement to calculate the implied fair value of goodwill, but rather requires an entity to record an impairment charge based on the excess of a reporting unit’s carrying value over its fair value. Adoption of this ASU did not have a material effect on the condensed consolidated financial statements. On January 1, 2020, the Company adopted ASU No. 2018-13, “Fair Value Measurements (Topic 820): Disclosure Framework Changes to the Disclosure Requirements for Fair Value Measurement”. The amendments in this update modify the disclosure requirements on fair value measurements in Topic 820. Adoption of this ASU did not have a material effect on the condensed consolidated financial statements. The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and does not believe the future adoption of any such pronouncements may be expected to cause a material impact on its financial condition or the results of its operations. |
GOING CONCERN UNCERTAINTIES
GOING CONCERN UNCERTAINTIES | 9 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
GOING CONCERN UNCERTAINTIES | 3 GOING CONCERN UNCERTAINTIES The accompanying condensed consolidated 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. The Company has incurred a continuous loss of $ 14,103,853 The continuation of the Company as a going concern through September 30, 2022 is dependent upon the continued financial support from its stockholders. Management believes the Company is currently pursuing additional financing for its operations. However, there is no assurance that the Company will be successful in securing sufficient funds to sustain the operations. These and other factors raise substantial doubt about the Company’s ability to continue as a going concern. These condensed consolidated financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets and liabilities that may result in the Company not being able to continue as a going concern. |
AMOUNT DUE TO A DIRECTOR
AMOUNT DUE TO A DIRECTOR | 9 Months Ended |
Sep. 30, 2021 | |
Amount Due To Director | |
AMOUNT DUE TO A DIRECTOR | 4. AMOUNT DUE TO A DIRECTOR As of September 30, 2021 and December 31, 2020, the amount due to a related party represented the temporary advances from the Company’s director, which was unsecured, interest-free with no fixed repayment term. Imputed interest on this amount is considered insignificant. |
STOCKHOLDERS_ DEFICIT
STOCKHOLDERS’ DEFICIT | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
STOCKHOLDERS’ DEFICIT | 5. STOCKHOLDERS’ DEFICIT Preferred stock As of September 30, 2021 and December 31, 2020, the Company’s authorized shares were 30,000,000 0.0001 The Company has designated 10,000,000 The Company has designated 1,000,000 The Company has designated 1 As of September 30, 2021 and December 31, 2020, the Company had 10,000,000 10,000,000 As of September 30, 2021 and December 31, 2020, the Company had 361,999 361,999 As of September 30, 2021 and December 31, 2020, the Company had 1 1 Common stock As of September 30, 2021 and December 31, 2020, the Company’s authorized shares were 1,970,000,000 0.0001 As of September 30, 2021 and December 31, 2020, the Company had 1,970,000,000 1,970,000,000 Subsequently, on October 18, 2021, the Company consummated the Share Exchange Transaction among Marvion Holdings Limited (“MHL”) and its shareholders. The Company acquired all of the issued and outstanding shares of MHL from its shareholders, in exchange for 139,686,481,453 shares of the issued and outstanding common stock. Upon completion of the Share Exchange Transaction, MHL became a 100% owned subsidiary of the Company. The Company will issue 1,217,764,822 138,468,716,631 |
INCOME TAX
INCOME TAX | 9 Months Ended |
Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
INCOME TAX | 6. INCOME TAX The provision for income taxes consisted of the following: Schedule of provision for income taxes Nine months ended September 30, 2021 2020 Current tax $ – $ – Deferred tax – – Income tax expense $ – $ – The effective tax rate in the years presented is the result of the mix of income earned in various tax jurisdictions that apply a broad range of income tax rate. The Company mainly operates in Hong Kong that is subject to taxes in the jurisdictions in which they operate, as follows: United States of America BONZ is registered in the State of Nevada and is subject to the tax laws of United States of America. BVI Under the current BVI law, the Company is not subject to tax on income. Singapore The Company’s subsidiary is registered in the Republic of Singapore and is subject to the tax laws of Singapore. As of September 30, 2021, the operation in the Singapore incurred $ 6,052 968 Hong Kong The Company’s subsidiary operating in Hong Kong is subject to the Hong Kong Profits Tax at the two-tiered profits tax rates from 8.25 16.5 Schedule of income tax expense Nine months ended September 30, 2021 2020 Loss before income taxes $ (49,064 ) $ (433 ) Statutory income tax rate 16.5 % 16.5 % Income tax expense at statutory rate (8,307 ) (71 ) Valuation allowance not recognized as deferred tax 8,096 71 Income tax expense $ – $ – As of September 30, 2021, the operations in incurred $ 51,964 8,574 The following table sets forth the significant components of the deferred tax assets of the Company as of September 30, 2021 and December 31, 2020: Schedule of deferred tax assets September 30, 2021 December 31, 2020 Deferred tax assets: – Net operating loss carryforwards – Hong Kong tax regime (overseas) $ 8,574 $ 479 Net operating loss carryforwards – Singapore tax regime (overseas) 986 – 9,560 479 Less: valuation allowance (9,560 ) (479 ) Deferred tax assets, net $ – $ – |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 9 Months Ended |
Sep. 30, 2021 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | 7. RELATED PARTY TRANSACTIONS From time to time, the director of the Company advanced funds to the Company for working capital purpose. Those advances are unsecured, non-interest bearing and had no fixed terms of repayment. During the nine months ended September 30, 2021 and 2020, the Company paid the $ 50,000 0 During the nine months ended September 30, 2021 and 2020, the Company paid the $ 60,967 0 During the nine months ended September 30, 2021 and 2020, the Company paid the $ 79,020 0 Apart from the transactions and balances detailed elsewhere in these accompanying condensed consolidated financial statements, the Company has no other significant or material related party transactions during the periods presented. |
CONCENTRATIONS OF RISK
CONCENTRATIONS OF RISK | 9 Months Ended |
Sep. 30, 2021 | |
Risks and Uncertainties [Abstract] | |
CONCENTRATIONS OF RISK | 8. CONCENTRATIONS OF RISK The Company is exposed to the following concentrations of risk: (a) Major customers For the three months ended September 30, 2021 and 2020, the customers who accounted for 10% or more of the Company’s revenues and its outstanding receivable balances at year-end dates, are presented as follows: Schedules of concentrations Three months ended September 30, 2021 September 30, 2021 Customer Revenues Percentage Accounts Customer A $ 13,256 100 % $ – Customer B – – – $ 13,256 100 % $ – For the nine months ended September 30, 2021 and 2020, the customers who accounted for 10% or more of the Company’s revenues and its outstanding receivable balances at year-end dates, are presented as follows: Nine months ended September 30, 2021 September 30, 2021 Customer Revenues Percentage Accounts Customer A $ 101,026 57 % $ – Customer B 75,315 43 % – $ 176,341 100 % $ – For the three and nine months ended September 30, 2020, there were no customers. (b) Economic and political risk The Company’s major operations are conducted in Hong Kong. Accordingly, the political, economic, and legal environments in Hong Kong, as well as the general state of Hong Kong’s economy may influence the Company’s business, financial condition, and results of operations. (c) Exchange rate risk The Company cannot guarantee that the current exchange rate will remain steady; therefore there is a possibility that the Company could post the same amount of profit for two comparable periods and because of the fluctuating exchange rate actually post higher or lower profit depending on exchange rate of HKD converted to US$ on that date. The exchange rate could fluctuate depending on changes in political and economic environments without notice. (d) Risk from COVID-19 pandemic The pandemic has resulted in quarantines, travel restrictions, and the temporary closure of stores and business facilities in Hong Kong in a limited period during 2020. Due to the nature of the Company’s business, the impact of the closure on the operational capabilities was not significant. The extent to which the COVID-19 outbreak impacts the Company’s results will depend on future developments that are highly uncertain and cannot be predicted, including new information that may emerge concerning the severity and mutation of the virus and the actions to contain its impact, that are beyond the Company’s control. There is no guarantee that the Company’s revenues will grow or remain at a similar level in the foreseeable period. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | 9. COMMITMENTS AND CONTINGENCIES As of September 30, 2021, the Company has no |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
Sep. 30, 2021 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | 10. SUBSEQUENT EVENTS In accordance with ASC Topic 855, “ Subsequent Events On August 27, 2021, Mr. LEE Ying Chiu Herbert purchased a controlling interest in the Company, resulting in a change of control. On August 26, 2021, Mr. LEE Ying Chiu Herbert and Mr. Tee Soo TAN were appointed to serve as directors of the Company and Mr. CHAN Man Chung was appointed to serve as the Chief Executive Officer and a director of the Company. On October 18, 2021, the Company consummated the Share Exchange Transaction among Marvion Holdings Limited (“MHL”) and its shareholders. The Company acquired all of the issued and outstanding shares of MHL from its shareholders, in exchange for 139,686,481,453 shares of the issued and outstanding common stock. Upon completion of the Share Exchange Transaction, MHL became a 100% owned subsidiary of the Company. On January 31, 2022, the Company acquired 100% equity interest of Marvel Multi-dimensions Limited in consideration of HKD2 from a related party. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of presentation | · Basis of presentation These accompanying condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“US GAAP”). |
Use of estimates and assumptions | · Use of estimates and assumptions In preparing these condensed consolidated financial statements, management makes estimates and assumptions that affect the reported amounts of assets and liabilities in the balance sheet and revenues and expenses during the years reported. Actual results may differ from these estimates. |
Basis of consolidation | · Basis of consolidation The condensed consolidated financial statements include the accounts of BONZ and its subsidiaries. All significant inter-company balances and transactions within the Company have been eliminated upon consolidation. |
Cash and cash equivalents | · Cash and cash equivalents Cash and cash equivalents are carried at cost and represent cash on hand, demand deposits placed with banks or other financial institutions and all highly liquid investments with an original maturity of three months or less as of the purchase date of such investments. |
Intangible asset | · Intangible asset Intangible asset represents the trademark, which is stated at cost less accumulated amortization, if any. Amortization is calculated on the straight-line basis over the expected useful lives of 10 |
Impairment of long-lived assets | · Impairment of long-lived assets In accordance with the provisions of ASC Topic 360, “ Impairment or Disposal of Long-Lived Assets” no |
Revenue recognition | · Revenue recognition The Company adopted Accounting Standards Update ("ASU") No. 2014-09, Revenue from Contracts with Customers Under ASU 2014-09, the Company recognizes revenue when control of the promised goods or services is transferred to customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. The Company applies the following five steps in order to determine the appropriate amount of revenue to be recognized as it fulfills its obligations under each of its agreements: · identify the contract with a customer; · identify the performance obligations in the contract; · determine the transaction price; · allocate the transaction price to performance obligations in the contract; and · recognize revenue as the performance obligation is satisfied. Revenue is generated from the rendering of marketing and strategic advisory services. The Company recognizes services revenue over the period in which such services are performed under fixed price contracts. Service fee becomes billable to the customer when services are rendered. |
Income taxes | · Income taxes The Company adopted the ASC 740 “Income tax” The estimated future tax effects of temporary differences between the tax basis of assets and liabilities are reported in the accompanying balance sheets, as well as tax credit carry-backs and carry-forwards. The Company periodically reviews the recoverability of deferred tax assets recorded on its balance sheets and provides valuation allowances as management deems necessary. |
Uncertain tax positions | · Uncertain tax positions The Company did not take any uncertain tax positions and had no adjustments to its income tax liabilities or benefits pursuant to the ASC 740 provisions of Section 740-10-25 for the nine months ended September 30, 2021 and 2020. |
Foreign currencies translation | · Foreign currencies translation Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded in the condensed consolidated statement of operations. The reporting currency of the Company is United States Dollar ("US$") and the accompanying condensed consolidated financial statements have been expressed in US$. In addition, the Company is operating in Hong Kong and maintains its books and record in its local currency, Hong Kong Dollars (“HKD”), which is a functional currency as being the primary currency of the economic environment in which their operations are conducted. In general, for consolidation purposes, assets and liabilities of its subsidiary whose functional currency is not US$ are translated into US$, in accordance with ASC Topic 830-30, “ Translation of Financial Statement Translation of amounts from HKD into US$ has been made at the following exchange rates for the periods ended September 30, 2021 and 2020: Schedule of translation rates September 30, 2021 September 30, 2020 Period-end HKD:US$ exchange rate 0.1284 0.1290 Average HKD:US$ exchange rate 0.1288 0.1289 Period-end SGD:US$ exchange rate 0.7355 0.7312 Average SGD:US$ exchange rate 0.7469 0.7192 |
Comprehensive income | · Comprehensive income ASC Topic 220, “ Comprehensive Income |
Segment reporting | · Segment reporting ASC Topic 280, “ Segment Reporting 1 |
Retirement plan costs | · Retirement plan costs Contributions to retirement plans (which are defined contribution plans) are charged to general and administrative expenses in the accompanying statements of operation as the related employee service are provided. |
Related parties | · Related parties The Company follows the ASC 850-10, “Related Party Disclosures” Pursuant to section 850-10-20 the related parties include a) affiliates of the Company; b) entities for which investments in their equity securities would be required, absent the election of the fair value option under the Fair Value Option Subsection of section 825–10–15, to be accounted for by the equity method by the investing entity; c) trusts for the benefit of employees, such as pension and Income-sharing trusts that are managed by or under the trusteeship of management; d) principal owners of the Company; e) management of the Company; f) other parties with which the Company may deal if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests; and g) other parties that can significantly influence the management or operating policies of the transacting parties or that have an ownership interest in one of the transacting parties and can significantly influence the other to an extent that one or more of the transacting parties might be prevented from fully pursuing its own separate interests. The condensed consolidated financial statements shall include disclosures of material related party transactions, other than compensation arrangements, expense allowances, and other similar items in the ordinary course of business. However, disclosure of transactions that are eliminated in the preparation of consolidated or combined financial statements is not required in those statements. The disclosures shall include: a) the nature of the relationship(s) involved; b) a description of the transactions, including transactions to which no amounts or nominal amounts were ascribed, for each of the periods for which income statements are presented, and such other information deemed necessary to an understanding of the effects of the transactions on the financial statements; c) the dollar amounts of transactions for each of the periods for which income statements are presented and the effects of any change in the method of establishing the terms from that used in the preceding period; and d) amount due from or to related parties as of the date of each balance sheet presented and, if not otherwise apparent, the terms and manner of settlement. |
Commitments and contingencies | · Commitments and contingencies The Company follows the ASC 450-20, “Contingencies” If the assessment of a contingency indicates that it is probable that a material loss has been incurred and the amount of the liability can be estimated, then the estimated liability would be accrued in the Company’s condensed consolidated financial statements. If the assessment indicates that a potentially material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, and an estimate of the range of possible losses, if determinable and material, would be disclosed. Loss contingencies considered remote are generally not disclosed unless they involve guarantees, in which case the guarantees would be disclosed. Management does not believe, based upon information available at this time that these matters will have a material adverse effect on the Company’s financial position, results of operations or cash flows. However, there is no assurance that such matters will not materially and adversely affect the Company’s business, financial position, and results of operations or cash flows. |
Fair value of financial instruments | · Fair value of financial instruments The Company follows paragraph 825-10-50-10 of the FASB Accounting Standards Codification for disclosures about fair value of its financial instruments and has adopted paragraph 820-10-35-37 of the FASB Accounting Standards Codification (“Paragraph 820-10-35-37”) to measure the fair value of its financial instruments. Paragraph 820-10-35-37 of the FASB Accounting Standards Codification establishes a framework for measuring fair value in generally accepted accounting principles (GAAP), and expands disclosures about fair value measurements. To increase consistency and comparability in fair value measurements and related disclosures, paragraph 820-10-35-37 of the FASB Accounting Standards Codification establishes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three (3) broad levels. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The three (3) levels of fair value hierarchy defined by paragraph 820-10-35-37 of the FASB Accounting Standards Codification are described below: Level 1 Quoted market prices available in active markets for identical assets or liabilities as of the reporting date. Level 2 Pricing inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date. Level 3 Pricing inputs that are generally observable inputs and not corroborated by market data. Financial assets are considered Level 3 when their fair values are determined using pricing models, discounted cash flow methodologies or similar techniques and at least one significant model assumption or input is unobservable. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. If the inputs used to measure the financial assets and liabilities fall within more than one level described above, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument. The carrying amounts of the Company’s financial assets and liabilities, such as cash and cash equivalents, approximate their fair values because of the short maturity of these instruments. |
Recent accounting pronouncements | · Recent accounting pronouncements In September 2016, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2016-13, “Financial Instruments – Credit Losses (Topic 326)” (“ASU 2016-13”), which requires the immediate recognition of management’s estimates of current and expected credit losses. In November 2018, the FASB issued ASU 2018-19, which makes certain improvements to Topic 326. In April and May 2019, the FASB issued ASUs 2019-04 and 2019-05, respectively, which adds codification improvements and transition relief for Topic 326. In November 2019, the FASB issued ASU 2019-10, which delays the effective date of Topic 326 for Smaller Reporting Companies to interim and annual periods beginning after December 15, 2022, with early adoption permitted. In November 2019, the FASB issued ASU 2019-11, which makes improvements to certain areas of Topic 326. In February 2020, the FASB issued ASU 2020-02, which adds an SEC paragraph, pursuant to the issuance of SEC Staff Accounting Bulletin No. 119, to Topic 326. Topic 326 is effective for the Company for fiscal years and interim reporting periods within those years beginning after December 15, 2022. Early adoption is permitted for interim and annual periods beginning December 15, 2019. The Company is currently evaluating the potential impact of adopting this guidance on the consolidated financial statements. On January 1, 2020, the Company adopted ASU No. 2017-04, “Intangibles and Other (Topic 350): Simplifying the Test for Goodwill Impairment”, which eliminates the requirement to calculate the implied fair value of goodwill, but rather requires an entity to record an impairment charge based on the excess of a reporting unit’s carrying value over its fair value. Adoption of this ASU did not have a material effect on the condensed consolidated financial statements. On January 1, 2020, the Company adopted ASU No. 2018-13, “Fair Value Measurements (Topic 820): Disclosure Framework Changes to the Disclosure Requirements for Fair Value Measurement”. The amendments in this update modify the disclosure requirements on fair value measurements in Topic 820. Adoption of this ASU did not have a material effect on the condensed consolidated financial statements. The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and does not believe the future adoption of any such pronouncements may be expected to cause a material impact on its financial condition or the results of its operations. |
DESCRIPTION OF BUSINESS AND O_2
DESCRIPTION OF BUSINESS AND ORGANIZATION (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Description of Subsidiaries | Description of Subsidiaries Name Place of incorporation and kind of legal entity Principal activities and place of operation Particulars of registered/paid up share capital Effective interest held Marvion Holdings Limited British Virgin Islands Investment holding 50,000 ordinary shares at par value of US$1 100 Marvion Private Limited Singapore Corporate management and IT development in Singapore 1,000 ordinary shares at par value of S$1 100 Marvion Group Limited British Virgin Islands Procurement of media and entertainment in Singapore 50,000 ordinary shares at par value of US$1 100 Marvion (Hong Kong) Limited Hong Kong Corporate management in Hong Kong 1,000 ordinary shares for HK$1,000 100 Typerwise Limited Hong Kong Provision of financing, business development solutions & related professional services 10,000 ordinary shares for HK$10,000 100 |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Schedule of translation rates | Schedule of translation rates September 30, 2021 September 30, 2020 Period-end HKD:US$ exchange rate 0.1284 0.1290 Average HKD:US$ exchange rate 0.1288 0.1289 Period-end SGD:US$ exchange rate 0.7355 0.7312 Average SGD:US$ exchange rate 0.7469 0.7192 |
INCOME TAX (Tables)
INCOME TAX (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule of provision for income taxes | Schedule of provision for income taxes Nine months ended September 30, 2021 2020 Current tax $ – $ – Deferred tax – – Income tax expense $ – $ – |
Schedule of income tax expense | Schedule of income tax expense Nine months ended September 30, 2021 2020 Loss before income taxes $ (49,064 ) $ (433 ) Statutory income tax rate 16.5 % 16.5 % Income tax expense at statutory rate (8,307 ) (71 ) Valuation allowance not recognized as deferred tax 8,096 71 Income tax expense $ – $ – |
Schedule of deferred tax assets | Schedule of deferred tax assets September 30, 2021 December 31, 2020 Deferred tax assets: – Net operating loss carryforwards – Hong Kong tax regime (overseas) $ 8,574 $ 479 Net operating loss carryforwards – Singapore tax regime (overseas) 986 – 9,560 479 Less: valuation allowance (9,560 ) (479 ) Deferred tax assets, net $ – $ – |
CONCENTRATIONS OF RISK (Tables)
CONCENTRATIONS OF RISK (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Risks and Uncertainties [Abstract] | |
Schedules of concentrations | Schedules of concentrations Three months ended September 30, 2021 September 30, 2021 Customer Revenues Percentage Accounts Customer A $ 13,256 100 % $ – Customer B – – – $ 13,256 100 % $ – For the nine months ended September 30, 2021 and 2020, the customers who accounted for 10% or more of the Company’s revenues and its outstanding receivable balances at year-end dates, are presented as follows: Nine months ended September 30, 2021 September 30, 2021 Customer Revenues Percentage Accounts Customer A $ 101,026 57 % $ – Customer B 75,315 43 % – $ 176,341 100 % $ – |
DESCRIPTION OF BUSINESS AND O_3
DESCRIPTION OF BUSINESS AND ORGANIZATION (Details) | 9 Months Ended |
Sep. 30, 2021 | |
Marvion Holdings Limited [Member] | |
Place of incorporation | British Virgin Islands |
Principal activity | Investment holding |
Share capital | 50,000 ordinary shares at par value of US$1 |
Ownership percentage | 100.00% |
Marvion Private Limited [Member] | |
Place of incorporation | Singapore |
Principal activity | Corporate management and IT development in Singapore |
Share capital | 1,000 ordinary shares at par value of S$1 |
Ownership percentage | 100.00% |
Marvion Group Limited [Member] | |
Place of incorporation | British Virgin Islands |
Principal activity | Procurement of media and entertainment in Singapore |
Share capital | 50,000 ordinary shares at par value of US$1 |
Ownership percentage | 100.00% |
Marvion Hong Kong Limited [Member] | |
Place of incorporation | Hong Kong |
Principal activity | Corporate management in Hong Kong |
Share capital | 1,000 ordinary shares for HK$1,000 |
Ownership percentage | 100.00% |
Typerwise Limited [Member] | |
Place of incorporation | Hong Kong |
Principal activity | Provision of financing, business development solutions & related professional services |
Share capital | 10,000 ordinary shares for HK$10,000 |
Ownership percentage | 100.00% |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) | Sep. 30, 2021 | Sep. 30, 2020 |
Period End [Member] | HONG KONG | ||
Intercompany Foreign Currency Balance [Line Items] | ||
Translation rate | 0.1284 | 0.1290 |
Period End [Member] | SINGAPORE | ||
Intercompany Foreign Currency Balance [Line Items] | ||
Translation rate | 0.7355 | 0.7312 |
Period Average [Member] | HONG KONG | ||
Intercompany Foreign Currency Balance [Line Items] | ||
Translation rate | 0.1288 | 0.1289 |
Period Average [Member] | SINGAPORE | ||
Intercompany Foreign Currency Balance [Line Items] | ||
Translation rate | 0.7469 | 0.7192 |
SUMMARY OF SIGNIFICANT ACCOUN_5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) | 9 Months Ended |
Sep. 30, 2021USD ($)integer | |
Accounting Policies [Abstract] | |
Useful lives | 10 years |
Impairment of Intangible Assets (Excluding Goodwill) | $ | $ 0 |
Number of segments | integer | 1 |
GOING CONCERN UNCERTAINTIES (De
GOING CONCERN UNCERTAINTIES (Details Narrative) | 9 Months Ended |
Sep. 30, 2021USD ($) | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Net loss | $ 14,103,853 |
STOCKHOLDERS_ DEFICIT (Details
STOCKHOLDERS’ DEFICIT (Details Narrative) - $ / shares | 9 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Common stock, shares authorized | 1,970,000,000 | 1,970,000,000 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares issued | 1,970,000,000 | 1,970,000,000 |
Common stock, shares outstanding | 1,970,000,000 | 1,970,000,000 |
Marvion Holdings Limited [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Stock Issued During Period, Shares, Acquisitions | 1,217,764,822 | |
Stock to be issued during period acquisitions, shares | 138,468,716,631 | |
Series A Preferred Stock [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 10,000,000 | |
Preferred stock, shares issued | 10,000,000 | 10,000,000 |
Preferred stock, shares outstanding | 10,000,000 | 10,000,000 |
Series B Preferred Stock [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 1,000,000 | |
Preferred stock, shares issued | 361,999 | 361,999 |
Preferred stock, shares outstanding | 361,999 | 361,999 |
Series C Preferred Stock [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 1 | |
Preferred stock, shares issued | 1 | 1 |
Preferred stock, shares outstanding | 1 | 1 |
Preferred Stock [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Preferred stock, shares authorized | 30,000,000 | 30,000,000 |
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
INCOME TAX (Details - Current a
INCOME TAX (Details - Current and deferred Income tax expense) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Income Tax Disclosure [Abstract] | ||||
Current tax | $ 0 | $ 0 | ||
Deferred tax | 0 | 0 | ||
Income tax expense | $ 0 | $ 0 | $ 0 | $ 0 |
INCOME TAX (Details - Income ta
INCOME TAX (Details - Income tax expense) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Income tax expense | $ 0 | $ 0 | $ 0 | $ 0 |
HONG KONG | ||||
Loss before income taxes | $ (49,064) | $ (433) | ||
Statutory income tax rate | 16.50% | 16.50% | ||
Income tax expense at statutory rate | $ (8,307) | $ (71) | ||
Valuation allowance not recognized as deferred tax | 8,096 | 71 | ||
Income tax expense | $ 0 | $ 0 |
INCOME TAX (Details - Deferred
INCOME TAX (Details - Deferred tax assets) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Operating Loss Carryforwards [Line Items] | ||
Deferred tax assets, gross | $ 9,560 | $ 479 |
Less: valuation allowance | (9,560) | (479) |
Deferred tax assets, net | 0 | 0 |
Hong Kong Tax Regime [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Deferred tax assets, gross | 8,574 | 479 |
Singapore Tax Regime [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Deferred tax assets, gross | $ 986 | $ 0 |
INCOME TAX (Details Narrative)
INCOME TAX (Details Narrative) - USD ($) | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
SINGAPORE | ||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | ||
Operating Loss Carryforwards | $ 6,052 | |
Deferred Tax Assets, Operating Loss Carryforwards | 968 | |
HONG KONG | ||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | ||
Operating Loss Carryforwards | 51,964 | |
Deferred Tax Assets, Operating Loss Carryforwards | $ 8,574 | |
Statutory income tax rate | 16.50% | 16.50% |
HONG KONG | Minimum [Member] | ||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | ||
Statutory income tax rate | 825.00% | |
HONG KONG | Maximum [Member] | ||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | ||
Statutory income tax rate | 16.50% |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Related Party Transaction [Line Items] | ||
Management fee | $ 50,000 | $ 0 |
Han Meng Julian [Member] | ||
Related Party Transaction [Line Items] | ||
Consultancy fees | 60,967 | 0 |
Compensation paid | $ 79,020 | $ 0 |
CONCENTRATIONS OF RISK (Details
CONCENTRATIONS OF RISK (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Concentration Risk [Line Items] | ||||
Revenue | $ 13,677 | $ 0 | $ 177,017 | $ 0 |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Axiom Global H K Limited [Member] | ||||
Concentration Risk [Line Items] | ||||
Revenue | $ 13,256 | $ 101,026 | ||
Concentration Risk, Percentage | 100.00% | 57.00% | ||
Accounts Receivable, after Allowance for Credit Loss | $ 0 | $ 0 | ||
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Video Commerce Group Limited [Member] | ||||
Concentration Risk [Line Items] | ||||
Revenue | $ 0 | $ 75,315 | ||
Concentration Risk, Percentage | 0.00% | 43.00% | ||
Accounts Receivable, after Allowance for Credit Loss | $ 0 | $ 0 | ||
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Major Customers Total [Member] | ||||
Concentration Risk [Line Items] | ||||
Revenue | $ 13,256 | $ 176,341 | ||
Concentration Risk, Percentage | 100.00% | 100.00% | ||
Accounts Receivable, after Allowance for Credit Loss | $ 0 | $ 0 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Commitments and Contingencies Disclosure [Abstract] | ||
Commitments or contingencies | $ 0 | $ 0 |