Cover
Cover - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Jun. 30, 2022 | |
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 | 000-56421 | |
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 | |
Trading Symbol | ASFH | |
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 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
CURRENT ASSETS | ||
Deposits and other receivables | $ 3,000 | $ 1,249 |
Cash and cash equivalents | 874,690 | 980,681 |
Total Current Assets | 877,690 | 981,930 |
TOTAL ASSETS | 877,690 | 981,930 |
CURRENT LIABILITIES | ||
Account payable | 4,200 | |
Income tax payable | 3,357 | |
Accrued liabilities | 17,805 | 9,000 |
Total Current Liabilities | 21,162 | 13,200 |
TOTAL LIABILITIES | 21,162 | 13,200 |
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 73,319,800 shares issued and outstanding as of December 31, 2022, and 2021 | 7,332 | 7,332 |
Additional paid-in capital | 1,413,268 | 1,413,268 |
Accumulated deficit | (564,072) | (451,870) |
TOTAL STOCKHOLDERS’ EQUITY | 856,528 | 968,730 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 877,690 | $ 981,930 |
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 | 73,319,800 | 73,319,800 |
Common stock, shares outstanding | 73,319,800 | 73,319,800 |
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 | ||
COST OF REVENUE | ||
GROSS PROFIT | ||
OTHER INCOME | 14,080 | 87 |
SELLING AND MARKETING EXPENSES | ||
GENERAL AND ADMINISTRATIVE EXPENSES | (122,283) | (378,235) |
LOSS BEFORE INCOME TAX | (108,203) | (378,148) |
INCOME TAXES EXPENSE | (3,999) | 643 |
NET LOSS | (112,202) | (377,505) |
Other comprehensive income/(loss): | ||
- Foreign exchange adjustment gain/(loss) | ||
COMPREHENSIVE LOSS | $ (112,202) | $ (377,505) |
Net loss per share- Basic and diluted | $ 0 | $ 0 |
Weighted average number of common shares outstanding - Basic and diluted | 73,319,800 | 73,319,800 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Beginning balance, value at Jan. 31, 2021 | $ 7,248 | $ 576,052 | $ (74,365) | $ 508,935 |
Balance, shares at Jan. 31, 2021 | 72,482,500 | |||
Shares issued in private placement completed on July 30, 2021 at $0.20 per share | $ 84 | 837,216 | 837,300 | |
Balance, shares | 837,300 | |||
Net loss (December 31, 2022) | (377,505) | (377,505) | ||
Ending balance, value at Dec. 31, 2021 | $ 7,332 | 1,413,268 | (451,870) | 968,730 |
Balance, shares at Dec. 31, 2021 | 73,319,800 | |||
Net loss (December 31, 2022) | (112,202) | (112,202) | ||
Ending balance, value at Dec. 31, 2022 | $ 7,332 | $ 1,413,268 | $ (564,072) | $ 856,528 |
Balance, shares at Dec. 31, 2022 | 73,319,800 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) | Jul. 30, 2021 $ / shares |
Statement of Stockholders' Equity [Abstract] | |
Shares issued, price per share | $ 0.20 |
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 | $ (112,202) | $ (377,505) |
Changes in operating assets and liabilities: | ||
Accounts receivable | 21,219 | |
Accounts payable | (4,200) | (18,900) |
Deposits and other receivables | (1,751) | |
Income tax payable | 3,357 | (2,021) |
Other payables and accrued liabilities | 8,805 | (464) |
Net cash used in operating activities | (105,991) | (377,671) |
CASH FLOWS FROM FINANCING ACTIVITY: | ||
Share subscriptions receipts | 837,300 | |
Net cash provided by financing activity | 837,300 | |
Effect of exchange rate changes on cash and cash equivalents | ||
Net change in cash and cash equivalents | (105,991) | 459,629 |
Cash and cash equivalents, beginning of year | 980,681 | 521,052 |
CASH AND CASH EQUIVALENTS, END OF YEAR | 874,690 | 980,681 |
SUPPLEMENTAL CASH FLOWS INFORMATION | ||
Income taxes paid | 642 | |
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 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/ July 5, 2019 1 1 Consultancy Services on market studies and financial solutions. 100 % ASIAFIN HOLDINGS CORP. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022 AND 2021 (Currency expressed in United States Dollars (“US$”), except for number of shares) 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 | 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 AsiaFIN Holdings Corp. and its subsidiaries for year ended December 31, 2022, and 2021 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. 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. ASIAFIN HOLDINGS CORP. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS AS OF 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 years 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 years 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 years 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 $ 112,202 105,991 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, 2022 AND 2021 (Currency expressed in United States Dollars (“US$”), except for number of shares) Net income/(loss) per share The Company calculates net loss per share in accordance with ASC Topic 260 “ Earnings per share Foreign currencies translation The reporting currency of the Company and its subsidiaries in Labuan and Hong Kong are United States Dollars (“US$”), 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 years: SCHEDULE OF FOREIGN EXCHANGE RATE For the year ended For the year ended Year-end RM : US$1 exchange rate 4.40 4.17 Year-average RM : US$1 exchange rate 4.40 4.17 Year-end HK$: US$1 exchange rate 7.81 7.80 Year-average HK$ : US$1 exchange rate 7.83 7.79 Related parties Parties, which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Companies are also considered to be related if they are subject to common control or common significant influence. ASIAFIN HOLDINGS CORP. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022 AND 2021 (Currency expressed in United States Dollars (“US$”), 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, except as follows: In June 2016, the FASB issued ASU No. 2016-13, Credit Losses - Measurement of Credit Losses on Financial Instruments (“ASC 326”). The standard significantly changes how entities will measure credit losses for most financial assets, including accounts and notes receivables. The standard will replace today’s “incurred loss” approach with an “expected loss” model, under which companies will recognize allowances based on expected rather than incurred losses. Entities will apply the standard’s provisions as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. The standard is effective for interim and annual reporting periods beginning after December 15, 2022. The Company is currently assessing the impact of adopting this standard on the Company’s financial statements and related disclosures. ASIAFIN HOLDINGS CORP. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS AS OF 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 Between the period April 27, 2021 to July 30, 2021, the Company issued 837,300 1.00 As of December 31, 2022, AsiaFIN Holdings Corp. has an issued and outstanding common share of 73,319,800 |
CASH AND CASH EQUIVALENTS
CASH AND CASH EQUIVALENTS | 12 Months Ended |
Dec. 31, 2022 | |
Cash and Cash Equivalents [Abstract] | |
CASH AND CASH EQUIVALENTS | 4. CASH AND CASH EQUIVALENTS As of December 31, 2022, the Company recorded cash and cash equivalents of $ 874,690 As of December 31, 2021, the Company recorded cash and cash equivalents of $ 980,681 ASIAFIN HOLDINGS CORP. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022 AND 2021 (Currency expressed in United States Dollars (“US$”), except for number of shares) |
ACCRUED LIABILITIES
ACCRUED LIABILITIES | 12 Months Ended |
Dec. 31, 2022 | |
Accrued Liabilities | |
ACCRUED LIABILITIES | 5. ACCRUED LIABILITIES Accrued liabilities consisted of the followings at December 31, 2022 and 2021. SCHEDULE OF ACCRUED LIABILITIES As of December 31, 2022 (Audited) As of December 31, 2021 (Audited) Accrued audit fees 14,630 7,500 Accrued tax fee 3,000 - Accrued transfer agent fee 175 300 Accrued consultation fees - 1,200 Total Accrued liabilities $ 17,805 $ 9,000 |
DEPOSIT AND OTHER RECEIVABLES
DEPOSIT AND OTHER RECEIVABLES | 12 Months Ended |
Dec. 31, 2022 | |
Deposit And Other Receivables | |
DEPOSIT AND OTHER RECEIVABLES | 6. DEPOSIT AND OTHER RECEIVABLES Deposit and other receivables consisted of the followings at December 31, 2022, and 2021. SCHEDULE OF OTHER RECEIVABLES As of December 31, 2022 (Audited) As of December 31, 2021 (Audited) Deposit 3,000 - Other receivables - 1,249 Total deposit and other receivables $ 3,000 $ 1,249 The amount of $ 3,000 The amount of $ 1,249 ASIAFIN HOLDINGS CORP. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022 AND 2021 (Currency expressed in United States Dollars (“US$”), except for number of shares) |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2022 | |
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 2022 (Audited) 2021 (Audited) For the year ended December 31 2022 (Audited) 2021 (Audited) Tax jurisdictions from: $ (54,670 ) $ (354,698 ) - Local - Foreign, representing Labuan (23,672 ) (17,209 ) Hong Kong (29,861 ) (6,241 ) Loss before income tax $ (108,203 ) $ (378,148 ) The provision for income taxes consisted of the following: SCHEDULE OF PROVISION FOR INCOME TAXES 2022 (Audited) 2021 (Audited) For the year ended December 31 2022 (Audited) 2021 (Audited) Current: - Local - - - Foreign $ (3,999 ) $ 643 Deferred: - Local - - - Foreign - - Income tax expense $ (3,999 ) $ 643 The effective tax rate in the years presented is the result of the mix of income earned in various tax jurisdictions that apply a broad range of income tax 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, 2022, the operations in the United States of America incurred $ 564,072 451,257 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 24 Hong Kong AsiaFIN Holdings Corp. is subject to Hong Kong Profits Tax, which is charged at the statutory income tax rate of 8.25% ASIAFIN HOLDINGS CORP. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS AS OF 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 | 8. COMMITMENTS AND CONTINGENCIES As of December 31, 2022, the Company has no |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2022 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | 9. RELATED PARTY TRANSACTIONS For the year ended December 31, 2022 and 2021 the Company has following transactions with related parties: SCHEDULE OF RELATED PARTY TRANSACTIONS For the year ended December 31, 2022 (Audited) For the year ended December 31, 2021 (Audited) Professional Fees - SEATech Ventures (HK) Limited 1 $ - $ 185,000 - Tan Hock Chye 2 $ - $ 2,400 Rental - Insite MY Innovations Sdn. Bhd. 3 $ 12,000 $ - Total $ 12,000 $ 187,400 1 SEATech Venture (HK) Limited, through its wholly subsidiary of SEATech Venture Corp is a 13.6 2 Mr Tan Hock Chye is one of the shareholders of the Company. 3 Insite MY Innovations Sdn. Bhd., through its wholly subsidiary of StarFIN Asia Sdn. Bhd. Wong Kai Cheong is a 57.1 29.94 |
CONCENTRATIONS OF RISK
CONCENTRATIONS OF RISK | 12 Months Ended |
Dec. 31, 2022 | |
Risks and Uncertainties [Abstract] | |
CONCENTRATIONS OF RISK | 10. CONCENTRATIONS OF RISK (a) Major customers For the year ended December 31, 2022 and 2021, there was no customer who accounted for 10% or more of the Company’s revenues nor with significant outstanding receivables. (b) Major vendors For year ended December 31, 2022 and 2021, there was no supplier who accounted for 10% or more of the Company’s purchases nor with significant outstanding payables. (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. ASIAFIN HOLDINGS CORP. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022 AND 2021 (Currency expressed in United States Dollars (“US$”), except for number of shares) |
SEGMENT INFORMATION
SEGMENT INFORMATION | 12 Months Ended |
Dec. 31, 2022 | |
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. 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. SCHEDULE OF SEGMENT INFORMATION For the year ended December 31, 2022 United States Malaysia Hong Kong Total Revenues $ - $ - $ - $ - Cost of revenues $ - $ - $ - $ - Net loss $ (54,670 ) $ (23,672 ) $ (29,861 ) $ (108,203 ) Total assets $ - $ 848,739 $ 28,951 $ 877,690 For the year ended December 31, 2021 United States Malaysia Hong Kong Total Revenues $ - $ - $ - $ - Cost of revenues $ - $ - $ - $ - Net loss $ (354,698 ) $ (17,209 ) $ (6,241 ) $ (378,148 ) Total assets $ 1,249 $ 949,720 $ 30,961 $ 981,930 ASIAFIN HOLDINGS CORP. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022 AND 2021 (Currency expressed in United States Dollars (“US$”), except for number of shares) |
SIGNIFICANT EVENTS
SIGNIFICANT EVENTS | 12 Months Ended |
Dec. 31, 2022 | |
Significant Events | |
SIGNIFICANT EVENTS | 12. SIGNIFICANT EVENTS Acquisition of StarFIN Holdings Limited, a British Virgin Islands company On December 22, 2022, the company entered into an agreement to acquire 100 9,055,242 SFHL provided Payment Processing, Regulatory Technology (REGTECH), Robotic Process Automation (RPA) solutions in Southeast Asia region through its wholly owned subsidiaries, StarFIN Asia Sdn. Bhd. (“SFA”), Insite MY Systems Sdn. Bhd. (“IMS”), Insite MY Innovations Sdn. Bhd. (“IMI”), OrangeFIN Asia Sdn. Bhd. (“OFA”) and OrangeFIN Academy Sdn. Bhd. (“OFAA”). All its subsidiaries are private limited companies in Malaysia. Mr. Wong Kai Cheong, the Founder and director of SFA, and held 57.10 29.94 Mr. Hoo Swee Ping, the Chief Executive Officer and director of SFA, and held 40.22 10.91 Mr. Ang Teck Kong, held 1.32 0.04 Mr. Ng Kai Thim, the Chief Operating Officer of SFA, held 0.88 0.07 Ms. Cham Hui Yin, the Chief Financial Officer in SFA, held 0.48 The company will make settlement with issuance of 8,232,038 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2022 | |
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) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of presentation | Basis of presentation The consolidated financial statements for AsiaFIN Holdings Corp. and its subsidiaries for year ended December 31, 2022, and 2021 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. |
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. ASIAFIN HOLDINGS CORP. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS AS OF 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 years 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 years 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 years 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 $ 112,202 105,991 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, 2022 AND 2021 (Currency expressed in United States Dollars (“US$”), except for number of shares) |
Net income/(loss) per share | Net income/(loss) per share The Company calculates net loss per share in accordance with ASC Topic 260 “ Earnings per share |
Foreign currencies translation | Foreign currencies translation The reporting currency of the Company and its subsidiaries in Labuan and Hong Kong are United States Dollars (“US$”), 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 years: SCHEDULE OF FOREIGN EXCHANGE RATE For the year ended For the year ended Year-end RM : US$1 exchange rate 4.40 4.17 Year-average RM : US$1 exchange rate 4.40 4.17 Year-end HK$: US$1 exchange rate 7.81 7.80 Year-average HK$ : US$1 exchange rate 7.83 7.79 |
Related parties | Related parties Parties, which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Companies are also considered to be related if they are subject to common control or common significant influence. ASIAFIN HOLDINGS CORP. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022 AND 2021 (Currency expressed in United States Dollars (“US$”), 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, except as follows: In June 2016, the FASB issued ASU No. 2016-13, Credit Losses - Measurement of Credit Losses on Financial Instruments (“ASC 326”). The standard significantly changes how entities will measure credit losses for most financial assets, including accounts and notes receivables. The standard will replace today’s “incurred loss” approach with an “expected loss” model, under which companies will recognize allowances based on expected rather than incurred losses. Entities will apply the standard’s provisions as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. The standard is effective for interim and annual reporting periods beginning after December 15, 2022. The Company is currently assessing the impact of adopting this standard on the Company’s financial statements and related disclosures. |
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 SUBSIDIARIES | 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/ July 5, 2019 1 1 Consultancy Services on market studies and financial solutions. 100 % |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
SCHEDULE OF FOREIGN EXCHANGE RATE | SCHEDULE OF FOREIGN EXCHANGE RATE For the year ended For the year ended Year-end RM : US$1 exchange rate 4.40 4.17 Year-average RM : US$1 exchange rate 4.40 4.17 Year-end HK$: US$1 exchange rate 7.81 7.80 Year-average HK$ : US$1 exchange rate 7.83 7.79 |
ACCRUED LIABILITIES (Tables)
ACCRUED LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Accrued Liabilities | |
SCHEDULE OF ACCRUED LIABILITIES | SCHEDULE OF ACCRUED LIABILITIES As of December 31, 2022 (Audited) As of December 31, 2021 (Audited) Accrued audit fees 14,630 7,500 Accrued tax fee 3,000 - Accrued transfer agent fee 175 300 Accrued consultation fees - 1,200 Total Accrued liabilities $ 17,805 $ 9,000 |
DEPOSIT AND OTHER RECEIVABLES (
DEPOSIT AND OTHER RECEIVABLES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Deposit And Other Receivables | |
SCHEDULE OF OTHER RECEIVABLES | Deposit and other receivables consisted of the followings at December 31, 2022, and 2021. SCHEDULE OF OTHER RECEIVABLES As of December 31, 2022 (Audited) As of December 31, 2021 (Audited) Deposit 3,000 - Other receivables - 1,249 Total deposit and other receivables $ 3,000 $ 1,249 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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 2022 (Audited) 2021 (Audited) For the year ended December 31 2022 (Audited) 2021 (Audited) Tax jurisdictions from: $ (54,670 ) $ (354,698 ) - Local - Foreign, representing Labuan (23,672 ) (17,209 ) Hong Kong (29,861 ) (6,241 ) Loss before income tax $ (108,203 ) $ (378,148 ) |
SCHEDULE OF PROVISION FOR INCOME TAXES | SCHEDULE OF PROVISION FOR INCOME TAXES 2022 (Audited) 2021 (Audited) For the year ended December 31 2022 (Audited) 2021 (Audited) Current: - Local - - - Foreign $ (3,999 ) $ 643 Deferred: - Local - - - Foreign - - Income tax expense $ (3,999 ) $ 643 |
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 year ended December 31, 2022 and 2021 the Company has following transactions with related parties: SCHEDULE OF RELATED PARTY TRANSACTIONS For the year ended December 31, 2022 (Audited) For the year ended December 31, 2021 (Audited) Professional Fees - SEATech Ventures (HK) Limited 1 $ - $ 185,000 - Tan Hock Chye 2 $ - $ 2,400 Rental - Insite MY Innovations Sdn. Bhd. 3 $ 12,000 $ - Total $ 12,000 $ 187,400 1 SEATech Venture (HK) Limited, through its wholly subsidiary of SEATech Venture Corp is a 13.6 2 Mr Tan Hock Chye is one of the shareholders of the Company. 3 Insite MY Innovations Sdn. Bhd., through its wholly subsidiary of StarFIN Asia Sdn. Bhd. Wong Kai Cheong is a 57.1 29.94 |
CONCENTRATIONS OF RISK (Tables)
CONCENTRATIONS OF RISK (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Customer Concentration Risk [Member] | |
Concentration Risk [Line Items] | |
For year ended December 31, 2022 and 2021, there was no supplier who accounted for 10% or more of the Company’s purchases nor with significant outstanding payables. | For the year ended December 31, 2022 and 2021, there was no customer who accounted for 10% or more of the Company’s revenues nor with significant outstanding receivables. (b) Major vendors For year ended December 31, 2022 and 2021, there was no supplier who accounted for 10% or more of the Company’s purchases nor with significant outstanding payables. |
Supplier Concentration Risk [Member] | |
Concentration Risk [Line Items] | |
For year ended December 31, 2022 and 2021, there was no supplier who accounted for 10% or more of the Company’s purchases nor with significant outstanding payables. | For year ended December 31, 2022 and 2021, there was no supplier who accounted for 10% or more of the Company’s purchases nor with significant outstanding payables. |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting [Abstract] | |
SCHEDULE OF SEGMENT INFORMATION | SCHEDULE OF SEGMENT INFORMATION For the year ended December 31, 2022 United States Malaysia Hong Kong Total Revenues $ - $ - $ - $ - Cost of revenues $ - $ - $ - $ - Net loss $ (54,670 ) $ (23,672 ) $ (29,861 ) $ (108,203 ) Total assets $ - $ 848,739 $ 28,951 $ 877,690 For the year ended December 31, 2021 United States Malaysia Hong Kong Total Revenues $ - $ - $ - $ - Cost of revenues $ - $ - $ - $ - Net loss $ (354,698 ) $ (17,209 ) $ (6,241 ) $ (378,148 ) Total assets $ 1,249 $ 949,720 $ 30,961 $ 981,930 |
SCHEDULE OF SUBSIDIARIES (Detai
SCHEDULE OF SUBSIDIARIES (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 18, 2019 | |
Common stock, issued | 73,319,800 | 73,319,800 | |
Common stock, par value | $ 0.0001 | $ 0.0001 | |
AsiaFIN Holdings Corp. Labuan [Member] | |||
Place/date of incorporation | Labuan / July 15, 2019 | ||
Common stock, issued | 1 | ||
Common stock, par value | $ 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% | 100% | |
AsiaFIN Holdings Limited (Hong Kong) [Member] | |||
Place/date of incorporation | Hong Kong/ July 5, 2019 | ||
Common stock, issued | 1 | ||
Common stock, par value | $ 1 | ||
Principal activities | Consultancy Services on market studies and financial solutions. | ||
Proportional of ownership interest and voting power held, percentage | 100% |
ORGANIZATION AND BUSINESS BAC_3
ORGANIZATION AND BUSINESS BACKGROUND (Details Narrative) - HKD ($) | Dec. 23, 2019 | Dec. 18, 2019 | Dec. 31, 2022 |
AsiaFIN Holdings Corp. Labuan [Member] | |||
Percentage of equity interests acquired | 100% | 100% | |
AsiaFIN Holdings Corp. Labuan [Member] | Mr Wong Kai Cheong [Member] | |||
Officers compensation | $ 1 | ||
AsiaFIN Holdings Limited (Hong Kong) [Member] | |||
Percentage of equity interests acquired | 100% | ||
AsiaFIN Holdings Limited (Hong Kong) [Member] | Mr Wong Kai Cheong [Member] | |||
Officers compensation | $ 1 |
SCHEDULE OF FOREIGN EXCHANGE RA
SCHEDULE OF FOREIGN EXCHANGE RATE (Details) | Dec. 31, 2022 | Dec. 31, 2021 |
Year-end RM : US$1 Exchange Rate [Member] | ||
Exchange rate | 4.40 | 4.17 |
Year-average RM : US$1 Exchange Rate [Member] | ||
Exchange rate | 4.40 | 4.17 |
Year-end HK$: US$1 Exchange Rate [Member] | ||
Exchange rate | 7.81 | 7.80 |
Year-average HK$ : US$1 Exchange Rate [Member] | ||
Exchange rate | 7.83 | 7.79 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | 11 Months Ended | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Accounting Policies [Abstract] | |||
Net income loss | $ 377,505 | $ 112,202 | $ 377,505 |
Negative operating cash flow | $ 105,991 | $ 377,671 |
COMMON STOCK (Details Narrative
COMMON STOCK (Details Narrative) - $ / shares | 3 Months Ended | ||
Jul. 30, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Subsidiary, Sale of Stock [Line Items] | |||
Shares issued price per share | $ 0.20 | ||
Common stock, issued | 73,319,800 | 73,319,800 | |
Common stock, outstanding | 73,319,800 | 73,319,800 | |
87 Non-US Residents [Member] | IPO [Member] | |||
Subsidiary, Sale of Stock [Line Items] | |||
Number of shares issued during period, shares | 837,300 | ||
Shares issued price per share | $ 1 |
CASH AND CASH EQUIVALENTS (Deta
CASH AND CASH EQUIVALENTS (Details Narrative) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Cash and Cash Equivalents [Abstract] | ||
Cash and cash equivalents | $ 874,690 | $ 980,681 |
SCHEDULE OF ACCRUED LIABILITIES
SCHEDULE OF ACCRUED LIABILITIES (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Accrued Liabilities | ||
Accrued audit fees | $ 14,630 | $ 7,500 |
Accrued tax fee | 3,000 | |
Accrued transfer agent fee | 175 | 300 |
Accrued consultation fees | 1,200 | |
Total Accrued liabilities | $ 17,805 | $ 9,000 |
SCHEDULE OF OTHER RECEIVABLES (
SCHEDULE OF OTHER RECEIVABLES (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Deposit And Other Receivables | ||
Deposit | $ 3,000 | |
Other receivables | 1,249 | |
Total deposit and other receivables | $ 3,000 | $ 1,249 |
DEPOSIT AND OTHER RECEIVABLES_2
DEPOSIT AND OTHER RECEIVABLES (Details Narrative) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Deposit And Other Receivables | ||
Deposits | $ 3,000 | |
Other receivables | $ 1,249 |
SCHEDULE OF COMPONENTS OF LOSS
SCHEDULE OF COMPONENTS OF LOSS BEFORE INCOME TAXES (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Loss before income tax | $ (108,203) | $ (378,148) |
UNITED STATES | ||
Loss before income tax | (54,670) | (354,698) |
Labuan [Member] | ||
Loss before income tax | (23,672) | (17,209) |
HONG KONG | ||
Loss before income tax | $ (29,861) | $ (6,241) |
SCHEDULE OF PROVISION FOR INCOM
SCHEDULE OF PROVISION FOR INCOME TAXES (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | ||
- Local | ||
- Foreign | (3,999) | 643 |
- Local | ||
- Foreign | ||
Income tax expense | $ (3,999) | $ 643 |
INCOME TAXES (Details Narrative
INCOME TAXES (Details Narrative) | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Cumulative net operating losses | $ 564,072 |
Valuation allowance | $ 451,257 |
Labuan [Member] | |
Statutory income rate | 24% |
HONG KONG | |
Statutory income rate | 8.25% |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details Narrative) | Dec. 31, 2022 USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and contingencies | $ 0 |
SCHEDULE OF RELATED PARTY TRANS
SCHEDULE OF RELATED PARTY TRANSACTIONS (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | ||
Related Party Transaction [Line Items] | |||
Revenue from Related Parties | $ 12,000 | $ 187,400 | |
SEATech Ventures Limited [Member] | |||
Related Party Transaction [Line Items] | |||
Professional Fees | [1] | 185,000 | |
Tan Hock Chye [Member] | |||
Related Party Transaction [Line Items] | |||
Professional Fees | [2] | 2,400 | |
Insite MY Innovations Sdn. Bhd. [Member] | |||
Related Party Transaction [Line Items] | |||
Operating Lease, Expense | [3] | $ 12,000 | |
[1]SEATech Venture (HK) Limited, through its wholly subsidiary of SEATech Venture Corp is a 13.6 57.1 29.94 |
SCHEDULE OF RELATED PARTY TRA_2
SCHEDULE OF RELATED PARTY TRANSACTIONS (Details) (Parenthetical) | Dec. 31, 2022 |
SEATech Ventures Limited [Member] | |
Related Party Transaction [Line Items] | |
Ownership percentage | 13.60% |
Star Fin Asia Sdn Bhd [Member] | Mr Wong Kai Cheong [Member] | |
Related Party Transaction [Line Items] | |
Ownership percentage | 57.10% |
Mr Wong Kai Cheong [Member] | Parent Company [Member] | |
Related Party Transaction [Line Items] | |
Ownership percentage | 29.94% |
SCHEDULE OF SEGMENT INFORMATION
SCHEDULE OF SEGMENT INFORMATION (Details) - USD ($) | 11 Months Ended | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | |||
Cost of revenues | |||
Net income/ (loss) | $ (377,505) | (112,202) | (377,505) |
Total assets | 981,930 | 877,690 | 981,930 |
Operating Segments [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | |||
Cost of revenues | |||
Net income/ (loss) | (108,203) | (378,148) | |
Total assets | 981,930 | 877,690 | 981,930 |
UNITED STATES | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | |||
Cost of revenues | |||
Net income/ (loss) | (54,670) | (354,698) | |
Total assets | 1,249 | 1,249 | |
MALAYSIA | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | |||
Cost of revenues | |||
Net income/ (loss) | (23,672) | (17,209) | |
Total assets | 949,720 | 848,739 | 949,720 |
HONG KONG | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | |||
Cost of revenues | |||
Net income/ (loss) | (29,861) | (6,241) | |
Total assets | $ 30,961 | $ 28,951 | $ 30,961 |
SIGNIFICANT EVENTS (Details Nar
SIGNIFICANT EVENTS (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 22, 2022 | Dec. 31, 2022 | |
Issuance of restricted stock, shares | 8,232,038 | |
Star Fin Asia Sdn Bhd [Member] | Mr Wong Kai Cheong [Member] | ||
Ownership percentage | 57.10% | |
Star Fin Asia Sdn Bhd [Member] | Mr Hoo Swee Ping [Member] | ||
Ownership percentage | 40.22% | |
Star Fin Asia Sdn Bhd [Member] | Mr Ang Teck Kong [Member] | ||
Ownership percentage | 1.32% | |
Star Fin Asia Sdn Bhd [Member] | Mr Ng Kai Thim [Member] | ||
Ownership percentage | 0.88% | |
Star Fin Asia Sdn Bhd [Member] | Ms Cham Hui Yin [Member] | ||
Ownership percentage | 0.48% | |
Mr Wong Kai Cheong [Member] | Parent Company [Member] | ||
Ownership percentage | 29.94% | |
Mr Hoo Swee Ping [Member] | Parent Company [Member] | ||
Ownership percentage | 10.91% | |
Mr Ang Teck Kong [Member] | Parent Company [Member] | ||
Ownership percentage | 0.04% | |
Mr Ng Kai Thim [Member] | Parent Company [Member] | ||
Ownership percentage | 0.07% | |
Starfin Holdings Limited [Member] | ||
Acquired percentage | 100% | |
Business combination consideration transferred | $ 9,055,242 |