Cover
Cover - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Mar. 06, 2024 | Jun. 30, 2022 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Interactive Data Current | Yes | ||
ICFR Auditor Attestation Flag | false | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2023 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Documents Incorporated by Reference [Text Block] | None | ||
Entity Information [Line Items] | |||
Entity Registrant Name | COSMOS GROUP HOLDINGS INC. | ||
Entity Central Index Key | 0001706509 | ||
Entity File Number | 000-545793 | ||
Entity Tax Identification Number | 90-1177460 | ||
Entity Incorporation, State or Country Code | NV | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Shell Company | false | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Public Float | $ 740,548,650 | ||
Entity Contact Personnel [Line Items] | |||
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 | ||
Entity Phone Fax Numbers [Line Items] | |||
City Area Code | + 65 | ||
Local Phone Number | 6829 7017 | ||
Entity Listings [Line Items] | |||
Title of 12(b) Security | Common Stock, $0.001 par value | ||
No Trading Symbol Flag | true | ||
Entity Common Stock, Shares Outstanding | 4,585,973,082 |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2023 | |
Auditor [Table] | |
Auditor Name | Olayinka Oyebola & Co. |
Auditor Firm ID | 5968 |
Auditor Location | Lagos, Nigeria |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 39,590 | $ 142,870 |
Account receivables | 872,319 | 180,181 |
Inventories | 1,116,086 | 1,164,887 |
Prepayments and other receivables | 6,758,168 | 17,456 |
Income tax receivable | 442 | 442 |
Assets of discontinued operations | 21,107,957 | |
Total current assets | 8,786,605 | 22,613,793 |
Non-current assets: | ||
Property and equipment, net | 1,331 | 2,163 |
Intangible assets | 9,867,053 | 13,339,427 |
Assets of discontinued operations | 3,154,981 | |
TOTAL ASSETS | 18,654,989 | 39,110,364 |
Current liabilities: | ||
Accounts payable | 2,721,162 | 2,381,429 |
Accrued liabilities and other payables | 148,585 | 327,201 |
Accrued consulting and service fee | 16,671,088 | 2,851,719 |
Convertible note payables | 197,792 | 383,058 |
Promissory Note Payables | 39,053,735 | |
Liabilities of discontinued operations | 20,905,206 | |
Total current liabilities | 65,453,469 | 32,693,033 |
Non-current liabilities: | ||
Liabilities of discontinued operations | 29,725 | |
TOTAL LIABILITIES | 65,453,469 | 32,722,758 |
Commitments and contingencies | ||
STOCKHOLDERS’ (DEFICIT) EQUITY | ||
Common stock, $0.001 par value; 5,000,000,000 shares authorized; 1,931,024,294 and 454,398,143 issued and outstanding as of December 31, 2023 and 2022 | 1,931,024 | 454,398 |
Common stock to be issued | 400,000 | |
Additional paid-in capital | 156,736,912 | 133,631,985 |
Accumulated other comprehensive (loss) income | (28,338) | 18,554 |
Accumulated deficit | (205,447,983) | (128,107,220) |
Stockholders’ equity (deficit) attributable to COSG Group Holdings Inc. | (46,808,385) | 6,397,717 |
Noncontrolling interest | 9,905 | (10,111) |
Stockholders’ (deficit) equity | (46,798,480) | 6,387,606 |
TOTAL LIABILITIES AND STOCKHOLDERS’ (DEFICIT) EQUITY | 18,654,989 | 39,110,364 |
Related Party | ||
Current liabilities: | ||
Amounts due to related parties | $ 6,661,107 | $ 5,844,420 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Dec. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (in Dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 5,000,000,000 | 5,000,000,000 |
Common stock, shares issued | 1,931,024,294 | 454,398,143 |
Common stock, shares outstanding | 1,931,024,294 | 454,398,143 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Loss - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Revenues: | ||
Arts and collectibles technology income | $ 618,197 | $ 14,059,050 |
Cost of revenue: | ||
Arts and collectibles technology expense | (386,157) | (3,019,794) |
Gross profit | 232,040 | 11,039,256 |
Operating expenses: | ||
Sales and marketing | (1,706,772) | (27,097,616) |
Corporate development | (867,193) | (26,898,128) |
Technology and support | (3,694,807) | (43,301,993) |
General and administrative expenses | (21,889,296) | (10,408,547) |
Total operating expenses | (28,158,068) | (107,706,284) |
LOSS FROM OPERATION | (27,926,028) | (96,667,028) |
Other income (expense): | ||
Interest income | 196 | 528 |
Convertible notes interest expense | (111,306) | (4,868) |
Gain from the sale of digital assets | 181 | |
Impairment loss on digital assets | (12,633) | |
Impairment loss on goodwill | (816,263) | |
Loan interest expense | (151,777) | (1,360) |
Loss on disposal of subsidiaries | (48,652,535) | (5,129,854) |
Sundry income | 829 | |
Total other expense, net | (48,915,422) | (5,963,440) |
LOSS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | (76,841,450) | (102,630,468) |
Income tax credit | 3,303 | |
LOSS FROM CONTINUING OPERATIONS | (76,841,450) | (102,627,165) |
DISCONTINUED OPERATIONS: | ||
(Loss) income from discontinued operations, net of income taxes | (489,543) | 922,358 |
NET LOSS | (77,330,993) | (101,704,807) |
Net income (loss) attributable to noncontrolling interest | 9,770 | (34,064) |
Net loss attributable to common shareholders | (77,340,763) | (101,670,743) |
Other comprehensive (loss) income: | ||
Foreign currency adjustment (loss) income | (46,892) | 26,142 |
COMPREHENSIVE LOSS | $ (77,387,655) | $ (101,644,601) |
Net loss per share – Basic and Diluted (in Dollars per share) | $ (0.06) | $ (0.27) |
Weighted average common shares outstanding: | ||
Basic and Diluted (in Shares) | 1,341,825,986 | 374,086,727 |
Consolidated Statements of Op_2
Consolidated Statements of Operations and Comprehensive Loss (Parentheticals) - $ / shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Income Statement [Abstract] | ||
Net loss per share – Diluted | $ (0.06) | $ (0.27) |
Diluted | 1,341,825,986 | 374,086,727 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Cash flows from operating activities: | ||
Net loss | $ (77,330,993) | $ (101,704,807) |
Less: net (income) loss from discontinued operations | (489,543) | 922,358 |
Net loss from continuing operations | (76,841,450) | (102,627,165) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities | ||
Depreciation of property and equipment | 829 | 3,194 |
Amortization of intangible assets | 3,392,423 | 3,931,641 |
Imputed interest expense | 949,790 | |
Revenue received by digital assets (non-cash) | (30,005,442) | |
Expense settled by digital assets (non-cash) | 29,607,771 | |
Impairment loss on digital assets | 12,633 | |
Impairment loss on goodwill | 816,263 | |
Loss on the sale of digital assets | (181) | |
Shares issued for services rendered | 10,322,092 | 86,572,168 |
Loss on disposal of subsidiaries | 48,644,345 | 5,129,854 |
Change in operating assets and liabilities: | ||
Account receivables | (692,138) | |
Inventories | 48,801 | 938,151 |
Prepayments and other receivables | 434,967 | 94,191 |
Accounts payables | 339,733 | 2,141,273 |
Accrued liabilities and other payables | (161,751) | (226,137) |
Accrued consulting and service fee | 13,819,369 | 5,769,457 |
Produced content cost | 543,895 | |
Income tax payable | 7,618 | |
Net cash (used in) provided by operating activities – Continuing operations | (692,780) | 3,658,974 |
Net cash provided by (used in) activities – Discontinued operations | 359,671 | (709,632) |
Net cash (used in) provided by operating activities | (333,109) | 2,949,342 |
Cash flows from investing activities: | ||
Payment to acquire property and equipment | (2,859) | |
Purchase of intangible assets | (145) | (1,884) |
Cash from acquisition of non-controlling interest | 10,246 | 1,005,654 |
Net cash provided by investing activities – Continuing operations | 10,101 | 1,000,911 |
Net cash provided by investing activities – Discontinued operations | ||
Net cash provided by investing activities | 10,101 | 1,000,911 |
Cash flows from financing activities: | ||
Repayment to related parties | (1,113,045) | (3,563,086) |
Proceeds from convertible note payables | 412,783 | |
Net cash used in financing activities – Continuing operations | (1,113,045) | (3,150,303) |
Net cash (used in) provided by financing activities – Discontinued operations | (736,700) | 758,856 |
Net cash used in financing activities | (1,849,745) | (2,391,447) |
Foreign currency translation adjustment | (256,485) | (221,106) |
Net change in cash and cash equivalents | (2,429,238) | 1,337,700 |
BEGINNING OF YEAR | 2,468,828 | 1,131,128 |
END OF YEAR | 39,590 | 2,468,828 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||
Cash paid for income taxes | ||
Cash paid for interest | 94,724 | 405,972 |
NON-CASH INVESTING AND FINANCING ACTIVITIES: | ||
Shares issued for the acquisition of intangible assets | $ 21,845,128 |
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) income | (Accumulated losses) | Non- controlling interest | Total |
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 | ||||||
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 | 86,572,168 | |||
Share issued for service rendered (in Shares) | 73,694,483 | ||||||
Shares issued for acquired subsidiary | $ 22,536 | 1,083,785 | (94,470) | 1,011,853 | |||
Shares issued for acquired subsidiary (in Shares) | 22,536,179 | ||||||
Foreign currency translation adjustment | 26,142 | 14 | 26,156 | ||||
Net (loss) income for the year | (101,670,743) | (34,064) | (101,704,807) | ||||
Balance at Dec. 31, 2022 | $ 454,398 | 400,000 | 133,631,985 | 18,554 | (128,107,220) | (10,111) | $ 6,387,606 |
Balance (in Shares) at Dec. 31, 2022 | 454,398,143 | 454,398,143 | |||||
Imputed interest on related party loans | 460,893 | $ 460,893 | |||||
Shares cancelled | $ (353) | 353 | |||||
Shares cancelled (in Shares) | (352,941) | ||||||
Shares cancelled for disposal of subsidiaries | $ (8,120) | 13,296,888 | 13,288,768 | ||||
Shares cancelled for disposal of subsidiaries (in Shares) | (8,119,657) | ||||||
Share redemption | $ 67,172 | 42,628 | 109,800 | ||||
Share redemption (in Shares) | 67,171,977 | ||||||
Share issued for service rendered | $ 1,017,927 | 9,304,165 | 10,322,092 | ||||
Share issued for service rendered (in Shares) | 1,017,926,772 | ||||||
Shares issued for acquired subsidiary | $ 400,000 | $ (400,000) | 10,246 | 10,246 | |||
Shares issued for acquired subsidiary (in Shares) | 400,000,000 | ||||||
Foreign currency translation adjustment | (46,892) | (46,892) | |||||
Net (loss) income for the year | (77,340,763) | 9,770 | (77,330,993) | ||||
Balance at Dec. 31, 2023 | $ 1,931,024 | $ 156,736,912 | $ (28,338) | $ (205,447,983) | $ 9,905 | $ (46,798,480) | |
Balance (in Shares) at Dec. 31, 2023 | 1,931,024,294 | 1,931,024,294 |
Organization and Business Backg
Organization and Business Background | 12 Months Ended |
Dec. 31, 2023 | |
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 an online platform for the sale and distribution of arts and collectibles around the world, through the use of blockchain technologies and minting token. Description of subsidiaries Company name Place of incorporation Principal activities Particulars of Effective Massive Treasure Limited BVI, limited liability company Investment holding 50,000 ordinary shares with a par value of US$1 each 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 % Healthy Finance Limited# Hong Kong, limited liability company Money lending service in Hong Kong 10,000 ordinary shares for HK$10,000 51 % 8M Limited^ Hong Kong, limited liability company Money lending service in Hong Kong 10 ordinary shares for HK$10 100 % Dragon Group Mortgage Limited# Hong Kong, limited liability company Money lending service in Hong Kong 10,000 ordinary shares for HK$10,000 51 % E-on Finance Limited^ Hong Kong, limited liability company Money lending service in Hong Kong 2 ordinary shares for HK$2 100 % Lee Kee Finance Limited^ 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^ Hong Kong, limited liability company Money lending service in Hong Kong 10,000 ordinary shares for HK$10,000 51 % Long Journey Finance Limited^ Hong Kong, limited liability company Money lending service in Hong Kong 100 ordinary shares for HK$100 51 % Vaav Limited^ Hong Kong, limited liability company Money lending service in Hong Kong 10,000 ordinary shares for HK$10,000 51 % Star Credit Limited^ 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 % 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 % # These subsidiaries were disposed on June 30, 2023 ^ These subsidiaries were disposed on September 30, 2023 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Summary of Significant 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, 2023. ● 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, 2023 and 2022, 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, 2023 2022 Sale of arts and collectibles products $ 618,197 $ 5,508,675 Transaction fee income and others - 8,550,375 $ 618,197 $ 14,059,050 Numbers of transactions: Number of arts and collectibles sold 13 65 Number of secondary platform transactions - 767 ● 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, 2023 and 2022. ● 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, 2023 December 31, 2022 Year-end HKD:US$ exchange rate 0.1281 0.1281 Annualized average HKD:US$ exchange rate 0.1277 0.1277 December 31, 2023 December 31, 2022 Year-end SGD:US$ exchange rate 0.7575 0.7450 Annualized average SGD:US$ exchange rate 0.7445 0.7254 ● 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, 2023, 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. The Company also recognizes long service payments to be made by the Company to its employees upon the termination of services as a defined benefit plan under post-employment benefits. The cost of providing benefits is measured using projected unit credit method with actuarial valuations to determine its present value and service cost. When the calculation results in a benefit to the Company, the recognized assets limited to lower of the present value of economic benefits available in the form of any future refunds from the plan or reductions in future contributions to the plan and the asset ceiling. The net defined benefit liabilities recognized in the statement of financial position represent the present value of the obligation under defined benefit plan minus the fair value of plan assets. The Company carried out comprehensive actuarial valuation at the end of reporting period. The remeasurement of the net defined benefit liabilities during a period are recognized as cost of defined benefit plan during the period. ● 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. 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, 2023 | |
Going Concern Uncertainties [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 $77,391,995 for the year ended December 31, 2023 and had an accumulated deficit of $205,499,215 at December 31, 2023. 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, 2023 | |
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, 2023 2022 Interest income (from discontinued operation) $ 3,102,101 $ 6,550,670 ACT income: - Sale of arts and collectibles products 618,197 5,508,675 - Transaction fee income and others - 8,550,375 618,197 14,059,050 $ 3,720,298 $ 20,609,720 |
Business Segment Information
Business Segment Information | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023 Lending (discontinued operation) ACT Total Revenue from external customers: Interest income $ 3,102,101 $ - $ 3,102,101 Arts and collectibles technology income - 618,197 618,197 Total revenue, net 3,102,101 618,197 3,720,298 Cost of revenue: Interest expense (94,843 ) - (94,843 ) Arts and collectibles technology expense - (386,157 ) (386,157 ) Total cost of revenue (94,843 ) (386,157 ) (481,000 ) Gross profit 3,007,258 232,040 3,239,298 Operating Expenses Sales and marketing (119,377 ) (1,706,772 ) (1,826,149 ) Corporate development - (867,193 ) (867,193 ) Technology and development - (3,694,807 ) (3,694,807 ) General and administrative (5,075,640 ) (19,427,301 ) (24,502,941 ) Total operating expenses (5,195,017 ) (25,696,073 ) (30,891,090 ) Segment loss (2,187,759 ) (25,464,033 ) (27,651,792 ) Year Ended December 31, 2022 Lending Segment (discontinued operation) ACT Segment 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 ) As of December 31, 2023 Lending ACT Total Segment assets $ 6,803,037 $ 11,851,952 $ 18,654,989 As of December 31, 2022 Lending Segment ACT Segment Total Segment assets $ 24,322,240 $ 14,787,682 $ 39,109,922 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, 2023 2022 Hong Kong $ 3,102,101 $ 6,550,670 Around the world # 618,197 14,059,050 $ 3,720,298 $ 20,609,720 # 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. |
Loan Receivables
Loan Receivables | 12 Months Ended |
Dec. 31, 2023 | |
Loan Receivables [Abstract] | |
LOAN RECEIVABLES | NOTE 6 - LOAN RECEIVABLES The Company’s loan portfolio was as follows:- As of December 31, 2023 2022 Personal loans $ - $ 19,960,400 Commercial loans - 1,095,772 Mortgage loans - 2,651,781 Total loans - 23,707,953 Less: Allowance for loan losses - (2,849,954 ) Loans receivables, net $ - 20,857,999 Less: Loans receivables, net – discontinued operations - (20,857,999 ) Loans receivables, net – continuing operations - - Reclassifying as: Current portion – discontinued operations $ - $ 17,757,942 Non-current portion – discontinued operations - 3,100,057 Total loans receivables – discontinued operations $ - $ 20,857,999 The interest rates on loans issued were ranged from 13% to 59% (2022: from 13% to 59%) per annum for the year ended December 31, 2023. 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 from discontinued operations as of and for the years ended December 31, 2023 and 2022: December 31, December 31, Balance at Beginning of Year $ 3,360,931 $ 781,202 Provisions - 2,580,790 Foreign translation adjustment - (1,061 ) Less: Discontinued operations (3,360,931 ) - Balance at End of Year $ - $ 3,360,931 For the years ended December 31, 2023 and 2022, the Company had $0 and $2,580,790 provision for the allowance of loan losses from discontinued operations. 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 Personal December 31, Mortgage Commercial Personal December 31, $ $ $ $ $ $ $ $ Within credit term - - - - 2,056,706 588,913 13,801,711 16,447,330 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 Total loans - - - - 2,651,781 1,095,772 19,960,400 23,707,953 LOAN MATURITY BY CLASS The following table presents the maturities of loan balances for the years presented: Maturities Mortgage Commercial Personal December 31, Mortgage Commercial Personal December 31, $ $ $ $ $ $ $ $ Within 1 year - - - - 2,016,283 839,618 17,858,349 20,714,250 1-5 years - - - - 165,119 256,154 2,102,051 2,523,324 5-10 years - - - - 470,379 - - 470,379 More than 10 years - - - - - - - - Total loans - - - - 2,651,781 1,095,772 19,960,400 23,707,953 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 loan Personal loan December 31, Mortgage Commercial loan Personal December 31, $ $ $ $ $ $ $ $ Other assets especially mentioned - - - - 2,054,969 588,906 13,818,114 16,461,989 Substandard - - - - 58,245 - 595,297 653,542 Doubtful - - - - 538,567 506,866 5,546,989 6,592,422 Loss - - - - - - - - Total loans - - - - 2,651,781 1,095,772 19,960,400 23,707,953 |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2023 | |
Inventory Disclosure [Abstract] | |
INVENTORIES | NOTE 7 - INVENTORIES A summary of inventories as of December 31, 2023 and 2022 is as follows: As of December 31, 2023 No. of No. of art and Total Balance at January 1, 2023 8 69 $ 1,164,887 Purchased - 13 397,089 Sold - (13 ) 397,089 Balance at December 31, 2023 8 69 $ 1,116,086 As of December 31, 2022 No. of 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 |
Produced Content Cost
Produced Content Cost | 12 Months Ended |
Dec. 31, 2023 | |
Produced Content Cost [Abstract] | |
PRODUCED CONTENT COST | NOTE 8 - PRODUCED CONTENT COST Total capitalized produced content by predominant monetization strategy as of December 31, 2023 and 2022 is as follows: December 31, 2023 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, 2023 as the production of the film is still in process. At December 31, 2023, the Company made a full impairment to the capitalized produced content cost. |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2023 | |
Property and Equipment [Abstract] | |
PROPERTY AND EQUIPMENT | NOTE 9 - PROPERTY AND EQUIPMENT A summary of property and equipment at December 31, 2023 and 2022 is as follows: As of December 31, 2023 2022 Computer equipment $ 3,328 $ 109,727 Less: accumulated depreciation (1,997 ) (52,640 ) Property and equipment, net 1,331 57,087 Less: Property and equipment, net – discontinued operations - (54,924 ) Property and equipment, net – continuing operations $ 1,331 $ 2,163 Depreciation expense from continuing operations for the year ended December 31, 2023 and 2022 totalled $829 and $3,194, respectively. Depreciation expense from discontinued operations for the year ended December 31, 2023 and 2022 totalled $2,918 and $4,346, respectively. At December 31, 2023, the Company recognized a full impairment charge to property and equipment of discontinued operations. |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2023 | |
Intangible Assets, Net [Abstract] | |
INTANGIBLE ASSETS | NOTE 10 - INTANGIBLE ASSETS A summary of intangible assets at December 31, 2023 and 2022 is as follows: Estimated As of December 31, useful life 2023 2022 At cost: Acquired technology software 5 years $ 17,344,690 $ 17,344,690 Trademarks and trade name 10 years 39,415 39,270 Less: accumulated amortization (7,445,312 ) (4,052,889 ) Foreign translation adjustment (71,740 ) 8,356 Intangible assets, net – continuing operations $ 9,867,053 $ 13,339,427 As of December 31, 2023, the estimated amortization expense for intangible assets for each of the succeeding five years and thereafter is as follows: Year ending December 31: Amount 2024 $ 3,473,722 2025 3,473,722 2026 2,895,613 2027 4,824 2028 4,824 Thereafter 14,248 $ 9,867,053 Amortization of intangible assets from continuing operations for the years ended December 31, 2023 and 2022 totaled $3,392,423 and $3,931,641, respectively. |
Loan Payables
Loan Payables | 12 Months Ended |
Dec. 31, 2023 | |
Loan Payables [Abstract] | |
LOAN PAYABLES | NOTE 11 - 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 from discontinued operations was $0 and $1,823,536 as of December 31, 2023 and December 31, 2022, respectively. Interest related to the loan payables from discontinued operations was $151,777 and $405,972 for the years ended December 31, 2023 and 2022, respectively. |
Amounts Due to Related Parties
Amounts Due to Related Parties | 12 Months Ended |
Dec. 31, 2023 | |
Amounts Due to Related Parties [Abstract] | |
AMOUNTS DUE TO RELATED PARTIES | NOTE 12 - 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 from continuing operations were $6,661,107 and $5,844,420 as of December 31, 2023 and December 31, 2022, respectively. The related party balances from discontinued operations were $0 and $18,086,658 as of December 31, 2023 and December 31, 2022, respectively. During the year ended December 31, 2023, the Company recorded and imputed additional non-cash interest from discontinued operations of $461,477 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, 2023 | |
Leases [Abstract] | |
LEASES | NOTE 13 - 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, 2023, right-of-use assets from discontinued operations were $0 and lease liabilities were $0\. As of December 31, 2022, right-of-use assets from discontinued operations were $160,945 and lease liabilities were $166,525. For the years ended December 31, 2023 and 2022, the Company charged to operating lease from discontinued operations as expenses of $89,745 and $43,438, respectively. |
Convertibles Note Payables
Convertibles Note Payables | 12 Months Ended |
Dec. 31, 2023 | |
Convertibles Note Payables [Abstract] | |
CONVERTIBLES NOTE PAYABLES | NOTE 14 - 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 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. Root Ventures Note On November 11, 2022, the Company and Root Ventures, LLC (“Root Ventures”) entered into a Securities Purchase Agreement, whereby the Company issued a promissory note to Root Ventures (“Root Ventures Note”) in the original principal amount of $33,000. The Root Ventures 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 60% of the average of two (2) lowest trading price of the Company’s common stock for the fifteen (15) trading days prior to conversion. The Root Ventures Note bears interest at 10% per annum and is due on November 10, 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, 2023, the Company did not prepay the convertible note payables and accrued convertible notes interest expense of $197,792 and $22,788, respectively. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2023 | |
Stock Based Compensation [Abstract] | |
STOCK-BASED COMPANESATION | NOTE 15 - STOCK-BASED COMPENSATION On May 19, 2022, the Company filed a Registration Statement on Form S-8 and includes a Reoffer Prospectus that the Reoffer Prospectus may be used for reoffers and resales of shares of the Company. The Reoffer Prospectus covers the Shares issuable to the Selling Securityholders pursuant to awards granted to the Selling Securityholders under the Coinllectibles Inc. 2022 Stock Incentive Plan. The Company will not receive any proceeds from the sale of the shares offered by the Reoffer Prospectus. As of December 31, 2023, there were 1,017,926,772 shares of the Company have been 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 three and nine months ended December 31, 2023 and 2022: Years ended December 31, 2023 2022 Corporate development expenses $ - $ 26,177,743 Technology and development expenses - 32,447,000 Sales and marketing expenses - 26,419,645 General and administrative expenses 17,765,480 4,201,701 $ 17,765,480 $ 89,246,089 |
Stockholders_ Deficit
Stockholders’ Deficit | 12 Months Ended |
Dec. 31, 2023 | |
Stockholders Equity [Abstract] | |
STOCKHOLDERS’ DEFICIT | NOTE 16 - STOCKHOLDERS’ DEFICIT Authorized stock The Company’s authorized share is 5,000,000,000 common shares with a par value of $0.001. Common stock outstanding During the year ended December 31, 2023, the Company issued 1,017,926,772 shares of its common stock to consultants who have provided services to the Company under the Coinllectibles Inc. 2022 Stock Incentive Plan. The stock-based compensation expenses for shares granted consultants during the years ended December 31, 2023 and 2022 were $17,765,480 and $4,201,701, respectively. As of December 31, 2023 and 2022, the Company had a total of 1,931,024,294 shares and 454,398,143 shares of its common stock issued and outstanding, respectively. |
Net Loss Per Share
Net Loss Per Share | 12 Months Ended |
Dec. 31, 2023 | |
Net Loss Per Share [Abstract] | |
NET LOSS PER SHARE | NOTE 17 - 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, 2023 2022 Net loss attributable to the Company $ (77,340,763 ) $ (101,670,743 ) Weighted average common shares: - Basic 1,341,825,986 374,086,727 - Diluted 1,341,825,986 374,086,727 Net loss per share: - Basic $ (0.06 ) $ (0.27 ) - Diluted $ (0.06 ) $ (0.27 ) For the years ended December 31, 2023 and 2022, 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, 2023 | |
Income Tax [Abstract] | |
INCOME TAX | NOTE 18 - INCOME TAX For the years ended December 31, 2023 and 2022, the local (“United States of America”) and foreign components of loss before income taxes were comprised of the following: Years ended December 31, 2023 2022 Tax jurisdiction from: - Local $ (529,748 ) $ (490,152 ) - Foreign, including British Virgin Islands (“BVI”) (17,319,689 ) (5,203,746 ) Singapore (81,705 ) (90,145,335 ) Hong Kong – continuing operations (51,177,433 ) (2,460,084 ) Hong Kong – discontinued operations (133,908 ) 1,225,375 Loss before income taxes $ (69,242,483 ) $ (97,073,942 ) The provision for income taxes consisted of the following: Years ended December 31, 2023 2022 Current tax: $ - $ - - Local - - - Foreign – continuing operations - 3,303 - Foreign – discontinued operations 355,910 296,411 Deferred tax - Local - - - Foreign - - Income tax expense $ 355,910 $ 299,714 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, 2023 and 2022, 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, 2023, the operation in the Singapore incurred $10,011,585 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 $1,701,969 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, 2023 2022 Loss before income taxes $ (81,705 ) $ (90,145,335 ) Statutory income tax rate 17 % 17 % Income tax expense at statutory rate (13,890 ) (15,324,707 ) Net operating loss 13,890 15,324,707 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, 2023 and 2022 is as follows: Years ended December 31, 2023 2022 (Loss) income before income taxes $ (51,311,341 ) $ (1,234,709 ) Statutory income tax rate 16.5 % 16.5 % Income tax (benefit) expense at statutory rate (8,466,371 ) (203,727 ) Tax effect of non-deductible items 378,394 498,132 Tax effect of non-taxable items - (7,710 ) Net operating loss 8,443,888 13,019 Income tax expense 355,910 299,714 Income tax expense – discontinued operations (355,910 ) (296,411 ) Income tax expense – continuing operations $ - $ 3,303 The following table sets forth the significant components of the deferred tax assets of the Company: As of December 31, 2023 2022 Deferred tax assets: Net operating loss carryforward, from US tax regime $ 111,247 $ 102,932 Singapore tax regime 13,890 15,324,707 Hong Kong tax regime 8,443,888 13,019 Less: valuation allowance (8,569,025 ) (15,440,658 ) Deferred tax assets, net $ - $ - |
Pension Costs
Pension Costs | 12 Months Ended |
Dec. 31, 2023 | |
Pension Costs [Abstract] | |
PENSION COSTS | NOTE 19 - 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 and Singapore. 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, 2023 and 2022, $19,885 and $35,618 contributions from discontinued operations were made accordingly. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 20 - 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, 2023 and 2022, the Company paid the management service fee of $0 and $2,746,911, to a company controlled by its major shareholder and former director, Dr. Lee. During the year ended December 31, 2023 and 2022, the Company paid the director fee of $96,000 and $90,000 to Mr. Tan, a director of the Company, for his service to the Company’s subsidiary. Apart from the transactions and balances detailed elsewhere in these accompanying consolidated financial statements, the Company has no other significant or material related party transactions during the years presented. |
Concentrations of Risk
Concentrations of Risk | 12 Months Ended |
Dec. 31, 2023 | |
Concentrations of Risk [Abstract] | |
CONCENTRATIONS OF RISK | NOTE 21 - CONCENTRATIONS OF RISK The Company is exposed to the following concentrations of risk: (a) Major customers For the years ended December 31, 2023 and 2022, there was no single customer whose revenue exceeded 10% of the revenue. (b) Economic and political risk The Company’s major operations are conducted in Singapore and Hong Kong. Accordingly, the political, economic, and legal environments in Singapore and Hong Kong, as well as the general state of Singapore and Hong Kong’s economy may influence the Company’s business, financial condition, and results of operations. (c) Exchange rate risk The Company cannot guarantee that the current exchange rate will remain steady; therefore there is a possibility that the Company could post the same amount of profit for two comparable periods and because of the fluctuating exchange rate actually post higher or lower profit depending on exchange rate of HKD converted to US$ on that date. The exchange rate could fluctuate depending on changes in political and economic environments without notice. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 22 - COMMITMENTS AND CONTINGENCIES As of December 31, 2023, the Company has no material commitments or contingencies. On December 31, 2021, 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, 2021, 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. As of December 31, 2023, the remaining balance for Equity Purchase from the Investor was $30,000,000. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2023 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 23 - SUBSEQUENT EVENTS In accordance with ASC Topic 855, “ Subsequent Events |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Pay vs Performance Disclosure | ||
Net Income (Loss) | $ (77,340,763) | $ (101,670,743) |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Dec. 31, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Summary of Significant 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, 2023. |
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 |
Digital 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, 2023 and 2022, 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, 2023 2022 Sale of arts and collectibles products $ 618,197 $ 5,508,675 Transaction fee income and others - 8,550,375 $ 618,197 $ 14,059,050 Numbers of transactions: Number of arts and collectibles sold 13 65 Number of secondary platform transactions - 767 |
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, 2023 and 2022. |
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, 2023 December 31, 2022 Year-end HKD:US$ exchange rate 0.1281 0.1281 Annualized average HKD:US$ exchange rate 0.1277 0.1277 December 31, 2023 December 31, 2022 Year-end SGD:US$ exchange rate 0.7575 0.7450 Annualized average SGD:US$ exchange rate 0.7445 0.7254 |
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, 2023, 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 | ● 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. The Company also recognizes long service payments to be made by the Company to its employees upon the termination of services as a defined benefit plan under post-employment benefits. The cost of providing benefits is measured using projected unit credit method with actuarial valuations to determine its present value and service cost. When the calculation results in a benefit to the Company, the recognized assets limited to lower of the present value of economic benefits available in the form of any future refunds from the plan or reductions in future contributions to the plan and the asset ceiling. The net defined benefit liabilities recognized in the statement of financial position represent the present value of the obligation under defined benefit plan minus the fair value of plan assets. The Company carried out comprehensive actuarial valuation at the end of reporting period. The remeasurement of the net defined benefit liabilities during a period are recognized as cost of defined benefit plan during the period. |
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. 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, 2023 | |
Organization and Business Background [Abstract] | |
Schedule of Description of Subsidiaries | Description of subsidiaries Company name Place of incorporation Principal activities Particulars of Effective Massive Treasure Limited BVI, limited liability company Investment holding 50,000 ordinary shares with a par value of US$1 each 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 % Healthy Finance Limited# Hong Kong, limited liability company Money lending service in Hong Kong 10,000 ordinary shares for HK$10,000 51 % 8M Limited^ Hong Kong, limited liability company Money lending service in Hong Kong 10 ordinary shares for HK$10 100 % Dragon Group Mortgage Limited# Hong Kong, limited liability company Money lending service in Hong Kong 10,000 ordinary shares for HK$10,000 51 % E-on Finance Limited^ Hong Kong, limited liability company Money lending service in Hong Kong 2 ordinary shares for HK$2 100 % Lee Kee Finance Limited^ 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^ Hong Kong, limited liability company Money lending service in Hong Kong 10,000 ordinary shares for HK$10,000 51 % Long Journey Finance Limited^ Hong Kong, limited liability company Money lending service in Hong Kong 100 ordinary shares for HK$100 51 % Vaav Limited^ Hong Kong, limited liability company Money lending service in Hong Kong 10,000 ordinary shares for HK$10,000 51 % Star Credit Limited^ 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 % 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 % # These subsidiaries were disposed on June 30, 2023 ^ These subsidiaries were disposed on September 30, 2023 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Summary of Significant Accounting Policies [Abstract] | |
Schedule of Digital Assets Held by the Company | 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 |
Schedule of Property and Equipment | 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 |
Schedule of Revenue from Contracts with Customers | The following table shows the types of revenue from contracts with customers and the number of the underlying transactions: Years ended December 31, 2023 2022 Sale of arts and collectibles products $ 618,197 $ 5,508,675 Transaction fee income and others - 8,550,375 $ 618,197 $ 14,059,050 Numbers of transactions: Number of arts and collectibles sold 13 65 Number of secondary platform transactions - 767 |
Schedule of Translation of Amounts | Translation of amounts from HKD and SGD into US$ has been made at the following exchange rates for the following periods: December 31, 2023 December 31, 2022 Year-end HKD:US$ exchange rate 0.1281 0.1281 Annualized average HKD:US$ exchange rate 0.1277 0.1277 December 31, 2023 December 31, 2022 Year-end SGD:US$ exchange rate 0.7575 0.7450 Annualized average SGD:US$ exchange rate 0.7445 0.7254 |
Disaggregation of Revenue (Tabl
Disaggregation of Revenue (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disaggregation of Revenue [Abstract] | |
Schedule of Disaggregation of the Company’s Operating Revenue by Major Source | The following is a disaggregation of the Company’s operating revenue by major source for the respective years:- Years ended December 31, 2023 2022 Interest income (from discontinued operation) $ 3,102,101 $ 6,550,670 ACT income: - Sale of arts and collectibles products 618,197 5,508,675 - Transaction fee income and others - 8,550,375 618,197 14,059,050 $ 3,720,298 $ 20,609,720 |
Business Segment Information (T
Business Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Business Segment Information [Abstract] | |
Schedule of Reconciliation of the Disaggregated Revenue | The table also includes a reconciliation of the disaggregated revenue with the reportable segments. Year Ended December 31, 2023 Lending (discontinued operation) ACT Total Revenue from external customers: Interest income $ 3,102,101 $ - $ 3,102,101 Arts and collectibles technology income - 618,197 618,197 Total revenue, net 3,102,101 618,197 3,720,298 Cost of revenue: Interest expense (94,843 ) - (94,843 ) Arts and collectibles technology expense - (386,157 ) (386,157 ) Total cost of revenue (94,843 ) (386,157 ) (481,000 ) Gross profit 3,007,258 232,040 3,239,298 Operating Expenses Sales and marketing (119,377 ) (1,706,772 ) (1,826,149 ) Corporate development - (867,193 ) (867,193 ) Technology and development - (3,694,807 ) (3,694,807 ) General and administrative (5,075,640 ) (19,427,301 ) (24,502,941 ) Total operating expenses (5,195,017 ) (25,696,073 ) (30,891,090 ) Segment loss (2,187,759 ) (25,464,033 ) (27,651,792 ) Year Ended December 31, 2022 Lending Segment (discontinued operation) ACT Segment 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 ) As of December 31, 2023 Lending ACT Total Segment assets $ 6,803,037 $ 11,851,952 $ 18,654,989 As of December 31, 2022 Lending Segment ACT Segment Total Segment assets $ 24,322,240 $ 14,787,682 $ 39,109,922 |
Schedule of Financial Information Concerning the Geographic Segments | 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, 2023 2022 Hong Kong $ 3,102,101 $ 6,550,670 Around the world # 618,197 14,059,050 $ 3,720,298 $ 20,609,720 # 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. |
Loan Receivables (Tables)
Loan Receivables (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Loan Receivables [Abstract] | |
Schedule of Company’s Loan Portfolio | The Company’s loan portfolio was as follows:- As of December 31, 2023 2022 Personal loans $ - $ 19,960,400 Commercial loans - 1,095,772 Mortgage loans - 2,651,781 Total loans - 23,707,953 Less: Allowance for loan losses - (2,849,954 ) Loans receivables, net $ - 20,857,999 Less: Loans receivables, net – discontinued operations - (20,857,999 ) Loans receivables, net – continuing operations - - Reclassifying as: Current portion – discontinued operations $ - $ 17,757,942 Non-current portion – discontinued operations - 3,100,057 Total loans receivables – discontinued operations $ - $ 20,857,999 |
Schedule of Activity in the Allowance for Loan Losses from Discontinued Operations | The following table presents the activity in the allowance for loan losses from discontinued operations as of and for the years ended December 31, 2023 and 2022: December 31, December 31, Balance at Beginning of Year $ 3,360,931 $ 781,202 Provisions - 2,580,790 Foreign translation adjustment - (1,061 ) Less: Discontinued operations (3,360,931 ) - Balance at End of Year $ - $ 3,360,931 |
Schedule of Includes an Aging Analysis of Loans as of the Dates Indicated | The following table includes an aging analysis of loans as of the dates indicated Age Analysis of Loans by Class Maturities Mortgage Commercial Personal December 31, Mortgage Commercial Personal December 31, $ $ $ $ $ $ $ $ Within credit term - - - - 2,056,706 588,913 13,801,711 16,447,330 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 Total loans - - - - 2,651,781 1,095,772 19,960,400 23,707,953 Maturities Mortgage Commercial Personal December 31, Mortgage Commercial Personal December 31, $ $ $ $ $ $ $ $ Within 1 year - - - - 2,016,283 839,618 17,858,349 20,714,250 1-5 years - - - - 165,119 256,154 2,102,051 2,523,324 5-10 years - - - - 470,379 - - 470,379 More than 10 years - - - - - - - - Total loans - - - - 2,651,781 1,095,772 19,960,400 23,707,953 |
Schedule of Credit Quality Exposures by Internally Assigned Risk Ratings | The following table presents credit quality exposures by internally assigned risk ratings as of the dates indicated: Credit grades Mortgage Commercial loan Personal loan December 31, Mortgage Commercial loan Personal December 31, $ $ $ $ $ $ $ $ Other assets especially mentioned - - - - 2,054,969 588,906 13,818,114 16,461,989 Substandard - - - - 58,245 - 595,297 653,542 Doubtful - - - - 538,567 506,866 5,546,989 6,592,422 Loss - - - - - - - - Total loans - - - - 2,651,781 1,095,772 19,960,400 23,707,953 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | A summary of inventories as of December 31, 2023 and 2022 is as follows: As of December 31, 2023 No. of No. of art and Total Balance at January 1, 2023 8 69 $ 1,164,887 Purchased - 13 397,089 Sold - (13 ) 397,089 Balance at December 31, 2023 8 69 $ 1,116,086 As of December 31, 2022 No. of 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 |
Produced Content Cost (Tables)
Produced Content Cost (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Produced Content Cost [Abstract] | |
Schedule of Total Capitalized Produced Content by Predominant Monetization Strategy | Total capitalized produced content by predominant monetization strategy as of December 31, 2023 and 2022 is as follows: December 31, 2023 December 31, Produced content: Released, net of amortization $ - $ - Completed, not released - - In-process - 611,529 Less: impairment loss - (611,529 ) $ - $ - |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property Plant and Equipment Income Statement Disclosures [Abstract] | |
Schedule of Property and Equipmen | A summary of property and equipment at December 31, 2023 and 2022 is as follows: As of December 31, 2023 2022 Computer equipment $ 3,328 $ 109,727 Less: accumulated depreciation (1,997 ) (52,640 ) Property and equipment, net 1,331 57,087 Less: Property and equipment, net – discontinued operations - (54,924 ) Property and equipment, net – continuing operations $ 1,331 $ 2,163 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Intangible Assets, Net [Abstract] | |
Schedule of Intangible Assets | A summary of intangible assets at December 31, 2023 and 2022 is as follows: Estimated As of December 31, useful life 2023 2022 At cost: Acquired technology software 5 years $ 17,344,690 $ 17,344,690 Trademarks and trade name 10 years 39,415 39,270 Less: accumulated amortization (7,445,312 ) (4,052,889 ) Foreign translation adjustment (71,740 ) 8,356 Intangible assets, net – continuing operations $ 9,867,053 $ 13,339,427 |
Schedule of Estimated Amortization Expense for Intangible Assets | As of December 31, 2023, the estimated amortization expense for intangible assets for each of the succeeding five years and thereafter is as follows: Year ending December 31: Amount 2024 $ 3,473,722 2025 3,473,722 2026 2,895,613 2027 4,824 2028 4,824 Thereafter 14,248 $ 9,867,053 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Stock Based Compensation [Abstract] | |
Schedule of Stock-Based Compensation Expenses for Shares Granted | The following table presents the stock-based compensation expenses for shares granted consultants during the three and nine months ended December 31, 2023 and 2022: Years ended December 31, 2023 2022 Corporate development expenses $ - $ 26,177,743 Technology and development expenses - 32,447,000 Sales and marketing expenses - 26,419,645 General and administrative expenses 17,765,480 4,201,701 $ 17,765,480 $ 89,246,089 |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Net Loss Per Share [Abstract] | |
Schedule of Basic and Diluted 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, 2023 2022 Net loss attributable to the Company $ (77,340,763 ) $ (101,670,743 ) Weighted average common shares: - Basic 1,341,825,986 374,086,727 - Diluted 1,341,825,986 374,086,727 Net loss per share: - Basic $ (0.06 ) $ (0.27 ) - Diluted $ (0.06 ) $ (0.27 ) |
Income Tax (Tables)
Income Tax (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax [Abstract] | |
Schedule of Components of Loss Before Income Taxes | For the years ended December 31, 2023 and 2022, the local (“United States of America”) and foreign components of loss before income taxes were comprised of the following: Years ended December 31, 2023 2022 Tax jurisdiction from: - Local $ (529,748 ) $ (490,152 ) - Foreign, including British Virgin Islands (“BVI”) (17,319,689 ) (5,203,746 ) Singapore (81,705 ) (90,145,335 ) Hong Kong – continuing operations (51,177,433 ) (2,460,084 ) Hong Kong – discontinued operations (133,908 ) 1,225,375 Loss before income taxes $ (69,242,483 ) $ (97,073,942 ) |
Schedule of Provision for Income Taxes | The provision for income taxes consisted of the following: Years ended December 31, 2023 2022 Current tax: $ - $ - - Local - - - Foreign – continuing operations - 3,303 - Foreign – discontinued operations 355,910 296,411 Deferred tax - Local - - - Foreign - - Income tax expense $ 355,910 $ 299,714 |
Schedule of Reconciliation of Income Tax Rate to the Effective Income Tax Rate | Years ended December 31, 2023 2022 Loss before income taxes $ (81,705 ) $ (90,145,335 ) Statutory income tax rate 17 % 17 % Income tax expense at statutory rate (13,890 ) (15,324,707 ) Net operating loss 13,890 15,324,707 Income tax expense $ - $ - Years ended December 31, 2023 2022 (Loss) income before income taxes $ (51,311,341 ) $ (1,234,709 ) Statutory income tax rate 16.5 % 16.5 % Income tax (benefit) expense at statutory rate (8,466,371 ) (203,727 ) Tax effect of non-deductible items 378,394 498,132 Tax effect of non-taxable items - (7,710 ) Net operating loss 8,443,888 13,019 Income tax expense 355,910 299,714 Income tax expense – discontinued operations (355,910 ) (296,411 ) Income tax expense – continuing operations $ - $ 3,303 |
Schedule of Components of Loss Before Income Taxes | The following table sets forth the significant components of the deferred tax assets of the Company: As of December 31, 2023 2022 Deferred tax assets: Net operating loss carryforward, from US tax regime $ 111,247 $ 102,932 Singapore tax regime 13,890 15,324,707 Hong Kong tax regime 8,443,888 13,019 Less: valuation allowance (8,569,025 ) (15,440,658 ) Deferred tax assets, net $ - $ - |
Organization and Business Bac_3
Organization and Business Background (Details) - Schedule of Description of Subsidiaries | 12 Months Ended | |
Dec. 31, 2023 | ||
Massive Treasure Limited [Member] | ||
Schedule of Description of Subsidiaries [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% | |
Coinllectibles DeFi Limited [Member] | ||
Schedule of Description of Subsidiaries [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] | ||
Schedule of Description of Subsidiaries [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% | |
Healthy Finance Limited [Member] | ||
Schedule of Description of Subsidiaries [Line Items] | ||
Place of incorporation and kind of legal entity | Hong Kong, limited liability company | [1] |
Principal activities and place of operation | Money lending service in Hong Kong | [1] |
Particulars of registered/ paid up share capital | 10,000 ordinary shares for HK$10,000 | [1] |
Effective interest held | 51% | [1] |
8M Limited [Member] | ||
Schedule of Description of Subsidiaries [Line Items] | ||
Place of incorporation and kind of legal entity | Hong Kong, limited liability company | [2] |
Principal activities and place of operation | Money lending service in Hong Kong | [2] |
Particulars of registered/ paid up share capital | 10 ordinary shares for HK$10 | [2] |
Effective interest held | 100% | [2] |
Dragon Group Mortgage Limited [Member] | ||
Schedule of Description of Subsidiaries [Line Items] | ||
Place of incorporation and kind of legal entity | Hong Kong, limited liability company | [1] |
Principal activities and place of operation | Money lending service in Hong Kong | [1] |
Particulars of registered/ paid up share capital | 10,000 ordinary shares for HK$10,000 | [1] |
Effective interest held | 51% | [1] |
E-on Finance Limited [Member] | ||
Schedule of Description of Subsidiaries [Line Items] | ||
Place of incorporation and kind of legal entity | Hong Kong, limited liability company | [2] |
Principal activities and place of operation | Money lending service in Hong Kong | [2] |
Particulars of registered/ paid up share capital | 2 ordinary shares for HK$2 | [2] |
Effective interest held | 100% | [2] |
Lee Kee Finance Limited [Member] | ||
Schedule of Description of Subsidiaries [Line Items] | ||
Place of incorporation and kind of legal entity | Hong Kong, limited liability company | [2] |
Principal activities and place of operation | Money lending service in Hong Kong | [2] |
Particulars of registered/ paid up share capital | 920,000 ordinary shares for HK$920,000 | [2] |
Effective interest held | 51% | [2] |
Rich Finance (Hong Kong) Limited [Member] | ||
Schedule of Description of Subsidiaries [Line Items] | ||
Place of incorporation and kind of legal entity | Hong Kong, limited liability company | [2] |
Principal activities and place of operation | Money lending service in Hong Kong | [2] |
Particulars of registered/ paid up share capital | 10,000 ordinary shares for HK$10,000 | [2] |
Effective interest held | 51% | [2] |
Long Journey Finance Limited [Member] | ||
Schedule of Description of Subsidiaries [Line Items] | ||
Place of incorporation and kind of legal entity | Hong Kong, limited liability company | [2] |
Principal activities and place of operation | Money lending service in Hong Kong | [2] |
Particulars of registered/ paid up share capital | 100 ordinary shares for HK$100 | [2] |
Effective interest held | 51% | [2] |
Vaav Limited [Member] | ||
Schedule of Description of Subsidiaries [Line Items] | ||
Place of incorporation and kind of legal entity | Hong Kong, limited liability company | [2] |
Principal activities and place of operation | Money lending service in Hong Kong | [2] |
Particulars of registered/ paid up share capital | 10,000 ordinary shares for HK$10,000 | [2] |
Effective interest held | 51% | [2] |
Star Credit Limited [Member] | ||
Schedule of Description of Subsidiaries [Line Items] | ||
Place of incorporation and kind of legal entity | Hong Kong, limited liability company | [2] |
Principal activities and place of operation | Money lending service in Hong Kong | [2] |
Particulars of registered/ paid up share capital | 1,000,000 ordinary shares for HK$1,000,000 | [2] |
Effective interest held | 51% | [2] |
NFT Limited [Member] | ||
Schedule of Description of Subsidiaries [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] | ||
Schedule of Description of Subsidiaries [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] | ||
Schedule of Description of Subsidiaries [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% | |
Grand Gallery Limited [Member] | ||
Schedule of Description of Subsidiaries [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% | |
Phoenix Waters Group Limited [Member] | ||
Schedule of Description of Subsidiaries [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$1 each | |
Effective interest held | 100% | |
[1]These subsidiaries were disposed on June 30, 2023[2]These subsidiaries were disposed on September 30, 2023 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Summary of Significant Accounting Policies (Details) [Line Items] | ||
Impairment of goodwill | $ 51,231 | |
Income tax 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, 2023 |
USDT [Member] | Tether [Member] | |
Schedule of Digital Assets Held by the Company [Line Items] | |
Cryptocurrencies | Tether |
Currencies | USDT |
OKI [Member] | Okipad [Member] | |
Schedule of Digital Assets Held by the Company [Line Items] | |
Cryptocurrencies | Okipad |
Currencies | OKI |
ETH [Member] | Ethereum [Member] | |
Schedule of Digital Assets Held by the Company [Line Items] | |
Cryptocurrencies | Ethereum |
Currencies | ETH |
BNB [Member] | Binance Coin [Member] | |
Schedule of Digital Assets Held by the Company [Line Items] | |
Cryptocurrencies | Binance Coin |
Currencies | BNB |
BUSD [Member] | Binance U S D [Member] | |
Schedule of Digital Assets Held by the Company [Line Items] | |
Cryptocurrencies | Binance USD |
Currencies | BUSD |
COTK [Member] | Colligo Token [Member] | |
Schedule of Digital Assets Held by the Company [Line Items] | |
Cryptocurrencies | Colligo Token |
Currencies | COTK |
MATIC [Member] | Polygon [Member] | |
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, 2023 |
Computer and office equipment [Member] | |
Property, Plant 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 | 12 Months Ended | |
Dec. 31, 2023 USD ($) Transactions | Dec. 31, 2022 USD ($) Transactions | |
Schedule of Revenue from Contracts with Customers [Abstract] | ||
Sale of arts and collectibles products | $ 618,197 | $ 5,508,675 |
Transaction fee income and others | 8,550,375 | |
Total revenue | $ 618,197 | $ 14,059,050 |
Number of arts and collectibles sold (in Transactions) | Transactions | 13 | 65 |
Number of secondary platform transactions (in Transactions) | Transactions | 767 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies (Details) - Schedule of Translation of Amounts | Dec. 31, 2023 | Dec. 31, 2022 |
Year-end HKD:US$ exchange rate [Member] | ||
Schedule of Translation of Amounts [Line Items] | ||
Exchange rate | 0.1281 | 0.001281 |
Annualized average HKD:US$ exchange rate [Member] | ||
Schedule of Translation of Amounts [Line Items] | ||
Exchange rate | 0.1277 | 0.001277 |
Year-end SGD:US$ exchange rate [Member] | ||
Schedule of Translation of Amounts [Line Items] | ||
Exchange rate | 0.7575 | 0.00745 |
Annualized average SGD:US$ exchange rate [Member] | ||
Schedule of Translation of Amounts [Line Items] | ||
Exchange rate | 0.7445 | 0.007254 |
Going Concern Uncertainties (De
Going Concern Uncertainties (Details) - Health Care [Member] | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Going Concern Uncertainties [Line Items] | |
Continuous loss | $ 77,391,995 |
Accumulated deficit | $ 205,499,215 |
Disaggregation of Revenue (Deta
Disaggregation of Revenue (Details) - Schedule of Disaggregation of the Company’s Operating Revenue by Major Source - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disaggregation of Revenue [Line Items] | ||
Interest income (from discontinued operation) | $ 0 | $ 160,945 |
ACT income: | ||
ACT income | 618,197 | 14,059,050 |
Revenue | 3,720,298 | 20,609,720 |
Interest income [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Interest income (from discontinued operation) | 3,102,101 | 6,550,670 |
Sale of Arts and Collectibles Products [Member] | ||
ACT income: | ||
ACT income | 618,197 | 5,508,675 |
Transaction Fee Income and Others [Member] | ||
ACT income: | ||
ACT income | $ 8,550,375 |
Business Segment Information (D
Business Segment Information (Details) - Schedule of Reconciliation of the Disaggregated Revenue - Business Segment [Member] - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Revenue from external customers: | ||
Revenue | $ 3,720,298 | $ 20,609,720 |
Cost of revenue: | ||
Cost of revenue | (481,000) | (3,425,766) |
Gross profit | 3,239,298 | 17,183,954 |
Operating Expenses | ||
Sales and marketing | (1,826,149) | (27,371,549) |
Corporate development | (867,193) | (26,898,128) |
Technology and development | (3,694,807) | (43,301,993) |
General and administrative | (24,502,941) | (16,651,966) |
Total operating expenses | (30,891,090) | (114,223,636) |
Segment income (loss) | (27,651,792) | (97,039,682) |
Segment assets | 18,654,989 | 39,109,922 |
ACT Segment [Member] | ||
Operating Expenses | ||
Segment assets | 11,851,952 | |
Lending Segment (discontinued operation) [Member] | ||
Revenue from external customers: | ||
Revenue | 3,102,101 | 6,550,670 |
Cost of revenue: | ||
Cost of revenue | (94,843) | (405,972) |
Arts and Collectibles Technology Income [Member] | ||
Revenue from external customers: | ||
Revenue | 618,197 | 14,059,050 |
Cost of revenue: | ||
Cost of revenue | (3,019,794) | |
Arts and Collectible Technology Expense [Member] | ||
Cost of revenue: | ||
Cost of revenue | (386,157) | |
Lending Segment [Member] | ||
Revenue from external customers: | ||
Revenue | 3,102,101 | 6,550,670 |
Cost of revenue: | ||
Cost of revenue | (94,843) | (405,972) |
Gross profit | 3,007,258 | 6,144,698 |
Operating Expenses | ||
Sales and marketing | (119,377) | (273,934) |
Corporate development | ||
Technology and development | ||
General and administrative | (5,075,640) | (6,740,650) |
Total operating expenses | (5,195,017) | (7,014,584) |
Segment income (loss) | (2,187,759) | (869,886) |
Segment assets | 6,803,037 | 24,322,240 |
Lending Segment [Member] | Lending Segment (discontinued operation) [Member] | ||
Revenue from external customers: | ||
Revenue | 3,102,101 | 6,550,670 |
Cost of revenue: | ||
Cost of revenue | (94,843) | (405,972) |
Lending Segment [Member] | Arts and Collectibles Technology Income [Member] | ||
Revenue from external customers: | ||
Revenue | ||
Cost of revenue: | ||
Cost of revenue | ||
Lending Segment [Member] | Arts and Collectible Technology Expense [Member] | ||
Cost of revenue: | ||
Cost of revenue | ||
ACT Segment [Member] | ||
Revenue from external customers: | ||
Revenue | 618,197 | 14,059,050 |
Cost of revenue: | ||
Cost of revenue | (386,157) | (3,019,794) |
Gross profit | 232,040 | 11,039,256 |
Operating Expenses | ||
Sales and marketing | (1,706,772) | (27,097,615) |
Corporate development | (867,193) | (26,898,128) |
Technology and development | (3,694,807) | (43,301,993) |
General and administrative | (19,427,301) | (9,911,316) |
Total operating expenses | (25,696,073) | (107,209,052) |
Segment income (loss) | (25,464,033) | (96,169,796) |
Segment assets | 14,787,682 | |
ACT Segment [Member] | Lending Segment (discontinued operation) [Member] | ||
Revenue from external customers: | ||
Revenue | ||
Cost of revenue: | ||
Cost of revenue | ||
ACT Segment [Member] | Arts and Collectibles Technology Income [Member] | ||
Revenue from external customers: | ||
Revenue | 618,197 | 14,059,050 |
Cost of revenue: | ||
Cost of revenue | $ (3,019,794) | |
ACT Segment [Member] | Arts and Collectible Technology Expense [Member] | ||
Cost of revenue: | ||
Cost of revenue | $ (386,157) |
Business Segment Information _2
Business Segment Information (Details) - Schedule of Financial Information Concerning the Geographic Segments - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | ||
Schedule of Financial Information Concerning the Geographic Segments [Line Items] | |||
Revenues | $ 3,720,298 | $ 20,609,720 | |
Hong Kong [Member] | |||
Schedule of Financial Information Concerning the Geographic Segments [Line Items] | |||
Revenues | 3,102,101 | 6,550,670 | |
Around the world [Member] | |||
Schedule of Financial Information Concerning the Geographic Segments [Line Items] | |||
Revenues | [1] | $ 618,197 | $ 14,059,050 |
[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. |
Loan Receivables (Details)
Loan Receivables (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Loan Receivables [Line Items] | ||
Provision for allowance of loan loss (in Dollars) | $ 0 | $ 2,580,790 |
Minimum [Member] | ||
Loan Receivables [Line Items] | ||
interest rates on loans | 13% | 13% |
Loans made to either business or individual customers | 7 days | |
Maximum [Member] | ||
Loan Receivables [Line Items] | ||
interest rates on loans | 59% | 59% |
Loans made to either business or individual customers | 120 months |
Loan Receivables (Details) - Sc
Loan Receivables (Details) - Schedule of Company’s Loan Portfolio - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | $ 23,707,953 | |
Less: Allowance for loan losses | (2,849,954) | |
Loans receivables, net | 20,857,999 | |
Less: Loans receivables, net – discontinued operations | (20,857,999) | |
Loans receivables, net – continuing operations | ||
Reclassifying as: | ||
Current portion – discontinued operations | 17,757,942 | |
Non-current portion – discontinued operations | 3,100,057 | |
Total loans receivables – discontinued operations | 20,857,999 | |
Personal Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 19,960,400 | |
Commercial loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 1,095,772 | |
Mortgage Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | $ 2,651,781 |
Loan Receivables (Details) - _2
Loan Receivables (Details) - Schedule of Activity in the Allowance for Loan Losses from Discontinued Operations - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Schedule Of Activity In The Allowance For Loan Losses From Discontinued Operations Abstract | ||
Balance at Beginning of Year | $ 3,360,931 | $ 781,202 |
Provisions | 2,580,790 | |
Foreign translation adjustment | (1,061) | |
Less: Discontinued operations | (3,360,931) | |
Balance at End of Year | $ 3,360,931 |
Loan Receivables (Details) - _3
Loan Receivables (Details) - Schedule of Includes an Aging Analysis of Loans as of the Dates Indicated - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Financing Receivable, Past Due [Line Items] | ||
Within credit term | $ 16,447,330 | |
Nonaccrual | 23,707,953 | |
Total loans | 23,707,953 | |
Mortgage [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Within credit term | 2,056,706 | |
Nonaccrual | 2,651,781 | |
Total loans | 2,651,781 | |
Commercial loan [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Within credit term | 588,913 | |
Nonaccrual | 1,095,772 | |
Total loans | 1,095,772 | |
Personal loan [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Within credit term | 13,801,711 | |
Nonaccrual | 19,960,400 | |
Total loans | 19,960,400 | |
30-59 days [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | ||
30-59 days [Member] | Mortgage [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | ||
30-59 days [Member] | Commercial loan [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | ||
30-59 days [Member] | Personal loan [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | ||
60-89 days [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | ||
60-89 days [Member] | Mortgage [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | ||
60-89 days [Member] | Commercial loan [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | ||
60-89 days [Member] | Personal loan [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | ||
90 or more days due and still accruing [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | ||
90 or more days due and still accruing [Member] | Mortgage [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | ||
90 or more days due and still accruing [Member] | Commercial loan [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | ||
90 or more days due and still accruing [Member] | Personal loan [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | ||
Nonaccrual [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | 7,260,623 | |
Nonaccrual [Member] | Mortgage [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | 595,075 | |
Nonaccrual [Member] | Commercial loan [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | 506,859 | |
Nonaccrual [Member] | Personal loan [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | 6,158,689 | |
Within 1 year [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 20,714,250 | |
Within 1 year [Member] | Mortgage [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 2,016,283 | |
Within 1 year [Member] | Commercial loan [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 839,618 | |
Within 1 year [Member] | Personal loan [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 17,858,349 | |
1-5 years [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 2,523,324 | |
1-5 years [Member] | Mortgage [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 165,119 | |
1-5 years [Member] | Commercial loan [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 256,154 | |
1-5 years [Member] | Personal loan [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 2,102,051 | |
5-10 years [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 470,379 | |
5-10 years [Member] | Mortgage [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 470,379 | |
5-10 years [Member] | Commercial loan [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | ||
5-10 years [Member] | Personal loan [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | ||
More than 10 years [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | ||
More than 10 years [Member] | Mortgage [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | ||
More than 10 years [Member] | Commercial loan [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | ||
More than 10 years [Member] | Personal loan [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans |
Loan Receivables (Details) - _4
Loan Receivables (Details) - Schedule of Credit Quality Exposures by Internally Assigned Risk Ratings - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | $ 23,707,953 | |
Mortgage Loans [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 2,651,781 | |
Commercial Loan [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 1,095,772 | |
Personal Loans [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 19,960,400 | |
Other assets especially mentioned [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 16,461,989 | |
Other assets especially mentioned [Member] | Mortgage Loans [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 2,054,969 | |
Other assets especially mentioned [Member] | Commercial Loan [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 588,906 | |
Other assets especially mentioned [Member] | Personal Loans [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 13,818,114 | |
Substandard [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 653,542 | |
Substandard [Member] | Mortgage Loans [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 58,245 | |
Substandard [Member] | Commercial Loan [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | ||
Substandard [Member] | Personal Loans [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 595,297 | |
Doubtful [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 6,592,422 | |
Doubtful [Member] | Mortgage Loans [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 538,567 | |
Doubtful [Member] | Commercial Loan [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 506,866 | |
Doubtful [Member] | Personal Loans [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 5,546,989 | |
Loss [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | ||
Loss [Member] | Mortgage Loans [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | ||
Loss [Member] | Commercial Loan [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | ||
Loss [Member] | Personal Loans [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans |
Inventories (Details) - Schedul
Inventories (Details) - Schedule of Inventories | 12 Months Ended | |
Dec. 31, 2023 USD ($) Tokens Collectibles | Dec. 31, 2022 USD ($) Tokens Collectibles | |
Schedule of Inventories [Abstract] | ||
No. of token, beginning balance | Tokens | 8 | 7 |
No. of art and collectible items, beginning balance | Collectibles | 69 | 45 |
Total amount, beginning balance | $ | $ 1,164,887 | $ 2,103,038 |
No. of token, Purchased | Tokens | ||
No. of art and collectible items, Purchased | Collectibles | 13 | 100 |
Total amount, Purchased | $ | $ 397,089 | $ 2,027,667 |
No. of token, Token minted | Tokens | 41 | |
No. of art and collectible items, Token minted | Collectibles | ||
No. of token, Sold | Tokens | (40) | |
No. of art and collectible items, Sold | Collectibles | (13) | (76) |
Total amount, Sold | $ | $ 397,089 | $ (2,965,818) |
No. of token ,ending balance | Tokens | 8 | 8 |
No. of art and collectible items, ending balance | Collectibles | 69 | 69 |
Total amount, ending balance | $ | $ 1,116,086 | $ 1,164,887 |
Produced Content Cost (Details)
Produced Content Cost (Details) - Schedule of Total Capitalized Produced Content by Predominant Monetization Strategy - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Schedule of Total Capitalized Produced Content by Predominant Monetization Strategy [Abstract] | ||
Released, net of amortization | ||
Completed, not released | ||
In-process | 611,529 | |
Less: impairment loss | (611,529) | |
Total |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Property and Equipment [Abstract] | ||
Depreciation expense from continuing operations | $ 829 | $ 3,194 |
Depreciation expense from discontinued operations | $ 2,918 | $ 4,346 |
Property and Equipment (Detai_2
Property and Equipment (Details) - Schedule of Property and Equipment - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Schedule of Property and Equipment [Abstract] | ||
Computer equipment | $ 3,328 | $ 109,727 |
Less: accumulated depreciation | (1,997) | (52,640) |
Property and equipment, net | 1,331 | 57,087 |
Less: Property and equipment, net – discontinued operations | (54,924) | |
Property and equipment, net – continuing operations | $ 1,331 | $ 2,163 |
Intangible Assets (Details)
Intangible Assets (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Intangible Assets [Line Items] | ||
Amortization of intangible assets | $ 3,392,423 | $ 3,931,641 |
Intangible Assets (Details) - S
Intangible Assets (Details) - Schedule of Intangible Assets - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
At cost: | ||
Less: accumulated amortization | $ (7,445,312) | $ (4,052,889) |
Foreign translation adjustment | (71,740) | 8,356 |
Intangible assets, net – continuing operations | $ 9,867,053 | 13,339,427 |
Acquired technology software [Member] | ||
At cost: | ||
Estimated useful life | 5 years | |
Intangible assets | $ 17,344,690 | 17,344,690 |
Trademarks and trade name [Member] | ||
At cost: | ||
Estimated useful life | 10 years | |
Intangible assets | $ 39,415 | $ 39,270 |
Intangible Assets (Details) -_2
Intangible Assets (Details) - Schedule of Estimated Amortization Expense for Intangible Assets - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Schedule of Estimated Amortization Expense for Intangible Assets [Abstract] | ||
2024 | $ 3,473,722 | |
2025 | 3,473,722 | |
2026 | 2,895,613 | |
2027 | 4,824 | |
2028 | 4,824 | |
Thereafter | 14,248 | |
Total | $ 9,867,053 | $ 13,339,427 |
Loan Payables (Details)
Loan Payables (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Loan Payables [Line Items] | ||
Repayable term | 1 year | |
Interest related loan payable | $ 0 | $ 1,823,536 |
Minimum [Member] | ||
Loan Payables [Line Items] | ||
Annual interest rate | 18% | |
Maximum [Member] | ||
Loan Payables [Line Items] | ||
Annual interest rate | 21% | |
Loans Payable [Member] | ||
Loan Payables [Line Items] | ||
Interest on loans payable | $ 151,777 | $ 405,972 |
Amounts Due to Related Parties
Amounts Due to Related Parties (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Amounts Due to Related Parties [Line Items] | ||
Additional non-cash interest from discontinued operations | $ 461,477 | |
Market rate | 5% | |
Related Party [Member] | ||
Amounts Due to Related Parties [Line Items] | ||
Related party balances from continuing operations | $ 6,661,107 | $ 5,844,420 |
Related party balances from discontinued operations | $ 0 | $ 18,086,658 |
Leases (Details)
Leases (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Leases [Abstract] | ||
Terms lease | 2 years | |
Percentage of lease payments | 5% | |
Remaining lease term | 1 year | |
Discontinued operations | $ 0 | $ 160,945 |
Lease liabilities | 0 | 166,525 |
Lease expenses | $ 89,745 | $ 43,438 |
Convertibles Note Payables (Det
Convertibles Note Payables (Details) | Nov. 11, 2022 USD ($) | Aug. 26, 2022 USD ($) | Aug. 02, 2022 USD ($) Collectibles | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Aug. 02, 2022 HKD ($) |
Convertibles Note Payables [Line Items] | ||||||
Convertible note payables (in Dollars) | $ 197,792 | $ 383,058 | ||||
Sale and Purchase Agreement [Member] | Grand Gallery Limited [Member] | ||||||
Convertibles Note Payables [Line Items] | ||||||
Subsidiaries holds issued and outstanding percentage | 80% | 80% | ||||
Sale and Purchase Agreement [Member] | CHAN Hin Yip [Member] | ||||||
Convertibles Note Payables [Line Items] | ||||||
Ownership percentage | 5% | 5% | ||||
Chan Hin Yip Note [Member] | Sale and Purchase Agreement [Member] | ||||||
Convertibles Note Payables [Line Items] | ||||||
Purchase of collectible items (in Collectibles) | Collectibles | 58 | |||||
Purchase price | $ 167,308 | $ 1,305,000 | ||||
Bear interest, percentage | 1% | 1% | ||||
Root Ventures LLC [Member] | Sale and Purchase Agreement [Member] | ||||||
Convertibles Note Payables [Line Items] | ||||||
Weighted average interest rate | 90% | 90% | ||||
CHAN Hin Yip [Member] | Sale and Purchase Agreement [Member] | ||||||
Convertibles Note Payables [Line Items] | ||||||
Due date | Feb. 02, 2023 | |||||
Root Ventures Note [Member] | Securities Purchase Agreement [Member] | ||||||
Convertibles Note Payables [Line Items] | ||||||
Bear interest, percentage | 10% | |||||
Due date | Nov. 10, 2023 | |||||
Original principal amount (in Dollars) | $ 33,000 | |||||
Convertible term | 180 days | |||||
Average percentage of price equal | 60% | |||||
Lowest trading days | 2 days | |||||
Trading days prior to conversion | 15 days | |||||
1800 Diagonal Note [Member] | Securities Purchase Agreement [Member] | ||||||
Convertibles Note Payables [Line Items] | ||||||
Bear interest, percentage | 8% | |||||
Due date | Aug. 26, 2023 | |||||
Original principal amount (in Dollars) | $ 89,250 | |||||
Convertible term | 180 days | |||||
Lowest trading days | 2 days | |||||
Trading days prior to conversion | 20 days | |||||
1800 Diagonal Note [Member] | 1800 Diagonal Note [Member] | ||||||
Convertibles Note Payables [Line Items] | ||||||
Average percentage of price equal | 65% | |||||
Convertible Notes Payable [Member] | ||||||
Convertibles Note Payables [Line Items] | ||||||
Accrued convertible notes interest expense (in Dollars) | $ 22,788 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details) | 12 Months Ended |
Dec. 31, 2023 shares | |
Stock Based Compensation [Line Items] | |
Shares issued to consultants | 1,017,926,772 |
Stock-Based Compensation (Det_2
Stock-Based Compensation (Details) - Schedule of Stock-Based Compensation Expenses for Shares Granted - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Schedule of stock-based compensation expenses [Abstract] | ||
Total stock-based compensation expenses | $ 17,765,480 | $ 89,246,089 |
Corporate development expenses [Member] | ||
Schedule of stock-based compensation expenses [Abstract] | ||
Total stock-based compensation expenses | 26,177,743 | |
Technology and development expenses [Member] | ||
Schedule of stock-based compensation expenses [Abstract] | ||
Total stock-based compensation expenses | 32,447,000 | |
Sales and marketing expenses [Member] | ||
Schedule of stock-based compensation expenses [Abstract] | ||
Total stock-based compensation expenses | 26,419,645 | |
General and administrative expenses [Member] | ||
Schedule of stock-based compensation expenses [Abstract] | ||
Total stock-based compensation expenses | $ 17,765,480 | $ 4,201,701 |
Stockholders_ Deficit (Details)
Stockholders’ Deficit (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Stockholders' Deficit [Line Items] | |||
Common stock, shares authorized | 5,000,000,000 | 5,000,000,000 | |
Common shares, par value (in Dollars per share) | $ 0.001 | $ 0.001 | |
(in Dollars) | $ 17,765,480 | $ 4,201,701 | |
Common stock, shares issued | 1,931,024,294 | 454,398,143 | |
Common stock, shares outstanding | 1,931,024,294 | 454,398,143 | |
Common Stock [Member] | |||
Stockholders' Deficit [Line Items] | |||
Share issued for services | 1,017,926,772 | 73,694,483 | |
Common stock, shares issued | 1,931,024,294 | 454,398,143 | |
Common stock, shares outstanding | 1,931,024,294 | 454,398,143 | 358,067,481 |
2022 Stock Incentive Plan [Member] | |||
Stockholders' Deficit [Line Items] | |||
Share issued for services | 1,017,926,772 |
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, 2023 | Dec. 31, 2022 | |
Schedule of Basic and Diluted Net Loss Per Share [Abstract] | ||
Net loss attributable to the Company | $ (77,340,763) | $ (101,670,743) |
Weighted average common shares: | ||
- Basic | 1,341,825,986 | 374,086,727 |
- Diluted | 1,341,825,986 | 374,086,727 |
Net loss per share: | ||
- Basic | $ (0.06) | $ (0.27) |
- Diluted | $ (0.06) | $ (0.27) |
Income Tax (Details)
Income Tax (Details) - USD ($) | 12 Months Ended | |
Jan. 01, 2018 | Dec. 31, 2023 | |
Republic of Singapore [Member] | ||
Income Tax [Line Items] | ||
Corporate tax rate | 17% | |
Net operating losses (in Dollars) | $ 10,011,585 | |
Deferred tax assets (in Dollars) | $ 1,701,969 | |
Maximum [Member] | United States of America [Member] | ||
Income Tax [Line Items] | ||
Corporate tax rate | 35% | |
Maximum [Member] | Hong Kong [Member] | ||
Income Tax [Line Items] | ||
Profits tax rates | 16.50% | |
Minimum [Member] | United States of America [Member] | ||
Income Tax [Line Items] | ||
Corporate tax rate | 21% | |
Minimum [Member] | Hong Kong [Member] | ||
Income Tax [Line Items] | ||
Profits tax rates | 8.25% |
Income Tax (Details) - Schedule
Income Tax (Details) - Schedule of Components of Loss Before Income Taxes - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
- Foreign, including | ||
Loss before income taxes | $ (69,242,483) | $ (97,073,942) |
Domestic Tax Authority [Member] | ||
Income Tax (Details) - Schedule of Components of Loss Before Income Taxes [Line Items] | ||
Local | (529,748) | (490,152) |
British Virgin Islands (“BVI”) [Member] | ||
- Foreign, including | ||
Foreign | (17,319,689) | (5,203,746) |
Singapore [Member] | ||
- Foreign, including | ||
Foreign | (81,705) | (90,145,335) |
Continuing Operations [Member] | Hong Kong [Member] | ||
- Foreign, including | ||
Foreign | (51,177,433) | (2,460,084) |
Discontinued Operations [Member] | Hong Kong [Member] | ||
- Foreign, including | ||
Foreign | $ (133,908) | $ 1,225,375 |
Income Tax (Details) - Schedu_2
Income Tax (Details) - Schedule of Provision for Income Taxes - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Current tax: | ||
- Local | ||
Deferred tax | ||
- Local | ||
- Foreign | ||
Income tax expense | 355,910 | 299,714 |
Continuing Operations [Member] | ||
Current tax: | ||
- Foreign – continuing operations | 3,303 | |
- Foreign – discontinued operations | (3,303) | |
Discontinued Operations [Member] | ||
Current tax: | ||
- Foreign – continuing operations | (355,910) | (296,411) |
- Foreign – discontinued operations | $ 355,910 | $ 296,411 |
Income Tax (Details) - Schedu_3
Income Tax (Details) - Schedule of Reconciliation of Income Tax Rate to the Effective Income Tax Rate - Deferred Income Tax Charge [Member] - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Republic of Singapore [Member] | ||
Income Tax (Details) - Schedule of Reconciliation of Income Tax Rate to the Effective Income Tax Rate [Line Items] | ||
(Loss) income before income taxes | $ (81,705) | $ (90,145,335) |
Statutory income tax rate | 17% | 17% |
Income tax (benefit) expense at statutory rate | $ (13,890) | $ (15,324,707) |
Net operating loss | 13,890 | 15,324,707 |
Income tax expense | ||
Hong Kong Profits Tax [Member] | ||
Income Tax (Details) - Schedule of Reconciliation of Income Tax Rate to the Effective Income Tax Rate [Line Items] | ||
(Loss) income before income taxes | $ (51,311,341) | $ (1,234,709) |
Statutory income tax rate | 16.50% | 16.50% |
Income tax (benefit) expense at statutory rate | $ (8,466,371) | $ (203,727) |
Tax effect of non-deductible items | 378,394 | 498,132 |
Tax effect of non-taxable items | (7,710) | |
Net operating loss | 8,443,888 | 13,019 |
Income tax expense | 355,910 | 299,714 |
Hong Kong Profits Tax [Member] | Discontinued Operations [Member] | ||
Income Tax (Details) - Schedule of Reconciliation of Income Tax Rate to the Effective Income Tax Rate [Line Items] | ||
Income tax expense | (355,910) | (296,411) |
Hong Kong Profits Tax [Member] | Continuing Operations [Member] | ||
Income Tax (Details) - Schedule of Reconciliation of Income Tax Rate to the Effective Income Tax Rate [Line Items] | ||
Income tax expense | $ 3,303 |
Income Tax (Details) - Schedu_4
Income Tax (Details) - Schedule of Deferred Tax Assets and Liabilities - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Income Tax (Details) - Schedule of Deferred Tax Assets and Liabilities [Line Items] | ||
Less: valuation allowance | $ (8,569,025) | $ (15,440,658) |
Deferred tax assets, net | ||
US tax regime [Member] | ||
Income Tax (Details) - Schedule of Deferred Tax Assets and Liabilities [Line Items] | ||
Deferred tax assets | 111,247 | 102,932 |
Singapore tax regime [Member] | ||
Income Tax (Details) - Schedule of Deferred Tax Assets and Liabilities [Line Items] | ||
Deferred tax assets | 13,890 | 15,324,707 |
Less: valuation allowance | (1,701,969) | |
Hong Kong tax regime [Member] | ||
Income Tax (Details) - Schedule of Deferred Tax Assets and Liabilities [Line Items] | ||
Deferred tax assets | $ 8,443,888 | $ 13,019 |
Pension Costs (Details)
Pension Costs (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Pension Costs [Line Items] | ||
Defined contribution pension | $ 19,885 | $ 35,618 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Mr. Tan [Member] | ||
Related Party Transactions [Line Items] | ||
Paid director fee | $ 96,000 | $ 90,000 |
Major Shareholder and Former Director, Dr. Lee [Member] | ||
Related Party Transactions [Line Items] | ||
Management service fee | $ 0 | $ 2,746,911 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2021 |
Commitments and Contingencies [Line Items] | ||
Investment receivable | $ 30,000,000 | |
Williamsburg Venture Holdings, LLC [Member] | ||
Commitments and Contingencies [Line Items] | ||
Investment receivable | $ 30,000,000 | |
Purchase price percentage | 88% |