Cover
Cover - USD ($) | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Mar. 29, 2022 | Jun. 30, 2021 | |
Cover [Abstract] | ||||
Document Type | 10-K/A | |||
Amendment Flag | true | |||
Amendment Description | The purpose of this Amendment No. 1 (this “Amendment”) to our Annual Report on Form 10-K for the year ended December 31, 2021 (the “Form 10-K/A”) is to correct the Annual Report on Form 10-K for the year ended December 31, 2021 filed with the Securities and Exchange Commission (the “SEC”) on March 29, 2022 (the “Form 10-K”) as follows: (i) the year of the Annual Report is corrected from 2019 to 2021 and the dates of certifications from our Chief Executive Officer and Chief Financial Officer from March 30, 2020 to March 29, 2022. | |||
Document Annual Report | true | |||
Document Transition Report | false | |||
Document Period End Date | Dec. 31, 2021 | |||
Document Fiscal Period Focus | FY | |||
Document Fiscal Year Focus | 2021 | |||
Current Fiscal Year End Date | --12-31 | |||
Entity File Number | 001-38308 | |||
Entity Registrant Name | Greenpro Capital Corp. | |||
Entity Central Index Key | 0001597846 | |||
Entity Tax Identification Number | 98-1146821 | |||
Entity Incorporation, State or Country Code | NV | |||
Entity Address, Address Line One | B-7-5, Northpoint | |||
Entity Address, Address Line Two | Mid Valley City | |||
Entity Address, Address Line Three | No. 1 Medan Syed Putra Utara | |||
Entity Address, City or Town | Kuala Lumpur | |||
Entity Address, Country | MY | |||
Entity Address, Postal Zip Code | 59200 | |||
City Area Code | +60 | |||
Local Phone Number | 3 2201 - 3192 | |||
Title of 12(b) Security | Common Stock, $0.0001 par value | |||
Trading Symbol | GRNQ | |||
Security Exchange Name | NASDAQ | |||
Entity Well-known Seasoned Issuer | No | |||
Entity Voluntary Filers | No | |||
Entity Current Reporting Status | Yes | |||
Entity Interactive Data Current | Yes | |||
Entity Filer Category | Non-accelerated Filer | |||
Entity Small Business | true | |||
Entity Emerging Growth Company | false | |||
Entity Shell Company | false | |||
Entity Public Float | $ 37,122,496 | |||
Entity Common Stock, Shares Outstanding | 78,671,688 | |||
ICFR Auditor Attestation Flag | false | |||
Auditor Name | JP Centurion & Partners PLT | JLKZ CPA LLP | ||
Auditor Firm ID | 6723 | 6519 | ||
Auditor Location | Kuala Lumpur, Malaysia | Flushing, New York |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Current assets | ||
Cash and cash equivalents (including $12,866 and $172,962 of restricted cash as of December 31, 2021 and 2020, respectively) | $ 5,338,571 | $ 1,086,753 |
Accounts receivable, net of allowance of $133,356 and $24,084 as of December 31, 2021 and 2020, respectively (including $41 and $152,475 of net accounts receivable from related parties as of December 31, 2021 and 2020, respectively) | 30,601 | 191,490 |
Prepaids and other current assets | 146,661 | 190,304 |
Due from related parties | 1,170,855 | 62,320 |
Deferred costs of revenue (including $11,640 and $0 to related parties as of December 31, 2021 and 2020, respectively) | 123,293 | 81,246 |
Total current assets | 6,809,981 | 1,612,113 |
Property and equipment, net | 2,860,205 | 2,881,090 |
Real Estate investments: | ||
Real estate held for sale | 2,205,839 | 2,218,273 |
Real estate held for investment, net | 717,823 | 776,080 |
Intangible assets, net | 2,625 | 3,364 |
Goodwill | 345,808 | 319,726 |
Other investments (including $9,621,935 and $6,829,660 of investments in related parties as of December 31, 2021 and 2020, respectively) | 9,621,935 | 6,829,660 |
Operating lease right-of-use assets, net | 101,221 | 85,133 |
Other non-current assets | 45,244 | 70,447 |
TOTAL ASSETS | 22,710,681 | 14,795,886 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 787,595 | 702,726 |
Current portion of loans secured by real estate | 158,612 | |
Convertible notes payable, net | 142,473 | |
Due to related parties | 757,283 | 1,108,641 |
Income tax payable | 2,342 | |
Operating lease liabilities, current portion | 89,636 | 86,975 |
Deferred revenue (including $912,980 and $558,600 from related parties as of December 31, 2021 and 2020, respectively) | 2,006,696 | 1,634,075 |
Derivative liabilities | 9,935 | 1,189,786 |
Total current liabilities | 3,653,487 | 5,023,288 |
Long term portion of loans secured by real estate | 1,376,996 | |
Operating lease liabilities, net of current portion | 18,760 | |
Total liabilities | 3,672,247 | 6,400,284 |
Commitments and contingencies | ||
Stockholders’ Equity: | ||
Preferred stock, $0.0001 par value; 100,000,000 shares authorized; no shares issued and outstanding | ||
Common Stock, $0.0001 par value; 500,000,000 shares authorized; 78,671,688 and 61,764,562 shares issued and outstanding as of December 31, 2021 and 2020, respectively | 7,867 | 6,178 |
Additional paid in capital | 50,102,738 | 25,135,738 |
Accumulated other comprehensive loss | (26,863) | (26,863) |
Accumulated deficit | (31,271,808) | (16,922,452) |
Total Greenpro Capital Corp. stockholders’ equity | 18,811,934 | 8,192,601 |
Noncontrolling interests in consolidated subsidiaries | 226,500 | 203,001 |
Total stockholders’ equity | 19,038,434 | 8,395,602 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 22,710,681 | $ 14,795,886 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Restricted cash | $ 12,866 | $ 172,962 |
Accounts receivable, allowance | 133,356 | 24,084 |
Accounts receivable from related parties | 41 | 152,475 |
Due from related parties, deferred costs of revenue | 11,640 | 0 |
Due from related parties | 9,621,935 | 6,829,660 |
Due from related parties, deferred revenue | $ 912,980 | $ 558,600 |
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 100,000,000 | 100,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued | 78,671,688 | 61,764,562 |
Common stock, shares outstanding | 78,671,688 | 61,764,562 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Loss - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
REVENUES: | ||
Total revenues | $ 2,949,780 | $ 2,254,811 |
COST OF REVENUES: | ||
Total cost of revenues | (472,686) | (599,413) |
GROSS PROFIT | 2,477,094 | 1,655,398 |
OPERATING EXPENSES: | ||
General and administrative (including $12,922 and $12,483 of general and administrative expense to related parties for the years ended December 31, 2021 and 2020, respectively) | (5,231,778) | (4,560,973) |
Total operating expenses | (5,231,778) | (4,560,973) |
LOSS FROM OPERATIONS | (2,754,684) | (2,905,575) |
OTHER INCOME (EXPENSES) | ||
Other income (including $0 and $1,934 of other income from a related party for the years ended December 31, 2021 and 2020, respectively) | 46,740 | 150,087 |
Interest income | 7,494 | 1,606 |
Reversal of write-off notes receivable | 5,000,000 | |
Fair value (gains) losses of derivative liabilities associated with warrants | 70,051 | (51,441) |
Fair value gains of options associated with convertible notes | 5,093,720 | 196,900 |
Interest expense (including $12,900,855 and $1,013,415 of interest expense related to convertible notes for the years ended December 31, 2021, and 2020, respectively) | (12,950,750) | (1,144,530) |
Loss on extinguishment of convertible notes | (3,521,263) | |
Impairment of other investment (including $5,349,600 and $0 of related party investment for the years ended December 31, 2021, and 2020, respectively) | (5,349,600) | |
Total other expenses | (11,603,608) | (847,378) |
LOSS BEFORE INCOME TAX | (14,358,292) | (3,752,953) |
Income tax expense | (4,940) | |
NET LOSS | (14,363,232) | (3,752,953) |
Net loss (income) attributable to noncontrolling interest | 13,876 | (8,870) |
NET LOSS ATTRIBUTED TO COMMON SHAREHOLDERS OF GREENPRO CAPITAL CORP. | (14,349,356) | (3,761,823) |
Other comprehensive income: | ||
- Foreign currency translation income | 68,306 | |
COMPREHENSIVE LOSS | $ (14,349,356) | $ (3,693,517) |
NET LOSS PER SHARE, BASIC AND DILUTED | $ (0.21) | $ (0.07) |
WEIGHTED AVERAGE NUMBER OF COMMON STOCK OUTSTANDING, BASIC AND DILUTED | 69,204,518 | 57,357,398 |
Service [Member] | ||
REVENUES: | ||
Total revenues | $ 2,820,950 | $ 1,876,954 |
COST OF REVENUES: | ||
Total cost of revenues | (422,908) | (338,683) |
Rental Revenue [Member] | ||
REVENUES: | ||
Total revenues | 128,830 | 124,128 |
COST OF REVENUES: | ||
Total cost of revenues | (49,778) | (50,114) |
Real Estate [Member] | ||
REVENUES: | ||
Total revenues | 253,729 | |
COST OF REVENUES: | ||
Total cost of revenues | $ (210,616) |
Consolidated Statements of Op_2
Consolidated Statements of Operations and Comprehensive Loss (Parenthetical) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Service revenue from related parties | $ 861,449 | $ 250,246 |
Cost of service, related parties | 2,514 | |
General and administrative expense, related parties | 12,922 | 12,483 |
Other income from related party | 0 | 1,934 |
Related party investments | 5,349,600 | 0 |
Convertible Notes [Member] | ||
Interest expense, related party | 12,900,855 | 1,013,415 |
Service [Member] | ||
Service revenue from related parties | 861,449 | 250,246 |
Cost of service, related parties | $ 0 | $ 2,514 |
Consolidated Statements of Chan
Consolidated Statements of Changes In Stockholders' Equity - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Noncontrolling Interest [Member] | Total |
Beginning balance, value at Dec. 31, 2019 | $ 5,473 | $ 16,417,481 | $ (95,169) | $ (13,160,629) | $ 186,685 | $ 3,353,841 |
Beginning balance, shares at Dec. 31, 2019 | 54,723,889 | |||||
Fair value of shares issued for marketing expense | $ 24 | 348,376 | 348,400 | |||
Fair value of shares issued for marketing expenses, shares | 235,000 | |||||
Fair value of shares issued for consultancy fee | $ 30 | 372,120 | 372,150 | |||
Fair value of shares issued for consultancy fee, shares | 300,000 | |||||
Fair value of shares issued for other investments | $ 585 | 6,160,527 | 6,161,112 | |||
Fair value of shares issued for other investments, shares | 5,845,218 | |||||
Fair value of shares issued for a stock option | $ 25 | 364,475 | 364,500 | |||
Fair value of shares issued for a stock option, shares | 250,000 | |||||
Common Stock sold in private placements | $ 41 | 477,259 | 477,300 | |||
Common Stock sold in private placements, shares | 410,455 | |||||
Derecognition of non-controlling interest due to deconsolidation | 7,446 | 7,446 | ||||
Foreign currency translation | 68,306 | 68,306 | ||||
Beneficial conversion feature related to convertible notes | 995,500 | 995,500 | ||||
Net loss for the year | (3,761,823) | 8,870 | (3,752,953) | |||
Ending balance, value at Dec. 31, 2020 | $ 6,178 | 25,135,738 | (26,863) | (16,922,452) | 203,001 | 8,395,602 |
Ending balance, shares at Dec. 31, 2020 | 61,764,562 | |||||
Fair value of shares issued for subscription fee | $ 6 | 144,114 | 144,120 | |||
Fair value of shares issued for subscription fee, shares | 60,000 | |||||
Fair value of shares issued for marketing expense | $ 20 | 208,060 | 208,080 | |||
Fair value of shares issued for marketing expenses, shares | 200,000 | |||||
Fair value of shares issued from conversion of promissory notes | $ 1,322 | 12,330,938 | 12,332,260 | |||
Fair value of shares issued from conversion of promissory notes, shares | 13,225,004 | |||||
Fair value of shares issued for acquisition | $ 7 | 69,184 | 37,375 | 106,566 | ||
Fair value of shares issued for acquisition, shares | 79,530 | |||||
Fair value of shares issued for other investments | $ 334 | 8,130,666 | 8,131,000 | |||
Fair value of shares issued for other investments, shares | 3,342,592 | |||||
Foreign currency translation | ||||||
Beneficial conversion feature related to convertible notes | 4,010,083 | 4,010,083 | ||||
Reclassification of conversion option related to a convertible note | 5,745,520 | 5,745,520 | ||||
Value of beneficial conversion feature resulting from debt extinguishment | (5,671,565) | (5,671,565) | ||||
Net loss for the year | (14,349,356) | (13,876) | (14,363,232) | |||
Ending balance, value at Dec. 31, 2021 | $ 7,867 | $ 50,102,738 | $ (26,863) | $ (31,271,808) | $ 226,500 | $ 19,038,434 |
Ending balance, shares at Dec. 31, 2021 | 78,671,688 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Cash flows from operating activities: | ||
Net loss | $ (14,363,232) | $ (3,752,953) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 168,684 | 252,129 |
Amortization of right-of-use assets | 148,954 | 263,126 |
Amortization of discount on convertible notes | 206,342 | 15,122 |
Amortization of debt issuance costs | 76,380 | 6,780 |
Interest expense associated with accretion of convertible notes | 8,561,440 | 832,200 |
Interest expense associated with conversion of notes | 2,254,480 | 120,571 |
Interest expense due to non-fulfillment of use of proceeds requirements | 1,106,488 | |
Interest expense due to early redemption of notes | 235,536 | |
Loss on extinguishment of convertible notes | 3,521,263 | |
Impairment of other investment - related party | 5,349,600 | |
Provision for bad debts | 22,583 | 40,895 |
Fair value of shares issued for subscription fee | 144,120 | |
Fair value of shares issued for marketing expenses | 208,080 | 348,400 |
Fair value of shares issued for consultancy fee | 372,150 | |
Reversal of write-off notes receivable | (5,000,000) | |
(Gain) loss on disposal of a subsidiary | (3,847) | 125 |
(Gain) loss on disposal of property and equipment | (148) | 117 |
Gain on disposal of other investment | (875) | |
Gain on sale of real estate held for sale | (43,113) | |
Loss on deconsolidation of controlled subsidiaries | 727 | |
Fair value (gains) losses of derivative liabilities associated with warrants | (70,051) | 51,441 |
Fair value gains of derivative liabilities associated with convertible notes | (5,093,720) | (196,900) |
Increase in cash surrender value on life insurance | (1,940) | |
Changes in operating assets and liabilities: | ||
Accounts receivable | 160,889 | 30,039 |
Prepaids and other current assets | 68,846 | 18,441 |
Deferred costs of revenue | (42,047) | (7,425) |
Accounts payable and accrued liabilities | 84,869 | (55,087) |
Income tax payable | 2,342 | (27,598) |
Operating lease liabilities | (143,622) | (266,052) |
Deferred revenue | 372,621 | 431,922 |
Net cash used in operating activities | (2,023,150) | (1,567,758) |
Cash flows from investing activities: | ||
Purchase of property and equipment | (39,349) | (3,008) |
Purchase of other investments | (10,875) | (248,056) |
Acquisition of business, net of cash acquired | 81,609 | |
Proceeds from real estate held for sale | 137,375 | |
Proceeds from sale of property and equipment | 283 | 100 |
Proceeds from disposal of subsidiary | 3,847 | |
Proceeds from redemption of life insurance policy | 93,717 | |
Disposal of subsidiaries, net of cash disposed | (25,015) | |
Net cash provided by (used in) investing activities | 35,515 | (44,887) |
Cash flows from financing activities: | ||
Principal payments of loans secured by real estate | (1,542,298) | (542,928) |
Advances (to) from related parties | (1,239,489) | 98,363 |
Proceeds from convertible promissory notes, net | 5,210,000 | 1,470,000 |
Collection of notes receivable | 5,000,000 | |
Convertible note redemptions paid in cash | (1,120,000) | |
Proceeds from shares issued for cash, net | 477,300 | |
Net cash provided by financing activities | 6,308,213 | 1,502,735 |
Effect of exchange rate changes in cash and cash equivalents | (68,760) | (60,076) |
NET CHANGE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | 4,251,818 | (169,986) |
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, BEGINNING OF YEAR | 1,086,753 | 1,256,739 |
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, END OF YEAR | 5,338,571 | 1,086,753 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||
Cash paid for income tax | 3,631 | 31,581 |
Cash paid for interest | 343,009 | 126,140 |
NON-CASH INVESTING AND FINANCING ACTIVITIES | ||
Fair value of shares issued for a stock option | 364,500 | |
Fair value of shares issued for acquisition of business | 69,191 | |
Fair value of shares issued for other investments | 8,131,000 | 6,161,112 |
Fair value of shares issued from conversion of promissory notes | 12,332,260 | |
Beneficial conversion feature associated with convertible notes payable | 4,010,083 | 995,500 |
Reclassification of conversion option associated with convertible notes payable to additional paid in capital | 5,745,520 | |
Derecognition of beneficial conversion feature value from additional paid in capital resulting from debt extinguishment | 5,671,565 | |
Debt discount associated with convertible notes payable | 1,647,527 | |
Derivative liability associated with convertible notes payable | $ 1,109,800 |
NATURE OF OPERATIONS AND SUMMAR
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 1 – NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Greenpro Inc. (the “Company”) was incorporated on July 19, 2013 in the state of Nevada, and in 2015 changed its name to Greenpro Capital Corp. The Company currently provides a wide range of business consulting and corporate advisory services including cross-border listing advisory services, tax planning, advisory and transaction services, record management services, and accounting outsourcing services. As part of our business consulting and corporate advisory business segment, Greenpro Venture Capital Limited provides a business incubator for start-up and high growth companies during their critical growth period and focuses on investments in select start-up and high growth potential companies. In addition to our business consulting and corporate advisory business segment, we operate another business segment that focuses on the acquisition and rental of real estate properties held for investment and the and sale of real estate properties held for sale. Our focus is on companies located in South-East Asia and East Asia including Hong Kong, the People’s Republic of China (“PRC”), Malaysia, Thailand, and Singapore. Going Concern The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. As reflected in the accompanying financial statements, for the year ended December 31, 2021, the Company incurred a net loss of $ 14,363,232 and net cash used in operating activities of $ 2,023,150 . These factors raise substantial doubt about the Company’s ability to continue as a going concern within one year of the date that the financial statements are issued. The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. The Company’s ability to continue as a going concern is dependent upon improving its profitability and the continuing financial support from its major shareholders. Management believes the existing shareholders or external financing will provide the additional cash to meet the Company’s obligations as they become due. No assurance can be given that any future financing, if needed, will be available or, if available, that it will be on terms that are satisfactory to the Company. Even if the Company can obtain additional financing, if needed, it may contain undue restrictions on its operations, in the case of debt financing, or cause substantial dilution for its stockholders, in the case of equity financing. COVID-19 Outbreak On January 30, 2020, the World Health Organization (“WHO”) announced a global health emergency because of a new strain of coronavirus originating in Wuhan, China (the “COVID-19 outbreak”) and the risks to the international community as the virus spreads globally beyond its point of origin. In March 2020, the WHO classified the COVID-19 outbreak as a pandemic, based on the rapid increase in exposure globally. The full impact of the COVID-19 outbreak continues to evolve as of the date of this report. As such, it is uncertain as to the full magnitude that the pandemic will have on our financial condition, liquidity, and future results of operations. Management is actively monitoring the impact of the global situation on our financial condition, liquidity, operations, suppliers, industry, and workforce. Given the daily evolution of the COVID-19 outbreak and the global responses to curb its spread, we are not able to estimate the effects of the COVID-19 outbreak on our results of operations, financial condition, or liquidity for the year ended December 31, 2021. Basis of presentation and principles of consolidation The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries and majority-owned subsidiaries which the Company controls and entities for which the Company is the primary beneficiary. For those consolidated subsidiaries where the Company’s ownership is less than 100 Use of estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Significant accounting estimates include certain assumptions related to, among others, the allowance for doubtful accounts receivable, impairment analysis of real estate assets and other long-term assets including goodwill, estimates inherent in recording purchase price allocation, valuation allowance on deferred income taxes, the assumptions used in the valuation of the derivative liability, and the accrual of potential liabilities. Actual results may differ from these estimates. Revenue recognition The Company follows the guidance of Accounting Standards Codification (ASC) 606, Revenue from Contracts with Customers Cash, cash equivalents, and restricted cash Cash consists of funds on hand and held in bank accounts. Cash equivalents includes demand deposits placed with banks or other financial institutions and all highly liquid investments with original maturities of three months or less, including money market funds. Restricted cash represents cash restricted for the loan collateral requirements as defined in a loan agreement, and the minimum paid-up share capital requirement for insurance brokers specified under the Insurance Ordinance of Hong Kong. On December 31, 2021 and 2020, cash included funds held by employees of $ 0 10,911 SCHEDULE OF CASH EQUIVALENTS AND RESTRICTED CASH December 31, December 31, Cash, cash equivalents, and restricted cash Denominated in United States Dollars $ 4,137,396 $ 147,371 Denominated in Hong Kong Dollars 895,820 623,652 Denominated in Chinese Renminbi 151,311 270,014 Denominated in Malaysian Ringgit 154,044 45,716 Cash, cash equivalents, and restricted cash $ 5,338,571 $ 1,086,753 Accounts Receivable Accounts receivable are recorded at the invoiced amount less an allowance for any uncollectible accounts. Management reviews the adequacy of the allowance for doubtful accounts on an ongoing basis, using historical collection trends and aging of receivables. Management also periodically evaluates individual customer’s financial condition, credit history and the current economic conditions to make an adjustment to the allowance when it is considered necessary. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. SCHEDULE OF ACCOUNTS RECEIVABLES As of As of Accounts receivable, gross $ 163,957 $ 215,574 Less: Allowance for doubtful accounts (133,356 ) (24,084 ) Accounts receivable, net $ 30,601 $ 191,490 Property and equipment, net Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation is calculated on the straight-line basis over the following estimated useful lives: SCHEDULE OF PLANT AND EQUIPMENT Categories Estimated useful life Office leasehold 27 Furniture and fixtures 3 10 Office equipment 3 10 Leasehold improvement Over the shorter of estimated useful life or term of lease Office leasehold represents three adjoining office units used by the Company located in a commercial building in Shenzhen, China. The office leasehold is subject to a land lease with a term of 27 120,707 120,190 Management assesses the carrying value of property and equipment whenever events or changes in circumstances indicate that the carrying value may not be recoverable. If there is indication of impairment, management prepares an estimate of future cash flows expected to result from the use of the asset and its eventual disposition. If these cash flows are less than the carrying amount of the asset, an impairment loss is recognized to write down the asset to its estimated fair value. For the years ended December 31, 2021 and 2020, the Company determined there were no indicators of impairment of its property and equipment. Real estate held for sale Real estate held for sale is reported at the lower of carrying amount or fair value, less estimated costs to sell. The cost of real estate held for sale includes the purchase price of property, legal fees, improvement costs to the building structure, and other acquisition costs. We actively market all properties that are designated as held for sale. Real estate held for sale is not depreciated. In conducting its reviews for indicators of impairment, the Company evaluates, among other things, the margins on units already sold within the project, margins on units under contract but not closed (none as of December 31, 2021), and projected margin on future unit sales. The Company pays close attention to discern if the real estate held for sale is moving at a slower than expected pace or where margins are trending downward. For the years ended December 31, 2021 and 2020, the Company determined there were no indicators of impairment of its real estate held for sale. Real estate held for investment, net Real estate held for investment is stated at cost less accumulated depreciation. Depreciation is calculated on the straight-line basis over the following estimated useful lives: SCHEDULE OF REAL ESTATE HELD FOR INVESTMENT USEFUL LIFE Categories Estimated useful life Office leasehold 50 Furniture and fixtures 3 10 Office equipment 3 10 Leasehold improvement Shorter of the estimated useful life or term of lease Office leasehold represents three office units owned by the Company located in two commercial buildings in Kuala Lumpur, Malaysia. Depreciation and amortization expense, classified as cost of rental, was $ 31,688 32,072 Management assesses the carrying value of real estate held for investment whenever events or changes in circumstances indicate that the carrying value may not be recoverable. If there is indication of impairment, management prepares an estimate of future cash flows expected to result from the use of the asset and its eventual disposition. If these cash flows are less than the carrying amount of the asset, an impairment loss is recognized to write down the asset to its estimated fair value. For the years ended December 31, 2021 and 2020, the Company determined there were no indicators of impairment of its real estate held for investment. Intangible assets, net Amortizable identifiable intangible assets are stated at cost less accumulated amortization and represent customer lists and an insurance agency license acquired in business combinations, and certain trademarks registered in USA, Hong Kong, the PRC, and Singapore. Amortization is calculated on the straight-line basis over the following estimated useful lives: SCHEDULE OF INTANGIBLE ASSETS ESTIMATED LIFE Categories Estimated useful life Customer lists 5 Insurance agency license 2 Trademarks 10 Amortization expense for the years ended December 31, 2021 and 2020 was $ 723 87,665 The Company follows ASC 360 in accounting for intangible assets, which requires impairment losses to be recorded when indicators of impairment are present and the undiscounted cash flows estimated to be generated by the assets are less than the assets’ carrying amounts. For the years ended December 31, 2021 and 2020, the Company determined there were no indicators of impairment of intangible assets (see Note 8). Goodwill Goodwill is the excess of cost of an acquired entity over the fair value of amounts assigned to assets acquired and liabilities assumed in a business combination. Under the guidance of ASC 350, goodwill is not amortized, rather it is tested for impairment annually, and will be tested for impairment between annual tests if an event occurs or circumstances change that would indicate the carrying amount may be impaired. An impairment loss generally would be recognized when the carrying amount of the reporting unit’s net assets exceeds the estimated fair value of the reporting unit and would be measured as the excess carrying value of goodwill over the derived fair value of goodwill. The Company’s policy is to perform an annual impairment testing for its reporting units on December 31, of each fiscal year. For the years ended December 31, 2021 and 2020, the Company determined there were no Impairment of long-lived assets Long-lived assets primarily include real estate held for investment, property and equipment and intangible assets. In accordance with the provision of ASC 360, the Company generally conducts its annual impairment evaluation to its long-lived assets, usually in the fourth quarter of each year, or more frequently if indicators of impairment exist, such as a significant sustained change in the business climate. The recoverability of long-lived assets is measured at the reporting unit level. If the total of the expected undiscounted future net cash flows is less than the carrying amount of the asset, a loss is recognized for the difference between the fair value and carrying amount of the asset. As of December 31, 2021 and 2020, the Company determined there were no Investments Investments in equity securities The Company accounts for its investments that represent less than 20 Financial Instruments – Overall: Recognition and Measurement of Financial Assets and Financial Liabilities 9,621,935 6,829,660 Leases Prior to January 1, 2019, the Company accounted for leases under ASC 840, Accounting for Leases. Effective January 1, 2019, the Company adopted the guidance of ASC 842, Leases, which requires an entity to recognize a right-of-use asset and a lease liability for virtually all leases. The implementation of ASC 842 did not have a material impact on the Company’s consolidated financial statements and did not have a significant impact on our liquidity or on our compliance with our financial covenants associated with our loans. The Company adopted ASC 842 using a modified retrospective approach. As a result, the comparative financial information has not been updated and the required disclosures prior to the date of adoption have not been updated and continue to be reported under the accounting standards in effect for those periods. The adoption of ASC 842 on January 1, 2019 resulted in the initial recognition of operating lease right-of-use assets of $ 582,647 582,647 Debt discount During the year ended December 31, 2021, the Company incurred $ 570,000 206,342 During the year ended December 31, 2020, the Company incurred $ 190,000 15,122 Debt issuance costs During the year ended December 31, 2021, the Company incurred direct costs associated with the issuance of convertible promissory notes, as described in Note 12, and recorded $ 290,000 76,380 During the year ended December 31, 2020, the Company incurred direct costs associated with the issuance of convertible promissory notes, as described in Note 12, and recorded $ 130,000 6,780 Derivative financial instruments Derivative financial instruments consist of financial instruments that contain a notional amount and one or more underlying variables such as interest rate, security price, variable conversion rate or other variables, require no initial net investment and permit net settlement. The derivative financial instruments may be free-standing or embedded in other financial instruments. The Company evaluates its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives. The Company follows the provision of ASC 815, Derivatives and Hedging for derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value and is then re-valued at each reporting date, with changes in the fair value reported in the statements of operations. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is evaluated at the end of each reporting period. Derivative instrument liabilities are classified in the balance sheet as current or non-current based on whether net-cash settlement of the derivative instrument could be required within 12 months of the balance sheet date. At each reporting date, the Company reviews its convertible securities to determine that their classification is appropriate. Income taxes The Company accounts for income taxes using an asset and liability approach which allows for the recognition and measurement of deferred tax assets based upon the likelihood of realization of tax benefits in future years. Under the asset and liability approach, deferred taxes are provided for the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. A valuation allowance is provided for deferred tax assets if it is more likely than not these items will either expire before the Company is able to realize their benefits, or that future deductibility is uncertain. The Company conducts major businesses in Hong Kong, China and Malaysia, and is subject to tax in these jurisdictions. As a result of its business activities, the Company will file separate tax returns that are subject to examination by the foreign tax authorities. Net loss per share Basic net loss per share is computed by dividing the net loss available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted net loss per share is calculated by dividing the net loss by the weighted average number of common shares outstanding, adjusted for the dilutive effect of outstanding Common Stock equivalents. On December 31, 2021 and 2020, the only outstanding Common Stock equivalents were warrants for 53,556 Foreign currencies translation The reporting currency of the Company is the United States Dollars (“US$”) and the accompanying consolidated financial statements have been expressed in US$. In addition, the Company’s operating subsidiaries maintain their books and records in their respective local currency, which consists of Malaysian Ringgit (“MYR”), Renminbi (“RMB”) and Hong Kong Dollars (“HK$”), which is also the respective functional currency of subsidiaries. In general, for consolidation purposes, assets and liabilities of its subsidiaries whose functional currency is not the US$ are translated into US$ using the exchange rate on the balance sheet date. Revenues and expenses are translated at average rates prevailing during the period. The gains and losses resulting from translation of financial statements of a foreign subsidiary are recorded as a separate component of accumulated other comprehensive loss within equity. Translation of amounts from the local currencies of the Company into US$ has been made at the following exchange rates for the respective periods: SCHEDULE OF FOREIGN CURRENCY TRANSACTION As of and for the years ended 2021 2020 Period-end MYR : US$1 exchange rate 4.17 4.02 Period-average MYR : US$1 exchange rate 4.14 4.20 Period-end RMB : US$1 exchange rate 6.36 6.53 Period-average RMB : US$1 exchange rate 6.44 6.90 Period-end HK$ : US$1 exchange rate 7.80 7.75 Period-average HK$ : US$1 exchange rate 7.77 7.76 Comprehensive income Comprehensive income is defined as the change in equity of a business enterprise during a period from transactions and other events and circumstances from non-owner sources. The Company’s accumulated other comprehensive income consists of cumulative foreign currency translation adjustments. Fair value of financial instruments The Company follows the guidance of the ASC 820-10, “ Fair Value Measurements and Disclosures ● Level 1 ● Level 2 ● Level 3 The Company believes the carrying amount reported in the balance sheet for cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities, deferred revenue, and due to related parties, approximate their fair values because of the short-term nature of these financial instruments. As of December 31, 2021 and 2020, the Company’s balance sheet includes Level 3 liabilities comprised of the fair value of derivative liabilities of $ 9,935 1,189,786 SCHEDULE OF FAIR VALUE FINANCIAL INSTRUMENT Year ended Year ended Fair value at beginning of period $ 1,189,786 $ 28,545 Derivative liability associated with convertible notes issued during the period 10,839,240 1,306,700 Reclassification of conversion option related to a convertible note to additional paid in capital (5,745,520 ) - Fair value gains of derivative liability associated with convertible note (6,203,520 ) (196,900 ) Fair value (gains) losses of derivative liability associated with warrants (70,051 ) 51,441 Fair value at end of period $ 9,935 $ 1,189,786 Concentrations of risks For the year ended December 31, 2021, three customers accounted for 26 % ( 12 %, 8 % and 6 %, respectively) of revenue and three customers accounted for 56 % ( 40 %, 10 % and 6 %, respectively) of accounts receivable at year-end. For the year ended December 31, 2020, three customers accounted for 30 % ( 16 %, 11 % and 3 %, respectively) of revenue and three customers accounted for 82 % ( 74 %, 5 % and 3 %, respectively) of accounts receivable at year-end. For the year ended December 31, 2021, no vendor accounted for 10 % or more of the Company’s cost of revenues and three vendors accounted for 65 % ( 47 %, 9 % and 9 %, respectively) of accounts payable at year-end. For the year ended December 31, 2020, no vendor accounted for 10 % or more of the Company’s cost of revenues and three vendors accounted for 62 % ( 27 %, 21 % and 14 %, respectively) of accounts payable at year-end. Exchange rate risk The reporting currency of the Company is US$ but the major revenues and costs are denominated in MYR, RMB and HK$, and a significant portion of the assets and liabilities are denominated in MYR, RMB and HK$. As a result, the Company is exposed to a foreign exchange risk as its revenues and results of operations may be affected by fluctuations in the exchange rate between US$ and MYR, US$ and RMB or US$ and HK$. If MYR, RMB or HK$ depreciates against US$, the values of the MYR, RMB or HK$ revenues and assets when convert and report to the Company’s US$ financial statements will accordingly decline. The Company does not hold any derivative or other financial instruments that may expose it to a substantial market risk. Risks and uncertainties Substantially all the Company’s services are conducted in Hong Kong, the PRC, Malaysia, Thailand, Taiwan, and the South-East Asia region. The Company’s operations are subject to various political and economic risks, including the risks of restrictions on transfer of funds, export duties, quotas and embargoes, changing taxation policies, and political conditions and governmental regulations, and the adverse impact of the coronavirus outbreak. Recent accounting pronouncements In August 2020, the FASB issued “ASU 2020-06, Debt with Conversion and Other Options (Subtopic 47020) and Derivatives and Hedging – Contracts in Equity’s Own Equity (Subtopic 815-40)” which simplifies the accounting for convertible instruments. The guidance removes certain accounting models which separate the embedded conversion features from the host contract for convertible instruments. Either a modified retrospective method of transition or a fully retrospective method of transition is permissible for the adoption of this standard. Update No. 2020-06 is effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. Early adoption is permitted no earlier than the fiscal year beginning after December 15, 2020. The Company is currently evaluating the potential on its financial statements. In June 2016, the FASB issued ASU No. 2016-13, Credit Losses - Measurement of Credit Losses on Financial Instruments (“ASC 326”). The standard significantly changes how entities will measure credit losses for most financial assets, including accounts and notes receivables. The standard will replace today’s “incurred loss” approach with an “expected loss” model, under which companies will recognize allowances based on expected rather than incurred losses. Entities will apply the standard’s provisions as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. The standard is effective for interim and annual reporting periods beginning after December 15, 2022. The Company is currently assessing the impact of adopting this standard on the Company’s financial statements and related disclosures. Other recent accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public Accountants, and the Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company’s present or future financial statements. |
REVENUE FROM CONTRACTS WITH CUS
REVENUE FROM CONTRACTS WITH CUSTOMERS | 12 Months Ended |
Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
REVENUE FROM CONTRACTS WITH CUSTOMERS | NOTE 2 - REVENUE FROM CONTRACTS WITH CUSTOMERS The Company’s revenue consists of revenue from providing business consulting and corporate advisory services (“service revenue”), revenue from the sale of real estate properties, and revenue from the rental of real estate properties. Revenue from services For certain service contracts, we assist or provide advisory to clients in capital market listings (“Listing services”), our services provided to clients are considered as our performance obligations. Revenue and expenses are deferred until the performance obligation is complete and collectability of the consideration is probable. For service contracts where the performance obligation is not completed, deferred costs of revenue are recorded as incurred and deferred revenue is recorded for any payments received on such yet to be completed performance obligations. On an ongoing basis, management monitors these contracts for profitability and when needed may record a liability if a determination is made that costs will exceed revenue. For other services such as company secretarial, accounting, financial analysis, insurance brokerage services, and other related services (“Non-listing services”), the Company’s performance obligations are satisfied, and the related revenue is recognized, as services are rendered. For contracts in which we act as an agent, the Company reports revenue net of expenses paid. The Company offers no discounts, rebates, rights of return, or other allowances to clients which would result in the establishment of reserves against service revenue. Additionally, to date, the Company has not incurred incremental costs in obtaining a client contract. Revenue from the rental of real estate properties Rental revenue represents lease rental income from the Company’s tenants. The tenants pay monthly in accordance with lease agreements and the Company recognizes the income ratably over the lease term as this is the most representative of the pattern in which the benefit is expected to be derived from the underlying asset. Revenue from the sale of real estate properties The Company follows the guidance of ASC 610-20, Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets Cost of revenues Cost of service revenue primarily consists of employee compensation and related payroll benefits, company formation costs, and other professional fees directly attributable to the services rendered. Cost of rental revenue primarily includes costs associated with repairs and maintenance, property insurance, depreciation and other related administrative costs. Property management fees and utility expenses are paid directly by tenants. Cost of real estate properties sold primarily consists of the purchase price of property, legal fees, improvement costs to the building structure, and other acquisition costs. Selling and advertising costs are expensed as incurred. The following tables provide information about disaggregated revenue based on revenue by service lines and revenue by geographic area: SCHEDULE OF DISAGGREGATED REVENUE Year ended December 31, 2021 2020 Revenue by service lines: Corporate advisory – Non-Listing services $ 1,848,200 $ 1,521,279 Corporate advisory – Listing services 972,750 355,675 Rental of real estate properties 128,830 124,128 Sales of real estate held for sale - 253,729 Total revenue $ 2,949,780 $ 2,254,811 Year ended December 31, 2021 2020 Revenue by geographic area: Hong Kong $ 1,573,606 $ 1,567,943 Malaysia 601,336 502,338 China 774,838 184,530 Total revenue $ 2,949,780 $ 2,254,811 Our service contract balances include deferred costs of revenue and deferred revenue: Deferred Costs of Revenue For service contracts where the performance obligation is not completed, deferred costs of revenue are recorded for any costs incurred in advance of the performance obligation. Deferred Revenue For service contracts where the performance obligation is not completed, deferred revenue is recorded for any payments received in advance of the performance obligation. Changes in deferred revenue were as follows: Deferred revenue and deferred costs of revenue at December 31, 2021 and 2020 are classified as current assets or current liabilities and totaled: SCHEDULE OF DEFERRED REVENUE COST As of As of Deferred revenue $ 2,006,696 $ 1,634,075 Deferred costs of revenue $ 123,293 $ 81,246 Changes in deferred revenue were as follows at December 31, 2021 and 2020: SCHEDULE OF CHANGES IN DEFERRED REVENUE Year Ended Year Ended Deferred revenue, beginning of period $ 1,634,075 $ 1,202,153 New contract liabilities 1,616,633 787,597 Performance obligations satisfied (1,244,012 ) (355,675 ) Deferred revenue, end of period $ 2,006,696 $ 1,634,075 |
BUSINESS COMBINATION
BUSINESS COMBINATION | 12 Months Ended |
Dec. 31, 2021 | |
Business Combination and Asset Acquisition [Abstract] | |
BUSINESS COMBINATION | NOTE 3 - BUSINESS COMBINATION On June 26, 2019, the Company sold its entire 51 51,000 51 12 On June 22, 2020, our director, Mr. Lee Chong Kuang (“Mr. Lee”) acquired respective 51 49 51,000 49,000 51,000 49,000 In July 2021, the Company acquired all the issued and outstanding shares of common stock of GCVSB from our director, Mr. Lee at a consideration of MYR 167 40 redeemed 347,000 shares out of total 504,750 shares of preferred stock from 25 preferred stock shareholders of GCVSB by issuance of 79,530 shares of the Company’s Common Stock valued at $69,191 or $0.87 per share. Total consideration of the acquisition was $69,231. The Company acquired GCVSB to expand its business consulting services The Company accounted for the transaction as a business combination in accordance ASC 805 “Business Combinations”. The Company is in the process of performing an allocation of the purchase price paid for the assets acquired and the liabilities assumed. The fair values of the assets acquired, as set forth below, are considered provisional and subject to adjustment as additional information is obtained through the purchase price measurement period (a period of up to one year from the closing date). The provisional allocation of the purchase price is based on management’s preliminary estimates. Once management completes its analysis to finalize the purchase price allocation, it is reasonably possible that there could be changes to the preliminary values. The primary areas of the purchase price allocation that are not yet finalized relate to identifiable intangible assets and goodwill. SCHEDULE OF IDENTIFIABLE INTANGIBLE ASSETS AND GOODWILL Cash and cash equivalents $ 81,649 Goodwill 26,082 Total 107,731 Fair value of current liabilities (38,500 ) Purchase price $ 69,231 The following unaudited pro forma information presents the combined results of operations as if the acquisition of GCVSB had been completed on January 1, 2020. These unaudited pro forma results are presented for informational purpose only and are not necessarily indicative of what the actual results of operations of the combined company would have been if the acquisition had occurred at the beginning of the period presented, nor are they indicative of future results of operations: SCHEDULE OF PROFORMA INFORMATION OF OPERATIONS Year ended Year ended (unaudited) (unaudited) Revenue $ 2,949,780 $ 2,254,811 Loss from operations (2,754,684 ) (2,907,000 ) Net loss (14,363,232 ) (3,754,375 ) Net loss per share-basic and diluted $ (0.21 ) $ (0.07 ) |
PROPERTY AND EQUIPMENT, NET
PROPERTY AND EQUIPMENT, NET | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY AND EQUIPMENT, NET | NOTE 4 - PROPERTY AND EQUIPMENT, NET SCHEDULE OF PROPERTY AND EQUIPMENT NET As of As of December 31, December 31, Office leaseholds $ 3,270,668 $ 3,183,749 Furniture and fixtures 53,372 53,122 Office equipment 61,894 54,524 Leasehold improvement 95,152 63,696 Property, plant and equipment, Gross 3,481,086 3,355,091 Less: Accumulated depreciation and amortization (620,881 ) (474,001 ) Total $ 2,860,205 $ 2,881,090 Office leasehold represents three adjoining office units used by the Company located in a commercial building in Shenzhen, China. The office leasehold is subject to a 50 23 120,707 120,190 On July 9, 2021, the Company had repaid a pledged loan by the office leasehold in full (see Note 11). |
REAL ESTATE HELD FOR SALE
REAL ESTATE HELD FOR SALE | 12 Months Ended |
Dec. 31, 2021 | |
REAL ESTATE HELD FOR SALE | NOTE 5 - REAL ESTATE HELD FOR SALE At December 31, 2021 and 2020, real estate held for sale was valued $ 2,205,839 and $ 2,218,273 , respectively. Real estate held for sale represents multiple units in a building located in Hong Kong. During the year ended December 31, 2021, no unit was sold. During the year ended December 31, 2020, the Company sold one unit for $ 253,729 , with original cost of $ 188,840 and other costs of sale of $ 21,776 . The property was developed for resale on a “unit by unit” basis and is stated at the lower of cost or estimated fair value, less estimated costs to sell. Real estate held for sale represents properties for which a committed plan to sell exists and an active program to market such properties has been initiated. |
REAL ESTATE HELD FOR INVESTMENT
REAL ESTATE HELD FOR INVESTMENT, NET | 12 Months Ended |
Dec. 31, 2021 | |
Real Estate [Abstract] | |
REAL ESTATE HELD FOR INVESTMENT, NET | NOTE 6 - REAL ESTATE HELD FOR INVESTMENT, NET SCHEDULE OF REAL ESTATE HELD FOR INVESTMENT, NET As of As of December 31, 2021 December 31, 2020 Office leasehold $ 824,828 $ 854,253 Furniture and fixtures 54,658 56,608 Office equipment 17,472 18,096 Leasehold improvement 74,931 77,604 Real estate investment property, Gross 971,889 1,006,561 Less: Accumulated depreciation and amortization (254,066 ) (230,481 ) Total $ 717,823 $ 776,080 Real estate held for investment represents three office units located in two commercial buildings in Malaysia. One of the adjoining office units in one building is rented to an unrelated tenant, and one office unit in another building is used by the Company. Depreciation and amortization expense, included in cost of rental revenue, was $ 31,688 32,072 On August 9, and September 21, 2021, the Company had repaid the pledged loans by the real estate held for investment in full (see Note 11). |
OTHER INVESTMENTS
OTHER INVESTMENTS | 12 Months Ended |
Dec. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
OTHER INVESTMENTS | NOTE 7 - OTHER INVESTMENTS SCHEDULE OF OTHER INVESTMENTS As of As of December 31, 2021 December 31, 2020 (A) Investment in equity securities without readily determinable fair values of affiliates: (1) Greenpro Trust Limited (a related party) $ 51,613 $ 51,613 (2) Other related parties 9,570,322 6,413,547 (B) Stock option (a related party) - 364,500 Total $ 9,621,935 $ 6,829,660 (A) Investment in equity securities without readily determinable fair values of affiliates (related parties): Equity securities without readily determinable fair values are investments in privately held companies without readily determinable market values. The Company adopted the guidance of ASC 321, Investments - Equity Securities, which allows an entity to measure investments in equity securities without a readily determinable fair value using a measurement alternative that measures these securities at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for identical or similar investment of same issuer (the “Measurement Alternative”). The fair value of equity securities without readily determinable fair values that have been remeasured due to impairment are classified within Level 3. Management assesses each of these investments on an individual basis. Additionally, on a quarterly basis, management is required to make a qualitative assessment of whether the investment is impaired. During the year ended December 31, 2021, the Company recognized impairment of $ 5,349,600 In addition, the Company held equity securities without readily determinable fair values that were recorded at cost. For these cost method investments, we recorded as other investments in our consolidated balance sheets. We reviewed all of our cost method investments quarterly to determine if impairment indicators were present; however, we were not required to determine fair value of these investments unless impairment indicators exist. When impairment indicators exist, we generally used discounted cash flow analyses to that the fair values of our cost method investments approximated or exceeded their carrying values as of December 31, 2021. Our cost method investments had a carrying value of $ 9,621,935 On December 31, 2021 and 2020, the carrying values of equity securities without readily determinable fair values are as follows: SCHEDULE OF CARRYING VALUES OF EQUITY SECURITIES WITHOUT READILY DETERMINABLE FAIR VALUES As of As of December 31, 2021 December 31, 2020 Original cost $ 15,545,764 $ 6,839,389 Unrealized gains (losses) - - Provision for impairment or decline in value (5,923,829 ) (374,229 ) Equity securities without readily determinable fair values, net $ 9,621,935 $ 6,465,160 (1) Greenpro Trust Limited (a related party) At December 31, 2021 and 2020, the Company had an approximately 11 51,613 (2) Other related parties (a) Angkasa-X Holdings Corp.: On February 3, 2021, Greenpro Venture Capital Limited, a subsidiary of the Company (“GVCL”) entered into a subscription agreement with Angkasa-X Holdings Corp., a British Virgin Islands corporation, which principally provides internet connectivity to rural areas in Southeast Asia (“Angkasa”). Pursuant to the agreement, GVCL acquired 28,000,000 2,800 0.0001 2,800 (b) First Bullion Holdings Inc.: On October 19, 2020, GVCL entered into a stock purchase and option agreement with Mr. Tang Ka Siu Johnny and First Bullion Holdings Inc. (“FBHI”). FBHI, a British Virgin Islands company, operates the businesses of banking, payment gateway, credit cards, debit cards, money lending, crypto trading and securities token offerings, with corporate offices in the Philippines and Hong Kong. Pursuant to the agreement, GVCL agreed to acquire 10 1,000,000 685,871 Pursuant to the agreement, Mr. Tang and FBHI also granted to GVCL an option for 180 days following the date of the agreement to purchase an additional 8 20,000,000 250,000 On December 11, 2020, the Company issued 685,871 1.458 10 1,000,000 250,000 364,500 1.458 On February 17, 2021, GVCL exercised its option and FBHI issued to GVCL, 160,000 8 20,000,000 On February 26, 2021, the Company issued an additional 342,592 2.70 925,000 As of December 31, 2021, GVCL in aggregate holds 360,000 18 2,289,500 (c) Simson Wellness Tech. Corp.: On February 19, 2021, GVCL entered into a subscription agreement with Simson Wellness Tech. Corp., a Nevada corporation, which is a digital platform that acts as middleware for distribution of optical products (“Simson”). Pursuant to the agreement, GVCL acquired 5,000,000 500 0.0001 500 (d) Innovest Energy Fund: On February 11, 2021, Greenpro Resources Limited, a subsidiary of the Company (“GRL”) entered into a subscription agreement with Innovest Energy Fund, a global multi-asset fund incorporated in the Cayman Islands and is principally engaged in developing a multi-faceted suite of products and services for the cryptocurrency industry and economy (the “Fund”). Pursuant to the agreement, GRL agreed to subscribe for $ 7,206,000 3,000,000 0.0001 7,206,000 On April 7, 2021, the Company issued 3,000,000 60,000 144,120 2.402 On December 31, 2021, the Company determined that its investment in the Fund was impaired and revalued at $ 1,856,400 5,349,600 (e) Jocom Holdings Corp.: On June 2, 2021, GVCL entered into a subscription agreement with Jocom Holdings Corp., a Nevada corporation, which operates a Malaysia-based m-commerce platform specializing in online grocery shopping via smartphones (“Jocom”). Pursuant to the agreement, GVCL acquired 1,500,000 shares of common stock of Jocom at a price of $ 150 or $ 0.0001 per share. The investment was recognized at historical cost of $ 150 under other investments. (f) 72 Technology Group Limited: On July 13, 2021, GVCL entered into a subscription agreement with 72 Technology Group Limited, a Cayman Islands corporation with principal business operations in China, is a media company providing digital marketing services using 5G and artificial intelligence (AI) technology (“72 Technology”). Pursuant to the agreement, GVCL acquired 600,000 6,000 0.01 6,000 (g) Ata Global Inc.: On July 30, 2021, GVCL entered into a subscription agreement with Ata Global Inc., a Nevada corporation, is a financial technology (FinTech) service provider (“Ata Global”). Pursuant to the agreement, GVCL acquired 2,250,000 225 0.0001 225 (h) catTHIS Holdings Corp.: On August 27, 2021, GVCL entered into a subscription agreement with catTHIS Holdings Corp., a Nevada corporation, which provides a digital catalog management platform for users to upload, share and retrieve digital catalogs from any devices (“catTHIS”). Pursuant to the agreement, GVCL acquired 2,000,000 200 0.0001 200 (i) Fruita Bio Limited: On September 27, 2021, GVCL entered into a subscription agreement with Fruita Bio Limited., a British Virgin Islands corporation with major business operations in Thailand, is principally engaged in production of bio-degradable packaging materials (“Fruita”). Pursuant to the agreement, GVCL acquired 10,000,000 1,000 0.0001 1,000 Impairment of other investments For the year ended December 31, 2021, the Company recognized an impairment loss of $ 5,349,600 no |
INTANGIBLE ASSETS AND GOODWILL
INTANGIBLE ASSETS AND GOODWILL | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
INTANGIBLE ASSETS AND GOODWILL | NOTE 8 - INTANGIBLE ASSETS AND GOODWILL Intangible assets SCHEDULE OF INTANGIBLE ASSETS As of As of December 31, 2021 December 31, 2020 Trademarks $ 7,210 $ 7,250 Customer lists 344,500 344,500 Insurance agency license 129,032 129,032 Total intangible assets, gross 480,742 480,782 Less: Accumulated amortization (478,117 ) (477,418 ) Total $ 2,625 $ 3,364 Intangible assets at December 31, 2021 totaled $ 480,742 7,210 344,500 129,032 On December 31, 2021, the customer lists from Ace and the insurance agency license from Sparkle had been fully amortized. The Company’s management conducted the annual impairment test and concluded that it is more likely than not the estimated fair value of the trademarks of GRHK was more than their carrying amount, and no impairment loss was indicated. As a result, no impairment was recorded. Amortization expense for intangible assets for the years ended December 31, 2021 and 2020 was $ 723 87,665 Amortization for each year following December 31, 2021 is as follows: SCHEDULE OF AMORTIZATION EXPENSE OF INTANGIBLE ASSETS Year ending December 31: 2022 $ 723 2023 723 2024 and thereafter 1,179 Total $ 2,625 As of December 31, 2021, the accumulated amortization of intangible assets was $ 478,117 2,625 Goodwill During 2021, goodwill was increased by $ 26,082 345,808 As of December 31, 2020, the value of goodwill of $ 319,726 Goodwill is not amortized but tested for impairment annually. On December 31, 2021, the Company’s management conducted the annual impairment test and concluded that it is more likely than not either the estimated fair value of GCVSB or FASL was more than its respective carrying value, and no impairment of goodwill was indicated. As a result, no impairment was recorded. |
OPERATING LEASES
OPERATING LEASES | 12 Months Ended |
Dec. 31, 2021 | |
Operating Leases | |
OPERATING LEASES | NOTE 9 - OPERATING LEASES As of December 31, 2021, the Company has two separate operating lease agreements for one office space in each of Malaysia and Hong Kong with remaining lease terms of 3 15 The Company does not have any other leases. Leases with an initial term of 12 months or less are not recorded on the balance sheet Operating lease right-of-use (“ROU”) assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Generally, the implicit rate of interest (“discount rate”) in arrangements is not readily determinable and the Company utilizes its incremental borrowing rate in determining the present value of lease payments. The Company’s incremental borrowing rate is a hypothetical rate based on its understanding of what its credit rating would be. The operating lease ROU asset includes any lease payments made and excludes lease incentives. The components of operating lease cost and supplemental cash flow information related to leases are as follows: SCHEDULE OF COMPONENTS OF LEASE EXPENSE AND SUPPLEMENTAL CASH FLOW INFORMATION 1 2 Year Ended Year Ended December 31, 2020 Lease Cost Operating lease cost (included in general and administrative expenses in the Company’s statement of operations for measurement of lease liabilities) $ 154,562 $ 273,561 Other Information Cash paid for amounts included in the measurement of lease liabilities for the year ended December 31, 2021 $ 149,204 $ 270,280 Weighted average remaining lease term – operating leases (in years) 1.21 0.33 Average discount rate – operating leases 4.0 % 4.0 % The supplemental balance sheet information related to leases is as follows: SCHEDULE OF SUPPLEMENTAL BALANCE SHEET INFORMATION RELATED TO LEASES 1 2 As of December 31,2021 As of Operating leases Right-of-use assets $ 101,221 $ 85,133 Operating lease liabilities $ 108,396 $ 86,975 Maturities of the Company’s lease liabilities are as follows: SCHEDULE OF MATURITIES OF LEASE LIABILITIES Operating Leases Year Ended December 31, 2022 $ 92,340 2023 18,865 Total lease payments 111,205 Less: Imputed interest (2,809 ) Present value of lease liabilities $ 108,396 For the years ended December 31, 2021 and 2020, the Company’s total lease expenses were $ 179,101 319,481 |
DERIVATIVE LIABILITIES
DERIVATIVE LIABILITIES | 12 Months Ended |
Dec. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVE LIABILITIES | NOTE 10 DERIVATIVE LIABILITIES SCHEDULE OF DERIVATIVE LIABILITIES As of As of December 31, 2021 December 31, 2020 Fair value of warrants $ 9,935 $ 79,986 Fair value of options associated with convertible promissory notes - 1,109,800 Total $ 9,935 $ 1,189,786 Warrants On June 12, 2018, warrants exercisable into 53,556 The derivative liabilities were valued using the Black-Scholes-Merton valuation model with the following assumptions: SCHEDULE OF ESTIMATED DERIVATIVE LIABILITIES AT FAIR VALUE ASSUMPTIONS As of As of December 31, 2021 December 31, 2020 Risk-free interest rate $ 1.9 % $ 1.7 % Expected volatility 174 % 181 % Expected life (in years) 1.4 2.4 Expected dividend yield 0.00 % 0.00 % Fair Value of warrants $ 9,935 $ 79,986 The risk-free interest rate is based on the yield available on U.S. Treasury securities. The Company estimates volatility based on the historical volatility of its Common Stock. The expected life of the warrants is based on the expiration date of the warrants. The expected dividend yield was based on the fact the Company has not paid dividends to common shareholders in the past and does not expect to pay dividends to common shareholders in the future. For the year ended December 31, 2021, the Company recognized a gain of $ 70,051 associated with the revaluation of above derivative liability. Convertible debt early redemption options On October 13, 2020, the Company issued three unsecured convertible promissory notes with certain Investors’ early redemption options that are considered derivative liabilities (see Note 12). On April 14, 2021, Streeterville Capital, LLC (“Streeterville”), exercised an option defined in the terms of the convertible promissory note issued by the Company on October 13, 2020, to redeem the note after 6 months from issuance date, at a conversion price of $ 1 704,738 704,738 670,000 34,738 On April 12 and April 16, 2021, the Company exercised an option defined in the terms of the convertible promissory notes issued to FirstFire Global Opportunities Fund, LLC (“FirstFire”) and Granite Global Value Investments Ltd. (“Granite”) on October 13, 2020, to prepay the notes ahead of contractual maturity of April 12, 2022, at 120 235,536 705,600 707,515 1,120,000 57,579 235,536 On July 14, July 26, August 5, and August 31, 2021, Streeterville exercised an option defined in the terms of the convertible promissory note issued by the Company on January 8, 2021, to redeem its note after 6 months from issuance date, at a conversion price of $ 0.752175 0.621675 1,762,857 2,786,819 1,660,000 102,857 On August 12, August 20, August 24, August 31, October 6 and October 8, 2021, Streeterville exercised an option defined in the terms of the convertible promissory note issued by the Company on February 11, 2021, to redeem its note after 6 months from issuance date, at a conversion price of $ 0.621675 0.43995 5,820,246 9,733,447 5,516,488 303,758 During the year ended December 31, 2021, the Company repaid the convertible notes by cash amounted to $ 1,413,115 1,120,000 $57,579 $235,536 13,225,004 8,287,841 7,846,488 441,353 13,225,004 12,332,260 As of December 31, 2021, all convertible notes issued by the Company during October 2020 to February 2021, had been repaid. The Company used Trinomial Option Pricing Model to estimate the fair value of the derivative liability related to Investors’ early redemption options. The derivative liability was classified within Level 3 of the fair value hierarchy because certain unobservable inputs were used in the valuation model. The Company estimated the fair value of the derivative liability related to Investors’ early redemption options to be $ 0 1,109,800 The Company estimated the fair value of derivative liabilities related to Investors’ early redemption options using the following assumptions: SCHEDULE OF ESTIMATED DERIVATIVE LIABILITIES AT FAIR VALUE ASSUMPTIONS As of As of Risk free rate - % 0.11 % Fair value of underlying stock $ - $ 2.05 Expected term (in years) - 1.28 Stock price volatility - % 206.17 % Expected dividend yield - % 0 % Fair value of options $ - $ 1,109,800 On December 31, 2021, the fair value of derivative liability was zero, resulting from redemptions of three convertible notes issued in October 2020 during the year (see Note 12). |
LOANS SECURED BY REAL ESTATE
LOANS SECURED BY REAL ESTATE | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
LOANS SECURED BY REAL ESTATE | NOTE 11 LOANS SECURED BY REAL ESTATE SCHEDULE OF LONG TERM BANK LOANS As of As of December 31, 2021 December 31, 2020 (A) Standard Chartered Saadiq Berhad, Malaysia $ - $ 328,731 (B) United Overseas Bank (Malaysia) Berhad - 241,892 (C) Bank of China Limited, Shenzhen, PRC - 964,985 Total - 1,535,608 Less: Current portion - (158,612 ) Loans secured by real estate, net of current portion $ - $ 1,376,996 (A) In December 2013, the Company obtained a loan in the principal amount of MYR 1,629,744 391,201 2.1 300 monthly installments 8,984 2,157 November 2038 (B) In December 2013, the Company, through Mr. Lee Chong Kuang, the director of the Company, obtained a loan in the principal amount of MYR 1,074,896 258,016 2.2 360 monthly installments 4,998 1,200 November 2043 (C) In December 2017, the Company obtained a loan in the principal amount of RMB 9,000,000 (approximately $ 1,416,185 ) from Bank of China Limited, a financial institution in China to finance the acquisition of leasehold office units of approximately 5,000 25 5-year-or-above RMB base lending rate per annum with 120 monthly installments and will mature in December 2027 . The current interest rate of the loan is 6.125 The monthly installment will be determined by the sum of (i) a 25% premium above the 5-year-or-above RMB base lending rate per annum on the 20 th and (ii) RMB 75,000 11,802 1,000,000 157,354 |
CONVERTIBLE NOTES PAYABLE, NET
CONVERTIBLE NOTES PAYABLE, NET | 12 Months Ended |
Dec. 31, 2021 | |
Convertible Notes Payable Net | |
CONVERTIBLE NOTES PAYABLE, NET | NOTE 12 CONVERTIBLE NOTES PAYABLE, NET Convertible Notes issued in October 2020: Convertible Note Financing with Streeterville Capital, LLC, FirstFire Global Opportunities Fund, LLC, and Granite Global Value Investments Ltd. On October 13, 2020, the Company issued three unsecured convertible promissory notes to Streeterville Capital, LLC, FirstFire Global Opportunities Fund, LLC, and Granite Global Value Investments Ltd. (collectively, the “Investors”), respectively. The notes were issued with combined principal amount of $ 1,790,000 190,000 130,000 10 contractual maturity of 18 months since the issuance Investor Conversion and Early Redemption Options At the Investors’ option, the notes can be converted in Company’s Common Stock at any time at the conversion price of $ 1 The Investors have an option to redeem the notes prior to their contractual maturity (put option) but not before 6 months since the issuance date. If the put option is exercised, Investors’ monthly redemption amounts including principal and face interest are capped at $ 108,000 0.75 The Investors have an option to demand the repayment of debt upon default, as defined in the terms of the notes. Issuer Early Redemption Option The Company has an option to prepay the notes ahead of contractual maturity at 120 The Company assessed the Investors’ conversion option for the scope exception for contracts involving a reporting entity’s own equity. The Company concluded that the conversion option is indexed to Company’s own stock, is considered “conventional” and can be classified in Company’s stockholders’ equity. The conversion option was not separated from but presented as part of the debt instrument. Investors’ conversion option was determined to be in the money at the commitment date. The non-detachable option was determined to be a beneficial conversion feature measured at the intrinsic value and recorded in Company’s additional paid-in capital. The intrinsic value was determined by calculating the initial effective conversion price. Effective conversion price was calculated as the ratio between the total proceeds allocated to the convertible instrument and the number of shares into which it is convertible. The proceeds allocated to the conversion instrument were impacted by the initial issuance discount. The number of shares issuable under the terms of the conversion option was 1,790,000 995,500 The Company assessed Investors’ put option and Investors’ option to redeem the debt upon default using bifurcation guidance per ASC 815-15, Embedded Derivatives. The Company concluded that economic characteristics and risks of Investors’ put option are not considered clearly and closely related to debt host and that Investors’ put option should be separated from the host instrument. The Company noted that certain events triggering the default including fundamental transaction and non-compliance with listing requirements are not directly related to Company’s creditworthiness. Economic characteristics and risks of Investors’ put option triggered by the occurrence of such events are not considered clearly and closely related to the economic characteristics and risks of the host instrument. Investors’ put option and the option to redeem the debt upon default triggered by events not directly linked to Company’s creditworthiness were separated from the debt instrument and presented as a “compound” derivative liability (see Note 10). Estimated fair value of the derivative liability, $ 408,800 489,100 1,306,700 148,000 178,500 474,500 832,200 At issuance date of October 13, 2020, net carrying value of three short-term convertible notes is as follows: SCHEDULE OF CARRYING VALUE OF SHORT-TERM CONVERTIBLE NOTES At Issuance October 13, 2020 Face value of convertible notes $ 1,790,000 Initial discount (190,000 ) Discount related to debt issuance costs (130,000 ) Discount related to beneficial conversion feature (995,500 ) Discount related to put options (474,500 ) Net carrying value of convertible notes payable $ - On April 14, 2021, Streeterville Capital, LLC (“Streeterville”), exercised an option defined in the terms of the convertible promissory note issued by the Company on October 13, 2020, to redeem the note after 6 months from issuance date, at a conversion price of $ 1 704,738 670,000 34,738 On April 12 and April 16, 2021, the Company exercised an option defined in the terms of the convertible promissory notes issued to FirstFire Global Opportunities Fund, LLC (“FirstFire”) and Granite Global Value Investments Ltd. (“Granite”) on October 13, 2020, to prepay the notes ahead of contractual maturity of April 12, 2022, at 120 235,536 705,600 707,515 1,120,000 57,579 235,536 On December 31, 2021, the fair value of the derivative liability related to Investors’ early redemption options was zero, resulting from redemption of notes during the year (see Note 10). Convertible Note issued in January 2021: Convertible Note Financing with Streeterville Capital, LLC On January 8, 2021, the Company entered into a securities purchase agreement with Streeterville Capital, LLC, an accredited investor (“Streeterville”), pursuant to which the Company issued and sold to Streeterville in a private placement an unsecured convertible promissory note in the original principal amount $ 1,660,000 1.00 150,000 10,000 1,500,000 1,660,000 150,000 10,000 90,000 1,410,000 The note may be prepaid by the Company in an amount equal to 120 Events of default (“Events of Default”) under the note include but are not limited to: (a) failure to pay any principal, interest, fees, charges, or any other amount when due; (b) failure to deliver any conversion shares in accordance with the terms of the note; (c) a receiver, trustee or other similar official shall be appointed over Company or a material part of its assets and such appointment shall remain uncontested for twenty (20) days or shall not be dismissed or discharged within sixty (60) days; (d) Company becomes insolvent; (e) Company makes a general assignment for the benefit of creditors; (f) Company files a petition for relief under any bankruptcy, insolvency or similar law (domestic or foreign); an involuntary bankruptcy proceeding is commenced or filed against Borrower; (g) Company defaults or otherwise fails to observe or perform any covenant, obligation, condition or agreement of Company in the note or in any other transaction document; (h) any representation, warranty or other statement made or furnished by or on behalf of Company is false, incorrect, incomplete or misleading in any material respect when made or furnished; (i) the occurrence of a Fundamental Transaction (as defined in the note) without Streeterville’s prior written consent; (j) Company fails to reserve a sufficient number of shares to issue upon conversion of the note; (k) Company effectuates a reverse split of its Common Stock without twenty trading days prior written notice to Streeterville; (l) any money judgment, writ or similar process is entered or filed against the Company or any subsidiary of the Company or any of its property or other assets for more than $100,000, and shall remain unvacated, unbonded or unstayed for a period of twenty calendar days unless otherwise consented to by Streeterville; (m) the Company fails to be DWAC eligible; (n) the Company fails to observe or perform any covenant set forth in Section 4 of the agreement; or (o) the Company, any affiliate of the Company, or any pledgor, trustor, or guarantor of the note breaches any covenant or other term or condition contained in any other financing or material agreements. In the case of an Event of Default, interest shall accrue under the note at the annual rate of 22 At issuance date of January 8, 2021, net carrying value of a short-term convertible note is as follows: SCHEDULE OF CARRYING VALUE OF SHORT-TERM CONVERTIBLE NOTES At Issuance January 8, 2021 (Unaudited) Face value of convertible note $ 1,660,000 Initial discount (160,000 ) Discount related to debt issuance costs (90,000 ) Discount related to beneficial conversion feature (1,410,000 ) Net carrying value of convertible note payable $ - On July 14, July 26, August 5, and August 31, 2021, Streeterville exercised an option defined in the terms of the convertible promissory note issued by the Company on January 8, 2021, to redeem its note after 6 months from issuance date, at a conversion price of $ 0.752175 0.621675 1,762,857 2,786,819 1,660,000 102,857 On December 31, 2021, the fair value of the derivative liability related to Investors’ early redemption options was zero, resulting from redemption of notes during the year (see Note 10). Convertible Note issued in February 2021: Convertible Note Financing with Streeterville Capital, LLC On February 11, 2021, the Company entered into a securities purchase agreement with Streeterville Capital, LLC, an accredited investor (“Streeterville”), pursuant to which the Company issued and sold to Streeterville in a private placement an unsecured convertible promissory note in the original principal amount $ 4,410,000 1.50 400,000 10,000 4,000,000 4,410,000 400,000 10,000 200,000 3,800,000 The Company has covenanted to use part of the proceeds from the note to repay the outstanding notes it issued to FirstFire Global Opportunities Fund, LLC (“FirstFire”) and Granite Global Value Investments Ltd. (“Granite”) in relation to their respective securities purchase agreement signed on October 13, 2020. The note may be prepaid by the Company in an amount equal to 120 The note may be redeemed by Streeterville at any time after the six-month anniversary of the issuance date of the note subject to the maximum monthly redemption amount of $962,500, convertible into shares of Common Stock at a conversion price equal to the lesser of (i) $1.50 and (ii) 75% of the average of the lowest VWAP during the ten trading days immediately preceding the measurement date. Pursuant to the agreement, Streeterville was granted a “most favored nations” right On February 21, 2021, the Company entered an amendment into convertible promissory note with Streeterville. Pursuant to the amendment, the obligation in Section 1.3 of the note to repay the outstanding note issued to EMA Financial, LLC within fifteen (15) days of the Effective Date is deleted from the note. Events of Default under the note include the same Events of Default listed above under the description of the Streeterville convertible note financing on January 8, 2021. In the case of an Event of Default, interest shall accrue under the note at the annual rate of 22 At issuance date of February 11, 2021, net carrying value of a short-term convertible note is as follows: SCHEDULE OF CARRYING VALUE OF SHORT-TERM CONVERTIBLE NOTES At Issuance February 11, (Unaudited) Face value of convertible note $ 4,410,000 Initial discount (410,000 ) Discount related to debt issuance costs (200,000 ) Discount related to conversion option (3,800,000 ) Net carrying value of convertible notes payable $ - Pursuant to the obligation in Section 1.3 of the note issued to Streeterville on February 11, 2021, the Company agreed to use the proceeds received hereunder to repay the outstanding 25 On February 26, 2021 (the Repayment Date), net carrying value of a short-term convertible note issued on February 11, 2021, is as follows: SCHEDULE OF CARRYING VALUE OF SHORT-TERM CONVERTIBLE NOTES At Repayment Date February 26, 2021 (Unaudited) Face value of convertible note $ 4,410,000 Accrued interest from February 11 to February 25, 2021 15,952 Outstanding Balance (before additional 25 4,425,952 Face value of convertible note $ 4,410,000 Additional 25 1,106,488 Outstanding Balance (after additional 25 5,516,488 Initial discount (403,736 ) Discount related to debt issuance costs (197,680 ) Discount related to conversion option (3,737,248 ) Discount related to beneficial conversion feature (1,065,380 ) Net carrying value of convertible notes payable $ 112,444 The Company amortized debt discount associated with the derivative liability using the straight-line method. On August 12, August 20, August 24, August 31, October 6 and October 8, 2021, Streeterville exercised an option defined in the terms of the convertible promissory note issued by the Company on February 11, 2021, to redeem its note after 6 months from issuance date, at a conversion price of $ 0.621675 0.43995 5,820,246 9,733,447 5,516,488 303,758 Amount of unamortized debt discount including initial issuance discount, transaction cost, beneficial conversion feature, and separated derivative liability was zero 1,647,527 During the year ended December 31, 2021, the Company repaid the convertible notes by cash amounted to $ 1,413,115 1,120,000 57,579 235,536 13,225,004 8,287,841 7,846,488 $441,353 13,225,004 12,332,260 As of December 31, 2021, all convertible notes issued by the Company during October 2020 to February 2021, had been repaid. Summary of convertible debt’s interest expense is as follows: SUMMARY OF CONVERTIBLE DEBT'S INTEREST EXPENSE Year Ended Year Ended Coupon interest $ 460,189 $ 38,742 Amortization of discount on convertible notes 206,342 15,122 Amortization of debt issuance costs 76,380 6,780 Interest expense associated with conversion of notes 2,254,480 120,571 Interest expense associated with accretion of convertible notes payable 8,561,440 832,200 Interest expense due to non-fulfillment of use of proceeds requirements 1,106,488 - Additional charge for early redemption 235,536 - Total $ 12,900,855 $ 1,013,415 All convertible promissory notes were classified as short-term due to lender’s earlier redemption or put option. On December 31, 2021 and 2020, carrying values of the short-term convertible notes are as follows: SCHEDULE OF CARRYING VALUE OF SHORT-TERM CONVERTIBLE NOTES December 31, 2021 December 31, 2020 Face value of convertible notes $ 7,860,000 $ 1,790,000 Additional 25% to Outstanding Balance due to non-fulfillment of use of proceeds requirements 1,106,488 - Initial discount (286,756 ) (174,878 ) Discount related to debt issuance costs (200,410 ) (123,220 ) Discount related to beneficial conversion feature (1,896,160 ) (943,584 ) Discount related to put options (327,631 ) (405,845 ) Discount related to conversion option (177,157 ) - Convertible notes payable, net of discounts 6,078,374 142,473 Accrued interest during the year - 38,742 Reversal of discounts 2,888,114 - Redeemed by cash or converted to shares (8,966,488 ) - Carrying value of convertible notes payable $ - $ 181,215 The Company determined the fair value of all convertible promissory notes to be $ 0 3,669,500 Components and costs of the convertible promissory notes issued during the year ended December 31, 2021 and 2020, are as follows: SCHEDULE OF CONVERTIBLE PROMISSORY NOTES Year Ended Year Ended Original Principal Amount $ 6,070,000 $ 1,790,000 Less: Original issue discount (OID) (550,000 ) (160,000 ) Less: Transaction Expense Amount (20,000 ) (30,000 ) Purchase Price 5,500,000 1,600,000 Less: Broker Fee (290,000 ) (130,000 ) Net proceeds $ 5,210,000 $ 1,470,000 |
STOCKHOLDERS_ EQUITY
STOCKHOLDERS’ EQUITY | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
STOCKHOLDERS’ EQUITY | NOTE 13 STOCKHOLDERS’ EQUITY Our authorized capital consists, of 600,000,000 500,000,000 0.0001 100,000,000 0.0001 Shares issued for acquisitions in 2021 and 2020 2021: On February 26, 2021, the Company issued 342,592 2.7 925,000 8 On April 7, 2021, the Company subscribed for $ 7,206,000 3,000,000 2.402 7,206,000 On July 19, 2021, the Company redeemed 347,000 504,750 79,530 69,191 0.87 2020: On June 15, 2020, the Company acquired a 4 4,000,000 4,444,444 0.90 On November 18, 2020, the Company acquired 15 457,312 1.64 749,992 On November 30, 2020, the Company acquired an 18 257,591 1.596 411,120 On December 11, 2020, the Company acquired 10% 685,871 1.458 1,000,000 8 250,000 1.458 364,500 8 Shares issued from conversion of promissory notes in 2021 On April 16, 2021, the Company issued 704,738 1 $670,000 $34,738 2.33 1,642,040 On July 14, 2021, the Company issued 232,659 0.752175 175,000 1.01 234,986 On July 26, 2021, the Company issued 281,498 0.621675 175,000 0.93 261,793 On August 5, 2021, the Company issued 562,995 0.621675 350,000 0.8697 489,637 On August 12, 2021, the Company issued 643,423 0.621675 400,000 0.8101 521,237 On August 20, 2021, the Company issued 3,375,000 0.621675 2,098,153 0.7599 2,564,662 On August 24, 2021, the Company issued 3,370,000 0.621675 2,095,045 0.9164 3,088,268 On August 31, 2021, the Company issued 1,709,667 0.621675 960,000 102,857 0.9573 1,636,664 On August 31, 2021, the Company issued 1,075,000 0.621675 668,301 0.9573 1,029,097 On October 6, 2021, the Company issued 227,299 0.43995 100,000 0.6761 153,676 On October 8, 2021, the Company issued 1,042,725 0.43995 154,989 303,758 0.6811 710,200 Shares issued for expenses in 2021 and 2020 2021: On April 7, 2021, the Company issued 60,000 144,120 2.402 On November 17, 2021, the Company issued 200,000 1.0404 208,080 2020: On September 14, 2020, the Company issued 35,000 1.00 35,000 On December 1, 2020, the Company issued 200,000 1.567 313,400 On December 1, 2020, the Company issued 300,000 1.2405 372,150 Shares issued for cash in 2020 One November 24, 2020, the Company issued and sold 50,000 1.10 55,000 One November 24, 2020, the Company issued and sold 145,455 1.10 160,000 On December 31, 2020, the Company issued and sold 215,000 1.22 262,300 |
WARRANTS
WARRANTS | 12 Months Ended |
Dec. 31, 2021 | |
Warrants | |
WARRANTS | NOTE 14 WARRANTS A summary of warrants to purchase Common Stock issued during the years ended December 31, 2021 and 2020 is as follows: SUMMARY OF WARRANTS ACTIVITY Shares Weighted Average Exercise Price Balance outstanding at January 1, 2020 53,556 $ 7.20 Granted - - Exercised - - Expired/Cancelled - - Balance outstanding at December 31, 2020 53,556 7.20 Granted - - Exercised - - Expired/Cancelled - - Balance outstanding and exercisable at December 31, 2021 53,556 $ 7.20 At December 31, 2021 and 2020, the 53,556 In conjunction with the sale of Common Stock in June 2018, the Company granted to the placement agent warrants exercisable into 53,556 7.20 June 2023 |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | NOTE 15 INCOME TAXES Provision for income taxes consisted of the following: SCHEDULE OF PROVISION FOR (BENEFIT FROM) INCOME TAXES For the years ended December 31, 2021 2020 Current: – Local $ - $ - Current: Local $ - $ - – Foreign: Hong Kong 2,630 - The PRC 2,310 - Malaysia - - Current: Foreign - - Deferred: – Local - - Deferred: Local - - – Foreign - - Deferred : Foreign - - Total $ 4,940 $ - A summary of United States and foreign loss before income taxes was comprised of the following: SCHEDULE OF LOSS BEFORE INCOME TAXES For the years ended December 31, 2021 2020 Tax jurisdictions from: – United States $ (8,055,793 ) $ (2,364,220 ) – Foreign, representing: Hong Kong (347,092 ) (171,615 ) The PRC (61,084 ) (501,372 ) Malaysia (176,350 ) (152,011 ) Other (primarily nontaxable jurisdictions) (5,717,973 ) (563,735 ) Loss before income taxes $ (14,358,292 ) $ (3,752,953 ) Effective and Statutory Rate Reconciliation The following table summarizes a reconciliation of the Company’s blended statutory income tax rate to the Company’s effective tax rate as a percentage of income from continuing operations before taxes: SCHEDULE OF EFFECTIVE INCOME TAX RATE For the years ended 2021 2020 Statutory tax rate 21.0 % 21.0 % Impairment of goodwill, intangible assets and investments - % - % Change in income tax valuation allowance (21.0 )% (21.0 )% Effective tax rate 0.0 % 0.0 % The effective tax rate in the periods presented is the result of the mix of income earned in various tax jurisdictions that apply a broad range of income tax rates. During the periods presented, the Company has a number of subsidiaries that operate in different countries and are subject to tax in the jurisdictions in which its subsidiaries operate, as follows: The significant components of deferred taxes of the Company are as follows (in thousands): SCHEDULE OF COMPONENTS OF DEFERRED TAX ASSETS As of As of December 31, 2021 December 31, 2020 Deferred tax assets: Impairment of goodwill, intangible assets, and investments $ 832,000 $ 832,000 Financing costs 974,000 974,000 Operating lease liability 23,000 18,000 Accounts receivable allowance 28,000 5,000 Net operating loss carryforwards – United States of America 3,766,000 2,074,000 – Hong Kong 470,000 418,000 – The PRC 619,000 603,000 – Malaysia 197,000 161,000 Net operating loss carryforwards 197,000 161,000 Gross deferred tax assets 6,909,000 5,085,000 Less: valuation allowance (5,804,000 ) (5,036,000 ) Total deferred tax assets 1,105,000 49,000 Deferred tax liabilities: Change in fair value of derivative liabilities 1,084,000 31,000 Operating lease right-of-use asset 21,000 18,000 Total deferred tax liabilities 1,105,000 49,000 Net deferred tax asset (liability) $ - $ - Management believes that it is more likely than not that the deferred tax assets will not be fully realized in the future. Accordingly, the Company provided for a full valuation allowance against its deferred tax assets of $ 5,050,598 as of December 31, 2021. For the year ended December 31, 2021, the valuation allowance increased by $ 1,794,685 , primarily relating to losses carryforward from various tax regimes. United States of America The Company is registered in the State of Nevada and is subject to United States of America tax law. For the years ended December 31, 2021 and 2020, the operations in the United States of America incurred a net operating loss (NOL) of $ 8,056,000 2,364,000 17,931,000 expire in 2037 Hong Kong The Company’s subsidiaries operating in Hong Kong are subject to the Hong Kong Profits Tax at the statutory income tax rate of 16.5 % on their assessable income for the tax year. For the years ended December 31, 2021 and 2020, the subsidiaries in Hong Kong incurred the aggregate of a net operating loss (NOL) of $ 347,000 and $ 172,000 , respectively. As of December 31, 2021, the cumulative net operating losses (NOLs) aggregated for those subsidiaries which have operations in Hong Kong were $ 2,379,000 . The cumulative NOLs can be carried forward indefinitely to offset future taxable income. The PRC The Company’s subsidiaries operating in the PRC are subject to the Corporate Income Tax governed by the Income Tax Law of the People’s Republic of China with a unified statutory income tax rate of 25 %. For the years ended December 31, 2021 and 2020, the subsidiaries in the PRC recorded the aggregate of a net operating loss (NOL) of $ 61,000 and $ 501,000 , respectively. As of December 31, 2021, the subsidiaries operating in the PRC had incurred the aggregate amount of cumulative net operating losses (NOLs) of $ 2,475,000 which can be carried forward to offset future taxable income. The NOL carryforwards begin to expire in 2023 , if unutilized. Malaysia The Company’s subsidiaries operating in Malaysia are subject to the Malaysia Corporate Tax Laws at a progressive income tax rate starting from 17 % on their assessable income for the tax year. For the years ended December 31, 2021 and 2020, the subsidiaries in Malaysia incurred the aggregate of a net operating loss (NOL) of $ 176,000 and $ 152,000 , respectively. As of December 31, 2021, the operations in Malaysia had incurred the aggregate amount of cumulative net operating losses (NOLs) of $ 983,000 which can be carried forward indefinitely to offset taxable income in future. The Company has provided for a full valuation allowance against the deferred tax assets on the expected future tax benefits from all the Company’s net operating loss carryforwards as the management believes it is more likely than not that these deferred tax assets will not be fully realized in the future. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2021 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 16 RELATED PARTY TRANSACTIONS SCHEDULE OF DUE FROM RELATED PARTIES Due from related parties: December 31, 2021 December 31, 2020 Accounts receivable, net Due from related party B (net of allowance of $ 41 8,025 $ 41 $ 152,475 Accounts receivable from related parties $ 41 $ 152,475 Due from related parties Due from related party B 503,361 - Due from related party D 606,430 - Due from related party G 1,064 2,320 Due from related party H 60,000 60,000 Total $ 1,170,896 $ 214,795 Due from related parties $ 1,170,896 $ 214,795 The amounts due from related parties are interest-free, unsecured and have no fixed terms of repayment. SCHEDULE OF DUE TO RELATED PARTIES Due to related parties: December 31, 2021 December 31, 2020 Due to related party A $ 29,512 $ 586 Due to related party B 1,513 9,580 Due to related party G 780 - Due to related party I 2,257 - Due to related party J 701,781 744,428 Due to related party K 21,440 354,047 Total $ 757,283 $ 1,108,641 The amounts due to related parties are interest-free, unsecured and have no fixed terms of repayment. SCHEDULE OF INCOME FROM OR EXPENSES TO RELATED PARTIES For the years ended Income from or expenses to related parties: 2021 2020 Service revenue from related parties - Related party A $ 93,718 $ 78,957 - Related party B 733,103 132,288 - Related party C 115 129 - Related party D 26,512 24,508 - Related party E 5,418 14,252 - Related party G 1,425 112 - Related party I 1,158 - Total $ 861,449 $ 250,246 Service revenue from related parties $ 861,449 $ 250,246 Cost of service revenue to related parties - Related party B $ - $ 2,514 Total $ - $ 2,514 Cost of service, related parties $ - $ 2,514 General and administrative expenses to related parties - Related party A $ 8,420 $ 6,784 - Related party B 3,859 3,868 - Related party D 643 645 - Related party G - 1,186 Total $ 12,922 $ 12,483 General and administrative expense, related parties $ 12,922 $ 12,483 Other income from related parties - Related party B $ - $ 1,934 Total $ - $ 1,934 Other income from related party $ - $ 1,934 Other expenses to related parties - Related party B $ 5,349,600 $ - Total $ 5,349,600 $ - Other expense from related party $ 5,349,600 $ - Related party A is under common control of Mr. Loke Che Chan Gilbert, the Company’s CFO and a major shareholder. Related party B represents companies where the Company owns a respective percentage ranging from 1 18 Related party C is controlled by a director of some wholly owned subsidiaries of the Company. Related party D represents companies that we have determined that we can significantly influence based on our common business relationships. Related party E represents companies whose CEO is a consultant to the Company, and who is also a director of Aquarius Protection Fund and a shareholder of the Company. Related party F represents a family member or members of Mr. Loke Che Chan Gilbert, the Company’s CFO and a major shareholder. Related party G is under common control of Mr. Lee Chong Kuang, the Company’s CEO and a major shareholder. Related party H represents a company in which we currently have an approximate 48 49 368,265 368,265 Related party I is controlled by a family member of Mr. Lee Chong Kung, the Company’s CEO and a major shareholder. Related party J represents the noncontrolling interest in the Company’s subsidiary that owns its real estate held for sale. The amounts due to Related party J are unsecured, bear no interest, are payable on demand, and related to the initial acquisition of the real estate held for sale. Related party K represents shareholders and directors of the Company. Due to Related party K represents expenses paid by the shareholders or directors to third parties on behalf of the Company, are non-interest bearing, and are due on demand. |
SEGMENT INFORMATION
SEGMENT INFORMATION | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
SEGMENT INFORMATION | NOTE 17 SEGMENT INFORMATION ASC 280, “Segment Reporting” establishes standards for reporting information about operating segments on a basis consistent with the Company’s internal organization structure as well as information about services categories, business segments and major customers in financial statements. The Company has two reportable segments that are based on the following business units: service business and real estate business. In accordance with the “Segment Reporting” Topic of the ASC, the Company’s chief operating decision maker has been identified as the Chief Executive Officer and President, who reviews operating results to make decisions about allocating resources and assessing performance for the entire Company. Existing guidance, which is based on a management approach to segment reporting, establishes requirements to report selected segment information quarterly and to report annually entity-wide disclosures about products and services, major customers, and the countries in which the entity holds material assets and reports revenue. All material operating units qualify for aggregation under “Segment Reporting” due to their similar customer base and similarities in economic characteristics; nature of products and services; and procurement, manufacturing and distribution processes. The Company operates two ● Service business – provision of corporate advisory and business solution services ● Real estate business – trading or leasing of commercial real estate properties in Hong Kong and Malaysia The Company had no inter-segment sales for the periods presented. Summarized financial information concerning the Company’s reportable segments is shown as below: (a) By Categories SCHEDULE OF SUMMARIZED FINANCIAL INFORMATION For the year ended December 31, 2021 Real estate business Service business Corporate Total Revenues $ 128,830 $ 2,820,950 $ - $ 2,949,780 Cost of revenues (49,778 ) (422,908 ) - (472,686 ) Reversal of write-off notes - - 5,000,000 5,000,000 Depreciation and amortization (154,023 ) (5,201 ) (9,460 ) (168,684 ) Impairment - - (5,349,600 ) (5,349,600 ) Loss on extinguishment of notes - - (3,521,263 ) (3,521,263 ) Net income (loss) (34,692 ) (6,345,701 ) (7,982,839 ) (14,363,232 ) Total assets 2,373,236 9,491,903 10,845,542 22,710,681 Capital expenditures for long-lived assets $ - $ 39,349 $ - $ 39,349 For the year ended December 31, 2020 Real estate business Service business Corporate Total Revenues $ 377,857 $ 1,876,954 $ - $ 2,254,811 Cost of revenues (260,730 ) (338,683 ) - (599,413 ) Depreciation and amortization (153,399 ) (88,744 ) (9,986 ) (252,129 ) Net income (loss) 22,174 (1,428,845 ) (2,346,282 ) (3,752,953 ) Total assets 2,410,439 5,346,449 7,038,998 14,795,886 Capital expenditures for long-lived assets $ - $ 3,008 $ - $ 3,008 (b) By Geography* For the year ended December 31, 2021 Hong Kong Malaysia China Total Revenues $ 1,573,606 $ 601,336 $ 774,838 $ 2,949,780 Cost of revenues (136,346 ) (264,703 ) (71,637 ) (472,686 ) Reversal of write-off notes 5,000,000 - - 5,000,000 Depreciation and amortization (14,282 ) (33,315 ) (121,087 ) (168,684 ) Impairment (5,349,600 ) - - (5,349,600 ) Loss on extinguishment of notes (3,521,263 ) - - (3,521,263 ) Net income (loss) (14,499,520 ) 199,381 (63,093 ) (14,363,232 ) Total assets 18,389,057 1,295,424 3,026,200 22,710,681 Capital expenditures for long-lived assets $ 30,652 $ 2,071 $ 6,626 $ 39,349 For the year ended December 31, 2020 Hong Kong Malaysia China Total Revenues $ 1,567,943 $ 502,338 $ 184,530 $ 2,254,811 Cost of revenues (398,486 ) (197,810 ) (3,117 ) (599,413 ) Depreciation and amortization (97,651 ) (33,967 ) (120,511 ) (252,129 ) Net income (loss) (3,141,075 ) (110,727 ) (501,151 ) (3,752,953 ) Total assets 10,672,758 982,613 3,140,515 14,795,886 Capital expenditures for long-lived assets $ - $ 3,008 $ - $ 3,008 * Revenues and costs are attributed to countries based on the location of customers. |
NATURE OF OPERATIONS AND SUMM_2
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Going Concern | Going Concern The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. As reflected in the accompanying financial statements, for the year ended December 31, 2021, the Company incurred a net loss of $ 14,363,232 and net cash used in operating activities of $ 2,023,150 . These factors raise substantial doubt about the Company’s ability to continue as a going concern within one year of the date that the financial statements are issued. The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. The Company’s ability to continue as a going concern is dependent upon improving its profitability and the continuing financial support from its major shareholders. Management believes the existing shareholders or external financing will provide the additional cash to meet the Company’s obligations as they become due. No assurance can be given that any future financing, if needed, will be available or, if available, that it will be on terms that are satisfactory to the Company. Even if the Company can obtain additional financing, if needed, it may contain undue restrictions on its operations, in the case of debt financing, or cause substantial dilution for its stockholders, in the case of equity financing. |
COVID-19 Outbreak | COVID-19 Outbreak On January 30, 2020, the World Health Organization (“WHO”) announced a global health emergency because of a new strain of coronavirus originating in Wuhan, China (the “COVID-19 outbreak”) and the risks to the international community as the virus spreads globally beyond its point of origin. In March 2020, the WHO classified the COVID-19 outbreak as a pandemic, based on the rapid increase in exposure globally. The full impact of the COVID-19 outbreak continues to evolve as of the date of this report. As such, it is uncertain as to the full magnitude that the pandemic will have on our financial condition, liquidity, and future results of operations. Management is actively monitoring the impact of the global situation on our financial condition, liquidity, operations, suppliers, industry, and workforce. Given the daily evolution of the COVID-19 outbreak and the global responses to curb its spread, we are not able to estimate the effects of the COVID-19 outbreak on our results of operations, financial condition, or liquidity for the year ended December 31, 2021. |
Basis of presentation and principles of consolidation | Basis of presentation and principles of consolidation The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries and majority-owned subsidiaries which the Company controls and entities for which the Company is the primary beneficiary. For those consolidated subsidiaries where the Company’s ownership is less than 100 |
Use of estimates | Use of estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Significant accounting estimates include certain assumptions related to, among others, the allowance for doubtful accounts receivable, impairment analysis of real estate assets and other long-term assets including goodwill, estimates inherent in recording purchase price allocation, valuation allowance on deferred income taxes, the assumptions used in the valuation of the derivative liability, and the accrual of potential liabilities. Actual results may differ from these estimates. |
Revenue recognition | Revenue recognition The Company follows the guidance of Accounting Standards Codification (ASC) 606, Revenue from Contracts with Customers |
Cash, cash equivalents, and restricted cash | Cash, cash equivalents, and restricted cash Cash consists of funds on hand and held in bank accounts. Cash equivalents includes demand deposits placed with banks or other financial institutions and all highly liquid investments with original maturities of three months or less, including money market funds. Restricted cash represents cash restricted for the loan collateral requirements as defined in a loan agreement, and the minimum paid-up share capital requirement for insurance brokers specified under the Insurance Ordinance of Hong Kong. On December 31, 2021 and 2020, cash included funds held by employees of $ 0 10,911 SCHEDULE OF CASH EQUIVALENTS AND RESTRICTED CASH December 31, December 31, Cash, cash equivalents, and restricted cash Denominated in United States Dollars $ 4,137,396 $ 147,371 Denominated in Hong Kong Dollars 895,820 623,652 Denominated in Chinese Renminbi 151,311 270,014 Denominated in Malaysian Ringgit 154,044 45,716 Cash, cash equivalents, and restricted cash $ 5,338,571 $ 1,086,753 |
Accounts Receivable | Accounts Receivable Accounts receivable are recorded at the invoiced amount less an allowance for any uncollectible accounts. Management reviews the adequacy of the allowance for doubtful accounts on an ongoing basis, using historical collection trends and aging of receivables. Management also periodically evaluates individual customer’s financial condition, credit history and the current economic conditions to make an adjustment to the allowance when it is considered necessary. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. SCHEDULE OF ACCOUNTS RECEIVABLES As of As of Accounts receivable, gross $ 163,957 $ 215,574 Less: Allowance for doubtful accounts (133,356 ) (24,084 ) Accounts receivable, net $ 30,601 $ 191,490 |
Property and equipment, net | Property and equipment, net Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation is calculated on the straight-line basis over the following estimated useful lives: SCHEDULE OF PLANT AND EQUIPMENT Categories Estimated useful life Office leasehold 27 Furniture and fixtures 3 10 Office equipment 3 10 Leasehold improvement Over the shorter of estimated useful life or term of lease Office leasehold represents three adjoining office units used by the Company located in a commercial building in Shenzhen, China. The office leasehold is subject to a land lease with a term of 27 120,707 120,190 Management assesses the carrying value of property and equipment whenever events or changes in circumstances indicate that the carrying value may not be recoverable. If there is indication of impairment, management prepares an estimate of future cash flows expected to result from the use of the asset and its eventual disposition. If these cash flows are less than the carrying amount of the asset, an impairment loss is recognized to write down the asset to its estimated fair value. For the years ended December 31, 2021 and 2020, the Company determined there were no indicators of impairment of its property and equipment. |
Real estate held for sale | Real estate held for sale Real estate held for sale is reported at the lower of carrying amount or fair value, less estimated costs to sell. The cost of real estate held for sale includes the purchase price of property, legal fees, improvement costs to the building structure, and other acquisition costs. We actively market all properties that are designated as held for sale. Real estate held for sale is not depreciated. In conducting its reviews for indicators of impairment, the Company evaluates, among other things, the margins on units already sold within the project, margins on units under contract but not closed (none as of December 31, 2021), and projected margin on future unit sales. The Company pays close attention to discern if the real estate held for sale is moving at a slower than expected pace or where margins are trending downward. For the years ended December 31, 2021 and 2020, the Company determined there were no indicators of impairment of its real estate held for sale. |
Real estate held for investment, net | Real estate held for investment, net Real estate held for investment is stated at cost less accumulated depreciation. Depreciation is calculated on the straight-line basis over the following estimated useful lives: SCHEDULE OF REAL ESTATE HELD FOR INVESTMENT USEFUL LIFE Categories Estimated useful life Office leasehold 50 Furniture and fixtures 3 10 Office equipment 3 10 Leasehold improvement Shorter of the estimated useful life or term of lease Office leasehold represents three office units owned by the Company located in two commercial buildings in Kuala Lumpur, Malaysia. Depreciation and amortization expense, classified as cost of rental, was $ 31,688 32,072 Management assesses the carrying value of real estate held for investment whenever events or changes in circumstances indicate that the carrying value may not be recoverable. If there is indication of impairment, management prepares an estimate of future cash flows expected to result from the use of the asset and its eventual disposition. If these cash flows are less than the carrying amount of the asset, an impairment loss is recognized to write down the asset to its estimated fair value. For the years ended December 31, 2021 and 2020, the Company determined there were no indicators of impairment of its real estate held for investment. |
Intangible assets, net | Intangible assets, net Amortizable identifiable intangible assets are stated at cost less accumulated amortization and represent customer lists and an insurance agency license acquired in business combinations, and certain trademarks registered in USA, Hong Kong, the PRC, and Singapore. Amortization is calculated on the straight-line basis over the following estimated useful lives: SCHEDULE OF INTANGIBLE ASSETS ESTIMATED LIFE Categories Estimated useful life Customer lists 5 Insurance agency license 2 Trademarks 10 Amortization expense for the years ended December 31, 2021 and 2020 was $ 723 87,665 The Company follows ASC 360 in accounting for intangible assets, which requires impairment losses to be recorded when indicators of impairment are present and the undiscounted cash flows estimated to be generated by the assets are less than the assets’ carrying amounts. For the years ended December 31, 2021 and 2020, the Company determined there were no indicators of impairment of intangible assets (see Note 8). |
Goodwill | Goodwill Goodwill is the excess of cost of an acquired entity over the fair value of amounts assigned to assets acquired and liabilities assumed in a business combination. Under the guidance of ASC 350, goodwill is not amortized, rather it is tested for impairment annually, and will be tested for impairment between annual tests if an event occurs or circumstances change that would indicate the carrying amount may be impaired. An impairment loss generally would be recognized when the carrying amount of the reporting unit’s net assets exceeds the estimated fair value of the reporting unit and would be measured as the excess carrying value of goodwill over the derived fair value of goodwill. The Company’s policy is to perform an annual impairment testing for its reporting units on December 31, of each fiscal year. For the years ended December 31, 2021 and 2020, the Company determined there were no |
Impairment of long-lived assets | Impairment of long-lived assets Long-lived assets primarily include real estate held for investment, property and equipment and intangible assets. In accordance with the provision of ASC 360, the Company generally conducts its annual impairment evaluation to its long-lived assets, usually in the fourth quarter of each year, or more frequently if indicators of impairment exist, such as a significant sustained change in the business climate. The recoverability of long-lived assets is measured at the reporting unit level. If the total of the expected undiscounted future net cash flows is less than the carrying amount of the asset, a loss is recognized for the difference between the fair value and carrying amount of the asset. As of December 31, 2021 and 2020, the Company determined there were no |
Investments | Investments Investments in equity securities The Company accounts for its investments that represent less than 20 Financial Instruments – Overall: Recognition and Measurement of Financial Assets and Financial Liabilities 9,621,935 6,829,660 |
Leases | Leases Prior to January 1, 2019, the Company accounted for leases under ASC 840, Accounting for Leases. Effective January 1, 2019, the Company adopted the guidance of ASC 842, Leases, which requires an entity to recognize a right-of-use asset and a lease liability for virtually all leases. The implementation of ASC 842 did not have a material impact on the Company’s consolidated financial statements and did not have a significant impact on our liquidity or on our compliance with our financial covenants associated with our loans. The Company adopted ASC 842 using a modified retrospective approach. As a result, the comparative financial information has not been updated and the required disclosures prior to the date of adoption have not been updated and continue to be reported under the accounting standards in effect for those periods. The adoption of ASC 842 on January 1, 2019 resulted in the initial recognition of operating lease right-of-use assets of $ 582,647 582,647 |
Debt discount | Debt discount During the year ended December 31, 2021, the Company incurred $ 570,000 206,342 During the year ended December 31, 2020, the Company incurred $ 190,000 15,122 |
Debt issuance costs | Debt issuance costs During the year ended December 31, 2021, the Company incurred direct costs associated with the issuance of convertible promissory notes, as described in Note 12, and recorded $ 290,000 76,380 During the year ended December 31, 2020, the Company incurred direct costs associated with the issuance of convertible promissory notes, as described in Note 12, and recorded $ 130,000 6,780 |
Derivative financial instruments | Derivative financial instruments Derivative financial instruments consist of financial instruments that contain a notional amount and one or more underlying variables such as interest rate, security price, variable conversion rate or other variables, require no initial net investment and permit net settlement. The derivative financial instruments may be free-standing or embedded in other financial instruments. The Company evaluates its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives. The Company follows the provision of ASC 815, Derivatives and Hedging for derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value and is then re-valued at each reporting date, with changes in the fair value reported in the statements of operations. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is evaluated at the end of each reporting period. Derivative instrument liabilities are classified in the balance sheet as current or non-current based on whether net-cash settlement of the derivative instrument could be required within 12 months of the balance sheet date. At each reporting date, the Company reviews its convertible securities to determine that their classification is appropriate. |
Income taxes | Income taxes The Company accounts for income taxes using an asset and liability approach which allows for the recognition and measurement of deferred tax assets based upon the likelihood of realization of tax benefits in future years. Under the asset and liability approach, deferred taxes are provided for the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. A valuation allowance is provided for deferred tax assets if it is more likely than not these items will either expire before the Company is able to realize their benefits, or that future deductibility is uncertain. The Company conducts major businesses in Hong Kong, China and Malaysia, and is subject to tax in these jurisdictions. As a result of its business activities, the Company will file separate tax returns that are subject to examination by the foreign tax authorities. |
Net loss per share | Net loss per share Basic net loss per share is computed by dividing the net loss available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted net loss per share is calculated by dividing the net loss by the weighted average number of common shares outstanding, adjusted for the dilutive effect of outstanding Common Stock equivalents. On December 31, 2021 and 2020, the only outstanding Common Stock equivalents were warrants for 53,556 |
Foreign currencies translation | Foreign currencies translation The reporting currency of the Company is the United States Dollars (“US$”) and the accompanying consolidated financial statements have been expressed in US$. In addition, the Company’s operating subsidiaries maintain their books and records in their respective local currency, which consists of Malaysian Ringgit (“MYR”), Renminbi (“RMB”) and Hong Kong Dollars (“HK$”), which is also the respective functional currency of subsidiaries. In general, for consolidation purposes, assets and liabilities of its subsidiaries whose functional currency is not the US$ are translated into US$ using the exchange rate on the balance sheet date. Revenues and expenses are translated at average rates prevailing during the period. The gains and losses resulting from translation of financial statements of a foreign subsidiary are recorded as a separate component of accumulated other comprehensive loss within equity. Translation of amounts from the local currencies of the Company into US$ has been made at the following exchange rates for the respective periods: SCHEDULE OF FOREIGN CURRENCY TRANSACTION As of and for the years ended 2021 2020 Period-end MYR : US$1 exchange rate 4.17 4.02 Period-average MYR : US$1 exchange rate 4.14 4.20 Period-end RMB : US$1 exchange rate 6.36 6.53 Period-average RMB : US$1 exchange rate 6.44 6.90 Period-end HK$ : US$1 exchange rate 7.80 7.75 Period-average HK$ : US$1 exchange rate 7.77 7.76 |
Comprehensive income | Comprehensive income Comprehensive income is defined as the change in equity of a business enterprise during a period from transactions and other events and circumstances from non-owner sources. The Company’s accumulated other comprehensive income consists of cumulative foreign currency translation adjustments. |
Fair value of financial instruments | Fair value of financial instruments The Company follows the guidance of the ASC 820-10, “ Fair Value Measurements and Disclosures ● Level 1 ● Level 2 ● Level 3 The Company believes the carrying amount reported in the balance sheet for cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities, deferred revenue, and due to related parties, approximate their fair values because of the short-term nature of these financial instruments. As of December 31, 2021 and 2020, the Company’s balance sheet includes Level 3 liabilities comprised of the fair value of derivative liabilities of $ 9,935 1,189,786 SCHEDULE OF FAIR VALUE FINANCIAL INSTRUMENT Year ended Year ended Fair value at beginning of period $ 1,189,786 $ 28,545 Derivative liability associated with convertible notes issued during the period 10,839,240 1,306,700 Reclassification of conversion option related to a convertible note to additional paid in capital (5,745,520 ) - Fair value gains of derivative liability associated with convertible note (6,203,520 ) (196,900 ) Fair value (gains) losses of derivative liability associated with warrants (70,051 ) 51,441 Fair value at end of period $ 9,935 $ 1,189,786 |
Concentrations of risks | Concentrations of risks For the year ended December 31, 2021, three customers accounted for 26 % ( 12 %, 8 % and 6 %, respectively) of revenue and three customers accounted for 56 % ( 40 %, 10 % and 6 %, respectively) of accounts receivable at year-end. For the year ended December 31, 2020, three customers accounted for 30 % ( 16 %, 11 % and 3 %, respectively) of revenue and three customers accounted for 82 % ( 74 %, 5 % and 3 %, respectively) of accounts receivable at year-end. For the year ended December 31, 2021, no vendor accounted for 10 % or more of the Company’s cost of revenues and three vendors accounted for 65 % ( 47 %, 9 % and 9 %, respectively) of accounts payable at year-end. For the year ended December 31, 2020, no vendor accounted for 10 % or more of the Company’s cost of revenues and three vendors accounted for 62 % ( 27 %, 21 % and 14 %, respectively) of accounts payable at year-end. |
Exchange rate risk | Exchange rate risk The reporting currency of the Company is US$ but the major revenues and costs are denominated in MYR, RMB and HK$, and a significant portion of the assets and liabilities are denominated in MYR, RMB and HK$. As a result, the Company is exposed to a foreign exchange risk as its revenues and results of operations may be affected by fluctuations in the exchange rate between US$ and MYR, US$ and RMB or US$ and HK$. If MYR, RMB or HK$ depreciates against US$, the values of the MYR, RMB or HK$ revenues and assets when convert and report to the Company’s US$ financial statements will accordingly decline. The Company does not hold any derivative or other financial instruments that may expose it to a substantial market risk. |
Risks and uncertainties | Risks and uncertainties Substantially all the Company’s services are conducted in Hong Kong, the PRC, Malaysia, Thailand, Taiwan, and the South-East Asia region. The Company’s operations are subject to various political and economic risks, including the risks of restrictions on transfer of funds, export duties, quotas and embargoes, changing taxation policies, and political conditions and governmental regulations, and the adverse impact of the coronavirus outbreak. |
Recent accounting pronouncements | Recent accounting pronouncements In August 2020, the FASB issued “ASU 2020-06, Debt with Conversion and Other Options (Subtopic 47020) and Derivatives and Hedging – Contracts in Equity’s Own Equity (Subtopic 815-40)” which simplifies the accounting for convertible instruments. The guidance removes certain accounting models which separate the embedded conversion features from the host contract for convertible instruments. Either a modified retrospective method of transition or a fully retrospective method of transition is permissible for the adoption of this standard. Update No. 2020-06 is effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. Early adoption is permitted no earlier than the fiscal year beginning after December 15, 2020. The Company is currently evaluating the potential on its financial statements. In June 2016, the FASB issued ASU No. 2016-13, Credit Losses - Measurement of Credit Losses on Financial Instruments (“ASC 326”). The standard significantly changes how entities will measure credit losses for most financial assets, including accounts and notes receivables. The standard will replace today’s “incurred loss” approach with an “expected loss” model, under which companies will recognize allowances based on expected rather than incurred losses. Entities will apply the standard’s provisions as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. The standard is effective for interim and annual reporting periods beginning after December 15, 2022. The Company is currently assessing the impact of adopting this standard on the Company’s financial statements and related disclosures. Other recent accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public Accountants, and the Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company’s present or future financial statements. |
NATURE OF OPERATIONS AND SUMM_3
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
SCHEDULE OF CASH EQUIVALENTS AND RESTRICTED CASH | SCHEDULE OF CASH EQUIVALENTS AND RESTRICTED CASH December 31, December 31, Cash, cash equivalents, and restricted cash Denominated in United States Dollars $ 4,137,396 $ 147,371 Denominated in Hong Kong Dollars 895,820 623,652 Denominated in Chinese Renminbi 151,311 270,014 Denominated in Malaysian Ringgit 154,044 45,716 Cash, cash equivalents, and restricted cash $ 5,338,571 $ 1,086,753 |
SCHEDULE OF ACCOUNTS RECEIVABLES | SCHEDULE OF ACCOUNTS RECEIVABLES As of As of Accounts receivable, gross $ 163,957 $ 215,574 Less: Allowance for doubtful accounts (133,356 ) (24,084 ) Accounts receivable, net $ 30,601 $ 191,490 |
SCHEDULE OF PLANT AND EQUIPMENT | Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation is calculated on the straight-line basis over the following estimated useful lives: SCHEDULE OF PLANT AND EQUIPMENT Categories Estimated useful life Office leasehold 27 Furniture and fixtures 3 10 Office equipment 3 10 Leasehold improvement Over the shorter of estimated useful life or term of lease |
SCHEDULE OF REAL ESTATE HELD FOR INVESTMENT USEFUL LIFE | Real estate held for investment is stated at cost less accumulated depreciation. Depreciation is calculated on the straight-line basis over the following estimated useful lives: SCHEDULE OF REAL ESTATE HELD FOR INVESTMENT USEFUL LIFE Categories Estimated useful life Office leasehold 50 Furniture and fixtures 3 10 Office equipment 3 10 Leasehold improvement Shorter of the estimated useful life or term of lease |
SCHEDULE OF INTANGIBLE ASSETS ESTIMATED LIFE | Amortization is calculated on the straight-line basis over the following estimated useful lives: SCHEDULE OF INTANGIBLE ASSETS ESTIMATED LIFE Categories Estimated useful life Customer lists 5 Insurance agency license 2 Trademarks 10 |
SCHEDULE OF FOREIGN CURRENCY TRANSACTION | Translation of amounts from the local currencies of the Company into US$ has been made at the following exchange rates for the respective periods: SCHEDULE OF FOREIGN CURRENCY TRANSACTION As of and for the years ended 2021 2020 Period-end MYR : US$1 exchange rate 4.17 4.02 Period-average MYR : US$1 exchange rate 4.14 4.20 Period-end RMB : US$1 exchange rate 6.36 6.53 Period-average RMB : US$1 exchange rate 6.44 6.90 Period-end HK$ : US$1 exchange rate 7.80 7.75 Period-average HK$ : US$1 exchange rate 7.77 7.76 |
SCHEDULE OF FAIR VALUE FINANCIAL INSTRUMENT | SCHEDULE OF FAIR VALUE FINANCIAL INSTRUMENT Year ended Year ended Fair value at beginning of period $ 1,189,786 $ 28,545 Derivative liability associated with convertible notes issued during the period 10,839,240 1,306,700 Reclassification of conversion option related to a convertible note to additional paid in capital (5,745,520 ) - Fair value gains of derivative liability associated with convertible note (6,203,520 ) (196,900 ) Fair value (gains) losses of derivative liability associated with warrants (70,051 ) 51,441 Fair value at end of period $ 9,935 $ 1,189,786 |
REVENUE FROM CONTRACTS WITH C_2
REVENUE FROM CONTRACTS WITH CUSTOMERS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
SCHEDULE OF DISAGGREGATED REVENUE | The following tables provide information about disaggregated revenue based on revenue by service lines and revenue by geographic area: SCHEDULE OF DISAGGREGATED REVENUE Year ended December 31, 2021 2020 Revenue by service lines: Corporate advisory – Non-Listing services $ 1,848,200 $ 1,521,279 Corporate advisory – Listing services 972,750 355,675 Rental of real estate properties 128,830 124,128 Sales of real estate held for sale - 253,729 Total revenue $ 2,949,780 $ 2,254,811 Year ended December 31, 2021 2020 Revenue by geographic area: Hong Kong $ 1,573,606 $ 1,567,943 Malaysia 601,336 502,338 China 774,838 184,530 Total revenue $ 2,949,780 $ 2,254,811 |
SCHEDULE OF DEFERRED REVENUE COST | Deferred revenue and deferred costs of revenue at December 31, 2021 and 2020 are classified as current assets or current liabilities and totaled: SCHEDULE OF DEFERRED REVENUE COST As of As of Deferred revenue $ 2,006,696 $ 1,634,075 Deferred costs of revenue $ 123,293 $ 81,246 |
SCHEDULE OF CHANGES IN DEFERRED REVENUE | Changes in deferred revenue were as follows at December 31, 2021 and 2020: SCHEDULE OF CHANGES IN DEFERRED REVENUE Year Ended Year Ended Deferred revenue, beginning of period $ 1,634,075 $ 1,202,153 New contract liabilities 1,616,633 787,597 Performance obligations satisfied (1,244,012 ) (355,675 ) Deferred revenue, end of period $ 2,006,696 $ 1,634,075 |
BUSINESS COMBINATION (Tables)
BUSINESS COMBINATION (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Business Combination and Asset Acquisition [Abstract] | |
SCHEDULE OF IDENTIFIABLE INTANGIBLE ASSETS AND GOODWILL | SCHEDULE OF IDENTIFIABLE INTANGIBLE ASSETS AND GOODWILL Cash and cash equivalents $ 81,649 Goodwill 26,082 Total 107,731 Fair value of current liabilities (38,500 ) Purchase price $ 69,231 |
SCHEDULE OF PROFORMA INFORMATION OF OPERATIONS | SCHEDULE OF PROFORMA INFORMATION OF OPERATIONS Year ended Year ended (unaudited) (unaudited) Revenue $ 2,949,780 $ 2,254,811 Loss from operations (2,754,684 ) (2,907,000 ) Net loss (14,363,232 ) (3,754,375 ) Net loss per share-basic and diluted $ (0.21 ) $ (0.07 ) |
PROPERTY AND EQUIPMENT, NET (Ta
PROPERTY AND EQUIPMENT, NET (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
SCHEDULE OF PROPERTY AND EQUIPMENT NET | SCHEDULE OF PROPERTY AND EQUIPMENT NET As of As of December 31, December 31, Office leaseholds $ 3,270,668 $ 3,183,749 Furniture and fixtures 53,372 53,122 Office equipment 61,894 54,524 Leasehold improvement 95,152 63,696 Property, plant and equipment, Gross 3,481,086 3,355,091 Less: Accumulated depreciation and amortization (620,881 ) (474,001 ) Total $ 2,860,205 $ 2,881,090 |
REAL ESTATE HELD FOR INVESTME_2
REAL ESTATE HELD FOR INVESTMENT, NET (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Real Estate [Abstract] | |
SCHEDULE OF REAL ESTATE HELD FOR INVESTMENT, NET | SCHEDULE OF REAL ESTATE HELD FOR INVESTMENT, NET As of As of December 31, 2021 December 31, 2020 Office leasehold $ 824,828 $ 854,253 Furniture and fixtures 54,658 56,608 Office equipment 17,472 18,096 Leasehold improvement 74,931 77,604 Real estate investment property, Gross 971,889 1,006,561 Less: Accumulated depreciation and amortization (254,066 ) (230,481 ) Total $ 717,823 $ 776,080 |
OTHER INVESTMENTS (Tables)
OTHER INVESTMENTS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
SCHEDULE OF OTHER INVESTMENTS | SCHEDULE OF OTHER INVESTMENTS As of As of December 31, 2021 December 31, 2020 (A) Investment in equity securities without readily determinable fair values of affiliates: (1) Greenpro Trust Limited (a related party) $ 51,613 $ 51,613 (2) Other related parties 9,570,322 6,413,547 (B) Stock option (a related party) - 364,500 Total $ 9,621,935 $ 6,829,660 |
SCHEDULE OF CARRYING VALUES OF EQUITY SECURITIES WITHOUT READILY DETERMINABLE FAIR VALUES | On December 31, 2021 and 2020, the carrying values of equity securities without readily determinable fair values are as follows: SCHEDULE OF CARRYING VALUES OF EQUITY SECURITIES WITHOUT READILY DETERMINABLE FAIR VALUES As of As of December 31, 2021 December 31, 2020 Original cost $ 15,545,764 $ 6,839,389 Unrealized gains (losses) - - Provision for impairment or decline in value (5,923,829 ) (374,229 ) Equity securities without readily determinable fair values, net $ 9,621,935 $ 6,465,160 |
INTANGIBLE ASSETS AND GOODWILL
INTANGIBLE ASSETS AND GOODWILL (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
SCHEDULE OF INTANGIBLE ASSETS | Intangible assets SCHEDULE OF INTANGIBLE ASSETS As of As of December 31, 2021 December 31, 2020 Trademarks $ 7,210 $ 7,250 Customer lists 344,500 344,500 Insurance agency license 129,032 129,032 Total intangible assets, gross 480,742 480,782 Less: Accumulated amortization (478,117 ) (477,418 ) Total $ 2,625 $ 3,364 |
SCHEDULE OF AMORTIZATION EXPENSE OF INTANGIBLE ASSETS | Amortization for each year following December 31, 2021 is as follows: SCHEDULE OF AMORTIZATION EXPENSE OF INTANGIBLE ASSETS Year ending December 31: 2022 $ 723 2023 723 2024 and thereafter 1,179 Total $ 2,625 |
OPERATING LEASES (Tables)
OPERATING LEASES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Operating Leases | |
SCHEDULE OF COMPONENTS OF LEASE EXPENSE AND SUPPLEMENTAL CASH FLOW INFORMATION | The components of operating lease cost and supplemental cash flow information related to leases are as follows: SCHEDULE OF COMPONENTS OF LEASE EXPENSE AND SUPPLEMENTAL CASH FLOW INFORMATION 1 2 Year Ended Year Ended December 31, 2020 Lease Cost Operating lease cost (included in general and administrative expenses in the Company’s statement of operations for measurement of lease liabilities) $ 154,562 $ 273,561 Other Information Cash paid for amounts included in the measurement of lease liabilities for the year ended December 31, 2021 $ 149,204 $ 270,280 Weighted average remaining lease term – operating leases (in years) 1.21 0.33 Average discount rate – operating leases 4.0 % 4.0 % |
SCHEDULE OF SUPPLEMENTAL BALANCE SHEET INFORMATION RELATED TO LEASES | The supplemental balance sheet information related to leases is as follows: SCHEDULE OF SUPPLEMENTAL BALANCE SHEET INFORMATION RELATED TO LEASES 1 2 As of December 31,2021 As of Operating leases Right-of-use assets $ 101,221 $ 85,133 Operating lease liabilities $ 108,396 $ 86,975 |
SCHEDULE OF MATURITIES OF LEASE LIABILITIES | Maturities of the Company’s lease liabilities are as follows: SCHEDULE OF MATURITIES OF LEASE LIABILITIES Operating Leases Year Ended December 31, 2022 $ 92,340 2023 18,865 Total lease payments 111,205 Less: Imputed interest (2,809 ) Present value of lease liabilities $ 108,396 |
DERIVATIVE LIABILITIES (Tables)
DERIVATIVE LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |
SCHEDULE OF DERIVATIVE LIABILITIES | SCHEDULE OF DERIVATIVE LIABILITIES As of As of December 31, 2021 December 31, 2020 Fair value of warrants $ 9,935 $ 79,986 Fair value of options associated with convertible promissory notes - 1,109,800 Total $ 9,935 $ 1,189,786 |
Black-Scholes-Merton [Member] | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |
SCHEDULE OF ESTIMATED DERIVATIVE LIABILITIES AT FAIR VALUE ASSUMPTIONS | The derivative liabilities were valued using the Black-Scholes-Merton valuation model with the following assumptions: SCHEDULE OF ESTIMATED DERIVATIVE LIABILITIES AT FAIR VALUE ASSUMPTIONS As of As of December 31, 2021 December 31, 2020 Risk-free interest rate $ 1.9 % $ 1.7 % Expected volatility 174 % 181 % Expected life (in years) 1.4 2.4 Expected dividend yield 0.00 % 0.00 % Fair Value of warrants $ 9,935 $ 79,986 |
Trinomial Option Pricing Model [Member] | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |
SCHEDULE OF ESTIMATED DERIVATIVE LIABILITIES AT FAIR VALUE ASSUMPTIONS | The Company estimated the fair value of derivative liabilities related to Investors’ early redemption options using the following assumptions: SCHEDULE OF ESTIMATED DERIVATIVE LIABILITIES AT FAIR VALUE ASSUMPTIONS As of As of Risk free rate - % 0.11 % Fair value of underlying stock $ - $ 2.05 Expected term (in years) - 1.28 Stock price volatility - % 206.17 % Expected dividend yield - % 0 % Fair value of options $ - $ 1,109,800 |
LOANS SECURED BY REAL ESTATE (T
LOANS SECURED BY REAL ESTATE (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
SCHEDULE OF LONG TERM BANK LOANS | SCHEDULE OF LONG TERM BANK LOANS As of As of December 31, 2021 December 31, 2020 (A) Standard Chartered Saadiq Berhad, Malaysia $ - $ 328,731 (B) United Overseas Bank (Malaysia) Berhad - 241,892 (C) Bank of China Limited, Shenzhen, PRC - 964,985 Total - 1,535,608 Less: Current portion - (158,612 ) Loans secured by real estate, net of current portion $ - $ 1,376,996 (A) In December 2013, the Company obtained a loan in the principal amount of MYR 1,629,744 391,201 2.1 300 monthly installments 8,984 2,157 November 2038 (B) In December 2013, the Company, through Mr. Lee Chong Kuang, the director of the Company, obtained a loan in the principal amount of MYR 1,074,896 258,016 2.2 360 monthly installments 4,998 1,200 November 2043 (C) In December 2017, the Company obtained a loan in the principal amount of RMB 9,000,000 (approximately $ 1,416,185 ) from Bank of China Limited, a financial institution in China to finance the acquisition of leasehold office units of approximately 5,000 25 5-year-or-above RMB base lending rate per annum with 120 monthly installments and will mature in December 2027 . The current interest rate of the loan is 6.125 The monthly installment will be determined by the sum of (i) a 25% premium above the 5-year-or-above RMB base lending rate per annum on the 20 th and (ii) RMB 75,000 11,802 1,000,000 157,354 |
CONVERTIBLE NOTES PAYABLE, NET
CONVERTIBLE NOTES PAYABLE, NET (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
SCHEDULE OF CARRYING VALUE OF SHORT-TERM CONVERTIBLE NOTES | On December 31, 2021 and 2020, carrying values of the short-term convertible notes are as follows: SCHEDULE OF CARRYING VALUE OF SHORT-TERM CONVERTIBLE NOTES December 31, 2021 December 31, 2020 Face value of convertible notes $ 7,860,000 $ 1,790,000 Additional 25% to Outstanding Balance due to non-fulfillment of use of proceeds requirements 1,106,488 - Initial discount (286,756 ) (174,878 ) Discount related to debt issuance costs (200,410 ) (123,220 ) Discount related to beneficial conversion feature (1,896,160 ) (943,584 ) Discount related to put options (327,631 ) (405,845 ) Discount related to conversion option (177,157 ) - Convertible notes payable, net of discounts 6,078,374 142,473 Accrued interest during the year - 38,742 Reversal of discounts 2,888,114 - Redeemed by cash or converted to shares (8,966,488 ) - Carrying value of convertible notes payable $ - $ 181,215 |
SUMMARY OF CONVERTIBLE DEBT'S INTEREST EXPENSE | Summary of convertible debt’s interest expense is as follows: SUMMARY OF CONVERTIBLE DEBT'S INTEREST EXPENSE Year Ended Year Ended Coupon interest $ 460,189 $ 38,742 Amortization of discount on convertible notes 206,342 15,122 Amortization of debt issuance costs 76,380 6,780 Interest expense associated with conversion of notes 2,254,480 120,571 Interest expense associated with accretion of convertible notes payable 8,561,440 832,200 Interest expense due to non-fulfillment of use of proceeds requirements 1,106,488 - Additional charge for early redemption 235,536 - Total $ 12,900,855 $ 1,013,415 |
SCHEDULE OF CONVERTIBLE PROMISSORY NOTES | Components and costs of the convertible promissory notes issued during the year ended December 31, 2021 and 2020, are as follows: SCHEDULE OF CONVERTIBLE PROMISSORY NOTES Year Ended Year Ended Original Principal Amount $ 6,070,000 $ 1,790,000 Less: Original issue discount (OID) (550,000 ) (160,000 ) Less: Transaction Expense Amount (20,000 ) (30,000 ) Purchase Price 5,500,000 1,600,000 Less: Broker Fee (290,000 ) (130,000 ) Net proceeds $ 5,210,000 $ 1,470,000 |
At Issuance October 13, 2020 [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
SCHEDULE OF CARRYING VALUE OF SHORT-TERM CONVERTIBLE NOTES | At issuance date of October 13, 2020, net carrying value of three short-term convertible notes is as follows: SCHEDULE OF CARRYING VALUE OF SHORT-TERM CONVERTIBLE NOTES At Issuance October 13, 2020 Face value of convertible notes $ 1,790,000 Initial discount (190,000 ) Discount related to debt issuance costs (130,000 ) Discount related to beneficial conversion feature (995,500 ) Discount related to put options (474,500 ) Net carrying value of convertible notes payable $ - |
At Issuance January 8, 2021 [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
SCHEDULE OF CARRYING VALUE OF SHORT-TERM CONVERTIBLE NOTES | At issuance date of January 8, 2021, net carrying value of a short-term convertible note is as follows: SCHEDULE OF CARRYING VALUE OF SHORT-TERM CONVERTIBLE NOTES At Issuance January 8, 2021 (Unaudited) Face value of convertible note $ 1,660,000 Initial discount (160,000 ) Discount related to debt issuance costs (90,000 ) Discount related to beneficial conversion feature (1,410,000 ) Net carrying value of convertible note payable $ - |
At Issuance February 11, 2021 [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
SCHEDULE OF CARRYING VALUE OF SHORT-TERM CONVERTIBLE NOTES | At issuance date of February 11, 2021, net carrying value of a short-term convertible note is as follows: SCHEDULE OF CARRYING VALUE OF SHORT-TERM CONVERTIBLE NOTES At Issuance February 11, (Unaudited) Face value of convertible note $ 4,410,000 Initial discount (410,000 ) Discount related to debt issuance costs (200,000 ) Discount related to conversion option (3,800,000 ) Net carrying value of convertible notes payable $ - |
At Repayment Date February 26, 2021 [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
SCHEDULE OF CARRYING VALUE OF SHORT-TERM CONVERTIBLE NOTES | On February 26, 2021 (the Repayment Date), net carrying value of a short-term convertible note issued on February 11, 2021, is as follows: SCHEDULE OF CARRYING VALUE OF SHORT-TERM CONVERTIBLE NOTES At Repayment Date February 26, 2021 (Unaudited) Face value of convertible note $ 4,410,000 Accrued interest from February 11 to February 25, 2021 15,952 Outstanding Balance (before additional 25 4,425,952 Face value of convertible note $ 4,410,000 Additional 25 1,106,488 Outstanding Balance (after additional 25 5,516,488 Initial discount (403,736 ) Discount related to debt issuance costs (197,680 ) Discount related to conversion option (3,737,248 ) Discount related to beneficial conversion feature (1,065,380 ) Net carrying value of convertible notes payable $ 112,444 |
WARRANTS (Tables)
WARRANTS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Warrants | |
SUMMARY OF WARRANTS ACTIVITY | A summary of warrants to purchase Common Stock issued during the years ended December 31, 2021 and 2020 is as follows: SUMMARY OF WARRANTS ACTIVITY Shares Weighted Average Exercise Price Balance outstanding at January 1, 2020 53,556 $ 7.20 Granted - - Exercised - - Expired/Cancelled - - Balance outstanding at December 31, 2020 53,556 7.20 Granted - - Exercised - - Expired/Cancelled - - Balance outstanding and exercisable at December 31, 2021 53,556 $ 7.20 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
SCHEDULE OF PROVISION FOR (BENEFIT FROM) INCOME TAXES | Provision for income taxes consisted of the following: SCHEDULE OF PROVISION FOR (BENEFIT FROM) INCOME TAXES For the years ended December 31, 2021 2020 Current: – Local $ - $ - Current: Local $ - $ - – Foreign: Hong Kong 2,630 - The PRC 2,310 - Malaysia - - Current: Foreign - - Deferred: – Local - - Deferred: Local - - – Foreign - - Deferred : Foreign - - Total $ 4,940 $ - |
SCHEDULE OF LOSS BEFORE INCOME TAXES | A summary of United States and foreign loss before income taxes was comprised of the following: SCHEDULE OF LOSS BEFORE INCOME TAXES For the years ended December 31, 2021 2020 Tax jurisdictions from: – United States $ (8,055,793 ) $ (2,364,220 ) – Foreign, representing: Hong Kong (347,092 ) (171,615 ) The PRC (61,084 ) (501,372 ) Malaysia (176,350 ) (152,011 ) Other (primarily nontaxable jurisdictions) (5,717,973 ) (563,735 ) Loss before income taxes $ (14,358,292 ) $ (3,752,953 ) |
SCHEDULE OF EFFECTIVE INCOME TAX RATE | The following table summarizes a reconciliation of the Company’s blended statutory income tax rate to the Company’s effective tax rate as a percentage of income from continuing operations before taxes: SCHEDULE OF EFFECTIVE INCOME TAX RATE For the years ended 2021 2020 Statutory tax rate 21.0 % 21.0 % Impairment of goodwill, intangible assets and investments - % - % Change in income tax valuation allowance (21.0 )% (21.0 )% Effective tax rate 0.0 % 0.0 % |
SCHEDULE OF COMPONENTS OF DEFERRED TAX ASSETS | The significant components of deferred taxes of the Company are as follows (in thousands): SCHEDULE OF COMPONENTS OF DEFERRED TAX ASSETS As of As of December 31, 2021 December 31, 2020 Deferred tax assets: Impairment of goodwill, intangible assets, and investments $ 832,000 $ 832,000 Financing costs 974,000 974,000 Operating lease liability 23,000 18,000 Accounts receivable allowance 28,000 5,000 Net operating loss carryforwards – United States of America 3,766,000 2,074,000 – Hong Kong 470,000 418,000 – The PRC 619,000 603,000 – Malaysia 197,000 161,000 Net operating loss carryforwards 197,000 161,000 Gross deferred tax assets 6,909,000 5,085,000 Less: valuation allowance (5,804,000 ) (5,036,000 ) Total deferred tax assets 1,105,000 49,000 Deferred tax liabilities: Change in fair value of derivative liabilities 1,084,000 31,000 Operating lease right-of-use asset 21,000 18,000 Total deferred tax liabilities 1,105,000 49,000 Net deferred tax asset (liability) $ - $ - |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Related Party Transactions [Abstract] | |
SCHEDULE OF DUE FROM RELATED PARTIES | SCHEDULE OF DUE FROM RELATED PARTIES Due from related parties: December 31, 2021 December 31, 2020 Accounts receivable, net Due from related party B (net of allowance of $ 41 8,025 $ 41 $ 152,475 Accounts receivable from related parties $ 41 $ 152,475 Due from related parties Due from related party B 503,361 - Due from related party D 606,430 - Due from related party G 1,064 2,320 Due from related party H 60,000 60,000 Total $ 1,170,896 $ 214,795 Due from related parties $ 1,170,896 $ 214,795 |
SCHEDULE OF DUE TO RELATED PARTIES | SCHEDULE OF DUE TO RELATED PARTIES Due to related parties: December 31, 2021 December 31, 2020 Due to related party A $ 29,512 $ 586 Due to related party B 1,513 9,580 Due to related party G 780 - Due to related party I 2,257 - Due to related party J 701,781 744,428 Due to related party K 21,440 354,047 Total $ 757,283 $ 1,108,641 |
SCHEDULE OF INCOME FROM OR EXPENSES TO RELATED PARTIES | SCHEDULE OF INCOME FROM OR EXPENSES TO RELATED PARTIES For the years ended Income from or expenses to related parties: 2021 2020 Service revenue from related parties - Related party A $ 93,718 $ 78,957 - Related party B 733,103 132,288 - Related party C 115 129 - Related party D 26,512 24,508 - Related party E 5,418 14,252 - Related party G 1,425 112 - Related party I 1,158 - Total $ 861,449 $ 250,246 Service revenue from related parties $ 861,449 $ 250,246 Cost of service revenue to related parties - Related party B $ - $ 2,514 Total $ - $ 2,514 Cost of service, related parties $ - $ 2,514 General and administrative expenses to related parties - Related party A $ 8,420 $ 6,784 - Related party B 3,859 3,868 - Related party D 643 645 - Related party G - 1,186 Total $ 12,922 $ 12,483 General and administrative expense, related parties $ 12,922 $ 12,483 Other income from related parties - Related party B $ - $ 1,934 Total $ - $ 1,934 Other income from related party $ - $ 1,934 Other expenses to related parties - Related party B $ 5,349,600 $ - Total $ 5,349,600 $ - Other expense from related party $ 5,349,600 $ - |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
SCHEDULE OF SUMMARIZED FINANCIAL INFORMATION | The Company had no inter-segment sales for the periods presented. Summarized financial information concerning the Company’s reportable segments is shown as below: (a) By Categories SCHEDULE OF SUMMARIZED FINANCIAL INFORMATION For the year ended December 31, 2021 Real estate business Service business Corporate Total Revenues $ 128,830 $ 2,820,950 $ - $ 2,949,780 Cost of revenues (49,778 ) (422,908 ) - (472,686 ) Reversal of write-off notes - - 5,000,000 5,000,000 Depreciation and amortization (154,023 ) (5,201 ) (9,460 ) (168,684 ) Impairment - - (5,349,600 ) (5,349,600 ) Loss on extinguishment of notes - - (3,521,263 ) (3,521,263 ) Net income (loss) (34,692 ) (6,345,701 ) (7,982,839 ) (14,363,232 ) Total assets 2,373,236 9,491,903 10,845,542 22,710,681 Capital expenditures for long-lived assets $ - $ 39,349 $ - $ 39,349 For the year ended December 31, 2020 Real estate business Service business Corporate Total Revenues $ 377,857 $ 1,876,954 $ - $ 2,254,811 Cost of revenues (260,730 ) (338,683 ) - (599,413 ) Depreciation and amortization (153,399 ) (88,744 ) (9,986 ) (252,129 ) Net income (loss) 22,174 (1,428,845 ) (2,346,282 ) (3,752,953 ) Total assets 2,410,439 5,346,449 7,038,998 14,795,886 Capital expenditures for long-lived assets $ - $ 3,008 $ - $ 3,008 (b) By Geography* For the year ended December 31, 2021 Hong Kong Malaysia China Total Revenues $ 1,573,606 $ 601,336 $ 774,838 $ 2,949,780 Cost of revenues (136,346 ) (264,703 ) (71,637 ) (472,686 ) Reversal of write-off notes 5,000,000 - - 5,000,000 Depreciation and amortization (14,282 ) (33,315 ) (121,087 ) (168,684 ) Impairment (5,349,600 ) - - (5,349,600 ) Loss on extinguishment of notes (3,521,263 ) - - (3,521,263 ) Net income (loss) (14,499,520 ) 199,381 (63,093 ) (14,363,232 ) Total assets 18,389,057 1,295,424 3,026,200 22,710,681 Capital expenditures for long-lived assets $ 30,652 $ 2,071 $ 6,626 $ 39,349 For the year ended December 31, 2020 Hong Kong Malaysia China Total Revenues $ 1,567,943 $ 502,338 $ 184,530 $ 2,254,811 Cost of revenues (398,486 ) (197,810 ) (3,117 ) (599,413 ) Depreciation and amortization (97,651 ) (33,967 ) (120,511 ) (252,129 ) Net income (loss) (3,141,075 ) (110,727 ) (501,151 ) (3,752,953 ) Total assets 10,672,758 982,613 3,140,515 14,795,886 Capital expenditures for long-lived assets $ - $ 3,008 $ - $ 3,008 * Revenues and costs are attributed to countries based on the location of customers. |
SCHEDULE OF CASH EQUIVALENTS AN
SCHEDULE OF CASH EQUIVALENTS AND RESTRICTED CASH (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Cash and cash equivalents, restricted cash | $ 5,338,571 | $ 1,086,753 |
United States Dollars [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Cash and cash equivalents, restricted cash | 4,137,396 | 147,371 |
Hong Kong Dollars [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Cash and cash equivalents, restricted cash | 895,820 | 623,652 |
Chinese Renminbi [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Cash and cash equivalents, restricted cash | 151,311 | 270,014 |
Malaysian Ringgit [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Cash and cash equivalents, restricted cash | $ 154,044 | $ 45,716 |
SCHEDULE OF ACCOUNTS RECEIVABLE
SCHEDULE OF ACCOUNTS RECEIVABLES (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Accounts receivable, gross | $ 163,957 | $ 215,574 |
Less: Allowance for doubtful accounts | (133,356) | (24,084) |
Accounts receivable, net | $ 30,601 | $ 191,490 |
SCHEDULE OF PLANT AND EQUIPMENT
SCHEDULE OF PLANT AND EQUIPMENT (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Furniture and Fixtures [Member] | Minimum [Member] | |
Estimated useful life | 3 years |
Furniture and Fixtures [Member] | Maximum [Member] | |
Estimated useful life | 10 years |
Office Equipment [Member] | Minimum [Member] | |
Estimated useful life | 3 years |
Office Equipment [Member] | Maximum [Member] | |
Estimated useful life | 10 years |
Leasehold Improvements [Member] | |
Estimated useful life, description | Over the shorter of estimated useful life or term of lease |
Office Leasehold [Member] | |
Estimated useful life | 27 years |
SCHEDULE OF REAL ESTATE HELD FO
SCHEDULE OF REAL ESTATE HELD FOR INVESTMENT USEFUL LIFE (Details) - Real Estate Held For Investment [Member] | 12 Months Ended |
Dec. 31, 2021 | |
Office Leasehold [Member] | |
Estimated useful life | 50 years |
Furniture and Fixtures [Member] | Minimum [Member] | |
Estimated useful life | 3 years |
Furniture and Fixtures [Member] | Maximum [Member] | |
Estimated useful life | 10 years |
Office Equipment [Member] | Minimum [Member] | |
Estimated useful life | 3 years |
Office Equipment [Member] | Maximum [Member] | |
Estimated useful life | 10 years |
Leasehold Improvements [Member] | |
Estimated useful life | Shorter of the estimated useful life or term of lease |
SCHEDULE OF INTANGIBLE ASSETS E
SCHEDULE OF INTANGIBLE ASSETS ESTIMATED LIFE (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Customer Lists [Member] | |
Indefinite-Lived Intangible Assets [Line Items] | |
Estimated useful life | 5 years |
License [Member] | |
Indefinite-Lived Intangible Assets [Line Items] | |
Estimated useful life | 2 years |
Trademarks [Member] | |
Indefinite-Lived Intangible Assets [Line Items] | |
Estimated useful life | 10 years |
SCHEDULE OF FOREIGN CURRENCY TR
SCHEDULE OF FOREIGN CURRENCY TRANSACTION (Details) | Dec. 31, 2021 | Dec. 31, 2020 |
Period-End MYR : US$1 Exchange Rate [Member] | ||
Trading Activity, Gains and Losses, Net [Line Items] | ||
Foreign currency exchange rate, translation | 4.17 | 4.02 |
Period-Average MYR : US$1 Exchange Rate [Member] | ||
Trading Activity, Gains and Losses, Net [Line Items] | ||
Foreign currency exchange rate, translation | 4.14 | 4.20 |
Period-End RMB : US$1 Exchange Rate [Member] | ||
Trading Activity, Gains and Losses, Net [Line Items] | ||
Foreign currency exchange rate, translation | 6.36 | 6.53 |
Period-Average RMB : US$1 Exchange Rate [Member] | ||
Trading Activity, Gains and Losses, Net [Line Items] | ||
Foreign currency exchange rate, translation | 6.44 | 6.90 |
Period-end HK$ : US$1 Exchange Rate [Member] | ||
Trading Activity, Gains and Losses, Net [Line Items] | ||
Foreign currency exchange rate, translation | 7.80 | 7.75 |
Period-Average HK$ : US$1 Exchange Rate [Member] | ||
Trading Activity, Gains and Losses, Net [Line Items] | ||
Foreign currency exchange rate, translation | 7.77 | 7.76 |
SCHEDULE OF FAIR VALUE FINANCIA
SCHEDULE OF FAIR VALUE FINANCIAL INSTRUMENT (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Fair value at beginning of period | $ 1,189,786 | $ 28,545 |
Derivative liability associated with convertible notes issued during the period | 10,839,240 | 1,306,700 |
Reclassification of conversion option related to a convertible note to additional paid in capital | (5,745,520) | |
Fair value gains of derivative liability associated with convertible note | (6,203,520) | (196,900) |
Fair value (gains) losses of derivative liability associated with warrants | (70,051) | 51,441 |
Fair value at end of period | $ 9,935 | $ 1,189,786 |
NATURE OF OPERATIONS AND SUMM_4
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Jan. 01, 2019 | |
Product Information [Line Items] | |||
Net loss | $ 14,363,232 | $ 3,752,953 | |
Net cash used in operating activities | 2,023,150 | 1,567,758 | |
Funds held by employees | 0 | 10,911 | |
Operating expenses | 120,707 | 120,190 | |
Depreciation and amortization expense | 31,688 | 32,072 | |
Amortization expense of intangibles | 723 | 87,665 | |
Impairment of goodwill | 0 | 0 | |
Impairment of real estate held for investment and its property and equipment | $ 0 | 0 | |
Ownership percentage investments | 20% | ||
other investments | $ 9,621,935 | 6,829,660 | |
Operating lease, right-of-use asset | 101,221 | 85,133 | $ 582,647 |
Operating lease, liability | 108,396 | 86,975 | $ 582,647 |
Debt discount | 206,342 | 15,122 | |
Debt issuance costs | 76,380 | 6,780 | |
Derivative assets liabilities fair value | $ 9,935 | $ 1,189,786 | |
Revenue from Contract with Customer Benchmark [Member] | Customer Concentration Risk [Member] | Three Customer [Member] | |||
Product Information [Line Items] | |||
Concentration risk, percentage | 26% | 30% | |
Revenue from Contract with Customer Benchmark [Member] | Customer Concentration Risk [Member] | Customer One [Member] | |||
Product Information [Line Items] | |||
Concentration risk, percentage | 12% | 16% | |
Revenue from Contract with Customer Benchmark [Member] | Customer Concentration Risk [Member] | Customer Two [Member] | |||
Product Information [Line Items] | |||
Concentration risk, percentage | 8% | 11% | |
Revenue from Contract with Customer Benchmark [Member] | Customer Concentration Risk [Member] | Customer Three [Member] | |||
Product Information [Line Items] | |||
Concentration risk, percentage | 6% | 3% | |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Three Customer [Member] | |||
Product Information [Line Items] | |||
Concentration risk, percentage | 56% | 82% | |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer One [Member] | |||
Product Information [Line Items] | |||
Concentration risk, percentage | 40% | 74% | |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer Two [Member] | |||
Product Information [Line Items] | |||
Concentration risk, percentage | 10% | 5% | |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer Three [Member] | |||
Product Information [Line Items] | |||
Concentration risk, percentage | 6% | 3% | |
Accounts Payable [Member] | Customer Concentration Risk [Member] | No Vendors [Member] | |||
Product Information [Line Items] | |||
Concentration risk, percentage | 10% | 10% | |
Accounts Payable [Member] | Supplier Concentration Risk [Member] | Three Vendors [Member] | |||
Product Information [Line Items] | |||
Concentration risk, percentage | 65% | 62% | |
Accounts Payable [Member] | Supplier Concentration Risk [Member] | Vendor One [Member] | |||
Product Information [Line Items] | |||
Concentration risk, percentage | 47% | 27% | |
Accounts Payable [Member] | Supplier Concentration Risk [Member] | Vendor Two [Member] | |||
Product Information [Line Items] | |||
Concentration risk, percentage | 9% | 21% | |
Accounts Payable [Member] | Supplier Concentration Risk [Member] | Vendor Three [Member] | |||
Product Information [Line Items] | |||
Concentration risk, percentage | 9% | 14% | |
Warrant [Member] | |||
Product Information [Line Items] | |||
Potentially antidilutive shares outstanding | 53,556 | ||
Convertible Promissory Notes [Member] | |||
Product Information [Line Items] | |||
Debt discount | $ 570,000 | $ 190,000 | |
Debt issuance costs | $ 290,000 | $ 130,000 | |
Office Leasehold [Member] | |||
Product Information [Line Items] | |||
Remaining life term of property, plant and equipment | 27 years | ||
Consolidated Subsidiaries [Member] | |||
Product Information [Line Items] | |||
Equity method investment, ownership percentage | 100% |
SCHEDULE OF DISAGGREGATED REVEN
SCHEDULE OF DISAGGREGATED REVENUE (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | ||
Disaggregation of Revenue [Line Items] | |||
Total revenue | $ 2,949,780 | $ 2,254,811 | |
HONG KONG | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue | [1] | 1,573,606 | 1,567,943 |
MALAYSIA | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue | [1] | 601,336 | 502,338 |
CHINA | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue | [1] | 774,838 | 184,530 |
Corporate Advisory Non Listing Services [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue | 1,848,200 | 1,521,279 | |
Corporate Advisory - Listing Services [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue | 972,750 | 355,675 | |
Rental of Real Estate Properties [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue | 128,830 | 124,128 | |
Sales of Real Estate Held For Sale [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue | $ 253,729 | ||
[1]Revenues and costs are attributed to countries based on the location of customers. |
SCHEDULE OF DEFERRED REVENUE CO
SCHEDULE OF DEFERRED REVENUE COST (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Revenue from Contract with Customer [Abstract] | ||
Deferred costs of revenue | $ 2,006,696 | $ 1,634,075 |
Deferred revenue | $ 123,293 | $ 81,246 |
SCHEDULE OF CHANGES IN DEFERRED
SCHEDULE OF CHANGES IN DEFERRED REVENUE (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | ||
Deferred revenue, beginning of period | $ 1,634,075 | $ 1,202,153 |
New contract liabilities | 1,616,633 | 787,597 |
Performance obligations satisfied | (1,244,012) | (355,675) |
Deferred revenue, end of period | $ 2,006,696 | $ 1,634,075 |
SCHEDULE OF IDENTIFIABLE INTANG
SCHEDULE OF IDENTIFIABLE INTANGIBLE ASSETS AND GOODWILL (Details) - USD ($) | Dec. 31, 2021 | Jul. 31, 2021 | Dec. 31, 2020 |
Business Acquisition [Line Items] | |||
Goodwill | $ 345,808 | $ 319,726 | |
GCVSB [Member] | |||
Business Acquisition [Line Items] | |||
Cash and cash equivalents | $ 81,649 | ||
Goodwill | 26,082 | ||
Total | 107,731 | ||
Fair value of current liabilities | (38,500) | ||
Purchase price | $ 69,231 |
SCHEDULE OF PROFORMA INFORMATIO
SCHEDULE OF PROFORMA INFORMATION OF OPERATIONS (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Business Combination and Asset Acquisition [Abstract] | ||
Revenue | $ (2,949,780) | $ (2,254,811) |
Loss from operations | (2,754,684) | (2,907,000) |
Net loss | $ (14,363,232) | $ (3,754,375) |
Net loss per share-basic and diluted | $ (0.21) | $ (0.07) |
BUSINESS COMBINATION (Details N
BUSINESS COMBINATION (Details Narrative) | 1 Months Ended | ||||
Jun. 22, 2020 MYR (RM) shares | Jun. 26, 2019 USD ($) shares | Jun. 26, 2019 MYR (RM) shares | Jul. 31, 2021 USD ($) | Jul. 31, 2021 MYR (RM) | |
Director One [Member] | |||||
Sale of stock consideration received | RM | RM 51,000 | ||||
Director Two [Member] | |||||
Sale of stock consideration received | RM | RM 49,000 | ||||
Director [Member] | |||||
Business combination consideration transferred | $ 40 | RM 167 | |||
Business combination description | redeemed 347,000 shares out of total 504,750 shares of preferred stock from 25 preferred stock shareholders of GCVSB by issuance of 79,530 shares of the Company’s Common Stock valued at $69,191 or $0.87 per share. Total consideration of the acquisition was $69,231. The Company acquired GCVSB to expand its business consulting services | redeemed 347,000 shares out of total 504,750 shares of preferred stock from 25 preferred stock shareholders of GCVSB by issuance of 79,530 shares of the Company’s Common Stock valued at $69,191 or $0.87 per share. Total consideration of the acquisition was $69,231. The Company acquired GCVSB to expand its business consulting services | |||
Common Stock [Member] | |||||
Sale of stock number of shares issued | 51,000 | 51,000 | |||
Sale of stock consideration received | $ 12 | RM 51 | |||
Common Stock [Member] | Director One [Member] | |||||
Sale of stock number of shares issued | 51,000 | ||||
Common Stock [Member] | Director Two [Member] | |||||
Sale of stock number of shares issued | 49,000 | ||||
Green Pro Capital Village [Member] | Common Stock [Member] | |||||
Equity method investment ownership percentage | 51% | 51% | |||
Director One [Member] | |||||
Equity method investment ownership percentage | 51% | ||||
Director Two [Member] | |||||
Equity method investment ownership percentage | 49% |
SCHEDULE OF PROPERTY AND EQUIPM
SCHEDULE OF PROPERTY AND EQUIPMENT NET (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Abstract] | ||
Office leaseholds | $ 3,270,668 | $ 3,183,749 |
Furniture and fixtures | 53,372 | 53,122 |
Office equipment | 61,894 | 54,524 |
Leasehold improvement | 95,152 | 63,696 |
Property, plant and equipment, Gross | 3,481,086 | 3,355,091 |
Less: Accumulated depreciation and amortization | (620,881) | (474,001) |
Total | $ 2,860,205 | $ 2,881,090 |
PROPERTY AND EQUIPMENT, NET (De
PROPERTY AND EQUIPMENT, NET (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Property, Plant and Equipment [Line Items] | ||
Operating expenses | $ 120,707 | $ 120,190 |
Land [Member] | Office Leasehold [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life | 50 years | |
Remaining life term of property, plant and equipment | 23 years |
REAL ESTATE HELD FOR SALE (Deta
REAL ESTATE HELD FOR SALE (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2021 | |
Real Estate, Held-for-Sale | $ 2,218,273 | $ 2,205,839 |
Proceeds from Sale of Property Held-for-sale | 253,729 | |
[custom:CostOfRealEstatePropertiesSold] | 188,840 | |
[custom:CostOfSaleOfPropertyOthers] | $ 21,776 |
SCHEDULE OF REAL ESTATE HELD _2
SCHEDULE OF REAL ESTATE HELD FOR INVESTMENT, NET (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Line Items] | ||
Real estate investment property, Gross | $ 971,889 | $ 1,006,561 |
Less: Accumulated depreciation and amortization | (254,066) | (230,481) |
Total | 717,823 | 776,080 |
Office Leasehold [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Real estate investment property, Gross | 824,828 | 854,253 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Real estate investment property, Gross | 54,658 | 56,608 |
Office Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Real estate investment property, Gross | 17,472 | 18,096 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Real estate investment property, Gross | $ 74,931 | $ 77,604 |
REAL ESTATE HELD FOR INVESTME_3
REAL ESTATE HELD FOR INVESTMENT, NET (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Real Estate [Abstract] | ||
Depreciation and amortization expense | $ 31,688 | $ 32,072 |
SCHEDULE OF OTHER INVESTMENTS (
SCHEDULE OF OTHER INVESTMENTS (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Stock option (a related party) | $ 364,500 | |
Other Investments | 9,621,935 | 6,829,660 |
Other Related Parties [Member] | ||
Other related parties | 9,570,322 | 6,413,547 |
Greenpro Trust Limited Related Party [Member] | ||
Investments | $ 51,613 | $ 51,613 |
SCHEDULE OF OTHER INVESTMENTS_2
SCHEDULE OF OTHER INVESTMENTS (Details) (Parenthetical) - USD ($) | 1 Months Ended | 12 Months Ended | |||||||||||||
Sep. 27, 2021 | Aug. 27, 2021 | Jul. 30, 2021 | Jul. 13, 2021 | Jun. 02, 2021 | Apr. 07, 2021 | Feb. 26, 2021 | Feb. 19, 2021 | Feb. 17, 2021 | Feb. 11, 2021 | Feb. 03, 2021 | Dec. 11, 2020 | Oct. 19, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Related Party Investments | $ 5,349,600 | $ 0 | |||||||||||||
Cost Method Investment | 9,621,935 | ||||||||||||||
Other Investments | 9,621,935 | 6,829,660 | |||||||||||||
Stock Issued During Period, Value, New Issues | $ 477,300 | ||||||||||||||
Number of common stock shares acquired, value | 106,566 | ||||||||||||||
Impaired And Revalued Investments | 1,856,400 | ||||||||||||||
Investment Impairment Loss | $ 5,349,600 | ||||||||||||||
Innovest Energy Fund [Member] | |||||||||||||||
Share Price | $ 2.402 | ||||||||||||||
Subscription Fee | $ 144,120 | ||||||||||||||
Common Stock [Member] | |||||||||||||||
Number of ordinary shares | 410,455 | ||||||||||||||
Stock Issued During Period, Value, New Issues | $ 41 | ||||||||||||||
Number of common stock shares acquired | 79,530 | ||||||||||||||
Number of common stock shares acquired, value | $ 7 | ||||||||||||||
Common Stock [Member] | Innovest Energy Fund [Member] | |||||||||||||||
Number of restricted stock, shares | 60,000 | ||||||||||||||
Subscription Agreement [Member] | Innovest Energy Fund [Member] | |||||||||||||||
Stock Issued During Period, Value, Restricted Stock Award, Gross | $ 7,206,000 | ||||||||||||||
Subscription Agreement [Member] | Innovest Energy Fund [Member] | Restricted Stock [Member] | |||||||||||||||
Number of restricted stock, shares | 3,000,000 | ||||||||||||||
Stock Issued During Period, Value, Restricted Stock Award, Gross | $ 7,206,000 | ||||||||||||||
Shares Issued, Price Per Share | $ 0.0001 | ||||||||||||||
Subscription Agreement [Member] | Common Stock [Member] | Innovest Energy Fund [Member] | |||||||||||||||
Number of restricted stock, shares | 3,000,000 | ||||||||||||||
Stock Purchase And Option Agreement One [Member] | |||||||||||||||
Business Acquisition, Transaction Costs | $ 20,000,000 | ||||||||||||||
Stock Issued During Period, Value, Restricted Stock Award, Gross | 250,000 | ||||||||||||||
Number of ordinary shares | 685,871 | ||||||||||||||
Green Pro Trust Limited [Member] | |||||||||||||||
Approximates Cost Fair Value | 51,613 | $ 51,613 | |||||||||||||
Angkasa-X Holdings Corp [Member] | |||||||||||||||
Cost Method Investment | 28,000,000 | ||||||||||||||
Angkasa-X Holdings Corp [Member] | Subscription Agreement [Member] | |||||||||||||||
Stock Repurchased During Period, Value | $ 2,800 | ||||||||||||||
Share Price | $ 0.0001 | ||||||||||||||
Other Investments | $ 2,800 | ||||||||||||||
First Bullion Holdings Inc [Member] | |||||||||||||||
Share Price | $ 1.458 | ||||||||||||||
Other Investments | $ 2,289,500 | ||||||||||||||
Business Acquisition, Transaction Costs | $ 1,000,000 | ||||||||||||||
Number of restricted stock, shares | 250,000 | ||||||||||||||
Number of ordinary shares | 160,000 | 360,000 | |||||||||||||
Additional Ownership Percentage | 8% | ||||||||||||||
Stock Issued During Period, Value, New Issues | $ 20,000,000 | ||||||||||||||
First Bullion Holdings Inc [Member] | Common Stock [Member] | |||||||||||||||
Share Price | $ 1.458 | ||||||||||||||
Number of ordinary shares | 364,500 | ||||||||||||||
First Bullion Holdings Inc [Member] | Common Stock [Member] | Two Designees Mr Tang [Member] | |||||||||||||||
Share Price | $ 2.70 | ||||||||||||||
Number of restricted stock, shares | 342,592 | ||||||||||||||
Stock Issued During Period, Value, Restricted Stock Award, Gross | $ 925,000 | ||||||||||||||
First Bullion Holdings Inc [Member] | Stock Purchase And Option Agreement [Member] | |||||||||||||||
Business Acquisition, Transaction Costs | $ 1,000,000 | ||||||||||||||
Number of restricted stock, shares | 685,871 | ||||||||||||||
Simson Wellness Tech, Corp [Member] | Common Stock [Member] | |||||||||||||||
Share Price | $ 0.0001 | ||||||||||||||
Other Investments | $ 500 | ||||||||||||||
Number of common stock shares acquired | 5,000,000 | ||||||||||||||
Number of common stock shares acquired, value | $ 500 | ||||||||||||||
Jocom Holdings Corp [Member] | Common Stock [Member] | |||||||||||||||
Stock Repurchased During Period, Value | $ 150 | ||||||||||||||
Share Price | $ 0.0001 | ||||||||||||||
Other Investments | $ 150 | ||||||||||||||
Stock Repurchased During Period, Shares | 1,500,000 | ||||||||||||||
72 Technology Group Limited [Member] | |||||||||||||||
Other Investments | $ 6,000 | ||||||||||||||
Number of common stock shares acquired | 600,000 | ||||||||||||||
Number of common stock shares acquired, value | $ 6,000 | ||||||||||||||
Shares Issued, Price Per Share | $ 0.01 | ||||||||||||||
Ata Global Inc [Member] | |||||||||||||||
Other Investments | $ 225 | ||||||||||||||
Number of common stock shares acquired | 2,250,000 | ||||||||||||||
Number of common stock shares acquired, value | $ 225 | ||||||||||||||
Shares Issued, Price Per Share | $ 0.0001 | ||||||||||||||
Cat This Holdings Corp [Member] | |||||||||||||||
Other Investments | $ 200 | ||||||||||||||
Number of common stock shares acquired | 2,000,000 | ||||||||||||||
Number of common stock shares acquired, value | $ 200 | ||||||||||||||
Shares Issued, Price Per Share | $ 0.0001 | ||||||||||||||
Fruita Bio Limited [Member] | |||||||||||||||
Other Investments | $ 1,000 | ||||||||||||||
Number of common stock shares acquired | 10,000,000 | ||||||||||||||
Number of common stock shares acquired, value | $ 1,000 | ||||||||||||||
Shares Issued, Price Per Share | $ 0.0001 | ||||||||||||||
Green Pro Trust Limited [Member] | |||||||||||||||
Ownership Percentage | 11% | 11% | |||||||||||||
First Bullion Holdings Inc [Member] | |||||||||||||||
Ownership Percentage | 10% | 18% | |||||||||||||
First Bullion Holdings Inc [Member] | Stock Purchase And Option Agreement [Member] | |||||||||||||||
Ownership Percentage | 10% | ||||||||||||||
Mr. Tang and FBHI [Member] | Shares Purchase Agreement [Member] | |||||||||||||||
Ownership Percentage | 8% |
SCHEDULE OF CARRYING VALUES OF
SCHEDULE OF CARRYING VALUES OF EQUITY SECURITIES WITHOUT READILY DETERMINABLE FAIR VALUES (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Investments, Debt and Equity Securities [Abstract] | ||
Original cost | $ 15,545,764 | $ 6,839,389 |
Unrealized gains (losses) | ||
Provision for impairment or decline in value | (5,923,829) | (374,229) |
Equity securities without readily determinable fair values, net | $ 9,621,935 | $ 6,465,160 |
OTHER INVESTMENTS (Details Narr
OTHER INVESTMENTS (Details Narrative) - USD ($) | 12 Months Ended | |||
Feb. 17, 2021 | Dec. 11, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Other than Temporary Impairment Losses, Investments | $ 5,349,600 | |||
First Bullion Holdings Inc [Member] | ||||
Equity method investment, ownership percentage | 10% | 18% | ||
First Bullion Holdings Inc [Member] | ||||
Stock Issued During Period, Shares, New Issues | 160,000 | 360,000 | ||
Stock Purchase And Option Agreement One [Member] | ||||
Stock Issued During Period, Shares, New Issues | 685,871 |
SCHEDULE OF INTANGIBLE ASSETS (
SCHEDULE OF INTANGIBLE ASSETS (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Indefinite-Lived Intangible Assets [Line Items] | ||
Total intangible assets, gross | $ 480,742 | $ 480,782 |
Less: Accumulated amortization | (478,117) | (477,418) |
Total | 2,625 | 3,364 |
Trademarks [Member] | ||
Indefinite-Lived Intangible Assets [Line Items] | ||
Total intangible assets, gross | 7,210 | 7,250 |
Customer Lists [Member] | ||
Indefinite-Lived Intangible Assets [Line Items] | ||
Total intangible assets, gross | 344,500 | 344,500 |
License [Member] | ||
Indefinite-Lived Intangible Assets [Line Items] | ||
Total intangible assets, gross | $ 129,032 | $ 129,032 |
SCHEDULE OF AMORTIZATION EXPENS
SCHEDULE OF AMORTIZATION EXPENSE OF INTANGIBLE ASSETS (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2022 | $ 723 | |
2023 | 723 | |
2024 and thereafter | 1,179 | |
Total | $ 2,625 | $ 3,364 |
INTANGIBLE ASSETS AND GOODWIL_2
INTANGIBLE ASSETS AND GOODWILL (Details Narrative) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2018 | |
Intangible assets current | $ 480,742 | ||
Amortization of Intangible Assets | 723 | $ 87,665 | |
Accumulated amortization of intangible assets | 478,117 | 477,418 | |
Intangible assets, net | 2,625 | ||
Goodwill | 345,808 | 319,726 | |
Sparkle Insurance Agency Limited [Member] | |||
Intangible assets current | 129,032 | ||
Amortization of Intangible Assets | 723 | $ 87,665 | |
Green Pro Capital [Member] | |||
Incraese in goodwill | 26,082 | ||
Green Pro Resources [Member] | |||
Intangible assets current | $ 7,210 | ||
Ace Corporation Services [Member] | |||
Amortization of Intangible Assets | $ 344,500 |
SCHEDULE OF COMPONENTS OF LEASE
SCHEDULE OF COMPONENTS OF LEASE EXPENSE AND SUPPLEMENTAL CASH FLOW INFORMATION (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Lease Cost | ||
Operating lease cost (included in general and administrative expenses in the Company’s statement of operations for measurement of lease liabilities) | $ 154,562 | $ 273,561 |
Cash paid for amounts included in the measurement of lease liabilities for the year ended December 31, 2021 | $ 149,204 | $ 270,280 |
Weighted average remaining lease term - operating leases (in years) | 1 year 2 months 15 days | 3 months 29 days |
Average discount rate - operating leases | 4% | 4% |
SCHEDULE OF SUPPLEMENTAL BALANC
SCHEDULE OF SUPPLEMENTAL BALANCE SHEET INFORMATION RELATED TO LEASES (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 | Jan. 01, 2019 |
Operating Leases | |||
Right-of-use assets | $ 101,221 | $ 85,133 | $ 582,647 |
Operating lease liabilities | $ 108,396 | $ 86,975 | $ 582,647 |
SCHEDULE OF MATURITIES OF LEASE
SCHEDULE OF MATURITIES OF LEASE LIABILITIES (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 | Jan. 01, 2019 |
Operating Leases | |||
2022 | $ 92,340 | ||
2023 | 18,865 | ||
Total lease payments | 111,205 | ||
Less: Imputed interest | (2,809) | ||
Present value of lease liabilities | $ 108,396 | $ 86,975 | $ 582,647 |
OPERATING LEASES (Details Narra
OPERATING LEASES (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Lease Term Description | The Company does not have any other leases. Leases with an initial term of 12 months or less are not recorded on the balance sheet | |
Operating lease expense | $ 179,101 | $ 319,481 |
Minimum [Member] | ||
Remaining operating lease terms | 3 months | |
Maximum [Member] | ||
Remaining operating lease terms | 15 months |
SCHEDULE OF DERIVATIVE LIABILIT
SCHEDULE OF DERIVATIVE LIABILITIES (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total | $ 9,935 | $ 1,189,786 |
Fair Value of Warrants [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total | 9,935 | 79,986 |
Fair Value of Options Associated with Convertible Promissory Notes [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total | $ 1,109,800 |
SCHEDULE OF ESTIMATED DERIVATIV
SCHEDULE OF ESTIMATED DERIVATIVE LIABILITIES AT FAIR VALUE ASSUMPTIONS (Details) | 12 Months Ended | |
Dec. 31, 2021 USD ($) $ / shares | Dec. 31, 2020 USD ($) Integer $ / shares | |
Black-Scholes-Merton [Member] | ||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Fair Value of warrants | $ 9,935 | $ 79,986 |
Black-Scholes-Merton [Member] | Measurement Input, Risk Free Interest Rate [Member] | ||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Fair value assumptions, measurement input, percentage | 0.019 | 0.017 |
Black-Scholes-Merton [Member] | Measurement Input, Price Volatility [Member] | ||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Fair value assumptions, measurement input, percentage | 1.74 | 1.81 |
Black-Scholes-Merton [Member] | Measurement Input, Expected Term [Member] | ||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Derivative Liability Measurement Input Term | 1 year 4 months 24 days | 2 years 4 months 24 days |
Black-Scholes-Merton [Member] | Measurement Input, Expected Dividend Rate [Member] | ||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Fair value assumptions, measurement input, percentage | 0 | 0 |
Trinomial Option Pricing Model [Member] | ||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Fair value of options | $ 1,109,800 | |
Trinomial Option Pricing Model [Member] | Measurement Input, Risk Free Interest Rate [Member] | ||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Fair value assumptions, measurement input, percentage | 0.11 | |
Trinomial Option Pricing Model [Member] | Measurement Input, Price Volatility [Member] | ||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Fair value assumptions, measurement input, percentage | 206.17 | |
Trinomial Option Pricing Model [Member] | Measurement Input, Expected Term [Member] | ||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Derivative Liability Measurement Input Term | 1 year 3 months 10 days | |
Trinomial Option Pricing Model [Member] | Measurement Input, Expected Dividend Rate [Member] | ||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Fair value assumptions, measurement input, percentage | 0 | |
Trinomial Option Pricing Model [Member] | Fair Value of Underlying Stock [Member] | ||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Fair value of underlying stock | $ / shares | $ 2.05 |
DERIVATIVE LIABILITIES (Details
DERIVATIVE LIABILITIES (Details Narrative) - USD ($) | 12 Months Ended | |||||||||||||||
Apr. 19, 2021 | Apr. 16, 2021 | Apr. 14, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Oct. 08, 2021 | Oct. 06, 2021 | Aug. 31, 2021 | Aug. 24, 2021 | Aug. 20, 2021 | Aug. 12, 2021 | Aug. 05, 2021 | Jul. 26, 2021 | Jul. 14, 2021 | Apr. 12, 2021 | Jun. 12, 2018 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||||||||||||||
Class Of Warrant | 53,556 | 53,556 | 53,556 | |||||||||||||
Derivative, Gain (Loss) on Derivative, Net | $ 70,051 | $ (51,441) | ||||||||||||||
Derivative, Fair Value, Net | 9,935 | 1,189,786 | ||||||||||||||
Fair Value, Inputs, Level 3 [Member] | Trinomial Option Pricing Model [Member] | ||||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||||||||||||||
Derivative, Fair Value, Net | 0 | 1,109,800 | ||||||||||||||
Convertible Promissory Notes [Member] | ||||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||||||||||||||
Debt Instrument, Periodic Payment | $ 6,070,000 | $ 1,790,000 | ||||||||||||||
Convertible Promissory Notes [Member] | Streeterville [Member] | ||||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||||||||||||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 2,786,819 | |||||||||||||||
Repayments of Notes Payable | $ 1,762,857 | |||||||||||||||
Convertible Promissory Notes [Member] | Streeterville [Member] | Common Stock [Member] | ||||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||||||||||||||
Debt Instrument, Periodic Payment | 1,660,000 | |||||||||||||||
Debt Instrument, Increase, Accrued Interest | 102,857 | |||||||||||||||
Convertible Notes [Member] | ||||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||||||||||||||
Debt Instrument, Increase, Accrued Interest | 57,579 | |||||||||||||||
Redemption Charges | 235,536 | |||||||||||||||
Repayments of Convertible Debt | 1,413,115 | |||||||||||||||
Debt Instrument, Periodic Payment | 1,120,000 | |||||||||||||||
Stock Issued During Period, Value, Restricted Stock Award, Gross | 8,287,841 | |||||||||||||||
Convertible Notes [Member] | Restricted Stock [Member] | ||||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||||||||||||||
Stock Issued During Period, Value, Restricted Stock Award, Gross | $ 12,332,260 | |||||||||||||||
Convertible Notes [Member] | Common Stock [Member] | ||||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||||||||||||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 13,225,004 | |||||||||||||||
Debt Instrument, Periodic Payment | $ 7,846,488 | |||||||||||||||
Debt Instrument, Increase, Accrued Interest | 441,353 | |||||||||||||||
Stock Issued During Period, Value, Restricted Stock Award, Gross | $ 8,287,841 | |||||||||||||||
Streeterville [Member] | ||||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||||||||||||||
Debt Instrument, Convertible, Conversion Price | $ 0.43995 | $ 0.43995 | $ 0.621675 | $ 0.621675 | $ 0.621675 | $ 0.621675 | $ 0.752175 | |||||||||
Streeterville [Member] | Convertible Promissory Notes [Member] | ||||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||||||||||||||
Debt Instrument, Convertible, Conversion Price | $ 0.621675 | $ 0.621675 | $ 0.621675 | |||||||||||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 9,733,447 | |||||||||||||||
Debt Instrument, Periodic Payment | $ 5,516,488 | |||||||||||||||
Debt Instrument, Increase, Accrued Interest | 303,758 | |||||||||||||||
Repayments of Convertible Debt | 5,820,246 | |||||||||||||||
Streeterville [Member] | Convertible Notes [Member] | ||||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||||||||||||||
Repayments of Convertible Debt | $ 1,413,115 | |||||||||||||||
Convertible Debt [Member] | Streeterville Capital, LLC [Member] | ||||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||||||||||||||
Debt Instrument, Convertible, Conversion Price | $ 1 | |||||||||||||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 704,738 | |||||||||||||||
Debt Instrument, Periodic Payment | $ 670,000 | |||||||||||||||
Debt Instrument, Increase, Accrued Interest | $ 34,738 | |||||||||||||||
Convertible Debt [Member] | Granite Global Value Investments Ltd [Member] | ||||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 120% | |||||||||||||||
Redemption Charges | $ 235,536 | |||||||||||||||
Repayments of Convertible Debt | $ 707,515 | 707,515 | ||||||||||||||
Convertible Debt [Member] | First Fire Global Opportunities Fund LLC [Member] | ||||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||||||||||||||
Repayments of Convertible Debt | 705,600 | $ 705,600 | ||||||||||||||
Convertible Debt [Member] | First Fire and Granite [Member] | ||||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||||||||||||||
Debt Instrument, Periodic Payment | 1,120,000 | |||||||||||||||
Debt Instrument, Increase, Accrued Interest | 57,579 | |||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 120% | 120% | ||||||||||||||
Redemption Charges | $ 235,536 |
SCHEDULE OF LONG TERM BANK LOAN
SCHEDULE OF LONG TERM BANK LOANS (Details) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Dec. 31, 2013 USD ($) | Dec. 31, 2013 MYR (RM) | |||
Total | $ 1,535,608 | ||||||
Less: Current portion | (158,612) | ||||||
Loans secured by real estate, net of current portion | 1,376,996 | ||||||
Standard Chartered Saadiq Berhad [Member] | |||||||
Total | [1] | 328,731 | [1] | $ 391,201 | RM 1,629,744 | ||
United Overseas Bank Berhad [Member] | |||||||
Total | [2] | 241,892 | [2] | $ 258,016 | RM 1,074,896 | ||
Bankof China Limited [Member] | |||||||
Total | [3] | $ 964,985 | |||||
[1]In December 2013, the Company obtained a loan in the principal amount of MYR 1,629,744 391,201 2.1 300 monthly installments 8,984 2,157 November 2038 1,074,896 258,016 2.2 360 monthly installments 4,998 1,200 November 2043 In December 2017, the Company obtained a loan in the principal amount of RMB 9,000,000 (approximately $ 1,416,185 ) from Bank of China Limited, a financial institution in China to finance the acquisition of leasehold office units of approximately 5,000 25 5-year-or-above RMB base lending rate per annum with 120 monthly installments and will mature in December 2027 . The current interest rate of the loan is 6.125 The monthly installment will be determined by the sum of (i) a 25% premium above the 5-year-or-above RMB base lending rate per annum on the 20 th and (ii) RMB 75,000 11,802 1,000,000 157,354 |
SCHEDULE OF LONG TERM BANK LO_2
SCHEDULE OF LONG TERM BANK LOANS (Details) (Parenthetical) | 1 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2017 USD ($) ft² | Dec. 31, 2017 CNY (¥) | Dec. 31, 2013 USD ($) | Dec. 31, 2013 MYR (RM) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Dec. 31, 2017 CNY (¥) ft² | Dec. 31, 2013 MYR (RM) | |||
Bank loans from financial institutions | $ | $ 1,535,608 | |||||||||
Standard Chartered Saadiq Berhad [Member] | ||||||||||
Bank loans from financial institutions | $ 391,201 | [1] | 328,731 | [1] | RM 1,629,744 | |||||
Interest rate on bank loans | 2.10% | 2.10% | ||||||||
Number of installments on bank loan | 300 monthly installments | 300 monthly installments | ||||||||
Monthly installment of bank loan | $ 2,157 | RM 8,984 | ||||||||
Bank loan mature date | November 2038 | November 2038 | ||||||||
United Overseas Bank Berhad [Member] | ||||||||||
Bank loans from financial institutions | $ 258,016 | [2] | $ 241,892 | [2] | RM 1,074,896 | |||||
Interest rate on bank loans | 2.20% | 2.20% | ||||||||
Number of installments on bank loan | 360 monthly installments | 360 monthly installments | ||||||||
Monthly installment of bank loan | $ 1,200 | RM 4,998 | ||||||||
Bank loan mature date | November 2043 | November 2043 | ||||||||
Bank of China Limited [Member] | ||||||||||
Bank loans from financial institutions | $ 1,416,185 | ¥ 9,000,000 | ||||||||
Interest rate on bank loans | 6.125% | |||||||||
Number of installments on bank loan | 5-year-or-above RMB base lending rate per annum with 120 monthly installments | 5-year-or-above RMB base lending rate per annum with 120 monthly installments | The monthly installment will be determined by the sum of (i) a 25% premium above the 5-year-or-above RMB base lending rate per annum on the 20th day of each month for the interest payment | |||||||
Bank loan mature date | December 2027 | December 2027 | ||||||||
Area of land | ft² | 5,000 | 5,000 | ||||||||
Interest rate, effective percentage | 25% | 25% | ||||||||
Repayment of principal | $ 11,802 | ¥ 75,000 | ||||||||
Greenpro Management Consultancy (Shenzhen) Limited [Member] | Restricted-Cash Fixed Deposit [Member] | ||||||||||
Secured mortgage loan amount | $ 157,354 | ¥ 1,000,000 | ||||||||
[1]In December 2013, the Company obtained a loan in the principal amount of MYR 1,629,744 391,201 2.1 300 monthly installments 8,984 2,157 November 2038 1,074,896 258,016 2.2 360 monthly installments 4,998 1,200 November 2043 |
SCHEDULE OF CARRYING VALUE OF S
SCHEDULE OF CARRYING VALUE OF SHORT-TERM CONVERTIBLE NOTES (Details) - USD ($) | Dec. 31, 2021 | Sep. 30, 2021 | Feb. 26, 2021 | Feb. 11, 2021 | Jan. 08, 2021 | Dec. 31, 2020 | Oct. 13, 2020 |
Short-Term Debt [Line Items] | |||||||
Net convertible notes payable | $ 142,473 | ||||||
Short-Term Convertible Notes [Member] | |||||||
Short-Term Debt [Line Items] | |||||||
Face value of convertible notes | 7,860,000 | $ 4,410,000 | $ 4,410,000 | $ 1,660,000 | 1,790,000 | $ 1,790,000 | |
Initial discount | (286,756) | (403,736) | (410,000) | (160,000) | (174,878) | (190,000) | |
Discount related to debt issuance costs | (200,410) | (197,680) | (200,000) | (90,000) | (123,220) | (130,000) | |
Discount related to beneficial conversion feature | (1,896,160) | (1,065,380) | (1,410,000) | (943,584) | (995,500) | ||
Discount related to put options | (327,631) | (405,845) | (474,500) | ||||
Net carrying value of convertible notes payable | 112,444 | 181,215 | |||||
Discount related to conversion option | (177,157) | (3,737,248) | $ (3,800,000) | ||||
Accrued interest | 15,952 | 38,742 | |||||
Outstanding Balance (before additional 25%) | 4,425,952 | ||||||
Additional 25% to Outstanding Balance due to non-fulfillment of use of proceeds requirements | 1,106,488 | 1,106,488 | |||||
Outstanding Balance (after additional 25%) | $ 5,516,488 | ||||||
Net convertible notes payable | 6,078,374 | 142,473 | |||||
Reversal of discounts | 2,888,114 | ||||||
Redeemed by cash or converted to shares | $ (8,966,488) |
SCHEDULE OF CARRYING VALUE OF_2
SCHEDULE OF CARRYING VALUE OF SHORT-TERM CONVERTIBLE NOTES (Details) (Parenthetical) | Feb. 26, 2021 |
Convertible Notes Payable Net | |
Debt outstanding percentage | 25% |
Additional outstanding percentage | 25% |
SUMMARY OF CONVERTIBLE DEBT'S I
SUMMARY OF CONVERTIBLE DEBT'S INTEREST EXPENSE (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Convertible Notes Payable Net | ||
Coupon interest | $ 460,189 | $ 38,742 |
Amortization of discount on convertible notes | 206,342 | 15,122 |
Amortization of debt issuance costs | 76,380 | 6,780 |
Interest expense associated with conversion of notes | 2,254,480 | 120,571 |
Interest expense associated with accretion of convertible notes payable | 8,561,440 | 832,200 |
Interest expense due to non-fulfillment of use of proceeds requirements | 1,106,488 | |
Additional charge for early redemption | 235,536 | |
Total | $ 12,900,855 | $ 1,013,415 |
SCHEDULE OF CONVERTIBLE PROMISS
SCHEDULE OF CONVERTIBLE PROMISSORY NOTES (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Short-Term Debt [Line Items] | ||
Net proceeds | $ 5,210,000 | $ 1,470,000 |
Convertible Promissory Notes [Member] | ||
Short-Term Debt [Line Items] | ||
Original Principal Amount | 6,070,000 | 1,790,000 |
Original issue discount | (550,000) | (160,000) |
Transaction Expense Amount | (20,000) | (30,000) |
Purchase Price | 5,500,000 | 1,600,000 |
Broker Fee | (290,000) | (130,000) |
Net proceeds | $ 5,210,000 | $ 1,470,000 |
CONVERTIBLE NOTES PAYABLE, NE_2
CONVERTIBLE NOTES PAYABLE, NET (Details Narrative) - USD ($) | 12 Months Ended | |||||||||||||||||||
Apr. 19, 2021 | Apr. 16, 2021 | Apr. 14, 2021 | Feb. 17, 2021 | Feb. 11, 2021 | Jan. 14, 2021 | Jan. 08, 2021 | Oct. 13, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Oct. 08, 2021 | Oct. 06, 2021 | Aug. 31, 2021 | Aug. 24, 2021 | Aug. 20, 2021 | Aug. 12, 2021 | Aug. 05, 2021 | Jul. 26, 2021 | Jul. 14, 2021 | Apr. 12, 2021 | |
Short-Term Debt [Line Items] | ||||||||||||||||||||
Debt Conversion, Converted Instrument, Amount | $ 1,647,527 | |||||||||||||||||||
Amortization of Debt Discount (Premium) | 206,342 | 15,122 | ||||||||||||||||||
Proceeds from Convertible Debt | 5,210,000 | 1,470,000 | ||||||||||||||||||
Stock Issued During Period, Value, Conversion of Convertible Securities | 12,332,260 | |||||||||||||||||||
Streeterville [Member] | ||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||
Debt instrument convertible conversion price | $ 0.43995 | $ 0.43995 | $ 0.621675 | $ 0.621675 | $ 0.621675 | $ 0.621675 | $ 0.752175 | |||||||||||||
Convertible Debt [Member] | Streeterville Capital, LLC [Member] | ||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||
Debt instrument convertible conversion price | $ 1 | |||||||||||||||||||
Debt Instrument, Periodic Payment | $ 670,000 | |||||||||||||||||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 704,738 | |||||||||||||||||||
Accrued interest | $ 34,738 | |||||||||||||||||||
Convertible Debt [Member] | First Fire and Granite [Member] | ||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 120% | 120% | ||||||||||||||||||
Debt Instrument, Periodic Payment | $ 1,120,000 | |||||||||||||||||||
Accrued interest | 57,579 | |||||||||||||||||||
Redemption Charges | 235,536 | |||||||||||||||||||
Convertible Debt [Member] | First Fire Global Opportunities Fund LLC [Member] | ||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||
Repayments of Convertible Debt | 705,600 | $ 705,600 | ||||||||||||||||||
Convertible Debt [Member] | Granite Global Value Investments Ltd [Member] | ||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 120% | |||||||||||||||||||
Redemption Charges | $ 235,536 | |||||||||||||||||||
Repayments of Convertible Debt | $ 707,515 | $ 707,515 | ||||||||||||||||||
Three Unsecured Convertible Promissory Notes [Member] | Investors [Member] | ||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||
Face value of convertible notes | $ 1,790,000 | |||||||||||||||||||
Debt Instrument, Unamortized Discount | 190,000 | |||||||||||||||||||
Payments for Brokerage Fees | $ 130,000 | |||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 10% | |||||||||||||||||||
Debt Instrument, Maturity Date, Description | contractual maturity of 18 months since the issuance | |||||||||||||||||||
Debt instrument convertible conversion price | $ 1 | |||||||||||||||||||
Debt Instrument, Periodic Payment | $ 108,000 | |||||||||||||||||||
Debt Instrument, Convertible, Stock Price Trigger | $ 0.75 | |||||||||||||||||||
[custom:PrincipalValueAndAccruedInterestPercentage] | 120% | |||||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued | 1,790,000 | |||||||||||||||||||
Debt Conversion, Converted Instrument, Amount | $ 995,500 | |||||||||||||||||||
Two Promissory Notes [Member] | ||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||
Fair value of derivative liability | 408,800 | |||||||||||||||||||
Proceeds from Issuance of Debt | 148,000 | |||||||||||||||||||
Other Promissory Note [Member] | ||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||
Fair value of derivative liability | 489,100 | |||||||||||||||||||
Proceeds from Issuance of Debt | 178,500 | |||||||||||||||||||
Promissory Notes [Member] | ||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||
Fair value of derivative liability | 1,306,700 | |||||||||||||||||||
Proceeds from Issuance of Debt | 474,500 | |||||||||||||||||||
Amortization of Debt Discount (Premium) | $ 832,200 | |||||||||||||||||||
Convertible Note Issued In January 2021 [Member] | Streeterville [Member] | Securities Purchase Agreement [Member] | ||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||
Face value of convertible notes | $ 1,660,000 | |||||||||||||||||||
Debt Instrument, Unamortized Discount | $ 150,000 | |||||||||||||||||||
Payments for Brokerage Fees | $ 90,000 | |||||||||||||||||||
Debt instrument convertible conversion price | $ 1 | 0.621675 | $ 0.621675 | $ 0.621675 | $ 0.752175 | |||||||||||||||
Debt Instrument, Periodic Payment | $ 1,660,000 | |||||||||||||||||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 2,786,819 | |||||||||||||||||||
Accrued interest | $ 102,857 | |||||||||||||||||||
Legal Fees | $ 10,000 | |||||||||||||||||||
Period-Average MYR : US$1 Exchange Rate [Member] | 1,500,000 | |||||||||||||||||||
Debt Issuance Costs, Net | $ 10,000 | |||||||||||||||||||
Proceeds from Convertible Debt | $ 1,410,000 | |||||||||||||||||||
Redemption description. | The note may be prepaid by the Company in an amount equal to 120% of the outstanding balance of the note. The shares of Common Stock issuable upon conversion of the note is subject to full-ratchet anti-dilution protection. The note may be redeemed by Streeterville at any time after the six-month anniversary of the issuance date of the note subject to the maximum monthly redemption amount of $350,000, convertible into shares of Common Stock at a conversion price equal to the lesser of (i) $1.00 and (ii) 75% of the average of the lowest VWAP during the ten trading days immediately preceding the measurement date. Pursuant to the agreement, Streeterville was granted a “most favored nations” right | |||||||||||||||||||
Cumulative net operating losses | 120% | |||||||||||||||||||
Debt Instrument, Debt Default, Description of Violation or Event of Default | Events of default (“Events of Default”) under the note include but are not limited to: (a) failure to pay any principal, interest, fees, charges, or any other amount when due; (b) failure to deliver any conversion shares in accordance with the terms of the note; (c) a receiver, trustee or other similar official shall be appointed over Company or a material part of its assets and such appointment shall remain uncontested for twenty (20) days or shall not be dismissed or discharged within sixty (60) days; (d) Company becomes insolvent; (e) Company makes a general assignment for the benefit of creditors; (f) Company files a petition for relief under any bankruptcy, insolvency or similar law (domestic or foreign); an involuntary bankruptcy proceeding is commenced or filed against Borrower; (g) Company defaults or otherwise fails to observe or perform any covenant, obligation, condition or agreement of Company in the note or in any other transaction document; (h) any representation, warranty or other statement made or furnished by or on behalf of Company is false, incorrect, incomplete or misleading in any material respect when made or furnished; (i) the occurrence of a Fundamental Transaction (as defined in the note) without Streeterville’s prior written consent; (j) Company fails to reserve a sufficient number of shares to issue upon conversion of the note; (k) Company effectuates a reverse split of its Common Stock without twenty trading days prior written notice to Streeterville; (l) any money judgment, writ or similar process is entered or filed against the Company or any subsidiary of the Company or any of its property or other assets for more than $100,000, and shall remain unvacated, unbonded or unstayed for a period of twenty calendar days unless otherwise consented to by Streeterville; (m) the Company fails to be DWAC eligible; (n) the Company fails to observe or perform any covenant set forth in Section 4 of the agreement; or (o) the Company, any affiliate of the Company, or any pledgor, trustor, or guarantor of the note breaches any covenant or other term or condition contained in any other financing or material agreements. In the case of an Event of Default, interest shall accrue under the note at the annual rate of | |||||||||||||||||||
Debt Instrument, Interest Rate During Period | 22% | |||||||||||||||||||
Repayments of Notes Payable | $ 1,762,857 | |||||||||||||||||||
Convertible Note Issued In February 2021 [Member] | Securities Purchase Agreement [Member] | Streeterville [Member] | ||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||
Debt Instrument, Periodic Payment | $ 4,000,000 | |||||||||||||||||||
Convertible Note Issued In February 2021 [Member] | Streeterville [Member] | Securities Purchase Agreement [Member] | ||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||
Face value of convertible notes | 4,410,000 | |||||||||||||||||||
Debt Instrument, Unamortized Discount | $ 400,000 | |||||||||||||||||||
Payments for Brokerage Fees | $ 200,000 | |||||||||||||||||||
Debt instrument convertible conversion price | $ 1.50 | $ 0.43995 | $ 0.43995 | 0.621675 | $ 0.621675 | $ 0.621675 | $ 0.621675 | |||||||||||||
Proceeds from Issuance of Debt | $ 3,800,000 | |||||||||||||||||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 9,733,447 | |||||||||||||||||||
Debt Issuance Costs, Net | $ 10,000 | |||||||||||||||||||
Redemption description. | The note may be redeemed by Streeterville at any time after the six-month anniversary of the issuance date of the note subject to the maximum monthly redemption amount of $962,500, convertible into shares of Common Stock at a conversion price equal to the lesser of (i) $1.50 and (ii) 75% of the average of the lowest VWAP during the ten trading days immediately preceding the measurement date. Pursuant to the agreement, Streeterville was granted a “most favored nations” right | |||||||||||||||||||
Cumulative net operating losses | 120% | |||||||||||||||||||
Debt Instrument, Debt Default, Description of Violation or Event of Default | Events of Default under the note include the same Events of Default listed above under the description of the Streeterville convertible note financing on January 8, 2021. In the case of an Event of Default, interest shall accrue under the note at the annual rate of | |||||||||||||||||||
Debt Instrument, Interest Rate During Period | 22% | |||||||||||||||||||
Note outstanding percentage | 25% | |||||||||||||||||||
Debt Instrument Periodic Payment Principal | $ 5,516,488 | |||||||||||||||||||
Accrued interest | 303,758 | |||||||||||||||||||
Convertible Promissory Notes [Member] | ||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||
Face value of convertible notes | 6,070,000 | 1,790,000 | ||||||||||||||||||
Debt Instrument, Unamortized Discount | 550,000 | 160,000 | ||||||||||||||||||
Payments for Brokerage Fees | 290,000 | 130,000 | ||||||||||||||||||
Amortization of Debt Discount (Premium) | 570,000 | 190,000 | ||||||||||||||||||
Period-Average MYR : US$1 Exchange Rate [Member] | 5,500,000 | 1,600,000 | ||||||||||||||||||
Debt Issuance Costs, Net | 20,000 | 30,000 | ||||||||||||||||||
Proceeds from Convertible Debt | $ 5,210,000 | 1,470,000 | ||||||||||||||||||
Convertible Promissory Notes [Member] | Streeterville [Member] | ||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 2,786,819 | |||||||||||||||||||
Repayments of Notes Payable | $ 1,762,857 | |||||||||||||||||||
Convertible Promissory Notes [Member] | Streeterville [Member] | ||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||
Debt instrument convertible conversion price | $ 0.621675 | $ 0.621675 | $ 0.621675 | |||||||||||||||||
Debt Instrument, Periodic Payment | $ 5,516,488 | |||||||||||||||||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 9,733,447 | |||||||||||||||||||
Accrued interest | $ 303,758 | |||||||||||||||||||
Repayments of Convertible Debt | 5,820,246 | |||||||||||||||||||
Convertible Promissory Notes [Member] | Convertible Note Issued In February 2021 [Member] | Securities Purchase Agreement [Member] | ||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||
Repayments of Convertible Debt | 5,820,246 | |||||||||||||||||||
Convertible Notes [Member] | ||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||
Face value of convertible notes | 1,120,000 | |||||||||||||||||||
Debt Instrument, Unamortized Discount | 0 | 1,647,527 | ||||||||||||||||||
Accrued interest | 57,579 | |||||||||||||||||||
Redemption Charges | 235,536 | |||||||||||||||||||
Repayments of Convertible Debt | 1,413,115 | |||||||||||||||||||
Debt Instrument Periodic Payment Principal | 7,846,488 | |||||||||||||||||||
Accrued interest | 441,353 | |||||||||||||||||||
Redemption charge | 235,536 | |||||||||||||||||||
Stock Issued During Period, Value, Conversion of Convertible Securities | 13,225,004 | |||||||||||||||||||
Stock Issued During Period, Value, Restricted Stock Award, Gross | $ 8,287,841 | |||||||||||||||||||
Stock Issued During Period, Shares, Conversion of Convertible Securities | 13,225,004 | |||||||||||||||||||
Stock Issued during period shares restricted stock award net of forfeitures | 12,332,260 | |||||||||||||||||||
Convertible Debt, Fair Value Disclosures | $ 0 | $ 3,669,500 | ||||||||||||||||||
Convertible Notes [Member] | Streeterville [Member] | ||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||
Repayments of Convertible Debt | $ 1,413,115 |
STOCKHOLDERS_ EQUITY (Details N
STOCKHOLDERS’ EQUITY (Details Narrative) - USD ($) | 12 Months Ended | |||||||||||||||||||||||
Nov. 17, 2021 | Oct. 08, 2021 | Oct. 06, 2021 | Aug. 31, 2021 | Aug. 24, 2021 | Aug. 20, 2021 | Aug. 12, 2021 | Aug. 05, 2021 | Jul. 26, 2021 | Jul. 19, 2021 | Jul. 14, 2021 | Apr. 16, 2021 | Apr. 07, 2021 | Feb. 26, 2021 | Dec. 31, 2020 | Dec. 11, 2020 | Dec. 02, 2020 | Nov. 30, 2020 | Nov. 24, 2020 | Nov. 18, 2020 | Sep. 14, 2020 | Jun. 15, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Class of Stock [Line Items] | ||||||||||||||||||||||||
Capital stock, shares authorized | 600,000,000 | |||||||||||||||||||||||
Common stock, shares authorized | 500,000,000 | 500,000,000 | 500,000,000 | |||||||||||||||||||||
Common stock, par value | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||||||||||||||||||||
Preferred stock, shares authorized | 100,000,000 | 100,000,000 | 100,000,000 | |||||||||||||||||||||
Preferred stock, par value | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||||||||||||||||||||
Preferred stock, shares issued | 0 | 0 | 0 | |||||||||||||||||||||
Common Stock, Value, Issued | $ 477,300 | |||||||||||||||||||||||
Common Stock, Value, Issued | $ 6,178 | $ 7,867 | 6,178 | |||||||||||||||||||||
Cash proceeds | $ 477,300 | |||||||||||||||||||||||
A G Opportunities Fund [Member] | ||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||
Share Price | $ 1.10 | |||||||||||||||||||||||
Stock Issued During Period, Shares, New Issues | 145,455 | |||||||||||||||||||||||
Cash proceeds | $ 160,000 | |||||||||||||||||||||||
Millennium Sapphire [Member] | ||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||
Share Price | $ 0.90 | |||||||||||||||||||||||
Percentage of acquired interest | 4% | |||||||||||||||||||||||
Total purchase consideration | $ 4,000,000 | |||||||||||||||||||||||
Number of shares issued for acquisition | 4,444,444 | |||||||||||||||||||||||
Ata Plus Sdn., Bhd. [Member] | ||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||
Share Price | $ 1.64 | |||||||||||||||||||||||
Percentage of acquired interest | 15% | |||||||||||||||||||||||
Total purchase consideration | $ 749,992 | |||||||||||||||||||||||
Number of shares issued for acquisition | 457,312 | |||||||||||||||||||||||
New Business Media Sdn. Bhd [Member] | ||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||
Share Price | $ 1.596 | |||||||||||||||||||||||
Total purchase consideration | $ 411,120 | |||||||||||||||||||||||
Number of shares issued for acquisition | 257,591 | |||||||||||||||||||||||
Equity interest, percentage | 18% | |||||||||||||||||||||||
First Bullion Holdings Inc [Member] | ||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||
Share Price | $ 1.458 | |||||||||||||||||||||||
Total purchase consideration | $ 1,000,000 | |||||||||||||||||||||||
Number of shares issued for acquisition | 685,871 | |||||||||||||||||||||||
Equity interest, percentage | 10% | |||||||||||||||||||||||
First Bullion Holdings Inc [Member] | Equity Option [Member] | ||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||
Share Price | $ 1.458 | |||||||||||||||||||||||
Percentage of acquired interest | 8% | |||||||||||||||||||||||
Total purchase consideration | $ 364,500 | |||||||||||||||||||||||
Number of shares issued for acquisition | 250,000 | |||||||||||||||||||||||
Innovest Energy [Member] | ||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||
Stock Issued During Period Shares Restricted Stock Award Gross | 60,000 | |||||||||||||||||||||||
Share Price | $ 2.402 | |||||||||||||||||||||||
Subscription fee | $ 144,120 | |||||||||||||||||||||||
Innovest Energy [Member] | Common Class B [Member] | ||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||
Stock Issued During Period Shares Restricted Stock Award Gross | 3,000,000 | |||||||||||||||||||||||
[custom:SharesSubscriptions-0] | 7,206,000 | |||||||||||||||||||||||
Share Price | $ 2.402 | |||||||||||||||||||||||
Streeterville Capital, LLC [Member] | Convertibles Notes [Member] | ||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||
Stock Issued During Period Shares Restricted Stock Award Gross | 1,042,725 | 227,299 | 1,709,667 | 3,370,000 | 3,375,000 | 643,423 | 562,995 | 281,498 | 232,659 | 704,738 | ||||||||||||||
Share Price | $ 0.6811 | $ 0.6761 | $ 0.9573 | $ 0.9164 | $ 0.7599 | $ 0.8101 | $ 0.8697 | $ 0.93 | $ 1.01 | $ 2.33 | ||||||||||||||
Debt Instrument, Convertible, Conversion Price | $ 0.43995 | $ 0.43995 | $ 0.621675 | $ 0.621675 | $ 0.621675 | $ 0.621675 | $ 0.621675 | $ 0.621675 | $ 0.752175 | $ 1 | ||||||||||||||
Debt Instrument, Periodic Payment, Principal | $ 154,989 | $ 960,000 | $ 670,000 | |||||||||||||||||||||
DebtInstrumentIncreaseAccruedInterest | 34,738 | |||||||||||||||||||||||
Common Stock, Value, Issued | 710,200 | $ 153,676 | 1,636,664 | $ 3,088,268 | $ 2,564,662 | $ 521,237 | $ 489,637 | $ 234,986 | $ 1,642,040 | |||||||||||||||
Debt Instrument, Periodic Payment, Principal | $ 100,000 | $ 2,095,045 | $ 2,098,153 | $ 400,000 | $ 350,000 | $ 175,000 | $ 175,000 | |||||||||||||||||
Common Stock, Value, Issued | $ 261,793 | |||||||||||||||||||||||
Debt Instrument, Periodic Payment, Interest | $ 303,758 | $ 102,857 | ||||||||||||||||||||||
Streeterville Capital, LLC [Member] | Convertibles Notes One [Member] | ||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||
Stock Issued During Period Shares Restricted Stock Award Gross | 1,075,000 | |||||||||||||||||||||||
Share Price | $ 0.9573 | |||||||||||||||||||||||
Debt Instrument, Convertible, Conversion Price | $ 0.621675 | |||||||||||||||||||||||
Common Stock, Value, Issued | $ 1,029,097 | |||||||||||||||||||||||
Debt Instrument, Periodic Payment, Principal | $ 668,301 | |||||||||||||||||||||||
Corporate Ads L L C [Member] | ||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||
Stock Issued During Period Shares Restricted Stock Award Gross | 35,000 | |||||||||||||||||||||||
Share Price | $ 1 | |||||||||||||||||||||||
Marketing Expense | $ 35,000 | |||||||||||||||||||||||
Mr Dennis Burns [Member] | ||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||
Stock Issued During Period Shares Restricted Stock Award Gross | 200,000 | 200,000 | ||||||||||||||||||||||
Share Price | $ 1.0404 | $ 1.567 | ||||||||||||||||||||||
Marketing Expense | $ 208,080 | $ 313,400 | ||||||||||||||||||||||
Mr Daniel Mc Kinney [Member] | ||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||
Stock Issued During Period Shares Restricted Stock Award Gross | 300,000 | |||||||||||||||||||||||
Share Price | $ 1.2405 | |||||||||||||||||||||||
[custom:ConsultancyFee] | $ 372,150 | |||||||||||||||||||||||
Mr Seah Kok Wah [Member] | ||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||
Share Price | $ 1.10 | |||||||||||||||||||||||
Stock Issued During Period, Shares, New Issues | 50,000 | |||||||||||||||||||||||
Cash proceeds | $ 55,000 | |||||||||||||||||||||||
Ms Wong Wai Hing Lena [Member] | Private Placement [Member] | ||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||
Share Price | $ 1.22 | $ 1.22 | ||||||||||||||||||||||
Stock Issued During Period, Shares, New Issues | 215,000 | |||||||||||||||||||||||
Cash proceeds | $ 262,300 | |||||||||||||||||||||||
First Bullion Holdings Inc [Member] | Two Designees Mr Tang [Member] | ||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||
Stock Issued During Period Shares Restricted Stock Award Gross | 342,592 | |||||||||||||||||||||||
Shares issued price per share | $ 2.7 | |||||||||||||||||||||||
Stock issued during period - restricted stock valuE | $ 925,000 | |||||||||||||||||||||||
Percentage of option to purchase additional shares | 8% | |||||||||||||||||||||||
Green Pro Capital Village [Member] | 25 Preferred Stock [Member] | ||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||
Stock Issued During Period Shares Restricted Stock Award Gross | 79,530 | |||||||||||||||||||||||
Stock issued during period - restricted stock valuE | $ 69,191 | |||||||||||||||||||||||
Share Price | $ 0.87 | |||||||||||||||||||||||
Stock Redeemed or Called During Period, Shares | 347,000 | |||||||||||||||||||||||
Preferred stock, shares issued | 504,750 |
SUMMARY OF WARRANTS ACTIVITY (D
SUMMARY OF WARRANTS ACTIVITY (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Warrants | ||
Number of Shares Warrants, Outstanding Beginning Balance | 53,556 | 53,556 |
Weighted Average Exercise Price, Outstanding, Beginning Balance | $ 7.20 | $ 7.20 |
Number of Shares Warrants, Granted | ||
Weighted Average Exercise Price, Granted | ||
Number of Shares Warrants, Exercised | ||
Weighted Average Exercise Price, Exercised | ||
Number of Shares Warrants, Expired/Cancelled | ||
Weighted Average Exercise Price, Expired/Cancelled | ||
Number of Shares Warrants, Outstanding Ending Balance | 53,556 | 53,556 |
Weighted Average Exercise Price, Outstanding, Ending Balance | $ 7.20 | $ 7.20 |
WARRANTS (Details Narrative)
WARRANTS (Details Narrative) - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Jun. 12, 2018 | |
Warrants | |||
Number of warrants exercisable into common stock | 53,556 | 53,556 | 53,556 |
Exercise price of warrants | $ 7.20 | ||
Warrant expiration date | June 2023 |
SCHEDULE OF PROVISION FOR (BENE
SCHEDULE OF PROVISION FOR (BENEFIT FROM) INCOME TAXES (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Current: Local | ||
Deferred: Local | ||
Deferred : Foreign | ||
Total | 4,940 | |
HONG KONG | ||
Current: Foreign | 2,630 | |
CHINA | ||
Current: Foreign | 2,310 | |
MALAYSIA | ||
Current: Foreign |
SCHEDULE OF LOSS BEFORE INCOME
SCHEDULE OF LOSS BEFORE INCOME TAXES (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Loss before income taxes | $ (14,358,292) | $ (3,752,953) |
UNITED STATES | ||
Loss before income taxes | (8,055,793) | (2,364,220) |
HONG KONG | ||
Loss before income taxes | (347,092) | (171,615) |
CHINA | ||
Loss before income taxes | (61,084) | (501,372) |
MALAYSIA | ||
Loss before income taxes | (176,350) | (152,011) |
Other [Member] | ||
Loss before income taxes | $ (5,717,973) | $ (563,735) |
SCHEDULE OF EFFECTIVE INCOME TA
SCHEDULE OF EFFECTIVE INCOME TAX RATE (Details) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | ||
Statutory tax rate | 21% | 21% |
Impairment of goodwill, intangibles and investments | ||
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Percent | (21.00%) | (21.00%) |
Effective tax rate | 0% | 0% |
SCHEDULE OF COMPONENTS OF DEFER
SCHEDULE OF COMPONENTS OF DEFERRED TAX ASSETS (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Impairment of goodwill, intangible assets, and investments | $ 832,000 | $ 832,000 |
Financing costs | 974,000 | 974,000 |
Operating lease liability | 23,000 | 18,000 |
Accounts receivable allowance | 28,000 | 5,000 |
Gross deferred tax assets | 6,909,000 | 5,085,000 |
Less: valuation allowance | (5,804,000) | (5,036,000) |
Total deferred tax assets | 1,105,000 | 49,000 |
Change in fair value of derivative liabilities | 1,084,000 | 31,000 |
Operating lease right-of-use asset | 21,000 | 18,000 |
Total deferred tax liabilities | 1,105,000 | 49,000 |
Net deferred tax asset (liability) | ||
UNITED STATES | ||
– United States of America | 3,766,000 | 2,074,000 |
HONG KONG | ||
Net operating loss carryforwards | 470,000 | 418,000 |
CHINA | ||
Net operating loss carryforwards | 619,000 | 603,000 |
MALAYSIA | ||
Net operating loss carryforwards | $ 197,000 | $ 161,000 |
INCOME TAXES (Details Narrative
INCOME TAXES (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | $ 5,050,598 | |
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ 1,794,685 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21% | 21% |
UNITED STATES | ||
Net operating loss carryforwards | $ 8,056,000 | $ 2,364,000 |
Cumulative net operating loss | $ 17,931,000 | |
Operating loss carryforwards expiration term | expire in 2037 | |
HONG KONG | ||
Net operating loss carryforwards | $ 347,000 | 172,000 |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 16.50% | |
Cumulative net operating losses | $ 2,379,000 | |
CHINA | ||
Net operating loss carryforwards | $ 61,000 | 501,000 |
Operating loss carryforwards expiration term | expire in 2023 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 25% | |
Cumulative net operating losses | $ 2,475,000 | |
MALAYSIA | ||
Net operating loss carryforwards | $ 176,000 | $ 152,000 |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 17% | |
Cumulative net operating losses | $ 983,000 |
SCHEDULE OF DUE FROM RELATED PA
SCHEDULE OF DUE FROM RELATED PARTIES (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Related Party Transaction [Line Items] | ||
Accounts receivable from related parties | $ 41 | $ 152,475 |
Due from related parties | 1,170,896 | 214,795 |
Related Party B [Member] | ||
Related Party Transaction [Line Items] | ||
Due from related parties | 503,361 | |
Related Party D [Member] | ||
Related Party Transaction [Line Items] | ||
Due from related parties | 606,430 | |
Related Party G [Member] | ||
Related Party Transaction [Line Items] | ||
Due from related parties | 1,064 | 2,320 |
Related Party H [Member] | ||
Related Party Transaction [Line Items] | ||
Due from related parties | $ 60,000 | $ 60,000 |
SCHEDULE OF DUE FROM RELATED _2
SCHEDULE OF DUE FROM RELATED PARTIES (Details) (Parenthetical) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Related Party B [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accounts receivable from related parties, net of allowance | $ 41 | $ 8,025 |
SCHEDULE OF DUE TO RELATED PART
SCHEDULE OF DUE TO RELATED PARTIES (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Related Party Transaction [Line Items] | ||
Total | $ 757,283 | $ 1,108,641 |
Related Party A [Member] | ||
Related Party Transaction [Line Items] | ||
Total | 29,512 | 586 |
Related Party B [Member] | ||
Related Party Transaction [Line Items] | ||
Total | 1,513 | 9,580 |
Related Party G [Member] | ||
Related Party Transaction [Line Items] | ||
Total | 780 | |
Related Party I [Member] | ||
Related Party Transaction [Line Items] | ||
Total | 2,257 | |
Related Party J [Member] | ||
Related Party Transaction [Line Items] | ||
Total | 701,781 | 744,428 |
Related Party K [Member] | ||
Related Party Transaction [Line Items] | ||
Total | $ 21,440 | $ 354,047 |
SCHEDULE OF INCOME FROM OR EXPE
SCHEDULE OF INCOME FROM OR EXPENSES TO RELATED PARTIES (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Related Party Transaction [Line Items] | ||
Service revenue from related parties | $ 861,449 | $ 250,246 |
Cost of service, related parties | 2,514 | |
General and administrative expense, related parties | 12,922 | 12,483 |
Other income from related party | 0 | 1,934 |
Other expense from related party | 5,349,600 | |
Related Party A [Member] | ||
Related Party Transaction [Line Items] | ||
Service revenue from related parties | 93,718 | 78,957 |
General and administrative expense, related parties | 8,420 | 6,784 |
Related Party B [Member] | ||
Related Party Transaction [Line Items] | ||
Service revenue from related parties | 733,103 | 132,288 |
Cost of service, related parties | 2,514 | |
General and administrative expense, related parties | 3,859 | 3,868 |
Other income from related party | 1,934 | |
Other expense from related party | 5,349,600 | |
Related Party C [Member] | ||
Related Party Transaction [Line Items] | ||
Service revenue from related parties | 115 | 129 |
Related Party D [Member] | ||
Related Party Transaction [Line Items] | ||
Service revenue from related parties | 26,512 | 24,508 |
General and administrative expense, related parties | 643 | 645 |
Related Party E [Member] | ||
Related Party Transaction [Line Items] | ||
Service revenue from related parties | 5,418 | 14,252 |
Related Party G [Member] | ||
Related Party Transaction [Line Items] | ||
Service revenue from related parties | 1,425 | 112 |
General and administrative expense, related parties | 1,186 | |
Related Party I [Member] | ||
Related Party Transaction [Line Items] | ||
Service revenue from related parties | $ 1,158 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2021 | |
Related Party H [Member] | ||
Related Party Transaction [Line Items] | ||
Debt instrument, interest rate | 49% | |
Total consideration on acquisition | $ 368,265 | |
Impairment of other investment | $ 368,265 | |
Related Party B [Member] | Minimum [Member] | ||
Related Party Transaction [Line Items] | ||
Equity method investment, ownership percentage | 1% | |
Related Party B [Member] | Maximum [Member] | ||
Related Party Transaction [Line Items] | ||
Equity method investment, ownership percentage | 18% | |
Related Party H [Member] | ||
Related Party Transaction [Line Items] | ||
Equity method investment, ownership percentage | 48% |
SCHEDULE OF SUMMARIZED FINANCIA
SCHEDULE OF SUMMARIZED FINANCIAL INFORMATION (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | ||
Segment Reporting Information [Line Items] | |||
Revenues | $ 2,949,780 | $ 2,254,811 | |
Total cost of revenues | (472,686) | (599,413) | |
Reversal of write-off notes | 5,000,000 | ||
Depreciation and amortization | (168,684) | (252,129) | |
Impairment | (5,349,600) | ||
Loss on extinguishment of notes | (3,521,263) | ||
Net income (loss) | (14,363,232) | (3,752,953) | |
Total assets | 22,710,681 | 14,795,886 | |
Capital expenditures for long-lived assets | 39,349 | 3,008 | |
Cost of Goods and Services Sold | 472,686 | 599,413 | |
HONG KONG | |||
Segment Reporting Information [Line Items] | |||
Revenues | [1] | 1,573,606 | 1,567,943 |
Total cost of revenues | [1] | (136,346) | (398,486) |
Reversal of write-off notes | [1] | 5,000,000 | |
Depreciation and amortization | [1] | (14,282) | (97,651) |
Impairment | [1] | (5,349,600) | |
Loss on extinguishment of notes | [1] | (3,521,263) | |
Net income (loss) | [1] | (14,499,520) | (3,141,075) |
Total assets | [1] | 18,389,057 | 10,672,758 |
Capital expenditures for long-lived assets | [1] | 30,652 | |
Cost of Goods and Services Sold | [1] | 136,346 | 398,486 |
MALAYSIA | |||
Segment Reporting Information [Line Items] | |||
Revenues | [1] | 601,336 | 502,338 |
Total cost of revenues | [1] | (264,703) | (197,810) |
Reversal of write-off notes | [1] | ||
Depreciation and amortization | [1] | (33,315) | (33,967) |
Impairment | [1] | ||
Loss on extinguishment of notes | [1] | ||
Net income (loss) | [1] | 199,381 | (110,727) |
Total assets | [1] | 1,295,424 | 982,613 |
Capital expenditures for long-lived assets | [1] | 2,071 | 3,008 |
Cost of Goods and Services Sold | [1] | 264,703 | 197,810 |
CHINA | |||
Segment Reporting Information [Line Items] | |||
Revenues | [1] | 774,838 | 184,530 |
Total cost of revenues | [1] | (71,637) | (3,117) |
Reversal of write-off notes | [1] | ||
Depreciation and amortization | [1] | (121,087) | (120,511) |
Impairment | [1] | ||
Loss on extinguishment of notes | [1] | ||
Net income (loss) | [1] | (63,093) | (501,151) |
Total assets | [1] | 3,026,200 | 3,140,515 |
Capital expenditures for long-lived assets | [1] | 6,626 | |
Cost of Goods and Services Sold | [1] | 71,637 | 3,117 |
Real Estate Business [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 128,830 | 377,857 | |
Total cost of revenues | (49,778) | (260,730) | |
Reversal of write-off notes | |||
Depreciation and amortization | (154,023) | (153,399) | |
Impairment | |||
Loss on extinguishment of notes | |||
Net income (loss) | (34,692) | 22,174 | |
Total assets | 2,373,236 | 2,410,439 | |
Capital expenditures for long-lived assets | |||
Cost of Goods and Services Sold | 49,778 | 260,730 | |
Service Business [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 2,820,950 | 1,876,954 | |
Total cost of revenues | (422,908) | (338,683) | |
Reversal of write-off notes | |||
Depreciation and amortization | (5,201) | (88,744) | |
Impairment | |||
Loss on extinguishment of notes | |||
Net income (loss) | (6,345,701) | (1,428,845) | |
Total assets | 9,491,903 | 5,346,449 | |
Capital expenditures for long-lived assets | 39,349 | 3,008 | |
Cost of Goods and Services Sold | 422,908 | 338,683 | |
Corporate Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | |||
Total cost of revenues | |||
Reversal of write-off notes | 5,000,000 | ||
Depreciation and amortization | (9,460) | (9,986) | |
Impairment | (5,349,600) | ||
Loss on extinguishment of notes | (3,521,263) | ||
Net income (loss) | (7,982,839) | (2,346,282) | |
Total assets | 10,845,542 | 7,038,998 | |
Capital expenditures for long-lived assets | |||
Cost of Goods and Services Sold | |||
[1]Revenues and costs are attributed to countries based on the location of customers. |
SEGMENT INFORMATION (Details Na
SEGMENT INFORMATION (Details Narrative) | 12 Months Ended |
Dec. 31, 2021 Integer | |
Segment Reporting [Abstract] | |
Number of reportable operating segments | 2 |