Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2021 | May 17, 2021 | |
Cover [Abstract] | ||
Entity Registrant Name | GigWorld Inc. | |
Entity Central Index Key | 0001600347 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2021 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Is Entity's Reporting Status Current? | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Small Business | true | |
Entity Shell Company | false | |
Entity Interactive Data Current | Yes | |
Entity Incorporation State Country Code | DE | |
Entity File Number | 333-194748 | |
Entity Common Stock, Shares Outstanding | 506,898,576 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2021 |
CONSOLIDATED BALANCE SHEETS (UN
CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
CURRENT ASSETS: | ||
Cash | $ 154,737 | $ 158,057 |
Total current assets | 154,737 | 158,057 |
Other non-current assets | 102 | 102 |
Total assets | 154,839 | 158,159 |
CURRENT LIABILITIES: | ||
Accounts payable and accrued expenses | 30,272 | 18,043 |
Accrued taxes | 7,742 | 7,742 |
Amount due to related parties | 1,509,876 | 1,522,104 |
Total current liabilities | 1,547,890 | 1,547,889 |
Total liabilities | 1,547,890 | 1,547,889 |
STOCKHOLDERS' (DEFICIT): | ||
Preferred stock, $0.0001 par value, 15,000,000 shares authorized, 0 issued and outstanding as of March 31, 2021 and December 31, 2020 | 0 | 0 |
Common stock, $0.0001 par value, 1,000,000,000 shares authorized, 506,898,576 shares issued and outstanding, as of March 31, 2021 and December 31, 2020 | 50,690 | 50,690 |
Additional paid-in capital | 4,604,191 | 4,604,191 |
Accumulated other comprehensive loss | (315,083) | (378,361) |
Accumulated deficit | (5,732,849) | (5,666,250) |
Total stockholders' deficit | (1,393,051) | (1,389,730) |
Total liabilities and stockholders' deficit | $ 154,839 | $ 158,159 |
CONSOLIDATED BALANCE SHEETS (_2
CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - $ / shares | Mar. 31, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ .0001 | $ 0.0001 |
Preferred stock, authorized | 15,000,000 | 15,000,000 |
Preferred stock, issued | 0 | 0 |
Preferred stock, outstanding | 0 | 0 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, authorized | 1,000,000,000 | 1,000,000,000 |
Common stock, issued | 506,898,576 | 506,898,576 |
Common stock, outstanding | 506,898,576 | 506,898,576 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (UNAUDITED) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Operating Expenses: | ||
General and administrative | $ 30,128 | $ 18,049 |
Total operating expenses | 30,128 | 18,049 |
(Loss) from operations | (30,128) | (18,049) |
Other Income (Loss): | ||
Interest income | 0 | 1 |
Foreign exchange (loss) | (36,471) | (92,658) |
Total other (loss) | (36,471) | (92,657) |
(Loss) before taxes | (66,599) | (110,706) |
Income tax provision | 0 | 0 |
Net (loss) applicable to common shareholders | $ (66,599) | $ (110,706) |
Net (loss) per share - basic and diluted | $ 0 | $ 0 |
Weighted number of shares outstanding - basic and diluted | 506,898,576 | 506,898,576 |
Comprehensive Income (Loss): | ||
Net (loss) | $ (66,599) | $ (110,706) |
Foreign currency translation gain | 63,278 | 169,540 |
Total comprehensive (loss) income | $ (3,321) | $ 58,834 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' (DEFICIT) (UNAUDITED) - USD ($) | Common Stock | Paid-In Capital | Accumulated Other Comprehensive Income (Loss) | Accumulated Deficit | Total |
Beginning balances, shares at Dec. 31, 2019 | 506,898,576 | ||||
Beginning balance, amount at Dec. 31, 2019 | $ 50,690 | $ 4,604,191 | $ (310,293) | $ (5,616,908) | $ (1,272,320) |
Net loss for period | (110,706) | (110,706) | |||
Foreign currency translation adjustment | 169,540 | 169,540 | |||
Ending balance, shares at Mar. 31, 2020 | 506,898,576 | ||||
Ending balance, amount at Mar. 31, 2020 | $ 50,690 | 4,604,191 | (140,753) | (5,727,614) | (1,213,486) |
Beginning balances, shares at Dec. 31, 2020 | 506,898,576 | ||||
Beginning balance, amount at Dec. 31, 2020 | $ 50,690 | 4,604,191 | (378,361) | (5,666,250) | (1,389,730) |
Net loss for period | (66,599) | (66,599) | |||
Foreign currency translation adjustment | 63,278 | 63,278 | |||
Ending balance, shares at Mar. 31, 2021 | 506,898,576 | ||||
Ending balance, amount at Mar. 31, 2021 | $ 50,690 | $ 4,604,191 | $ (315,083) | $ (5,732,849) | $ (1,393,051) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net (loss) | $ (66,599) | $ (110,706) |
Adjustments to reconcile net loss to cash used in operating activities: | ||
Foreign exchange transaction loss | 0 | 92,479 |
Change in operating assets and liabilities: | ||
Accounts payable and accrued expenses | 12,229 | 3,141 |
Net cash used in operating activities | (54,370) | (15,086) |
CASH FLOW FROM FINANCING ACTIVITIES: | ||
Advance from related parties | 14,470 | 10,823 |
Net cash generated from financing activities | 14,470 | 10,823 |
Net (decrease) in cash | (39,900) | (4,263) |
Effects of exchange rates on cash | 36,580 | 279 |
Cash and cash equivalents at beginning of period | 158,057 | 55,752 |
Cash and cash equivalents at end of period | 154,737 | 51,768 |
Supplemental disclosure of cash flows information: | ||
Cash paid for: interest | 0 | 0 |
Cash paid for: income taxes | $ 0 | $ 0 |
1. The Company History and Natu
1. The Company History and Nature of the Business | 3 Months Ended |
Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
The Company History and Nature of the Business | GigWorld Inc., formerly HotApp Blockchain, Inc. (the “Company” or “Group”) was incorporated in the State of Delaware on March 7, 2012 and established a fiscal year end of December 31. The Company’s business is focused on serving business-to-business (B2B) needs in e-commerce, collaboration and social networking functions. We will help enterprises and community users to transform their business model with digital economy in a more effective manner. With our platform, users can discover and build their own communities and create valuable content. Enterprises can in turn enhance the user experience with premium content, all of which are facilitated by the transactions of every stakeholder via e-commerce. Our go-to-market model includes working closely with business entities, which are primarily on a membership based business, direct selling being one of them, to provide membership collaboration tools for communications, commerce and social media management. We work with backend systems providers that provide the order processing, commission management capability and enable them with mobile friendly interface and access to the relevant backend services. The pricing model will be based on a subscription model with a possible one-time integration support fee. GigWorld Inc. will work closely with business development consultants to promote our platform to enterprises. As of March 31, 2021, details of the Company’s subsidiaries are as follows: Subsidiaries Date of Incorporation Place of Incorporation Percentage of Ownership 1st Tier Subsidiary: HotApp BlockChain Pte. Ltd., formerly known as HotApps International Pte Ltd (“HIP”) May 23, 2014 Republic of Singapore 100% by Company Crypto Exchange Inc., subsequently known as Gig Stablecoin Inc. December 15, 2017 State of Nevada, the United States of America 100% by Company HWH World Inc. August 28, 2018 State of Delaware, the United States of America 100% by Company 2nd Tier Subsidiaries: HWH World Pte. Ltd. September 15, 2014 Republic of Singapore 100% owned by HIP HotApp International Limited* July 8, 2014 Hong Kong (Special Administrative Region) 100% owned by HIP * On March 25, 2015, HotApp BlockChain Pte. Ltd., formerly known as HotApps International Pte Ltd acquired 100% of the issued and outstanding shares of HotApp International Limited. Going Concern These financial statements have been prepared using accounting principles generally accepted in the United States of America applicable for a going concern, which assumes that the Company will realize its assets and discharge its liabilities in the ordinary course of business. Since inception, the Company has incurred net losses of $5,732,849 and has net working capital deficit of $1,393,153 at March 31, 2021. Management has concluded that due to the conditions described above, there is substantial doubt about the entities ability to continue as a going concern through May 17, 2022. We have evaluated the significance of the conditions in relation to our ability to meet our obligations and believe that our current cash balance along with our current operations will not provide sufficient capital to continue operation through 2021. Our ability to continue as a going concern is dependent upon achieving sales growth, management of operating expenses and ability of the Company to obtain the necessary financing to meet its obligations and pay its liabilities arising from normal business operations when they come due, and upon profitable operations. Our majority shareholder has advised us not to depend solely on them for financing. We have increased our efforts to raise additional capital through equity or debt financings from other sources. However, we cannot be certain that such capital (from our shareholders or third parties) will be available to us or whether such capital will be available on terms that are acceptable to us. Any such financing likely would be dilutive to existing stockholders and could result in significant financial operating covenants that would negatively impact our business. If we are unable to raise sufficient additional capital on acceptable terms, we will have insufficient funds to operate our business or pursue our planned growth. These financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts, or amounts and classification of liabilities that might result from this uncertainty. |
2. Summary of Significant Accou
2. Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Basis of presentation The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). These consolidated financial statements should be read in conjunction with the financial statements and additional information as contained in our Annual Report on Form 10-K for the year ended December 31, 2020 filed on March 22, 2021. Results of operations for the three month periods ended March 31, 2021 are not necessarily indicative of the operating results that may be expected for the year ending December 31, 2021. The other information in these consolidated financial statements is unaudited but, in the opinion of management, reflects all adjustments necessary for a fair presentation of the results for the periods covered. All such adjustments are of a normal recurring nature unless disclosed otherwise. Basis of consolidation The consolidated financial statements of the Group include the financial statements of GigWorld Inc. and its subsidiaries. All inter-company transactions and balances have been eliminated upon consolidation. Use of estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and revenues, cost and expenses in the financial statements and accompanying notes. Significant accounting estimates reflected in the Group’s consolidated financial statements include revenue recognition, the useful lives and impairment of property and equipment, valuation allowance for deferred tax assets. Cash and cash equivalents The Company considers all highly liquid investments with a maturity of three months or less at the date of acquisition to be cash equivalents. There were no cash equivalents as of March 31, 2021 and December 31, 2020. Foreign currency risk Because of its foreign operations, the Company holds cash in non-US dollars. As of March 31, 2021, cash and cash equivalents of the Group includes, on an as converted basis to US dollars, $21,492 and $122,306 in Hong Kong Dollars (“HK$”) and Singapore Dollars (“S$”), respectively. As of December 31, 2020, cash and cash equivalents of the Group include, on an as converted basis to US dollars, $24,448, and $122,671, in Hong Kong Dollars (“HK$”), and Singapore Dollars (“S$”), respectively. Concentrations Financial instruments that potentially expose the Group to concentration of credit risk consist primarily of cash. Although the cash at each particular bank in the United States is insured up to $250,000 by Federal Deposit Insurance Corporation (FDIC), the Group exposes to risk due to its concentration of cash in foreign countries. The Group places its cash with financial institutions with high-credit ratings and quality. Income taxes Current income taxes are provided for in accordance with the laws of the relevant tax authorities. Deferred income taxes are recognized when temporary differences exist between the tax bases of assets and liabilities and their reported amounts in the consolidated financial statements. Net operating loss carry forwards and credits are applied using enacted statutory tax rates applicable to future years. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more-likely-than-not that a portion of or all of the deferred tax assets will not be realized. The components of the deferred tax assets and liabilities are individually classified as non-current based on their characteristics. The impact of an uncertain income tax position on the income tax return is recognized at the largest amount that is more-likely-than-not to be sustained upon audit by the relevant tax authority. An uncertain income tax position will not be recognized if it has less than a 50% likelihood of being sustained. Interest and penalties on income taxes will be classified as a component of the provisions for income taxes. The Group did not recognize any income tax due to uncertain tax position or incur any interest and penalties related to potential underpaid income tax expenses for the period ended March 31, 2021 or 2020, respectively. Foreign currency translation Items included in the financial statements of each entity in the group are measured using the currency of the primary economic environment in which the entity operates (“functional currency”). The functional and reporting currency of the Company is the United States dollar (“U.S. dollar”). The financial records of the Company’s subsidiaries located in Singapore and Hong Kong are maintained in their local currencies, the Singapore Dollar (S$) and Hong Kong Dollar (HK$), which are also the functional currencies of these entities. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency at the rates of exchange ruling at the balance sheet date. Transactions in currencies other than the functional currency during the year are converted into functional currency at the applicable rates of exchange prevailing when the transactions occurred. Transaction gains and losses are recognized in the statement of operations. The Company’s entities with functional currency of Hong Kong Dollar and Singapore Dollar, translate their operating results and financial positions into the U.S. dollar, the Company’s reporting currency. Assets and liabilities are translated using the exchange rates in effect on the balance sheet date. Revenues, expenses, gains and losses are translated using the average rate for the year. Translation adjustments are reported as cumulative translation adjustments and are shown as a separate component of comprehensive income (loss). For the three months ended March 31, 2021, the Company recorded other comprehensive income from translation gain of $63,278 in the consolidated financial statements. For the three months ended March 31, 2020, the Company recorded other comprehensive income from translation gain of $169,540 in the consolidated financial statements. Comprehensive income (loss) Comprehensive income (loss) includes gains (losses) from foreign currency translation adjustments. Comprehensive income (loss) is reported in the consolidated statements of operations and comprehensive loss. Loss per share Basic loss per share is computed by dividing net loss attributable to shareholders by the weighted average number of shares outstanding during the period. The Company's convertible preferred shares are not participating securities and have no voting rights until converted to common stock. As of March 31, 2021, no shares of preferred stock are eligible for conversion into voting common stock. As of March 31, 2021, there are no potentially dilutive securities that were excluded from the computation of diluted EPS. Recent accounting pronouncements Management does not believe that any recently issued, but not effective, accounting standards, if currently adopted, would have a material effect on the Company’s consolidated financial statements. |
3. Accounts Payable and Accrued
3. Accounts Payable and Accrued Expenses | 3 Months Ended |
Mar. 31, 2021 | |
Accounts Payable and Accrued Liabilities [Abstract] | |
Accounts Payable and Accrued Expenses | Accrued expenses and other current liabilities consisted of the following: March 31, December 31, 2021 2020 Accrued professional fees $ 22,464 $ 16,892 Other 7,808 1,151 Total $ 30,272 $ 18,043 |
4. Related Party Balances and T
4. Related Party Balances and Transactions | 3 Months Ended |
Mar. 31, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Balances and Transactions | Effective as of September 1, 2020, Chan Heng Fai resigned as the Acting Chief Executive Officer of the Company, and the Company’s Board of Directors appointed Lee Wang Kei (“Nathan”) as the Company’s Chief Executive Officer. Alset International Limited (“AIL”) is the Company’s majority stockholder. Chan Heng Fai, the Executive Chairman of the Company’s Board of Directors, is also the Chief Executive Officer and a member of AIL’s Board of Directors, as well as the majority stockholder of AIL. Lui Wai Leung Alan, the Company’s Chief Financial Officer, is also the Executive Director and Chief Financial Officer of AIL. Both Chan Heng Fai and Lui Wai Leung Alan are being paid by AIL, the Company’s majority stockholder. We have not entered into any employment arrangement with any employees except for our Chief Executive Officer, Lee Wang Kei. Mr. Lee is paid $2,000 per month by HotApp International Limited, a subsidiary of the Company. AIL has provided staff without charge to our Company. As of March 31, 2021, the Company has an amount due to AIL of $1,509,773 plus an amount due to an associated company of AIL of $103. As of December 31, 2020, the Company has amount due to AIL of $1,521,999 plus an amount due to an associated company of AIL of $105. The account receivable as of March 31, 2021 includes a trade receivable from an affiliate by common ownership amounting to $39,427 resulting from the revenue earned from that affiliate during the year 2017, and the Company has put up a full allowance for the said amount. |
5. Subsequent Events
5. Subsequent Events | 3 Months Ended |
Mar. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | The Company has entered into a securities purchase agreement dated April 5, 2021 with Value Exchange International, Inc. (“Value Exchange International”) in connection with the purchase of 6,500,000 shares of Value Exchange International’s common stock for an aggregate subscription price of $650,000. The acquisition of 6,500,000 shares of Value Exchange International’s common stock was completed on April 12, 2021. |
2. Summary of Significant Acc_2
2. Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of presentation | The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). These consolidated financial statements should be read in conjunction with the financial statements and additional information as contained in our Annual Report on Form 10-K for the year ended December 31, 2020 filed on March 22, 2021. Results of operations for the three month periods ended March 31, 2021 are not necessarily indicative of the operating results that may be expected for the year ending December 31, 2021. The other information in these consolidated financial statements is unaudited but, in the opinion of management, reflects all adjustments necessary for a fair presentation of the results for the periods covered. All such adjustments are of a normal recurring nature unless disclosed otherwise. |
Basis of consolidation | The consolidated financial statements of the Group include the financial statements of GigWorld Inc. and its subsidiaries. All inter-company transactions and balances have been eliminated upon consolidation. |
Use of estimates | The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and revenues, cost and expenses in the financial statements and accompanying notes. Significant accounting estimates reflected in the Group’s consolidated financial statements include revenue recognition, the useful lives and impairment of property and equipment, valuation allowance for deferred tax assets. |
Cash and cash equivalents | The Company considers all highly liquid investments with a maturity of three months or less at the date of acquisition to be cash equivalents. There were no cash equivalents as of March 31, 2021 and December 31, 2020. |
Foreign currency risk | Because of its foreign operations, the Company holds cash in non-US dollars. As of March 31, 2021, cash and cash equivalents of the Group includes, on an as converted basis to US dollars, $21,492 and $122,306 in Hong Kong Dollars (“HK$”) and Singapore Dollars (“S$”), respectively. As of December 31, 2020, cash and cash equivalents of the Group include, on an as converted basis to US dollars, $24,448, and $122,671, in Hong Kong Dollars (“HK$”), and Singapore Dollars (“S$”), respectively. |
Concentrations | Financial instruments that potentially expose the Group to concentration of credit risk consist primarily of cash. Although the cash at each particular bank in the United States is insured up to $250,000 by Federal Deposit Insurance Corporation (FDIC), the Group exposes to risk due to its concentration of cash in foreign countries. The Group places its cash with financial institutions with high-credit ratings and quality. |
Income taxes | Current income taxes are provided for in accordance with the laws of the relevant tax authorities. Deferred income taxes are recognized when temporary differences exist between the tax bases of assets and liabilities and their reported amounts in the consolidated financial statements. Net operating loss carry forwards and credits are applied using enacted statutory tax rates applicable to future years. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more-likely-than-not that a portion of or all of the deferred tax assets will not be realized. The components of the deferred tax assets and liabilities are individually classified as non-current based on their characteristics. The impact of an uncertain income tax position on the income tax return is recognized at the largest amount that is more-likely-than-not to be sustained upon audit by the relevant tax authority. An uncertain income tax position will not be recognized if it has less than a 50% likelihood of being sustained. Interest and penalties on income taxes will be classified as a component of the provisions for income taxes. The Group did not recognize any income tax due to uncertain tax position or incur any interest and penalties related to potential underpaid income tax expenses for the period ended March 31, 2021 or 2020, respectively. |
Foreign currency translation | Items included in the financial statements of each entity in the group are measured using the currency of the primary economic environment in which the entity operates (“functional currency”). The functional and reporting currency of the Company is the United States dollar (“U.S. dollar”). The financial records of the Company’s subsidiaries located in Singapore and Hong Kong are maintained in their local currencies, the Singapore Dollar (S$) and Hong Kong Dollar (HK$), which are also the functional currencies of these entities. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency at the rates of exchange ruling at the balance sheet date. Transactions in currencies other than the functional currency during the year are converted into functional currency at the applicable rates of exchange prevailing when the transactions occurred. Transaction gains and losses are recognized in the statement of operations. The Company’s entities with functional currency of Hong Kong Dollar and Singapore Dollar, translate their operating results and financial positions into the U.S. dollar, the Company’s reporting currency. Assets and liabilities are translated using the exchange rates in effect on the balance sheet date. Revenues, expenses, gains and losses are translated using the average rate for the year. Translation adjustments are reported as cumulative translation adjustments and are shown as a separate component of comprehensive income (loss). For the three months ended March 31, 2021, the Company recorded other comprehensive income from translation gain of $63,278 in the consolidated financial statements. For the three months ended March 31, 2020, the Company recorded other comprehensive income from translation gain of $169,540 in the consolidated financial statements. |
Comprehensive income (loss) | Comprehensive income (loss) includes gains (losses) from foreign currency translation adjustments. Comprehensive income (loss) is reported in the consolidated statements of operations and comprehensive loss. |
Loss per share | Basic loss per share is computed by dividing net loss attributable to shareholders by the weighted average number of shares outstanding during the period. The Company's convertible preferred shares are not participating securities and have no voting rights until converted to common stock. As of March 31, 2021, no shares of preferred stock are eligible for conversion into voting common stock. As of March 31, 2021, there are no potentially dilutive securities that were excluded from the computation of diluted EPS. |
Recent accounting pronouncements | Management does not believe that any recently issued, but not effective, accounting standards, if currently adopted, would have a material effect on the Company’s consolidated financial statements. |
1. The Company History and Na_2
1. The Company History and Nature of the Business (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Subsidiaries | Subsidiaries Date of Incorporation Place of Incorporation Percentage of Ownership 1st Tier Subsidiary: HotApp BlockChain Pte. Ltd., formerly known as HotApps International Pte Ltd (“HIP”) May 23, 2014 Republic of Singapore 100% by Company Crypto Exchange Inc., subsequently known as Gig Stablecoin Inc. December 15, 2017 State of Nevada, the United States of America 100% by Company HWH World Inc. August 28, 2018 State of Delaware, the United States of America 100% by Company 2nd Tier Subsidiaries: HWH World Pte. Ltd. September 15, 2014 Republic of Singapore 100% owned by HIP HotApp International Limited* July 8, 2014 Hong Kong (Special Administrative Region) 100% owned by HIP * On March 25, 2015, HotApp BlockChain Pte. Ltd., formerly known as HotApps International Pte Ltd acquired 100% of the issued and outstanding shares of HotApp International Limited. |
3. Accounts Payable and Accru_2
3. Accounts Payable and Accrued Expense (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Accounts Payable and Accrued Liabilities [Abstract] | |
Accrued expenses and other current liabilities | March 31, December 31, 2021 2020 Accrued professional fees $ 22,464 $ 16,892 Other 7,808 1,151 Total $ 30,272 $ 18,043 |
1. The Company History and Na_3
1. The Company History and Nature of the Business (Details) | 3 Months Ended | |
Mar. 31, 2021 | ||
Place of incorporation | DE | |
HotApps International Pte Ltd ("HIP") | ||
Date of incorporation | May 23, 2014 | |
Place of incorporation | U0 | |
Percentage of ownership | 100.00% | |
Crypto Exchange Inc. | ||
Date of incorporation | Dec. 15, 2017 | |
Place of incorporation | NV | |
Percentage of ownership | 100.00% | |
HWH World Inc. | ||
Date of incorporation | Aug. 28, 2018 | |
Place of incorporation | DE | |
Percentage of ownership | 100.00% | |
HWH World Pte. Ltd | ||
Date of incorporation | Sep. 15, 2014 | |
Place of incorporation | U0 | |
Percentage of ownership | 100.00% | |
HotApp International Limited | ||
Date of incorporation | Jul. 8, 2014 | |
Place of incorporation | K3 | |
Percentage of ownership | 100.00% | [1] |
[1] | On March 25, 2015, HotApp BlockChain Pte. Ltd., formerly known as HotApps International Pte Ltd acquired 100% of the issued and outstanding shares of HotApp International Limited. |
1. The Company History and Na_4
1. The Company History and Nature of the Business (Details Narrative) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Incurred net losses | $ (5,732,849) | $ (5,666,250) |
Net working capital deficit | $ (1,393,153) |
2. Summary of Significant Acc_3
2. Summary of Significant Accounting Policies (Details Narrative) - USD ($) | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Accounting Policies [Abstract] | |||
Cash equivalents | $ 0 | $ 0 | |
Interest and penalties | 0 | $ 0 | |
Foreign currency translation gain | $ 63,278 | $ 169,540 | |
Anti-dilutive shares | 0 | 0 |
3. Accounts Payable and Accru_3
3. Accounts Payable and Accrued Expense (Details) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Accounts Payable and Accrued Liabilities [Abstract] | ||
Accrued professional fees | $ 22,464 | $ 16,892 |
Other | 7,808 | 1,151 |
Total | $ 30,272 | $ 18,043 |
4. Related Party Balances and_2
4. Related Party Balances and Transactions (Details Narrative) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Amount due to related parties | $ 1,509,876 | $ 1,522,104 |
Trade receivable from an affiliate | 39,427 | |
AIL | ||
Amount due to related parties | 1,509,773 | 1,521,999 |
Associated Company of AIL | ||
Amount due to related parties | $ 103 | $ 105 |