Cover
Cover - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Apr. 10, 2024 | Jun. 30, 2023 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Period End Date | Dec. 31, 2023 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2023 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity File Number | 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 Rd | ||
Entity Address, Address Line Two | PMB#B450 | ||
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 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
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 Public Float | $ 17,270,559 | ||
Entity Common Stock, Shares Outstanding | 26,657,921 | ||
ICFR Auditor Attestation Flag | false | ||
Document Financial Statement Error Correction [Flag] | false | ||
Auditor Name | YCM CPA, Inc. | ||
Auditor Firm ID | 6781 | ||
Auditor Location | Irvine, California |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Current assets | ||
Cash and cash equivalents | $ 72,907 | $ 73,998 |
Accounts receivables | 179,777 | |
Deposit and prepayments | 915,497 | 451,583 |
Total current assets | 4,112,020 | 525,581 |
Non-current assets | ||
Property and equipment, net | 993 | 1,458 |
Intangible assets, net | 3,339 | 5,822 |
Total non-current assets | 4,332 | 7,280 |
Assets from discontinued operations | 2,658,736 | |
TOTAL ASSETS | 4,116,352 | 3,191,597 |
Current liabilities | ||
Accounts payable | 1,715 | |
Accrued liabilities and other payables | 197,815 | 147,242 |
Deferred revenue | 1,520,416 | 576,449 |
Taxes payable | 9,614 | |
Total current liabilities | 1,921,368 | 997,401 |
Non-Current liabilities | ||
SBA loan payable | 87,500 | 87,500 |
Long term loan | 555,193 | |
Total non-current liabilities | 642,693 | 87,500 |
Liabilities from discontinued operations | 3,142,918 | |
TOTAL LIABILITIES | 2,564,061 | 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 December 31, 2023 and 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 December 31, 2023 and 2022, respectively | 26,658 | 25,547 |
Additional paid-in capital | 4,845,066 | 3,746,177 |
Accumulated other comprehensive income (loss) | (15,361) | 1,068 |
Accumulated deficit | (3,304,904) | (4,809,846) |
Total stockholders’ equity (deficit) | 1,552,291 | (1,036,222) |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) | 4,116,352 | 3,191,597 |
Related Party [Member] | ||
Current assets | ||
Other receivables | 2,851,649 | |
Current liabilities | ||
Due to related parties | 191,808 | 273,710 |
Nonrelated Party [Member] | ||
Current assets | ||
Other receivables | $ 92,190 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 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 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Income Statement [Abstract] | ||
Revenue, net | $ 1,600,942 | |
Cost of sales | 1,388,728 | |
Gross profit | 212,214 | |
Operating expenses | ||
General and administrative expenses | 395,324 | 216,009 |
Loss from operations | (183,110) | (216,009) |
Other income (expenses) | ||
Interest expense, net | (18,271) | (7,761) |
Other expenses, net | (38,448) | (504) |
Loss on loan settlement | (2,000) | |
Total other expenses, net | (56,719) | (10,265) |
Loss before income taxes | (239,829) | (226,274) |
Income tax provision | 1,531 | 9 |
Net loss from continuing operations | (241,360) | (226,283) |
Income (loss) from discontinued operations (including gain on disposal of subsidiary of $1.86 million in 2023) | 1,746,302 | (755,269) |
Net income (loss) for the period | 1,504,942 | (981,552) |
Net loss attributable to noncontrolling interest arise from | ||
Continuing operations | ||
Discontinued operations | (37,156) | |
Total net loss attributable to noncontrolling interest | (37,156) | |
Net income (loss) attributable to Vivic Corp. arising from | ||
Continuing operations | (241,360) | (226,283) |
Discontinued operations | 1,746,302 | (718,113) |
Total net income (loss) attributable to Vivic Corp. | 1,504,942 | (944,396) |
Other comprehensive item | ||
Foreign currency translation loss | (16,429) | (9,279) |
COMPREHENSIVE INCOME (LOSS) | $ 1,488,513 | $ (953,675) |
Weighted average common stock outstanding | ||
Weighted average common shares outstanding, basic | 26,213,477 | 25,549,386 |
Weighted average common shares outstanding, diluted | 26,213,477 | 25,549,386 |
Net loss from per share of common stock - basic | $ 0.06 | $ (0.04) |
Net loss from per share of common stock - diluted | $ 0.06 | $ (0.04) |
Consolidated Statements of Op_2
Consolidated Statements of Operations and Comprehensive Income (Loss) (Parenthetical) $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Income Statement [Abstract] | |
Gain on disposal of subsidiary | $ 1,860 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Stockholders' Equity (Deficit) - USD ($) | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Noncontrolling Interest [Member] | Total |
Balance at Dec. 31, 2021 | $ 832 | $ 25,557 | $ 3,821,709 | $ 10,347 | $ (3,865,450) | $ (90,386) | $ (97,391) |
Balance, shares 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 | ||||||
Acquisition of minority equity of a subsidiary | (127,542) | 127,542 | |||||
Foreign currency translation adjustment | (9,279) | (9,279) | |||||
Net income (loss) | (944,396) | (37,156) | (981,552) | ||||
Balance at Dec. 31, 2022 | $ 832 | $ 25,547 | 3,746,177 | 1,068 | (4,809,846) | (1,036,222) | |
Balance, shares at Dec. 31, 2022 | 832,000 | 25,546,810 | |||||
Foreign currency translation adjustment | (16,429) | (16,429) | |||||
Net income (loss) | 1,504,942 | 1,504,942 | |||||
Shares issued for loan settlement | $ 1,111 | 1,098,889 | 1,100,000 | ||||
Shares issued for loan settlement, shares | 1,111,111 | ||||||
Balance at Dec. 31, 2023 | $ 832 | $ 26,658 | $ 4,845,066 | $ (15,361) | $ (3,304,904) | $ 1,552,291 | |
Balance, shares at Dec. 31, 2023 | 832,000 | 26,657,921 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income (loss) for the period | $ 1,504,942 | $ (981,552) |
Net loss from discontinued operations | 1,746,302 | (755,269) |
Net loss from continuing operations | (241,360) | (226,283) |
Adjustments to reconcile net loss to net cash (used in) provided by operating activities: | ||
Depreciation and amortization expenses | 2,923 | 3,532 |
Interest expense | 2,232 | |
Loss on loan settlement | 2,000 | |
Changes in operating assets and liabilities: | ||
Accounts receivables | (176,704) | (877) |
Deposit and prepayments | (454,455) | (451,223) |
Other receivables | (90,614) | (108,735) |
Deferred revenue | 925,796 | 655,081 |
Accounts payable | 1,685 | 36 |
Accrued liabilities and other payables | 50,903 | (93,590) |
Tax payables | 9,449 | (28,685) |
Net cash provided by (used in) continuing operations | 27,623 | (246,512) |
Net cash (used in) provided by discontinued operations | (235,558) | 249,705 |
Net cash (used in) provided by operating activities | (207,935) | 3,193 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchase of intangible assets | (7,485) | |
Net cash used in continuing operations | (7,485) | |
Net cash used in discontinued operations | (43,782) | (35,821) |
Net cash used in investing activities | (43,782) | (43,306) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Due from / (to) related parties | (570,866) | 157,371 |
Proceeds from loans | 545,703 | 50,000 |
Net cash (used in) provided by continuing operations | (25,163) | 207,371 |
Net cash provided by (used in) discontinued operations | 282,419 | (108,469) |
Net cash provided by financing activities | 257,256 | 98,902 |
Effect of exchange gain (loss) on cash and cash equivalents | (6,630) | 24,344 |
NET (DECREASE) INCREASE IN CASH & CASH EQUIVALENTS | (1,091) | 83,133 |
CASH & CASH EQUIVALENTS, BEGINNING OF YEAR | 73,998 | 80,306 |
CASH & CASH EQUIVALENTS, END OF YEAR | 72,907 | 163,439 |
ANALYSIS OF BALANCES OF CASH AND CASH EQUIVALENTS: | ||
Cash and cash equivalents | 72,907 | 73,998 |
Cash and cash equivalents from discontinuing operations | 89,441 | |
Total of cash and cash equivalents | 72,907 | 163,439 |
Continuing operations: | ||
Cash paid for interest | 23,960 | 492 |
Cash paid for income tax | 9 | |
Supplemental Disclosure of Non-Cash Flows Information: | ||
Common stock issued for loan settlement | $ 1,100,000 | $ 52,000 |
ORGANIZATION AND BUSINESS BACKG
ORGANIZATION AND BUSINESS BACKGROUND | 12 Months Ended |
Dec. 31, 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. Beginning with a change in management resulting from a change in control of the Company which occurred at the end of 2018, the Company has explored and initiated operations in a number of business areas related to the pleasure boat industry. These included yacht sales, marine tourism, development of electric powered yachts, development and operation of yacht marinas in Asia and the development of a yacht rental and time share service. The Company is the exclusive distributor of Monte-Fino yachts in Asia and the Middle East, and is the non-exclusive distributor for other territories throughout the world for the places that have no exclusive distributor. Monte Fino is a well-known brand owned by Taiwan Kha Shing Yacht Company, one of the leading yacht manufacturers in the world. 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. Taiwan Branch (“Vivic Taiwan”). It is mainly engaged in yacht procurement, sales, and leasing services in Taiwan and other countries. The Company determined to focus its efforts on yacht sales in Taiwan and other selected regions throughout the world. 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 December 31, 2023 as follows: 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 | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE– 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The accompanying consolidated financial statements reflect the application of certain significant accounting policies as described in this note and elsewhere in the accompanying consolidated financial statements and notes. ● Basis of presentation These accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”). ● Use of estimates Preparing these 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 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 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 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 December 31, 2023 and 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 years ended December 31, 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. The Company recognize its revenue at a point in time when the control of the products has been transferred to customers ● 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 consolidated statements of operations. The reporting currency of the Company is the United States Dollar (“US$”) and the accompanying consolidated financial statements have been expressed in US$. 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 December 31, 2023 and 2022 and for the years ended December 31, 2023 and 2022. SCHEDULE OF FOREIGN CURRENCY TRANSLATIONS December 31, 2023 December 31, 2022 Period/year-end RMB:US$ exchange rate 7.0999 6.8972 Period/annual average RMB:US$ exchange rate 7.0809 6.7290 Period/year-end HK$:US$ exchange rate 7.8109 7.8015 Period/annual average HK$:US$ exchange rate 7.8292 7.8306 Period/year-end TWD:US$ exchange rate 30.6200 30.7300 Period/annual average TWD:US$ exchange rate 31.1525 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 consolidated balance sheets and the net loss attributable to its noncontrolling interest be clearly identified and presented on the face of the 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 notes 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 notes payable approximates 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 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 consolidated financial statements and related disclosures. |
DISCONTINUED OPERATIONS
DISCONTINUED OPERATIONS | 12 Months Ended |
Dec. 31, 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 the 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 million gain on disposal of the subsidiaries, which was the difference between the selling price of US$ 138 and the carrying value of the net assets of the disposed group; further, under ASC 830-30-40-1, since the sale represented a substantially complete liquidation of the foreign entity, Vivic reclassified the entire accumulated currency translation adjustment balance of $ 0.17 million associated with Weiguan Ship from equity to gain on disposal. 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 For the years ended 2023 2022 Revenue, Net $ 957,667 $ 106,322 Cost of Sales 650,586 82,694 Gross Profit 307,081 23,628 Operating Expenses 447,610 983,754 Loss from Operations (140,529 ) (960,126 ) Other Income (Expense) Investment gain - 58,092 Interest expense, net (9,549 ) (23,592 ) Other income 37,173 192,245 Total Other Income 27,624 226,745 Loss Before Income Taxes (112,905 ) (733,381 ) Income Tax Expense - - Gain on disposal of subsidiaries 1,859,207 Net Loss from Discontinued Operations $ (1,746,302 ) $ (733,381 ) |
GOING CONCERN UNCERTAINTIES
GOING CONCERN UNCERTAINTIES | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
GOING CONCERN UNCERTAINTIES | NOTE– 4 GOING CONCERN UNCERTAINTIES The accompanying 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 $ 72,907 2.19 2,568,218 1.50 1.86 241,360 3.30 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 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. In addition, the Company will seek to expand the yacht brands the Company can offer for sale, the territories in which the Company markets its yachts and, if appropriate based on the Company ’ s capabilities and what the Company can offer, seek to become the exclusive distributor for yacht manufacturers in Taiwan and other territories. The Company will also seek to enter other areas related to the marine industry where the Company believes it can be profitable. |
DEPOSIT AND PREPAYMENTS
DEPOSIT AND PREPAYMENTS | 12 Months Ended |
Dec. 31, 2023 | |
Deposit And Prepayments | |
DEPOSIT AND PREPAYMENTS | NOTE– 5 DEPOSIT AND PREPAYMENTS Deposit and prepayments consisted of the following: SCHEDULE OF DEPOSIT AND PREPAYMENTS December 31, 2023 December 31, 2022 Prepayments $ 909,748 $ 451,483 Prepaid service fee 5,749 - Total deposit and prepayments $ 915,497 $ 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 | 12 Months Ended |
Dec. 31, 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 December 31, 2023 December 31, 2022 Office equipment $ 2,678 $ 2,668 Subtotal 2,678 2,668 Less: accumulated depreciation (1,685 ) (1,210 ) Property, plant and equipment, net $ 993 $ 1,458 Depreciation expense for the years ended December 31, 2023 and 2022 was $ 462 483 |
INTANGIBLE ASSETS
INTANGIBLE ASSETS | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
INTANGIBLE ASSETS | NOTE– 7 INTANGIBLE ASSETS Intangible assets consisted of the following: SCHEDULE OF INTANGIBLE ASSETS December 31 2023 December 31, 2022 Software $ 7,511 $ 7,485 Total intangible assets 7,511 7,485 Less: accumulated amortization (4,172 ) (1,663 ) Intangible assets, net $ 3,339 $ 5,822 Amortization expense for the years ended December 31, 2023 and 2022 was $ 2,461 1,663 |
ACCRUED LIABILITIES AND OTHER P
ACCRUED LIABILITIES AND OTHER PAYABLES | 12 Months Ended |
Dec. 31, 2023 | |
Payables and Accruals [Abstract] | |
ACCRUED LIABILITIES AND OTHER PAYABLES | NOTE– 8 ACCRUED LIABILITIES AND OTHER PAYABLES Accrued liabilities and other payables consisted of the following: SCHEDULE OF ACCRUED LIABILITIESAND OTHER PAYABLE December 31, 2023 December 31, 2022 Accrued penalty $ 32,850 $ - Accrued salaries 2,354 1,236 Accrued consulting fee 120,000 60,000 Other payables 42,611 86,006 Total accrued liabilities and other payable $ 197,815 $ 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 27,150 Accrued liabilities and other payables are the expenses that will be settled in next twelve months. |
LOAN PAYABLE
LOAN PAYABLE | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
LOAN PAYABLE | NOTE– 9 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 12,857 162,391 162,391 82,836 When the loan matures, the lender has the option to ask for cash repayment from the Company or keep the 162,391 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, 2024, 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. 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 5,978 |
SBA LOAN PAYABLE
SBA LOAN PAYABLE | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
SBA LOAN PAYABLE | NOTE– 10 SBA LOAN PAYABLE On June 23, 2020, Vivic Corp. received an $ 87,500 3.75 427 5,124 0 As of December 31, 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 December 31, Amount 2024 $ 5,124 2025 5,124 2026 5,124 2027 5,124 2028 5,124 Thereafter 61,880 Total $ 87,500 |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | NOTE– 11 INCOME TAXES The Company has operations in various countries and is subject to tax in the jurisdictions in which they operate, as follows: United States of America VIVC is registered in the State of Delaware and is subject to US federal corporate income tax rate of 21 The reconciliation of income tax rate to the US effective income tax rate based on income before income taxes for the years ended December 31, 2023 and 2022 are as follows: Schedule of Effective Rate of Income Tax 2023 2022 Years ended December 31, 2023 2022 Loss before income taxes $ (238,729 ) $ (178,759 ) Permanent difference 60,000 - Taxable loss (178,729 ) (178,759 ) Statutory income tax rate 21 % 21 % Income tax expense at statutory rate (37,533 ) (37,539 ) Tax effect of allowance 37,533 37,539 Income tax expense $ - $ - Taiwan The Company’s Taiwan branch operating in Taiwan is subject to the Taiwan Profits Tax at the income tax rate of 20 1,531 0 Hong Kong The Company’s subsidiary operating in Hong Kong is subject to the Hong Kong Profits Tax at the tax rates ranging from 8.25 16.5 The People’s Republic of China The Company’s subsidiary operating in The People’s Republic of China (“PRC) is subject to the PRC Income Tax at the unified rate of 25 The reconciliation of income tax rate to the effective income tax rate based on income before income taxes for the years ended December 31, 2023 and 2022 are as follows: Schedule of Effective Rate of Income Tax 2023 2022 For the Years Ended December 31, 2023 2022 Loss before income taxes $ - $ (733,468 ) Statutory income tax rate 25 % 25 % Income tax expense at statutory rate - (183,367 ) Net operating loss against valuation allowance - 183,367 Income tax expense $ - $ - The following table sets forth the significant components of the deferred tax assets and liabilities of the Company as of December 31, 2023 and 2022: Schedule of Deferred Income Taxes Assets and Liabilities December 31, 2023 December 31, 2022 Deferred tax assets on Net operating loss carryforwards: - United States $ 282,546 $ 37,539 - Taiwan 55,612 9,229 - Hong Kong 394 213 - PRC - 183,367 Total 338,552 230,348 Less: valuation allowance (338,552 ) (230,348 ) Deferred tax assets, net $ - $ - As of December 31, 2023, the operations from the Company’s continuing operations had $ 1,345,455 338,552 |
STOCKHOLDERS_ DEFICIT
STOCKHOLDERS’ DEFICIT | 12 Months Ended |
Dec. 31, 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 December 31, 2023 and 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 December 31, 2023 and 2022, the Company had 26,657,921 25,546,810 |
NET INCOME (LOSS) PER SHARE OF
NET INCOME (LOSS) PER SHARE OF COMMON STOCK | 12 Months Ended |
Dec. 31, 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 years ended December 31, 2023 and 2022: SCHEDULE OF NET LOSS PER SHARE 2023 2022 Years ended December 31, 2023 2022 Net loss for basic and diluted attributable to Vivic Corp.-continuing operations $ (241,360 ) $ (226,283 ) Net income (loss) for basic and diluted attributable to Vivic Corp – discontinued operations 1,746,302 (718,113 ) Weighted average common stock outstanding – Basic and Diluted 26,213,477 25,549,386 Net loss per share of common stock – basic and diluted-continuing operations (0.01 ) (0.01 ) Net income (loss) per share of common stock – basic and diluted-discontinued operations $ 0.07 $ (0.03 ) |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 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 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 Due from related parties consisted of the following: SCHEDULE OF DUE FROM RELATED PARTY Name December 31, 2023 December 31, 2022 Guangdong Weiguan Ship 1) $ 2,630,821 $ - Yun-Kuang Kung 2) 220,828 - Total $ 2,851,649 $ - 1) Due to disposal of Weiguan Ship in July 2023 (Note 3), at December 31, 2023, the Company had a receivable from Weiguan Ship for $ 2,630,821 2) On June 16, 2023, the Company entered a trilateral Corporation Agreement with Yun-Kuang Kung and Guangdong Weiguan Shipping Co., Ltd (“Weiguan Ship”, 100 327,165 10,017,800 Per the terms of the agreement, Weiguan Ship pledged a yacht with book value of $ 402,000 2,900,000 494,000 3,500,000 In the event that Yinxin is unable to repay the full amount at maturity, the Company has the option to accept stock ownership from Yinxin or take possession of the pledged yacht as repayment. As of December 31, 2023, Vivic HK had a due to Yun-Kuang Kung of $ 106,337 After netting-off the amount of due-to and due-from Yun-Kuang Kung, the Company’s outstanding amount receivable from Yun-Kuang Kung was $ 220,828 c. Due to related parties Due to related parties consisted of the following: SCHEDULE OF DUE TO RELATED PARTIES Name December 31, 2023 December 31, 2022 Yun-Kuang Kung $ - $ 63,770 Kung Huang Liu Shiang 1,392 - Shang-Chiai Kung 190,416 209,940 Kun-Teng Liao - - Total $ 191,808 $ 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 consolidated financial statements, the Company has no other significant or material related party transactions during the periods presented. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE– 15 COMMITMENTS AND CONTINGENCIES As of December 31, 2023 and 2022, the Company has no |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 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 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) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of presentation | ● Basis of presentation These accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”). |
Use of estimates | ● Use of estimates Preparing these 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 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 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 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 December 31, 2023 and 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 years ended December 31, 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. The Company recognize its revenue at a point in time when the control of the products has been transferred to customers |
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 consolidated statements of operations. The reporting currency of the Company is the United States Dollar (“US$”) and the accompanying consolidated financial statements have been expressed in US$. 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 December 31, 2023 and 2022 and for the years ended December 31, 2023 and 2022. SCHEDULE OF FOREIGN CURRENCY TRANSLATIONS December 31, 2023 December 31, 2022 Period/year-end RMB:US$ exchange rate 7.0999 6.8972 Period/annual average RMB:US$ exchange rate 7.0809 6.7290 Period/year-end HK$:US$ exchange rate 7.8109 7.8015 Period/annual average HK$:US$ exchange rate 7.8292 7.8306 Period/year-end TWD:US$ exchange rate 30.6200 30.7300 Period/annual average TWD:US$ exchange rate 31.1525 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 consolidated balance sheets and the net loss attributable to its noncontrolling interest be clearly identified and presented on the face of the 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 notes 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 notes payable approximates 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 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 consolidated financial statements and related disclosures. |
ORGANIZATION AND BUSINESS BAC_2
ORGANIZATION AND BUSINESS BACKGROUND (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
SCHEDULE OF DESCRIPTION OF SUBSIDIARIES | Description of subsidiaries as of December 31, 2023 as follows: 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) | 12 Months Ended |
Dec. 31, 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 December 31, 2023 and 2022 and for the years ended December 31, 2023 and 2022. SCHEDULE OF FOREIGN CURRENCY TRANSLATIONS December 31, 2023 December 31, 2022 Period/year-end RMB:US$ exchange rate 7.0999 6.8972 Period/annual average RMB:US$ exchange rate 7.0809 6.7290 Period/year-end HK$:US$ exchange rate 7.8109 7.8015 Period/annual average HK$:US$ exchange rate 7.8292 7.8306 Period/year-end TWD:US$ exchange rate 30.6200 30.7300 Period/annual average TWD:US$ exchange rate 31.1525 29.7963 |
DISCONTINUED OPERATIONS (Tables
DISCONTINUED OPERATIONS (Tables) | 12 Months Ended |
Dec. 31, 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 For the years ended 2023 2022 Revenue, Net $ 957,667 $ 106,322 Cost of Sales 650,586 82,694 Gross Profit 307,081 23,628 Operating Expenses 447,610 983,754 Loss from Operations (140,529 ) (960,126 ) Other Income (Expense) Investment gain - 58,092 Interest expense, net (9,549 ) (23,592 ) Other income 37,173 192,245 Total Other Income 27,624 226,745 Loss Before Income Taxes (112,905 ) (733,381 ) Income Tax Expense - - Gain on disposal of subsidiaries 1,859,207 Net Loss from Discontinued Operations $ (1,746,302 ) $ (733,381 ) |
DEPOSIT AND PREPAYMENTS (Tables
DEPOSIT AND PREPAYMENTS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Deposit And Prepayments | |
SCHEDULE OF DEPOSIT AND PREPAYMENTS | Deposit and prepayments consisted of the following: SCHEDULE OF DEPOSIT AND PREPAYMENTS December 31, 2023 December 31, 2022 Prepayments $ 909,748 $ 451,483 Prepaid service fee 5,749 - Total deposit and prepayments $ 915,497 $ 451,583 |
PROPERTY AND EQUIPMENT (Tables)
PROPERTY AND EQUIPMENT (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
SCHEDULE OF PROPERTY AND EQUIPMENT | Property and equipment consisted of the following: SCHEDULE OF PROPERTY AND EQUIPMENT December 31, 2023 December 31, 2022 Office equipment $ 2,678 $ 2,668 Subtotal 2,678 2,668 Less: accumulated depreciation (1,685 ) (1,210 ) Property, plant and equipment, net $ 993 $ 1,458 |
INTANGIBLE ASSETS (Tables)
INTANGIBLE ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
SCHEDULE OF INTANGIBLE ASSETS | Intangible assets consisted of the following: SCHEDULE OF INTANGIBLE ASSETS December 31 2023 December 31, 2022 Software $ 7,511 $ 7,485 Total intangible assets 7,511 7,485 Less: accumulated amortization (4,172 ) (1,663 ) Intangible assets, net $ 3,339 $ 5,822 |
ACCRUED LIABILITIES AND OTHER_2
ACCRUED LIABILITIES AND OTHER PAYABLES (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2023 December 31, 2022 Accrued penalty $ 32,850 $ - Accrued salaries 2,354 1,236 Accrued consulting fee 120,000 60,000 Other payables 42,611 86,006 Total accrued liabilities and other payable $ 197,815 $ 147,242 |
SBA LOAN PAYABLE (Tables)
SBA LOAN PAYABLE (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
SCHEDULE OF EIDL LOAN PAYMENTS | As of December 31, 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 December 31, Amount 2024 $ 5,124 2025 5,124 2026 5,124 2027 5,124 2028 5,124 Thereafter 61,880 Total $ 87,500 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Schedule of Deferred Income Taxes Assets and Liabilities | The following table sets forth the significant components of the deferred tax assets and liabilities of the Company as of December 31, 2023 and 2022: Schedule of Deferred Income Taxes Assets and Liabilities December 31, 2023 December 31, 2022 Deferred tax assets on Net operating loss carryforwards: - United States $ 282,546 $ 37,539 - Taiwan 55,612 9,229 - Hong Kong 394 213 - PRC - 183,367 Total 338,552 230,348 Less: valuation allowance (338,552 ) (230,348 ) Deferred tax assets, net $ - $ - |
UNITED STATES | |
Schedule of Effective Rate of Income Tax | The reconciliation of income tax rate to the US effective income tax rate based on income before income taxes for the years ended December 31, 2023 and 2022 are as follows: Schedule of Effective Rate of Income Tax 2023 2022 Years ended December 31, 2023 2022 Loss before income taxes $ (238,729 ) $ (178,759 ) Permanent difference 60,000 - Taxable loss (178,729 ) (178,759 ) Statutory income tax rate 21 % 21 % Income tax expense at statutory rate (37,533 ) (37,539 ) Tax effect of allowance 37,533 37,539 Income tax expense $ - $ - |
CHINA | |
Schedule of Effective Rate of Income Tax | The reconciliation of income tax rate to the effective income tax rate based on income before income taxes for the years ended December 31, 2023 and 2022 are as follows: Schedule of Effective Rate of Income Tax 2023 2022 For the Years Ended December 31, 2023 2022 Loss before income taxes $ - $ (733,468 ) Statutory income tax rate 25 % 25 % Income tax expense at statutory rate - (183,367 ) Net operating loss against valuation allowance - 183,367 Income tax expense $ - $ - |
NET INCOME (LOSS) PER SHARE O_2
NET INCOME (LOSS) PER SHARE OF COMMON STOCK (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
SCHEDULE OF NET LOSS PER SHARE | SCHEDULE OF NET LOSS PER SHARE 2023 2022 Years ended December 31, 2023 2022 Net loss for basic and diluted attributable to Vivic Corp.-continuing operations $ (241,360 ) $ (226,283 ) Net income (loss) for basic and diluted attributable to Vivic Corp – discontinued operations 1,746,302 (718,113 ) Weighted average common stock outstanding – Basic and Diluted 26,213,477 25,549,386 Net loss per share of common stock – basic and diluted-continuing operations (0.01 ) (0.01 ) Net income (loss) per share of common stock – basic and diluted-discontinued operations $ 0.07 $ (0.03 ) |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2023 December 31, 2022 Guangdong Weiguan Ship 1) $ 2,630,821 $ - Yun-Kuang Kung 2) 220,828 - Total $ 2,851,649 $ - 1) Due to disposal of Weiguan Ship in July 2023 (Note 3), at December 31, 2023, the Company had a receivable from Weiguan Ship for $ 2,630,821 2) On June 16, 2023, the Company entered a trilateral Corporation Agreement with Yun-Kuang Kung and Guangdong Weiguan Shipping Co., Ltd (“Weiguan Ship”, 100 327,165 10,017,800 Per the terms of the agreement, Weiguan Ship pledged a yacht with book value of $ 402,000 2,900,000 494,000 3,500,000 In the event that Yinxin is unable to repay the full amount at maturity, the Company has the option to accept stock ownership from Yinxin or take possession of the pledged yacht as repayment. As of December 31, 2023, Vivic HK had a due to Yun-Kuang Kung of $ 106,337 After netting-off the amount of due-to and due-from Yun-Kuang Kung, the Company’s outstanding amount receivable from Yun-Kuang Kung was $ 220,828 |
SCHEDULE OF DUE TO RELATED PARTIES | Due to related parties consisted of the following: SCHEDULE OF DUE TO RELATED PARTIES Name December 31, 2023 December 31, 2022 Yun-Kuang Kung $ - $ 63,770 Kung Huang Liu Shiang 1,392 - Shang-Chiai Kung 190,416 209,940 Kun-Teng Liao - - Total $ 191,808 $ 273,710 |
SCHEDULE OF DESCRIPTION OF SUBS
SCHEDULE OF DESCRIPTION OF SUBSIDIARIES (Details) | 12 Months Ended | |||||
Mar. 13, 2023 USD ($) shares | Dec. 31, 2023 HKD ($) shares | Dec. 31, 2023 TWD ($) shares | Dec. 31, 2022 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2023 TWD ($) | |
Ordinary shares | shares | 82,836 | |||||
Ordinary shares, value | $ 162,391 | $ 52,000 | ||||
Paid in capital | $ 3,746,177 | $ 4,845,066 | ||||
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) | 12 Months Ended | ||||||
Jul. 12, 2023 USD ($) | Jul. 12, 2023 CNY (¥) | Mar. 13, 2023 USD ($) | Mar. 22, 2022 USD ($) | Mar. 22, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Aug. 10, 2022 | |
Stock issued during period value new issues | $ 162,391 | $ 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) | Dec. 31, 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) | Dec. 31, 2023 | Dec. 31, 2022 |
Period-End RMB:US Exchange Rate [Member] | ||
Intercompany Foreign Currency Balance [Line Items] | ||
Period exchange rate | 7.0999 | 6.8972 |
Period Average RMB:US Exchange Rate [Member] | ||
Intercompany Foreign Currency Balance [Line Items] | ||
Period exchange rate | 7.0809 | 6.7290 |
Period-End HK US Exchange Rate [Member] | ||
Intercompany Foreign Currency Balance [Line Items] | ||
Period exchange rate | 7.8109 | 7.8015 |
Period Average HK US Exchange Rate [Member] | ||
Intercompany Foreign Currency Balance [Line Items] | ||
Period exchange rate | 7.8292 | 7.8306 |
Period End TWD US Exchange Rate [Member] | ||
Intercompany Foreign Currency Balance [Line Items] | ||
Period exchange rate | 30.6200 | 30.7300 |
Period Average TWD US Exchange Rate [Member] | ||
Intercompany Foreign Currency Balance [Line Items] | ||
Period exchange rate | 31.1525 | 29.7963 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Apr. 01, 2019 | Apr. 30, 2018 | |
Operating Loss Carryforwards [Line Items] | ||||
Doubtful accounts | $ 0 | $ 0 | ||
Finite-lived intangible asset, useful life | 10 years | |||
Impairment of intangible assets | $ 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 ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Jun. 30, 2023 | |
Current assets | |||
Cash and cash equivalents | $ 72,907 | $ 73,998 | |
Deposit and prepayments | 915,497 | 451,583 | |
Other receivables | 2,568,218 | ||
Total current assets | 4,112,020 | 525,581 | |
Non-current assets | |||
Property and equipment, net | 993 | 1,458 | |
Total non-current assets | 4,332 | 7,280 | |
TOTAL ASSETS | 4,116,352 | 3,191,597 | |
Current liabilities | |||
Accounts payable | 1,715 | ||
Other payables and accrued liabilities | 197,815 | 147,242 | |
Deferred revenue | 1,520,416 | 576,449 | |
Total current liabilities | 1,921,368 | 997,401 | |
TOTAL LIABILITIES | 2,564,061 | 4,227,819 | |
Revenue, Net | 1,600,942 | ||
Cost of Sales | 1,388,728 | ||
Gross profit | 212,214 | ||
Loss from operations | (183,110) | (216,009) | |
Other Income (Expense) | |||
Other income | (38,448) | (504) | |
Total other expenses, net | (56,719) | (10,265) | |
Loss before income taxes | (239,829) | (226,274) | |
Income Tax Expense | 1,531 | 9 | |
Gain on disposal of subsidiaries | $ (1,860,000) | ||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal, Statement of Income or Comprehensive Income [Extensible Enumeration] | Net Loss from Discontinued Operations | ||
Net Loss from Discontinued Operations | $ 1,746,302 | (755,269) | |
Related Party [Member] | |||
Current assets | |||
Due from related parties | 2,851,649 | ||
Current liabilities | |||
Due to related parties including selling shareholders | 191,808 | 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 | 957,667 | 106,322 | |
Cost of Sales | 650,586 | 82,694 | |
Gross profit | 307,081 | 23,628 | |
Operating Expenses | 447,610 | 983,754 | |
Loss from operations | (140,529) | (960,126) | |
Other Income (Expense) | |||
Investment gain | 58,092 | ||
Interest expense, net | (9,549) | (23,592) | |
Other income | 37,173 | 192,245 | |
Total other expenses, net | 27,624 | 226,745 | |
Loss before income taxes | (112,905) | (733,381) | |
Income Tax Expense | |||
Gain on disposal of subsidiaries | 1,859,207 | ||
Net Loss from Discontinued Operations | $ (1,746,302) | $ (733,381) | |
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) | 12 Months Ended | ||||
Jul. 12, 2023 USD ($) | Jul. 12, 2023 CNY (¥) | Jul. 12, 2023 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Gain (Loss) on Disposition of Stock in Subsidiary | $ 1,860,000 | $ 1,860,000 | |||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | $ (16,429) | $ (9,279) | |||
Weiguan Ship [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Disposal Group, Including Discontinued Operation, Consideration | $ 138 | 138 | |||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | $ 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 ($) | 12 Months Ended | ||
Jul. 12, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Cash and cash equivalents | $ 72,907 | $ 73,998 | |
Working capital deficit | 2,190,000 | ||
Receivable due from a related party | 2,568,218 | ||
Net loss | 1,504,942 | (944,396) | |
Gain on disposal of subsidiaries | $ 1,860,000 | 1,860,000 | |
Net loss | 241,360 | 226,283 | |
Accumulated deficit | $ 3,304,904 | $ 4,809,846 |
SCHEDULE OF DEPOSIT AND PREPAYM
SCHEDULE OF DEPOSIT AND PREPAYMENTS (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Deposit And Prepayments | ||
Prepayments | $ 909,748 | $ 451,483 |
Prepaid service fee | 5,749 | |
Total deposit and prepayments | $ 915,497 | $ 451,583 |
SCHEDULE OF PROPERTY AND EQUI_2
SCHEDULE OF PROPERTY AND EQUIPMENT (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Subtotal | $ 2,678 | $ 2,668 |
Less: accumulated depreciation | (1,685) | (1,210) |
Property, plant and equipment, net | 993 | 1,458 |
Office Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Subtotal | $ 2,678 | $ 2,668 |
PROPERTY AND EQUIPMENT (Details
PROPERTY AND EQUIPMENT (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation expense | $ 462 | $ 483 |
SCHEDULE OF INTANGIBLE ASSETS (
SCHEDULE OF INTANGIBLE ASSETS (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Finite-Lived Intangible Assets [Line Items] | ||
Total intangible assets | $ 7,511 | $ 7,485 |
Less: accumulated amortization | (4,172) | (1,663) |
Intangible assets, net | 3,339 | 5,822 |
Computer Software, Intangible Asset [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total intangible assets | $ 7,511 | $ 7,485 |
INTANGIBLE ASSETS (Details Narr
INTANGIBLE ASSETS (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Amortization expense | $ 2,461 | $ 1,663 |
SCHEDULE OF ACCRUED LIABILITIES
SCHEDULE OF ACCRUED LIABILITIESAND OTHER PAYABLE (Details) - USD ($) | Dec. 31, 2023 | Aug. 22, 2023 | Dec. 31, 2022 |
Payables and Accruals [Abstract] | |||
Accrued penalty | $ 32,850 | $ 60,000 | |
Accrued salaries | 2,354 | 1,236 | |
Accrued consulting fee | 120,000 | 60,000 | |
Other payables | 42,611 | 86,006 | |
Total accrued liabilities and other payable | $ 197,815 | $ 147,242 |
ACCRUED LIABILITIES AND OTHER_3
ACCRUED LIABILITIES AND OTHER PAYABLES (Details Narrative) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Aug. 22, 2023 | Dec. 31, 2022 | |
Payables and Accruals [Abstract] | |||
Accrued penalty | $ 32,850 | $ 60,000 | |
Accrued penalty | 60,000 | ||
Payment to escrow account | $ 27,150 |
LOAN PAYABLE (Details Narrative
LOAN PAYABLE (Details Narrative) | 12 Months Ended | |||||||
Mar. 18, 2023 USD ($) | Mar. 18, 2023 CNY (¥) | Mar. 13, 2023 USD ($) | Mar. 13, 2023 CNY (¥) | Mar. 13, 2023 USD ($) shares | Mar. 13, 2023 | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Financing Receivable, Modified [Line Items] | ||||||||
Interest expense | $ 18,271 | $ 7,761 | ||||||
Number of shares issued | shares | 82,836 | |||||||
Shares issued for loan settlement | $ 162,391 | $ 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 | 12,857 | |||||||
Number of shares issued | 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, 2024, 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 | $ 5,978 |
SCHEDULE OF EIDL LOAN PAYMENTS
SCHEDULE OF EIDL LOAN PAYMENTS (Details) | Dec. 31, 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 ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Jun. 23, 2020 | |
Debt Disclosure [Abstract] | |||
Disaster Loan | $ 87,500 | ||
Annual interest | 3.75% | ||
Principal interest | $ 427 | ||
Repayment of interest | $ 5,124 | $ 0 |
Schedule of Effective Rate of I
Schedule of Effective Rate of Income Tax (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Loss before income taxes | $ (239,829) | $ (226,274) |
Statutory income tax rate | 21% | |
Income tax expense | $ 1,531 | 9 |
UNITED STATES | ||
Loss before income taxes | (238,729) | (178,759) |
Permanent difference | 60,000 | |
Taxable loss | $ (178,729) | $ (178,759) |
Statutory income tax rate | 21% | 21% |
Income tax expense at statutory rate | $ (37,533) | $ (37,539) |
Net operating loss against valuation allowance | 37,533 | 37,539 |
Income tax expense | ||
CHINA | ||
Loss before income taxes | $ (733,468) | |
Statutory income tax rate | 25% | 25% |
Income tax expense at statutory rate | $ (183,367) | |
Net operating loss against valuation allowance | 183,367 | |
Income tax expense |
Schedule of Deferred Income Tax
Schedule of Deferred Income Taxes Assets and Liabilities (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Total | $ 338,552 | $ 230,348 |
Less: valuation allowance | (338,552) | (230,348) |
Deferred tax assets, net | ||
UNITED STATES | ||
Total | 282,546 | 37,539 |
TAIWAN | ||
Total | 55,612 | 9,229 |
HONG KONG | ||
Total | 394 | 213 |
CHINA | ||
Total | $ 183,367 |
INCOME TAXES (Details Narrative
INCOME TAXES (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | ||
Federal statutory income tax rate | 21% | |
Income tax provision | $ 1,531 | $ 9 |
Operating loss | (183,110) | (216,009) |
Operating loss carryforwards | 1,345,455 | |
Deferred tax assets, valuation allowance | $ 338,552 | 230,348 |
TAIWAN | ||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | ||
Foreign income tax rate | 20% | |
Income tax provision | $ 1,531 | 0 |
Operating loss | $ 1,531 | $ 0 |
HONG KONG | Minimum [Member] | ||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | ||
Foreign income tax rate | 8.25% | |
HONG KONG | Maximum [Member] | ||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | ||
Foreign income tax rate | 16.50% | |
CHINA | ||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | ||
Federal statutory income tax rate | 25% | 25% |
Foreign income tax rate | 25% | |
Income tax provision |
STOCKHOLDERS_ DEFICIT (Details
STOCKHOLDERS’ DEFICIT (Details Narrative) - USD ($) | 3 Months Ended | 12 Months Ended | |||||
May 26, 2023 | Mar. 13, 2023 | Mar. 22, 2022 | Feb. 15, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Preferred stock shares authorized | 5,000,000 | 5,000,000 | |||||
Common stock shares authorized | 70,000,000 | 70,000,000 | |||||
Common stock, par value | $ 0.001 | $ 0.001 | |||||
Preferred stock, shares issued | 832,000 | 832,000 | |||||
Preferred stock, shares outstanding | 832,000 | 832,000 | |||||
Debt conversion, converted instrument, shares issued | 50,000 | ||||||
Debt conversion, converted instrument value | $ 50,000 | $ 1,100,000 | |||||
Conversion price | $ 0.99 | $ 1 | |||||
Loss on loan settlement | $ 2,000 | $ 2,000 | |||||
Stock repurchased and retired during period, shares | 60,000 | ||||||
Number of shares issued | 82,836 | ||||||
Shares issued for loan settlement | $ 162,391 | $ 52,000 | |||||
Common stock, shares, issued | 26,657,921 | 25,546,810 | |||||
Common stock, shares, outstanding | 26,657,921 | 25,546,810 | |||||
Common Stock [Member] | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Debt conversion, converted instrument, shares issued | 1,111,111 | ||||||
Debt conversion, converted instrument value | $ 1,111 | ||||||
Stock repurchased and retired during period, shares | (60,000) | ||||||
Number of shares issued | 1,111,111 | 50,000 | |||||
Shares issued for loan settlement | $ 1,100,000 | $ 50 |
SCHEDULE OF NET LOSS PER SHARE
SCHEDULE OF NET LOSS PER SHARE (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Earnings Per Share [Abstract] | ||
Net loss for basic and diluted attributable to Vivic Corp.-continuing operations | $ (241,360) | $ (226,283) |
Net income (loss) for basic and diluted attributable to Vivic Corp – discontinued operations | $ 1,746,302 | $ (718,113) |
Weighted average common stock outstanding - Basic | 26,213,477 | 25,549,386 |
Weighted average common stock outstanding Diluted | 26,213,477 | 25,549,386 |
Net income (loss) per share of common stock - basic-continuing operations | $ (0.01) | $ (0.01) |
Net income (loss) per share of common stock - diluted-continuing operations | (0.01) | (0.01) |
Net income (loss) per share of common stock - basic-discontinuing operations | 0.07 | (0.03) |
Net income (loss) per share of common stock - diluted-discontinuing operations | $ 0.07 | $ (0.03) |
SCHEDULE OF DUE FROM RELATED PA
SCHEDULE OF DUE FROM RELATED PARTY (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 | |
Guangdong Weiguan Ship Tech Co., Ltd [Member] | |||
Related Party Transaction [Line Items] | |||
Total | [1] | $ 2,630,821 | |
Yun-Kuang Kung [Member] | |||
Related Party Transaction [Line Items] | |||
Total | [2] | 220,828 | |
Related Party [Member] | |||
Related Party Transaction [Line Items] | |||
Total | $ 2,851,649 | ||
[1]Due to disposal of Weiguan Ship in July 2023 (Note 3), at December 31, 2023, the Company had a receivable from Weiguan Ship for $ 2,630,821 100 327,165 10,017,800 |
SCHEDULE OF DUE TO RELATED PART
SCHEDULE OF DUE TO RELATED PARTIES (Details) (Parenthetical) | Jun. 16, 2023 USD ($) | Jun. 16, 2023 TWD ($) | Dec. 31, 2023 USD ($) | Jun. 16, 2023 CNY (¥) | Dec. 31, 2022 USD ($) | |
Mr Kung [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Ownership percentage | 100% | 100% | ||||
Guangdong Weiguan Ship Tech Co., Ltd [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Due from related parties | [1] | $ 2,630,821 | ||||
Mr Kung [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Payments for leasing costs | $ 327,165 | $ 10,017,800 | ||||
Weiguan Ship [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Book value | 402,000 | ¥ 2,900,000 | ||||
Collateral amount | $ 494,000 | ¥ 3,500,000 | ||||
Yun-Kuang Kung [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Due from related parties | [2] | 220,828 | ||||
Investments | 106,337 | |||||
Outstanding amount | $ 220,828 | |||||
[1]Due to disposal of Weiguan Ship in July 2023 (Note 3), at December 31, 2023, the Company had a receivable from Weiguan Ship for $ 2,630,821 100 327,165 10,017,800 |
SCHEDULE OF DUE TO RELATED PA_2
SCHEDULE OF DUE TO RELATED PARTIES (Details) - USD ($) | Dec. 31, 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 | 1,392 | |
Kun-Teng Liao | (1,392) | |
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 | 191,808 | 273,710 |
Kun-Teng Liao | $ (191,808) | $ (273,710) |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($) | Dec. 31, 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 |