Cover
Cover - shares | 9 Months Ended | |
Sep. 30, 2023 | Nov. 13, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Sep. 30, 2023 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2023 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 000-56198 | |
Entity Registrant Name | VIVIC CORP. | |
Entity Central Index Key | 0001703073 | |
Entity Tax Identification Number | 98-1353606 | |
Entity Incorporation, State or Country Code | NV | |
Entity Address, Address Line One | 187 E Warm Springs Road | |
Entity Address, City or Town | Las Vegas | |
Entity Address, State or Province | NV | |
Entity Address, Postal Zip Code | 89119 | |
City Area Code | 702 | |
Local Phone Number | 899 0818 | |
Title of 12(b) Security | Common Stock, $0.001 Par Value | |
Trading Symbol | VIVC | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | No | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 26,657,921 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Current assets | ||
Cash and cash equivalents | $ 71,583 | $ 73,998 |
Deposit and prepayments | 1,141,997 | 451,583 |
Inventory | 124,000 | |
Total current assets | 4,259,480 | 525,581 |
Non-current assets | ||
Property and equipment, net | 1,054 | 1,458 |
Intangible assets, net | 3,764 | 5,822 |
Total non-current assets | 4,818 | 7,280 |
Assets classified as held for sale | 2,658,736 | |
TOTAL ASSETS | 4,264,298 | 3,191,597 |
Current liabilities | ||
Accrued liabilities and other payables | 196,196 | 147,242 |
Deferred revenue | 1,506,301 | 576,449 |
Total current liabilities | 2,048,184 | 997,401 |
Non-Current liabilities | ||
SBA loan payable | 87,500 | 87,500 |
Long term loan | 527,000 | |
Total non-current liabilities | 614,500 | 87,500 |
Liabilities directly associated with assets classified as held for sale | 3,142,918 | |
TOTAL LIABILITIES | 2,662,684 | 4,227,819 |
Commitments and contingencies | ||
STOCKHOLDERS’ EQUITY (DEFICIT) | ||
Preferred stock, $0.001 par value; 5,000,000 shares authorized; 832,000 shares issued and outstanding as of September 30, 2023 and December 31, 2022 | 832 | 832 |
Common stock, $0.001 par value; 70,000,000 shares authorized; 26,657,921 and 25,546,810 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively. | 26,658 | 25,547 |
Additional paid-in capital | 4,845,066 | 3,746,177 |
Accumulated other comprehensive income | 943 | 1,068 |
Accumulated deficit | (3,271,885) | (4,809,846) |
Total stockholders’ equity (deficit) | 1,601,614 | (1,036,222) |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) | 4,264,298 | 3,191,597 |
Related Party [Member] | ||
Current assets | ||
Other receivables | 2,821,192 | |
Current liabilities | ||
Due to related parties | 345,687 | 273,710 |
Nonrelated Party [Member] | ||
Current assets | ||
Other receivables | $ 100,708 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 832,000 | 832,000 |
Preferred stock, shares outstanding | 832,000 | 832,000 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 70,000,000 | 70,000,000 |
Common stock, shares issued | 26,657,921 | 25,546,810 |
Common stock, shares outstanding | 26,657,921 | 25,546,810 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Income Statement [Abstract] | ||||
Revenue, net | $ 791,043 | $ 791,043 | ||
Cost of sales | 699,217 | 699,217 | ||
Gross profit | 91,826 | 91,826 | ||
Operating expenses | ||||
General and administrative expenses | 105,234 | 51,092 | 257,668 | 107,689 |
Loss from operations | (13,408) | (51,092) | (165,842) | (107,689) |
Other income (expenses) | ||||
Interest expense | (6,271) | (444) | (13,197) | (7,007) |
Other income (expenses) | (381) | (138) | (29,302) | (373) |
Loss on loan settlement | (2,000) | |||
Total other income (expenses), net | (6,652) | (582) | (42,499) | (9,380) |
Loss before income taxes | (20,060) | (51,674) | (208,341) | (117,069) |
Income tax provision | 9 | |||
Continuing operations | (20,060) | (51,674) | (208,341) | (117,078) |
Income (loss) from discontinued operations | 1,859,207 | (236,639) | 1,746,302 | (679,380) |
Net income (loss) for the period | 1,839,147 | (288,313) | 1,537,961 | (796,458) |
Net loss attributable to noncontrolling interest arise from | ||||
Continuing operations | ||||
Discontinued operations | (3,312) | (37,870) | ||
Total net loss attributable to noncontrolling interest | (3,312) | (37,870) | ||
Net income (loss) attributable to Vivic Corp. arising from | ||||
Discontinued operations | 1,859,207 | (233,327) | 1,746,302 | (641,510) |
Total net income (loss) attributable to Vivic Corp. | 1,839,147 | (285,001) | 1,537,961 | (758,588) |
Other comprehensive item | ||||
Foreign currency translation gain (loss) | (2,997) | 16,771 | (125) | 12,838 |
COMPREHENSIVE INCOME (LOSS) | $ 1,836,150 | $ (268,230) | $ 1,537,836 | $ (745,750) |
Weighted average common stock outstanding | ||||
Weighted average common shares outstanding, basic | 26,657,921 | 25,546,810 | 26,063,700 | 25,550,253 |
Weighted average common shares outstanding, diluted | 26,657,921 | 25,546,810 | 26,063,700 | 25,550,253 |
Net loss from per share of common stock - basic | $ 0.07 | $ (0.01) | $ 0.06 | $ (0.03) |
Net loss from per share of common stock - diluted | $ 0.07 | $ (0.01) | $ 0.06 | $ (0.03) |
Condensed Consolidated Statem_2
Condensed Consolidated Statement of Changes in Stockholder's Equity (Deficit) (Unaudited) - USD ($) | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Noncontrolling Interest [Member] | Total |
Beginning balance, value at Dec. 31, 2021 | $ 832 | $ 25,557 | $ 3,821,709 | $ 10,347 | $ (3,865,450) | $ (90,386) | $ (97,391) |
Shares, Outstanding, Beginning Balance at Dec. 31, 2021 | 832,000 | 25,556,810 | |||||
Foreign currency translation adjustment | 4,185 | 4,185 | |||||
Net income for the period | (175,164) | (11,249) | (186,413) | ||||
Shares issued for loan settlement | $ 50 | 51,950 | 52,000 | ||||
Stock Issued During Period, Shares, New Issues | 50,000 | ||||||
Ending balance, value at Mar. 31, 2022 | $ 832 | $ 25,547 | 3,873,719 | 14,532 | (4,040,614) | (101,635) | (227,619) |
Shares, Outstanding, Ending Balance at Mar. 31, 2022 | 832,000 | 25,546,810 | |||||
Beginning balance, value at Dec. 31, 2021 | $ 832 | $ 25,557 | 3,821,709 | 10,347 | (3,865,450) | (90,386) | (97,391) |
Shares, Outstanding, Beginning Balance at Dec. 31, 2021 | 832,000 | 25,556,810 | |||||
Foreign currency translation adjustment | 12,838 | ||||||
Net income for the period | (796,458) | ||||||
Ending balance, value at Sep. 30, 2022 | $ 832 | $ 25,547 | 3,745,463 | 23,185 | (4,624,038) | (829,011) | |
Shares, Outstanding, Ending Balance at Sep. 30, 2022 | 832,000 | 25,546,810 | |||||
Beginning balance, value at Mar. 31, 2022 | $ 832 | $ 25,547 | 3,873,719 | 14,532 | (4,040,614) | (101,635) | (227,619) |
Shares, Outstanding, Beginning Balance at Mar. 31, 2022 | 832,000 | 25,546,810 | |||||
Foreign currency translation adjustment | (8,118) | (8,118) | |||||
Net income for the period | (298,423) | (23,309) | (321,732) | ||||
Ending balance, value at Jun. 30, 2022 | $ 832 | $ 25,547 | 3,873,719 | 6,414 | (4,339,037) | (124,944) | (557,469) |
Shares, Outstanding, Ending Balance at Jun. 30, 2022 | 832,000 | 25,546,810 | |||||
Foreign currency translation adjustment | 16,771 | 16,771 | |||||
Net income for the period | (285,001) | (3,312) | (288,313) | ||||
Ending balance, value at Sep. 30, 2022 | $ 832 | $ 25,547 | 3,745,463 | 23,185 | (4,624,038) | (829,011) | |
Shares, Outstanding, Ending Balance at Sep. 30, 2022 | 832,000 | 25,546,810 | |||||
Beginning balance, value at Dec. 31, 2022 | $ 832 | $ 25,547 | 3,746,177 | 1,068 | (4,809,846) | (1,036,222) | |
Shares, Outstanding, Beginning Balance at Dec. 31, 2022 | 832,000 | 25,546,810 | |||||
Foreign currency translation adjustment | (1,146) | (1,146) | |||||
Net income for the period | (332,225) | (332,225) | |||||
Ending balance, value at Mar. 31, 2023 | $ 832 | $ 25,547 | 3,746,177 | (78) | (5,142,071) | (1,369,593) | |
Shares, Outstanding, Ending Balance at Mar. 31, 2023 | 832,000 | 25,546,810 | |||||
Beginning balance, value at Dec. 31, 2022 | $ 832 | $ 25,547 | 3,746,177 | 1,068 | (4,809,846) | (1,036,222) | |
Shares, Outstanding, Beginning Balance at Dec. 31, 2022 | 832,000 | 25,546,810 | |||||
Ending balance, value at Jun. 30, 2023 | $ 832 | $ 26,658 | 4,845,066 | 3,940 | (5,111,032) | (234,536) | |
Shares, Outstanding, Ending Balance at Jun. 30, 2023 | 832,000 | 26,657,921 | |||||
Beginning balance, value at Dec. 31, 2022 | $ 832 | $ 25,547 | 3,746,177 | 1,068 | (4,809,846) | (1,036,222) | |
Shares, Outstanding, Beginning Balance at Dec. 31, 2022 | 832,000 | 25,546,810 | |||||
Foreign currency translation adjustment | (125) | ||||||
Net income for the period | 1,537,961 | ||||||
Ending balance, value at Sep. 30, 2023 | $ 832 | $ 26,658 | 4,845,066 | 943 | (3,271,885) | 1,601,614 | |
Shares, Outstanding, Ending Balance at Sep. 30, 2023 | 832,000 | 26,657,921 | |||||
Beginning balance, value at Mar. 31, 2023 | $ 832 | $ 25,547 | 3,746,177 | (78) | (5,142,071) | (1,369,593) | |
Shares, Outstanding, Beginning Balance at Mar. 31, 2023 | 832,000 | 25,546,810 | |||||
Foreign currency translation adjustment | 4,018 | 4,018 | |||||
Net income for the period | 31,039 | 31,039 | |||||
Shares issued for loan settlement | $ 1,111 | 1,098,889 | 1,100,000 | ||||
Stock Issued During Period, Shares, New Issues | 1,111,111 | ||||||
Ending balance, value at Jun. 30, 2023 | $ 832 | $ 26,658 | 4,845,066 | 3,940 | (5,111,032) | (234,536) | |
Shares, Outstanding, Ending Balance at Jun. 30, 2023 | 832,000 | 26,657,921 | |||||
Foreign currency translation adjustment | (2,997) | (2,997) | |||||
Net income for the period | 1,839,147 | 1,839,147 | |||||
Ending balance, value at Sep. 30, 2023 | $ 832 | $ 26,658 | $ 4,845,066 | $ 943 | $ (3,271,885) | $ 1,601,614 | |
Shares, Outstanding, Ending Balance at Sep. 30, 2023 | 832,000 | 26,657,921 |
Condensed Consolidated Statem_3
Condensed Consolidated Statement of Changes in Stockholder's Deficit (Unaudited) - USD ($) | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Noncontrolling Interest [Member] | Total |
Beginning balance, value at Dec. 31, 2021 | $ 832 | $ 25,557 | $ 3,821,709 | $ 10,347 | $ (3,865,450) | $ (90,386) | $ (97,391) |
Shares, Outstanding, Beginning Balance at Dec. 31, 2021 | 832,000 | 25,556,810 | |||||
Cancellation of shares | $ (60) | 60 | |||||
Cancellation of shares, shares | (60,000) | ||||||
Shares issued for loan settlement | $ 50 | 51,950 | 52,000 | ||||
Shares issued for loan settlement, shares | 50,000 | ||||||
Foreign currency translation adjustment | 4,185 | 4,185 | |||||
Net loss | (175,164) | (11,249) | (186,413) | ||||
Ending balance, value at Mar. 31, 2022 | $ 832 | $ 25,547 | 3,873,719 | 14,532 | (4,040,614) | (101,635) | (227,619) |
Shares, Outstanding, Ending Balance at Mar. 31, 2022 | 832,000 | 25,546,810 | |||||
Beginning balance, value at Dec. 31, 2021 | $ 832 | $ 25,557 | 3,821,709 | 10,347 | (3,865,450) | (90,386) | (97,391) |
Shares, Outstanding, Beginning Balance at Dec. 31, 2021 | 832,000 | 25,556,810 | |||||
Foreign currency translation adjustment | 12,838 | ||||||
Net loss | (796,458) | ||||||
Ending balance, value at Sep. 30, 2022 | $ 832 | $ 25,547 | 3,745,463 | 23,185 | (4,624,038) | (829,011) | |
Shares, Outstanding, Ending Balance at Sep. 30, 2022 | 832,000 | 25,546,810 | |||||
Beginning balance, value at Mar. 31, 2022 | $ 832 | $ 25,547 | 3,873,719 | 14,532 | (4,040,614) | (101,635) | (227,619) |
Shares, Outstanding, Beginning Balance at Mar. 31, 2022 | 832,000 | 25,546,810 | |||||
Foreign currency translation adjustment | (8,118) | (8,118) | |||||
Net loss | (298,423) | (23,309) | (321,732) | ||||
Ending balance, value at Jun. 30, 2022 | $ 832 | $ 25,547 | 3,873,719 | 6,414 | (4,339,037) | (124,944) | (557,469) |
Shares, Outstanding, Ending Balance at Jun. 30, 2022 | 832,000 | 25,546,810 | |||||
Foreign currency translation adjustment | 16,771 | 16,771 | |||||
Net loss | (285,001) | (3,312) | (288,313) | ||||
Acquisition of minority equity of a subsidiary | (128,256) | 128,256 | |||||
Ending balance, value at Sep. 30, 2022 | $ 832 | $ 25,547 | 3,745,463 | 23,185 | (4,624,038) | (829,011) | |
Shares, Outstanding, Ending Balance at Sep. 30, 2022 | 832,000 | 25,546,810 | |||||
Beginning balance, value at Dec. 31, 2022 | $ 832 | $ 25,547 | 3,746,177 | 1,068 | (4,809,846) | (1,036,222) | |
Shares, Outstanding, Beginning Balance at Dec. 31, 2022 | 832,000 | 25,546,810 | |||||
Foreign currency translation adjustment | (1,146) | (1,146) | |||||
Net loss | (332,225) | (332,225) | |||||
Ending balance, value at Mar. 31, 2023 | $ 832 | $ 25,547 | 3,746,177 | (78) | (5,142,071) | (1,369,593) | |
Shares, Outstanding, Ending Balance at Mar. 31, 2023 | 832,000 | 25,546,810 | |||||
Beginning balance, value at Dec. 31, 2022 | $ 832 | $ 25,547 | 3,746,177 | 1,068 | (4,809,846) | (1,036,222) | |
Shares, Outstanding, Beginning Balance at Dec. 31, 2022 | 832,000 | 25,546,810 | |||||
Ending balance, value at Jun. 30, 2023 | $ 832 | $ 26,658 | 4,845,066 | 3,940 | (5,111,032) | (234,536) | |
Shares, Outstanding, Ending Balance at Jun. 30, 2023 | 832,000 | 26,657,921 | |||||
Beginning balance, value at Dec. 31, 2022 | $ 832 | $ 25,547 | 3,746,177 | 1,068 | (4,809,846) | (1,036,222) | |
Shares, Outstanding, Beginning Balance at Dec. 31, 2022 | 832,000 | 25,546,810 | |||||
Foreign currency translation adjustment | (125) | ||||||
Net loss | 1,537,961 | ||||||
Ending balance, value at Sep. 30, 2023 | $ 832 | $ 26,658 | 4,845,066 | 943 | (3,271,885) | 1,601,614 | |
Shares, Outstanding, Ending Balance at Sep. 30, 2023 | 832,000 | 26,657,921 | |||||
Beginning balance, value at Mar. 31, 2023 | $ 832 | $ 25,547 | 3,746,177 | (78) | (5,142,071) | (1,369,593) | |
Shares, Outstanding, Beginning Balance at Mar. 31, 2023 | 832,000 | 25,546,810 | |||||
Shares issued for loan settlement | $ 1,111 | 1,098,889 | 1,100,000 | ||||
Shares issued for loan settlement, shares | 1,111,111 | ||||||
Foreign currency translation adjustment | 4,018 | 4,018 | |||||
Net loss | 31,039 | 31,039 | |||||
Ending balance, value at Jun. 30, 2023 | $ 832 | $ 26,658 | 4,845,066 | 3,940 | (5,111,032) | (234,536) | |
Shares, Outstanding, Ending Balance at Jun. 30, 2023 | 832,000 | 26,657,921 | |||||
Foreign currency translation adjustment | (2,997) | (2,997) | |||||
Net loss | 1,839,147 | 1,839,147 | |||||
Ending balance, value at Sep. 30, 2023 | $ 832 | $ 26,658 | $ 4,845,066 | $ 943 | $ (3,271,885) | $ 1,601,614 | |
Shares, Outstanding, Ending Balance at Sep. 30, 2023 | 832,000 | 26,657,921 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss from continuing operations | $ (208,341) | $ (117,078) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization expenses | 2,206 | 1,233 |
Changes in operating assets and liabilities: | ||
Deposit and prepayments | (741,080) | (2,605) |
Other receivables | (104,788) | |
Inventory | (129,201) | |
Deferred revenue | 997,298 | |
Accrued liabilities and other payables | 49,591 | (36,507) |
Net cash used in continuing operations | (134,315) | (154,957) |
Net cash (used in) provided by discontinued operations | (235,558) | 82,318 |
Net cash used in operating activities | (369,873) | (72,639) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchase of intangible assets | (7,236) | |
Cash from discontinued operation | 32,185 | |
Net cash used in continuing operations | 32,185 | (7,236) |
Net cash (used in) provided by discontinued operations | (75,967) | 65,759 |
Net cash (used in) provided by investing activities | (43,782) | 58,523 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from issuance of common and preferred stocks | 50,000 | |
Due from / (to) related parties | (414,502) | 50,585 |
Proceeds from loans | 549,100 | |
Net cash provided by continuing operations | 134,598 | 100,585 |
Net cash provided by (used in) discontinued operations | 282,419 | (161,813) |
Net cash provided by (used in) financing activities | 417,017 | (61,228) |
Effect of exchange gain (loss) on cash and cash equivalents | (5,777) | 52,855 |
NET DECREASE IN CASH & CASH EQUIVALENTS | (2,415) | (22,489) |
CASH & CASH EQUIVALENTS, BEGINNING OF PERIOD | 73,998 | 80,306 |
CASH & CASH EQUIVALENTS, END OF PERIOD | 71,583 | 57,817 |
ANALYSIS OF BALANCES OF CASH AND CASH EQUIVALENTS: | ||
Cash and cash equivalents | 71,583 | 49,263 |
Cash and cash equivalents included in assets classified as held for sale | 8,554 | |
Total of cash and cash equivalents | 71,583 | 57,817 |
Continuing operations: | ||
Cash paid for interest | 17,355 | 66 |
Cash paid for income tax | 9 | |
Discontinued operations: | ||
Cash paid for interest | 9,549 | |
Cash paid for income tax | ||
Continuing operations: | ||
Common stock issued for loan settlement | $ 1,100,000 | $ 52,000 |
ORGANIZATION AND BUSINESS BACKG
ORGANIZATION AND BUSINESS BACKGROUND | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
ORGANIZATION AND BUSINESS BACKGROUND | NOTE- 1 ORGANIZATION AND BUSINESS BACKGROUND VIVIC CORP. (the “Company” or “VIVC”) was established under the corporate laws of the State of Nevada on February 16, 2017. In December 2018, the Company expanded its business operations to include marine tourism. In addition, the Company entered into the businesses of constructing marinas and constructing yachts in mainland China under the brand “Monte Fino”. Monte Fino is a well-known brand owned by Taiwan Kha Shing Yacht Company, one of the leading yacht manufacturers in the world. The Company also operates “Joy Wave”(享浪),an online yacht rental and leisure service business in Guangzhou, China. In mainland China and Taiwan, primarily through the Internet, the Company provides third-party yacht and marine tourism services. This marine tourism involves visits to high quality coastal tourist attractions in Taiwan and China including Hainan, Guangdong, Xiamen, and Quanzhou. The field of marine tourism has expanded in recent years as the number of yachts that can be rented has been increased through yacht-sharing programs which make such opportunities available to more customers, though for limited time periods. The Company also seeks to develop energy-saving yacht engines. It believes it has advanced technologies, that can enable it to produce engines that are 50% more efficient than those currently available. This energy-saving and innovative technology may be applied to new energy-saving engines for yachts. This innovative technology may bring favorable changes to the yachting industry and promote low-carbon tourism for global environmental protection. On January 3, 2021, the Company entered into a Joint Venture and Cooperation Agreement to invest in Shenzhen Ocean Way Yachts Services Co., Ltd and its subsidiaries. On March 22, 2022, the Company sold its shares of Ocean Way and its subsidiaries to a third-party for $ 160,499 1,080,000 On July 26, 2022, Khashing Yachts Industry (Guangdong) Limited changed its name to Guangdong Weiguan Ship Tech Co., Ltd (“Weiguan Ship”). On July 6, 2022, Zhejiang Jiaxu Yacht Company Limited changed its name to Wenzhou Jiaxu Yacht Company Limited (“Jiaxu”). On August 10, 2022, the noncontrolling shareholder surrendered its 30 The Company also has a branch in the Republic of China (“ROC” or “Taiwan”), Vivic Corp On July 12, 2023, Vivic Corporation (Hong Kong) Co. Limited (“Vivic Hong Kong”), a wholly-owned subsidiary of the Company, entered into a Stock Purchase Agreement with Yun-Kuang Kung (Mr. “Kung”, son of Shang-Chiai Kung, the Company’s principal shareholder, President and Chief Executive Officer), pursuant to which Mr. Kung acquired all of the shares of Weiguan Ship. In consideration for its interest in Weiguan Ship, the Company received RMB 1,000 137 Description of subsidiaries as of September 30, 2023 SCHEDULE OF DESCRIPTION OF SUBSIDIARIES Name Place of incorporation and kind of legal entity Principal activities and place of operation Particulars of issued/ registered share capital Effective interest held Vivic Corporation (Hong Kong) Co., Limited Hong Kong Holding company and tourism consultancy service 52,000,000 2,159,440 100% Vivic Corp. Taiwan Branch The Republic of China (Taiwan) Provision of yacht service Registered: TWD 5,000,000 5,000,000 100% VIVC and its subsidiaries are hereinafter referred to as (the “Company”). |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE- 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The accompanying unaudited condensed consolidated financial statements reflect the application of certain significant accounting policies as described in this note and elsewhere in the accompanying unaudited condensed consolidated financial statements and notes. ● Basis of presentation These accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Quarterly Report on Form 10-Q and Article 10 of Regulation S-X. In the opinion of management, such financial information includes all adjustments (consisting only of normal recurring adjustments, unless otherwise indicated) considered necessary for a fair presentation of the Company’s financial position at such date and the operating results and cash flows for such periods. Operating results for the three and nine months ended September 30, 2023 are not necessarily indicative of the results that may be expected for the entire year or for any other subsequent interim period. The interim unaudited condensed consolidated financial information should be read in conjunction with the financial statements and the notes thereto, included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022, previously filed with the SEC on March 30, 2023. ● Use of estimates Preparing these unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited condensed consolidated financial statements and the reported amounts of revenues and expenses during the periods reported. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the unaudited condensed consolidated financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Such estimates may be subject to change as more current information becomes available. Actual results may differ from these estimates. ● Principles of consolidation The unaudited condensed consolidated financial statements include the financial statements of VIVC and its subsidiaries. All significant inter-company balances and transactions within the Company have been eliminated upon consolidation. ● Cash and cash equivalents Cash and cash equivalents consist primarily of cash in readily available checking and saving accounts. Cash equivalents consist of highly liquid investments that are readily convertible to cash and that mature within three months or less from the date of purchase. The carrying amounts approximate fair value due to the short maturities of these instruments. ● Accounts receivable Accounts receivable are recorded at the invoiced amount and do not bear interest and are due within contractual payment terms, generally 30 to 90 days from completion of service. Credit is extended based on evaluation of a customer’s financial condition, the customer’s credit-worthiness and payment history. Accounts receivable outstanding longer than the contractual payment terms are considered past due. Past due balances over 90 days and over a specified amount are reviewed individually for collectability. Under the current expected credit loss model, at the end of each period, the Company specifically evaluates each individual customer’s financial condition, credit history, and the current economic conditions to monitor the progress of the collection of accounts receivables. The Company considers the allowance for doubtful accounts for any estimated losses resulting from the inability of its customers to make required payments. For receivables that are past due or not being paid according to payment terms, appropriate actions are taken to collect the amounts due, including seeking legal resolution in a court of law. Account balances are charged off against the allowance after all reasonable means of collection have been exhausted and the potential for recovery is considered remote. The Company does not have any off-balance-sheet credit exposure related to its customers. As of September 30, 2023 and December 31, 2022, the Company had no ● Property, plant, and equipment Property, plant, and equipment are stated at cost less accumulated depreciation and accumulated impairment losses, if any. Depreciation is calculated on a straight-line basis over the following expected useful lives from the date on which assets become fully operational and after taking into account their estimated residual values: SCHEDULE OF PROPERTY AND EQUIPMENT EXPECTED USEFUL LIVE Expected useful life Service yacht 10 Motor vehicle 5 Office equipment 5 Expenditures for repairs and maintenance are expensed as incurred. When assets have been retired or sold, the cost and related accumulated depreciation are removed from the accounts and any resulting gain or loss is recognized in the results of operations. ● Intangible assets, net Intangible assets are stated at cost less accumulated amortization. Intangible assets represent the trademark registered in the PRC and purchased software which are amortized on a straight-line basis over a useful life of 10 The Company follows ASC Topic 350 in accounting for intangible assets, which requires impairment losses to be recorded when indicators of impairment are present and the undiscounted cash flows estimated to be generated by the assets are less than the assets’ carrying amounts. During the three and nine months ended September 30, 2023 and 2022 there were no ● Deferred revenue Deferred revenue represents advance payments made by a customer for goods and services the company will provide in the future. Due to its short-term nature, deferred revenue is usually satisfied within the 12 months. ● Revenue recognition In accordance with Accounting Standard Codification (“ASC”) Topic 606, “Revenue from Contracts with Customers”, the Company recognizes revenues when goods or services are transferred to customers in an amount that reflects the consideration which the Company expects to receive in exchange for those goods or services. In determining when and how revenues are recognized from contracts with customers, the Company performs the following five-step analysis: (i) identification of contract with customer; (ii) determination of performance obligations; (iii) measurement of the transaction price; (iv) allocation of the transaction price to the performance obligations, and (v) recognition of revenues when (or as) the Company satisfies each performance obligation. The Company derives revenues from processing, distribution, and sales of its products. ● Comprehensive income/(loss) ASC Topic 220, “ Comprehensive Income ● Income taxes Income taxes are determined in accordance with the provisions of ASC Topic 740, “ Income Taxes ASC 740 prescribes a comprehensive model for how companies should recognize, measure, present, and disclose in their financial statements uncertain tax positions taken or expected to be taken on a tax return. Under ASC 740, tax positions must initially be recognized in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions must initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts. The Company is subject to tax in local and foreign jurisdiction. As a result of its business activities, the Company files tax returns that are subject to examination by the relevant tax authorities. ● Foreign currencies translation Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded in the unaudited condensed consolidated statements of operations. The reporting currency of the Company is the United States Dollar (“US$”) and the accompanying unaudited condensed consolidated financial statements have been expressed in US$. In addition, the Company and its subsidiaries operating in PRC, Taiwan and Hong Kong maintain their books and record in their local currency, Renminbi (“RMB”), New Taiwan Dollar (“TWD”) and Hong Kong dollars (“HK$”), each of which is a functional currency, being the primary currency of the economic environment in which their operations are conducted. In general, for consolidation purposes, assets, and liabilities of the Company’s subsidiaries whose functional currency is not US$ are translated into US$, in accordance with ASC Topic 830-30, “Translation of Financial Statement Translation of amounts from RMB, TWD and HK$ into US$ has been made at the following exchange rates as of September 30, 2023 and December 31, 2022 and for the nine months ended September 30, 2023 and 2022. SCHEDULE OF FOREIGN CURRENCY TRANSLATIONS September 30, 2023 September 30, 2022 December 31, 2022 Period/year-end RMB:US$ exchange rate 7.2960 7.1128 6.8972 Period/annual average RMB:US$ exchange rate 7.0343 6.6023 6.7290 Period/year-end HK$:US$ exchange rate 7.8308 7.8499 7.8015 Period/annual average HK$:US$ exchange rate 7.8341 7.8332 7.8306 Period/year-end TWD:US$ exchange rate 32.2400 31.7843 30.7300 Period/annual average TWD:US$ exchange rate 30.9367 29.2791 29.7963 ● Lease At the inception of an arrangement, the Company determines whether the arrangement is or contains a lease based on the unique facts and circumstances present. Leases with a term greater than one year are recognized on the balance sheet as right-of-use assets, lease liabilities and long-term lease liabilities. The Company has elected not to recognize on the balance sheet leases with terms of one year or less. Operating lease liabilities and their corresponding right-of-use assets are recorded based on the present value of lease payments over the expected remaining lease term. However, certain adjustments to the right-of-use asset may be required for items such as prepaid or accrued lease payments. The interest rate implicit in lease contracts is typically not readily determinable. As a result, the Company utilizes its incremental borrowing rates, which are the rates incurred to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. In accordance with the guidance in ASC 842, components of a lease should be split into three categories: lease components (e.g., land, building, etc.), non-lease components (e.g., common area maintenance, consumables, etc.), and non-components (e.g., property taxes, insurance, etc.). Subsequently, the fixed and in-substance fixed contract consideration (including any related to non-components) must be allocated based on the respective relative fair values to the lease components and non-lease components. The Company made the policy election to not separate lease and non-lease components. Each lease component and the related non-lease components are accounted for together as a single component. ● Noncontrolling interest The Company accounts for noncontrolling interest in accordance with ASC Topic 810-10-45, which requires the Company to present noncontrolling interests as a separate component of total stockholders’ deficit on the condensed consolidated balance sheets and the net loss attributable to its noncontrolling interest be clearly identified and presented on the face of the unaudited condensed consolidated statements of operations and comprehensive loss. ● Net loss per share of common stock The Company calculates net loss per share in accordance with ASC Topic 260, “Earnings per Share.” Basic income per share is computed by dividing the net income by the weighted-average number of shares of common stock outstanding during the periods. Diluted loss per share of common stock is computed similar to basic loss per share of common stock except that the denominator is increased to include the number of additional shares of common stock that would have been outstanding if the potential common stock equivalents had been issued and if the additional common stock were dilutive. ● Related parties Parties, which can be an entity or individual, are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operational decisions. Companies are also considered to be related if they are subject to common control or common significant influence. ● Concentrations and credit risk The Company’s principal financial instruments subject to potential concentration of credit risk are cash and cash equivalents, including amounts held in money market accounts. The Company places cash deposits with a federally insured financial institution. The Company maintains its cash at banks and financial institutions it considers to be of high credit quality; however, the Company’s domestic cash deposits may at times exceed the insured limit. Balances in excess of insured limitations may not be insured. The Company has not experienced losses on these accounts, and management believes that the Company is not exposed to significant risks on such accounts. ● Fair value of financial instruments The carrying value of the Company’s financial instruments (excluding short-term bank borrowing and note payable): cash and cash equivalents, accounts receivable, prepayments and other receivables, accounts payable, income tax payable, amount due to a related party, other payables and accrued liabilities approximate at their fair values because of the short-term nature of these financial instruments. Management believes, based on the current market prices or interest rates for similar debt instruments, the fair value of note payable approximate the carrying amount. The Company also follows the guidance of the ASC Topic 820-10, “ Fair Value Measurements and Disclosures ● Level 1 ● Level 2 : ● Level 3 Fair value estimates are made at a specific point in time based on relevant market information about the financial instrument. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and, therefore, cannot be determined with precision. Changes in assumptions could significantly affect the estimates. ● Value-Added Tax Enterprises or individuals who sell commodities, engage in repair and consultation services in the PRC are subject to a value added tax in accordance with PRC Laws. The VAT standard rate had been 17 16 13 ● Reclassification Certain prior period accounts have been reclassified in conformity with current period’s presentation including reclassification of due to related party from other payables. These reclassifications had no impact on the reported results of operations and cash flows. ● Recent accounting pronouncements In June 2016, the Financial Accounting Standards Board (the “FASB”) issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326) (“ASU 2016-13”), which requires entities to measure all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. This ASU replaces the existing incurred loss model and is applicable to the measurement of credit losses on financial assets measured at amortized cost. ASU 2016-13 was subsequently amended by Accounting Standards Update 2018-19, Codification Improvements to Topic 326, Financial Instruments - Credit Losses, Accounting Standards Update 2019-04 Codification Improvements to Topic 326, Financial Instruments — Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments, and Accounting Standards Update 2019-05, Targeted Transition Relief. For public entities, ASU 2016-13 and its amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. For all other entities, this guidance and its amendments will be effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Early application will be permitted for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. The Company adopted this guidance effective January 1, 2023. The adoption did not have significant impact on the Company’s unaudited condensed consolidated financial statements. In August 2020, the FASB issued ASU 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470- 20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (“ASU 2020-06”), which simplifies the accounting for certain financial instruments with characteristics of liabilities and equity. This ASU (1) simplifies the accounting for convertible debt instruments and convertible preferred stock by removing the existing guidance in ASC 470-20, Debt: Debt with Conversion and Other Options, that requires entities to account for beneficial conversion features and cash conversion features in equity, separately from the host convertible debt or preferred stock; (2) revises the scope exception from derivative accounting in ASC 815-40 for freestanding financial instruments and embedded features that are both indexed to the issuer’s own stock and classified in stockholders’ equity, by removing certain criteria required for equity classification; and (3) revises the guidance in ASC 260, Earnings Per Share, to require entities to calculate diluted earnings per share (EPS) for convertible instruments by using the if-converted method. In addition, entities must presume share settlement for purposes of calculating diluted EPS when an instrument may be settled in cash or shares. For SEC filers, excluding smaller reporting companies, ASU 2020-06 is effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020. For all other entities, ASU 2020-06 is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Entities should adopt the guidance as of the beginning of the fiscal year of adoption and cannot adopt the guidance in an interim reporting period. The Company is currently evaluating the impact that ASU 2020-06 may have on its unaudited condensed consolidated financial statements and related disclosures. |
DISCONTINUED OPERATIONS
DISCONTINUED OPERATIONS | 9 Months Ended |
Sep. 30, 2023 | |
Discontinued Operations and Disposal Groups [Abstract] | |
DISCONTINUED OPERATIONS | NOTE - 3 DISCONTINUED OPERATIONS On July 12, 2023, Vivic Hong Kong, a wholly-owned subsidiary of the Company, entered into a Stock Purchase Agreement with Yun-Kuang Kung (Mr. “Kung”) pursuant to which Mr. Kung acquired all of the shares of Weiguan Ship for RMB 1,000 137 There were no material transactions for disposed group for the period from July 1, 2023 through July 12, 2023, and for the purpose of complying with the Company’s monthly accounting cut-off date, the Company used June 30, 2023 as the date of disposal. The following table summarizes the carrying value of the assets and liabilities of the disposed group at the closing date of disposal. The Company recorded $ 1.86 138 0.17 SCHEDULE OF DISCONTINUED OPERATIONS As of June 30, 2023 ASSETS Current assets Cash and cash equivalents $ 57,256 Deposit and prepayments 267,832 Inventory 1,553,453 Other receivables 88,694 Due from related parties 33,268 Total current assets 2,000,503 Non-current assets Property and equipment, net 355,885 Construction in progress 74,349 Operating lease right-of-use assets 287,646 Total non-current assets 717,880 Total assets $ 2,718,383 LIABILITIES Current liabilities Accounts payable $ 433,325 Other payables and accrued liabilities 239,777 Deferred revenue 1,086,306 Due to related parties including selling shareholders 2,389,282 Income tax payable 5,183 Operating lease liabilities-current 123,158 Total current liabilities 4,277,031 Operating lease liabilities-noncurrent 131,917 Total non-current liabilities 131,917 Total liabilities $ 4,408,948 The operations of Weiguan Ship and its subsidiaries are accounted for as discontinued operations in the accompanying consolidated financial statements for all periods presented. The following table presents the components of discontinued operations reported in the consolidated statements of operations: 2023 2022 2023 2022 For the three months, ended September 30, For the nine months, ended September 30, 2023 2022 2023 2022 Revenue, Net $ - $ 25,479 $ 957,667 $ 37,347 Cost of Sales - 28,811 650,586 38,701 Gross Profit - (3,332 ) 307,081 (1,354 ) Operating Expenses - 231,924 447,610 739,698 Loss from Operations - (235,256 ) (140,529 ) (741,052 ) Other Income (Expense) Investment gain (loss) - (1,130 ) - 59,206 Interest expense - - (9,549 ) (65 ) Interest income - 24 - 373 Other income (expenses) - (277 ) 37,173 2,158 Total Other Income (Expenses) - (1,383 ) 27,624 61,672 Loss Before Income Taxes - (236,639 ) (112,905 ) (679,380 ) Income Tax Expense - - - - Net Loss from Discontinued Operations $ - $ (236,639 ) $ (112,905 ) $ (679,380 ) |
GOING CONCERN UNCERTAINTIES
GOING CONCERN UNCERTAINTIES | 9 Months Ended |
Sep. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
GOING CONCERN UNCERTAINTIES | NOTE- 4 GOING CONCERN UNCERTAINTIES The accompanying unaudited condensed consolidated financial statements have been prepared using the going concern basis of accounting, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company had $ 71,583 2.21 1.84 1.54 1.86 The continuation of the Company as a going concern through the one year period from the date on which this report is filed is dependent upon continued financial support from its related parties or loans or investments by third parties. The Company is actively pursuing additional financing for its operations via potential loans and equity issuances. However, there is no assurance that the Company will be successful in securing sufficient funds to sustain its operations. Management has determined that the above conditions indicate that it may be probable that the Company would not be able to meet its obligations within one year after the date that this report is issued. These and other factors raise substantial doubt about the Company’s ability to continue as a going concern. The unaudited condensed consolidated financial statements contained in this report do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets and liabilities that may result if the Company is unable to continue as a going concern. |
DEPOSIT AND PREPAYMENTS
DEPOSIT AND PREPAYMENTS | 9 Months Ended |
Sep. 30, 2023 | |
Deposit And Prepayments | |
DEPOSIT AND PREPAYMENTS | NOTE-5 DEPOSIT AND PREPAYMENTS Deposit and prepayments consisted of the following: SCHEDULE OF DEPOSIT AND PREPAYMENTS September 30, 2023 December 31, 2022 Prepayments $ 1,128,630 $ 451,483 Prepaid service fee 13,367 - Total deposit and prepayments $ 1,141,997 $ 451,583 Prepayments mainly consisted of prepaid expenses to vendors. Prepaid service fee consisted of prepaid OTC listing fee and annual filling fee. |
PROPERTY AND EQUIPMENT
PROPERTY AND EQUIPMENT | 9 Months Ended |
Sep. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY AND EQUIPMENT | NOTE- 6 PROPERTY AND EQUIPMENT Property and equipment consisted of the following: SCHEDULE OF PROPERTY AND EQUIPMENT September 30, 2023 December 31, 2022 Office equipment $ 2,542 $ 2,668 Subtotal 2,542 2,668 Less: accumulated depreciation (1,488 ) (1,210 ) Property, plant and equipment, net $ 1,054 $ 1,458 Depreciation expense for the three months ended September 30, 2023 and 2022 was $ 115 141 Depreciation expense for the nine months ended September 30, 2023 and 2022 was $ 350 234 |
INTANGIBLE ASSETS
INTANGIBLE ASSETS | 9 Months Ended |
Sep. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
INTANGIBLE ASSETS | NOTE- 7 INTANGIBLE ASSETS Intangible assets consisted of the following: SCHEDULE OF INTANGIBLE ASSETS September 30, 2023 December 31, 2022 Software $ 7,130 $ 7,485 Total intangible assets 7,130 7,485 Less: accumulated amortization (3,366 ) (1,663 ) Intangible assets, net $ 3,764 $ 5,822 Amortization expense for the three months ended September 30, 2023 and 2022 was $ 602 572 Amortization expense for the nine months ended September 30, 2023 and 2022 was $ 1,856 999 |
INVENTORY
INVENTORY | 9 Months Ended |
Sep. 30, 2023 | |
Inventory Disclosure [Abstract] | |
INVENTORY | NOTE- 8 INVENTORY Inventory consisted of the following: SCHEDULE OF INVENTORY September 30, 2023 December 31, 2022 Finished goods $ 124,000 $ - Total inventory 124,000 - Less: inventory impairment - - Inventory, net $ 124,000 $ - |
ACCRUED LIABILITIES AND OTHER P
ACCRUED LIABILITIES AND OTHER PAYABLES | 9 Months Ended |
Sep. 30, 2023 | |
Payables and Accruals [Abstract] | |
ACCRUED LIABILITIES AND OTHER PAYABLES | NOTE- 9 ACCRUED LIABILITIES AND OTHER PAYABLES Accrued liabilities and other payables consisted of the following: SCHEDULE OF ACCRUED LIABILITIESAND OTHER PAYABLE September 30, 2023 December 31, 2022 Accrued penalty $ 45,000 $ - Accrued salaries 1,367 1,236 Accrued consulting fee 105,000 60,000 Other payables 44,829 86,006 Total accrued liabilities and other payable $ 196,196 $ 147,242 On August 22, 2023, the Company was charged by the Securities and Exchange Commission with violating Rule 12b-25 by filing a Form 12b-25 “Notification of Late Filing” with respect to its Report on Form 10-Q for the quarter ended March 31, 2022, without including sufficient detail under the circumstances presented as to why the Form 10-Q could not be timely filed. More specifically, the SEC alleged that the delay was the result of an anticipated restatement of financial statements. Further, the Company failed to acknowledge in the Form 12b-25 anticipated significant changes in its results of operations for the first quarter of 2022 as compared to the first quarter of 2021 and to provide an explanation of the changes. Without admitting or denying the findings of the SEC, the Company agreed to a cease-and-desist order that found that the Company filed one deficient Form NT and one untimely Form 8-K. In addition, the Company agreed to pay a fine of $ 60,000 The Company recorded the $ 60,000 15,000 Accrued liabilities and other payables are the expenses that will be settled in next twelve months. |
LOAN PAYABLE
LOAN PAYABLE | 9 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
LOAN PAYABLE | NOTE- 10 LOAN PAYABLE On March 13, 2023, Vivic Taiwan entered a loan agreement with a third-party individual. Vivic Taiwan borrowed TWD 5,000,000 164,042 10 th 3,961 10,246 162,391 162,391 82,836 When the loan matures, the lender has the option to ask for cash repayment from the Company or keep the 162,391 On May 18, 2023, Vivic Taiwan entered a loan agreement with Taiwan Hua Nan Bank. Vivic Taiwan borrowed TWD 12,000,000 381,658 3 2,436 3,269 |
SBA LOAN PAYABLE
SBA LOAN PAYABLE | 9 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
SBA LOAN PAYABLE | NOTE- 11 SBA LOAN PAYABLE On June 23, 2020, Vivic Corp. received an $ 87,500 3.75 427 1,281 0 3,843 0 As of September 30, 2023, the future minimum EIDL loan payments for the Company to be paid by year are as follows: SCHEDULE OF EIDL LOAN PAYMENTS Year Ending September 30, Amount 2024 $ 5,124 2025 5,124 2026 5,124 2027 5,124 2028 5,124 Thereafter 61,880 Total $ 87,500 |
STOCKHOLDERS_ DEFICIT
STOCKHOLDERS’ DEFICIT | 9 Months Ended |
Sep. 30, 2023 | |
Equity [Abstract] | |
STOCKHOLDERS’ DEFICIT | NOTE- 12 STOCKHOLDERS’ DEFICIT Authorized Shares The Company is authorized to issue 5,000,000 70,000,000 0.001 Preferred Stock As of September 30, 2023 and December 31, 2022, the Company had 832,000 Common Stock On February 15, 2022, the Company issued 50,000 50,000 1.00 2,000 On March 22, 2022, the Company cancelled 60,000 On May 26, 2023, the Company issued 1,111,111 1,100,000 0.99 As of September 30, 2023 and December 31, 2022, the Company had 26,657,921 25,546,810 |
NET INCOME (LOSS) PER SHARE OF
NET INCOME (LOSS) PER SHARE OF COMMON STOCK | 9 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
NET INCOME (LOSS) PER SHARE OF COMMON STOCK | NOTE- 13 NET INCOME (LOSS) PER SHARE OF COMMON STOCK Basic net (loss) income per share is computed using the weighted average number of shares of common stock outstanding during the periods. The dilutive effect of potential common stock outstanding is included in diluted net (loss) income per share of common stock. The following table sets forth the computation of basic and diluted net loss per share for the three and nine months ended September 30, 2023 and 2022: SCHEDULE OF NET LOSS PER SHARE 2023 2022 Three months ended September 30, 2023 2022 Net loss for basic and diluted attributable to Vivic Corp-continuing operations. $ (20,060 ) $ (51,674 ) Net income (loss) for basic and diluted attributable to Vivic Corp-discontinued operations. 1,859,207 (233,327 ) Weighted average common stock outstanding – Basic and Diluted 26,657,921 25,546,810 Net loss per share of common stock – basic and diluted-continuing operations (0.001 ) (0.002 ) Net income (loss) per share of common stock – basic and diluted-discontinued operations $ 0.070 $ (0.009 ) 2023 2022 Nine months ended September 30, 2023 2022 Net loss for basic and diluted attributable to Vivic Corp.-continuing operations $ (208,341 ) $ (117,078 ) Net income (loss) for basic and diluted attributable to Vivic Corp-discontinued operations 1,746,302 (641,510 ) Weighted average common stock outstanding – Basic and Diluted 26,063,700 25,550,253 Net loss per share of common stock – basic and diluted-continuing operations (0.008 ) (0.005 ) Net income (loss) per share of common stock – basic and diluted-discontinued operations $ 0.067 $ (0.025 ) |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 9 Months Ended |
Sep. 30, 2023 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE- 14 RELATED PARTY TRANSACTIONS a. Related parties Name of Related Party Relationship to the Company Yun-Kuang Kung Son of Shang-Chiai Kung CEO of Vivic Corp. Kung Huang Liu Shiang spouse Spouse of Shang-Chiai Kung CEO of Vivic Corp. Yufei Zeng Stockholder of Vivic Corp. Shang-Chiai Kung CEO of Vivic Corp. Kun-Teng Liao Secretary and Board Member Guangdong Weiguan Ship Yun-Kuang Kung acquired 100% ownership of this entity from Vivic b. Due from related parties, net Due from related parties consisted of the following: SCHEDULE OF DUE FROM RELATED PARTY Name September 30, 2023 December 31, 2022 Yun-Kuang Kung $ 204,215 $ - Guangdong Weiguan Ship 2,616,977 - Total $ 2,821,192 $ - c. Due to related parties, net Due to related parties consisted of the following: SCHEDULE OF DUE TO RELATED PARTIES Name September 30, 2023 December 31, 2022 Yun-Kuang Kung $ - $ 63,770 Kung Huang Liu Shiang spouse 155,271 - Shang-Chiai Kung 190,416 209,940 Kun-Teng Liao - - Total $ 345,687 $ 273,710 In support of the Company’s efforts and cash requirements, it may rely on advances from related parties until such time that the Company can support its operations or attains adequate financing through sales of its equity or traditional debt financing. There is no formal written commitment for continued support by officers, directors, or stockholders. Amounts represent advances or amounts paid in satisfaction of liabilities. The advances are considered temporary in nature and have not been formalized by a promissory note. Due to related parties represented temporary advances to the Company by the stockholders or senior management of the Company, which were unsecured, interest-free and had no fixed terms of repayments. Imputed interests from related parties’ loan are not significant. Apart from the transactions and balances detailed elsewhere in these accompanying unaudited condensed consolidated financial statements, the Company has no other significant or material related party transactions during the periods presented. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Sep. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE- 15 COMMITMENTS AND CONTINGENCIES As of September 30, 2023 and December 31, 2022, the Company has no |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
Sep. 30, 2023 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE- 16 SUBSEQUENT EVENTS The Company follows the guidance in FASB ASC 855-10 for the disclosure of subsequent events. The Company evaluated subsequent events through the date the unaudited financial statements were issued and determined the Company had no major subsequent event need to be disclosed. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of presentation | ● Basis of presentation These accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Quarterly Report on Form 10-Q and Article 10 of Regulation S-X. In the opinion of management, such financial information includes all adjustments (consisting only of normal recurring adjustments, unless otherwise indicated) considered necessary for a fair presentation of the Company’s financial position at such date and the operating results and cash flows for such periods. Operating results for the three and nine months ended September 30, 2023 are not necessarily indicative of the results that may be expected for the entire year or for any other subsequent interim period. The interim unaudited condensed consolidated financial information should be read in conjunction with the financial statements and the notes thereto, included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022, previously filed with the SEC on March 30, 2023. |
Use of estimates | ● Use of estimates Preparing these unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited condensed consolidated financial statements and the reported amounts of revenues and expenses during the periods reported. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the unaudited condensed consolidated financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Such estimates may be subject to change as more current information becomes available. Actual results may differ from these estimates. |
Principles of consolidation | ● Principles of consolidation The unaudited condensed consolidated financial statements include the financial statements of VIVC and its subsidiaries. All significant inter-company balances and transactions within the Company have been eliminated upon consolidation. |
Cash and cash equivalents | ● Cash and cash equivalents Cash and cash equivalents consist primarily of cash in readily available checking and saving accounts. Cash equivalents consist of highly liquid investments that are readily convertible to cash and that mature within three months or less from the date of purchase. The carrying amounts approximate fair value due to the short maturities of these instruments. |
Accounts receivable | ● Accounts receivable Accounts receivable are recorded at the invoiced amount and do not bear interest and are due within contractual payment terms, generally 30 to 90 days from completion of service. Credit is extended based on evaluation of a customer’s financial condition, the customer’s credit-worthiness and payment history. Accounts receivable outstanding longer than the contractual payment terms are considered past due. Past due balances over 90 days and over a specified amount are reviewed individually for collectability. Under the current expected credit loss model, at the end of each period, the Company specifically evaluates each individual customer’s financial condition, credit history, and the current economic conditions to monitor the progress of the collection of accounts receivables. The Company considers the allowance for doubtful accounts for any estimated losses resulting from the inability of its customers to make required payments. For receivables that are past due or not being paid according to payment terms, appropriate actions are taken to collect the amounts due, including seeking legal resolution in a court of law. Account balances are charged off against the allowance after all reasonable means of collection have been exhausted and the potential for recovery is considered remote. The Company does not have any off-balance-sheet credit exposure related to its customers. As of September 30, 2023 and December 31, 2022, the Company had no |
Property, plant, and equipment | ● Property, plant, and equipment Property, plant, and equipment are stated at cost less accumulated depreciation and accumulated impairment losses, if any. Depreciation is calculated on a straight-line basis over the following expected useful lives from the date on which assets become fully operational and after taking into account their estimated residual values: SCHEDULE OF PROPERTY AND EQUIPMENT EXPECTED USEFUL LIVE Expected useful life Service yacht 10 Motor vehicle 5 Office equipment 5 Expenditures for repairs and maintenance are expensed as incurred. When assets have been retired or sold, the cost and related accumulated depreciation are removed from the accounts and any resulting gain or loss is recognized in the results of operations. |
Intangible assets, net | ● Intangible assets, net Intangible assets are stated at cost less accumulated amortization. Intangible assets represent the trademark registered in the PRC and purchased software which are amortized on a straight-line basis over a useful life of 10 The Company follows ASC Topic 350 in accounting for intangible assets, which requires impairment losses to be recorded when indicators of impairment are present and the undiscounted cash flows estimated to be generated by the assets are less than the assets’ carrying amounts. During the three and nine months ended September 30, 2023 and 2022 there were no |
Deferred revenue | ● Deferred revenue Deferred revenue represents advance payments made by a customer for goods and services the company will provide in the future. Due to its short-term nature, deferred revenue is usually satisfied within the 12 months. |
Revenue recognition | ● Revenue recognition In accordance with Accounting Standard Codification (“ASC”) Topic 606, “Revenue from Contracts with Customers”, the Company recognizes revenues when goods or services are transferred to customers in an amount that reflects the consideration which the Company expects to receive in exchange for those goods or services. In determining when and how revenues are recognized from contracts with customers, the Company performs the following five-step analysis: (i) identification of contract with customer; (ii) determination of performance obligations; (iii) measurement of the transaction price; (iv) allocation of the transaction price to the performance obligations, and (v) recognition of revenues when (or as) the Company satisfies each performance obligation. The Company derives revenues from processing, distribution, and sales of its products. |
Comprehensive income/(loss) | ● Comprehensive income/(loss) ASC Topic 220, “ Comprehensive Income |
Income taxes | ● Income taxes Income taxes are determined in accordance with the provisions of ASC Topic 740, “ Income Taxes ASC 740 prescribes a comprehensive model for how companies should recognize, measure, present, and disclose in their financial statements uncertain tax positions taken or expected to be taken on a tax return. Under ASC 740, tax positions must initially be recognized in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions must initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts. The Company is subject to tax in local and foreign jurisdiction. As a result of its business activities, the Company files tax returns that are subject to examination by the relevant tax authorities. |
Foreign currencies translation | ● Foreign currencies translation Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded in the unaudited condensed consolidated statements of operations. The reporting currency of the Company is the United States Dollar (“US$”) and the accompanying unaudited condensed consolidated financial statements have been expressed in US$. In addition, the Company and its subsidiaries operating in PRC, Taiwan and Hong Kong maintain their books and record in their local currency, Renminbi (“RMB”), New Taiwan Dollar (“TWD”) and Hong Kong dollars (“HK$”), each of which is a functional currency, being the primary currency of the economic environment in which their operations are conducted. In general, for consolidation purposes, assets, and liabilities of the Company’s subsidiaries whose functional currency is not US$ are translated into US$, in accordance with ASC Topic 830-30, “Translation of Financial Statement Translation of amounts from RMB, TWD and HK$ into US$ has been made at the following exchange rates as of September 30, 2023 and December 31, 2022 and for the nine months ended September 30, 2023 and 2022. SCHEDULE OF FOREIGN CURRENCY TRANSLATIONS September 30, 2023 September 30, 2022 December 31, 2022 Period/year-end RMB:US$ exchange rate 7.2960 7.1128 6.8972 Period/annual average RMB:US$ exchange rate 7.0343 6.6023 6.7290 Period/year-end HK$:US$ exchange rate 7.8308 7.8499 7.8015 Period/annual average HK$:US$ exchange rate 7.8341 7.8332 7.8306 Period/year-end TWD:US$ exchange rate 32.2400 31.7843 30.7300 Period/annual average TWD:US$ exchange rate 30.9367 29.2791 29.7963 |
Lease | ● Lease At the inception of an arrangement, the Company determines whether the arrangement is or contains a lease based on the unique facts and circumstances present. Leases with a term greater than one year are recognized on the balance sheet as right-of-use assets, lease liabilities and long-term lease liabilities. The Company has elected not to recognize on the balance sheet leases with terms of one year or less. Operating lease liabilities and their corresponding right-of-use assets are recorded based on the present value of lease payments over the expected remaining lease term. However, certain adjustments to the right-of-use asset may be required for items such as prepaid or accrued lease payments. The interest rate implicit in lease contracts is typically not readily determinable. As a result, the Company utilizes its incremental borrowing rates, which are the rates incurred to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. In accordance with the guidance in ASC 842, components of a lease should be split into three categories: lease components (e.g., land, building, etc.), non-lease components (e.g., common area maintenance, consumables, etc.), and non-components (e.g., property taxes, insurance, etc.). Subsequently, the fixed and in-substance fixed contract consideration (including any related to non-components) must be allocated based on the respective relative fair values to the lease components and non-lease components. The Company made the policy election to not separate lease and non-lease components. Each lease component and the related non-lease components are accounted for together as a single component. |
Noncontrolling interest | ● Noncontrolling interest The Company accounts for noncontrolling interest in accordance with ASC Topic 810-10-45, which requires the Company to present noncontrolling interests as a separate component of total stockholders’ deficit on the condensed consolidated balance sheets and the net loss attributable to its noncontrolling interest be clearly identified and presented on the face of the unaudited condensed consolidated statements of operations and comprehensive loss. |
Net loss per share of common stock | ● Net loss per share of common stock The Company calculates net loss per share in accordance with ASC Topic 260, “Earnings per Share.” Basic income per share is computed by dividing the net income by the weighted-average number of shares of common stock outstanding during the periods. Diluted loss per share of common stock is computed similar to basic loss per share of common stock except that the denominator is increased to include the number of additional shares of common stock that would have been outstanding if the potential common stock equivalents had been issued and if the additional common stock were dilutive. |
Related parties | ● Related parties Parties, which can be an entity or individual, are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operational decisions. Companies are also considered to be related if they are subject to common control or common significant influence. |
Concentrations and credit risk | ● Concentrations and credit risk The Company’s principal financial instruments subject to potential concentration of credit risk are cash and cash equivalents, including amounts held in money market accounts. The Company places cash deposits with a federally insured financial institution. The Company maintains its cash at banks and financial institutions it considers to be of high credit quality; however, the Company’s domestic cash deposits may at times exceed the insured limit. Balances in excess of insured limitations may not be insured. The Company has not experienced losses on these accounts, and management believes that the Company is not exposed to significant risks on such accounts. |
Fair value of financial instruments | ● Fair value of financial instruments The carrying value of the Company’s financial instruments (excluding short-term bank borrowing and note payable): cash and cash equivalents, accounts receivable, prepayments and other receivables, accounts payable, income tax payable, amount due to a related party, other payables and accrued liabilities approximate at their fair values because of the short-term nature of these financial instruments. Management believes, based on the current market prices or interest rates for similar debt instruments, the fair value of note payable approximate the carrying amount. The Company also follows the guidance of the ASC Topic 820-10, “ Fair Value Measurements and Disclosures ● Level 1 ● Level 2 : ● Level 3 Fair value estimates are made at a specific point in time based on relevant market information about the financial instrument. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and, therefore, cannot be determined with precision. Changes in assumptions could significantly affect the estimates. |
Value-Added Tax | ● Value-Added Tax Enterprises or individuals who sell commodities, engage in repair and consultation services in the PRC are subject to a value added tax in accordance with PRC Laws. The VAT standard rate had been 17 16 13 |
Reclassification | ● Reclassification Certain prior period accounts have been reclassified in conformity with current period’s presentation including reclassification of due to related party from other payables. These reclassifications had no impact on the reported results of operations and cash flows. |
Recent accounting pronouncements | ● Recent accounting pronouncements In June 2016, the Financial Accounting Standards Board (the “FASB”) issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326) (“ASU 2016-13”), which requires entities to measure all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. This ASU replaces the existing incurred loss model and is applicable to the measurement of credit losses on financial assets measured at amortized cost. ASU 2016-13 was subsequently amended by Accounting Standards Update 2018-19, Codification Improvements to Topic 326, Financial Instruments - Credit Losses, Accounting Standards Update 2019-04 Codification Improvements to Topic 326, Financial Instruments — Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments, and Accounting Standards Update 2019-05, Targeted Transition Relief. For public entities, ASU 2016-13 and its amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. For all other entities, this guidance and its amendments will be effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Early application will be permitted for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. The Company adopted this guidance effective January 1, 2023. The adoption did not have significant impact on the Company’s unaudited condensed consolidated financial statements. In August 2020, the FASB issued ASU 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470- 20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (“ASU 2020-06”), which simplifies the accounting for certain financial instruments with characteristics of liabilities and equity. This ASU (1) simplifies the accounting for convertible debt instruments and convertible preferred stock by removing the existing guidance in ASC 470-20, Debt: Debt with Conversion and Other Options, that requires entities to account for beneficial conversion features and cash conversion features in equity, separately from the host convertible debt or preferred stock; (2) revises the scope exception from derivative accounting in ASC 815-40 for freestanding financial instruments and embedded features that are both indexed to the issuer’s own stock and classified in stockholders’ equity, by removing certain criteria required for equity classification; and (3) revises the guidance in ASC 260, Earnings Per Share, to require entities to calculate diluted earnings per share (EPS) for convertible instruments by using the if-converted method. In addition, entities must presume share settlement for purposes of calculating diluted EPS when an instrument may be settled in cash or shares. For SEC filers, excluding smaller reporting companies, ASU 2020-06 is effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020. For all other entities, ASU 2020-06 is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Entities should adopt the guidance as of the beginning of the fiscal year of adoption and cannot adopt the guidance in an interim reporting period. The Company is currently evaluating the impact that ASU 2020-06 may have on its unaudited condensed consolidated financial statements and related disclosures. |
ORGANIZATION AND BUSINESS BAC_2
ORGANIZATION AND BUSINESS BACKGROUND (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
SCHEDULE OF DESCRIPTION OF SUBSIDIARIES | Description of subsidiaries as of September 30, 2023 SCHEDULE OF DESCRIPTION OF SUBSIDIARIES Name Place of incorporation and kind of legal entity Principal activities and place of operation Particulars of issued/ registered share capital Effective interest held Vivic Corporation (Hong Kong) Co., Limited Hong Kong Holding company and tourism consultancy service 52,000,000 2,159,440 100% Vivic Corp. Taiwan Branch The Republic of China (Taiwan) Provision of yacht service Registered: TWD 5,000,000 5,000,000 100% |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
SCHEDULE OF PROPERTY AND EQUIPMENT EXPECTED USEFUL LIVE | Property, plant, and equipment are stated at cost less accumulated depreciation and accumulated impairment losses, if any. Depreciation is calculated on a straight-line basis over the following expected useful lives from the date on which assets become fully operational and after taking into account their estimated residual values: SCHEDULE OF PROPERTY AND EQUIPMENT EXPECTED USEFUL LIVE Expected useful life Service yacht 10 Motor vehicle 5 Office equipment 5 |
SCHEDULE OF FOREIGN CURRENCY TRANSLATIONS | Translation of amounts from RMB, TWD and HK$ into US$ has been made at the following exchange rates as of September 30, 2023 and December 31, 2022 and for the nine months ended September 30, 2023 and 2022. SCHEDULE OF FOREIGN CURRENCY TRANSLATIONS September 30, 2023 September 30, 2022 December 31, 2022 Period/year-end RMB:US$ exchange rate 7.2960 7.1128 6.8972 Period/annual average RMB:US$ exchange rate 7.0343 6.6023 6.7290 Period/year-end HK$:US$ exchange rate 7.8308 7.8499 7.8015 Period/annual average HK$:US$ exchange rate 7.8341 7.8332 7.8306 Period/year-end TWD:US$ exchange rate 32.2400 31.7843 30.7300 Period/annual average TWD:US$ exchange rate 30.9367 29.2791 29.7963 |
DISCONTINUED OPERATIONS (Tables
DISCONTINUED OPERATIONS (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Discontinued Operations and Disposal Groups [Abstract] | |
SCHEDULE OF DISCONTINUED OPERATIONS | SCHEDULE OF DISCONTINUED OPERATIONS As of June 30, 2023 ASSETS Current assets Cash and cash equivalents $ 57,256 Deposit and prepayments 267,832 Inventory 1,553,453 Other receivables 88,694 Due from related parties 33,268 Total current assets 2,000,503 Non-current assets Property and equipment, net 355,885 Construction in progress 74,349 Operating lease right-of-use assets 287,646 Total non-current assets 717,880 Total assets $ 2,718,383 LIABILITIES Current liabilities Accounts payable $ 433,325 Other payables and accrued liabilities 239,777 Deferred revenue 1,086,306 Due to related parties including selling shareholders 2,389,282 Income tax payable 5,183 Operating lease liabilities-current 123,158 Total current liabilities 4,277,031 Operating lease liabilities-noncurrent 131,917 Total non-current liabilities 131,917 Total liabilities $ 4,408,948 The operations of Weiguan Ship and its subsidiaries are accounted for as discontinued operations in the accompanying consolidated financial statements for all periods presented. The following table presents the components of discontinued operations reported in the consolidated statements of operations: 2023 2022 2023 2022 For the three months, ended September 30, For the nine months, ended September 30, 2023 2022 2023 2022 Revenue, Net $ - $ 25,479 $ 957,667 $ 37,347 Cost of Sales - 28,811 650,586 38,701 Gross Profit - (3,332 ) 307,081 (1,354 ) Operating Expenses - 231,924 447,610 739,698 Loss from Operations - (235,256 ) (140,529 ) (741,052 ) Other Income (Expense) Investment gain (loss) - (1,130 ) - 59,206 Interest expense - - (9,549 ) (65 ) Interest income - 24 - 373 Other income (expenses) - (277 ) 37,173 2,158 Total Other Income (Expenses) - (1,383 ) 27,624 61,672 Loss Before Income Taxes - (236,639 ) (112,905 ) (679,380 ) Income Tax Expense - - - - Net Loss from Discontinued Operations $ - $ (236,639 ) $ (112,905 ) $ (679,380 ) |
DEPOSIT AND PREPAYMENTS (Tables
DEPOSIT AND PREPAYMENTS (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Deposit And Prepayments | |
SCHEDULE OF DEPOSIT AND PREPAYMENTS | Deposit and prepayments consisted of the following: SCHEDULE OF DEPOSIT AND PREPAYMENTS September 30, 2023 December 31, 2022 Prepayments $ 1,128,630 $ 451,483 Prepaid service fee 13,367 - Total deposit and prepayments $ 1,141,997 $ 451,583 |
PROPERTY AND EQUIPMENT (Tables)
PROPERTY AND EQUIPMENT (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
SCHEDULE OF PROPERTY AND EQUIPMENT | Property and equipment consisted of the following: SCHEDULE OF PROPERTY AND EQUIPMENT September 30, 2023 December 31, 2022 Office equipment $ 2,542 $ 2,668 Subtotal 2,542 2,668 Less: accumulated depreciation (1,488 ) (1,210 ) Property, plant and equipment, net $ 1,054 $ 1,458 |
INTANGIBLE ASSETS (Tables)
INTANGIBLE ASSETS (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
SCHEDULE OF INTANGIBLE ASSETS | Intangible assets consisted of the following: SCHEDULE OF INTANGIBLE ASSETS September 30, 2023 December 31, 2022 Software $ 7,130 $ 7,485 Total intangible assets 7,130 7,485 Less: accumulated amortization (3,366 ) (1,663 ) Intangible assets, net $ 3,764 $ 5,822 |
INVENTORY (Tables)
INVENTORY (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Inventory Disclosure [Abstract] | |
SCHEDULE OF INVENTORY | Inventory consisted of the following: SCHEDULE OF INVENTORY September 30, 2023 December 31, 2022 Finished goods $ 124,000 $ - Total inventory 124,000 - Less: inventory impairment - - Inventory, net $ 124,000 $ - |
ACCRUED LIABILITIES AND OTHER_2
ACCRUED LIABILITIES AND OTHER PAYABLES (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Payables and Accruals [Abstract] | |
SCHEDULE OF ACCRUED LIABILITIESAND OTHER PAYABLE | Accrued liabilities and other payables consisted of the following: SCHEDULE OF ACCRUED LIABILITIESAND OTHER PAYABLE September 30, 2023 December 31, 2022 Accrued penalty $ 45,000 $ - Accrued salaries 1,367 1,236 Accrued consulting fee 105,000 60,000 Other payables 44,829 86,006 Total accrued liabilities and other payable $ 196,196 $ 147,242 |
SBA LOAN PAYABLE (Tables)
SBA LOAN PAYABLE (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
SCHEDULE OF EIDL LOAN PAYMENTS | As of September 30, 2023, the future minimum EIDL loan payments for the Company to be paid by year are as follows: SCHEDULE OF EIDL LOAN PAYMENTS Year Ending September 30, Amount 2024 $ 5,124 2025 5,124 2026 5,124 2027 5,124 2028 5,124 Thereafter 61,880 Total $ 87,500 |
NET INCOME (LOSS) PER SHARE O_2
NET INCOME (LOSS) PER SHARE OF COMMON STOCK (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
SCHEDULE OF NET LOSS PER SHARE | SCHEDULE OF NET LOSS PER SHARE 2023 2022 Three months ended September 30, 2023 2022 Net loss for basic and diluted attributable to Vivic Corp-continuing operations. $ (20,060 ) $ (51,674 ) Net income (loss) for basic and diluted attributable to Vivic Corp-discontinued operations. 1,859,207 (233,327 ) Weighted average common stock outstanding – Basic and Diluted 26,657,921 25,546,810 Net loss per share of common stock – basic and diluted-continuing operations (0.001 ) (0.002 ) Net income (loss) per share of common stock – basic and diluted-discontinued operations $ 0.070 $ (0.009 ) 2023 2022 Nine months ended September 30, 2023 2022 Net loss for basic and diluted attributable to Vivic Corp.-continuing operations $ (208,341 ) $ (117,078 ) Net income (loss) for basic and diluted attributable to Vivic Corp-discontinued operations 1,746,302 (641,510 ) Weighted average common stock outstanding – Basic and Diluted 26,063,700 25,550,253 Net loss per share of common stock – basic and diluted-continuing operations (0.008 ) (0.005 ) Net income (loss) per share of common stock – basic and diluted-discontinued operations $ 0.067 $ (0.025 ) |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Related Party Transactions [Abstract] | |
SCHEDULE OF DUE FROM RELATED PARTY | Due from related parties consisted of the following: SCHEDULE OF DUE FROM RELATED PARTY Name September 30, 2023 December 31, 2022 Yun-Kuang Kung $ 204,215 $ - Guangdong Weiguan Ship 2,616,977 - Total $ 2,821,192 $ - |
SCHEDULE OF DUE TO RELATED PARTIES | Due to related parties consisted of the following: SCHEDULE OF DUE TO RELATED PARTIES Name September 30, 2023 December 31, 2022 Yun-Kuang Kung $ - $ 63,770 Kung Huang Liu Shiang spouse 155,271 - Shang-Chiai Kung 190,416 209,940 Kun-Teng Liao - - Total $ 345,687 $ 273,710 |
SCHEDULE OF DESCRIPTION OF SUBS
SCHEDULE OF DESCRIPTION OF SUBSIDIARIES (Details) | 3 Months Ended | 9 Months Ended | ||||||
Mar. 13, 2023 USD ($) shares | Jun. 30, 2023 USD ($) | Mar. 31, 2022 USD ($) | Sep. 30, 2023 HKD ($) shares | Sep. 30, 2023 TWD ($) shares | Sep. 30, 2023 USD ($) | Sep. 30, 2023 TWD ($) | Dec. 31, 2022 USD ($) | |
Ordinary shares | shares | 82,836 | |||||||
Ordinary shares, value | $ 162,391 | $ 1,100,000 | $ 52,000 | |||||
Paid in capital | $ 4,845,066 | $ 3,746,177 | ||||||
Vivic Corporation Co Limited [Member] | ||||||||
Place of incorporationand kind of legal entity | Hong Kong | Hong Kong | ||||||
Principal activities and place of operation | Holding company and tourism consultancy service | Holding company and tourism consultancy service | ||||||
Ordinary shares | shares | 52,000,000 | 52,000,000 | ||||||
Ordinary shares, value | $ 2,159,440 | |||||||
Effective interest held | 100% | 100% | ||||||
Vivic Corp Taiwan Branch [Member] | ||||||||
Place of incorporationand kind of legal entity | The Republic of China (Taiwan) | The Republic of China (Taiwan) | ||||||
Principal activities and place of operation | Provision of yacht service | Provision of yacht service | ||||||
Effective interest held | 100% | 100% | ||||||
Paid in capital | $ 5,000,000 | |||||||
Wenzhou Jiaxu Yacht Company Limited [Member] | ||||||||
Ordinary shares, value | $ 5,000,000 |
ORGANIZATION AND BUSINESS BAC_3
ORGANIZATION AND BUSINESS BACKGROUND (Details Narrative) | 3 Months Ended | |||||||
Jul. 12, 2023 USD ($) | Jul. 12, 2023 CNY (¥) | Mar. 13, 2023 USD ($) | Mar. 22, 2022 USD ($) | Mar. 22, 2022 CNY (¥) | Jun. 30, 2023 USD ($) | Mar. 31, 2022 USD ($) | Aug. 10, 2022 | |
Stock issued during period value new issues | $ 162,391 | $ 1,100,000 | $ 52,000 | |||||
Stock Purchase Agreement [Member] | ||||||||
Consideration recieved | $ 137 | ¥ 1,000 | ||||||
Wenzhou Jiaxu [Member] | ||||||||
Noncontrolling shareholder surrendered percentage | 30% | |||||||
Yachts Services Co Ltd [Member] | ||||||||
Stock issued during period value new issues | $ 160,499 | ¥ 1,080,000 |
SCHEDULE OF PROPERTY AND EQUIPM
SCHEDULE OF PROPERTY AND EQUIPMENT EXPECTED USEFUL LIVE (Details) | Sep. 30, 2023 |
Service Yacht [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, estimated useful lives | 10 years |
Vehicles [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, estimated useful lives | 5 years |
Office Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, estimated useful lives | 5 years |
SCHEDULE OF FOREIGN CURRENCY TR
SCHEDULE OF FOREIGN CURRENCY TRANSLATIONS (Details) | Sep. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 |
Period-End RMB:US Exchange Rate [Member] | |||
Intercompany Foreign Currency Balance [Line Items] | |||
Period exchange rate | 7.2960 | 6.8972 | 7.1128 |
Period Average RMB:US Exchange Rate [Member] | |||
Intercompany Foreign Currency Balance [Line Items] | |||
Period exchange rate | 7.0343 | 6.7290 | 6.6023 |
Period-End HK US Exchange Rate [Member] | |||
Intercompany Foreign Currency Balance [Line Items] | |||
Period exchange rate | 7.8308 | 7.8015 | 7.8499 |
Period Average HK US Exchange Rate [Member] | |||
Intercompany Foreign Currency Balance [Line Items] | |||
Period exchange rate | 7.8341 | 7.8306 | 7.8332 |
Period End TWD US Exchange Rate [Member] | |||
Intercompany Foreign Currency Balance [Line Items] | |||
Period exchange rate | 32.2400 | 30.7300 | 31.7843 |
Period Average TWD US Exchange Rate [Member] | |||
Intercompany Foreign Currency Balance [Line Items] | |||
Period exchange rate | 30.9367 | 29.7963 | 29.2791 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | Apr. 01, 2019 | Apr. 30, 2018 | |
Operating Loss Carryforwards [Line Items] | |||||||
Doubtful accounts | $ 0 | $ 0 | $ 0 | ||||
Finite-lived intangible asset, useful life | 10 years | 10 years | |||||
Impairment of intangible assets | $ 0 | $ 0 | $ 0 | $ 0 | |||
Tax Year 2018 [Member] | |||||||
Operating Loss Carryforwards [Line Items] | |||||||
Value added tax percentage | 17% | ||||||
Tax Year 2018 [Member] | VAT Tax [Member] | |||||||
Operating Loss Carryforwards [Line Items] | |||||||
Value added tax percentage | 16% | ||||||
Tax Year 2019 [Member] | |||||||
Operating Loss Carryforwards [Line Items] | |||||||
Value added tax percentage | 13% |
SCHEDULE OF DISCONTINUED OPERAT
SCHEDULE OF DISCONTINUED OPERATIONS (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Jun. 30, 2023 | Dec. 31, 2022 | |
Current assets | ||||||
Cash and cash equivalents | $ 71,583 | $ 49,263 | $ 71,583 | $ 49,263 | $ 73,998 | |
Deposit and prepayments | 1,141,997 | 1,141,997 | 451,583 | |||
Inventory | 124,000 | 124,000 | ||||
Total current assets | 4,259,480 | 4,259,480 | 525,581 | |||
Non-current assets | ||||||
Property and equipment, net | 1,054 | 1,054 | 1,458 | |||
Total non-current assets | 4,818 | 4,818 | 7,280 | |||
TOTAL ASSETS | 4,264,298 | 4,264,298 | 3,191,597 | |||
Current liabilities | ||||||
Other payables and accrued liabilities | 196,196 | 196,196 | 147,242 | |||
Deferred revenue | 1,506,301 | 1,506,301 | 576,449 | |||
Total current liabilities | 2,048,184 | 2,048,184 | 997,401 | |||
TOTAL LIABILITIES | 2,662,684 | 2,662,684 | 4,227,819 | |||
Revenue, Net | 791,043 | 791,043 | ||||
Cost of Sales | 699,217 | 699,217 | ||||
Gross Profit | 91,826 | 91,826 | ||||
Loss from operations | (13,408) | (51,092) | (165,842) | (107,689) | ||
Other Income (Expense) | ||||||
Other income (expenses) | (381) | (138) | (29,302) | (373) | ||
Total other income (expenses), net | (6,652) | (582) | (42,499) | (9,380) | ||
Loss before income taxes | (20,060) | (51,674) | (208,341) | (117,069) | ||
Income Tax Expense | 9 | |||||
Net Loss from Discontinued Operations | 1,859,207 | (236,639) | 1,746,302 | (679,380) | ||
Related Party [Member] | ||||||
Current assets | ||||||
Due from related parties | 2,821,192 | 2,821,192 | ||||
Current liabilities | ||||||
Due to related parties including selling shareholders | 345,687 | 345,687 | $ 273,710 | |||
Weigun Ship And Subsidiaries [Member] | ||||||
Current assets | ||||||
Cash and cash equivalents | $ 57,256 | |||||
Deposit and prepayments | 267,832 | |||||
Inventory | 1,553,453 | |||||
Other receivables | 88,694 | |||||
Total current assets | 2,000,503 | |||||
Non-current assets | ||||||
Property and equipment, net | 355,885 | |||||
Construction in progress | 74,349 | |||||
Operating lease right-of-use assets | 287,646 | |||||
Total non-current assets | 717,880 | |||||
TOTAL ASSETS | 2,718,383 | |||||
Current liabilities | ||||||
Accounts payable | 433,325 | |||||
Other payables and accrued liabilities | 239,777 | |||||
Deferred revenue | 1,086,306 | |||||
Income tax payable | 5,183 | |||||
Operating lease liabilities-current | 123,158 | |||||
Total current liabilities | 4,277,031 | |||||
Operating lease liabilities-noncurrent | 131,917 | |||||
Total non-current liabilities | 131,917 | |||||
TOTAL LIABILITIES | 4,408,948 | |||||
Revenue, Net | 25,479 | 957,667 | 37,347 | |||
Cost of Sales | 28,811 | 650,586 | 38,701 | |||
Gross Profit | (3,332) | 307,081 | (1,354) | |||
Operating Expenses | 231,924 | 447,610 | 739,698 | |||
Loss from operations | (235,256) | (140,529) | (741,052) | |||
Other Income (Expense) | ||||||
Investment gain (loss) | (1,130) | 59,206 | ||||
Interest expense | (9,549) | (65) | ||||
Interest income | 24 | 373 | ||||
Other income (expenses) | (277) | 37,173 | 2,158 | |||
Total other income (expenses), net | (1,383) | 27,624 | 61,672 | |||
Loss before income taxes | (236,639) | (112,905) | (679,380) | |||
Income Tax Expense | ||||||
Net Loss from Discontinued Operations | $ (236,639) | $ (112,905) | $ (679,380) | |||
Weigun Ship And Subsidiaries [Member] | Related Party [Member] | ||||||
Current assets | ||||||
Due from related parties | 33,268 | |||||
Current liabilities | ||||||
Due to related parties including selling shareholders | $ 2,389,282 |
DISCONTINUED OPERATIONS (Detail
DISCONTINUED OPERATIONS (Details Narrative) | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||||||||
Jul. 12, 2023 USD ($) | Jul. 12, 2023 CNY (¥) | Sep. 30, 2023 USD ($) | Jun. 30, 2023 USD ($) | Mar. 31, 2023 USD ($) | Sep. 30, 2022 USD ($) | Jun. 30, 2022 USD ($) | Mar. 31, 2022 USD ($) | Jun. 30, 2023 USD ($) | Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Gain on disposal of subsidiaries | $ 1,860,000 | $ 1,860,000 | |||||||||
Accumulated currency translation adjustment | $ (2,997) | $ 4,018 | $ (1,146) | $ 16,771 | $ (8,118) | $ 4,185 | $ (125) | $ 12,838 | |||
Weiguan Ship [Member] | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Selling price | $ 138 | $ 138 | |||||||||
Accumulated currency translation adjustment | $ 170,000 | ||||||||||
Stock Purchase Agreement [Member] | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Consideration recieved | $ 137 | ¥ 1,000 |
GOING CONCERN UNCERTAINTIES (De
GOING CONCERN UNCERTAINTIES (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||
Cash and cash equivalents | $ 71,583 | $ 49,263 | $ 71,583 | $ 49,263 | $ 73,998 |
Working capital deficit | 2,210,000 | 2,210,000 | |||
Net loss | 1,839,147 | $ (285,001) | 1,537,961 | $ (758,588) | |
Gain on disposal of subsidiaries | $ 1,860,000 | $ 1,860,000 |
SCHEDULE OF DEPOSIT AND PREPAYM
SCHEDULE OF DEPOSIT AND PREPAYMENTS (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Deposit And Prepayments | ||
Prepayments | $ 1,128,630 | $ 451,483 |
Prepaid service fee | 13,367 | |
Total deposit and prepayments | $ 1,141,997 | $ 451,583 |
SCHEDULE OF PROPERTY AND EQUI_2
SCHEDULE OF PROPERTY AND EQUIPMENT (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Subtotal | $ 2,542 | $ 2,668 |
Less: accumulated depreciation | (1,488) | (1,210) |
Property, plant and equipment, net | 1,054 | 1,458 |
Office Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Subtotal | $ 2,542 | $ 2,668 |
PROPERTY AND EQUIPMENT (Details
PROPERTY AND EQUIPMENT (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Property, Plant and Equipment [Abstract] | ||||
Depreciation expense | $ 115 | $ 141 | $ 350 | $ 234 |
SCHEDULE OF INTANGIBLE ASSETS (
SCHEDULE OF INTANGIBLE ASSETS (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Finite-Lived Intangible Assets [Line Items] | ||
Total intangible assets | $ 7,130 | $ 7,485 |
Less: accumulated amortization | (3,366) | (1,663) |
Intangible assets, net | 3,764 | 5,822 |
Computer Software, Intangible Asset [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total intangible assets | $ 7,130 | $ 7,485 |
INTANGIBLE ASSETS (Details Narr
INTANGIBLE ASSETS (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Amortization expense | $ 602 | $ 572 | $ 1,856 | $ 999 |
SCHEDULE OF INVENTORY (Details)
SCHEDULE OF INVENTORY (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Inventory Disclosure [Abstract] | ||
Finished goods | $ 124,000 | |
Total inventory | 124,000 | |
Less: inventory impairment | ||
Inventory, net | $ 124,000 |
SCHEDULE OF ACCRUED LIABILITIES
SCHEDULE OF ACCRUED LIABILITIESAND OTHER PAYABLE (Details) - USD ($) | Sep. 30, 2023 | Aug. 22, 2023 | Dec. 31, 2022 |
Payables and Accruals [Abstract] | |||
Accrued penalty | $ 45,000 | $ 60,000 | |
Accrued salaries | 1,367 | 1,236 | |
Accrued consulting fee | 105,000 | 60,000 | |
Other payables | 44,829 | 86,006 | |
Total accrued liabilities and other payable | $ 196,196 | $ 147,242 |
ACCRUED LIABILITIES AND OTHER_3
ACCRUED LIABILITIES AND OTHER PAYABLES (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2023 | Aug. 22, 2023 | Dec. 31, 2022 | |
Payables and Accruals [Abstract] | ||||
Accrued penalty | $ 45,000 | $ 45,000 | $ 60,000 | |
Payment to escrow account | $ 15,000 | $ 15,000 |
LOAN PAYABLE (Details Narrative
LOAN PAYABLE (Details Narrative) | 3 Months Ended | 9 Months Ended | ||||||||||
Mar. 18, 2023 USD ($) | Mar. 18, 2023 CNY (¥) | Mar. 13, 2023 USD ($) shares | Mar. 13, 2023 | Mar. 13, 2023 USD ($) | Mar. 13, 2023 CNY (¥) | Sep. 30, 2023 USD ($) | Jun. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Mar. 31, 2022 USD ($) | Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | |
Financing Receivable, Modified [Line Items] | ||||||||||||
Interest expense | $ 6,271 | $ 444 | $ 13,197 | $ 7,007 | ||||||||
Stock Issued During Period, Shares, New Issues | shares | 82,836 | |||||||||||
Shares issued for loan settlement | $ 162,391 | $ 1,100,000 | $ 52,000 | |||||||||
Vivic Taiwan [Member] | ||||||||||||
Financing Receivable, Modified [Line Items] | ||||||||||||
Borrowed loan | $ 12,000,000 | ¥ 381,658 | $ 5,000,000 | ¥ 164,042 | ||||||||
Annual interest rate | 3% | 3% | 10% | 10% | 10% | 10% | ||||||
Interest expense | 3,961 | 10,246 | ||||||||||
Stock Issued During Period, Shares, New Issues | shares | 162,391 | |||||||||||
Repayment terms | When the loan matures, the lender has the option to ask for cash repayment from the Company or keep the 162,391 shares of the Company’s stock as repayment in full. If the lender decides to keep the 162,391 shares at maturity of the loan, the Company will repay TWD 5,000,000 ($164,042) to Yun-Kuang Kung without any interest. If the Company is not able to repay Yun-Kuang Kung by March 15, 2025, the Company is required to issue a number of shares equivalent to the loan amount based upon the fair market value of the shares at such date, plus 10% more of the equivalent shares. | |||||||||||
Interest expense | $ 2,436 | $ 3,269 |
SCHEDULE OF EIDL LOAN PAYMENTS
SCHEDULE OF EIDL LOAN PAYMENTS (Details) | Sep. 30, 2023 USD ($) |
Debt Disclosure [Abstract] | |
2024 | $ 5,124 |
2025 | 5,124 |
2026 | 5,124 |
2027 | 5,124 |
2028 | 5,124 |
Thereafter | 61,880 |
Total | $ 87,500 |
SBA LOAN PAYABLE (Details Narra
SBA LOAN PAYABLE (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Jun. 23, 2020 | |
Debt Disclosure [Abstract] | |||||
Disaster Loan | $ 87,500 | ||||
Annual interest | 3.75% | ||||
Principal interest | $ 427 | ||||
Repayment of interest | $ 1,281 | $ 0 | $ 3,843 | $ 0 |
STOCKHOLDERS_ DEFICIT (Details
STOCKHOLDERS’ DEFICIT (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | |||||||||
May 26, 2023 | Mar. 13, 2023 | Mar. 22, 2022 | Feb. 15, 2022 | Sep. 30, 2023 | Jun. 30, 2023 | Sep. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Preferred stock shares authorized | 5,000,000 | 5,000,000 | 5,000,000 | ||||||||
Common stock shares authorized | 70,000,000 | 70,000,000 | 70,000,000 | ||||||||
Common stock, par value | $ 0.001 | $ 0.001 | $ 0.001 | ||||||||
Preferred stock, shares issued | 832,000 | 832,000 | 832,000 | ||||||||
Preferred stock, shares outstanding | 832,000 | 832,000 | 832,000 | ||||||||
Debt conversion, converted instrument, shares issued | 50,000 | ||||||||||
Debt conversion, converted instrument value | $ 50,000 | ||||||||||
Conversion price | $ 0.99 | $ 1 | |||||||||
Loss on loan settlement | $ 2,000 | $ 2,000 | |||||||||
Stock repurchased and retired during period, shares | 60,000 | ||||||||||
Stock Issued During Period, Shares, New Issues | 82,836 | ||||||||||
Shares issued for loan settlement | $ 162,391 | $ 1,100,000 | $ 52,000 | ||||||||
Common stock, shares, issued | 26,657,921 | 26,657,921 | 25,546,810 | ||||||||
Common stock, shares, outstanding | 26,657,921 | 26,657,921 | 25,546,810 | ||||||||
Common Stock [Member] | |||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Stock Issued During Period, Shares, New Issues | 1,111,111 | 1,111,111 | 50,000 | ||||||||
Shares issued for loan settlement | $ 1,100,000 | $ 1,111 | $ 50 |
SCHEDULE OF NET LOSS PER SHARE
SCHEDULE OF NET LOSS PER SHARE (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Earnings Per Share [Abstract] | ||||
Net loss for basic and diluted attributable to Vivic Corp.-continuing operations | $ (20,060) | $ (51,674) | $ (208,341) | $ (117,078) |
Net income (loss) for basic and diluted attributable to Vivic Corp-discontinued operations | $ 1,859,207 | $ (233,327) | $ 1,746,302 | $ (641,510) |
Weighted average common stock outstanding - Basic | 26,657,921 | 25,546,810 | 26,063,700 | 25,550,253 |
Weighted average common stock outstanding Diluted | 26,657,921 | 25,546,810 | 26,063,700 | 25,550,253 |
Net income (loss) per share of common stock - basic-continuing operations | $ (0.001) | $ (0.002) | $ (0.008) | $ (0.005) |
Net income (loss) per share of common stock - diluted-continuing operations | (0.001) | (0.002) | (0.008) | (0.005) |
Net income (loss) per share of common stock - basic-discontinuing operations | 0.070 | (0.009) | 0.067 | (0.025) |
Net income (loss) per share of common stock - diluted-discontinuing operations | $ 0.070 | $ (0.009) | $ 0.067 | $ (0.025) |
SCHEDULE OF DUE FROM RELATED PA
SCHEDULE OF DUE FROM RELATED PARTY (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Yun Kuang Kung [Member] | ||
Related Party Transaction [Line Items] | ||
Total | $ 204,215 | |
Guangdong WeiguanShip [Member] | ||
Related Party Transaction [Line Items] | ||
Total | 2,616,977 | |
Related Party [Member] | ||
Related Party Transaction [Line Items] | ||
Total | $ 2,821,192 |
SCHEDULE OF DUE TO RELATED PART
SCHEDULE OF DUE TO RELATED PARTIES (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Yun Kuang Kung [Member] | ||
Related Party Transaction [Line Items] | ||
Total | $ 63,770 | |
Kun-Teng Liao | (63,770) | |
Kung Huang Liu Shiang Spouse [Member] | ||
Related Party Transaction [Line Items] | ||
Total | 155,271 | |
Kun-Teng Liao | (155,271) | |
Shang Chiai Kung [Member] | ||
Related Party Transaction [Line Items] | ||
Total | 190,416 | 209,940 |
Kun-Teng Liao | (190,416) | (209,940) |
Kun Teng Liao [Member] | ||
Related Party Transaction [Line Items] | ||
Total | ||
Kun-Teng Liao | ||
Related Party [Member] | ||
Related Party Transaction [Line Items] | ||
Total | 345,687 | 273,710 |
Kun-Teng Liao | $ (345,687) | $ (273,710) |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Long-Term Purchase Commitment [Line Items] | ||
Commitments and contingencies | ||
Capital Addition Purchase Commitments [Member] | ||
Long-Term Purchase Commitment [Line Items] | ||
Commitments and contingencies | $ 0 | $ 0 |