Cover
Cover - $ / shares | 6 Months Ended | |
Jun. 30, 2024 | Aug. 13, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jun. 30, 2024 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2024 | |
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 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 Bankruptcy Proceedings, Reporting Current | false | |
Entity Common Stock, Shares Outstanding | 7,575,813 | |
Entity Listing, Par Value Per Share | $ 0.0001 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 | ||
Current assets: | ||||
Cash and cash equivalents (including $79,404 and $166,481 of time deposits as of June 30, 2024 and December 31, 2023, respectively) | $ 1,189,489 | $ 2,223,197 | ||
Accounts receivable, net of allowance for credit losses of $749,000 and $610,599 as of June 30, 2024 and December 31, 2023, respectively (including $117 and $0 of net accounts receivable from related parties as of June 30, 2024 and December 31, 2023, respectively) | 77,532 | 44,938 | ||
Prepaids and other current assets | 425,042 | 627,315 | ||
Deferred cost of revenue | 23,604 | 16,291 | ||
Total current assets | 2,624,028 | 3,662,601 | ||
Property and equipment, net | 2,299,418 | 2,413,538 | ||
Real Estate investments: | ||||
Real estate held for sale | 980,402 | 1,659,207 | ||
Real estate held for investment, net | 574,311 | 598,748 | ||
Intangible assets, net | 841 | 1,181 | ||
Goodwill | 88,596 | 82,561 | ||
Other investments (including $99,586 and $100,106 of investments in related parties as of June 30, 2024 and December 31, 2023, respectively) | 99,586 | 100,106 | ||
Operating lease right-of-use assets, net | [1] | 67,666 | 114,551 | |
Finance lease right-of-use asset, net | [2] | 22,023 | 25,527 | |
TOTAL ASSETS | 6,756,871 | [3] | 8,658,020 | |
Current liabilities: | ||||
Accounts payable and accrued liabilities | 510,535 | 724,796 | ||
Income tax payable | 292 | |||
Operating lease liabilities, current portion | 67,666 | 94,726 | ||
Finance lease liabilities, current portion | 3,449 | 3,426 | ||
Deferred revenue (including $75,800 and $157,500 from related parties as of June 30, 2024 and December 31, 2023, respectively) | 1,041,998 | 1,075,404 | ||
Total current liabilities | 1,700,097 | 2,287,918 | ||
Operating lease liabilities, non-current portion | 19,825 | |||
Finance lease liabilities, non-current portion | 11,515 | 13,638 | ||
Total liabilities | 1,711,612 | 2,321,381 | ||
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 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively | 7,576 | 7,576 | ||
Additional paid in capital | 42,749,831 | 42,897,029 | ||
Accumulated other comprehensive loss | (372,308) | (310,169) | ||
Accumulated deficit | (37,377,215) | (36,549,095) | ||
Total Greenpro Capital Corp. stockholders’ equity | 5,007,884 | 6,045,341 | ||
Non-controlling interests in consolidated subsidiaries | 37,375 | 291,298 | ||
Total stockholders’ equity | 5,045,259 | 6,336,639 | ||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | 6,756,871 | 8,658,020 | ||
Related Party [Member] | ||||
Current assets: | ||||
Accounts receivable, net of allowance for credit losses of $749,000 and $610,599 as of June 30, 2024 and December 31, 2023, respectively (including $117 and $0 of net accounts receivable from related parties as of June 30, 2024 and December 31, 2023, respectively) | 117 | |||
Due from related parties | 908,361 | 750,860 | ||
Real Estate investments: | ||||
Other investments (including $99,586 and $100,106 of investments in related parties as of June 30, 2024 and December 31, 2023, respectively) | 99,586 | 100,106 | ||
Current liabilities: | ||||
Due to related parties | 76,449 | 389,274 | ||
Deferred revenue (including $75,800 and $157,500 from related parties as of June 30, 2024 and December 31, 2023, respectively) | $ 75,800 | $ 157,500 | ||
[1]Operating lease ROU assets are measured at cost of $ 351,829 284,163 237,278 28,898 6,875 3,371 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 |
Defined Benefit Plan Disclosure [Line Items] | ||
Time deposits | $ 79,404 | $ 166,481 |
Accounts receivable, allowance for credit losses | 749,000 | 610,599 |
Accounts receivable, related parties, current | 77,532 | 44,938 |
Other investments | 99,586 | 100,106 |
Deferred revenue | $ 1,041,998 | $ 1,075,404 |
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 | 7,575,813 |
Common stock, shares outstanding | 7,575,813 | 7,575,813 |
Related Party [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accounts receivable, related parties, current | $ 117 | |
Other investments | 99,586 | 100,106 |
Deferred revenue | $ 75,800 | $ 157,500 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |||
REVENUES: | ||||||
Total revenue | $ 361,174 | $ 600,885 | $ 1,019,573 | [1] | $ 1,238,620 | [1] |
COST OF REVENUES: | ||||||
Total cost of revenues | (42,724) | (94,685) | (123,598) | (172,869) | ||
GROSS PROFIT | 318,450 | 506,200 | 895,975 | 1,065,751 | ||
OPERATING EXPENSES: | ||||||
General and administrative (including $54,859 and $61,915 of general and administrative expenses to related parties for the three months ended June 30, 2024 and 2023, respectively, and $82,762 and $76,720 of general and administrative expenses to related parties for the six months ended June 30, 2024 and 2023, respectively) | (920,070) | (817,259) | (1,971,308) | (1,708,823) | ||
LOSS FROM OPERATIONS | (601,620) | (311,059) | (1,075,333) | (643,072) | ||
OTHER INCOME | ||||||
Other income (including $14,440 and $3,368 of other income from related parties for the three months ended June 30, 2024 and 2023, respectively, and $25,866 and $6,733 of other income from related parties for the six months ended June 30, 2024 and 2023, respectively) | 15,852 | 6,608 | 28,471 | 27,254 | ||
Interest income (including $1,359 and $0 of interest income from related party for the three months ended June 30, 2024, and 2023, respectively, and $2,344 and $0 of interest income from related party for six months ended June 30, 2024, and 2023, respectively) | 2,960 | 11,191 | 12,849 | 22,006 | ||
Gain on disposal of investments (including $17,320 of related party investment for the three months ended June 30, 2024 and $197,300 of related party investments for the six months ended June 30, 2024) | 17,320 | 197,300 | [1] | |||
Fair value gains of derivative liabilities associated with warrants | 1 | |||||
Reversal of impairment of other investment (including reversal of impairment of $6,759,000 of related party investment for the three months ended June 30, 2023, and reversal of impairment of $6,882,000 of related party investment for the six months ended June 30, 2023) | 6,759,000 | [1] | 6,882,000 | [1] | ||
Reversal of write-off notes receivable | 200,000 | [1] | 400,000 | [1] | ||
Interest expenses | (265) | (111) | (544) | (111) | ||
Total other income | 35,867 | 6,976,688 | 238,076 | 7,331,150 | ||
(LOSS) INCOME BEFORE INCOME TAX | (565,753) | 6,665,629 | (837,257) | 6,688,078 | ||
Income tax expense | (3,113) | (1,406) | (3,626) | |||
NET (LOSS) INCOME | (565,753) | 6,662,516 | (838,663) | [1] | 6,684,452 | [1] |
Net loss attributable to noncontrolling interest | 3,150 | 4,802 | 10,543 | 13,955 | ||
NET (LOSS) INCOME ATTRIBUTED TO COMMON SHAREHOLDERS OF GREENPRO CAPITAL CORP. | (562,603) | 6,667,318 | (828,120) | 6,698,407 | ||
Other comprehensive loss: | ||||||
- Foreign currency translation loss | (10,006) | (142,626) | (62,139) | (131,789) | ||
COMPREHENSIVE (LOSS) INCOME | $ (572,609) | $ 6,524,692 | $ (890,259) | $ 6,566,618 | ||
NET (LOSS) INCOME PER SHARE, BASIC | $ (0.07) | $ 0.86 | $ (0.11) | $ 0.85 | ||
NET (LOSS) INCOME PER SHARE, DILUTED | $ (0.07) | $ 0.86 | $ (0.11) | $ 0.85 | ||
WEIGHTED AVERAGE NUMBER OF COMMON STOCK OUTSTANDING, BASIC | 7,575,813 | 7,730,758 | 7,575,813 | 7,839,649 | ||
WEIGHTED AVERAGE NUMBER OF COMMON STOCK OUTSTANDING, DILUTED | 7,575,813 | 7,730,758 | 7,575,813 | 7,839,649 | ||
Service [Member] | ||||||
REVENUES: | ||||||
Total revenue | $ 342,630 | $ 580,390 | $ 976,422 | $ 1,195,994 | ||
COST OF REVENUES: | ||||||
Total cost of revenues | (36,010) | (85,722) | (110,708) | (154,183) | ||
Rental Revenue [Member] | ||||||
REVENUES: | ||||||
Total revenue | 18,544 | 20,495 | 43,151 | 42,626 | ||
COST OF REVENUES: | ||||||
Total cost of revenues | $ (6,714) | $ (8,963) | $ (12,890) | $ (18,686) | ||
[1]Revenues and costs are attributed to countries based on the location where the entities operate. |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income (Unaudited) (Parenthetical) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||
Cost of service revenue | [1] | $ 123,598 | $ 172,869 | |||||
General and administrative expense | $ 920,070 | $ 817,259 | 1,971,308 | 1,708,823 | ||||
Other income | 15,852 | 6,608 | 28,471 | 27,254 | ||||
Interest income | 2,960 | 11,191 | 12,849 | 22,006 | ||||
Gain on disposal of investments | 17,320 | 197,300 | [1] | |||||
Reversal of impairment of other investment | 6,759,000 | [1] | 6,882,000 | [1] | $ 6,882,000 | |||
Related Party [Member] | ||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||
Service revenue from related parties | 44,836 | 242,977 | 239,085 | 584,149 | ||||
Cost of service revenue | 998 | 0 | 4,052 | 0 | ||||
General and administrative expense | 54,859 | 61,915 | 82,762 | 76,720 | ||||
Other income | 14,440 | 3,368 | 25,866 | 6,733 | ||||
Interest income | 1,359 | 0 | 2,344 | 0 | ||||
Gain on disposal of investments | $ 17,320 | $ 197,300 | ||||||
Reversal of impairment of other investment | $ 6,759,000 | $ 6,882,000 | ||||||
[1]Revenues and costs are attributed to countries based on the location where the entities operate. |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Noncontrolling Interest [Member] | Total | ||
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 | 7,875,813 | |||||||
Foreign currency translation | (131,789) | (131,789) | ||||||
Net income (loss) | 6,698,407 | (13,955) | 6,684,452 | [1] | ||||
Cancellation of shares resulting from termination of investment | $ (300) | (7,205,700) | (7,206,000) | |||||
Cancellation of shares resulting from termination of investment, shares | [2] | (300,000) | ||||||
Balance at Jun. 30, 2023 | $ 7,576 | 42,897,029 | (356,680) | (30,924,273) | 301,229 | 11,924,881 | ||
Balance, shares at Jun. 30, 2023 | 7,575,813 | |||||||
Balance at Mar. 31, 2023 | $ 7,876 | 50,102,729 | (214,054) | (37,591,591) | 306,031 | 12,610,991 | ||
Balance, shares at Mar. 31, 2023 | 7,875,813 | |||||||
Foreign currency translation | (142,626) | (142,626) | ||||||
Net income (loss) | 6,667,318 | (4,802) | 6,662,516 | |||||
Cancellation of shares resulting from termination of investment | $ (300) | (7,205,700) | (7,206,000) | |||||
Cancellation of shares resulting from termination of investment, shares | [2] | (300,000) | ||||||
Balance at Jun. 30, 2023 | $ 7,576 | 42,897,029 | (356,680) | (30,924,273) | 301,229 | 11,924,881 | ||
Balance, shares at Jun. 30, 2023 | 7,575,813 | |||||||
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 | 7,575,813 | |||||||
Acquisition of noncontrolling interest’s shares in a subsidiary | (147,198) | (243,380) | (390,578) | |||||
Foreign currency translation | (62,139) | (62,139) | ||||||
Net income (loss) | (828,120) | (10,543) | (838,663) | [1] | ||||
Balance at Jun. 30, 2024 | $ 7,576 | 42,749,831 | (372,308) | (37,377,215) | 37,375 | 5,045,259 | ||
Balance, shares at Jun. 30, 2024 | 7,575,813 | |||||||
Balance at Mar. 31, 2024 | $ 7,576 | 42,897,029 | (362,302) | (36,814,612) | 283,905 | 6,011,596 | ||
Balance, shares at Mar. 31, 2024 | 7,575,813 | |||||||
Acquisition of noncontrolling interest’s shares in a subsidiary | (147,198) | (243,380) | (390,578) | |||||
Foreign currency translation | (10,006) | (10,006) | ||||||
Net income (loss) | (562,603) | (3,150) | (565,753) | |||||
Balance at Jun. 30, 2024 | $ 7,576 | $ 42,749,831 | $ (372,308) | $ (37,377,215) | $ 37,375 | $ 5,045,259 | ||
Balance, shares at Jun. 30, 2024 | 7,575,813 | |||||||
[1]Revenues and costs are attributed to countries based on the location where the entities operate.[2]Rental expenses include amortization of $ 46,821 43,797 1,899 2,480 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |||
Cash flows from operating activities: | |||||||
Net (loss) income | $ (565,753) | $ 6,662,516 | $ (838,663) | [1] | $ 6,684,452 | [1] | |
Adjustments to reconcile net loss to net cash used in operating activities: | |||||||
Depreciation | 72,658 | 72,737 | |||||
Amortization of intangible assets | 339 | 358 | |||||
Amortization of operating lease right-of-use assets | 46,821 | 43,797 | |||||
Amortization of finance lease right-of-use asset | 2,803 | 493 | |||||
Provision (reversal of provision) for credit losses | 143,292 | (15,356) | $ 584,919 | ||||
Gain on disposal of investments | (17,320) | (197,300) | [1] | ||||
Reversal of write-off notes receivable | (200,000) | [1] | (400,000) | [1] | |||
Reversal of impairment of other investment-related party | (6,759,000) | [1] | (6,882,000) | [1] | (6,882,000) | ||
Fair value gains of derivative liabilities associated with warrants | (1) | ||||||
Changes in operating assets and liabilities: | |||||||
Accounts receivable | (170,995) | (169,685) | |||||
Prepaids and other current assets | 202,273 | 40,707 | |||||
Deferred cost of revenue | (7,313) | (30,428) | |||||
Accounts payable and accrued liabilities | (214,261) | (265,775) | |||||
Operating lease liabilities | (46,821) | (45,012) | |||||
Income tax payable | (292) | 2,141 | |||||
Deferred revenue | (33,406) | (131,103) | |||||
Net cash used in operating activities | (1,040,865) | (1,094,675) | |||||
Cash flows from investing activities: | |||||||
Purchase of property and equipment | (4,400) | (5,002) | |||||
Proceeds from disposal of other investments | 197,820 | ||||||
Proceeds from real estate held for sale | 15,632 | ||||||
Purchase of other investments | (500) | ||||||
Initial payment of finance lease right-of-use asset | (9,774) | ||||||
Net cash provided by (used in) investing activities | 209,052 | (15,276) | |||||
Cash flows from financing activities: | |||||||
Principal payment of finance lease liabilities | (1,357) | (272) | |||||
Advances to related parties | (140,547) | (455,883) | |||||
Collection of notes receivable | 400,000 | ||||||
Net cash used in financing activities | (141,904) | (56,155) | |||||
Effect of exchange rate changes in cash and cash equivalents | (59,991) | 21,033 | |||||
NET CHANGE IN CASH AND CASH EQUIVALENTS | (1,033,708) | (1,145,073) | |||||
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 2,223,197 | 3,911,535 | 3,911,535 | ||||
CASH AND CASH EQUIVALENTS, END OF PERIOD | $ 1,189,489 | $ 2,766,462 | 1,189,489 | 2,766,462 | $ 2,223,197 | ||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | |||||||
Cash paid for income tax | 1,686 | 1,304 | |||||
Cash paid for interest | 457 | 111 | |||||
SUPPLEMENTAL NON-CASH INVESTING AND FINANCING ACTIVITIES: | |||||||
Balance payment of finance lease right-of-use asset by finance lease liabilities | 18,638 | ||||||
Distribution of real estate held for sale to a non-controlling interest for acquisition of noncontrolling interest’s shares in a subsidiary and settlement of noncontrolling interest’s loan | $ 678,805 | ||||||
[1]Revenues and costs are attributed to countries based on the location where the entities operate. |
ORGANIZATION AND SUMMARY OF SIG
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 1 - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Greenpro Capital Corp. (the “Company” or “GRNQ”) was incorporated on July 19, 2013 in the state of Nevada. 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. Our focus is on companies located in Asia and Southeast Asia, including Hong Kong, Malaysia, China, Thailand, and Singapore. As part of our business consulting and corporate advisory business segment, Greenpro Venture Capital Limited provides a business incubator for start-up companies 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 acquisition and sale of real estate properties held for sale. Basis of presentation and principles of consolidation The accompanying unaudited condensed consolidated financial statements as of and for the six months ended June 30, 2024 and 2023 have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) that permit reduced disclosure for interim periods. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) have been condensed or omitted. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the period ended June 30, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. The Condensed Consolidated Balance Sheet information as of December 31, 2023 was derived from the Company’s audited Consolidated Financial Statements as of and for the year ended December 31, 2023 included in the Company’s Annual Report on Form 10-K filed with the SEC on March 28, 2024. These financial statements should be read in conjunction with that report. The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries and majority-owned subsidiaries which the Company controls and entities for which the Company is the primary beneficiary. For those consolidated subsidiaries where the Company’s ownership is less than 100%, the outside shareholders’ interests are shown as noncontrolling interests in equity. Acquired businesses are included in the consolidated financial statements from the date on which control is transferred to the Company. Subsidiaries are deconsolidated from the date that control ceases. All inter-company accounts and transactions have been eliminated in consolidation. Going concern The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. During the six months ended June 30, 2024, the Company incurred a net loss of $ 838,663 and net cash used in operations of $ 1,040,865 , and as of June 30, 2024, the Company incurred an accumulated deficit of $ 37,377,215 . 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. In addition, the Company’s independent registered public accounting firm, in its report on the Company’s December 31, 2023 financial statements, has expressed substantial doubt about the Company’s ability to continue as a going concern. 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. Despite the amount of funds that we have raised in the past, 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 is able to 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 In addition, the Reverse Stock Split effected a reduction in the number of shares of Common Stock issuable upon the exercise of the warrants outstanding immediately prior to the effectiveness of the Reverse Stock Split, resulting in a reduction from 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 Although the COVID-19 pandemic appears to have abated, its long-term effects on the global economy, including elevated inflation, continued to affect our business. Furthermore, should there be a resurgence of the COVID-19 or new variants of COVID-19 pandemic, or should another pandemic arise, this could further affect our business. Moreover, a prolonged outbreak of any health epidemic or other adverse public health developments could create significant macroeconomic uncertainty, volatility and disruption, which may adversely affect our business operations. 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. Management regularly monitors the economic and other factors listed above. We develop strategic and tactical plans designed to improve performance and maximize our competitive position. Our ability to achieve our financial objectives is dependent upon our ability to effectively execute these plans and to appropriately respond to emerging economic and company-specific trends. Use of estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Significant accounting estimates include certain assumptions related to, among others, the allowance for doubtful accounts receivable, impairment analysis of real estate assets and other long-term assets including goodwill, estimates inherent in recording purchase price allocation, valuation allowance on deferred income taxes, the assumptions used in the valuation of the derivative liability, and the accrual of potential liabilities. Actual results may differ from these estimates. 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. 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 relevant 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 June 30, 2024 and December 31, 2023 are net of allowances for credit losses of $ 749,000 610,599 SCHEDULE OF ALLOWANCES FOR CREDIT LOSSES As of As of (Unaudited) (Audited) Balance at beginning of year $ 610,599 $ 25,677 Charged to operating expenses 143,292 584,919 (Recoveries) Write-offs of accounts receivable (4,891 ) 3 Balance at end of period / year $ 749,000 $ 610,599 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 include 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. At June 30, 2024 and December 31, 2023, cash included funds held by employees of $ 28,890 and $ 0 , respectively, was to facilitate payment of expenses in local currencies or to facilitate third-party online payment platforms, such as WeChat Pay or Alipay. The Company does not have a corporate account on these platforms. SCHEDULE OF CASH, CASH EQUIVALENTS As of As of (Unaudited) (Audited) Cash and cash equivalents Denominated in United States Dollar $ 246,843 $ 573,431 Denominated in Hong Kong Dollar 504,018 1,175,384 Denominated in Chinese Renminbi 403,180 434,698 Denominated in Malaysian Ringgit 34,880 39,552 Denominated in Great British Pound 127 127 Denominated in Singapore Dollar 441 5 Cash and cash equivalents $ 1,189,489 $ 2,223,197 Investments Investments in equity securities The Company accounts for its investments that represent less than 20% ownership, and for which the Company does not have the ability to exercise significant influence, using ASU 2016-01, Financial Instruments – Overall: Recognition and Measurement of Financial Assets and Financial Liabilities On June 30, 2024, the Company had a total of twenty-three (23) investments in equity securities without readily determinable fair values, all of which were related party investments with an aggregate value of $ 99,586 . Twelve (12) investments in equity securities are without readily determinable fair values and are fully impaired and with $ nil value (see Note 3). On December 31, 2023, the Company had a total of twenty-five (25) investments in equity securities without readily determinable fair values, all of which were related party investments with an aggregate value of $ 100,106 . Thirteen (13) investments in equity securities without readily determinable fair values were fully impaired and with $ nil value (see Note 3). Leases The Company determines if a contract is or contains a lease at inception of the contract or modification of the contract. A contract is or contains a lease if the contract conveys the right to control the use of an identified asset for a period in exchange for consideration. Control over the use of the identified asset means the lessee has both (a) the right to obtain substantially all the economic benefits from the use of the asset and (b) the right to direct the use of the asset. Finance and operating lease right-of-use (“ROU”) assets and liabilities are recognized based on the present value of future minimum lease payments over the expected lease term at commencement date. As the implicit rate is not determinable in most of the Company’s leases, management uses the Company’s incremental borrowing rate based on the information available at commencement date in determining the present value of future payments. The expected lease term includes an option to extend or terminate the lease when it is reasonably certain the Company will exercise the option. Lease expense for minimum lease payments is recognized on a straight-line basis over the expected lease term. The Company’s lease arrangements have lease and non-lease components. Leases with an expected term of 12 months or less are not accounted for on the balance sheet and the related lease expense is recognized on a straight-line basis over the expected lease term. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. See Note 5 for more information regarding leases. 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. 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 June 30, 2024 and 2023, there were no Foreign currency translation The consolidated financial statements are presented in United States Dollar (“US$”), which is the functional and reporting currency of the Company. In addition, the Company’s operating subsidiaries maintain their books and records in their respective functional currency, which consists of the Malaysian Ringgit (“MYR”), Chinese Renminbi (“RMB”) and Hong Kong Dollar (“HK$”). In general, for consolidation purposes, assets and liabilities of the Company’s subsidiaries whose functional currency is not the US$, are translated into US$ using the exchange rate on the balance sheet date. Revenues and expenses are translated at average rates prevailing during the period. The gains and losses resulting from translation of financial statements of a foreign subsidiary are recorded as a separate component of accumulated other comprehensive income or loss within stockholders’ equity. Translation of amounts from the local currencies of the Company into US$ has been made at the following exchange rates for the respective periods: SCHEDULE OF FOREIGN CURRENCIES TRANSLATION 2024 2023 As of and for the six months ended 2024 2023 Period-end MYR : US$1 exchange rate 4.72 4.67 Period-average MYR : US$1 exchange rate 4.73 4.49 Period-end RMB : US$1 exchange rate 7.27 7.25 Period-average RMB : US$1 exchange rate 7.21 6.97 Period-end HK$ : US$1 exchange rate 7.81 7.84 Period-average HK$ : US$1 exchange rate 7.82 7.84 Exchange rate 7.82 7.84 Fair value of financial instruments The Company follows the guidance of ASC 820-10, “ Fair Value Measurements and Disclosures ● Level 1 ● Level 2 ● Level 3 The Company believes the carrying amount reported in the balance sheet for cash and cash equivalents, accounts receivable, prepaids and other current assets, accounts payable and accrued liabilities, income tax payable, deferred cost of revenue, deferred revenue, and due to related parties, approximate their fair values because of the short-term nature of these financial instruments. Concentrations of risks For the three months ended June 30, 2024, no customer accounted for 10% or more of revenues, while for the three months ended June 30, 2023, two customers accounted for 42 31 11 25 15 10 41 26 15 Two customers accounted for 39 28 11 39 14 13 12 For the three and six months ended June 30, 2024 and 2023, no vendor accounted for 10% or more of the Company’s cost of revenues. Two vendors accounted for 49 % ( 37 % and 12 %) and three vendors accounted for 73 % ( 52 %, 11 % and 10 %,) of accounts payable as of June 30, 2024 and December 31, 2023, respectively. Exchange rate risk The Company’s reporting currency is US$ 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 and Thailand. 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 The Company has reviewed all recently issued, but not yet effective, considers the applicability and impact of all accounting standards updates (“ASUs”). Management periodically reviews new accounting standards that are issued. In November 2023, the FASB issued ASU 2023-07 “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures” The ASU 2023-07 is effective for annual reporting periods beginning after December 15, 2023 and interim periods in fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact of this ASU may have on its unaudited condensed consolidated financial statements and related disclosures. In December 2023, the FASB issued ASU 2023-09 “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” . The ASU 2023-09 is effective for annual reporting periods beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact of this ASU may have on its unaudited condensed consolidated financial statements and related disclosures. |
REVENUE FROM CONTRACTS WITH CUS
REVENUE FROM CONTRACTS WITH CUSTOMERS | 6 Months Ended |
Jun. 30, 2024 | |
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 cost of revenue is 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 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 table provides information about disaggregated revenue based on revenue by service line and revenue by geographic area: SCHEDULE OF DISAGGREGATED REVENUE 2024 2023 Three Months Ended June 30, 2024 2023 (Unaudited) (Unaudited) Revenue by service line: Corporate advisory - non-listing services $ 342,630 $ 395,221 Corporate advisory - listing services - 185,169 Rental of real estate properties 18,544 20,495 Total revenue $ 361,174 $ 600,885 2024 2023 Three Months Ended June 30, 2024 2023 (Unaudited) (Unaudited) Revenue by geographic area: Hong Kong $ 226,439 $ 442,206 Malaysia 84,015 78,969 China 50,720 79,710 Total revenue $ 361,174 $ 600,885 2024 2023 Six Months Ended June 30, 2024 2023 (Unaudited) (Unaudited) Revenue by service line: Corporate advisory - non-listing services $ 830,722 $ 630,849 Corporate advisory - listing services 145,700 565,145 Rental of real estate properties 43,151 42,626 Total revenue $ 1,019,573 $ 1,238,620 2024 2023 Six Months Ended June 30, 2024 2023 (Unaudited) (Unaudited) Revenue by geographic area: Hong Kong $ 643,711 $ 895,751 Malaysia 259,144 154,229 China 116,718 188,640 Total revenue $ 1,019,573 $ 1,238,620 Deferred cost of revenue For a service contract where the performance obligation has not been completed, deferred cost 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 June 30, 2024, and December 31, 2023, deferred cost of revenue or deferred revenue is classified as current assets or current liabilities and totaled, respectively: SCHEDULE OF DEFERRED COST OF REVENUE OR DEFERRED REVENUE As of June 30, 2024 As of December 31, 2023 (Unaudited) (Audited) Current assets Deferred cost of revenue $ 23,604 $ 16,291 Current liabilities Deferred revenue $ 1,041,998 $ 1,075,404 Changes in deferred revenue during the six months ended June 30, 2024 are as follows: SCHEDULE OF CHANGES IN DEFERRED REVENUE Six Months Ended June 30, 2024 (Unaudited) Deferred revenue, January 1, 2024 $ 1,075,404 New contract liabilities 112,294 Performance obligations satisfied (145,700 ) Deferred revenue, June 30, 2024 $ 1,041,998 |
OTHER INVESTMENTS
OTHER INVESTMENTS | 6 Months Ended |
Jun. 30, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
OTHER INVESTMENTS | NOTE 3 - OTHER INVESTMENTS SCHEDULE OF OTHER INVESTMENTS As of June 30, 2024 As of December 31, 2023 (Unaudited) (Audited) Investments 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 87,605 88,125 Total $ 99,586 $ 100,106 Investments in equity securities without readily determinable fair values of affiliates (related parties): Equity securities without readily determinable fair values are investments in privately held companies without readily determinable market values. The Company adopted the guidance of ASC 321, Investments - Equity Securities, which allows an entity to measure investments in equity securities without a readily determinable fair value using a measurement alternative that measures these securities at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for identical or similar investment of same issuer (the “Measurement Alternative”). The fair value of equity securities without readily determinable fair values that has been remeasured due to impairments is 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. For the three and six months ended June 30, 2024, the Company did not recognize any impairment or reversal of impairment. For the three and six months ended June 30, 2023, the Company recognized the reversal of impairment of $ 6,759,000 and $ 6,882,000 , respectively for one of its investments in equity securities without readily determinable fair values. During the year ended December 31, 2023, the Company recognized impairment of $ 4,982,000 for three of its total investments in equity securities without readily determinable fair values and recorded a reversal of impairment of $ 6,882,000 for one of its total investments in equity securities without readily determinable fair values. 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 condensed 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 June 30, 2024. Our cost method investments had a carrying value of $ 99,586 (a) Agape ATP Corporation: On April 14, 2017, our wholly owned subsidiary, Greenpro Venture Capital Limited (“GVCL”) acquired 17,500,000 0.0001 1,750 5 1,750 On January 21, 2022, GVCL entered into a forfeiture agreement with Agape. Pursuant to the agreement, GVCL agreed to transfer 16,500,000 17,500,000 1 1,650 Since October 10, 2023, Agape’s common stock has been uplisted from OTC to The Nasdaq Stock Market LLC (“NASDAQ”). As of December 31, 2023, GVCL owns 1,000,000 100 0.0001 On February 16, 2024, GVCL sold 200,000 180,000 179,980 As of June 30, 2024, GVCL still owns 800,000 80 0.0001 (b) Celmonze Wellness Corporation: On February 8, 2023, 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 500 On January 17, 2024, GVCL entered a repurchase agreement with Celmonze. Pursuant to the agreement, GVCL agreed to sell back all our 5,000,000 500 500 (c) MU Global Holding Limited: On July 25, 2018, GVCL entered into a subscription agreement with MU Global Holding Limited, a Nevada corporation, which provides spa and wellness services and products to clients (“MUGH”). Pursuant to the agreement, GVCL acquired 2,165,000 217 0.0001 217 On December 31, 2018, GVCL made an impairment of $ 217 On April 10, 2024, GVCL entered into a stock purchase agreement with an unrelated party, Chen Shu-Jen (“Mr. Chen”). Pursuant to the agreement, GVCL agreed to sell all 2,165,000 17,320 17,320 The Company had cost method investments without readily determinable fair values with a carrying value of $ 99,586 100,106 On June 30, 2024 and December, 31 2023, the carrying values of equity securities without readily determinable fair values are as follows: SCHEDULE OF CARRYING VALUES OF EQUITY SECURITIES WITHOUT READILY DETERMINABLE FAIR VALUES As of As of (Unaudited) (Audited) Original cost Balance, beginning of period/year $ 8,331,964 $ 15,537,964 Additions during the year - 500 Disposals, forfeitures or terminations during the period/year (520 ) (7,206,500 ) Disposal of impaired investment during the period (217 ) - Balance, end of period/year 8,331,227 8,331,964 Accumulated impairment Balance, beginning of period/year (8,231,858 ) (10,131,858 ) Impairment during the year - (4,982,000 ) Reversal of impairment during the year - 6,882,000 Disposal of impaired investment during the period 217 - Balance, end of period/year (8,231,641 ) (8,231,858 ) Net carrying values of equity securities without readily determinable fair values $ 99,586 $ 100,106 Accumulated impairment of other investments As of June 30, 2024 and December 31, 2023, the accumulated impairment loss of other investments was $ 8,231,641 8,231,858 |
BUSINESS COMBINATION
BUSINESS COMBINATION | 6 Months Ended |
Jun. 30, 2024 | |
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] | |
BUSINESS COMBINATION | NOTE 4 - BUSINESS COMBINATION On June 6, 2024, the Company acquired Global Business Hub Limited (“GBHL”) from our Chief Executive Officer and director, Mr. Lee Chong Kuang for a price of $ 100 . The Company acquired GBHL and aims to develop a digital banking business in Malaysia. The Company accounted for the transaction as a business combination in accordance ASC 805 “Business Combinations”. The Company performed an allocation of the purchase price paid for the assets acquired and the liabilities assumed with the reference of the financial statements of GBHL as of June 6, 2024. Fair value of assets acquired, and liabilities assumed: SCHEDULE OF FAIR VALUE OF ASSETS ACQUIRED AND LIABILITIES ASSUMED Cash $ 1,101 Goodwill 6,035 Fair value of current liabilities (7,036 ) Purchase price $ 100 The following unaudited pro forma information presents the combined results of operations as if the acquisition of GBHL had been completed on January 1, 2023. These unaudited pro forma results are presented for informational purpose only and are not necessarily indicative of what the actual results of operations of the combined company would have been if the acquisition had occurred at the beginning of the period presented, nor are they indicative of future results of operations: SCHEDULE OF UNAUDITED PROFORMA INFORMATION COMBINED RESULTS OF OPERATIONS 2024 2023 Six Months Ended June 30, 2024 2023 (Unaudited) (Unaudited) Revenue $ 1,019,573 $ 1,238,620 Loss from operations (1,075,628 ) (645,152 ) Net (loss) income (838,958 ) 6,682,372 Net (loss) income per share $ (0.11 ) $ 0.85 |
LEASES
LEASES | 6 Months Ended |
Jun. 30, 2024 | |
Leases | |
LEASES | NOTE 5 - LEASES As of June 30, 2024, 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 expense and supplemental cash flow information related to operating leases and finance leases for the periods are as follows: SCHEDULE OF COMPONENTS OF LEASE AND SUPPLEMENTAL CASH FLOW INFORMATION 2024 2023 Six Months Ended June 30, 2024 2023 (Unaudited) (Unaudited) Lease costs Operating lease costs: Rental expenses (1) $ 48,720 $ 46,277 Other rental expenses (2) 8,160 11,051 Total operating lease costs 56,880 57,328 Finance lease costs: Interest expenses $ 544 $ 111 Total finance lease costs 544 111 Total lease costs $ 57,424 $ 57,439 Other information Cash paid for amounts included in the measurement of lease liabilities: Rental payment - operating leases $ 48,720 $ 47,487 Interest repayment - finance leases 457 111 Principal repayment - finance leases 1,357 272 Total cash paid $ 50,534 $ 47,870 Non-cash activity: Balance payment of ROU asset by finance lease liabilities $ 14,964 $ 18,377 Weighted average remaining lease term (in years): Operating leases 0.70 1.71 Finance leases 3.92 4.92 Weighted average discount rate: Operating leases 4.0 % 4.0 % Finance leases 6.9 % 6.9 % (1) Rental expenses include amortization of $ 46,821 43,797 1,899 2,480 (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 for the periods is as follows: SCHEDULE OF SUPPLEMENTAL BALANCE SHEET INFORMATION RELATED TO LEASES As of As of (Unaudited) (Audited) Assets Long-term operating lease ROU assets, net (1) $ 67,666 $ 114,551 Long-term finance lease ROU asset, net (2) 22,023 25,527 Total ROU assets $ 89,689 $ 140,078 Liabilities Current portion of operating lease liabilities $ 67,666 $ 94,726 Current portion of finance lease liabilities 3,449 3,426 Total current lease liabilities 71,115 98,152 Long-term operating lease liabilities - 19,825 Long-term finance lease liabilities 11,515 13,638 Total long-term lease liabilities 11,515 33,463 Total lease liabilities $ 82,630 $ 131,615 (1) Operating lease ROU assets are measured at cost of $ 351,829 284,163 237,278 (2) Finance lease ROU assets are measured at cost of $ 28,898 6,875 3,371 Maturities of the Company’s lease liabilities are as follows: SCHEDULE OF MATURITIES OF LEASE LIABILITIES Operating leases Finance leases (Unaudited) (Unaudited) Year ending December 31, 2024 (remaining 6 months) 48,795 2,184 2025 19,938 4,368 2026 - 4,368 2027 - 4,368 2028 - 1,817 Total future minimum lease payments 68,733 17,105 Less: Imputed interest/present value discount (1,067 ) (2,141 ) Present value of lease liabilities $ 67,666 $ 14,964 Lease obligations Current lease obligations $ 67,666 $ 3,449 Long-term lease obligations - 11,515 Total lease obligations $ 67,666 $ 14,964 For the three months ended June 30, 2024, total lease costs were $ 28,033 including operating lease costs of $ 27,768 and finance lease costs of $ 265 28,030 including operating lease costs of $ 27,919 and finance lease costs of 111 . For the six months ended June 30, 2024, total lease costs were $ 57,424 including operating lease costs of $ 56,880 and finance lease costs of $ 544 57,439 including operating lease costs of $ 57,328 and finance lease costs of $ 111 . |
WARRANTS
WARRANTS | 6 Months Ended |
Jun. 30, 2024 | |
Warrants | |
WARRANTS | NOTE 6 - WARRANTS In 2018, the Company issued warrants exercisable into 53,556 7.20 On July 19, 2022, the Company filed a Certificate of Change with the Secretary of State of the State of Nevada (the “Certificate of Change”) to effect a reverse split of the Company’s Common Stock at a ratio of 10-for-1 53,556 5,356 7.2 72 Warrant activity including the number of shares and the exercise price per share has been adjusted for all periods presented in this Quarterly Report to reflect the Reverse Stock Split effected on July 28, 2022 on a retroactive basis. 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 Since the Expiration, all warrants expired, no |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 6 Months Ended |
Jun. 30, 2024 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 7 - RELATED PARTY TRANSACTIONS SCHEDULE OF DUE FROM RELATED PARTIES Accounts receivable from related parties: June 30, 2024 December 31, 2023 (Unaudited) (Audited) Accounts receivable, net – related parties - Related party A (net of allowance of $ 6 $ 117 $ - - Related party B (net of allowance of $ 444,542 379,542 - - Total $ 117 $ - Due from related parties: June 30, 2024 December 31, 2023 (Unaudited) (Audited) Due from related parties - Related party B $ 175,593 $ 25,932 - Related party D 731,714 723,889 - Related party G 1,048 1,032 - Related party I 6 7 Total $ 908,361 $ 750,860 Due from related parties $ 908,361 $ 750,860 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: June 30, 2024 December 31, 2023 (Unaudited) (Audited) Due to related parties - Related party A $ 51,427 $ 30,238 - Related party B 22,692 19,906 - Related party E - 844 - Related party J - 336,636 - Related party K 2,330 1,650 Total $ 76,449 $ 389,274 Due to related parties $ 76,449 $ 389,274 The amounts due to related parties are interest-free, unsecured, and repayable on demand. SCHEDULE OF INCOME FROM OR EXPENSES TO RELATED PARTIES Deferred revenue from a related party: June 30, 2024 December 31, 2023 (Unaudited) (Audited) Deferred revenue from related party - Related party B $ 75,800 $ 157,500 Deferred cost of revenue to a related party $ 75,800 $ 157,500 Other investments in a related party: June 30, 2024 December 31, 2023 (Unaudited) (Audited) Investments in related party - Related party B $ 99,586 $ 100,106 Other investments in a related party $ 99,586 $ 100,106 For the six months ended June 30, Income from or expenses to related parties: 2024 2023 (Unaudited) (Unaudited) Service revenue from related parties - Related party A $ 1,245 $ 857 - Related party B 195,939 557,557 - Related party D 26,119 14,018 - Related party E 1,354 4,155 - Related party G 14,420 7,485 - Related party K 8 77 Total $ 239,085 $ 584,149 Service revenue from related parties $ 239,085 $ 584,149 Cost of service revenue to a related party - Related party A $ 4,052 $ - Cost of revenues to a related party $ 4,052 $ - General and administrative expenses to related parties - Related party A $ 28,769 $ - - Related party B - 47,274 - Related party D 38,963 - - Related party I 6,974 8,024 - Related party K 8,056 21,422 Total $ 82,762 $ 76,720 General and administrative expenses to related parties $ 82,762 $ 76,720 Other income from related parties: - Related party B $ 19,881 $ - - Related party D 5,985 6,733 Total $ 25,866 $ 6,733 Other income from related parties $ 25,866 $ 6,733 Interest income from a related party - Related party B $ 2,344 $ - Interest income of other investment $ 2,344 $ - Gain on disposal of related party investments - Related party B $ 197,300 $ - Gain on disposal of other investment $ 197,300 $ - Reversal of impairment of a related party investment: - Related party B $ - $ 6,882,000 Reversal of impairment (impairment) of other investment $ - $ 6,882,000 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 Kuang, the Company’s CEO and a major shareholder. Related party J represents a non-controlling interest in the Company’s subsidiary that owns its real estate held for sale. The amount due to related party J is unsecured, bears no interest, is payable on demand, and related to the initial acquisition of the real estate held for sale. Related party J becomes no longer our related party since our acquisition of its shares in the subsidiary on April 15, 2024. 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 | 6 Months Ended |
Jun. 30, 2024 | |
Segment Reporting [Abstract] | |
SEGMENT INFORMATION | NOTE 8 - 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 - leasing or trading of commercial real estate properties in Hong Kong and Malaysia The Company had no inter-segment sales for the periods presented. Summarized financial information concerning the Company’s reportable segments is shown as below: (a) By Categories SCHEDULE OF SUMMARIZED FINANCIAL INFORMATION For the six months ended June 30, 2024 (Unaudited) Real estate business Service business Corporate Total Revenues $ 43,151 $ 976,422 $ - $ 1,019,573 Cost of revenues (12,890 ) (110,708 ) - (123,598 ) Gain on disposal of investments - - 197,300 $ 197,300 Reversal of impairment of other investment - - - - Reversal of write-off notes receivable - - - - Depreciation and amortization (10,980 ) (111,571 ) (70 ) (122,621 ) Net (loss) income (426,525 ) (833,954 ) 421,816 (838,663 ) Total assets 1,003,722 4,610,241 1,142,908 6,756,871 Capital expenditures for long-lived assets $ - $ 4,400 $ - $ 4,400 For the six months ended June 30, 2023 (Unaudited) Real estate business Service business Corporate Total Revenues $ 42,626 $ 1,195,994 $ - $ 1,238,620 Cost of revenues (18,686 ) (154,183 ) - (172,869 ) Reversal of impairment of other investment - - 6,882,000 6,882,000 Reversal of write-off notes receivable - - 400,000 400,000 Depreciation and amortization (15,604 ) (101,526 ) (255 ) (117,385 ) Net (loss) income (34,888 ) (367,178 ) 7,086,518 6,684,452 Total assets 1,709,721 5,710,938 7,315,128 14,735,787 Capital expenditures for long-lived assets $ - $ 33,414 $ - $ 33,414 (b) By Geography* Hong Kong Malaysia China Total For the six months ended June 30, 2024 (Unaudited) Hong Kong Malaysia China Total Revenues * $ 643,711 $ 259,144 $ 116,718 $ 1,019,573 Cost of revenues * (8,937 ) (89,218 ) (25,443 ) (123,598 ) Gain on disposal of investments * 197,300 - - 197,300 Reversal of impairment of other investment * - - - - Reversal of write-off notes receivable * - - - - Depreciation and amortization * (50,528 ) (20,037 ) (52,056 ) (122,621 ) Net loss * (514,491 ) (288,401 ) (35,771 ) (838,663 ) Total assets * 2,899,035 1,363,301 2,494,535 6,756,871 Capital expenditures for long-lived assets * $ - $ 4,400 $ - $ 4,400 Hong Kong Malaysia China Total For the six months ended June 30, 2023 (Unaudited) Hong Kong Malaysia China Total Revenues * $ 895,751 $ 154,229 $ 188,640 $ 1,238,620 Cost of revenues * (46,719 ) (90,713 ) (35,437 ) (172,869 ) Reversal of impairment of other investment * 6,882,000 - - 6,882,000 Reversal of write-off notes receivable * 400,000 - - 400,000 Depreciation and amortization * (47,541 ) (15,688 ) (54,156 ) (117,385 ) Net income (loss) * 6,823,002 (152,173 ) 13,623 6,684,452 Total assets * 10,306,015 1,805,691 2,624,081 14,735,787 Capital expenditures for long-lived assets * $ 1,516 $ 30,382 $ 1,516 $ 33,414 * Revenues and costs are attributed to countries based on the location where the entities operate. |
ORGANIZATION AND SUMMARY OF S_2
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Jun. 30, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of presentation and principles of consolidation | Basis of presentation and principles of consolidation The accompanying unaudited condensed consolidated financial statements as of and for the six months ended June 30, 2024 and 2023 have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) that permit reduced disclosure for interim periods. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) have been condensed or omitted. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the period ended June 30, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. The Condensed Consolidated Balance Sheet information as of December 31, 2023 was derived from the Company’s audited Consolidated Financial Statements as of and for the year ended December 31, 2023 included in the Company’s Annual Report on Form 10-K filed with the SEC on March 28, 2024. These financial statements should be read in conjunction with that report. The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries and majority-owned subsidiaries which the Company controls and entities for which the Company is the primary beneficiary. For those consolidated subsidiaries where the Company’s ownership is less than 100%, the outside shareholders’ interests are shown as noncontrolling interests in equity. Acquired businesses are included in the consolidated financial statements from the date on which control is transferred to the Company. Subsidiaries are deconsolidated from the date that control ceases. All inter-company accounts and transactions have been eliminated in consolidation. |
Going concern | Going concern The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. During the six months ended June 30, 2024, the Company incurred a net loss of $ 838,663 and net cash used in operations of $ 1,040,865 , and as of June 30, 2024, the Company incurred an accumulated deficit of $ 37,377,215 . 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. In addition, the Company’s independent registered public accounting firm, in its report on the Company’s December 31, 2023 financial statements, has expressed substantial doubt about the Company’s ability to continue as a going concern. 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. Despite the amount of funds that we have raised in the past, 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 is able to 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 In addition, the Reverse Stock Split effected a reduction in the number of shares of Common Stock issuable upon the exercise of the warrants outstanding immediately prior to the effectiveness of the Reverse Stock Split, resulting in a reduction from 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 Although the COVID-19 pandemic appears to have abated, its long-term effects on the global economy, including elevated inflation, continued to affect our business. Furthermore, should there be a resurgence of the COVID-19 or new variants of COVID-19 pandemic, or should another pandemic arise, this could further affect our business. Moreover, a prolonged outbreak of any health epidemic or other adverse public health developments could create significant macroeconomic uncertainty, volatility and disruption, which may adversely affect our business operations. 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. Management regularly monitors the economic and other factors listed above. We develop strategic and tactical plans designed to improve performance and maximize our competitive position. Our ability to achieve our financial objectives is dependent upon our ability to effectively execute these plans and to appropriately respond to emerging economic and company-specific trends. |
Use of estimates | Use of estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Significant accounting estimates include certain assumptions related to, among others, the allowance for doubtful accounts receivable, impairment analysis of real estate assets and other long-term assets including goodwill, estimates inherent in recording purchase price allocation, valuation allowance on deferred income taxes, the assumptions used in the valuation of the derivative liability, and the accrual of potential liabilities. Actual results may differ from these estimates. |
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. 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 relevant 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 June 30, 2024 and December 31, 2023 are net of allowances for credit losses of $ 749,000 610,599 SCHEDULE OF ALLOWANCES FOR CREDIT LOSSES As of As of (Unaudited) (Audited) Balance at beginning of year $ 610,599 $ 25,677 Charged to operating expenses 143,292 584,919 (Recoveries) Write-offs of accounts receivable (4,891 ) 3 Balance at end of period / year $ 749,000 $ 610,599 |
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 include 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. At June 30, 2024 and December 31, 2023, cash included funds held by employees of $ 28,890 and $ 0 , respectively, was to facilitate payment of expenses in local currencies or to facilitate third-party online payment platforms, such as WeChat Pay or Alipay. The Company does not have a corporate account on these platforms. SCHEDULE OF CASH, CASH EQUIVALENTS As of As of (Unaudited) (Audited) Cash and cash equivalents Denominated in United States Dollar $ 246,843 $ 573,431 Denominated in Hong Kong Dollar 504,018 1,175,384 Denominated in Chinese Renminbi 403,180 434,698 Denominated in Malaysian Ringgit 34,880 39,552 Denominated in Great British Pound 127 127 Denominated in Singapore Dollar 441 5 Cash and cash equivalents $ 1,189,489 $ 2,223,197 |
Investments | Investments Investments in equity securities The Company accounts for its investments that represent less than 20% ownership, and for which the Company does not have the ability to exercise significant influence, using ASU 2016-01, Financial Instruments – Overall: Recognition and Measurement of Financial Assets and Financial Liabilities On June 30, 2024, the Company had a total of twenty-three (23) investments in equity securities without readily determinable fair values, all of which were related party investments with an aggregate value of $ 99,586 . Twelve (12) investments in equity securities are without readily determinable fair values and are fully impaired and with $ nil value (see Note 3). On December 31, 2023, the Company had a total of twenty-five (25) investments in equity securities without readily determinable fair values, all of which were related party investments with an aggregate value of $ 100,106 . Thirteen (13) investments in equity securities without readily determinable fair values were fully impaired and with $ nil value (see Note 3). |
Leases | Leases The Company determines if a contract is or contains a lease at inception of the contract or modification of the contract. A contract is or contains a lease if the contract conveys the right to control the use of an identified asset for a period in exchange for consideration. Control over the use of the identified asset means the lessee has both (a) the right to obtain substantially all the economic benefits from the use of the asset and (b) the right to direct the use of the asset. Finance and operating lease right-of-use (“ROU”) assets and liabilities are recognized based on the present value of future minimum lease payments over the expected lease term at commencement date. As the implicit rate is not determinable in most of the Company’s leases, management uses the Company’s incremental borrowing rate based on the information available at commencement date in determining the present value of future payments. The expected lease term includes an option to extend or terminate the lease when it is reasonably certain the Company will exercise the option. Lease expense for minimum lease payments is recognized on a straight-line basis over the expected lease term. The Company’s lease arrangements have lease and non-lease components. Leases with an expected term of 12 months or less are not accounted for on the balance sheet and the related lease expense is recognized on a straight-line basis over the expected lease term. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. See Note 5 for more information regarding leases. |
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. |
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 June 30, 2024 and 2023, there were no |
Foreign currency translation | Foreign currency translation The consolidated financial statements are presented in United States Dollar (“US$”), which is the functional and reporting currency of the Company. In addition, the Company’s operating subsidiaries maintain their books and records in their respective functional currency, which consists of the Malaysian Ringgit (“MYR”), Chinese Renminbi (“RMB”) and Hong Kong Dollar (“HK$”). In general, for consolidation purposes, assets and liabilities of the Company’s subsidiaries whose functional currency is not the US$, are translated into US$ using the exchange rate on the balance sheet date. Revenues and expenses are translated at average rates prevailing during the period. The gains and losses resulting from translation of financial statements of a foreign subsidiary are recorded as a separate component of accumulated other comprehensive income or loss within stockholders’ equity. Translation of amounts from the local currencies of the Company into US$ has been made at the following exchange rates for the respective periods: SCHEDULE OF FOREIGN CURRENCIES TRANSLATION 2024 2023 As of and for the six months ended 2024 2023 Period-end MYR : US$1 exchange rate 4.72 4.67 Period-average MYR : US$1 exchange rate 4.73 4.49 Period-end RMB : US$1 exchange rate 7.27 7.25 Period-average RMB : US$1 exchange rate 7.21 6.97 Period-end HK$ : US$1 exchange rate 7.81 7.84 Period-average HK$ : US$1 exchange rate 7.82 7.84 Exchange rate 7.82 7.84 |
Fair value of financial instruments | Fair value of financial instruments The Company follows the guidance of ASC 820-10, “ Fair Value Measurements and Disclosures ● Level 1 ● Level 2 ● Level 3 The Company believes the carrying amount reported in the balance sheet for cash and cash equivalents, accounts receivable, prepaids and other current assets, accounts payable and accrued liabilities, income tax payable, deferred cost of revenue, deferred revenue, and due to related parties, approximate their fair values because of the short-term nature of these financial instruments. |
Concentrations of risks | Concentrations of risks For the three months ended June 30, 2024, no customer accounted for 10% or more of revenues, while for the three months ended June 30, 2023, two customers accounted for 42 31 11 25 15 10 41 26 15 Two customers accounted for 39 28 11 39 14 13 12 For the three and six months ended June 30, 2024 and 2023, no vendor accounted for 10% or more of the Company’s cost of revenues. Two vendors accounted for 49 % ( 37 % and 12 %) and three vendors accounted for 73 % ( 52 %, 11 % and 10 %,) of accounts payable as of June 30, 2024 and December 31, 2023, respectively. |
Exchange rate risk | Exchange rate risk The Company’s reporting currency is US$ 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 and Thailand. 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 The Company has reviewed all recently issued, but not yet effective, considers the applicability and impact of all accounting standards updates (“ASUs”). Management periodically reviews new accounting standards that are issued. In November 2023, the FASB issued ASU 2023-07 “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures” The ASU 2023-07 is effective for annual reporting periods beginning after December 15, 2023 and interim periods in fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact of this ASU may have on its unaudited condensed consolidated financial statements and related disclosures. In December 2023, the FASB issued ASU 2023-09 “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” . The ASU 2023-09 is effective for annual reporting periods beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact of this ASU may have on its unaudited condensed consolidated financial statements and related disclosures. |
ORGANIZATION AND SUMMARY OF S_3
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
SCHEDULE OF ALLOWANCES FOR CREDIT LOSSES | SCHEDULE OF ALLOWANCES FOR CREDIT LOSSES As of As of (Unaudited) (Audited) Balance at beginning of year $ 610,599 $ 25,677 Charged to operating expenses 143,292 584,919 (Recoveries) Write-offs of accounts receivable (4,891 ) 3 Balance at end of period / year $ 749,000 $ 610,599 |
SCHEDULE OF CASH, CASH EQUIVALENTS | SCHEDULE OF CASH, CASH EQUIVALENTS As of As of (Unaudited) (Audited) Cash and cash equivalents Denominated in United States Dollar $ 246,843 $ 573,431 Denominated in Hong Kong Dollar 504,018 1,175,384 Denominated in Chinese Renminbi 403,180 434,698 Denominated in Malaysian Ringgit 34,880 39,552 Denominated in Great British Pound 127 127 Denominated in Singapore Dollar 441 5 Cash and cash equivalents $ 1,189,489 $ 2,223,197 |
SCHEDULE OF FOREIGN CURRENCIES TRANSLATION | Translation of amounts from the local currencies of the Company into US$ has been made at the following exchange rates for the respective periods: SCHEDULE OF FOREIGN CURRENCIES TRANSLATION 2024 2023 As of and for the six months ended 2024 2023 Period-end MYR : US$1 exchange rate 4.72 4.67 Period-average MYR : US$1 exchange rate 4.73 4.49 Period-end RMB : US$1 exchange rate 7.27 7.25 Period-average RMB : US$1 exchange rate 7.21 6.97 Period-end HK$ : US$1 exchange rate 7.81 7.84 Period-average HK$ : US$1 exchange rate 7.82 7.84 Exchange rate 7.82 7.84 |
REVENUE FROM CONTRACTS WITH C_2
REVENUE FROM CONTRACTS WITH CUSTOMERS (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Revenue from Contract with Customer [Abstract] | |
SCHEDULE OF DISAGGREGATED REVENUE | The following table provides information about disaggregated revenue based on revenue by service line and revenue by geographic area: SCHEDULE OF DISAGGREGATED REVENUE 2024 2023 Three Months Ended June 30, 2024 2023 (Unaudited) (Unaudited) Revenue by service line: Corporate advisory - non-listing services $ 342,630 $ 395,221 Corporate advisory - listing services - 185,169 Rental of real estate properties 18,544 20,495 Total revenue $ 361,174 $ 600,885 2024 2023 Three Months Ended June 30, 2024 2023 (Unaudited) (Unaudited) Revenue by geographic area: Hong Kong $ 226,439 $ 442,206 Malaysia 84,015 78,969 China 50,720 79,710 Total revenue $ 361,174 $ 600,885 2024 2023 Six Months Ended June 30, 2024 2023 (Unaudited) (Unaudited) Revenue by service line: Corporate advisory - non-listing services $ 830,722 $ 630,849 Corporate advisory - listing services 145,700 565,145 Rental of real estate properties 43,151 42,626 Total revenue $ 1,019,573 $ 1,238,620 2024 2023 Six Months Ended June 30, 2024 2023 (Unaudited) (Unaudited) Revenue by geographic area: Hong Kong $ 643,711 $ 895,751 Malaysia 259,144 154,229 China 116,718 188,640 Total revenue $ 1,019,573 $ 1,238,620 |
SCHEDULE OF DEFERRED COST OF REVENUE OR DEFERRED REVENUE | As of June 30, 2024, and December 31, 2023, deferred cost of revenue or deferred revenue is classified as current assets or current liabilities and totaled, respectively: SCHEDULE OF DEFERRED COST OF REVENUE OR DEFERRED REVENUE As of June 30, 2024 As of December 31, 2023 (Unaudited) (Audited) Current assets Deferred cost of revenue $ 23,604 $ 16,291 Current liabilities Deferred revenue $ 1,041,998 $ 1,075,404 |
SCHEDULE OF CHANGES IN DEFERRED REVENUE | Changes in deferred revenue during the six months ended June 30, 2024 are as follows: SCHEDULE OF CHANGES IN DEFERRED REVENUE Six Months Ended June 30, 2024 (Unaudited) Deferred revenue, January 1, 2024 $ 1,075,404 New contract liabilities 112,294 Performance obligations satisfied (145,700 ) Deferred revenue, June 30, 2024 $ 1,041,998 |
OTHER INVESTMENTS (Tables)
OTHER INVESTMENTS (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
SCHEDULE OF OTHER INVESTMENTS | SCHEDULE OF OTHER INVESTMENTS As of June 30, 2024 As of December 31, 2023 (Unaudited) (Audited) Investments 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 87,605 88,125 Total $ 99,586 $ 100,106 |
SCHEDULE OF CARRYING VALUES OF EQUITY SECURITIES WITHOUT READILY DETERMINABLE FAIR VALUES | On June 30, 2024 and December, 31 2023, the carrying values of equity securities without readily determinable fair values are as follows: SCHEDULE OF CARRYING VALUES OF EQUITY SECURITIES WITHOUT READILY DETERMINABLE FAIR VALUES As of As of (Unaudited) (Audited) Original cost Balance, beginning of period/year $ 8,331,964 $ 15,537,964 Additions during the year - 500 Disposals, forfeitures or terminations during the period/year (520 ) (7,206,500 ) Disposal of impaired investment during the period (217 ) - Balance, end of period/year 8,331,227 8,331,964 Accumulated impairment Balance, beginning of period/year (8,231,858 ) (10,131,858 ) Impairment during the year - (4,982,000 ) Reversal of impairment during the year - 6,882,000 Disposal of impaired investment during the period 217 - Balance, end of period/year (8,231,641 ) (8,231,858 ) Net carrying values of equity securities without readily determinable fair values $ 99,586 $ 100,106 |
BUSINESS COMBINATION (Tables)
BUSINESS COMBINATION (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] | |
SCHEDULE OF FAIR VALUE OF ASSETS ACQUIRED AND LIABILITIES ASSUMED | Fair value of assets acquired, and liabilities assumed: SCHEDULE OF FAIR VALUE OF ASSETS ACQUIRED AND LIABILITIES ASSUMED Cash $ 1,101 Goodwill 6,035 Fair value of current liabilities (7,036 ) Purchase price $ 100 |
SCHEDULE OF UNAUDITED PROFORMA INFORMATION COMBINED RESULTS OF OPERATIONS | SCHEDULE OF UNAUDITED PROFORMA INFORMATION COMBINED RESULTS OF OPERATIONS 2024 2023 Six Months Ended June 30, 2024 2023 (Unaudited) (Unaudited) Revenue $ 1,019,573 $ 1,238,620 Loss from operations (1,075,628 ) (645,152 ) Net (loss) income (838,958 ) 6,682,372 Net (loss) income per share $ (0.11 ) $ 0.85 |
LEASES (Tables)
LEASES (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Leases | |
SCHEDULE OF COMPONENTS OF LEASE AND SUPPLEMENTAL CASH FLOW INFORMATION | The components of lease expense and supplemental cash flow information related to operating leases and finance leases for the periods are as follows: SCHEDULE OF COMPONENTS OF LEASE AND SUPPLEMENTAL CASH FLOW INFORMATION 2024 2023 Six Months Ended June 30, 2024 2023 (Unaudited) (Unaudited) Lease costs Operating lease costs: Rental expenses (1) $ 48,720 $ 46,277 Other rental expenses (2) 8,160 11,051 Total operating lease costs 56,880 57,328 Finance lease costs: Interest expenses $ 544 $ 111 Total finance lease costs 544 111 Total lease costs $ 57,424 $ 57,439 Other information Cash paid for amounts included in the measurement of lease liabilities: Rental payment - operating leases $ 48,720 $ 47,487 Interest repayment - finance leases 457 111 Principal repayment - finance leases 1,357 272 Total cash paid $ 50,534 $ 47,870 Non-cash activity: Balance payment of ROU asset by finance lease liabilities $ 14,964 $ 18,377 Weighted average remaining lease term (in years): Operating leases 0.70 1.71 Finance leases 3.92 4.92 Weighted average discount rate: Operating leases 4.0 % 4.0 % Finance leases 6.9 % 6.9 % (1) Rental expenses include amortization of $ 46,821 43,797 1,899 2,480 (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 for the periods is as follows: SCHEDULE OF SUPPLEMENTAL BALANCE SHEET INFORMATION RELATED TO LEASES As of As of (Unaudited) (Audited) Assets Long-term operating lease ROU assets, net (1) $ 67,666 $ 114,551 Long-term finance lease ROU asset, net (2) 22,023 25,527 Total ROU assets $ 89,689 $ 140,078 Liabilities Current portion of operating lease liabilities $ 67,666 $ 94,726 Current portion of finance lease liabilities 3,449 3,426 Total current lease liabilities 71,115 98,152 Long-term operating lease liabilities - 19,825 Long-term finance lease liabilities 11,515 13,638 Total long-term lease liabilities 11,515 33,463 Total lease liabilities $ 82,630 $ 131,615 (1) Operating lease ROU assets are measured at cost of $ 351,829 284,163 237,278 (2) Finance lease ROU assets are measured at cost of $ 28,898 6,875 3,371 |
SCHEDULE OF MATURITIES OF LEASE LIABILITIES | Maturities of the Company’s lease liabilities are as follows: SCHEDULE OF MATURITIES OF LEASE LIABILITIES Operating leases Finance leases (Unaudited) (Unaudited) Year ending December 31, 2024 (remaining 6 months) 48,795 2,184 2025 19,938 4,368 2026 - 4,368 2027 - 4,368 2028 - 1,817 Total future minimum lease payments 68,733 17,105 Less: Imputed interest/present value discount (1,067 ) (2,141 ) Present value of lease liabilities $ 67,666 $ 14,964 Lease obligations Current lease obligations $ 67,666 $ 3,449 Long-term lease obligations - 11,515 Total lease obligations $ 67,666 $ 14,964 |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Related Party Transactions [Abstract] | |
SCHEDULE OF DUE FROM RELATED PARTIES | SCHEDULE OF DUE FROM RELATED PARTIES Accounts receivable from related parties: June 30, 2024 December 31, 2023 (Unaudited) (Audited) Accounts receivable, net – related parties - Related party A (net of allowance of $ 6 $ 117 $ - - Related party B (net of allowance of $ 444,542 379,542 - - Total $ 117 $ - Due from related parties: June 30, 2024 December 31, 2023 (Unaudited) (Audited) Due from related parties - Related party B $ 175,593 $ 25,932 - Related party D 731,714 723,889 - Related party G 1,048 1,032 - Related party I 6 7 Total $ 908,361 $ 750,860 Due from related parties $ 908,361 $ 750,860 |
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: June 30, 2024 December 31, 2023 (Unaudited) (Audited) Due to related parties - Related party A $ 51,427 $ 30,238 - Related party B 22,692 19,906 - Related party E - 844 - Related party J - 336,636 - Related party K 2,330 1,650 Total $ 76,449 $ 389,274 Due to related parties $ 76,449 $ 389,274 |
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 revenue from a related party: June 30, 2024 December 31, 2023 (Unaudited) (Audited) Deferred revenue from related party - Related party B $ 75,800 $ 157,500 Deferred cost of revenue to a related party $ 75,800 $ 157,500 Other investments in a related party: June 30, 2024 December 31, 2023 (Unaudited) (Audited) Investments in related party - Related party B $ 99,586 $ 100,106 Other investments in a related party $ 99,586 $ 100,106 For the six months ended June 30, Income from or expenses to related parties: 2024 2023 (Unaudited) (Unaudited) Service revenue from related parties - Related party A $ 1,245 $ 857 - Related party B 195,939 557,557 - Related party D 26,119 14,018 - Related party E 1,354 4,155 - Related party G 14,420 7,485 - Related party K 8 77 Total $ 239,085 $ 584,149 Service revenue from related parties $ 239,085 $ 584,149 Cost of service revenue to a related party - Related party A $ 4,052 $ - Cost of revenues to a related party $ 4,052 $ - General and administrative expenses to related parties - Related party A $ 28,769 $ - - Related party B - 47,274 - Related party D 38,963 - - Related party I 6,974 8,024 - Related party K 8,056 21,422 Total $ 82,762 $ 76,720 General and administrative expenses to related parties $ 82,762 $ 76,720 Other income from related parties: - Related party B $ 19,881 $ - - Related party D 5,985 6,733 Total $ 25,866 $ 6,733 Other income from related parties $ 25,866 $ 6,733 Interest income from a related party - Related party B $ 2,344 $ - Interest income of other investment $ 2,344 $ - Gain on disposal of related party investments - Related party B $ 197,300 $ - Gain on disposal of other investment $ 197,300 $ - Reversal of impairment of a related party investment: - Related party B $ - $ 6,882,000 Reversal of impairment (impairment) of other investment $ - $ 6,882,000 |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Segment Reporting [Abstract] | |
SCHEDULE OF SUMMARIZED FINANCIAL INFORMATION | SCHEDULE OF SUMMARIZED FINANCIAL INFORMATION For the six months ended June 30, 2024 (Unaudited) Real estate business Service business Corporate Total Revenues $ 43,151 $ 976,422 $ - $ 1,019,573 Cost of revenues (12,890 ) (110,708 ) - (123,598 ) Gain on disposal of investments - - 197,300 $ 197,300 Reversal of impairment of other investment - - - - Reversal of write-off notes receivable - - - - Depreciation and amortization (10,980 ) (111,571 ) (70 ) (122,621 ) Net (loss) income (426,525 ) (833,954 ) 421,816 (838,663 ) Total assets 1,003,722 4,610,241 1,142,908 6,756,871 Capital expenditures for long-lived assets $ - $ 4,400 $ - $ 4,400 For the six months ended June 30, 2023 (Unaudited) Real estate business Service business Corporate Total Revenues $ 42,626 $ 1,195,994 $ - $ 1,238,620 Cost of revenues (18,686 ) (154,183 ) - (172,869 ) Reversal of impairment of other investment - - 6,882,000 6,882,000 Reversal of write-off notes receivable - - 400,000 400,000 Depreciation and amortization (15,604 ) (101,526 ) (255 ) (117,385 ) Net (loss) income (34,888 ) (367,178 ) 7,086,518 6,684,452 Total assets 1,709,721 5,710,938 7,315,128 14,735,787 Capital expenditures for long-lived assets $ - $ 33,414 $ - $ 33,414 (b) By Geography* Hong Kong Malaysia China Total For the six months ended June 30, 2024 (Unaudited) Hong Kong Malaysia China Total Revenues * $ 643,711 $ 259,144 $ 116,718 $ 1,019,573 Cost of revenues * (8,937 ) (89,218 ) (25,443 ) (123,598 ) Gain on disposal of investments * 197,300 - - 197,300 Reversal of impairment of other investment * - - - - Reversal of write-off notes receivable * - - - - Depreciation and amortization * (50,528 ) (20,037 ) (52,056 ) (122,621 ) Net loss * (514,491 ) (288,401 ) (35,771 ) (838,663 ) Total assets * 2,899,035 1,363,301 2,494,535 6,756,871 Capital expenditures for long-lived assets * $ - $ 4,400 $ - $ 4,400 Hong Kong Malaysia China Total For the six months ended June 30, 2023 (Unaudited) Hong Kong Malaysia China Total Revenues * $ 895,751 $ 154,229 $ 188,640 $ 1,238,620 Cost of revenues * (46,719 ) (90,713 ) (35,437 ) (172,869 ) Reversal of impairment of other investment * 6,882,000 - - 6,882,000 Reversal of write-off notes receivable * 400,000 - - 400,000 Depreciation and amortization * (47,541 ) (15,688 ) (54,156 ) (117,385 ) Net income (loss) * 6,823,002 (152,173 ) 13,623 6,684,452 Total assets * 10,306,015 1,805,691 2,624,081 14,735,787 Capital expenditures for long-lived assets * $ 1,516 $ 30,382 $ 1,516 $ 33,414 * Revenues and costs are attributed to countries based on the location where the entities operate. |
SCHEDULE OF ALLOWANCES FOR CRED
SCHEDULE OF ALLOWANCES FOR CREDIT LOSSES (Details) - USD ($) | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Balance at beginning of year | $ 610,599 | $ 25,677 | $ 25,677 |
Charged to operating expenses | 143,292 | $ (15,356) | 584,919 |
(Recoveries) Write-offs of accounts receivable | (4,891) | 3 | |
Balance at end of period / year | $ 749,000 | $ 610,599 |
SCHEDULE OF CASH, CASH EQUIVALE
SCHEDULE OF CASH, CASH EQUIVALENTS (Details) - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 |
Cash and cash equivalents | $ 1,189,489 | $ 2,223,197 |
United States of America, Dollars | ||
Cash and cash equivalents | 246,843 | 573,431 |
Hong Kong, Dollars | ||
Cash and cash equivalents | 504,018 | 1,175,384 |
China, Yuan Renminbi | ||
Cash and cash equivalents | 403,180 | 434,698 |
Malaysia, Ringgits | ||
Cash and cash equivalents | 34,880 | 39,552 |
United Kingdom, Pounds | ||
Cash and cash equivalents | 127 | 127 |
Singapore, Dollars | ||
Cash and cash equivalents | $ 441 | $ 5 |
SCHEDULE OF FOREIGN CURRENCIES
SCHEDULE OF FOREIGN CURRENCIES TRANSLATION (Details) | Jun. 30, 2024 | Jun. 30, 2023 |
Period-end MYR : US$1 exchange rate [Member] | ||
Trading Activity, Gains and Losses, Net [Line Items] | ||
Exchange rate | 4.72 | 4.67 |
Period-average MYR : US$1 exchange rate [Member] | ||
Trading Activity, Gains and Losses, Net [Line Items] | ||
Exchange rate | 4.73 | 4.49 |
Period-end RMB : US$1 exchange rate [Member] | ||
Trading Activity, Gains and Losses, Net [Line Items] | ||
Exchange rate | 7.27 | 7.25 |
Period-average RMB : US$1 exchange rate [Member] | ||
Trading Activity, Gains and Losses, Net [Line Items] | ||
Exchange rate | 7.21 | 6.97 |
Period-end HK$ : US$1 exchange rate [Member] | ||
Trading Activity, Gains and Losses, Net [Line Items] | ||
Exchange rate | 7.81 | 7.84 |
Period-average HK$ : US$1 exchange rate [Member] | ||
Trading Activity, Gains and Losses, Net [Line Items] | ||
Exchange rate | 7.82 | 7.84 |
ORGANIZATION AND SUMMARY OF S_4
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||
Jul. 28, 2022 | Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Jul. 27, 2022 | Dec. 31, 2018 | |||
Product Information [Line Items] | |||||||||||
Net loss | $ 565,753 | $ (6,662,516) | $ 838,663 | [1] | $ (6,684,452) | [1] | |||||
Net cash used in operating activities | 1,040,865 | $ 1,094,675 | |||||||||
Accumulated deficit | $ 37,377,215 | $ 37,377,215 | $ 36,549,095 | ||||||||
Stockholders equity reverse stock split | 10-for-1 | ||||||||||
Common stock, shares outstanding | 7,875,813 | 7,575,813 | 7,575,813 | 7,575,813 | 78,671,688 | ||||||
Common stock issuable upon exercise of warrants | 53,556 | ||||||||||
Common stock, par value | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||||||||
Accounts receivable, allowances for credit losses | $ 749,000 | $ 749,000 | $ 610,599 | $ 25,677 | |||||||
Funds held by employees | 28,890 | 28,890 | 0 | ||||||||
Equity securities without readily determinable fair value, amount | 99,586 | $ 99,586 | $ 100,106 | ||||||||
Dilutive shares outstanding | 0 | 0 | |||||||||
Revenue from Contract with Customer Benchmark [Member] | Customer Concentration Risk [Member] | Two Customers [Member] | |||||||||||
Product Information [Line Items] | |||||||||||
Concentration risk, percentage | 42% | 25% | 41% | ||||||||
Revenue from Contract with Customer Benchmark [Member] | Customer Concentration Risk [Member] | Customer One [Member] | |||||||||||
Product Information [Line Items] | |||||||||||
Concentration risk, percentage | 31% | 15% | 26% | ||||||||
Revenue from Contract with Customer Benchmark [Member] | Customer Concentration Risk [Member] | Customer Two [Member] | |||||||||||
Product Information [Line Items] | |||||||||||
Concentration risk, percentage | 11% | 10% | 15% | ||||||||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Two Customers [Member] | |||||||||||
Product Information [Line Items] | |||||||||||
Concentration risk, percentage | 39% | ||||||||||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer One [Member] | |||||||||||
Product Information [Line Items] | |||||||||||
Concentration risk, percentage | 28% | 14% | |||||||||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer Two [Member] | |||||||||||
Product Information [Line Items] | |||||||||||
Concentration risk, percentage | 11% | 13% | |||||||||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Three Customers [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] | Supplier Concentration Risk [Member] | Two Vendors [Member] | |||||||||||
Product Information [Line Items] | |||||||||||
Concentration risk, percentage | 49% | ||||||||||
Accounts Payable [Member] | Supplier Concentration Risk [Member] | Vendor One [Member] | |||||||||||
Product Information [Line Items] | |||||||||||
Concentration risk, percentage | 37% | 52% | |||||||||
Accounts Payable [Member] | Supplier Concentration Risk [Member] | Vendor Two [Member] | |||||||||||
Product Information [Line Items] | |||||||||||
Concentration risk, percentage | 12% | 11% | |||||||||
Accounts Payable [Member] | Supplier Concentration Risk [Member] | Three Vendors [Member] | |||||||||||
Product Information [Line Items] | |||||||||||
Concentration risk, percentage | 73% | ||||||||||
Accounts Payable [Member] | Supplier Concentration Risk [Member] | Vendor Three [Member] | |||||||||||
Product Information [Line Items] | |||||||||||
Concentration risk, percentage | 10% | ||||||||||
23 Investments [Member] | |||||||||||
Product Information [Line Items] | |||||||||||
Equity securities without readily determinable fair value, amount | $ 99,586 | $ 99,586 | |||||||||
25 Investments [Member] | |||||||||||
Product Information [Line Items] | |||||||||||
Equity securities without readily determinable fair value, amount | $ 100,106 | ||||||||||
Warrant [Member] | |||||||||||
Product Information [Line Items] | |||||||||||
Common stock issuable upon exercise of warrants | 5,356 | 53,556 | |||||||||
[1]Revenues and costs are attributed to countries based on the location where the entities operate. |
SCHEDULE OF DISAGGREGATED REVEN
SCHEDULE OF DISAGGREGATED REVENUE (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |||
Disaggregation of Revenue [Line Items] | ||||||
Total revenue | $ 361,174 | $ 600,885 | $ 1,019,573 | [1] | $ 1,238,620 | [1] |
HONG KONG | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Total revenue | 226,439 | 442,206 | 643,711 | [1] | 895,751 | [1] |
MALAYSIA | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Total revenue | 84,015 | 78,969 | 259,144 | [1] | 154,229 | [1] |
CHINA | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Total revenue | 50,720 | 79,710 | 116,718 | [1] | 188,640 | [1] |
Corporate Advisory - Non-Listing Services [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Total revenue | 342,630 | 395,221 | 830,722 | 630,849 | ||
Corporate Advisory - Listing Services [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Total revenue | 185,169 | 145,700 | 565,145 | |||
Rental of Real Estate Properties [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Total revenue | $ 18,544 | $ 20,495 | $ 43,151 | $ 42,626 | ||
[1]Revenues and costs are attributed to countries based on the location where the entities operate. |
SCHEDULE OF DEFERRED COST OF RE
SCHEDULE OF DEFERRED COST OF REVENUE OR DEFERRED REVENUE (Details) - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 |
Revenue from Contract with Customer [Abstract] | ||
Deferred cost of revenue | $ 23,604 | $ 16,291 |
Deferred revenue | $ 1,041,998 | $ 1,075,404 |
SCHEDULE OF CHANGES IN DEFERRED
SCHEDULE OF CHANGES IN DEFERRED REVENUE (Details) | 6 Months Ended |
Jun. 30, 2024 USD ($) | |
Revenue from Contract with Customer [Abstract] | |
Deferred revenue, January 1, 2024 | $ 1,075,404 |
New contract liabilities | 112,294 |
Performance obligations satisfied | (145,700) |
Deferred revenue, June 30, 2024 | $ 1,041,998 |
SCHEDULE OF OTHER INVESTMENTS (
SCHEDULE OF OTHER INVESTMENTS (Details) - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 |
Defined Benefit Plan Disclosure [Line Items] | ||
Investments in equity securities without readily determinable fair values of affiliates, total | $ 99,586 | $ 100,106 |
Greenpro Trust Limited [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Investments in equity securities without readily determinable fair values of affiliates, total | 11,981 | 11,981 |
Other Related Party [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Investments in equity securities without readily determinable fair values of affiliates, total | $ 87,605 | $ 88,125 |
SCHEDULE OF CARRYING VALUES OF
SCHEDULE OF CARRYING VALUES OF EQUITY SECURITIES WITHOUT READILY DETERMINABLE FAIR VALUES (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |||
Investments, Debt and Equity Securities [Abstract] | |||||||
Balance, beginning of period / year | $ 8,331,964 | $ 15,537,964 | $ 15,537,964 | ||||
Additions during the period / year | 500 | ||||||
Disposals, forfeitures or terminations during the period/year | (520) | (7,206,500) | |||||
Disposal of impaired investment during the period | (217) | ||||||
Balance, end of period/year | $ 8,331,227 | 8,331,227 | 8,331,964 | ||||
Balance, beginning of period / year | (8,231,858) | (10,131,858) | (10,131,858) | ||||
Impairment during the period/year | (4,982,000) | ||||||
Reversal of impairment during the period/year | $ 6,759,000 | [1] | $ 6,882,000 | [1] | 6,882,000 | ||
Disposal of impaired investment during the period | 217 | ||||||
Balance, end of period/year | (8,231,641) | (8,231,641) | (8,231,858) | ||||
Net carrying values of equity securities without readily determinable fair values | $ 99,586 | $ 99,586 | $ 100,106 | ||||
[1]Revenues and costs are attributed to countries based on the location where the entities operate. |
OTHER INVESTMENTS (Details Narr
OTHER INVESTMENTS (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||||||||
Apr. 10, 2024 | Feb. 16, 2024 | Jan. 17, 2024 | Feb. 08, 2023 | Jan. 21, 2022 | Dec. 31, 2021 | Dec. 31, 2018 | Jul. 25, 2018 | Apr. 14, 2017 | Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | Jun. 12, 2023 | Dec. 31, 2022 | |||
Reversal of impairment of other investment (including reversal of impairment of $6,759,000 of related party investment for the three months ended June 30, 2023, and reversal of impairment of $6,882,000 of related party investment for the six months ended June 30, 2023) | $ 6,759,000 | [1] | $ 6,882,000 | [1] | $ 6,882,000 | |||||||||||||
Impairment of investments | 4,982,000 | |||||||||||||||||
Cost method investments | 99,586 | 99,586 | ||||||||||||||||
Shares issued, price per share | $ 1.78 | |||||||||||||||||
Other investments | 99,586 | 99,586 | 100,106 | |||||||||||||||
Gain on disposal of investment | 17,320 | 197,300 | [1] | |||||||||||||||
Carrying values of equity securities without readily determinable fair values | 99,586 | 99,586 | 100,106 | |||||||||||||||
Accumulated impairment loss of other investments | $ 8,231,641 | $ 8,231,641 | $ 8,231,858 | $ 10,131,858 | ||||||||||||||
Celmoze Wellness Corporation [Member] | ||||||||||||||||||
Shares acquistions | 5,000,000 | |||||||||||||||||
Shares issued, price per share | $ 0.0001 | |||||||||||||||||
Stock acquired during period, value | $ 500 | |||||||||||||||||
Stock issuance, value | $ 500 | |||||||||||||||||
Other investments | $ 500 | |||||||||||||||||
Shares issuance | 5,000,000 | |||||||||||||||||
Cash received | $ 500 | |||||||||||||||||
MU Global Holding Limited [Member] | ||||||||||||||||||
Impairment of investments | $ 217 | |||||||||||||||||
Shares acquistions | 2,165,000 | |||||||||||||||||
Shares issued, price per share | $ 0.0001 | |||||||||||||||||
Stock acquired during period, value | $ 217 | |||||||||||||||||
Other investments | $ 217 | |||||||||||||||||
Stock Purchase Agreement [Member] | MU Global Holding Limited [Member] | Mr Chen [Member] | ||||||||||||||||||
Stock issuance, value | $ 17,320 | |||||||||||||||||
Shares issuance | 2,165,000 | |||||||||||||||||
Gain on disposal of investments | $ 17,320 | |||||||||||||||||
Agape ATP Corporation [Member] | ||||||||||||||||||
Shares acquistions | 17,500,000 | |||||||||||||||||
Shares issued, price per share | $ 0.0001 | |||||||||||||||||
Stock acquired during period, value | $ 1,750 | |||||||||||||||||
Ownership percentage | 5% | |||||||||||||||||
Stock issuance, value | $ 1,750 | |||||||||||||||||
Investment shares owned | 800,000 | 800,000 | 1,000,000 | |||||||||||||||
Investment shares, historical cost | $ 80 | $ 80 | $ 100 | |||||||||||||||
Share price | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||||||||||||||
Number of shares acquired | 200,000 | |||||||||||||||||
Number of shares acquired, value | $ 180,000 | |||||||||||||||||
Gain on disposal of investment | $ 179,980 | |||||||||||||||||
Agape ATP Corporation [Member] | Forfeiture Agreement [Member] | ||||||||||||||||||
Ownership percentage | 1% | |||||||||||||||||
Shares transferred | 16,500,000 | |||||||||||||||||
Investment | 17,500,000 | |||||||||||||||||
Other investments | $ 1,650 | |||||||||||||||||
[1]Revenues and costs are attributed to countries based on the location where the entities operate. |
SCHEDULE OF FAIR VALUE OF ASSET
SCHEDULE OF FAIR VALUE OF ASSETS ACQUIRED AND LIABILITIES ASSUMED (Details) - USD ($) | Jun. 30, 2024 | Jun. 06, 2024 | Dec. 31, 2023 |
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] | |||
Cash | $ 1,101 | ||
Goodwill | $ 88,596 | 6,035 | $ 82,561 |
Fair value of current liabilities | (7,036) | ||
Purchase price | $ 100 |
SCHEDULE OF UNAUDITED PROFORMA
SCHEDULE OF UNAUDITED PROFORMA INFORMATION COMBINED RESULTS OF OPERATIONS (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] | ||
Revenue | $ 1,019,573 | $ 1,238,620 |
Loss from operations | (1,075,628) | (645,152) |
Net (loss) income | $ (838,958) | $ 6,682,372 |
Net (loss) income per share - basic | $ (0.11) | $ 0.85 |
Net (loss) income per share - diluted | $ (0.11) | $ 0.85 |
BUSINESS COMBINATION (Details N
BUSINESS COMBINATION (Details Narrative) | Jun. 06, 2024 USD ($) |
Global Business Hub Limited [Member] | Mr Lee Chong Kuang [Member] | |
Business Acquisition [Line Items] | |
Business Combination, Consideration Transferred | $ 100 |
SCHEDULE OF COMPONENTS OF LEASE
SCHEDULE OF COMPONENTS OF LEASE AND SUPPLEMENTAL CASH FLOW INFORMATION (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | ||
Lease costs | |||||
Rental expenses | [1] | $ 48,720 | $ 46,277 | ||
Other rental expenses | [2] | 8,160 | 11,051 | ||
Total operating lease costs | $ 27,768 | $ 27,919 | 56,880 | 57,328 | |
Interest expenses | 544 | 111 | |||
Total finance lease costs | 265 | 111 | 544 | 111 | |
Total lease costs | $ 28,033 | $ 28,030 | 57,424 | 57,439 | |
Rental payment - operating leases | 48,720 | 47,487 | |||
Interest repayment - finance leases | 457 | 111 | |||
Principal repayment - finance leases | 1,357 | 272 | |||
Total cash paid | 50,534 | 47,870 | |||
Balance payment of ROU asset by finance lease liabilities | $ 14,964 | $ 18,377 | |||
Weighted average remaining lease term - operating leases (in years) | 8 months 12 days | 1 year 8 months 15 days | 8 months 12 days | 1 year 8 months 15 days | |
Weighted average remaining lease term - operating leases (in years) | 3 years 11 months 1 day | 4 years 11 months 1 day | 3 years 11 months 1 day | 4 years 11 months 1 day | |
Weighted average discount rate - operating leases | 4% | 4% | 4% | 4% | |
Weighted average discount rate - finance leases | 6.90% | 6.90% | 6.90% | 6.90% | |
[1]Rental expenses include amortization of $ 46,821 43,797 1,899 2,480 |
SCHEDULE OF COMPONENTS OF LEA_2
SCHEDULE OF COMPONENTS OF LEASE AND SUPPLEMENTAL CASH FLOW INFORMATION (Details) (Parenthetical) - USD ($) | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Leases | ||
Rental expenses, amortization | $ 46,821 | $ 43,797 |
Interest expenses | $ 1,899 | $ 2,480 |
SCHEDULE OF SUPPLEMENTAL BALANC
SCHEDULE OF SUPPLEMENTAL BALANCE SHEET INFORMATION RELATED TO LEASES (Details) - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 | |
Leases | |||
Long-term operating lease ROU assets, net | [1] | $ 67,666 | $ 114,551 |
Long-term finance lease ROU asset, net | [2] | 22,023 | 25,527 |
Total ROU assets | 89,689 | 140,078 | |
Current portion of operating lease liabilities | 67,666 | 94,726 | |
Current portion of finance lease liabilities | 3,449 | 3,426 | |
Total current lease liabilities | 71,115 | 98,152 | |
Long-term operating lease liabilities | 19,825 | ||
Long-term finance lease liabilities | 11,515 | 13,638 | |
Total long-term lease liabilities | 11,515 | 33,463 | |
Total lease liabilities | $ 82,630 | $ 131,615 | |
[1]Operating lease ROU assets are measured at cost of $ 351,829 284,163 237,278 28,898 6,875 3,371 |
SCHEDULE OF SUPPLEMENTAL BALA_2
SCHEDULE OF SUPPLEMENTAL BALANCE SHEET INFORMATION RELATED TO LEASES (Details) (Parenthetical) - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 |
Leases | ||
Operating lease ROU assets, cost | $ 351,829 | |
Operating lease ROU assets, accumulated amortization | 284,163 | $ 237,278 |
Finance lease ROU assets, cost | 28,898 | |
Finance lease ROU assets, accumulated amortization | $ 6,875 | $ 3,371 |
SCHEDULE OF MATURITIES OF LEASE
SCHEDULE OF MATURITIES OF LEASE LIABILITIES (Details) - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 |
Leases | ||
Operating leases, 2024 (remaining 6 months) | $ 48,795 | |
Finance leases, 2024 (remaining 6 months) | 2,184 | |
Operating leases, 2025 | 19,938 | |
Finance leases, 2025 | 4,368 | |
Operating leases, 2026 | ||
Finance leases, 2026 | 4,368 | |
Operating leases, 2027 | ||
Finance leases, 2027 | 4,368 | |
Operating leases, 2028 | ||
Finance leases, 2028 | 1,817 | |
Operating lease, total future minimum lease payments | 68,733 | |
Finance lease, total future minimum lease payments | 17,105 | |
Operating leases, Less Imputed interest/present value discount | (1,067) | |
Finance leases, Less Imputed interest/present value discount | (2,141) | |
Operating leases, Total lease obligations | 67,666 | |
Finance leases, Total lease obligations | 14,964 | |
Operating leases, Current lease obligations | 67,666 | $ 94,726 |
Finance leases, Current lease obligations | 3,449 | 3,426 |
Operating leases, Long-term lease obligations | 19,825 | |
Finance leases, Long-term lease obligations | $ 11,515 | $ 13,638 |
LEASES (Details Narrative)
LEASES (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Leases | ||||
Operating lease term | 2 years | 2 years | ||
Finance lease term | 5 years | 5 years | ||
Lease, Cost | $ 28,033 | $ 28,030 | $ 57,424 | $ 57,439 |
Operating Lease, Cost | 27,768 | 27,919 | 56,880 | 57,328 |
Finance lease costs | $ 265 | $ 111 | $ 544 | $ 111 |
WARRANTS (Details Narrative)
WARRANTS (Details Narrative) - $ / shares | 6 Months Ended | |||||
Jul. 28, 2022 | Jun. 30, 2024 | Jun. 12, 2023 | Jun. 11, 2023 | Jul. 27, 2022 | Dec. 31, 2018 | |
Common stock issuable upon exercise of warrants | 53,556 | |||||
Exercise price of warrants | $ 7.20 | |||||
Stockholders equity reverse stock split | 10-for-1 | |||||
Shares issued, price per share | $ 1.78 | |||||
Number of warrants outstanding | 0 | |||||
Number of warrants exercised | 0 | |||||
Warrant [Member] | ||||||
Common stock issuable upon exercise of warrants | 5,356 | 53,556 | ||||
Exercise price of warrants | $ 72 | $ 7.2 | $ 72 | $ 7.2 |
SCHEDULE OF DUE FROM RELATED PA
SCHEDULE OF DUE FROM RELATED PARTIES (Details) - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 |
Accounts receivable, net – related parties | ||
Total | $ 77,532 | $ 44,938 |
Related Party A [Member] | ||
Accounts receivable, net – related parties | ||
Total | 117 | |
Related Party [Member] | ||
Accounts receivable, net – related parties | ||
Total | 117 | |
Due from related parties | ||
Due from related parties | 908,361 | 750,860 |
Related Party B [Member] | ||
Due from related parties | ||
Due from related parties | 175,593 | 25,932 |
Related Party D [Member] | ||
Due from related parties | ||
Due from related parties | 731,714 | 723,889 |
Related Party G [Member] | ||
Due from related parties | ||
Due from related parties | 1,048 | 1,032 |
Related Party I [Member] | ||
Due from related parties | ||
Due from related parties | $ 6 | $ 7 |
SCHEDULE OF DUE FROM RELATED _2
SCHEDULE OF DUE FROM RELATED PARTIES (Details) (Parenthetical) - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 | Dec. 31, 2022 |
Related Party Transaction [Line Items] | |||
Accounts receivable, allowance | $ 749,000 | $ 610,599 | $ 25,677 |
Related Party A [Member] | |||
Related Party Transaction [Line Items] | |||
Accounts receivable, allowance | 6 | ||
Related Party B [Member] | |||
Related Party Transaction [Line Items] | |||
Accounts receivable, allowance | $ 444,542 | $ 379,542 |
SCHEDULE OF DUE TO RELATED PART
SCHEDULE OF DUE TO RELATED PARTIES (Details) - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 |
Related Party A [Member] | ||
Related Party Transaction [Line Items] | ||
Due to related parties | $ 51,427 | $ 30,238 |
Related Party B [Member] | ||
Related Party Transaction [Line Items] | ||
Due to related parties | 22,692 | 19,906 |
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 | |
Related Party K [Member] | ||
Related Party Transaction [Line Items] | ||
Due to related parties | 2,330 | 1,650 |
Related Party [Member] | ||
Related Party Transaction [Line Items] | ||
Due to related parties | $ 76,449 | $ 389,274 |
SCHEDULE OF INCOME FROM OR EXPE
SCHEDULE OF INCOME FROM OR EXPENSES TO RELATED PARTIES (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | ||||
Related Party Transaction [Line Items] | ||||||||
Deferred cost of revenue to a related party | $ 23,604 | $ 23,604 | $ 16,291 | |||||
Other investments in a related party | 99,586 | 99,586 | 100,106 | |||||
Cost of revenues to a related party | [1] | 123,598 | $ 172,869 | |||||
General and administrative expenses to related parties | 920,070 | $ 817,259 | 1,971,308 | 1,708,823 | ||||
Other income from related parties | 15,852 | 6,608 | 28,471 | 27,254 | ||||
Interest income of other investment | 2,960 | 11,191 | 12,849 | 22,006 | ||||
Gain on disposal of investments (including $17,320 of related party investment for the three months ended June 30, 2024 and $197,300 of related party investments for the six months ended June 30, 2024) | 17,320 | 197,300 | [1] | |||||
Reversal of impairment of other investment (including reversal of impairment of $6,759,000 of related party investment for the three months ended June 30, 2023, and reversal of impairment of $6,882,000 of related party investment for the six months ended June 30, 2023) | 6,759,000 | [1] | 6,882,000 | [1] | 6,882,000 | |||
Related Party B [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Deferred cost of revenue to a related party | 75,800 | 75,800 | 157,500 | |||||
Other investments in a related party | 99,586 | 99,586 | 100,106 | |||||
Service revenue from related parties | 195,939 | 557,557 | ||||||
General and administrative expenses to related parties | 47,274 | |||||||
Other income from related parties | 19,881 | |||||||
Interest income of other investment | 2,344 | |||||||
Gain on disposal of investments (including $17,320 of related party investment for the three months ended June 30, 2024 and $197,300 of related party investments for the six months ended June 30, 2024) | 197,300 | |||||||
Reversal of impairment of other investment (including reversal of impairment of $6,759,000 of related party investment for the three months ended June 30, 2023, and reversal of impairment of $6,882,000 of related party investment for the six months ended June 30, 2023) | 6,882,000 | |||||||
Related Party A [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Service revenue from related parties | 1,245 | 857 | ||||||
Cost of revenues to a related party | 4,052 | |||||||
General and administrative expenses to related parties | 28,769 | |||||||
Related Party D [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Service revenue from related parties | 26,119 | 14,018 | ||||||
General and administrative expenses to related parties | 38,963 | |||||||
Other income from related parties | 5,985 | 6,733 | ||||||
Related Party E [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Service revenue from related parties | 1,354 | 4,155 | ||||||
Related Party G [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Service revenue from related parties | 14,420 | 7,485 | ||||||
Related Party K [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Service revenue from related parties | 8 | 77 | ||||||
General and administrative expenses to related parties | 8,056 | 21,422 | ||||||
Related Party [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Other investments in a related party | 99,586 | 99,586 | $ 100,106 | |||||
Service revenue from related parties | 44,836 | 242,977 | 239,085 | 584,149 | ||||
Cost of revenues to a related party | 998 | 0 | 4,052 | 0 | ||||
General and administrative expenses to related parties | 54,859 | 61,915 | 82,762 | 76,720 | ||||
Other income from related parties | 14,440 | 3,368 | 25,866 | 6,733 | ||||
Interest income of other investment | 1,359 | 0 | 2,344 | 0 | ||||
Gain on disposal of investments (including $17,320 of related party investment for the three months ended June 30, 2024 and $197,300 of related party investments for the six months ended June 30, 2024) | $ 17,320 | 197,300 | ||||||
Reversal of impairment of other investment (including reversal of impairment of $6,759,000 of related party investment for the three months ended June 30, 2023, and reversal of impairment of $6,882,000 of related party investment for the six months ended June 30, 2023) | $ 6,759,000 | 6,882,000 | ||||||
Related Party I [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
General and administrative expenses to related parties | $ 6,974 | $ 8,024 | ||||||
[1]Revenues and costs are attributed to countries based on the location where the entities operate. |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2024 | Dec. 31, 2023 | Dec. 31, 2018 | |
Related Party Transaction [Line Items] | |||
Impairment of other receivable | $ 60,000 | ||
Related Party H [Member] | |||
Related Party Transaction [Line Items] | |||
Ownership percentage | 48% | 49% | |
Impairment of other receivable | $ 60,000 | ||
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 |
SCHEDULE OF SUMMARIZED FINANCIA
SCHEDULE OF SUMMARIZED FINANCIAL INFORMATION (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | ||||||
Segment Reporting Information [Line Items] | ||||||||||
Revenues | $ 361,174 | $ 600,885 | $ 1,019,573 | [1] | $ 1,238,620 | [1] | ||||
Cost of revenues | [1] | (123,598) | (172,869) | |||||||
Gain on disposal of investments | 17,320 | 197,300 | [1] | |||||||
Reversal of impairment of other investment | 6,759,000 | [1] | 6,882,000 | [1] | $ 6,882,000 | |||||
Reversal of write-off notes receivable | 200,000 | [1] | 400,000 | [1] | ||||||
Depreciation and amortization | [1] | (122,621) | (117,385) | |||||||
Net income (loss) | (565,753) | 6,662,516 | (838,663) | [1] | 6,684,452 | [1] | ||||
Total assets | 6,756,871 | [1] | 14,735,787 | [1] | 6,756,871 | [1] | 14,735,787 | [1] | $ 8,658,020 | |
Capital expenditures for long-lived assets | [1] | 4,400 | 33,414 | |||||||
HONG KONG | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Revenues | 226,439 | 442,206 | 643,711 | [1] | 895,751 | [1] | ||||
Cost of revenues | [1] | (8,937) | (46,719) | |||||||
Gain on disposal of investments | [1] | 197,300 | ||||||||
Reversal of impairment of other investment | [1] | 6,882,000 | ||||||||
Reversal of write-off notes receivable | [1] | 400,000 | ||||||||
Depreciation and amortization | [1] | (50,528) | (47,541) | |||||||
Net income (loss) | [1] | (514,491) | 6,823,002 | |||||||
Total assets | [1] | 2,899,035 | 10,306,015 | 2,899,035 | 10,306,015 | |||||
Capital expenditures for long-lived assets | [1] | 1,516 | ||||||||
MALAYSIA | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Revenues | 84,015 | 78,969 | 259,144 | [1] | 154,229 | [1] | ||||
Cost of revenues | [1] | (89,218) | (90,713) | |||||||
Gain on disposal of investments | [1] | |||||||||
Reversal of impairment of other investment | [1] | |||||||||
Reversal of write-off notes receivable | [1] | |||||||||
Depreciation and amortization | [1] | (20,037) | (15,688) | |||||||
Net income (loss) | [1] | (288,401) | (152,173) | |||||||
Total assets | [1] | 1,363,301 | 1,805,691 | 1,363,301 | 1,805,691 | |||||
Capital expenditures for long-lived assets | [1] | 4,400 | 30,382 | |||||||
CHINA | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Revenues | 50,720 | 79,710 | 116,718 | [1] | 188,640 | [1] | ||||
Cost of revenues | [1] | (25,443) | (35,437) | |||||||
Gain on disposal of investments | [1] | |||||||||
Reversal of impairment of other investment | [1] | |||||||||
Reversal of write-off notes receivable | [1] | |||||||||
Depreciation and amortization | [1] | (52,056) | (54,156) | |||||||
Net income (loss) | [1] | (35,771) | 13,623 | |||||||
Total assets | [1] | 2,494,535 | 2,624,081 | 2,494,535 | 2,624,081 | |||||
Capital expenditures for long-lived assets | [1] | 1,516 | ||||||||
Real Estates [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Revenues | 43,151 | 42,626 | ||||||||
Cost of revenues | (12,890) | (18,686) | ||||||||
Gain on disposal of investments | ||||||||||
Reversal of impairment of other investment | ||||||||||
Reversal of write-off notes receivable | ||||||||||
Depreciation and amortization | (10,980) | (15,604) | ||||||||
Net income (loss) | (426,525) | (34,888) | ||||||||
Total assets | 1,003,722 | 1,709,721 | 1,003,722 | 1,709,721 | ||||||
Capital expenditures for long-lived assets | ||||||||||
Service Business [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Revenues | 976,422 | 1,195,994 | ||||||||
Cost of revenues | (110,708) | (154,183) | ||||||||
Gain on disposal of investments | ||||||||||
Reversal of impairment of other investment | ||||||||||
Reversal of write-off notes receivable | ||||||||||
Depreciation and amortization | (111,571) | (101,526) | ||||||||
Net income (loss) | (833,954) | (367,178) | ||||||||
Total assets | 4,610,241 | 5,710,938 | 4,610,241 | 5,710,938 | ||||||
Capital expenditures for long-lived assets | 4,400 | 33,414 | ||||||||
Corporate Segment [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Revenues | ||||||||||
Cost of revenues | ||||||||||
Gain on disposal of investments | 197,300 | |||||||||
Reversal of impairment of other investment | 6,882,000 | |||||||||
Reversal of write-off notes receivable | 400,000 | |||||||||
Depreciation and amortization | (70) | (255) | ||||||||
Net income (loss) | 421,816 | 7,086,518 | ||||||||
Total assets | $ 1,142,908 | $ 7,315,128 | 1,142,908 | 7,315,128 | ||||||
Capital expenditures for long-lived assets | ||||||||||
[1]Revenues and costs are attributed to countries based on the location where the entities operate. |
SEGMENT INFORMATION (Details Na
SEGMENT INFORMATION (Details Narrative) | 6 Months Ended |
Jun. 30, 2024 Integer | |
Segment Reporting [Abstract] | |
Number of reportable segments | 2 |