Cover
Cover - USD ($) | 4 Months Ended | |
Dec. 31, 2021 | Feb. 28, 2021 | |
Cover [Abstract] | ||
Document Type | 10-KT | |
Amendment Flag | false | |
Document Annual Report | false | |
Document Transition Report | true | |
Document Period Start Date | Sep. 1, 2021 | |
Document Period End Date | Dec. 31, 2021 | |
Document Fiscal Period Focus | FY | |
Document Fiscal Year Focus | 2021 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 333-230479 | |
Entity Registrant Name | ASIAFIN HOLDINGS CORP. | |
Entity Central Index Key | 0001828748 | |
Entity Tax Identification Number | 37-1950147 | |
Entity Incorporation, State or Country Code | NV | |
Entity Address, Address Line One | Suite 30.02, 30th Floor | |
Entity Address, Address Line Two | Menara KH (Promet) | |
Entity Address, Address Line Three | Jalan Sultan Ismail | |
Entity Address, City or Town | Kuala Lumpur | |
Entity Address, Country | MY | |
Entity Address, Postal Zip Code | 50250 | |
City Area Code | 603 | |
Local Phone Number | 21487170 | |
Title of 12(b) Security | Common Stock | |
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 Public Float | $ 0 | |
Entity Common Stock, Shares Outstanding | 73,319,800 | |
Auditor Name | JP CENTURION & PARTNERS PLT | |
Auditor Firm ID | 6723 | |
Auditor Location | Kuala Lumpur, Malaysia |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Dec. 31, 2021 | Aug. 31, 2021 | Aug. 31, 2020 |
CURRENT ASSETS | |||
Deposits, prepayments and other receivables | $ 1,249 | $ 1,249 | $ 1,249 |
Account receivables | 6,000 | 18,000 | |
Cash and cash equivalents | 980,681 | 1,013,147 | 514,231 |
Total Current Assets | 981,930 | 1,020,396 | 533,480 |
TOTAL ASSETS | 981,930 | 1,020,396 | 533,480 |
CURRENT LIABILITIES | |||
Account payable | 4,200 | 4,200 | 12,600 |
Income tax payable | 644 | ||
Other payables and accrued liabilities | 9,000 | 8,149 | 11,709 |
Total Current Liabilities | 13,200 | 12,349 | 24,953 |
TOTAL LIABILITIES | 13,200 | 12,349 | 24,953 |
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, 73,319,800 and 72,482,500 shares issued and outstanding as of December 31, 2021, and August 31, 2021, 2020 | 7,332 | 7,332 | 7,248 |
Additional paid-in capital | 1,413,268 | 1,413,268 | 576,052 |
Accumulated deficit | (451,870) | (412,553) | (74,773) |
TOTAL STOCKHOLDERS’ EQUITY | 968,730 | 1,008,047 | 508,527 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 981,930 | $ 1,020,396 | $ 533,480 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2021 | Aug. 31, 2021 | Aug. 31, 2020 |
Statement of Financial Position [Abstract] | |||
Preferred stock, par value | $ 0.0001 | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 200,000,000 | 200,000,000 | 200,000,000 |
Preferred stock, shares issued | 0 | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 | 0 |
Common stock, par value | $ 0.0001 | $ 0.0001 | $ 0.0001 |
Common stock, authorized | 600,000,000 | 600,000,000 | 600,000,000 |
Common stock, issued | 73,319,800 | 73,319,800 | 72,482,500 |
Common stock, outstanding | 73,319,800 | 73,319,800 | 72,482,500 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Loss - USD ($) | 4 Months Ended | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Aug. 31, 2021 | Aug. 31, 2020 | |
Income Statement [Abstract] | ||||
REVENUE | $ 38,000 | $ 38,000 | $ 18,000 | |
COST OF REVENUE | (26,600) | (26,600) | (12,600) | |
GROSS PROFIT | 11,400 | 11,400 | 5,400 | |
OTHER INCOME | 43 | 16 | 60 | 10,146 |
SELLING AND MARKETING EXPENSES | (3,052) | |||
GENERAL AND ADMINISTRATIVE EXPENSES | (39,360) | (11,000) | (349,883) | (86,623) |
LOSS/ (PROFIT) BEFORE INCOME TAX | (39,317) | 416 | (338,423) | (74,129) |
INCOME TAXES EXPENSE | 643 | (644) | ||
NET LOSS | (39,317) | 416 | (337,780) | (74,773) |
Other comprehensive income/(loss): | ||||
- Foreign exchange adjustment gain/(loss) | ||||
COMPREHENSIVE LOSS | $ (39,317) | $ 416 | $ (337,780) | $ (74,773) |
Net loss per share- Basic and diluted | $ 0 | $ 0 | $ 0 | $ 0 |
Weighted average number of common shares outstanding - Basic and diluted | 73,319,800 | 72,482,500 | 72,634,967 | 48,379,883 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Foreign Exchange Translation Adjustment [Member] | Merger Reserve [Member] | Retained Earnings [Member] | Total |
Balance at Aug. 31, 2019 | $ 10 | $ 2 | $ 12 | |||
Balance, shares at Aug. 31, 2019 | 100,000 | |||||
Transaction with owner | (2) | (2) | ||||
Issuance of share capital - founder’s shares | $ 6,790 | 6,790 | ||||
Issuance of share capital - founder's shares, shares | 67,900,000 | |||||
Share issued in private placement completed On 30 June, 2020 at $0.10 per share | $ 320 | 319,680 | 320,000 | |||
Share issued in private placement completed On 30 June, 2020 at $0.10 per share, shares | 3,200,000 | |||||
Shares issued in private placement completed on August 14, 2020 at $0.20 per share | $ 128 | 256,372 | 256,500 | |||
Shares issued in private placement completed on August 14, 2020 at $0.20 per share, shares | 1,282,500 | |||||
Foreign currency translation loss | ||||||
Net loss | (74,773) | (74,773) | ||||
Balance at Aug. 31, 2020 | $ 7,248 | 576,052 | (74,773) | 508,527 | ||
Balance, shares at Aug. 31, 2020 | 72,482,500 | |||||
Net loss | (337,780) | (337,780) | ||||
Share issued in initial public offering completed on August 4, 2021 at $1.00 per share | $ 84 | 837,216 | 837,300 | |||
Share issued in initial public offering completed on August 4, 2021at $1.00 per share, shares | 837,300 | |||||
Balance at Aug. 31, 2021 | $ 7,332 | 1,413,268 | (412,553) | 1,008,047 | ||
Balance, shares at Aug. 31, 2021 | 73,319,800 | |||||
Net loss | (39,317) | (39,317) | ||||
Balance at Dec. 31, 2021 | $ 7,332 | $ 1,413,268 | $ (451,870) | $ 968,730 | ||
Balance, shares at Dec. 31, 2021 | 73,319,800 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - $ / shares | Aug. 04, 2021 | Aug. 14, 2020 | Jun. 30, 2020 |
Statement of Stockholders' Equity [Abstract] | |||
Shares issued, price per share | $ 1 | $ 0.20 | $ 0.10 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) | 4 Months Ended | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Aug. 31, 2021 | Aug. 31, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||
Net loss | $ (39,317) | $ 416 | $ (337,780) | $ (74,773) |
Changes in operating assets and liabilities: | ||||
Accounts receivable | 6,000 | (3,219) | 12,000 | (18,000) |
Accounts payable | 10,500 | (8,400) | 12,600 | |
Deposits, prepayments and other receivables | (1,249) | |||
Income tax payable | (644) | (644) | 644 | |
Other payables and accrued liabilities | 851 | (224) | (3,560) | 11,709 |
Net cash (used in)/ generated from operating activities | (32,466) | 6,829 | (338,384) | (69,069) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||
Share subscriptions receipts | 837,300 | 583,288 | ||
Net cash provided by financing activities | 837,300 | 583,288 | ||
Effect of exchange rate changes on cash and cash equivalents | ||||
Net change in cash and cash equivalents | (32,466) | 6,829 | 498,916 | 514,219 |
Cash and cash equivalents, beginning of year | 1,013,147 | 514,231 | 514,231 | 12 |
CASH AND CASH EQUIVALENTS, END OF YEAR | 980,681 | 521,060 | 1,013,147 | 514,231 |
SUPPLEMENTAL CASH FLOWS INFORMATION | ||||
Income taxes paid | ||||
Interest paid |
ORGANIZATION AND BUSINESS BACKG
ORGANIZATION AND BUSINESS BACKGROUND | 4 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION AND BUSINESS BACKGROUND | 1. ORGANIZATION AND BUSINESS BACKGROUND AsiaFIN Holdings Corp., a Nevada corporation (“the Company”) was incorporated under the laws of the State of Nevada on June 14, 2019. On June 14, 2019, Mr. Wong Kai Cheong was appointed Chief Executive Officer, President, Secretary, Treasurer and Director. On September 18, 2020, Mr. Seah Kok Wah was appointed Director of the Company. On December 18, 2019, we, “the Company” acquired 100 1 On December 23, 2019, AsiaFIN Holdings Corp., Malaysia Company acquired AsiaFIN Holdings Limited (herein referred to as the “Hong Kong Company”), a private limited company incorporated in Hong Kong. In consideration of the equity interests of AsiaFIN Holdings Limited our Chief Executive Officer, Mr. Wong was compensated $ 1 Details of the Company’s subsidiary: SCHEDULE OF SUBSIDIARIES Company name Place and date of incorporation Particulars of issued capital Principal activities Proportional of ownership interest and voting power held 1. AsiaFIN Holdings Corp. Labuan / July 15, 2019 1 1 Investment holding and consulting services pertaining to market studies and financial solutions. 100 % 2. AsiaFIN Holdings Limited Hong Kong/ 1 1 Consultancy Services on market studies and financial solutions. 100 % Business Overview AsiaFIN Holdings Corp. is currently providing market research studies and consulting services pertaining to system solutions and integration of unattended payment kiosks and payment processing to our clients. Our present clients, who are related parties, are payment solution companies located in Malaysia, although we intend to provide services to other geographic regions in the future. We have additional plans to develop our own software, which we anticipate we will be able to be merge and integrate onto such Payment Processing or Unattended Payment Kiosk, to accept payments and collect data. Additionally, we have plans, which we are still developing and exploring, to create Web-Based Solutions in four areas which include Payment Processing, Regulatory Technology (REGTECH), Robotic Process Automation (RPA) and Unattended Payment Kiosks for financial institutions, and other industries. We refer to the four pillars of our business as “Focus Solutions”. A further elaboration will be discussed under the “Description of Business” below. Later, we may decide to expand upon our current plans and may also explore options of developing additional software types. We intend to utilize existing and future relationships that may be gained by our officers and directors as a means to expand our reach across the Southeast Asia region, which has a population of approximately 660 million individuals. We believe this market provides us a large pool of businesses that may benefit from our current and future service offerings and or software that may become available as our business plan progresses. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 4 Months Ended |
Dec. 31, 2021 | |
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 AsiaFIN Holdings Corp. and its subsidiaries for the year ended August 31, 2021 and 2020 and for the period ended December 31, 2021 and 2020 are prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) and include the accounts of AsiaFIN Holdings Corp. and its wholly owned subsidiaries, AsiaFIN Holdings Corp. and AsiaFIN Holdings Limited. Intercompany accounts and transactions have been eliminated on consolidation. The Company has changed August 31 to 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 with Customers”, the Company recognizes revenue from sales of goods following five steps: (1) identify the contract with a customer; (2) Identify performance obligations in the contract; (3) determine the transaction price; (4) Allocate the transaction price; and (5) recognize revenue when performance obligation are satisfied. 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 providing system development advisory services, market research and marketing surveys regarding unattended kiosk and payment processing preferences Cost of revenue Cost of revenue includes the cost incurred in providing system development advisory services, market research and marketing surveys regarding unattended kiosk and payment processing preferences Cash and cash equivalents Cash and cash equivalents 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 four months period ended December 31, 2021, the Company incurred a net loss of $ 39,317 32,466 The Company does not have sufficient revenue to cover its operating cost due to the research and development activities performed in the initial stage. 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. These and other factors raise substantial doubt about the Company’s ability to continue as a going concern. These financial statements do not include any adjustments to reflect the possible future effects on the recoverability in profitability that may result in the Company not being able to continue as a going concern. ASIAFIN HOLDINGS CORP. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021 AND 2020 (Currency expressed in United States Dollars (“US$”), except for number of shares) Net income/(loss) per share The Company calculates net loss per share in accordance with ASC Topic 260 “ Earnings per share Foreign currencies translation The reporting currency of the Company and its subsidiaries in Labuan and Hong Kong are United States Dollars (“US$”), 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 EXCHANGE RATE As of and for the period ended As of and for the year ended 2021 2022 2021 2020 Year-end RM : US$1 exchange rate 4.17 4.02 4.16 4.16 Year-average RM : US$1 exchange rate 4.17 4.10 4.18 4.22 Year-end HK$: US$1 exchange rate 7.80 7.75 7.77 7.75 Year-average HK$ : US$1 exchange rate 7.79 7.75 7.77 7.78 Related parties Parties, which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Companies are also considered to be related if they are subject to common control or common significant influence. ASIAFIN HOLDINGS CORP. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021 AND 2020 (Currency expressed in United States Dollars (“US$”), 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. ASIAFIN HOLDINGS CORP. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021 AND 2020 (Currency expressed in United States Dollars (“US$”), except for number of shares) |
COMMON STOCK
COMMON STOCK | 4 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
COMMON STOCK | 3. COMMON STOCK On June 14, 2019, the founder of the Company, Mr. Wong purchased 100,000 0.0001 10 On December 20, 2019, the Company issued 21,900,000 0.0001 2,190 On December 20, 2019, the Company issued 21,850,000 0.0001 2,185 On December 20, 2019, the Company issued 10,000,000 0.0001 1,000 On December 20, 2019, the Company issued 8,000,000 0.0001 800 On December 20, 2019, the Company issued 5,000,000 0.0001 500 On December 23, 2019, the Company issued 500,000 0.0001 50 On December 23, 2019, the Company issued 300,000 0.0001 30 On December 23, 2019, the Company issued 300,000 0.0001 30 On December 23, 2019, the Company issued 50,000 0.0001 5 Between the period February 7, 2020 to June 30, 2020, the Company sold shares to 27 foreign parties, all of which do not reside in the United States. A total of 3,200,000 0.10 320,000 Between the period July 20, 2020 to August 14, 2020, the Company sold shares to 46 foreign parties, all of which do not reside in the United States. A total of 1,282,500 0.20 256,500 Between the period April 27, 2021 to July 30, 2021, the Company issued 837,300 1.00 As of December 31, 2021, AsiaFIN Holdings Corp. has an issued and outstanding common share of 73,319,800 ASIAFIN HOLDINGS CORP. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021 AND AUGUST 31, 2021 (Currency expressed in United States Dollars (“US$”), except for number of shares) |
OTHER PAYABLES AND ACCRUED LIAB
OTHER PAYABLES AND ACCRUED LIABILITIES | 4 Months Ended |
Dec. 31, 2021 | |
Other Payables And Accrued Liabilities | |
OTHER PAYABLES AND ACCRUED LIABILITIES | 4. OTHER PAYABLES AND ACCRUED LIABILITIES Accounts payable and accrued expenses consisted of the followings at December 31, 2021, August 31, 2021 and August 31, 2020. SCHEDULE OF OTHER PAYABLES AND ACCRUED LIABILITIES 2021 (Audited) 2021 (Audited) 2020 (Audited) As of December 31, As of August 31, 2021 (Audited) 2021 (Audited) 2020 (Audited) Accrued audit fees 7,500 7,500 10,000 Other payable 1,500 649 1,709 Total payables and accrued liabilities $ 9,000 $ 8,149 $ 11,709 |
OTHER RECEIVABLES
OTHER RECEIVABLES | 4 Months Ended |
Dec. 31, 2021 | |
Other Receivables | |
OTHER RECEIVABLES | 5. OTHER RECEIVABLES SCHEDULE OF OTHER RECEIVABLES 2021 (Audited) 2021 (Audited) 2020 (Audited) As of December 31, As of August 31, 2021 (Audited) 2021 (Audited) 2020 (Audited) Other receivables 1,249 1,249 1,249 Total other receivables $ 1,249 $ 1,249 $ 1,249 The amount of $ 1,249 |
ACCOUNTS RECEIVABLE
ACCOUNTS RECEIVABLE | 4 Months Ended |
Dec. 31, 2021 | |
Receivables [Abstract] | |
ACCOUNTS RECEIVABLE | 6. ACCOUNTS RECEIVABLE Accounts receivable consisted of the followings as at December 31, 2021, August 31, 2021 and August 31, 2020. SCHEDULE OF ACCOUNTS RECEIVABLE 2021 (Audited) 2021 (Audited) 2020 (Audited) As of December 31, As of August 31, 2021 (Audited) 2021 (Audited) 2020 (Audited) Accounts receivable - 6,000 18,000 Total accounts receivable $ - $ 6,000 $ 18,000 The accounts receivable are related party outstanding balances. The revenue is generated from providing consulting services on market study pertaining to payment processing trends in Asia and also market studies and advisory on user preferences pertaining to payment kiosks in Southeast Asia market. ASIAFIN HOLDINGS CORP. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED FROM SEPTEMBER 1, 2021 TO DECEMBER 31, 2021, 2020 AND 12 MONTHS ENDED AUGUST 31, 2021, 2020 (Currency expressed in United States Dollars (“US$”), except for number of shares) |
INCOME TAXES
INCOME TAXES | 4 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | 7. INCOME TAXES The local (United States) and foreign components of loss before income taxes were comprised of the following: SCHEDULE OF COMPONENTS OF LOSS BEFORE INCOME TAXES For the period ended December 31 For the year ended 2021 (Audited) 2020 (Unaudited) 2021 (Audited) 2020 (Audited) Tax jurisdictions from: - Local $ (25,525 ) $ (7,542 ) $ (336,715 ) $ (85,526 ) - Foreign, representing Labuan (8,951 ) (1,901 ) (10,168 ) 7,497 Hong Kong (4,841 ) 9,859 8,460 3,900 Loss before income tax $ (39,317 ) $ 416 $ (338,423 ) $ (74,129 ) The provision for income taxes consisted of the following: SCHEDULE OF PROVISION FOR INCOME TAXES 2021 (Audited) 2020 2021 (Audited) 2020 (Audited) For the period ended December 31 For the year ended August 31 2021 (Audited) 2020 2021 (Audited) 2020 (Audited) Current: - Local $ - $ - $ - $ - - Foreign - - 643 (644 ) Deferred: - Local - - - - - Foreign - - - - Income tax expense $ - $ - $ 643 $ (644 ) 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, 2021, the operations in the United States of America incurred $ 451,870 94,893 Labuan Under the current laws of the Labuan, AsiaFIN Holdings Corp. is governed under the Labuan Business Activity Act, 1990. The tax charge for such company is based on 3 Hong Kong AsiaFIN Holdings Corp. is subject to Hong Kong Profits Tax, which is charged at the statutory income tax rate of 16.5 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED FROM SEPTEMBER 1, 2021 TO DECEMBER 31, 2021, 2020 AND 12 MONTHS ENDED AUGUST 31, 2021, 2020 (Currency expressed in United States Dollars (“US$”), except for number of shares) |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 4 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | 8. COMMITMENTS AND CONTINGENCIES As of December 31, 2021, the Company has no commitments or contingencies involved. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 4 Months Ended |
Dec. 31, 2021 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | 9. RELATED PARTY TRANSACTIONS For the year ended August 31, 2021 and 2020 the Company has following transactions with related parties: SCHEDULE OF RELATED PARTY TRANSACTIONS For the year ended (Audited) For the year ended August 31, 2020 (Audited) Professional Fees - SEATech Ventures (HK) Limited 1 $ 280,000 $ 70,000 - Tan Hock Chye 2 $ 7,200 $ - Revenue - Insite MY Systems Sdn Bhd 1 $ 17,000 $ 11,000 - GLS IT Solution Sdn Bhd 1 $ 21,000 $ 7,000 Total $ 325,200 $ 88,000 For the period ended December 31, 2021 and 2020 the Company has following transactions with related parties: For the period ended (Audited) For the period ended December 31, 2020 (Unaudited) Professional Fees - SEATech Ventures (HK) Limited 1 $ 25,000 $ - - Tan Hock Chye 2 $ - $ 4,800 Revenue - Insite MY Systems Sdn Bhd 1 $ - $ 17,000 - GLS IT Solution Sdn Bhd 1 $ - $ 21,000 Total $ 25,000 $ 42,800 1 Mr Wong, Kai Cheong, our Chief Executive Officer, is the Director of Insite MY Systems Sdn Bhd while Mr. Seah, Kok Wah, our Director, is the Director of GLS IT Solutions Sdn Bhd and SEATech Ventures Corp. SEATech Ventures Corp. is a shareholder of the Company and also the holding company of SEATech Ventures (HK) Limited. 2 Mr Tan Hock Chye is one of the shareholders of the Company. |
CONCENTRATIONS OF RISKS
CONCENTRATIONS OF RISKS | 4 Months Ended |
Dec. 31, 2021 | |
Risks and Uncertainties [Abstract] | |
CONCENTRATIONS OF RISKS | 10. CONCENTRATIONS OF RISKS (a) Major customers For the year ended August 31, 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 August 31 2021 2020 2021 2020 2021 2020 Revenues Percentage of Revenues Accounts Receivable, Trade Customer A $ 17,000 $ 11,000 45 % 61 % $ - $ 11,000 Customer B $ 21,000 $ 7,000 55 % 39 % $ 6,000 $ 7,000 $ 38,000 $ 18,000 100 % 100 % $ 6,000 $ 18,000 For the period ended December 31, 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: For the period ended December 31 2021 2020 2021 2020 2021 2020 Revenues Percentage of Revenues Accounts Receivable, Trade Customer A $ - $ 17,000 - % 45 % $ - $ 219 Customer B $ $ 21,000 - % 55 % $ $ 21,000 $ - $ 38,000 - % 100 % $ - $ 18,000 (b) Major vendors For the year ended August 31, 2021 and 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: SCHEDULE OF CONCENTRATION OF RISK For the year ended August 31 2021 2020 2021 2020 2021 2020 Purchases Percentage of purchases Accounts payable, trade Vendor A $ 11,900 $ 7,700 45 % 61 % $ - 7,700 Vendor B $ 14,700 $ 4,900 55 % 39 % $ 4,200 4,900 $ 26,600 $ 12,600 100 % 100 % $ 4,200 12,600 For the period ended December 31, 2021 and 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 period ended December 31 2021 2020 2021 2020 2021 2020 Purchases Percentage of purchases Accounts payable, trade Vendor A $ - $ 11,900 - % 45 % $ - 8,400 Vendor B $ - $ 14,700 - % 55 % $ 4,200 14,700 $ - $ 26,600 - % 100 % $ 4,200 23,100 Vendor A provides market research and surveys pertaining to payment process trends in Asia and Vendor B provides us analytic tools to facilitate market research pertaining to payment kiosk as well as market surveys of the urban areas in which the kiosks are currently located or may be installed in the future. The vendors are unrelated third parties. (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 account 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 | 4 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
SEGMENT INFORMATION | 11. 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. The Company is identified to have no |
SIGNIFICANT EVENT
SIGNIFICANT EVENT | 4 Months Ended |
Dec. 31, 2021 | |
Significant Event | |
SIGNIFICANT EVENT | 12. 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 | 4 Months Ended |
Dec. 31, 2021 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | 13. SUBSEQUENT EVENTS In accordance with ASC Topic 855, “ Subsequent Events |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 4 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of presentation | Basis of presentation The consolidated financial statements for AsiaFIN Holdings Corp. and its subsidiaries for the year ended August 31, 2021 and 2020 and for the period ended December 31, 2021 and 2020 are prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) and include the accounts of AsiaFIN Holdings Corp. and its wholly owned subsidiaries, AsiaFIN Holdings Corp. and AsiaFIN Holdings Limited. Intercompany accounts and transactions have been eliminated on consolidation. The Company has changed August 31 to 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 with Customers”, the Company recognizes revenue from sales of goods following five steps: (1) identify the contract with a customer; (2) Identify performance obligations in the contract; (3) determine the transaction price; (4) Allocate the transaction price; and (5) recognize revenue when performance obligation are satisfied. 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 providing system development advisory services, market research and marketing surveys regarding unattended kiosk and payment processing preferences |
Cost of revenue | Cost of revenue Cost of revenue includes the cost incurred in providing system development advisory services, market research and marketing surveys regarding unattended kiosk and payment processing preferences |
Cash and cash equivalents | Cash and cash equivalents Cash and cash equivalents 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 four months period ended December 31, 2021, the Company incurred a net loss of $ 39,317 32,466 The Company does not have sufficient revenue to cover its operating cost due to the research and development activities performed in the initial stage. 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. These and other factors raise substantial doubt about the Company’s ability to continue as a going concern. These financial statements do not include any adjustments to reflect the possible future effects on the recoverability in profitability that may result in the Company not being able to continue as a going concern. ASIAFIN HOLDINGS CORP. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021 AND 2020 (Currency expressed in United States Dollars (“US$”), except for number of shares) |
Net income/(loss) per share | Net income/(loss) per share The Company calculates net loss per share in accordance with ASC Topic 260 “ Earnings per share |
Foreign currencies translation | Foreign currencies translation The reporting currency of the Company and its subsidiaries in Labuan and Hong Kong are United States Dollars (“US$”), 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 EXCHANGE RATE As of and for the period ended As of and for the year ended 2021 2022 2021 2020 Year-end RM : US$1 exchange rate 4.17 4.02 4.16 4.16 Year-average RM : US$1 exchange rate 4.17 4.10 4.18 4.22 Year-end HK$: US$1 exchange rate 7.80 7.75 7.77 7.75 Year-average HK$ : US$1 exchange rate 7.79 7.75 7.77 7.78 |
Related parties | Related parties Parties, which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Companies are also considered to be related if they are subject to common control or common significant influence. ASIAFIN HOLDINGS CORP. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021 AND 2020 (Currency expressed in United States Dollars (“US$”), 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. |
ORGANIZATION AND BUSINESS BAC_2
ORGANIZATION AND BUSINESS BACKGROUND (Tables) | 4 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
SCHEDULE OF SUBSIDIARIES | SCHEDULE OF SUBSIDIARIES Company name Place and date of incorporation Particulars of issued capital Principal activities Proportional of ownership interest and voting power held 1. AsiaFIN Holdings Corp. Labuan / July 15, 2019 1 1 Investment holding and consulting services pertaining to market studies and financial solutions. 100 % 2. AsiaFIN Holdings Limited Hong Kong/ 1 1 Consultancy Services on market studies and financial solutions. 100 % |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 4 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
SCHEDULE OF FOREIGN EXCHANGE RATE | SCHEDULE OF FOREIGN EXCHANGE RATE As of and for the period ended As of and for the year ended 2021 2022 2021 2020 Year-end RM : US$1 exchange rate 4.17 4.02 4.16 4.16 Year-average RM : US$1 exchange rate 4.17 4.10 4.18 4.22 Year-end HK$: US$1 exchange rate 7.80 7.75 7.77 7.75 Year-average HK$ : US$1 exchange rate 7.79 7.75 7.77 7.78 |
OTHER PAYABLES AND ACCRUED LI_2
OTHER PAYABLES AND ACCRUED LIABILITIES (Tables) | 4 Months Ended |
Dec. 31, 2021 | |
Other Payables And Accrued Liabilities | |
SCHEDULE OF OTHER PAYABLES AND ACCRUED LIABILITIES | SCHEDULE OF OTHER PAYABLES AND ACCRUED LIABILITIES 2021 (Audited) 2021 (Audited) 2020 (Audited) As of December 31, As of August 31, 2021 (Audited) 2021 (Audited) 2020 (Audited) Accrued audit fees 7,500 7,500 10,000 Other payable 1,500 649 1,709 Total payables and accrued liabilities $ 9,000 $ 8,149 $ 11,709 |
OTHER RECEIVABLES (Tables)
OTHER RECEIVABLES (Tables) | 4 Months Ended |
Dec. 31, 2021 | |
Other Receivables | |
SCHEDULE OF OTHER RECEIVABLES | SCHEDULE OF OTHER RECEIVABLES 2021 (Audited) 2021 (Audited) 2020 (Audited) As of December 31, As of August 31, 2021 (Audited) 2021 (Audited) 2020 (Audited) Other receivables 1,249 1,249 1,249 Total other receivables $ 1,249 $ 1,249 $ 1,249 |
ACCOUNTS RECEIVABLE (Tables)
ACCOUNTS RECEIVABLE (Tables) | 4 Months Ended |
Dec. 31, 2021 | |
Receivables [Abstract] | |
SCHEDULE OF ACCOUNTS RECEIVABLE | Accounts receivable consisted of the followings as at December 31, 2021, August 31, 2021 and August 31, 2020. SCHEDULE OF ACCOUNTS RECEIVABLE 2021 (Audited) 2021 (Audited) 2020 (Audited) As of December 31, As of August 31, 2021 (Audited) 2021 (Audited) 2020 (Audited) Accounts receivable - 6,000 18,000 Total accounts receivable $ - $ 6,000 $ 18,000 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 4 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
SCHEDULE OF COMPONENTS OF LOSS BEFORE INCOME TAXES | The local (United States) and foreign components of loss before income taxes were comprised of the following: SCHEDULE OF COMPONENTS OF LOSS BEFORE INCOME TAXES For the period ended December 31 For the year ended 2021 (Audited) 2020 (Unaudited) 2021 (Audited) 2020 (Audited) Tax jurisdictions from: - Local $ (25,525 ) $ (7,542 ) $ (336,715 ) $ (85,526 ) - Foreign, representing Labuan (8,951 ) (1,901 ) (10,168 ) 7,497 Hong Kong (4,841 ) 9,859 8,460 3,900 Loss before income tax $ (39,317 ) $ 416 $ (338,423 ) $ (74,129 ) |
SCHEDULE OF PROVISION FOR INCOME TAXES | SCHEDULE OF PROVISION FOR INCOME TAXES 2021 (Audited) 2020 2021 (Audited) 2020 (Audited) For the period ended December 31 For the year ended August 31 2021 (Audited) 2020 2021 (Audited) 2020 (Audited) Current: - Local $ - $ - $ - $ - - Foreign - - 643 (644 ) Deferred: - Local - - - - - Foreign - - - - Income tax expense $ - $ - $ 643 $ (644 ) |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 4 Months Ended |
Dec. 31, 2021 | |
Related Party Transactions [Abstract] | |
SCHEDULE OF RELATED PARTY TRANSACTIONS | For the year ended August 31, 2021 and 2020 the Company has following transactions with related parties: SCHEDULE OF RELATED PARTY TRANSACTIONS For the year ended (Audited) For the year ended August 31, 2020 (Audited) Professional Fees - SEATech Ventures (HK) Limited 1 $ 280,000 $ 70,000 - Tan Hock Chye 2 $ 7,200 $ - Revenue - Insite MY Systems Sdn Bhd 1 $ 17,000 $ 11,000 - GLS IT Solution Sdn Bhd 1 $ 21,000 $ 7,000 Total $ 325,200 $ 88,000 For the period ended December 31, 2021 and 2020 the Company has following transactions with related parties: For the period ended (Audited) For the period ended December 31, 2020 (Unaudited) Professional Fees - SEATech Ventures (HK) Limited 1 $ 25,000 $ - - Tan Hock Chye 2 $ - $ 4,800 Revenue - Insite MY Systems Sdn Bhd 1 $ - $ 17,000 - GLS IT Solution Sdn Bhd 1 $ - $ 21,000 Total $ 25,000 $ 42,800 1 Mr Wong, Kai Cheong, our Chief Executive Officer, is the Director of Insite MY Systems Sdn Bhd while Mr. Seah, Kok Wah, our Director, is the Director of GLS IT Solutions Sdn Bhd and SEATech Ventures Corp. SEATech Ventures Corp. is a shareholder of the Company and also the holding company of SEATech Ventures (HK) Limited. 2 Mr Tan Hock Chye is one of the shareholders of the Company. |
CONCENTRATIONS OF RISKS (Tables
CONCENTRATIONS OF RISKS (Tables) | 4 Months Ended |
Dec. 31, 2021 | |
Customer Concentration Risk [Member] | |
Concentration Risk [Line Items] | |
SCHEDULE OF CONCENTRATION OF RISK | For the year ended August 31, 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 August 31 2021 2020 2021 2020 2021 2020 Revenues Percentage of Revenues Accounts Receivable, Trade Customer A $ 17,000 $ 11,000 45 % 61 % $ - $ 11,000 Customer B $ 21,000 $ 7,000 55 % 39 % $ 6,000 $ 7,000 $ 38,000 $ 18,000 100 % 100 % $ 6,000 $ 18,000 For the period ended December 31, 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: For the period ended December 31 2021 2020 2021 2020 2021 2020 Revenues Percentage of Revenues Accounts Receivable, Trade Customer A $ - $ 17,000 - % 45 % $ - $ 219 Customer B $ $ 21,000 - % 55 % $ $ 21,000 $ - $ 38,000 - % 100 % $ - $ 18,000 |
Supplier Concentration Risk [Member] | |
Concentration Risk [Line Items] | |
SCHEDULE OF CONCENTRATION OF RISK | For the year ended August 31, 2021 and 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: SCHEDULE OF CONCENTRATION OF RISK For the year ended August 31 2021 2020 2021 2020 2021 2020 Purchases Percentage of purchases Accounts payable, trade Vendor A $ 11,900 $ 7,700 45 % 61 % $ - 7,700 Vendor B $ 14,700 $ 4,900 55 % 39 % $ 4,200 4,900 $ 26,600 $ 12,600 100 % 100 % $ 4,200 12,600 For the period ended December 31, 2021 and 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 period ended December 31 2021 2020 2021 2020 2021 2020 Purchases Percentage of purchases Accounts payable, trade Vendor A $ - $ 11,900 - % 45 % $ - 8,400 Vendor B $ - $ 14,700 - % 55 % $ 4,200 14,700 $ - $ 26,600 - % 100 % $ 4,200 23,100 |
SCHEDULE OF SUBSIDIARIES (Detai
SCHEDULE OF SUBSIDIARIES (Details) | 4 Months Ended | ||||
Dec. 31, 2021$ / sharesshares | Dec. 31, 2021$ / sharesshares | Aug. 31, 2021$ / sharesshares | Aug. 31, 2020$ / sharesshares | Dec. 18, 2019 | |
Restructuring Cost and Reserve [Line Items] | |||||
Common stock, issued | shares | 73,319,800 | 73,319,800 | 73,319,800 | 72,482,500 | |
Common stock, par value | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||
AsiaFIN Holdings Corp. Labuan [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Place/date of incorporation | Labuan / July 15, 2019 | ||||
Common stock, issued | shares | 1 | 1 | |||
Common stock, par value | $ / shares | $ 1 | ||||
Principal activities | Investment holding and consulting services pertaining to market studies and financial solutions. | ||||
Proportional of ownership interest and voting power held, percentage | 100.00% | 100.00% | 100.00% | ||
AsiaFIN Holdings Limited (Hong Kong) [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Place/date of incorporation | Hong Kong/ July 5, 2019 | ||||
Common stock, issued | shares | 1 | 1 | |||
Common stock, par value | $ / shares | $ 1 | ||||
Principal activities | Consultancy Services on market studies and financial solutions. | ||||
Proportional of ownership interest and voting power held, percentage | 100.00% | 100.00% |
ORGANIZATION AND BUSINESS BAC_3
ORGANIZATION AND BUSINESS BACKGROUND (Details Narrative) - HKD ($) | Dec. 18, 2019 | Dec. 31, 2021 |
AsiaFIN Holdings Corp. Labuan [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Percentage of equity interests acquired | 100.00% | 100.00% |
AsiaFIN Holdings Corp. Labuan [Member] | Mr. Wong [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Officers compensation | $ 1 | |
AsiaFIN Holdings Limited (Hong Kong) [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Percentage of equity interests acquired | 100.00% | |
AsiaFIN Holdings Limited (Hong Kong) [Member] | Mr. Wong [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Officers compensation | $ 1 |
SCHEDULE OF FOREIGN EXCHANGE RA
SCHEDULE OF FOREIGN EXCHANGE RATE (Details) | Dec. 31, 2021 | Aug. 31, 2021 | Dec. 31, 2020 | Aug. 31, 2020 |
Year-end RM : US$1 Exchange Rate [Member] | ||||
Exchange rate | 4.17 | 4.16 | 4.02 | 4.16 |
Year-average RM : US$1 Exchange Rate [Member] | ||||
Exchange rate | 4.17 | 4.18 | 4.10 | 4.22 |
Year-end HK$: US$1 Exchange Rate [Member] | ||||
Exchange rate | 7.80 | 7.77 | 7.75 | 7.75 |
Year-average HK$ : US$1 Exchange Rate [Member] | ||||
Exchange rate | 7.79 | 7.77 | 7.75 | 7.78 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | 4 Months Ended | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Aug. 31, 2021 | Aug. 31, 2020 | |
Accounting Policies [Abstract] | ||||
Net income loss | $ 39,317 | $ (416) | $ 337,780 | $ 74,773 |
Negative operating cash flow | $ 32,466 | $ (6,829) | $ 338,384 | $ 69,069 |
COMMON STOCK (Details Narrative
COMMON STOCK (Details Narrative) - USD ($) | Dec. 23, 2019 | Dec. 20, 2019 | Jun. 14, 2019 | Aug. 14, 2020 | Jul. 30, 2021 | Jun. 30, 2020 | Aug. 31, 2020 | Dec. 31, 2021 | Aug. 31, 2021 | Aug. 04, 2021 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||
Shares issued price per share | $ 0.20 | $ 0.10 | $ 1 | |||||||
Shares issued during period, value | $ 6,790 | |||||||||
Common stock, issued | 72,482,500 | 73,319,800 | 73,319,800 | |||||||
Common stock, outstanding | 72,482,500 | 73,319,800 | 73,319,800 | |||||||
Common Stock [Member] | ||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||
Number of shares issued during period, shares | 67,900,000 | |||||||||
Shares issued during period, value | $ 6,790 | |||||||||
Restricted Stock [Member] | Unicorn Ventures Sdn. Bhd [Member] | ||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||
Number of shares issued during period, shares | 21,850,000 | |||||||||
Shares issued price per share | $ 0.0001 | |||||||||
Shares issued during period, value | $ 2,185 | |||||||||
Restricted Stock [Member] | SEATech Ventures Corp. [Member] | ||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||
Number of shares issued during period, shares | 10,000,000 | |||||||||
Shares issued price per share | $ 0.0001 | |||||||||
Shares issued during period, value | $ 1,000 | |||||||||
Restricted Stock [Member] | AsiaFin Talent Sdn, Bhd., [Member] | ||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||
Number of shares issued during period, shares | 5,000,000 | |||||||||
Shares issued price per share | $ 0.0001 | |||||||||
Shares issued during period, value | $ 500 | |||||||||
Mr. Wong [Member] | Restricted Stock [Member] | ||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||
Number of shares issued during period, shares | 21,900,000 | 100,000 | ||||||||
Shares issued price per share | $ 0.0001 | $ 0.0001 | ||||||||
Shares issued during period, value | $ 2,190 | $ 10 | ||||||||
Hoo, Swee Ping [Member] | Restricted Stock [Member] | ||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||
Number of shares issued during period, shares | 8,000,000 | |||||||||
Shares issued price per share | $ 0.0001 | |||||||||
Shares issued during period, value | $ 800 | |||||||||
Lim, Kin Wan [Member] | Restricted Stock [Member] | ||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||
Number of shares issued during period, shares | 500,000 | |||||||||
Shares issued price per share | $ 0.0001 | |||||||||
Shares issued during period, value | $ 50 | |||||||||
Kang, Kok Seng Michael, and Tan, Hock Chye [Member] | Restricted Stock [Member] | ||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||
Number of shares issued during period, shares | 300,000 | |||||||||
Shares issued price per share | $ 0.0001 | |||||||||
Shares issued during period, value | $ 30 | |||||||||
Tan Hock Chye [Member] | Restricted Stock [Member] | ||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||
Number of shares issued during period, shares | 300,000 | |||||||||
Shares issued price per share | $ 0.0001 | |||||||||
Shares issued during period, value | $ 30 | |||||||||
Eng, Kin Hoong [Member] | Restricted Stock [Member] | ||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||
Number of shares issued during period, shares | 50,000 | |||||||||
Shares issued price per share | $ 0.0001 | |||||||||
Shares issued during period, value | $ 5 | |||||||||
27 Foreign Parties [Member] | Restricted Stock [Member] | ||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||
Number of shares sold during period, shares | 3,200,000 | |||||||||
Sale of stock, price per share | $ 0.10 | |||||||||
Proceeds from sale of stock | $ 320,000 | |||||||||
46 Foreign Parties [Member] | Restricted Stock [Member] | ||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||
Number of shares sold during period, shares | 1,282,500 | |||||||||
Sale of stock, price per share | $ 0.20 | |||||||||
Proceeds from sale of stock | $ 256,500 | |||||||||
87 Non-US Residents [Member] | Common Stock [Member] | IPO [Member] | ||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||
Number of shares issued during period, shares | 837,300 | |||||||||
Shares issued price per share | $ 1 |
SCHEDULE OF OTHER PAYABLES AND
SCHEDULE OF OTHER PAYABLES AND ACCRUED LIABILITIES (Details) - USD ($) | Dec. 31, 2021 | Aug. 31, 2021 | Aug. 31, 2020 |
Other Payables And Accrued Liabilities | |||
Accrued audit fees | $ 7,500 | $ 7,500 | $ 10,000 |
Other payable | 1,500 | 649 | 1,709 |
Total payables and accrued liabilities | $ 9,000 | $ 8,149 | $ 11,709 |
SCHEDULE OF OTHER RECEIVABLES (
SCHEDULE OF OTHER RECEIVABLES (Details) - USD ($) | Dec. 31, 2021 | Aug. 31, 2021 | Aug. 31, 2020 |
Other Receivables | |||
Other receivables | $ 1,249 | $ 1,249 | $ 1,249 |
Total other receivables | $ 1,249 | $ 1,249 | $ 1,249 |
OTHER RECEIVABLES (Details Narr
OTHER RECEIVABLES (Details Narrative) | Dec. 31, 2021USD ($) |
Other Receivables | |
Other receivable | $ 1,249 |
SCHEDULE OF ACCOUNTS RECEIVABLE
SCHEDULE OF ACCOUNTS RECEIVABLE (Details) - USD ($) | Dec. 31, 2021 | Aug. 31, 2021 | Aug. 31, 2020 |
Receivables [Abstract] | |||
Accounts receivable | $ 6,000 | $ 18,000 | |
Total accounts receivable | $ 6,000 | $ 18,000 |
SCHEDULE OF COMPONENTS OF LOSS
SCHEDULE OF COMPONENTS OF LOSS BEFORE INCOME TAXES (Details) - USD ($) | 4 Months Ended | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Aug. 31, 2021 | Aug. 31, 2020 | |
Loss before income tax | $ (39,317) | $ 416 | $ (338,423) | $ (74,129) |
UNITED STATES | ||||
Loss before income tax | (25,525) | (7,542) | (336,715) | (85,526) |
Labuan [Member] | ||||
Loss before income tax | (8,951) | (1,901) | (10,168) | 7,497 |
HONG KONG | ||||
Loss before income tax | $ (4,841) | $ 9,859 | $ 8,460 | $ 3,900 |
SCHEDULE OF PROVISION FOR INCOM
SCHEDULE OF PROVISION FOR INCOME TAXES (Details) - USD ($) | 4 Months Ended | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Aug. 31, 2021 | Aug. 31, 2020 | |
Income Tax Disclosure [Abstract] | ||||
- Local | ||||
- Foreign | 643 | (644) | ||
- Local | ||||
- Foreign | ||||
Income tax expense | $ 643 | $ (644) |
INCOME TAXES (Details Narrative
INCOME TAXES (Details Narrative) | 4 Months Ended |
Dec. 31, 2021USD ($) | |
Cumulative net operating losses | $ 451,870 |
Valuation allowance | $ 94,893 |
Labuan [Member] | |
Statutory income rate | 3.00% |
HONG KONG | |
Statutory income rate | 16.50% |
SCHEDULE OF RELATED PARTY TRANS
SCHEDULE OF RELATED PARTY TRANSACTIONS (Details) - USD ($) | 4 Months Ended | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Aug. 31, 2021 | Aug. 31, 2020 | ||
Related Party Transaction [Line Items] | |||||
Revenue | $ 25,000 | $ 42,800 | $ 325,200 | $ 88,000 | |
SEATech Ventures Limited [Member] | |||||
Related Party Transaction [Line Items] | |||||
Professional Fees | [1] | 25,000 | 280,000 | 70,000 | |
Tan Hock Chye [Member] | |||||
Related Party Transaction [Line Items] | |||||
Professional Fees | [2] | 4,800 | 7,200 | ||
Insite MY Systems Sdn Bhd [Member] | |||||
Related Party Transaction [Line Items] | |||||
Revenue | [1] | 17,000 | 17,000 | 11,000 | |
GLS IT Solutions Sdn Bhd [Member] | |||||
Related Party Transaction [Line Items] | |||||
Revenue | [1] | $ 21,000 | $ 21,000 | $ 7,000 | |
[1] | Mr Wong, Kai Cheong, our Chief Executive Officer, is the Director of Insite MY Systems Sdn Bhd while Mr. Seah, Kok Wah, our Director, is the Director of GLS IT Solutions Sdn Bhd and SEATech Ventures Corp. SEATech Ventures Corp. is a shareholder of the Company and also the holding company of SEATech Ventures (HK) Limited. | ||||
[2] | Mr Tan Hock Chye is one of the shareholders of the Company. |
SCHEDULE OF CONCENTRATION OF RI
SCHEDULE OF CONCENTRATION OF RISK (Details) - USD ($) | 4 Months Ended | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Aug. 31, 2021 | Aug. 31, 2020 | |
Concentration Risk [Line Items] | ||||
Revenues | $ 38,000 | $ 38,000 | $ 18,000 | |
Accounts receivable | 6,000 | 18,000 | ||
Accounts payable | 4,200 | 4,200 | 12,600 | |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Customer A [Member] | ||||
Concentration Risk [Line Items] | ||||
Revenues | $ 17,000 | $ 17,000 | $ 11,000 | |
Percentage of concentration | 45.00% | 45.00% | 61.00% | |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Customer B [Member] | ||||
Concentration Risk [Line Items] | ||||
Revenues | $ 21,000 | $ 21,000 | $ 7,000 | |
Percentage of concentration | 55.00% | 55.00% | 39.00% | |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Customer [Member] | ||||
Concentration Risk [Line Items] | ||||
Revenues | $ 38,000 | $ 38,000 | $ 18,000 | |
Percentage of concentration | 100.00% | 100.00% | 100.00% | |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer A [Member] | ||||
Concentration Risk [Line Items] | ||||
Accounts receivable | $ 219 | $ 11,000 | ||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer B [Member] | ||||
Concentration Risk [Line Items] | ||||
Accounts receivable | 21,000 | 6,000 | 7,000 | |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer [Member] | ||||
Concentration Risk [Line Items] | ||||
Accounts receivable | $ 18,000 | $ 6,000 | $ 18,000 | |
Cost of Goods and Service, Product and Service Benchmark [Member] | Supplier Concentration Risk [Member] | Vendor A [Member] | ||||
Concentration Risk [Line Items] | ||||
Percentage of concentration | 45.00% | 45.00% | 61.00% | |
Purchases | $ 11,900 | $ 11,900 | $ 7,700 | |
Cost of Goods and Service, Product and Service Benchmark [Member] | Supplier Concentration Risk [Member] | Vendor B [Member] | ||||
Concentration Risk [Line Items] | ||||
Percentage of concentration | 55.00% | 55.00% | 39.00% | |
Purchases | $ 14,700 | $ 14,700 | $ 4,900 | |
Cost of Goods and Service, Product and Service Benchmark [Member] | Supplier Concentration Risk [Member] | Vendor [Member] | ||||
Concentration Risk [Line Items] | ||||
Percentage of concentration | 100.00% | 100.00% | 100.00% | |
Purchases | $ 26,600 | $ 26,600 | $ 12,600 | |
Accounts Payable [Member] | Supplier Concentration Risk [Member] | Vendor A [Member] | ||||
Concentration Risk [Line Items] | ||||
Accounts payable | 8,400 | 7,700 | ||
Accounts Payable [Member] | Supplier Concentration Risk [Member] | Vendor B [Member] | ||||
Concentration Risk [Line Items] | ||||
Accounts payable | 4,200 | 14,700 | 4,200 | 4,900 |
Accounts Payable [Member] | Supplier Concentration Risk [Member] | Vendor [Member] | ||||
Concentration Risk [Line Items] | ||||
Accounts payable | $ 4,200 | $ 23,100 | $ 4,200 | $ 12,600 |
SEGMENT INFORMATION (Details Na
SEGMENT INFORMATION (Details Narrative) | 4 Months Ended |
Dec. 31, 2021Integer | |
Segment Reporting [Abstract] | |
Number of reportable segments | 0 |