Cover
Cover - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Mar. 31, 2023 | Jun. 30, 2022 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Period End Date | Dec. 31, 2022 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2022 | ||
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 | $ 9,325,518 | ||
Entity Common Stock, Shares Outstanding | 7,875,813 | ||
ICFR Auditor Attestation Flag | false | ||
Auditor Name | JP CENTURION & PARTNERS PLT | ||
Auditor Firm ID | 6723 | ||
Auditor Location | Kuala Lumpur, Malaysia |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 | |
Current assets | |||
Cash and cash equivalents (including $38,466 and $12,866 of restricted cash as of December 31, 2022, and 2021, respectively) | $ 3,911,535 | $ 5,338,571 | |
Accounts receivable, net of allowance of $25,677 and $133,356 as of December 31, 2022, and 2021, respectively (including $129,292 and $41 of net accounts receivable from related parties as of December 31, 2022, and 2021, respectively) | 169,537 | 30,601 | |
Prepaids and other current assets (including $80,000 to related party as of December 31, 2022) | 773,040 | 146,661 | |
Due from related parties | 265,772 | 1,170,855 | |
Deferred costs of revenue (including $11,640 to related party as of December 31, 2022, and 2021) | 168,605 | 123,293 | |
Total current assets | 5,288,489 | 6,809,981 | |
Property and equipment, net | 2,513,567 | 2,860,205 | |
Real Estate investments: | |||
Real estate held for sale | 1,659,207 | 2,205,839 | |
Real estate held for investment, net | 650,223 | 717,823 | |
Intangible assets, net | 1,900 | 2,625 | |
Goodwill | 82,561 | 345,808 | |
Other investments (including $5,406,106 and $9,621,935 of investments in related parties as of December 31, 2022, and 2021, respectively) | 5,406,106 | 9,621,935 | |
Operating lease right-of-use assets, net | 17,510 | 101,221 | |
Other non-current assets | 19,643 | 45,244 | |
TOTAL ASSETS | [1] | 15,639,206 | 22,710,681 |
Current liabilities: | |||
Accounts payable and accrued liabilities | 758,909 | 787,595 | |
Due to related parties | 448,251 | 757,283 | |
Income tax payable | 858 | 2,342 | |
Operating lease liabilities, current portion | 18,725 | 89,636 | |
Deferred revenue (including $849,400 and $912,980 from related parties as of December 31, 2022, and 2021, respectively) | 1,834,244 | 2,006,696 | |
Derivative liabilities | 1 | 9,935 | |
Total current liabilities | 3,060,988 | 3,653,487 | |
Operating lease liabilities, net of current portion | 18,760 | ||
Total liabilities | 3,060,988 | 3,672,247 | |
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; 7,875,813 and 7,867,169 shares issued and outstanding as of December 31, 2022, and 2021, respectively | [2] | 7,876 | 7,867 |
Additional paid in capital | 50,102,729 | 50,102,738 | |
Accumulated other comprehensive loss | (224,891) | (26,863) | |
Accumulated deficit | (37,622,680) | (31,271,808) | |
Total Greenpro Capital Corp. stockholders’ equity | 12,263,034 | 18,811,934 | |
Noncontrolling interests in consolidated subsidiaries | 315,184 | 226,500 | |
Total stockholders’ equity | 12,578,218 | 19,038,434 | |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 15,639,206 | $ 22,710,681 | |
[1]Revenues and costs are attributed to countries based on the location of customers.[2]Issued and outstanding shares of Common Stock have been adjusted for the periods prior to July 28, 2022, to reflect the 10-for-1 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Restricted cash | $ 38,466 | $ 12,866 |
Accounts receivable, allowance | 25,677 | 133,356 |
Accounts receivable, related parties, current | 129,292 | 41 |
Payment of deposit to related party | 80,000 | |
Due from related parties, deferred costs of revenue | 11,640 | 11,640 |
Related parties investments | 5,406,106 | 9,621,935 |
Due to related parties, deferred revenue | $ 849,400 | $ 912,980 |
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 | 7,875,813 | 7,867,169 |
Common stock, shares outstanding | 7,875,813 | 7,867,169 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Loss - USD ($) | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | ||||
REVENUES: | |||||
Total revenues | [1] | $ 3,673,997 | $ 2,949,780 | ||
COST OF REVENUES: | |||||
Total cost of revenues | (1,023,503) | (472,686) | |||
GROSS PROFIT | 2,650,494 | 2,477,094 | |||
OPERATING EXPENSES: | |||||
General and administrative (including $193,802 and $12,922 of general and administrative expense to related parties for the years ended December 31, 2022, and 2021, respectively) | (4,168,997) | (5,231,778) | |||
Total operating expenses | (4,168,997) | (5,231,778) | |||
LOSS FROM OPERATIONS | (1,518,503) | (2,754,684) | |||
OTHER INCOME (EXPENSES) | |||||
Other income (including $5,850 of other income from related parties for the year ended December 31, 2022) | 104,846 | 46,740 | |||
Interest income | 21,417 | 7,494 | |||
Reversal of write-off notes receivable | [1] | 200,000 | 5,000,000 | ||
Fair value gains of derivative liabilities associated with warrants | 9,934 | 70,051 | |||
Fair value gains of options associated with convertible notes | 5,093,720 | ||||
Interest expense (including $12,900,855 of interest expense related to convertible notes for the year ended December 31, 2021) | (12,950,750) | ||||
Loss on extinguishment of convertible notes | (3,521,263) | [1] | |||
Impairment of goodwill | (263,247) | ||||
Impairment of other receivable (including $606,250 of related party investment for the year ended December 31, 2022) | (606,250) | [1] | |||
Impairment of other investments (including $4,208,029 and $5,349,600 of related party investments for the years ended December 31, 2022, and 2021, respectively) | [1] | (4,208,029) | (5,349,600) | ||
Total other expenses | (4,741,329) | (11,603,608) | |||
LOSS BEFORE INCOME TAX | (6,259,832) | (14,358,292) | |||
Income tax expense | (2,356) | (4,940) | |||
NET LOSS | [1] | (6,262,188) | (14,363,232) | ||
Net (income) loss attributable to noncontrolling interests | (88,684) | 13,876 | |||
NET LOSS ATTRIBUTED TO COMMON SHAREHOLDERS OF GREENPRO CAPITAL CORP. | (6,350,872) | (14,349,356) | |||
Other comprehensive loss: | |||||
- Foreign currency translation loss | (198,028) | ||||
COMPREHENSIVE LOSS | $ (6,548,900) | $ (14,349,356) | |||
NET LOSS PER SHARE, BASIC AND DILUTED | [2] | $ (0.81) | $ (2.07) | ||
WEIGHTED AVERAGE NUMBER OF COMMON STOCK OUTSTANDING, BASIC AND DILUTED | [2] | 7,870,887 | 6,920,452 | ||
Service [Member] | |||||
REVENUES: | |||||
Total revenues | $ 2,725,466 | $ 2,820,950 | |||
COST OF REVENUES: | |||||
Total cost of revenues | (404,077) | (422,908) | |||
Rental Revenue [Member] | |||||
REVENUES: | |||||
Total revenues | 108,495 | 128,830 | |||
COST OF REVENUES: | |||||
Total cost of revenues | (46,083) | (49,778) | |||
Real Estate [Member] | |||||
REVENUES: | |||||
Total revenues | 840,036 | ||||
COST OF REVENUES: | |||||
Total cost of revenues | $ (573,343) | ||||
[1]Revenues and costs are attributed to countries based on the location of customers.[2]Weighted average shares outstanding and per share amounts have been adjusted for the periods shown to reflect the 10-for-1 |
Consolidated Statements of Op_2
Consolidated Statements of Operations and Comprehensive Loss (Parenthetical) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
General and administrative expense, related parties | $ 193,802 | $ 12,922 |
Other income from related parties | 5,850 | 0 |
Interest expense related to convertible notes | 12,900,855 | |
Impairment of other receivable, related party | 606,250 | |
Impairment of related party investments | 4,208,029 | 5,349,600 |
Service [Member] | ||
Service revenue from related parties | $ 665,203 | $ 861,449 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Comprehensive Income [Member] | Retained Earnings [Member] | Noncontrolling Interest [Member] | Total | |||
Beginning balance, value at Dec. 31, 2020 | $ 6,178 | [1] | $ 25,135,738 | $ (26,863) | $ (16,922,452) | $ 203,001 | $ 8,395,602 | ||
Beginning balance, shares at Dec. 31, 2020 | [1] | 6,176,456 | |||||||
Fair value of shares issued for other investments | $ 334 | [1] | 8,130,666 | 8,131,000 | |||||
Fair value of shares issued for other investments, shares | [1] | 334,259 | |||||||
Fair value of shares issued for subscription fee | $ 6 | [1] | 144,114 | 144,120 | |||||
Fair value of shares issued for subscription fee, shares | [1] | 6,000 | |||||||
Fair value of shares issued for marketing expense | $ 20 | [1] | 208,060 | 208,080 | |||||
Fair value of shares issued for marketing expenses, shares | [1] | 20,000 | |||||||
Fair value of shares issued from conversion of promissory notes | $ 1,322 | [1] | 12,330,938 | 12,332,260 | |||||
Fair value of shares issued from conversion of promissory notes, shares | [1] | 1,322,501 | |||||||
Fair value of shares issued for acquisition | $ 7 | [1] | 69,184 | 37,375 | 106,566 | ||||
Fair value of shares issued for acquisition, shares | [1] | 7,953 | |||||||
Beneficial conversion feature related to convertible notes | [1] | 4,010,083 | 4,010,083 | ||||||
Reclassification of conversion option related to a convertible note | [1] | 5,745,520 | 5,745,520 | ||||||
Value of beneficial conversion feature resulting from debt extinguishment | [1] | (5,671,565) | (5,671,565) | ||||||
Foreign currency translation | [1] | ||||||||
Net loss for the year | [1] | (14,349,356) | (13,876) | (14,363,232) | [2] | ||||
Ending balance, value at Dec. 31, 2021 | $ 7,867 | [1] | 50,102,738 | (26,863) | (31,271,808) | 226,500 | 19,038,434 | ||
Ending balance, shares at Dec. 31, 2021 | [1] | 7,867,169 | |||||||
Foreign currency translation | [1] | (198,028) | (198,028) | ||||||
Net loss for the year | [1] | (6,350,872) | 88,684 | (6,262,188) | [2] | ||||
Roundup of fractional shares upon reverse stock split | $ 9 | [1] | (9) | ||||||
Roundup of fractional shares upon reverse stock split, shares | [1] | 8,644 | |||||||
Ending balance, value at Dec. 31, 2022 | $ 7,876 | [1] | $ 50,102,729 | $ (224,891) | $ (37,622,680) | $ 315,184 | $ 12,578,218 | ||
Ending balance, shares at Dec. 31, 2022 | [1] | 7,875,813 | |||||||
[1]Share activity (number of shares or both number and amount of shares) has been adjusted for the periods shown to reflect the 10-for-1 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) | Jul. 28, 2022 |
Statement of Stockholders' Equity [Abstract] | |
Stockholders equity reverse stock split | 10-for-1 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | ||||
Cash flows from operating activities: | |||||
Net loss | [1] | $ (6,262,188) | $ (14,363,232) | ||
Adjustments to reconcile net loss to net cash used in operating activities: | |||||
Depreciation and amortization | 155,205 | 168,684 | |||
Amortization of right-of-use assets | 83,297 | 148,954 | |||
Provision for bad debts | 784 | 22,583 | |||
Impairment of goodwill | 263,247 | ||||
Impairment of other receivable - related party | 606,250 | [1] | |||
Impairment of other investments - related parties | [1] | 4,208,029 | 5,349,600 | ||
Amortization of discount on convertible notes | 206,342 | ||||
Amortization of debt issuance costs | 76,380 | ||||
Interest expense associated with accretion of convertible notes | 8,561,440 | ||||
Interest expense associated with conversion of notes | 2,254,480 | ||||
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 | [1] | |||
Fair value of shares issued for subscription fee | 144,120 | ||||
Fair value of shares issued for marketing expenses | 208,080 | ||||
Loss on deposit redemption | 87,489 | ||||
Loss on disposal of other investments | 8,650 | ||||
Reversal of write-off notes receivable | (200,000) | (5,000,000) | |||
Gain on disposal of a subsidiary | (3,847) | ||||
Gain on disposal of property and equipment | (148) | ||||
Gain on sale of real estate held for sale | (266,693) | ||||
Fair value gains of derivative liabilities associated with warrants | (9,934) | (70,051) | |||
Fair value gains of derivative liabilities associated with convertible notes | (5,093,720) | ||||
Changes in operating assets and liabilities: | |||||
Accounts receivable | (138,936) | 160,889 | |||
Prepaids and other current assets | (600,778) | 68,846 | |||
Deferred costs of revenue | (45,312) | (42,047) | |||
Accounts payable and accrued liabilities | (28,686) | 84,869 | |||
Income tax payable | (1,484) | 2,342 | |||
Operating lease liabilities | (89,257) | (143,622) | |||
Deferred revenue | (172,452) | 372,621 | |||
Net cash used in operating activities | (2,402,769) | (2,023,150) | |||
Cash flows from investing activities: | |||||
Purchase of property and equipment | (3,016) | (39,349) | |||
Purchase of other investments | (1,250) | (10,875) | |||
Acquisition of business, net of cash acquired | 81,609 | ||||
Proceeds from real estate held for sale | 840,036 | ||||
Proceeds from sale of property and equipment | 283 | ||||
Proceeds from disposal of investment | 400 | ||||
Proceeds from disposal of subsidiary | 3,847 | ||||
Net cash provided by investing activities | 836,170 | 35,515 | |||
Cash flows from financing activities: | |||||
Advances to related parties | (64,579) | (1,239,489) | |||
Principal payments of loans secured by real estate | (1,542,298) | ||||
Proceeds from convertible promissory notes, net | 5,210,000 | ||||
Collection of notes receivable | 200,000 | 5,000,000 | |||
Convertible note redemptions paid in cash | (1,120,000) | ||||
Net cash provided by financing activities | 135,421 | 6,308,213 | |||
Effect of exchange rate changes in cash and cash equivalents | 4,142 | (68,760) | |||
NET CHANGE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | (1,427,036) | 4,251,818 | |||
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, BEGINNING OF YEAR | 5,338,571 | 1,086,753 | |||
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, END OF YEAR | 3,911,535 | 5,338,571 | |||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | |||||
Cash paid for income tax | 3,599 | 3,631 | |||
Cash paid for interest | 343,009 | ||||
NON-CASH INVESTING AND FINANCING ACTIVITIES | |||||
Fair value of shares issued for acquisition of business | 69,191 | ||||
Fair value of shares issued for other investments | 8,131,000 | ||||
Fair value of shares issued from conversion of promissory notes | 12,332,260 | ||||
Beneficial conversion feature associated with convertible notes payable | 4,010,083 | ||||
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 | ||||
[1]Revenues and costs are attributed to countries based on the location of customers. |
NATURE OF OPERATIONS AND SUMMAR
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2022 | |
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, our subsidiary, Greenpro Venture Capital Limited (“GVCL”) 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 consolidated 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 consolidated financial statements, for the year ended December 31, 2022, the Company incurred a net loss of $ 6,262,188 2,402,769 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. Certain effects of reverse stock split On July 19, 2022, the Company filed a Certificate of Change with the Secretary of State of the State of Nevada (the “Certificate of Change”) to effect a reverse split of the Company’s Common Stock at a ratio of 10-for-1 78,671,688 7,875,813 53,556 5,356 No fractional shares are issued in connection with the Reverse Stock Split. Stockholders who otherwise would be entitled to receive fractional shares because they hold a number of pre-reverse stock split shares of the Company’s Common Stock not evenly divisible by 10, in lieu of a fractional share, are entitled the number of shares rounded up to the nearest whole share. The Company will issue one whole share of the post-Reverse Stock Split Common Stock to any stockholder who otherwise would have received a fractional share as a result of the Reverse Stock Split. The Reverse Stock Split affected all holders of Common Stock uniformly and did not affect any stockholder’s percentage of ownership interest. The par value of the Company’s Common Stock remained unchanged at $ 0.0001 As the par value per share of the Company’s Common Stock remained unchanged at $ 0.0001 COVID-19 pandemic Our business, financial condition and results of operations may be materially adversely affected by global health epidemics, including the recent COVID-19 outbreak. Outbreaks of epidemic, pandemic, or contagious diseases such as COVID-19, could have an adverse effect on our business, financial condition, and results of operations. The spread of COVID-19 from China to other countries has resulted in the World Health Organization declaring the outbreak of COVID-19 as a global pandemic. The international stock markets reflect the uncertainty associated with the slow-down in the global economy and the reduced levels of international travel experienced since the beginning of January 2020, large declines in oil prices and the significant decline in the Dow Industrial Average at the end of February and beginning of March 2020 was largely attributed to the effects of COVID-19. More specifically our business was affected to a large extent by a shut-down of operations both for ourselves and our clients for much of the whole year of 2020. Total revenue for the year ended December 31, 2022, was $ 3,673,997 compared to $ 2,949,780 The full extent of the financial impact of the COVID-19 pandemic cannot be reasonably estimated at this time as the pandemic is still ongoing. The extent to which the COVID-19 impacts our results will depend on future developments, which are highly uncertain and cannot be predicted, including new information which may emerge concerning the severity of the coronavirus and its variants and the actions taken globally to contain the coronavirus or treat its impact, the efficacy of vaccines on COVID-19 and its variants, among others. Existing insurance coverage may not provide protection for all costs that may arise from all such possible events. Additionally, the COVID-19 pandemic may also affect our overall ability to react timely to mitigate the impact of this event and may hamper our efforts to contact our service providers and advisors and to provide our investors with timely information and comply with our filing obligations with the SEC, especially in the event of office closures, stay-in-place orders and a ban on travel or quarantines. We are still assessing our business operations and the impact COVID-19 may have on our results and financial condition in the future, but there can be no assurance that this analysis will enable us to avoid part or all of any impact from the spread of COVID-19 or its consequences, including downturns in business sentiment generally or in our sector in particular. Basis of presentation and principles of consolidation The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries and a majority-owned subsidiary 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, 2022, cash included funds held by employees of $ 11,464 As of December 31, 2021, no cash of the Company was held by employees. SCHEDULE OF CASH, CASH EQUIVALENTS, AND RESTRICTED CASH 2022 2021 As of December 31, 2022 2021 Cash, cash equivalents, and restricted cash Denominated in United States Dollar $ 2,234,242 $ 4,137,396 Denominated in Hong Kong Dollar 1,201,076 895,820 Denominated in Chinese Renminbi 381,012 151,311 Denominated in Malaysian Ringgit 85,940 154,044 Denominated in Euro 9,200 - Denominated in Singapore Dollar 65 - Cash, cash equivalents, and restricted cash $ 3,911,535 $ 5,338,571 Accounts receivable, net Accounts receivable is 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 2022 2021 As of 2022 2021 Accounts receivable, gross $ 195,214 $ 163,957 Less: Allowance for doubtful accounts (25,677 ) (133,356 ) Accounts receivable, net $ 169,537 $ 30,601 Property and equipment, net Property and equipment are stated at cost less accumulated depreciation. Depreciation is calculated on the straight-line basis over the following estimated useful lives: SCHEDULE OF PROPERTY AND EQUIPMENT USEFUL LIFE 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 27 111,707 120,707 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, 2022 and 2021, 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, 2022), and projected margins 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, 2022 and 2021, 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, classified as cost of rental, was $ 29,001 31,688 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, 2022 and 2021, 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 certain trademarks registered in USA, Hong Kong, China, 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 Trademarks 10 Amortization expense for the years ended December 31, 2022, and 2021 was $ 718 723 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, 2022, and 2021, the Company determined there were no indicators of impairment of intangible assets (see Note 7). 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. During 2022, the Company determined there was an indicator of impairment, so an impairment of goodwill of $ 263,247 82,561 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, 2022, and 2021, the Company determined there was no indicator of impairment of its real estate held for investment and its property and equipment, respectively. 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 On December 31, 2022, the Company had total twenty-seven (27) investments in equity securities without readily determinable fair values, all were related party investments with aggregate value of $ 5,406,106 nil On December 31, 2021, the Company had total twenty-seven (27) investments in equity securities without readily determinable fair values, all were related party investments with aggregate value of $ 9,621,935 nil 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 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, 2022, and 2021, the only outstanding Common Stock equivalents were warrants of 5,356 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$”), which is also the respective functional currency of subsidiaries. In general, for consolidation purposes, if a subsidiary’s functional currency other than US$, its assets and liabilities 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. Any gains or 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 each foreign currency of the Company into US$ has been made at the following exchange rates for the respective periods: SCHEDULE OF FOREIGN CURRENCIES TRANSLATION 2022 2021 As of and for the years ended 2022 2021 Period-end MYR : US$1 exchange rate 4.40 4.17 Period-average MYR : US$1 exchange rate 4.41 4.14 Period-end RMB : US$1 exchange rate 6.91 6.36 Period-average RMB : US$1 exchange rate 6.75 6.44 Period-end HK$ : US$1 exchange rate 7.81 7.80 Period-average HK$ : US$1 exchange rate 7.83 7.77 Comprehensive income or loss Comprehensive income or loss 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 or loss 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, prepaids and other current assets, accounts payable and accrued liabilities, deferred costs of revenue and deferred revenue, and due from or due to related parties, approximate their fair values because of the short-term nature of these financial instruments. As of December 31, 2022, and 2021, the Company’s balance sheet includes Level 3 liabilities comprised of the fair value of derivative liabilities of $ 1 9,935 The following table sets forth a summary of the changes in the estimated fair value of our derivative during the years ended December 31, 2022, and 2021: SCHEDULE OF FAIR VALUE OF EMBEDDED DERIVATIVE LIABILITIES 2022 2021 As of and for the years ended, 2022 2021 Fair value at beginning of year $ 9,935 $ 1,189,786 Derivative liability associated with convertible notes issued during the year - 10,839,240 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 ) Fair value gains of derivative liability associated with warrants (9,934 ) (70,051 ) Fair value at end of year $ 1 $ 9,935 Concentrations of risks For the year ended December 31, 2022, three customers accounted for 28 10 9 9 84 57 20 7 For the year ended December 31, 2021, three customers accounted for 26 12 8 6 56 40 10 6 For the year ended December 31, 2022, no vendor accounted for 10 59 29 19 11 For the year ended December 31, 2021, no vendor accounted for 10 65 47 9 9 Exchange rate risk The Company’s reporting currency is US$ but its major revenues and costs, and a significant portion of its assets and liabilities are also denominated in MYR, RMB or HK$. As a result, the Company is exposed to a foreign exchange risk as its revenues and the results of operations may be affected by fluctuations in the exchange rate between US$ and MYR, US$ and RMB or US$ and HK$. If MYR, RMB or HK$ depreciates against US$, the values of its revenues and assets in MYR, RMB or HK$ may decline accordingly when in translation to the Company’s reporting currency, as its financial statements are presented in US$. 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, China, 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 – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40). This ASU reduces the number of accounting models for convertible debt instruments and convertible preferred stock and amends the guidance for the derivatives scope exception for contracts in an entity’s own equity to reduce form-over-substance-based accounting conclusions. In addition, this ASU improves and amends the related earnings per share guidance. This standard became effective for the Company beginning on January 1, 2022. Adoption is either a modified retrospective method or a fully retrospective method of transition. The Company adopted this guidance effective January 1, 2022, and the adoption of this standard did not have a material impact on its consolidated 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, 2022 | |
Revenue from Contract with Customer [Abstract] | |
REVENUE FROM CONTRACTS WITH CUSTOMERS | NOTE 2 - REVENUE FROM CONTRACTS WITH CUSTOMERS The Company’s revenues consist of revenue from provision of business consulting and corporate advisory services (“service revenue”), and revenue from leasing or trading of real estate properties (“real estate revenue”). 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 leasing of real estate properties Rental revenue represents lease rental income from the Company’s tenants. The tenants pay in accordance with the terms in the 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 trading of real estate properties The Company follows the guidance of ASC 610-20, Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets During the year ended December 31, 2022, the Company recognized revenue from the sale of three units of commercial property held for sale, while there was no property sold during 2021. 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 management fees, insurance, depreciation, and other related administrative costs. 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 2022 2021 For the years ended December 31, 2022 2021 Revenue by service lines: Corporate advisory – non-listing services $ 1,419,843 $ 1,848,200 Corporate advisory – listing services 1,305,623 972,750 Rental of real estate properties 108,495 128,830 Sale of real estate properties 840,036 - Total revenue $ 3,673,997 $ 2,949,780 2022 2021 For the years ended December 31, 2022 2021 Revenue by geographic area: Hong Kong $ 2,046,846 $ 1,573,606 Malaysia 397,705 601,336 China 1,229,446 774,838 Total revenue $ 3,673,997 $ 2,949,780 Deferred costs of revenue For a service contract where the performance obligation is not completed, deferred costs of revenue is recorded for any costs incurred in advance of the performance obligation. Deferred revenue For a service contract where the performance obligation is not completed, deferred revenue is recorded for any payments received in advance of the performance obligation. As of December 31, 2022, and 2021, deferred costs of revenue or deferred revenue is classified as current assets or current liabilities and totaled, respectively: SCHEDULE OF DEFERRED REVENUE COST 2022 2021 As of 2022 2021 Current assets Deferred costs of revenue $ 168,605 $ 123,293 Current liabilities Deferred revenue $ 1,834,244 $ 2,006,696 Changes in deferred revenue during 2022 and 2021 are as follows: SCHEDULE OF CHANGES IN DEFERRED REVENUE 2022 2021 As of and for the years ended 2022 2021 Deferred revenue, beginning of year $ 2,006,696 $ 1,634,075 New contract liabilities 1,133,171 1,616,633 Performance obligations satisfied (1,305,623 ) (1,244,012 ) Deferred revenue, end of year $ 1,834,244 $ 2,006,696 |
PROPERTY AND EQUIPMENT, NET
PROPERTY AND EQUIPMENT, NET | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY AND EQUIPMENT, NET | NOTE 3 - PROPERTY AND EQUIPMENT, NET SCHEDULE OF PROPERTY AND EQUIPMENT NET 2022 2021 As of December 31, 2022 2021 Property and equipment Office leasehold $ 3,008,413 $ 3,270,668 Furniture and fixtures 52,058 53,372 Office equipment 62,148 61,894 Leasehold improvement 92,566 95,152 Property and equipment, gross 3,215,185 3,481,086 Less: Accumulated depreciation Accumulated depreciation, beginning of year (620,881 ) (474,001 ) Depreciation for the year (125,486 ) (136,273 ) Disposal or write-off - 1,601 Effect of changes in exchange rate 44,749 (12,208 ) Accumulated depreciation, end of year (701,618 ) (620,881 ) Property and equipment, net $ 2,513,567 $ 2,860,205 Office leasehold under property and equipment represents three adjoining office units owned and used by the Company located in a commercial building in Shenzhen, China. The office leasehold is subject to a 50 22 Depreciation for property and equipment, classified as an operating expense, was $ 125,486 136,273 |
REAL ESTATE HELD FOR SALE
REAL ESTATE HELD FOR SALE | 12 Months Ended |
Dec. 31, 2022 | |
REAL ESTATE HELD FOR SALE | NOTE 4 - REAL ESTATE HELD FOR SALE On December 31, 2022, and 2021, real estate held for sale was valued $ 1,659,207 2,205,839 For the year ended December 31, 2022, the Company sold three units for $ 840,036 408,813 164,530 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, 2022 | |
Real Estate [Abstract] | |
REAL ESTATE HELD FOR INVESTMENT, NET | NOTE 5 - REAL ESTATE HELD FOR INVESTMENT, NET SCHEDULE OF REAL ESTATE HELD FOR INVESTMENT, NET 2022 2021 As of December 31, 2022 2021 Real estate held for investment Office leasehold $ 780,518 $ 824,828 Furniture and fixtures 51,721 54,658 Office equipment 16,534 17,472 Leasehold improvement 70,906 74,931 Real estate held for investment, gross 919,679 971,889 Less: Accumulated depreciation Accumulated depreciation, beginning of year (254,066 ) (230,481 ) Depreciation for the year (29,001 ) (31,688 ) Effect of changes in exchange rate 13,611 8,103 Accumulated depreciation, end of year (269,456 ) (254,066 ) Real estate held for investment, net $ 650,223 $ 717,823 Real estate held for investment represents the Company’s 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 for real estate held for investment, included in the cost of rental revenue, was $ 29,001 31,688 |
OTHER INVESTMENTS
OTHER INVESTMENTS | 12 Months Ended |
Dec. 31, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
OTHER INVESTMENTS | NOTE 6 - OTHER INVESTMENTS SCHEDULE OF OTHER INVESTMENTS As of December 31, 2022 2021 Investment in equity securities without readily determinable fair values of affiliates: (1) Greenpro Trust Limited (a related party) $ 11,981 $ 51,613 (2) Other related parties 5,394,125 9,570,322 Total $ 5,406,106 $ 9,621,935 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. The Company believes all the invested equity securities are without readily determinable values even certain of the equity securities are listed in the over the counter (OTC) market, as their securities are not actively traded on a securities exchange registered with the U.S. Securities and Exchange Commission (SEC) or in the OTC market. For the year ended December 31, 2022, the Company recognized impairment of $ 4,208,029 5,349,600 In addition, the Company recorded its equity securities without readily determinable fair values at cost. For these cost method investments, we recorded as other investments in our consolidated balance sheets. We reviewed all 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 adopt the valuation methods allowed under ASC820 Fair Value Measurement to evaluate the fair values of our cost method investments approximated or exceeded their carrying values. As of December 31, 2022, the carrying value of our cost method investments aggregated $ 5,406,106 On December 31, 2022, and 2021, 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 2022 2021 As of December 31, 2022 2021 Equity securities without readily determinable fair values Original cost $ 15,547,014 $ 15,545,764 Unrealized gains (losses) - - Provision for impairment or decline in value (10,131,858 ) (5,923,829 ) Forfeiture, disposal or write-off (9,050 ) - Equity securities without readily determinable fair values, net $ 5,406,106 $ 9,621,935 For the years ended December 31, 2022, and 2021, the Company recognized an impairment loss of other investments of $ 4,208,029 5,349,600 During 2022, one of the investments in equity securities without readily determinable fair values was partially forfeited by $ 1,650 7,000 400 Acquisition of other investments during 2022 ACT Wealth Academy Inc. On February 21, 2022, our subsidiary, Greenpro Venture Capital Limited (“GVCL”) entered into a subscription agreement with ACT Wealth Academy Inc., a Nevada corporation, which provides training, seminars, and events in the academic fields (“ACT Wealth”). Pursuant to the agreement, GVCL acquired 6,000,000 600 0.0001 As of December 31, 2022, the Company recorded the investment in ACT Wealth at a historical cost of $ 600 REBLOOD Biotech Corp. On April 1, 2022, GVCL entered into a subscription agreement with REBLOOD Biotech Corp., a Nevada corporation, which is principally in provision of health management and biotechnology services (“REBLOOD”). Pursuant to the agreement, GVCL acquired 1,000,000 100 0.0001 As of December 31, 2022, the Company recorded the investment in REDBLOOD at a historical cost of $ 100 Best2bid Technology Corp. On June 9, 2022, GVCL entered into a subscription agreement with Best2bid Technology Corp., a Nevada corporation, which provides an online bidding cum e-commerce platform enabling participants to auction or sell their merchandise to bidders (“Best2bid”). Pursuant to the agreement, GVCL acquired 5,500,000 550 0.0001 As of December 31, 2022, the Company recorded the investment in Best2Bid at a historical cost of $ 550 Forfeiture, write-off, or disposal of other investments during 2022 (a) Forfeiture Agape ATP Corporation On April 14, 2017, our wholly owned subsidiary, Greenpro Venture Capital Limited (“GVCL”) acquired 17,500,000 0.0001 1,750 5 1,750 On January 21, 2022, GVCL entered into a forfeiture agreement with Agape. Pursuant to the agreement, GVCL agreed to transfer 16,500,000 17,500,000 1 1,650 As of December 31, 2022, GVCL owns 1,000,000 100 0.0001 (b) Write-off 72 Technology Group Limited On July 13, 2021, GVCL entered into a subscription agreement with 72 Technology Group Limited, a Cayman Islands media corporation based in China which provides digital marketing services using 5G and AI technology (“72 Technology”). Pursuant to the agreement, GVCL acquired 600,000 6,000 0.01 6,000 During 2022, 72 Technology decided to discontinue its IPO plan and upon mutual agreement, the IPO service agreement entered between 72 Technology and the Company was terminated. In consideration of 72 Technology’s discontinuity of IPO plan and dormant status, we decided to write off our investment in 72 Technology. For the year ended December 31, 2022, we recorded a loss from written off of investment of $ 6,000 no 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 During 2022, Fruita decided to discontinue its IPO plan and upon mutual agreement, the IPO service agreement entered between Fruita and the Company was terminated. In consideration of Fruita’s discontinuity of IPO plan and dormant status, we decided to write off our investment in Fruita. For the year ended December 31, 2022, we recorded a loss from written off of investment of $ 1,000 no (c) Disposal Pentaip Technology Inc. On December 29, 2020, GVCL entered into a subscription agreement with Pentaip Technology Inc., a Nevada corporation (“PTI”) to acquired 4,000,000 400 0.0001 10 400 On December 16, 2022, GVCL agreed with Pentaip’s repurchase request, sold back our 4,000,000 400 400 As of December 31, 2022, we had no Impairment of other investments during 2022 Greenpro Trust Limited On March 30, 2015, our wholly owned subsidiary, Greenpro Resources Limited, a British Virgin Islands company (“GRBVI”) acquired 300,000 8 300,000 38,710 1 On April 13, 2016, another wholly owned subsidiary of the Company, Asia UBS Global Limited, a Belize company (“AUB”) acquired 100,000 3 100,000 12,903 1 The Company indirectly has an aggregate of approximately 11 51,613 During 2021, there was no indicator of impairment and hence, our investment value in GTL was $ 51,613 As of December 31, 2022, the net asset value (“NAV”) of GTL was $ 107,835 11 11,981 39,632 As of December 31, 2022, our investment in GTL was revalued at $ 11,981 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 68,587 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 25,000 On December 11, 2020, the Company issued 68,587 14.58 10 1,000,000 25,000 364,500 14.58 8 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 34,259 27 925,000 As of December 31, 2021, GVCL, in aggregate, holds 360,000 18 2,289,500 As of December 31, 2022, GVCL, the fair value of FBHI was appraised by an independent appraiser, Ravia Global Appraisal Advisory Limited (the “Appraiser”) and according to our 18 246,000 2,043,500 As of December 31, 2022, our investment in FBHI was revalued at $ 246,000 Ata Plus Sdn. Bhd. On July 8, 2020, GVCL entered into an acquisition agreement with all the eight shareholders of Ata Plus Sdn. Bhd., a company incorporated in Malaysia and a Recognized Market Operator (RMO) by the Securities Commission of Malaysia (“APSB”). Pursuant to the agreement, GVCL agreed to acquire 15 749,992 45,731 16.4 As of December 31, 2021, GVCL holds 15 749,992 As of December 31, 2022, the fair value of APSB was appraised by an independent appraiser, Ravia Global Appraisal Advisory Limited (the “Appraiser”) and according to our 15 736,000 13,992 New Business Media Sdn. Bhd. On November 1, 2020, GVCL entered into an acquisition agreement with Ms. Lee Yuet Lye and Mr. Chia Min Kiat, shareholders of New Business Media Sdn. Bhd. New Business Media Sdn. Bhd. is a Malaysia company involved in operating a Chinese media portal, which provides digital news services focusing on Asian capital markets (“NBMSB”). NBMSB is one of the biggest Chinese language digital business news networks in Malaysia and has readers from across Southeast Asia. Pursuant to the agreement, both Ms. Lee and Mr. Chia have agreed to sell to GVCL an 18 25,759 411,120 15.96 2,284,000 As of December 31, 2021, GVCL recognized the investment in NBMSB at historical cost of $ 411,120 As of December 31, 2022, the fair value of NBMSB was appraised by an independent appraiser, Ravia Global Appraisal Advisory Limited (the “Appraiser”) and according to our 18 82,000 329,120 As of December 31, 2022, our investment in NBMSB was revalued at $ 82,000 Adventure Air Race Company Limited On December 21, 2020, GVCL entered into a subscription agreement with Adventure Air Race Company Limited, a company incorporated in Nevada, is principally engaged in promoting and managing an air race series (“AARC”). Pursuant to the agreement, GVCL acquired 2,000,000 200 0.0001 On December 22, 2020, GVCL entered another subscription agreement with AARC to acquire an additional 996,740 249,185 0.25 As of December 31, 2021, GVCL, in aggregate, holds approximately 4 249,385 As of December 31, 2022, GVCL holds approximately 4 249,385 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, is principally engaged in developing a multi-faceted suite of products and services for the crypto currency industry and economy (the “Fund”). Pursuant to the agreement, GRL agreed to subscribe for $ 7,206,000 300,000 7,206,000 On April 7, 2021, the Company issued 300,000 6,000 144,120 24.02 On December 31, 2021, GRL determined that the value of its investment in the Fund based on the closing stock price of the Company’s Common Stock was impaired. Hence, an impairment loss of $ 5,349,600 1,856,400 On December 31, 2022, GRL made a further impairment of $ 1,532,400 324,000 |
INTANGIBLE ASSETS AND GOODWILL
INTANGIBLE ASSETS AND GOODWILL | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
INTANGIBLE ASSETS AND GOODWILL | NOTE 7 - INTANGIBLE ASSETS AND GOODWILL Intangible assets, net SCHEDULE OF INTANGIBLE ASSETS Intangible assets 2022 2021 As of December 31, Intangible assets 2022 2021 Trademarks $ 7,253 $ 7,253 Customer lists 344,500 344,500 Insurance agency license 129,032 129,032 Total intangible assets, gross 480,785 480,785 Less: Accumulated amortization Accumulated amortization, beginning of year (478,160 ) (477,418 ) Amortization for the year (718 ) (723 ) Effect of changes in exchange rate (7 ) (19 ) Accumulated amortization, end of year (478,885 ) (478,160 ) Intangible assets, net $ 1,900 $ 2,625 As of December 31, 2022, our intangible assets totaled $ 480,785 7,253 344,500 129,032 On December 31, 2022, 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, 2022, and 2021 was $ 718 723 Amortization for each year following December 31, 2022, is as follows: SCHEDULE OF AMORTIZATION EXPENSE OF INTANGIBLE ASSETS Year ending December 31, Trademarks 2023 $ 718 2024 718 2025 and thereafter 464 Total $ 1,900 As of December 31, 2022, the accumulated amortization of intangible assets was $ 478,885 1,900 Goodwill The Company’s goodwill consisted of $ 319,726 26,082 345,808 Goodwill is not amortized but tested for any indicator of impairment annually. During 2022, the Company conducted the annual impairment test and concluded that there was no indicator of impairment for the goodwill derived from the acquisition of GCVSB, as the net asset value (“NAV”) of GCVSB was greater than the value of the goodwill as of December 31, 2022. During 2022, the Company conducted another impairment test and concluded that there was an indicator of impairment for the goodwill derived from the acquisition of FASL, as the NAV of FASL is lesser than the value of the goodwill as of December 31, 2022. Therefore, an impairment loss of $ 263,247 56,479 As of December 31, 2022, the value of Company’s goodwill was $ 82,561 |
OPERATING LEASES
OPERATING LEASES | 12 Months Ended |
Dec. 31, 2022 | |
Operating Leases | |
OPERATING LEASES | NOTE 8 - OPERATING LEASES As of December 31, 2022, the Company has three separate operating lease agreements for one office space in Hong Kong with a term of two years, one office space in Kuala Lumpur and another office space in Labuan both with a term of one year, respectively. Other than these three separate leases, the Company does not have other leases. Leases with an initial term of 12 months or less are not recorded on the balance sheet. The Company accounts for the lease and non-lease components of its leases as a single lease component. Lease expense is recognized on a straight-line basis over the lease term. 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 2022 2021 For the years ended December 31, 2022 2021 Lease Cost Operating lease cost (included in general and administrative expenses in the Company’s statement of operations for measurement of lease liabilities) $ 85,989 $ 154,562 Other Information Cash paid for amounts included in the measurement of lease liabilities $ 91,919 $ 149,204 Weighted average remaining lease term – operating leases (in years) 0.21 1.21 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 2022 2021 As of 2022 2021 Non-current assets Right-of-use assets $ 17,510 $ 101,221 Current liabilities Operating lease liabilities $ 18,725 $ 89,636 Operating lease liabilities, current $ 18,725 $ 89,636 Non-current liabilities Operating lease liabilities $ - $ 18,760 Operating lease liabilities, non-current $ - $ 18,760 Maturity of the Company’s lease liabilities is as follows: SCHEDULE OF MATURITIES OF LEASE LIABILITIES Lease liabilities Year Ended December 31, 2023 18,829 Total lease payments 18,829 Less: Imputed interest (104 ) Present value of lease liabilities $ 18,725 For the years ended December 31, 2022, and 2021, the Company’s total lease expenses were $ 112,904 179,101 |
DERIVATIVE LIABILITIES
DERIVATIVE LIABILITIES | 12 Months Ended |
Dec. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVE LIABILITIES | NOTE 9 DERIVATIVE LIABILITIES SCHEDULE OF DERIVATIVE LIABILITIES As of December 31, 2022 2021 Fair value of warrants $ 1 $ 9,935 Warrants On June 12, 2018, warrants exercisable into 53,556 On July 19, 2022, the Company filed a Certificate of Change with the Secretary of State of the State of Nevada (the “Certificate of Change”), to effect a reverse split of the Company’s Common Stock at a ratio of 10-for-1 53,556 5,356 Warrant activity including the number of shares and the exercise price per share has been adjusted for all periods presented in this Annual Report to reflect the Reverse Stock Split effected on July 28, 2022, on a retroactive basis. 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 December 31, 2022 2021 Risk-free interest rate $ 3.97 % $ 1.9 % Expected volatility 168 % 174 % Expected life (in years) 0.4 1.4 Expected dividend yield 0.00 % 0.00 % Fair value of warrants $ 1 $ 9,935 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, 2022, the Company recognized a gain of $ 9,934 |
STOCKHOLDERS_ EQUITY
STOCKHOLDERS’ EQUITY | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
STOCKHOLDERS’ EQUITY | NOTE 10 STOCKHOLDERS’ EQUITY Our authorized capital consists, of 600,000,000 500,000,000 0.0001 100,000,000 0.0001 Reverse stock split in 2022 On July 19, 2022, the Company filed a Certificate of Change with the Secretary of State of the State of Nevada (the “Certificate of Change”), to effect a reverse split of the Company’s Common Stock at a ratio of 10-for-1 The Reverse Stock Split affected all holders of Common Stock uniformly and did not affect any stockholder’s percentage of ownership interest. The par value of the Company’s Common Stock remained unchanged at $ 0.0001 As the par value per share of the Company’s Common Stock remained unchanged at $ 0.0001 During 2022, the Company did not any issue any shares of its Common Stock. Below set forth the information for the Company’s issuance of Common Stock during 2021: Shares issued for acquisitions On February 26, 2021, the Company issued 34,259 27 925,000 8 On April 7, 2021, the Company subscribed for $ 7,206,000 300,000 24.02 7,206,000 On July 19, 2021, the Company redeemed 347,000 504,750 7,953 69,191 8.7 Shares issued from conversion of promissory notes On April 16, 2021, the Company issued 70,474 10 670,000 34,738 23.3 1,642,040 On July 14, 2021, the Company issued 23,266 7.52175 175,000 10.1 234,986 On July 26, 2021, the Company issued 28,150 6.21675 175,000 9.3 261,793 On August 5, 2021, the Company issued 56,299 6.21675 350,000 8.697 489,637 On August 12, 2021, the Company issued 64,342 6.21675 400,000 8.101 521,237 On August 20, 2021, the Company issued 337,500 6.21675 2,098,153 7.599 2,564,662 On August 24, 2021, the Company issued 337,000 6.21675 2,095,045 9.164 3,088,268 On August 31, 2021, the Company issued 170,967 6.21675 960,000 102,857 9.573 1,636,664 On August 31, 2021, the Company issued 107,500 6.21675 668,301 9.573 1,029,097 On October 6, 2021, the Company issued 22,730 4.3995 100,000 6.761 153,676 On October 8, 2021, the Company issued 104,273 4.3995 154,989 303,758 6.811 710,200 Shares issued for expenses On April 7, 2021, the Company issued 6,000 144,120 24.02 On November 17, 2021, the Company issued 20,000 10.404 208,080 |
WARRANTS
WARRANTS | 12 Months Ended |
Dec. 31, 2022 | |
Warrants | |
WARRANTS | NOTE 11 WARRANTS In 2018, the Company issued warrants exercisable into 53,556 7.20 On July 19, 2022, the Company filed a Certificate of Change with the Secretary of State of the State of Nevada (the “Certificate of Change”), to effect a reverse split of the Company’s Common Stock at a ratio of 10-for-1 53,556 5,356 7.2 72 Warrant activity including the number of shares and the exercise price per share has been adjusted for all periods presented in this Annual Report to reflect the Reverse Stock Split effected on July 28, 2022, on a retroactive basis. A summary of warrants to purchase Common Stock issued during the years ended December 31, 2022, and 2021 is as follows: SUMMARY OF WARRANTS ACTIVITY Shares Weighted Average Exercise Price Balance outstanding as of January 1, 2021 5,356 $ 72.00 Granted - - Exercised - - Expired/Cancelled - - Balance outstanding as of December 31, 2021 5,356 72.00 Granted - - Exercised - - Expired/Cancelled - - Balance outstanding and exercisable as of December 31, 2022 5,356 $ 72.00 As of December 31, 2022, and 2021, there were 5,356 no |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | NOTE 12 INCOME TAXES Provision for income taxes consisted of the following: SCHEDULE OF PROVISION FOR (BENEFIT FROM) INCOME TAXES For the years ended December 31, 2022 2021 Current: – Local $ - $ - – Foreign: Hong Kong - 2,630 The PRC 2,356 2,310 Malaysia - - Deferred: – Local - - – Foreign - - $ 2,356 $ 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, 2022 2021 Tax jurisdictions from: – United States $ (727,898 ) $ (8,055,793 ) – Foreign, representing: Hong Kong 73,114 (347,092 ) The PRC 248,199 (61,084 ) Malaysia (101,077 ) (176,350 ) Labuan (42,826 ) - Other (primarily nontaxable jurisdictions) (5,709,344 ) (5,717,973 ) Loss before income taxes $ (6,259,832 ) $ (14,358,292 ) 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 2022 2021 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 years 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 years presented, the Company has several 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 (rounded to the nearest thousand): SCHEDULE OF COMPONENTS OF DEFERRED TAX ASSETS 2022 2021 As of December 31, 2022 2021 Deferred tax assets Impairment of goodwill, intangible assets, and investments $ 832,000 $ 832,000 Financing costs 974,000 974,000 Operating lease liability 4,000 23,000 Accounts receivable allowance 5,000 28,000 Net operating loss (NOL) carryforwards: – United States of America 3,918,000 3,766,000 – Hong Kong 504,000 470,000 – The PRC 557,000 619,000 – Malaysia 217,000 197,000 – Labuan 1,000 - Gross deferred tax assets Gross deferred tax assets 7,012,000 6,909,000 Less: valuation allowance (7,006,000 ) (5,804,000 ) Total deferred tax assets 6,000 1,105,000 Deferred tax liabilities Change in fair value of derivative liabilities 2,000 1,084,000 Operating lease right-of-use asset 4,000 21,000 Total deferred tax liabilities 6,000 1,105,000 Net deferred tax asset (liability) $ - $ - The Company 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 $ 5,197,000 For the year ended December 31, 2022, the valuation allowance increased by $ 145,000 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, 2022, and 2021, the operations in the United States of America incurred a net operating loss (NOL) of $ 728,000 8,056,000 As of December 31, 2022, the cumulative net operating losses (NOLs) were $ 18,659,000 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 For the year ended December 31, 2022, the subsidiaries in Hong Kong incurred the aggregate of a net operating income (NOI) of $ 73,000 347,000 As of December 31, 2022, the cumulative net operating losses (NOLs) aggregated for those subsidiaries which have operations in Hong Kong were $ 3,055,000 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 year ended December 31, 2022, the subsidiaries in the PRC recorded the aggregate of a net operating income (NOI) of $ 248,000 61,000 As of December 31, 2022, the subsidiaries operating in the PRC had incurred the aggregate amount of cumulative net operating losses (NOLs) of $ 2,229,000 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 For the years ended December 31, 2022, and 2021, the subsidiaries in Malaysia incurred the aggregate of a net operating loss (NOL) of $ 101,000 176,000 As of December 31, 2022, the operations in Malaysia had incurred the aggregate amount of cumulative net operating losses (NOLs) of $ 1,084,000 Labuan The Company’s subsidiary operating in Labuan are subject to the Labuan Corporate Tax Laws at a progressive income tax rate starting from 3 For the year ended December 31, 2022, the subsidiary in Labuan incurred the aggregate of a net operating loss (NOL) of $ 43,000 As of December 31, 2022, the operations in Labuan had incurred the aggregate amount of cumulative net operating losses (NOLs) of $ 43,000 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 Company 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, 2022 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 13 RELATED PARTY TRANSACTIONS SCHEDULE OF DUE FROM RELATED PARTIES Accounts receivable from related parties: December 31, 2022 December 31, 2021 Accounts receivable, net - Related party B (net of allowance of $ 1,750 41 $ 129,250 $ 41 - Related party K (net of allowance of $ 2 42 - Total $ 129,292 $ 41 Prepaid to a related party: December 31, 2022 December 31, 2021 Prepayment - Related party B $ 80,000 $ - Total $ 80,000 $ - Due from related parties: December 31, 2022 December 31, 2021 Due from related parties - Related party B $ 4,708 $ 503,361 - Related party D 200,000 606,430 - Related party G 1,064 1,064 - Related party H 60,000 60,000 Total $ 265,772 $ 1,170,855 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, 2022 December 31, 2021 Due to related parties - Related party A $ 47,135 $ 29,512 - Related party B 2,275 1,513 - Related party G - 780 - Related party I - 2,257 - Related party J 390,333 701,781 - Related party K 8,508 21,440 Total $ 448,251 $ 757,283 Due to related parties $ 448,251 $ 757,283 The amounts due to related parties are interest-free, unsecured and repayable on demand. SCHEDULE OF INCOME FROM OR EXPENSES TO RELATED PARTIES Income from or expenses to related parties: 2022 2021 For the years ended Income from or expenses to related parties: 2022 2021 Service revenue from related parties - Related party A $ 147,269 $ 93,718 - Related party B 463,304 733,103 - Related party C - 115 - Related party D 30,923 26,512 - Related party E 8,865 5,418 - Related party G 13,664 1,425 - Related party I 1,089 1,158 - Related party K 89 - Total $ 665,203 $ 861,449 Service revenue from related parties $ 665,203 $ 861,449 General and administrative expenses to related parties - Related party A $ 9,287 $ 8,420 - Related party B 125,286 3,859 - Related party D - 643 - Related party I 16,334 - - Related party K 42,895 - Total $ 193,802 $ 12,922 General and administrative expenses to related parties $ 193,802 $ 12,922 Other income from related parties - Related party B $ 1,356 $ - - Related party D 4,494 - Total $ 5,850 $ - Other income from related parties $ 5,850 $ - Other expenses-impairment of related parties - Related party B $ 4,208,029 $ 5,349,600 - Related party D 606,250 - Total $ 4,814,279 $ 5,349,600 Other expenses-impairment of related parties $ 4,814,279 $ 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, 2022 | |
Segment Reporting [Abstract] | |
SEGMENT INFORMATION | NOTE 14 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 reportable business segments: ● 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 years 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, 2022 Real estate business Service business Corporate Total Revenues $ 948,531 $ 2,725,466 $ - $ 3,673,997 Cost of revenues (619,426 ) (404,077 ) - (1,023,503 ) Reversal of write-off notes receivable - 200,000 200,000 Depreciation and amortization (30,874 ) (120,211 ) (4,120 ) (155,205 ) Impairment of goodwill - - (263,247 ) (263,247 ) Impairment of other receivable - - (606,250 ) (606,250 ) Impairment of investments - - (4,208,029 ) (4,208,029 ) Net income (loss) 221,712 (620,880 ) (5,863,020 ) (6,262,188 ) Total assets 1,851,373 5,995,114 7,792,719 15,639,206 Capital expenditures for long-lived assets $ - $ 3,016 $ - $ 3,016 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 receivable - - 5,000,000 5,000,000 Depreciation and amortization (154,023 ) (5,201 ) (9,460 ) (168,684 ) Impairment of investment - - (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 (b) By Geography* * * * * For the year ended December 31, 2022 Hong Kong Malaysia China Total Revenues $ 2,046,846 $ 397,705 $ 1,229,446 $ 3,673,997 Cost of revenues (659,126 ) (221,442 ) (142,935 ) (1,023,503 ) Reversal of write-off notes receivable 200,000 - - 200,000 Depreciation and amortization (10,940 ) (30,874 ) (113,391 ) (155,205 ) Impairment of goodwill (263,247 ) - - (263,247 ) Impairment of other receivable (606,250 ) - - (606,250 ) Impairment of investments (4,208,029 ) - - (4,208,029 ) Loss on extinguishment of notes Net income (loss) (6,329,749 ) (178,618 ) 246,179 (6,262,188 ) Total assets 10,786,359 1,969,298 2,883,549 15,639,206 Capital expenditures for long-lived assets $ - $ 1,226 $ 1,790 $ 3,016 * * * * 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 receivable 5,000,000 - - 5,000,000 Depreciation and amortization (14,282 ) (33,315 ) (121,087 ) (168,684 ) Impairment of investment (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 * 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, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Going Concern | Going Concern The accompanying consolidated 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 consolidated financial statements, for the year ended December 31, 2022, the Company incurred a net loss of $ 6,262,188 2,402,769 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. |
Certain effects of reverse stock split | Certain effects of reverse stock split On July 19, 2022, the Company filed a Certificate of Change with the Secretary of State of the State of Nevada (the “Certificate of Change”) to effect a reverse split of the Company’s Common Stock at a ratio of 10-for-1 78,671,688 7,875,813 53,556 5,356 No fractional shares are issued in connection with the Reverse Stock Split. Stockholders who otherwise would be entitled to receive fractional shares because they hold a number of pre-reverse stock split shares of the Company’s Common Stock not evenly divisible by 10, in lieu of a fractional share, are entitled the number of shares rounded up to the nearest whole share. The Company will issue one whole share of the post-Reverse Stock Split Common Stock to any stockholder who otherwise would have received a fractional share as a result of the Reverse Stock Split. The Reverse Stock Split affected all holders of Common Stock uniformly and did not affect any stockholder’s percentage of ownership interest. The par value of the Company’s Common Stock remained unchanged at $ 0.0001 As the par value per share of the Company’s Common Stock remained unchanged at $ 0.0001 |
COVID-19 pandemic | COVID-19 pandemic Our business, financial condition and results of operations may be materially adversely affected by global health epidemics, including the recent COVID-19 outbreak. Outbreaks of epidemic, pandemic, or contagious diseases such as COVID-19, could have an adverse effect on our business, financial condition, and results of operations. The spread of COVID-19 from China to other countries has resulted in the World Health Organization declaring the outbreak of COVID-19 as a global pandemic. The international stock markets reflect the uncertainty associated with the slow-down in the global economy and the reduced levels of international travel experienced since the beginning of January 2020, large declines in oil prices and the significant decline in the Dow Industrial Average at the end of February and beginning of March 2020 was largely attributed to the effects of COVID-19. More specifically our business was affected to a large extent by a shut-down of operations both for ourselves and our clients for much of the whole year of 2020. Total revenue for the year ended December 31, 2022, was $ 3,673,997 compared to $ 2,949,780 The full extent of the financial impact of the COVID-19 pandemic cannot be reasonably estimated at this time as the pandemic is still ongoing. The extent to which the COVID-19 impacts our results will depend on future developments, which are highly uncertain and cannot be predicted, including new information which may emerge concerning the severity of the coronavirus and its variants and the actions taken globally to contain the coronavirus or treat its impact, the efficacy of vaccines on COVID-19 and its variants, among others. Existing insurance coverage may not provide protection for all costs that may arise from all such possible events. Additionally, the COVID-19 pandemic may also affect our overall ability to react timely to mitigate the impact of this event and may hamper our efforts to contact our service providers and advisors and to provide our investors with timely information and comply with our filing obligations with the SEC, especially in the event of office closures, stay-in-place orders and a ban on travel or quarantines. We are still assessing our business operations and the impact COVID-19 may have on our results and financial condition in the future, but there can be no assurance that this analysis will enable us to avoid part or all of any impact from the spread of COVID-19 or its consequences, including downturns in business sentiment generally or in our sector in particular. |
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 a majority-owned subsidiary 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, 2022, cash included funds held by employees of $ 11,464 As of December 31, 2021, no cash of the Company was held by employees. SCHEDULE OF CASH, CASH EQUIVALENTS, AND RESTRICTED CASH 2022 2021 As of December 31, 2022 2021 Cash, cash equivalents, and restricted cash Denominated in United States Dollar $ 2,234,242 $ 4,137,396 Denominated in Hong Kong Dollar 1,201,076 895,820 Denominated in Chinese Renminbi 381,012 151,311 Denominated in Malaysian Ringgit 85,940 154,044 Denominated in Euro 9,200 - Denominated in Singapore Dollar 65 - Cash, cash equivalents, and restricted cash $ 3,911,535 $ 5,338,571 |
Accounts receivable, net | Accounts receivable, net Accounts receivable is 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 2022 2021 As of 2022 2021 Accounts receivable, gross $ 195,214 $ 163,957 Less: Allowance for doubtful accounts (25,677 ) (133,356 ) Accounts receivable, net $ 169,537 $ 30,601 |
Property and equipment, net | Property and equipment, net Property and equipment are stated at cost less accumulated depreciation. Depreciation is calculated on the straight-line basis over the following estimated useful lives: SCHEDULE OF PROPERTY AND EQUIPMENT USEFUL LIFE 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 27 111,707 120,707 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, 2022 and 2021, 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, 2022), and projected margins 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, 2022 and 2021, 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, classified as cost of rental, was $ 29,001 31,688 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, 2022 and 2021, 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 certain trademarks registered in USA, Hong Kong, China, 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 Trademarks 10 Amortization expense for the years ended December 31, 2022, and 2021 was $ 718 723 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, 2022, and 2021, the Company determined there were no indicators of impairment of intangible assets (see Note 7). |
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. During 2022, the Company determined there was an indicator of impairment, so an impairment of goodwill of $ 263,247 82,561 |
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, 2022, and 2021, the Company determined there was no indicator of impairment of its real estate held for investment and its property and equipment, respectively. |
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 On December 31, 2022, the Company had total twenty-seven (27) investments in equity securities without readily determinable fair values, all were related party investments with aggregate value of $ 5,406,106 nil On December 31, 2021, the Company had total twenty-seven (27) investments in equity securities without readily determinable fair values, all were related party investments with aggregate value of $ 9,621,935 nil |
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 |
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, 2022, and 2021, the only outstanding Common Stock equivalents were warrants of 5,356 |
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$”), which is also the respective functional currency of subsidiaries. In general, for consolidation purposes, if a subsidiary’s functional currency other than US$, its assets and liabilities 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. Any gains or 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 each foreign currency of the Company into US$ has been made at the following exchange rates for the respective periods: SCHEDULE OF FOREIGN CURRENCIES TRANSLATION 2022 2021 As of and for the years ended 2022 2021 Period-end MYR : US$1 exchange rate 4.40 4.17 Period-average MYR : US$1 exchange rate 4.41 4.14 Period-end RMB : US$1 exchange rate 6.91 6.36 Period-average RMB : US$1 exchange rate 6.75 6.44 Period-end HK$ : US$1 exchange rate 7.81 7.80 Period-average HK$ : US$1 exchange rate 7.83 7.77 |
Comprehensive income or loss | Comprehensive income or loss Comprehensive income or loss 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 or loss 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, prepaids and other current assets, accounts payable and accrued liabilities, deferred costs of revenue and deferred revenue, and due from or due to related parties, approximate their fair values because of the short-term nature of these financial instruments. As of December 31, 2022, and 2021, the Company’s balance sheet includes Level 3 liabilities comprised of the fair value of derivative liabilities of $ 1 9,935 The following table sets forth a summary of the changes in the estimated fair value of our derivative during the years ended December 31, 2022, and 2021: SCHEDULE OF FAIR VALUE OF EMBEDDED DERIVATIVE LIABILITIES 2022 2021 As of and for the years ended, 2022 2021 Fair value at beginning of year $ 9,935 $ 1,189,786 Derivative liability associated with convertible notes issued during the year - 10,839,240 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 ) Fair value gains of derivative liability associated with warrants (9,934 ) (70,051 ) Fair value at end of year $ 1 $ 9,935 |
Concentrations of risks | Concentrations of risks For the year ended December 31, 2022, three customers accounted for 28 10 9 9 84 57 20 7 For the year ended December 31, 2021, three customers accounted for 26 12 8 6 56 40 10 6 For the year ended December 31, 2022, no vendor accounted for 10 59 29 19 11 For the year ended December 31, 2021, no vendor accounted for 10 65 47 9 9 |
Exchange rate risk | Exchange rate risk The Company’s reporting currency is US$ but its major revenues and costs, and a significant portion of its assets and liabilities are also denominated in MYR, RMB or HK$. As a result, the Company is exposed to a foreign exchange risk as its revenues and the results of operations may be affected by fluctuations in the exchange rate between US$ and MYR, US$ and RMB or US$ and HK$. If MYR, RMB or HK$ depreciates against US$, the values of its revenues and assets in MYR, RMB or HK$ may decline accordingly when in translation to the Company’s reporting currency, as its financial statements are presented in US$. 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, China, 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 – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40). This ASU reduces the number of accounting models for convertible debt instruments and convertible preferred stock and amends the guidance for the derivatives scope exception for contracts in an entity’s own equity to reduce form-over-substance-based accounting conclusions. In addition, this ASU improves and amends the related earnings per share guidance. This standard became effective for the Company beginning on January 1, 2022. Adoption is either a modified retrospective method or a fully retrospective method of transition. The Company adopted this guidance effective January 1, 2022, and the adoption of this standard did not have a material impact on its consolidated 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, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
SCHEDULE OF CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | As of December 31, 2021, no cash of the Company was held by employees. SCHEDULE OF CASH, CASH EQUIVALENTS, AND RESTRICTED CASH 2022 2021 As of December 31, 2022 2021 Cash, cash equivalents, and restricted cash Denominated in United States Dollar $ 2,234,242 $ 4,137,396 Denominated in Hong Kong Dollar 1,201,076 895,820 Denominated in Chinese Renminbi 381,012 151,311 Denominated in Malaysian Ringgit 85,940 154,044 Denominated in Euro 9,200 - Denominated in Singapore Dollar 65 - Cash, cash equivalents, and restricted cash $ 3,911,535 $ 5,338,571 |
SCHEDULE OF ACCOUNTS RECEIVABLES | SCHEDULE OF ACCOUNTS RECEIVABLES 2022 2021 As of 2022 2021 Accounts receivable, gross $ 195,214 $ 163,957 Less: Allowance for doubtful accounts (25,677 ) (133,356 ) Accounts receivable, net $ 169,537 $ 30,601 |
SCHEDULE OF PROPERTY AND EQUIPMENT USEFUL LIFE | Property and equipment are stated at cost less accumulated depreciation. Depreciation is calculated on the straight-line basis over the following estimated useful lives: SCHEDULE OF PROPERTY AND EQUIPMENT USEFUL LIFE 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 Trademarks 10 |
SCHEDULE OF FOREIGN CURRENCIES TRANSLATION | Translation of amounts from each foreign currency of the Company into US$ has been made at the following exchange rates for the respective periods: SCHEDULE OF FOREIGN CURRENCIES TRANSLATION 2022 2021 As of and for the years ended 2022 2021 Period-end MYR : US$1 exchange rate 4.40 4.17 Period-average MYR : US$1 exchange rate 4.41 4.14 Period-end RMB : US$1 exchange rate 6.91 6.36 Period-average RMB : US$1 exchange rate 6.75 6.44 Period-end HK$ : US$1 exchange rate 7.81 7.80 Period-average HK$ : US$1 exchange rate 7.83 7.77 |
SCHEDULE OF FAIR VALUE OF EMBEDDED DERIVATIVE LIABILITIES | The following table sets forth a summary of the changes in the estimated fair value of our derivative during the years ended December 31, 2022, and 2021: SCHEDULE OF FAIR VALUE OF EMBEDDED DERIVATIVE LIABILITIES 2022 2021 As of and for the years ended, 2022 2021 Fair value at beginning of year $ 9,935 $ 1,189,786 Derivative liability associated with convertible notes issued during the year - 10,839,240 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 ) Fair value gains of derivative liability associated with warrants (9,934 ) (70,051 ) Fair value at end of year $ 1 $ 9,935 |
REVENUE FROM CONTRACTS WITH C_2
REVENUE FROM CONTRACTS WITH CUSTOMERS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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 2022 2021 For the years ended December 31, 2022 2021 Revenue by service lines: Corporate advisory – non-listing services $ 1,419,843 $ 1,848,200 Corporate advisory – listing services 1,305,623 972,750 Rental of real estate properties 108,495 128,830 Sale of real estate properties 840,036 - Total revenue $ 3,673,997 $ 2,949,780 2022 2021 For the years ended December 31, 2022 2021 Revenue by geographic area: Hong Kong $ 2,046,846 $ 1,573,606 Malaysia 397,705 601,336 China 1,229,446 774,838 Total revenue $ 3,673,997 $ 2,949,780 |
SCHEDULE OF DEFERRED REVENUE COST | As of December 31, 2022, and 2021, deferred costs of revenue or deferred revenue is classified as current assets or current liabilities and totaled, respectively: SCHEDULE OF DEFERRED REVENUE COST 2022 2021 As of 2022 2021 Current assets Deferred costs of revenue $ 168,605 $ 123,293 Current liabilities Deferred revenue $ 1,834,244 $ 2,006,696 |
SCHEDULE OF CHANGES IN DEFERRED REVENUE | Changes in deferred revenue during 2022 and 2021 are as follows: SCHEDULE OF CHANGES IN DEFERRED REVENUE 2022 2021 As of and for the years ended 2022 2021 Deferred revenue, beginning of year $ 2,006,696 $ 1,634,075 New contract liabilities 1,133,171 1,616,633 Performance obligations satisfied (1,305,623 ) (1,244,012 ) Deferred revenue, end of year $ 1,834,244 $ 2,006,696 |
PROPERTY AND EQUIPMENT, NET (Ta
PROPERTY AND EQUIPMENT, NET (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
SCHEDULE OF PROPERTY AND EQUIPMENT NET | SCHEDULE OF PROPERTY AND EQUIPMENT NET 2022 2021 As of December 31, 2022 2021 Property and equipment Office leasehold $ 3,008,413 $ 3,270,668 Furniture and fixtures 52,058 53,372 Office equipment 62,148 61,894 Leasehold improvement 92,566 95,152 Property and equipment, gross 3,215,185 3,481,086 Less: Accumulated depreciation Accumulated depreciation, beginning of year (620,881 ) (474,001 ) Depreciation for the year (125,486 ) (136,273 ) Disposal or write-off - 1,601 Effect of changes in exchange rate 44,749 (12,208 ) Accumulated depreciation, end of year (701,618 ) (620,881 ) Property and equipment, net $ 2,513,567 $ 2,860,205 |
REAL ESTATE HELD FOR INVESTME_2
REAL ESTATE HELD FOR INVESTMENT, NET (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Real Estate [Abstract] | |
SCHEDULE OF REAL ESTATE HELD FOR INVESTMENT, NET | SCHEDULE OF REAL ESTATE HELD FOR INVESTMENT, NET 2022 2021 As of December 31, 2022 2021 Real estate held for investment Office leasehold $ 780,518 $ 824,828 Furniture and fixtures 51,721 54,658 Office equipment 16,534 17,472 Leasehold improvement 70,906 74,931 Real estate held for investment, gross 919,679 971,889 Less: Accumulated depreciation Accumulated depreciation, beginning of year (254,066 ) (230,481 ) Depreciation for the year (29,001 ) (31,688 ) Effect of changes in exchange rate 13,611 8,103 Accumulated depreciation, end of year (269,456 ) (254,066 ) Real estate held for investment, net $ 650,223 $ 717,823 |
OTHER INVESTMENTS (Tables)
OTHER INVESTMENTS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
SCHEDULE OF OTHER INVESTMENTS | SCHEDULE OF OTHER INVESTMENTS As of December 31, 2022 2021 Investment in equity securities without readily determinable fair values of affiliates: (1) Greenpro Trust Limited (a related party) $ 11,981 $ 51,613 (2) Other related parties 5,394,125 9,570,322 Total $ 5,406,106 $ 9,621,935 |
SCHEDULE OF CARRYING VALUES OF EQUITY SECURITIES WITHOUT READILY DETERMINABLE FAIR VALUES | On December 31, 2022, and 2021, 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 2022 2021 As of December 31, 2022 2021 Equity securities without readily determinable fair values Original cost $ 15,547,014 $ 15,545,764 Unrealized gains (losses) - - Provision for impairment or decline in value (10,131,858 ) (5,923,829 ) Forfeiture, disposal or write-off (9,050 ) - Equity securities without readily determinable fair values, net $ 5,406,106 $ 9,621,935 |
INTANGIBLE ASSETS AND GOODWILL
INTANGIBLE ASSETS AND GOODWILL (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
SCHEDULE OF INTANGIBLE ASSETS | Intangible assets, net SCHEDULE OF INTANGIBLE ASSETS Intangible assets 2022 2021 As of December 31, Intangible assets 2022 2021 Trademarks $ 7,253 $ 7,253 Customer lists 344,500 344,500 Insurance agency license 129,032 129,032 Total intangible assets, gross 480,785 480,785 Less: Accumulated amortization Accumulated amortization, beginning of year (478,160 ) (477,418 ) Amortization for the year (718 ) (723 ) Effect of changes in exchange rate (7 ) (19 ) Accumulated amortization, end of year (478,885 ) (478,160 ) Intangible assets, net $ 1,900 $ 2,625 |
SCHEDULE OF AMORTIZATION EXPENSE OF INTANGIBLE ASSETS | Amortization for each year following December 31, 2022, is as follows: SCHEDULE OF AMORTIZATION EXPENSE OF INTANGIBLE ASSETS Year ending December 31, Trademarks 2023 $ 718 2024 718 2025 and thereafter 464 Total $ 1,900 |
OPERATING LEASES (Tables)
OPERATING LEASES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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 2022 2021 For the years ended December 31, 2022 2021 Lease Cost Operating lease cost (included in general and administrative expenses in the Company’s statement of operations for measurement of lease liabilities) $ 85,989 $ 154,562 Other Information Cash paid for amounts included in the measurement of lease liabilities $ 91,919 $ 149,204 Weighted average remaining lease term – operating leases (in years) 0.21 1.21 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 2022 2021 As of 2022 2021 Non-current assets Right-of-use assets $ 17,510 $ 101,221 Current liabilities Operating lease liabilities $ 18,725 $ 89,636 Operating lease liabilities, current $ 18,725 $ 89,636 Non-current liabilities Operating lease liabilities $ - $ 18,760 Operating lease liabilities, non-current $ - $ 18,760 |
SCHEDULE OF MATURITIES OF LEASE LIABILITIES | Maturity of the Company’s lease liabilities is as follows: SCHEDULE OF MATURITIES OF LEASE LIABILITIES Lease liabilities Year Ended December 31, 2023 18,829 Total lease payments 18,829 Less: Imputed interest (104 ) Present value of lease liabilities $ 18,725 |
DERIVATIVE LIABILITIES (Tables)
DERIVATIVE LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
SCHEDULE OF DERIVATIVE LIABILITIES | SCHEDULE OF DERIVATIVE LIABILITIES As of December 31, 2022 2021 Fair value of warrants $ 1 $ 9,935 |
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 December 31, 2022 2021 Risk-free interest rate $ 3.97 % $ 1.9 % Expected volatility 168 % 174 % Expected life (in years) 0.4 1.4 Expected dividend yield 0.00 % 0.00 % Fair value of warrants $ 1 $ 9,935 |
WARRANTS (Tables)
WARRANTS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Warrants | |
SUMMARY OF WARRANTS ACTIVITY | A summary of warrants to purchase Common Stock issued during the years ended December 31, 2022, and 2021 is as follows: SUMMARY OF WARRANTS ACTIVITY Shares Weighted Average Exercise Price Balance outstanding as of January 1, 2021 5,356 $ 72.00 Granted - - Exercised - - Expired/Cancelled - - Balance outstanding as of December 31, 2021 5,356 72.00 Granted - - Exercised - - Expired/Cancelled - - Balance outstanding and exercisable as of December 31, 2022 5,356 $ 72.00 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 2021 Current: – Local $ - $ - – Foreign: Hong Kong - 2,630 The PRC 2,356 2,310 Malaysia - - Deferred: – Local - - – Foreign - - $ 2,356 $ 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, 2022 2021 Tax jurisdictions from: – United States $ (727,898 ) $ (8,055,793 ) – Foreign, representing: Hong Kong 73,114 (347,092 ) The PRC 248,199 (61,084 ) Malaysia (101,077 ) (176,350 ) Labuan (42,826 ) - Other (primarily nontaxable jurisdictions) (5,709,344 ) (5,717,973 ) Loss before income taxes $ (6,259,832 ) $ (14,358,292 ) |
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 2022 2021 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 (rounded to the nearest thousand): SCHEDULE OF COMPONENTS OF DEFERRED TAX ASSETS 2022 2021 As of December 31, 2022 2021 Deferred tax assets Impairment of goodwill, intangible assets, and investments $ 832,000 $ 832,000 Financing costs 974,000 974,000 Operating lease liability 4,000 23,000 Accounts receivable allowance 5,000 28,000 Net operating loss (NOL) carryforwards: – United States of America 3,918,000 3,766,000 – Hong Kong 504,000 470,000 – The PRC 557,000 619,000 – Malaysia 217,000 197,000 – Labuan 1,000 - Gross deferred tax assets Gross deferred tax assets 7,012,000 6,909,000 Less: valuation allowance (7,006,000 ) (5,804,000 ) Total deferred tax assets 6,000 1,105,000 Deferred tax liabilities Change in fair value of derivative liabilities 2,000 1,084,000 Operating lease right-of-use asset 4,000 21,000 Total deferred tax liabilities 6,000 1,105,000 Net deferred tax asset (liability) $ - $ - |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Related Party Transactions [Abstract] | |
SCHEDULE OF DUE FROM RELATED PARTIES | SCHEDULE OF DUE FROM RELATED PARTIES Accounts receivable from related parties: December 31, 2022 December 31, 2021 Accounts receivable, net - Related party B (net of allowance of $ 1,750 41 $ 129,250 $ 41 - Related party K (net of allowance of $ 2 42 - Total $ 129,292 $ 41 Prepaid to a related party: December 31, 2022 December 31, 2021 Prepayment - Related party B $ 80,000 $ - Total $ 80,000 $ - Due from related parties: December 31, 2022 December 31, 2021 Due from related parties - Related party B $ 4,708 $ 503,361 - Related party D 200,000 606,430 - Related party G 1,064 1,064 - Related party H 60,000 60,000 Total $ 265,772 $ 1,170,855 |
SCHEDULE OF DUE TO RELATED PARTIES | 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, 2022 December 31, 2021 Due to related parties - Related party A $ 47,135 $ 29,512 - Related party B 2,275 1,513 - Related party G - 780 - Related party I - 2,257 - Related party J 390,333 701,781 - Related party K 8,508 21,440 Total $ 448,251 $ 757,283 Due to related parties $ 448,251 $ 757,283 |
SCHEDULE OF INCOME FROM OR EXPENSES TO RELATED PARTIES | The amounts due to related parties are interest-free, unsecured and repayable on demand. SCHEDULE OF INCOME FROM OR EXPENSES TO RELATED PARTIES Income from or expenses to related parties: 2022 2021 For the years ended Income from or expenses to related parties: 2022 2021 Service revenue from related parties - Related party A $ 147,269 $ 93,718 - Related party B 463,304 733,103 - Related party C - 115 - Related party D 30,923 26,512 - Related party E 8,865 5,418 - Related party G 13,664 1,425 - Related party I 1,089 1,158 - Related party K 89 - Total $ 665,203 $ 861,449 Service revenue from related parties $ 665,203 $ 861,449 General and administrative expenses to related parties - Related party A $ 9,287 $ 8,420 - Related party B 125,286 3,859 - Related party D - 643 - Related party I 16,334 - - Related party K 42,895 - Total $ 193,802 $ 12,922 General and administrative expenses to related parties $ 193,802 $ 12,922 Other income from related parties - Related party B $ 1,356 $ - - Related party D 4,494 - Total $ 5,850 $ - Other income from related parties $ 5,850 $ - Other expenses-impairment of related parties - Related party B $ 4,208,029 $ 5,349,600 - Related party D 606,250 - Total $ 4,814,279 $ 5,349,600 Other expenses-impairment of related parties $ 4,814,279 $ 5,349,600 |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting [Abstract] | |
SCHEDULE OF SUMMARIZED FINANCIAL INFORMATION | The Company had no inter-segment sales for the years 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, 2022 Real estate business Service business Corporate Total Revenues $ 948,531 $ 2,725,466 $ - $ 3,673,997 Cost of revenues (619,426 ) (404,077 ) - (1,023,503 ) Reversal of write-off notes receivable - 200,000 200,000 Depreciation and amortization (30,874 ) (120,211 ) (4,120 ) (155,205 ) Impairment of goodwill - - (263,247 ) (263,247 ) Impairment of other receivable - - (606,250 ) (606,250 ) Impairment of investments - - (4,208,029 ) (4,208,029 ) Net income (loss) 221,712 (620,880 ) (5,863,020 ) (6,262,188 ) Total assets 1,851,373 5,995,114 7,792,719 15,639,206 Capital expenditures for long-lived assets $ - $ 3,016 $ - $ 3,016 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 receivable - - 5,000,000 5,000,000 Depreciation and amortization (154,023 ) (5,201 ) (9,460 ) (168,684 ) Impairment of investment - - (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 (b) By Geography* * * * * For the year ended December 31, 2022 Hong Kong Malaysia China Total Revenues $ 2,046,846 $ 397,705 $ 1,229,446 $ 3,673,997 Cost of revenues (659,126 ) (221,442 ) (142,935 ) (1,023,503 ) Reversal of write-off notes receivable 200,000 - - 200,000 Depreciation and amortization (10,940 ) (30,874 ) (113,391 ) (155,205 ) Impairment of goodwill (263,247 ) - - (263,247 ) Impairment of other receivable (606,250 ) - - (606,250 ) Impairment of investments (4,208,029 ) - - (4,208,029 ) Loss on extinguishment of notes Net income (loss) (6,329,749 ) (178,618 ) 246,179 (6,262,188 ) Total assets 10,786,359 1,969,298 2,883,549 15,639,206 Capital expenditures for long-lived assets $ - $ 1,226 $ 1,790 $ 3,016 * * * * 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 receivable 5,000,000 - - 5,000,000 Depreciation and amortization (14,282 ) (33,315 ) (121,087 ) (168,684 ) Impairment of investment (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 * Revenues and costs are attributed to countries based on the location of customers. |
SCHEDULE OF CASH, CASH EQUIVALE
SCHEDULE OF CASH, CASH EQUIVALENTS, AND RESTRICTED CASH (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Cash, cash equivalents, and restricted cash | $ 3,911,535 | $ 5,338,571 |
United States Dollars [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Cash, cash equivalents, and restricted cash | 2,234,242 | 4,137,396 |
Hong Kong Dollars [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Cash, cash equivalents, and restricted cash | 1,201,076 | 895,820 |
Chinese Renminbi Dollars [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Cash, cash equivalents, and restricted cash | 381,012 | 151,311 |
Malaysian Ringgit Dollars [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Cash, cash equivalents, and restricted cash | 85,940 | 154,044 |
Euro [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Cash, cash equivalents, and restricted cash | 9,200 | |
Singapore Dollar [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Cash, cash equivalents, and restricted cash | $ 65 |
SCHEDULE OF ACCOUNTS RECEIVABLE
SCHEDULE OF ACCOUNTS RECEIVABLES (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Accounts receivable, gross | $ 195,214 | $ 163,957 |
Less: Allowance for doubtful accounts | (25,677) | (133,356) |
Accounts receivable, net | $ 169,537 | $ 30,601 |
SCHEDULE OF PROPERTY AND EQUIPM
SCHEDULE OF PROPERTY AND EQUIPMENT USEFUL LIFE (Details) | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 | |
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, 2022 | |
Trademarks [Member] | |
Indefinite-Lived Intangible Assets [Line Items] | |
Estimated useful life | 10 years |
SCHEDULE OF FOREIGN CURRENCIES
SCHEDULE OF FOREIGN CURRENCIES TRANSLATION (Details) | Dec. 31, 2022 | Dec. 31, 2021 |
Period-end MYR : US$1 Exchange Rate [Member] | ||
Trading Activity, Gains and Losses, Net [Line Items] | ||
Period-average HK$ : US$1 exchange rate | 4.40 | 4.17 |
Period-average MYR : US$1 Exchange Rate [Member] | ||
Trading Activity, Gains and Losses, Net [Line Items] | ||
Period-average HK$ : US$1 exchange rate | 4.41 | 4.14 |
Period-end RMB : US$1 Exchange Rate [Member] | ||
Trading Activity, Gains and Losses, Net [Line Items] | ||
Period-average HK$ : US$1 exchange rate | 6.91 | 6.36 |
Period-average RMB : US$1 Exchange Rate [Member] | ||
Trading Activity, Gains and Losses, Net [Line Items] | ||
Period-average HK$ : US$1 exchange rate | 6.75 | 6.44 |
Period-end HK$ : US$1 Exchange Rate [Member] | ||
Trading Activity, Gains and Losses, Net [Line Items] | ||
Period-average HK$ : US$1 exchange rate | 7.81 | 7.80 |
Period-average HK$ : US$1 Exchange Rate [Member] | ||
Trading Activity, Gains and Losses, Net [Line Items] | ||
Period-average HK$ : US$1 exchange rate | 7.83 | 7.77 |
SCHEDULE OF FAIR VALUE OF EMBED
SCHEDULE OF FAIR VALUE OF EMBEDDED DERIVATIVE LIABILITIES (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Fair value at beginning of year | $ 9,935 | $ 1,189,786 |
Derivative liability associated with convertible notes issued during the year | 10,839,240 | |
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) | |
Fair value gains of derivative liability associated with warrants | (9,934) | (70,051) |
Fair value at end of year | $ 1 | $ 9,935 |
NATURE OF OPERATIONS AND SUMM_4
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | 12 Months Ended | |||||
Jul. 28, 2022 | Jul. 19, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Jan. 01, 2019 | ||
Product Information [Line Items] | ||||||
Net loss | [1] | $ 6,262,188 | $ 14,363,232 | |||
Net cash used in operating activities | $ 2,402,769 | $ 2,023,150 | ||||
Stockholders equity reverse stock split | 10-for-1 | |||||
Number of shares pre-split | 78,671,688 | |||||
Number of shares post-split | 7,875,813 | |||||
Common stock, par value | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||
Revenues | $ 3,673,997 | $ 2,949,780 | ||||
Funds held by employees | 11,464 | |||||
Depreciation | 125,486 | 136,273 | ||||
Depreciation, cost of rental | 29,001 | 31,688 | ||||
Amortization expense of intangibles | 718 | 723 | ||||
Impairment of goodwill | 263,247 | |||||
Goodwill | 82,561 | 345,808 | ||||
Equity securities without readily determinable fair value, amount | 5,406,106 | 9,621,935 | ||||
Operating lease, right-of-use asset | 17,510 | $ 101,221 | $ 582,647 | |||
Operating lease, liability | $ 18,725 | $ 582,647 | ||||
Antidilutive securities excluded from computation of earnings per share, amount | 5,356 | 5,356 | ||||
Derivative assets liabilities at fair value net | $ 1 | $ 9,935 | ||||
Revenue from Contract with Customer Benchmark [Member] | Customer Concentration Risk [Member] | Three Customer [Member] | ||||||
Product Information [Line Items] | ||||||
Concentration risk, percentage | 28% | 26% | ||||
Revenue from Contract with Customer Benchmark [Member] | Customer Concentration Risk [Member] | Customer One [Member] | ||||||
Product Information [Line Items] | ||||||
Concentration risk, percentage | 10% | 12% | ||||
Revenue from Contract with Customer Benchmark [Member] | Customer Concentration Risk [Member] | Customer Two [Member] | ||||||
Product Information [Line Items] | ||||||
Concentration risk, percentage | 9% | 8% | ||||
Revenue from Contract with Customer Benchmark [Member] | Customer Concentration Risk [Member] | Customer Three [Member] | ||||||
Product Information [Line Items] | ||||||
Concentration risk, percentage | 9% | 6% | ||||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Three Customer [Member] | ||||||
Product Information [Line Items] | ||||||
Concentration risk, percentage | 84% | 56% | ||||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer One [Member] | ||||||
Product Information [Line Items] | ||||||
Concentration risk, percentage | 57% | 40% | ||||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer Two [Member] | ||||||
Product Information [Line Items] | ||||||
Concentration risk, percentage | 20% | 10% | ||||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer Three [Member] | ||||||
Product Information [Line Items] | ||||||
Concentration risk, percentage | 7% | 6% | ||||
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 | 59% | 65% | ||||
Accounts Payable [Member] | Supplier Concentration Risk [Member] | Vendor One [Member] | ||||||
Product Information [Line Items] | ||||||
Concentration risk, percentage | 29% | 47% | ||||
Accounts Payable [Member] | Supplier Concentration Risk [Member] | Vendor Two [Member] | ||||||
Product Information [Line Items] | ||||||
Concentration risk, percentage | 19% | 9% | ||||
Accounts Payable [Member] | Supplier Concentration Risk [Member] | Vendor Three [Member] | ||||||
Product Information [Line Items] | ||||||
Concentration risk, percentage | 11% | 9% | ||||
(27) Investments [Member] | ||||||
Product Information [Line Items] | ||||||
Equity securities without readily determinable fair value, amount | $ 5,406,106 | $ 9,621,935 | ||||
(11) Investments [Member] | ||||||
Product Information [Line Items] | ||||||
Equity securities without readily determinable fair value, amount | ||||||
(10) Investments [Member] | ||||||
Product Information [Line Items] | ||||||
Equity securities without readily determinable fair value, amount | ||||||
Office Leasehold [Member] | ||||||
Product Information [Line Items] | ||||||
Estimated useful life | 27 years | |||||
Depreciation | $ 111,707 | $ 120,707 | ||||
Green Pro Venture Capital [Member] | ||||||
Product Information [Line Items] | ||||||
Ownership percentage | 100% | |||||
Investments in Equity Securities [Member] | ||||||
Product Information [Line Items] | ||||||
Ownership percentage | 20% | |||||
Warrant [Member] | ||||||
Product Information [Line Items] | ||||||
Number of shares pre-split | 53,556 | 53,556 | ||||
Number of shares post-split | 5,356 | 5,356 | ||||
[1]Revenues and costs are attributed to countries based on the location of customers. |
SCHEDULE OF DISAGGREGATED REVEN
SCHEDULE OF DISAGGREGATED REVENUE (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | ||
Disaggregation of Revenue [Line Items] | |||
Total revenue | [1] | $ 3,673,997 | $ 2,949,780 |
HONG KONG | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue | [1] | 2,046,846 | 1,573,606 |
MALAYSIA | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue | [1] | 397,705 | 601,336 |
CHINA | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue | [1] | 1,229,446 | 774,838 |
Corporate Advisory - Non-listing Services [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue | 1,419,843 | 1,848,200 | |
Corporate Advisory - Listing Services [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue | 1,305,623 | 972,750 | |
Rental of Real Estate Properties [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue | 108,495 | 128,830 | |
Sales of Real Estate Properties [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue | $ 840,036 | ||
[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, 2022 | Dec. 31, 2021 |
Revenue from Contract with Customer [Abstract] | ||
Deferred costs of revenue | $ 168,605 | $ 123,293 |
Deferred revenue | $ 1,834,244 | $ 2,006,696 |
SCHEDULE OF CHANGES IN DEFERRED
SCHEDULE OF CHANGES IN DEFERRED REVENUE (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | ||
Deferred revenue, beginning of year | $ 2,006,696 | $ 1,634,075 |
New contract liabilities | 1,133,171 | 1,616,633 |
Performance obligations satisfied | (1,305,623) | (1,244,012) |
Deferred revenue, end of year | $ 1,834,244 | $ 2,006,696 |
SCHEDULE OF PROPERTY AND EQUI_2
SCHEDULE OF PROPERTY AND EQUIPMENT NET (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 3,215,185 | $ 3,481,086 |
Accumulated depreciation, beginning of year | (620,881) | (474,001) |
Depreciation for the year | (125,486) | (136,273) |
Impairment, Long-Lived Asset, Held-for-Use | 1,601 | |
Impairment, Long-Lived Asset, Held-for-Use, Statement of Income or Comprehensive Income [Extensible Enumeration] | Gain (Loss) on Disposition of Stock in Subsidiary | |
Disposal or write-off | 1,601 | |
Effect of changes in exchange rate | 44,749 | (12,208) |
Accumulated depreciation, end of year | (701,618) | (620,881) |
Property and equipment, net | 2,513,567 | 2,860,205 |
Office Leasehold [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 3,008,413 | 3,270,668 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 52,058 | 53,372 |
Office Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 62,148 | 61,894 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 92,566 | $ 95,152 |
PROPERTY AND EQUIPMENT, NET (De
PROPERTY AND EQUIPMENT, NET (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Property, Plant and Equipment [Line Items] | ||
Depreciation | $ 125,486 | $ 136,273 |
Office Leasehold [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Land lease term | 50 years | |
Land remaining lease term | 22 years |
REAL ESTATE HELD FOR SALE (Deta
REAL ESTATE HELD FOR SALE (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Real estate held for sale | $ 1,659,207 | $ 2,205,839 |
Proceeds from sale of property | 840,036 | |
Original cost of property sold | 408,813 | |
Other costs of sale | $ 164,530 |
SCHEDULE OF REAL ESTATE HELD _2
SCHEDULE OF REAL ESTATE HELD FOR INVESTMENT, NET (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Property, Plant and Equipment [Line Items] | ||
Real estate held for investment, gross | $ 919,679 | $ 971,889 |
Accumulated depreciation, beginning of year | (254,066) | (230,481) |
Depreciation for the year | (29,001) | (31,688) |
Effect of changes in exchange rate | 13,611 | 8,103 |
Accumulated depreciation, end of year | (269,456) | (254,066) |
Real estate held for investment, net | 650,223 | 717,823 |
Office Leasehold [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Real estate held for investment, gross | 780,518 | 824,828 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Real estate held for investment, gross | 51,721 | 54,658 |
Office Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Real estate held for investment, gross | 16,534 | 17,472 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Real estate held for investment, gross | $ 70,906 | $ 74,931 |
REAL ESTATE HELD FOR INVESTME_3
REAL ESTATE HELD FOR INVESTMENT, NET (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Real Estate [Abstract] | ||
Depreciation for real estate held for investment | $ 29,001 | $ 31,688 |
SCHEDULE OF OTHER INVESTMENTS (
SCHEDULE OF OTHER INVESTMENTS (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Investments in equity securities without readily determinable fair values of affiliates, total | $ 5,406,106 | $ 9,621,935 |
Other Related Parties [Member] | ||
Investments in equity securities without readily determinable fair values of affiliates, total | 5,394,125 | 9,570,322 |
Greenpro Trust Limited (a Related Party [Member] | ||
Investments in equity securities without readily determinable fair values of affiliates, total | $ 11,981 | $ 51,613 |
SCHEDULE OF CARRYING VALUES OF
SCHEDULE OF CARRYING VALUES OF EQUITY SECURITIES WITHOUT READILY DETERMINABLE FAIR VALUES (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | ||
Original cost | $ 15,547,014 | $ 15,545,764 |
Unrealized gains (losses) | ||
Provision for impairment or decline in value | (10,131,858) | (5,923,829) |
Forfeiture, disposal or write-off | (9,050) | |
Equity securities without readily determinable fair values, net | $ 5,406,106 | $ 9,621,935 |
OTHER INVESTMENTS (Details Narr
OTHER INVESTMENTS (Details Narrative) | 1 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 16, 2022 USD ($) shares | Jun. 09, 2022 USD ($) $ / shares shares | Apr. 02, 2022 USD ($) $ / shares shares | Feb. 21, 2022 USD ($) $ / shares shares | Jan. 21, 2022 USD ($) shares | Dec. 31, 2021 USD ($) shares | Sep. 27, 2021 USD ($) $ / shares shares | Jul. 13, 2021 USD ($) $ / shares shares | Apr. 07, 2021 USD ($) $ / shares shares | Feb. 26, 2021 USD ($) $ / shares shares | Feb. 17, 2021 USD ($) shares | Feb. 11, 2021 USD ($) shares | Dec. 29, 2020 USD ($) $ / shares shares | Dec. 22, 2020 USD ($) $ / shares shares | Dec. 21, 2020 USD ($) $ / shares shares | Dec. 11, 2020 USD ($) $ / shares shares | Nov. 18, 2020 $ / shares shares | Nov. 01, 2020 USD ($) $ / shares shares | Jul. 08, 2020 USD ($) | Apr. 14, 2017 USD ($) $ / shares shares | Apr. 13, 2016 USD ($) shares | Apr. 13, 2016 HKD ($) shares | Mar. 30, 2015 USD ($) shares | Mar. 30, 2015 HKD ($) $ / shares shares | Oct. 19, 2020 USD ($) shares | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 USD ($) shares | Apr. 13, 2016 $ / shares | ||
Net Investment Income [Line Items] | |||||||||||||||||||||||||||||
Related party impairment loss | $ 4,208,029 | $ 5,349,600 | |||||||||||||||||||||||||||
Investment value | $ 9,621,935 | 5,406,106 | 9,621,935 | ||||||||||||||||||||||||||
Forfeiture of partial investment | 1,650 | ||||||||||||||||||||||||||||
Written off of partial investment | 7,000 | ||||||||||||||||||||||||||||
Sale of investment | 400 | ||||||||||||||||||||||||||||
Number of common stock shares acquired, value | 106,566 | ||||||||||||||||||||||||||||
Provision of imapirment | [1] | 4,208,029 | 5,349,600 | ||||||||||||||||||||||||||
Innovest Energy Fund [Member] | |||||||||||||||||||||||||||||
Net Investment Income [Line Items] | |||||||||||||||||||||||||||||
Investment value | $ 1,856,400 | 324,000 | 1,856,400 | ||||||||||||||||||||||||||
Share price per share | $ / shares | $ 24.02 | ||||||||||||||||||||||||||||
Investment impairment loss | $ 1,532,400 | $ 5,349,600 | |||||||||||||||||||||||||||
Number of restricted stock, shares | shares | 6,000 | ||||||||||||||||||||||||||||
Subscription Fee | $ 144,120 | ||||||||||||||||||||||||||||
Common Stock [Member] | |||||||||||||||||||||||||||||
Net Investment Income [Line Items] | |||||||||||||||||||||||||||||
Number of common stock shares acquired | shares | [2] | 7,953 | |||||||||||||||||||||||||||
Number of common stock shares acquired, value | [2] | $ 7 | |||||||||||||||||||||||||||
Common Stock [Member] | Innovest Energy Fund [Member] | |||||||||||||||||||||||||||||
Net Investment Income [Line Items] | |||||||||||||||||||||||||||||
Number of restricted stock, shares | shares | 6,000 | ||||||||||||||||||||||||||||
Greenpro Trust Limited [Member] | |||||||||||||||||||||||||||||
Net Investment Income [Line Items] | |||||||||||||||||||||||||||||
Additional ownership percentage | 11% | 11% | |||||||||||||||||||||||||||
First Bullion Holdings Inc [Member] | |||||||||||||||||||||||||||||
Net Investment Income [Line Items] | |||||||||||||||||||||||||||||
Additional ownership percentage | 18% | 8% | 10% | 18% | 18% | ||||||||||||||||||||||||
Ata Plus Sdn. Bhd. [Member] | |||||||||||||||||||||||||||||
Net Investment Income [Line Items] | |||||||||||||||||||||||||||||
Additional ownership percentage | 15% | 15% | 15% | 15% | |||||||||||||||||||||||||
Forfeiture Agreement [Member] | Agape ATP Corporation [Member] | |||||||||||||||||||||||||||||
Net Investment Income [Line Items] | |||||||||||||||||||||||||||||
Investment value | $ 1,650 | $ 1,750 | |||||||||||||||||||||||||||
Investment | shares | 17,500,000 | 17,500,000 | |||||||||||||||||||||||||||
Share price per share | $ / shares | $ 0.0001 | $ 0.0001 | |||||||||||||||||||||||||||
Additional ownership percentage | 1% | 5% | 5% | ||||||||||||||||||||||||||
Number of ordinary shares | shares | 1,750 | 100 | |||||||||||||||||||||||||||
Shares transferred | shares | 16,500,000 | ||||||||||||||||||||||||||||
Shares owned through investment, shares | $ 1,000,000 | ||||||||||||||||||||||||||||
Subscription Agreement [Member] | Innovest Energy Fund [Member] | |||||||||||||||||||||||||||||
Net Investment Income [Line Items] | |||||||||||||||||||||||||||||
Number of restricted stock, value | $ 7,206,000 | ||||||||||||||||||||||||||||
Subscription Agreement [Member] | Innovest Energy Fund [Member] | Restricted Stock [Member] | |||||||||||||||||||||||||||||
Net Investment Income [Line Items] | |||||||||||||||||||||||||||||
Number of restricted stock, shares | shares | 300,000 | ||||||||||||||||||||||||||||
Number of restricted stock, value | $ 7,206,000 | ||||||||||||||||||||||||||||
Subscription Agreement [Member] | Common Stock [Member] | Innovest Energy Fund [Member] | |||||||||||||||||||||||||||||
Net Investment Income [Line Items] | |||||||||||||||||||||||||||||
Number of restricted stock, shares | shares | 300,000 | ||||||||||||||||||||||||||||
Shares Purchase Agreement [Member] | Mr.Tang and FBHI [Member] | |||||||||||||||||||||||||||||
Net Investment Income [Line Items] | |||||||||||||||||||||||||||||
Additional ownership percentage | 8% | 8% | |||||||||||||||||||||||||||
Stock Purchase and Option Agreement One [Member] | |||||||||||||||||||||||||||||
Net Investment Income [Line Items] | |||||||||||||||||||||||||||||
Number of ordinary shares | shares | 68,587 | ||||||||||||||||||||||||||||
Business Acquisition, Transaction Costs | $ 20,000,000 | ||||||||||||||||||||||||||||
Number of restricted stock, value | $ 25,000 | ||||||||||||||||||||||||||||
ACT Wealth Academy Inc [Member] | |||||||||||||||||||||||||||||
Net Investment Income [Line Items] | |||||||||||||||||||||||||||||
Investment value | 600 | ||||||||||||||||||||||||||||
Number of common stock shares acquired | shares | 6,000,000 | ||||||||||||||||||||||||||||
Number of common stock shares acquired, value | $ 600 | ||||||||||||||||||||||||||||
Share price per share | $ / shares | $ 0.0001 | ||||||||||||||||||||||||||||
REBLOOD Bio Tech Corp [Member] | |||||||||||||||||||||||||||||
Net Investment Income [Line Items] | |||||||||||||||||||||||||||||
Investment value | 100 | ||||||||||||||||||||||||||||
Number of common stock shares acquired | shares | 1,000,000 | ||||||||||||||||||||||||||||
Number of common stock shares acquired, value | $ 100 | ||||||||||||||||||||||||||||
Share price per share | $ / shares | $ 0.0001 | ||||||||||||||||||||||||||||
Best2bid Technology Corp [Member] | |||||||||||||||||||||||||||||
Net Investment Income [Line Items] | |||||||||||||||||||||||||||||
Investment value | 550 | ||||||||||||||||||||||||||||
Number of common stock shares acquired | shares | 5,500,000 | ||||||||||||||||||||||||||||
Number of common stock shares acquired, value | $ 550 | ||||||||||||||||||||||||||||
Share price per share | $ / shares | $ 0.0001 | ||||||||||||||||||||||||||||
72 Technology Group Limited [Member] | |||||||||||||||||||||||||||||
Net Investment Income [Line Items] | |||||||||||||||||||||||||||||
Investment value | 0 | ||||||||||||||||||||||||||||
Loss on written-off of investment | 6,000 | ||||||||||||||||||||||||||||
72 Technology Group Limited [Member] | Subscription Agreement [Member] | |||||||||||||||||||||||||||||
Net Investment Income [Line Items] | |||||||||||||||||||||||||||||
Investment value | $ 6,000 | ||||||||||||||||||||||||||||
Number of common stock shares acquired | shares | 600,000 | ||||||||||||||||||||||||||||
Number of common stock shares acquired, value | $ 6,000 | ||||||||||||||||||||||||||||
Share price per share | $ / shares | $ 0.01 | ||||||||||||||||||||||||||||
Fruita Bio Limited [Member] | |||||||||||||||||||||||||||||
Net Investment Income [Line Items] | |||||||||||||||||||||||||||||
Investment value | 0 | ||||||||||||||||||||||||||||
Loss on written-off of investment | 1,000 | ||||||||||||||||||||||||||||
Fruita Bio Limited [Member] | Subscription Agreement [Member] | |||||||||||||||||||||||||||||
Net Investment Income [Line Items] | |||||||||||||||||||||||||||||
Investment value | $ 1,000 | ||||||||||||||||||||||||||||
Number of common stock shares acquired | shares | 10,000,000 | ||||||||||||||||||||||||||||
Number of common stock shares acquired, value | $ 1,000 | ||||||||||||||||||||||||||||
Share price per share | $ / shares | $ 0.0001 | ||||||||||||||||||||||||||||
Pentaip Technology Inc [Member] | |||||||||||||||||||||||||||||
Net Investment Income [Line Items] | |||||||||||||||||||||||||||||
Investment value | $ 400 | 0 | |||||||||||||||||||||||||||
Number of common stock shares acquired | shares | 4,000,000 | ||||||||||||||||||||||||||||
Number of common stock shares acquired, value | $ 400 | ||||||||||||||||||||||||||||
Share price per share | $ / shares | $ 0.0001 | ||||||||||||||||||||||||||||
Ownership percentage | 10% | ||||||||||||||||||||||||||||
Number of common stock shares repurchased | shares | 4,000,000 | ||||||||||||||||||||||||||||
Value of common stock shares repurchased | $ 400 | ||||||||||||||||||||||||||||
Procceds from sale of equity | $ 400 | ||||||||||||||||||||||||||||
Greenpro Trust Limited [Member] | |||||||||||||||||||||||||||||
Net Investment Income [Line Items] | |||||||||||||||||||||||||||||
Investment value | $ 51,613 | $ 51,613 | 11,981 | $ 51,613 | |||||||||||||||||||||||||
Number of common stock shares acquired | shares | 100,000 | 100,000 | 300,000 | 300,000 | |||||||||||||||||||||||||
Number of common stock shares acquired, value | $ 12,903 | $ 100,000 | $ 38,710 | $ 300,000 | |||||||||||||||||||||||||
Share price per share | $ / shares | $ 1 | $ 1 | |||||||||||||||||||||||||||
Ownership percentage | 3% | 8% | |||||||||||||||||||||||||||
Net asset value | 107,835 | ||||||||||||||||||||||||||||
Investment impairment loss | 39,632 | ||||||||||||||||||||||||||||
First Bullion Holdings Inc [Member] | |||||||||||||||||||||||||||||
Net Investment Income [Line Items] | |||||||||||||||||||||||||||||
Investment value | 2,289,500 | 246,000 | $ 2,289,500 | ||||||||||||||||||||||||||
Share price per share | $ / shares | $ 14.58 | ||||||||||||||||||||||||||||
Number of ordinary shares | shares | 160,000 | 360,000 | |||||||||||||||||||||||||||
Shares owned through investment, shares | $ 20,000,000 | ||||||||||||||||||||||||||||
Investment impairment loss | 2,043,500 | ||||||||||||||||||||||||||||
Business Acquisition, Transaction Costs | $ 1,000,000 | ||||||||||||||||||||||||||||
Number of restricted stock, shares | shares | 25,000 | ||||||||||||||||||||||||||||
First Bullion Holdings Inc [Member] | Common Stock [Member] | |||||||||||||||||||||||||||||
Net Investment Income [Line Items] | |||||||||||||||||||||||||||||
Share price per share | $ / shares | $ 14.58 | ||||||||||||||||||||||||||||
Number of ordinary shares | shares | 364,500 | ||||||||||||||||||||||||||||
First Bullion Holdings Inc [Member] | Common Stock [Member] | Two Designees Mr Tang [Member] | |||||||||||||||||||||||||||||
Net Investment Income [Line Items] | |||||||||||||||||||||||||||||
Share price per share | $ / shares | $ 27 | ||||||||||||||||||||||||||||
Number of restricted stock, shares | shares | 34,259 | ||||||||||||||||||||||||||||
Number of restricted stock, value | $ 925,000 | ||||||||||||||||||||||||||||
First Bullion Holdings Inc [Member] | Stock Purchase and Option Agreement [Member] | |||||||||||||||||||||||||||||
Net Investment Income [Line Items] | |||||||||||||||||||||||||||||
Ownership percentage | 10% | ||||||||||||||||||||||||||||
Business Acquisition, Transaction Costs | $ 1,000,000 | ||||||||||||||||||||||||||||
Number of restricted stock, shares | shares | 68,587 | ||||||||||||||||||||||||||||
Ata Plus Sdn. Bhd. [Member] | |||||||||||||||||||||||||||||
Net Investment Income [Line Items] | |||||||||||||||||||||||||||||
Investment value | 749,992 | 736,000 | $ 749,992 | ||||||||||||||||||||||||||
Number of common stock shares acquired | shares | 45,731 | ||||||||||||||||||||||||||||
Number of common stock shares acquired, value | $ 749,992 | ||||||||||||||||||||||||||||
Share price per share | $ / shares | $ 16.4 | ||||||||||||||||||||||||||||
Investment impairment loss | 13,992 | ||||||||||||||||||||||||||||
New Business Media Sdn. Bhd. [Member] | |||||||||||||||||||||||||||||
Net Investment Income [Line Items] | |||||||||||||||||||||||||||||
Investment value | 411,120 | $ 82,000 | 411,120 | ||||||||||||||||||||||||||
Number of common stock shares acquired | shares | 25,759 | ||||||||||||||||||||||||||||
Number of common stock shares acquired, value | $ 411,120 | ||||||||||||||||||||||||||||
Share price per share | $ / shares | $ 15.96 | ||||||||||||||||||||||||||||
Ownership percentage | 18% | 18% | |||||||||||||||||||||||||||
Investment impairment loss | $ 329,120 | ||||||||||||||||||||||||||||
Consideration for acquisition | $ 2,284,000 | ||||||||||||||||||||||||||||
Adventure Air Race Company Limited ("AARC") [Member] | |||||||||||||||||||||||||||||
Net Investment Income [Line Items] | |||||||||||||||||||||||||||||
Investment value | $ 249,385 | $ 249,385 | |||||||||||||||||||||||||||
Ownership percentage | 4% | 4% | 4% | ||||||||||||||||||||||||||
Provision of imapirment | $ 249,385 | ||||||||||||||||||||||||||||
Adventure Air Race Company Limited ("AARC") [Member] | Subscription Agreement [Member] | |||||||||||||||||||||||||||||
Net Investment Income [Line Items] | |||||||||||||||||||||||||||||
Number of common stock shares acquired | shares | 996,740 | 2,000,000 | |||||||||||||||||||||||||||
Number of common stock shares acquired, value | $ 249,185 | $ 200 | |||||||||||||||||||||||||||
Share price per share | $ / shares | $ 0.25 | $ 0.0001 | |||||||||||||||||||||||||||
[1]Revenues and costs are attributed to countries based on the location of customers.[2]Share activity (number of shares or both number and amount of shares) has been adjusted for the periods shown to reflect the 10-for-1 |
SCHEDULE OF INTANGIBLE ASSETS (
SCHEDULE OF INTANGIBLE ASSETS (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Indefinite-Lived Intangible Assets [Line Items] | ||
Total intangible assets, gross | $ 480,785 | $ 480,785 |
Accumulated amortization, beginning of year | (478,160) | (477,418) |
Amortization for the year | (718) | (723) |
Effect of changes in exchange rate | (7) | (19) |
Accumulated amortization, end of year | (478,885) | (478,160) |
Accumulated amortization, end of year | (478,885) | (478,160) |
Intangible assets, net | 1,900 | 2,625 |
Trademarks [Member] | ||
Indefinite-Lived Intangible Assets [Line Items] | ||
Total intangible assets, gross | 7,253 | 7,253 |
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, 2022 | Dec. 31, 2021 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2023 | $ 718 | |
2024 | 718 | |
2025 and thereafter | 464 | |
Intangible assets, net | $ 1,900 | $ 2,625 |
INTANGIBLE ASSETS AND GOODWIL_2
INTANGIBLE ASSETS AND GOODWILL (Details Narrative) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Intangible assets current | $ 480,785 | ||
Amortization of antangible assets | 718 | $ 723 | |
Accumulated amortization of intangible assets | 478,885 | 478,160 | $ 477,418 |
Intangible assets, net | 1,900 | ||
Goodwill | 82,561 | 345,808 | |
Goodwill impairment loss | 263,247 | ||
Sparkle Insurance Agency Limited [Member] | |||
Intangible assets current | 129,032 | ||
Amortization of antangible assets | 718 | 723 | |
Falcon Accounting & Secretaries Limited [Member] | |||
Goodwill acquired | 319,726 | ||
Goodwill | 56,479 | ||
Green Pro Capital [Member] | |||
Goodwill acquired | $ 26,082 | ||
Green Pro Resources [Member] | |||
Intangible assets current | 7,253 | ||
Ace Corporation Services [Member] | |||
Amortization of antangible 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, 2022 | Dec. 31, 2021 | |
Lease Cost | ||
Operating lease cost (included in general and administrative expenses in the Company’s statement of operations for measurement of lease liabilities) | $ 85,989 | $ 154,562 |
Cash paid for amounts included in the measurement of lease liabilities | $ 91,919 | $ 149,204 |
Weighted average remaining lease term - operating leases (in years) | 2 months 15 days | 1 year 2 months 15 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, 2022 | Dec. 31, 2021 | Jan. 01, 2019 |
Operating Leases | |||
Right-of-use assets | $ 17,510 | $ 101,221 | $ 582,647 |
Operating lease liabilities, current | 18,725 | 89,636 | |
Operating lease liabilities, non-current | $ 18,760 |
SCHEDULE OF MATURITIES OF LEASE
SCHEDULE OF MATURITIES OF LEASE LIABILITIES (Details) - USD ($) | Dec. 31, 2022 | Jan. 01, 2019 |
Operating Leases | ||
2023 | $ 18,829 | |
Total lease payments | 18,829 | |
Less: Imputed interest | (104) | |
Present value of lease liabilities | $ 18,725 | $ 582,647 |
OPERATING LEASES (Details Narra
OPERATING LEASES (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Operating Leases | ||
Operating lease expense | $ 112,904 | $ 179,101 |
SCHEDULE OF DERIVATIVE LIABILIT
SCHEDULE OF DERIVATIVE LIABILITIES (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Fair Value of Warrants [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Fair value of warrants | $ 1 | $ 9,935 |
SCHEDULE OF ESTIMATED DERIVATIV
SCHEDULE OF ESTIMATED DERIVATIVE LIABILITIES AT FAIR VALUE ASSUMPTIONS (Details) - Black-Scholes-Merton [Member] | 12 Months Ended | |
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Fair Value of warrants | $ 1 | $ 9,935 |
Measurement Input, Risk Free Interest Rate [Member] | ||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Fair value assumptions, measurement input, percentage | 3.97 | 1.9 |
Measurement Input, Price Volatility [Member] | ||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Fair value assumptions, measurement input, percentage | 168 | 174 |
Measurement Input, Expected Term [Member] | ||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Derivative liability measurement input term | 4 months 24 days | 1 year 4 months 24 days |
Measurement Input, Expected Dividend Rate [Member] | ||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Fair value assumptions, measurement input, percentage | 0 | 0 |
DERIVATIVE LIABILITIES (Details
DERIVATIVE LIABILITIES (Details Narrative) - USD ($) | 12 Months Ended | |||||
Jul. 28, 2022 | Jul. 19, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2018 | Jun. 12, 2018 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||||
Warrants exercisable into common shares | 53,556 | 53,556 | ||||
Stockholders equity reverse stock split | 10-for-1 | |||||
Number of shares pre-split | 78,671,688 | |||||
Number of shares post-split | 7,875,813 | |||||
Derivative, gain (loss) on derivative, net | $ 9,934 | $ 70,051 | ||||
Warrant [Member] | ||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||||
Number of shares pre-split | 53,556 | 53,556 | ||||
Number of shares post-split | 5,356 | 5,356 |
STOCKHOLDERS_ EQUITY (Details N
STOCKHOLDERS’ EQUITY (Details Narrative) - USD ($) | Jul. 28, 2022 | 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, 2022 | Jul. 19, 2022 | Dec. 31, 2021 | |
Class of Stock [Line Items] | |||||||||||||||||||
Capital stock, shares authorized | 600,000,000 | ||||||||||||||||||
Common stock, shares authorized | 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 | |||||||||||||||||
Preferred stock, par value | $ 0.0001 | $ 0.0001 | |||||||||||||||||
Stockholders equity reverse stock split | 10-for-1 | ||||||||||||||||||
Preferred stock, shares issued | 0 | 0 | |||||||||||||||||
Common Stock, Value, Issued | [1] | $ 7,876 | $ 7,867 | ||||||||||||||||
Streeterville Capital, LLC [Member] | Convertibles Notes [Member] | |||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||
Stock Issued During Period Shares Restricted Stock Award Gross | 104,273 | 22,730 | 170,967 | 337,000 | 337,500 | 64,342 | 56,299 | 28,150 | 23,266 | 70,474 | |||||||||
Share Price | $ 6.811 | $ 6.761 | $ 9.573 | $ 9.164 | $ 7.599 | $ 8.101 | $ 8.697 | $ 9.3 | $ 10.1 | $ 23.3 | |||||||||
Debt Instrument, Convertible, Conversion Price | $ 4.3995 | $ 4.3995 | $ 6.21675 | $ 6.21675 | $ 6.21675 | $ 6.21675 | $ 6.21675 | $ 6.21675 | $ 7.52175 | $ 10 | |||||||||
Debt Instrument, Periodic Payment, Principal | $ 154,989 | $ 670,000 | |||||||||||||||||
DebtInstrumentIncreaseAccruedInterest | 303,758 | $ 102,857 | 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 | $ 960,000 | $ 2,095,045 | $ 2,098,153 | $ 400,000 | $ 350,000 | $ 175,000 | $ 175,000 | |||||||||||
Common Stock, Value, Issued | $ 261,793 | ||||||||||||||||||
Streeterville Capital, LLC [Member] | Convertibles Notes One [Member] | |||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||
Stock Issued During Period Shares Restricted Stock Award Gross | 107,500 | ||||||||||||||||||
Share Price | $ 9.573 | ||||||||||||||||||
Debt Instrument, Convertible, Conversion Price | $ 6.21675 | ||||||||||||||||||
Common Stock, Value, Issued | $ 1,029,097 | ||||||||||||||||||
Debt Instrument, Periodic Payment, Principal | $ 668,301 | ||||||||||||||||||
Innovest Energy Fund [Member] | |||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||
Stock Issued During Period Shares Restricted Stock Award Gross | 6,000 | ||||||||||||||||||
Share Price | $ 24.02 | ||||||||||||||||||
Subscription fee | $ 144,120 | ||||||||||||||||||
Innovest Energy Fund [Member] | Common Class B [Member] | |||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||
Stock Issued During Period Shares Restricted Stock Award Gross | 300,000 | ||||||||||||||||||
Fair value of shares subscribed | $ 7,206,000 | ||||||||||||||||||
Share Price | $ 24.02 | ||||||||||||||||||
Mr Dennis Burns [Member] | |||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||
Stock Issued During Period Shares Restricted Stock Award Gross | 20,000 | ||||||||||||||||||
Share Price | $ 10.404 | ||||||||||||||||||
Marketing Expense | $ 208,080 | ||||||||||||||||||
First Bullion Holdings Inc [Member] | Two Designees Mr Tang [Member] | |||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||
Stock Issued During Period Shares Restricted Stock Award Gross | 34,259 | ||||||||||||||||||
Shares issued price per share | $ 27 | ||||||||||||||||||
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 | 7,953 | ||||||||||||||||||
Stock issued during period - restricted stock valuE | $ 69,191 | ||||||||||||||||||
Share Price | $ 8.7 | ||||||||||||||||||
Stock Redeemed or Called During Period, Shares | 347,000 | ||||||||||||||||||
Preferred stock, shares issued | 504,750 | ||||||||||||||||||
[1]Issued and outstanding shares of Common Stock have been adjusted for the periods prior to July 28, 2022, to reflect the 10-for-1 |
SUMMARY OF WARRANTS ACTIVITY (D
SUMMARY OF WARRANTS ACTIVITY (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Warrants | ||
Number of Shares Warrants, Outstanding Beginning Balance | 5,356 | 5,356 |
Weighted Average Exercise Price, Outstanding, Beginning Balance | $ 72 | $ 72 |
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 | 5,356 | 5,356 |
Weighted Average Exercise Price, Outstanding, Ending Balance | $ 72 | $ 72 |
WARRANTS (Details Narrative)
WARRANTS (Details Narrative) - USD ($) | Jul. 28, 2022 | Jul. 19, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2018 | Jun. 12, 2018 |
Warrants exercisable into common shares | 53,556 | 53,556 | ||||
Warrant exercise price per share | $ 7.20 | |||||
Stockholders equity reverse stock split | 10-for-1 | |||||
Number of shares pre-split | 78,671,688 | |||||
Number of shares post-split | 7,875,813 | |||||
Warrants exercise price pre-split | $ 7.2 | |||||
Warrants exercise price post-split | $ 72 | |||||
Stock warrants outstanding | 5,356 | 5,356 | ||||
Stock warrants intrinsic value | $ 0 | $ 0 | ||||
Warrant [Member] | ||||||
Number of shares pre-split | 53,556 | 53,556 | ||||
Number of shares post-split | 5,356 | 5,356 |
SCHEDULE OF PROVISION FOR (BENE
SCHEDULE OF PROVISION FOR (BENEFIT FROM) INCOME TAXES (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Current: Local | ||
Deferred: Local | ||
Deferred : Foreign | ||
Total | 2,356 | 4,940 |
HONG KONG | ||
Current: Foreign | 2,630 | |
CHINA | ||
Current: Foreign | 2,356 | 2,310 |
MALAYSIA | ||
Current: Foreign |
SCHEDULE OF LOSS BEFORE INCOME
SCHEDULE OF LOSS BEFORE INCOME TAXES (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Loss before income taxes | $ (6,259,832) | $ (14,358,292) |
UNITED STATES | ||
Loss before income taxes | (727,898) | (8,055,793) |
HONG KONG | ||
Loss before income taxes | 73,114 | (347,092) |
CHINA | ||
Loss before income taxes | 248,199 | (61,084) |
MALAYSIA | ||
Loss before income taxes | (101,077) | (176,350) |
Labuan [Member] | ||
Loss before income taxes | (42,826) | |
Other [Member] | ||
Loss before income taxes | $ (5,709,344) | $ (5,717,973) |
SCHEDULE OF EFFECTIVE INCOME TA
SCHEDULE OF EFFECTIVE INCOME TAX RATE (Details) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | ||
Statutory tax rate | 21% | 21% |
Impairment of goodwill, intangibles and investments | ||
Change in income tax valuation allowance | (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, 2022 | Dec. 31, 2021 |
Impairment of goodwill, intangible assets, and investments | $ 832,000 | $ 832,000 |
Financing costs | 974,000 | 974,000 |
Operating lease liability | 4,000 | 23,000 |
Accounts receivable allowance | 5,000 | 28,000 |
Gross deferred tax assets | 7,012,000 | 6,909,000 |
Less: valuation allowance | (7,006,000) | (5,804,000) |
Total deferred tax assets | 6,000 | 1,105,000 |
Change in fair value of derivative liabilities | 2,000 | 1,084,000 |
Operating lease right-of-use asset | 4,000 | 21,000 |
Total deferred tax liabilities | 6,000 | 1,105,000 |
Net deferred tax asset (liability) | ||
UNITED STATES | ||
– United States of America | 3,918,000 | 3,766,000 |
HONG KONG | ||
Gross deferred tax assets | 504,000 | 470,000 |
CHINA | ||
Gross deferred tax assets | 557,000 | 619,000 |
MALAYSIA | ||
Gross deferred tax assets | 217,000 | 197,000 |
Labuan [Member] | ||
Gross deferred tax assets | $ 1,000 |
INCOME TAXES (Details Narrative
INCOME TAXES (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Income tax valuation allowance deferred tax assets | $ 5,197,000 | |
Increase in valuation allowance | $ 145,000 | |
Income tax rate | 21% | 21% |
UNITED STATES | ||
Operating loss carryforwards | $ 728,000 | $ 8,056,000 |
Cumulative net operating losses | 18,659,000 | |
HONG KONG | ||
Operating loss carryforwards | 347,000 | |
Cumulative net operating losses | $ 3,055,000 | |
Income tax rate | 16.50% | |
Net operating income | $ 73,000 | |
CHINA | ||
Operating loss carryforwards | 61,000 | |
Cumulative net operating losses | $ 2,229,000 | |
Income tax rate | 25% | |
Net operating income | $ 248,000 | |
MALAYSIA | ||
Operating loss carryforwards | 101,000 | $ 176,000 |
Cumulative net operating losses | $ 1,084,000 | |
Income tax rate | 17% | |
Labuan [Member] | ||
Operating loss carryforwards | $ 43,000 | |
Cumulative net operating losses | $ 43,000 | |
Income tax rate | 3% |
SCHEDULE OF DUE FROM RELATED PA
SCHEDULE OF DUE FROM RELATED PARTIES (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Accounts receivable, net | ||
Total | $ 129,292 | $ 41 |
Due from related parties | ||
Total | 265,772 | 1,170,855 |
Related Party B [Member] | ||
Accounts receivable, net | ||
Total | 129,250 | 41 |
Prepayment | ||
Total | 80,000 | |
Due from related parties | ||
Total | 4,708 | 503,361 |
Related Party K [Member] | ||
Accounts receivable, net | ||
Total | 42 | |
Related Party D [Member] | ||
Due from related parties | ||
Total | 200,000 | 606,430 |
Related Party G [Member] | ||
Due from related parties | ||
Total | 1,064 | 1,064 |
Related Party H [Member] | ||
Due from related parties | ||
Total | $ 60,000 | $ 60,000 |
SCHEDULE OF DUE FROM RELATED _2
SCHEDULE OF DUE FROM RELATED PARTIES (Details) (Parenthetical) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Related Party B [Member] | ||
Related Party Transaction [Line Items] | ||
Accounts receivable from related parties, net of allowance | $ 1,750 | $ 41 |
Related Party K [Member] | ||
Related Party Transaction [Line Items] | ||
Accounts receivable from related parties, net of allowance | $ 2 |
SCHEDULE OF DUE TO RELATED PART
SCHEDULE OF DUE TO RELATED PARTIES (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Due to related parties | ||
Due to related parties | $ 448,251 | $ 757,283 |
Related Party A [Member] | ||
Due to related parties | ||
Due to related parties | 47,135 | 29,512 |
Related Party B [Member] | ||
Due to related parties | ||
Due to related parties | 2,275 | 1,513 |
Related Party G [Member] | ||
Due to related parties | ||
Due to related parties | 780 | |
Related Party I [Member] | ||
Due to related parties | ||
Due to related parties | 2,257 | |
Related Party J [Member] | ||
Due to related parties | ||
Due to related parties | 390,333 | 701,781 |
Related Party K [Member] | ||
Due to related parties | ||
Due to related parties | $ 8,508 | $ 21,440 |
SCHEDULE OF INCOME FROM OR EXPE
SCHEDULE OF INCOME FROM OR EXPENSES TO RELATED PARTIES (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Related Party Transaction [Line Items] | ||
General and administrative expenses to related parties | $ 193,802 | $ 12,922 |
Other income from related parties | 5,850 | 0 |
General and Administrative Expense [Member] | ||
Related Party Transaction [Line Items] | ||
General and administrative expenses to related parties | 193,802 | 12,922 |
Other Expense [Member] | ||
Related Party Transaction [Line Items] | ||
Other expenses-impairment of related parties | 4,814,279 | 5,349,600 |
Service [Member] | ||
Related Party Transaction [Line Items] | ||
Service revenue from related parties | 665,203 | 861,449 |
Related Party A [Member] | General and Administrative Expense [Member] | ||
Related Party Transaction [Line Items] | ||
General and administrative expenses to related parties | 9,287 | 8,420 |
Related Party A [Member] | Service [Member] | ||
Related Party Transaction [Line Items] | ||
Service revenue from related parties | 147,269 | 93,718 |
Related Party B [Member] | ||
Related Party Transaction [Line Items] | ||
Other income from related parties | 1,356 | |
Related Party B [Member] | General and Administrative Expense [Member] | ||
Related Party Transaction [Line Items] | ||
General and administrative expenses to related parties | 125,286 | 3,859 |
Related Party B [Member] | Other Expense [Member] | ||
Related Party Transaction [Line Items] | ||
Other expenses-impairment of related parties | 4,208,029 | 5,349,600 |
Related Party B [Member] | Service [Member] | ||
Related Party Transaction [Line Items] | ||
Service revenue from related parties | 463,304 | 733,103 |
Related Party C [Member] | Service [Member] | ||
Related Party Transaction [Line Items] | ||
Service revenue from related parties | 115 | |
Related Party D [Member] | ||
Related Party Transaction [Line Items] | ||
Other income from related parties | 4,494 | |
Related Party D [Member] | General and Administrative Expense [Member] | ||
Related Party Transaction [Line Items] | ||
General and administrative expenses to related parties | 643 | |
Related Party D [Member] | Other Expense [Member] | ||
Related Party Transaction [Line Items] | ||
Other expenses-impairment of related parties | 606,250 | |
Related Party D [Member] | Service [Member] | ||
Related Party Transaction [Line Items] | ||
Service revenue from related parties | 30,923 | 26,512 |
Related Party E [Member] | Service [Member] | ||
Related Party Transaction [Line Items] | ||
Service revenue from related parties | 8,865 | 5,418 |
Related Party G [Member] | Service [Member] | ||
Related Party Transaction [Line Items] | ||
Service revenue from related parties | 13,664 | 1,425 |
Related Party I [Member] | General and Administrative Expense [Member] | ||
Related Party Transaction [Line Items] | ||
General and administrative expenses to related parties | 16,334 | |
Related Party I [Member] | Service [Member] | ||
Related Party Transaction [Line Items] | ||
Service revenue from related parties | 1,089 | 1,158 |
Related Party K [Member] | General and Administrative Expense [Member] | ||
Related Party Transaction [Line Items] | ||
General and administrative expenses to related parties | 42,895 | |
Related Party K [Member] | Service [Member] | ||
Related Party Transaction [Line Items] | ||
Service revenue from related parties | $ 89 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2022 | |
Related Party B [Member] | Minimum [Member] | ||
Ownership percentage | 1% | |
Related Party B [Member] | Maximum [Member] | ||
Ownership percentage | 18% | |
Related Party H [Member] | ||
Ownership percentage | 49% | 48% |
Total consideration on acquisition | $ 368,265 | |
Impairment of other investments | $ 368,265 |
SCHEDULE OF SUMMARIZED FINANCIA
SCHEDULE OF SUMMARIZED FINANCIAL INFORMATION (Details) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | ||||
Segment Reporting Information [Line Items] | |||||
Revenues | [1] | $ 3,673,997 | $ 2,949,780 | ||
Cost of revenues | [1] | (1,023,503) | (472,686) | ||
Reversal of write-off notes receivable | [1] | 200,000 | 5,000,000 | ||
Depreciation and amortization | [1] | (155,205) | (168,684) | ||
Impairment of goodwill | [1] | (263,247) | |||
Impairment of other receivable | (606,250) | [1] | |||
Impairment of investment | [1] | (4,208,029) | (5,349,600) | ||
Net income (loss) | [1] | (6,262,188) | (14,363,232) | ||
Total assets | [1] | 15,639,206 | 22,710,681 | ||
Capital expenditures for long-lived assets | [1] | 3,016 | 39,349 | ||
Loss on extinguishment of notes | (3,521,263) | [1] | |||
HONG KONG | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | [1] | 2,046,846 | 1,573,606 | ||
Cost of revenues | [1] | (659,126) | (136,346) | ||
Reversal of write-off notes receivable | [1] | 200,000 | 5,000,000 | ||
Depreciation and amortization | [1] | (10,940) | (14,282) | ||
Impairment of goodwill | [1] | (263,247) | |||
Impairment of other receivable | [1] | (606,250) | |||
Impairment of investment | [1] | (4,208,029) | (5,349,600) | ||
Net income (loss) | [1] | (6,329,749) | (14,499,520) | ||
Total assets | [1] | 10,786,359 | 18,389,057 | ||
Capital expenditures for long-lived assets | [1] | 30,652 | |||
Loss on extinguishment of notes | [1] | (3,521,263) | |||
MALAYSIA | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | [1] | 397,705 | 601,336 | ||
Cost of revenues | [1] | (221,442) | (264,703) | ||
Reversal of write-off notes receivable | [1] | ||||
Depreciation and amortization | [1] | (30,874) | (33,315) | ||
Impairment of goodwill | [1] | ||||
Impairment of other receivable | [1] | ||||
Impairment of investment | [1] | ||||
Net income (loss) | [1] | (178,618) | 199,381 | ||
Total assets | [1] | 1,969,298 | 1,295,424 | ||
Capital expenditures for long-lived assets | [1] | 1,226 | 2,071 | ||
Loss on extinguishment of notes | [1] | ||||
CHINA | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | [1] | 1,229,446 | 774,838 | ||
Cost of revenues | [1] | (142,935) | (71,637) | ||
Reversal of write-off notes receivable | [1] | ||||
Depreciation and amortization | [1] | (113,391) | (121,087) | ||
Impairment of goodwill | [1] | ||||
Impairment of other receivable | [1] | ||||
Impairment of investment | [1] | ||||
Net income (loss) | [1] | 246,179 | (63,093) | ||
Total assets | [1] | 2,883,549 | 3,026,200 | ||
Capital expenditures for long-lived assets | [1] | 1,790 | 6,626 | ||
Loss on extinguishment of notes | [1] | ||||
Real Estates [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 948,531 | 128,830 | |||
Cost of revenues | (619,426) | (49,778) | |||
Reversal of write-off notes receivable | |||||
Depreciation and amortization | (30,874) | (154,023) | |||
Impairment of goodwill | |||||
Impairment of other receivable | |||||
Impairment of investment | |||||
Net income (loss) | 221,712 | (34,692) | |||
Total assets | 1,851,373 | 2,373,236 | |||
Capital expenditures for long-lived assets | |||||
Loss on extinguishment of notes | |||||
Service Business [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 2,725,466 | 2,820,950 | |||
Cost of revenues | (404,077) | (422,908) | |||
Reversal of write-off notes receivable | |||||
Depreciation and amortization | (120,211) | (5,201) | |||
Impairment of goodwill | |||||
Impairment of other receivable | |||||
Impairment of investment | |||||
Net income (loss) | (620,880) | (6,345,701) | |||
Total assets | 5,995,114 | 9,491,903 | |||
Capital expenditures for long-lived assets | 3,016 | 39,349 | |||
Loss on extinguishment of notes | |||||
Corporate Segment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | |||||
Cost of revenues | |||||
Reversal of write-off notes receivable | 200,000 | 5,000,000 | |||
Depreciation and amortization | (4,120) | (9,460) | |||
Impairment of goodwill | (263,247) | ||||
Impairment of other receivable | (606,250) | ||||
Impairment of investment | (4,208,029) | (5,349,600) | |||
Net income (loss) | (5,863,020) | (7,982,839) | |||
Total assets | 7,792,719 | 10,845,542 | |||
Capital expenditures for long-lived assets | |||||
Loss on extinguishment of notes | $ (3,521,263) | ||||
[1]Revenues and costs are attributed to countries based on the location of customers. |