Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Mar. 23, 2020 | Jun. 28, 2019 | |
Cover [Abstract] | |||
Entity Registrant Name | SEATech Ventures Corp. | ||
Entity Central Index Key | 0001763660 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2019 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | No | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | true | ||
Entity Ex Transition Period | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 0 | ||
Entity Common Stock, Shares Outstanding | 92,176,667 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2019 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
CURRENT ASSETS | ||
Account receivables | $ 8,000 | |
Cash and cash equivalents | 339,809 | 260,912 |
Total current Assets | 339,809 | 268,912 |
NON-CURRENT ASSETS | ||
Investment on other companies | 1,015 | |
Total non-current assets | 1,015 | |
TOTAL ASSETS | 340,824 | 268,912 |
CURRENT LIABILITIES | ||
Other payables and accrued liabilities | 304,656 | 10,000 |
Amounts due to director | 1,631 | 4,831 |
Total current Liabilities | 306,287 | 14,831 |
TOTAL LIABILITIES | 306,287 | 14,831 |
STOCKHOLDERS' EQUITY | ||
Preferred shares, $0.0001 par value; 200,000,000 shares authorized; None issued and outstanding | ||
Common stock, $0.0001 par value, 600,000,000 shares authorized, 92,176,667 and 92,176,667 shares issued and outstanding as of December 31, 2019 and 2018 respectively | 9,218 | 9,218 |
Additional paid-in capital | 316,792 | 316,792 |
Accumulated other comprehensive income | (122) | (122) |
Accumulated deficit | (291,351) | (71,807) |
Equity | 34,537 | 254,081 |
TOTAL STOCKHOLDERS' EQUITY | 34,537 | 254,081 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 340,824 | $ 268,912 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 200,000,000 | 200,000,000 |
Preferred stock, shares issued | ||
Preferred stock, shares outstanding | ||
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 600,000,000 | 600,000,000 |
Common stock, shares issued | 92,176,667 | 92,176,667 |
Common stock, shares outstanding | 92,176,667 | 92,176,667 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Loss - USD ($) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2018 | Dec. 31, 2019 | |
Income Statement [Abstract] | ||
REVENUE | $ 8,000 | $ 28,507 |
COST OF REVENUE | (18,720) | |
GROSS PROFIT | 8,000 | 9,787 |
OTHER INCOME | 1,838 | |
SELLING AND DISTRIBUTION EXPENSES | (2,121) | (40,927) |
GENERAL AND ADMINISTRATIVE EXPENSES | (77,686) | (190,242) |
LOSS BEFORE INCOME TAX | (71,807) | (219,544) |
INCOME TAXES PROVISION | ||
NET LOSS | (71,807) | (219,544) |
Net Loss attributable to Non-Controlling Interests | ||
Other comprehensive income/(loss): | ||
- Foreign exchange adjustment gain/(loss) | (122) | |
COMPREHENSIVE LOSS | $ (71,929) | $ (219,544) |
Net loss per share- Basic and diluted | $ 0 | $ 0 |
Weighted average number of common shares outstanding - Basic and diluted | 60,923,893 | 92,176,667 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) | Common Shares [Member] | AdditionalPaid-In Capital [Member] | Accumulated Other Comprehensive Income [Member] | Accumulated Deficit | Total |
Balance at Apr. 01, 2018 | $ 10 | $ 10 | |||
Balance, shares at Apr. 01, 2018 | 100,000 | ||||
Issuance of share capital - founder's shares | $ 9,000 | 9,000 | |||
Issuance of share capital - founder's shares, shares | 90,000,000 | ||||
Share issued in private placement completed on September 07, 2018 at $0.10 per share | $ 75 | 74,925 | 75,000 | ||
Share issued in private placement completed on September 07, 2018 at $0.10 per share, shares | 750,000 | ||||
Shares issued in private placement completed on September 12, 2018 at $0.15 per share | $ 47 | 69,953 | 70,000 | ||
Shares issued in private placement completed on September 12, 2018 at $0.15 per share, shares | 466,667 | ||||
Shares issued in private placement completed on November 29, 2018 at $0.20 per share | $ 86 | 171,914 | 172,000 | ||
Shares issued in private placement completed on November 29, 2018 at $0.20 per share, shares | 860,000 | ||||
Foreign currency translation loss | (122) | (122) | |||
Net loss | (71,807) | (71,807) | |||
Balance at Dec. 31, 2018 | $ 9,218 | 316,792 | (122) | (71,807) | 254,081 |
Balance, shares at Dec. 31, 2018 | 92,176,667 | ||||
Foreign currency translation loss | |||||
Net loss | (219,544) | (219,544) | |||
Balance at Dec. 31, 2019 | $ 300,518 | $ 316,792 | $ (122) | $ (291,351) | $ 34,537 |
Balance, shares at Dec. 31, 2019 | 92,176,667 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - $ / shares | Nov. 29, 2018 | Sep. 12, 2018 | Sep. 07, 2018 |
Statement of Stockholders' Equity [Abstract] | |||
Share issued price per share | $ 0.20 | $ 0.15 | $ 0.10 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2018 | Dec. 31, 2019 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (71,807) | $ (219,544) |
Changes in operating assets and liabilities: | ||
Accounts receivable | (8,000) | 8,000 |
Amount due to a Director | 4,831 | (3,200) |
Other payables and accrued liabilities | 10,000 | 3,356 |
Net cash used in operating activities | (64,976) | (211,388) |
CASH FLOW FROM INVESTING ACTIVITIES: | ||
Investment in other companies | (1,015) | |
Net cash used in investing activities | (1,015) | |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Issuance of share capital at par value | 326,010 | |
Share subscriptions receipts in advance | 291,300 | |
Net cash provided by financing activities | 326,010 | 291,300 |
Effect of exchange rate changes on cash and cash equivalents | (122) | |
Net change in cash and cash equivalents | 260,912 | 78,897 |
Cash and cash equivalents, beginning of year | 260,912 | |
CASH AND CASH EQUIVALENTS, END OF YEAR | 260,912 | 339,809 |
SUPPLEMENTAL CASH FLOWS INFORMATION | ||
Income taxes paid | ||
Interest paid |
Organization and Business Backg
Organization and Business Background | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Business Background | 1. ORGANIZATION AND BUSINESS BACKGROUND SEATech Ventures Corp. was incorporated on April 2, 2018 under the laws of the state of Nevada. The Company, through its subsidiaries, engages in providing business mentoring, nurturing, incubating and corporate development advisory services to ICT and technology based companies. On May 2, 2018, the Company acquired 100% of the equity interests in SEATech Ventures Corp (herein referred as the “Malaysia Company”), a private limited company incorporated in Labuan, Malaysia. On December 21, 2018, SEATech Ventures Corp, a Malaysia Company acquired SEATech Ventures (HK) Limited (herein referred as the “Hong Kong Company”), a private limited company incorporated in Hong Kong. Details of the Company’s subsidiary: Company name Place and date of incorporation Particulars of issued capital Principal activities Proportional of ownership interest and voting power held 1. SEATech Ventures Corp Labuan / or March 12, 2018 100 share of ordinary share of US$1 each Investment holding 100 % 2. SEATech Ventures (HK) Limited Hong Kong/ January 30, 2018 1 ordinary share Business mentoring, nurturing and incubation, and corporate development advisory services 100 % Business Overview SEATech Ventures Corp. is a company providing business mentoring services, nurturing and incubation services relating to client businesses and corporate development advisory services to entrepreneurs in the broader technology industry, but with a specific focus on the information and communication technology industry. The company also provides corporate event and roadshow services to our client. We will primarily focus our efforts on nurturing ICT entrepreneurs in Asia. Our advisory services will center on our “ICT Start-Up Mentorship Program”, which is designed to assist tech-based entrepreneurs in solving ICT industry pain points caused by technical insufficiencies, inappropriate financial modelling and weak strategic positioning within a competitive environment. The program aims to improve the technical exposure of our clients and to improve their sustainability in the ICT industry community through a combination of mentorship programs. Currently, our clients are mainly Malaysia based ICT companies, with others based in Indonesia and Thailand. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 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 The consolidated financial statements for SEATech Ventures Corp. and its subsidiaries for the year ended December 31, 2019 is prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) and include the accounts of SEATech Ventures Corp. and its wholly owned subsidiaries, SEATech Ventures Corp. and SEATech Ventures (HK) Limited. Intercompany accounts and transactions have been eliminated on consolidation. The Company has adopted December 31 as its fiscal year end. Basis of consolidation The consolidated financial statements include the accounts of the Company and its subsidiaries in which the Company is the primary beneficiary. All inter-company accounts and transactions have been eliminated upon consolidation. Use of estimates Management uses estimates and assumptions in preparing these financial statements in accordance with US GAAP. Those estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities in the balance sheets, and the reported revenue and expenses during the periods reported. Actual results may differ from these estimates. Revenue recognition In accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 605, “Revenue Recognition”, the Company recognizes revenue from sales of goods when the following four revenue criteria are met: (1) persuasive evidence of an arrangement exists; (2) delivery has occurred; (3) selling price is fixed or determinable; and (4) collectability is reasonably assured. Revenue is measured at the fair value of the consideration received or receivable, net of discounts and taxes applicable to the revenue. The Company derives its revenue from provision of business mentoring, nurturing, incubating and corporate development advisory services to ICT and technology based companies. Cost of revenue Cost of revenue includes the cost of services and product in providing business mentoring, nurturing, incubating and corporate development advisory services 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. Income taxes The provision of income taxes is determined in accordance with the provisions of ASC Topic 740, “Income Taxes” (“ASC 740”). Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted income tax rates expected to apply to taxable income in the periods in which those temporary differences are expected to be recovered or settled. Any effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. ASC 740 prescribes a comprehensive model for how companies should recognize, measure, present, and disclose in their financial statements uncertain tax positions taken or expected to be taken on a tax return. Under ASC 740, tax positions must initially be recognized in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions must initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts. Going concern The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. As reflected in the accompanying financial statements, for the year ended December 31, 2019, the Company incurred a net loss of $219,544. These factors raise substantial doubt about the Company’s ability to continue as a going concern within one year of the date that the financial statements are issued. The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. The Company’s ability to continue as a going concern is dependent upon improving its profitability and the continuing financial support from its shareholders. Management believes the existing shareholders or external financing will provide the additional cash to meet the Company’s obligations as they become due. No assurance can be given that any future financing, if needed, will be available or, if available, that it will be on terms that are satisfactory to the Company. Even if the Company is able to obtain additional financing, if needed, it may contain undue restrictions on its operations, in the case of debt financing, or cause substantial dilution for its stock holders, in the case of equity financing. . Net income/(loss) per share The Company calculates net loss per share in accordance with ASC Topic 260 “ Earnings per share Foreign currencies translation Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded in the statements of operations. The reporting currency of the Company is United States Dollars (“US$”). The Company’s subsidiary in Labuan and Hong Kong maintains its books and record in United States Dollars (“US$”) respectively, and Ringgits Malaysia (“RM”) is functional currency as being the primary currency of the economic environment in which the entity operates. In general, for consolidation purposes, assets and liabilities of its subsidiary whose functional currency is not the US$ are translated into US$, in accordance with ASC Topic 830-30, “ Translation of Financial Statement Translation of amounts from RM into US$1 and HK$ into US$1 has been made at the following exchange rates for the respective periods: As of and for the year ended December 31, 2019 2018 Year-end RM : US$1 exchange rate 4.09 4.14 Year-average RM : US$1 exchange rate 4.14 4.08 Year-end HK$: US$1 exchange rate 7.79 7.83 Year-average HK$ : US$1 exchange rate 7.83 7.84 Related parties Parties, which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Companies are also considered to be related if they are subject to common control or common significant influence. Fair value of financial instruments: The carrying value of the Company’s financial instruments: cash and cash equivalents, subscription receivables, prepayment and deposits, accounts payable, and other payables and accrued liabilities approximate at their fair values because of the short-term nature of these financial instruments. The Company also follows the guidance of the ASC Topic 820-10, “ Fair Value Measurements and Disclosures Level 1: Observable inputs such as quoted prices in active markets; Level 2: Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and Level 3: Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. Recent accounting pronouncements ASB issues various Accounting Standards Updates relating to the treatment and recording of certain accounting transactions. On June 10, 2014, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) No. 2014-10, Development Stage Entities (Topic 915) Elimination of Certain Financial Reporting Requirements, including an Amendment to Variable Interest Entities Guidance in Topic 810, Consolidation, which eliminates the concept of a development stage entity (DSE) entirely from current accounting guidance. The Company has elected adoption of this standard, which eliminates the designation of DSEs and the requirement to disclose results of operations and cash flows since inception. 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. |
Common Stock
Common Stock | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Common Stock | 3. COMMON STOCK On April 2, 2018, the founder of the Company, Mr. Chin Chee Seong purchased 100,000 shares of restricted common stock of the Company at a par value of $0.0001 per share . The monies from this transaction, which totalled $10, went to the Company to be used as initial working capital. On May 14, 2018, the Company issued 20,000,000 shares of restricted common stock to Chin Chee Seong and Seah Kok Wah respectively, with a par value of $0.0001 per share, for total additional working capital of $4,000. On August 7, 2018, the Company issued 10,000,000 shares of restricted common stock to Greenpro Venture Capital Limited with a par value of $0.0001 per share, for total additional working capital of $1,000. On August 8, 2018, the Company issued 30,000,000 shares of restricted common stock to Greenpro Asia Strategic Fund SPC, a company incorporated in Cayman Islands with a par value of $0.0001 per share, for additional working capital of $3,000. On August 27, 2018, the Company issued 10,000,000 shares of restricted common stock to STVC Talent Sdn. Bhd.,a company incorporated in Malaysia with a par value of $0.0001 per share, for additional working capital of $1,000. On September 7, 2018, the Company sold shares to 2 shareholders, of whom reside in Malaysia. A total of 750,000 shares of restricted common stock were sold at a price of $0.10 per share. The total proceeds to the Company amounted to a total of $75,000. On September 12, 2018, the Company sold shares to a shareholder, of whom reside in Malaysia. A total of 466,667 shares of restricted common stock were sold at a price of $0.15 per share. The total proceeds to the Company amounted to a total of $70,000. From October 1, 2019 to December 31, 2019, the company has received US$291,300 from 62 non-US residents for the subscription of 291,300 shares of common stock of the company at a price of $1.00 through the Initial Public Offering (IPO). As of March 27, 2020, the company has yet to allot the shares to the investors, and the proceed is recorded as subscription received in advance. As of December 31, 2019, SEATech Ventures Corp has an issued and outstanding common share of 92,176,667. |
Investment in Other Companies
Investment in Other Companies | 12 Months Ended |
Dec. 31, 2019 | |
Investments, All Other Investments [Abstract] | |
Investment in Other Companies | 4. INVESTMENT IN OTHER COMPANIES As of As of December 31, 2019 (Audited) December 31, 2018 (Audited) AsiaFIN Holding Corp 1 1,015 - Total investment in other companies $ 1,015 $ - 1 |
Other Payables and Accrued Liab
Other Payables and Accrued Liabilities | 12 Months Ended |
Dec. 31, 2019 | |
Payables and Accruals [Abstract] | |
Other Payables and Accrued Liabilities | 5. OTHER PAYABLES AND ACCRUED LIABILITIES As of As of December 31, 2019 (Audited) December 31, 2018 (Audited) Accrued audit fees 13,356 10,000 Share subscriptions receipts in advance 291,300 - Total payables and accrued liabilities $ 304,656 $ 10,000 |
Amount Due to a Director
Amount Due to a Director | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
Amount Due to a Director | 6. AMOUNT DUE TO A DIRECTOR As of December 31, 2019 and 2018, a director of the Company advanced $4,831, respectively to the Company, which is unsecured, interest-free with no fixed repayment term, for working capital purpose. Imputed interest is considered insignificant. As of As of December 31, 2019 (Audited) December 31, 2018 (Audited) Amount due to director $ 1,631 $ 4,831 Total amount due to director $ 1,631 $ 4,831 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 7. INCOME TAXES For the year ended December 31, 2019 and year ended December 31, 2018, the local (United States) and foreign components of loss before income taxes were comprised of the following: For the year ended For the year ended Tax jurisdictions from: - Local $ (166,154 ) $ (73,957 ) - Foreign, representing Labuan (865 ) (4,319 ) Hong Kong (52,525 ) 6,469 Loss before income tax $ (219,544 ) $ (71,807 ) The provision for income taxes consisted of the following: For the year ended For the year ended Current: - Local $ - $ - - Foreign - - Deferred: - Local - - - Foreign - - Income tax expense $ - $ - The effective tax rate in the periods presented is the result of the mix of income earned in various tax jurisdictions that apply a broad range of income tax rates. The Company has subsidiaries that operate in various countries: United States, Labuan and Hong Kong that are subject to taxes in the jurisdictions in which they operate, as follows: United States of America The Company is registered in the State of Nevada and is subject to the tax laws of the United States of America. As of December 31, 2019, the operations in the United States of America incurred $240,111 of cumulative net operating losses which can be carried forward indefinitely to offset a maximum of 80% future taxable income. The Company has provided for a full valuation allowance of $50,423 against the deferred tax assets on the expected future tax benefits from the net operating loss carryforwards as the management believes it is more likely than not that these assets will not be realized in the future. Labuan Under the current laws of the Labuan, SEATech Ventures Corp. is governed under the Labuan Business Activity Act, 1990. The tax charge for such company is based on 3% of its assessable profit. Hong Kong SEATech Ventures Corp is subject to Hong Kong Profits Tax, which is charged at the statutory income tax rate of 16.5% on its assessable income. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 8. COMMITMENTS AND CONTINGENCIES As of December 31, 2019 and 2018, the Company has no commitments or contingencies involved. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 9. RELATED PARTY TRANSACTIONS For the year ended December 31, 2019 and 2018 the Company has following transactions with related parties: For the year ended (Audited) For the year ended (Audited) Company Secretary Fees: - Related party A $ 2,580 $ 4,732 Professional Fees - Related party A $ 140,000 $ 60,000 Cost of Sales $ 18,720 $ - Total $ 161,300 $ 64,732 The related party A, through its wholly owned subsidiaries is a 43.4% shareholder of the Company. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | 10. SUBSEQUENT EVENTS In accordance with ASC Topic 855, “Subsequent Events”, which establishes general standards of accounting for and disclosure of events that occur after the balance sheet date but before financial statements are issued, the Company has evaluated all events or transactions that occurred after December 31, 2019 up through the date March 27, 2020 was the Company presented these audited consolidated financial statements. From January 6, 2020 to January 30, 2020, the Company received US$38,300 from 5 investors, being the subscription for 38,300 of the company’s common shares during the Initial Public Offering (IPO) stage. During the financial year 2019, SEATech Ventures Corp has received US$291,300 from 62 nom-US investors through the company’s IPO for the subscription of 291,300 common shares. The IPO process of the company is currently still ongoing and has yet to be closed. As of December 31, 2019, the subscribed shares have yet to be allotted to the investors, and the proceed is recorded as subscriptions received in advance in the balance sheet. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of presentation The consolidated financial statements for SEATech Ventures Corp. and its subsidiaries for the year ended December 31, 2019 is prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) and include the accounts of SEATech Ventures Corp. and its wholly owned subsidiaries, SEATech Ventures Corp. and SEATech Ventures (HK) Limited. Intercompany accounts and transactions have been eliminated on consolidation. The Company has adopted December 31 as its fiscal year end. |
Basis of Consolidation | Basis of consolidation The consolidated financial statements include the accounts of the Company and its subsidiaries in which the Company is the primary beneficiary. All inter-company accounts and transactions have been eliminated upon consolidation. |
Use of Estimates | Use of estimates Management uses estimates and assumptions in preparing these financial statements in accordance with US GAAP. Those estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities in the balance sheets, and the reported revenue and expenses during the periods reported. Actual results may differ from these estimates. |
Revenue recognition | Revenue recognition In accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 605, “Revenue Recognition”, the Company recognizes revenue from sales of goods when the following four revenue criteria are met: (1) persuasive evidence of an arrangement exists; (2) delivery has occurred; (3) selling price is fixed or determinable; and (4) collectability is reasonably assured. Revenue is measured at the fair value of the consideration received or receivable, net of discounts and taxes applicable to the revenue. The Company derives its revenue from provision of business mentoring, nurturing, incubating and corporate development advisory services to ICT and technology based companies. |
Cost of revenue | Cost of revenue Cost of revenue includes the cost of services and product in providing business mentoring, nurturing, incubating and corporate development advisory services |
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. |
Income Taxes | Income taxes The provision of income taxes is determined in accordance with the provisions of ASC Topic 740, “Income Taxes” (“ASC 740”). Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted income tax rates expected to apply to taxable income in the periods in which those temporary differences are expected to be recovered or settled. Any effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. ASC 740 prescribes a comprehensive model for how companies should recognize, measure, present, and disclose in their financial statements uncertain tax positions taken or expected to be taken on a tax return. Under ASC 740, tax positions must initially be recognized in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions must initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts. |
Going Concern | Going concern The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. As reflected in the accompanying financial statements, for the year ended December 31, 2019, the Company incurred a net loss of $219,544. These factors raise substantial doubt about the Company’s ability to continue as a going concern within one year of the date that the financial statements are issued. The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. The Company’s ability to continue as a going concern is dependent upon improving its profitability and the continuing financial support from its shareholders. Management believes the existing shareholders or external financing will provide the additional cash to meet the Company’s obligations as they become due. No assurance can be given that any future financing, if needed, will be available or, if available, that it will be on terms that are satisfactory to the Company. Even if the Company is able to obtain additional financing, if needed, it may contain undue restrictions on its operations, in the case of debt financing, or cause substantial dilution for its stock holders, in the case of equity financing. |
Net Income/(loss) Per Share | Net income/(loss) per share The Company calculates net loss per share in accordance with ASC Topic 260 “ Earnings per share |
Foreign Currencies Translation | Foreign currencies translation Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded in the statements of operations. The reporting currency of the Company is United States Dollars (“US$”). The Company’s subsidiary in Labuan and Hong Kong maintains its books and record in United States Dollars (“US$”) respectively, and Ringgits Malaysia (“RM”) is functional currency as being the primary currency of the economic environment in which the entity operates. In general, for consolidation purposes, assets and liabilities of its subsidiary whose functional currency is not the US$ are translated into US$, in accordance with ASC Topic 830-30, “ Translation of Financial Statement Translation of amounts from RM into US$1 and HK$ into US$1 has been made at the following exchange rates for the respective periods: As of and for the year ended December 31, 2019 2018 Year-end RM : US$1 exchange rate 4.09 4.14 Year-average RM : US$1 exchange rate 4.14 4.08 Year-end HK$: US$1 exchange rate 7.79 7.83 Year-average HK$ : US$1 exchange rate 7.83 7.84 |
Related Parties | Related parties Parties, which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Companies are also considered to be related if they are subject to common control or common significant influence. |
Fair Value of Financial Instruments | Fair value of financial instruments: The carrying value of the Company’s financial instruments: cash and cash equivalents, subscription receivables, prepayment and deposits, accounts payable, and other payables and accrued liabilities approximate at their fair values because of the short-term nature of these financial instruments. The Company also follows the guidance of the ASC Topic 820-10, “ Fair Value Measurements and Disclosures Level 1: Observable inputs such as quoted prices in active markets; Level 2: Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and Level 3: Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. |
Recent Accounting Pronouncements | Recent accounting pronouncements ASB issues various Accounting Standards Updates relating to the treatment and recording of certain accounting transactions. On June 10, 2014, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) No. 2014-10, Development Stage Entities (Topic 915) Elimination of Certain Financial Reporting Requirements, including an Amendment to Variable Interest Entities Guidance in Topic 810, Consolidation, which eliminates the concept of a development stage entity (DSE) entirely from current accounting guidance. The Company has elected adoption of this standard, which eliminates the designation of DSEs and the requirement to disclose results of operations and cash flows since inception. 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, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Company Subsidiaries | Details of the Company’s subsidiary: Company name Place and date of incorporation Particulars of issued capital Principal activities Proportional of ownership interest and voting power held 1. SEATech Ventures Corp Labuan / or March 12, 2018 100 share of ordinary share of US$1 each Investment holding 100 % 2. SEATech Ventures (HK) Limited Hong Kong/ January 30, 2018 1 ordinary share Business mentoring, nurturing and incubation, and corporate development advisory services 100 % |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Schedule of Foreign Currencies Translation Exchange Rate | Translation of amounts from RM into US$1 and HK$ into US$1 has been made at the following exchange rates for the respective periods: As of and for the year ended December 31, 2019 2018 Year-end RM : US$1 exchange rate 4.09 4.14 Year-average RM : US$1 exchange rate 4.14 4.08 Year-end HK$: US$1 exchange rate 7.79 7.83 Year-average HK$ : US$1 exchange rate 7.83 7.84 |
Investment in Other Companies (
Investment in Other Companies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Investments, All Other Investments [Abstract] | |
Schedule of Investments | As of As of December 31, 2019 (Audited) December 31, 2018 (Audited) AsiaFIN Holding Corp 1 1,015 - Total investment in other companies $ 1,015 $ - 1 |
Other Payables and Accrued Li_2
Other Payables and Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Payables and Accruals [Abstract] | |
Schedule of Other Payables and Accrued Liabilities | As of As of December 31, 2019 (Audited) December 31, 2018 (Audited) Accrued audit fees 13,356 10,000 Share subscriptions receipts in advance 291,300 - Total payables and accrued liabilities $ 304,656 $ 10,000 |
Amount Due to a Director (Table
Amount Due to a Director (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
Schedule of Amount Due to a Director | As of As of December 31, 2019 (Audited) December 31, 2018 (Audited) Amount due to director $ 1,631 $ 4,831 Total amount due to director $ 1,631 $ 4,831 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income/ (loss) Before Income Taxes | For the year ended December 31, 2019 and year ended December 31, 2018, the local (United States) and foreign components of loss before income taxes were comprised of the following: For the year ended For the year ended Tax jurisdictions from: - Local $ (166,154 ) $ (73,957 ) - Foreign, representing Labuan (865 ) (4,319 ) Hong Kong (52,525 ) 6,469 Loss before income tax $ (219,544 ) $ (71,807 ) |
Schedule of Provision for Income Taxes | The provision for income taxes consisted of the following: For the year ended For the year ended Current: - Local $ - $ - - Foreign - - Deferred: - Local - - - Foreign - - Income tax expense $ - $ - |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | For the year ended December 31, 2019 and 2018 the Company has following transactions with related parties: For the year ended (Audited) For the year ended (Audited) Company Secretary Fees: - Related party A $ 2,580 $ 4,732 Professional Fees - Related party A $ 140,000 $ 60,000 Cost of Sales $ 18,720 $ - Total $ 161,300 $ 64,732 |
Organization and Business Bac_3
Organization and Business Background (Details Narrative) | May 02, 2018 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Equity ownership percentage | 100.00% |
Organization and Business Bac_4
Organization and Business Background - Schedule of Company Subsidiaries (Details) | 12 Months Ended | |
Dec. 31, 2019 | May 02, 2018 | |
Proportional of ownership interest and voting power held | 100.00% | |
SEATech Ventures Corp [Member] | ||
Company name | SEATech Ventures Corp | |
Place and date of incorporation | Labuan / or March 12, 2018 | |
Particulars of issued capital | 100 share of ordinary share of US$1 each | |
Principal activities | Investment holding | |
Proportional of ownership interest and voting power held | 100.00% | |
SEATech Ventures (HK) Limited [Member] | ||
Company name | SEATech Ventures (HK) Limited | |
Place and date of incorporation | Hong Kong / December 13, 2018 | |
Particulars of issued capital | 1 ordinary share of HKD$1 | |
Principal activities | Business mentoring, nurturing and incubation, and corporate development advisory services | |
Proportional of ownership interest and voting power held | 100.00% |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details Narrative) - USD ($) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2018 | Dec. 31, 2019 | |
Accounting Policies [Abstract] | ||
Net loss | $ (71,807) | $ (219,544) |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Schedule of Foreign Currencies Translation Exchange Rate (Details) | Dec. 31, 2019 | Dec. 31, 2018 |
Period-end RM [Member] | ||
Foreign currency translation exchange rate | 4.09 | 4.14 |
Period-average RM [Member] | ||
Foreign currency translation exchange rate | 4.14 | 4.08 |
Period-end HK [Member] | ||
Foreign currency translation exchange rate | 7.79 | 7.83 |
Period-average HK [Member] | ||
Foreign currency translation exchange rate | 7.83 | 7.84 |
Common Stock (Details Narrative
Common Stock (Details Narrative) - USD ($) | Sep. 12, 2018 | Sep. 07, 2018 | Aug. 27, 2018 | Aug. 08, 2018 | Aug. 07, 2018 | May 14, 2018 | Apr. 03, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 |
Common stock par value | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||||||
Proceeds from issuance of common stock | $ 326,010 | |||||||||
Common stock shares issued | 92,176,667 | 92,176,667 | 92,176,667 | |||||||
Common stock shares outstanding | 92,176,667 | 92,176,667 | 92,176,667 | |||||||
Restricted Stock [Member] | Mr. Chin Chee Seong [Member] | ||||||||||
Number of common stock shares sold | 100,000 | |||||||||
Common stock par value | $ 0.0001 | $ 0.0001 | ||||||||
Working capital | $ 4,000 | $ 10 | ||||||||
Number of common stock shares issued | 20,000,000 | |||||||||
Restricted Stock [Member] | Seah Kok Wah [Member] | ||||||||||
Common stock par value | $ 0.0001 | |||||||||
Working capital | $ 4,000 | |||||||||
Number of common stock shares issued | 20,000,000 | |||||||||
Restricted Stock [Member] | Greenpro Venture Capital Limited [Member] | ||||||||||
Common stock par value | $ 0.0001 | |||||||||
Working capital | $ 1,000 | |||||||||
Number of common stock shares issued | 10,000,000 | |||||||||
Restricted Stock [Member] | Greenpro Asia Strategic Fund SPC [Member] | ||||||||||
Common stock par value | $ 0.0001 | |||||||||
Working capital | $ 3,000 | |||||||||
Number of common stock shares issued | 30,000,000 | |||||||||
Restricted Stock [Member] | STVC Talent Sdn. Bhd [Member] | ||||||||||
Common stock par value | $ 0.0001 | |||||||||
Working capital | $ 1,000 | |||||||||
Number of common stock shares issued | 10,000,000 | |||||||||
Restricted Stock [Member] | 2 Shareholders [Member] | ||||||||||
Number of common stock shares sold | 750,000 | |||||||||
Sale of stock price per share | $ 0.10 | |||||||||
Proceeds from issuance of common stock | $ 75,000 | |||||||||
Restricted Stock [Member] | Shareholders [Member] | ||||||||||
Number of common stock shares sold | 466,667 | |||||||||
Sale of stock price per share | $ 0.15 | |||||||||
Proceeds from issuance of common stock | $ 70,000 | |||||||||
Restricted Stock [Member] | 62 Non-Residents [Member] | ||||||||||
Number of common stock shares sold | 291,300 | |||||||||
Sale of stock price per share | $ 1 | $ 1 | ||||||||
Proceeds from issuance of common stock | $ 291,300 |
Investment in Other Companies -
Investment in Other Companies - Schedule of Investments (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 | |
Total investment in other companies | $ 1,015 | ||
AsiaFIN Holding Corp [Member] | |||
Total investment in other companies | [1] | $ 1,015 | |
[1] | On December 24, 2019, the company has invested in AsiaFIN Holdings Corp during the private placement stage. AsiaFIN Holdings Corp is a company providing business technology solutions to its clients. SEATech Ventures Corp also provides corporate development, mentoring, and incubation service to AsiaFIN Holdings Corp. The investment in AsiaFIN Holdings Corp is a strategic investment of the company and the company's efforts on nurturing and providing collaborating and networking opportunities to ICT entrepreneurs across Asia. The investment is also align with the company's focus on the ICT industry. |
Other Payables and Accrued Li_3
Other Payables and Accrued Liabilities - Schedule of Other Payables and Accrued Liabilities (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Payables and Accruals [Abstract] | ||
Accrued audit fees | $ 13,356 | $ 10,000 |
Share subscriptions receipts in advance | 291,300 | |
Total payables and accrued liabilities | $ 304,656 | $ 10,000 |
Amount Due to a Director (Detai
Amount Due to a Director (Details Narrative) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Related Party Transactions [Abstract] | ||
Amount due to director | $ 1,631 | $ 4,831 |
Amount Due to a Director - Sche
Amount Due to a Director - Schedule of Amount Due to a Director (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Related Party Transactions [Abstract] | ||
Amount due to director | $ 1,631 | $ 4,831 |
Total amount due to director | $ 1,631 | $ 4,831 |
Income Taxes (Details Narrative
Income Taxes (Details Narrative) | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Future taxable income offset, percentage | 80.00% |
United States of America [Member] | |
Cumulative net operating loss | $ 240,111 |
Valuation allowance | $ 50,423 |
Labuan [Member] | |
Income tax rate, percentage | 3.00% |
Hong Kong [Member] | |
Income tax rate, percentage | 16.50% |
Income Taxes - Schedule of Inco
Income Taxes - Schedule of Income/ (loss) Before Income Taxes (Details) - USD ($) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2018 | Dec. 31, 2019 | |
Tax jurisdictions from: Local | $ (73,957) | $ (166,154) |
Loss before income tax | (71,807) | (219,544) |
Labuan [Member] | ||
Tax jurisdictions from: Foreign, representing | (4,319) | (865) |
Hong Kong [Member] | ||
Tax jurisdictions from: Foreign, representing | $ 6,469 | $ (52,525) |
Income Taxes - Schedule of Prov
Income Taxes - Schedule of Provision for Income Taxes (Details) - USD ($) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2018 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | ||
Current Local | ||
Current Foreign | ||
Deferred Local | ||
Deferred Foreign | ||
Income tax expense |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) | Dec. 31, 2019 | May 02, 2018 |
Equity ownership percentage | 100.00% | |
Related Party A [Member] | ||
Equity ownership percentage | 43.40% |
Related Party Transactions - Sc
Related Party Transactions - Schedule of Related Party Transactions (Details) - USD ($) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2018 | Dec. 31, 2019 | |
Cost of Sales | $ 18,720 | |
Total | 64,732 | 161,300 |
Related Party A [Member] | ||
Secretary Fees | 4,732 | 2,580 |
Professional Fees | $ 60,000 | $ 140,000 |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) - USD ($) | 1 Months Ended | 9 Months Ended | 12 Months Ended |
Jan. 30, 2020 | Dec. 31, 2018 | Dec. 31, 2019 | |
Proceeds from issuance initial public dffering | $ 291,300 | ||
5 Investors [Member] | Subsequent Event [Member] | |||
Proceeds from issuance initial public dffering | $ 38,300 | ||
Number of shares subscribed | 38,300 | ||
62 Non-Residents [Member] | |||
Proceeds from issuance initial public dffering | $ 291,300 | ||
Number of shares subscribed | 291,300 |