Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Nov. 30, 2023 | Jun. 30, 2022 | |
Document Information Line Items | |||
Entity Registrant Name | COSMOS GROUP HOLDINGS INC. | ||
Trading Symbol | N/A | ||
Document Type | 10-K/A | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Common Stock, Shares Outstanding | 1,878,203,782 | ||
Entity Public Float | $ 740,548,650 | ||
Amendment Flag | true | ||
Amendment Description | Cosmos Group Holdings Inc. is filing this Amendment No.1 to its Annual Report on Form 10-K (this “Amendment”), to amend its Annual Report on Form 10-K for the year ended December 31, 2022, originally filed with the Securities and Exchange Commission (the “SEC”), on April 17, 2023 (the “Original Filing”), to amend and restate the original filing with modifications as necessary to reflect the restatements. The following items have been amended to reflect the restatements:Part II, Item 7, Management’s Discussion and Analysis of Financial Condition and Results of OperationsPart II, Item 8. Financial Statements and Supplementary Data Part II, Item 9. Changes in and Disagreements with Accountants on Accounting and Financial DisclosurePart IV, Item 15. Exhibits and Financial Statement SchedulesIn addition, the Company’s Chief Executive Officer and Chief Financial Officer provided new certifications dated as of the date of this Amendment in connection with this Amendment (Exhibits 31.1 and 32.1) hereto.Except as described above, this Amendment does not, and does not purport to amend, update or restate the information in any other item of the Form 10-K or reflect any events that have occurred after the filing of the original Form 10-K. | ||
Entity Central Index Key | 0001706509 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Well-known Seasoned Issuer | No | ||
Document Period End Date | Dec. 31, 2022 | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
ICFR Auditor Attestation Flag | false | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity File Number | 000-545793 | ||
Entity Incorporation, State or Country Code | NV | ||
Entity Tax Identification Number | 90-1177460 | ||
Entity Address, Address Line One | 37/F | ||
Entity Address, Address Line Two | Singapore Land Tower | ||
Entity Address, City or Town | 50 Raffles Place | ||
Entity Address, Country | SG | ||
Entity Address, Postal Zip Code | 048623 | ||
City Area Code | + 65 | ||
Local Phone Number | 6829 7017 | ||
Title of 12(g) Security | Common Stock, $0.001 par value | ||
Entity Interactive Data Current | Yes | ||
Document Financial Statement Error Correction [Flag] | false | ||
Documents Incorporated by Reference [Text Block] | None | ||
Auditor Name | OLAYINKA OYEBOLA & CO. | ||
Auditor Location | Lagos, Nigeria | ||
Auditor Firm ID | 6743 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 2,468,828 | $ 1,131,128 |
Digital assets | 35,451 | |
Loan receivables, net | 15,309,939 | 19,052,594 |
Loan interest and fee receivables, net | 358,872 | 483,371 |
Inventories | 1,164,887 | 2,103,038 |
Prepayments and other receivables | 721,602 | 877,802 |
Right-of-use assets, net | 160,945 | 298,317 |
Total current assets | 20,185,073 | 23,981,701 |
Non-current assets: | ||
Property and equipment, net | 57,087 | 59,270 |
Intangible assets | 13,339,427 | 18,554,389 |
Loan receivables, net | 3,100,057 | |
TOTAL ASSETS | 36,681,644 | 42,595,360 |
Current liabilities: | ||
Accounts payable | 2,381,429 | 240,156 |
Accrued liabilities and other payables | 465,890 | 399,968 |
Accrued consulting and service fee | 2,851,719 | |
Loan payables | 1,823,536 | 489,836 |
Income tax payable | 719,081 | 431,463 |
Operating lease liabilities | 136,800 | 231,816 |
Convertible note payables | 383,058 | |
Total current liabilities | 32,692,591 | 22,748,075 |
Non-current liabilities: | ||
Operating lease liabilities | 29,725 | 78,216 |
TOTAL LIABILITIES | 32,722,316 | 22,826,291 |
Commitments and contingencies | ||
STOCKHOLDERS’ EQUITY | ||
Common stock, $0.001 par value; 500,000,000 shares authorized; 454,398,143 and 358,067,481 issued and outstanding as of December 31, 2022 and 2021 | 454,398 | 358,067 |
Common stock to be issued | 400,000 | 806,321 |
Additional paid-in capital | 133,659,075 | 44,930,337 |
Accumulated other comprehensive loss | 11,545 | (7,588) |
Accumulated deficit | (130,555,579) | (26,436,477) |
Stockholders’ equity attributable to COSG Group Holdings Inc. | 3,969,439 | 19,650,660 |
Noncontrolling interest | (10,111) | 118,409 |
Stockholders’ equity | 3,959,328 | 19,769,069 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | 36,681,644 | 42,595,360 |
Related Party | ||
Current liabilities: | ||
Amounts due to related parties | $ 23,931,078 | $ 20,954,836 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Dec. 31, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Common stock, shares par value (in Dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued | 454,398,143 | 358,067,481 |
Common stock, shares outstanding | 454,398,143 | 358,067,481 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Loss - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Revenues: | ||
Interest income | $ 6,550,670 | $ 6,413,284 |
Interest expense | (405,972) | (733,937) |
Net interest income | 6,144,698 | 5,679,347 |
Arts and collectibles technology income | 14,059,050 | 3,645,265 |
Revenue, net | 20,203,748 | 9,324,612 |
Cost of revenue: | ||
Arts and collectibles technology expense | (3,019,794) | (1,020,704) |
Gross profit | 17,183,954 | 8,303,908 |
Operating expenses: | ||
Sales and marketing | (27,371,549) | (1,680,536) |
Corporate development | (26,898,128) | (5,418,075) |
Technology and development | (43,301,993) | (9,222,103) |
General and administrative | (16,651,966) | (16,077,156) |
Total operating expenses | (114,223,636) | (32,397,870) |
LOSS FROM OPERATION | (97,039,682) | (24,093,962) |
Other income (expense): | ||
Interest income | 1,224 | 133 |
Convertible notes interest expense | (5,143) | |
Gain from the sale of digital assets | 181 | 29,766 |
Impairment loss on digital assets | (12,633) | (39,916) |
Impairment loss on goodwill | (816,263) | |
Imputed interest expense | (949,790) | (620,508) |
Loan interest expense | (1,360) | |
Loss on disposal of subsidiaries | (5,129,854) | |
Recovery from bad debts | 4,166 | |
Sundry income | 126,958 | 5,179 |
Total other expense, net | (6,786,680) | (621,180) |
LOSS BEFORE INCOME TAXES | (103,826,362) | (24,715,142) |
Income tax expense | (299,714) | (434,257) |
NET LOSS | (104,126,076) | (25,149,399) |
Net loss attributable to noncontrolling interest | (6,974) | (119,813) |
Net loss attributable to common shareholders | (104,119,102) | (25,029,586) |
Other comprehensive income (loss): | ||
Foreign currency adjustment income (loss) | 19,133 | (2,214) |
COMPREHENSIVE LOSS | $ (104,099,969) | $ (25,031,800) |
Net loss per share – Basic and Diluted (in Dollars per share) | $ (0.28) | $ (0.07) |
Basic (in Shares) | 374,086,727 | 340,448,988 |
Consolidated Statements of Op_2
Consolidated Statements of Operations and Comprehensive Loss (Parentheticals) - $ / shares | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Income Statement [Abstract] | ||
Net loss per share – Diluted | $ (0.28) | $ (0.07) |
Diluted | 374,086,727 | 340,448,988 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flows from operating activities: | ||
Net loss | $ (104,126,076) | $ (25,149,399) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities | ||
Depreciation of property and equipment | 7,540 | 29,401 |
Amortization of intangible assets | 3,931,641 | 829,575 |
Imputed interest expense | 949,790 | 620,508 |
Revenue received by digital assets (non-cash) | (30,005,442) | (3,277,589) |
Expense settled by digital assets (non-cash) | 29,607,771 | 3,231,988 |
Impairment loss on digital assets | 12,633 | 39,916 |
Impairment loss on goodwill | 816,263 | |
Loss on the sale of digital assets | (181) | (29,766) |
Stock-based compensation | 25,290,203 | |
Shares issued for services rendered | 86,572,168 | |
Loss on disposal of subsidiaries | 5,129,854 | |
Loss on write-off property and equipment | 166,302 | |
Cost of inventories (non-cash) | 476,903 | |
Change in operating assets and liabilities: | ||
Loan receivables | 642,598 | (6,910,730) |
Loan interest receivables | 124,499 | 118,903 |
Inventories | 938,151 | (894,091) |
Prepayments and other receivables | (545) | (175,765) |
Accounts payables | 2,141,273 | 240,156 |
Accrued liabilities and other payables | (362,792) | 66,385 |
Accrued consulting and service fee | 5,769,457 | |
Right-of-use assets and operating lease liabilities | (35,860) | 11,715 |
Produced content cost | 543,895 | |
Income tax payable | 299,714 | 434,257 |
Net cash provided by (used in) operating activities | 2,956,351 | (4,881,128) |
Cash flows from investing activities: | ||
Payment to acquire property and equipment | (2,859) | (5,281) |
Purchase of intangible assets | (1,884) | (2,039,270) |
Cash from acquisition of non-controlling interest | 1,005,654 | |
Net cash provided by (used in) investing activities | 1,000,911 | (2,044,551) |
Cash flows from financing activities: | ||
Proceeds from (repayment to) loan payable | 1,333,700 | (4,256,722) |
(Repayment to) advances from related parties | (4,137,930) | 11,444,456 |
Proceeds from convertible note payables | 412,783 | |
Net cash (used in) provided by financing activities | (2,391,447) | 7,187,734 |
Foreign currency translation adjustment | (228,115) | 95,692 |
Net change in cash and cash equivalents | 1,337,700 | 357,747 |
BEGINNING OF YEAR | 1,131,128 | 773,381 |
END OF YEAR | 2,468,828 | 1,131,128 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||
Cash paid for income taxes | ||
Cash paid for interest | 405,972 | 733,937 |
NON-CASH INVESTING AND FINANCING ACTIVITIES: | ||
Shares issued for the acquisition of intangible assets | $ 21,845,128 | $ 17,344,690 |
Consolidated Statements of Chan
Consolidated Statements of Changes In Stockholders’ Equity (Deficit) - USD ($) | Common stock | Common stock to be issued | Additional paid-in capital | Accumulated other comprehensive loss | (Accumulated losses) | Non- controlling interest | Total |
Balance at Dec. 31, 2020 | $ 333,911 | $ 800,000 | $ (5,374) | $ (1,379,358) | $ 237,590 | $ (13,231) | |
Balance (in Shares) at Dec. 31, 2020 | 333,910,484 | ||||||
Shares issued for acquisition of legal acquirer | $ 21,536 | 395,516 | (1,436) | (421,613) | (5,997) | ||
Shares issued for acquisition of legal acquirer (in Shares) | 21,536,933 | ||||||
Recapitalization of legal acquirer | (395,516) | 1,436 | 394,080 | ||||
Foreign currency translation adjustment | (2,214) | 632 | (1,582) | ||||
Shares issued for inventories purchased from related party | $ 270 | 1,685,580 | 1,685,850 | ||||
Shares issued for inventories purchased from related party (in Shares) | 269,835 | ||||||
Shares issued for service rendered | 6,321 | 25,283,882 | 25,290,203 | ||||
Shares issued for purchase of intangible assets | $ 2,350 | 17,342,340 | 17,344,690 | ||||
Shares issued for purchase of intangible assets (in Shares) | 2,350,229 | ||||||
Imputed interest on related party loans | 618,535 | 618,535 | |||||
Net loss for the year | (25,029,586) | (119,813) | (25,149,399) | ||||
Balance at Dec. 31, 2021 | $ 358,067 | 806,321 | 44,930,337 | (7,588) | (26,436,477) | 118,409 | 19,769,069 |
Balance (in Shares) at Dec. 31, 2021 | 358,067,481 | ||||||
Foreign currency translation adjustment | 19,133 | 14 | 19,147 | ||||
Imputed interest on related party loans | 713,167 | 713,167 | |||||
Commitment Share issued for private placement | $ 100 | (100) | |||||
Commitment Share issued for private placement (in Shares) | 100,000 | ||||||
Shares cancelled | (400,000) | 400,000 | |||||
Share issued for service rendered | $ 73,695 | (6,321) | 86,504,796 | $ 86,572,170 | |||
Share issued for service rendered (in Shares) | 73,694,483 | 73,694,483 | |||||
Share issued for the acquisition of noncontrolling interest | $ 22,536 | 1,110,875 | (121,560) | $ 1,011,851 | |||
Share issued for the acquisition of noncontrolling interest (in Shares) | 22,536,179 | ||||||
Net loss for the year | (104,119,102) | (6,974) | (104,126,076) | ||||
Balance at Dec. 31, 2022 | $ 454,398 | $ 400,000 | $ 133,659,075 | $ 11,545 | $ (130,555,579) | $ (10,111) | $ 3,959,328 |
Balance (in Shares) at Dec. 31, 2022 | 454,398,143 |
Organization and Business Backg
Organization and Business Background | 12 Months Ended |
Dec. 31, 2022 | |
Organization and Business Background [Abstract] | |
ORGANIZATION AND BUSINESS BACKGROUND | NOTE 1 - ORGANIZATION AND BUSINESS BACKGROUND Cosmos Group Holdings Inc. (the “Company” or “COSG”) was incorporated in the state of Nevada on August 14, 1987. The Company currently offers financial and money lending services in Hong Kong and operates online platform for the sale and distribution of arts and collectibles around the world, with the use of blockchain technologies and minting token. On December 15, 2022, the Company entered into a Settlement Agreement with Lee Ying Chiu Herbert, the former director and current controlling shareholder (“Dr. Lee”), pursuant to which the Company and Dr. Lee agreed to settle the matter of 800,000,000 shares of common stock of the Company due to Dr. Lee (the “Unissued Securities”) pursuant to the terms of that certain Share Acquisition Agreement, dated June 17, 2021 (the “Share Acquisition Agreement”), by and among the Company and its subsidiary, Massive Treasure Limited (“Massive Treasure”), a British Virgin Islands corporation and holding company of numerous operating subsidiaries, and the holders of ordinary shares of Massive Treasure. Pursuant to the terms of the Settlement Agreement, the Company and Dr. Lee agreed to the following, among other things, as settlement in full of the Unissued Securities: (1) The Company will only issue to Dr. Lee 400,000,000 shares of its common stock at a per share value of $0.001; (2) The Company shall cause the transfer to Dr. Lee or his designees all the assets and liabilities of following entities as such assets and liabilities are described in the financial statements of the Company as of November 30, 2022: i) Coinllectibles Limited and its branch ii) Coinllectibles (HK) Limited iii) Coinllectibles Wealth Limited (collectively, the “Disposal Group”). (3) The Company and Dr. Lee agreed to the allocation of certain inventories, accounts payables, and intellectual properties. Description of subsidiaries Company name Place of incorporation Principal activities Particulars of registered/ paid up share capital Effective interest Massive Treasure Limited BVI, limited liability company Investment holding 50,000 ordinary shares with a par value of US$1 each 100 % Coinllectibles (HK) Limited (Note 3) Hong Kong, limited liability company Corporate management in Hong Kong 1,000 ordinary shares for HK$1,000 100 % Coinllectibles Wealth Limited (Note 3) Hong Kong, limited liability company Corporate management in Hong Kong 1 ordinary share for HK$1 100 % Coinllectibles DeFi Limited Hong Kong, limited liability company Financing service management in Hong Kong 10,000 ordinary shares for HK$10,000 100 % Coinllectibles Private Limited Singapore, limited liability company Corporate management and IT development in Singapore 1,000 ordinary shares for S$1,000 100 % Coinllectibles Limited (Note 3) BVI, limited liability company Procurement of art and collectibles in Singapore 1,000 ordinary shares with a par value of US$1 each 100 % Healthy Finance Limited (Note 2) Hong Kong, limited liability company Money lending service in Hong Kong 10,000 ordinary shares for HK$10,000 51 % 8M Limited (Note 1) Hong Kong, limited liability company Money lending service in Hong Kong 10 ordinary shares for HK$10 100 % Dragon Group Mortgage Limited (Note 2) Hong Kong, limited liability company Money lending service in Hong Kong 10,000 ordinary shares for HK$10,000 51 % E-on Finance Limited (Note 1) Hong Kong, limited liability company Money lending service in Hong Kong 2 ordinary shares for HK$2 100 % Lee Kee Finance Limited (Note 2) Hong Kong, limited liability company Money lending service in Hong Kong 920,000 ordinary shares for HK$920,000 51 % Rich Finance (Hong Kong) Limited (Note 2) Hong Kong, limited liability company Money lending service in Hong Kong 10,000 ordinary shares for HK$10,000 51 % Long Journey Finance Limited (Note 2) Hong Kong, limited liability company Money lending service in Hong Kong 100 ordinary shares for HK$100 51 % Vaav Limited (Note 2) Hong Kong, limited liability company Money lending service in Hong Kong 10,000 ordinary shares for HK$10,000 51 % Star Credit Limited (Note 2) Hong Kong, limited liability company Money lending service in Hong Kong 1,000,000 ordinary shares for HK$1,000,000 51 % NFT Limited BVI, limited liability company Procurement of intangible assets in Hong Kong 10,000 ordinary shares with a par value of US$1 each 51 % Company name Place of incorporation Principal activities Particulars of registered/ paid up share capital Effective interest Grandway Worldwide Holding Limited BVI, limited liability company Development of mobile application 50,000 ordinary shares for USD$50,000 51 % Grand Town Development Limited Hong Kong, limited liability company Provision treasury management 2 ordinary shares for HK$2 100 % Grand Gallery Limited Hong Kong, limited liability company Procurement of art and collectibles in Hong Kong 400,000 ordinary shares for HK$400,000 80 % Phoenix Waters Group Limited BVI, limited liability company Investment holding 50,000 ordinary shares with a par value of US$1 each 100 % Phoenix Waters Productions (HK) Limited Hong Kong, limited liability company Film production 100,000 ordinary shares for HK$100,000 51 % Note 1: In May 2022, Massive Treasure entered into a Share Swap Letter Agreement (the “100% Share Swap Letter”) with the shareholders of each of E-on Finance Limited (“E-on”) and 8M Limited (“8M”) to acquire 100% of each of E-on and 8M for 20,110,604 and 10,055,302 shares of common stock of COSG respectively based upon the closing price of the common stock of COSG as of the date of signing of the 100% Share Swap Letter and determined in accordance with the terms of the 100% Share Swap Letter on the date. The acquisition of E-on and 8M consummated in May 2022. Thereon, COSG issued 10,256,409 shares and 5,128,204 shares to the shareholders of E-on and 8M respectively. COSG is obligated to issue 9,854,195 and 4,927,098 shares on the first anniversary of the closing of the acquisition to the former shareholders of E-on and 8M respectively, subject to certain clawback provisions. E-on and 8M are obligated to meet certain financial milestones in each of the two year anniversaries following the closing. Failure to meet such milestones will result in a clawback of the shares issued to the former shareholders. On the second anniversary of the closing, if E-on or 8M exceeds the aggregate financial milestone set for the two years, the former shareholders thereof shall be entitled to additional shares of COSG as determined in accordance with the 100% Share Swap Letter. Note 2: In May and June 2022, Massive Treasure entered into a Share Swap Letter Agreement (the “51% Share Swap Letter”) with the shareholders of each of the entities to acquire 51% of the issued and outstanding securities of the entities for an aggregate amount of 23,589,736 shares of COSG’s common stock as set forth below (the “First Tranche Shares”), based upon the closing price of the common stock of COSG as of the date of signing the 51% Share Swap Letter and determined in accordance with the terms of the 51% Share Swap Letter. The acquisition of the entities consummated in May and June 2022. Thereon, COSG issued the First Tranche Shares. On the first anniversary of the closing, COSG is obligated to issue a second tranche of shares of its common stock, based upon the closing price of its shares as of the fifth business day prior to such first anniversary as determined in accordance with the terms of the 51% Share Swap Letter (the “Second Tranche Shares”). Upon the issuance of the Second Tranche Shares, each of the entities will deliver the remaining 49% of the issued and outstanding securities to COSG to become wholly owned subsidiaries of COSG. Each of the entities are obligated to meet certain financial milestones in each of the two year anniversaries following the closing. Failure to meet such milestones will result in a clawback of the shares issued to the former shareholders. On the second anniversary of the closing, if any entity exceeds the aggregate financial milestone set for the two years, the former shareholders thereof shall be entitled to additional shares of COSG as determined in accordance with the 51% Share Swap Letter. Note 3: Pursuant to the terms of the Settlement Agreement, the ownership of these entities will be transferred to Dr. Lee at their carrying value on December 15, 2022. The Company and its subsidiaries are hereinafter referred to as (the “Company”). |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
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 (“US GAAP”). ● Use of estimates and assumptions In preparing these consolidated financial statements, management makes estimates and assumptions that affect the reported amounts of assets and liabilities in the balance sheet and revenues and expenses during the years reported. Actual results may differ from these estimates. If actual results significantly differ from the Company’s estimates, the Company’s financial condition and results of operations could be materially impacted. Significant estimates in the year include the goodwill, impairment loss on digital assets, valuation and useful lives of intangible assets and property and equipment and deferred tax valuation allowance. ● Basis of consolidation The consolidated financial statements include the accounts of COSG and its subsidiaries. All significant inter-company balances and transactions within the Company have been eliminated upon consolidation. ● Noncontrolling interest The Company accounts for noncontrolling interest in accordance with Accounting Standard Codification (“ASC”) 810-10-45, which requires the Company to present noncontrolling interests as a separate component of total shareholders’ equity on the consolidated balance sheets and the consolidated net loss attributable to its noncontrolling interest be clearly identified and presented on the face of the consolidated statements of operations and comprehensive loss. ● Business combination The Company allocates the fair value of purchase consideration to the tangible assets acquired, liabilities assumed and intangible assets acquired based on their estimated fair values. The excess of the fair value of purchase consideration over the fair values of these identifiable assets and liabilities is recorded as goodwill to reporting units based on the expected benefit from the business combination. Allocation of purchase consideration to identifiable assets and liabilities affects the amortization expense, as acquired finite-lived intangible assets are amortized over the useful life, whereas any indefinite-lived intangible assets, including goodwill, are not amortized. During the measurement period, which is not to exceed one year from the acquisition date, we record adjustments to the assets acquired and liabilities assumed, with the corresponding offset to goodwill. Upon the conclusion of the measurement period, any subsequent adjustments are recorded to earnings. Acquisition-related expenses are recognized separately from business combinations and are expensed as incurred. ● Segment reporting ASC 280, Segment Reporting ● Cash and cash equivalents Cash and cash equivalents are carried at cost and represent cash on hand, demand deposits placed with banks or other financial institutions and all highly liquid investments with an original maturity of three months or less as of the purchase date of such investments. ● Inventories Inventories are stated at the lower of cost (first-in, first-out method) or net realizable value. The cost includes the purchase cost of arts and collectibles from related party and independent artists and the costs associated with token minting for collectible pieces. The Company will reduce inventory on hand to its net realizable value on an item-by-item basis when it is apparent that the expected realizable value of an inventory item falls below its original cost. A charge to cost of sales results when the estimated net realizable value of specific inventory items declines below cost. Management regularly reviews the Company’s inventories for such declines in value. Although inventories are classified as current assets in the accompanying balance sheets, the Company anticipates that certain inventories will be sold beyond twelve months from December 31, 2022. ● Digital assets The Company’s digital assets mainly represent the cryptocurrencies held in its e-wallet. The Company accounts for its digital assets in accordance with ASC 350, General Intangibles Other Than Goodwill Digital Assets held by the Company are included in current assets in the consolidated balance sheets, as follows:- Cryptocurrencies - Tether USDT - Okipad OKI - Ethereum ETH - Binance Coin BNB - Binance USD BUSD - Colligo Token COTK - Polygon MATIC Due to the lack of authoritative GAAP guidance, the Company has determined its Digital Assets to be akin to intangible assets and are accounted in such manner. As intangible assets, Digital Assets are initially measured at cost. Since there is no limit on the useful life of the Company’s cryptocurrency coins and tokens, they are classified as indefinite-lived intangible assets. ASC 350 requires assets to be measured based on the fair value of the consideration given or the fair value of the assets (or net assets) acquired, whichever is more clearly evident and, thus, more reliably measurable. Accordingly, if the fair market value at any point during the reporting period is lower than the carrying value an impairment loss equal to the difference will be recognized in the consolidated statement of operations. If the fair market value at any point during the reporting period is higher than the carrying value, the basis of the digital assets will not be adjusted to account for this increase. Indefinite-lived intangible assets are not subject to amortization. Instead they are tested for impairment on an annual basis and more frequently if events or circumstances change that indicate that it’s more likely than not that the asset is impaired. As a result of the aforementioned, the Company will only recognize decreases in the value of its cryptocurrency coins and tokens, and any increase in value will be recognized upon disposition. Cryptocurrency coins and tokens are traded on exchanges in which there are observable prices in an active market, the Company views a decline in the quoted price below the cost to be an impairment indicator. The quoted price and observable prices of cryptocurrency coins and tokens, are determined by the Company using a principal market analysis in accordance with ASC 820, Fair Value Measurement Realized gain (loss) on sale of digital assets is included in other income (expense) in the consolidated statements of operations, while impairment loss of digital assets is included in operating expenses because of the nature of the assets. The Company’s cryptocurrencies are deemed to have an indefinite useful life; therefore amounts are not amortized, but rather are assessed for impairment. ● Loan receivables, net Loans receivables are carried at unpaid principal balances, less the allowance for loan losses and charge-offs. The loans receivables portfolio consists of real estate mortgage loans, commercial and personal loans. Loans are placed on nonaccrual status when they are past due 180 days or more as to contractual obligations or when other circumstances indicate that collection is not probable. When a loan is placed on nonaccrual status, any interest accrued but not received is reversed against interest income. Payments received on a nonaccrual loan are either applied to protective advances, the outstanding principal balance or recorded as interest income, depending on an assessment of the ability to collect the loan. A nonaccrual loan may be restored to accrual status when principal and interest payments have been brought current and the loan has performed in accordance with its contractual terms for a reasonable period (generally six months). If the Company determines that a loan is impaired, the Company next determines the amount of the impairment. The amount of impairment on collateral dependent loans is charged off within the given fiscal quarter. Generally the amount of the loan and negative escrow in excess of the appraised value less estimated selling costs, for the fair value of collateral valuation method, is charged off. For all other loans, impairment is measured as described below in Allowance for Loan Losses. ● Allowance for loan losses (“ALL”) The adequacy of the Company’s ALL is determined, in accordance with ASC 450-20 Loss Contingencies The ALL reflects management’s evaluation of the loans presenting identified loss potential, as well as the risk inherent in various components of the portfolio. There is significant judgment applied in estimating the ALL. These assumptions and estimates are susceptible to significant changes based on the current environment. Further, any change in the size of the loan portfolio or any of its components could necessitate an increase in the ALL even though there may not be a decline in credit quality or an increase in potential problem loans. ● Property and equipment Property and equipment are stated at cost less accumulated depreciation and accumulated impairment losses, if any. Depreciation is calculated on the straight-line basis over the following expected useful lives from the date on which they become fully operational and after taking into account their estimated residual values: Expected useful life Computer and office equipment 5 years Expenditure for repairs and maintenance is expensed as incurred. When assets have 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. ● Goodwill In accordance with ASC 350 Intangible and Other Assets ● Intangible assets Intangible assets represented the acquired technology software, licensed technology know-how, trademark and trade names for its internal use to facilitate and support its platform operation. They are stated at the purchase cost and are amortized based on their economic benefit expected to be realized. ● Produced content cost Capitalized content costs are recognized as “Produced content cost” in the consolidated balance sheets. The concept of “predominant monetization strategy” to classify capitalized content costs for purposes of amortization and impairment as follows: Individual Lifetime value is predominantly derived from third-party revenues that are directly attributable to the specific film or television title (e.g. theatrical revenues or sales to third-party television programmers). Group Lifetime value is predominantly derived from third-party revenues that are attributable only to a bundle of titles (e.g. subscription revenue). Production costs for content that is predominantly monetized individually are amortized based upon the ratio of the current period’s revenues to the estimated remaining total revenues. Production costs that are predominantly monetized as a group are amortized based on projected usage (which may be, for example, derived from historical viewership patterns), typically resulting in an accelerated or straight-line amortization pattern. Participations and residuals are generally expensed in line with the pattern of usage. The costs of produced content are subject to regular recoverability assessments. For the content that is predominantly monetized individually, the unamortized costs are compared to the estimated fair value. The fair value will be determined based on a discounted cash flow analysis of the cash flows directly attributable to the title in accordance with ASC 926-20 Entertainment-Films ● Impairment of long-lived assets In accordance with the provisions of ASC 360, Impairment or Disposal of Long-Lived Assets ● Revenue recognition ASC 606, Revenue from Contracts with Customers The Company applies the following five steps in order to determine the appropriate amount of revenue to be recognized as it fulfills its obligations under each of its agreements: ● identify the contract with a customer; ● identify the performance obligations in the contract; ● determine the transaction price; ● allocate the transaction price to performance obligations in the contract; and ● recognize revenue as the performance obligation is satisfied. Revenue is recognized when the Company satisfies its performance obligation under the contract by transferring the promised product to its customer that obtains control of the product and collection is reasonably assured. A performance obligation is a promise in a contract to transfer a distinct product or service to a customer. Most of the Company’s contracts have a single performance obligation, as the promise to transfer products or services is not separately identifiable from other promises in the contract and, therefore, not distinct. Lending Business The Company is licensed to originate personal loan, company loan and mortgage loan in Hong Kong. During the years ended December 31, 2022 and 2021, the Company originated loans generally ranging from $644 to $579,000, with terms ranging from 1 week to 120 months. The Company mainly derives a portion of its revenue from loans which is specifically excluded from the scope of this standard, that is, interest on loan receivable is accrued monthly and credited to income as earned. Arts and Collectibles Technology Business The Company currently operates its online platform in the sale and distribution of arts and collectibles, with the use of blockchain technologies and minting tokens. The item of arts and collectibles is individually monetized as non-interchangeable unit of data stored on a blockchain, which is a form of digital ledger that can be sold, in the form of a minting token on the online platform. The Company involves with the following activities to earn its revenue in this segment: Sale of arts and collectibles products: The Company recognizes revenue derived from the sales of the arts and collectibles products when the Company has transferred the risks and rewards to the customers. The minted item of the individual art or collectibles which are sold and settled in digital assets is the only performance obligation under the fixed-fee arrangements. The corresponding fee income received upon each sale transaction is recorded as revenue, is recognized when the designated token, minted with the corresponding art and collectibles is delivered to the end user, together with the transfer of both digital and official title. Transaction fee income: The Company also generates revenue through transaction fees transacted on its platform or other marketplaces. The Company charges a fee to an individual customer at the secondary transaction level, which is allocated to the single performance obligation. The transaction fee is collected from the customer in digital assets, with revenue measured based on a certain percentage of the value of digital assets at the time the transaction is executed. The Company’s service is comprised of a single performance obligation to provide a platform facilitating the transfer of its DOTs. The Company considers its performance obligation satisfied, and recognizes revenue, at the point in time the transaction is processed. In this segment, the transaction consideration that the Company receives is a non-cash consideration in the form of digital assets, which are cryptocurrencies. The Company measures the related cryptocurrencies at fair value on the date received, and the revenue is immediately recognized upon the performance obligation is satisfied. Fair value of the digital asset award received is determined using the average U.S. dollar spot rate of the related digital currency at the time of receipt. Expenses associated with operating the Arts and Collectibles Technology Business, such as minting cost and purchase cost of collectibles and artworks are also recorded as cost of revenues. The following table shows the types of revenue from contracts with customers and the number of the underlying transactions: Years ended December 31, 2022 2021 Sale of arts and collectibles products $ 5,508,675 $ 2,429,136 Transaction fee income and others 8,550,375 1,216,129 $ 14,059,050 $ 3,645,265 Numbers of transactions: Number of arts and collectibles sold 65 12 Number of secondary platform transactions 767 71 ● Leases 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 assets 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. ● Income taxes The Company adopted the ASC 740 Income tax The estimated future tax effects of temporary differences between the tax basis of assets and liabilities are reported in the accompanying balance sheets, as well as tax credit carry-backs and carry-forwards. The Company periodically reviews the recoverability of deferred tax assets recorded on its balance sheets and provides valuation allowances as management deems necessary. ● Uncertain tax positions The Company did not take any uncertain tax positions and had no adjustments to its income tax liabilities or benefits pursuant to the ASC 740 provisions of Section 740-10-25 for the years ended December 31, 2022 and 2021. ● 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 statement of operations. The reporting currency of the Company is United States Dollar (“US$”) and the accompanying consolidated financial statements have been expressed in US$. In addition, the Company has operations in Hong Kong and Singapore and maintains the books and record in the local currency, Hong Kong Dollars (“HKD”) and Singapore Dollars (“SGD”), which is a functional currency as being the primary currency of the economic environment in which their operations are conducted. In general, for consolidation purposes, assets and liabilities of its subsidiary whose functional currency is not US$ are translated into US$, in accordance with ASC 830-30, Translation of Financial Statement Translation of amounts from HKD and SGD into US$ has been made at the following exchange rates for the following periods:- December 31, 2022 December 31, 2021 Year-end HKD:US$ exchange rate 0.1281 0.1283 Annualized average HKD:US$ exchange rate 0.1277 0.1287 December 31, 2022 December 31, 2021 Year-end SGD:US$ exchange rate 0.7450 0.7411 Annualized average SGD:US$ exchange rate 0.7254 0.7443 ● Comprehensive income ASC 220, Comprehensive Income ● Net loss per share The Company calculates net loss per share in accordance with ASC 260, Earnings per Share ● Stock based compensation Pursuant to ASU 2018-07, the Company follows ASC 718, Compensation—Stock Compensation (“ASC 718”), which requires the measurement and recognition of compensation expense for all share-based payment awards (employee or non-employee), are measured at grant-date fair value of the equity instruments that an entity is obligated to issue. Restricted stock units are valued using the market price of the Company’s common shares on the date of grant. The Company uses a Black-Scholes option model to estimate the fair value of employee stock options at the date of grant. As of December 31, 2022, those shares issued and stock options granted for service compensations were immediately vested, and therefore these amounts are thus recognized as expense in the operation. ● Retirement plan costs Contributions to retirement plans (which are defined contribution plans) are charged to general and administrative expenses in the accompanying statements of operation as the related employee service are provided. ● Related parties The Company follows the ASC 850-10, Related Party Pursuant to section 850-10-20 the related parties include a) affiliates of the Company; b) entities for which investments in their equity securities would be required, absent the election of the fair value option under the Fair Value Option Subsection of section 825–10–15, to be accounted for by the equity method by the investing entity; c) trusts for the benefit of employees, such as pension and Income-sharing trusts that are managed by or under the trusteeship of management; d) principal owners of the Company; e) management of the Company; f) other parties with which the Company may deal if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests; and g) other parties that can significantly influence the management or operating policies of the transacting parties or that have an ownership interest in one of the transacting parties and can significantly influence the other to an extent that one or more of the transacting parties might be prevented from fully pursuing its own separate interests. The consolidated financial statements shall include disclosures of material related party transactions, other than compensation arrangements, expense allowances, and other similar items in the ordinary course of business. However, disclosure of transactions that are eliminated in the preparation of consolidated or combined financial statements is not required in those statements. The disclosures shall include: a) the nature of the relationship(s) involved; b) a description of the transactions, including transactions to which no amounts or nominal amounts were ascribed, for each of the periods for which income statements are presented, and such other information deemed necessary to an understanding of the effects of the transactions on the financial statements; c) the dollar amounts of transactions for each of the periods for which income statements are presented and the effects of any change in the method of establishing the terms from that used in the preceding period; and d) amount due from or to related parties as of the date of each balance sheet presented and, if not otherwise apparent, the terms and manner of settlement. ● Commitments and contingencies The Company follows the ASC 450-20, Commitments If the assessment of a contingency indicates that it is probable that a material loss has been incurred and the amount of the liability can be estimated, then the estimated liability would be accrued in the Company’s consolidated financial statements. If the assessment indicates that a potentially material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, and an estimate of the range of possible losses, if determinable and material, would be disclosed. Loss contingencies considered remote are generally not disclosed unless they involve guarantees, in which case the guarantees would be disclosed. Management does not believe, based upon information available at this time that these matters will have a material adverse effect on the Company’s financial position, results of operations or cash flows. However, there is no assurance that such matters will not materially and adversely affect the Company’s business, financial position, and results of operations or cash flows. ● Fair value of financial instruments The Company follows ASC 825-10-50-10 (“ASC 825”) for disclosures about fair value of its financial instruments and has adopted ASC 820-10-35- to measure the fair value of its financial instruments. ASC 825 establishes a framework for measuring fair value in generally accepted accounting principles (GAAP), and expands disclosures about fair value measurements. To increase consistency and comparability in fair value measurements and related disclosures, ASC 825 establishes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three (3) broad levels. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The three (3) levels of fair value hierarchy defined by ASC 825 are described below: Level 1 Quoted market prices available in active markets for identical assets or liabilities as of the reporting date. Level 2 Pricing inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date. Level 3 Pricing inputs that are generally observable inputs and not corroborated by market data. Financial assets are considered Level 3 when their fair values are determined using pricing models, discounted cash flow methodologies or similar techniques and at least one significant model assumption or input is unobservable. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. If the inputs used to measure the financial assets and liabilities fall within more than one level described above, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument. The carrying amounts of the Company’s financial assets and liabilities, such as cash and cash equivalents, loan and fee receivable, prepayments and other receivables, amounts due from related parties, accrued liabilities and other payables, loans payable, amounts due to related parties approximate their fair values because of the short maturity of these instruments. ● Recent accounting pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standard Board (“FASB”) or other standard setting bodies and adopted by the Company as of the specified effective date. Unless otherwise discussed, the Company believes that the impact of recently issued standards that are not yet effective will not have a material impact on its financial position or results of operations upon adoption. Recently adopted accounting pronouncements On October 28, 2021, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2021-08, Accounting for Contract Assets and Contract Liabilities from Contracts with Customers Revenue from Contracts with Customer On March 31, 2022, the Securities and Exchange Commission (the “SEC”) issued Staff Accounting Bulletin No. 121 (“SAB 121”). SAB 121 sets out interpretive guidance from the staff of the SEC regarding the accounting for obligations to safeguard crypto assets that an entity holds for its customers. Safeguarding is defined as taking actions to secure customer crypto assets and the associated cryptographic key information and protecting them from loss, theft, or other misuse. The guidance requires an entity to recognize a liability for the obligation to safeguard the users’ assets, and recognize an associated asset for the crypto assets safeguarded. Both the liability and asset should be measured initially and subsequently at the fair value of the crypto assets being safeguarded. The guidance also requires additional disclosures related to the nature and amount of crypto assets that the entity is responsible for holding for its customers, with separate disclosure for each significant crypto asset, and the vulnerabilities the entity has due to any concentration in such activities. The adoption of the standard did not have a material impact on the Company’s consolidated financial statements. Accounting pronouncements pending adoption On June 30, 2022, FASB issued Accounting Standards Update No. 2022-03, Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and do not believe the future adoption of any such pronouncements may be expected to cause a material impact on its financial condition or the results of its operations. |
Going Concern Uncertainties
Going Concern Uncertainties | 12 Months Ended |
Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
GOING CONCERN UNCERTAINTIES | NOTE 3 - 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 reported the continuous loss of $104,126,076 for the year ended December 31, 2022 and had an accumulated deficit of $130,555,579 at December 31, 2022. In addition, with respect to the ongoing and evolving coronavirus (COVID-19) outbreak, which was designated as a pandemic by the World Health Organization on March 11, 2021, the outbreak has caused substantial disruption in international economies and global trades and if repercussions of the outbreak are prolonged, could have a significant adverse impact on the Company’s business. The continuation of the Company as a going concern in the next twelve months is dependent upon the continued financial support from its stockholders. Management believes the Company is currently pursuing additional financing for its operations. However, there is no assurance that the Company will be successful in securing sufficient funds to sustain the operations. These and other factors raise substantial doubt about the Company’s ability to continue as a going concern. These consolidated financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets and liabilities that may result in the Company not being able to continue as a going concern. The recent outbreak of COVID-19, which has been declared by the World Health Organization to be a pandemic, has spread across the globe and is impacting worldwide economic activity. The COVID-19 pandemic has significantly impacted health and economic conditions throughout the Asian region. National, regional and local governments took a variety of actions to contain the spread of COVID-19, including office and store closures, quarantining suspected COVID-19 patients, and capacity limitations. These developments have significantly impacted the results of operations, financial condition and cash flows of the Company included in this reporting. The impact included the difficulties of working remotely from home including slow Internet connection, the inability of our accounting and financial officers to collaborate as effectively as they would otherwise have in an office environment and issues arising from mandatory state quarantines. While it is not possible at this time to estimate with sufficient certainty the impact that COVID-19 could have on the Company’s business, the continued spread of COVID-19 and the measures taken by federal, state, local and foreign governments could disrupt the operation of the Company’s business. The COVID-19 outbreak and mitigation measures have also had and may continue to have an adverse impact on global and domestic economic conditions, which could have an adverse effect on the Company’s business and financial condition, including on its potential to conduct financings on terms acceptable to the Company, if at all, and the increase of non-performing loans. In addition, the Company has taken temporary precautionary measures intended to help minimize the risk of the virus to its employees, including temporarily requiring employees to work remotely, and discouraging employee attendance at in-person work-related meetings, which could negatively affect the Company’s business. These measures are continuing. The extent to which the COVID-19 outbreak impacts the Company’s results will depend on future developments that are highly uncertain and unpredicted, including new changes and variants that may emerge concerning the severity of the virus and the actions to contain its impact. |
Disaggregation of Revenue
Disaggregation of Revenue | 12 Months Ended |
Dec. 31, 2022 | |
Disaggregation of Revenue [Abstract] | |
DISAGGREGATION OF REVENUE | NOTE 4 - DISAGGREGATION OF REVENUE The following is a disaggregation of the Company’s operating revenue by major source for the respective years:- Years ended December 31, 2022 2021 Interest income $ 6,550,670 $ 6,413,284 ACT income: - Sale of arts and collectibles products 5,508,675 2,049,956 - Transaction fee income and others 8,550,375 1,595,309 14,059,050 3,645,265 $ 20,609,720 $ 10,058,549 |
Business Segment Information
Business Segment Information | 12 Months Ended |
Dec. 31, 2022 | |
Business Segment Information [Abstract] | |
BUSINESS SEGMENT INFORMATION | NOTE 5 - BUSINESS SEGMENT INFORMATION Currently, the Company has two reportable business segments: (i) Lending Segment, mainly provides financing and lending services; and (ii) Arts and Collectibles Technology (“ACT”) Segment, mainly operates an online platform to sell and distribute the arts and collectibles to end-users, with the use of blockchain technologies and minting tokens. The table also includes a reconciliation of the disaggregated revenue with the reportable segments. Year Ended December 31, 2022 Lending ACT Total Revenue from external customers: Interest income $ 6,550,670 $ - $ 6,550,670 Arts and collectibles technology income - 14,059,050 14,059,050 Total revenue, net 6,550,670 14,059,050 20,609,720 Cost of revenue: Interest expense (405,972 ) - (405,972 ) Arts and collectibles technology expense - (3,019,794 ) (3,019,794 ) Total cost of revenue (405,972 ) (3,019,794 ) (3,425,766 ) Gross profit 6,144,698 11,039,256 17,183,954 Operating Expenses Sales and marketing (273,934 ) (27,097,615 ) (27,371,549 ) Corporate development - (26,898,128 ) (26,898,128 ) Technology and development - (43,301,993 ) (43,301,993 ) General and administrative (6,740,650 ) (9,911,316 ) (16,651,966 ) Total operating expenses (7,014,584 ) (107,209,052 ) (114,223,636 ) Segment loss (869,886 ) (96,169,796 ) (97,039,682 ) Year Ended December 31, 2021 Lending Segment ACT Segment Total Revenue from external customers: Interest income $ 6,413,284 $ - $ 6,413,284 Arts and collectibles technology income - 3,645,265 3,645,265 Total revenue, net 6,413,284 3,645,265 10,058,549 Cost of revenue: Interest expense (733,937 ) - (733,937 ) Arts and collectibles technology expense - (1,020,704 ) (1,020,704 ) Total cost of revenue (733,937 ) (1,020,704 ) (1,754,641 ) Gross profit 5,679,347 2,624,561 8,303,908 Operating Expenses Sales and marketing (49,480 ) (1,631,056 ) (1,680,536 ) Corporate development - (5,418,075 ) (5,418,075 ) Technology and development - (9,222,103 ) (9,222,103 ) General and administrative (9,205,084 ) (6,872,072 ) (16,077,156 ) Total operating expenses (9,254,564 ) (23,143,306 ) (32,397,870 ) Segment loss (3,575,217 ) (20,518,745 ) (24,093,962 ) As of December 31, 2022 Lending ACT Total Addition in intangible assets $ 47,673 $ 17,344,690 $ 17,392,363 Segment assets $ 21,893,962 $ 14,787,682 $ 36,681,644 As of December 31, 2021 Lending Segment ACT Segment Total Addition in intangible assets $ 39,270 $ 19,344,690 $ 19,383,960 Segment assets $ 21,686,197 $ 20,909,163 $ 42,595,360 The below revenues are based on the countries in which the customer is located. Summarized financial information concerning the geographic segments is shown in the following tables: Years ended December 31, 2022 2021 Hong Kong $ 6,550,670 $ 6,413,284 Around the world # 14,059,050 3,645,265 $ 20,609,720 $ 10,058,549 # the customers in ACT segment are located in various countries around the world, in which the location of individual customer is not identifiable in the use of blockchain technology. |
Business Combination
Business Combination | 12 Months Ended |
Dec. 31, 2022 | |
Business Combinations [Abstract] | |
BUSINESS COMBINATION | NOTE 6 - BUSINESS COMBINATION On February 10, 2022, the Company issued 153,060 shares of its common stock, at a price of $4.00 per share at its current market price, in exchange for 80% of equity interest of Grand Gallery Limited, a Hong Kong limited liability company. The Company accounted for the transaction as an acquisition of a business pursuant to ASC 805, “ Business Combinations The transaction was accounted for using the acquisition method. Accordingly, goodwill has been measured as the excess of the total consideration over the amounts assigned to the identifiable assets acquired and liabilities assumed based on their preliminary estimated fair values. The purchase price allocation resulted in $552,729 of goodwill, as below: Acquired assets: Property and equipment $ 2,593 Cash and cash equivalents 33,322 Deposit, prepayment and other receivables 11,218 Amounts due from related parties 21,778 68,911 Less: Assumed liabilities Accrued liabilities and other payables (4,242 ) (4,242 ) Fair value of net assets acquired 64,669 Noncontrolling interest (12,966 ) Foreign translation adjustment 7,808 Goodwill recorded 552,729 Consideration allocated, payable by the Company’s common stock $ 612,240 On August 18, 2022, the Company issued 164,516 shares of its common stock, at a price of $1.50 per share at its current market price, in exchange for 51% of equity interest of Phoenix Waters Productions (HK) Limited, a Hong Kong limited liability company. The acquisition was completed on August 31, 2022. The Company accounted for the transaction as an acquisition of a business pursuant to ASC 805. The transaction was accounted for using the acquisition method. Accordingly, goodwill has been measured as the excess of the total consideration over the amounts assigned to the identifiable assets acquired and liabilities assumed based on their preliminary estimated fair values. The purchase price allocation resulted in $263,548 of goodwill, as below: Acquired assets: Produced content cost $ 540,985 Amount due from a director 69,270 610,255 Less: Assumed liabilities Accrued liabilities and other payables (507,472 ) Loan from related party (135,674 ) (643,146 ) Fair value of net assets acquired (32,891 ) Noncontrolling interest 16,117 Goodwill recorded 263,548 Consideration allocated, payable by the Company’s common stock $ 246,774 Under the acquisition method of accounting, the total acquisition consideration price was allocated to the assets acquired and liabilities assumed based on their preliminary estimated fair values. The fair value measurements utilize estimates based on key assumptions of the Acquisition, and historical and current market data. The preliminary allocation of the purchase price is based on the best information available and is pending, amongst other things: (i) the finalization of the valuation of the fair values and useful lives of tangible assets acquired; (ii) finalization of the valuation of accrued expenses; and (iii) finalization of the fair value of non-cash consideration. The Acquisition was accounted for as a business combination in accordance with ASC 805. The Company has allocated the purchase price consideration based upon the fair value of the identifiable assets acquired and liabilities assumed on the acquisition date. The Company is responsible for determining the fair value of assets acquired, liabilities assumed and intangible assets identified as of the acquisition date and considered a number of factors including valuations from management estimation. Acquisition-related costs incurred for the acquisitions are not material and have been expensed as incurred in general and administrative expense. At December 31, 2022, the Company made a full impairment to the goodwill of $816,263. |
Loan Receivables
Loan Receivables | 12 Months Ended |
Dec. 31, 2022 | |
Loan Receivables Disclosure [Abstract] | |
LOAN RECEIVABLES | NOTE 7 - LOAN RECEIVABLES The Company’s loan portfolio was as follows:- As of December 31, 2022 2021 Personal loans $ 18,023,374 $ 17,352,856 Commercial loans 1,095,772 1,186,339 Mortgage loans 2,651,781 1,294,601 Total loans 21,770,927 19,833,796 Less: Allowance for loan losses (3,360,931 ) (781,202 ) Loans receivables, net $ 18,409,996 19,052,594 Reclassifying as: Current portion $ 15,309,939 $ 19,052,594 Non-current portion 3,100,057 - Total loans receivables $ 18,409,996 $ 19,052,594 The interest rates on loans issued were ranged from 13% to 59% (2021: from 13% to 59%) per annum for the year ended December 31, 2022. All loans are made to either business or individual customers in Hong Kong for a period of 1 week to 120 months. Allowance for loan losses is estimated on an annual basis based on an assessment of specific evidence indicating doubtful collection, historical experience, loan balance aging and prevailing economic conditions. Interest on loan receivable is accrued and credited to income as earned. The Company determines a loan’s past due status by the number of days that have elapsed since a borrower has failed to make a contractual loan payment. Accrual of interest is generally discontinued when either (i) reasonable doubt exists as to the full, timely collection of interest or principal or (ii) when a loan becomes past due by more than 180 days (The further extension of loan past due status is subject to management final approval and on case-by-case basis). The following table presents the activity in the allowance for loan losses as of and for the years ended December 31, 2022 and 2021: December 31, December 31, Balance at Beginning of Year $ 781,202 $ 53,506 Provisions 2,580,790 783,694 Foreign translation adjustment (1,061 ) (55,998 ) Balance at End of Year $ 3,360,931 $ 781,202 For the years ended December 31, 2022 and 2021, the Company had $2,580,790 and $783,694 provision for the allowance of loan losses. Allowance for loan losses is estimated and evaluated quarterly, based on an assessment of specific evidence indicating doubtful collection, historical experience, loan balance aging and prevailing economic conditions. AGE ANALYSIS LOANS BY CLASS All classes of loans are considered past due if the required principal and interest payments have not been received as of the date such payments were due. Interest and fees continue to accrue on past due loans until the date the loan is placed in nonaccrual status, if applicable. The following table includes an aging analysis of loans as of the dates indicated. Also included in the table below are loans that are 90 days or more past due as to interest and principal and still accruing interest, because they are well-secured and in the process of collection. Age Analysis of Loans by Class Maturities Mortgage Commercial loan Personal loan December 31, 2022 Mortgage Commercial loan Personal loan December 31, $ $ $ $ $ $ $ $ Within credit term 2,040,191 588,898 11,880,936 14,510,025 1,051,202 647,677 13,003,233 14,702,112 Past due: 30-59 days - - - - - - - - 60-89 days - - - - - - - - 90 or more days due and still accruing - - - - - - - - Nonaccrual 595,075 506,859 6,158,689 7,260,623 89,859 25,650 5,016,175 5,131,684 Total loans 2,635,266 1,095,757 18,039,625 21,770,648 1,141,061 673,327 18,019,408 19,833,796 LOAN MATURITY BY CLASS The following table presents the maturities of loan balances for the years presented: Maturities Mortgage Commercial loan Personal loan December 31, Mortgage Commercial loan Personal loan December 31, $ $ $ $ $ $ $ $ Within 1 year 1,955,132 839,603 15,982,210 18,776,945 1,019,780 673,327 13,553,132 15,246,239 1-5 years 165,119 256,154 2,102,051 2,523,324 121,281 - 4,466,276 4,587,557 5-10 years 470,379 - - 470,379 - - - - More than 10 years - - - - - - - - Total loans 2,590,630 1,095,757 18,084,261 21,770,648 1,141,061 673,327 18,019,408 19,833,796 Interest on loans receivable is accrued and credited to income as earned. The Company determines a loan’s past due status by the number of days that have elapsed since a borrower has failed to make a contractual loan payment. Accrual of interest is generally discontinued when either (i) reasonable doubt exists as to the full, timely collection of interest or principal or (ii) when a loan becomes past due by more than 180 days (The further extension of loan past due status is subject to management final approval and on case-by-case basis). CREDIT QUALITY INFORMATION The Company uses internally-assigned risk grades to estimate the capability of borrowers to repay the contractual obligations of their loan agreements as scheduled or at all. The Company’s internal risk grade system is based on experiences with similarly graded loans and the assessment of borrower credit quality, such as, credit risk scores, collateral and collection history. Individual credit scores are assessed by credit bureau, such as TransUnion. Internal risk grade ratings reflect the credit quality of the borrower, as well as the value of collateral held as security. The Company requires collateral arrangements to all mortgage loans and has policies and procedures for validating the reasonableness of the collateral valuations on a regular basis. Management believes that these policies effectively manage the credit risk from advances. The Company’s internally assigned risk grades are as follows: Pass: Other Assets Especially Mentioned (OAEM): Substandard: Doubtful: Loss: The following table presents credit quality exposures by internally assigned risk ratings as of the dates indicated: Credit grades Mortgage Commercial Personal December 31, Mortgage Commercial Personal December 31, $ $ $ $ $ $ $ $ Other assets especially mentioned 2,054,970 588,006 11,881,088 14,524,064 1,427,646 1,186,338 13,108,085 15,722,069 Substandard 58,245 - 595,297 653,542 - - 330,278 330,278 Doubtful 538,567 506,866 5,546,989 6,592,422 89,859 - 3,691,590 3,781,449 Loss - - - - - - - - Total loans 2,651,782 1,094,872 18,023,374 21,770,028 1,517,505 1,186,338 17,129,953 19,833,796 |
Digital Assets
Digital Assets | 12 Months Ended |
Dec. 31, 2022 | |
Digital Assets Disclosure [Abstract] | |
DIGITAL ASSETS | NOTE 8 - DIGITAL ASSETS The following table presents changes in carrying value of digital assets as of and for the years ended December 31, 2022 and 2021: USDT OKT ETH BNB BUSD COTK MATIC Total Balance at January 1, 2022 $ 25,576 $ 34 $ 5,658 $ 1,612 - $ 2,571 - $ 35,451 Revenue received by digital assets 3,867,232 - 44,408 958 10,060,274 - 10 13,972,882 Expense paid by digital assets (3,897,501 ) (3 ) (25,643 ) (630 ) (10,060,200 ) - (2 ) (13,983,979 ) Disposal 4,693 (8 ) (15,003 ) (1,297 ) 22,525 - (7 ) 10,903 Impairment loss - (23 ) (9,420 ) (643 ) (22,599 ) (2,571 ) (1 ) (35,257 ) Balance at December 31, 2022 $ - $ - $ - $ - $ - $ - $ - $ - USDT OKT ETH BNB COTK Total Balance at January 1, 2021 $ - $ - $ - $ - $ - $ - Revenue received by digital assets 3,008,129 - 257,956 - - 3,266,085 Expense paid by digital assets (2,982,553 ) (22 ) (214,677 ) (6,050 ) (226 ) (3,203,528 ) Purchase - 57 269 7,766 4,718 12,810 Impairment loss - (1 ) (37,890 ) (104 ) (1,921 ) (39,916 ) Balance at December 31, 2021 $ 25,576 $ 34 $ 5,658 $ 1,612 $ 2,571 $ 35,451 The following is the breakdown of cyptocurrencies held as digital assets:- As of December 31, 2022 2021 USDT $ - $ 25,576 OKT - 34 ETH - 5,658 BNB - 1,612 COTK - 2,571 $ - $ 35,451 As of December 31, 2022 and 2021, the fair value of the digital assets held by the Company was $0 and $35,451, respectively. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2022 | |
Inventory Disclosure [Abstract] | |
INVENTORIES | NOTE 9 - INVENTORIES A summary of inventories as of December 31, 2022 and 2021 is as follows: As of December 31, 2022 No. of token No. of art and Total Balance at January 1, 2022 7 45 $ 2,103,038 Purchased - 100 2,027,667 Token minted 41 - Sold (40 ) (76 ) (2,965,818 ) Balance at December 31, 2022 8 69 $ 1,164,887 As of December 31, 2021 No. of token No. of art and Total Balance at January 1, 2021 - - $ - Purchased - 58 3,111,542 Token minted 20 - Sold (12 ) (12 ) (993,020 ) Marketing expense (1 ) (1 ) (15,484 ) Balance at December 31, 2021 7 45 $ 2,103,038 |
Produced Content Cost
Produced Content Cost | 12 Months Ended |
Dec. 31, 2022 | |
Produced Content Cost [Abstract] | |
PRODUCED CONTENT COST | NOTE 10 – PRODUCED CONTENT COST Total capitalized produced content by predominant monetization strategy as of December 31, 2022 and 2021 is as follows: December 31, 2022 December 31, Produced content: Released, net of amortization $ - $ - Completed, not released - - In-process 611,529 - Less: impairment loss (611,529 ) - $ - $ - The produced content cost is not amortized as of December 31, 2022 as the production of the film is still in process. At December 31, 2022, the Company made a full impairment to the capitalized produced content cost. |
Properrty and Equipment
Properrty and Equipment | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY AND EQUIPMENT | NOTE 11 - PROPERTY AND EQUIPMENT A summary of property and equipment at December 31, 2022 and 2021 is as follows: As of December 31, 2022 2021 Computer equipment $ 109,727 $ 109,729 Less: accumulated depreciation (52,640 ) (50,459 ) $ 57,087 $ 59,270 Depreciation expense for the years ended December 31, 2022 and 2021 totalled $7,540 and $29,401, respectively. |
Intangible Assets, Net
Intangible Assets, Net | 12 Months Ended |
Dec. 31, 2022 | |
Intangible Assets, Net [Abstract] | |
INTANGIBLE ASSETS, NET | NOTE 12 - INTANGIBLE ASSETS A summary of intangible assets at December 31, 2022 and 2021 is as follows: As of December 31, Estimated 2022 2021 At cost: Acquired technology software 5 years $ 17,344,690 $ 17,344,690 Licensed technology knowhow 4 years - 2,000,000 Trademarks and trade name 10 years 39,270 39,270 Less: accumulated amortization (4,052,889 ) (829,575 ) Foreign translation adjustment 8,356 4 $ 13,339,427 $ 18,554,389 On July 1, 2022, the Company entered into Technical Knowhow License and Servicing Agreement (the “Agreement”) with Marvel Digital Group Limited, a related company which is controlled by a Company’s director, at the consideration of $2 million, payable by digital assets at the equivalent value. Under the Agreement, the Company is licensed to use the technology know-how of auto texture model scanning system, auto laser 3D model scanning system, Zbrush Plugin and Scan3Dmotion Software for a term of 4 years. On October 15, 2022, the Company’s subsidiary, Massive Treasure Limited (“MTL”) entered into a Share Exchange Agreement (the “Agreement”) with NFT Limited (“NFTL”), to acquire 51% of NFTL in exchange for 2,350,229 shares of the Company’s common stock. NFTL substantially owned the intangible assets of an internally developed messaging and cryptocurrency-based mobile application that carried the “Talk+” brand name and included Talk+ e-commerce website, iOS and Android Apps, and backend end infrastructure, as well as 2-years’ software operating and maintenance service. Under the Agreement, the Company is allowed to the use of “Talk+” application software to enhance its operation in ACT business. The Company accounted for this acquisition as an asset acquisition under ASC 805 and that the Company has early adopted the amendments of Regulation S-X dated May 21, 2021 and has concluded that this acquisition was not significant. Accordingly, the presentation of the assets acquired, historical financial statements under Rule 3-05 and related pro forma information under Article 11 of Regulation S-X, respectively, are not required to be presented. As of December 31, 2022, the estimated amortization expense for intangible assets for each of the succeeding five years and thereafter is as follows: Year ending December 31: Amount 2023 $ 3,330,150 2024 3,330,150 2025 3,330,150 2026 3,330,150 2027 3,766 Thereafter 15,061 $ 13,339,427 Amortization of intangible assets for the years ended December 31, 2022 and 2021 totaled $3,811,701 and $829,575, respectively. |
Loan Payables
Loan Payables | 12 Months Ended |
Dec. 31, 2022 | |
Loan Payables [Abstract] | |
LOAN PAYABLES | NOTE 13 - LOAN PAYABLES The amounts represented temporary advances received from the third parties for the lending business, which carried annual interest at the rate of 18% to 21%. These amounts were unsecured and will become repayable within one year. The loan payable balance was $1,823,536 and $489,836 as of December 31, 2022 and December 31, 2021, respectively. Interest related to the loan payables was $405,972 and $733,937 for the years ended December 31, 2022 and 2021, respectively. |
Amounts Due to Related Parties
Amounts Due to Related Parties | 12 Months Ended |
Dec. 31, 2022 | |
Amounts Due to Related Parties [Abstract] | |
AMOUNTS DUE TO RELATED PARTIES | NOTE 14 - AMOUNTS DUE TO RELATED PARTIES The amounts represented temporary advances to the Company for the lending business, which were unsecured, interest-free and had no fixed terms of repayments. The related party balances were $23,931,078 and $20,954,836 as of December 31, 2022 and December 31, 2021, respectively. During the year ended December 31, 2022, the Company recorded and imputed additional non-cash interest of $949,790 at the market rate of 5% per annum on these interest-free related party loans, under ASC 835-30 “ Imputation of Interest”. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2022 | |
Leases Disclosure [Abstract] | |
LEASES | NOTE 15 - LEASES The Company entered into operating leases primarily for office premises with lease terms generally 2 years. The Company adopted Topic 842, using the modified-retrospective approach as discussed in Note 2, and as a result, recognized a right-of-use asset and a lease liability. The Company uses a 5% rate to determine the present value of the lease payments. The remaining life of the lease was one year. The Company excludes short-term leases (those with lease terms of less than one year at inception) from the measurement of lease liabilities or right-of-use assets. As of December 31, 2022, right-of-use assets were $160,945 and lease liabilities were $166,525. As of December 31, 2021, right-of-use assets were $298,317 and lease liabilities were $310,032. For the years ended December 31, 2022 and 2021, the Company charged to operating lease as expenses of $43,438 and $121,215, respectively. The maturity of the Company’s lease obligations is presented below: Year ending December 31, Future lease payments 2023 141,428 2024 30,019 Total 171,447 Less: interest (4,922 ) $ 166,525 Present value of lease liabilities – current liabilities $ 130,800 Present value of lease liabilities – non-current liabilities $ 29,725 |
Convertibles Note Payables
Convertibles Note Payables | 12 Months Ended |
Dec. 31, 2022 | |
Convertibles Note Payables [Abstract] | |
CONVERTIBLES NOTE PAYABLES | NOTE 16 - CONVERTIBLES NOTE PAYABLES Securities purchase agreement and related convertible note Chan Hin Yip Note On August 2, 2022, the Company entered into a Sale and Purchase Agreement (“SPA”) with CHAN Hin Yip, pursuant to which the Company agreed to purchase approximately 58 collectible items from Mr. Chan for a purchase price of HKD1,305,000 (approximately USD $167,308) (the “Purchase Price”), through its subsidiaries holds approximately 80% of the issued and outstanding securities of Grand Gallery Limited (“GGL”), and Mr. Chan is a director and 5% equity owner of GGL. On August 2, 2022, the Company and Mr. Chan entered into a Note Purchase Agreement (“Chan Hin Yip Note”) pursuant to which the Company agreed to pay the Purchase Price via a promissory note that will be converted into shares of the Company’s common stock at a conversion price equal to 90% of the volume weighted average closing price of the Company’s common stock for the ten days immediately prior to February 2, 2023. The Chan Hin Yip Note bears interest at 1% per annum and is due on February 2, 2023. 1800 Diagonal Note On August 26, 2022, the Company and 1800 Diagonal Lending LLC (“1800 Diagonal”) entered into a Securities Purchase Agreement, whereby the Company issued a promissory note to 1800 Diagonal (“1800 Diagonal Note”) in the original principal amount of $89,250. The 1800 Diagonal Note is convertible into shares of the common stock of the Company one hundred eighty (180) days following the date of funding at a price equal to 65% of the average of two (2) lowest trading price of the Company’s common stock for the twenty (20) trading days prior to conversion. The Company has the option to prepay the 1800 Diagonal Note by paying an amount equal to the then outstanding amount multiplied by premium percentage during the first one hundred eighty (180) days. The 1800 Diagonal Note bears interest at 8% per annum and is due on August 26, 2023. As of December 31, 2022, the Company did not prepay any of the convertible note payables and accrued convertible notes interest expense of $979. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2022 | |
Stock-Based Companesation [Abstract] | |
STOCK-BASED COMPENSATION | NOTE 17 - STOCK-BASED COMPENSATION On May 19, 2022, the Company filed a Registration Statement on Form S-8 and issued the shares pursuant to awards granted to the eligible persons under the Coinllectibles Inc. 2022 Stock Incentive Plan. As of December 31, 2022, 73,694,483 shares of the Company’s common stock were issued to consultants who have provided services to the Company. The following table presents the stock-based compensation expenses for shares granted consultants during the years ended December 31, 2022 and 2021: Years ended 2022 2021 Corporate development expenses $ 26,177,743 $ - Technology and development expenses 32,447,000 - Sales and marketing expenses 26,419,645 - General and administrative expenses 4,201,701 - $ 89,246,089 $ - |
Stockholders' Deficit
Stockholders' Deficit | 12 Months Ended |
Dec. 31, 2022 | |
Stockholders' Equity Note [Abstract] | |
STOCKHOLDERS’ DEFICIT | NOTE 18 - STOCKHOLDERS’ DEFICIT Authorized stock The Company’s authorized share is 500,000,000 common shares with a par value of $0.001. Common stock outstanding On June 17, 2021, the Company entered into a Share Exchange Agreement with the shareholders of Massive Treasure Limited (“MTL”). Pursuant to the Share Exchange Agreement, the Company agreed to issue 1,078,269,470 in exchange for 100% of MTL. MTL is a party to numerous agreements to acquire 12 additional business entities. As such, the Company further agreed to issue an additional 55,641,014 shares of its common stock to complete the acquisition of 12 business entities concurrently. This acquisition was consummated on September 17, 2022, MTL became a 100% owned subsidiary of the Company, with 800,000,000 shares of common stock pending to be issued to Lee Ying Chiu Herbert, the director of the Company. Upon the closing, the Company issued 22,218,603 shares of its common stock to the shareholders of MTL to complete the acquisition of 12 business entities. On July 23, 2021, the Company issued 4,780 shares of its common stock to compensate to authentication and valuation service to 57 sets of art collectible for a service fee of $19,120, at the price of $4 per share and $8,558 settled in cash, total service fee amounting to $27,678. On July 23, 2021, the Company issued 180,855 shares of its common stock to the director, Lee Ying Chiu Herbert for the acquisition of fifty-five (55) sets of art collectibles for a consideration of $1,334,710, at the price of $4 per share. On October 15, 2021, the Company’s subsidiary, MTL entered into a Share Exchange Agreement (the “Agreement”) with NFT Limited (“NFTL”), to acquire 51% of NFTL in exchange for 2,350,229 shares of its common stock. NFTL substantially owned the intangible assets of an internally developed messaging and cryptocurrency-based mobile application that carried the “Talk+” brand name and included Talk+ e-commerce platform, iOS and Android Apps and backend end infrastructure, as well as 2-years’ software operating and maintenance service. Under the Agreement, the Company is allowed to the use and implementation of “Talk+” application software to enhance its operation in ACT business. On October 25, 2021, the Company’s subsidiary, Coinllectibles Private Limited (“Coinllectibles”) and the Company entered into two Sale and Purchase Agreements (the “Agreements”) with two artists, pursuant to which Coinllectibles agreed to purchase collectible art items for £260,000 and US$100,000, payable through the issuance of 43,633 and 12,500 Shares respectively, at a per share price of $4.00, and £130,000 and US$50,000 in cash payable after the respective collectible art item has been sold by Coinllectibles. The consummation of the Agreements occurs upon the issuance of the Shares to the respective artists on October 29, 2021. On January 19, 2022, the Company issued 100,000 shares of its common stock as Commitment Shares to Williamsburg Venture Holdings, LLC (the “Investor”), under an Equity Purchase Agreement dated December 31, 2021 (the “Agreement”), in consideration for the Investor’s execution and delivery of, and performance under the Agreement. On February 10, 2022, the Company issued 153,060 shares of its common stock, at a price of $4.00 per share at its current market price, in exchange for 80% of equity interest of Grand Gallery Limited, a Hong Kong limited liability company, which is engaged in the business of selling traditional art and collectible pieces. The Company believes that this acquisition will strengthen the DOT business by expanding its access to buyers of arts and collectibles. On May 19, 2022, the Company issued 26,921,356 shares of its common stock to settle the common stock to be issued and accrued consulting and service fee to consultants who have provided services to the Company. On May 24, 2022, the Company issued 64,200 shares of its common stock, at a price of $4.00 per shares at its current market price, to a consultant who has provided service to the Company under Rule 144. On August 18, 2022, the Company issued 164,516 shares of its common stock, at a price of $1.50 per shares at its current market price, in exchange for 51% of equity interest of Phoenix Waters Productions (HK) Limited, a Hong Kong Limited liability company, which is engaged in filmmaking in Hong Kong. The acquisition was completed on September 1, 2022. On September 16, 2022, the Company issued 1,452,785 shares of its common stock, at a price of $0.826 per shares at its current market price, to a consultant who has provided service to the Company under Rule 144. On December 21, 2022, the Company issued 45,256,142 shares of its common stock to compensate the consultants who have provided service to the Company under the 2022 Stock Incentive Plan. As December 31, 2022 and 2021, the Company had a total of 454,398,143 shares and 358,067,481 shares of its common stock issued and outstanding, respectively. Common stock to be issued As of December 31, 2021, the Company had 235,294 shares of common stock to be issued to a director, Mr. Tan, for his service to the Company for the year ended December 31, 2021. The Company recorded the stock-based compensation expense of $941,176, at the average price of $4.00 per share. During the year ended December 31, 2022, the Company engaged with 17 consultants to provide different types of business or professional services, in which 10 consultants rendered administrative service, 4 consultants rendered corporate development service, 2 consultants rendered sale and marketing service and 1 consultant rendered to IT development service. Pursuant to Consultancy Agreements, the Company agreed to compensate their service and with issuance of an aggregate of 6,086,062 shares of its common stock to these consultants, after their services are vested. The Company recorded the stock-based compensation of $24,344,248 as consultancy expense, at the average price of $4.00 per share. On December 15, 2022, the Company entered into a Settlement Agreement with Lee Ying Chiu Herbert, the former director and current controlling shareholder (“Dr. Lee”), both parties agreed to settle the Unissued Securities by issuing 400,000,000 shares of common stock, when these stocks are legally available to issue. As of December 31, 2022 and 2021, the Company had 400,000,000 and 806,321,356 shares of its common stock to be issued. |
Net Loss Per Share
Net Loss Per Share | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
NET LOSS PER SHARE | NOTE 19 - NET LOSS PER SHARE The following table sets forth the computation of basic and diluted net loss per share for the respective years: Years ended December 31, 2022 2021 Net loss attributable to the Company $ (104,126,076 ) $ (25,149,399 ) Weighted average common shares: - Basic 374,086,727 340,488,988 - Diluted 374,086,727 340,488,988 Net loss per share: - Basic $ (0.28 ) $ (0.07 ) - Diluted $ (0.28 ) $ (0.07 ) # less than $0.01 For the years ended December 31, 2022 and 2021, diluted weighted-average common shares outstanding is equal to basic weighted-average common shares, due to the Company’s net loss position. Hence, no common stock equivalents were included in the computation of diluted net loss per share since such inclusion would have been antidilutive. |
Income Tax
Income Tax | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
INCOME TAX | NOTE 20 - INCOME TAX For the years ended December 31, 2022 and 2021, the local (“United States of America”) and foreign components of loss before income taxes were comprised of the following: Years ended December 31, 2022 2021 Tax jurisdiction from: - Local $ (490,152 ) $ (328,355 ) - Foreign, including British Virgin Islands (“BVI”) (5,203,746 ) (6,939,313 ) Singapore (90,145,335 ) (18,552,215 ) Hong Kong (1,234,709 ) 1,104,741 Loss before income taxes $ (97,073,942 ) $ (24,715,142 ) The provision for income taxes consisted of the following: Years ended December 31, 2022 2021 Current tax: $ - $ - - Local - - - Foreign 299,714 434,257 Deferred tax - Local - - - Foreign - - Income tax expense $ 299,714 $ 434,257 The effective tax rate in the years presented is the result of the mix of income earned in various tax jurisdictions that apply a broad range of income tax rate. The Company mainly operates in Singapore and Hong Kong that is subject to taxes in the jurisdictions in which they operate, as follows: United States of America COSG is registered in the State of Delaware and is subject to the tax laws of United States of America. The U.S. Tax Cuts and Jobs Act (the “Tax Reform Act”) was signed into law. The Tax Reform Act significantly revised the U.S. corporate income tax regime by, among other things, lowering the U.S. corporate tax rate from 35% to 21% effective January 1, 2018. The Company’s policy is to recognize accrued interest and penalties related to unrecognized tax benefits in its income tax provision. The Company has not accrued or paid interest or penalties which were not material to its results of operations for the periods presented. Deferred tax asset is not provided for as the tax losses may not be able to carry forward after a change in substantial ownership of the Company. For the years ended December 31, 2022 and 2021, there were no operating incomes in US tax regime. BVI Under the current BVI law, the Company’s subsidiaries registered in BVI are not subject to tax on income. Republic of Singapore The Company’s subsidiary is registered in Republic of Singapore and is subject to the Singapore corporate income tax at a standard income tax rate of 17% on the assessable income arising in Singapore during its tax year. For the year ended December 31, 2022, the operation in the Singapore incurred $18,552,215 of cumulative net operating losses which can be carried forward to offset future taxable income. The net operating loss carryforward has no expiration. The Company has provided for a full valuation allowance against the deferred tax assets of $15,324,707 on the expected future tax benefits from the net operating loss (“NOL”) carryforward as the management believes it is more likely than not that these assets will not be realized in the future. Years ended December 31, 2022 2021 Loss before income taxes $ (90,145,335 ) $ (18,552,215 ) Statutory income tax rate 17 % 17 % Income tax expense at statutory rate (15,324,707 ) (3,153,877 ) Net operating loss 15,324,707 3,153,877 Income tax expense $ - $ - Hong Kong The Company’s subsidiaries operating in Hong Kong are subject to the Hong Kong Profits Tax at the two-tiered profits tax rates from 8.25% to 16.5% on the estimated assessable profits arising in Hong Kong during the current year, after deducting a tax concession for the tax year. The reconciliation of income tax rate to the effective income tax rate for the years ended December 31, 2022 and 2021 is as follows: Years ended December 31, 2022 2021 (Loss) income before income taxes $ (1,234,709 ) $ 1,104,741 Statutory income tax rate 16.5 % 16.5 % Income tax (benefit) expense at statutory rate (203,727 ) 182,282 Tax effect of non-deductible items 498,132 270,371 Tax effect of non-taxable items (7,710 ) (38,582 ) Net operating loss 13,019 20,186 Income tax expense $ 299,714 $ 434,257 The following table sets forth the significant components of the deferred tax assets of the Company: As of December 31, 2022 2021 Deferred tax assets: Net operating loss carryforward, from US tax regime $ 102,932 $ 68,955 Singapore tax regime 15,324,707 3,153,877 Hong Kong tax regime 13,019 20,186 Less: valuation allowance (15,440,658 ) (3,243,018 ) Deferred tax assets, net $ - $ - |
Pension Costs
Pension Costs | 12 Months Ended |
Dec. 31, 2022 | |
Retirement Benefits [Abstract] | |
PENSION COSTS | NOTE 21 - PENSION COSTS The Company is required to make contribution to their employees under a government-mandated defined contribution pension scheme for its eligible full-times employees in Hong Kong. The Company is required to contribute a specified percentage of the participants’ relevant income based on their ages and wages level. During the years ended December 31, 2022 and 2021, $35,618 and $29,760 contributions were made accordingly. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2022 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 22 - RELATED PARTY TRANSACTIONS From time to time, the directors of the Company advanced funds to the Company for working capital purpose. Those advances were unsecured, non-interest bearing and had no fixed terms of repayment. During the year ended December 31, 2022, the Company paid the management service fee of $2,746,911, to a company controlled by its major shareholder and former director, Dr. Lee. During the year ended December 31, 2022, the Company paid the director fee of $90,000 to Mr. Tan, a director of the Company, for his service to the Company’s subsidiary. On July 1, 2022, the Company’s wholly-owned subsidiary entered into a technical knowhow license and servicing agreement (the “Servicing Agreement”) with Total Chase Limited (“Total Chase”), a company controlled by its major shareholder and former director, Dr. Lee. Pursuant to which the Company engaged Total Chase to develop the technical knowhow for a term of three-year. Marvel Digital AI Limited (“MDAI”), the subsidiary of Total Chase, owns several intellectual properties and provides technical development services to Total Chase. The technical knowhow consists of Visual Intelligence Engine, Speech Recognition Engine, Text Analytics Engine, Emotion Recognition Engine, Motion Recognition Engine, AI Agent Creation Engine and NFT Generation and Loading Engine for development of metaverse on Roblox. Under the terms of the Servicing Agreement, the Company is required to pay to Total Chase an aggregate of $50,000,000 for the development of technical knowhow. The consideration is payable in cash or cryptocurrencies. All MDAI’s proprietary items remain the sole and exclusive property of MDAI, Total Chase will grant the Company a perpetual, non-exclusive, paid-up license to use certain MDAI’s proprietary items. The Company reserves the right to terminate services in whole or in part, upon 7 days written notice to Total Chase. The Company charged all related development costs to expenses as incurred and recognized as “Metaverse and AI development expenses” of $5,000,000 during the year ended December 31, 2022. On August 2, 2022, the Company entered into a Sale and Purchase Agreement (“SPA”) with CHAN Hin Yip, pursuant to which the Company agreed to purchase approximately 58 collectible items from Mr. Chan for a purchase price of HKD1,305,000 (approximately USD167,308) (the “Purchase Price”), through its subsidiaries holds approximately 80% of the issued and outstanding securities of Grand Gallery Limited (“GGL”), and Mr. Chan is a director and 5% equity owner of GGL. On August 2, 2022, the Company and Mr. Chan entered into a Note Purchase Agreement (“Chan Hin Yip Note”) pursuant to which the Company agreed to pay the Purchase Price via a promissory note that will be converted into shares of the Company’s common stock at a conversion price equal to 90% of the volume weighted average closing price of the Company’s common stock for the ten days immediately prior to February 2, 2023. The Chan Hin Yip Note bears interest at 1% per annum and is due on February 2, 2023 On September 1, 2022, the Company purchased 42 collectibles items from companies controlled by its major shareholder and former director, Dr. Lee, for a purchase price of $1,851,520. On September 16, 2022, the Company issued 1,452,785 shares of its common stock, at a price of $0.826 per shares at market price under Rule 144, to a partnership fund beneficially owned by its major shareholder and former director, Dr. Lee, which has rendered service to the Company. On September 30, 2022, Phoenix Waters Production (HK) Limited (“PWHK”), a subsidiary of the Company, has promissory notes payables to a company controlled by the Company’s major shareholder and former director, Dr. Lee, amounted to HKD512,000 (approximately USD65,225). The promissory notes payables are subject to interest at 12% per annum and repayable within 1 year upon delivery of the note. As of September 30, 2022, PWHK has loan payables to a company controlled by the Company’s major shareholder and former director, Dr. Lee, amounted to HKD1,939,554 (approximately USD240,086). The loan is unsecured, interest-free with 1% penalty on late repayment and repayable in January 2023. During the year ended December 31, 2021, the Company purchased 55 sets of art collectibles from its director, Dr. Lee, for a consideration of $1,334,710 payable by 180,855 shares of its common stock. During the year ended December 31, 2021, the Company was licensed with a company controlled by its director, Dr. Lee, to use Technical Knowhow Service at the fixed license fee of $2,000,000, payable by digital assets, in a term of 4 years. During the year ended December 31, 2021, the Company paid the technical service fee of $1,200,000 and management service fee of $1,800,000, to a company controlled by its director, Dr. Lee. As of December 31, 2021, the Company had 235,294 shares of common stock to be issued to a director, Mr. Tan, for his service to the Company’s subsidiary for the year ended December 31, 2021. The Company recorded the stock-based compensation of $941,176 as expense, at the average price of $4.00 per share. Apart from the transactions and balances detailed elsewhere in these accompanying consolidated financial statements, the Company has no other significant or material related party transactions during the years presented. |
Concentrations of Risk
Concentrations of Risk | 12 Months Ended |
Dec. 31, 2022 | |
Concentrations of Risk [Abstract] | |
CONCENTRATIONS OF RISK | NOTE 23 - CONCENTRATIONS OF RISK The Company is exposed to the following concentrations of risk: (a) Major customers For the years ended December 31, 2022 and 2021, there was no single customer whose revenue exceeded 10% of the revenue. (b) Economic and political risk The Company’s major operations are conducted in Singapore and Hong Kong. Accordingly, the political, economic, and legal environments in Singapore and Hong Kong, as well as the general state of Singapore and Hong Kong’s economy may influence the Company’s business, financial condition, and results of operations. (c) Exchange rate risk The Company cannot guarantee that the current exchange rate will remain steady; therefore there is a possibility that the Company could post the same amount of profit for two comparable periods and because of the fluctuating exchange rate actually post higher or lower profit depending on exchange rate of HKD converted to US$ on that date. The exchange rate could fluctuate depending on changes in political and economic environments without notice. (d) Market price risk of crypto (“digital”) assets The Company generated certain level of its revenue from the sale and distribution of licensed media token products on its platform by the means of crypto assets by the customers, while revenue from these products have not been significant to date, most of this revenue will also fluctuate based on the price of crypto assets. Accordingly, crypto asset price risk could adversely affect its operating results. In particular, the future profitability may depend upon the market price of BNB, ETH, as well as other crypto assets. Crypto asset prices, along with the operating results, have fluctuated significantly from quarter to quarter. There is no assurance that crypto asset prices will reflect historical trends. A decline in the market price of BTC, ETH and other crypto assets could have a material and adverse effect on our earnings, the carrying value of the crypto assets, and the future cash flows. This may also affect the liquidity and the ability to meet our ongoing obligations. As of December 31, 2022, the Company has no balance of crypto assets. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 24 - COMMITMENTS AND CONTINGENCIES As of December 31, 2022, the Company has no material commitments or contingencies. Except for, on December 31, 2022, the Company entered into an Equity Purchase Agreement with Williamsburg Venture Holdings, LLC, a Nevada limited liability company (“Investor”), pursuant to which the Investor agreed to invest up to Thirty Million Dollars ($30,000,000) over a 36-month period in accordance with the terms and conditions of that certain Equity Purchase Agreement, dated as of December 31, 2022, by and between the Company and the Investor (the “Equity Purchase Agreement”). During the term, the Company shall be entitled to put to the Investor, and the Investor shall be obligated to purchase, such number of shares of the Company’s common stock and at such price as are determined in accordance with the Equity Purchase Agreement. The per share purchase price for the Williamsburg Put Shares will be equal to 88% the lowest traded price of the Common Stock on the principal market during the five (5) consecutive trading days immediately preceding the date which Williamsburg received the Williamsburg Put Shares as DWAC Shares in its brokerage account (as reported by Bloomberg Finance L.P., Quotestream, or other reputable source). In connection with the Equity Purchase Agreement, both parties also entered into a Registration Rights Agreement (the “Registration Rights Agreement”) pursuant to which the Company agreed to register with the SEC the common stock issuable under the Equity Purchase Agreement, among other securities. The Company issued 100,000 shares of its common stock as commitment shares under Equity Purchase Agreement. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2022 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 25 - SUBSEQUENT EVENTS In accordance with ASC Topic 855, “ Subsequent Events On March 28, 2023, 8M Limited (“8M”), a fully owned subsidiary of the Company, and JL Investments Capital Limited (“JL Investments”) entered into a Loan Agreement, whereby JL Investments has agreed to make available to 8M a loan in the amount of HK$190,000,000 (the “Loan”). 8M shall pay interest to JL Investments on the unpaid principal amount of the Loan at the rate of 10% per annum. On March 28, 2023, 8M and Ta Yang Group Holdings Limited (“Ta Yang”) entered into an Uncommitted Revolving Term Loan Facility Agreement (the “Facility Agreement”), whereby 8M has agreed to make available to Ta Yang an uncommitted revolving term loan facility in the amount of HK$190,000,000 (the “Facility”). Ta Yang shall pay interest for each advance made under each individual drawdown notice at the rate of 24% per annum. On September 30, 2023, the Company discontinued and disposed the money lending business. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
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 (“US GAAP”). |
Use of estimates and assumptions | ● Use of estimates and assumptions In preparing these consolidated financial statements, management makes estimates and assumptions that affect the reported amounts of assets and liabilities in the balance sheet and revenues and expenses during the years reported. Actual results may differ from these estimates. If actual results significantly differ from the Company’s estimates, the Company’s financial condition and results of operations could be materially impacted. Significant estimates in the year include the goodwill, impairment loss on digital assets, valuation and useful lives of intangible assets and property and equipment and deferred tax valuation allowance. |
Basis of consolidation | ● Basis of consolidation The consolidated financial statements include the accounts of COSG and its subsidiaries. All significant inter-company balances and transactions within the Company have been eliminated upon consolidation. |
Noncontrolling interest | ● Noncontrolling interest The Company accounts for noncontrolling interest in accordance with Accounting Standard Codification (“ASC”) 810-10-45, which requires the Company to present noncontrolling interests as a separate component of total shareholders’ equity on the consolidated balance sheets and the consolidated net loss attributable to its noncontrolling interest be clearly identified and presented on the face of the consolidated statements of operations and comprehensive loss. |
Business combination | ● Business combination The Company allocates the fair value of purchase consideration to the tangible assets acquired, liabilities assumed and intangible assets acquired based on their estimated fair values. The excess of the fair value of purchase consideration over the fair values of these identifiable assets and liabilities is recorded as goodwill to reporting units based on the expected benefit from the business combination. Allocation of purchase consideration to identifiable assets and liabilities affects the amortization expense, as acquired finite-lived intangible assets are amortized over the useful life, whereas any indefinite-lived intangible assets, including goodwill, are not amortized. During the measurement period, which is not to exceed one year from the acquisition date, we record adjustments to the assets acquired and liabilities assumed, with the corresponding offset to goodwill. Upon the conclusion of the measurement period, any subsequent adjustments are recorded to earnings. Acquisition-related expenses are recognized separately from business combinations and are expensed as incurred. |
Segment reporting | ● Segment reporting ASC 280, Segment Reporting |
Cash and cash equivalents | ● Cash and cash equivalents Cash and cash equivalents are carried at cost and represent cash on hand, demand deposits placed with banks or other financial institutions and all highly liquid investments with an original maturity of three months or less as of the purchase date of such investments. |
Inventories | ● Inventories Inventories are stated at the lower of cost (first-in, first-out method) or net realizable value. The cost includes the purchase cost of arts and collectibles from related party and independent artists and the costs associated with token minting for collectible pieces. The Company will reduce inventory on hand to its net realizable value on an item-by-item basis when it is apparent that the expected realizable value of an inventory item falls below its original cost. A charge to cost of sales results when the estimated net realizable value of specific inventory items declines below cost. Management regularly reviews the Company’s inventories for such declines in value. Although inventories are classified as current assets in the accompanying balance sheets, the Company anticipates that certain inventories will be sold beyond twelve months from December 31, 2022. |
Digital assets | ● Digital assets The Company’s digital assets mainly represent the cryptocurrencies held in its e-wallet. The Company accounts for its digital assets in accordance with ASC 350, General Intangibles Other Than Goodwill Digital Assets held by the Company are included in current assets in the consolidated balance sheets, as follows:- Cryptocurrencies - Tether USDT - Okipad OKI - Ethereum ETH - Binance Coin BNB - Binance USD BUSD - Colligo Token COTK - Polygon MATIC Due to the lack of authoritative GAAP guidance, the Company has determined its Digital Assets to be akin to intangible assets and are accounted in such manner. As intangible assets, Digital Assets are initially measured at cost. Since there is no limit on the useful life of the Company’s cryptocurrency coins and tokens, they are classified as indefinite-lived intangible assets. ASC 350 requires assets to be measured based on the fair value of the consideration given or the fair value of the assets (or net assets) acquired, whichever is more clearly evident and, thus, more reliably measurable. Accordingly, if the fair market value at any point during the reporting period is lower than the carrying value an impairment loss equal to the difference will be recognized in the consolidated statement of operations. If the fair market value at any point during the reporting period is higher than the carrying value, the basis of the digital assets will not be adjusted to account for this increase. Indefinite-lived intangible assets are not subject to amortization. Instead they are tested for impairment on an annual basis and more frequently if events or circumstances change that indicate that it’s more likely than not that the asset is impaired. As a result of the aforementioned, the Company will only recognize decreases in the value of its cryptocurrency coins and tokens, and any increase in value will be recognized upon disposition. Cryptocurrency coins and tokens are traded on exchanges in which there are observable prices in an active market, the Company views a decline in the quoted price below the cost to be an impairment indicator. The quoted price and observable prices of cryptocurrency coins and tokens, are determined by the Company using a principal market analysis in accordance with ASC 820, Fair Value Measurement Realized gain (loss) on sale of digital assets is included in other income (expense) in the consolidated statements of operations, while impairment loss of digital assets is included in operating expenses because of the nature of the assets. The Company’s cryptocurrencies are deemed to have an indefinite useful life; therefore amounts are not amortized, but rather are assessed for impairment. |
Loan receivables, net | ● Loan receivables, net Loans receivables are carried at unpaid principal balances, less the allowance for loan losses and charge-offs. The loans receivables portfolio consists of real estate mortgage loans, commercial and personal loans. Loans are placed on nonaccrual status when they are past due 180 days or more as to contractual obligations or when other circumstances indicate that collection is not probable. When a loan is placed on nonaccrual status, any interest accrued but not received is reversed against interest income. Payments received on a nonaccrual loan are either applied to protective advances, the outstanding principal balance or recorded as interest income, depending on an assessment of the ability to collect the loan. A nonaccrual loan may be restored to accrual status when principal and interest payments have been brought current and the loan has performed in accordance with its contractual terms for a reasonable period (generally six months). If the Company determines that a loan is impaired, the Company next determines the amount of the impairment. The amount of impairment on collateral dependent loans is charged off within the given fiscal quarter. Generally the amount of the loan and negative escrow in excess of the appraised value less estimated selling costs, for the fair value of collateral valuation method, is charged off. For all other loans, impairment is measured as described below in Allowance for Loan Losses. |
Allowance for loan losses (“ALL”) | ● Allowance for loan losses (“ALL”) The adequacy of the Company’s ALL is determined, in accordance with ASC 450-20 Loss Contingencies The ALL reflects management’s evaluation of the loans presenting identified loss potential, as well as the risk inherent in various components of the portfolio. There is significant judgment applied in estimating the ALL. These assumptions and estimates are susceptible to significant changes based on the current environment. Further, any change in the size of the loan portfolio or any of its components could necessitate an increase in the ALL even though there may not be a decline in credit quality or an increase in potential problem loans. |
Property and equipment | ● Property and equipment Property and equipment are stated at cost less accumulated depreciation and accumulated impairment losses, if any. Depreciation is calculated on the straight-line basis over the following expected useful lives from the date on which they become fully operational and after taking into account their estimated residual values: Expected useful life Computer and office equipment 5 years Expenditure for repairs and maintenance is expensed as incurred. When assets have 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. |
Goodwill | ● Goodwill In accordance with ASC 350 Intangible and Other Assets |
Intangible assets | ● Intangible assets Intangible assets represented the acquired technology software, licensed technology know-how, trademark and trade names for its internal use to facilitate and support its platform operation. They are stated at the purchase cost and are amortized based on their economic benefit expected to be realized. |
Produced content cost | ● Produced content cost Capitalized content costs are recognized as “Produced content cost” in the consolidated balance sheets. The concept of “predominant monetization strategy” to classify capitalized content costs for purposes of amortization and impairment as follows: Individual Lifetime value is predominantly derived from third-party revenues that are directly attributable to the specific film or television title (e.g. theatrical revenues or sales to third-party television programmers). Group Lifetime value is predominantly derived from third-party revenues that are attributable only to a bundle of titles (e.g. subscription revenue). Production costs for content that is predominantly monetized individually are amortized based upon the ratio of the current period’s revenues to the estimated remaining total revenues. Production costs that are predominantly monetized as a group are amortized based on projected usage (which may be, for example, derived from historical viewership patterns), typically resulting in an accelerated or straight-line amortization pattern. Participations and residuals are generally expensed in line with the pattern of usage. The costs of produced content are subject to regular recoverability assessments. For the content that is predominantly monetized individually, the unamortized costs are compared to the estimated fair value. The fair value will be determined based on a discounted cash flow analysis of the cash flows directly attributable to the title in accordance with ASC 926-20 Entertainment-Films |
Impairment of long-lived assets | ● Impairment of long-lived assets In accordance with the provisions of ASC 360, Impairment or Disposal of Long-Lived Assets |
Revenue recognition | ● Revenue recognition ASC 606, Revenue from Contracts with Customers The Company applies the following five steps in order to determine the appropriate amount of revenue to be recognized as it fulfills its obligations under each of its agreements: ● identify the contract with a customer; ● identify the performance obligations in the contract; ● determine the transaction price; ● allocate the transaction price to performance obligations in the contract; and ● recognize revenue as the performance obligation is satisfied. Revenue is recognized when the Company satisfies its performance obligation under the contract by transferring the promised product to its customer that obtains control of the product and collection is reasonably assured. A performance obligation is a promise in a contract to transfer a distinct product or service to a customer. Most of the Company’s contracts have a single performance obligation, as the promise to transfer products or services is not separately identifiable from other promises in the contract and, therefore, not distinct. Lending Business The Company is licensed to originate personal loan, company loan and mortgage loan in Hong Kong. During the years ended December 31, 2022 and 2021, the Company originated loans generally ranging from $644 to $579,000, with terms ranging from 1 week to 120 months. The Company mainly derives a portion of its revenue from loans which is specifically excluded from the scope of this standard, that is, interest on loan receivable is accrued monthly and credited to income as earned. Arts and Collectibles Technology Business The Company currently operates its online platform in the sale and distribution of arts and collectibles, with the use of blockchain technologies and minting tokens. The item of arts and collectibles is individually monetized as non-interchangeable unit of data stored on a blockchain, which is a form of digital ledger that can be sold, in the form of a minting token on the online platform. The Company involves with the following activities to earn its revenue in this segment: Sale of arts and collectibles products: The Company recognizes revenue derived from the sales of the arts and collectibles products when the Company has transferred the risks and rewards to the customers. The minted item of the individual art or collectibles which are sold and settled in digital assets is the only performance obligation under the fixed-fee arrangements. The corresponding fee income received upon each sale transaction is recorded as revenue, is recognized when the designated token, minted with the corresponding art and collectibles is delivered to the end user, together with the transfer of both digital and official title. Transaction fee income: The Company also generates revenue through transaction fees transacted on its platform or other marketplaces. The Company charges a fee to an individual customer at the secondary transaction level, which is allocated to the single performance obligation. The transaction fee is collected from the customer in digital assets, with revenue measured based on a certain percentage of the value of digital assets at the time the transaction is executed. The Company’s service is comprised of a single performance obligation to provide a platform facilitating the transfer of its DOTs. The Company considers its performance obligation satisfied, and recognizes revenue, at the point in time the transaction is processed. In this segment, the transaction consideration that the Company receives is a non-cash consideration in the form of digital assets, which are cryptocurrencies. The Company measures the related cryptocurrencies at fair value on the date received, and the revenue is immediately recognized upon the performance obligation is satisfied. Fair value of the digital asset award received is determined using the average U.S. dollar spot rate of the related digital currency at the time of receipt. Expenses associated with operating the Arts and Collectibles Technology Business, such as minting cost and purchase cost of collectibles and artworks are also recorded as cost of revenues. The following table shows the types of revenue from contracts with customers and the number of the underlying transactions: Years ended December 31, 2022 2021 Sale of arts and collectibles products $ 5,508,675 $ 2,429,136 Transaction fee income and others 8,550,375 1,216,129 $ 14,059,050 $ 3,645,265 Numbers of transactions: Number of arts and collectibles sold 65 12 Number of secondary platform transactions 767 71 |
Leases | ● Leases 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 assets 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. |
Income taxes | ● Income taxes The Company adopted the ASC 740 Income tax The estimated future tax effects of temporary differences between the tax basis of assets and liabilities are reported in the accompanying balance sheets, as well as tax credit carry-backs and carry-forwards. The Company periodically reviews the recoverability of deferred tax assets recorded on its balance sheets and provides valuation allowances as management deems necessary. |
Uncertain tax positions | ● Uncertain tax positions The Company did not take any uncertain tax positions and had no adjustments to its income tax liabilities or benefits pursuant to the ASC 740 provisions of Section 740-10-25 for the years ended December 31, 2022 and 2021. |
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 statement of operations. The reporting currency of the Company is United States Dollar (“US$”) and the accompanying consolidated financial statements have been expressed in US$. In addition, the Company has operations in Hong Kong and Singapore and maintains the books and record in the local currency, Hong Kong Dollars (“HKD”) and Singapore Dollars (“SGD”), which is a functional currency as being the primary currency of the economic environment in which their operations are conducted. In general, for consolidation purposes, assets and liabilities of its subsidiary whose functional currency is not US$ are translated into US$, in accordance with ASC 830-30, Translation of Financial Statement Translation of amounts from HKD and SGD into US$ has been made at the following exchange rates for the following periods:- December 31, 2022 December 31, 2021 Year-end HKD:US$ exchange rate 0.1281 0.1283 Annualized average HKD:US$ exchange rate 0.1277 0.1287 December 31, 2022 December 31, 2021 Year-end SGD:US$ exchange rate 0.7450 0.7411 Annualized average SGD:US$ exchange rate 0.7254 0.7443 |
Comprehensive income | ● Comprehensive income ASC 220, Comprehensive Income |
Net loss per share | ● Net loss per share The Company calculates net loss per share in accordance with ASC 260, Earnings per Share |
Stock based compensation | ● Stock based compensation Pursuant to ASU 2018-07, the Company follows ASC 718, Compensation—Stock Compensation (“ASC 718”), which requires the measurement and recognition of compensation expense for all share-based payment awards (employee or non-employee), are measured at grant-date fair value of the equity instruments that an entity is obligated to issue. Restricted stock units are valued using the market price of the Company’s common shares on the date of grant. The Company uses a Black-Scholes option model to estimate the fair value of employee stock options at the date of grant. As of December 31, 2022, those shares issued and stock options granted for service compensations were immediately vested, and therefore these amounts are thus recognized as expense in the operation. |
Retirement plan cost | ● Retirement plan costs Contributions to retirement plans (which are defined contribution plans) are charged to general and administrative expenses in the accompanying statements of operation as the related employee service are provided. |
Related parties | ● Related parties The Company follows the ASC 850-10, Related Party Pursuant to section 850-10-20 the related parties include a) affiliates of the Company; b) entities for which investments in their equity securities would be required, absent the election of the fair value option under the Fair Value Option Subsection of section 825–10–15, to be accounted for by the equity method by the investing entity; c) trusts for the benefit of employees, such as pension and Income-sharing trusts that are managed by or under the trusteeship of management; d) principal owners of the Company; e) management of the Company; f) other parties with which the Company may deal if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests; and g) other parties that can significantly influence the management or operating policies of the transacting parties or that have an ownership interest in one of the transacting parties and can significantly influence the other to an extent that one or more of the transacting parties might be prevented from fully pursuing its own separate interests. The consolidated financial statements shall include disclosures of material related party transactions, other than compensation arrangements, expense allowances, and other similar items in the ordinary course of business. However, disclosure of transactions that are eliminated in the preparation of consolidated or combined financial statements is not required in those statements. The disclosures shall include: a) the nature of the relationship(s) involved; b) a description of the transactions, including transactions to which no amounts or nominal amounts were ascribed, for each of the periods for which income statements are presented, and such other information deemed necessary to an understanding of the effects of the transactions on the financial statements; c) the dollar amounts of transactions for each of the periods for which income statements are presented and the effects of any change in the method of establishing the terms from that used in the preceding period; and d) amount due from or to related parties as of the date of each balance sheet presented and, if not otherwise apparent, the terms and manner of settlement. |
Commitments and contingencies | ● Commitments and contingencies The Company follows the ASC 450-20, Commitments If the assessment of a contingency indicates that it is probable that a material loss has been incurred and the amount of the liability can be estimated, then the estimated liability would be accrued in the Company’s consolidated financial statements. If the assessment indicates that a potentially material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, and an estimate of the range of possible losses, if determinable and material, would be disclosed. Loss contingencies considered remote are generally not disclosed unless they involve guarantees, in which case the guarantees would be disclosed. Management does not believe, based upon information available at this time that these matters will have a material adverse effect on the Company’s financial position, results of operations or cash flows. However, there is no assurance that such matters will not materially and adversely affect the Company’s business, financial position, and results of operations or cash flows. |
Fair value of financial instruments | ● Fair value of financial instruments The Company follows ASC 825-10-50-10 (“ASC 825”) for disclosures about fair value of its financial instruments and has adopted ASC 820-10-35- to measure the fair value of its financial instruments. ASC 825 establishes a framework for measuring fair value in generally accepted accounting principles (GAAP), and expands disclosures about fair value measurements. To increase consistency and comparability in fair value measurements and related disclosures, ASC 825 establishes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three (3) broad levels. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The three (3) levels of fair value hierarchy defined by ASC 825 are described below: Level 1 Quoted market prices available in active markets for identical assets or liabilities as of the reporting date. Level 2 Pricing inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date. Level 3 Pricing inputs that are generally observable inputs and not corroborated by market data. Financial assets are considered Level 3 when their fair values are determined using pricing models, discounted cash flow methodologies or similar techniques and at least one significant model assumption or input is unobservable. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. If the inputs used to measure the financial assets and liabilities fall within more than one level described above, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument. The carrying amounts of the Company’s financial assets and liabilities, such as cash and cash equivalents, loan and fee receivable, prepayments and other receivables, amounts due from related parties, accrued liabilities and other payables, loans payable, amounts due to related parties approximate their fair values because of the short maturity of these instruments. |
Recent accounting pronouncements | ● Recent accounting pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standard Board (“FASB”) or other standard setting bodies and adopted by the Company as of the specified effective date. Unless otherwise discussed, the Company believes that the impact of recently issued standards that are not yet effective will not have a material impact on its financial position or results of operations upon adoption. Recently adopted accounting pronouncements On October 28, 2021, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2021-08, Accounting for Contract Assets and Contract Liabilities from Contracts with Customers Revenue from Contracts with Customer On March 31, 2022, the Securities and Exchange Commission (the “SEC”) issued Staff Accounting Bulletin No. 121 (“SAB 121”). SAB 121 sets out interpretive guidance from the staff of the SEC regarding the accounting for obligations to safeguard crypto assets that an entity holds for its customers. Safeguarding is defined as taking actions to secure customer crypto assets and the associated cryptographic key information and protecting them from loss, theft, or other misuse. The guidance requires an entity to recognize a liability for the obligation to safeguard the users’ assets, and recognize an associated asset for the crypto assets safeguarded. Both the liability and asset should be measured initially and subsequently at the fair value of the crypto assets being safeguarded. The guidance also requires additional disclosures related to the nature and amount of crypto assets that the entity is responsible for holding for its customers, with separate disclosure for each significant crypto asset, and the vulnerabilities the entity has due to any concentration in such activities. The adoption of the standard did not have a material impact on the Company’s consolidated financial statements. Accounting pronouncements pending adoption On June 30, 2022, FASB issued Accounting Standards Update No. 2022-03, Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and do not believe the future adoption of any such pronouncements may be expected to cause a material impact on its financial condition or the results of its operations. |
Organization and Business Bac_2
Organization and Business Background (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Schedule of description of subsidiaries | Company name Place of incorporation Principal activities Particulars of registered/ paid up share capital Effective interest Massive Treasure Limited BVI, limited liability company Investment holding 50,000 ordinary shares with a par value of US$1 each 100 % Coinllectibles (HK) Limited (Note 3) Hong Kong, limited liability company Corporate management in Hong Kong 1,000 ordinary shares for HK$1,000 100 % Coinllectibles Wealth Limited (Note 3) Hong Kong, limited liability company Corporate management in Hong Kong 1 ordinary share for HK$1 100 % Coinllectibles DeFi Limited Hong Kong, limited liability company Financing service management in Hong Kong 10,000 ordinary shares for HK$10,000 100 % Coinllectibles Private Limited Singapore, limited liability company Corporate management and IT development in Singapore 1,000 ordinary shares for S$1,000 100 % Coinllectibles Limited (Note 3) BVI, limited liability company Procurement of art and collectibles in Singapore 1,000 ordinary shares with a par value of US$1 each 100 % Healthy Finance Limited (Note 2) Hong Kong, limited liability company Money lending service in Hong Kong 10,000 ordinary shares for HK$10,000 51 % 8M Limited (Note 1) Hong Kong, limited liability company Money lending service in Hong Kong 10 ordinary shares for HK$10 100 % Dragon Group Mortgage Limited (Note 2) Hong Kong, limited liability company Money lending service in Hong Kong 10,000 ordinary shares for HK$10,000 51 % E-on Finance Limited (Note 1) Hong Kong, limited liability company Money lending service in Hong Kong 2 ordinary shares for HK$2 100 % Lee Kee Finance Limited (Note 2) Hong Kong, limited liability company Money lending service in Hong Kong 920,000 ordinary shares for HK$920,000 51 % Rich Finance (Hong Kong) Limited (Note 2) Hong Kong, limited liability company Money lending service in Hong Kong 10,000 ordinary shares for HK$10,000 51 % Long Journey Finance Limited (Note 2) Hong Kong, limited liability company Money lending service in Hong Kong 100 ordinary shares for HK$100 51 % Vaav Limited (Note 2) Hong Kong, limited liability company Money lending service in Hong Kong 10,000 ordinary shares for HK$10,000 51 % Star Credit Limited (Note 2) Hong Kong, limited liability company Money lending service in Hong Kong 1,000,000 ordinary shares for HK$1,000,000 51 % NFT Limited BVI, limited liability company Procurement of intangible assets in Hong Kong 10,000 ordinary shares with a par value of US$1 each 51 % Company name Place of incorporation Principal activities Particulars of registered/ paid up share capital Effective interest Grandway Worldwide Holding Limited BVI, limited liability company Development of mobile application 50,000 ordinary shares for USD$50,000 51 % Grand Town Development Limited Hong Kong, limited liability company Provision treasury management 2 ordinary shares for HK$2 100 % Grand Gallery Limited Hong Kong, limited liability company Procurement of art and collectibles in Hong Kong 400,000 ordinary shares for HK$400,000 80 % Phoenix Waters Group Limited BVI, limited liability company Investment holding 50,000 ordinary shares with a par value of US$1 each 100 % Phoenix Waters Productions (HK) Limited Hong Kong, limited liability company Film production 100,000 ordinary shares for HK$100,000 51 % |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Schedule of digital assets held by the company | Cryptocurrencies - Tether USDT - Okipad OKI - Ethereum ETH - Binance Coin BNB - Binance USD BUSD - Colligo Token COTK - Polygon MATIC |
Schedule of property and equipment | Expected useful life Computer and office equipment 5 years |
Schedule of revenue from contracts with customers | Years ended December 31, 2022 2021 Sale of arts and collectibles products $ 5,508,675 $ 2,429,136 Transaction fee income and others 8,550,375 1,216,129 $ 14,059,050 $ 3,645,265 Numbers of transactions: Number of arts and collectibles sold 65 12 Number of secondary platform transactions 767 71 |
Schedule of translation of amounts | December 31, 2022 December 31, 2021 Year-end HKD:US$ exchange rate 0.1281 0.1283 Annualized average HKD:US$ exchange rate 0.1277 0.1287 December 31, 2022 December 31, 2021 Year-end SGD:US$ exchange rate 0.7450 0.7411 Annualized average SGD:US$ exchange rate 0.7254 0.7443 |
Disaggregation of Revenue (Tabl
Disaggregation of Revenue (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disaggregation of Revenue [Abstract] | |
Schedule of operating revenue by major source | Years ended December 31, 2022 2021 Interest income $ 6,550,670 $ 6,413,284 ACT income: - Sale of arts and collectibles products 5,508,675 2,049,956 - Transaction fee income and others 8,550,375 1,595,309 14,059,050 3,645,265 $ 20,609,720 $ 10,058,549 |
Business Segment Information (T
Business Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Business Segment Information [Abstract] | |
Schedule of reconciliation of disaggregated revenue | Year Ended December 31, 2022 Lending ACT Total Revenue from external customers: Interest income $ 6,550,670 $ - $ 6,550,670 Arts and collectibles technology income - 14,059,050 14,059,050 Total revenue, net 6,550,670 14,059,050 20,609,720 Cost of revenue: Interest expense (405,972 ) - (405,972 ) Arts and collectibles technology expense - (3,019,794 ) (3,019,794 ) Total cost of revenue (405,972 ) (3,019,794 ) (3,425,766 ) Gross profit 6,144,698 11,039,256 17,183,954 Operating Expenses Sales and marketing (273,934 ) (27,097,615 ) (27,371,549 ) Corporate development - (26,898,128 ) (26,898,128 ) Technology and development - (43,301,993 ) (43,301,993 ) General and administrative (6,740,650 ) (9,911,316 ) (16,651,966 ) Total operating expenses (7,014,584 ) (107,209,052 ) (114,223,636 ) Segment loss (869,886 ) (96,169,796 ) (97,039,682 ) Year Ended December 31, 2021 Lending Segment ACT Segment Total Revenue from external customers: Interest income $ 6,413,284 $ - $ 6,413,284 Arts and collectibles technology income - 3,645,265 3,645,265 Total revenue, net 6,413,284 3,645,265 10,058,549 Cost of revenue: Interest expense (733,937 ) - (733,937 ) Arts and collectibles technology expense - (1,020,704 ) (1,020,704 ) Total cost of revenue (733,937 ) (1,020,704 ) (1,754,641 ) Gross profit 5,679,347 2,624,561 8,303,908 Operating Expenses Sales and marketing (49,480 ) (1,631,056 ) (1,680,536 ) Corporate development - (5,418,075 ) (5,418,075 ) Technology and development - (9,222,103 ) (9,222,103 ) General and administrative (9,205,084 ) (6,872,072 ) (16,077,156 ) Total operating expenses (9,254,564 ) (23,143,306 ) (32,397,870 ) Segment loss (3,575,217 ) (20,518,745 ) (24,093,962 ) As of December 31, 2022 Lending ACT Total Addition in intangible assets $ 47,673 $ 17,344,690 $ 17,392,363 Segment assets $ 21,893,962 $ 14,787,682 $ 36,681,644 As of December 31, 2021 Lending Segment ACT Segment Total Addition in intangible assets $ 39,270 $ 19,344,690 $ 19,383,960 Segment assets $ 21,686,197 $ 20,909,163 $ 42,595,360 |
Schedule of financial information concerning the geographic segments | Years ended December 31, 2022 2021 Hong Kong $ 6,550,670 $ 6,413,284 Around the world # 14,059,050 3,645,265 $ 20,609,720 $ 10,058,549 # the customers in ACT segment are located in various countries around the world, in which the location of individual customer is not identifiable in the use of blockchain technology. |
Business Combination (Tables)
Business Combination (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Business Combinations [Abstract] | |
Schedule of purchase price allocation of goodwill | Acquired assets: Property and equipment $ 2,593 Cash and cash equivalents 33,322 Deposit, prepayment and other receivables 11,218 Amounts due from related parties 21,778 68,911 Less: Assumed liabilities Accrued liabilities and other payables (4,242 ) (4,242 ) Fair value of net assets acquired 64,669 Noncontrolling interest (12,966 ) Foreign translation adjustment 7,808 Goodwill recorded 552,729 Consideration allocated, payable by the Company’s common stock $ 612,240 Acquired assets: Produced content cost $ 540,985 Amount due from a director 69,270 610,255 Less: Assumed liabilities Accrued liabilities and other payables (507,472 ) Loan from related party (135,674 ) (643,146 ) Fair value of net assets acquired (32,891 ) Noncontrolling interest 16,117 Goodwill recorded 263,548 Consideration allocated, payable by the Company’s common stock $ 246,774 |
Loan Receivables (Tables)
Loan Receivables (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Loan Receivables Disclosure [Abstract] | |
Schedule of loan portfolio | As of December 31, 2022 2021 Personal loans $ 18,023,374 $ 17,352,856 Commercial loans 1,095,772 1,186,339 Mortgage loans 2,651,781 1,294,601 Total loans 21,770,927 19,833,796 Less: Allowance for loan losses (3,360,931 ) (781,202 ) Loans receivables, net $ 18,409,996 19,052,594 Reclassifying as: Current portion $ 15,309,939 $ 19,052,594 Non-current portion 3,100,057 - Total loans receivables $ 18,409,996 $ 19,052,594 |
Schedule of allowance for loan losses | December 31, December 31, Balance at Beginning of Year $ 781,202 $ 53,506 Provisions 2,580,790 783,694 Foreign translation adjustment (1,061 ) (55,998 ) Balance at End of Year $ 3,360,931 $ 781,202 |
Schedule of age analysis loans by class | Age Analysis of Loans by Class Maturities Mortgage Commercial loan Personal loan December 31, 2022 Mortgage Commercial loan Personal loan December 31, $ $ $ $ $ $ $ $ Within credit term 2,040,191 588,898 11,880,936 14,510,025 1,051,202 647,677 13,003,233 14,702,112 Past due: 30-59 days - - - - - - - - 60-89 days - - - - - - - - 90 or more days due and still accruing - - - - - - - - Nonaccrual 595,075 506,859 6,158,689 7,260,623 89,859 25,650 5,016,175 5,131,684 Total loans 2,635,266 1,095,757 18,039,625 21,770,648 1,141,061 673,327 18,019,408 19,833,796 |
Schedule of maturities of loan balances | Maturities Mortgage Commercial loan Personal loan December 31, Mortgage Commercial loan Personal loan December 31, $ $ $ $ $ $ $ $ Within 1 year 1,955,132 839,603 15,982,210 18,776,945 1,019,780 673,327 13,553,132 15,246,239 1-5 years 165,119 256,154 2,102,051 2,523,324 121,281 - 4,466,276 4,587,557 5-10 years 470,379 - - 470,379 - - - - More than 10 years - - - - - - - - Total loans 2,590,630 1,095,757 18,084,261 21,770,648 1,141,061 673,327 18,019,408 19,833,796 |
Schedule of credit quality exposures | Credit grades Mortgage Commercial Personal December 31, Mortgage Commercial Personal December 31, $ $ $ $ $ $ $ $ Other assets especially mentioned 2,054,970 588,006 11,881,088 14,524,064 1,427,646 1,186,338 13,108,085 15,722,069 Substandard 58,245 - 595,297 653,542 - - 330,278 330,278 Doubtful 538,567 506,866 5,546,989 6,592,422 89,859 - 3,691,590 3,781,449 Loss - - - - - - - - Total loans 2,651,782 1,094,872 18,023,374 21,770,028 1,517,505 1,186,338 17,129,953 19,833,796 |
Digital Assets (Tables)
Digital Assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Digital Assets [Abstract] | |
Schedule of changes in carrying value of digital assets | USDT OKT ETH BNB BUSD COTK MATIC Total Balance at January 1, 2022 $ 25,576 $ 34 $ 5,658 $ 1,612 - $ 2,571 - $ 35,451 Revenue received by digital assets 3,867,232 - 44,408 958 10,060,274 - 10 13,972,882 Expense paid by digital assets (3,897,501 ) (3 ) (25,643 ) (630 ) (10,060,200 ) - (2 ) (13,983,979 ) Disposal 4,693 (8 ) (15,003 ) (1,297 ) 22,525 - (7 ) 10,903 Impairment loss - (23 ) (9,420 ) (643 ) (22,599 ) (2,571 ) (1 ) (35,257 ) Balance at December 31, 2022 $ - $ - $ - $ - $ - $ - $ - $ - USDT OKT ETH BNB COTK Total Balance at January 1, 2021 $ - $ - $ - $ - $ - $ - Revenue received by digital assets 3,008,129 - 257,956 - - 3,266,085 Expense paid by digital assets (2,982,553 ) (22 ) (214,677 ) (6,050 ) (226 ) (3,203,528 ) Purchase - 57 269 7,766 4,718 12,810 Impairment loss - (1 ) (37,890 ) (104 ) (1,921 ) (39,916 ) Balance at December 31, 2021 $ 25,576 $ 34 $ 5,658 $ 1,612 $ 2,571 $ 35,451 |
Schedule of breakdown of cyptocurrencies | As of December 31, 2022 2021 USDT $ - $ 25,576 OKT - 34 ETH - 5,658 BNB - 1,612 COTK - 2,571 $ - $ 35,451 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Inventory Disclosure [Abstract] | |
Schedule of inventories | As of December 31, 2022 No. of token No. of art and Total Balance at January 1, 2022 7 45 $ 2,103,038 Purchased - 100 2,027,667 Token minted 41 - Sold (40 ) (76 ) (2,965,818 ) Balance at December 31, 2022 8 69 $ 1,164,887 As of December 31, 2021 No. of token No. of art and Total Balance at January 1, 2021 - - $ - Purchased - 58 3,111,542 Token minted 20 - Sold (12 ) (12 ) (993,020 ) Marketing expense (1 ) (1 ) (15,484 ) Balance at December 31, 2021 7 45 $ 2,103,038 |
Produced Content Cost (Tables)
Produced Content Cost (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Produced Content Cost [Abstract] | |
Schedule of total capitalized produced content by predominant monetization strategy | December 31, 2022 December 31, Produced content: Released, net of amortization $ - $ - Completed, not released - - In-process 611,529 - Less: impairment loss (611,529 ) - $ - $ - |
Properrty and Equipment (Tables
Properrty and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Schedule of property and equipment | As of December 31, 2022 2021 Computer equipment $ 109,727 $ 109,729 Less: accumulated depreciation (52,640 ) (50,459 ) $ 57,087 $ 59,270 |
Intangible Assets, Net (Tables)
Intangible Assets, Net (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Intangible Assets, Net [Abstract] | |
Schedule of intangible assets | As of December 31, Estimated 2022 2021 At cost: Acquired technology software 5 years $ 17,344,690 $ 17,344,690 Licensed technology knowhow 4 years - 2,000,000 Trademarks and trade name 10 years 39,270 39,270 Less: accumulated amortization (4,052,889 ) (829,575 ) Foreign translation adjustment 8,356 4 $ 13,339,427 $ 18,554,389 |
Schedule of estimated amortization expense for intangible assets | Year ending December 31: Amount 2023 $ 3,330,150 2024 3,330,150 2025 3,330,150 2026 3,330,150 2027 3,766 Thereafter 15,061 $ 13,339,427 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Schedule of lease obligations | Year ending December 31, Future lease payments 2023 141,428 2024 30,019 Total 171,447 Less: interest (4,922 ) $ 166,525 Present value of lease liabilities – current liabilities $ 130,800 Present value of lease liabilities – non-current liabilities $ 29,725 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Stock-Based Companesation [Abstract] | |
Schedule of stock-based compensation expenses | Years ended 2022 2021 Corporate development expenses $ 26,177,743 $ - Technology and development expenses 32,447,000 - Sales and marketing expenses 26,419,645 - General and administrative expenses 4,201,701 - $ 89,246,089 $ - |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of basic and diluted net loss per share | Years ended December 31, 2022 2021 Net loss attributable to the Company $ (104,126,076 ) $ (25,149,399 ) Weighted average common shares: - Basic 374,086,727 340,488,988 - Diluted 374,086,727 340,488,988 Net loss per share: - Basic $ (0.28 ) $ (0.07 ) - Diluted $ (0.28 ) $ (0.07 ) |
Income Tax (Tables)
Income Tax (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Schedule of foreign components of loss before income taxes | Years ended December 31, 2022 2021 Tax jurisdiction from: - Local $ (490,152 ) $ (328,355 ) - Foreign, including British Virgin Islands (“BVI”) (5,203,746 ) (6,939,313 ) Singapore (90,145,335 ) (18,552,215 ) Hong Kong (1,234,709 ) 1,104,741 Loss before income taxes $ (97,073,942 ) $ (24,715,142 ) |
Schedule of provision for income taxes | Years ended December 31, 2022 2021 Current tax: $ - $ - - Local - - - Foreign 299,714 434,257 Deferred tax - Local - - - Foreign - - Income tax expense $ 299,714 $ 434,257 |
Schedule of reconciliation of income tax rate to the effective income tax rate | Years ended December 31, 2022 2021 Loss before income taxes $ (90,145,335 ) $ (18,552,215 ) Statutory income tax rate 17 % 17 % Income tax expense at statutory rate (15,324,707 ) (3,153,877 ) Net operating loss 15,324,707 3,153,877 Income tax expense $ - $ - Years ended December 31, 2022 2021 (Loss) income before income taxes $ (1,234,709 ) $ 1,104,741 Statutory income tax rate 16.5 % 16.5 % Income tax (benefit) expense at statutory rate (203,727 ) 182,282 Tax effect of non-deductible items 498,132 270,371 Tax effect of non-taxable items (7,710 ) (38,582 ) Net operating loss 13,019 20,186 Income tax expense $ 299,714 $ 434,257 |
Schedule of the deferred tax assets and liabilities | As of December 31, 2022 2021 Deferred tax assets: Net operating loss carryforward, from US tax regime $ 102,932 $ 68,955 Singapore tax regime 15,324,707 3,153,877 Hong Kong tax regime 13,019 20,186 Less: valuation allowance (15,440,658 ) (3,243,018 ) Deferred tax assets, net $ - $ - |
Organization and Business Bac_3
Organization and Business Background (Details) - $ / shares | 1 Months Ended | 12 Months Ended | ||||
Jun. 30, 2022 | May 31, 2022 | Dec. 31, 2022 | Dec. 15, 2022 | Sep. 16, 2022 | Dec. 31, 2021 | |
Organization and Business Background (Details) [Line Items] | ||||||
Common stock shares (in Shares) | 800,000,000 | |||||
Common stock, shares issued (in Shares) | 400,000,000 | |||||
Common stock, par value (in Dollars per share) | $ 0.001 | |||||
Share swap letter agreement percentage | 51% | 51% | ||||
Common stock cosg percentage | 51% | 51% | ||||
Share swap letter percentage | 51% | 51% | ||||
Shares issued (in Shares) | 400,000,000 | 1,452,785 | 806,321,356 | |||
Additional share percentage | 100% | |||||
Issued and outstanding securities percentage | 51% | 51% | 49% | |||
Aggregate shares of common stock (in Shares) | 23,589,736 | 23,589,736 | ||||
Second tranche shares percentage | 51% | |||||
COSG [Member] | ||||||
Organization and Business Background (Details) [Line Items] | ||||||
Additional share percentage | 51% | |||||
Massive Treasure Limited [Member] | ||||||
Organization and Business Background (Details) [Line Items] | ||||||
Share swap letter agreement percentage | 100% | |||||
Acquire percentage | 100% | |||||
Common stock cosg percentage | 100% | |||||
Share swap letter percentage | 100% | |||||
E- on [Member] | ||||||
Organization and Business Background (Details) [Line Items] | ||||||
Shares of common stock (in Shares) | 20,110,604 | |||||
Shares issued (in Shares) | 10,256,409 | |||||
First anniversary shares issue (in Shares) | 9,854,195 | |||||
8M [Member] | ||||||
Organization and Business Background (Details) [Line Items] | ||||||
Shares of common stock (in Shares) | 10,055,302 | |||||
Shares issued (in Shares) | 5,128,204 | |||||
8M Limited [Member] | ||||||
Organization and Business Background (Details) [Line Items] | ||||||
First anniversary shares issue (in Shares) | 4,927,098 |
Organization and Business Bac_4
Organization and Business Background (Details) - Schedule of description of subsidiaries | 12 Months Ended |
Dec. 31, 2022 | |
Coinllectibles (HK) Limited [Member] | |
Subsidiary, Sale of Stock [Line Items] | |
Place Of Incorporation And Kind Of Legal Entity | Hong Kong, limited liability company |
Principal Activities And Place Of Operation | Corporate management in Hong Kong |
Particulars Of Registered/ Paid Up Share Capital | 1,000 ordinary shares for HK$1,000 |
Effective interest held | 100% |
Coinllectibles Wealth Limited [Member] | |
Subsidiary, Sale of Stock [Line Items] | |
Place Of Incorporation And Kind Of Legal Entity | Hong Kong, limited liability company |
Principal Activities And Place Of Operation | Corporate management in Hong Kong |
Particulars Of Registered/ Paid Up Share Capital | 1 ordinary share for HK$1 |
Effective interest held | 100% |
Coinllectibles DeFi Limited [Member] | |
Subsidiary, Sale of Stock [Line Items] | |
Place Of Incorporation And Kind Of Legal Entity | Hong Kong, limited liability company |
Principal Activities And Place Of Operation | Financing service management in Hong Kong |
Particulars Of Registered/ Paid Up Share Capital | 10,000 ordinary shares for HK$10,000 |
Effective interest held | 100% |
Coinllectibles Private Limited [Member] | |
Subsidiary, Sale of Stock [Line Items] | |
Place Of Incorporation And Kind Of Legal Entity | Singapore, limited liability company |
Principal Activities And Place Of Operation | Corporate management and IT development in Singapore |
Particulars Of Registered/ Paid Up Share Capital | 1,000 ordinary shares for S$1,000 |
Effective interest held | 100% |
Coinllectibles Limited [Member] | |
Subsidiary, Sale of Stock [Line Items] | |
Place Of Incorporation And Kind Of Legal Entity | BVI, limited liability company |
Principal Activities And Place Of Operation | Procurement of art and collectibles in Singapore |
Particulars Of Registered/ Paid Up Share Capital | 1,000 ordinary shares with a par value of US$1 each |
Effective interest held | 100% |
Healthy Finance Limited [Member | |
Subsidiary, Sale of Stock [Line Items] | |
Place Of Incorporation And Kind Of Legal Entity | Hong Kong, limited liability company |
Principal Activities And Place Of Operation | Money lending service in Hong Kong |
Particulars Of Registered/ Paid Up Share Capital | 10,000 ordinary shares for HK$10,000 |
Effective interest held | 51% |
8M Limited [Member] | |
Subsidiary, Sale of Stock [Line Items] | |
Place Of Incorporation And Kind Of Legal Entity | Hong Kong, limited liability company |
Principal Activities And Place Of Operation | Money lending service in Hong Kong |
Particulars Of Registered/ Paid Up Share Capital | 10 ordinary shares for HK$10 |
Effective interest held | 100% |
Dragon Group Mortgage Limited [Member] | |
Subsidiary, Sale of Stock [Line Items] | |
Place Of Incorporation And Kind Of Legal Entity | Hong Kong, limited liability company |
Principal Activities And Place Of Operation | Money lending service in Hong Kong |
Particulars Of Registered/ Paid Up Share Capital | 10,000 ordinary shares for HK$10,000 |
Effective interest held | 51% |
E-on Finance Limited [Member] | |
Subsidiary, Sale of Stock [Line Items] | |
Place Of Incorporation And Kind Of Legal Entity | Hong Kong, limited liability company |
Principal Activities And Place Of Operation | Money lending service in Hong Kong |
Particulars Of Registered/ Paid Up Share Capital | 2 ordinary shares for HK$2 |
Effective interest held | 100% |
Lee Kee Finance Limited [Member] | |
Subsidiary, Sale of Stock [Line Items] | |
Place Of Incorporation And Kind Of Legal Entity | Hong Kong, limited liability company |
Principal Activities And Place Of Operation | Money lending service in Hong Kong |
Particulars Of Registered/ Paid Up Share Capital | 920,000 ordinary shares for HK$920,000 |
Effective interest held | 51% |
Rich Finance (Hong Kong) Limited [Member] | |
Subsidiary, Sale of Stock [Line Items] | |
Place Of Incorporation And Kind Of Legal Entity | Hong Kong, limited liability company |
Principal Activities And Place Of Operation | Money lending service in Hong Kong |
Particulars Of Registered/ Paid Up Share Capital | 10,000 ordinary shares for HK$10,000 |
Effective interest held | 51% |
Long Journey Finance Limited [Member] | |
Subsidiary, Sale of Stock [Line Items] | |
Place Of Incorporation And Kind Of Legal Entity | Hong Kong, limited liability company |
Principal Activities And Place Of Operation | Money lending service in Hong Kong |
Particulars Of Registered/ Paid Up Share Capital | 100 ordinary shares for HK$100 |
Effective interest held | 51% |
Vaav Limited [Member] | |
Subsidiary, Sale of Stock [Line Items] | |
Place Of Incorporation And Kind Of Legal Entity | Hong Kong, limited liability company |
Principal Activities And Place Of Operation | Money lending service in Hong Kong |
Particulars Of Registered/ Paid Up Share Capital | 10,000 ordinary shares for HK$10,000 |
Effective interest held | 51% |
Star Credit Limited [Member] | |
Subsidiary, Sale of Stock [Line Items] | |
Place Of Incorporation And Kind Of Legal Entity | Hong Kong, limited liability company |
Principal Activities And Place Of Operation | Money lending service in Hong Kong |
Particulars Of Registered/ Paid Up Share Capital | 1,000,000 ordinary shares for HK$1,000,000 |
Effective interest held | 51% |
NFT Limited [Member] | |
Subsidiary, Sale of Stock [Line Items] | |
Place Of Incorporation And Kind Of Legal Entity | BVI, limited liability company |
Principal Activities And Place Of Operation | Procurement of intangible assets in Hong Kong |
Particulars Of Registered/ Paid Up Share Capital | 10,000 ordinary shares with a par value of US$1 each |
Effective interest held | 51% |
Grandway Worldwide Holding Limited [Member] | |
Subsidiary, Sale of Stock [Line Items] | |
Place Of Incorporation And Kind Of Legal Entity | BVI, limited liability company |
Principal Activities And Place Of Operation | Development of mobile application |
Particulars Of Registered/ Paid Up Share Capital | 50,000 ordinary shares for USD$50,000 |
Effective interest held | 51% |
Grand Town Development Limited [Member] | |
Subsidiary, Sale of Stock [Line Items] | |
Place Of Incorporation And Kind Of Legal Entity | Hong Kong, limited liability company |
Principal Activities And Place Of Operation | Provision treasury management |
Particulars Of Registered/ Paid Up Share Capital | 2 ordinary shares for HK$2 |
Effective interest held | 100% |
Phoenix Waters Group Limited [Member] | |
Subsidiary, Sale of Stock [Line Items] | |
Place Of Incorporation And Kind Of Legal Entity | BVI, limited liability company |
Principal Activities And Place Of Operation | Investment holding |
Particulars Of Registered/ Paid Up Share Capital | 50,000 ordinary shares with a par value of US$1 each |
Effective interest held | 100% |
Phoenix Waters Productions (HK) Limited [Member] | |
Subsidiary, Sale of Stock [Line Items] | |
Place Of Incorporation And Kind Of Legal Entity | Hong Kong, limited liability company |
Principal Activities And Place Of Operation | Film production |
Particulars Of Registered/ Paid Up Share Capital | 100,000 ordinary shares for HK$100,000 |
Effective interest held | 51% |
Massive Treasure Limited [Member] | |
Subsidiary, Sale of Stock [Line Items] | |
Place Of Incorporation And Kind Of Legal Entity | BVI, limited liability company |
Principal Activities And Place Of Operation | Investment holding |
Particulars Of Registered/ Paid Up Share Capital | 50,000 ordinary shares with a par value of US$1 each |
Effective interest held | 100% |
Grand Gallery Limited [Member] | |
Subsidiary, Sale of Stock [Line Items] | |
Place Of Incorporation And Kind Of Legal Entity | Hong Kong, limited liability company |
Principal Activities And Place Of Operation | Procurement of art and collectibles in Hong Kong |
Particulars Of Registered/ Paid Up Share Capital | 400,000 ordinary shares for HK$400,000 |
Effective interest held | 80% |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Summary of Significant Accounting Policies (Details) [Line Items] | ||
Imapairment of goodwill | $ 816,263 | |
Largest benefit, percentage | 50% | |
Minimum [Member] | ||
Summary of Significant Accounting Policies (Details) [Line Items] | ||
Originated loans | $ 644 | |
Maximum [Member] | ||
Summary of Significant Accounting Policies (Details) [Line Items] | ||
Originated loans | $ 579,000 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details) - Schedule of digital assets held by the company | Dec. 31, 2022 |
USDT [Member] | Tether [Member] | |
Summary of Significant Accounting Policies (Details) - Schedule of digital assets held by the company [Line Items] | |
Cryptocurrencies | Tether |
Currencies | USDT |
OKI [Member] | Okipad [Member] | |
Summary of Significant Accounting Policies (Details) - Schedule of digital assets held by the company [Line Items] | |
Cryptocurrencies | Okipad |
Currencies | OKI |
ETH [Member] | Ethereum [Member] | |
Summary of Significant Accounting Policies (Details) - Schedule of digital assets held by the company [Line Items] | |
Cryptocurrencies | Ethereum |
Currencies | ETH |
BNB [Member] | Binance Coin [Member] | |
Summary of Significant Accounting Policies (Details) - Schedule of digital assets held by the company [Line Items] | |
Cryptocurrencies | Binance Coin |
Currencies | BNB |
BUSD [Member] | Binance USD [Member] | |
Summary of Significant Accounting Policies (Details) - Schedule of digital assets held by the company [Line Items] | |
Cryptocurrencies | Binance USD |
Currencies | BUSD |
COTK [Member] | Colligo Token [Member] | |
Summary of Significant Accounting Policies (Details) - Schedule of digital assets held by the company [Line Items] | |
Cryptocurrencies | Colligo Token |
Currencies | COTK |
MATIC [Member] | Polygon [Member] | |
Summary of Significant Accounting Policies (Details) - Schedule of digital assets held by the company [Line Items] | |
Cryptocurrencies | Polygon |
Currencies | MATIC |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Details) - Schedule of property and equipment | Dec. 31, 2022 |
Computer and office equipment [Member] | |
Summary of Significant Accounting Policies (Details) - Schedule of property and equipment [Line Items] | |
Expected useful life | 5 years |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies (Details) - Schedule of revenue from contracts with customers - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule Of Revenue From Contracts With Customers Abstract | ||
Sale of arts and collectibles products | $ 5,508,675 | $ 2,429,136 |
Transaction fee income and others | 8,550,375 | 1,216,129 |
Total revenue | 14,059,050 | 3,645,265 |
Numbers of transactions: | ||
Number of arts and collectibles sold | 65 | 12 |
Number of secondary platform transactions | $ 767 | $ 71 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies (Details) - Schedule of translation of amounts | Dec. 31, 2022 | Dec. 31, 2021 |
Hong Kong, Dollars [Member] | ||
Summary of Significant Accounting Policies (Details) - Schedule of translation of amounts [Line Items] | ||
Year-end HKD:US$ exchange rate | 0.1281 | 0.1283 |
Annualized average HKD:US$ exchange rate | 0.1277 | 0.1287 |
Singapore, Dollars [Member] | ||
Summary of Significant Accounting Policies (Details) - Schedule of translation of amounts [Line Items] | ||
Year-end HKD:US$ exchange rate | 0.745 | 0.7411 |
Annualized average HKD:US$ exchange rate | 0.7254 | 0.7443 |
Going Concern Uncertainties (De
Going Concern Uncertainties (Details) | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Accumulated deficit | $ 104,126,076 |
Continuous loss | $ 130,555,579 |
Disaggregation of Revenue (Deta
Disaggregation of Revenue (Details) - Schedule of operating revenue by major source - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule Of Operating Revenue By Major Source Abstract | ||
Interest income | $ 6,550,670 | $ 6,413,284 |
ACT income: | ||
- Sale of arts and collectibles products | 5,508,675 | 2,049,956 |
- Transaction fee income and others | 8,550,375 | 1,595,309 |
Total ACT income | 14,059,050 | 3,645,265 |
Total revenue | $ 20,609,720 | $ 10,058,549 |
Business Segment Information (D
Business Segment Information (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Business Segment Information [Abstract] | |
Reportable business segments | 2 |
Business Segment Information _2
Business Segment Information (Details) - Schedule of reconciliation of disaggregated revenue - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Lending Segment [Member] | ||
Revenue from external customers: | ||
Interest income | $ 6,550,670 | $ 6,413,284 |
Arts and collectibles technology income | ||
Total revenue, net | 6,550,670 | 6,413,284 |
Cost of revenue: | ||
Interest expense | (405,972) | (733,937) |
Interest expense | 405,972 | 733,937 |
Arts and collectibles technology expense | ||
Arts and collectibles technology expense | ||
Total cost of revenue | (405,972) | (733,937) |
Gross profit | 6,144,698 | 5,679,347 |
Operating Expenses | ||
Sales and marketing | (273,934) | (49,480) |
Corporate development | ||
Corporate development | ||
Technology and development | ||
General and administrative | (6,740,650) | (9,205,084) |
Total operating expenses | (7,014,584) | (9,254,564) |
Segment loss | (869,886) | (3,575,217) |
Addition in intangible assets | 47,673 | 39,270 |
Identifiable assets | 21,893,962 | 21,686,197 |
ACT Segment [Member] | ||
Revenue from external customers: | ||
Interest income | ||
Arts and collectibles technology income | 14,059,050 | 3,645,265 |
Total revenue, net | 14,059,050 | 3,645,265 |
Cost of revenue: | ||
Interest expense | ||
Interest expense | ||
Arts and collectibles technology expense | 3,019,794 | 1,020,704 |
Arts and collectibles technology expense | (3,019,794) | (1,020,704) |
Total cost of revenue | (3,019,794) | (1,020,704) |
Gross profit | 11,039,256 | 2,624,561 |
Operating Expenses | ||
Sales and marketing | (27,097,615) | (1,631,056) |
Corporate development | 26,898,128 | 5,418,075 |
Corporate development | (26,898,128) | (5,418,075) |
Technology and development | (43,301,993) | (9,222,103) |
General and administrative | (9,911,316) | (6,872,072) |
Total operating expenses | (107,209,052) | (23,143,306) |
Segment loss | (96,169,796) | (20,518,745) |
Addition in intangible assets | 17,344,690 | 19,344,690 |
Identifiable assets | 14,787,682 | 20,909,163 |
Total [Member] | ||
Revenue from external customers: | ||
Interest income | 6,550,670 | 6,413,284 |
Arts and collectibles technology income | 14,059,050 | 3,645,265 |
Total revenue, net | 20,609,720 | 10,058,549 |
Cost of revenue: | ||
Interest expense | (405,972) | (733,937) |
Interest expense | 405,972 | 733,937 |
Arts and collectibles technology expense | (3,019,794) | (1,020,704) |
Arts and collectibles technology expense | 3,019,794 | 1,020,704 |
Total cost of revenue | (3,425,766) | (1,754,641) |
Gross profit | 17,183,954 | 8,303,908 |
Operating Expenses | ||
Sales and marketing | (27,371,549) | (1,680,536) |
Corporate development | 26,898,128 | 5,418,075 |
Corporate development | (26,898,128) | (5,418,075) |
Technology and development | (43,301,993) | (9,222,103) |
General and administrative | (16,651,966) | (16,077,156) |
Total operating expenses | (114,223,636) | (32,397,870) |
Segment loss | (97,039,682) | (24,093,962) |
Addition in intangible assets | 17,392,363 | 19,383,960 |
Identifiable assets | $ 36,681,644 | $ 42,595,360 |
Business Segment Information _3
Business Segment Information (Details) - Schedule of financial information concerning the geographic segments - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | ||
Business Segment Information (Details) - Schedule of financial information concerning the geographic segments [Line Items] | |||
Revenues | $ 20,609,720 | $ 10,058,549 | |
Hong Kong [Member] | |||
Business Segment Information (Details) - Schedule of financial information concerning the geographic segments [Line Items] | |||
Revenues | 6,550,670 | 6,413,284 | |
Around the world [Member] | |||
Business Segment Information (Details) - Schedule of financial information concerning the geographic segments [Line Items] | |||
Revenues | [1] | $ 14,059,050 | $ 3,645,265 |
[1]the customers in ACT segment are located in various countries around the world, in which the location of individual customer is not identifiable in the use of blockchain technology. |
Business Combination (Details)
Business Combination (Details) - USD ($) | 12 Months Ended | ||
Aug. 18, 2022 | Feb. 10, 2022 | Dec. 31, 2022 | |
Business Combination (Details) [Line Items] | |||
Goodwill | $ 263,548 | $ 552,729 | |
Goodwill impairment | $ 816,263 | ||
Grand Gallery Limited [Member] | |||
Business Combination (Details) [Line Items] | |||
Equity interest percentage | 80% | ||
Grand Gallery Limited [Member] | Common Stock [Member] | |||
Business Combination (Details) [Line Items] | |||
Shares issued (in Shares) | 153,060 | ||
Price per share (in Dollars per share) | $ 4 | ||
Phoenix Waters Productions Limited [Member] | |||
Business Combination (Details) [Line Items] | |||
Equity interest percentage | 51% | ||
Phoenix Waters Productions Limited [Member] | Common Stock [Member] | |||
Business Combination (Details) [Line Items] | |||
Shares issued (in Shares) | 164,516 | ||
Price per share (in Dollars per share) | $ 1.5 |
Business Combination (Details)
Business Combination (Details) - Schedule of purchase price allocation of goodwill - Business Combination [Member] - USD ($) | Aug. 18, 2022 | Feb. 10, 2022 |
Acquired assets: | ||
Property and equipment | $ 2,593 | |
Cash and cash equivalents | 33,322 | |
Deposit, prepayment and other receivables | 11,218 | |
Amounts due from related parties | 21,778 | |
Total | 68,911 | |
Less: Assumed liabilities | ||
Accrued liabilities and other payables | $ (507,472) | (4,242) |
Loan from related party | (135,674) | |
Total | (643,146) | (4,242) |
Fair value of net assets acquired | (32,891) | 64,669 |
Noncontrolling interest | 16,117 | (12,966) |
Foreign translation adjustment | 7,808 | |
Goodwill recorded | 263,548 | 552,729 |
Consideration allocated, payable by the Company’s common stock | 246,774 | $ 612,240 |
Acquired assets: | ||
Produced content cost | 540,985 | |
Amount due from a director | 69,270 | |
Total | $ 610,255 |
Loan Receivables (Details)
Loan Receivables (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Loan Receivables (Details) [Line Items] | ||
Allowance for loan losses (in Dollars) | $ 2,580,790 | $ 783,694 |
Minimum [Member] | ||
Loan Receivables (Details) [Line Items] | ||
Interest rate on loans issued | 13% | 13% |
Maximum [Member] | ||
Loan Receivables (Details) [Line Items] | ||
Interest rate on loans issued | 59% | 59% |
Loan Receivables [Member] | ||
Loan Receivables (Details) [Line Items] | ||
Debt instrument, description | All loans are made to either business or individual customers in Hong Kong for a period of 1 week to 120 months. |
Loan Receivables (Details) - Sc
Loan Receivables (Details) - Schedule of loan portfolio - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | $ 21,770,927 | $ 19,833,796 |
Less: Allowance for loan losses | (3,360,931) | (781,202) |
Loans receivables, net | 18,409,996 | 19,052,594 |
Reclassifying as: | ||
Current portion | 15,309,939 | 19,052,594 |
Non-current portion | 3,100,057 | |
Total loans receivables | 18,409,996 | 19,052,594 |
Personal loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 18,023,374 | 17,352,856 |
Commercial loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 1,095,772 | 1,186,339 |
Mortgage loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | $ 2,651,781 | $ 1,294,601 |
Loan Receivables (Details) - _2
Loan Receivables (Details) - Schedule of allowance for loan losses - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule Of Allowance For Loan Losses [Abstract] | ||
Balance at Beginning of Year | $ 781,202 | $ 53,506 |
Provisions | 2,580,790 | 783,694 |
Foreign translation adjustment | (1,061) | (55,998) |
Balance at End of Year | $ 3,360,931 | $ 781,202 |
Loan Receivables (Details) - _3
Loan Receivables (Details) - Schedule of age analysis loans by class - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Loan Receivables (Details) - Schedule of age analysis loans by class [Line Items] | ||
Within credit term | $ 14,510,025 | $ 14,702,112 |
Nonaccrual | 7,260,623 | 5,131,684 |
Total loans | 21,770,648 | 19,833,796 |
Mortgage [Member] | ||
Loan Receivables (Details) - Schedule of age analysis loans by class [Line Items] | ||
Within credit term | 2,040,191 | 1,051,202 |
Nonaccrual | 595,075 | 89,859 |
Total loans | 2,635,266 | 1,141,061 |
Commercial loan [Member] | ||
Loan Receivables (Details) - Schedule of age analysis loans by class [Line Items] | ||
Within credit term | 588,898 | 647,677 |
Nonaccrual | 506,859 | 25,650 |
Total loans | 1,095,757 | 673,327 |
Personal loan [Member] | ||
Loan Receivables (Details) - Schedule of age analysis loans by class [Line Items] | ||
Within credit term | 11,880,936 | 13,003,233 |
Nonaccrual | 6,158,689 | 5,016,175 |
Total loans | 18,039,625 | 18,019,408 |
30-59 days [Member] | ||
Loan Receivables (Details) - Schedule of age analysis loans by class [Line Items] | ||
Nonaccrual | ||
30-59 days [Member] | Mortgage [Member] | ||
Loan Receivables (Details) - Schedule of age analysis loans by class [Line Items] | ||
Nonaccrual | ||
30-59 days [Member] | Commercial loan [Member] | ||
Loan Receivables (Details) - Schedule of age analysis loans by class [Line Items] | ||
Nonaccrual | ||
30-59 days [Member] | Personal loan [Member] | ||
Loan Receivables (Details) - Schedule of age analysis loans by class [Line Items] | ||
Nonaccrual | ||
60-89 days [Member] | ||
Loan Receivables (Details) - Schedule of age analysis loans by class [Line Items] | ||
Nonaccrual | ||
60-89 days [Member] | Mortgage [Member] | ||
Loan Receivables (Details) - Schedule of age analysis loans by class [Line Items] | ||
Nonaccrual | ||
60-89 days [Member] | Commercial loan [Member] | ||
Loan Receivables (Details) - Schedule of age analysis loans by class [Line Items] | ||
Nonaccrual | ||
60-89 days [Member] | Personal loan [Member] | ||
Loan Receivables (Details) - Schedule of age analysis loans by class [Line Items] | ||
Nonaccrual | ||
90 or more days due and still accruing [Member] | ||
Loan Receivables (Details) - Schedule of age analysis loans by class [Line Items] | ||
Nonaccrual | ||
90 or more days due and still accruing [Member] | Mortgage [Member] | ||
Loan Receivables (Details) - Schedule of age analysis loans by class [Line Items] | ||
Nonaccrual | ||
90 or more days due and still accruing [Member] | Commercial loan [Member] | ||
Loan Receivables (Details) - Schedule of age analysis loans by class [Line Items] | ||
Nonaccrual | ||
90 or more days due and still accruing [Member] | Personal loan [Member] | ||
Loan Receivables (Details) - Schedule of age analysis loans by class [Line Items] | ||
Nonaccrual |
Loan Receivables (Details) - _4
Loan Receivables (Details) - Schedule of maturities of loan balances - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Loan Receivables (Details) - Schedule of maturities of loan balances [Line Items] | ||
Total loans | $ 21,770,648 | $ 19,833,796 |
Mortgage [Member] | ||
Loan Receivables (Details) - Schedule of maturities of loan balances [Line Items] | ||
Total loans | 2,590,630 | 1,141,061 |
Commercial loan [Member] | ||
Loan Receivables (Details) - Schedule of maturities of loan balances [Line Items] | ||
Total loans | 1,095,757 | 673,327 |
Personal loan [Member] | ||
Loan Receivables (Details) - Schedule of maturities of loan balances [Line Items] | ||
Total loans | 18,084,261 | 18,019,408 |
Within 1 year [Member] | ||
Loan Receivables (Details) - Schedule of maturities of loan balances [Line Items] | ||
Total loans | 18,776,945 | 15,246,239 |
Within 1 year [Member] | Mortgage [Member] | ||
Loan Receivables (Details) - Schedule of maturities of loan balances [Line Items] | ||
Total loans | 1,955,132 | 1,019,780 |
Within 1 year [Member] | Commercial loan [Member] | ||
Loan Receivables (Details) - Schedule of maturities of loan balances [Line Items] | ||
Total loans | 839,603 | 673,327 |
Within 1 year [Member] | Personal loan [Member] | ||
Loan Receivables (Details) - Schedule of maturities of loan balances [Line Items] | ||
Total loans | 15,982,210 | 13,553,132 |
1-5 years [Member] | ||
Loan Receivables (Details) - Schedule of maturities of loan balances [Line Items] | ||
Total loans | 2,523,324 | 4,587,557 |
1-5 years [Member] | Mortgage [Member] | ||
Loan Receivables (Details) - Schedule of maturities of loan balances [Line Items] | ||
Total loans | 165,119 | 121,281 |
1-5 years [Member] | Commercial loan [Member] | ||
Loan Receivables (Details) - Schedule of maturities of loan balances [Line Items] | ||
Total loans | 256,154 | |
1-5 years [Member] | Personal loan [Member] | ||
Loan Receivables (Details) - Schedule of maturities of loan balances [Line Items] | ||
Total loans | 2,102,051 | 4,466,276 |
5-10 years [Member] | ||
Loan Receivables (Details) - Schedule of maturities of loan balances [Line Items] | ||
Total loans | 470,379 | |
5-10 years [Member] | Mortgage [Member] | ||
Loan Receivables (Details) - Schedule of maturities of loan balances [Line Items] | ||
Total loans | 470,379 | |
5-10 years [Member] | Commercial loan [Member] | ||
Loan Receivables (Details) - Schedule of maturities of loan balances [Line Items] | ||
Total loans | ||
5-10 years [Member] | Personal loan [Member] | ||
Loan Receivables (Details) - Schedule of maturities of loan balances [Line Items] | ||
Total loans | ||
More than 10 years [Member] | ||
Loan Receivables (Details) - Schedule of maturities of loan balances [Line Items] | ||
Total loans | ||
More than 10 years [Member] | Mortgage [Member] | ||
Loan Receivables (Details) - Schedule of maturities of loan balances [Line Items] | ||
Total loans | ||
More than 10 years [Member] | Commercial loan [Member] | ||
Loan Receivables (Details) - Schedule of maturities of loan balances [Line Items] | ||
Total loans | ||
More than 10 years [Member] | Personal loan [Member] | ||
Loan Receivables (Details) - Schedule of maturities of loan balances [Line Items] | ||
Total loans |
Loan Receivables (Details) - _5
Loan Receivables (Details) - Schedule of credit quality exposures - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Loan Receivables (Details) - Schedule of credit quality exposures [Line Items] | ||
Total credit grades loans | $ 21,770,028 | $ 19,833,796 |
Mortgage [Member] | ||
Loan Receivables (Details) - Schedule of credit quality exposures [Line Items] | ||
Total credit grades loans | 2,651,782 | 1,517,505 |
Commercial loan [Member] | ||
Loan Receivables (Details) - Schedule of credit quality exposures [Line Items] | ||
Total credit grades loans | 1,094,872 | |
Personal loan [Member] | ||
Loan Receivables (Details) - Schedule of credit quality exposures [Line Items] | ||
Total credit grades loans | 18,023,374 | 17,129,953 |
Commercial loan [Member] | ||
Loan Receivables (Details) - Schedule of credit quality exposures [Line Items] | ||
Total credit grades loans | 1,186,338 | |
Other assets especially mentioned [Member] | ||
Loan Receivables (Details) - Schedule of credit quality exposures [Line Items] | ||
Total credit grades loans | 14,524,064 | 15,722,069 |
Other assets especially mentioned [Member] | Mortgage [Member] | ||
Loan Receivables (Details) - Schedule of credit quality exposures [Line Items] | ||
Total credit grades loans | 2,054,970 | 1,427,646 |
Other assets especially mentioned [Member] | Commercial loan [Member] | ||
Loan Receivables (Details) - Schedule of credit quality exposures [Line Items] | ||
Total credit grades loans | 588,006 | |
Other assets especially mentioned [Member] | Personal loan [Member] | ||
Loan Receivables (Details) - Schedule of credit quality exposures [Line Items] | ||
Total credit grades loans | 11,881,088 | 13,108,085 |
Other assets especially mentioned [Member] | Commercial loan [Member] | ||
Loan Receivables (Details) - Schedule of credit quality exposures [Line Items] | ||
Total credit grades loans | 1,186,338 | |
Substandard [Member] | ||
Loan Receivables (Details) - Schedule of credit quality exposures [Line Items] | ||
Total credit grades loans | 653,542 | 330,278 |
Substandard [Member] | Mortgage [Member] | ||
Loan Receivables (Details) - Schedule of credit quality exposures [Line Items] | ||
Total credit grades loans | 58,245 | |
Substandard [Member] | Commercial loan [Member] | ||
Loan Receivables (Details) - Schedule of credit quality exposures [Line Items] | ||
Total credit grades loans | ||
Substandard [Member] | Personal loan [Member] | ||
Loan Receivables (Details) - Schedule of credit quality exposures [Line Items] | ||
Total credit grades loans | 595,297 | 330,278 |
Substandard [Member] | Commercial loan [Member] | ||
Loan Receivables (Details) - Schedule of credit quality exposures [Line Items] | ||
Total credit grades loans | ||
Doubtful [Member] | ||
Loan Receivables (Details) - Schedule of credit quality exposures [Line Items] | ||
Total credit grades loans | 6,592,422 | 3,781,449 |
Doubtful [Member] | Mortgage [Member] | ||
Loan Receivables (Details) - Schedule of credit quality exposures [Line Items] | ||
Total credit grades loans | 538,567 | 89,859 |
Doubtful [Member] | Commercial loan [Member] | ||
Loan Receivables (Details) - Schedule of credit quality exposures [Line Items] | ||
Total credit grades loans | 506,866 | |
Doubtful [Member] | Personal loan [Member] | ||
Loan Receivables (Details) - Schedule of credit quality exposures [Line Items] | ||
Total credit grades loans | 5,546,989 | 3,691,590 |
Doubtful [Member] | Commercial loan [Member] | ||
Loan Receivables (Details) - Schedule of credit quality exposures [Line Items] | ||
Total credit grades loans | ||
Loss [Member] | ||
Loan Receivables (Details) - Schedule of credit quality exposures [Line Items] | ||
Total credit grades loans | ||
Loss [Member] | Mortgage [Member] | ||
Loan Receivables (Details) - Schedule of credit quality exposures [Line Items] | ||
Total credit grades loans | ||
Loss [Member] | Commercial loan [Member] | ||
Loan Receivables (Details) - Schedule of credit quality exposures [Line Items] | ||
Total credit grades loans | ||
Loss [Member] | Personal loan [Member] | ||
Loan Receivables (Details) - Schedule of credit quality exposures [Line Items] | ||
Total credit grades loans | ||
Loss [Member] | Commercial loan [Member] | ||
Loan Receivables (Details) - Schedule of credit quality exposures [Line Items] | ||
Total credit grades loans |
Digital Assets (Details)
Digital Assets (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Digital Assetstextblock Abstract | ||
Digital assets | $ 0 | $ 35,451 |
Digital Assets (Details) - Sche
Digital Assets (Details) - Schedule of changes in carrying value of digital assets - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 30, 2022 | Dec. 31, 2021 | |
Digital Assets (Details) - Schedule of changes in carrying value of digital assets [Line Items] | |||
Digital assets, opening | $ 35,451 | $ 35,451 | |
Revenue received by digital assets | 13,972,882 | $ 3,266,085 | |
Expense paid by digital assets | (13,983,979) | (3,203,528) | |
Purchase | 12,810 | ||
Disposal | 10,903 | ||
Impairment loss | (35,257) | (39,916) | |
Digital assets, ending | 35,451 | ||
USDT | |||
Digital Assets (Details) - Schedule of changes in carrying value of digital assets [Line Items] | |||
Digital assets, opening | 25,576 | 25,576 | |
Revenue received by digital assets | 3,867,232 | 3,008,129 | |
Expense paid by digital assets | (3,897,501) | (2,982,553) | |
Purchase | |||
Disposal | 4,693 | ||
Impairment loss | |||
Digital assets, ending | 25,576 | ||
OKT | |||
Digital Assets (Details) - Schedule of changes in carrying value of digital assets [Line Items] | |||
Digital assets, opening | 34 | 34 | |
Revenue received by digital assets | |||
Expense paid by digital assets | (3) | (22) | |
Purchase | 57 | ||
Disposal | (8) | ||
Impairment loss | (23) | (1) | |
Digital assets, ending | 34 | ||
ETH | |||
Digital Assets (Details) - Schedule of changes in carrying value of digital assets [Line Items] | |||
Digital assets, opening | 5,658 | 5,658 | |
Revenue received by digital assets | 44,408 | 257,956 | |
Expense paid by digital assets | (25,643) | (214,677) | |
Purchase | 269 | ||
Disposal | (15,003) | ||
Impairment loss | (9,420) | (37,890) | |
Digital assets, ending | 5,658 | ||
BNB | |||
Digital Assets (Details) - Schedule of changes in carrying value of digital assets [Line Items] | |||
Digital assets, opening | 1,612 | 1,612 | |
Revenue received by digital assets | 958 | ||
Expense paid by digital assets | (630) | (6,050) | |
Purchase | 7,766 | ||
Disposal | (1,297) | ||
Impairment loss | (643) | (104) | |
Digital assets, ending | 1,612 | ||
BUSD | |||
Digital Assets (Details) - Schedule of changes in carrying value of digital assets [Line Items] | |||
Digital assets, opening | |||
Revenue received by digital assets | 10,060,274 | ||
Expense paid by digital assets | (10,060,200) | ||
Disposal | 22,525 | ||
Impairment loss | (22,599) | ||
Digital assets, ending | |||
COTK | |||
Digital Assets (Details) - Schedule of changes in carrying value of digital assets [Line Items] | |||
Digital assets, opening | 2,571 | 2,571 | |
Revenue received by digital assets | |||
Expense paid by digital assets | (226) | ||
Purchase | 4,718 | ||
Disposal | |||
Impairment loss | (2,571) | (1,921) | |
Digital assets, ending | $ 2,571 | ||
MATIC | |||
Digital Assets (Details) - Schedule of changes in carrying value of digital assets [Line Items] | |||
Digital assets, opening | |||
Revenue received by digital assets | $ 10 | ||
Expense paid by digital assets | (2) | ||
Disposal | (7) | ||
Impairment loss | (1) | ||
Digital assets, ending |
Digital Assets (Details) - Sc_2
Digital Assets (Details) - Schedule of breakdown of cyptocurrencies - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Digital aseets | $ 35,451 | |
USDT [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Digital aseets | 25,576 | |
OKT [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Digital aseets | 34 | |
ETH [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Digital aseets | 5,658 | |
BNB [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Digital aseets | 1,612 | |
COTK [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Digital aseets | $ 2,571 |
Inventories (Details) - Schedul
Inventories (Details) - Schedule of inventories | 12 Months Ended | |
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Schedule of Inventories [Abstract] | ||
No. of token, beginning balance | 7 | |
No. of art and collectible items, beginning balance | 45 | |
Total amount, beginning balance (in Dollars) | $ 2,103,038 | |
No. of token, Purchased | ||
No. of art and collectible items, Purchased | 100 | 58 |
Total amount, Purchased (in Dollars) | $ 2,027,667 | $ 3,111,542 |
No. of token, Token minted | 41 | 20 |
No. of art and collectible items, Token minted | ||
No. of token, Sold | (40) | (12) |
No. of art and collectible items, Sold | (76) | (12) |
Total amount, Sold (in Dollars) | $ (2,965,818) | $ (993,020) |
No. of token, Marketing expense | (1) | |
No. of art and collectible items, Marketing expense | (1) | |
Total amount, Marketing expense (in Dollars) | $ (15,484) | |
No. of token ,ending balance | 8 | 7 |
No. of art and collectible items, ending balance | 69 | 45 |
Total amount, ending balance (in Dollars) | $ 1,164,887 | $ 2,103,038 |
Produced Content Cost (Details)
Produced Content Cost (Details) - Schedule of total capitalized produced content by predominant monetization strategy - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Produced content: | ||
Total capitalized | ||
Less: impairment loss | (611,529) | |
Released, net of amortization [Member] | ||
Produced content: | ||
Total capitalized | ||
Completed, not released [Member] | ||
Produced content: | ||
Total capitalized | ||
In-process [Member] | ||
Produced content: | ||
Total capitalized | $ 611,529 |
Properrty and Equipment (Detail
Properrty and Equipment (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation expense | $ 7,540 | $ 29,401 |
Properrty and Equipment (Deta_2
Properrty and Equipment (Details) - Schedule of property and equipment - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Schedule of Property and Equipment [Abstract] | ||
Computer equipment | $ 109,727 | $ 109,729 |
Less: accumulated depreciation | (52,640) | (50,459) |
Total | $ 57,087 | $ 59,270 |
Intangible Assets, Net (Details
Intangible Assets, Net (Details) - USD ($) | 12 Months Ended | |||
Oct. 15, 2022 | Jul. 01, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Intangible Assets, Net (Details) [Line Items] | ||||
Consideration amount | $ 1,884 | $ 2,039,270 | ||
Intangible Assets, Net [Member] | ||||
Intangible Assets, Net (Details) [Line Items] | ||||
Amortization of intangible assets | $ 3,811,701 | $ 829,575 | ||
Marvel Digital Group Limited [Member] | ||||
Intangible Assets, Net (Details) [Line Items] | ||||
Consideration amount | $ 2,000,000 | |||
Term of liscence agreements | 4 years | |||
NFTL [Member] | ||||
Intangible Assets, Net (Details) [Line Items] | ||||
Ownership acquired | 51% | |||
Common stock issued in exchange (in Shares) | 2,350,229 | |||
Software operating and maintenance service term | 2 years |
Intangible Assets, Net (Detai_2
Intangible Assets, Net (Details) - Schedule of intangible assets - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
At cost: | ||
Less: accumulated amortization | $ (4,052,889) | $ (829,575) |
Foreign translation adjustment | 8,356 | 4 |
At cost, Net | $ 13,339,427 | 18,554,389 |
Acquired technology software [Member] | ||
At cost: | ||
Estimated useful life | 5 years | |
At cost | $ 17,344,690 | 17,344,690 |
Licensed technology knowhow [Member] | ||
At cost: | ||
Estimated useful life | 4 years | |
At cost | 2,000,000 | |
Trademarks and trade name [Member] | ||
At cost: | ||
Estimated useful life | 10 years | |
At cost | $ 39,270 | $ 39,270 |
Intangible Assets, Net (Detai_3
Intangible Assets, Net (Details) - Schedule of estimated amortization expense for intangible assets | Dec. 31, 2022 USD ($) |
Schedule of Estimated Amortization Expense For Intangible Assets [Abstract] | |
2023 | $ 3,330,150 |
2024 | 3,330,150 |
2025 | 3,330,150 |
2026 | 3,330,150 |
2027 | 3,766 |
Thereafter | 15,061 |
Total | $ 13,339,427 |
Loan Payables (Details)
Loan Payables (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Loan Payables (Details) [Line Items] | ||
Repayable term | 1 year | |
Interest related loan payable | $ 1,823,536 | $ 489,836 |
Loan payable | $ 405,972 | $ 733,937 |
Minimum [Member] | ||
Loan Payables (Details) [Line Items] | ||
Annual interest rate | 18% | |
Maximum [Member] | ||
Loan Payables (Details) [Line Items] | ||
Annual interest rate | 21% |
Amounts Due to Related Parties
Amounts Due to Related Parties (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Amounts Due to Related Parties (Details) [Line Items] | ||
Additional non-cash interest | $ 949,790 | |
Market rate percentage | 5% | |
Related Party [Member] | ||
Amounts Due to Related Parties (Details) [Line Items] | ||
Related party balances | $ 23,931,078 | $ 20,954,836 |
Leases (Details)
Leases (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Text Block [Abstract] | ||
Terms lease | 2 years | |
Percentage of lease payments | 5% | |
Lessee, Operating Lease, Remaining Lease Term | 1 year | |
Right-of-use assets | $ 160,945 | $ 298,317 |
Lease liabilities | 166,525 | 310,032 |
Lease expenses | $ 43,438 | $ 121,215 |
Leases (Details) - Schedule of
Leases (Details) - Schedule of lease obligations - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Schedule Of Lease Obligations Abstract | ||
2023 | $ 141,428 | |
2024 | 30,019 | |
Total | 171,447 | |
Less: interest | (4,922) | |
Operating lease liability | 166,525 | |
Present value of lease liabilities – current liabilities | 130,800 | |
Present value of lease liabilities – non-current liabilities | $ 29,725 | $ 78,216 |
Convertibles Note Payables (Det
Convertibles Note Payables (Details) | 1 Months Ended | 12 Months Ended | ||
Aug. 02, 2022 USD ($) | Aug. 02, 2022 HKD ($) | Aug. 26, 2022 USD ($) | Dec. 31, 2022 USD ($) | |
Convertibles Note Payables (Details) [Line Items] | ||||
Accrued convertible notes interest expense (in Dollars) | $ 979 | |||
Grand Gallery Limited [Member] | ||||
Convertibles Note Payables (Details) [Line Items] | ||||
Issued and outstanding, percentage | 80% | 80% | ||
Chan Hin Yip Note [Member] | ||||
Convertibles Note Payables (Details) [Line Items] | ||||
weighted average closing price, percentage | 90% | 90% | ||
Bear interest, percentage | 1% | 1% | ||
Due date | Feb. 02, 2023 | Feb. 02, 2023 | ||
1800 Diagonal Note [Member] | ||||
Convertibles Note Payables (Details) [Line Items] | ||||
Bear interest, percentage | 8% | |||
Due date | Aug. 26, 2023 | |||
Original principal amount (in Dollars) | $ 89,250 | |||
Funding price equal, percentage | 65% | |||
Mr. Chan [Member] | ||||
Convertibles Note Payables (Details) [Line Items] | ||||
Purchase price | $ 167,308 | $ 305,000 | ||
Equity owner percentage | 5% | 5% |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details) | 12 Months Ended |
Dec. 31, 2022 shares | |
Stock-Based Companesation [Abstract] | |
Shares issued | 73,694,483 |
Stock-Based Compensation (Det_2
Stock-Based Compensation (Details) - Schedule of stock-based compensation expenses - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of stock-based compensation expenses [Abstract] | ||
Corporate development expenses | $ 26,177,743 | |
Technology and development expenses | 32,447,000 | |
Sales and marketing expenses | 26,419,645 | |
General and administrative expenses | 4,201,701 | |
Total | $ 89,246,089 |
Stockholders' Deficit (Details)
Stockholders' Deficit (Details) | 12 Months Ended | |||||||||||||||
Dec. 15, 2022 shares | Sep. 17, 2022 shares | Oct. 15, 2021 shares | Jun. 17, 2021 shares | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 USD ($) $ / shares shares | Dec. 21, 2022 shares | Sep. 16, 2022 $ / shares shares | Aug. 18, 2022 $ / shares shares | May 24, 2022 $ / shares shares | May 19, 2022 shares | Feb. 10, 2022 $ / shares shares | Jan. 19, 2022 shares | Oct. 25, 2021 USD ($) $ / shares shares | Oct. 25, 2021 GBP (£) shares | Jul. 23, 2021 USD ($) $ / shares shares | |
Stockholders' Deficit (Details) [Line Items] | ||||||||||||||||
Common shares authorized | 500,000,000 | |||||||||||||||
Common share, par value (in Dollars per share) | $ / shares | $ 0.001 | |||||||||||||||
Common stock, shares outstanding | 358,067,481 | |||||||||||||||
Common stock issued for transacation, shares | 400,000,000 | |||||||||||||||
Price per share (in Dollars per share) | $ / shares | $ 4 | $ 4 | $ 0.826 | $ 1.5 | $ 4 | |||||||||||
Common stock issued for transacation, shares | 454,398,143 | |||||||||||||||
Common stock, shares issued | 454,398,143 | 358,067,481 | 45,256,142 | 1,452,785 | 164,516 | 64,200 | 26,921,356 | |||||||||
Stock-based compensation (in Dollars) | $ | $ 24,344,248 | |||||||||||||||
Common stock shares to be issued | 6,086,062 | |||||||||||||||
Common stock to be issued | 400,000,000 | 806,321,356 | 1,452,785 | |||||||||||||
Massive Treasure Limited [Member] | ||||||||||||||||
Stockholders' Deficit (Details) [Line Items] | ||||||||||||||||
Business acquisition ownership percentage | 100% | 100% | ||||||||||||||
Mr. Tan [Member] | ||||||||||||||||
Stockholders' Deficit (Details) [Line Items] | ||||||||||||||||
Price per share (in Dollars per share) | $ / shares | $ 4 | |||||||||||||||
Stock-based compensation (in Dollars) | $ | $ 941,176 | |||||||||||||||
Massive Treasure Limited [Member] | ||||||||||||||||
Stockholders' Deficit (Details) [Line Items] | ||||||||||||||||
Price of art collectibles | $ | $ 19,120 | |||||||||||||||
Williamsburg Venture Holdings, LLC [Member] | ||||||||||||||||
Stockholders' Deficit (Details) [Line Items] | ||||||||||||||||
Common stock, shares issued | 100,000 | |||||||||||||||
Mr. Tan [Member] | ||||||||||||||||
Stockholders' Deficit (Details) [Line Items] | ||||||||||||||||
Common stock, shares outstanding | 235,294 | |||||||||||||||
Lee Ying Chiu Herbert [Member] | ||||||||||||||||
Stockholders' Deficit (Details) [Line Items] | ||||||||||||||||
Shares issued | 400,000,000 | |||||||||||||||
Phoenix Waters Productions (HK) Limited [Member] | ||||||||||||||||
Stockholders' Deficit (Details) [Line Items] | ||||||||||||||||
Equity interest | 51% | |||||||||||||||
Massive Treasure Limited [Member] | ||||||||||||||||
Stockholders' Deficit (Details) [Line Items] | ||||||||||||||||
Common stock to be issued | 1,078,269,470 | |||||||||||||||
Number of entities acquired | 12 | 12 | ||||||||||||||
Additional common stock issued business acquisition | 55,641,014 | |||||||||||||||
Common stock issued for transacation, shares | 4,780 | |||||||||||||||
Set of art collectibles | 57 | |||||||||||||||
Price of art collectibles | $ | $ 1,334,710 | |||||||||||||||
Price per share (in Dollars per share) | $ / shares | $ 4 | |||||||||||||||
Cash settlement (in Dollars) | $ | $ 8,558 | |||||||||||||||
Total service fee (in Dollars) | $ | $ 27,678 | |||||||||||||||
Massive Treasure Limited [Member] | Business Acquisition [Member] | ||||||||||||||||
Stockholders' Deficit (Details) [Line Items] | ||||||||||||||||
Acquisition consummated date | Sep. 17, 2022 | |||||||||||||||
Dr. Lee [Member] | ||||||||||||||||
Stockholders' Deficit (Details) [Line Items] | ||||||||||||||||
Common stock, shares outstanding | 800,000,000 | |||||||||||||||
Lee Ying Chiu Herbert [Member] | ||||||||||||||||
Stockholders' Deficit (Details) [Line Items] | ||||||||||||||||
Number of entities acquired | 12 | |||||||||||||||
Common stock issued for transacation, shares | 22,218,603 | 180,855 | ||||||||||||||
Price per share (in Dollars per share) | $ / shares | $ 4 | |||||||||||||||
Ownership acquired | 51% | |||||||||||||||
Common stock issued in exchange | 2,350,229 | |||||||||||||||
Coinllectibles Private Limited [Member] | ||||||||||||||||
Stockholders' Deficit (Details) [Line Items] | ||||||||||||||||
Common stock issued for transacation, shares | 43,633 | 43,633 | ||||||||||||||
Price of art collectibles | $ 100,000 | £ 260,000 | ||||||||||||||
Price per share (in Dollars per share) | $ / shares | $ 4 | |||||||||||||||
Common stock issued for transacation, shares | 12,500 | 12,500 | ||||||||||||||
Cash payment after collectible | $ 50,000 | £ 130,000 | ||||||||||||||
Grand Gallery Limited [Member] | ||||||||||||||||
Stockholders' Deficit (Details) [Line Items] | ||||||||||||||||
Price per share (in Dollars per share) | $ / shares | $ 4 | |||||||||||||||
Common stock, shares issued | 153,060 | |||||||||||||||
Grand Gallery Limited [Member] | Business Acquisition [Member] | ||||||||||||||||
Stockholders' Deficit (Details) [Line Items] | ||||||||||||||||
Equity interest | 80% |
Net Loss Per Share (Details)
Net Loss Per Share (Details) | Dec. 31, 2022 $ / shares |
Earnings Per Share [Abstract] | |
Per share | $ 0.01 |
Net Loss Per Share (Details) -
Net Loss Per Share (Details) - Schedule of basic and diluted net loss per share - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule Of Basic And Diluted Net Loss Per Share Abstract | ||
Net loss attributable to the Company | $ (104,126,076) | $ (25,149,399) |
Weighted average common shares: | ||
- Basic | 374,086,727 | 340,488,988 |
- Diluted | 374,086,727 | 340,488,988 |
Net loss per share: | ||
- Basic | $ (0.28) | $ (0.07) |
- Diluted | $ (0.28) | $ (0.07) |
Income Tax (Details)
Income Tax (Details) - USD ($) | 12 Months Ended | ||
Jan. 01, 2018 | Dec. 31, 2022 | Dec. 31, 2021 | |
Republic of Singapore [Member] | |||
Income Tax (Details) [Line Items] | |||
Effective Tax Rate | 17% | ||
United States of America [Member] | |||
Income Tax (Details) [Line Items] | |||
Net operating losses (in Dollars) | $ 18,552,215 | ||
Deferred tax valuation allowance (in Dollars) | $ 15,324,707 | ||
Maximum [Member] | |||
Income Tax (Details) [Line Items] | |||
Corporate tax rate | 35% | ||
Maximum [Member] | Hong Kong [Member] | |||
Income Tax (Details) [Line Items] | |||
Effective Tax Rate | 16.50% | ||
Minimum [Member] | |||
Income Tax (Details) [Line Items] | |||
Corporate tax rate | 21% | ||
Minimum [Member] | Hong Kong [Member] | |||
Income Tax (Details) [Line Items] | |||
Effective Tax Rate | 8.25% |
Income Tax (Details) - Schedule
Income Tax (Details) - Schedule of foreign components of loss before income taxes - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax (Details) - Schedule of foreign components of loss before income taxes [Line Items] | ||
Loss before income taxes | $ (97,073,942) | $ (24,715,142) |
Domestic Tax Authority [Member] | ||
Income Tax (Details) - Schedule of foreign components of loss before income taxes [Line Items] | ||
Loss before income taxes | (490,152) | (328,355) |
British Virgin Islands (“BVI”) [Member] | ||
Income Tax (Details) - Schedule of foreign components of loss before income taxes [Line Items] | ||
Loss before income taxes | (5,203,746) | (6,939,313) |
Singapore [Member] | ||
Income Tax (Details) - Schedule of foreign components of loss before income taxes [Line Items] | ||
Loss before income taxes | (90,145,335) | (18,552,215) |
Hong Kong [Member] | ||
Income Tax (Details) - Schedule of foreign components of loss before income taxes [Line Items] | ||
Loss before income taxes | $ (1,234,709) | $ 1,104,741 |
Income Tax (Details) - Schedu_2
Income Tax (Details) - Schedule of provision for income taxes - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of Provision For Income Taxes [Abstract] | ||
Current tax: | ||
Local | ||
Foreign | 299,714 | 434,257 |
Deferred tax | ||
Local | ||
Foreign | ||
Income tax expense | $ 299,714 | $ 434,257 |
Income Tax (Details) - Schedu_3
Income Tax (Details) - Schedule of reconciliation of income tax rate to the effective income tax rate - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of reconciliation of income tax rate to the effective income tax rate [Abstract] | ||
income (Loss) before income taxes | $ (90,145,335) | $ (18,552,215) |
Statutory income tax rate | 17% | 17% |
Income tax (benefit) expense at statutory rate | $ (15,324,707) | $ (3,153,877) |
Net operating loss | 15,324,707 | 3,153,877 |
Income tax expense | ||
Hong Kong Profits Tax [Member] | ||
Schedule of reconciliation of income tax rate to the effective income tax rate [Abstract] | ||
income (Loss) before income taxes | $ (1,234,709) | $ 1,104,741 |
Statutory income tax rate | 16.50% | 16.50% |
Income tax (benefit) expense at statutory rate | $ (203,727) | $ 182,282 |
Tax effect of non-deductible items | 498,132 | 270,371 |
Tax effect of non-taxable items | (7,710) | (38,582) |
Net operating loss | 13,019 | 20,186 |
Income tax expense | $ 299,714 | $ 434,257 |
Income Tax (Details) - Schedu_4
Income Tax (Details) - Schedule of the deferred tax assets and liabilities - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Deferred tax assets: | ||
US tax regime | $ 102,932 | $ 68,955 |
Singapore tax regime | 15,324,707 | 3,153,877 |
Hong Kong tax regime | 13,019 | 20,186 |
Less: valuation allowance | (15,440,658) | (3,243,018) |
Deferred tax assets, net |
Pension Costs (Details)
Pension Costs (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Retirement Benefits [Abstract] | ||
Pension contributions | $ 35,618 | $ 29,760 |
Related Party Transactions (Det
Related Party Transactions (Details) | 1 Months Ended | 12 Months Ended | ||||||||||||
Feb. 02, 2023 | Sep. 01, 2022 USD ($) | Aug. 02, 2022 USD ($) | Aug. 02, 2022 HKD ($) | Jul. 02, 2022 USD ($) | Jan. 31, 2023 | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 USD ($) $ / shares shares | Dec. 15, 2022 shares | Sep. 30, 2022 USD ($) | Sep. 30, 2022 HKD ($) | Sep. 16, 2022 $ / shares shares | Aug. 18, 2022 $ / shares | May 24, 2022 $ / shares | |
Related Party Transactions (Details) [Line Items] | ||||||||||||||
Aggregate amount for development | $ 50,000,000 | |||||||||||||
Developmental costs | $ 5,000,000 | |||||||||||||
Purchase price | $ 167,308 | $ 305,000 | ||||||||||||
Common stock, share issued (in Shares) | shares | 400,000,000 | 806,321,356 | 1,452,785 | |||||||||||
Share price (in Dollars per share) | $ / shares | $ 4 | $ 4 | $ 0.826 | $ 1.5 | $ 4 | |||||||||
Interest per annum | 12% | |||||||||||||
Term of repayable | 1 year | |||||||||||||
Common stock shares (in Shares) | shares | 400,000,000 | |||||||||||||
Digital assets payable term | 4 years | |||||||||||||
Stock-based compensation | $ 941,176 | |||||||||||||
Forecast [Member] | ||||||||||||||
Related Party Transactions (Details) [Line Items] | ||||||||||||||
Interest per annum | 1% | |||||||||||||
Penalty on repayment percentage | 1% | |||||||||||||
Mr. Chan [Member] | ||||||||||||||
Related Party Transactions (Details) [Line Items] | ||||||||||||||
Equity owner percentage | 5% | 5% | ||||||||||||
Chan Hip Yip [Member] | ||||||||||||||
Related Party Transactions (Details) [Line Items] | ||||||||||||||
Conversion price percentage | 90% | 90% | ||||||||||||
Mr Lee [Member] | ||||||||||||||
Related Party Transactions (Details) [Line Items] | ||||||||||||||
Purchase price | $ 1,851,520 | |||||||||||||
Consideration amount | $ 1,334,710 | |||||||||||||
Common stock shares (in Shares) | shares | 180,855 | |||||||||||||
Fixed license fee | $ 2,000,000 | |||||||||||||
Dr. Lee [Member] | ||||||||||||||
Related Party Transactions (Details) [Line Items] | ||||||||||||||
Notes payable | $ 65,225 | $ 512,000 | ||||||||||||
Loan payable | $ 240,086 | $ 939,554 | ||||||||||||
Mr. Tan [Member] | ||||||||||||||
Related Party Transactions (Details) [Line Items] | ||||||||||||||
Common stock to be issued (in Shares) | shares | 235,294 | |||||||||||||
Mr Lee [Member] | ||||||||||||||
Related Party Transactions (Details) [Line Items] | ||||||||||||||
Management service fee | $ 2,746,911 | |||||||||||||
Mr. Tan [Member] | ||||||||||||||
Related Party Transactions (Details) [Line Items] | ||||||||||||||
Director fee | 90,000 | |||||||||||||
Grand Gallery Limited [Member] | ||||||||||||||
Related Party Transactions (Details) [Line Items] | ||||||||||||||
Issued and outstanding securities percentage | 80% | 80% | ||||||||||||
Dr. Lee [Member] | ||||||||||||||
Related Party Transactions (Details) [Line Items] | ||||||||||||||
Management service fee | $ 1,800,000 | |||||||||||||
Technical service fee | $ 1,200,000 |
Concentrations of Risk (Details
Concentrations of Risk (Details) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Single Customer [Member] | ||
Concentrations of Risk (Details) [Line Items] | ||
Revenue Exceeded | 10% | 10% |
Commitments and Contingencies (
Commitments and Contingencies (Details) | 12 Months Ended |
Dec. 31, 2022 USD ($) shares | |
Commitments and Contingencies (Details) [Line Items] | |
Common stock, shares issued | shares | 100,000 |
Williamsburg Venture Holdings, LLC [Member] | |
Commitments and Contingencies (Details) [Line Items] | |
Investment receivable | $ | $ (30,000,000) |
Purchase price percentage | 88% |
Subsequent Events (Details)
Subsequent Events (Details) - Subsequent Event [Member] | Mar. 28, 2023 HKD ($) |
JL Investments Capital Limited [Member] | |
Subsequent Events [Line Items] | |
Loan amount | $ 190,000,000 |
Interest loan | 10% |
Ta Yang Group Holdings Limited [Member] | |
Subsequent Events [Line Items] | |
Loan amount | $ 190,000,000 |
Interest loan | 24% |