COMMITMENTS AND CONTINGENCIES | NOTE 8 – COMMITMENTS AND CONTINGENCIES Vehicle On July 12, 2022, the Company executed a non-cancellable operating lease for a vehicle with the lease commencing on July 12, 2022 for a three-year term. The Company paid $ 10,000 1,793 8,207 18,190 July 11, 2025 The Company recorded an initial right-of-use asset and lease liability of $ 62,113 Supplemental balance sheet information related to the lease is as follows as of March 31, 2023: SCHEDULE OF SUPPLEMENTAL INFORMATION UNDER OPERATING LEASE Operating Lease Right-of-use asset, net $ 48,401 Current lease liabilities $ 17,384 Non-current lease liabilities 24,862 Total operating lease liabilities $ 42,246 Weighted average remaining lease term (years) 2.25 Weighted average discount rate per annum 12 % As the lease do not provide an implicit rate, the Company used an incremental borrowing rate based on the information available at the lease commencement date in determining the present value of the lease payment, which is reflective of the specific term of the lease. Anticipated future costs are as follows: SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS UNDER OPERATING LEASES For the years ending Vehicle Lease March 31, 2024 $ 21,518 March 31, 2025 21,518 March 31, 2026 5,379 Total lease payments 48,415 Less: imputed interest (6,169 ) Present value of lease liabilities $ 42,246 Office Lease On August 27, 2020, the Company formally executed a month-to-month cancellable operating lease for leasing office space in an executive suite, commencing on September 1, 2020 for $ 259 259 279 289 3,408 3,348 On October 26, 2020, the Company executed a non-cancellable operating lease agreement for its principal office for a monthly rent of $ 5,500 5,500 6,500 6,500 78,000 70,000 The Company has recorded total rent expense of $ 99,598 73,348 The Company has considered the provisions of ASC 842 Topic 842 “Leases” Legal Costs and Contingencies In the normal course of business, the Company incurs costs to hire and retain external legal counsel to advise it on regulatory, litigation and other matters. The Company expenses these costs as the related services are received. If a loss is considered probable and the amount can be reasonable estimated, the Company recognizes an expense for the estimated loss. If the Company has the potential to recover a portion of the estimated loss from a third party, the Company makes a separate assessment of recoverability and reduces the estimated loss if recovery is also deemed probable. The Company was not aware of any loss contingencies as of March 31, 2023 and 2022, respectively. Employment Agreement On December 1, 2020, the Company entered into an Employment Agreement (the “Agreement”) with its President, CEO, Secretary, and Chairman (the “Officer”). The initial term of the Agreement is for three years and, if written notice is not provided within 90 days of the termination of each term, the term is automatically extended for an additional one-year term. The Agreement may be terminated by either party upon 90 days’ prior written notice. Whether the Agreement is terminated without “Cause,” for “Good Reason,” or for “Cause,” as defined in the Agreement, determines what compensation is owed and when. There is also a 30-day cure period for any termination for “Cause,” as defined in the Agreement. The Agreement contains confidentiality, non-compete, and non-solicitation provisions. Pursuant to the terms of Agreement, Mr. Koh is entitled to bonuses, reimbursement of expenses, a vehicle allowance, four weeks of paid vacation, and other incentives. The Agreement does provide for payments to be made as a result of any “Change in Control,” as defined in the agreement. As a bonus for entering into the agreement, the Company issued 1,000,000 150,000 10 Service Agreement with EndlessOne Global Inc. (“E1G”) The Company entered into a Service Agreement with E1G on September 1, 2020 whereby, E1G provided data processing, transaction processing and related services for its cardholders, mobile apps, website’s back office and integration services with sponsoring banks and processors. The Service Agreement required a one-time fee of $ 250,000 145,892 |