Cover
Cover | 12 Months Ended |
Dec. 31, 2022 $ / shares shares | |
Cover [Abstract] | |
Document Type | 10-K |
Amendment Flag | false |
Document Annual Report | true |
Document Transition Report | false |
Document Period End Date | Dec. 31, 2022 |
Document Fiscal Period Focus | FY |
Document Fiscal Year Focus | 2022 |
Current Fiscal Year End Date | --12-31 |
Entity File Number | 333-230479 |
Entity Registrant Name | SEATECH VENTURES CORP. |
Entity Central Index Key | 0001763660 |
Entity Tax Identification Number | 61-1882326 |
Entity Incorporation, State or Country Code | NV |
Entity Address, Address Line One | 11-05 & 11-06, Tower A |
Entity Address, Address Line Two | Avenue 3 Vertical Business Suite |
Entity Address, Address Line Three | Jalan Kerinchi, Bangsar South |
Entity Address, City or Town | Kuala Lumpur |
Entity Address, Country | MY |
Entity Address, Postal Zip Code | 59200 |
City Area Code | +603 |
Local Phone Number | 2242 1288 |
Title of 12(b) Security | Common Stock |
Trading Symbol | SEAV |
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 |
Elected Not To Use the Extended Transition Period | false |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding | shares | 92,519,843 |
Entity Common Stock, Shares Outstanding | $ / shares | $ 0.0001 |
Auditor Name | JP Centurion & Partners PLT |
Auditor Firm ID | 6723 |
Auditor Location | Kuala Lumpur, Malaysia |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
CURRENT ASSETS | ||
Account receivable | $ 120,000 | |
Deposits paid, prepayments and other receivables | 1,650 | |
Amount due from a related party | 3,093 | |
Amount due from corporate shareholder of a subsidiary | 1,920 | |
Cash and cash equivalents | 136,193 | 192,286 |
Total current assets | 256,193 | 198,949 |
NON-CURRENT ASSETS | ||
Investment in other companies | 5,065 | 5,265 |
Total non-current assets | 5,065 | 5,265 |
TOTAL ASSETS | 261,258 | 204,214 |
CURRENT LIABILITIES | ||
Account payable | 96,000 | |
Other payables and accrued liabilities | 57,372 | 33,394 |
Amount due to a corporate shareholder | 33,000 | |
Total current liabilities | 186,372 | 33,394 |
TOTAL LIABILITIES | 186,372 | 33,394 |
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, 92,519,843 and 92,519,843 shares issued and outstanding as of December 31, 2022 and 2021 respectively | 9,252 | 9,252 |
Additional paid-in capital | 659,958 | 659,958 |
Accumulated other comprehensive loss | (244) | (125) |
Accumulated deficit | (594,080) | (499,923) |
TOTAL SEATECH VENTURES CORP. STOCKHOLDERS’ EQUITY | 74,886 | 169,162 |
NON-CONTROLLING INTEREST | 1,658 | |
TOTAL STOCKHOLDERS’ EQUITY | 74,886 | 170,820 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 261,258 | $ 204,214 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2022 | Dec. 31, 2021 |
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 | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common Stock, Shares Authorized | 600,000,000 | 600,000,000 |
Common stock, shares issued | 92,519,843 | 92,519,843 |
Common Stock, Shares, Outstanding | 92,519,843 | 92,519,843 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Loss - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Income Statement [Abstract] | ||
REVENUE | $ 548,095 | $ 383,240 |
COST OF REVENUE | (454,053) | (307,700) |
GROSS PROFIT | 94,042 | 75,540 |
OTHER INCOME | 1,936 | 1,546 |
SELLING AND DISTRIBUTION EXPENSES | (7,613) | (3,079) |
GENERAL AND ADMINISTRATIVE EXPENSES | (182,522) | (175,657) |
LOSS BEFORE INCOME TAX | (94,157) | (101,650) |
INCOME TAXES PROVISION | ||
NET LOSS | (94,157) | (101,650) |
OTHER COMPREHENSIVE LOSS | ||
Foreign exchange translation loss | (119) | (12) |
COMPREHENSIVE LOSS | (94,276) | (101,662) |
NET LOSS ATTRIBUTABLE TO: | ||
Shareholders | (94,157) | (101,386) |
Non-controlling interests | (264) | |
NET LOSS FOR THE YEAR | (94,157) | (101,650) |
OTHER COMPREHENSIVE LOSS ATTRIBUTABLE TO: | ||
Shareholders | (119) | (3) |
Non-controlling interests | (9) | |
OTHER COMPREHENSIVE LOSS FOR THE YEAR | $ (119) | $ (12) |
Net loss per share- Basic and diluted | $ (0.0009) | $ (0.0011) |
Weighted average number of common shares outstanding - Basic and diluted | 92,519,843 | 92,519,843 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Noncontrolling Interest [Member] | Total |
Balance at Dec. 31, 2020 | $ 9,252 | $ 659,958 | $ (122) | $ (398,537) | $ 270,551 | |
Balance, shares at Dec. 31, 2020 | 92,519,867 | |||||
Shares spinoff adjustment resulted from a stock distribution by a corporate shareholder | ||||||
Shares spinoff adjustment resulted from a stock distribution by a corporate shareholder, shares | (24) | |||||
Acquisition of a subsidiary | 1,931 | 1,931 | ||||
Foreign exchange translation loss | (3) | (9) | (12) | |||
Net loss | (101,386) | (264) | (101,650) | |||
Balance at Dec. 31, 2021 | $ 9,252 | 659,958 | (125) | (499,923) | 1,658 | 170,820 |
Balance, shares at Dec. 31, 2021 | 92,519,843 | |||||
Foreign exchange translation loss | (119) | (119) | ||||
Net loss | (94,157) | (94,157) | ||||
Step acquisition | (1,658) | (1,658) | ||||
Balance at Dec. 31, 2022 | $ 9,252 | $ 659,958 | $ (244) | $ (594,080) | $ 74,886 | |
Balance, shares at Dec. 31, 2022 | 92,519,843 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (94,157) | $ (101,650) |
Changes in operating assets and liabilities: | ||
Accounts receivable | (120,000) | 170,800 |
Account payable | 96,000 | (159,800) |
Amount due from corporate shareholder of a subsidiary | (1,920) | |
Amount due from a related company | (3,093) | |
Deposits paid, prepayments and other receivables | 1,650 | (413) |
Other payables and accrued liabilities | 23,978 | 11,025 |
Amount due to a corporate shareholder | 33,000 | |
Net cash used in operating activities | (59,529) | (85,051) |
CASH FLOW FROM INVESTING ACTIVITIES: | ||
Investment in other companies | (4,250) | |
Refund of investment in other companies | 200 | |
Net cash provided by / (used in) investing activities | 200 | (4,250) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from subscription shares of non-controlling interest | 1,931 | |
Advances from director | (1,631) | |
Net cash provided by financing activities | 300 | |
Effect of exchange rate changes on cash and cash equivalents | 3,236 | (12) |
Net change in cash and cash equivalents | (56,093) | (89,013) |
Cash and cash equivalents, beginning of year | 192,286 | 281,299 |
CASH AND CASH EQUIVALENTS, END OF YEAR | 136,193 | 192,286 |
SUPPLEMENTAL CASH FLOWS INFORMATION | ||
Income taxes paid | ||
Interest paid |
ORGANIZATION AND BUSINESS BACKG
ORGANIZATION AND BUSINESS BACKGROUND | 12 Months Ended |
Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION AND BUSINESS BACKGROUND | 1. ORGANIZATION AND BUSINESS BACKGROUND SEATech Ventures Corp. (“the Company”) 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 On December 21, 2018, SEATech Ventures Corp, the Malaysia Company acquired SEATech Ventures (HK) Limited (herein referred as the “Hong Kong Company”), a private limited company incorporated in Hong Kong. On October 04, 2021, SEATech Ventures (HK) Limited subscribed 60 The Malaysia Company changed its company name to SEATech CVC Sdn. Bhd. on February 22, 2022. On February 25, 2022, SEATech Ventures (HK) Limited further acquired 40 100 On January 03, 2022, SEATech Ventures (HK) Limited acquired 1 share, representing 100 Details of the Company’s subsidiaries: SCHEDULE OF COMPANY SUBSIDIARIES 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 ordinary shares of US$1 each Investment holding 100 % 2. SEATech Ventures (HK) Limited Hong Kong / January 30, 2018 1 ordinary share of HK$1 Business mentoring, nurturing and incubation, and corporate development advisory services 100 % 3. SEATech CVC Sdn. Bhd. (F.K.A. SEATech Bigorange CVC Sdn. Bhd.) Malaysia / October 04, 2021 20,000 ordinary shares of MYR1 each Dormant company 100 % 4. SEATech Ventures Sdn. Bhd. Malaysia / May 27, 2021 1 ordinary share of MYR1 each Provision of corporate advisory services 100 % SEATECH VENTURES CORP. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2022 AND 2021 (Currency expressed in United States Dollars (“US$”), except for number of shares) 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, 2022 | |
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, 2022 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., its wholly owned subsidiaries, SEATech Ventures Corp., SEATech Ventures (HK) Limited, SEATech CVC Sdn. Bhd. 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. SEATECH VENTURES CORP. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2022 AND 2021 (Currency expressed in United States Dollars (“US$”), except for number of shares) 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. Investments Investments in equity securities The Company accounts for its investments that represent less than 20 Financial Instruments – Overall: Recognition and Measurement of Financial Assets and Financial Liabilities 5,065 5,265 Accounts receivable Accounts receivable are recorded at the invoiced amount less an allowance for any uncollectible accounts. Management reviews the adequacy of the allowance for doubtful accounts on an ongoing basis, using historical collection trends and aging of receivables. Management also periodically evaluates individual customer’s financial condition, credit history and the current economic conditions to make an adjustment to the allowance when it is considered necessary. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. 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, 2022, the Company incurred a net loss of $ 94,157 594,080 59,529 The Company’s ability to continue as a going concern is dependent upon improving its profitability and the continuing financial support from its Chief Executive Officer cum shareholder. 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 stockholders, in the case of equity financing. SEATECH VENTURES CORP. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2022 AND 2021 (Currency expressed in United States Dollars (“US$”), except for number of shares) Net income/(loss) per share The Company calculates net loss per share in accordance with ASC Topic 260 “ Earnings per share Foreign currencies translation The reporting currency of the Company and its subsidiaries in Labuan and Hong Kong, are United States Dollars (“US$”), while its subsidiaries in Malaysia, maintains the books and record in Ringgit Malaysia (“MYR”), 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: SCHEDULE OF FOREIGN CURRENCIES TRANSLATION EXCHANGE RATE As of and for the year ended December 31, 2022 2021 Year-end RM : US$1 exchange rate 4.40 4.17 Year-average RM : US$1 exchange rate 4.40 4.14 Year-end HK$: US$1 exchange rate 7.81 7.80 Year-average HK$ : US$1 exchange rate 7.83 7.77 Related parties Parties, which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Companies are also considered to be related if they are subject to common control or common significant influence. SEATECH VENTURES CORP. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2022 AND 2021 (Currency expressed in United States Dollars (“US$”), except for number of shares) 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 May 2019, the FASB issued ASU 2019-05, which is an update to ASU Update No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which introduced the expected credit losses methodology for the measurement of credit losses on financial assets measured at amortized cost basis, replacing the previous incurred loss methodology. The amendments in Update 2016-13 added Topic 326, Financial Instruments—Credit Losses, and made several consequential amendments to the Codification. The amendments in this Update address those stakeholders’ concerns by providing an option to irrevocably elect the fair value option for certain financial assets previously measured at amortized cost basis. For those entities, the targeted transition relief will increase comparability of financial statement information by providing an option to align measurement methodologies for similar financial assets. Furthermore, the targeted transition relief also may reduce the costs for some entities to comply with the amendments in Update 2016-13 while still providing financial statement users with decision-useful information. In November 2019, the FASB issued ASU No. 2019-10, which to update the effective date of ASU No. 2016-13 for private companies, not-for-profit organizations and certain smaller reporting companies applying for credit losses, leases, and hedging standard. The new effective date for these preparers is for fiscal years beginning after December 15, 2022. ASU 2019-05 is effective for the Company for annual and interim reporting periods beginning January 1, 2023 as the Company is qualified as a smaller reporting company. The Company is currently evaluating the impact ASU 2019-05 may have on its consolidated financial statements. SEATECH VENTURES CORP. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2022 AND 2021 (Currency expressed in United States Dollars (“US$”), except for number of shares) |
COMMON STOCK
COMMON STOCK | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
COMMON STOCK | 3. COMMON STOCK On April 2, 2018, the founder of the Company, Mr. Chin Chee Seong purchased 100,000 0.0001 10 On May 14, 2018, the Company issued 20,000,000 0.0001 4,000 On August 7, 2018, the Company issued 10,000,000 0.0001 1,000 On August 8, 2018, the Company issued 30,000,000 0.0001 3,000 On August 27, 2018, the Company issued 10,000,000 0.0001 1,000 On September 7, 2018, the Company sold shares to 2 shareholders, of whom reside in Malaysia. A total of 750,000 0.10 75,000 On September 12, 2018, the Company sold shares to a shareholder, of whom reside in Malaysia. A total of 466,667 0.15 70,000 In between September 21, 2018 and November 29, 2018, the Company sold shares to 44 shareholders, of whom reside in Malaysia. A total of 860,000 0.20 172,000 From June 12, 2019 to May 4, 2020, the company issued 343,200 1.00 As of December 31, 2022, SEATech Ventures Corp. has an issued and outstanding common share of 92,519,843 SEATECH VENTURES CORP. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2022 AND 2021 (Currency expressed in United States Dollars (“US$”), except for number of shares) |
ACCOUNT RECEIVABLE
ACCOUNT RECEIVABLE | 12 Months Ended |
Dec. 31, 2022 | |
Credit Loss [Abstract] | |
ACCOUNT RECEIVABLE | 4. ACCOUNT RECEIVABLE SCHEDULE OF ACCOUNT RECEIVABLE As of December 31, 2022 (Audited) As of December 31, 2021 Account receivable $ 120,000 $ - Total account receivable $ 120,000 $ - The account receivable represents receivable amount from a company where the Company owns 14.76 |
AMOUNT DUE FROM A RELATED PARTY
AMOUNT DUE FROM A RELATED PARTY | 12 Months Ended |
Dec. 31, 2022 | |
Amount Due From Related Party | |
AMOUNT DUE FROM A RELATED PARTY | 5. AMOUNT DUE FROM A RELATED PARTY The amount due is unsecured, interest free and has no fixed terms of repayment. |
AMOUNT DUE FROM CORPORATE SHARE
AMOUNT DUE FROM CORPORATE SHAREHOLDER OF A SUBSIDIARY | 12 Months Ended |
Dec. 31, 2022 | |
Amount Due From Corporate Shareholder Of Subsidiary | |
AMOUNT DUE FROM CORPORATE SHAREHOLDER OF A SUBSIDIARY | 6. AMOUNT DUE FROM CORPORATE SHAREHOLDER OF A SUBSIDIARY The amount due is unsecured, interest free and has no fixed terms of repayment. |
INVESTMENT IN OTHER COMPANIES
INVESTMENT IN OTHER COMPANIES | 12 Months Ended |
Dec. 31, 2022 | |
Investments, All Other Investments [Abstract] | |
INVESTMENT IN OTHER COMPANIES | 7. INVESTMENT IN OTHER COMPANIES SCHEDULE OF INVESTMENTS As of As of December 31, 2022 (Audited) December 31, 2021 (Audited) AsiaFIN Holdings Corp 1 1,015 1,015 Pentaip Technology Inc. 2 - 200 Angkasa-X Holdings Corp. 3 1,300 1,300 JOCOM Holdings Corp. 4 850 850 catTHIS Holdings Corp. 5 1,900 1,900 Total investment in other companies $ 5,065 $ 5,265 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 aligning with the Company’s focus on the ICT industry. As of December 31, 2022, the Company acquired 13.64 2 On January 11, 2021, the Company has invested in Pentaip Technology Inc. during the private placement stage. Pentaip Technology Inc. is a company providing wealth management services with integration of Artificial Intelligence (AI) by using mathematical algorithms to make investment decisions with no human supervision. SEATech Ventures Corp. also provides corporate development, mentoring, and incubation services to Pentaip Technology Inc. The investment in Pentaip Technology Inc. is a strategic investment of the Company. Subsequently on January 7, 2022, the Company withdrew its investment in Pentaip Technology Inc. and the fund invested was being refunded to the Company. 3 On February 5, 2021, the Company has invested in Angkasa-X Holdings Corp. during the private placement stage. Angkasa-X Holdings Corp. is a company focuses on research and development and commercializes on intellectual property design for communication satellites. SEATech Ventures Corp. also provides corporate development, mentoring, and incubation services to Angkasa-X Holdings Corp. The investment in Angkasa-X Holdings Corp. is a strategic investment of the Company. As of December 31, 2022, the Company acquired 5.68 4 On June 1, 2021, the Company has invested in JOCOM Holdings Corp. during the private placement stage. JOCOM Holdings Corp. is a company focuses on m-commerce (Mobile commerce) platform specialized in online groceries and shopping. SEATech Ventures Corp. also provides corporate development, mentoring, and incubation services to JOCOM Holdings Corp. The investment in JOCOM Holdings Corp. is a strategic investment of the Company. As of December 31, 2022, the Company acquired 14.76 5 On August 30, 2021, the Company has invested in catTHIS Holdings Corp. during the private placement stage. catTHIS Holdings Corp. is a company that providing digital marketing service by using technologies such as mobile application known as “catTHIS App”. catTHIS App serve as a marketing tool which provides free digital catalog management platform that gives its users the ability to upload and share PDF catalogs anywhere and from any device. SEATech Ventures Corp. also provides corporate development, mentoring, and incubation services to catTHIS Holdings Corp. The investment in catTHIS Holdings Corp. is a strategic investment of the company. As of December 31, 2022, the Company acquired 14.99 |
ACCOUNT PAYABLE
ACCOUNT PAYABLE | 12 Months Ended |
Dec. 31, 2022 | |
Payables and Accruals [Abstract] | |
ACCOUNT PAYABLE | 8. ACCOUNT PAYABLE SCHEDULE OF ACCOUNT PAYABLE As of December 31, 2022 As of December 31, 2021 Account payable $ 96,000 $ - Total account payable $ 96,000 $ - The account payable represents payable to a wholly owned subsidiary of a corporate shareholder which is trade in nature and subject to normal trade term. |
OTHER PAYABLES AND ACCRUED LIAB
OTHER PAYABLES AND ACCRUED LIABILITIES | 12 Months Ended |
Dec. 31, 2022 | |
Payables and Accruals [Abstract] | |
OTHER PAYABLES AND ACCRUED LIABILITIES | 9. OTHER PAYABLES AND ACCRUED LIABILITIES SCHEDULE OF OTHER PAYABLES AND ACCRUED LIABILITIES As of As of December 31, 2022 (Audited) December 31, 2021 (Audited) Accrued audit fees $ 19,203 $ 26,486 Accrued professional fees 1,541 5,664 Accrued expenses 36,628 1,244 Total payables and accrued liabilities $ 57,372 $ 33,394 SEATECH VENTURES CORP. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2022 AND 2021 (Currency expressed in United States Dollars (“US$”), except for number of shares) |
AMOUNT DUE TO A CORPORATE SHARE
AMOUNT DUE TO A CORPORATE SHAREHOLDER | 12 Months Ended |
Dec. 31, 2022 | |
Amount Due To Corporate Shareholder | |
AMOUNT DUE TO A CORPORATE SHAREHOLDER | 10. AMOUNT DUE TO A CORPORATE SHAREHOLDER The amount due to a corporate shareholder represents amount payable for the refund of sponsorship for events concluded during the financial year, which is unsecured, interest free and payable on demand. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | 11. INCOME TAXES For the year ended December 31, 2022 and year ended December 31, 2021, the local (United States) and foreign components of (loss) / profit before income taxes were comprised of the following: SCHEDULE OF (LOSS)/PROFIT BEFORE INCOME TAXES For the year ended For the year ended Tax jurisdictions from: - Local $ (58,780 ) $ (45,151 ) - Foreign, representing Labuan (52,009 ) (50,456 ) Hong Kong 19,165 (5,379 ) Malaysia (2,533 ) (664 ) Loss before income tax $ (94,157 ) $ (101,650 ) The provision for income taxes consisted of the following: SCHEDULE OF PROVISION FOR INCOME TAXES 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, Malaysia 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, 2022, the operations in the United States of America incurred $ 393,386 80 314,709 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 Hong Kong SEATech Ventures Corp. is subject to Hong Kong Profits Tax, which is charged at the statutory income tax rate of 16.5 Malaysia SEATech CVC Sdn. Bhd. and SEATech Ventures Sdn. Bhd. are subject to Malaysia Corporate Tax, which is charged at the statutory income tax rate range from 17 24 SEATECH VENTURES CORP. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2022 AND 2021 (Currency expressed in United States Dollars (“US$”), except for number of shares) |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | 12. COMMITMENTS AND CONTINGENCIES As of December 31, 2022 and 2021, the Company has no |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2022 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | 13. RELATED PARTY TRANSACTIONS For the years ended December 31, 2022 and 2021 the Company has following transactions with related parties: SCHEDULE OF RELATED PARTY TRANSACTIONS For the year ended (Audited) For the year ended (Audited) Company Secretary Fees: - Related party A $ 9,242 $ 8,138 Professional Fees: - Related party A $ 9,000 $ 9,280 Sales - Related party A $ - $ 11,640 - Related party B - 147,400 - Related party C 280,000 104,200 - Related party D 160,000 104,200 - Related party E 87,089 - Cost of Sales - Related party A $ 366,300 $ 307,700 Total $ 911,631 $ 692,558 The related party A, through its wholly owned subsidiaries is a 34.06 Related party B represents company where the Company owns 13.64 Related party C represents company where the Company owns 14.76 Related party D represents company where the Company owns 14.99 Related party E represents one of the corporate shareholders, owns 2.46 |
CONCENTRATIONS OF RISKS
CONCENTRATIONS OF RISKS | 12 Months Ended |
Dec. 31, 2022 | |
Risks and Uncertainties [Abstract] | |
CONCENTRATIONS OF RISKS | 14. CONCENTRATIONS OF RISKS (a) Major customers For the years ended December 31, 2022 and 2021, 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: SCHEDULE OF CONCENTRATION OF RISK For the year ended December 31 2022 2021 2022 2021 2022 2021 Revenues Percentage of Revenues Accounts Receivable, Trade Customer A $ - $ 147,400 - % 38 % $ - $ - Customer B $ 280,000 $ 104,200 51 % 27 % $ 120,000 $ - Customer C $ 160,000 $ 104,200 29 % 27 % $ - $ - Customer D $ 87,089 $ - 17 % - % $ - $ 527,089 $ 355,800 97 % 92 % $ 120,000 $ - (b) Major vendors For the years ended December 31, 2022 and 2021, 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 2022 2021 2022 2021 2022 2021 Purchases Percentage of Purchases Account Payable, Trade Vendor A $ 366,300 $ 307,700 81 % 100 % $ 96,000 $ - $ 366,300 $ 307,700 81 % 100 % $ 96,000 $ - (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. |
SEGMENT INFORMATION
SEGMENT INFORMATION | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting [Abstract] | |
SEGMENT INFORMATION | 15. SEGMENT INFORMATION ASC 280, “Segment Reporting” establishes standards for reporting information about operating segments on a basis consistent with the Company’s internal organization structure as well as information about services categories, business segments and major customers in financial statements. In accordance with the “Segment Reporting” Topic of the ASC, the Company’s chief operating decision maker has been identified as the Chief Executive Officer and President, who reviews operating results to make decisions about allocating resources and assessing performance for the entire Company. Existing guidance, which is based on a management approach to segment reporting, establishes requirements to report selected segment information quarterly and to report annually entity-wide disclosures about products and services, major customers, and the countries in which the entity holds material assets and reports revenue. All material operating units qualify for aggregation under “Segment Reporting” due to their similar customer base and similarities in economic characteristics; nature of products and services; and procurement, manufacturing and distribution processes. The Company had no inter-segment sales for the years presented. Summarized financial information concerning the Company’s reportable segments is shown as below: SCHEDULE OF REPORTABLE SEGMENTS By Geography: United States Malaysia Hong Kong Total For the year ended December 31, 2022 United States Malaysia Hong Kong Total Revenues $ - $ 90,230 $ 457,865 $ 548,095 Cost of revenues - (87,753 ) (366,300 ) (454,053 ) Net (loss) / income (58,780 ) (54,542 ) 19,165 (94,157 ) Total assets $ 10 $ 118,329 $ 142,919 $ 261,258 United States Malaysia Hong Kong Total For the year ended December 31, 2021 United States Malaysia Hong Kong Total Revenues $ - $ - $ 383,240 $ 383,240 Cost of revenues - - (307,700 ) (307,700 ) Net loss (45,151 ) (51,120 ) (5,379 ) (101,650 ) Net income (loss) (45,151 ) (51,120 ) (5,379 ) (101,650 ) Total assets $ 10 $ 100,486 $ 103,718 $ 204,214 *Revenues and costs are attributed to countries based on the location of customers. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2022 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | 16. SUBSEQUENT EVENTS In accordance with ASC Topic 855, “ Subsequent Events |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 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., its wholly owned subsidiaries, SEATech Ventures Corp., SEATech Ventures (HK) Limited, SEATech CVC Sdn. Bhd. |
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. SEATECH VENTURES CORP. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2022 AND 2021 (Currency expressed in United States Dollars (“US$”), except for number of shares) |
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. |
Investments | Investments Investments in equity securities The Company accounts for its investments that represent less than 20 Financial Instruments – Overall: Recognition and Measurement of Financial Assets and Financial Liabilities 5,065 5,265 |
Accounts receivable | Accounts receivable Accounts receivable are recorded at the invoiced amount less an allowance for any uncollectible accounts. Management reviews the adequacy of the allowance for doubtful accounts on an ongoing basis, using historical collection trends and aging of receivables. Management also periodically evaluates individual customer’s financial condition, credit history and the current economic conditions to make an adjustment to the allowance when it is considered necessary. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. |
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, 2022, the Company incurred a net loss of $ 94,157 594,080 59,529 The Company’s ability to continue as a going concern is dependent upon improving its profitability and the continuing financial support from its Chief Executive Officer cum shareholder. 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 stockholders, in the case of equity financing. SEATECH VENTURES CORP. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2022 AND 2021 (Currency expressed in United States Dollars (“US$”), except for number of shares) |
Net income/(loss) per share | Net income/(loss) per share The Company calculates net loss per share in accordance with ASC Topic 260 “ Earnings per share |
Foreign currencies translation | Foreign currencies translation The reporting currency of the Company and its subsidiaries in Labuan and Hong Kong, are United States Dollars (“US$”), while its subsidiaries in Malaysia, maintains the books and record in Ringgit Malaysia (“MYR”), 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: SCHEDULE OF FOREIGN CURRENCIES TRANSLATION EXCHANGE RATE As of and for the year ended December 31, 2022 2021 Year-end RM : US$1 exchange rate 4.40 4.17 Year-average RM : US$1 exchange rate 4.40 4.14 Year-end HK$: US$1 exchange rate 7.81 7.80 Year-average HK$ : US$1 exchange rate 7.83 7.77 |
Related parties | Related parties Parties, which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Companies are also considered to be related if they are subject to common control or common significant influence. SEATECH VENTURES CORP. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2022 AND 2021 (Currency expressed in United States Dollars (“US$”), except for number of shares) |
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 May 2019, the FASB issued ASU 2019-05, which is an update to ASU Update No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which introduced the expected credit losses methodology for the measurement of credit losses on financial assets measured at amortized cost basis, replacing the previous incurred loss methodology. The amendments in Update 2016-13 added Topic 326, Financial Instruments—Credit Losses, and made several consequential amendments to the Codification. The amendments in this Update address those stakeholders’ concerns by providing an option to irrevocably elect the fair value option for certain financial assets previously measured at amortized cost basis. For those entities, the targeted transition relief will increase comparability of financial statement information by providing an option to align measurement methodologies for similar financial assets. Furthermore, the targeted transition relief also may reduce the costs for some entities to comply with the amendments in Update 2016-13 while still providing financial statement users with decision-useful information. In November 2019, the FASB issued ASU No. 2019-10, which to update the effective date of ASU No. 2016-13 for private companies, not-for-profit organizations and certain smaller reporting companies applying for credit losses, leases, and hedging standard. The new effective date for these preparers is for fiscal years beginning after December 15, 2022. ASU 2019-05 is effective for the Company for annual and interim reporting periods beginning January 1, 2023 as the Company is qualified as a smaller reporting company. The Company is currently evaluating the impact ASU 2019-05 may have on its consolidated financial statements. |
ORGANIZATION AND BUSINESS BAC_2
ORGANIZATION AND BUSINESS BACKGROUND (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
SCHEDULE OF COMPANY SUBSIDIARIES | Details of the Company’s subsidiaries: SCHEDULE OF COMPANY SUBSIDIARIES 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 ordinary shares of US$1 each Investment holding 100 % 2. SEATech Ventures (HK) Limited Hong Kong / January 30, 2018 1 ordinary share of HK$1 Business mentoring, nurturing and incubation, and corporate development advisory services 100 % 3. SEATech CVC Sdn. Bhd. (F.K.A. SEATech Bigorange CVC Sdn. Bhd.) Malaysia / October 04, 2021 20,000 ordinary shares of MYR1 each Dormant company 100 % 4. SEATech Ventures Sdn. Bhd. Malaysia / May 27, 2021 1 ordinary share of MYR1 each Provision of corporate advisory services 100 % |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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: SCHEDULE OF FOREIGN CURRENCIES TRANSLATION EXCHANGE RATE As of and for the year ended December 31, 2022 2021 Year-end RM : US$1 exchange rate 4.40 4.17 Year-average RM : US$1 exchange rate 4.40 4.14 Year-end HK$: US$1 exchange rate 7.81 7.80 Year-average HK$ : US$1 exchange rate 7.83 7.77 |
ACCOUNT RECEIVABLE (Tables)
ACCOUNT RECEIVABLE (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Credit Loss [Abstract] | |
SCHEDULE OF ACCOUNT RECEIVABLE | SCHEDULE OF ACCOUNT RECEIVABLE As of December 31, 2022 (Audited) As of December 31, 2021 Account receivable $ 120,000 $ - Total account receivable $ 120,000 $ - |
INVESTMENT IN OTHER COMPANIES (
INVESTMENT IN OTHER COMPANIES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Investments, All Other Investments [Abstract] | |
SCHEDULE OF INVESTMENTS | SCHEDULE OF INVESTMENTS As of As of December 31, 2022 (Audited) December 31, 2021 (Audited) AsiaFIN Holdings Corp 1 1,015 1,015 Pentaip Technology Inc. 2 - 200 Angkasa-X Holdings Corp. 3 1,300 1,300 JOCOM Holdings Corp. 4 850 850 catTHIS Holdings Corp. 5 1,900 1,900 Total investment in other companies $ 5,065 $ 5,265 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 aligning with the Company’s focus on the ICT industry. As of December 31, 2022, the Company acquired 13.64 2 On January 11, 2021, the Company has invested in Pentaip Technology Inc. during the private placement stage. Pentaip Technology Inc. is a company providing wealth management services with integration of Artificial Intelligence (AI) by using mathematical algorithms to make investment decisions with no human supervision. SEATech Ventures Corp. also provides corporate development, mentoring, and incubation services to Pentaip Technology Inc. The investment in Pentaip Technology Inc. is a strategic investment of the Company. Subsequently on January 7, 2022, the Company withdrew its investment in Pentaip Technology Inc. and the fund invested was being refunded to the Company. 3 On February 5, 2021, the Company has invested in Angkasa-X Holdings Corp. during the private placement stage. Angkasa-X Holdings Corp. is a company focuses on research and development and commercializes on intellectual property design for communication satellites. SEATech Ventures Corp. also provides corporate development, mentoring, and incubation services to Angkasa-X Holdings Corp. The investment in Angkasa-X Holdings Corp. is a strategic investment of the Company. As of December 31, 2022, the Company acquired 5.68 4 On June 1, 2021, the Company has invested in JOCOM Holdings Corp. during the private placement stage. JOCOM Holdings Corp. is a company focuses on m-commerce (Mobile commerce) platform specialized in online groceries and shopping. SEATech Ventures Corp. also provides corporate development, mentoring, and incubation services to JOCOM Holdings Corp. The investment in JOCOM Holdings Corp. is a strategic investment of the Company. As of December 31, 2022, the Company acquired 14.76 5 On August 30, 2021, the Company has invested in catTHIS Holdings Corp. during the private placement stage. catTHIS Holdings Corp. is a company that providing digital marketing service by using technologies such as mobile application known as “catTHIS App”. catTHIS App serve as a marketing tool which provides free digital catalog management platform that gives its users the ability to upload and share PDF catalogs anywhere and from any device. SEATech Ventures Corp. also provides corporate development, mentoring, and incubation services to catTHIS Holdings Corp. The investment in catTHIS Holdings Corp. is a strategic investment of the company. As of December 31, 2022, the Company acquired 14.99 |
ACCOUNT PAYABLE (Tables)
ACCOUNT PAYABLE (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Payables and Accruals [Abstract] | |
SCHEDULE OF ACCOUNT PAYABLE | SCHEDULE OF ACCOUNT PAYABLE As of December 31, 2022 As of December 31, 2021 Account payable $ 96,000 $ - Total account payable $ 96,000 $ - |
OTHER PAYABLES AND ACCRUED LI_2
OTHER PAYABLES AND ACCRUED LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Payables and Accruals [Abstract] | |
SCHEDULE OF OTHER PAYABLES AND ACCRUED LIABILITIES | SCHEDULE OF OTHER PAYABLES AND ACCRUED LIABILITIES As of As of December 31, 2022 (Audited) December 31, 2021 (Audited) Accrued audit fees $ 19,203 $ 26,486 Accrued professional fees 1,541 5,664 Accrued expenses 36,628 1,244 Total payables and accrued liabilities $ 57,372 $ 33,394 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
SCHEDULE OF (LOSS)/PROFIT BEFORE INCOME TAXES | For the year ended December 31, 2022 and year ended December 31, 2021, the local (United States) and foreign components of (loss) / profit before income taxes were comprised of the following: SCHEDULE OF (LOSS)/PROFIT BEFORE INCOME TAXES For the year ended For the year ended Tax jurisdictions from: - Local $ (58,780 ) $ (45,151 ) - Foreign, representing Labuan (52,009 ) (50,456 ) Hong Kong 19,165 (5,379 ) Malaysia (2,533 ) (664 ) Loss before income tax $ (94,157 ) $ (101,650 ) |
SCHEDULE OF PROVISION FOR INCOME TAXES | The provision for income taxes consisted of the following: SCHEDULE OF PROVISION FOR INCOME TAXES 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, 2022 | |
Related Party Transactions [Abstract] | |
SCHEDULE OF RELATED PARTY TRANSACTIONS | For the years ended December 31, 2022 and 2021 the Company has following transactions with related parties: SCHEDULE OF RELATED PARTY TRANSACTIONS For the year ended (Audited) For the year ended (Audited) Company Secretary Fees: - Related party A $ 9,242 $ 8,138 Professional Fees: - Related party A $ 9,000 $ 9,280 Sales - Related party A $ - $ 11,640 - Related party B - 147,400 - Related party C 280,000 104,200 - Related party D 160,000 104,200 - Related party E 87,089 - Cost of Sales - Related party A $ 366,300 $ 307,700 Total $ 911,631 $ 692,558 |
CONCENTRATIONS OF RISKS (Tables
CONCENTRATIONS OF RISKS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Risks and Uncertainties [Abstract] | |
SCHEDULE OF CONCENTRATION OF RISK | For the years ended December 31, 2022 and 2021, 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: SCHEDULE OF CONCENTRATION OF RISK For the year ended December 31 2022 2021 2022 2021 2022 2021 Revenues Percentage of Revenues Accounts Receivable, Trade Customer A $ - $ 147,400 - % 38 % $ - $ - Customer B $ 280,000 $ 104,200 51 % 27 % $ 120,000 $ - Customer C $ 160,000 $ 104,200 29 % 27 % $ - $ - Customer D $ 87,089 $ - 17 % - % $ - $ 527,089 $ 355,800 97 % 92 % $ 120,000 $ - (b) Major vendors For the years ended December 31, 2022 and 2021, 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 2022 2021 2022 2021 2022 2021 Purchases Percentage of Purchases Account Payable, Trade Vendor A $ 366,300 $ 307,700 81 % 100 % $ 96,000 $ - $ 366,300 $ 307,700 81 % 100 % $ 96,000 $ - |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting [Abstract] | |
SCHEDULE OF REPORTABLE SEGMENTS | The Company had no inter-segment sales for the years presented. Summarized financial information concerning the Company’s reportable segments is shown as below: SCHEDULE OF REPORTABLE SEGMENTS By Geography: United States Malaysia Hong Kong Total For the year ended December 31, 2022 United States Malaysia Hong Kong Total Revenues $ - $ 90,230 $ 457,865 $ 548,095 Cost of revenues - (87,753 ) (366,300 ) (454,053 ) Net (loss) / income (58,780 ) (54,542 ) 19,165 (94,157 ) Total assets $ 10 $ 118,329 $ 142,919 $ 261,258 United States Malaysia Hong Kong Total For the year ended December 31, 2021 United States Malaysia Hong Kong Total Revenues $ - $ - $ 383,240 $ 383,240 Cost of revenues - - (307,700 ) (307,700 ) Net loss (45,151 ) (51,120 ) (5,379 ) (101,650 ) Net income (loss) (45,151 ) (51,120 ) (5,379 ) (101,650 ) Total assets $ 10 $ 100,486 $ 103,718 $ 204,214 *Revenues and costs are attributed to countries based on the location of customers. |
SCHEDULE OF COMPANY SUBSIDIARIE
SCHEDULE OF COMPANY SUBSIDIARIES (Details) | 12 Months Ended | ||||
Dec. 31, 2022 | Feb. 25, 2022 | Jan. 03, 2022 | Oct. 04, 2021 | May 02, 2018 | |
SEATech Ventures Corp [Member] | |||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||||
Ownership interest percentage | 100% | 40% | 100% | 100% | |
SEATech Ventures (HK) Limited [Member] | |||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||||
Ownership interest percentage | 100% | 60% | |||
SEATech Bigorange [Member] | |||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||||
Ownership interest percentage | 100% | 100% | |||
SEA tech ventures sdn bhd [Member] | |||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||||
Ownership interest percentage | 100% | ||||
SEATech Ventures Corp [Member] | |||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||||
Company name | SEATech Ventures Corp. | ||||
Place and date of incorporation | Labuan / March 12, 2018 | ||||
Particulars of issued capital | 100 ordinary shares of US$1 each | ||||
Principal activities | Investment holding | ||||
SEATech Ventures (HK) Limited [Member] | |||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||||
Company name | SEATech Ventures (HK) Limited | ||||
Place and date of incorporation | Hong Kong / January 30, 2018 | ||||
Particulars of issued capital | 1 ordinary share of HK$1 | ||||
Principal activities | Business mentoring, nurturing and incubation, and corporate development advisory services | ||||
SEATech Bigorange [Member] | |||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||||
Company name | SEATech CVC Sdn. Bhd. (F.K.A. SEATech Bigorange CVC Sdn. Bhd.) | ||||
Place and date of incorporation | Malaysia / October 04, 2021 | ||||
Particulars of issued capital | 20,000 ordinary shares of MYR1 each | ||||
Principal activities | Dormant company | ||||
SEA tech ventures sdn bhd [Member] | |||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||||
Company name | SEATech Ventures Sdn. Bhd. | ||||
Place and date of incorporation | Malaysia / May 27, 2021 | ||||
Particulars of issued capital | 1 ordinary share of MYR1 each | ||||
Principal activities | Provision of corporate advisory services |
ORGANIZATION AND BUSINESS BAC_3
ORGANIZATION AND BUSINESS BACKGROUND (Details Narrative) | Dec. 31, 2022 | Feb. 25, 2022 | Jan. 03, 2022 | Oct. 04, 2021 | May 02, 2018 |
SEATech Ventures Corp [Member] | |||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||||
Ownership interest percentage | 100% | 40% | 100% | 100% | |
SEATech Ventures (HK) Limited [Member] | |||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||||
Ownership interest percentage | 100% | 60% | |||
SEATech Bigorange [Member] | |||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||||
Ownership interest percentage | 100% | 100% |
SCHEDULE OF FOREIGN CURRENCIES
SCHEDULE OF FOREIGN CURRENCIES TRANSLATION EXCHANGE RATE (Details) | Dec. 31, 2022 | Dec. 31, 2021 |
Year-end RM [Member] | ||
Offsetting Assets [Line Items] | ||
Foreign currency translation exchange rate | 4.40 | 4.17 |
Year-average RM [Member] | ||
Offsetting Assets [Line Items] | ||
Foreign currency translation exchange rate | 4.40 | 4.14 |
Year-end HK [Member] | ||
Offsetting Assets [Line Items] | ||
Foreign currency translation exchange rate | 7.81 | 7.80 |
Year-average HK [Member] | ||
Offsetting Assets [Line Items] | ||
Foreign currency translation exchange rate | 7.83 | 7.77 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Net Investment Income [Line Items] | ||
Investments in equity securities | $ 5,065 | $ 5,265 |
Net loss | 94,157 | 101,650 |
Accumulated deficit | 594,080 | 499,923 |
Net cash used in operating activities | $ 59,529 | $ 85,051 |
Equity Securities [Member] | Investment In Equity Securities [Member] | ||
Net Investment Income [Line Items] | ||
Ownership interest, percentage | 20% |
COMMON STOCK (Details Narrative
COMMON STOCK (Details Narrative) - USD ($) | 2 Months Ended | 11 Months Ended | |||||||||
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, 2022 | Dec. 31, 2021 | |
Subsidiary, Sale of Stock [Line Items] | |||||||||||
Common stock par value | $ 0.0001 | $ 0.0001 | |||||||||
Common stock shares outstanding | 92,519,843 | 92,519,843 | |||||||||
Common stock shares issued | 92,519,843 | 92,519,843 | |||||||||
70 Non-US Residents [Member] | IPO [Member] | |||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||
Number of common stock shares issued | 343,200 | ||||||||||
Sale of stock price per share | $ 1 | ||||||||||
Restricted Stock [Member] | Mr Chin Chee Seong [Member] | |||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||
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] | Greenpro Venture Capital Limited [Member] | |||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||
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] | |||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||
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] | |||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||
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] | |||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||
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] | |||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||
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] | |||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||
Number of common stock shares sold | 860,000 | ||||||||||
Sale of stock price per share | $ 0.20 | ||||||||||
Proceeds from issuance of common stock | $ 172,000 |
SCHEDULE OF ACCOUNT RECEIVABLE
SCHEDULE OF ACCOUNT RECEIVABLE (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Credit Loss [Abstract] | ||
Account receivable | $ 120,000 | |
Total account receivable | $ 120,000 |
ACCOUNT RECEIVABLE (Details Nar
ACCOUNT RECEIVABLE (Details Narrative) | Dec. 31, 2022 |
Credit Loss [Abstract] | |
Accounts receivable interest rate | 14.76% |
SCHEDULE OF INVESTMENTS (Detail
SCHEDULE OF INVESTMENTS (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 | |
Total investment in other companies | $ 5,065 | $ 5,265 | |
AsiaFIN Holdings Corp [Member] | |||
Total investment in other companies | [1] | 1,015 | 1,015 |
Pentaip Technology Inc [Member] | |||
Total investment in other companies | [2] | 200 | |
Angkasa X Holdings Corp [Member] | |||
Total investment in other companies | [3] | 1,300 | 1,300 |
JOCOM Holdings Corp [Member] | |||
Total investment in other companies | [4] | 850 | 850 |
CATTHIS Holdings Corp [Member] | |||
Total investment in other companies | [5] | $ 1,900 | $ 1,900 |
[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 aligning with the Company’s focus on the ICT industry. As of December 31, 2022, the Company acquired 13.64 5.68 14.76 14.99 |
SCHEDULE OF INVESTMENTS (Deta_2
SCHEDULE OF INVESTMENTS (Details) (Parenthetical) | Dec. 31, 2022 |
AsiaFIN Holdings Corp [Member] | |
Ownership interest, percentage | 13.64% |
Angkasa X Holdings Corp [Member] | |
Ownership interest, percentage | 5.68% |
JOCOM Holdings Corp [Member] | |
Ownership interest, percentage | 14.76% |
CATTHIS Holdings Corp [Member] | |
Ownership interest, percentage | 14.99% |
SCHEDULE OF ACCOUNT PAYABLE (De
SCHEDULE OF ACCOUNT PAYABLE (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Payables and Accruals [Abstract] | ||
Account payable | $ 96,000 | |
Total account payable | $ 96,000 |
SCHEDULE OF OTHER PAYABLES AND
SCHEDULE OF OTHER PAYABLES AND ACCRUED LIABILITIES (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Payables and Accruals [Abstract] | ||
Accrued audit fees | $ 19,203 | $ 26,486 |
Accrued professional fees | 1,541 | 5,664 |
Accrued expenses | 36,628 | 1,244 |
Total payables and accrued liabilities | $ 57,372 | $ 33,394 |
SCHEDULE OF (LOSS)_PROFIT BEFOR
SCHEDULE OF (LOSS)/PROFIT BEFORE INCOME TAXES (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Tax jurisdictions from: | ||
Tax jurisdictions from: Local | $ (58,780) | $ (45,151) |
- Foreign, representing | ||
Loss before income tax | (94,157) | (101,650) |
Labuan [Member] | ||
- Foreign, representing | ||
Tax jurisdictions from: Foreign, representing | (52,009) | (50,456) |
HONG KONG | ||
- Foreign, representing | ||
Tax jurisdictions from: Foreign, representing | 19,165 | (5,379) |
MALAYSIA | ||
- Foreign, representing | ||
Tax jurisdictions from: Foreign, representing | $ (2,533) | $ (664) |
SCHEDULE OF PROVISION FOR INCOM
SCHEDULE OF PROVISION FOR INCOME TAXES (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Current: | ||
- Local | ||
- Foreign | ||
Deferred: | ||
- Local | ||
- Foreign | ||
Income tax expense |
INCOME TAXES (Details Narrative
INCOME TAXES (Details Narrative) | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
UNITED STATES | |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | |
Cumulative net operating losses | $ 393,386 |
Income tax rate, percentage | 80% |
Valuation allowance | $ 314,709 |
Labuan [Member] | |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | |
Income tax rate, percentage | 3% |
HONG KONG | |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | |
Income tax rate, percentage | 16.50% |
MALAYSIA | Minimum [Member] | |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | |
Income tax rate, percentage | 17% |
MALAYSIA | Maximum [Member] | |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | |
Income tax rate, percentage | 24% |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Commitments and Contingencies Disclosure [Abstract] | ||
Commitments and contingencies | $ 0 | $ 0 |
SCHEDULE OF RELATED PARTY TRANS
SCHEDULE OF RELATED PARTY TRANSACTIONS (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Sales | ||
Sales | $ 548,095 | $ 383,240 |
Cost of Sales | ||
Cost of Sales | 454,053 | 307,700 |
Total | 911,631 | 692,558 |
Related Party A [Member] | ||
Company Secretary Fees: | ||
Company Secretary Fees | 9,242 | 8,138 |
Professional Fees: | ||
Professional Fees | 9,000 | 9,280 |
Sales | ||
Sales | 11,640 | |
Cost of Sales | ||
Cost of Sales | 366,300 | 307,700 |
Related Party B [Member] | ||
Sales | ||
Sales | 147,400 | |
Related Party C [Member] | ||
Sales | ||
Sales | 280,000 | 104,200 |
Related Party D [Member] | ||
Sales | ||
Sales | 160,000 | 104,200 |
Related Party E [Member] | ||
Sales | ||
Sales | $ 87,089 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) | Dec. 31, 2022 |
Related Party A [Member] | |
Equity ownership percentage | 34.06% |
Related Party B [Member] | |
Equity ownership percentage | 13.64% |
Related Party C [Member] | |
Equity ownership percentage | 14.76% |
Related Party D [Member] | |
Equity ownership percentage | 14.99% |
Related Party E [Member] | |
Equity ownership percentage | 2.46% |
SCHEDULE OF CONCENTRATION OF RI
SCHEDULE OF CONCENTRATION OF RISK (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Concentration Risk [Line Items] | ||
Revenues | $ 548,095 | $ 383,240 |
Accounts Receivable, Trade | 120,000 | |
Purchases | 454,053 | 307,700 |
Account Payable, Trade | 96,000 | |
Customer A [Member] | Revenue Benchmark [Member] | Customer Concentration Risk [Member] | ||
Concentration Risk [Line Items] | ||
Revenues | $ 147,400 | |
Percentage of Revenues | 38% | |
Customer A [Member] | Accounts Receivable [Member] | Customer Concentration Risk [Member] | ||
Concentration Risk [Line Items] | ||
Accounts Receivable, Trade | ||
Customer B [Member] | Revenue Benchmark [Member] | Customer Concentration Risk [Member] | ||
Concentration Risk [Line Items] | ||
Revenues | $ 280,000 | $ 104,200 |
Percentage of Revenues | 51% | 27% |
Customer B [Member] | Accounts Receivable [Member] | Customer Concentration Risk [Member] | ||
Concentration Risk [Line Items] | ||
Accounts Receivable, Trade | $ 120,000 | |
Customer C [Member] | Revenue Benchmark [Member] | Customer Concentration Risk [Member] | ||
Concentration Risk [Line Items] | ||
Revenues | $ 160,000 | $ 104,200 |
Percentage of Revenues | 29% | 27% |
Customer C [Member] | Accounts Receivable [Member] | Customer Concentration Risk [Member] | ||
Concentration Risk [Line Items] | ||
Accounts Receivable, Trade | ||
Customer D [Member] | Revenue Benchmark [Member] | Customer Concentration Risk [Member] | ||
Concentration Risk [Line Items] | ||
Revenues | $ 87,089 | |
Percentage of Revenues | 17% | |
Customer D [Member] | Accounts Receivable [Member] | Customer Concentration Risk [Member] | ||
Concentration Risk [Line Items] | ||
Accounts Receivable, Trade | ||
Customers [Member] | Revenue Benchmark [Member] | Customer Concentration Risk [Member] | ||
Concentration Risk [Line Items] | ||
Revenues | $ 527,089 | $ 355,800 |
Percentage of Revenues | 97% | 92% |
Customers [Member] | Accounts Receivable [Member] | Customer Concentration Risk [Member] | ||
Concentration Risk [Line Items] | ||
Accounts Receivable, Trade | $ 120,000 | |
Vendor A [Member] | Purchases [Member] | Supplier Concentration Risk [Member] | ||
Concentration Risk [Line Items] | ||
Percentage of Revenues | 81% | 100% |
Purchases | $ 366,300 | $ 307,700 |
Vendor A [Member] | Accounts Payable [Member] | Supplier Concentration Risk [Member] | ||
Concentration Risk [Line Items] | ||
Account Payable, Trade | $ 96,000 | |
Vendor [Member] | Purchases [Member] | Supplier Concentration Risk [Member] | ||
Concentration Risk [Line Items] | ||
Percentage of Revenues | 81% | 100% |
Purchases | $ 366,300 | $ 307,700 |
Vendor [Member] | Accounts Payable [Member] | Supplier Concentration Risk [Member] | ||
Concentration Risk [Line Items] | ||
Account Payable, Trade | $ 96,000 |
SCHEDULE OF REPORTABLE SEGMENTS
SCHEDULE OF REPORTABLE SEGMENTS (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenues | $ 548,095 | $ 383,240 |
Cost of revenues | (454,053) | (307,700) |
Net income (loss) | (94,157) | (101,650) |
Total assets | 261,258 | 204,214 |
UNITED STATES | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenues | ||
Cost of revenues | ||
Net income (loss) | (58,780) | (45,151) |
Total assets | 10 | 10 |
MALAYSIA | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenues | 90,230 | |
Cost of revenues | (87,753) | |
Net income (loss) | (54,542) | (51,120) |
Total assets | 118,329 | 100,486 |
HONG KONG | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenues | 457,865 | 383,240 |
Cost of revenues | (366,300) | (307,700) |
Net income (loss) | 19,165 | (5,379) |
Total assets | $ 142,919 | $ 103,718 |