Cover
Cover - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Mar. 28, 2024 | Jun. 30, 2023 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Period End Date | Dec. 31, 2023 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2023 | ||
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-23A-02, G-Vestor Tower, | ||
Entity Address, Address Line Two | Pavilion Embassy | ||
Entity Address, Address Line Three | 200 Jalan Ampang | ||
Entity Address, City or Town | W.P. Kuala Lumpur | ||
Entity Address, Country | MY | ||
Entity Address, Postal Zip Code | 50450 | ||
City Area Code | (60) | ||
Local Phone Number | 3 8408-1788 | ||
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 | $ 7,502,573 | ||
Entity Common Stock, Shares Outstanding | 7,515,813 | ||
ICFR Auditor Attestation Flag | false | ||
Document Financial Statement Error Correction [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, 2023 | Dec. 31, 2022 | |
Current assets | |||
Cash and cash equivalents (including $166,481 and $38,466 of time deposits as of December 31, 2023, and 2022, respectively) | $ 2,223,197 | $ 3,911,535 | |
Accounts receivable, net of allowance for credit losses of $610,599 and $25,677 as of December 31, 2023, and 2022, respectively (including $0 and $129,292 of net accounts receivable from related parties as of December 31, 2023, and 2022, respectively) | 44,938 | 169,537 | |
Prepaids and other current assets (including $0 and $80,000 to related party as of December 31, 2023, and 2022, respectively) | 627,315 | 773,040 | |
Deferred costs of revenue (including $0 and $11,640 to related party as of December 31, 2023, and 2022) | 16,291 | 168,605 | |
Total current assets | 3,662,601 | 5,288,489 | |
Property and equipment, net | 2,413,538 | 2,513,567 | |
Real Estate investments: | |||
Real estate held for sale | 1,659,207 | 1,659,207 | |
Real estate held for investment, net | 598,748 | 650,223 | |
Intangible assets, net | 1,181 | 1,900 | |
Goodwill | 82,561 | 82,561 | |
Other investments (including $100,106 and $5,406,106 of investments in related parties as of December 31, 2023, and 2022, respectively) | 100,106 | 5,406,106 | |
Operating lease right-of-use assets, net | [1] | 114,551 | 17,510 |
Finance lease right-of-use asset, net | [2] | 25,527 | |
Other non-current assets | 19,643 | ||
TOTAL ASSETS | [3] | 8,658,020 | 15,639,206 |
Current liabilities: | |||
Accounts payable and accrued liabilities | 724,796 | 758,909 | |
Due to related parties | 389,274 | 448,251 | |
Income tax payable | 292 | 858 | |
Operating lease liabilities, current portion | 94,726 | 18,725 | |
Finance lease liabilities, current portion | 3,426 | ||
Deferred revenue (including $157,500 and $849,400 from related parties as of December 31, 2023, and 2022, respectively) | 1,075,404 | 1,834,244 | |
Derivative liabilities | 1 | ||
Total current liabilities | 2,287,918 | 3,060,988 | |
Operating lease liabilities, net of current portion | 19,825 | ||
Finance lease liabilities, non-current portion | 13,638 | ||
Total liabilities | 2,321,381 | 3,060,988 | |
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; 7,575,813 and 7,875,813 shares issued and outstanding as of December 31, 2023, and 2022, respectively | [4] | 7,576 | 7,876 |
Additional paid in capital | 42,897,029 | 50,102,729 | |
Accumulated other comprehensive loss | (310,169) | (224,891) | |
Accumulated deficit | (36,549,095) | (37,622,680) | |
Total Greenpro Capital Corp. stockholders’ equity | 6,045,341 | 12,263,034 | |
Noncontrolling interests in consolidated subsidiaries | 291,298 | 315,184 | |
Total stockholders’ equity | 6,336,639 | 12,578,218 | |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | 8,658,020 | 15,639,206 | |
Related Party [Member] | |||
Current assets | |||
Accounts receivable, net of allowance for credit losses of $610,599 and $25,677 as of December 31, 2023, and 2022, respectively (including $0 and $129,292 of net accounts receivable from related parties as of December 31, 2023, and 2022, respectively) | 129,292 | ||
Due from related parties | 750,860 | 265,772 | |
Current liabilities: | |||
Due to related parties | $ 389,274 | $ 448,251 | |
[1]Operating lease ROU assets are measured at cost of $ 351,829 164,771 237,278 147,261 28,898 3,371 10-for-1 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Defined Benefit Plan Disclosure [Line Items] | ||
Restricted cash | $ 166,481 | $ 38,466 |
Accounts receivable, allowance | 610,599 | 25,677 |
Accounts receivable, related parties, current | 44,938 | 169,537 |
Payment of deposit to related party | 0 | 80,000 |
Due from related parties, deferred costs of revenue | 0 | 11,640 |
Due to related parties, deferred revenue | $ 157,500 | $ 849,400 |
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 | 7,575,813 | 7,875,813 |
Common stock, shares outstanding | 7,575,813 | 7,875,813 |
Related Party [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accounts receivable, related parties, current | $ 129,292 | |
Related parties investments | $ 100,106 | $ 5,406,106 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Loss - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | ||
REVENUES: | |||
Total revenues | [1] | $ 3,477,664 | $ 3,673,997 |
Total cost of revenues | (571,578) | (1,023,503) | |
GROSS PROFIT | 2,906,086 | 2,650,494 | |
OPERATING EXPENSES: | |||
General and administrative (including $122,880 and $193,802 of general and administrative expense to related parties for the years ended December 31, 2023, and 2022, respectively) | (4,409,264) | (4,168,997) | |
Total operating expenses | (4,409,264) | (4,168,997) | |
LOSS FROM OPERATIONS | (1,503,178) | (1,518,503) | |
OTHER INCOME (EXPENSES) | |||
Other income (including $47,609 and $5,850 of other income from related parties for the years ended December 31, 2023, and 2022, respectively) | 79,033 | 104,846 | |
Interest income | 41,401 | 21,417 | |
Reversal of impairment of other investment (including $6,882,000 of related party investment for the year ended December 31, 2023) | 6,882,000 | ||
Reversal of write-off notes receivable | [1] | 600,000 | 200,000 |
Fair value gains of derivative liabilities associated with warrants | 1 | 9,934 | |
Interest expense | (729) | ||
Loss on extinguishment of convertible notes | |||
Impairment of goodwill | (263,247) | ||
Impairment of other investments (including $4,982,000 and $4,208,029 of related party investments for the years ended December 31, 2023, and 2022, respectively) | (4,982,000) | (4,208,029) | |
Impairment of other receivable (including $60,000 and 606,250 from related parties for the years ended December 31, 2023, and 2022, respectively) | [1] | (60,000) | (606,250) |
Total other income (expenses) | 2,559,706 | (4,741,329) | |
INCOME (LOSS) BEFORE INCOME TAX | 1,056,528 | (6,259,832) | |
Income tax expense | (6,829) | (2,356) | |
NET INCOME (LOSS) | [1] | 1,049,699 | (6,262,188) |
Net loss (income) attributable to noncontrolling interests | 23,886 | (88,684) | |
NET INCOME (LOSS) ATTRIBUTED TO COMMON SHAREHOLDERS OF GREENPRO CAPITAL CORP. | 1,073,585 | (6,350,872) | |
Other comprehensive loss: | |||
- Foreign currency translation loss | (85,278) | (198,028) | |
COMPREHENSIVE INCOME (LOSS) | $ 988,307 | $ (6,548,900) | |
NET LOSS PER SHARE, BASIC (1) | [2] | $ 0.14 | $ (0.81) |
NET LOSS PER SHARE, DILUTED (1) | [2] | $ 0.14 | $ (0.81) |
WEIGHTED AVERAGE NUMBER OF COMMON STOCK OUTSTANDING, BASIC (1) | [2] | 7,688,416 | 7,870,887 |
WEIGHTED AVERAGE NUMBER OF COMMON STOCK OUTSTANDING, DILUTED (1) | [2] | 7,688,416 | 7,870,887 |
Service [Member] | |||
REVENUES: | |||
Total revenues | $ 3,379,596 | $ 2,725,466 | |
Total cost of revenues | (534,965) | (404,077) | |
Rental Revenue [Member] | |||
REVENUES: | |||
Total revenues | 98,068 | 108,495 | |
Total cost of revenues | (36,613) | (46,083) | |
Real Estate [Member] | |||
REVENUES: | |||
Total revenues | 840,036 | ||
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, 2023 | Dec. 31, 2022 | ||
Cost of service revenue from related parties | [1] | $ 571,578 | $ 1,023,503 |
Reversal of impairment of other investment | 6,882,000 | ||
Impairment of related party investments | 4,982,000 | 4,208,029 | |
Impairment of other receivable, related party | 60,000 | 606,250 | |
Service [Member] | |||
Cost of service revenue from related parties | 23,280 | 0 | |
Related Party [Member] | |||
Service revenue from related parties | 1,425,577 | 665,203 | |
General and administrative expense, related parties | 122,880 | 193,802 | |
Other income from related parties | $ 47,609 | $ 5,850 | |
[1]Revenues and costs are attributed to countries based on the location of customers. |
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 | ||
Balance at Dec. 31, 2021 | $ 7,867 | $ 50,102,738 | $ (26,863) | $ (31,271,808) | $ 226,500 | $ 19,038,434 | ||
Balance, shares at Dec. 31, 2021 | [1] | 7,867,169 | ||||||
Roundup of fractional shares upon reverse stock split | $ 9 | (9) | ||||||
Roundup of fractional shares upon reverse stock split, shares | [1] | 8,644 | ||||||
Foreign currency translation | (198,028) | (198,028) | ||||||
Net income (loss) for the year | (6,350,872) | 88,684 | (6,262,188) | [2] | ||||
Balance at Dec. 31, 2022 | $ 7,876 | 50,102,729 | (224,891) | (37,622,680) | 315,184 | 12,578,218 | ||
Balance, shares at Dec. 31, 2022 | [1] | 7,875,813 | ||||||
Foreign currency translation | (85,278) | (85,278) | ||||||
Net income (loss) for the year | 1,073,585 | (23,886) | 1,049,699 | [2] | ||||
Cancellation of shares resulting from termination of investment | $ (300) | (7,205,700) | (7,206,000) | |||||
Cancellation of shares resulting from termination of investment, shares | [1] | (300,000) | ||||||
Balance at Dec. 31, 2023 | $ 7,576 | $ 42,897,029 | $ (310,169) | $ (36,549,095) | $ 291,298 | $ 6,336,639 | ||
Balance, shares at Dec. 31, 2023 | [1] | 7,575,813 | ||||||
[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, 2023 | Dec. 31, 2022 | ||
Cash flows from operating activities: | |||
Net income (loss) | [1] | $ 1,049,699 | $ (6,262,188) |
Adjustments to reconcile net income (loss) to net cash used in operating activities: | |||
Depreciation | 144,088 | 154,487 | |
Amortization of intangible assets | 718 | 718 | |
Amortization of operating lease right-of-use assets | 89,695 | 83,297 | |
Amortization of finance lease right-of-use asset | 3,387 | ||
Impairment of other receivable - related parties | [1] | 60,000 | 606,250 |
Provision for credit losses | 584,919 | 19,075 | |
Impairment of goodwill | 263,247 | ||
Impairment of other investments-related parties | 4,982,000 | 4,208,029 | |
Reversal of impairment of other investment-related party | (6,882,000) | ||
Reversal of write-off notes receivable | [1] | (600,000) | (200,000) |
Gain on disposal of property and equipment | (153) | ||
Fair value gains of derivative liabilities associated with warrants | (1) | (9,934) | |
Loss on deposit redemption | 87,489 | ||
Loss on disposal of other investments | 8,650 | ||
Gain on sale of real estate held for sale | (266,693) | ||
Changes in operating assets and liabilities: | |||
Accounts receivable | (460,323) | (157,227) | |
Prepaids and other current assets | 165,368 | (600,778) | |
Deferred costs of revenue | 152,314 | (45,312) | |
Accounts payable and accrued liabilities | (34,113) | (28,686) | |
Income tax payable | (566) | (1,484) | |
Operating lease liabilities | (90,910) | (89,257) | |
Deferred revenue | (758,840) | (172,452) | |
Net cash used in operating activities | (1,594,718) | (2,402,769) | |
Cash flows from investing activities: | |||
Purchase of property and equipment | (85,069) | (3,016) | |
Proceeds from disposal of other investment | 500 | 400 | |
Purchase of other investments | (500) | (1,250) | |
Initial payment of finance lease right-of-use asset | (9,941) | ||
Proceeds from real estate held for sale | 840,036 | ||
Proceeds from sale of property and equipment | 370 | ||
Net cash (used in) provided by investing activities | (94,640) | 836,170 | |
Cash flows from financing activities: | |||
Principal payment of finance lease liabilities | (1,902) | ||
Advances to related parties | (604,066) | (64,579) | |
Collection of notes receivable | 600,000 | 200,000 | |
Net cash (used in) provided by financing activities | (5,968) | 135,421 | |
Effect of exchange rate changes in cash and cash equivalents | 6,988 | 4,142 | |
NET CHANGE IN CASH AND CASH EQUIVALENTS | (1,688,338) | (1,427,036) | |
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | 3,911,535 | 5,338,571 | |
CASH AND CASH EQUIVALENTS, END OF YEAR | 2,223,197 | 3,911,535 | |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | |||
Cash paid for income tax | 7,374 | 3,599 | |
Cash paid for interest | 729 | ||
SUPPLEMENTAL NON-CASH INVESTING AND FINANCING ACTIVITIES: | |||
Balance payment of finance lease right-of-use asset by finance lease liabilities | $ 18,957 | ||
[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, 2023 | |
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, 2023, the Company recorded a net cash used in operations of $ 1,594,718 36,549,095 . These factors raise substantial doubt about the Company’s ability to continue as a going concern within one year of the date that the financial statements are issued. The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. The Company’s ability to continue as a going concern is dependent upon improving its profitability and the continuing financial support from its major shareholders. Management believes the existing shareholders or external financing will provide the additional cash to meet the Company’s obligations as they become due. No assurance can be given that any future financing, if needed, will be available or, if available, that it will be on terms that are satisfactory to the Company. Even if the Company can obtain additional financing, if needed, it may contain undue restrictions on its operations, in the case of debt financing, or cause substantial dilution for its stockholders, in the case of equity financing. 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 and other global risks As a result of the COVID-19 pandemic and actions taken to slow its spread, the ongoing military conflict between Russia and Ukraine, the armed conflict in Sudan, and other geopolitical and macroeconomic factors beyond our control, the global credit and financial markets have experienced extreme volatility, including diminished liquidity and credit availability, declines in consumer confidence, declines in economic growth, increases in unemployment rates and uncertainty about economic stability. On March 10, 2023, the Federal Deposit Insurance Corporation took control and was appointed receiver of Silicon Valley Bank. While we did not have deposits at Silicon Valley Bank, if other banks and financial institutions enter receivership or become insolvent in the future in response to financial conditions affecting the banking system and financial markets, our ability to access our existing cash, cash equivalents and investments may be threatened and could have a material adverse effect on our business and financial condition. It is possible that further deterioration in credit and financial markets and confidence in economic conditions will occur. If equity and credit markets deteriorate, it may affect our ability to raise equity capital, borrow on our existing facilities, access our existing cash, or make any additional necessary debt or equity financing more difficult to obtain, more costly and/or more dilutive. 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 credit losses, 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. Credit losses The Company estimates and records a provision for its expected credit losses related to its financial instruments, including its trade receivables. Management considers historical collection rates, the current financial status of the Company’s customers, macroeconomic factors, and other industry-specific factors when evaluating current expected credit losses. Forward-looking information is also considered in the evaluation of current expected credit losses. However, because of the short time to the expected receipt of accounts receivable, management believes that the carrying value, net of expected losses, approximates fair value and therefore, relies more on historical and current analysis of such financial instruments, including its trade receivables. To determine the provision for credit losses for accounts receivable, the Company has disaggregated its accounts receivable by class of customer at the business component level, as management determined that risk profile of the Company’s customers is consistent based on the type and industry in which they operate, mainly in the pharmaceuticals industry. Each business component is analyzed for estimated credit losses individually. In doing so, the Company establishes a historical loss matrix, based on the previous collections of accounts receivable by the age of such receivables, and evaluates the current and forecasted financial position of its customers, as available. Further, the Company considers macroeconomic factors and the status of the pharmaceuticals industry to estimate if there are current expected credit losses within its trade receivables based on the trends of the Company’s expectation of the future status of such economic and industry-specific factors. Also, specific allowance amounts are established based on review of outstanding invoices to record the appropriate provision for customers that have a higher probability of default. Accounts receivable at December 31, 2023 and 2022 are net of allowances for credit losses of $ 610,599 25,677 SCHEDULE OF ALLOWANCES FOR CREDIT LOSSES As of and for the years ended, 2023 2022 Balance at beginning of year $ 25,677 $ 133,356 Charged to operating expenses 584,919 19,075 Write-offs of accounts receivable, net of recoveries 3 (126,754 ) Balance at end of year $ 610,599 $ 25,677 Revenue recognition The Company follows the guidance of Accounting Standards Codification (ASC) 606, Revenue from Contracts with Customers Cash and cash equivalents Cash consists of funds on hand and held in bank accounts. Cash equivalents includes time 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. On December 31, 2023, and 2022, cash included funds held by employees of $ 0 11,464 SCHEDULE OF CASH, CASH EQUIVALENTS As of December 31, 2023 2022 Cash and cash equivalents Denominated in United States Dollar $ 573,431 $ 2,234,242 Denominated in Hong Kong Dollar 1,175,384 1,201,076 Denominated in Chinese Renminbi 434,698 381,012 Denominated in Malaysian Ringgit 39,552 85,940 Denominated in Great British Pound 127 - Denominated in Singapore Dollar 5 65 Denominated in Euro - 9,200 Cash and cash equivalents $ 2,223,197 $ 3,911,535 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 credit losses on an ongoing basis, using historical collection trends and aging of receivables. Management also periodically evaluates individual customer’s financial condition, credit history and the current economic conditions to make an adjustment to the allowance when it is considered necessary. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. SCHEDULE OF ACCOUNTS RECEIVABLES As of 2023 2022 Accounts receivable, gross $ 655,537 $ 195,214 Less: Allowance for credit losses (610,599 ) (25,677 ) Accounts receivable, net $ 44,938 $ 169,537 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 includes in property and equipment representing 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 27 104,442 111,707 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, 2023, and 2022, the Company determined there were no indicators of impairment of its property and equipment (see Note 3). 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, 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, 2023, and 2022, the Company determined there were no indicators of impairment of its real estate held for sale (see Note 4). 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 includes in real estate held for investment representing three office units owned by the Company located in two commercial buildings in Kuala Lumpur, Malaysia. Depreciation for this office leasehold in Kuala Lumpur, Malaysia, classified as cost of rental, was $ 25,125 29,001 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, 2023, and 2022, the Company determined there were no indicators of impairment of its real estate held for investment (see Note 5). 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 was $ 718 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, 2023, and 2022, 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, indicators of impairment were present, and hence, the Company made an impairment of goodwill of $ 263,247 82,561 For the year ended December 31, 2023, the Company determined there was no indicator of impairment, so no impairment was made. As a result, the value of its goodwill remains at $ 82,561 Impairment of long-lived assets Long-lived assets primarily include property and equipment, real estate held for investment 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, 2023, and 2022, the Company determined there was no indicator of impairment of its property and equipment, real estate held for investment and intangible assets, 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, 2023, the Company had total twenty-five (25) investments in equity securities without readily determinable fair values, all were related party investments with aggregate value of $ 100,106 nil 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 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 (see Note 9). 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 (see Note 12). 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 income (loss) per share Basic net income (loss) per share is computed by dividing the net income (loss) available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted net income (loss) per share is calculated by dividing the net income (loss) by the weighted average number of common shares outstanding, adjusted for the dilutive effect of outstanding Common Stock equivalents. On December 31, 2023, there were no 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 income or 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 As of and for the years ended 2023 2022 Period-end MYR : US$1 exchange rate 4.59 4.40 Period-average MYR : US$1 exchange rate 4.57 4.41 Period-end RMB : US$1 exchange rate 7.10 6.91 Period-average RMB : US$1 exchange rate 7.08 6.75 Period-end HK$ : US$1 exchange rate 7.81 7.81 Period-average HK$ : US$1 exchange rate 7.83 7.83 Exchange rate 7.83 7.83 Comprehensive income or loss Comprehensive income or loss is defined as the change in equity of a business enterprise during a period from transactions or 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, 2023, and 2022, the Company’s balance sheet includes Level 3 liabilities comprised of the fair value of derivative liabilities of $ 0 1 The following table sets forth a summary of the changes in the estimated fair value of our derivative during the years ended December 31, 2023, and 2022: SCHEDULE OF FAIR VALUE OF EMBEDDED DERIVATIVE LIABILITIES As of and for the years ended, 2023 2022 Fair value at beginning of year $ 1 $ 9,935 Fair value gains of derivative liability associated with warrants (1 ) (9,934 ) Fair value at end of year $ - $ 1 Concentrations of risks For the year ended December 31, 2023, two customers accounted for 20 10 10 39 14 13 12 For the year ended December 31, 2022, one customer accounted for 10 77 57 20 For the year ended December 31, 2023, no vendor accounted for 10 73 52 11 10 For the year ended December 31, 2022, no vendor accounted for 10 59 29 19 11 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, 2023. Adoption is either a modified retrospective method or a fully retrospective method of transition. The Company adopted this guidance effective January 1, 2023, and the adoption of this standard did not have a material impact on its consolidated financial statements. In November 2019, the FASB issued ASU No. 2019-10, which to update the effective date of ASU No. 2016-13 for private companies, not-for-profit organizations and certain smaller reporting companies applying for credit losses, leases, and hedging standard. The new effective date for these preparers is for fiscal years beginning after December 15, 2022. ASU 2019-05 is effective for the Company for annual and interim reporting periods beginning January 1, 2023, as the Company is qualified as a smaller reporting company. The Company has accordingly adopted ASUs 2019-05 in the preparation of its consolidated financial statements from January 1, 2023 . Based on the composition of the Company’s accounts receivable, investment portfolio, and other financial assets, including current market conditions and historical credit loss activity, the is standard did not have a Company’s or disclosures. Specifically, the Company’s estimate of expected credit losses as of January 1, 2023, using its expected credit loss evaluation process described above, resulted in no adjustments to the provision credit losses and no cumulative-effect adjustment to accumulated deficit on the adoption date of this standard 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, 2023 | |
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 has not been 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”), upon our completion of such services, representing our performance obligations are satisfied, and hence, the relevant revenue is recognized. 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 2023, no real estate property was sold. For the year ended December 31, 2022, the Company recognized revenue from the sale of three units of commercial property held for sale. 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 For the years ended December 31, 2023 2022 Revenue by service lines: Corporate advisory – non-listing services $ 1,440,818 $ 1,419,843 Corporate advisory – listing services 1,938,778 1,305,623 Rental of real estate properties 98,068 108,495 Sale of real estate properties - 840,036 Total revenue $ 3,477,664 $ 3,673,997 For the years ended December 31, 2023 2022 Revenue by geographic area: Hong Kong $ 2,178,761 $ 2,046,846 Malaysia 336,539 397,705 China 962,364 1,229,446 Total revenue $ 3,477,664 $ 3,673,997 Deferred costs of revenue For a service contract where the performance obligation has not been completed, deferred costs of revenue is recorded for any costs incurred in advance before completion of the performance obligation. Deferred revenue For a service contract where the performance obligation has not been completed, deferred revenue is recorded for any payments received in advance before completion of the performance obligation. As of December 31, 2023, and 2022, deferred costs of revenue or deferred revenue is classified as current assets or current liabilities and totaled, respectively: SCHEDULE OF DEFERRED REVENUE COST As of 2023 2022 Current assets Deferred costs of revenue $ 16,291 $ 168,605 Current liabilities Deferred revenue $ 1,075,404 $ 1,834,244 Changes in deferred revenue during 2023 and 2022 are as follows: SCHEDULE OF CHANGES IN DEFERRED REVENUE As of and for the years ended 2023 2022 Deferred revenue, beginning of year $ 1,834,244 $ 2,006,696 New contract liabilities 1,179,938 1,133,171 Performance obligations satisfied (1,938,778 ) (1,305,623 ) Deferred revenue, end of year $ 1,075,404 $ 1,834,244 |
PROPERTY AND EQUIPMENT, NET
PROPERTY AND EQUIPMENT, NET | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY AND EQUIPMENT, NET | NOTE 3 - PROPERTY AND EQUIPMENT, NET SCHEDULE OF PROPERTY AND EQUIPMENT NET As of December 31, 2023 2022 Property and equipment Office leasehold $ 3,008,413 $ 3,008,413 Furniture and fixtures 52,058 52,058 Office equipment 62,148 62,148 Leasehold improvement 92,566 92,566 3,215,185 3,215,185 Changes during the year: Add: Additions 85,069 - Less: Disposal (4,353 ) - Property and equipment, gross ending 3,295,901 3,215,185 Less: Accumulated depreciation Accumulated depreciation, beginning of year (701,618 ) (620,881 ) Depreciation for the year (118,963 ) (125,486 ) Disposal or write-off 4,136 - Effect of changes in exchange rate (65,918 ) 44,749 Accumulated depreciation, end of year (882,363 ) (701,618 ) Property and equipment, net $ 2,413,538 $ 2,513,567 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 21 104,442 111,707 Depreciation for property and equipment, including office leasehold, furniture and fixtures, office equipment and leasehold improvement, classified as an operating expense, totaled $ 118,963 125,486 |
REAL ESTATE HELD FOR SALE
REAL ESTATE HELD FOR SALE | 12 Months Ended |
Dec. 31, 2023 | |
REAL ESTATE HELD FOR SALE | NOTE 4 - REAL ESTATE HELD FOR SALE On December 31, 2023, and 2022, real estate held for sale was valued $ 1,659,207 1,659,207 During 2023, no property was sold. 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, 2023 | |
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 As of December 31, 2023 2022 Real estate held for investment Office leasehold $ 780,518 $ 780,518 Furniture and fixtures 51,721 51,721 Office equipment 16,534 16,534 Leasehold improvement 70,906 70,906 Real estate held for investment, gross 919,679 919,679 Less: Accumulated depreciation Accumulated depreciation, beginning of year (269,456 ) (254,066 ) Depreciation for the year (25,125 ) (29,001 ) Effect of changes in exchange rate (26,350 ) 13,611 Accumulated depreciation, end of year (320,931 ) (269,456 ) Real estate held for investment, net $ 598,748 $ 650,223 Real estate held for investment represents the Company’s three office units located in two commercial buildings in Malaysia. The adjoining office units and the other office unit in another building are currently rented to an unrelated tenant, respectively. Depreciation for real estate held for investment, included in the cost of rental revenue, was $ 25,125 29,001 |
OTHER INVESTMENTS
OTHER INVESTMENTS | 12 Months Ended |
Dec. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
OTHER INVESTMENTS | NOTE 6 - OTHER INVESTMENTS SCHEDULE OF OTHER INVESTMENTS As of December 31, 2023 2022 Investment in equity securities without readily determinable fair values of affiliates: (1) Greenpro Trust Limited (a related party) $ 11,981 $ 11,981 (2) Other related parties 88,125 5,394,125 Total $ 100,106 $ 5,406,106 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, 2023, the Company recognized impairment of $ 4,982,000 6,882,000 4,208,029 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, 2023, the carrying value of our cost method investments aggregated $ 100,106 On December 31, 2023, and 2022, the carrying values of equity securities without readily determinable fair values are as follows: SCHEDULE OF CARRYING VALUES OF EQUITY SECURITIES WITHOUT READILY DETERMINABLE FAIR VALUES As of 2023 2022 Original cost Balance, beginning of year $ 15,537,964 $ 15,545,764 Additions during the year 500 1,250 Terminations, disposals or forfeitures during the year (7,206,500 ) (9,050 ) Balance, end of year 8,331,964 15,537,964 Accumulated impairment Balance, beginning of year (10,131,858 ) (5,923,829 ) Impairment during the year (4,982,000 ) (4,208,029 ) Reversal of impairment during the year 6,882,000 - Balance, end of year (8,231,858 ) (10,131,858 ) Net carrying values of equity securities without readily determinable fair values $ 100,106 $ 5,406,106 For the years ended December 31, 2023, and 2022, the Company recognized an impairment loss of other investments of $ 4,982,000 4,208,029 During 2023, the Company terminated one of the investments with original cost of $ 7,206,000 6,882,000 During 2023, one investment was sold back to investee at cost of $ 500 500 Acquisition of other investments during 2023 Celmonze Wellness Corporation On February 8, 2023, our wholly owned subsidiary, Greenpro Venture Capital Limited (“GVCL”) entered into a subscription agreement with Celmonze Wellness Corporation, a Nevada corporation, which provides beauty and wellness solutions to clients (“Celmonze”). Pursuant to the agreement, GVCL acquired 5,000,000 500 0.0001 As of December 31, 2023, the Company recorded the investment in Celmonze at a historical cost of $ 500 Termination or disposal of other investments during 2023 (a) Termination Innovest Energy Fund On February 11, 2021, Greenpro Resources Limited, a subsidiary of the Company (“GRL”) entered into a subscription agreement with Innovest Energy Fund, a global multi-asset fund incorporated in the Cayman Islands and principally engaged in developing a multi-faceted suite of products and services for the cryptocurrency industry and economy (the “Fund”). Pursuant to the agreement, GRL agreed to subscribe for $ 7,206,000 300,000 7,206,000 On May 18, 2023, the Company decided to terminate its investment in the Fund due to significant impairments suffered since subscription and to cancel the shares issued to the Fund due to the Fund’s failure to provide consideration for the shares. As a result, 300,000 300 7,205,700 7,206,000 6,882,000 (b) Disposal Simson Wellness Tech Corp. On February 19, 2021, GVCL entered into a subscription agreement with Simon Wellness Tech Corp., a Nevada corporation, which is a digital platform that acts as middleware for distribution of optical products (“Simson”). Pursuant to the agreement, GVCL acquired 5,000,000 500 0.0001 500 In July 2023, GVCL agreed with Simson’s repurchase request, sold back our 5,000,000 500 500 Impairment of other investments during 2023 Millennium Fine Art Inc. On June 29, 2020, the Company entered into a purchase and sale agreement with its Wyoming incorporated subsidiary, Millennium Fine Art Inc. (“MFAI”). Pursuant to the agreement, the Company agreed to sell its 4 4 2,000,000 5,000,000 5 1,000,000 1,000,000 1,000,000 1,000,000 On July 1, 2020, MFAI issued 19,200,000 96,000,000 5 96 100 As of December 31, 2022, the Company owns 2,000,000 1,000,000 4,000,000 444,444 9 5 1% of MFAI’s total voting rights. The other 1,000,000 For the year ended December 31, 2023, the Company made a full impairment of $ 4,000,000 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, 2022, the fair value of APSB was appraised by an independent appraiser, the Appraiser and according to our 15 736,000 13,992 For the year ended December 31, 2023, the Company made a further impairment of $ 736,000 15 4 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 27 925,000 360,000 18 2,289,500 As of December 31, 2022, the fair value of FBHI was appraised the Appraiser and according to our 18 246,000 2,043,500 For the year ended December 31, 2023, the Company made a further impairment of $ 246,000 |
INTANGIBLE ASSETS AND GOODWILL
INTANGIBLE ASSETS AND GOODWILL | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
INTANGIBLE ASSETS AND GOODWILL | NOTE 7 - INTANGIBLE ASSETS AND GOODWILL Intangible assets, net SCHEDULE OF INTANGIBLE ASSETS As of December 31, Intangible assets 2023 2022 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 (478,885 ) (478,160 ) Amortization during the year (718 ) (718 ) Effect of changes in exchange rate (1 ) (7 ) Accumulated amortization, end of year (479,604 ) (478,885 ) Intangible assets, net $ 1,181 $ 1,900 As of December 31, 2023, the original cost of our intangible assets totaled $ 480,785 7,253 344,500 129,032 As of December 31, 2023, the customer lists from Ace and the insurance agency license from Sparkle had been fully amortized with nil value. During 2023, the Company 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 indicator existed. As a result, no impairment was made. Amortization expense for intangible assets for the years ended December 31, 2023, and 2022 was $ 718 Amortization for each year following December 31, 2023, is as follows: SCHEDULE OF AMORTIZATION EXPENSE OF INTANGIBLE ASSETS Year ending December 31, Trademarks 2024 $ 718 2025 463 Total $ 1,181 As of December 31, 2023, the accumulated amortization of intangible assets was $ 479,604 1,181 Goodwill SCHEDULE OF GOODWILL As of December 31, Goodwill 2023 2022 Falcon Accounting & Secretaries Limited $ 319,726 $ 319,726 Greenpro Capital Village Sdn. Bhd. 26,082 26,082 Goodwill 345,808 345,808 Less: Accumulated impairment Accumulated impairment, beginning of year (263,247 ) - Impairment during the year - (263,247 ) Accumulated impairment, end of year (263,247 ) (263,247 ) Goodwill, after impairment $ 82,561 $ 82,561 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 for FASL and GCVSB, respectively and concluded that there was an indicator of impairment for the goodwill derived from the acquisition of FASL, as the net asset value (“NAV”) of FASL is less than the value of the goodwill as of December 31, 2022. As a result, an impairment loss of $ 263,247 82,561 56,479 26,082 During 2023, the Company conducted the annual impairment test and concluded that there was no indicator of impairment for the goodwill derived from the acquisitions of FASL and GCVSB, as both the NAV of FASL and GCVSB was greater than the respective value of the goodwill as of December 31, 2023. For the years ended December 31, 2023, and 2022, $ 0 263,247 As of December 31, 2023, the value of the Company’s goodwill remains at $ 82,561 56,479 26,082 |
LEASES
LEASES | 12 Months Ended |
Dec. 31, 2023 | |
Leases | |
LEASES | NOTE 8 - LEASES As of December 31, 2023, the Company has an operating lease agreement for one office space in Hong Kong with a term of two years five years 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 lease costs and supplemental cash flow information related to operating leases and finance leases are as follows: SCHEDULE OF COMPONENTS OF LEASE AND SUPPLEMENTAL CASH FLOW INFORMATION 2023 2022 For the years ended December 31, 2023 2022 Lease costs Operating lease costs: Rental expenses (1) $ 94,999 $ 85,989 Other rental expenses (2) 19,402 26,915 Total Operating lease costs 114,401 112,904 Finance lease costs: Interest expenses $ 729 $ - Total Finance lease costs 729 - Total lease costs $ 115,130 $ 112,904 Other information Cash paid for amounts included in the measurement of lease liabilities: Rental payment - operating leases $ 96,211 $ 91,919 Interest repayment - finance leases 729 - Principal repayment - finance leases 1,902 - Total cash paid $ 98,842 $ 91,919 Non-cash activity: Balance payment of ROU asset by finance lease liabilities $ 18,957 $ - Weighted average remaining lease term (in years): Operating leases 1.20 0.21 Finance leases 4.42 - Weighted average discount rate: Operating leases 4.0 % 4.0 % Finance leases 6.9 % - (1) Rental expenses include amortization of $ 89,695 83,297 5,304 2,692 (2) Other rental expenses represent those rental expenses for leases with a lease term within one year, and government rent and rates related to the leases. The supplemental balance sheet information related to leases during the past two years is as follows: SCHEDULE OF SUPPLEMENTAL BALANCE SHEET INFORMATION RELATED TO LEASES 2023 2022 As of December 31, 2023 2022 Assets Long-term operating lease ROU assets, net (1) $ 114,551 $ 17,510 Long-term finance lease ROU asset, net (2) 25,527 - Total ROU assets $ 140,078 $ 17,510 Liabilities Current portion of operating lease liabilities $ 94,726 $ 18,725 Current portion of finance lease liabilities 3,426 - Total current lease liabilities 98,152 18,725 Long-term operating lease liabilities 19,825 - Long-term finance lease liabilities 13,638 - Total long-term lease liabilities 33,463 - Total lease liabilities $ 131,615 $ 18,725 (1) Operating lease ROU assets are measured at cost of $ 351,829 164,771 237,278 147,261 (2) Finance lease ROU asset is measured at cost of $ 28,898 3,371 Maturities of the Company’s lease liabilities as of December 31, 2023 are as follows: SCHEDULE OF MATURITIES OF LEASE LIABILITIES Operating leases Finance leases Year ending December 31, 2024 97,583 4,490 2025 19,936 4,490 2026 - 4,490 2027 - 4,490 2028 - 1,868 Total future minimum lease payments 117,519 19,828 Less: Imputed interest/present value discount (2,968 ) (2,764 ) Present value of lease liabilities $ 114,551 $ 17,064 Lease obligations Current lease obligations $ 94,726 $ 3,426 Long-term lease obligations 19,825 13,638 Total lease obligations $ 114,551 $ 17,064 For the year ended December 31, 2023, total lease costs were $ 115,130 114,401 729 112,904 |
DERIVATIVE LIABILITIES
DERIVATIVE LIABILITIES | 12 Months Ended |
Dec. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVE LIABILITIES | NOTE 9 DERIVATIVE LIABILITIES SCHEDULE OF DERIVATIVE LIABILITIES As of and for the years ended, 2023 2022 Fair value at beginning of year $ 1 $ 9,935 Fair value gains of derivative liability associated with warrants (1 ) (9,934 ) Fair value at end of year $ - $ 1 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. At December 31, 2023, the Company did not have any outstanding warrants exercisable into the Company’s Common Stock as all call warrants were not exercised on June 12, 2023 (the “Expiration”). At the Expiration, the Company’s Common Stock traded at or below the exercise price ( 120 72 7.2 During the year ended December 31, 2023, the Company recorded a decrease in fair value of derivatives of $ 1 The balance of the derivative liabilities related to warrants was $ 0 1 The derivative liabilities were valued using the Black-Scholes-Merton valuation model with the following assumptions: SCHEDULE OF ESTIMATED DERIVATIVE LIABILITIES AT FAIR VALUE ASSUMPTIONS As of As of Risk-free interest rate $ 3.87 % $ 3.97 % Expected volatility 162 % 168 % Contractual life (in years) 0.0 0.4 Expected dividend yield 0.00 % 0.00 % Fair value of warrants $ - $ 1 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. On June 12, 2023 (the “Expiration), no warrants were exercised as the trading price of the Company’s Common Stock was at or below the exercise price of $ 72 7.2 1.78 For the year ended December 31, 2023, the Company recognized a gain of $ 1 |
STOCKHOLDERS_ EQUITY
STOCKHOLDERS’ EQUITY | 12 Months Ended |
Dec. 31, 2023 | |
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 Cancellation of shares in 2023 On February 11, 2021, Greenpro Resources Limited, a subsidiary of the Company (“GRL”) entered into a subscription agreement with Innovest Energy Fund, a global multi-asset fund incorporated in the Cayman Islands and principally engaged in developing a multi-faceted suite of products and services for the cryptocurrency industry and economy (the “Fund”). Pursuant to the agreement, GRL agreed to subscribe for $ 7,206,000 300,000 7,206,000 On May 18, 2023, the Company decided to terminate its investment in the Fund due to significant impairments suffered since subscription and to cancel the shares issued to the Fund due to the Fund’s failure to provide consideration for the shares. As a result, 300,000 300 7,205,700 7,206,000 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 2023 and 2022, the Company did not any issue any shares of its Common Stock. |
WARRANTS
WARRANTS | 12 Months Ended |
Dec. 31, 2023 | |
Warrants | |
WARRANTS | NOTE 11 WARRANTS On June 13, 2018, the Company granted to the placement agent and 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 Quarterly 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, 2023, and 2022 is as follows: SUMMARY OF WARRANTS ACTIVITY Shares Weighted Average Exercise Price Balance outstanding as of January 1, 2022 5,356 $ 72 Granted - - Exercised - - Expired - - Balance outstanding and exercisable as of December 31, 2022 5,356 72 Granted - - Exercised - - Expired (5,356 ) (72 ) Balance outstanding and exercisable as of December 31, 2023 - $ - On June 12, 2023 (the “Expiration), no warrants were exercised as the trading price of the Company’s Common Stock was at or below the exercise price of $ 72 7.2 1.78 At of December 31, 2023, the value of the warrants was $ nil no |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023 2022 Current: – Local $ - $ - – Foreign: Hong Kong - - The PRC 6,829 2,356 Malaysia - - Deferred: – Local - - – Foreign - - $ 6,829 $ 2,356 A summary of local (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, 2023 2022 Tax jurisdictions from: – United States $ (4,093,463 ) $ (727,898 ) – Foreign, representing: Hong Kong (345,251 ) 73,114 The PRC (265 ) 248,199 Malaysia (47,494 ) (101,077 ) Labuan (342,489 ) (42,826 ) Other (primarily nontaxable jurisdictions) 5,885,490 (5,709,344 ) Income (loss) before income taxes $ 1,056,528 $ (6,259,832 ) Effective and Statutory Rate Reconciliation The following table summarizes a reconciliation of the Company’s 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 2023 2022 For the years ended 2023 2022 Statutory tax rate 21.0 % 21.0 % Impairment of goodwill, intangible assets, and investments - % - % Change in income tax valuation allowance (20.3 )% (21.0 )% Effective tax rate 0.7 % 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 2023 2022 As of December 31, 2023 2022 Deferred tax assets Impairment of goodwill, intangible assets, and investments $ 832,000 $ 832,000 Financing costs 974,000 974,000 Operating lease liability 24,000 4,000 Finance lease liability 4,000 - Accounts receivable allowance 128,000 5,000 Net operating loss (NOL) carryforwards: – United States of America 4,778,000 3,918,000 – Hong Kong 558,000 504,000 – The PRC 559,000 557,000 – Malaysia 226,000 217,000 – Labuan 12,000 1,000 Net operating loss (NOL) carryforwards Gross deferred tax assets 8,095,000 7,012,000 Less: valuation allowance (8,066,000 ) (7,006,000 ) Total deferred tax assets 29,000 6,000 Deferred tax liabilities Change in fair value of derivative liabilities - 2,000 Operating lease right-of-use asset 24,000 4,000 Finance lease right-of-use asset 5,000 - Total deferred tax liabilities 29,000 6,000 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 established a valuation allowance of $ 8,066,000 8,095,000 6,133,000 For the year ended December 31, 2023, the valuation allowance increased by $ 1,060,000 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, 2023, and 2022, the operations in the United States of America incurred a net operating loss (NOL) of $ 4,093,000 728,000 As of December 31, 2023, the cumulative net operating losses (NOLs) were $ 22,753,000 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, 2023, the subsidiaries in Hong Kong incurred the aggregate of a net operating loss (NOL) of $ 345,000 73,000 As of December 31, 2023, the cumulative net operating losses (NOLs) aggregated for those subsidiaries which have operations in Hong Kong were $ 2,651,000 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, 2023, the subsidiaries in the PRC recorded the aggregate of a net operating loss (NOL) approximately of $ 0 248,000 As of December 31, 2023, the subsidiaries operating in the PRC had incurred the aggregate amount of cumulative net operating losses (NOLs) of $ 2,236,000 Malaysia The Company’s subsidiaries operating in Malaysia are subject to the Malaysia Corporate Tax Laws at an income tax rate from 15 24 For the years ended December 31, 2023, and 2022, the subsidiaries in Malaysia incurred the aggregate of a net operating loss (NOL) of $ 47,000 101,000 As of December 31, 2023, the operations in Malaysia had incurred the aggregate amount of cumulative net operating losses (NOLs) of $ 1,132,000 Labuan The Company’s subsidiary operating in Labuan is subject to the Labuan Corporate Tax Laws at a progressive income tax rate starting from 3 For the years ended December 31, 2023, and 2022, the subsidiary in Labuan incurred the aggregate of a net operating loss (NOL) of $ 342,000 43,000 As of December 31, 2023, the operations in Labuan had incurred the aggregate amount of cumulative net operating losses (NOLs) of $ 385,000 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, 2023 | |
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, 2023 December 31, 2022 Accounts receivable, net - Related party B (net of allowance of $ 379,542 1,750 $ - $ 129,250 - Related party K (net of allowance of $ 0 2 - 42 Total $ - $ 129,292 Prepaid to a related party: December 31, 2023 December 31, 2022 Prepayment - Related party B $ - $ 80,000 Total $ - $ 80,000 Due from related parties: December 31, 2023 December 31, 2022 Due from related parties - Related party B $ 25,932 $ 4,708 - Related party D 723,889 200,000 - Related party G 1,032 1,064 - Related party H - 60,000 - Related party I 7 - Total $ 750,860 $ 265,772 Due from related parties $ 750,860 $ 265,772 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, 2023 December 31, 2022 Due to related parties - Related party A $ 30,238 $ 47,135 - Related party B 19,906 2,275 - Related party E 844 - - Related party J 336,636 390,333 - Related party K 1,650 8,508 Total $ 389,274 $ 448,251 Due to related parties $ 389,274 $ 448,251 The amounts due to related parties are interest-free, unsecured and repayable on demand. SCHEDULE OF INCOME FROM OR EXPENSES TO RELATED PARTIES Deferred cost of revenue to a related party: December 31, 2023 December 31, 2022 Deferred cost of revenue to a related party - Related party B $ - $ 11,640 Deferred cost of revenue to a related party $ - $ 11,640 Deferred revenue from related parties: December 31, 2023 December 31, 2022 Deferred revenue from related parties - Related party B $ 157,500 $ 749,400 - Related party E - 100,000 Total $ 157,500 $ 849,400 Deferred revenue from related parties $ 157,500 $ 849,400 Income from or expenses to related parties: 2023 2022 For the years ended Income from or expenses to related parties: 2023 2022 Service revenue from related parties - Related party A $ 3,647 $ 147,269 - Related party B 1,120,805 463,304 - Related party D 35,358 30,923 - Related party E 258,251 8,865 - Related party G 7,351 13,664 - Related party I - 1,089 - Related party K 165 89 Total $ 1,425,577 $ 665,203 Service revenue from related parties $ 1,425,577 $ 665,203 Cost of revenues to a related party - Related party B $ 23,280 $ - Cost of revenues to a related party $ 23,280 $ - General and administrative expenses to related parties - Related party A $ - $ 9,287 - Related party B 24,844 125,286 - Related party D 44,475 - - Related party I 15,762 16,334 - Related party K 37,799 42,895 Total $ 122,880 $ 193,802 General and administrative expenses to related parties $ 122,880 $ 193,802 Other income from related parties - Related party B $ 38,747 $ 1,356 - Related party D 8,862 4,494 Total $ 47,609 $ 5,850 Other income from related parties $ 47,609 $ 5,850 Reversal of impairment of related party investment: - Related party B $ 6,882,000 $ - Reversal of impairment (impairment) of other investment $ 6,882,000 $ - Impairment of related party investments: - Related party B $ 4,982,000 $ 4,208,029 Impairment of related party investments $ 4,982,000 $ 4,208,029 Impairment of other receivable from related parties: - Related party D $ - $ 606,250 - Related party H 60,000 - Total $ 60,000 $ 606,250 Impairment of other receivable from related parties $ 60,000 $ 606,250 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% to 18% interests in those companies. 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 60,000 60,000 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 from related party K represents the amounts paid by the Company to third parties on behalf of our shareholders or directors. On the other hand, due to related party K represents the amounts paid by the shareholders or directors to third parties on behalf of the Company. The amounts due from or due to related party K are non-interest bearing, and are due on demand. |
SEGMENT INFORMATION
SEGMENT INFORMATION | 12 Months Ended |
Dec. 31, 2023 | |
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 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 Real estate business Service business Corporate Total For the year ended December 31, 2023 Real estate business Service business Corporate Total Revenues $ 98,068 $ 3,379,596 $ - $ 3,477,664 Cost of revenues (36,613 ) (534,965 ) - (571,578 ) Reversal of impairment of investment - - 6,882,000 6,882,000 Reversal of write-off notes receivable - - 600,000 600,000 Depreciation and amortization (29,982 ) (207,520 ) (386 ) (237,888 ) Impairment of other receivable - - (60,000 ) (60,000 ) Impairment of investments - - (4,982,000 ) (4,982,000 ) Net income (loss) (59,715 ) (857,609 ) 1,967,023 1,049,699 Total assets 1,703,618 5,189,914 1,764,488 8,658,020 Capital expenditures for long-lived assets $ - $ 113,967 $ - $ 113,967 Real estate business Service business Corporate Total 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 ) (203,508 ) (4,120 ) (238,502 ) 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 (b) By Geography* Hong Kong Malaysia China Total For the year ended December 31, 2023 Hong Kong Malaysia China Total Revenues * $ 2,178,761 $ 336,539 $ 962,364 $ 3,477,664 Cost of revenues * (272,758 ) (169,245 ) (129,575 ) (571,578 ) Reversal of impairment of investment * 6,882,000 - - 6,882,000 Reversal of write-off notes receivable * 600,000 - - 600,000 Depreciation and amortization * (97,231 ) (34,263 ) (106,394 ) (237,888 ) Impairment of other receivable * (60,000 ) - - (60,000 ) Impairment of investments * (4,882,000 ) - - (4,882,000 ) Net income (loss) * 1,252,158 (517,533 ) 315,074 1,049,699 Total assets * 4,499,800 1,534,064 2,624,156 8,658,020 Capital expenditures for long-lived assets * $ 1,549 $ 110,869 $ 1,549 $ 113,967 Hong Kong Malaysia China Total 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 * (94,237 ) (30,874 ) (113,391 ) (238,502 ) 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) * (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 * 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, 2023 | |
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, 2023, the Company recorded a net cash used in operations of $ 1,594,718 36,549,095 . These factors raise substantial doubt about the Company’s ability to continue as a going concern within one year of the date that the financial statements are issued. The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. The Company’s ability to continue as a going concern is dependent upon improving its profitability and the continuing financial support from its major shareholders. Management believes the existing shareholders or external financing will provide the additional cash to meet the Company’s obligations as they become due. No assurance can be given that any future financing, if needed, will be available or, if available, that it will be on terms that are satisfactory to the Company. Even if the Company can obtain additional financing, if needed, it may contain undue restrictions on its operations, in the case of debt financing, or cause substantial dilution for its stockholders, in the case of equity financing. |
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 and other global risks | COVID-19 pandemic and other global risks As a result of the COVID-19 pandemic and actions taken to slow its spread, the ongoing military conflict between Russia and Ukraine, the armed conflict in Sudan, and other geopolitical and macroeconomic factors beyond our control, the global credit and financial markets have experienced extreme volatility, including diminished liquidity and credit availability, declines in consumer confidence, declines in economic growth, increases in unemployment rates and uncertainty about economic stability. On March 10, 2023, the Federal Deposit Insurance Corporation took control and was appointed receiver of Silicon Valley Bank. While we did not have deposits at Silicon Valley Bank, if other banks and financial institutions enter receivership or become insolvent in the future in response to financial conditions affecting the banking system and financial markets, our ability to access our existing cash, cash equivalents and investments may be threatened and could have a material adverse effect on our business and financial condition. It is possible that further deterioration in credit and financial markets and confidence in economic conditions will occur. If equity and credit markets deteriorate, it may affect our ability to raise equity capital, borrow on our existing facilities, access our existing cash, or make any additional necessary debt or equity financing more difficult to obtain, more costly and/or more dilutive. |
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 credit losses, 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. |
Credit losses | Credit losses The Company estimates and records a provision for its expected credit losses related to its financial instruments, including its trade receivables. Management considers historical collection rates, the current financial status of the Company’s customers, macroeconomic factors, and other industry-specific factors when evaluating current expected credit losses. Forward-looking information is also considered in the evaluation of current expected credit losses. However, because of the short time to the expected receipt of accounts receivable, management believes that the carrying value, net of expected losses, approximates fair value and therefore, relies more on historical and current analysis of such financial instruments, including its trade receivables. To determine the provision for credit losses for accounts receivable, the Company has disaggregated its accounts receivable by class of customer at the business component level, as management determined that risk profile of the Company’s customers is consistent based on the type and industry in which they operate, mainly in the pharmaceuticals industry. Each business component is analyzed for estimated credit losses individually. In doing so, the Company establishes a historical loss matrix, based on the previous collections of accounts receivable by the age of such receivables, and evaluates the current and forecasted financial position of its customers, as available. Further, the Company considers macroeconomic factors and the status of the pharmaceuticals industry to estimate if there are current expected credit losses within its trade receivables based on the trends of the Company’s expectation of the future status of such economic and industry-specific factors. Also, specific allowance amounts are established based on review of outstanding invoices to record the appropriate provision for customers that have a higher probability of default. Accounts receivable at December 31, 2023 and 2022 are net of allowances for credit losses of $ 610,599 25,677 SCHEDULE OF ALLOWANCES FOR CREDIT LOSSES As of and for the years ended, 2023 2022 Balance at beginning of year $ 25,677 $ 133,356 Charged to operating expenses 584,919 19,075 Write-offs of accounts receivable, net of recoveries 3 (126,754 ) Balance at end of year $ 610,599 $ 25,677 |
Revenue recognition | Revenue recognition The Company follows the guidance of Accounting Standards Codification (ASC) 606, Revenue from Contracts with Customers |
Cash and cash equivalents | Cash and cash equivalents Cash consists of funds on hand and held in bank accounts. Cash equivalents includes time 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. On December 31, 2023, and 2022, cash included funds held by employees of $ 0 11,464 SCHEDULE OF CASH, CASH EQUIVALENTS As of December 31, 2023 2022 Cash and cash equivalents Denominated in United States Dollar $ 573,431 $ 2,234,242 Denominated in Hong Kong Dollar 1,175,384 1,201,076 Denominated in Chinese Renminbi 434,698 381,012 Denominated in Malaysian Ringgit 39,552 85,940 Denominated in Great British Pound 127 - Denominated in Singapore Dollar 5 65 Denominated in Euro - 9,200 Cash and cash equivalents $ 2,223,197 $ 3,911,535 |
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 credit losses on an ongoing basis, using historical collection trends and aging of receivables. Management also periodically evaluates individual customer’s financial condition, credit history and the current economic conditions to make an adjustment to the allowance when it is considered necessary. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. SCHEDULE OF ACCOUNTS RECEIVABLES As of 2023 2022 Accounts receivable, gross $ 655,537 $ 195,214 Less: Allowance for credit losses (610,599 ) (25,677 ) Accounts receivable, net $ 44,938 $ 169,537 |
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 includes in property and equipment representing 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 27 104,442 111,707 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, 2023, and 2022, the Company determined there were no indicators of impairment of its property and equipment (see Note 3). |
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, 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, 2023, and 2022, the Company determined there were no indicators of impairment of its real estate held for sale (see Note 4). |
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 includes in real estate held for investment representing three office units owned by the Company located in two commercial buildings in Kuala Lumpur, Malaysia. Depreciation for this office leasehold in Kuala Lumpur, Malaysia, classified as cost of rental, was $ 25,125 29,001 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, 2023, and 2022, the Company determined there were no indicators of impairment of its real estate held for investment (see Note 5). |
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 was $ 718 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, 2023, and 2022, 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, indicators of impairment were present, and hence, the Company made an impairment of goodwill of $ 263,247 82,561 For the year ended December 31, 2023, the Company determined there was no indicator of impairment, so no impairment was made. As a result, the value of its goodwill remains at $ 82,561 |
Impairment of long-lived assets | Impairment of long-lived assets Long-lived assets primarily include property and equipment, real estate held for investment 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, 2023, and 2022, the Company determined there was no indicator of impairment of its property and equipment, real estate held for investment and intangible assets, 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, 2023, the Company had total twenty-five (25) investments in equity securities without readily determinable fair values, all were related party investments with aggregate value of $ 100,106 nil 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 |
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 (see Note 9). |
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 (see Note 12). 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 income (loss) per share | Net income (loss) per share Basic net income (loss) per share is computed by dividing the net income (loss) available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted net income (loss) per share is calculated by dividing the net income (loss) by the weighted average number of common shares outstanding, adjusted for the dilutive effect of outstanding Common Stock equivalents. On December 31, 2023, there were no 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 income or 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 As of and for the years ended 2023 2022 Period-end MYR : US$1 exchange rate 4.59 4.40 Period-average MYR : US$1 exchange rate 4.57 4.41 Period-end RMB : US$1 exchange rate 7.10 6.91 Period-average RMB : US$1 exchange rate 7.08 6.75 Period-end HK$ : US$1 exchange rate 7.81 7.81 Period-average HK$ : US$1 exchange rate 7.83 7.83 Exchange rate 7.83 7.83 |
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 or 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, 2023, and 2022, the Company’s balance sheet includes Level 3 liabilities comprised of the fair value of derivative liabilities of $ 0 1 The following table sets forth a summary of the changes in the estimated fair value of our derivative during the years ended December 31, 2023, and 2022: SCHEDULE OF FAIR VALUE OF EMBEDDED DERIVATIVE LIABILITIES As of and for the years ended, 2023 2022 Fair value at beginning of year $ 1 $ 9,935 Fair value gains of derivative liability associated with warrants (1 ) (9,934 ) Fair value at end of year $ - $ 1 |
Concentrations of risks | Concentrations of risks For the year ended December 31, 2023, two customers accounted for 20 10 10 39 14 13 12 For the year ended December 31, 2022, one customer accounted for 10 77 57 20 For the year ended December 31, 2023, no vendor accounted for 10 73 52 11 10 For the year ended December 31, 2022, no vendor accounted for 10 59 29 19 11 |
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, 2023. Adoption is either a modified retrospective method or a fully retrospective method of transition. The Company adopted this guidance effective January 1, 2023, and the adoption of this standard did not have a material impact on its consolidated financial statements. In November 2019, the FASB issued ASU No. 2019-10, which to update the effective date of ASU No. 2016-13 for private companies, not-for-profit organizations and certain smaller reporting companies applying for credit losses, leases, and hedging standard. The new effective date for these preparers is for fiscal years beginning after December 15, 2022. ASU 2019-05 is effective for the Company for annual and interim reporting periods beginning January 1, 2023, as the Company is qualified as a smaller reporting company. The Company has accordingly adopted ASUs 2019-05 in the preparation of its consolidated financial statements from January 1, 2023 . Based on the composition of the Company’s accounts receivable, investment portfolio, and other financial assets, including current market conditions and historical credit loss activity, the is standard did not have a Company’s or disclosures. Specifically, the Company’s estimate of expected credit losses as of January 1, 2023, using its expected credit loss evaluation process described above, resulted in no adjustments to the provision credit losses and no cumulative-effect adjustment to accumulated deficit on the adoption date of this standard 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, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
SCHEDULE OF ALLOWANCES FOR CREDIT LOSSES | SCHEDULE OF ALLOWANCES FOR CREDIT LOSSES As of and for the years ended, 2023 2022 Balance at beginning of year $ 25,677 $ 133,356 Charged to operating expenses 584,919 19,075 Write-offs of accounts receivable, net of recoveries 3 (126,754 ) Balance at end of year $ 610,599 $ 25,677 |
SCHEDULE OF CASH, CASH EQUIVALENTS | SCHEDULE OF CASH, CASH EQUIVALENTS As of December 31, 2023 2022 Cash and cash equivalents Denominated in United States Dollar $ 573,431 $ 2,234,242 Denominated in Hong Kong Dollar 1,175,384 1,201,076 Denominated in Chinese Renminbi 434,698 381,012 Denominated in Malaysian Ringgit 39,552 85,940 Denominated in Great British Pound 127 - Denominated in Singapore Dollar 5 65 Denominated in Euro - 9,200 Cash and cash equivalents $ 2,223,197 $ 3,911,535 |
SCHEDULE OF ACCOUNTS RECEIVABLES | SCHEDULE OF ACCOUNTS RECEIVABLES As of 2023 2022 Accounts receivable, gross $ 655,537 $ 195,214 Less: Allowance for credit losses (610,599 ) (25,677 ) Accounts receivable, net $ 44,938 $ 169,537 |
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 As of and for the years ended 2023 2022 Period-end MYR : US$1 exchange rate 4.59 4.40 Period-average MYR : US$1 exchange rate 4.57 4.41 Period-end RMB : US$1 exchange rate 7.10 6.91 Period-average RMB : US$1 exchange rate 7.08 6.75 Period-end HK$ : US$1 exchange rate 7.81 7.81 Period-average HK$ : US$1 exchange rate 7.83 7.83 Exchange rate 7.83 7.83 |
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, 2023, and 2022: SCHEDULE OF FAIR VALUE OF EMBEDDED DERIVATIVE LIABILITIES As of and for the years ended, 2023 2022 Fair value at beginning of year $ 1 $ 9,935 Fair value gains of derivative liability associated with warrants (1 ) (9,934 ) Fair value at end of year $ - $ 1 |
REVENUE FROM CONTRACTS WITH C_2
REVENUE FROM CONTRACTS WITH CUSTOMERS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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 For the years ended December 31, 2023 2022 Revenue by service lines: Corporate advisory – non-listing services $ 1,440,818 $ 1,419,843 Corporate advisory – listing services 1,938,778 1,305,623 Rental of real estate properties 98,068 108,495 Sale of real estate properties - 840,036 Total revenue $ 3,477,664 $ 3,673,997 For the years ended December 31, 2023 2022 Revenue by geographic area: Hong Kong $ 2,178,761 $ 2,046,846 Malaysia 336,539 397,705 China 962,364 1,229,446 Total revenue $ 3,477,664 $ 3,673,997 |
SCHEDULE OF DEFERRED REVENUE COST | As of December 31, 2023, and 2022, deferred costs of revenue or deferred revenue is classified as current assets or current liabilities and totaled, respectively: SCHEDULE OF DEFERRED REVENUE COST As of 2023 2022 Current assets Deferred costs of revenue $ 16,291 $ 168,605 Current liabilities Deferred revenue $ 1,075,404 $ 1,834,244 |
SCHEDULE OF CHANGES IN DEFERRED REVENUE | Changes in deferred revenue during 2023 and 2022 are as follows: SCHEDULE OF CHANGES IN DEFERRED REVENUE As of and for the years ended 2023 2022 Deferred revenue, beginning of year $ 1,834,244 $ 2,006,696 New contract liabilities 1,179,938 1,133,171 Performance obligations satisfied (1,938,778 ) (1,305,623 ) Deferred revenue, end of year $ 1,075,404 $ 1,834,244 |
PROPERTY AND EQUIPMENT, NET (Ta
PROPERTY AND EQUIPMENT, NET (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
SCHEDULE OF PROPERTY AND EQUIPMENT NET | SCHEDULE OF PROPERTY AND EQUIPMENT NET As of December 31, 2023 2022 Property and equipment Office leasehold $ 3,008,413 $ 3,008,413 Furniture and fixtures 52,058 52,058 Office equipment 62,148 62,148 Leasehold improvement 92,566 92,566 3,215,185 3,215,185 Changes during the year: Add: Additions 85,069 - Less: Disposal (4,353 ) - Property and equipment, gross ending 3,295,901 3,215,185 Less: Accumulated depreciation Accumulated depreciation, beginning of year (701,618 ) (620,881 ) Depreciation for the year (118,963 ) (125,486 ) Disposal or write-off 4,136 - Effect of changes in exchange rate (65,918 ) 44,749 Accumulated depreciation, end of year (882,363 ) (701,618 ) Property and equipment, net $ 2,413,538 $ 2,513,567 |
REAL ESTATE HELD FOR INVESTME_2
REAL ESTATE HELD FOR INVESTMENT, NET (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Real Estate [Abstract] | |
SCHEDULE OF REAL ESTATE HELD FOR INVESTMENT, NET | SCHEDULE OF REAL ESTATE HELD FOR INVESTMENT, NET As of December 31, 2023 2022 Real estate held for investment Office leasehold $ 780,518 $ 780,518 Furniture and fixtures 51,721 51,721 Office equipment 16,534 16,534 Leasehold improvement 70,906 70,906 Real estate held for investment, gross 919,679 919,679 Less: Accumulated depreciation Accumulated depreciation, beginning of year (269,456 ) (254,066 ) Depreciation for the year (25,125 ) (29,001 ) Effect of changes in exchange rate (26,350 ) 13,611 Accumulated depreciation, end of year (320,931 ) (269,456 ) Real estate held for investment, net $ 598,748 $ 650,223 |
OTHER INVESTMENTS (Tables)
OTHER INVESTMENTS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
SCHEDULE OF OTHER INVESTMENTS | SCHEDULE OF OTHER INVESTMENTS As of December 31, 2023 2022 Investment in equity securities without readily determinable fair values of affiliates: (1) Greenpro Trust Limited (a related party) $ 11,981 $ 11,981 (2) Other related parties 88,125 5,394,125 Total $ 100,106 $ 5,406,106 |
SCHEDULE OF CARRYING VALUES OF EQUITY SECURITIES WITHOUT READILY DETERMINABLE FAIR VALUES | On December 31, 2023, and 2022, the carrying values of equity securities without readily determinable fair values are as follows: SCHEDULE OF CARRYING VALUES OF EQUITY SECURITIES WITHOUT READILY DETERMINABLE FAIR VALUES As of 2023 2022 Original cost Balance, beginning of year $ 15,537,964 $ 15,545,764 Additions during the year 500 1,250 Terminations, disposals or forfeitures during the year (7,206,500 ) (9,050 ) Balance, end of year 8,331,964 15,537,964 Accumulated impairment Balance, beginning of year (10,131,858 ) (5,923,829 ) Impairment during the year (4,982,000 ) (4,208,029 ) Reversal of impairment during the year 6,882,000 - Balance, end of year (8,231,858 ) (10,131,858 ) Net carrying values of equity securities without readily determinable fair values $ 100,106 $ 5,406,106 |
INTANGIBLE ASSETS AND GOODWILL
INTANGIBLE ASSETS AND GOODWILL (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
SCHEDULE OF INTANGIBLE ASSETS | SCHEDULE OF INTANGIBLE ASSETS As of December 31, Intangible assets 2023 2022 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 (478,885 ) (478,160 ) Amortization during the year (718 ) (718 ) Effect of changes in exchange rate (1 ) (7 ) Accumulated amortization, end of year (479,604 ) (478,885 ) Intangible assets, net $ 1,181 $ 1,900 |
SCHEDULE OF AMORTIZATION EXPENSE OF INTANGIBLE ASSETS | Amortization for each year following December 31, 2023, is as follows: SCHEDULE OF AMORTIZATION EXPENSE OF INTANGIBLE ASSETS Year ending December 31, Trademarks 2024 $ 718 2025 463 Total $ 1,181 |
SCHEDULE OF GOODWILL | SCHEDULE OF GOODWILL As of December 31, Goodwill 2023 2022 Falcon Accounting & Secretaries Limited $ 319,726 $ 319,726 Greenpro Capital Village Sdn. Bhd. 26,082 26,082 Goodwill 345,808 345,808 Less: Accumulated impairment Accumulated impairment, beginning of year (263,247 ) - Impairment during the year - (263,247 ) Accumulated impairment, end of year (263,247 ) (263,247 ) Goodwill, after impairment $ 82,561 $ 82,561 |
LEASES (Tables)
LEASES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases | |
SCHEDULE OF COMPONENTS OF LEASE AND SUPPLEMENTAL CASH FLOW INFORMATION | The components of lease costs and supplemental cash flow information related to operating leases and finance leases are as follows: SCHEDULE OF COMPONENTS OF LEASE AND SUPPLEMENTAL CASH FLOW INFORMATION 2023 2022 For the years ended December 31, 2023 2022 Lease costs Operating lease costs: Rental expenses (1) $ 94,999 $ 85,989 Other rental expenses (2) 19,402 26,915 Total Operating lease costs 114,401 112,904 Finance lease costs: Interest expenses $ 729 $ - Total Finance lease costs 729 - Total lease costs $ 115,130 $ 112,904 Other information Cash paid for amounts included in the measurement of lease liabilities: Rental payment - operating leases $ 96,211 $ 91,919 Interest repayment - finance leases 729 - Principal repayment - finance leases 1,902 - Total cash paid $ 98,842 $ 91,919 Non-cash activity: Balance payment of ROU asset by finance lease liabilities $ 18,957 $ - Weighted average remaining lease term (in years): Operating leases 1.20 0.21 Finance leases 4.42 - Weighted average discount rate: Operating leases 4.0 % 4.0 % Finance leases 6.9 % - (1) Rental expenses include amortization of $ 89,695 83,297 5,304 2,692 (2) Other rental expenses represent those rental expenses for leases with a lease term within one year, and government rent and rates related to the leases. |
SCHEDULE OF SUPPLEMENTAL BALANCE SHEET INFORMATION RELATED TO LEASES | The supplemental balance sheet information related to leases during the past two years is as follows: SCHEDULE OF SUPPLEMENTAL BALANCE SHEET INFORMATION RELATED TO LEASES 2023 2022 As of December 31, 2023 2022 Assets Long-term operating lease ROU assets, net (1) $ 114,551 $ 17,510 Long-term finance lease ROU asset, net (2) 25,527 - Total ROU assets $ 140,078 $ 17,510 Liabilities Current portion of operating lease liabilities $ 94,726 $ 18,725 Current portion of finance lease liabilities 3,426 - Total current lease liabilities 98,152 18,725 Long-term operating lease liabilities 19,825 - Long-term finance lease liabilities 13,638 - Total long-term lease liabilities 33,463 - Total lease liabilities $ 131,615 $ 18,725 (1) Operating lease ROU assets are measured at cost of $ 351,829 164,771 237,278 147,261 (2) Finance lease ROU asset is measured at cost of $ 28,898 3,371 |
SCHEDULE OF MATURITIES OF LEASE LIABILITIES | Maturities of the Company’s lease liabilities as of December 31, 2023 are as follows: SCHEDULE OF MATURITIES OF LEASE LIABILITIES Operating leases Finance leases Year ending December 31, 2024 97,583 4,490 2025 19,936 4,490 2026 - 4,490 2027 - 4,490 2028 - 1,868 Total future minimum lease payments 117,519 19,828 Less: Imputed interest/present value discount (2,968 ) (2,764 ) Present value of lease liabilities $ 114,551 $ 17,064 Lease obligations Current lease obligations $ 94,726 $ 3,426 Long-term lease obligations 19,825 13,638 Total lease obligations $ 114,551 $ 17,064 |
DERIVATIVE LIABILITIES (Tables)
DERIVATIVE LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
SCHEDULE OF DERIVATIVE LIABILITIES | SCHEDULE OF DERIVATIVE LIABILITIES As of and for the years ended, 2023 2022 Fair value at beginning of year $ 1 $ 9,935 Fair value gains of derivative liability associated with warrants (1 ) (9,934 ) Fair value at end of year $ - $ 1 |
SCHEDULE OF ESTIMATED DERIVATIVE LIABILITIES AT FAIR VALUE ASSUMPTIONS | The derivative liabilities were valued using the Black-Scholes-Merton valuation model with the following assumptions: SCHEDULE OF ESTIMATED DERIVATIVE LIABILITIES AT FAIR VALUE ASSUMPTIONS As of As of Risk-free interest rate $ 3.87 % $ 3.97 % Expected volatility 162 % 168 % Contractual life (in years) 0.0 0.4 Expected dividend yield 0.00 % 0.00 % Fair value of warrants $ - $ 1 |
WARRANTS (Tables)
WARRANTS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Warrants | |
SUMMARY OF WARRANTS ACTIVITY | A summary of warrants to purchase Common Stock issued during the years ended December 31, 2023, and 2022 is as follows: SUMMARY OF WARRANTS ACTIVITY Shares Weighted Average Exercise Price Balance outstanding as of January 1, 2022 5,356 $ 72 Granted - - Exercised - - Expired - - Balance outstanding and exercisable as of December 31, 2022 5,356 72 Granted - - Exercised - - Expired (5,356 ) (72 ) Balance outstanding and exercisable as of December 31, 2023 - $ - |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023 2022 Current: – Local $ - $ - – Foreign: Hong Kong - - The PRC 6,829 2,356 Malaysia - - Deferred: – Local - - – Foreign - - $ 6,829 $ 2,356 |
SCHEDULE OF LOSS BEFORE INCOME TAXES | A summary of local (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, 2023 2022 Tax jurisdictions from: – United States $ (4,093,463 ) $ (727,898 ) – Foreign, representing: Hong Kong (345,251 ) 73,114 The PRC (265 ) 248,199 Malaysia (47,494 ) (101,077 ) Labuan (342,489 ) (42,826 ) Other (primarily nontaxable jurisdictions) 5,885,490 (5,709,344 ) Income (loss) before income taxes $ 1,056,528 $ (6,259,832 ) |
SCHEDULE OF EFFECTIVE INCOME TAX RATE | The following table summarizes a reconciliation of the Company’s 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 2023 2022 For the years ended 2023 2022 Statutory tax rate 21.0 % 21.0 % Impairment of goodwill, intangible assets, and investments - % - % Change in income tax valuation allowance (20.3 )% (21.0 )% Effective tax rate 0.7 % 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 2023 2022 As of December 31, 2023 2022 Deferred tax assets Impairment of goodwill, intangible assets, and investments $ 832,000 $ 832,000 Financing costs 974,000 974,000 Operating lease liability 24,000 4,000 Finance lease liability 4,000 - Accounts receivable allowance 128,000 5,000 Net operating loss (NOL) carryforwards: – United States of America 4,778,000 3,918,000 – Hong Kong 558,000 504,000 – The PRC 559,000 557,000 – Malaysia 226,000 217,000 – Labuan 12,000 1,000 Net operating loss (NOL) carryforwards Gross deferred tax assets 8,095,000 7,012,000 Less: valuation allowance (8,066,000 ) (7,006,000 ) Total deferred tax assets 29,000 6,000 Deferred tax liabilities Change in fair value of derivative liabilities - 2,000 Operating lease right-of-use asset 24,000 4,000 Finance lease right-of-use asset 5,000 - Total deferred tax liabilities 29,000 6,000 Net deferred tax asset (liability) $ - $ - |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
SCHEDULE OF DUE FROM RELATED PARTIES | SCHEDULE OF DUE FROM RELATED PARTIES Accounts receivable from related parties: December 31, 2023 December 31, 2022 Accounts receivable, net - Related party B (net of allowance of $ 379,542 1,750 $ - $ 129,250 - Related party K (net of allowance of $ 0 2 - 42 Total $ - $ 129,292 Prepaid to a related party: December 31, 2023 December 31, 2022 Prepayment - Related party B $ - $ 80,000 Total $ - $ 80,000 Due from related parties: December 31, 2023 December 31, 2022 Due from related parties - Related party B $ 25,932 $ 4,708 - Related party D 723,889 200,000 - Related party G 1,032 1,064 - Related party H - 60,000 - Related party I 7 - Total $ 750,860 $ 265,772 Due from related parties $ 750,860 $ 265,772 |
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, 2023 December 31, 2022 Due to related parties - Related party A $ 30,238 $ 47,135 - Related party B 19,906 2,275 - Related party E 844 - - Related party J 336,636 390,333 - Related party K 1,650 8,508 Total $ 389,274 $ 448,251 Due to related parties $ 389,274 $ 448,251 |
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 Deferred cost of revenue to a related party: December 31, 2023 December 31, 2022 Deferred cost of revenue to a related party - Related party B $ - $ 11,640 Deferred cost of revenue to a related party $ - $ 11,640 Deferred revenue from related parties: December 31, 2023 December 31, 2022 Deferred revenue from related parties - Related party B $ 157,500 $ 749,400 - Related party E - 100,000 Total $ 157,500 $ 849,400 Deferred revenue from related parties $ 157,500 $ 849,400 Income from or expenses to related parties: 2023 2022 For the years ended Income from or expenses to related parties: 2023 2022 Service revenue from related parties - Related party A $ 3,647 $ 147,269 - Related party B 1,120,805 463,304 - Related party D 35,358 30,923 - Related party E 258,251 8,865 - Related party G 7,351 13,664 - Related party I - 1,089 - Related party K 165 89 Total $ 1,425,577 $ 665,203 Service revenue from related parties $ 1,425,577 $ 665,203 Cost of revenues to a related party - Related party B $ 23,280 $ - Cost of revenues to a related party $ 23,280 $ - General and administrative expenses to related parties - Related party A $ - $ 9,287 - Related party B 24,844 125,286 - Related party D 44,475 - - Related party I 15,762 16,334 - Related party K 37,799 42,895 Total $ 122,880 $ 193,802 General and administrative expenses to related parties $ 122,880 $ 193,802 Other income from related parties - Related party B $ 38,747 $ 1,356 - Related party D 8,862 4,494 Total $ 47,609 $ 5,850 Other income from related parties $ 47,609 $ 5,850 Reversal of impairment of related party investment: - Related party B $ 6,882,000 $ - Reversal of impairment (impairment) of other investment $ 6,882,000 $ - Impairment of related party investments: - Related party B $ 4,982,000 $ 4,208,029 Impairment of related party investments $ 4,982,000 $ 4,208,029 Impairment of other receivable from related parties: - Related party D $ - $ 606,250 - Related party H 60,000 - Total $ 60,000 $ 606,250 Impairment of other receivable from related parties $ 60,000 $ 606,250 |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
SCHEDULE OF SUMMARIZED FINANCIAL INFORMATION | SCHEDULE OF SUMMARIZED FINANCIAL INFORMATION Real estate business Service business Corporate Total For the year ended December 31, 2023 Real estate business Service business Corporate Total Revenues $ 98,068 $ 3,379,596 $ - $ 3,477,664 Cost of revenues (36,613 ) (534,965 ) - (571,578 ) Reversal of impairment of investment - - 6,882,000 6,882,000 Reversal of write-off notes receivable - - 600,000 600,000 Depreciation and amortization (29,982 ) (207,520 ) (386 ) (237,888 ) Impairment of other receivable - - (60,000 ) (60,000 ) Impairment of investments - - (4,982,000 ) (4,982,000 ) Net income (loss) (59,715 ) (857,609 ) 1,967,023 1,049,699 Total assets 1,703,618 5,189,914 1,764,488 8,658,020 Capital expenditures for long-lived assets $ - $ 113,967 $ - $ 113,967 Real estate business Service business Corporate Total 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 ) (203,508 ) (4,120 ) (238,502 ) 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 (b) By Geography* Hong Kong Malaysia China Total For the year ended December 31, 2023 Hong Kong Malaysia China Total Revenues * $ 2,178,761 $ 336,539 $ 962,364 $ 3,477,664 Cost of revenues * (272,758 ) (169,245 ) (129,575 ) (571,578 ) Reversal of impairment of investment * 6,882,000 - - 6,882,000 Reversal of write-off notes receivable * 600,000 - - 600,000 Depreciation and amortization * (97,231 ) (34,263 ) (106,394 ) (237,888 ) Impairment of other receivable * (60,000 ) - - (60,000 ) Impairment of investments * (4,882,000 ) - - (4,882,000 ) Net income (loss) * 1,252,158 (517,533 ) 315,074 1,049,699 Total assets * 4,499,800 1,534,064 2,624,156 8,658,020 Capital expenditures for long-lived assets * $ 1,549 $ 110,869 $ 1,549 $ 113,967 Hong Kong Malaysia China Total 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 * (94,237 ) (30,874 ) (113,391 ) (238,502 ) 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) * (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 * Revenues and costs are attributed to countries based on the location of customers. |
SCHEDULE OF ALLOWANCES FOR CRED
SCHEDULE OF ALLOWANCES FOR CREDIT LOSSES (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Accounts Receivable, Allowance for Credit Loss, Current | $ 25,677 | $ 133,356 |
Charged to operating expenses | 584,919 | 19,075 |
Write-offs of accounts receivable, net of recoveries | 3 | (126,754) |
Accounts Receivable, Allowance for Credit Loss, Current | $ 610,599 | $ 25,677 |
SCHEDULE OF CASH, CASH EQUIVALE
SCHEDULE OF CASH, CASH EQUIVALENTS (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Cash and cash equivalents | $ 2,223,197 | $ 3,911,535 |
United States Dollars [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Cash and cash equivalents | 573,431 | 2,234,242 |
Hong Kong Dollars [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Cash and cash equivalents | 1,175,384 | 1,201,076 |
Chinese Renminbi [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Cash and cash equivalents | 434,698 | 381,012 |
Malaysian Ringgit [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Cash and cash equivalents | 39,552 | 85,940 |
Great British Pound [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Cash and cash equivalents | 127 | |
Singapore Dollar [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Cash and cash equivalents | 5 | 65 |
Euro [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Cash and cash equivalents | $ 9,200 |
SCHEDULE OF ACCOUNTS RECEIVABLE
SCHEDULE OF ACCOUNTS RECEIVABLES (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Accounts receivable, gross | $ 655,537 | $ 195,214 |
Less: Allowance for credit losses | (610,599) | (25,677) |
Accounts receivable, net | $ 44,938 | $ 169,537 |
SCHEDULE OF PROPERTY AND EQUIPM
SCHEDULE OF PROPERTY AND EQUIPMENT USEFUL LIFE (Details) | Dec. 31, 2023 |
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] | |
Property, Plant, and Equipment, Useful Life, Term, Description [Extensible Enumeration] | Useful Life, Shorter of Lease Term or Asset Utility [Member] |
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, 2023 | |
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) | Dec. 31, 2023 |
Trademarks [Member] | |
Indefinite-Lived Intangible Assets [Line Items] | |
Finite-lived intangible assets, useful life | 10 years |
SCHEDULE OF FOREIGN CURRENCIES
SCHEDULE OF FOREIGN CURRENCIES TRANSLATION (Details) | Dec. 31, 2023 | Dec. 31, 2022 |
Period End Myr U S Dollar 1 Exchange Rate [Member] | ||
Trading Activity, Gains and Losses, Net [Line Items] | ||
Exchange rate | 4.59 | 4.40 |
Period Average Myr Us Dollar 1 Exchange Rate [Member] | ||
Trading Activity, Gains and Losses, Net [Line Items] | ||
Exchange rate | 4.57 | 4.41 |
Period End Rmb Us Dollar 1 Exchange Rate [Member] | ||
Trading Activity, Gains and Losses, Net [Line Items] | ||
Exchange rate | 7.10 | 6.91 |
Period Average Rmb Us Dollar 1 Exchange Rate [Member] | ||
Trading Activity, Gains and Losses, Net [Line Items] | ||
Exchange rate | 7.08 | 6.75 |
Period End Hk Dollar Us Dollar 1 Exchange Rate [Member] | ||
Trading Activity, Gains and Losses, Net [Line Items] | ||
Exchange rate | 7.81 | 7.81 |
Period Average H K U S 1 Exchange Rate [Member] | ||
Trading Activity, Gains and Losses, Net [Line Items] | ||
Exchange rate | 7.83 | 7.83 |
SCHEDULE OF FAIR VALUE OF EMBED
SCHEDULE OF FAIR VALUE OF EMBEDDED DERIVATIVE LIABILITIES (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Fair value at beginning of period | $ 1 | $ 9,935 |
Fair value gains of derivative liability associated with warrants | (1) | (9,934) |
Fair value at end of period | $ 1 |
NATURE OF OPERATIONS AND SUMM_4
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | 12 Months Ended | |||||||
Jul. 28, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Jul. 19, 2022 | Dec. 31, 2021 | Jan. 01, 2019 | |||
Product Information [Line Items] | ||||||||
Net Cash Provided by (Used in) Operating Activities | $ 1,594,718 | $ 2,402,769 | ||||||
Retained Earnings (Accumulated Deficit) | $ 36,549,095 | $ 37,622,680 | ||||||
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 | |||||
Accounts receivable, allowance | $ 610,599 | $ 25,677 | $ 133,356 | |||||
Funds held by employees | 0 | 11,464 | ||||||
Depreciation | 144,088 | 154,487 | ||||||
Depreciation, cost of rental | 25,125 | 29,001 | ||||||
Amortization expense of intangibles | 718 | 718 | ||||||
Impairment of goodwill | 263,247 | |||||||
Goodwill | 82,561 | 82,561 | ||||||
Equity securities without readily determinable fair value, amount | 100,106 | 5,406,106 | ||||||
Operating lease right-of-use assets, net | 114,551 | [1] | $ 17,510 | [1] | $ 582,647 | |||
Operating lease, liability | $ 114,551 | $ 582,647 | ||||||
Antidilutive securities excluded from computation of earnings per share, amount | 0 | 5,356 | ||||||
Derivative assets liabilities at fair value net | $ 0 | $ 1 | ||||||
Revenue from Contract with Customer Benchmark [Member] | Customer Concentration Risk [Member] | Two Customer [Member] | ||||||||
Product Information [Line Items] | ||||||||
Concentration risk, percentage | 20% | |||||||
Revenue from Contract with Customer Benchmark [Member] | Customer Concentration Risk [Member] | Customer One [Member] | ||||||||
Product Information [Line Items] | ||||||||
Concentration risk, percentage | 10% | |||||||
Revenue from Contract with Customer Benchmark [Member] | Customer Concentration Risk [Member] | Customer Two [Member] | ||||||||
Product Information [Line Items] | ||||||||
Concentration risk, percentage | 10% | |||||||
Revenue from Contract with Customer Benchmark [Member] | Customer Concentration Risk [Member] | One Customer [Member] | ||||||||
Product Information [Line Items] | ||||||||
Concentration risk, percentage | 10% | |||||||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Two Customer [Member] | ||||||||
Product Information [Line Items] | ||||||||
Concentration risk, percentage | 77% | |||||||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer One [Member] | ||||||||
Product Information [Line Items] | ||||||||
Concentration risk, percentage | 14% | 57% | ||||||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer Two [Member] | ||||||||
Product Information [Line Items] | ||||||||
Concentration risk, percentage | 13% | 20% | ||||||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Three Customer [Member] | ||||||||
Product Information [Line Items] | ||||||||
Concentration risk, percentage | 39% | |||||||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer Three [Member] | ||||||||
Product Information [Line Items] | ||||||||
Concentration risk, percentage | 12% | |||||||
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 | 73% | 59% | ||||||
Accounts Payable [Member] | Supplier Concentration Risk [Member] | Vendor One [Member] | ||||||||
Product Information [Line Items] | ||||||||
Concentration risk, percentage | 52% | 29% | ||||||
Accounts Payable [Member] | Supplier Concentration Risk [Member] | Vendor Two [Member] | ||||||||
Product Information [Line Items] | ||||||||
Concentration risk, percentage | 11% | 19% | ||||||
Accounts Payable [Member] | Supplier Concentration Risk [Member] | Vendor Three [Member] | ||||||||
Product Information [Line Items] | ||||||||
Concentration risk, percentage | 10% | 11% | ||||||
Twenty Five Investments [Member] | ||||||||
Product Information [Line Items] | ||||||||
Equity securities without readily determinable fair value, amount | $ 100,106 | |||||||
Eleven Investments [Member] | ||||||||
Product Information [Line Items] | ||||||||
Equity securities without readily determinable fair value, amount | ||||||||
Twenty Seven Investments [Member] | ||||||||
Product Information [Line Items] | ||||||||
Equity securities without readily determinable fair value, amount | 5,406,106 | |||||||
Office Leasehold [Member] | ||||||||
Product Information [Line Items] | ||||||||
Estimated useful life | 27 years | |||||||
Depreciation | $ 104,442 | $ 111,707 | ||||||
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 | |||||||
Number of shares post-split | 5,356 | |||||||
[1]Operating lease ROU assets are measured at cost of $ 351,829 164,771 237,278 147,261 |
SCHEDULE OF DISAGGREGATED REVEN
SCHEDULE OF DISAGGREGATED REVENUE (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | ||
Disaggregation of Revenue [Line Items] | |||
Total revenue | [1] | $ 3,477,664 | $ 3,673,997 |
HONG KONG | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue | [1] | 2,178,761 | 2,046,846 |
MALAYSIA | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue | [1] | 336,539 | 397,705 |
CHINA | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue | [1] | 962,364 | 1,229,446 |
Corporate Advisory Non Listing Services [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue | 1,440,818 | 1,419,843 | |
Corporate Advisory Listing Services [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue | 1,938,778 | 1,305,623 | |
Rental Of Real Estate Properties [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue | 98,068 | 108,495 | |
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, 2023 | Dec. 31, 2022 |
Revenue from Contract with Customer [Abstract] | ||
Deferred costs of revenue | $ 16,291 | $ 168,605 |
Deferred revenue | $ 1,075,404 | $ 1,834,244 |
SCHEDULE OF CHANGES IN DEFERRED
SCHEDULE OF CHANGES IN DEFERRED REVENUE (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | ||
Deferred revenue, beginning of year | $ 1,834,244 | $ 2,006,696 |
New contract liabilities | 1,179,938 | 1,133,171 |
Performance obligations satisfied | (1,938,778) | (1,305,623) |
Deferred revenue, end of year | $ 1,075,404 | $ 1,834,244 |
SCHEDULE OF PROPERTY AND EQUI_2
SCHEDULE OF PROPERTY AND EQUIPMENT NET (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross ending | $ 3,295,901 | $ 3,215,185 |
Property and equipment, gross beginning | 3,215,185 | 3,215,185 |
Add: Additions | 85,069 | |
Less: Disposal | (4,353) | |
Property and equipment, gross ending | 3,295,901 | 3,215,185 |
Accumulated depreciation, beginning of year | (701,618) | (620,881) |
Depreciation for the year | (118,963) | (125,486) |
Disposal or write-off | 4,136 | |
Effect of changes in exchange rate | (65,918) | 44,749 |
Accumulated depreciation, end of year | (882,363) | (701,618) |
Property and equipment, net | 2,413,538 | 2,513,567 |
Office Leasehold [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross ending | 3,008,413 | 3,008,413 |
Property and equipment, gross beginning | 3,008,413 | |
Property and equipment, gross ending | 3,008,413 | 3,008,413 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross ending | 52,058 | 52,058 |
Property and equipment, gross beginning | 52,058 | |
Property and equipment, gross ending | 52,058 | 52,058 |
Office Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross ending | 62,148 | 62,148 |
Property and equipment, gross beginning | 62,148 | |
Property and equipment, gross ending | 62,148 | 62,148 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross ending | 92,566 | 92,566 |
Property and equipment, gross beginning | 92,566 | |
Property and equipment, gross ending | $ 92,566 | $ 92,566 |
PROPERTY AND EQUIPMENT, NET (De
PROPERTY AND EQUIPMENT, NET (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Property, Plant and Equipment [Line Items] | ||
Depreciation | $ 144,088 | $ 154,487 |
Depreciation | 118,963 | 125,486 |
Office Leasehold [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Depreciation | $ 104,442 | $ 111,707 |
Office Leasehold [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Land lease term | 50 years | |
Land remaining lease term | 21 years |
REAL ESTATE HELD FOR SALE (Deta
REAL ESTATE HELD FOR SALE (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2023 | |
Real estate held for sale | $ 1,659,207 | $ 1,659,207 |
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, 2023 | Dec. 31, 2022 | |
Property, Plant and Equipment [Line Items] | ||
Real estate held for investment, gross | $ 919,679 | $ 919,679 |
Accumulated depreciation, beginning of year | (269,456) | (254,066) |
Depreciation for the year | (25,125) | (29,001) |
Effect of changes in exchange rate | (26,350) | 13,611 |
Accumulated depreciation, end of year | (320,931) | (269,456) |
Real estate held for investment, net | 598,748 | 650,223 |
Office Leasehold [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Real estate held for investment, gross | 780,518 | 780,518 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Real estate held for investment, gross | 51,721 | 51,721 |
Office Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Real estate held for investment, gross | 16,534 | 16,534 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Real estate held for investment, gross | $ 70,906 | $ 70,906 |
REAL ESTATE HELD FOR INVESTME_3
REAL ESTATE HELD FOR INVESTMENT, NET (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Real Estate [Abstract] | ||
Depreciation for real estate held for investment | $ 25,125 | $ 29,001 |
SCHEDULE OF OTHER INVESTMENTS (
SCHEDULE OF OTHER INVESTMENTS (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Investments in equity securities without readily determinable fair values of affiliates, total | $ 100,106 | $ 5,406,106 |
Other Related Party [Member] | ||
Investments in equity securities without readily determinable fair values of affiliates, total | 88,125 | 5,394,125 |
Greenpro Trust Limited Related Party [Member] | ||
Investments in equity securities without readily determinable fair values of affiliates, total | $ 11,981 | $ 11,981 |
SCHEDULE OF CARRYING VALUES OF
SCHEDULE OF CARRYING VALUES OF EQUITY SECURITIES WITHOUT READILY DETERMINABLE FAIR VALUES (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Investments, Debt and Equity Securities [Abstract] | ||
Balance, beginning of period / year | $ 15,537,964 | $ 15,545,764 |
Additions during the period / year | 500 | 1,250 |
Disposals or forfeitures during the period / year | (7,206,500) | (9,050) |
Balance, end of period / year | 8,331,964 | 15,537,964 |
Balance, beginning of period / year | (10,131,858) | (5,923,829) |
Reversal of impairment (Impairment) for the period / year | (4,982,000) | (4,208,029) |
Reversal of impairment (Impairment) for the period / year | 6,882,000 | |
Balance, end of period / year | (8,231,858) | (10,131,858) |
Net carrying values of equity securities without readily determinable fair values | $ 100,106 | $ 5,406,106 |
OTHER INVESTMENTS (Details Narr
OTHER INVESTMENTS (Details Narrative) - USD ($) | 1 Months Ended | 12 Months Ended | |||||||||||||||||
May 18, 2023 | Feb. 08, 2023 | Feb. 26, 2021 | Feb. 19, 2021 | Feb. 17, 2021 | Feb. 11, 2021 | Dec. 11, 2020 | Dec. 11, 2020 | Nov. 18, 2020 | Jul. 08, 2020 | Jul. 01, 2020 | Jul. 31, 2023 | Oct. 19, 2020 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Jun. 12, 2023 | Jun. 29, 2020 | ||
Related party impairment loss | $ 4,982,000 | $ 4,208,029 | |||||||||||||||||
Reversal of impairment | 6,882,000 | ||||||||||||||||||
Cost method investments | 100,106 | ||||||||||||||||||
Disposals or forfeitures during the period / year | 7,206,500 | 9,050 | |||||||||||||||||
Reversal of impairment (Impairment) for the period / year | 6,882,000 | ||||||||||||||||||
Sale of investment | 500 | ||||||||||||||||||
Shares issued, price per share | $ 1.78 | ||||||||||||||||||
Other investments | 100,106 | 5,406,106 | |||||||||||||||||
Restricted common stock cancelled | 7,206,000 | ||||||||||||||||||
Impairment of investments | 4,982,000 | 4,208,029 | |||||||||||||||||
Impairment of investments | $ (4,982,000) | $ (4,208,029) | |||||||||||||||||
Common Class A [Member] | Daniel Mckinney [Member] | |||||||||||||||||||
Business combination step acquisition equity interest in acquiree percentage | 96% | ||||||||||||||||||
Daniel Mckinney [Member] | Common Class A [Member] | |||||||||||||||||||
Stock Issued During Period, Value, Restricted Stock Award, Gross | $ 96,000,000 | ||||||||||||||||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 19,200,000 | ||||||||||||||||||
Share Price | $ 5 | ||||||||||||||||||
Millennium Fine Art Inc [Member] | |||||||||||||||||||
Percentage of issued and outstanding shares | 5% | ||||||||||||||||||
Millennium Sapphire [Member] | |||||||||||||||||||
Ownership percentage | 100% | ||||||||||||||||||
Ata Plus Sdn. Bhd. [Member] | |||||||||||||||||||
Ownership percentage | 15% | 15% | |||||||||||||||||
Ata Plus Sdn. Bhd. [Member] | Maximum [Member] | |||||||||||||||||||
Ownership percentage | 15% | ||||||||||||||||||
Ata Plus Sdn. Bhd. [Member] | Minimum [Member] | |||||||||||||||||||
Ownership percentage | 4% | ||||||||||||||||||
First Bullion Holdings Inc [Member] | |||||||||||||||||||
Ownership percentage | 8% | 10% | 10% | 18% | 18% | ||||||||||||||
Common Stock [Member] | |||||||||||||||||||
Restricted common stock cancelled | [1] | 300,000 | |||||||||||||||||
Restricted common stock cancelled | $ 300 | ||||||||||||||||||
Additional Paid-in Capital [Member] | |||||||||||||||||||
Restricted common stock cancelled | 7,205,700 | ||||||||||||||||||
Purchase Agreement [Member] | |||||||||||||||||||
Gain loss on disposition of assets | $ 1,000,000 | ||||||||||||||||||
Purchase Agreement [Member] | Millennium Fine Art Inc [Member] | |||||||||||||||||||
Ownership percentage | 4% | ||||||||||||||||||
Shares Purchase Agreement [Member] | Mr.Tang and FBHI [Member] | |||||||||||||||||||
Ownership percentage | 8% | 8% | 8% | ||||||||||||||||
Stock Purchase and Option Agreement One [Member] | |||||||||||||||||||
Stock Issued During Period, Value, Restricted Stock Award, Gross | $ 25,000 | ||||||||||||||||||
Number of ordinary shares | 68,587 | ||||||||||||||||||
Business Acquisition, Transaction Costs | $ 20,000,000 | ||||||||||||||||||
Celmoze Wellness Corporation [Member] | |||||||||||||||||||
Number of common stock shares acquired | 5,000,000 | ||||||||||||||||||
Number of common stock shares acquired, value | $ 500 | ||||||||||||||||||
Shares issued, price per share | $ 0.0001 | ||||||||||||||||||
Other investments | 500 | ||||||||||||||||||
Innovest Energy Fund [Member] | |||||||||||||||||||
Restricted common stock cancelled | $ 7,206,000 | ||||||||||||||||||
reversal of impairment | 6,882,000 | ||||||||||||||||||
Innovest Energy Fund [Member] | Common Stock [Member] | |||||||||||||||||||
Restricted common stock cancelled | 300 | ||||||||||||||||||
Innovest Energy Fund [Member] | Additional Paid-in Capital [Member] | |||||||||||||||||||
Restricted common stock cancelled | $ 7,205,700 | ||||||||||||||||||
Innovest Energy Fund [Member] | Restricted Stock [Member] | Common Stock [Member] | |||||||||||||||||||
Restricted common stock cancelled | 300,000 | ||||||||||||||||||
Restricted common stock cancelled | $ 300 | ||||||||||||||||||
Innovest Energy Fund [Member] | Subscription Agreement [Member] | |||||||||||||||||||
Stock Issued During Period, Value, Restricted Stock Award, Gross | $ 7,206,000 | ||||||||||||||||||
Innovest Energy Fund [Member] | Subscription Agreement [Member] | Restricted Stock [Member] | |||||||||||||||||||
Stock Issued During Period, Value, Restricted Stock Award, Gross | $ 7,206,000 | ||||||||||||||||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 300,000 | ||||||||||||||||||
Simson Wellness Tech Corp [Member] | |||||||||||||||||||
Number of common stock shares acquired | 5,000,000 | ||||||||||||||||||
Number of common stock shares acquired, value | $ 500 | ||||||||||||||||||
Shares issued, price per share | $ 0.0001 | ||||||||||||||||||
Other investments | $ 500 | ||||||||||||||||||
Number of ordinary shares | 5,000,000 | ||||||||||||||||||
Stock issuance, value | $ 500 | ||||||||||||||||||
Cash received | $ 500 | ||||||||||||||||||
Millennium Fine Art Inc [Member] | Common Class B [Member] | |||||||||||||||||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 2,000,000 | ||||||||||||||||||
Share Price | $ 9 | ||||||||||||||||||
Stock repurchased and retired during period shares | 1,000,000 | ||||||||||||||||||
Investments | $ 4,000,000 | ||||||||||||||||||
Stock issued during period shares issued for services | 444,444 | ||||||||||||||||||
Common stock voting rights | 1% of MFAI’s total voting rights. | ||||||||||||||||||
Millennium Fine Art Inc [Member] | Purchase Agreement [Member] | |||||||||||||||||||
Stock issued during period restricted shares | 2,000,000 | ||||||||||||||||||
Stock issued during period restricted shares value | $ 5,000,000 | ||||||||||||||||||
Share Price | $ 5 | ||||||||||||||||||
Stock repurchased and retired during period shares | 1,000,000 | ||||||||||||||||||
Stock dividends shares | 1,000,000 | ||||||||||||||||||
Millennium Sapphire [Member] | |||||||||||||||||||
Impairment of investments | 4,000,000 | ||||||||||||||||||
Ata Plus Sdn. Bhd. [Member] | |||||||||||||||||||
Number of common stock shares acquired | 45,731 | ||||||||||||||||||
Number of common stock shares acquired, value | $ 749,992 | ||||||||||||||||||
Shares issued, price per share | $ 16.4 | ||||||||||||||||||
Other investments | $ 736,000 | ||||||||||||||||||
Impairment of investments | 736,000 | ||||||||||||||||||
Investment impairment loss | 13,992 | ||||||||||||||||||
First Bullion Holdings Inc [Member] | |||||||||||||||||||
Other investments | 246,000 | $ 2,289,500 | |||||||||||||||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 25,000 | ||||||||||||||||||
Number of ordinary shares | 160,000 | 360,000 | |||||||||||||||||
Stock issuance, value | $ 20,000,000 | ||||||||||||||||||
Share Price | $ 14.58 | $ 14.58 | |||||||||||||||||
Investment impairment loss | $ 2,043,500 | ||||||||||||||||||
Business Acquisition, Transaction Costs | $ 1,000,000 | $ 1,000,000 | |||||||||||||||||
Impairment of investments | 246,000 | ||||||||||||||||||
First Bullion Holdings Inc [Member] | Common Stock [Member] | |||||||||||||||||||
Number of ordinary shares | 364,500 | ||||||||||||||||||
Share Price | $ 14.58 | $ 14.58 | |||||||||||||||||
First Bullion Holdings Inc [Member] | Common Stock [Member] | Two Designees Mr Tang [Member] | |||||||||||||||||||
Stock Issued During Period, Value, Restricted Stock Award, Gross | $ 925,000 | ||||||||||||||||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 34,259 | ||||||||||||||||||
Share Price | $ 27 | ||||||||||||||||||
First Bullion Holdings Inc [Member] | Stock Purchase and Option Agreement [Member] | |||||||||||||||||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 68,587 | ||||||||||||||||||
Percentage of issued and outstanding shares | 10% | ||||||||||||||||||
Business Acquisition, Transaction Costs | $ 1,000,000 | ||||||||||||||||||
Related Party [Member] | |||||||||||||||||||
Related party impairment loss | $ 4,982,000 | ||||||||||||||||||
[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 |
SCHEDULE OF INTANGIBLE ASSETS (
SCHEDULE OF INTANGIBLE ASSETS (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Indefinite-Lived Intangible Assets [Line Items] | ||
Total intangible assets, gross | $ 480,785 | $ 480,785 |
Accumulated amortization, beginning of year | (478,885) | (478,160) |
Amortization for the year | (718) | (718) |
Effect of changes in exchange rate | (1) | (7) |
Accumulated amortization, end of year | (479,604) | (478,885) |
Accumulated amortization, end of year | (479,604) | (478,885) |
Intangible assets, net | 1,181 | 1,900 |
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, 2023 | Dec. 31, 2022 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2024 | $ 718 | |
2025 | 463 | |
Intangible assets, net | $ 1,181 | $ 1,900 |
SCHEDULE OF GOODWILL (Details)
SCHEDULE OF GOODWILL (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Restructuring Cost and Reserve [Line Items] | ||
Goodwill | $ 345,808 | $ 345,808 |
Accumulated impairment | (263,247) | |
Goodwill impairment loss | 263,247 | |
Goodwill impairment loss | (263,247) | |
Accumulated impairment | (263,247) | (263,247) |
Goodwill | 82,561 | 82,561 |
Falcon Accounting & Secretaries Limited [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Goodwill | 319,726 | 319,726 |
Goodwill | 56,479 | 56,479 |
Green Pro Capital [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Goodwill | 26,082 | $ 26,082 |
Goodwill | $ 345,808 |
INTANGIBLE ASSETS AND GOODWIL_2
INTANGIBLE ASSETS AND GOODWILL (Details Narrative) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Intangible assets current | $ 480,785 | ||
Amortization of antangible assets | 718 | $ 718 | |
Accumulated amortization of intangible assets | 479,604 | 478,885 | $ 478,160 |
Finite lived intangible assets net | 1,181 | 1,900 | |
Goodwill acquired | 345,808 | 345,808 | |
Goodwill | 82,561 | 82,561 | |
Indefinite lived intangible assets excluding goodwill | 263,247 | 263,247 | |
Goodwill impairment loss | 263,247 | ||
Sparkle Insurance Agency Limited [Member] | |||
Intangible assets current | 129,032 | ||
Amortization of antangible assets | 718 | 718 | |
Falcon Accounting & Secretaries Limited [Member] | |||
Goodwill acquired | 319,726 | 319,726 | |
Goodwill | 56,479 | 56,479 | |
Green Pro Capital [Member] | |||
Goodwill acquired | 26,082 | 26,082 | |
Goodwill | 345,808 | ||
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 AND SUPPLEMENTAL CASH FLOW INFORMATION (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | ||
Lease costs | |||
Rental expenses (1) | [1] | $ 94,999 | $ 85,989 |
Other rental expenses (2) | [2] | 19,402 | 26,915 |
Total Operating lease costs | 114,401 | 112,904 | |
Interest repayment - finance leases | 729 | ||
Total Finance lease costs | 729 | ||
Total lease costs | 115,130 | 112,904 | |
Rental payment - operating leases | 96,211 | 91,919 | |
Principal repayment - finance leases | 1,902 | ||
Total cash paid | 98,842 | 91,919 | |
Balance payment of ROU asset by finance lease liabilities | $ 18,957 | ||
Weighted average remaining lease term - operating leases (in years) | 1 year 2 months 12 days | 2 months 15 days | |
Weighted average remaining lease term - operating leases (in years) | 4 years 5 months 1 day | ||
Average discount rate - operating leases | 4% | 4% | |
Average discount rate - finance leases | 6.90% | (0.00%) | |
[1]Rental expenses include amortization of $ 89,695 83,297 5,304 2,692 |
SCHEDULE OF COMPONENTS OF LEA_2
SCHEDULE OF COMPONENTS OF LEASE AND SUPPLEMENTAL CASH FLOW INFORMATION (Details) (Parenthetical) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Leases | ||
Rental expenses include amortization | $ 89,695 | $ 83,297 |
Interest expenses | $ 5,304 | $ 2,692 |
SCHEDULE OF SUPPLEMENTAL BALANC
SCHEDULE OF SUPPLEMENTAL BALANCE SHEET INFORMATION RELATED TO LEASES (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 | Jan. 01, 2019 | |||
Leases | ||||||
Long-term operating lease ROU assets, net | $ 114,551 | [1] | $ 17,510 | [1] | $ 582,647 | |
Long-term finance lease ROU asset, net | [2] | 25,527 | ||||
Total ROU assets | 140,078 | 17,510 | ||||
Current portion of operating lease liabilities | 94,726 | 18,725 | ||||
Current portion of finance lease liabilities | 3,426 | |||||
Total current lease liabilities | 98,152 | 18,725 | ||||
Long-term operating lease liabilities | 19,825 | |||||
Long-term finance lease liabilities | 13,638 | |||||
Total long-term lease liabilities | 33,463 | |||||
Total lease liabilities | $ 131,615 | $ 18,725 | ||||
[1]Operating lease ROU assets are measured at cost of $ 351,829 164,771 237,278 147,261 28,898 3,371 |
SCHEDULE OF SUPPLEMENTAL BALA_2
SCHEDULE OF SUPPLEMENTAL BALANCE SHEET INFORMATION RELATED TO LEASES (Details) (Parenthetical) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Leases | ||
Operating lease, right of use asset | $ 351,829 | $ 164,771 |
Operating lease, right of use asset, accumulated amortization | 237,278 | $ 147,261 |
Finance lease, right of use asset | 28,898 | |
Finance lease, right of use asset, accumulated amortization | $ 3,371 |
SCHEDULE OF MATURITIES OF LEASE
SCHEDULE OF MATURITIES OF LEASE LIABILITIES (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 | Jan. 01, 2019 |
Leases | |||
Operating leases, 2024 | $ 97,583 | ||
Finance leases, 2024 | 4,490 | ||
Operating leases, 2025 | 19,936 | ||
Finance leases, 2025 | 4,490 | ||
Operating leases, 2026 | |||
Finance leases, 2026 | 4,490 | ||
Operating leases, 2027 | |||
Finance leases, 2027 | 4,490 | ||
Operating leases, 2028 | |||
Finance leases, 2028 | 1,868 | ||
Operating lease, total future minimum lease payments | 117,519 | ||
Finance lease, total future minimum lease payments | 19,828 | ||
Operating leases, Less Imputed interest/present value discount | (2,968) | ||
Finance leases, Less Imputed interest/present value discount | (2,764) | ||
Operating leases, Present value of lease liabilities | 114,551 | $ 582,647 | |
Finance leases, Present value of lease liabilities | 17,064 | ||
Operating leases, Current lease obligations | 94,726 | $ 18,725 | |
Finance leases, Current lease obligations | 3,426 | ||
Operating leases, Long-term lease obligations | 19,825 | ||
Finance leases, Long-term lease obligations | 13,638 | ||
Operating leases, Total lease obligations | 114,551 | $ 582,647 | |
Finance leases, Total lease obligations | $ 17,064 |
LEASES (Details Narrative)
LEASES (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Leases | ||
Operating lease term | 2 years | |
Finance lease term | 5 years | |
Lease cost | $ 115,130 | $ 112,904 |
Operating lease cost | 114,401 | 112,904 |
Finance lease costs | $ 729 |
SCHEDULE OF DERIVATIVE LIABILIT
SCHEDULE OF DERIVATIVE LIABILITIES (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Fair value at beginning of period | $ 1 | $ 9,935 |
Fair value gains of derivative liability associated with warrants | (1) | (9,934) |
Fair value at end of period | $ 1 |
SCHEDULE OF ESTIMATED DERIVATIV
SCHEDULE OF ESTIMATED DERIVATIVE LIABILITIES AT FAIR VALUE ASSUMPTIONS (Details) - Black Scholes Merton [Member] | Jun. 12, 2023 USD ($) | Dec. 31, 2022 USD ($) |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Fair Value of warrants | $ 1 | |
Measurement Input, Risk Free Interest Rate [Member] | ||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Fair value assumptions, measurement input, percentage | 3.87 | 3.97 |
Measurement Input Price Volatility Rate [Member] | ||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Fair value assumptions, measurement input, percentage | 162 | 168 |
Measurement Input, Expected Term [Member] | ||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Derivative liability measurement input term | 0 years | 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 | ||||||
Jun. 12, 2023 | Jul. 28, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Jul. 19, 2022 | 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 | ||||||
Warrants exercise price percentage | 120% | ||||||
Warrants exercise price post-split | $ 72 | $ 72 | |||||
Warrants exercise price pre-split | 7.2 | $ 7.2 | |||||
Decrease in fair value of derivative liability | $ 1 | ||||||
Shares issued, price per share | $ 1.78 | ||||||
Derivative gain | 1 | $ 9,934 | |||||
Warrant [Member] | |||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||||
Number of shares pre-split | 53,556 | ||||||
Number of shares post-split | 5,356 | ||||||
Derivative liability | $ 0 | $ 1 |
STOCKHOLDERS_ EQUITY (Details N
STOCKHOLDERS’ EQUITY (Details Narrative) - USD ($) | 12 Months Ended | ||||||
May 18, 2023 | Jul. 28, 2022 | Feb. 11, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Jul. 19, 2022 | ||
Accumulated Other Comprehensive Income (Loss) [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 | |||||
Restricted common stock cancelled | $ 7,206,000 | ||||||
Stockholders equity reverse stock split | 10-for-1 | ||||||
Common Stock [Member] | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Restricted common stock cancelled | [1] | 300,000 | |||||
Restricted common stock cancelled | $ 300 | ||||||
Additional Paid-in Capital [Member] | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Restricted common stock cancelled | $ 7,205,700 | ||||||
Innovest Energy Fund [Member] | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Restricted common stock cancelled | $ 7,206,000 | ||||||
Innovest Energy Fund [Member] | Common Stock [Member] | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Restricted common stock cancelled | 300 | ||||||
Innovest Energy Fund [Member] | Additional Paid-in Capital [Member] | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Restricted common stock cancelled | $ 7,205,700 | ||||||
Innovest Energy Fund [Member] | Restricted Stock [Member] | Common Stock [Member] | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Restricted common stock cancelled | 300,000 | ||||||
Restricted common stock cancelled | $ 300 | ||||||
Subscription Agreement [Member] | Innovest Energy Fund [Member] | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Number of restricted stock, value | $ 7,206,000 | ||||||
Subscription Agreement [Member] | Innovest Energy Fund [Member] | Restricted Stock [Member] | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Number of restricted stock, value | $ 7,206,000 | ||||||
Number of restricted stock, shares | 300,000 | ||||||
[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 |
SUMMARY OF WARRANTS ACTIVITY (D
SUMMARY OF WARRANTS ACTIVITY (Details) - shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
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 | (5,356) | |
Weighted Average Exercise Price, Expired/Cancelled | (72) | |
Number of Shares Warrants, Outstanding Ending Balance | 5,356 | |
Number of Shares Warrants, Exercisable Ending Balance | ||
Weighted Average Exercise Price, Outstanding, Ending Balance | 72 | |
Weighted Average Exercise Price,Exercisable, Ending Balance |
WARRANTS (Details Narrative)
WARRANTS (Details Narrative) - $ / shares | Jul. 28, 2022 | Dec. 31, 2023 | Jun. 12, 2023 | Dec. 31, 2022 | Jul. 19, 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 | $ 7.2 | ||||||
Warrants exercise price post-split | 72 | $ 72 | ||||||
Shares issued, price per share | $ 1.78 | |||||||
Number of Shares Warrants, Outstanding Ending Balance | 5,356 | 5,356 | ||||||
Number of Shares Warrants, Exercisable Ending Balance | ||||||||
Warrant [Member] | ||||||||
Number of shares pre-split | 53,556 | |||||||
Number of shares post-split | 5,356 |
SCHEDULE OF PROVISION FOR (BENE
SCHEDULE OF PROVISION FOR (BENEFIT FROM) INCOME TAXES (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Current: Local | ||
Deferred: Local | ||
Deferred : Foreign | ||
Total | 6,829 | 2,356 |
HONG KONG | ||
Current: Foreign | ||
CHINA | ||
Current: Foreign | 6,829 | 2,356 |
MALAYSIA | ||
Current: Foreign |
SCHEDULE OF LOSS BEFORE INCOME
SCHEDULE OF LOSS BEFORE INCOME TAXES (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Loss before income taxes | $ 1,056,528 | $ (6,259,832) |
UNITED STATES | ||
Loss before income taxes | (4,093,463) | (727,898) |
HONG KONG | ||
Loss before income taxes | (345,251) | 73,114 |
CHINA | ||
Loss before income taxes | (265) | 248,199 |
MALAYSIA | ||
Loss before income taxes | (47,494) | (101,077) |
Labuan [Member] | ||
Loss before income taxes | (342,489) | (42,826) |
Other [Member] | ||
Loss before income taxes | $ 5,885,490 | $ (5,709,344) |
SCHEDULE OF EFFECTIVE INCOME TA
SCHEDULE OF EFFECTIVE INCOME TAX RATE (Details) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | ||
Statutory tax rate | 21% | 21% |
Impairment of goodwill, intangible assets, and investments | ||
Change in income tax valuation allowance | (20.30%) | (21.00%) |
Effective tax rate | 70% | 0% |
SCHEDULE OF COMPONENTS OF DEFER
SCHEDULE OF COMPONENTS OF DEFERRED TAX ASSETS (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Impairment of goodwill, intangible assets, and investments | $ 832,000 | $ 832,000 |
Financing costs | 974,000 | 974,000 |
Operating lease liability | 24,000 | 4,000 |
Finance lease liability | 4,000 | |
Accounts receivable allowance | 128,000 | 5,000 |
Gross deferred tax assets | 8,095,000 | 7,012,000 |
Less: valuation allowance | (8,066,000) | (7,006,000) |
Total deferred tax assets | 29,000 | 6,000 |
Change in fair value of derivative liabilities | 2,000 | |
Operating lease right-of-use asset | 24,000 | 4,000 |
Finance lease right-of-use asset | 5,000 | |
Total deferred tax liabilities | 29,000 | 6,000 |
Net deferred tax asset (liability) | ||
UNITED STATES | ||
– United States of America | 4,778,000 | 3,918,000 |
HONG KONG | ||
Net operating loss (NOL) carryforwards | 558,000 | 504,000 |
CHINA | ||
Net operating loss (NOL) carryforwards | 559,000 | 557,000 |
MALAYSIA | ||
Net operating loss (NOL) carryforwards | 226,000 | 217,000 |
Labuan [Member] | ||
Net operating loss (NOL) carryforwards | $ 12,000 | $ 1,000 |
INCOME TAXES (Details Narrative
INCOME TAXES (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | ||
Valuation allowance | $ 8,066,000 | $ 7,006,000 |
Deferred tax assets | 8,095,000 | $ 7,012,000 |
Operating loss carryforwards | 6,133,000 | |
Increase in valuation allowance | $ 1,060,000 | |
Income tax rate | 21% | 21% |
UNITED STATES | ||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | ||
Operating loss carryforwards | $ 4,093,000 | $ 728,000 |
Cumulative net operating losses | 22,753,000 | |
HONG KONG | ||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | ||
Operating loss carryforwards | 73,000 | |
Cumulative net operating losses | $ 2,651,000 | |
Income tax rate | 16.50% | |
Net operating income | $ 345,000 | |
CHINA | ||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | ||
Operating loss carryforwards | 248,000 | |
Cumulative net operating losses | $ 2,236,000 | |
Income tax rate | 25% | |
Net operating income | $ 0 | |
MALAYSIA | ||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | ||
Operating loss carryforwards | 47,000 | 101,000 |
Cumulative net operating losses | $ 1,132,000 | |
MALAYSIA | Minimum [Member] | ||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | ||
Income tax rate | 15% | |
MALAYSIA | Maximum [Member] | ||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | ||
Income tax rate | 24% | |
Labuan [Member] | ||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | ||
Operating loss carryforwards | $ 342,000 | $ 43,000 |
Cumulative net operating losses | $ 385,000 | |
Income tax rate | 3% |
SCHEDULE OF DUE FROM RELATED PA
SCHEDULE OF DUE FROM RELATED PARTIES (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Accounts receivable, net | ||
Total | $ 44,938 | $ 169,537 |
Related Party B [Member] | ||
Accounts receivable, net | ||
Total | 129,250 | |
Prepayment | ||
Total | 80,000 | |
Due from related parties | ||
Due from related parties | 25,932 | 4,708 |
Related Party K [Member] | ||
Accounts receivable, net | ||
Total | 42 | |
Related Party [Member] | ||
Accounts receivable, net | ||
Total | 129,292 | |
Due from related parties | ||
Due from related parties | 750,860 | 265,772 |
Related Party D [Member] | ||
Due from related parties | ||
Due from related parties | 723,889 | 200,000 |
Related Party G [Member] | ||
Due from related parties | ||
Due from related parties | 1,032 | 1,064 |
Related Party H [Member] | ||
Due from related parties | ||
Due from related parties | 60,000 | |
Related Party I [Member] | ||
Due from related parties | ||
Due from related parties | $ 7 |
SCHEDULE OF DUE FROM RELATED _2
SCHEDULE OF DUE FROM RELATED PARTIES (Details) (Parenthetical) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Related Party B [Member] | ||
Related Party Transaction [Line Items] | ||
Accounts receivable from related parties, net of allowance | $ 379,542 | $ 1,750 |
Related Party K [Member] | ||
Related Party Transaction [Line Items] | ||
Accounts receivable from related parties, net of allowance | $ 0 | $ 2 |
SCHEDULE OF DUE TO RELATED PART
SCHEDULE OF DUE TO RELATED PARTIES (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Related Party Transaction [Line Items] | ||
Due to related parties | $ 389,274 | $ 448,251 |
Related Party A [Member] | ||
Related Party Transaction [Line Items] | ||
Due to related parties | 30,238 | 47,135 |
Related Party B [Member] | ||
Related Party Transaction [Line Items] | ||
Due to related parties | 19,906 | 2,275 |
Related Party E [Member] | ||
Related Party Transaction [Line Items] | ||
Due to related parties | 844 | |
Related Party J [Member] | ||
Related Party Transaction [Line Items] | ||
Due to related parties | 336,636 | 390,333 |
Related Party K [Member] | ||
Related Party Transaction [Line Items] | ||
Due to related parties | $ 1,650 | $ 8,508 |
SCHEDULE OF INCOME FROM OR EXPE
SCHEDULE OF INCOME FROM OR EXPENSES TO RELATED PARTIES (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | ||
Related Party Transaction [Line Items] | |||
Deferred cost of revenue to a related party | $ 16,291 | $ 168,605 | |
Deferred revenue from related parties | 1,075,404 | 1,834,244 | |
Cost of revenues to a related party | [1] | 571,578 | 1,023,503 |
Reversal of impairment (impairment) of other investment | 6,882,000 | ||
Impairment of related party investments | 4,982,000 | 4,208,029 | |
Impairment of other receivable from related parties | [1] | 60,000 | 606,250 |
Related Party B [Member] | |||
Related Party Transaction [Line Items] | |||
Deferred cost of revenue to a related party | 11,640 | ||
Deferred revenue from related parties | 157,500 | 749,400 | |
Service revenue from related parties | 1,120,805 | 463,304 | |
Cost of revenues to a related party | 23,280 | ||
General and administrative expenses to related parties | 24,844 | 125,286 | |
Other income from related parties | 38,747 | 1,356 | |
Reversal of impairment (impairment) of other investment | 6,882,000 | ||
Impairment of related party investments | 4,982,000 | 4,208,029 | |
Related Party E [Member] | |||
Related Party Transaction [Line Items] | |||
Deferred revenue from related parties | 100,000 | ||
Service revenue from related parties | 258,251 | 8,865 | |
Related Party [Member] | |||
Related Party Transaction [Line Items] | |||
Deferred revenue from related parties | 157,500 | 849,400 | |
Service revenue from related parties | 1,425,577 | 665,203 | |
General and administrative expenses to related parties | 122,880 | 193,802 | |
Other income from related parties | 47,609 | 5,850 | |
Related Party A [Member] | |||
Related Party Transaction [Line Items] | |||
Service revenue from related parties | 3,647 | 147,269 | |
General and administrative expenses to related parties | 9,287 | ||
Related Party D [Member] | |||
Related Party Transaction [Line Items] | |||
Service revenue from related parties | 35,358 | 30,923 | |
General and administrative expenses to related parties | 44,475 | ||
Other income from related parties | 8,862 | 4,494 | |
Impairment of other receivable from related parties | 606,250 | ||
Related Party G [Member] | |||
Related Party Transaction [Line Items] | |||
Service revenue from related parties | 7,351 | 13,664 | |
Related Party I [Member] | |||
Related Party Transaction [Line Items] | |||
Service revenue from related parties | 1,089 | ||
General and administrative expenses to related parties | 15,762 | 16,334 | |
Related Party K [Member] | |||
Related Party Transaction [Line Items] | |||
Service revenue from related parties | 165 | 89 | |
General and administrative expenses to related parties | 37,799 | 42,895 | |
Related Party H [Member] | |||
Related Party Transaction [Line Items] | |||
Impairment of other receivable from related parties | $ 60,000 | ||
[1]Revenues and costs are attributed to countries based on the location of customers. |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2018 | ||
Related Party Transaction [Line Items] | ||||
Impairment of other receivable | [1] | $ 60,000 | $ 606,250 | |
Related Party H [Member] | ||||
Related Party Transaction [Line Items] | ||||
Ownership percentage | 48% | 49% | ||
Total consideration on acquisition | $ 368,265 | |||
Impairment of other investments | $ 368,265 | |||
Related Party B [Member] | ||||
Related Party Transaction [Line Items] | ||||
Related party transaction, description of transaction | the Company owns a respective percentage ranging from 1% to 18% interests in those companies. | |||
Related Party H [Member] | ||||
Related Party Transaction [Line Items] | ||||
Impairment of other receivable | $ 60,000 | |||
[1]Revenues and costs are attributed to countries based on the location of customers. |
SCHEDULE OF SUMMARIZED FINANCIA
SCHEDULE OF SUMMARIZED FINANCIAL INFORMATION (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | ||
Segment Reporting Information [Line Items] | |||
Revenues | [1] | $ 3,477,664 | $ 3,673,997 |
Cost of revenues | [1] | (571,578) | (1,023,503) |
Reversal of impairment of investment | [1] | 6,882,000 | |
Reversal of write-off notes receivable | [1] | 600,000 | 200,000 |
Depreciation and amortization | [1] | (237,888) | (238,502) |
Impairment of other receivable | [1] | (60,000) | (606,250) |
Impairment of investments | (4,982,000) | (4,208,029) | |
Net income (loss) | [1] | 1,049,699 | (6,262,188) |
Total assets | [1] | 8,658,020 | 15,639,206 |
Capital expenditures for long-lived assets | [1] | 113,967 | 3,016 |
Impairment of goodwill | [1] | (263,247) | |
Impairment of investments | [1] | (4,882,000) | (4,208,029) |
HONG KONG | |||
Segment Reporting Information [Line Items] | |||
Revenues | [1] | 2,178,761 | 2,046,846 |
Cost of revenues | [1] | (272,758) | (659,126) |
Reversal of impairment of investment | [1] | 6,882,000 | |
Reversal of write-off notes receivable | [1] | 600,000 | 200,000 |
Depreciation and amortization | [1] | (97,231) | (94,237) |
Impairment of other receivable | [1] | (60,000) | (606,250) |
Net income (loss) | [1] | 1,252,158 | (6,329,749) |
Total assets | [1] | 4,499,800 | 10,786,359 |
Capital expenditures for long-lived assets | [1] | 1,549 | |
Impairment of goodwill | [1] | (263,247) | |
Impairment of investments | [1] | (4,882,000) | (4,208,029) |
MALAYSIA | |||
Segment Reporting Information [Line Items] | |||
Revenues | [1] | 336,539 | 397,705 |
Cost of revenues | [1] | (169,245) | (221,442) |
Reversal of impairment of investment | [1] | ||
Reversal of write-off notes receivable | [1] | ||
Depreciation and amortization | [1] | (34,263) | (30,874) |
Impairment of other receivable | [1] | ||
Net income (loss) | [1] | (517,533) | (178,618) |
Total assets | [1] | 1,534,064 | 1,969,298 |
Capital expenditures for long-lived assets | [1] | 110,869 | 1,226 |
Impairment of goodwill | [1] | ||
Impairment of investments | [1] | ||
CHINA | |||
Segment Reporting Information [Line Items] | |||
Revenues | [1] | 962,364 | 1,229,446 |
Cost of revenues | [1] | (129,575) | (142,935) |
Reversal of impairment of investment | [1] | ||
Reversal of write-off notes receivable | [1] | ||
Depreciation and amortization | [1] | (106,394) | (113,391) |
Impairment of other receivable | [1] | ||
Net income (loss) | [1] | 315,074 | 246,179 |
Total assets | [1] | 2,624,156 | 2,883,549 |
Capital expenditures for long-lived assets | [1] | 1,549 | 1,790 |
Impairment of goodwill | [1] | ||
Impairment of investments | [1] | ||
Real Estates [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 98,068 | 948,531 | |
Cost of revenues | (36,613) | (619,426) | |
Reversal of impairment of investment | |||
Reversal of write-off notes receivable | |||
Depreciation and amortization | (29,982) | (30,874) | |
Impairment of other receivable | |||
Impairment of investments | |||
Net income (loss) | (59,715) | 221,712 | |
Total assets | 1,703,618 | 1,851,373 | |
Capital expenditures for long-lived assets | |||
Impairment of goodwill | |||
Service Business [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 3,379,596 | 2,725,466 | |
Cost of revenues | (534,965) | (404,077) | |
Reversal of impairment of investment | |||
Reversal of write-off notes receivable | |||
Depreciation and amortization | (207,520) | (203,508) | |
Impairment of other receivable | |||
Impairment of investments | |||
Net income (loss) | (857,609) | (620,880) | |
Total assets | 5,189,914 | 5,995,114 | |
Capital expenditures for long-lived assets | 113,967 | 3,016 | |
Impairment of goodwill | |||
Corporate Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | |||
Cost of revenues | |||
Reversal of impairment of investment | 6,882,000 | ||
Reversal of write-off notes receivable | 600,000 | 200,000 | |
Depreciation and amortization | (386) | (4,120) | |
Impairment of other receivable | (60,000) | (606,250) | |
Impairment of investments | (4,982,000) | (4,208,029) | |
Net income (loss) | 1,967,023 | (5,863,020) | |
Total assets | 1,764,488 | 7,792,719 | |
Capital expenditures for long-lived assets | |||
Impairment of goodwill | $ (263,247) | ||
[1]Revenues and costs are attributed to countries based on the location of customers. |
SEGMENT INFORMATION (Details Na
SEGMENT INFORMATION (Details Narrative) | 12 Months Ended |
Dec. 31, 2023 Integer | |
Segment Reporting [Abstract] | |
Number of reportable segments | 2 |