Document And Entity Information
Document And Entity Information | 12 Months Ended |
Dec. 31, 2023 shares | |
Document Information Line Items | |
Entity Registrant Name | JX Luxventure limited |
Trading Symbol | JXJT |
Document Type | 20-F |
Current Fiscal Year End Date | --12-31 |
Entity Common Stock, Shares Outstanding | 6,063,192 |
Amendment Flag | false |
Entity Central Index Key | 0001546383 |
Entity Current Reporting Status | Yes |
Entity Voluntary Filers | No |
Entity Filer Category | Non-accelerated Filer |
Entity Well-known Seasoned Issuer | No |
Document Period End Date | Dec. 31, 2023 |
Document Fiscal Year Focus | 2023 |
Document Fiscal Period Focus | FY |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
ICFR Auditor Attestation Flag | false |
Document Registration Statement | false |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
Entity File Number | 001-35715 |
Entity Incorporation, State or Country Code | 1T |
Entity Address, Address Line One | Bin Hai Da Dao No. 270 |
Entity Address, Address Line Two | Lang Qin Wan Guo Ji Du Jia Cun Zong He Lou |
Entity Address, Address Line Three | Xiu Ying District |
Entity Address, City or Town | Haikou City |
Entity Address, Postal Zip Code | 570100 |
Entity Address, Country | CN |
Title of 12(b) Security | Common Stock, $0.0001 par value |
Security Exchange Name | NASDAQ |
Entity Interactive Data Current | Yes |
Document Financial Statement Error Correction [Flag] | false |
Document Accounting Standard | International Financial Reporting Standards |
Auditor Name | Onestop Assurance PAC |
Auditor Location | Singapore |
Auditor Firm ID | 6732 |
Business Contact | |
Document Information Line Items | |
Entity Address, Address Line One | Bin Hai Da Dao No. 270 |
Entity Address, Address Line Two | Lang Qin Wan Guo Ji Du Jia Cun Zong He Lou |
Entity Address, Address Line Three | Xiu Ying District |
Entity Address, City or Town | Haikou City |
Entity Address, Postal Zip Code | 570100 |
Entity Address, Country | CN |
Contact Personnel Name | Sun Lei |
City Area Code | (86) |
Local Phone Number | 595 8889 6198 |
Contact Personnel Fax Number | (86) 595 8850 5328 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income/(Loss) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Profit or loss [Abstract] | |||
Revenue | $ 31,840,588 | $ 79,874,727 | $ 54,040,948 |
Cost of sales | (26,384,219) | (78,410,244) | (53,193,237) |
Gross profit | 5,456,369 | 1,464,483 | 847,711 |
Other income | 71,408 | 16,636 | 34,793 |
Other losses, net | (342,954) | (98,650) | (17,325) |
Distribution and selling expenses | (58,981) | (721,388) | (1,353,843) |
Administrative expenses | (2,076,876) | (56,043,741) | (6,858,210) |
Profit /(loss) from operations | 3,048,966 | (55,382,660) | (7,346,874) |
Finance costs | (5,187) | ||
Profit /(loss) before tax | 3,043,779 | (55,382,660) | (7,346,874) |
Income tax expense | (621) | (5,495) | |
Profit/(loss) before discontinued operations | 3,043,779 | (55,383,281) | (7,352,369) |
Discontinued operations: | |||
Discontinued operations loss | (8,915,414) | (29,863,114) | |
Loss on disposal of discontinued operations | (9,193,736) | ||
Profit/(loss) for the year | 3,043,779 | (73,492,431) | (37,215,483) |
Other comprehensive loss | |||
- currency translation differences | (214,977) | (402,573) | 1,438,756 |
Total comprehensive income/(loss) for the year | $ 2,828,802 | $ (73,895,004) | $ (35,776,727) |
Profit/(loss) per share of common stock attributable to the Company | |||
- Basic (in Dollars per share) | $ 0.5 | $ (43.7) | $ (82.3) |
- Diluted (in Dollars per share) | $ 0.48 | $ (43.7) | $ (82.3) |
Weighted average shares outstanding: | |||
- Basic (in Shares) | 6,063,237 | 1,681,547 | 452,345 |
- Diluted (in Shares) | 6,366,237 | 1,681,547 | 452,345 |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Non-current assets | ||
Property, plant and equipment | $ 2,425,537 | $ 2,789,704 |
Long-term receivable | 7,000,000 | |
Non-current assets | 2,425,537 | 9,789,704 |
Current assets | ||
Inventories | 444,551 | |
Trade receivables | 402,820 | |
Other receivables and prepayments | 18,682,733 | 5,501,106 |
Cash and cash equivalents | 407,311 | 520,916 |
Current assets | 19,492,864 | 6,466,573 |
Total assets | 21,918,401 | 16,256,277 |
Current liabilities | ||
Trade and other payables | 2,235,988 | 1,319,076 |
Due to related parties | 3,330,518 | 2,611,097 |
Advance from customer | 1,197,200 | |
Other tax payable | 212 | |
Current liabilities | 6,763,706 | 3,930,385 |
Total liabilities | 6,763,706 | 3,930,385 |
Equity | ||
Share capital | 606 | 6,063 |
Series A equity interest with preferential rights | 1,240,000 | 1,240,000 |
Series C equity interest with preferential rights | 1,500,000 | 1,500,000 |
Series D equity interest with preferential rights | 3,120,000 | 3,120,000 |
Share premium | 77,965,011 | 77,959,554 |
Other reserve | 6,269,108 | 6,269,108 |
Statutory surplus reserve | ||
Accumulated deficit | (74,407,738) | (77,451,517) |
Foreign currency translation reserve | (532,292) | (317,316) |
Total equity | 15,154,695 | 12,325,892 |
Total liabilities and equity | $ 21,918,401 | $ 16,256,277 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - USD ($) | Share capital | Preferred A equity interest | Preferred C equity interest | Preferred D equity interest | Share premium | Other reserve | Statutory surplus reserve | Retained earnings | Foreign currency translation reserve | Total |
Balance at Dec. 31, 2020 | $ 341 | $ 11,312,643 | $ 184,272 | $ 6,084,836 | $ 40,406,391 | $ (3,456,821) | $ 54,531,662 | |||
Shares issued for stock based compensation | 130 | 4,407,724 | 4,407,854 | |||||||
Shares issued for shareholders’ loan | 67 | 809,485 | 809,552 | |||||||
Preferred shares issued | 1,500,000 | 1,500,000 | 3,900,000 | 6,900,000 | ||||||
Preferred shares converted into common stock | 52 | (260,000) | (780,000) | 1,039,948 | ||||||
Declared dividend of right | 7,149,994 | (7,149,994) | ||||||||
Profit Loss for the year | (37,215,483) | (37,215,483) | ||||||||
Other comprehensive loss for the year | 1,438,756 | 1,438,756 | ||||||||
Balance at Dec. 31, 2021 | 590 | 1,240,000 | 1,500,000 | 3,120,000 | 24,719,794 | 184,272 | 6,084,836 | (3,959,085) | (2,018,065) | 30,872,341 |
Shares issued for stock based compensation | 5,473 | 53,239,760 | 53,245,233 | |||||||
Disposal of subsidiaries | 6,084,836 | (6,084,836) | 2,103,322 | 2,103,322 | ||||||
Profit Loss for the year | (73,492,431) | (73,492,431) | ||||||||
Other comprehensive loss for the year | (402,573) | (402,573) | ||||||||
Balance at Dec. 31, 2022 | 6,063 | 1,240,000 | 1,500,000 | 3,120,000 | 77,959,554 | 6,269,108 | (77,451,517) | (317,316) | 12,325,892 | |
Reverse stock split | (5,457) | 5,457 | ||||||||
Profit Loss for the year | 3,043,779 | 3,043,779 | ||||||||
Other comprehensive loss for the year | (214,976) | (214,976) | ||||||||
Balance at Dec. 31, 2023 | $ 606 | $ 1,240,000 | $ 1,500,000 | $ 3,120,000 | $ 77,965,011 | $ 6,269,108 | $ (74,407,738) | $ (532,292) | $ 15,154,695 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
OPERATING ACTIVITIES | |||
Profit/(loss) for the year | $ 3,043,779 | $ (73,492,431) | $ (37,215,483) |
Adjustments for: | |||
Share-based compensation | 53,245,233 | 4,407,853 | |
Finance cost | 5,187 | 58,726 | |
Interest income | (595) | (22) | (33,717) |
Depreciation of property, plant and equipment & investment property | 286,334 | 729,393 | 757,516 |
Amortization of intangible assets | 7,477 | 14,958 | |
Amortization of prepayments and premiums paid under operating leases | 66,748 | 81,474 | |
Provision of inventory obsolescence | 204,392 | 1,283 | |
Bad debt provision of trade receivables | 4,991,808 | 6,076,620 | |
Loss/(gain) on disposal of property, plant and equipment | 402 | 97,378 | |
Provision of impairment loss in property, plant and equipment & investment property | 2,944,979 | ||
Loss on disposal of subsidiary | 342,953 | 9,193,736 | (30,642) |
Operating cash flows before movements in working capital | 3,677,658 | (5,053,264) | (22,839,055) |
(Increase) in trade and other receivables | (9,924,198) | (545,788) | (3,284,084) |
Decrease in inventories | 433,870 | 438,849 | 547,593 |
Prepayments and premiums paid under operating leases | (3,267) | (3,411) | |
Increase in trade and other payables | 1,248,305 | 262,510 | 515,003 |
Increase/ (decrease) in income tax payable | 45,328 | (56,451) | (175,469) |
Decrease in deferred tax assets | 17,463,604 | ||
NET CASH USED IN OPERATING ACTIVITIES | (4,519,037) | (4,957,411) | (7,775,819) |
INVESTING ACTIVITIES | |||
Interest received | 595 | 21 | 33,717 |
Proceeds from long-term receivable | 3,000,000 | ||
Cash (decrease)/increase due to disposal of a subsidiary | (374,556) | (9,442,759) | 6,612 |
Proceeds on disposal of property, plant and equipment | 5,400 | ||
Purchase of property, plant and equipment | (440) | (1,008) | (3,324,900) |
NET CASH FROM/(USED IN) INVESTING ACTIVITIES | 2,625,599 | (9,443,746) | (3,279,171) |
FINANCING ACTIVITIES | |||
Interest paid | (5,187) | (58,726) | |
Repayment of borrowings | 1,129,797 | ||
Advance from related party | 748,869 | 2,220,098 | 117,697 |
Preferred stock subscription | 6,900,000 | ||
NET CASH FROM FINANCING ACTIVITIES | 1,873,479 | 2,220,098 | 6,958,971 |
NET DECREASE IN CASH AND CASH EQUIVALENTS | (19,959) | (12,181,059) | (4,096,019) |
Effects of currency translation | (93,647) | (212,939) | 389,643 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | 520,916 | 12,914,914 | 16,621,290 |
CASH AND CASH EQUIVALENTS AT END OF YEAR | $ 407,310 | $ 520,916 | $ 12,914,914 |
General Information
General Information | 12 Months Ended |
Dec. 31, 2023 | |
General Information [Abstract] | |
GENERAL INFORMATION | 1. GENERAL INFORMATION On January 26, 2012, Acquisition Investments Corp (“Company”) was organized as a blank check company pursuant to the laws of the Republic of the Marshall Islands for the purpose of acquiring through a merger, capital stock exchange, asset acquisition, stock purchase, or similar acquisition transaction, one or more operating businesses or assets. On March 24, 2014, the Company entered into a Share Exchange Agreement and Plan of Liquidation (the “Agreement”) among KBS International Holdings, Inc. (“KBS”), a Nevada corporation, Hongri International Holdings Ltd (“Hongri”), a company organized under the laws of the British Virgin Islands, and Cheung So Wa and Chan Sun Keung, the principal shareholders of KBS. On August 1, 2014, the share exchange was completed. The acquisition was accounted for as a reverse merger and recapitalization where the Company, the legal acquirer is the accounting acquiree, and KBS, the legal acquiree, was the accounting acquirer. KBS changed its name into JX Luxventure Limited. Description of Subsidiaries: Hongri International Holdings Limited (the “Hongri”), formerly known as Wah Ying International Investment Inc., was incorporated in the British Virgin Islands (the “BVI”) on July 8, 2008 as a limited liability company with authorized share capital of $50,000, divided into 50,000 common shares with $1 par value. Up through December 31, 2010, 10,000 common shares had been issued at par. On January 27, 2011, the Company issued an additional 10,000 common shares for cash consideration at $77 per share. The principal activity of the Company is investment holding. Hongri a directly wholly owned subsidiary of the Company. France Cock (China) Limited (“France Cock”) was incorporated in Hong Kong on September 21, 2005 as a limited liability company with authorized capital of HK$10,000, divided into 10,000 common shares with par value of HK$1. The capital has been fully paid up. The principal activity of France Cock is the holding of intellectual property rights such as trademarks. France Cock owns the Company’s trademarks, including “KBS” and “Kabiniao”. France Cock is a directly wholly owned subsidiary of Hongri. Roller Rome Limited (“Roller Rome”) was incorporated in the BVI on March 28, 2006 as a limited liability company with authorized share capital of $50,000, divided into 50,000 common shares with par value of $1. The principal activity of Roller Rome is the provision of design and development services for sports apparel. Roller Rome is a directly wholly owned subsidiary of Hongri. Vast Billion Investment Limited (“Vast Billion”) was incorporated in Hong Kong on November 25, 2010 as a limited liability company with authorized share capital of HK$10,000 divided into 10,000 ordinary shares with HK$1par value. One ordinary share has been issued at par. Vast Billion is an investment holding company, and is a directly wholly owned subsidiary of Hongri. Hongri (Fujian) Sports Goods Co. Ltd. (“Hongri Fujian”) was established in the People’s Republic of China (the “PRC”) on November 17, 2005 with a registered and paid up capital of RMB 5,000,000. On March 24, 2011, Hongri Fujian increased registered capital from RMB 70,000,000 to RMB75,000,000. As of September 30, 2011, the paid up capital was RMB 39,551,860. Hongri Fujian is engaged in the design, manufacture, marketing, and sale of apparel in the PRC. Hongri Fujian is a directly wholly owned subsidiary of Vast Billion. Anhui Kai Xin Apparel Company Limited (“Anhui Kai Xin”) was established in the PRC on March 16, 2011 with a registered and paid up capital of RMB 1,000,000. Anhui Kai Xin is a wholly owned subsidiary of Hongri Fujian. Anhui Kai Xin provides contracting manufacturing services for companies in the sports apparel business. On October 19, 2022, the Company sold Hongri International Holding Limited to third party and from thereon, Hongri, France Cock, Roller Rome, Vast Billion, Hongri Fujian, Anhui Kai Xin are no longer the subsidiaries of the Company. Flower Crown Holding (“Flower Crown”) is a company incorporated on August 7, 2020 in the Cayman Islands. It has 50,000 shares issued and outstanding with a par value of $1. It is wholly owned by JX Luxventure Limited. Flower Crown (China) Holding Group Co., Limited (“Flower Crown HK”) was incorporated in Hong Kong on May 24, 2018. It has a total of 10,000 shares issued and outstanding with a par value of $1. It is wholly owned by Flower Crown Holding. Jin Xuan (Hainan) Holding Co., Ltd (“JX Hainan”) was incorporated in November 11, 2021. It has a registered capital of USD30,000,000. It is 100% owned by Flower Crow HK. Its business scope ranges from import & export to manufacturing. Jin Xuan Luxury Tourism (Hainan) Digital Technology Co., Ltd. (“Jin Xuan Luxury Tourism”) was incorporated in the PRC on August 4, 2016. It is 100% owned by JX Hainan . It has a registered capital of RMB20,000,000 and present shareholder shall pay up the registered capital prior to August 4, 2046. It operates Luxventure social platform and on-line activities. Beijing Heyang International Travel Service Co., Ltd. (“Heyang Travel”) was incorporated in the PRC on March 29, 2018. It is 100% owned by Jin Xuan Luxury Tourism. It has a registered capital of RMB5,000,000 and the shareholder shall pay up the registered capital prior to August 1, 2060. Heyang Travel engages in tourism business and selling carrier services. Heyang Travel was sold out to third party on October 8, 2023. Hefei Aitong Culture Tourism Development Co., Ltd. (“Hefei Aitong”) was incorporated in the PRC on December 27, 2023. It is 51% owned by JX Hainan with registered capital of RMB 1,000,000. It engages in tourism business and providing air-tickets sales agent services. Billion Place Limited (Hong Kong) Co., Limited (“Billion Place HK”), a limited company incorporated in Hong Kong on March 13, 2023, was acquired by Flower Crown on August 3, 2023. Baofu (Zhuhai) Technology Co., Ltd. (“Baofu Technology”) was incorporated in the PRC on June 29, 2017 and acquired by the Company on March 7, 2024. It is 100% owned by Billion Place Limited with registered capital of RMB60,000,000. Hainan Si Quan Run Hang International travel agency Co., Ltd. (“Hainan Travel”) was incorporated in the PRC on August 9, 2023. On March 7, 2024, as a wholly-owned subsidiary of Baofu Technology, Hainan Travel became an indirect wholly-owned subsidiary of Billion Place HK when Baofu Technology was acquired by Billion Place HK. It will be engaged in Airline Tickets and Tourism Services business segment. |
Group Organization and Basis of
Group Organization and Basis of Presentation of Consolidated Financial Statements | 12 Months Ended |
Dec. 31, 2023 | |
Group Organization and Basis of Presentation of Consolidated Financial Statements [Abstract] | |
GROUP ORGANIZATION AND BASIS OF PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS | 2. GROUP ORGANIZATION AND BASIS OF PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS Effective December 13, 2021, the Company reorganized its corporate subsidiary structure in the PRC under Flower Crown Holding. As a result of the Flower Crown Holding’s China subsidiaries restructuring, the Company no longer operated those entities through a VIE structure and became the indirect sole shareholder of JX Hainan Digital and Beijing Heyang. The Group structure as at the reporting date is as follows: Baofu Technology and Hainan Travel were acquired by the Company after December 31, 2023, the consolidated financial statements of the Company did not consolidate two subsidiaries’ financial statements. |
Interpretations and Amendments
Interpretations and Amendments to Published Standards Effective in 2023 | 12 Months Ended |
Dec. 31, 2023 | |
Interpretations and Amendments to Published Standards Effective in 2023 [Abstract] | |
INTERPRETATIONS AND AMENDMENTS TO PUBLISHED STANDARDS EFFECTIVE IN 2023 | 3. Interpretations and amendments to published standards effective in 2023 On January 1, 2023, the Group has adopted the new or amended IFRS and interpretations issued by the IFRS interpretations Committee IFRS IC that are mandatory for application for the fiscal year. Changes to the Group's accounting policies have been made as required, in accordance with the transitional provisions in the respective IFRS and IFRS IC. The adoption of these new or amended IFRS and IFRS IC did not result in substantial changes to the Group's accounting policies and had no material effect on the amounts reported for the current or prior financial years. |
Material Accounting Policies
Material Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Signifcant Accounting Policies [Abstract] | |
MATERIAL ACCOUNTING POLICIES | 4. MATERIAL ACCOUNTING POLICIES The principal accounting policies adopted in the preparation of the financial statements are set out below. The policies have been consistently applied to all the years presented, unless otherwise stated. Basis of preparation The consolidated financial statements have been prepared on the historical cost basis and in accordance with IFRS as issued by the IASB. The principal accounting policies are set out below. The consolidated financial statements incorporate the financial statements of the Company and entities controlled by the Company (its subsidiaries). Control is achieved where the Company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by other members of the Group. All intra-group transactions, balances, income and expenses are eliminated on consolidation. Foreign currencies Functional and presentation currency Items included in the financial statements are measured using the currency of the primary economic environment in which the entity operates (the “functional currency”). The Group conducts its business predominately in the PRC and hence its functional currency is the Renminbi (RMB). Translation from RMB to USD were used at the following rates: Period end rates Average rates December 31, 2021 USD 1.00= RMB 6.3524 USD 1.00=RMB 6.4491 December 31, 2022 USD 1.00= RMB 6.8987 USD 1.00=RMB 6.7347 December 31, 2023 USD 1.00= RMB 7.0999 USD 1.00=RMB 7.0809 Translation from HKD to USD were used at the following rates: Period end rates Average rates December 31, 2021 USD 1.00= HKD 7.7991 USD 1.00=HKD 7.7731 December 31, 2022 USD 1.00= HKD 7.7970 USD 1.00=HKD 7.8305 December 31, 2023 USD 1.00= HKD 7.8109 USD 1.00=HKD 7.8292 The results and financial positions in functional currency are translated into the presentation currency, USD, of the Company as follows: (1) Assets and liabilities for each balance sheet presented are translated at the closing rate at the date of that balance sheet; (2) Income and expenses for each income statement are translated at average exchange rates (unless this average is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the dates of the transactions); (3) Share equity, share premium and dividends are translated at historical exchange rates; and (4) All resulting exchange differences are recognized in foreign currency translation reserve, a separate component of equity. All financial information presented in USD has been rounded to the nearest dollar, except when otherwise indicated. Segment reporting Operating segments, and the amounts of each segment item reported in the financial statements, are identified from the financial information provided regularly to the Group’s most senior executive management for the purposes of allocating resources to, and assessing the performance of, the Group’s various lines of business and geographical locations. Individually material operating segments are not aggregated for financial reporting purposes unless the segments have similar economic characteristics and are similar in respect of the nature of products and services, the nature of production processes, the type or class of customers, the methods used to distribute the products or provide the services, and the nature of the regulatory environment. Operating segments which are not individually material may be aggregated if they share a majority of these criteria. The Group’s three segments are technology, tourism service and cross-border e-commerce. Revenue recognition Revenue from contracts with customers Revenue from contracts with customers is recognized when control of goods or services is transferred to the customers at an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. When the consideration in a contract includes a variable amount, the amount of consideration is estimated to which the Company will be entitled in exchange for transferring the goods or services to the customer. The variable consideration is estimated at contract inception and constrained until it is highly probable that a significant revenue reversal in the amount of cumulative revenue recognized will not occur when the associated uncertainty with the variable consideration is subsequently resolved. Currently, the Company’s contracts do not include such variable amount. When the contract contains a financing component which provides the customer a significant benefit of financing the transfer of goods or services to the customer for more than one year, revenue is measured at the present value of the amount receivable, discounted using the discount rate that would be reflected in a separate financing transaction between the Company and the customer at contract inception. When the contract contains a financing component which provides the Company a significant financial benefit for more than one year, revenue recognized under the contract includes the interest expense accreted on the contract liability under the effective interest method. For a contract where the period between the payment by the customer and the transfer of the promised goods or services is one year or less, the transaction price is not adjusted for the effects of a significant financing component, using the practical expedient in IFRS 15. Currently, the Company’s contract with its customers do not include financial benefit for more than one year. Nature and timing of satisfaction of performance obligations for each of the revenue streams are as follows: Revenue from the sale of goods Performance obligation is satisfied at the point in time when control of the asset is transferred to the customer, generally on delivery and acceptance of the goods. The Company presents revenues from such transactions on a gross basis in the consolidated statements of operations and comprehensive income/(loss), as the Company acts as a principal to take inventory risks of these goods. Revenue from the sale of packaged group tour service Performance obligation is satisfied when the tour service is completed, generally when the tour group successfully returned from the tour destination to the place of origination. The Company presents revenues from such transactions on a gross basis in the consolidated statements of comprehensive loss, as the Company acts as a principal to provide a package of tourism services and take a full obligation to provide such services even if the suppliers are not able to deliver service. Revenue from reselling of air-ticket The Company is a reseller of air-ticket, it provides value add services to its customers including guaranteed flight replacement and other financial benefits. The Company procured the tickets from different airline companies and resell them to the online air-ticket agency companies or other tourism companies. The air-ticket agency company will put an online bid inviting from its suppliers once it receives the demands from its online customers. The Company is one of the air-ticket suppliers. The Company procures the tickets in responding the air-ticket agency companies’ online bid inviting to ensure the seats are available to sell to the agency companies, or the Company procure the tickets based on its judgment of potential trend of certain airlines within certain period. Once the Company’s deposit, at the full or significant amount of the air-ticket, was deducted by the airline company and the Company agreed to secure the seats from the airline company, the purchase of air-tickets was recorded. The Company decided how much and how soon to resell the air-tickets. The inventory period is from 1 minute to few months. The air tickets are sold shortly after their purchase to lower the inventory risk. Sometimes, the Company hold the tickets longer to expect a higher margin, but if the tickets cannot be sold before flight time, the Company have to sell the tickets even lower than the purchase price to avoid further loss. Thus, the Company bears the inventory risks of the air-tickets and the Company has discretion in setting the price for the specified service. Once the air-tickets issued to passengers according to the client’s instruction, the revenue is recognized. In addition to the air-ticket of airline companies, the Company provided guaranteed flight replacement and cancellation to the air-ticket agency companies. The air-ticket agency companies can return the tickets to the Company without restriction, while the airline companies can accept some of the return on certain conditions. Thus, the Company offered additional service plus the standard airline tickets to its customer. As the Company (i) bears the inventory risks of the air-tickets, (ii) provides additional services on the services procured by the airline companies, and (iii) has discretion in setting the price for the specified service, the Company is considered as a principal and recognize the revenue in a gross basis. Other income Interest income is recognized on an accrual basis using the effective interest method by applying the rate that exactly discounts the estimated future cash receipts over the expected life of the financial instrument or a shorter period, when appropriate, to the net carrying amount of the financial asset. Rental income is recognized on a time proportion basis over the lease terms. Dividend income is recognized when the shareholders’ right to receive payment has been established, it is probable that the economic benefits associated with the dividend will flow to the Company and the amount of the dividend can be measured reliably. Value added tax (VAT) Current standard Output VAT in effect is 13% and 6% of product sales and taxable services revenue, respectively, according to existing tax laws. The remaining balance of output VAT, after subtracting the deductible input VAT of the period, is VAT payable. Type of revenue Standard VAT rate in effect for revenues Product sales 13 % Services rendered 6 % Borrowing costs Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets until such time as the assets are substantially ready for their intended use or sale. All other borrowing costs are recognized in profit or loss in the period in which they are incurred. Retirement benefit costs Pursuant to the relevant regulations of the PRC government, the Group’s subsidiaries located in the PRC participate in a local municipal government retirement benefits scheme (the “Scheme”), whereby they contribute a prescribed percentage of the basic salaries of their employees to the Scheme to fund their retirement benefits. Once the Scheme has been funded via contributions by the Group’s participating subsidiaries, the local municipal government takes responsibility for the retirement benefits obligations of all existing and future retired employees of those subsidiaries located in the PRC; accordingly, the only obligation of the Group with respect to the Scheme is to pay the on-going required contributions as long as the employees maintain employment with the Group. There are no provisions under the Scheme whereby forfeited contributions may be used to reduce future contributions. These plans are considered defined contribution plans. The Group has no legal or constructive obligations to pay further contributions after its payment of the fixed contributions into the pension schemes. Contributions to pension schemes are recognized as an expense in the period in which the related service is performed. Taxation The tax expense for the period comprises current and deferred tax. Tax is recognized in the income statement, except to the extent that it relates to items recognized in other comprehensive income or directly in equity. In this case the tax is also recognized in other comprehensive income or directly in equity, respectively. The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the balance sheet date in the countries where the Group operates and generates taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation and establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities. Deferred tax is recognized on temporary differences between the carrying amounts of assets and liabilities in the consolidated financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognized for all taxable temporary differences. Deferred tax assets are generally recognized for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilized. Such deferred tax assets and liabilities are not recognized if the temporary difference arises from goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit. Deferred tax liabilities are recognized for taxable temporary differences associated with investments in subsidiaries, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets arising from deductible temporary differences associated with such investments are only recognized to the extent that it is probable that there will be sufficient taxable profits against which to utilize the benefits of the temporary differences and they are expected to reverse in the foreseeable future. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realized, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Group expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities. Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income tax assets and liabilities relate to income taxes levied by the same taxation authority on either the taxable entity or different taxable entities where there is an intention to settle the balances on a net basis. Current and deferred tax are recognized in profit or loss, except when they relate to items that are recognized in other comprehensive income or directly in equity, in which case, the current and deferred tax are also recognized in other comprehensive income or directly in equity respectively. Where current tax or deferred tax arises from the initial accounting for a business combination, the tax effect is included in the accounting for the business combination. Store pre-opening cost Store pre-opening cost was the start-up activity costs incurred prior to opening a new store, mainly including leasing, leasehold improvements, payroll and supplies. The accounting policies for leasing and leasehold improvements were as below. Other store pre-opening costs were directly charged to expenses when occurred. Leasing IFRS 16 Leases requires lessees to recognize assets and liabilities for most leases based on a ‘right-of-use model’ which reflects that, at the commencement date, a lessee has a financial obligation to make lease payments to the lessor for its right to use the underlying asset during the lease term. The lessor conveys that right to use the underlying asset at lease commencement, which is the time when it makes the underlying asset available for use by the lessee. IFRS 16 defines a lease term as the noncancellable period for which the lessee has the right to use an underlying asset including optional periods when an entity is reasonably certain to exercise an option to extend (or not to terminate) a lease. Under IFRS 16 lessees may also elect not to recognize assets and liabilities for leases with a lease term of 12 months or less. In such cases a lessee recognizes the lease payments in profit or loss on a straight-line basis over the lease term. The exemption is required to be applied by class of underlying assets. Lessees can also make an election for leases for which the underlying asset is of low value. This election can be made on a lease-by-lease basis. For leases where the Group is the lessee, the lease term is either cancelable or no longer than 12 months, so the Group has elected not to record the leased assets. Lessor accounting under IFRS 16 is substantially unchanged from IAS 17. Lessors continue to classify leases as either operating or finance leases using similar principles as in IAS 17. IFRS 16 did not have any significant impact on leases where the Group is the lessor. Leasehold improvements Leasehold improvements, principally comprising costs of office buildings and shops renovation, are held for administrative and selling purposes. Leasehold improvements are initially measured at cost and amortized systematically over its useful life. Property, plant and equipment Property, plant and equipment (“PPE”) including buildings held for use in the production or supply of goods or services, or for administrative purposes other than construction in progress are stated at cost less subsequent accumulated depreciation and accumulated impairment losses. Depreciation is provided to write off the cost of items of property, plant and equipment other than construction in progress over their estimated useful lives and after taking into account of their estimated residual value, using the straight-line method. Construction in progress includes property, plant and equipment in the course of construction for production or for its own use purposes. Construction in progress is carried at cost less any recognized impairment loss. Construction in progress is classified to the appropriate category of property, plant and equipment when completed and ready for intended use. Depreciation of these assets, on the same basis as other property assets, commences when the assets are ready for their intended use. An item of property, plant and equipment is derecognized upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. Any gain or loss arising on de-recognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the item) is included in profit or loss in the period in which the item is de-recognized. Investment properties Investment properties are land and buildings which are owned or held under a leasehold interest to earn rental income and/or for capital appreciation. These include land and buildings held for a currently undetermined future use. Such properties are stated at cost less accumulated depreciation and any impairment losses. Any gains or losses on the retirement or disposal of an investment property are recognized in the income statement in the year of the retirement or disposal. Depreciation is calculated on the straight-line basis to depreciate the cost of each item of investment properties over the estimated useful life of 20 years. The Group as lessor Rental income from operating leases is recognized in profit or loss on a straight-line basis over the term of the relevant lease. Inventories Inventories, comprising of raw materials and merchandise inventories, are stated at the lower of cost and net realizable value. Costs of inventories are determined using the weighted average method. Net realizable value represents the estimated selling price for inventories less all estimated costs of completion and costs necessary to make the sale. Cash and cash equivalents Cash and cash equivalents includes cash on hand, deposits held at call with financial institutions, other short-term, highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. Share-based compensation expenses All share-based awards granted to employees, which are common shares, are measured at fair value on shares issuance date, and are recognized as an employee benefits expense, with a corresponding increase in equity. Share-based compensation expenses are recognized over the period during which the employees provide the relevant services. Financial instruments – investments and other financial assets Initial recognition and measurement Financial assets are classified, at initial recognition, as subsequently measured at amortized cost, fair value through other comprehensive income, and fair value through profit or loss. The classification of financial assets at initial recognition depends on the financial asset’s contractual cash flow characteristics and the Group’s business model for managing them. With the exception of trade receivables that do not contain a significant financing component or for which the Group has applied the practical expedient of not adjusting the effect of a significant financing component, the Group initially measures a financial asset at its fair value, plus in the case of a financial asset not at fair value through profit or loss, transaction costs. Trade receivables that do not contain a significant financing component or for which the Group has applied the practical expedient are measured at the transaction price determined under IFRS 15 in accordance with the policies set out for “Revenue recognition”. In order for a financial asset to be classified and measured at amortized cost or fair value through other comprehensive income, it needs to give rise to cash flows that are solely payments of principal and interest (“SPPI”) on the principal amount outstanding. The Group’s business model for managing financial assets refers to how it manages its financial assets in order to generate cash flows. The business model determines whether cash flows will result from collecting contractual cash flows, selling the financial assets, or both. All regular way purchases and sales of financial assets are recognized on the trade date, that is, the date that the Group commits to purchase or sell the asset. Regular way purchases or sales are purchases or sales of financial assets that require delivery of assets within the period generally established by regulation or convention in the marketplace. Subsequent measurement The subsequent measurement of financial assets depends on their classification as follows: Financial assets at amortized cost (debt instruments) The Group measures financial assets at amortized cost if both of the following conditions are met: ● The financial asset is held within a business model with the objective to hold financial assets in order to collect contractual cash flows. ● The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Financial assets at amortized cost are subsequently measured using the effective interest method and are subject to impairment. Gains and losses are recognized in the income statement when the asset is derecognized, modified or impaired. Financial assets at fair value through other comprehensive income (debt instruments) The Group measures debt instruments at fair value through other comprehensive income if both of the following conditions are met: ● The financial asset is held within a business model with the objective of both holding to collect contractual cash flows and selling. ● The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. For debt instruments at fair value through other comprehensive income, interest income, foreign exchange revaluation and impairment losses or reversals are recognized in the income statement and computed in the same manner as for financial assets measured at amortized cost. The remaining fair value changes are recognized in other comprehensive income. Upon derecognition, the cumulative fair value change recognized in other comprehensive income is recycled to the income statement. Financial assets at fair value through other comprehensive income (equity investments) Upon initial recognition, the Group can elect to classify irrevocably its equity investments as equity investments designated at fair value through other comprehensive income when they meet the definition of equity under IFRS 9 Financial Instruments. The Group may make an irrevocable election at initial recognition for particular investments in equity instruments that would otherwise be measured at fair value through profit or loss to present subsequent changes in fair value in other comprehensive income Gains and losses on these financial assets are never recycled to the income statement. Dividends are recognized as other income in the income statement when the right of payment has been established, it is probable that the economic benefits associated with the dividend will flow to the Group and the amount of the dividend can be measured reliably, except when the Group benefits from such proceeds as a recovery of part of the cost of the financial asset, in which case, such gains are recorded in other comprehensive income. Equity investments designated at fair value through other comprehensive income are not subject to impairment assessment. Financial assets at fair value through profit or loss The Group may, at initial recognition, irrevocably designate a financial asset as measured at fair value through profit or loss if doing so eliminates or significantly reduces a measurement or recognition inconsistency (sometimes referred to as an ‘accounting mismatch’) that would otherwise arise from measuring assets or liabilities or recognizing the gains and losses on them on different bases Financial assets at fair value through profit or loss are carried in the statement of financial position at fair value with net changes in fair value recognized in the income statement. This category includes derivative financial instruments and structured bank deposits. A derivative embedded in a hybrid contract, with a financial liability or non-financial host, is separated from the host and accounted for as a separate derivative if the economic characteristics and risks are not closely related to the host; a separate instrument with the same terms as the embedded derivative would meet the definition of a derivative; and the hybrid contract is not measured at fair value through profit or loss. Embedded derivatives are measured at fair value with changes in fair value recognized in the income statement. Reassessment only occurs if there is either a change in the terms of the contract that significantly modifies the cash flows that would otherwise be required or a reclassification of a financial asset out of the fair value through profit or loss category. A derivative embedded within a hybrid contract containing a financial asset host is not accounted for separately. The financial asset host together with the embedded derivative is required to be classified in its entirety as a financial asset at fair value through profit or loss. Financial instruments – impairment of financial assets The Group recognizes an allowance for ECLs for all debt instruments not held at fair value through profit or loss. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms. General approach ECLs are recognized in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months (a 12-month ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL). At each reporting date, the Group assesses whether the credit risk on a financial instrument has increased significantly since initial recognition. When making the assessment, the Group compares the risk of a default occurring on the financial instrument as at the reporting date with the risk of a default occurring on the financial instrument as at the date of initial recognition and considers reasonable and supportable information that is available without undue cost or effort, including historical and forward-looking information. The Group considers a financial asset in default when contractual payments are 120 days past due. However, in certain cases, the Group may also consider a financial asset to be in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Group. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows. Debt instruments at fair value through other comprehensive income and financial assets at amortized cost are subject to impairment under the general approach and they are classified within the following stages for measurement of ECLs except for trade receivables which apply the simplified approach as detailed below. Stage 1 – Financial instruments for which credit risk has not increased significantly since initial recognition and for which the loss allowance is measured at an amount equal to 12-month ECLs Stage 2 – Financial instruments for which credit risk has increased significantly since initial recognition but that are not credit-impaired financial assets and for which the loss allowance is measured at an amount equal to lifetime ECLs Stage 3 – Financial assets that are credit-impaired at the reporting date (but that are not purchased or originated credit-impaired) and for which the loss allowance is measured at an amount equal to lifetime ECLs Simplified approach For trade receivables that do not contain a significant financing component or when the Group applies the practical expedient of not adjusting the effect of a significant financing component, the Group applies the simplified approach in calculating ECLs. Under the simplified approach, the Group does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. For trade receivables that contain a significant financing component and lease receivables, the Group chooses as its accounting policy to adopt the simplified approach in calculating ECLs with policies as described above. Financial instruments – derecognition of financial assets A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognized (i.e., removed from the Group’s consolidated statement of financial position) when: ● the rights to receive cash flows from the asset have expired; or ● the Group has |
Significant Management Judgemen
Significant Management Judgement in Applying Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Significant Management Judgement in Applying Accounting Policies [Abstract] | |
SIGNIFICANT MANAGEMENT JUDGEMENT IN APPLYING ACCOUNTING POLICIES | 5. SIGNIFICANT MANAGEMENT JUDGEMENT IN APPLYING ACCOUNTING POLICIES The preparation of financial statements in conformity with IFRS requires management to exercise judgment in the process of applying the Group’s accounting policies and requires the use of accounting estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of financial statements and reported amount of revenue and expenses during the reporting period. The following estimates that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year are disclosed below. Allowance for Bad and Doubtful debts Allowances for bad and doubtful debts are based on an assessment of the recoverability of trade and other receivables. Allowances are applied to trade and other receivables where events or changes in circumstances indicate that the balances may not be collectible. The identification of bad and doubtful debts requires the use of judgment and estimates, where the expected outcome is different from the original estimate, such difference will impact carrying value of trade and other receivables and doubtful debt expenses in the period in which such estimate has been charged. |
Key Sources of Estimation Uncer
Key Sources of Estimation Uncertainty | 12 Months Ended |
Dec. 31, 2023 | |
Key Sources of Estimation Uncertainty [Abstract] | |
KEY SOURCES OF ESTIMATION UNCERTAINTY | 6. KEY SOURCES OF ESTIMATION UNCERTAINTY In the application of the Group’s accounting policies, which are described in Note 4, management is required to make estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods. The following are the key assumptions concerning the future, and other key sources of estimation uncertainty at the end of the reporting period, that have a significant risk of causing a material adjustment to the carrying amounts of assets within the next financial year. Depreciation of building, machinery and equipment As described in Note 4, the Group reviews the estimated useful lives and residual values of property, plant and equipment at the end of each reporting period. The cost of building, machinery and equipment is depreciated on a straight-line basis over the assets’ estimated useful lives. Management estimates the useful lives of these buildings, machinery and equipment to be within 5 to 30 years. These are the common life expectancies applied in the same industry. Changes in the expected level of usage and technological developments could impact the economic useful lives and the residual values of these assets, therefore future depreciation charges could be revised. |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
SEGMENT REPORTING | 7. SEGMENT REPORTING Management currently identifies the Group’s three sales models as operating segments, which are tourism products, technology and cross board merchandise. Apart from the above three business segments, two segments were discontinued in 2022, which are wholesale and retail of menswear and subcontracting of menswear. The segment presentation is in accordance with management’s expectation of future business developments. These operating segments are monitored and strategic decisions are made on the basis of segmental gross margins. Tourism products Technology Cross- board merchandise Consolidated For the year ended For the year ended For the year ended For the year ended December 31, December 31, December 31, December 31, By business 2023 2022 2021 2023 2022 2021 2023 2022 2021 2023 2022 2021 Sales to external customers 21,561,671 79,092,342 51,818,166 2,719,463 782,302 - 7,559,455 83 2,222,782 31,840,588 79,874,727 54,040,948 Segment revenue 21,561,671 79,092,342 51,818,166 2,719,463 782,302 - 7,559,455 83 2,222,782 31,840,588 79,874,727 54,040,948 Segment gross margins 1,981,107 704,391 541,889 2,714,434 760,028 - 760,828 64 305,822 5,456,369 1,464,483 847,711 Reconciling items - - - - - - - - - (2,412,591 ) (56,847,143 ) (8,194,585 ) Profit/(loss) before tax - - - - - - - - - 3,043,779 (55,382,660 ) (7,346,874 ) Income tax income/(expense) - - - - - - - - - - (621 ) (5,495 ) Profit/(loss) for the continuing business - - - - - - - - - 3,043,779 (55,383,281 ) (7,352,369 ) Discontinued operation - - - - - - - - - - (18,109,150 ) (29,863,116 ) Profit/(loss) for the year - - - - - - - - - 3,043,779 (73,492,431 ) (37,215,483 ) As of December 31, 2023 Technology Tourism cross-board Unallocated Consolidated Current assets 69,156 - 11,751,893 7,671,816 19,492,864 Non-current assets 2,425,537 - - - 2,425,537 Total assets 2,494,693 - 11,751,893 7,671,816 21,918,401 Current liabilities 2,516,796 - 1,590,045 2,656,865 6,763,706 Total liabilities 2,516,796 - 1,590,045 2,656,865 6,763,706 As of December 31, 2022 Subcontracting Tourism cross-board Unallocated Consolidated Current assets 1,625 369,770 2,791,304 3,303,874 6,466,573 Non-current assets - 1,310 2,788,394 7,000,000 9,789,704 Total assets 1,625 371,080 5,579,697 10,303,874 16,256,277 Current liabilities 32,772 711,992 866,358 2,319,263 3,930,385 Total liabilities 32,772 711,992 866,358 2,319,263 3,930,385 Geographical information The Group’s operations are located in the PRC and all of the Group’s revenue is derived from sales to customers in the PRC. Hence, no analysis by geographical area of operations is provided. Information about major customers Major distributors that make up 10% or more of revenue are as below: Year ended December 31, 2023 2022 2021 Customer A 23,621,588 74,340,429 41,767,780 Customer B * * 9,439,831 Total revenue 31,840,588 79,874,727 54,040,948 * The revenue of this customer is not over 10% of total revenue of the Company. Information about major suppliers Major suppliers that make up 10% or more of purchases are as below: Year ended December 31, 2023 2022 2021 Supplier A - - 9,586,155 Supplier B 4,722,466 10,562,686 15,551,014 Supplier C 3,064,076 15,496,731 * Supplier D 2,964,493 * * Supplier E 3,005,258 * * Supplier F 10,474,295 * - Total purchase 25,943,353 78,902,955 53,168,205 * The purchase from this supplier is not over 10% of total purchase of the Company. |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2023 | |
Revenue [Abstract] | |
REVENUE | 8. REVENUE Year ended December 31, 2023 2022 2021 Travel service 21,561,670 79,092,342 51,818,166 Technology 2,719,463 782,302 - Cross-board products 7,559,455 83 2,222,782 Total 31,840,588 79,874,727 54,040,948 Revenues are recognized at a point in time and denominated only in USD. Included in the “travel service”, majority (99.99%) of the revenue amount represents the revenue for reselling of air-tickets requests by airline ticket agencies. Revenue for tickets purchased based on our judgment of potential trends, and revenue recorded from sales of tourism packages are insignificant of total revenue of travel service. |
Cost of Revenue
Cost of Revenue | 12 Months Ended |
Dec. 31, 2023 | |
Cost of Revenue [Abstract] | |
COST OF REVENUE | 9. COST OF SALES Cost of sales for our cross-board business comprise the cost of products purchased and surcharges on purchase cost. Cost of revenue for our travel services comprise the cost of air-tickets brought from airline or the cost of services provided from local travel firms or persons, the cost for outsourcing the travelling work to certain travel agencies and additional air-ticket return cost paid to customers. Cost of sales for our retail and wholesale of garment business comprises of purchasing materials, labor costs for personnel employed in production, depreciation of non-current assets used for production purpose, outsourced manufacturing cost, taxes and surcharges, and water and electricity. The following table shows a breakdown of cost of sales of all business for the periods presented for each category: Year ended December 31, 2023 2022 2021 Changes in inventories of finished goods 433,870 (494,357 ) 83,112 Purchases of finished goods 6,395,036 201,734 1,808,963 Outsourced service cost 19,294,795 77,736,052 50,359,452 Additional air-ticket return cost ** 253,522 965,169 916,678 Taxes and surcharges * 6,996 1,646 25,032 26,384,219 78,410,244 53,193,237 * Tax and surcharges are mainly Urban Maintenance and Construction Tax (7% of Valued Added Tax payment amount), Extra Charges of Education Fund (3% of Valued Added Tax payment amount) and Local Surcharge for Education Fund (2% of Valued Added Tax payment amount). ** Additional air-ticket return cost is the net loss of the return payments paid to customers offset by the return proceeds received from airline companies. The following table shows the gross amount of the return payment and proceeds; Year ended December 31, 2023 2022 2021 Return paid to customers 2,196,070 23,003,679 8,268,369 Return received from airline companies (1,942,548 ) (22,038,510 ) (7,351,691 ) Additional air-ticket return cost 253,522 965,169 916,678 |
Other Income
Other Income | 12 Months Ended |
Dec. 31, 2023 | |
Other Income [Abstract] | |
OTHER INCOME | 10. OTHER INCOME Year ended December 31, 2023 2022 2021 Government grant 70,612 1,592 - Interest income on bank deposits 595 21 4 Other 201 15,023 34,789 71,408 16,636 34,793 |
Other Losses
Other Losses | 12 Months Ended |
Dec. 31, 2023 | |
Other Losses [Abstract] | |
OTHER LOSSES | 11. OTHER LOSSES Year ended December 31, 2023 2022 2021 Bad debt provision of trade receivables - (53,991 ) - Impairment of long-lived assets - (39,778 ) (12,500 ) Loss on disposal of subsidiaries* (342,953 ) - - Others (1 ) (4,881 ) (4,825 ) (342,954 ) (98,650 ) (17,325 ) * Details of sale of the subsidiary: Fair value of the consideration 1 Net asset of the disposed asset (344,243 ) Loss on sale before foreign currency translation effect (344,242 ) Foreign currency translation effect 1,289 Loss on disposal of a subsidiary (342,953 ) Carrying amount of the investment cost of the disposed subsidiary: Cash 374,556 Trade receivables 3,292 Other current assets 1,413,838 Total assets 1,791,686 Short-term loan (1,126,776 ) Other current liabilities (320,667 ) Total liabilities (1,447,443 ) Net assets 344,243 |
Distribution and Selling Expens
Distribution and Selling Expenses | 12 Months Ended |
Dec. 31, 2023 | |
Distribution and Selling Expenses [Abstract] | |
DISTRIBUTION AND SELLING EXPENSES | 12. DISTRIBUTION AND SELLING EXPENSES Year ended December 31, 2023 2022 2021 Outsourced service fee 58,942 403,458 1,212,403 Advertisement - - 140,704 Others 39 317,930 736 58,981 721,388 1,353,843 |
Administrative Expense
Administrative Expense | 12 Months Ended |
Dec. 31, 2023 | |
Administrative Expense [Abstract] | |
ADMINISTRATIVE EXPENSE | 13. ADMINISTRATIVE EXPENSE Year ended December 31, 2023 2022 2021 Labor 146,138 53,550,086 3,155,246 Audit fee 298,516 247,782 200,000 Professional and other service fee 480,646 969,072 2,666,804 Depreciation and amortization charges 286,334 299,547 21,603 Decoration 3,686 133,502 155,665 Rental 81,304 4,661 65,724 Travelling and entertainment 74,861 89,272 203,634 Others 705,391 749,819 389,534 2,076,876 56,043,741 6,858,210 |
Finance Costs
Finance Costs | 12 Months Ended |
Dec. 31, 2023 | |
Finance Costs [Abstract] | |
FINANCE COSTS | 14. FINANCE COSTS Year ended December 31, 2023 2022 2021 Interest expenses on bank borrowings 5,187 - - As the bank loans were disposed along with the discontinued operation in 2022, the interest expenses in connection with the bank loans are reclassified as discontinued operations. |
Income Tax Expense
Income Tax Expense | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax (Income)/ Expense [Abstract] | |
INCOME TAX EXPENSE | 15. INCOME TAX EXPENSE Year ended December 31, 2023 2022 2021 PRC enterprises income tax: Current tax - 621 5,495 Deferred tax - - - - 621 5,495 Jin Xuan Luxury Tourism, Flower Crown China and Heyang Travel are located in PRC and subject to the applicable enterprise income tax rate of 25%. KBS Fashion Group Limited was incorporated in the Marshall Island, and, under the current laws of the Marshall Island, is not subject to income taxes. Flower Crown Holding was incorporated in the Cayman Islands, and, under the current laws of the Cayman Islands, is not subject to income taxes. The tax charge for the Company can be divided into non-PRC entities and PRC entities. As for the non-PRC entities, all the entities are expense center and not subject to any tax and also no deferred tax assets are considered. The accumulated loss for the non-PRC as of December 31, 2023 is $72,869,438. PRC entities are operating entities and may be subject to income tax and deferred tax are considered. In 2022, menswear business was disposed and the temporary difference was reversed accordingly. The following is the analysis of the deferred tax balances for financial reporting purposes: 2023 2022 2021 Temporary Deferred Temporary Deferred Temporary Deferred Beginning of the year 4,386,623 - 78,622,365 - 63,509,644 16,960,839 Bad Debt provisions charged to profit or loss - - - - 6,064,120 1,516,030 Inventory provision charged to profit or loss - - - - 1,283 321 Impairment charged to profit or loss - - - - 2,944,979 736,245 Tax loss carried forward - - 1,687,686 421,922 6,102,339 1,529,706 Allowance - - (421,922 ) (21,245,906 ) Reverse (2,847,182 ) - (75,924,049 ) - - - Effect of translation (326,787 ) - - - - 502,765 End of the year 1,212,655 - 4,386,002 - 78,622,365 - |
Profit_(Loss) For The Year (Con
Profit/(Loss) For The Year (Continuing Operations) | 12 Months Ended |
Dec. 31, 2023 | |
(Loss)/Profit for the Year [Abstract] | |
PROFIT/(LOSS) FOR THE YEAR (continuing operations) | 16. PROFIT/(LOSS) FOR THE YEAR (continuing operations) Profit/(loss) for the year has been arrived at after charging: Year ended December 31, 2023 2022 2021 Cost of inventories recognized as expenses 26,377,223 78,408,598 53,168,205 Taxes and surcharges 6,996 1,646 25,032 26,384,219 78,410,244 53,193,237 Depreciation of property, plant and equipment 286,334 299,547 21,932 Provision of inventory obsolescence - 39,778 - Provision of bad debt allowance - 53,991 - 286,334 393,316 21,932 |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2023 | |
Discontinued Operations [Abstract] | |
DISCONTINUED OPERATIONS | 17. DISCONTINUED OPERATIONS On October 19, 2022, the Company entered into a stock purchase agreement with a Purchaser and closed the transaction pursuant to the terms of the Stock Purchase Agreement, resulting in the Company’s sale of 20,000 shares of common stock (the “Shares”) in Hongri International Holding Limited (“Hongri”), constituting all of the issued and outstanding capital stock in Hongri, in consideration for $10,000,000. The subsidiary was sold on October 19, 2022 with effect from November 1, 2022 and is reported in the current period as a discontinued operation. Financial information relating to the discontinued operation for the period to the date of disposal is set out below. a) Financial performance and cash flows information Year ended December 31, 2023 2022 2021 Revenue - 1,887,410 4,960,693 Cost of revenue - (2,183,080 ) (4,228,577 ) Expenses - (3,486,626 ) (4,353,466 ) Other income/expenses - net - (5,133,118 ) (8,778,160 ) Loss before tax - (8,915,414 ) (12,399,510 ) Income tax - - (17,463,604 ) Loss after tax - (8,915,414 ) (29,863,114 ) Net cash from operating activities - (2,733,104 ) (3,872,380 ) Net cash from investing activities - - (1,926 ) Net cash from financing activities - - - Net cash decrease of disposed subsidiaries - (2,733,104 ) (3,874,306 ) b) Details of sale of the subsidiary Fair value of the consideration 10,000,000 Net asset of the disposed asset (15,166,042 ) Loss on sale before reclassification of foreign currency translation reserve (5,166,042 ) Reclassification of foreign currency translation reserve (4,027,694 ) Loss on disposal of discontinued operations (9,193,736 ) Carrying amount of the investment cost of the disposed assets: Cash 8,695,890 Trade receivables 2,335,650 Other current assets 97,966 Investment property-net 6,390,022 Other long-term assets 2,890,967 Total assets 20,410,495 Short-term loan (1,087,154 ) Tax payables (2,775,363 ) Other liabilities (1,381,936 ) Total liabilities (5,244,453 ) Net assets 15,166,042 |
Directors' Emoluments
Directors' Emoluments | 12 Months Ended |
Dec. 31, 2023 | |
Directors' Emoluments [Abstract] | |
DIRECTORS’ EMOLUMENTS | 18. DIRECTORS’ EMOLUMENTS The emoluments paid or payable to the directors of the Company were as follows: Year ended December 31, 2023 2022 2021 Salaries Yan Keyan - - 597,669 Sun Lei - 1,470,000 772,000 Li Huidan - 228,000 772,000 Mu Ruifeng - 228,000 - Jin Yan - 228,000 - - 2,154,000 2,141,669 Social Welfare Yan Keyan - - 1,242 - - 1,242 |
Profit_(Loss) Per Share
Profit/(Loss) Per Share | 12 Months Ended |
Dec. 31, 2023 | |
Profit/(Loss) Per Share [Abstract] | |
LOSS PER SHARE | 19. PROFIT/(LOSS) PER SHARE For the years ended December 31, 2023 2022 2021 Basic Profit/(Loss) Per Share Numerator Profit/(loss) for the year attributable to owners of the Company $ 3,043,779 $ (73,492,431 ) $ (37,215,483 ) Diluted Profit/(Loss) Per Share Numerator Profit/(loss) for the year attributable to owners of the Company $ 3,043,779 $ (73,492,431 ) $ (37,215,483 ) Basic Profit/(Loss) Per Share Denominator Original shares: 6,063,334 589,989 340,865 Additions from actual events: - Fractional common stock due to reverse split, weighted (97 ) - - - Issuance of common stock, weighted - 1,091,558 111,570 Basic weighted average shares outstanding 6,063,237 1,681,547 452,435 Diluted Profit/(Loss) Per Share Denominator Basic weighted average shares outstanding 6,063,237 1,681,547 452,435 Dilutive shares: Potential additions from dilutive events: - Conversion of preferred shares* 303,000 - - Diluted Weighted Average Shares Outstanding: 6,366,237 1,681,547 452,435 Profit/(Loss) Per Share** - Basic $ 0.50 $ (43.7 ) $ (82.3 ) - Diluted $ 0.48 $ (43.7 ) $ (82.3 ) Weighted Average Shares Outstanding** - Basic 6,063,237 1,681,547 452,345 - Diluted 6,366,237 1,681,547 452,345 * There were no potential dilutive additions to diluted weighted shares outstanding as a result of the loss for the year ended December 31, 2022 and 2021. ** The Company effected a 1:10 reverse stock split on April 26, 2023, as a result, the basic and diluted shares and per share number for all years presented here are adjusted retrospectively. |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY, PLANT AND EQUIPMENT | 20. PROPERTY, PLANT AND EQUIPMENT Owner-occupied Property Plant Office Motor Furniture Total COST At December 31, 2021 4,165,873 131,486 1,015,050 166,369 5,478,778 Additions - - - 1,008 1,008 Disposals (1,716,185 ) (118,285 ) - (156,406 ) (1,990,876 ) Translation adjustment (289,116 ) (7,601 ) (80,387 ) (9,481 ) (386,585 ) At December 31, 2022 2,160,573 5,600 934,663 1,489 3,102,326 Additions - - - 440 440 Disposal of subsidiaries - (621 ) - (958 ) (1,579 ) Translation adjustment (61,214 ) (157 ) (26,481 ) (42 ) (87,894 ) At December 31, 2023 2,099,359 4,822 908,182 930 3,013,293 DEPRECIATION AND IMPAIRMENT At December 31, 2021 (1,374,701 ) (121,129 ) (21,174 ) (163,162 ) (1,680,166 ) Depreciation for the year (70,084 ) (1,817 ) (227,388 ) (258 ) (299,547 ) Disposal of subsidiaries 1,296,658 113,591 - 153,845 1,564,095 Translation adjustment 79,710 6,935 7,083 9,270 102,998 At December 31, 2022 (68,418 ) (2,419 ) (241,479 ) (304 ) (312,622 ) Depreciation for the year (66,659 ) (1,939 ) (216,271 ) (1,465 ) (286,334 ) Disposal of subsidiaries - 621 - 958 1,579 Translation adjustment 2,118 73 7,419 9 9,619 At December 31, 2023 (132,959 ) (3,664 ) (450,331 ) (802 ) (587,756 ) CARRYING AMOUNT At December 31, 2023 1,966,400 1,158 457,851 128 2,425,537 At December 31, 2022 2,092,155 3,181 693,184 1,185 2,789,704 Depreciation is provided on straight-line basis for all property, plant and equipment over their estimated useful lives of the assets as follows: Useful life Residual Value Plant 30 years 5 % Office equipment 3 years 5 % Motor vehicles 4 years 5 % Furniture and fixtures 3 years 5 % Plant and building include buildings owned by the Company are set out below: Location Description Gross area (m 2 Jinxi Town, Longshan Road, Taihu City, Anhui Province, the PRC * Dormitory 8,573 Jinxi Town, Longshan Road, Taihu City, Anhui Province, the PRC Factory 22,292 8-101 Bojingwan Beiyuan, Hexi District, Tianjing, the PRC Office 242 * These two buildings were disposed along with the menswear business in 2022. |
Long Term Receivable
Long Term Receivable | 12 Months Ended |
Dec. 31, 2023 | |
Long Term Receivable [Abstract] | |
LONG TERM RECEIVABLE | 21. LONG TERM RECEIVABLE On October 19, 2022, the Company entered into a stock purchase agreement with a Purchaser and closed the transaction pursuant to the terms of the Stock Purchase Agreement, resulting in the Company’s sale of 20,000 shares of common stock (the “Shares”) in Hongri International Holding Limited (“Hongri”), constituting all of the issued and outstanding capital stock in Hongri, in consideration for $10,000,000. The Purchaser issued to the Company a 5% promissory note in the principal amount of $10,000,000, in payment of the Purchase Price (the “Note”). The Note is payable in four installments, on the following dates and in the following amounts: (a) $1,000,000, together with an accrued interest, is payable on or before November 19, 2022; (b) $2,000,000, together with an accrued interest, is payable on or before April 19, 2023; (c) $3,000,000, together with an accrued interest, is payable on or before April 19, 2024, and (d) the remaining $4,000,000, together with an accrued interest, is payable on or before October 19, 2024. Analyzed for reporting purposes as: As at December 31, 2023 2022 Current portion (Note 24) 7,000,000 3,000,000 Non-current portion - 7,000,000 Total receivable 7,000,000 10,000,000 As of April 15, 2024, the receivable balance of $7,000,000 was fully settled by means of acquisition of a wholly owned subsidiary of the debtor, The purchase consideration was $7,000,000 and the acquired entity has certain intangible assets (Technology software etc) at an appraised value of approximately $7,220,000. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2023 | |
Inventories [Abstract] | |
INVENTORIES | 22. INVENTORIES As at December 31, 2023 2022 Raw materials - - Merchandised goods - 483,384 Provision for obsolete inventories - (38,833 ) - 444,551 |
Trade Receivables, Other Receiv
Trade Receivables, Other Receivables and Prepayments | 12 Months Ended |
Dec. 31, 2023 | |
Trade Receivables, Other Receivables and Prepayments [Abstract] | |
TRADE RECEIVABLES, OTHER RECEIVABLES AND PREPAYMENTS | 23. TRADE RECEIVABLES, OTHER RECEIVABLES AND PREPAYMENTS As at December 31, 2023 2022 Trade receivables 402,820 37,487 Bad debt provision for trade receivables - (37,487 ) 402,820 - As at December 31, 2023 2022 Other receivables 64,423 318,643 Long-term receivable to be collected within 1 year 7,000,000 3,000,000 Prepayments 11,618,310 2,182,463 18,682,733 5,501,106 The fair value of trade and other receivables have not been disclosed as, due to their short duration, management considers the carrying amounts recognized in the consolidated statements of financial position to be reasonable approximation of their fair values. Prepayments include advances to suppliers for merchandised goods, prepaid expenses and prepaid income tax. As of December 31, 2023, the prepayments includes advances to suppliers for merchandised goods of $11,352,120. The aging analysis of trade receivables is as follows: As at December 31, 2023 2022 Less than 4 months 402,820 - More than 4 months - 37,487 402,820 37,487 The provision for doubtful debts is recorded using a provision account unless the Group is satisfied that recovery is remote, in which case the unrecovered loss is written off against trade receivables and the provision for doubtful debts directly. The Group does not hold any collateral over these balances. The movement in the provision for doubtful debts during the year is as follows: 2023 2022 As at January 1 37,487 11,215,912 Provision provided in the year - 37,487 Reverse due to disposal of subsidiaries (37,487 ) (11,215,912 ) Translation adjustment - - As at December 31 - 37,487 |
Cash and Cash Equivalents
Cash and Cash Equivalents | 12 Months Ended |
Dec. 31, 2023 | |
Cash and Cash Equivalents [Abstract] | |
CASH AND CASH EQUIVALENTS | 24. CASH AND CASH EQUIVALENTS As at December 31, 2023 2022 Cash on hand - - Bank deposits 407,311 243,530 Other monetary funds - 277,386 407,311 520,916 As at December 31, 2023 2022 Renminbi 405,534 520,883 Hong Kong Dollars 1,776 33 407,311 520,916 Cash and cash equivalents comprise cash held by the Group and short-term deposits with an original maturity of three months or less. Bank deposits as at December 31, 2023 carry interest at market rates which ranged from 0.20% to 0.40% (2022: 0.30%-0.40%) per annum. Majority of our cash is deposited with financial institution in the PRC. Remittance of funds out of the PRC is subject to the exchange restrictions imposed by the PRC government. |
Trade and Other Payables
Trade and Other Payables | 12 Months Ended |
Dec. 31, 2023 | |
Trade and Other Payables [Abstract] | |
TRADE AND OTHER PAYABLES | 25. TRADE AND OTHER PAYABLES As at December 31, 2023 2022 Trade payables 388,126 670,965 Employee benefits payable 24,091 15,925 Accrual and other payables 1,823,771 632,186 2,235,988 1,319,076 The fair value of trade and other payables have not been disclosed as, due to their short duration, management considers the carrying amounts recognized in the consolidated statements of financial position to be reasonable approximation of their fair values. Trade payables comprise amounts outstanding for trade purchase. The aging analysis of trade payables is as follows: As at December 31, 2023 2022 Past due for less than 4 months 388,126 431,202 Past due for over 4 months - 239,763 388,126 670,965 |
Related Parties Payable
Related Parties Payable | 12 Months Ended |
Dec. 31, 2023 | |
Related Parties Payable [Abstract] | |
RELATED PARTIES PAYABLE | 26. RELATED PARTIES PAYABLE (1) Nature of relationship with related parties Name Relationship with the Group Yan, Keyan EX-chairman of the Board of Directors and interim Chief Financial Officer Sun, Lei Chief Executive Officer and Co-chairman of the Board of Directors Li Huidan Co-Chairman of the Board of Directors Mu Ruifeng Director Jin Yan Director (2) Significant balances between the Group and the above related parties: As at December 31, Name Nature 2023 2022 Li, Huidan Borrowing of funds 2,449,165 2,122,697 Sun, Lei Borrowing of funds 881,353 488,400 3,330,518 2,611,097 Related parties payables were unsecured, non-interest bearing and repayment on demand. (3) Significant related parties transactions between the Group and the above related parties: During 2022, the Company issued 1,000,000 shares to Sun Lei for her compensation. During 2022, the Company issued 300,000 shares to 3 Directors for their compensation as below: Name Shares issued Value Mu Ruifeng 100,000 $ 228,000 Jin Yan 100,000 228,000 Li Huidan 100,000 228,000 300,000 $ 684,000 |
Rights
Rights | 12 Months Ended |
Dec. 31, 2023 | |
Rights [Abstract] | |
RIGHTS | 27. RIGHTS On March 12, 2021, the Company announced the authorization and declaration of a dividend distribution of one right for each outstanding share of common stock, par value $0.0001 per share, of the Company to stockholders of record as of the close of business on March 31, 2021. Each Right will entitle the holder to purchase, for the Exercise Price of $50, 0.00667 of a share of Preferred Stock having economic and other terms similar to that of one share of Common Stock. This portion of a share of Preferred Stock is intended to give the stockholder approximately the same dividend, voting and liquidation rights as would one share of Common Stock, and should approximate the value of one share of Common Stock. If an Acquiring Person obtains beneficial ownership of 15 percent or more of the Common Stock, then each Right will entitle the holder thereof to purchase, for the Exercise Price, a number of shares of Common Stock (or, in certain circumstances, cash, property or other securities of the Company) having a then-current market value of twice the Exercise Price. All Rights that are or, under certain circumstances specified in the Rights Agreement, were beneficially owned by an Acquiring Person or certain of its transferees will be void. In general, if anyone acquires 15% or more of the common stock of the Company, the Rights will give rights holders, other than the Acquiring Person, to buy common stock at lower price to significantly dilute the Acquiring Person. The Board adopted the Rights Agreement to protect stockholders from coercive or otherwise unfair takeover tactics. In general terms, it works by imposing a significant penalty upon any person or group that acquires 15 percent or more of the shares of Common Stock without the approval of the Board. As a result, the overall effect of the Rights Agreement and the issuance of the Rights may be to render more difficult or discourage a merger, tender or exchange offer or other business combination involving the Company that is not approved by the Board. As of December 31, 2023, there are 4,233,272 rights issued and outstanding. The number of the rights since issued has not been changed. The Company classified the Rights as permanent equity in the consolidated balance sheets because they are convertible to preferred B share which are further convertible to common stock of the Company. The Preferred Shares are recorded initially at fair value, net of issuance costs. The fair value of the rights was determined using a Black-Scholes model. This model requires the input of highly subjective assumptions, including price volatility of the underlying stock. Changes in the subjective input assumptions can materially affect the estimate of fair value of the rights and the Company’s results of operations could be impacted. This model is dependent upon several variables such as the instrument’s expected term, expected strike price, expected risk-free interest rate over the expected instrument term, the expected dividend yield rate over the expected instrument term, and the expected volatility of the Company’s stock price over the expected term. The expected term represents the period of time that the instruments granted are expected to be outstanding. The expected strike price is based upon a weighted average probability analysis of the strike price changes expected during the term as a result of the down round protection. The risk-free rates are based on U.S. Treasury securities with similar maturities as the expected terms of the options at the date of valuation. Expected dividend yield is based on historical trends. The Company measures volatility using the volatility rates of market index. The inputs to the model were as follows: As of the Exercise price 50 Dividend yield - Risk-free rate 1.54 % Expected term (in years) 10 Expected volatility 79.68 % |
Share Capital and Share Premium
Share Capital and Share Premium | 12 Months Ended |
Dec. 31, 2023 | |
Share Capital and Share Premium [Abstract] | |
SHARE CAPITAL AND SHARE PREMIUM | 28. SHARE CAPITAL AND SHARE PREMIUM The number of shares in this Note 32 reflects the 1:10 reverse stock split of common stock of the Company, effective on April 26, 2023. The details of the Group’s share capital are as follows: Number of Share Share Shares outstanding as December 31, 2021 589,990 590 24,719,794 Issuance of shares 5,473,344 5,473 53,239,760 Shares outstanding as December 31, 2022 6,063,334 6,063 77,959,554 Face value changes and fractional shares due to reverse stock split (142 ) (5,457 ) 5,457 Shares outstanding as December 31, 2023 6,063,192 606 77,965,011 Number of Share Share Authorized Common shares of US$0.0001 as at December 31, 2023 150,000,000 $ 15,000 $ - Issue and fully paid common shares of US$0.0001 as at December 31, 2021 589,990 590 $ 24,719,794 Issue and fully paid common shares of US$0.0001 as at December 31, 2022 6,063,334 6,063 $ 77,959,554 Issue and fully paid common shares of US$0.0001 as at December 31, 2023 6,063,192 606 $ 77,965,011 Preferred Stock The Company is authorized to issue 5,000,000 preferred shares with a par value of $0.0001 per share with such designation, rights and preferences as may be determined by the Company’s board of directors. On April 8, 2021, the Company issued 1,500,000 shares of our newly-designated Series A Convertible Preferred Stock to a single investor for total subscription proceeds of $1,500,000. Each Series A Convertible Preferred Stock features a stated value of $1.00 and is convertible to 0.1 share of our common stock at any time after 6 months from the date of issue. All shares of common stock issuable upon conversion of the Series A Preferred Stock are subject to a two-year lock-up agreement running from the initial closing of the financing. On September 1, 2021, the Company issued 150,000 shares of our newly-designated Series C Convertible Preferred Stock to Sun Lei, our Chief Executive Officer for total subscription proceeds of $1,500,000 of a private offering. A Series C Convertible Preferred Stock features a stated value of $10.00 and is convertible to shares of our common stock on a 1 to 0.5 basis at any time after 6 months from the date of issue. Series C Convertible Preferred Stock votes together without common stock on an as-if-converted basis, which is not exercisable for one year, has no special dividend rights, and ranks equally to our common stock with respect to rights upon liquidation. All shares of common stock issuable upon conversion of the Series C Preferred Stock are subject to a one-year lock-up agreement running from the initial closing of the financing. On November 1, 2021, the “Company closed the private placement offering (the “Offering”) of its newly-designated Series D Convertible Preferred Stock, par value $0.0001 per share (“Series D Convertible Preferred Stock”), in which the Company issued 100,000 shares of Series D Convertible Preferred Stock (the “Shares”) for the total gross proceeds of $3,900,000. As stated in the Certificate of Designation, shares of Series D Convertible Preferred Stock vote together with holders of shares of common stock, par value $0.0001 per share (the “Common Stock”) of the Company on an as-if-converted basis; have no special dividend right, ranks equal to the Common Stock with respect to rights upon liquidation and are convertible into shares of Common Stock on a 1 to 1.3 basis at any time following the issuance. Holders of Series A, C and D Convertible Preferred Stock converted certain preferred stock to common stock during 2021. Following table shows the changes of the preferred stock during 2021: Preferred A Preferred C Preferred D Total Shares Amount $ Shares Amount $ Shares Amount $ Shares Amount $ At December 31, 2021 1,240,000 1,240,000 150,000 1,500,000 80,000 3,120,000 5,860,000 Changes - - - - - - - At December 31, 2022 1,240,000 1,240,000 150,000 1,500,000 80,000 3,120,000 5,860,000 Changes - - - - - - - At December 31, 2023 1,240,000 1,240,000 150,000 1,500,000 80,000 3,120,000 5,860,000 Common shares convertible 124,000 N/A 75,000 N/A 104,000 N/A 303,000 N/A The Company classified all Preferred Shares as permanent equity in the consolidated balance sheets because they are not redeemable and convertible to common stock of the Company. The Preferred Shares are recorded initially at fair value, net of issuance costs. The Preferred Shares A, C and D can be converted into 3,030,000 shares of common stock of the Company before reverse stock split or 303,000 shares of common stock of the Company after reverse stock split effective on April 26, 2023. As the Company was in a loss in 2022, the diluted weighted average shares of the Company and EPS of 2022 did not include the potential conversion effect of these preferred shares. Common Stock The Company is authorized to issue 150,000,000 shares of common stock with a par value of $0.0001 per share. On April 19 and 21, 2022, the Company issued 52,000 shares at $26.4 and $24.3 per share (adjusted to reflect 1:10 reverse stock split) respectively to employees for their services to the Company. On May 6, 2022, the Company issued 20,000 shares at $22.8 per share (adjusted to reflect 1:10 reverse stock split) to an employee for his compensation. On May 6, 2022, the Company issued 30,000 shares at $22.8 per share (adjusted to reflect 1:10 reverse stock split) to three board members in leu of their compensation. On May 16, 2022, the Company issued 340,000 shares at $17.6 per share (adjusted to reflect 1:10 reverse stock split) to employees for their compensation. On May 26, 2022, the Company issued 100,000 shares at $14.7 per share (adjusted to reflect 1:10 reverse stock split) to Sun Lei for her compensation. On June 2, 2022, the Company issued 100,000 shares at $15.0 per share (adjusted to reflect 1:10 reverse stock split) to employees for their compensation. On June 4, 2022, the Company issued 180,000 shares at $11.8 per share (adjusted to reflect 1:10 reverse stock split) to employees for their compensation. On June 18, 2022, the Company issued 280,000 shares at $13.2 per share (adjusted to reflect 1:10 reverse stock split) to employees for their compensation. On August 25, 2022, the Company issued 80,000 shares at $13.5 per share (adjusted to reflect 1:10 reverse stock split) to employees for their compensation. On September 2, 2022, the Company issued 80,000 shares at $11.7 per share (adjusted to reflect 1:10 reverse stock split) to an employee for his compensation. On September 9, 2022, the Company issued 80,000 shares at $10.3 per share (adjusted to reflect 1:10 reverse stock split) to an employee for his compensation. On September 19, 2022, the Company issued 80,000 shares at $8.8 per share (adjusted to reflect 1:10 reverse stock split) to an employee for his compensation. On November 7, 2022, the Company issued 400,000 shares at $7.9 per share (adjusted to reflect 1:10 reverse stock split) to employees for their compensation. On November 14, 2022, the Company issued 557,000 shares at $7.7 per share (adjusted to reflect 1:10 reverse stock split) to employees for their compensation. On November 21, 2022, the Company issued 551,000 shares at $8.3 per share (adjusted to reflect 1:10 reverse stock split) to employees for their compensation. On November 28, 2022, the Company issued 492,000 shares at $8.2 per share (adjusted to reflect 1:10 reverse stock split) to employees for their compensation. On December 6, 2022, the Company issued 999,996 shares at $8.0 per share (adjusted to reflect 1:10 reverse stock split) to employees for their compensation. On December 19, 2022, the Company issued 1,000,000 shares at $7.1 per share (adjusted to reflect 1:10 reverse stock split) to employees for their compensation. On September 20, 2022, the Company cancelled 652 shares at $8.8 per share (adjusted to reflect 1:10 reverse stock split). During 2022, all common shares were issued to employees, Directors and executives for their compensations and there is no vesting period. The fair value was determined based on the market price on the date of grant. All compensations are recorded as general and administrative expenses with a corresponding increase in equity. No shares were issued during year 2023. |
Other Reserve
Other Reserve | 12 Months Ended |
Dec. 31, 2023 | |
Other Reserve [Abstract] | |
OTHER RESERVE | 29. OTHER RESERVE Statutory surplus reserve As stipulated by the relevant laws and regulations applicable to China’s foreign investment enterprises, the Company’s PRC subsidiaries are required to maintain a statutory surplus reserve which is non-distributable. Appropriations to such reserve are made out of net profit after tax of the statutory financial statements of the PRC subsidiaries at the amounts determined by their respective boards of directors annually up to 50% of authorized capital, but must not be less than 10% of the net profit after tax. The statutory surplus reserve can be used for making up losses of the group entities in Mainland China, if any. The statutory surplus reserve may also be used to increase capital or to meet unexpected or future losses. The statutory surplus reserve is non-distributable other than upon liquidation. The statutory surplus reserve of the Group amounts to nil nil Retained profits/ (accumulated deficits) The retained profits/(accumulated deficits) comprise the cumulative net gains and losses recognized in the Company’s income statement. Foreign currency translation reserve (other comprehensive income) Foreign currency translation reserve represents the foreign currency translation difference arising from the translation of the financial statements of companies within the Group from their functional currency to the Group’s presentation currency. |
Risk Management and Fair Values
Risk Management and Fair Values | 12 Months Ended |
Dec. 31, 2023 | |
Risk Management and Fair Values [Abstract] | |
RISK MANAGEMENT AND FAIR VALUES | 30. RISK MANAGEMENT AND FAIR VALUES 1. Capital risk The Group manages its capital to ensure that entities in the Group will be able to continue as a going concern while maximizing the return to owners through the optimization of the debt and equity balance. The Group’s overall strategy remains unchanged during the year. The capital structure of the Group consisted of borrowings net of bank balances and cash, and equity attributable to owners of the Company comprising issued share capital and various reserves. The directors of the Company review the capital structure regularly. As part of this review, the Group considers the cost of capital and the risks associated with each class of capital, and will balance its overall capital through the payment of dividends, new share issues as well as the issue of new debt or the redemption of existing debt. The Group monitors capital using the Gearing Ratio, which is net debt divided by total equity. Net debt represents borrowings less cash and cash equivalents. The Company met its objective by minoring borrowing activities. The Company and its subsidiaries are not subject to externally imposed capital requirements. December 31, December 31, Total borrowing - - Less: cash and cash equivalents (407,311 ) (520,916 ) Net debt (407,311 ) (520,916 ) Total equity 15,154,695 12,325,892 Total capital 14,747,384 11,804,976 Gearing ratio (3 )% (1 )% 2. Financial risk Financial risk management objectives and policies The Group’s major financial instruments include trade and other receivables, related parties receivables, cash and cash equivalents, trade and other payables, related parties payables and short-term loans. Details of these financial instruments are disclosed in the respective notes. The risks associated with these financial instruments include credit risk, market risk (interest rate risk and currency risk) and liquidity risk. The policies on how to mitigate these risks are set out below. The management manages and monitors these exposures to ensure appropriate measures are implemented on a timely and effective manner. 3. Market risk (i) Foreign currency risk While our reporting currency is the U.S. dollar, substantially all of our consolidated revenues and consolidated costs and expenses are denominated in RMB. Substantially all of our assets are denominated in RMB. As a result, we are exposed to foreign exchange risk as our revenues and results of operations may be affected by fluctuations in the exchange rate between the U.S. dollar and the RMB. If the RMB depreciates against the U.S. dollar, the value of our RMB revenues, earnings and assets as expressed in our U.S. dollar financial statements will decline. Assets and liabilities are translated at exchange rates at the balance sheet dates and revenue and expenses are translated at the average exchange rates and equity is translated at historical exchange rates. Any resulting translation adjustments are not included in determining net income but are included in determining other comprehensive income, a component of equity. As of December 31, 2023, our accumulated other comprehensive loss was $0.5 million. We have not entered into any hedging transactions in an effort to reduce our exposure to foreign exchange risk. (ii) Interest rate risk We deposit surplus funds with Chinese banks earning daily interest. We do not invest in any instruments for trading purposes. Most of our outstanding debt instruments carry fixed rates of interest. Our operations generally are not directly sensitive to fluctuations in interest rates and we currently do not have any long-term debt outstanding. Management monitors the banks’ prime rates in conjunction with our cash requirements to determine the appropriate level of debt balances relative to other sources of funds. We have not entered into any hedging transactions in an effort to reduce our exposure to interest rate risk. 4. Credit risk As at December 31, 2023, the Group’s maximum exposure to credit risk which will cause a financial loss to the Group due to failure to perform an obligation by the counterparties is arising from the carrying amount of the respective recognized financial assets as stated in the consolidated statement of financial position. In order to minimize the credit risk, the management of the Group has delegated a team responsible for determination of credit limits, credit approvals and other monitoring procedures to ensure that follow-up action is taken to recover overdue debts. In addition, the Group reviews the recoverable amount of each individual trade debt at the end of each reporting period to ensure that adequate impairment losses are made for irrecoverable amounts. In this regard, the directors of the Group consider that the Group’s credit risk is significantly reduced. The Group’s exposure to credit risk on receivables in influenced mainly by the individual characteristics of each customer therefore concentrations of credit risk primarily arise when the Group has significant exposure to individual customers. In order to minimize the credit risk, management continuously monitors the level of exposure to ensure that follow-up actions and/or corrective actions are taken promptly to lower the risk exposure or to recover overdue balances. 5. Liquidity risk In the management of the liquidity risk, the Group monitors and maintains a level of cash and bank balances deemed adequate by the management to finance the Group’s operations and mitigate the effects of fluctuations in cash flows. The management monitors the utilization of bank borrowings and ensures compliance with loan covenants. Liquidity tables The following tables detail the Group’s remaining contractual maturity for its non-derivative financial liabilities as at December 31, 2023 based on agreed repayment terms. The tables have been drawn up based on undiscounted cash flows of financial liabilities based on the earliest date on which the Group can be required to pay. The tables include both interest and principal cash flows. As at December 31, 2023 Within Over Total Trade and other payables 2,235,988 - 2,235,988 Related parties payables 3,330,518 - 3,330,518 Total 5,566,506 - 5,566,506 As at December 31, 2022 Within Over Total Trade and other payables 1,319,076 - 1,319,076 Other tax payable 212 - 212 Related parties payables 2,611,097 - 2,611,097 Total 3,930,385 - 3,930,385 6. Fair value The fair value of financial assets and financial liabilities is determined in accordance with generally accepted pricing models based on discounted cash flow analysis. The following table presents the fair value of the Group’s financial instruments measured at the end of the reporting period on a recurring basis, categorized into the three-level fair value hierarchy as defined in IFRS 13, Fair Value Measurement. The level into which a fair value measurement is classified is determined with reference to the observability and significance of the inputs used in the valuation technique as follows: - Level 1 valuations: Fair value measured using only Level 1 inputs i.e. unadjusted quoted prices in active markets for identical assets or liabilities at the measurement date. - Level 2 valuations: Fair value measured using Level 2 inputs i.e. observable inputs which fail to meet Level 1, and not using significant unobservable inputs. Unobservable inputs are inputs for which market data are not available. - Level 3 valuations: Fair value measured using significant unobservable inputs. During the years ended December 31, 2023 and 2022, there were no transfers between Level 1 and Level 2, or transfers into or out of Level 3. The Group’s policy is to recognize transfers between levels of fair value hierarchy as at the end of the reporting period in which they occur. Valuation techniques and inputs used in Level 2 fair value measurements The fair value of financial assets in Level 2 is determined by the model as disclosed in note 28. The directors of the Company consider that the carrying amounts of financial assets and financial liabilities recorded at amortized cost approximate their fair values. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies [Abstract] | |
COMMITMENTS AND CONTINGENCIES | 31. COMMITMENTS AND CONTINGENCIES From time to time, the Company is subject to certain legal proceedings, claims and disputes that arise in the ordinary course of business. Although the outcomes of these legal proceedings cannot be predicted, the Company does not believe these actions, in the aggregate, will have a material adverse impact on its financial position, results of operations or liquidity. As of December 31, 2023, the Company has no significant outstanding litigation. |
Events After the Balance Sheet
Events After the Balance Sheet | 12 Months Ended |
Dec. 31, 2023 | |
Events After the Balance Sheet [Abstract] | |
EVENTS AFTER THE BALANCE SHEET | 32. EVENTS AFTER THE BALANCE SHEET The Company evaluated subsequent events and transactions that occurred after the balance sheet date up to the date that the financial statements were available to be issued. Based on the review, the Company did not identify any material subsequent event that is required disclosure except as disclosed below and elsewhere in the consolidated financial statements. As of April 15, 2024, the Group has acquired Tianjin Baoliting Intelligence Technology Co., Ltd. from a debtor at a consideration of $7,000,000. The purchase consideration was settled by means of offsetting the amount receivable from the debtor (Note 21). The acquired company holds certain intangible assets (i.e. Technology softwares etc) at an appraised value of approximately $ 7.220,000 |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of preparation | Basis of preparation The consolidated financial statements have been prepared on the historical cost basis and in accordance with IFRS as issued by the IASB. The principal accounting policies are set out below. The consolidated financial statements incorporate the financial statements of the Company and entities controlled by the Company (its subsidiaries). Control is achieved where the Company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by other members of the Group. All intra-group transactions, balances, income and expenses are eliminated on consolidation. |
Foreign currencies | Foreign currencies Functional and presentation currency Items included in the financial statements are measured using the currency of the primary economic environment in which the entity operates (the “functional currency”). The Group conducts its business predominately in the PRC and hence its functional currency is the Renminbi (RMB). Translation from RMB to USD were used at the following rates: Period end rates Average rates December 31, 2021 USD 1.00= RMB 6.3524 USD 1.00=RMB 6.4491 December 31, 2022 USD 1.00= RMB 6.8987 USD 1.00=RMB 6.7347 December 31, 2023 USD 1.00= RMB 7.0999 USD 1.00=RMB 7.0809 Translation from HKD to USD were used at the following rates: Period end rates Average rates December 31, 2021 USD 1.00= HKD 7.7991 USD 1.00=HKD 7.7731 December 31, 2022 USD 1.00= HKD 7.7970 USD 1.00=HKD 7.8305 December 31, 2023 USD 1.00= HKD 7.8109 USD 1.00=HKD 7.8292 The results and financial positions in functional currency are translated into the presentation currency, USD, of the Company as follows: (1) Assets and liabilities for each balance sheet presented are translated at the closing rate at the date of that balance sheet; (2) Income and expenses for each income statement are translated at average exchange rates (unless this average is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the dates of the transactions); (3) Share equity, share premium and dividends are translated at historical exchange rates; and (4) All resulting exchange differences are recognized in foreign currency translation reserve, a separate component of equity. All financial information presented in USD has been rounded to the nearest dollar, except when otherwise indicated. |
Segment reporting | Segment reporting Operating segments, and the amounts of each segment item reported in the financial statements, are identified from the financial information provided regularly to the Group’s most senior executive management for the purposes of allocating resources to, and assessing the performance of, the Group’s various lines of business and geographical locations. Individually material operating segments are not aggregated for financial reporting purposes unless the segments have similar economic characteristics and are similar in respect of the nature of products and services, the nature of production processes, the type or class of customers, the methods used to distribute the products or provide the services, and the nature of the regulatory environment. Operating segments which are not individually material may be aggregated if they share a majority of these criteria. The Group’s three segments are technology, tourism service and cross-border e-commerce. |
Revenue recognition | Revenue recognition Revenue from contracts with customers Revenue from contracts with customers is recognized when control of goods or services is transferred to the customers at an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. When the consideration in a contract includes a variable amount, the amount of consideration is estimated to which the Company will be entitled in exchange for transferring the goods or services to the customer. The variable consideration is estimated at contract inception and constrained until it is highly probable that a significant revenue reversal in the amount of cumulative revenue recognized will not occur when the associated uncertainty with the variable consideration is subsequently resolved. Currently, the Company’s contracts do not include such variable amount. When the contract contains a financing component which provides the customer a significant benefit of financing the transfer of goods or services to the customer for more than one year, revenue is measured at the present value of the amount receivable, discounted using the discount rate that would be reflected in a separate financing transaction between the Company and the customer at contract inception. When the contract contains a financing component which provides the Company a significant financial benefit for more than one year, revenue recognized under the contract includes the interest expense accreted on the contract liability under the effective interest method. For a contract where the period between the payment by the customer and the transfer of the promised goods or services is one year or less, the transaction price is not adjusted for the effects of a significant financing component, using the practical expedient in IFRS 15. Currently, the Company’s contract with its customers do not include financial benefit for more than one year. Nature and timing of satisfaction of performance obligations for each of the revenue streams are as follows: |
Revenue from the sale of goods | Revenue from the sale of goods Performance obligation is satisfied at the point in time when control of the asset is transferred to the customer, generally on delivery and acceptance of the goods. The Company presents revenues from such transactions on a gross basis in the consolidated statements of operations and comprehensive income/(loss), as the Company acts as a principal to take inventory risks of these goods. |
Revenue from the sale of packaged group tour service | Revenue from the sale of packaged group tour service Performance obligation is satisfied when the tour service is completed, generally when the tour group successfully returned from the tour destination to the place of origination. The Company presents revenues from such transactions on a gross basis in the consolidated statements of comprehensive loss, as the Company acts as a principal to provide a package of tourism services and take a full obligation to provide such services even if the suppliers are not able to deliver service. |
Revenue from reselling of air-ticket | Revenue from reselling of air-ticket The Company is a reseller of air-ticket, it provides value add services to its customers including guaranteed flight replacement and other financial benefits. The Company procured the tickets from different airline companies and resell them to the online air-ticket agency companies or other tourism companies. The air-ticket agency company will put an online bid inviting from its suppliers once it receives the demands from its online customers. The Company is one of the air-ticket suppliers. The Company procures the tickets in responding the air-ticket agency companies’ online bid inviting to ensure the seats are available to sell to the agency companies, or the Company procure the tickets based on its judgment of potential trend of certain airlines within certain period. Once the Company’s deposit, at the full or significant amount of the air-ticket, was deducted by the airline company and the Company agreed to secure the seats from the airline company, the purchase of air-tickets was recorded. The Company decided how much and how soon to resell the air-tickets. The inventory period is from 1 minute to few months. The air tickets are sold shortly after their purchase to lower the inventory risk. Sometimes, the Company hold the tickets longer to expect a higher margin, but if the tickets cannot be sold before flight time, the Company have to sell the tickets even lower than the purchase price to avoid further loss. Thus, the Company bears the inventory risks of the air-tickets and the Company has discretion in setting the price for the specified service. Once the air-tickets issued to passengers according to the client’s instruction, the revenue is recognized. In addition to the air-ticket of airline companies, the Company provided guaranteed flight replacement and cancellation to the air-ticket agency companies. The air-ticket agency companies can return the tickets to the Company without restriction, while the airline companies can accept some of the return on certain conditions. Thus, the Company offered additional service plus the standard airline tickets to its customer. As the Company (i) bears the inventory risks of the air-tickets, (ii) provides additional services on the services procured by the airline companies, and (iii) has discretion in setting the price for the specified service, the Company is considered as a principal and recognize the revenue in a gross basis. |
Other income | Other income Interest income is recognized on an accrual basis using the effective interest method by applying the rate that exactly discounts the estimated future cash receipts over the expected life of the financial instrument or a shorter period, when appropriate, to the net carrying amount of the financial asset. Rental income is recognized on a time proportion basis over the lease terms. Dividend income is recognized when the shareholders’ right to receive payment has been established, it is probable that the economic benefits associated with the dividend will flow to the Company and the amount of the dividend can be measured reliably. |
Value added tax (VAT) | Value added tax (VAT) Current standard Output VAT in effect is 13% and 6% of product sales and taxable services revenue, respectively, according to existing tax laws. The remaining balance of output VAT, after subtracting the deductible input VAT of the period, is VAT payable. Type of revenue Standard VAT rate in effect for revenues Product sales 13 % Services rendered 6 % |
Borrowing costs | Borrowing costs Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets until such time as the assets are substantially ready for their intended use or sale. All other borrowing costs are recognized in profit or loss in the period in which they are incurred. |
Retirement benefit costs | Retirement benefit costs Pursuant to the relevant regulations of the PRC government, the Group’s subsidiaries located in the PRC participate in a local municipal government retirement benefits scheme (the “Scheme”), whereby they contribute a prescribed percentage of the basic salaries of their employees to the Scheme to fund their retirement benefits. Once the Scheme has been funded via contributions by the Group’s participating subsidiaries, the local municipal government takes responsibility for the retirement benefits obligations of all existing and future retired employees of those subsidiaries located in the PRC; accordingly, the only obligation of the Group with respect to the Scheme is to pay the on-going required contributions as long as the employees maintain employment with the Group. There are no provisions under the Scheme whereby forfeited contributions may be used to reduce future contributions. These plans are considered defined contribution plans. The Group has no legal or constructive obligations to pay further contributions after its payment of the fixed contributions into the pension schemes. Contributions to pension schemes are recognized as an expense in the period in which the related service is performed. |
Taxation | Taxation The tax expense for the period comprises current and deferred tax. Tax is recognized in the income statement, except to the extent that it relates to items recognized in other comprehensive income or directly in equity. In this case the tax is also recognized in other comprehensive income or directly in equity, respectively. The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the balance sheet date in the countries where the Group operates and generates taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation and establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities. Deferred tax is recognized on temporary differences between the carrying amounts of assets and liabilities in the consolidated financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognized for all taxable temporary differences. Deferred tax assets are generally recognized for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilized. Such deferred tax assets and liabilities are not recognized if the temporary difference arises from goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit. Deferred tax liabilities are recognized for taxable temporary differences associated with investments in subsidiaries, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets arising from deductible temporary differences associated with such investments are only recognized to the extent that it is probable that there will be sufficient taxable profits against which to utilize the benefits of the temporary differences and they are expected to reverse in the foreseeable future. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realized, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Group expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities. Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income tax assets and liabilities relate to income taxes levied by the same taxation authority on either the taxable entity or different taxable entities where there is an intention to settle the balances on a net basis. Current and deferred tax are recognized in profit or loss, except when they relate to items that are recognized in other comprehensive income or directly in equity, in which case, the current and deferred tax are also recognized in other comprehensive income or directly in equity respectively. Where current tax or deferred tax arises from the initial accounting for a business combination, the tax effect is included in the accounting for the business combination. |
Store pre-opening cost | Store pre-opening cost Store pre-opening cost was the start-up activity costs incurred prior to opening a new store, mainly including leasing, leasehold improvements, payroll and supplies. The accounting policies for leasing and leasehold improvements were as below. Other store pre-opening costs were directly charged to expenses when occurred. |
Leasing | Leasing IFRS 16 Leases requires lessees to recognize assets and liabilities for most leases based on a ‘right-of-use model’ which reflects that, at the commencement date, a lessee has a financial obligation to make lease payments to the lessor for its right to use the underlying asset during the lease term. The lessor conveys that right to use the underlying asset at lease commencement, which is the time when it makes the underlying asset available for use by the lessee. IFRS 16 defines a lease term as the noncancellable period for which the lessee has the right to use an underlying asset including optional periods when an entity is reasonably certain to exercise an option to extend (or not to terminate) a lease. Under IFRS 16 lessees may also elect not to recognize assets and liabilities for leases with a lease term of 12 months or less. In such cases a lessee recognizes the lease payments in profit or loss on a straight-line basis over the lease term. The exemption is required to be applied by class of underlying assets. Lessees can also make an election for leases for which the underlying asset is of low value. This election can be made on a lease-by-lease basis. For leases where the Group is the lessee, the lease term is either cancelable or no longer than 12 months, so the Group has elected not to record the leased assets. Lessor accounting under IFRS 16 is substantially unchanged from IAS 17. Lessors continue to classify leases as either operating or finance leases using similar principles as in IAS 17. IFRS 16 did not have any significant impact on leases where the Group is the lessor. |
Leasehold improvements | Leasehold improvements Leasehold improvements, principally comprising costs of office buildings and shops renovation, are held for administrative and selling purposes. Leasehold improvements are initially measured at cost and amortized systematically over its useful life. |
Property, plant and equipment | Property, plant and equipment Property, plant and equipment (“PPE”) including buildings held for use in the production or supply of goods or services, or for administrative purposes other than construction in progress are stated at cost less subsequent accumulated depreciation and accumulated impairment losses. Depreciation is provided to write off the cost of items of property, plant and equipment other than construction in progress over their estimated useful lives and after taking into account of their estimated residual value, using the straight-line method. Construction in progress includes property, plant and equipment in the course of construction for production or for its own use purposes. Construction in progress is carried at cost less any recognized impairment loss. Construction in progress is classified to the appropriate category of property, plant and equipment when completed and ready for intended use. Depreciation of these assets, on the same basis as other property assets, commences when the assets are ready for their intended use. An item of property, plant and equipment is derecognized upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. Any gain or loss arising on de-recognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the item) is included in profit or loss in the period in which the item is de-recognized. |
Investment properties | Investment properties Investment properties are land and buildings which are owned or held under a leasehold interest to earn rental income and/or for capital appreciation. These include land and buildings held for a currently undetermined future use. Such properties are stated at cost less accumulated depreciation and any impairment losses. Any gains or losses on the retirement or disposal of an investment property are recognized in the income statement in the year of the retirement or disposal. Depreciation is calculated on the straight-line basis to depreciate the cost of each item of investment properties over the estimated useful life of 20 years. |
The Group as lessor | The Group as lessor Rental income from operating leases is recognized in profit or loss on a straight-line basis over the term of the relevant lease. |
Inventories | Inventories Inventories, comprising of raw materials and merchandise inventories, are stated at the lower of cost and net realizable value. Costs of inventories are determined using the weighted average method. Net realizable value represents the estimated selling price for inventories less all estimated costs of completion and costs necessary to make the sale. |
Cash and cash equivalents | Cash and cash equivalents Cash and cash equivalents includes cash on hand, deposits held at call with financial institutions, other short-term, highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. |
Share-based compensation expenses | Share-based compensation expenses All share-based awards granted to employees, which are common shares, are measured at fair value on shares issuance date, and are recognized as an employee benefits expense, with a corresponding increase in equity. Share-based compensation expenses are recognized over the period during which the employees provide the relevant services. |
Financial instruments – investments and other financial assets | Financial instruments – investments and other financial assets Initial recognition and measurement Financial assets are classified, at initial recognition, as subsequently measured at amortized cost, fair value through other comprehensive income, and fair value through profit or loss. The classification of financial assets at initial recognition depends on the financial asset’s contractual cash flow characteristics and the Group’s business model for managing them. With the exception of trade receivables that do not contain a significant financing component or for which the Group has applied the practical expedient of not adjusting the effect of a significant financing component, the Group initially measures a financial asset at its fair value, plus in the case of a financial asset not at fair value through profit or loss, transaction costs. Trade receivables that do not contain a significant financing component or for which the Group has applied the practical expedient are measured at the transaction price determined under IFRS 15 in accordance with the policies set out for “Revenue recognition”. In order for a financial asset to be classified and measured at amortized cost or fair value through other comprehensive income, it needs to give rise to cash flows that are solely payments of principal and interest (“SPPI”) on the principal amount outstanding. The Group’s business model for managing financial assets refers to how it manages its financial assets in order to generate cash flows. The business model determines whether cash flows will result from collecting contractual cash flows, selling the financial assets, or both. All regular way purchases and sales of financial assets are recognized on the trade date, that is, the date that the Group commits to purchase or sell the asset. Regular way purchases or sales are purchases or sales of financial assets that require delivery of assets within the period generally established by regulation or convention in the marketplace. Subsequent measurement The subsequent measurement of financial assets depends on their classification as follows: Financial assets at amortized cost (debt instruments) The Group measures financial assets at amortized cost if both of the following conditions are met: ● The financial asset is held within a business model with the objective to hold financial assets in order to collect contractual cash flows. ● The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Financial assets at amortized cost are subsequently measured using the effective interest method and are subject to impairment. Gains and losses are recognized in the income statement when the asset is derecognized, modified or impaired. Financial assets at fair value through other comprehensive income (debt instruments) The Group measures debt instruments at fair value through other comprehensive income if both of the following conditions are met: ● The financial asset is held within a business model with the objective of both holding to collect contractual cash flows and selling. ● The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. For debt instruments at fair value through other comprehensive income, interest income, foreign exchange revaluation and impairment losses or reversals are recognized in the income statement and computed in the same manner as for financial assets measured at amortized cost. The remaining fair value changes are recognized in other comprehensive income. Upon derecognition, the cumulative fair value change recognized in other comprehensive income is recycled to the income statement. Financial assets at fair value through other comprehensive income (equity investments) Upon initial recognition, the Group can elect to classify irrevocably its equity investments as equity investments designated at fair value through other comprehensive income when they meet the definition of equity under IFRS 9 Financial Instruments. The Group may make an irrevocable election at initial recognition for particular investments in equity instruments that would otherwise be measured at fair value through profit or loss to present subsequent changes in fair value in other comprehensive income Gains and losses on these financial assets are never recycled to the income statement. Dividends are recognized as other income in the income statement when the right of payment has been established, it is probable that the economic benefits associated with the dividend will flow to the Group and the amount of the dividend can be measured reliably, except when the Group benefits from such proceeds as a recovery of part of the cost of the financial asset, in which case, such gains are recorded in other comprehensive income. Equity investments designated at fair value through other comprehensive income are not subject to impairment assessment. Financial assets at fair value through profit or loss The Group may, at initial recognition, irrevocably designate a financial asset as measured at fair value through profit or loss if doing so eliminates or significantly reduces a measurement or recognition inconsistency (sometimes referred to as an ‘accounting mismatch’) that would otherwise arise from measuring assets or liabilities or recognizing the gains and losses on them on different bases Financial assets at fair value through profit or loss are carried in the statement of financial position at fair value with net changes in fair value recognized in the income statement. This category includes derivative financial instruments and structured bank deposits. A derivative embedded in a hybrid contract, with a financial liability or non-financial host, is separated from the host and accounted for as a separate derivative if the economic characteristics and risks are not closely related to the host; a separate instrument with the same terms as the embedded derivative would meet the definition of a derivative; and the hybrid contract is not measured at fair value through profit or loss. Embedded derivatives are measured at fair value with changes in fair value recognized in the income statement. Reassessment only occurs if there is either a change in the terms of the contract that significantly modifies the cash flows that would otherwise be required or a reclassification of a financial asset out of the fair value through profit or loss category. A derivative embedded within a hybrid contract containing a financial asset host is not accounted for separately. The financial asset host together with the embedded derivative is required to be classified in its entirety as a financial asset at fair value through profit or loss. |
Land use rights | For debt instruments at fair value through other comprehensive income, interest income, foreign exchange revaluation and impairment losses or reversals are recognized in the income statement and computed in the same manner as for financial assets measured at amortized cost. The remaining fair value changes are recognized in other comprehensive income. Upon derecognition, the cumulative fair value change recognized in other comprehensive income is recycled to the income statement. Financial assets at fair value through other comprehensive income (equity investments) Upon initial recognition, the Group can elect to classify irrevocably its equity investments as equity investments designated at fair value through other comprehensive income when they meet the definition of equity under IFRS 9 Financial Instruments. The Group may make an irrevocable election at initial recognition for particular investments in equity instruments that would otherwise be measured at fair value through profit or loss to present subsequent changes in fair value in other comprehensive income |
Financial instruments – impairment of financial assets | Financial instruments – impairment of financial assets The Group recognizes an allowance for ECLs for all debt instruments not held at fair value through profit or loss. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms. |
General approach | General approach ECLs are recognized in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months (a 12-month ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL). At each reporting date, the Group assesses whether the credit risk on a financial instrument has increased significantly since initial recognition. When making the assessment, the Group compares the risk of a default occurring on the financial instrument as at the reporting date with the risk of a default occurring on the financial instrument as at the date of initial recognition and considers reasonable and supportable information that is available without undue cost or effort, including historical and forward-looking information. The Group considers a financial asset in default when contractual payments are 120 days past due. However, in certain cases, the Group may also consider a financial asset to be in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Group. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows. Debt instruments at fair value through other comprehensive income and financial assets at amortized cost are subject to impairment under the general approach and they are classified within the following stages for measurement of ECLs except for trade receivables which apply the simplified approach as detailed below. Stage 1 – Financial instruments for which credit risk has not increased significantly since initial recognition and for which the loss allowance is measured at an amount equal to 12-month ECLs Stage 2 – Financial instruments for which credit risk has increased significantly since initial recognition but that are not credit-impaired financial assets and for which the loss allowance is measured at an amount equal to lifetime ECLs Stage 3 – Financial assets that are credit-impaired at the reporting date (but that are not purchased or originated credit-impaired) and for which the loss allowance is measured at an amount equal to lifetime ECLs |
Simplified approach | Simplified approach For trade receivables that do not contain a significant financing component or when the Group applies the practical expedient of not adjusting the effect of a significant financing component, the Group applies the simplified approach in calculating ECLs. Under the simplified approach, the Group does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. For trade receivables that contain a significant financing component and lease receivables, the Group chooses as its accounting policy to adopt the simplified approach in calculating ECLs with policies as described above. |
Financial instruments – derecognition of financial assets | Financial instruments – derecognition of financial assets A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognized (i.e., removed from the Group’s consolidated statement of financial position) when: ● the rights to receive cash flows from the asset have expired; or ● the Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a “pass-through” arrangement; and either (a) the Group has transferred substantially all the risks and rewards of the asset, or (b) the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset. When the Group has transferred its rights to receive cash flows from an asset or has entered into a pass-through arrangement, it evaluates if, and to what extent, it has retained the risk and rewards of ownership of the asset. When it has neither transferred nor retained substantially all the risks and rewards of the asset nor transferred control of the asset, the Group continues to recognize the transferred asset to the extent of the Group’s continuing involvement. In that case, the Group also recognizes an associated liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that the Group has retained. Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original amount of the asset and the maximum amount of consideration that the Group could be required to repay. |
Financial instruments – financial liabilities | Financial instruments – financial liabilities Initial recognition and measurement All financial liabilities are recognized initially at fair value and, in the case of loans and borrowings, net of directly attributable transaction costs. The Group’s financial liabilities include trade payables, other payables, financial liabilities included in accruals and interest-bearing bank borrowings. Subsequent measurement After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortized cost, using the effective interest rate method unless the effect of discounting would be immaterial, in which case they are stated at cost. Gains and losses are recognized in the income statement when the liabilities are derecognized as well as through the effective interest rate amortization process. Amortized cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the effective interest rate. The effective interest rate amortization is included in finance costs in the income statement. |
Financial instruments – derecognition of financial liabilities | Financial instruments – derecognition of financial liabilities A financial liability is derecognized when the obligation under the liability is discharged or cancelled, or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and a recognition of a new liability, and the difference between the respective carrying amounts is recognized in the income statement. |
Financial instruments – offsetting financial instruments | Financial instruments – offsetting financial instruments Financial assets and financial liabilities are offset and the net amount is reported in the statement of financial position if there is a currently enforceable legal right to offset the recognized amounts and there is an intention to settle on a net basis, or to realize the assets and settle the liabilities simultaneously. |
Capital and Reserves | Capital and Reserves Share capital represents the nominal value of shares that have been issued by the Group. Share capital is determined using the nominal value of shares that have been issued. Retained profits include all current and prior period results as determined in the combined statement of comprehensive income. Foreign currency translation reserve arising on the translation are included in the currency translation reserve. In accordance with the relevant laws and regulations of PRC, the subsidiaries of the Group established in PRC are required to transfer 10% of its annual statutory net profit (after offsetting any prior years’ losses) to the statutory reserve. When the balance of such reserve reaches 50% of the subsidiary’s share capital, any further transfer of its annual statutory net profit is optional. Such reserve may be used to offset accumulated losses or to increase the registered capital of the subsidiary subject to the approval of the relevant authorities. However, except for offsetting prior years’ losses, such statutory reserve must be maintained at a minimum of 25% of the share capital after such usage. The statutory reserves are not available for dividend distribution to the shareholders. All transactions with owners of the Group are recorded separately within equity. |
Earnings/(loss) per share | Profit/(loss) per share Basic earnings per share (“EPS”) are computed by dividing income attributable to holders of common shares by the weighted average number of common shares outstanding during the year. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common shares were exercised or converted into common shares. Potential dilutive securities are excluded from the calculation of diluted EPS in loss periods as their effect would be anti-dilutive. |
Material Accounting Policies (T
Material Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Significant Accounting Policies [Abstract] | |
Schedule of Functional Currency | Translation from RMB to USD were used at the following rates: Period end rates Average rates December 31, 2021 USD 1.00= RMB 6.3524 USD 1.00=RMB 6.4491 December 31, 2022 USD 1.00= RMB 6.8987 USD 1.00=RMB 6.7347 December 31, 2023 USD 1.00= RMB 7.0999 USD 1.00=RMB 7.0809 Period end rates Average rates December 31, 2021 USD 1.00= HKD 7.7991 USD 1.00=HKD 7.7731 December 31, 2022 USD 1.00= HKD 7.7970 USD 1.00=HKD 7.8305 December 31, 2023 USD 1.00= HKD 7.8109 USD 1.00=HKD 7.8292 |
Schedule of Value Added Tax | Current standard Output VAT in effect is 13% and 6% of product sales and taxable services revenue, respectively, according to existing tax laws. The remaining balance of output VAT, after subtracting the deductible input VAT of the period, is VAT payable. Type of revenue Standard VAT rate in effect for revenues Product sales 13 % Services rendered 6 % |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Schedule of Operating Segments Gross Margins | These operating segments are monitored and strategic decisions are made on the basis of segmental gross margins. Tourism products Technology Cross- board merchandise Consolidated For the year ended For the year ended For the year ended For the year ended December 31, December 31, December 31, December 31, By business 2023 2022 2021 2023 2022 2021 2023 2022 2021 2023 2022 2021 Sales to external customers 21,561,671 79,092,342 51,818,166 2,719,463 782,302 - 7,559,455 83 2,222,782 31,840,588 79,874,727 54,040,948 Segment revenue 21,561,671 79,092,342 51,818,166 2,719,463 782,302 - 7,559,455 83 2,222,782 31,840,588 79,874,727 54,040,948 Segment gross margins 1,981,107 704,391 541,889 2,714,434 760,028 - 760,828 64 305,822 5,456,369 1,464,483 847,711 Reconciling items - - - - - - - - - (2,412,591 ) (56,847,143 ) (8,194,585 ) Profit/(loss) before tax - - - - - - - - - 3,043,779 (55,382,660 ) (7,346,874 ) Income tax income/(expense) - - - - - - - - - - (621 ) (5,495 ) Profit/(loss) for the continuing business - - - - - - - - - 3,043,779 (55,383,281 ) (7,352,369 ) Discontinued operation - - - - - - - - - - (18,109,150 ) (29,863,116 ) Profit/(loss) for the year - - - - - - - - - 3,043,779 (73,492,431 ) (37,215,483 ) |
Schedule of Assets and Liabilities | As of December 31, 2023 Technology Tourism cross-board Unallocated Consolidated Current assets 69,156 - 11,751,893 7,671,816 19,492,864 Non-current assets 2,425,537 - - - 2,425,537 Total assets 2,494,693 - 11,751,893 7,671,816 21,918,401 Current liabilities 2,516,796 - 1,590,045 2,656,865 6,763,706 Total liabilities 2,516,796 - 1,590,045 2,656,865 6,763,706 As of December 31, 2022 Subcontracting Tourism cross-board Unallocated Consolidated Current assets 1,625 369,770 2,791,304 3,303,874 6,466,573 Non-current assets - 1,310 2,788,394 7,000,000 9,789,704 Total assets 1,625 371,080 5,579,697 10,303,874 16,256,277 Current liabilities 32,772 711,992 866,358 2,319,263 3,930,385 Total liabilities 32,772 711,992 866,358 2,319,263 3,930,385 |
Schedule of Major Distributors Revenue | Major distributors that make up 10% or more of revenue are as below: Year ended December 31, 2023 2022 2021 Customer A 23,621,588 74,340,429 41,767,780 Customer B * * 9,439,831 Total revenue 31,840,588 79,874,727 54,040,948 * The revenue of this customer is not over 10% of total revenue of the Company. |
Schedule of Major Suppliers Purchases | Major suppliers that make up 10% or more of purchases are as below: Year ended December 31, 2023 2022 2021 Supplier A - - 9,586,155 Supplier B 4,722,466 10,562,686 15,551,014 Supplier C 3,064,076 15,496,731 * Supplier D 2,964,493 * * Supplier E 3,005,258 * * Supplier F 10,474,295 * - Total purchase 25,943,353 78,902,955 53,168,205 * The purchase from this supplier is not over 10% of total purchase of the Company. |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Revenue [Abstract] | |
Schedule of Revenue | Year ended December 31, 2023 2022 2021 Travel service 21,561,670 79,092,342 51,818,166 Technology 2,719,463 782,302 - Cross-board products 7,559,455 83 2,222,782 Total 31,840,588 79,874,727 54,040,948 |
Cost of Revenue (Tables)
Cost of Revenue (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Cost of Revenue [Abstract] | |
Schedule of Cost of Sales for our Retail and Wholesale of Garment Business | The following table shows a breakdown of cost of sales of all business for the periods presented for each category: Year ended December 31, 2023 2022 2021 Changes in inventories of finished goods 433,870 (494,357 ) 83,112 Purchases of finished goods 6,395,036 201,734 1,808,963 Outsourced service cost 19,294,795 77,736,052 50,359,452 Additional air-ticket return cost ** 253,522 965,169 916,678 Taxes and surcharges * 6,996 1,646 25,032 26,384,219 78,410,244 53,193,237 * Tax and surcharges are mainly Urban Maintenance and Construction Tax (7% of Valued Added Tax payment amount), Extra Charges of Education Fund (3% of Valued Added Tax payment amount) and Local Surcharge for Education Fund (2% of Valued Added Tax payment amount). ** Additional air-ticket return cost is the net loss of the return payments paid to customers offset by the return proceeds received from airline companies. The following table shows the gross amount of the return payment and proceeds; Year ended December 31, 2023 2022 2021 Return paid to customers 2,196,070 23,003,679 8,268,369 Return received from airline companies (1,942,548 ) (22,038,510 ) (7,351,691 ) Additional air-ticket return cost 253,522 965,169 916,678 |
Other Income (Tables)
Other Income (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Other Income [Abstract] | |
Schedule of Other Income | Year ended December 31, 2023 2022 2021 Government grant 70,612 1,592 - Interest income on bank deposits 595 21 4 Other 201 15,023 34,789 71,408 16,636 34,793 |
Other Losses (Tables)
Other Losses (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Other Losses [Abstract] | |
Schedule of Other Losses | Year ended December 31, 2023 2022 2021 Bad debt provision of trade receivables - (53,991 ) - Impairment of long-lived assets - (39,778 ) (12,500 ) Loss on disposal of subsidiaries* (342,953 ) - - Others (1 ) (4,881 ) (4,825 ) (342,954 ) (98,650 ) (17,325 ) |
Schedule of Sale of Subsidiary | Fair value of the consideration 1 Net asset of the disposed asset (344,243 ) Loss on sale before foreign currency translation effect (344,242 ) Foreign currency translation effect 1,289 Loss on disposal of a subsidiary (342,953 ) Carrying amount of the investment cost of the disposed subsidiary: Cash 374,556 Trade receivables 3,292 Other current assets 1,413,838 Total assets 1,791,686 Short-term loan (1,126,776 ) Other current liabilities (320,667 ) Total liabilities (1,447,443 ) Net assets 344,243 |
Distribution and Selling Expe_2
Distribution and Selling Expenses (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Distribution and Selling Expenses [Abstract] | |
Schedule of Distribution and Selling Expenses | Year ended December 31, 2023 2022 2021 Outsourced service fee 58,942 403,458 1,212,403 Advertisement - - 140,704 Others 39 317,930 736 58,981 721,388 1,353,843 |
Administrative Expense (Tables)
Administrative Expense (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Administrative Expense [Abstract] | |
Schedule of Administrative Expense | Year ended December 31, 2023 2022 2021 Labor 146,138 53,550,086 3,155,246 Audit fee 298,516 247,782 200,000 Professional and other service fee 480,646 969,072 2,666,804 Depreciation and amortization charges 286,334 299,547 21,603 Decoration 3,686 133,502 155,665 Rental 81,304 4,661 65,724 Travelling and entertainment 74,861 89,272 203,634 Others 705,391 749,819 389,534 2,076,876 56,043,741 6,858,210 |
Finance Costs (Tables)
Finance Costs (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Finance Costs [Abstract] | |
Schedule of Finance Costs | Year ended December 31, 2023 2022 2021 Interest expenses on bank borrowings 5,187 - - |
Income Tax Expense (Tables)
Income Tax Expense (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax (Income)/ Expense [Abstract] | |
Schedule of Income Tax (Income)/ Expense | Year ended December 31, 2023 2022 2021 PRC enterprises income tax: Current tax - 621 5,495 Deferred tax - - - - 621 5,495 |
Schedule of Deferred Tax Balances | The following is the analysis of the deferred tax balances for financial reporting purposes: 2023 2022 2021 Temporary Deferred Temporary Deferred Temporary Deferred Beginning of the year 4,386,623 - 78,622,365 - 63,509,644 16,960,839 Bad Debt provisions charged to profit or loss - - - - 6,064,120 1,516,030 Inventory provision charged to profit or loss - - - - 1,283 321 Impairment charged to profit or loss - - - - 2,944,979 736,245 Tax loss carried forward - - 1,687,686 421,922 6,102,339 1,529,706 Allowance - - (421,922 ) (21,245,906 ) Reverse (2,847,182 ) - (75,924,049 ) - - - Effect of translation (326,787 ) - - - - 502,765 End of the year 1,212,655 - 4,386,002 - 78,622,365 - |
Profit_(Loss) For The Year (C_2
Profit/(Loss) For The Year (Continuing Operations) (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
(Loss)/Profit for the Year [Abstract] | |
Schedule of Profit for the Year | Profit/(loss) for the year has been arrived at after charging: Year ended December 31, 2023 2022 2021 Cost of inventories recognized as expenses 26,377,223 78,408,598 53,168,205 Taxes and surcharges 6,996 1,646 25,032 26,384,219 78,410,244 53,193,237 Depreciation of property, plant and equipment 286,334 299,547 21,932 Provision of inventory obsolescence - 39,778 - Provision of bad debt allowance - 53,991 - 286,334 393,316 21,932 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Discontinued Operations [Abstract] | |
Schedule of Financial Performance and Cash Flow Information | Financial performance and cash flows information Year ended December 31, 2023 2022 2021 Revenue - 1,887,410 4,960,693 Cost of revenue - (2,183,080 ) (4,228,577 ) Expenses - (3,486,626 ) (4,353,466 ) Other income/expenses - net - (5,133,118 ) (8,778,160 ) Loss before tax - (8,915,414 ) (12,399,510 ) Income tax - - (17,463,604 ) Loss after tax - (8,915,414 ) (29,863,114 ) Net cash from operating activities - (2,733,104 ) (3,872,380 ) Net cash from investing activities - - (1,926 ) Net cash from financing activities - - - Net cash decrease of disposed subsidiaries - (2,733,104 ) (3,874,306 ) |
Schedule of Carrying Amount of the Investment Cost of the Disposed Assets | Details of sale of the subsidiary Fair value of the consideration 10,000,000 Net asset of the disposed asset (15,166,042 ) Loss on sale before reclassification of foreign currency translation reserve (5,166,042 ) Reclassification of foreign currency translation reserve (4,027,694 ) Loss on disposal of discontinued operations (9,193,736 ) Carrying amount of the investment cost of the disposed assets: Cash 8,695,890 Trade receivables 2,335,650 Other current assets 97,966 Investment property-net 6,390,022 Other long-term assets 2,890,967 Total assets 20,410,495 Short-term loan (1,087,154 ) Tax payables (2,775,363 ) Other liabilities (1,381,936 ) Total liabilities (5,244,453 ) Net assets 15,166,042 |
Directors' Emoluments (Tables)
Directors' Emoluments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Directors' Emoluments [Abstract] | |
Schedule of Emoluments Paid or Payable to the Directors | The emoluments paid or payable to the directors of the Company were as follows: Year ended December 31, 2023 2022 2021 Salaries Yan Keyan - - 597,669 Sun Lei - 1,470,000 772,000 Li Huidan - 228,000 772,000 Mu Ruifeng - 228,000 - Jin Yan - 228,000 - - 2,154,000 2,141,669 Social Welfare Yan Keyan - - 1,242 - - 1,242 |
Profit_(Loss) Per Share (Tables
Profit/(Loss) Per Share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Loss Per Share [Abstract] | |
Schedule of Profit/(Loss) Per Share | For the years ended December 31, 2023 2022 2021 Basic Profit/(Loss) Per Share Numerator Profit/(loss) for the year attributable to owners of the Company $ 3,043,779 $ (73,492,431 ) $ (37,215,483 ) Diluted Profit/(Loss) Per Share Numerator Profit/(loss) for the year attributable to owners of the Company $ 3,043,779 $ (73,492,431 ) $ (37,215,483 ) Basic Profit/(Loss) Per Share Denominator Original shares: 6,063,334 589,989 340,865 Additions from actual events: - Fractional common stock due to reverse split, weighted (97 ) - - - Issuance of common stock, weighted - 1,091,558 111,570 Basic weighted average shares outstanding 6,063,237 1,681,547 452,435 Diluted Profit/(Loss) Per Share Denominator Basic weighted average shares outstanding 6,063,237 1,681,547 452,435 Dilutive shares: Potential additions from dilutive events: - Conversion of preferred shares* 303,000 - - Diluted Weighted Average Shares Outstanding: 6,366,237 1,681,547 452,435 Profit/(Loss) Per Share** - Basic $ 0.50 $ (43.7 ) $ (82.3 ) - Diluted $ 0.48 $ (43.7 ) $ (82.3 ) Weighted Average Shares Outstanding** - Basic 6,063,237 1,681,547 452,345 - Diluted 6,366,237 1,681,547 452,345 * There were no potential dilutive additions to diluted weighted shares outstanding as a result of the loss for the year ended December 31, 2022 and 2021. ** The Company effected a 1:10 reverse stock split on April 26, 2023, as a result, the basic and diluted shares and per share number for all years presented here are adjusted retrospectively. |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Owner-Occupied Property | Owner-occupied Property Plant Office Motor Furniture Total COST At December 31, 2021 4,165,873 131,486 1,015,050 166,369 5,478,778 Additions - - - 1,008 1,008 Disposals (1,716,185 ) (118,285 ) - (156,406 ) (1,990,876 ) Translation adjustment (289,116 ) (7,601 ) (80,387 ) (9,481 ) (386,585 ) At December 31, 2022 2,160,573 5,600 934,663 1,489 3,102,326 Additions - - - 440 440 Disposal of subsidiaries - (621 ) - (958 ) (1,579 ) Translation adjustment (61,214 ) (157 ) (26,481 ) (42 ) (87,894 ) At December 31, 2023 2,099,359 4,822 908,182 930 3,013,293 DEPRECIATION AND IMPAIRMENT At December 31, 2021 (1,374,701 ) (121,129 ) (21,174 ) (163,162 ) (1,680,166 ) Depreciation for the year (70,084 ) (1,817 ) (227,388 ) (258 ) (299,547 ) Disposal of subsidiaries 1,296,658 113,591 - 153,845 1,564,095 Translation adjustment 79,710 6,935 7,083 9,270 102,998 At December 31, 2022 (68,418 ) (2,419 ) (241,479 ) (304 ) (312,622 ) Depreciation for the year (66,659 ) (1,939 ) (216,271 ) (1,465 ) (286,334 ) Disposal of subsidiaries - 621 - 958 1,579 Translation adjustment 2,118 73 7,419 9 9,619 At December 31, 2023 (132,959 ) (3,664 ) (450,331 ) (802 ) (587,756 ) CARRYING AMOUNT At December 31, 2023 1,966,400 1,158 457,851 128 2,425,537 At December 31, 2022 2,092,155 3,181 693,184 1,185 2,789,704 |
Schedule of Straight-Line Basis for All Property, Plant And Equipment Over their Estimated Useful Lives of the Assets | Depreciation is provided on straight-line basis for all property, plant and equipment over their estimated useful lives of the assets as follows: Useful life Residual Value Plant 30 years 5 % Office equipment 3 years 5 % Motor vehicles 4 years 5 % Furniture and fixtures 3 years 5 % |
Schedule of Plant and Building Include Buildings | Plant and building include buildings owned by the Company are set out below: Location Description Gross area (m 2 Jinxi Town, Longshan Road, Taihu City, Anhui Province, the PRC * Dormitory 8,573 Jinxi Town, Longshan Road, Taihu City, Anhui Province, the PRC Factory 22,292 8-101 Bojingwan Beiyuan, Hexi District, Tianjing, the PRC Office 242 * These two buildings were disposed along with the menswear business in 2022. |
Long Term Receivable (Tables)
Long Term Receivable (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Long Term Receivable [Abstract] | |
Schedule of Analyzed for Reporting Purposes | Analyzed for reporting purposes as: As at December 31, 2023 2022 Current portion (Note 24) 7,000,000 3,000,000 Non-current portion - 7,000,000 Total receivable 7,000,000 10,000,000 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Inventories [Abstract] | |
Schedule of Inventories | As at December 31, 2023 2022 Raw materials - - Merchandised goods - 483,384 Provision for obsolete inventories - (38,833 ) - 444,551 |
Trade Receivables, Other Rece_2
Trade Receivables, Other Receivables and Prepayments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Trade Receivables, Other Receivables and Prepayments [Abstract] | |
Schedule of Trade Receivables | As at December 31, 2023 2022 Trade receivables 402,820 37,487 Bad debt provision for trade receivables - (37,487 ) 402,820 - |
Schedule of Other Receivables | As at December 31, 2023 2022 Other receivables 64,423 318,643 Long-term receivable to be collected within 1 year 7,000,000 3,000,000 Prepayments 11,618,310 2,182,463 18,682,733 5,501,106 |
Schedule of Aging Analysis of Trade Receivables | The aging analysis of trade receivables is as follows: As at December 31, 2023 2022 Less than 4 months 402,820 - More than 4 months - 37,487 402,820 37,487 |
Schedule of Provision for Doubtful Debts | The movement in the provision for doubtful debts during the year is as follows: 2023 2022 As at January 1 37,487 11,215,912 Provision provided in the year - 37,487 Reverse due to disposal of subsidiaries (37,487 ) (11,215,912 ) Translation adjustment - - As at December 31 - 37,487 |
Cash and Cash Equivalents (Tabl
Cash and Cash Equivalents (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Cash and Cash Equivalents [Abstract] | |
Schedule of Cash and Cash Equivalents | As at December 31, 2023 2022 Cash on hand - - Bank deposits 407,311 243,530 Other monetary funds - 277,386 407,311 520,916 As at December 31, 2023 2022 Renminbi 405,534 520,883 Hong Kong Dollars 1,776 33 407,311 520,916 |
Trade and Other Payables (Table
Trade and Other Payables (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Trade and Other Payables [Abstract] | |
Schedule of Trade and Other Payables | As at December 31, 2023 2022 Trade payables 388,126 670,965 Employee benefits payable 24,091 15,925 Accrual and other payables 1,823,771 632,186 2,235,988 1,319,076 |
Schedule of Aging Analysis of Trade Payables | The aging analysis of trade payables is as follows: As at December 31, 2023 2022 Past due for less than 4 months 388,126 431,202 Past due for over 4 months - 239,763 388,126 670,965 |
Related Parties Payable (Tables
Related Parties Payable (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Related Parties Payable [Abstract] | |
Schedule of Nature of Relationship With Related Parties | Nature of relationship with related parties Name Relationship with the Group Yan, Keyan EX-chairman of the Board of Directors and interim Chief Financial Officer Sun, Lei Chief Executive Officer and Co-chairman of the Board of Directors Li Huidan Co-Chairman of the Board of Directors Mu Ruifeng Director Jin Yan Director |
Schedule of Significant Balances Between Group and Related Parties | Significant balances between the Group and the above related parties: As at December 31, Name Nature 2023 2022 Li, Huidan Borrowing of funds 2,449,165 2,122,697 Sun, Lei Borrowing of funds 881,353 488,400 3,330,518 2,611,097 |
Schedule of Issued Shares | During 2022, the Company issued 300,000 shares to 3 Directors for their compensation as below: Name Shares issued Value Mu Ruifeng 100,000 $ 228,000 Jin Yan 100,000 228,000 Li Huidan 100,000 228,000 300,000 $ 684,000 |
Rights (Tables)
Rights (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Rights [Abstract] | |
Schedule of Inputs to the Black-Scholes Model | The inputs to the model were as follows: As of the Exercise price 50 Dividend yield - Risk-free rate 1.54 % Expected term (in years) 10 Expected volatility 79.68 % |
Share Capital and Share Premi_2
Share Capital and Share Premium (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share Capital and Share Premium [Abstract] | |
Schedule of Group's Share Capital | The details of the Group’s share capital are as follows: Number of Share Share Shares outstanding as December 31, 2021 589,990 590 24,719,794 Issuance of shares 5,473,344 5,473 53,239,760 Shares outstanding as December 31, 2022 6,063,334 6,063 77,959,554 Face value changes and fractional shares due to reverse stock split (142 ) (5,457 ) 5,457 Shares outstanding as December 31, 2023 6,063,192 606 77,965,011 Number of Share Share Authorized Common shares of US$0.0001 as at December 31, 2023 150,000,000 $ 15,000 $ - Issue and fully paid common shares of US$0.0001 as at December 31, 2021 589,990 590 $ 24,719,794 Issue and fully paid common shares of US$0.0001 as at December 31, 2022 6,063,334 6,063 $ 77,959,554 Issue and fully paid common shares of US$0.0001 as at December 31, 2023 6,063,192 606 $ 77,965,011 |
Schedule of Series A, C And D Convertible Preferred Stock Converted Certain Preferred Stock to Common Stock | Holders of Series A, C and D Convertible Preferred Stock converted certain preferred stock to common stock during 2021. Following table shows the changes of the preferred stock during 2021: Preferred A Preferred C Preferred D Total Shares Amount $ Shares Amount $ Shares Amount $ Shares Amount $ At December 31, 2021 1,240,000 1,240,000 150,000 1,500,000 80,000 3,120,000 5,860,000 Changes - - - - - - - At December 31, 2022 1,240,000 1,240,000 150,000 1,500,000 80,000 3,120,000 5,860,000 Changes - - - - - - - At December 31, 2023 1,240,000 1,240,000 150,000 1,500,000 80,000 3,120,000 5,860,000 Common shares convertible 124,000 N/A 75,000 N/A 104,000 N/A 303,000 N/A |
Risk Management and Fair Valu_2
Risk Management and Fair Values (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Risk Management and Fair Values [Abstract] | |
Schedule of Capital Requirements | The Company and its subsidiaries are not subject to externally imposed capital requirements. December 31, December 31, Total borrowing - - Less: cash and cash equivalents (407,311 ) (520,916 ) Net debt (407,311 ) (520,916 ) Total equity 15,154,695 12,325,892 Total capital 14,747,384 11,804,976 Gearing ratio (3 )% (1 )% |
Schedule of Liquidity Risk | The tables include both interest and principal cash flows. Within Over Total Trade and other payables 2,235,988 - 2,235,988 Related parties payables 3,330,518 - 3,330,518 Total 5,566,506 - 5,566,506 Within Over Total Trade and other payables 1,319,076 - 1,319,076 Other tax payable 212 - 212 Related parties payables 2,611,097 - 2,611,097 Total 3,930,385 - 3,930,385 |
General Information (Details)
General Information (Details) | 1 Months Ended | |||||||||||||||||
Mar. 07, 2024 CNY (¥) | Nov. 11, 2021 | Aug. 07, 2020 | Aug. 04, 2016 | Dec. 27, 2023 CNY (¥) | May 24, 2018 | Mar. 29, 2018 | Sep. 30, 2011 CNY (¥) | Mar. 24, 2011 CNY (¥) | Mar. 16, 2011 CNY (¥) | Jan. 27, 2011 $ / shares shares | Dec. 31, 2010 shares | Nov. 25, 2010 USD ($) | Nov. 25, 2010 HKD ($) | Jul. 08, 2008 USD ($) $ / shares shares | Mar. 28, 2006 USD ($) $ / shares shares | Nov. 17, 2005 CNY (¥) | Sep. 21, 2005 HKD ($) $ / shares shares | |
Hongri [Member] | ||||||||||||||||||
General Information [Line Items] | ||||||||||||||||||
Common unit issuance of authorized value | $ | $ 50,000 | |||||||||||||||||
Number of shares authorized (in Shares) | shares | 50,000 | |||||||||||||||||
Par value per share | $ / shares | $ 77 | $ 1 | ||||||||||||||||
Number of shares issued (in Shares) | shares | 10,000 | |||||||||||||||||
Issued on additional shares (in Shares) | shares | 10,000 | |||||||||||||||||
France Cock [Member] | ||||||||||||||||||
General Information [Line Items] | ||||||||||||||||||
Common unit issuance of authorized value | $ | $ 10,000 | |||||||||||||||||
Number of shares authorized (in Shares) | shares | 10,000 | |||||||||||||||||
Par value per share | $ / shares | $ 1 | |||||||||||||||||
Roller Rome [Member] | ||||||||||||||||||
General Information [Line Items] | ||||||||||||||||||
Common unit issuance of authorized value | $ | $ 50,000 | |||||||||||||||||
Number of shares authorized (in Shares) | shares | 50,000 | |||||||||||||||||
Par value per share | $ / shares | $ 1 | |||||||||||||||||
Vast Billion [Member] | ||||||||||||||||||
General Information [Line Items] | ||||||||||||||||||
Common unit issuance of authorized value | $ 10,000 | $ 10,000 | ||||||||||||||||
Hongri Fujian [Member] | ||||||||||||||||||
General Information [Line Items] | ||||||||||||||||||
Increased registered capital | ¥ 5,000,000 | |||||||||||||||||
Paid up capital | ¥ 39,551,860 | |||||||||||||||||
Hongri Fujian [Member] | Minimum [Member] | ||||||||||||||||||
General Information [Line Items] | ||||||||||||||||||
Increased registered capital | ¥ 70,000,000 | |||||||||||||||||
Hongri Fujian [Member] | Maximum [Member] | ||||||||||||||||||
General Information [Line Items] | ||||||||||||||||||
Increased registered capital | ¥ 75,000,000 | |||||||||||||||||
Anhui Kai Xin [Member] | ||||||||||||||||||
General Information [Line Items] | ||||||||||||||||||
Increased registered capital | ¥ 1,000,000 | |||||||||||||||||
Flower Crown Holding [Member] | ||||||||||||||||||
General Information [Line Items] | ||||||||||||||||||
Business combination, description | Flower Crown Holding (“Flower Crown”) is a company incorporated on August 7, 2020 in the Cayman Islands. It has 50,000 shares issued and outstanding with a par value of $1. | |||||||||||||||||
Flower Crown HK [Member] | ||||||||||||||||||
General Information [Line Items] | ||||||||||||||||||
Business combination, description | Flower Crown (China) Holding Group Co., Limited (“Flower Crown HK”) was incorporated in Hong Kong on May 24, 2018. It has a total of 10,000 shares issued and outstanding with a par value of $1. It is wholly owned by Flower Crown Holding. | |||||||||||||||||
Jin Xuan (Hainan) Holding Co., Ltd [Member] | ||||||||||||||||||
General Information [Line Items] | ||||||||||||||||||
Business combination, description | It has a registered capital of USD30,000,000. It is 100% owned by Flower Crow HK. Its business scope ranges from import & export to manufacturing. | |||||||||||||||||
Jin Xuan Luxury Tourism [Member] | ||||||||||||||||||
General Information [Line Items] | ||||||||||||||||||
Business combination, description | Jin Xuan Luxury Tourism (Hainan) Digital Technology Co., Ltd. (“Jin Xuan Luxury Tourism”) was incorporated in the PRC on August 4, 2016. It is 100% owned by JX Hainan . It has a registered capital of RMB20,000,000 and present shareholder shall pay up the registered capital prior to August 4, 2046. It operates Luxventure social platform and on-line activities. | |||||||||||||||||
Heyang Travel [Member] | ||||||||||||||||||
General Information [Line Items] | ||||||||||||||||||
Business combination, description | Beijing Heyang International Travel Service Co., Ltd. (“Heyang Travel”) was incorporated in the PRC on March 29, 2018. It is 100% owned by Jin Xuan Luxury Tourism. It has a registered capital of RMB5,000,000 and the shareholder shall pay up the registered capital prior to August 1, 2060. | |||||||||||||||||
Hefei Aitong [Member] | ||||||||||||||||||
General Information [Line Items] | ||||||||||||||||||
Registered capital owned percentage | 51% | |||||||||||||||||
Registered capital amount | ¥ 1,000,000 | |||||||||||||||||
Baofu Technology [Member] | ||||||||||||||||||
General Information [Line Items] | ||||||||||||||||||
Registered capital owned percentage | 100% | |||||||||||||||||
Registered capital amount | ¥ 60,000,000 |
Material Accounting Policies (D
Material Accounting Policies (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Signifcant Accounting Policies [Abstract] | |
Number of segments | 3 |
Value added tax rate | 13% |
Product sales and taxable, percentage | 6% |
Estimated useful life | 20 years |
Land use rights, description | For debt instruments at fair value through other comprehensive income, interest income, foreign exchange revaluation and impairment losses or reversals are recognized in the income statement and computed in the same manner as for financial assets measured at amortized cost. The remaining fair value changes are recognized in other comprehensive income. Upon derecognition, the cumulative fair value change recognized in other comprehensive income is recycled to the income statement.Financial assets at fair value through other comprehensive income (equity investments)Upon initial recognition, the Group can elect to classify irrevocably its equity investments as equity investments designated at fair value through other comprehensive income when they meet the definition of equity under IFRS 9 Financial Instruments. The Group may make an irrevocable election at initial recognition for particular investments in equity instruments that would otherwise be measured at fair value through profit or loss to present subsequent changes in fair value in other comprehensive incomeGains and losses on these financial assets are never recycled to the income statement. Dividends are recognized as other income in the income statement when the right of payment has been established, it is probable that the economic benefits associated with the dividend will flow to the Group and the amount of the dividend can be measured reliably, except when the Group benefits from such proceeds as a recovery of part of the cost of the financial asset, in which case, such gains are recorded in other comprehensive income. |
Currency translation reserve, description | In accordance with the relevant laws and regulations of PRC, the subsidiaries of the Group established in PRC are required to transfer 10% of its annual statutory net profit (after offsetting any prior years’ losses) to the statutory reserve. When the balance of such reserve reaches 50% of the subsidiary’s share capital, any further transfer of its annual statutory net profit is optional. Such reserve may be used to offset accumulated losses or to increase the registered capital of the subsidiary subject to the approval of the relevant authorities. However, except for offsetting prior years’ losses, such statutory reserve must be maintained at a minimum of 25% of the share capital after such usage. |
Material Accounting Policies _2
Material Accounting Policies (Details) - Schedule of Functional Currency | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
RMB to USD [Member] | |||
Schedule of Functional Currency [Abstract] | |||
Translation currency, Period end rates | USD 1.00= RMB 7.0999 | USD 1.00= RMB 6.8987 | USD 1.00= RMB 6.3524 |
Translation currency, Average rates | USD 1.00=RMB 7.0809 | USD 1.00=RMB 6.7347 | USD 1.00=RMB 6.4491 |
HKD to USD [Member] | |||
Schedule of Functional Currency [Abstract] | |||
Translation currency, Period end rates | USD 1.00= HKD 7.8109 | USD 1.00= HKD 7.7970 | USD 1.00= HKD 7.7991 |
Translation currency, Average rates | USD 1.00=HKD 7.8292 | USD 1.00=HKD 7.8305 | USD 1.00=HKD 7.7731 |
Material Accounting Policies _3
Material Accounting Policies (Details) - Schedule of Value Added Tax | Dec. 31, 2023 |
Product Sales [Member] | |
Schedule of Value Added Tax [Abstract] | |
Standard VAT rate in effect for revenues | 13% |
Services Rendered [Member] | |
Schedule of Value Added Tax [Abstract] | |
Standard VAT rate in effect for revenues | 6% |
Key Sources of Estimation Unc_2
Key Sources of Estimation Uncertainty (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Bottom of range [member] | |
Key Sources of Estimation Uncertainty [Line Items] | |
Useful lives of these buildings, machinery and equipment | 5 years |
Top of range [member] | |
Key Sources of Estimation Uncertainty [Line Items] | |
Useful lives of these buildings, machinery and equipment | 30 years |
Segment Reporting (Details)
Segment Reporting (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Line Items] | |
Major customers revenue, percentage | 10% |
Revenue customer, percentage | 10% |
Major suppliers revenue, percentage | 10% |
Percentage of total purchase | 10% |
Segment Reporting (Details) - S
Segment Reporting (Details) - Schedule of Operating Segments Gross Margins - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Wholesale [Member] | |||
Schedule of Operating Segments Gross Margins [Line Items] | |||
Sales to external customers | $ 21,561,671 | $ 79,092,342 | $ 51,818,166 |
Segment revenue | 21,561,671 | 79,092,342 | 51,818,166 |
Segment gross margins | 1,981,107 | 704,391 | 541,889 |
Reconciling items | |||
Profit/(loss) before tax | |||
Income tax income/(expense) | |||
Profit/(loss) for the continuing business | |||
Discontinued operation | |||
Profit/(loss) for the year | |||
Retail [Member] | |||
Schedule of Operating Segments Gross Margins [Line Items] | |||
Sales to external customers | 2,719,463 | 782,302 | |
Segment revenue | 2,719,463 | 782,302 | |
Segment gross margins | 2,714,434 | 760,028 | |
Reconciling items | |||
Profit/(loss) before tax | |||
Income tax income/(expense) | |||
Profit/(loss) for the continuing business | |||
Discontinued operation | |||
Profit/(loss) for the year | |||
Subcontracting [Member] | |||
Schedule of Operating Segments Gross Margins [Line Items] | |||
Sales to external customers | 7,559,455 | 83 | 2,222,782 |
Segment revenue | 7,559,455 | 83 | 2,222,782 |
Segment gross margins | 760,828 | 64 | 305,822 |
Reconciling items | |||
Profit/(loss) before tax | |||
Income tax income/(expense) | |||
Profit/(loss) for the continuing business | |||
Discontinued operation | |||
Profit/(loss) for the year | |||
Travel service [Member] | |||
Schedule of Operating Segments Gross Margins [Line Items] | |||
Sales to external customers | 31,840,588 | 79,874,727 | 54,040,948 |
Segment revenue | 31,840,588 | 79,874,727 | 54,040,948 |
Segment gross margins | 5,456,369 | 1,464,483 | 847,711 |
Reconciling items | (2,412,591) | (56,847,143) | (8,194,585) |
Profit/(loss) before tax | 3,043,779 | (55,382,660) | (7,346,874) |
Income tax income/(expense) | (621) | (5,495) | |
Profit/(loss) for the continuing business | 3,043,779 | (55,383,281) | (7,352,369) |
Discontinued operation | (18,109,150) | (29,863,116) | |
Profit/(loss) for the year | $ 3,043,779 | $ (73,492,431) | $ (37,215,483) |
Segment Reporting (Details) -_2
Segment Reporting (Details) - Schedule of Assets and Liabilities - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Technology [Member] | ||
Schedule of Assets and Liabilities [Line Items] | ||
Current assets | $ 69,156 | |
Non-current assets | 2,425,537 | |
Total assets | 2,494,693 | |
Current liabilities | 2,516,796 | |
Total liabilities | 2,516,796 | |
Tourism products [Member] | ||
Schedule of Assets and Liabilities [Line Items] | ||
Current assets | $ 2,791,304 | |
Non-current assets | 2,788,394 | |
Total assets | 5,579,697 | |
Current liabilities | 866,358 | |
Total liabilities | 866,358 | |
Cross-board merchandise [Member] | ||
Schedule of Assets and Liabilities [Line Items] | ||
Current assets | 11,751,893 | 3,303,874 |
Non-current assets | 7,000,000 | |
Total assets | 11,751,893 | 10,303,874 |
Current liabilities | 1,590,045 | 2,319,263 |
Total liabilities | 1,590,045 | 2,319,263 |
Unallocated [Member] | ||
Schedule of Assets and Liabilities [Line Items] | ||
Current assets | 7,671,816 | 6,466,573 |
Non-current assets | 9,789,704 | |
Total assets | 7,671,816 | 16,256,277 |
Current liabilities | 2,656,865 | 3,930,385 |
Total liabilities | 2,656,865 | 3,930,385 |
Consolidated [Member] | ||
Schedule of Assets and Liabilities [Line Items] | ||
Current assets | 19,492,864 | |
Non-current assets | 2,425,537 | |
Total assets | 21,918,401 | |
Current liabilities | 6,763,706 | |
Total liabilities | $ 6,763,706 | |
Wholesale And Retail [Member] | ||
Schedule of Assets and Liabilities [Line Items] | ||
Current assets | 1,625 | |
Non-current assets | ||
Total assets | 1,625 | |
Current liabilities | 32,772 | |
Total liabilities | 32,772 | |
Subcontracting [Member] | ||
Schedule of Assets and Liabilities [Line Items] | ||
Current assets | 369,770 | |
Non-current assets | 1,310 | |
Total assets | 371,080 | |
Current liabilities | 711,992 | |
Total liabilities | $ 711,992 |
Segment Reporting (Details) -_3
Segment Reporting (Details) - Schedule of Major Distributors Revenue - USD ($) | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |||
Schedule of Major Distributors Revenue [Abstract] | |||||
Total revenue | $ 31,840,588 | $ 79,874,727 | $ 54,040,948 | ||
Customer A [Member] | |||||
Schedule of Major Distributors Revenue [Abstract] | |||||
Total revenue | 23,621,588 | 74,340,429 | 41,767,780 | ||
Customer B [Member] | |||||
Schedule of Major Distributors Revenue [Abstract] | |||||
Total revenue | [1] | [1] | $ 9,439,831 | ||
[1] The revenue of this customer is not over 10% of total revenue of the Company. |
Segment Reporting (Details) -_4
Segment Reporting (Details) - Schedule of Major Suppliers Purchases - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Segment Reporting (Details) - Schedule of Major Suppliers Purchases [Line Items] | |||||
Major suppliers | $ 25,943,353 | $ 78,902,955 | $ 53,168,205 | ||
Supplier A [Member] | |||||
Segment Reporting (Details) - Schedule of Major Suppliers Purchases [Line Items] | |||||
Major suppliers | 9,586,155 | ||||
Supplier B [Member] | |||||
Segment Reporting (Details) - Schedule of Major Suppliers Purchases [Line Items] | |||||
Major suppliers | 4,722,466 | 10,562,686 | 15,551,014 | ||
Supplier C [Member] | |||||
Segment Reporting (Details) - Schedule of Major Suppliers Purchases [Line Items] | |||||
Major suppliers | 3,064,076 | 15,496,731 | [1] | ||
Supplier D [Member] | |||||
Segment Reporting (Details) - Schedule of Major Suppliers Purchases [Line Items] | |||||
Major suppliers | 2,964,493 | [1] | [1] | ||
Supplier E [Member] | |||||
Segment Reporting (Details) - Schedule of Major Suppliers Purchases [Line Items] | |||||
Major suppliers | 3,005,258 | [1] | [1] | ||
Supplier F [Member] | |||||
Segment Reporting (Details) - Schedule of Major Suppliers Purchases [Line Items] | |||||
Major suppliers | $ 10,474,295 | [1] | |||
[1] The purchase from this supplier is not over 10% of total purchase of the Company. |
Revenue (Details)
Revenue (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Revenue [Abstract] | |
Percentage of revenue | 99.99% |
Revenue (Details) - Schedule of
Revenue (Details) - Schedule of Revenue - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenue (Details) - Schedule of Revenue [Line Items] | |||
Revenue | $ 31,840,588 | $ 79,874,727 | $ 54,040,948 |
Travel service [Member] | |||
Revenue (Details) - Schedule of Revenue [Line Items] | |||
Revenue | 21,561,670 | 79,092,342 | 51,818,166 |
Technology [Member] | |||
Revenue (Details) - Schedule of Revenue [Line Items] | |||
Revenue | 2,719,463 | 782,302 | |
Cross-board products [Member] | |||
Revenue (Details) - Schedule of Revenue [Line Items] | |||
Revenue | $ 7,559,455 | $ 83 | $ 2,222,782 |
Cost of Revenue (Details)
Cost of Revenue (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Urban Maintenance and Construction Tax [Member] | |
Cost of Revenue [Line Items] | |
Percentage of valued added tax | 7% |
Extra Charges of Education Fund [Member] | |
Cost of Revenue [Line Items] | |
Percentage of valued added tax | 3% |
Local Surcharge for Education Fund [Member] | |
Cost of Revenue [Line Items] | |
Percentage of valued added tax | 2% |
Cost of Revenue (Details) - Sch
Cost of Revenue (Details) - Schedule of Cost of Sales for our Retail and Wholesale of Garment Business - USD ($) | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Schedule of Cost of Sales For Our Retail and Wholesale of Garment Business [Abstract] | ||||
Changes in inventories of finished goods | $ 433,870 | $ (494,357) | $ 83,112 | |
Purchases of finished goods | 6,395,036 | 201,734 | 1,808,963 | |
Outsourced service cost | 19,294,795 | 77,736,052 | 50,359,452 | |
Additional air-ticket return cost | [1] | 253,522 | 965,169 | 916,678 |
Taxes and surcharges | [2] | 6,996 | 1,646 | 25,032 |
Cost of sales | 26,384,219 | 78,410,244 | 53,193,237 | |
Return paid to customers | 2,196,070 | 23,003,679 | 8,268,369 | |
Return received from airline companies | $ (1,942,548) | $ (22,038,510) | $ (7,351,691) | |
[1] Additional air-ticket return cost is the net loss of the return payments paid to customers offset by the return proceeds received from airline companies. The following table shows the gross amount of the return payment and proceeds; Tax and surcharges are mainly Urban Maintenance and Construction Tax (7% of Valued Added Tax payment amount), Extra Charges of Education Fund (3% of Valued Added Tax payment amount) and Local Surcharge for Education Fund (2% of Valued Added Tax payment amount). |
Other Income (Details) - Schedu
Other Income (Details) - Schedule of Other Income - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of Other Income [Abstract] | |||
Government grant | $ 70,612 | $ 1,592 | |
Interest income on bank deposits | 595 | 21 | 4 |
Other | 201 | 15,023 | 34,789 |
Other income | $ 71,408 | $ 16,636 | $ 34,793 |
Other Losses (Details) - Schedu
Other Losses (Details) - Schedule of Other Losses - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule Of Other Losses Abstract | |||
Bad debt provision of trade receivables | $ (53,991) | ||
Impairment of long-lived assets | (39,778) | (12,500) | |
Loss on disposal of subsidiaries | (342,953) | ||
Others | (1) | (4,881) | (4,825) |
Other gains (losses) | $ (342,954) | $ (98,650) | $ (17,325) |
Other Losses (Details) - Sche_2
Other Losses (Details) - Schedule of Sale of Subsidiary | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Schedule Of Sale Of Subsidiary Abstract | |
Fair value of the consideration | $ 1 |
Net asset of the disposed asset | (344,243) |
Loss on sale before foreign currency translation effect | (344,242) |
Foreign currency translation effect | 1,289 |
Loss on disposal of a subsidiary | (342,953) |
Cash | 374,556 |
Trade receivables | 3,292 |
Other current assets | 1,413,838 |
Total assets | 1,791,686 |
Short-term loan | (1,126,776) |
Other current liabilities | (320,667) |
Total liabilities | (1,447,443) |
Net assets | $ 344,243 |
Distribution and Selling Expe_3
Distribution and Selling Expenses (Details) - Schedule of Distribution and Selling Expenses - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of Distribution and Selling Expenses [Abstract] | |||
Outsourced service fee | $ 58,942 | $ 403,458 | $ 1,212,403 |
Advertisement | 140,704 | ||
Others | 39 | 317,930 | 736 |
Total | $ 58,981 | $ 721,388 | $ 1,353,843 |
Administrative Expense (Details
Administrative Expense (Details) - Schedule of Administrative Expense - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of Administrative Expense [Abstract] | |||
Labor | $ 146,138 | $ 53,550,086 | $ 3,155,246 |
Audit fee | 298,516 | 247,782 | 200,000 |
Professional and other service fee | 480,646 | 969,072 | 2,666,804 |
Depreciation and amortization charges | 286,334 | 299,547 | 21,603 |
Decoration | 3,686 | 133,502 | 155,665 |
Rental | 81,304 | 4,661 | 65,724 |
Travelling and entertainment | 74,861 | 89,272 | 203,634 |
Others | 705,391 | 749,819 | 389,534 |
Total | $ 2,076,876 | $ 56,043,741 | $ 6,858,210 |
Finance Costs (Details) - Sched
Finance Costs (Details) - Schedule of Finance Costs - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of Finance Costs [Abstract] | |||
Interest expenses on bank borrowings | $ 5,187 |
Income Tax Expense (Details)
Income Tax Expense (Details) | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Income Tax (Income)/ Expense [Line Items] | |
Deferred tax assets | $ 72,869,438 |
Jin Xuan Luxury Tourism [Member] | |
Income Tax (Income)/ Expense [Line Items] | |
Tax rate effect of tax losses | 25% |
Income Tax Expense (Details) -
Income Tax Expense (Details) - Schedule of Income Tax (Income)/ Expense - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
PRC enterprises income tax: | |||
Total income tax expenses | $ 621 | $ 5,495 | |
PRC enterprises income tax [Member] | |||
PRC enterprises income tax: | |||
Current tax | 621 | 5,495 | |
Deferred tax |
Income Tax Expense (Details) _2
Income Tax Expense (Details) - Schedule of Deferred Tax Balances - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Temporary difference [Member] | |||
Schedule of Deferred Tax Balances [Line Items] | |||
Beginning of the year | $ 4,386,623 | $ 78,622,365 | $ 63,509,644 |
Bad Debt provisions charged to profit or loss | 6,064,120 | ||
Inventory provision charged to profit or loss | 1,283 | ||
Impairment charged to profit or loss | 2,944,979 | ||
Tax loss carried forward | 1,687,686 | 6,102,339 | |
Allowance | |||
Reverse | (2,847,182) | (75,924,049) | |
Effect of translation | (326,787) | ||
End of the year | 1,212,655 | 4,386,002 | 78,622,365 |
Deferred tax assets [Member] | |||
Schedule of Deferred Tax Balances [Line Items] | |||
Beginning of the year | 16,960,839 | ||
Bad Debt provisions charged to profit or loss | 1,516,030 | ||
Inventory provision charged to profit or loss | 321 | ||
Impairment charged to profit or loss | 736,245 | ||
Tax loss carried forward | 421,922 | 1,529,706 | |
Allowance | (421,922) | (21,245,906) | |
Reverse | |||
Effect of translation | 502,765 | ||
End of the year |
Profit_(Loss) For The Year (C_3
Profit/(Loss) For The Year (Continuing Operations) (Details) - Schedule of Profit for the Year - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Profit/(Loss) For The Year (Continuing Operations) (Details) - Schedule of Profit for the Year [Line Items] | |||
Cost of inventories recognized as expenses | $ 26,377,223 | $ 78,408,598 | $ 53,168,205 |
Taxes and surcharges | 6,996 | 1,646 | 25,032 |
Cost of sales | 26,384,219 | 78,410,244 | 53,193,237 |
Depreciation of property, plant and equipment | 286,334 | 299,547 | 21,932 |
Provision of inventory obsolescence | 39,778 | ||
Provision of bad debt allowance | 53,991 | ||
Profit for the year | $ 286,334 | $ 393,316 | $ 21,932 |
Discontinued Operations (Detail
Discontinued Operations (Details) | 1 Months Ended |
Oct. 19, 2022 USD ($) shares | |
Discontinued Operations [Abstract] | |
Sale of shares of common stock | shares | 20,000 |
Consideration amount | $ | $ 10,000,000 |
Discontinued Operations (Deta_2
Discontinued Operations (Details) - Schedule of Financial Performance and Cash Flow Information - Parent [Member] - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Discontinued Operations (Details) - Schedule of Financial Performance and Cash Flow Information [Line Items] | |||
Revenue | $ 1,887,410 | $ 4,960,693 | |
Cost of revenue | (2,183,080) | (4,228,577) | |
Expenses | (3,486,626) | (4,353,466) | |
Other income/expenses - net | (5,133,118) | (8,778,160) | |
Loss before tax | (8,915,414) | (12,399,510) | |
Income tax | (17,463,604) | ||
Loss after tax | (8,915,414) | (29,863,114) | |
Net cash from operating activities | (2,733,104) | (3,872,380) | |
Net cash from investing activities | (1,926) | ||
Net cash from financing activities | |||
Net cash decrease of disposed subsidiaries | $ (2,733,104) | $ (3,874,306) |
Discontinued Operations (Deta_3
Discontinued Operations (Details) - Schedule of Carrying Amount of the Investment Cost of the Disposed Assets | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Schedule of Carrying Amount of the Investment Cost of the Disposed Assets [Abstract] | |
Fair value of the consideration | $ 10,000,000 |
Net asset of the disposed asset | (15,166,042) |
Loss on sale before reclassification of foreign currency translation reserve | (5,166,042) |
Reclassification of foreign currency translation reserve | (4,027,694) |
Loss on disposal of discontinued operations | (9,193,736) |
Cash | 8,695,890 |
Trade receivables | 2,335,650 |
Other current assets | 97,966 |
Investment property-net | 6,390,022 |
Other long-term assets | 2,890,967 |
Total assets | 20,410,495 |
Short-term loan | (1,087,154) |
Tax payables | (2,775,363) |
Other liabilities | (1,381,936) |
Total liabilities | (5,244,453) |
Net assets | $ 15,166,042 |
Directors' Emoluments (Details)
Directors' Emoluments (Details) - Schedule of Emoluments Paid or Payable to the Directors - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Salaries | |||
Salaries | $ 2,154,000 | $ 2,141,669 | |
Social Welfare | |||
Social Welfare | 1,242 | ||
Yan Keyan [Member] | |||
Salaries | |||
Salaries | 597,669 | ||
Social Welfare | |||
Social Welfare | 1,242 | ||
Sun Lei [Member] | |||
Salaries | |||
Salaries | 1,470,000 | 772,000 | |
Li Huidan [Member] | |||
Salaries | |||
Salaries | 228,000 | 772,000 | |
Mu Ruifeng [Member] | |||
Salaries | |||
Salaries | 228,000 | ||
Jin Yan [Member] | |||
Salaries | |||
Salaries | $ 228,000 |
Profit_(Loss) Per Share (Detail
Profit/(Loss) Per Share (Details) - Schedule of Profit/(Loss) Per Share - USD ($) | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Basic Profit/(Loss) Per Share Numerator | ||||
Profit/(loss) for the year attributable to owners of the Company (in Dollars) | $ 3,043,779 | $ (73,492,431) | $ (37,215,483) | |
Diluted Profit/(Loss) Per Share Numerator | ||||
Profit/(loss) for the year attributable to owners of the Company (in Dollars) | $ 3,043,779 | $ (73,492,431) | $ (37,215,483) | |
Basic Profit/(Loss) Per Share Denominator | ||||
Original shares: | 6,063,334 | 589,989 | 340,865 | |
- Fractional common stock due to reverse split, weighted | (97) | |||
Issuance of common stock, weighted | 1,091,558 | 111,570 | ||
Basic weighted average shares outstanding | 6,063,237 | 1,681,547 | 452,435 | |
Diluted Profit/(Loss) Per Share Denominator | ||||
Basic weighted average shares outstanding | 6,063,237 | 1,681,547 | 452,435 | |
Conversion of preferred shares | [1] | 303,000 | ||
Diluted Weighted Average Shares Outstanding: | 6,366,237 | 1,681,547 | 452,435 | |
Profit/(Loss) Per Share** | ||||
Basic (in Dollars per share) | [2] | $ 0.5 | $ (43.7) | $ (82.3) |
Diluted (in Dollars per share) | [2] | $ 0.48 | $ (43.7) | $ (82.3) |
Weighted Average Shares Outstanding** | ||||
Basic | [2] | 6,063,237 | 1,681,547 | 452,345 |
Diluted | [2] | 6,366,237 | 1,681,547 | 452,345 |
[1] There were no potential dilutive additions to diluted weighted shares outstanding as a result of the loss for the year ended December 31, 2022 and 2021. The Company effected a 1:10 reverse stock split on April 26, 2023, as a result, the basic and diluted shares and per share number for all years presented here are adjusted retrospectively. |
Property, Plant and Equipment_2
Property, Plant and Equipment (Details) - Schedule of Owner-Occupied Property - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Plant [Member] | Cost [Member] | ||
Schedule of Owner-Occupied Property[Line Items] | ||
Balance at beginning | $ 2,160,573 | $ 4,165,873 |
CARRYING AMOUNT | ||
Additions | ||
Disposal of subsidiaries | (1,716,185) | |
Translation adjustment | (61,214) | (289,116) |
Balance at ending | 2,099,359 | 2,160,573 |
Plant [Member] | Depreciation and Impairment [Member] | ||
Schedule of Owner-Occupied Property[Line Items] | ||
Balance at beginning | (68,418) | (1,374,701) |
CARRYING AMOUNT | ||
Provided for the year | (66,659) | (70,084) |
Disposal of subsidiaries | 1,296,658 | |
Translation adjustment | 2,118 | 79,710 |
Balance at ending | (132,959) | (68,418) |
Plant [Member] | Carrying Amount [Member] | ||
CARRYING AMOUNT | ||
Ending balance | 1,966,400 | 2,092,155 |
Machinery [Member] | Cost [Member] | ||
Schedule of Owner-Occupied Property[Line Items] | ||
Balance at beginning | 5,600 | 131,486 |
CARRYING AMOUNT | ||
Additions | ||
Disposal of subsidiaries | (621) | (118,285) |
Translation adjustment | (157) | (7,601) |
Balance at ending | 4,822 | 5,600 |
Machinery [Member] | Depreciation and Impairment [Member] | ||
Schedule of Owner-Occupied Property[Line Items] | ||
Balance at beginning | (2,419) | (121,129) |
CARRYING AMOUNT | ||
Provided for the year | (1,939) | (1,817) |
Disposal of subsidiaries | 621 | 113,591 |
Translation adjustment | 73 | 6,935 |
Balance at ending | (3,664) | (2,419) |
Machinery [Member] | Carrying Amount [Member] | ||
CARRYING AMOUNT | ||
Ending balance | 1,158 | 3,181 |
Office equipment [Member] | Cost [Member] | ||
Schedule of Owner-Occupied Property[Line Items] | ||
Balance at beginning | 934,663 | 1,015,050 |
CARRYING AMOUNT | ||
Additions | ||
Translation adjustment | (26,481) | (80,387) |
Balance at ending | 908,182 | 934,663 |
Office equipment [Member] | Depreciation and Impairment [Member] | ||
Schedule of Owner-Occupied Property[Line Items] | ||
Balance at beginning | (241,479) | (21,174) |
CARRYING AMOUNT | ||
Provided for the year | (216,271) | (227,388) |
Translation adjustment | 7,419 | 7,083 |
Balance at ending | (450,331) | (241,479) |
Office equipment [Member] | Carrying Amount [Member] | ||
CARRYING AMOUNT | ||
Ending balance | 457,851 | 693,184 |
Motor vehicles [Member] | Cost [Member] | ||
Schedule of Owner-Occupied Property[Line Items] | ||
Balance at beginning | 1,489 | 166,369 |
CARRYING AMOUNT | ||
Additions | 440 | 1,008 |
Disposal of subsidiaries | (958) | (156,406) |
Translation adjustment | (42) | (9,481) |
Balance at ending | 930 | 1,489 |
Motor vehicles [Member] | Depreciation and Impairment [Member] | ||
Schedule of Owner-Occupied Property[Line Items] | ||
Balance at beginning | (304) | (163,162) |
CARRYING AMOUNT | ||
Provided for the year | (1,465) | (258) |
Disposal of subsidiaries | 958 | 153,845 |
Translation adjustment | 9 | 9,270 |
Balance at ending | (802) | (304) |
Motor vehicles [Member] | Carrying Amount [Member] | ||
CARRYING AMOUNT | ||
Ending balance | 128 | 1,185 |
Furniture and fixtures [Member] | Cost [Member] | ||
Schedule of Owner-Occupied Property[Line Items] | ||
Balance at beginning | 3,102,326 | 5,478,778 |
CARRYING AMOUNT | ||
Additions | 440 | 1,008 |
Disposal of subsidiaries | (1,579) | (1,990,876) |
Translation adjustment | (87,894) | (386,585) |
Balance at ending | 3,013,293 | 3,102,326 |
Furniture and fixtures [Member] | Depreciation and Impairment [Member] | ||
Schedule of Owner-Occupied Property[Line Items] | ||
Balance at beginning | (312,622) | (1,680,166) |
CARRYING AMOUNT | ||
Provided for the year | (286,334) | (299,547) |
Disposal of subsidiaries | 1,579 | 1,564,095 |
Translation adjustment | 9,619 | 102,998 |
Balance at ending | (587,756) | (312,622) |
Furniture and fixtures [Member] | Carrying Amount [Member] | ||
CARRYING AMOUNT | ||
Ending balance | $ 2,425,537 | $ 2,789,704 |
Property, Plant and Equipment_3
Property, Plant and Equipment (Details) - Schedule of Straight-Line Basis for All Property, Plant and Equipment over Their Estimated Useful Lives of the Assets | 12 Months Ended |
Dec. 31, 2023 | |
Plant [Member] | |
Property, Plant and Equipment (Details) - Schedule of Straight-Line Basis for All Property, Plant and Equipment over Their Estimated Useful Lives of the Assets [Line Items] | |
Useful life | 30 years |
Residual value | 5% |
Office equipment [Member] | |
Property, Plant and Equipment (Details) - Schedule of Straight-Line Basis for All Property, Plant and Equipment over Their Estimated Useful Lives of the Assets [Line Items] | |
Useful life | 3 years |
Residual value | 5% |
Motor vehicles [Member] | |
Property, Plant and Equipment (Details) - Schedule of Straight-Line Basis for All Property, Plant and Equipment over Their Estimated Useful Lives of the Assets [Line Items] | |
Useful life | 4 years |
Residual value | 5% |
Furniture and fixtures [Member] | |
Property, Plant and Equipment (Details) - Schedule of Straight-Line Basis for All Property, Plant and Equipment over Their Estimated Useful Lives of the Assets [Line Items] | |
Useful life | 3 years |
Residual value | 5% |
Property, Plant and Equipment_4
Property, Plant and Equipment (Details) - Schedule of Plant and Building Include Buildings | 12 Months Ended | |
Dec. 31, 2023 | ||
Jinxi Town, Longshan Road, Taihu City, Anhui Province, the PRC [Member] | ||
Property, Plant and Equipment (Details) - Schedule of Plant and Building Include Buildings [Line Items] | ||
Description | Dormitory | [1] |
Gross area (m2) | 8,573 | [1] |
Jinxi Town, Longshan Road, Taihu City, Anhui Province, the PRC One [Member] | ||
Property, Plant and Equipment (Details) - Schedule of Plant and Building Include Buildings [Line Items] | ||
Description | Factory | [1] |
Gross area (m2) | 22,292 | [1] |
8-101 Bojingwan Beiyuan, Hexi District, Tianjing, the PRC [Member] | ||
Property, Plant and Equipment (Details) - Schedule of Plant and Building Include Buildings [Line Items] | ||
Description | Office | |
Gross area (m2) | 242 | |
[1]These two buildings were disposed along with the menswear business in 2022. |
Long Term Receivable (Details)
Long Term Receivable (Details) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Apr. 15, 2024 | Nov. 19, 2022 | Oct. 19, 2022 | Dec. 31, 2023 | |
Long Term Receivable [Line Items] | ||||
Prepayment for construction | $ 20,000 | |||
Stock purchase amount | $ 10,000,000 | |||
Promissory note in percentage | 5% | |||
Principal amount | $ 10,000,000 | |||
Long term receivable | The Note is payable in four installments, on the following dates and in the following amounts: (a) $1,000,000, together with an accrued interest, is payable on or before November 19, 2022; (b) $2,000,000, together with an accrued interest, is payable on or before April 19, 2023; (c) $3,000,000, together with an accrued interest, is payable on or before April 19, 2024, and (d) the remaining $4,000,000, together with an accrued interest, is payable on or before October 19, 2024. | |||
Purchase consideration | $ 10,000,000 | |||
Event After Reporting Period [Member] | ||||
Long Term Receivable [Line Items] | ||||
Receivable balance | $ 7,000,000 | |||
Purchase consideration | 7,000,000 | |||
Software appraised | $ 7,220,000 |
Long Term Receivable (Details)
Long Term Receivable (Details) - Schedule of Analyzed for Reporting Purposes - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Schedule of Analyzed for Reporting Purposes [Abstract] | ||
Current portion (Note 24) | $ 7,000,000 | $ 3,000,000 |
Non-current portion | 7,000,000 | |
Total receivable | $ 7,000,000 | $ 10,000,000 |
Inventories (Details) - Schedul
Inventories (Details) - Schedule of Inventories - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Schedule of Inventories [Abstract] | ||
Raw materials | ||
Merchandised goods | 483,384 | |
Provision for obsolete inventories | (38,833) | |
Inventories | $ 444,551 |
Trade Receivables, Other Rece_3
Trade Receivables, Other Receivables and Prepayments (Details) | Dec. 31, 2023 USD ($) |
Trade Receivables, Other Receivables and Prepayments [Abstract] | |
Advances to suppliers | $ 11,352,120 |
Trade Receivables, Other Rece_4
Trade Receivables, Other Receivables and Prepayments (Details) - Schedule of Trade Receivables - Trade receivables [Member] - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Schedule of Trade Receivables [Abstract] | ||
Trade receivables | $ 402,820 | $ 37,487 |
Bad debt provision for trade receivables | (37,487) | |
Trade receivables, net | $ 402,820 |
Trade Receivables, Other Rece_5
Trade Receivables, Other Receivables and Prepayments (Details) - Schedule of Other Receivables - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Schedule of Other Receivables [Abstract] | ||
Other receivables | $ 64,423 | $ 318,643 |
Long-term receivable to be collected within 1 year | 7,000,000 | 3,000,000 |
Prepayments | 11,618,310 | 2,182,463 |
Trade and other receivables | $ 18,682,733 | $ 5,501,106 |
Trade Receivables, Other Rece_6
Trade Receivables, Other Receivables and Prepayments (Details) - Schedule of Aging Analysis of Trade Receivables - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Trade Receivables, Other Receivables and Prepayments (Details) - Schedule of Aging Analysis of Trade Receivables [Line Items] | ||
Trade receivables | $ 402,820 | $ 37,487 |
Past due for less than 4 months [Member] | ||
Trade Receivables, Other Receivables and Prepayments (Details) - Schedule of Aging Analysis of Trade Receivables [Line Items] | ||
Trade receivables | 402,820 | |
Past due for more than 4 months [Member] | ||
Trade Receivables, Other Receivables and Prepayments (Details) - Schedule of Aging Analysis of Trade Receivables [Line Items] | ||
Trade receivables | $ 37,487 |
Trade Receivables, Other Rece_7
Trade Receivables, Other Receivables and Prepayments (Details) - Schedule of Provision for Doubtful Debts - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Schedule of Provision for Doubtful Debts [Abstract] | ||
As at January 1 | $ 37,487 | $ 11,215,912 |
Provision provided in the year | 37,487 | |
Reverse due to disposal of subsidiaries | (37,487) | (11,215,912) |
Translation adjustment | ||
As at December 31 | $ 37,487 |
Cash and Cash Equivalents (Deta
Cash and Cash Equivalents (Details) | Dec. 31, 2023 | Dec. 31, 2022 |
Bottom of Range [Member] | ||
Cash and Cash Equivalents [Line Items] | ||
Percentage of bank deposit interest rate | 0.20% | 0.30% |
Top of range [member] | ||
Cash and Cash Equivalents [Line Items] | ||
Percentage of bank deposit interest rate | 0.40% | 0.40% |
Cash and Cash Equivalents (De_2
Cash and Cash Equivalents (Details) - Schedule of Cash and Cash Equivalents - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Cash and Cash Equivalents (Details) - Schedule of Cash and Cash Equivalents [Line Items] | ||
Cash on hand | ||
Bank deposits | 407,311 | 243,530 |
Other monetary funds | 277,386 | |
Cash and cash equivalents | 407,311 | 520,916 |
Renminbi [Member] | ||
Cash and Cash Equivalents (Details) - Schedule of Cash and Cash Equivalents [Line Items] | ||
Cash and cash equivalents | 405,534 | 520,883 |
Hong Kong Dollars [Member] | ||
Cash and Cash Equivalents (Details) - Schedule of Cash and Cash Equivalents [Line Items] | ||
Cash and cash equivalents | 1,776 | 33 |
Total [Member] | ||
Cash and Cash Equivalents (Details) - Schedule of Cash and Cash Equivalents [Line Items] | ||
Cash and cash equivalents | $ 407,311 | $ 520,916 |
Trade and Other Payables (Detai
Trade and Other Payables (Details) - Schedule of Trade and Other Payables - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Schedule of Trade and Other Payables [Abstract] | ||
Trade payables | $ 388,126 | $ 670,965 |
Employee benefits payable | 24,091 | 15,925 |
Accrual and other payables | 1,823,771 | 632,186 |
Trade and other payables | $ 2,235,988 | $ 1,319,076 |
Trade and Other Payables (Det_2
Trade and Other Payables (Details) - Schedule of Aging Analysis of Trade Payables - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Trade and Other Payables (Details) - Schedule of Aging Analysis of Trade Payables [Line Items] | ||
Trade payables | $ 388,126 | $ 670,965 |
Past due for less than 4 months [Member] | ||
Trade and Other Payables (Details) - Schedule of Aging Analysis of Trade Payables [Line Items] | ||
Trade payables | 388,126 | 431,202 |
Past due for over 4 months [Member] | ||
Trade and Other Payables (Details) - Schedule of Aging Analysis of Trade Payables [Line Items] | ||
Trade payables | $ 239,763 |
Related Parties Payable (Detail
Related Parties Payable (Details) | 12 Months Ended |
Dec. 31, 2022 shares | |
Related Parties Payable [Line Items] | |
Shares issued | 300,000 |
Sun Lei [Member] | |
Related Parties Payable [Line Items] | |
Shares issued | 1,000,000 |
Related Parties Payable (Deta_2
Related Parties Payable (Details) - Schedule of Nature of Relationship With Related Parties | 12 Months Ended |
Dec. 31, 2023 | |
Yan, Keyan [Member] | |
Related Parties Payable (Details) - Schedule of Nature of Relationship With Related Parties [Line Items] | |
Relationship with the Group | EX-chairman of the Board of Directors and interim Chief Financial Officer |
Sun, Lei [Member] | |
Related Parties Payable (Details) - Schedule of Nature of Relationship With Related Parties [Line Items] | |
Relationship with the Group | Chief Executive Officer and Co-chairman of the Board of Directors |
Li Huidan [Member] | |
Related Parties Payable (Details) - Schedule of Nature of Relationship With Related Parties [Line Items] | |
Relationship with the Group | Co-Chairman of the Board of Directors |
Mu Ruifeng [Member] | |
Related Parties Payable (Details) - Schedule of Nature of Relationship With Related Parties [Line Items] | |
Relationship with the Group | Director |
Jin Yan [Member] | |
Related Parties Payable (Details) - Schedule of Nature of Relationship With Related Parties [Line Items] | |
Relationship with the Group | Director |
Related Parties Payable (Deta_3
Related Parties Payable (Details) - Schedule of Significant Balances Between Group and Related Parties - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Related Parties Payable (Details) - Schedule of Significant Balances Between Group and Related Parties [Line Items] | ||
Borrowing of funds | $ 3,330,518 | $ 2,611,097 |
Li, Huidan [Member] | ||
Related Parties Payable (Details) - Schedule of Significant Balances Between Group and Related Parties [Line Items] | ||
Borrowing of funds | 2,449,165 | 2,122,697 |
Sun, Lei [Member] | ||
Related Parties Payable (Details) - Schedule of Significant Balances Between Group and Related Parties [Line Items] | ||
Borrowing of funds | $ 881,353 | $ 488,400 |
Related Parties Payable (Deta_4
Related Parties Payable (Details) - Schedule of Issued Shares | Dec. 31, 2022 USD ($) shares |
Related Parties Payable (Details) - Schedule of Issued Shares [Line Items] | |
Shares issued | shares | 300,000 |
Value | $ | $ 684,000 |
Mu Ruifeng [Member] | |
Related Parties Payable (Details) - Schedule of Issued Shares [Line Items] | |
Shares issued | shares | 100,000 |
Value | $ | $ 228,000 |
Jin Yan [Member] | |
Related Parties Payable (Details) - Schedule of Issued Shares [Line Items] | |
Shares issued | shares | 100,000 |
Value | $ | $ 228,000 |
Li Huidan [Member] | |
Related Parties Payable (Details) - Schedule of Issued Shares [Line Items] | |
Shares issued | shares | 100,000 |
Value | $ | $ 228,000 |
Rights (Details)
Rights (Details) - USD ($) | 12 Months Ended | |
Mar. 12, 2021 | Dec. 31, 2023 | |
Rights (Details) [Line Items] | ||
Par value per share (in Dollars per share) | $ 0.0001 | |
Exercise price (in Dollars) | $ 50 | |
Share of preferred stock (in Dollars per share) | $ 0.00667 | |
Ownership percent of common stock | 15% | |
Acquires percentage | 15% | |
Shares issued (in Shares) | 4,233,272 | |
Shares outstanding (in Shares) | 4,233,272 | |
Common stock [Member] | ||
Rights (Details) [Line Items] | ||
Ownership percent of common stock | 15% |
Rights (Details) - Schedule of
Rights (Details) - Schedule of Inputs to the Black-Scholes Model | 12 Months Ended |
Dec. 31, 2023 $ / shares | |
Schedule of Inputs to the Black Scholes Model [Abstract] | |
Exercise price (in Dollars per share) | $ 50 |
Dividend yield | |
Risk-free rate | 1.54% |
Expected term (in years) | 10 years |
Expected volatility | 79.68% |
Share Capital and Share Premi_3
Share Capital and Share Premium (Details) - USD ($) | 12 Months Ended | |||||||||||||||||||||||
Apr. 26, 2023 | Dec. 19, 2022 | Dec. 06, 2022 | Nov. 28, 2022 | Nov. 21, 2022 | Nov. 14, 2022 | Nov. 07, 2022 | Sep. 20, 2022 | Sep. 19, 2022 | Sep. 09, 2022 | Sep. 02, 2022 | Aug. 25, 2022 | Jun. 18, 2022 | Jun. 04, 2022 | Jun. 02, 2022 | May 26, 2022 | May 16, 2022 | May 06, 2022 | Apr. 08, 2021 | Dec. 31, 2023 | Apr. 21, 2022 | Apr. 19, 2022 | Nov. 01, 2021 | Sep. 01, 2021 | |
Share Capital and Share Premium [Line Items] | ||||||||||||||||||||||||
Preferred stock of convertible shares | 0.1 | |||||||||||||||||||||||
Common stcok date issue | 6 months | |||||||||||||||||||||||
Common stock, par value (in Dollars per share) | $ 0.0001 | |||||||||||||||||||||||
Reverse stock split | 1:10 | |||||||||||||||||||||||
Forecast [Member] | ||||||||||||||||||||||||
Share Capital and Share Premium [Line Items] | ||||||||||||||||||||||||
Shares of common stock | 3,030,000 | |||||||||||||||||||||||
Reverse stock split | 303,000 | |||||||||||||||||||||||
Bottom of Range [Member] | ||||||||||||||||||||||||
Share Capital and Share Premium [Line Items] | ||||||||||||||||||||||||
Reverse common stock split ratio | 1 | |||||||||||||||||||||||
Top of Range [Member] | ||||||||||||||||||||||||
Share Capital and Share Premium [Line Items] | ||||||||||||||||||||||||
Reverse common stock split ratio | 10 | |||||||||||||||||||||||
Preferred stock [Member] | ||||||||||||||||||||||||
Share Capital and Share Premium [Line Items] | ||||||||||||||||||||||||
Preferred stock, share authorized | 5,000,000 | |||||||||||||||||||||||
Preferred stock, par value (in Dollars per share) | $ 0.0001 | |||||||||||||||||||||||
Ordinary shares [member] | ||||||||||||||||||||||||
Share Capital and Share Premium [Line Items] | ||||||||||||||||||||||||
Share issued | 1,000,000 | 999,996 | 492,000 | 551,000 | 557,000 | 400,000 | 652 | 80,000 | 80,000 | 80,000 | 80,000 | 280,000 | 180,000 | 100,000 | 340,000 | 20,000 | 52,000 | |||||||
Common per share (in Dollars per share) | $ 7.1 | $ 8 | $ 8.2 | $ 8.3 | $ 7.7 | $ 7.9 | $ 8.8 | $ 8.8 | $ 10.3 | $ 11.7 | $ 13.5 | $ 13.2 | $ 11.8 | $ 15 | $ 14.7 | $ 17.6 | $ 22.8 | $ 24.3 | $ 26.4 | |||||
Reverse stock split | 1:10 | 1:10 | 1:10 | 1:10 | 1:10 | 1:10 | 1:10 | 1:10 | 1:10 | 1:10 | 1:10 | 1:10 | 1:10 | 1:10 | 1:10 | 1:10 | 1:10 | |||||||
Ordinary shares [member] | Board [Member] | ||||||||||||||||||||||||
Share Capital and Share Premium [Line Items] | ||||||||||||||||||||||||
Share issued | 30,000 | |||||||||||||||||||||||
Common per share (in Dollars per share) | $ 22.8 | |||||||||||||||||||||||
Reverse stock split | 1:10 | |||||||||||||||||||||||
Ordinary shares [member] | Sun Lei [Member] | ||||||||||||||||||||||||
Share Capital and Share Premium [Line Items] | ||||||||||||||||||||||||
Share issued | 100,000 | |||||||||||||||||||||||
Preferred A Shares [Member] | ||||||||||||||||||||||||
Share Capital and Share Premium [Line Items] | ||||||||||||||||||||||||
Preferred stock, par value (in Dollars per share) | $ 1 | |||||||||||||||||||||||
Preferred stock shares issued | 1,500,000 | |||||||||||||||||||||||
Subscription proceeds (in Dollars) | $ 1,500,000 | |||||||||||||||||||||||
Series C Convertible Preferred Stock [Member] | ||||||||||||||||||||||||
Share Capital and Share Premium [Line Items] | ||||||||||||||||||||||||
Preferred stock, par value (in Dollars per share) | $ 10 | |||||||||||||||||||||||
Subscription proceeds (in Dollars) | $ 1,500,000 | |||||||||||||||||||||||
Preferred stock share issued | 150,000 | |||||||||||||||||||||||
Series D Convertible Preferred Stock [Member] | ||||||||||||||||||||||||
Share Capital and Share Premium [Line Items] | ||||||||||||||||||||||||
Preferred stock, par value (in Dollars per share) | $ 0.0001 | |||||||||||||||||||||||
Preferred stock share issued | 100,000 | |||||||||||||||||||||||
Total gross proceeds | 3,900,000 | |||||||||||||||||||||||
Series D Convertible Preferred Stock [Member] | Common stock [Member] | ||||||||||||||||||||||||
Share Capital and Share Premium [Line Items] | ||||||||||||||||||||||||
Preferred stock, par value (in Dollars per share) | $ 0.0001 | |||||||||||||||||||||||
Common stock [Member] | Ordinary shares [member] | ||||||||||||||||||||||||
Share Capital and Share Premium [Line Items] | ||||||||||||||||||||||||
Share issued | 150,000,000 |
Share Capital and Share Premi_4
Share Capital and Share Premium (Details) - Schedule of Group's Share Capital - shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Number of shares [Member] | |||
Schedule of Group's Share Capital [Line Items] | |||
Shares outstanding, Beginning | 6,063,334 | 589,990 | |
Issuance of shares | 5,473,344 | ||
Shares outstanding, Ending | 6,063,192 | 6,063,334 | |
Authorized Common shares | 150,000,000 | ||
Issue and fully paid common shares | 6,063,192 | 6,063,334 | 589,990 |
Face value changes and fractional shares due to reverse stock split | (142) | ||
Share capital [Member] | |||
Schedule of Group's Share Capital [Line Items] | |||
Shares outstanding, Beginning | 6,063 | 590 | |
Issuance of shares | 5,473 | ||
Shares outstanding, Ending | 606 | 6,063 | |
Authorized Common shares | 15,000 | ||
Issue and fully paid common shares | 606 | 6,063 | 590 |
Face value changes and fractional shares due to reverse stock split | (5,457) | ||
Share premium [member] | |||
Schedule of Group's Share Capital [Line Items] | |||
Shares outstanding, Beginning | 77,959,554 | 24,719,794 | |
Issuance of shares | 53,239,760 | ||
Shares outstanding, Ending | 77,965,011 | 77,959,554 | |
Authorized Common shares | |||
Issue and fully paid common shares | 77,965,011 | 77,959,554 | 24,719,794 |
Face value changes and fractional shares due to reverse stock split | 5,457 |
Share Capital and Share Premi_5
Share Capital and Share Premium (Details) - Schedule of Group's Share Capital (Parentheticals) - Number of shares [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of Group's Share Capital [Line Items] | |||
Authorized Common shares | $ 0.0001 | ||
Issue and fully paid common shares | $ 0.0001 | $ 0.0001 | $ 0.0001 |
Share Capital and Share Premi_6
Share Capital and Share Premium (Details) - Schedule of Series A, C And D Convertible Preferred Stock Converted Certain Preferred Stock to Common Stock - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Share Capital and Share Premium (Details) - Schedule of Series A, C And D Convertible Preferred Stock Converted Certain Preferred Stock to Common Stock [Line Items] | ||
Beginning balance shares (in Shares) | ||
Beginning balance amount | $ 5,860,000 | $ 5,860,000 |
Ending balance amount | 5,860,000 | 5,860,000 |
Changes | ||
Common shares convertible (in Shares) | 303,000 | |
Common shares convertible | ||
Preferred A [Member] | ||
Share Capital and Share Premium (Details) - Schedule of Series A, C And D Convertible Preferred Stock Converted Certain Preferred Stock to Common Stock [Line Items] | ||
Beginning balance shares (in Shares) | 1,240,000 | 1,240,000 |
Beginning balance amount | $ 1,240,000 | $ 1,240,000 |
Ending balance shares (in Shares) | 1,240,000 | 1,240,000 |
Ending balance amount | $ 1,240,000 | $ 1,240,000 |
Changes (in Shares) | ||
Changes | ||
Common shares convertible (in Shares) | 124,000 | |
Common shares convertible | ||
Preferred C [Member] | ||
Share Capital and Share Premium (Details) - Schedule of Series A, C And D Convertible Preferred Stock Converted Certain Preferred Stock to Common Stock [Line Items] | ||
Beginning balance shares (in Shares) | 150,000 | 150,000 |
Beginning balance amount | $ 1,500,000 | $ 1,500,000 |
Ending balance shares (in Shares) | 150,000 | 150,000 |
Ending balance amount | $ 1,500,000 | $ 1,500,000 |
Changes (in Shares) | ||
Changes | ||
Common shares convertible (in Shares) | 75,000 | |
Common shares convertible | ||
Preferred D [Member] | ||
Share Capital and Share Premium (Details) - Schedule of Series A, C And D Convertible Preferred Stock Converted Certain Preferred Stock to Common Stock [Line Items] | ||
Beginning balance shares (in Shares) | 80,000 | 80,000 |
Beginning balance amount | $ 3,120,000 | $ 3,120,000 |
Ending balance shares (in Shares) | 80,000 | 80,000 |
Ending balance amount | $ 3,120,000 | $ 3,120,000 |
Changes (in Shares) | ||
Changes | ||
Common shares convertible (in Shares) | 104,000 | |
Common shares convertible |
Other Reserve (Details)
Other Reserve (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Other Reserve [Abstract] | ||
Authorized capital percentage | 50% | |
Net profit after tax | 10% | |
Statutory surplus reserve |
Risk Management and Fair Valu_3
Risk Management and Fair Values (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Risk Management and Fair Values [Abstract] | |
Average appreciation (depreciation) foreign currency, description | If the RMB depreciates against the U.S. dollar, the value of our RMB revenues, earnings and assets as expressed in our U.S. dollar financial statements will decline. |
Accumulated other comprehensive loss | $ 0.5 |
Risk Management and Fair Valu_4
Risk Management and Fair Values (Details) - Schedule of Capital Requirements - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Schedule of Capital Requirements [Abstract] | ||
Total borrowing | ||
Less: cash and cash equivalents | (407,311) | (520,916) |
Net debt | (407,311) | (520,916) |
Total equity | 15,154,695 | 12,325,892 |
Total capital | $ 14,747,384 | $ 11,804,976 |
Gearing ratio | (3.00%) | (1.00%) |
Risk Management and Fair Valu_5
Risk Management and Fair Values (Details) - Schedule of Liquidity Risk - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Schedule of Liquidity Risk [Line Items] | ||
Trade and other payables | $ 2,235,988 | $ 1,319,076 |
Other tax payable | 212 | |
Related parties payables | 3,330,518 | 2,611,097 |
Total | 5,566,506 | 3,930,385 |
Within 1 year [Member] | ||
Schedule of Liquidity Risk [Line Items] | ||
Trade and other payables | 2,235,988 | 1,319,076 |
Other tax payable | 212 | |
Related parties payables | 3,330,518 | 2,611,097 |
Total | 5,566,506 | 3,930,385 |
Over 1 year [Member] | ||
Schedule of Liquidity Risk [Line Items] | ||
Trade and other payables | ||
Other tax payable | ||
Related parties payables | ||
Total |
Events After the Balance Sheet
Events After the Balance Sheet (Details) - Major purchases of assets [member] - Tianjin Baoliting Intelligence Technology Co., Ltd. [Member] | Apr. 15, 2024 USD ($) |
Events After the Balance Sheet [Line Items] | |
Consideration | $ 7,000,000 |
Intangible assets | $ 7.220000 |