Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Mar. 30, 2021 | Jun. 30, 2020 | |
Cover [Abstract] | |||
Entity Registrant Name | SEATech Ventures Corp. | ||
Entity Central Index Key | 0001763660 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2020 | ||
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 | 92,519,867 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2020 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
CURRENT ASSETS | ||
Deposits paid, prepayments and other receivables | $ 1,237 | |
Account receivables | 170,800 | |
Cash and cash equivalents | 281,299 | 339,809 |
Total current assets | 453,336 | 339,809 |
NON-CURRENT ASSETS | ||
Investment in other companies | 1,015 | 1,015 |
Total non-current assets | 1,015 | 1,015 |
TOTAL ASSETS | 454,351 | 340,824 |
CURRENT LIABILITIES | ||
Account payable | 159,800 | |
Other payables and accrued liabilities | 22,369 | 304,656 |
Amounts due to a director | 1,631 | 1,631 |
Total current liabilities | 183,800 | 306,287 |
TOTAL LIABILITIES | 183,800 | 306,287 |
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, 92,519,867 and 92,176,667 shares issued and outstanding as of December 31, 2020 and 2019 respectively | 9,252 | 9,218 |
Additional paid-in capital | 659,958 | 316,792 |
Accumulated other comprehensive loss | (122) | (122) |
Accumulated deficit | (398,537) | (291,351) |
TOTAL STOCKHOLDERS' EQUITY | 270,551 | 34,537 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 454,351 | $ 340,824 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2020 | Dec. 31, 2019 |
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 | 92,519,867 | 92,176,667 |
Common stock, shares outstanding | 92,519,867 | 92,176,667 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Loss - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Income Statement [Abstract] | ||
REVENUE | $ 250,600 | $ 28,507 |
COST OF REVENUE | (233,400) | (18,720) |
GROSS PROFIT | 17,200 | 9,787 |
OTHER INCOME | 3,977 | 1,838 |
SELLING AND DISTRIBUTION EXPENSES | (6,049) | (40,927) |
GENERAL AND ADMINISTRATIVE EXPENSES | (122,314) | (190,242) |
LOSS BEFORE INCOME TAX | (107,186) | (219,544) |
INCOME TAXES PROVISION | ||
NET LOSS | (107,186) | (219,544) |
Other comprehensive income/(loss): | ||
- Foreign exchange adjustment gain/(loss) | ||
COMPREHENSIVE LOSS | $ (107,186) | $ (219,544) |
Net loss per share- Basic and diluted | $ 0 | $ 0 |
Weighted average number of common shares outstanding - Basic and diluted | 92,403,592 | 92,176,667 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) | Common Shares [Member] | Additional Paid-In Capital [Member] | Accumulated Other Comprehensive Income [Member] | Accumulated Deficit [Member] | Total |
Balance at Dec. 31, 2018 | $ 9,218 | $ 316,792 | $ (122) | $ (71,807) | $ 254,081 |
Balance, shares at Dec. 31, 2018 | 92,176,667 | ||||
Net loss | (219,544) | (219,544) | |||
Balance at Dec. 31, 2019 | $ 9,218 | 316,792 | (122) | (291,351) | 34,537 |
Balance, shares at Dec. 31, 2019 | 92,176,667 | ||||
Share issued in initial public offering completed on May 04, 2020 at $1.00 per share | $ 34 | $ 343,166 | 343,200 | ||
Share issued in initial public offering completed on May 04, 2020 at $1.00 per share, shares | 343,200 | ||||
Net loss | (107,186) | (107,186) | |||
Balance at Dec. 31, 2020 | $ 9,252 | $ 659,958 | $ (122) | $ (398,537) | $ 270,551 |
Balance, shares at Dec. 31, 2020 | 92,519,867 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) | May 04, 2020$ / shares |
IPO [Member] | |
Share issued price per share | $ 1 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (107,186) | $ (219,544) |
Changes in operating assets and liabilities: | ||
Accounts receivable | (170,800) | 8,000 |
Accounts payable | 159,800 | |
Amount due to a director | (3,200) | |
Deposit | (1,237) | |
Other payables and accrued liabilities | (282,287) | 3,356 |
Net cash used in operating activities | (401,710) | (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: | ||
Share subscriptions receipts | 343,200 | 291,300 |
Net cash provided by financing activities | 343,200 | 291,300 |
Effect of exchange rate changes on cash and cash equivalents | ||
Net change in cash and cash equivalents | (58,510) | 78,897 |
Cash and cash equivalents, beginning of year | 339,809 | 260,912 |
CASH AND CASH EQUIVALENTS, END OF YEAR | 281,299 | 339,809 |
SUPPLEMENTAL CASH FLOWS INFORMATION | ||
Income taxes paid | ||
Interest paid |
Organization and Business Backg
Organization and Business Background | 12 Months Ended |
Dec. 31, 2020 | |
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 / March 12, 2018 100 share of ordinary share of US$1 each Investment holding 100 % 2. SEATech Ventures (HK) Limited Hong Kong/ 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 .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. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020 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 606, Revenue from Contracts 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, 2020, the Company incurred a net loss of $107,186 and negative operating cash flow of 401,710. These factors raise substantial doubt about the Company’s ability to continue as a going concern within one year of the date that the financial statements are issued. The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. The Company’s ability to continue as a going concern is dependent upon improving its profitability and the continuing financial support from its major shareholders. Management believes the existing shareholders or external financing will provide the additional cash to meet the Company’s obligations as they become due. No assurance can be given that any future financing, if needed, will be available or, if available, that it will be on terms that are satisfactory to the Company. Even if the Company is able to obtain additional financing, if needed, it may contain undue restrictions on its operations, in the case of debt financing, or cause substantial dilution for its stock holders, in the case of equity financing. Net income/(loss) per share The Company calculates net loss per share in accordance with ASC Topic 260 “ Earnings per share Foreign currencies translation The reporting currency of the Company and its subsidiaries in Labuan and Hong Kong are United States Dollars (“US$”), being the primary currency of the economic environment in which these entities operate. 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. 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, 2020 2019 Year-end RM : US$1 exchange rate 4.02 4.09 Year-average RM : US$1 exchange rate 4.08 4.14 Year-end HK$: US$1 exchange rate 7.75 7.79 Year-average HK$ : US$1 exchange rate 7.75 7.83 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 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. In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842),” to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. Most prominent among the amendments is the recognition of assets and liabilities by lessees for those leases classified as operating leases under current U.S. GAAP. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. As required by the standard, the Company will adopt the provisions of the new standard effective November 1, 2019, using the required modified retrospective approach. We believe the adoption will not have a material impact on our financial statements. |
Common Stock
Common Stock | 12 Months Ended |
Dec. 31, 2020 | |
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. In between September 21, 2018 and November 29, 2018, the Company sold shares to 44 shareholders, of whom reside in Malaysia. A total of 860,000 shares of restricted common stock were sold at a price of $0.20 per share. The total proceeds to the Company amounted to a total of $172,000. From June 12, 2019 to May 4, 2020, the company issued 343,200 shares of common stock at a price of $1.00 per share through the Initial Public Offering (IPO) to 70 non-US residents. As of December 31, 2020, SEATech Ventures Corp. has an issued and outstanding common share of 92,519,867. |
Investment in Other Companies
Investment in Other Companies | 12 Months Ended |
Dec. 31, 2020 | |
Investments, All Other Investments [Abstract] | |
Investment in Other Companies | 4. INVESTMENT IN OTHER COMPANIES As of As of December 31, 2020 (Audited) December 31, 2019 (Audited) AsiaFIN Holding Corp 1 1,015 1,015 Total investment in other companies $ 1,015 $ 1,015 1 |
Other Payables and Accrued Liab
Other Payables and Accrued Liabilities | 12 Months Ended |
Dec. 31, 2020 | |
Payables and Accruals [Abstract] | |
Other Payables and Accrued Liabilities | 5. OTHER PAYABLES AND ACCRUED LIABILITIES As of As of December 31, 2020 (Audited) December 31, 2019 (Audited) Accrued audit fees 10,880 13,356 Accrued professional fees 10,180 - Accrued expenses 1,309 - Share subscriptions receipts in advance - 291,300 Total payables and accrued liabilities $ 22,369 $ 304,656 |
Amount Due to a Director
Amount Due to a Director | 12 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |
Amount Due to a Director | 6. AMOUNT DUE TO A DIRECTOR As of December 31, 2020 and 2019, a director of the Company advanced $1,631, 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, 2020 (Audited) December 31, 2019 (Audited) Amount due to director $ 1,631 $ 1,631 Total amount due to director $ 1,631 $ 1,631 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 7. INCOME TAXES For the year ended December 31, 2020 and year ended December 31, 2019, 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 $ (49,344 ) $ (166,154 ) - Foreign, representing Labuan (35,293 ) (865 ) Hong Kong (22,549 ) (52,525 ) Loss before income tax $ (107,186 ) $ (219,544 ) 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, 2020, the operations in the United States of America incurred $289,455 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 $60,785 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, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 8. COMMITMENTS AND CONTINGENCIES As of December 31, 2020 and 2019, the Company has no commitments or contingencies involved. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 9. RELATED PARTY TRANSACTIONS For the year ended December 31, 2020 and 2019 the Company has following transactions with related parties: For the year ended (Audited) For the year ended (Audited) Company Secretary Fees: - Related party A $ 5,500 $ 2,580 Professional Fees - Related party A $ 13,510 $ 140,000 Sales - Related party B $ 219,000 $ 15,800 Cost of Sales $ $ - Related party A 233,400 18,720 Total $ 471,410 $ 177,100 The related party A, through its wholly owned subsidiaries is a 42.36% shareholder of the Company. Related party B represents company where the Company owns 13.80% percentage of the company. |
Concentrations Of Risks
Concentrations Of Risks | 12 Months Ended |
Dec. 31, 2020 | |
Risks and Uncertainties [Abstract] | |
Concentrations Of Risks | 10. CONCENTRATIONS OF RISKS (a) Major customers For the year ended December 31, 2020, the customers who accounted for 10% or more of the Company’s revenues and its accounts receivable balance at year-end are presented as follows: For the year ended December 31 2020 2019 2020 2019 2020 2019 Revenues Percentage of Revenues Accounts Receivable, Trade Customer A $ 219,000 $ 15,800 87 % 55 % $ 160,000 $ - Customer B $ - $ 7,707 - % 27 % $ - $ - Customer C $ - $ 5,000 - % 18 % $ - $ - $ 219,000 $ 28,507 87 % 100 % $ 160,000 $ - (b) Major vendors For the year ended December 31, 2020, the vendors who accounted for 10% or more of the Company’s purchases and its accounts payable balance at year-end are presented as follows: For the year ended December 31 2020 2019 2020 2019 2020 2019 Purchases Percentage of Purchases Account Payable, Trade Vendor A $ 228,600 $ 18,720 98 % 100 % $ 150,000 $ - $ 228,600 $ 18,720 98 % 100 % $ 150,000 $ - (c) Credit risk Financial instruments that are potentially subject to credit risk consist principally of accounts receivable. The Company believes the concentration of credit risk in its trade receivables is substantially mitigated by its ongoing credit evaluation process and relatively short collection terms. The Company does not generally require collateral from customers. The Company evaluates the need for an allowance for doubtful accounts based upon factors surrounding the credit risk of specific customers, historical trends and other information. |
Significant Event
Significant Event | 12 Months Ended |
Dec. 31, 2020 | |
Significant Event | |
Significant Event | 11. SIGNIFICANT EVENT During the fiscal year, the World Health Organization declared the Coronavirus (COVID-19) outbreak to be a pandemic, which has caused severe global social and economic disruptions and uncertainties, including markets where the Company operates. The Company considers this outbreak as non-adjusting-events. The consequences brought about by Covid-19 continue to evolve and whilst the Company actively monitoring and managing its operations to respond to these changes, the Company does not consider it practicable to provide any quantitative estimate on the potential impact it may have on the Company. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | 12. SUBSEQUENT EVENTS I Subsequent Events |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020 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 606, Revenue from Contracts 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, 2020, the Company incurred a net loss of $107,186 and negative operating cash flow of 401,710. These factors raise substantial doubt about the Company’s ability to continue as a going concern within one year of the date that the financial statements are issued. The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. The Company’s ability to continue as a going concern is dependent upon improving its profitability and the continuing financial support from its major shareholders. Management believes the existing shareholders or external financing will provide the additional cash to meet the Company’s obligations as they become due. No assurance can be given that any future financing, if needed, will be available or, if available, that it will be on terms that are satisfactory to the Company. Even if the Company is able to obtain additional financing, if needed, it may contain undue restrictions on its operations, in the case of debt financing, or cause substantial dilution for its stock holders, in the case of equity financing. |
Net Income/(Loss) Per Share | Net income/(loss) per share The Company calculates net loss per share in accordance with ASC Topic 260 “ Earnings per share |
Foreign Currencies Translation | Foreign currencies translation The reporting currency of the Company and its subsidiaries in Labuan and Hong Kong are United States Dollars (“US$”), being the primary currency of the economic environment in which these entities operate. 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. 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, 2020 2019 Year-end RM : US$1 exchange rate 4.02 4.09 Year-average RM : US$1 exchange rate 4.08 4.14 Year-end HK$: US$1 exchange rate 7.75 7.79 Year-average HK$ : US$1 exchange rate 7.75 7.83 |
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 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. In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842),” to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. Most prominent among the amendments is the recognition of assets and liabilities by lessees for those leases classified as operating leases under current U.S. GAAP. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. As required by the standard, the Company will adopt the provisions of the new standard effective November 1, 2019, using the required modified retrospective approach. We believe the adoption will not have a material impact on our financial statements. |
Organization and Business Bac_2
Organization and Business Background (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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 / March 12, 2018 100 share of ordinary share of US$1 each Investment holding 100 % 2. SEATech Ventures (HK) Limited Hong Kong/ 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, 2020 | |
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, 2020 2019 Year-end RM : US$1 exchange rate 4.02 4.09 Year-average RM : US$1 exchange rate 4.08 4.14 Year-end HK$: US$1 exchange rate 7.75 7.79 Year-average HK$ : US$1 exchange rate 7.75 7.83 |
Investment in Other Companies (
Investment in Other Companies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Investments, All Other Investments [Abstract] | |
Schedule of Investments | As of As of December 31, 2020 (Audited) December 31, 2019 (Audited) AsiaFIN Holding Corp 1 1,015 1,015 Total investment in other companies $ 1,015 $ 1,015 1 |
Other Payables and Accrued Li_2
Other Payables and Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Payables and Accruals [Abstract] | |
Schedule of Other Payables and Accrued Liabilities | As of As of December 31, 2020 (Audited) December 31, 2019 (Audited) Accrued audit fees 10,880 13,356 Accrued professional fees 10,180 - Accrued expenses 1,309 - Share subscriptions receipts in advance - 291,300 Total payables and accrued liabilities $ 22,369 $ 304,656 |
Amount Due to a Director (Table
Amount Due to a Director (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |
Schedule of Amount Due to a Director | As of As of December 31, 2020 (Audited) December 31, 2019 (Audited) Amount due to director $ 1,631 $ 1,631 Total amount due to director $ 1,631 $ 1,631 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income/ (Loss) Before Income Taxes | For the year ended December 31, 2020 and year ended December 31, 2019, 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 $ (49,344 ) $ (166,154 ) - Foreign, representing Labuan (35,293 ) (865 ) Hong Kong (22,549 ) (52,525 ) Loss before income tax $ (107,186 ) $ (219,544 ) |
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, 2020 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | For the year ended December 31, 2020 and 2019 the Company has following transactions with related parties: For the year ended (Audited) For the year ended (Audited) Company Secretary Fees: - Related party A $ 5,500 $ 2,580 Professional Fees - Related party A $ 13,510 $ 140,000 Sales - Related party B $ 219,000 $ 15,800 Cost of Sales $ $ - Related party A 233,400 18,720 Total $ 471,410 $ 177,100 |
Concentrations Of Risks (Tables
Concentrations Of Risks (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Risks and Uncertainties [Abstract] | |
Schedule of Concentration of Risk | (a) Major customers For the year ended December 31, 2020, the customers who accounted for 10% or more of the Company’s revenues and its accounts receivable balance at year-end are presented as follows: For the year ended December 31 2020 2019 2020 2019 2020 2019 Revenues Percentage of Revenues Accounts Receivable, Trade Customer A $ 219,000 $ 15,800 87 % 55 % $ 160,000 $ - Customer B $ - $ 7,707 - % 27 % $ - $ - Customer C $ - $ 5,000 - % 18 % $ - $ - $ 219,000 $ 28,507 87 % 100 % $ 160,000 $ - (b) Major vendors For the year ended December 31, 2020, the vendors who accounted for 10% or more of the Company’s purchases and its accounts payable balance at year-end are presented as follows: For the year ended December 31 2020 2019 2020 2019 2020 2019 Purchases Percentage of Purchases Account Payable, Trade Vendor A $ 228,600 $ 18,720 98 % 100 % $ 150,000 $ - $ 228,600 $ 18,720 98 % 100 % $ 150,000 $ - |
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, 2020 | 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 / 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/January 30, 2018 | |
Particulars of issued capital | 1 ordinary share of HKD$1 | |
Principal activities | Business mentoring, nurturing and incubation, and corporate development advisory services | |
Proportional of ownership interest and voting power held | 100.00% |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Accounting Policies [Abstract] | ||
Net loss | $ (107,186) | $ (219,544) |
Operating cash flow | $ (401,710) | $ (211,388) |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Schedule of Foreign Currencies Translation Exchange Rate (Details) | Dec. 31, 2020 | Dec. 31, 2019 |
Year-end RM [Member] | ||
Foreign currency translation exchange rate | 4.02 | 4.09 |
Year-average RM [Member] | ||
Foreign currency translation exchange rate | 4.08 | 4.14 |
Year-end HK [Member] | ||
Foreign currency translation exchange rate | 7.75 | 7.79 |
Year-average HK [Member] | ||
Foreign currency translation exchange rate | 7.75 | 7.83 |
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. 02, 2018 | Nov. 29, 2018 | May 04, 2020 | Dec. 31, 2020 | Dec. 31, 2019 |
Common stock par value | $ 0.0001 | $ 0.0001 | |||||||||
Common stock shares issued | 92,519,867 | 92,176,667 | |||||||||
Common stock shares outstanding | 92,519,867 | 92,176,667 | |||||||||
70 Non-US Residents [Member] | Initial Public Offering [Member] | |||||||||||
Number of common stock shares issued | 343,200 | ||||||||||
Sale of stock price per share | $ 1 | ||||||||||
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] | 44 Shareholders [Member] | |||||||||||
Number of common stock shares sold | 860,000 | ||||||||||
Sale of stock price per share | $ 0.20 | ||||||||||
Proceeds from issuance of common stock | $ 172,000 |
Investment in Other Companies -
Investment in Other Companies - Schedule of Investments (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 | |
Total investment in other companies | $ 1,015 | $ 1,015 | |
AsiaFIN Holding Corp [Member] | |||
Total investment in other companies | [1] | $ 1,015 | $ 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, 2020 | Dec. 31, 2019 |
Payables and Accruals [Abstract] | ||
Accrued audit fees | $ 10,880 | $ 13,356 |
Accrued professional fees | 10,180 | |
Accrued expenses | 1,309 | |
Share subscriptions receipts in advance | 291,300 | |
Total payables and accrued liabilities | $ 22,369 | $ 304,656 |
Amount Due to a Director (Detai
Amount Due to a Director (Details Narrative) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Related Party Transactions [Abstract] | ||
Amount due to director | $ 1,631 | $ 1,631 |
Amount Due to a Director - Sche
Amount Due to a Director - Schedule of Amount Due to a Director (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Related Party Transactions [Abstract] | ||
Amount due to director | $ 1,631 | $ 1,631 |
Total amount due to director | $ 1,631 | $ 1,631 |
Income Taxes (Details Narrative
Income Taxes (Details Narrative) | 12 Months Ended |
Dec. 31, 2020USD ($) | |
United States of America [Member] | |
Cumulative net operating losses | $ 289,455 |
Income tax rate, percentage | 80.00% |
Valuation allowance | $ 60,785 |
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 ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Tax jurisdictions from: Local | $ (49,344) | $ (166,154) |
Loss before income tax | (107,186) | (219,544) |
Labuan [Member] | ||
Tax jurisdictions from: Foreign, representing | (35,293) | (865) |
Hong Kong [Member] | ||
Tax jurisdictions from: Foreign, representing | $ (22,549) | $ (52,525) |
Income Taxes - Schedule of Prov
Income Taxes - Schedule of Provision for Income Taxes (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | ||
Current Local | ||
Current Foreign | ||
Deferred Local | ||
Deferred Foreign | ||
Income tax expense |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) | Dec. 31, 2020 | May 02, 2018 |
Equity ownership percentage | 100.00% | |
Related Party A [Member] | ||
Equity ownership percentage | 42.36% | |
Related Party B [Member] | ||
Equity ownership percentage | 13.80% |
Related Party Transactions - Sc
Related Party Transactions - Schedule of Related Party Transactions (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Sales | $ 250,600 | $ 28,507 |
Cost of Sales | 233,400 | 18,720 |
Related Party A [Member] | ||
Company Secretary Fees | 5,500 | 2,580 |
Professional Fees | 13,510 | 140,000 |
Cost of Sales | 233,400 | 18,720 |
Total | 471,410 | 177,100 |
Related Party B [Member] | ||
Sales | $ 219,000 | $ 15,800 |
Concentrations Of Risks - Sched
Concentrations Of Risks - Schedule of Concentration of Risk (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Revenues | $ 250,600 | $ 28,507 |
Accounts Receivable, Trade | 170,800 | |
Purchases | 233,400 | 18,720 |
Account Payable, Trade | 159,800 | |
Revenues [Member] | ||
Revenues | $ 219,000 | $ 28,507 |
Percentage of Revenues | 87.00% | 100.00% |
Purchases [Member] | ||
Percentage of Revenues | 98.00% | 100.00% |
Purchases | $ 228,600 | $ 18,720 |
Customer A [Member] | ||
Accounts Receivable, Trade | 160,000 | |
Customer A [Member] | Revenues [Member] | ||
Revenues | $ 219,000 | $ 15,800 |
Percentage of Revenues | 87.00% | 55.00% |
Customer B [Member] | ||
Accounts Receivable, Trade | ||
Customer B [Member] | Revenues [Member] | ||
Revenues | $ 7,707 | |
Percentage of Revenues | 0.00% | 27.00% |
Customer C [Member] | ||
Accounts Receivable, Trade | ||
Customer C [Member] | Revenues [Member] | ||
Revenues | $ 5,000 | |
Percentage of Revenues | 0.00% | 18.00% |
Vendor A [Member] | ||
Account Payable, Trade | $ 150,000 | |
Vendor A [Member] | Purchases [Member] | ||
Percentage of Revenues | 98.00% | 100.00% |
Purchases | $ 228,600 | $ 18,720 |