Cover
Cover - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | May 18, 2024 | Jun. 30, 2023 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Period End Date | Dec. 31, 2023 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2023 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Tax Identification Number | 0-56592 | ||
Entity Registrant Name | KB Global Holdings Limited | ||
Entity Central Index Key | 0001897525 | ||
Entity Tax Identification Number | 00-0000000 | ||
Entity Incorporation, State or Country Code | E9 | ||
Entity Address, Address Line One | No 3 Building of No 1 Jiali Construction Plaza FL 13 | ||
Entity Address, Address Line Two | No.4th Central Road | ||
Entity Address, City or Town | Futian | ||
Entity Address, State or Province | GA | ||
Entity Address, Country | CN | ||
Entity Address, Postal Zip Code | 518000 | ||
Country Region | 86 | ||
City Area Code | 0755 | ||
Local Phone Number | 832-0145 GA | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
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 | 130,097,000 | ||
Documents Incorporated by Reference [Text Block] | None | ||
ICFR Auditor Attestation Flag | false | ||
Document Financial Statement Error Correction [Flag] | false | ||
Auditor Name | Centurion ZD CPA & Co. | ||
Auditor Location | Hong Kong | ||
Auditor Firm ID | 2769 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Non-current assets | ||
Property and equipment | $ 35,512 | |
Loan receivable | 340,872 | |
Total non-current assets | 376,384 | |
Current assets | ||
Other receivables | 559 | |
Subscription receivables | 1,100 | 1,100 |
Amounts due from related parties | 9,402 | 9,740 |
Cash and cash equivalents | 28,880 | 1,334 |
Total current assets | 39,941 | 12,174 |
Total assets | 416,325 | 12,174 |
Current liabilities | ||
Accruals and other current payables | 161,646 | 123,800 |
Advance from customer | 145,800 | 0 |
Tax payable | 2,423 | 2,510 |
Amount due to related parties | 301,539 | 80,178 |
Total current liabilities | 611,408 | 206,488 |
Total liabilities | 611,408 | 206,488 |
Shareholders’ equity | ||
Ordinary shares, $0.00001 par value; 500,000,000 shares authorized; 130,097,000 and 110,000,000 were shares issued and outstanding at December 31, 2023 and 2022, respectively. | 1,301 | 1,100 |
Additional paid-in capital | 96,999 | |
Accumulated deficit | (292,195) | (195,823) |
Accumulated other comprehensive (loss) income | (1,188) | 409 |
Total shareholders’ deficit | (195,083) | (194,314) |
Total liabilities and shareholders’ equity | $ 416,325 | $ 12,174 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Ordinary shares par value, per share | $ 0.00001 | $ 0.00001 |
Ordinary shares, shares authorized | 500,000,000 | 500,000,000 |
Ordinary shares, shares issued | 130,097,000 | 110,000,000 |
Ordinary shares, shares outstanding | 130,097,000 | 110,000,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive (Loss) Income - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Income Statement [Abstract] | ||
Revenue | ||
Other income | 12,146 | 2 |
Operating expenses | (108,518) | (144,015) |
Loss from operations | (96,372) | (144,013) |
Income tax expense | ||
Net loss | (96,372) | (144,013) |
Other comprehensive (loss) income | ||
Foreign currency translation adjustments | (1,597) | 447 |
Comprehensive loss | $ (97,969) | $ (143,566) |
Basic earnings per ordinary share | $ 0 | $ 0 |
Diluted earnings per ordinary share | $ 0 | $ 0 |
Basic weighted average ordinary share outstanding | 130,123,423 | 110,000,000 |
Diluted weighted average ordinary share outstanding | 130,123,423 | 110,000,000 |
Consolidated Statements of Shar
Consolidated Statements of Shareholder' Equity - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Beginning balance, value at Dec. 31, 2021 | $ 1,100 | $ (51,810) | $ (38) | $ (50,748) | |
Beginning balance, shares at Dec. 31, 2021 | 110,000,000 | ||||
Net loss | (144,013) | (144,013) | |||
Foreign currency translation adjustment | 447 | 447 | |||
Ending balance, value at Dec. 31, 2022 | $ 1,100 | (195,823) | 409 | (194,314) | |
Ending balance, shares at Dec. 31, 2022 | 110,000,000 | ||||
Issuance of shares | $ 201 | 96,999 | 97,200 | ||
Issuance of shares, shares | 20,097,000 | ||||
Net loss | (96,372) | (96,372) | |||
Foreign currency translation adjustment | (1,597) | (1,597) | |||
Ending balance, value at Dec. 31, 2023 | $ 1,301 | $ 96,999 | $ (292,195) | $ (1,188) | $ (195,083) |
Ending balance, shares at Dec. 31, 2023 | 130,097,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Cash flows from operations: | ||
Loss from operations | $ (96,372) | $ (144,013) |
Depreciation of property and equipment | 609 | |
Written off of other receivables | 2,230 | |
Interest income | (12,146) | |
Changes in operating assets and liabilities: | ||
Other receivables | (566) | 9,217 |
Accruals | 30,358 | 101,800 |
Other payables | 7,579 | |
Advance from custome | 147,579 | |
Net cash used in operations | 77,041 | (30,766) |
Cash Flows from Investing Activities: | ||
Interest received | 12,146 | |
Purchases of property and equipment | (36,555) | |
Loan to a third party | (345,031) | |
Net Cash Provided by Investing Activities | (369,440) | |
Cash flows from financing activities: | ||
Issuance of shares | 97,200 | |
Advances from related parties | 417,526 | 32,095 |
Repayment to related parties | (194,400) | |
Net cash provided by financing activities | 320,326 | 32,095 |
Effect of exchange rate change on cash and cash equivalents | (381) | (39) |
Net increased (decreased) in cash and cash equivalents | 27,546 | 1,290 |
Cash and cash equivalents, beginning of year | 1,334 | 44 |
Cash and cash equivalents, end of year | 28,880 | 1,334 |
Supplemental cash flow disclosure: | ||
Cash paid for interest expense | ||
Cash paid for income taxes |
ORGANIZATION AND BUSINESS DESCR
ORGANIZATION AND BUSINESS DESCRIPTION | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION AND BUSINESS DESCRIPTION | NOTE 1 - ORGANIZATION AND BUSINESS DESCRIPTION KB Global Holdings Limited (the “Company”) is incorporated in the Cayman Islands on 17 November 2017 with the authorized capital of 5 billion ordinary shares, par value of $0.00001 per share. On November 20, 2017, Kesheng Global (HK) Limited, or Kesheng HK, was incorporated in Hong Kong as a wholly-owned subsidiary of KB Global Holdings Limited. On January 18, 2018, Suzhou Keju Enterprise Management Consulting Limited, or Suzhou Keju, our Wholly Foreign-Owned Enterprise (the “WFOE”), was incorporated in Suzhou, PRC, with registered capital of $10 million, as a wholly-owned subsidiary of Kesheng HK. Beijing Kezhao Technology Co., Ltd. (the “BJKZ”) was incorporated in PRC on August 13, 2018. BJKZ is an information technology company which engaged in information technology development and consulting services. On November 30, 2018, WFOE entered into an exclusive business cooperation agreement with the shareholders of BJKZ, through which WFOE has gained full control over the management and receive the economic benefits of BJKZ. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES BASIS OF PRESENTATION The consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America (“US GAAP”) and reflect the activities of the following subsidiaries and variable interest entity (“VIE”): Kesheng HK, Suzhou Keju, and BJKZ. All inter-company transactions and balances have been eliminated in the consolidation. In accordance with U.S. GAAP, VIE are generally entities that lack sufficient equity to finance their activities without additional financial support from other parties or whose equity holders lack adequate decision-making ability. All VIE with which the Company is involved must be evaluated to determine the primary beneficiary of the risks and rewards of the VIE. The primary beneficiary is required to consolidate the VIEs for financial reporting purposes. Accounting Standards Codification (“ASC”) 810-10 “Consolidation” addresses whether certain types of entities referred to as VIE, BJKZ should be consolidated in a company’s consolidated financial statements. Pursuant to the exclusive business cooperation agreement, WFOE has the exclusive right to provide to BJKZ technical development, technical support, management consultation and other related services on an exclusive basis. In accordance with the provisions of ASC 810, the Company has determined that BJKZ is a VIE of the WFOE and that the Company is the primary beneficiary, and accordingly, the financial statements of BJKZ are consolidated into the results of the Company. The following assets and liabilities of the VIE are included in the accompanying consolidated financial statements of the Company as of December 31, 2023 and 2022: Schedule of assets and liabilities Year ended 2023 2022 Non-current assets 376,384 - Current assets $ 47,502 20,048 Total assets $ 423,886 20,048 Current liabilities $ 430,746 26,688 Total liabilities $ 430,746 26,688 USE OF ESTIMATES The preparation of the Company’s financial statements in conformity with generally accepted accounting principles of the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Management makes its best estimate of the ultimate outcome for these items based on historical trends and other information available when the financial statements are prepared. Actual results could differ from those estimates. FOREIGN CURRENCY TRANSLATION The Company’s financial statements are presented in the U.S. dollar ($), which is the Company’s reporting currency. The Company use Renminbi (“RMB”) as their functional currencies. Transactions in foreign currencies are initially recorded at the functional currency rate ruling at the date of transaction. Any differences between the initially recorded amount and the settlement amount are recorded as a gain or loss on foreign currency transaction in the statements of income. Monetary assets and liabilities denominated in foreign currency are translated at the functional currency rate of exchange ruling at the balance sheet date. Any differences are taken to profit or loss as a gain or loss on foreign currency translation in the statements of income. In accordance with ASC 830, Foreign Currency Matters, the Company translated the assets and liabilities into U.S. dollar using the rate of exchange prevailing at the applicable balance sheet date and the statements of income and cash flows are translated at an average rate during the reporting period. Adjustments resulting from the translation are recorded in shareholders’ equity as part of accumulated other comprehensive income. FAIR VALUE MEASUREMENTS ASC Topic 820, Fair Value Measurement and Disclosures ● Level 1 inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. ● Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the assets or liability, either directly or indirectly, for substantially the full term of the financial instruments. ● Level 3 inputs to the valuation methodology are unobservable and significant to the fair value measurement. The carrying amounts of financial assets and liabilities, such as balance with related parties approximate their fair values because of the short maturity of these instruments or the rate of interest of these instruments approximate the market rate of interest. CASH AND CASH EQUIVALENTS Cash and cash equivalents represent cash on hand, demand deposits, and other short-term highly liquid investments placed with banks, which have original maturities of three months or less and are readily convertible to known amounts of cash. INVENTORIES Inventories are carried at the lower of cost and net realizable value, as determined using the weighted average cost method. Management compares the cost of inventories with the net realizable value and if applicable, an allowance is made for writing down the inventory to its net realizable value, if lower than cost. On an ongoing basis, inventories are reviewed for potential write-down for estimated obsolescence or unmarketable inventories which equals the difference between the costs of inventories and the estimated net realizable value based upon forecasts for future demand and market conditions. When inventories are written-down to the lower of cost or net realizable value, it is not marked up subsequently based on changes in underlying facts and circumstances. REVENUE RECOGNITION The Company recognizes revenue when: (1) persuasive evidence of an arrangement exists; (2) delivery has occurred; (3) the selling price is fixed or determinable; and (4) collectability is reasonably assured. Determination of criteria (3) and (4) are based on management’s judgments regarding the fixed nature of the selling prices of the products delivered and the collectability of those amounts. Provisions for discounts and rebates to customers, estimated returns and allowances, and other adjustments are provided for in the same period the related revenue is recorded. INCOME TAXES The Company uses the asset and liability method of accounting for income taxes in accordance with Accounting Standards Codification (“ASC”) 740, “Income Taxes” (“ASC 740”). Under this method, income tax expense is recognized as the amount of: (i) taxes payable or refundable for the current year and (ii) future tax consequences attributable to differences between financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the results of operations in the period that includes the enactment date. A valuation allowance is provided to reduce the deferred tax assets reported if based on the weight of available evidence it is more likely than not that some portion or all of the deferred tax assets will not be realized. RECENT ACCOUNTING PRONOUNCEMENTS In October 2021, the FASB issued ASU 2021-08, “Business Combinations (Topic 805) – Accounting for Contract Assets and Contract Liabilities from Contracts with Customers”, which requires that an acquirer recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606, as if it had originated the contracts. Prior to this ASU, an acquirer generally recognizes contract assets acquired and contract liabilities assumed that arose from contracts with customers at fair value on the acquisition date. The ASU is effective for fiscal years beginning after December 15, 2022, with early adoption permitted. The ASU is applied prospectively to business combinations occurring on or after the effective date of the amendment (or if adopted early as of an interim period, as of the beginning of the fiscal year that includes the interim period of early application). The Company has adopted this accounting pronouncement from January 1, 2023, and there was no material impact on its consolidated financial statements from the adoption. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which expands reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The amendments in the ASU require that a public entity discloses, on an annual and interim basis, significant segment expenses that are regularly provided to an entity’s chief operating decision maker (“CODM”), a description of other segment items by reportable segment, and any additional measures of a segment’s profit or loss used by the CODM when deciding how to allocate resources. The amendments in this ASU are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Retrospective application is required for all prior periods presented, and early adoption is permitted. The Company does not expect the adoption of ASU No. 2023-07 to have a material impact on the Company’s consolidated financial statements or disclosures. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes: Improvements to Income Tax Disclosures. This guidance requires consistent categories and greater disaggregation of information in the rate reconciliation and disclosures of income taxes paid by jurisdiction. The guidance is effective for fiscal years beginning after December 15, 2024, with early adoption permitted, and should be applied either prospectively or retrospectively. The Company is currently evaluating the impact this guidance may have on its consolidated financial statements and related disclosures. |
NET LOSS PER ORDINARY SHARE
NET LOSS PER ORDINARY SHARE | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
NET LOSS PER ORDINARY SHARE | NOTE 3 - NET LOSS PER ORDINARY SHARE The following table sets forth the computation of basic and diluted net loss per share for years indicated: Schedule of basic and diluted net loss per ordinary share Years ended 2023 2022 Net loss attributable to the Company, basic and diluted shares $ (96,372 ) $ (144,013 ) Weighted average ordinary shares used in computing basic and dilutive net loss per share 130,123,423 110,000,000 Net loss per common share, basic (0.00 ) (0.00 ) There were no |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | NOTE 4 - INCOME TAXES BJKZ is incorporated in the PRC. It is governed by the income tax law of the PRC and is subject to PRC enterprise income tax (“EIT”). The EIT rate for companies operating in the PRC is 25% The Company’s effective income tax rates were 0% Schedule of effective rates of income taxes Years ended 2023 2023 U.S. statutory rate 34.0 % 34.0 % Foreign income not registered in the U.S. (34.0 )% (34.0 )% PRC statutory rate 25.0 % 25.0 % Changes in valuation allowance and others (25.0 )% (25.0 )% Effective tax rate 0 % 0 % Income tax payable represented enterprise income tax at a rate of 25% of taxable income that the Company accrued but not paid. Income tax payable as of December 31, 2023 and 2022 comprises: Schedule of income tax expense Years ended 2023 2022 Current income tax expense $ - $ - Deferred tax expense (benefit) - - Current income tax expense $ - $ - The Company has not recognized an income tax benefit for its operating losses generated based on uncertainties concerning its ability to generate taxable income in future periods. The tax benefit for the periods presented is offset by a valuation allowance established against deferred tax assets arising from the net operating losses and other temporary differences, the realization of which could not be considered more likely than not. In future periods, tax benefits and related deferred tax assets will be recognized when management considers realization of such amounts to be more likely than not. A valuation allowance will be maintained until sufficient positive evidence exists to support the reversal of any portion or all of the valuation allowance Schedule of deferred tax asset December 31, 2023 2022 Deferred tax asset from operating losses carry-forwards $ 24,093 $ 36,003 Valuation allowance (24,093 ) (36,003 ) Deferred tax asset, net $ - $ - |
LOAN RECEIVABLE
LOAN RECEIVABLE | 12 Months Ended |
Dec. 31, 2023 | |
Loan Receivable | |
LOAN RECEIVABLE | NOTE 5 - LOAN RECEIVABLE In March 28, 2023, whereby the Company provide the fund for $ 328,937 8% 12,080 0 |
PROPERTY AND EQUIPMENT
PROPERTY AND EQUIPMENT | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY AND EQUIPMENT | NOTE 6 - PROPERTY AND EQUIPMENT The property and equipment consisted of the following: Schedule of property and equipment December 31, 2023 2022 Equipment 36,114 - Less: accumulated depreciation (602 ) - Property and Equipment 35,512 - No significant residual value is estimated for the equipment. Depreciation expense for the years ended December 31 2023 and 2022 totaled $ 609 0 |
ACCRUALS AND OTHER PAYABLES
ACCRUALS AND OTHER PAYABLES | 12 Months Ended |
Dec. 31, 2023 | |
Accruals And Other Payables | |
ACCRUALS AND OTHER PAYABLES | NOTE 7 - ACCRUALS AND OTHER PAYABLES Accruals and other payables consisted of the following: Schedule of accruals and other payables December 31, 2023 2022 Accrued audit fee $ 22,000 $ 22,000 Executive compensation 131,800 101,800 Other 7,846 - 161,646 123,800 |
ADVANCE FROM CUSTOMER
ADVANCE FROM CUSTOMER | 12 Months Ended |
Dec. 31, 2023 | |
Advance From Customer | |
ADVANCE FROM CUSTOMER | NOTE 8 - ADVANCE FROM CUSTOMER For our operation, the proceeds received from sales are initially recorded as advance from customer, which was usually related to unsatisfied performance obligations at the end of an applicable reporting period. As of December 31, 2023, and December 31, 2022, the outstanding balance of the advance from customer was $ 145,800 0 |
RELATED PARTY TRANSACTIONS AND
RELATED PARTY TRANSACTIONS AND BALANCES | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS AND BALANCES | NOTE 9 - RELATED PARTY TRANSACTIONS AND BALANCES a. Related party Schedule of related party Name of related party Relationship with the Company Suzhou Kesheng Investment Management Co., Ltd. Ms. Guo Li is common director Guo Li Ms. Guo Li is the director of the Company b. Related party balances The Company had the following related party balances at December 31, 2023 and 2022: Schedule of related party balances December 31, 2023 2022 Due from (to) related parties: Suzhou Kesheng Investment Management Co., Ltd. 9,402 9,740 Suzhou Kecheng Venture Capital Center (Limited Partnership) - (7,758 ) Beijing Cabelongteng Investment Center (Limited partnership) - (1,303 ) Guo Li (301,539 ) (71,117 ) The amounts due from (to) related parties are without interest and due on demand. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 10 - COMMITMENTS AND CONTINGENCIES Operating lease In July 2023, the Company entered a one-year lease for office space of approximately 8 square meter in China, expiring July 3, 2024, with monthly payments of approximately $ 94 Legal proceedings There has been no legal proceeding in which the Company is a party as of December 31, 2023. |
ORDINARY SHARES
ORDINARY SHARES | 12 Months Ended |
Dec. 31, 2023 | |
Ordinary Shares | |
ORDINARY SHARES | NOTE 11 - ORDINARY SHARES In January and February 2023, the Company sold 97,000 1.00 |
SUBSEQUENT EVENT
SUBSEQUENT EVENT | 12 Months Ended |
Dec. 31, 2023 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENT | NOTE 12 - SUBSEQUENT EVENT There were no events or transactions that would require recognition or disclosure in financial statements for the year ended December 31, 2023. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
BASIS OF PRESENTATION | BASIS OF PRESENTATION The consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America (“US GAAP”) and reflect the activities of the following subsidiaries and variable interest entity (“VIE”): Kesheng HK, Suzhou Keju, and BJKZ. All inter-company transactions and balances have been eliminated in the consolidation. In accordance with U.S. GAAP, VIE are generally entities that lack sufficient equity to finance their activities without additional financial support from other parties or whose equity holders lack adequate decision-making ability. All VIE with which the Company is involved must be evaluated to determine the primary beneficiary of the risks and rewards of the VIE. The primary beneficiary is required to consolidate the VIEs for financial reporting purposes. Accounting Standards Codification (“ASC”) 810-10 “Consolidation” addresses whether certain types of entities referred to as VIE, BJKZ should be consolidated in a company’s consolidated financial statements. Pursuant to the exclusive business cooperation agreement, WFOE has the exclusive right to provide to BJKZ technical development, technical support, management consultation and other related services on an exclusive basis. In accordance with the provisions of ASC 810, the Company has determined that BJKZ is a VIE of the WFOE and that the Company is the primary beneficiary, and accordingly, the financial statements of BJKZ are consolidated into the results of the Company. The following assets and liabilities of the VIE are included in the accompanying consolidated financial statements of the Company as of December 31, 2023 and 2022: Schedule of assets and liabilities Year ended 2023 2022 Non-current assets 376,384 - Current assets $ 47,502 20,048 Total assets $ 423,886 20,048 Current liabilities $ 430,746 26,688 Total liabilities $ 430,746 26,688 |
USE OF ESTIMATES | USE OF ESTIMATES The preparation of the Company’s financial statements in conformity with generally accepted accounting principles of the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Management makes its best estimate of the ultimate outcome for these items based on historical trends and other information available when the financial statements are prepared. Actual results could differ from those estimates. |
FOREIGN CURRENCY TRANSLATION | FOREIGN CURRENCY TRANSLATION The Company’s financial statements are presented in the U.S. dollar ($), which is the Company’s reporting currency. The Company use Renminbi (“RMB”) as their functional currencies. Transactions in foreign currencies are initially recorded at the functional currency rate ruling at the date of transaction. Any differences between the initially recorded amount and the settlement amount are recorded as a gain or loss on foreign currency transaction in the statements of income. Monetary assets and liabilities denominated in foreign currency are translated at the functional currency rate of exchange ruling at the balance sheet date. Any differences are taken to profit or loss as a gain or loss on foreign currency translation in the statements of income. In accordance with ASC 830, Foreign Currency Matters, the Company translated the assets and liabilities into U.S. dollar using the rate of exchange prevailing at the applicable balance sheet date and the statements of income and cash flows are translated at an average rate during the reporting period. Adjustments resulting from the translation are recorded in shareholders’ equity as part of accumulated other comprehensive income. |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS ASC Topic 820, Fair Value Measurement and Disclosures ● Level 1 inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. ● Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the assets or liability, either directly or indirectly, for substantially the full term of the financial instruments. ● Level 3 inputs to the valuation methodology are unobservable and significant to the fair value measurement. The carrying amounts of financial assets and liabilities, such as balance with related parties approximate their fair values because of the short maturity of these instruments or the rate of interest of these instruments approximate the market rate of interest. |
CASH AND CASH EQUIVALENTS | CASH AND CASH EQUIVALENTS Cash and cash equivalents represent cash on hand, demand deposits, and other short-term highly liquid investments placed with banks, which have original maturities of three months or less and are readily convertible to known amounts of cash. |
INVENTORIES | INVENTORIES Inventories are carried at the lower of cost and net realizable value, as determined using the weighted average cost method. Management compares the cost of inventories with the net realizable value and if applicable, an allowance is made for writing down the inventory to its net realizable value, if lower than cost. On an ongoing basis, inventories are reviewed for potential write-down for estimated obsolescence or unmarketable inventories which equals the difference between the costs of inventories and the estimated net realizable value based upon forecasts for future demand and market conditions. When inventories are written-down to the lower of cost or net realizable value, it is not marked up subsequently based on changes in underlying facts and circumstances. |
REVENUE RECOGNITION | REVENUE RECOGNITION The Company recognizes revenue when: (1) persuasive evidence of an arrangement exists; (2) delivery has occurred; (3) the selling price is fixed or determinable; and (4) collectability is reasonably assured. Determination of criteria (3) and (4) are based on management’s judgments regarding the fixed nature of the selling prices of the products delivered and the collectability of those amounts. Provisions for discounts and rebates to customers, estimated returns and allowances, and other adjustments are provided for in the same period the related revenue is recorded. |
INCOME TAXES | INCOME TAXES The Company uses the asset and liability method of accounting for income taxes in accordance with Accounting Standards Codification (“ASC”) 740, “Income Taxes” (“ASC 740”). Under this method, income tax expense is recognized as the amount of: (i) taxes payable or refundable for the current year and (ii) future tax consequences attributable to differences between financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the results of operations in the period that includes the enactment date. A valuation allowance is provided to reduce the deferred tax assets reported if based on the weight of available evidence it is more likely than not that some portion or all of the deferred tax assets will not be realized. |
RECENT ACCOUNTING PRONOUNCEMENTS | RECENT ACCOUNTING PRONOUNCEMENTS In October 2021, the FASB issued ASU 2021-08, “Business Combinations (Topic 805) – Accounting for Contract Assets and Contract Liabilities from Contracts with Customers”, which requires that an acquirer recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606, as if it had originated the contracts. Prior to this ASU, an acquirer generally recognizes contract assets acquired and contract liabilities assumed that arose from contracts with customers at fair value on the acquisition date. The ASU is effective for fiscal years beginning after December 15, 2022, with early adoption permitted. The ASU is applied prospectively to business combinations occurring on or after the effective date of the amendment (or if adopted early as of an interim period, as of the beginning of the fiscal year that includes the interim period of early application). The Company has adopted this accounting pronouncement from January 1, 2023, and there was no material impact on its consolidated financial statements from the adoption. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which expands reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The amendments in the ASU require that a public entity discloses, on an annual and interim basis, significant segment expenses that are regularly provided to an entity’s chief operating decision maker (“CODM”), a description of other segment items by reportable segment, and any additional measures of a segment’s profit or loss used by the CODM when deciding how to allocate resources. The amendments in this ASU are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Retrospective application is required for all prior periods presented, and early adoption is permitted. The Company does not expect the adoption of ASU No. 2023-07 to have a material impact on the Company’s consolidated financial statements or disclosures. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes: Improvements to Income Tax Disclosures. This guidance requires consistent categories and greater disaggregation of information in the rate reconciliation and disclosures of income taxes paid by jurisdiction. The guidance is effective for fiscal years beginning after December 15, 2024, with early adoption permitted, and should be applied either prospectively or retrospectively. The Company is currently evaluating the impact this guidance may have on its consolidated financial statements and related disclosures. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Schedule of assets and liabilities | Schedule of assets and liabilities Year ended 2023 2022 Non-current assets 376,384 - Current assets $ 47,502 20,048 Total assets $ 423,886 20,048 Current liabilities $ 430,746 26,688 Total liabilities $ 430,746 26,688 |
NET LOSS PER ORDINARY SHARE (Ta
NET LOSS PER ORDINARY SHARE (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of basic and diluted net loss per ordinary share | Schedule of basic and diluted net loss per ordinary share Years ended 2023 2022 Net loss attributable to the Company, basic and diluted shares $ (96,372 ) $ (144,013 ) Weighted average ordinary shares used in computing basic and dilutive net loss per share 130,123,423 110,000,000 Net loss per common share, basic (0.00 ) (0.00 ) |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of effective rates of income taxes | Schedule of effective rates of income taxes Years ended 2023 2023 U.S. statutory rate 34.0 % 34.0 % Foreign income not registered in the U.S. (34.0 )% (34.0 )% PRC statutory rate 25.0 % 25.0 % Changes in valuation allowance and others (25.0 )% (25.0 )% Effective tax rate 0 % 0 % |
Schedule of income tax expense | Schedule of income tax expense Years ended 2023 2022 Current income tax expense $ - $ - Deferred tax expense (benefit) - - Current income tax expense $ - $ - |
Schedule of deferred tax asset | Schedule of deferred tax asset December 31, 2023 2022 Deferred tax asset from operating losses carry-forwards $ 24,093 $ 36,003 Valuation allowance (24,093 ) (36,003 ) Deferred tax asset, net $ - $ - |
PROPERTY AND EQUIPMENT (Tables)
PROPERTY AND EQUIPMENT (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Schedule of property and equipment | Schedule of property and equipment December 31, 2023 2022 Equipment 36,114 - Less: accumulated depreciation (602 ) - Property and Equipment 35,512 - |
ACCRUALS AND OTHER PAYABLES (Ta
ACCRUALS AND OTHER PAYABLES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accruals And Other Payables | |
Schedule of accruals and other payables | Schedule of accruals and other payables December 31, 2023 2022 Accrued audit fee $ 22,000 $ 22,000 Executive compensation 131,800 101,800 Other 7,846 - 161,646 123,800 |
RELATED PARTY TRANSACTIONS AN_2
RELATED PARTY TRANSACTIONS AND BALANCES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
Schedule of related party | Schedule of related party Name of related party Relationship with the Company Suzhou Kesheng Investment Management Co., Ltd. Ms. Guo Li is common director Guo Li Ms. Guo Li is the director of the Company |
Schedule of related party balances | Schedule of related party balances December 31, 2023 2022 Due from (to) related parties: Suzhou Kesheng Investment Management Co., Ltd. 9,402 9,740 Suzhou Kecheng Venture Capital Center (Limited Partnership) - (7,758 ) Beijing Cabelongteng Investment Center (Limited partnership) - (1,303 ) Guo Li (301,539 ) (71,117 ) |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Non-current assets | $ 376,384 | |
Current assets | 39,941 | 12,174 |
Total assets | 416,325 | 12,174 |
Current liabilities | 611,408 | 206,488 |
Total liabilities | 611,408 | 206,488 |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Non-current assets | 376,384 | |
Current assets | 47,502 | 20,048 |
Total assets | 423,886 | 20,048 |
Current liabilities | 430,746 | 26,688 |
Total liabilities | $ 430,746 | $ 26,688 |
NET LOSS PER ORDINARY SHARE (De
NET LOSS PER ORDINARY SHARE (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Earnings Per Share [Abstract] | ||
Net loss attributable to the Company, basic share | $ (96,372) | $ (144,013) |
Net loss attributable to the Company, diluted share | $ (96,372) | $ (144,013) |
Weighted average ordinary shares used in computing basic net loss per share | 130,123,423 | 110,000,000 |
Weighted average ordinary shares used in computing dilutive net loss per share | 130,123,423 | 110,000,000 |
Net loss per ordinary share, basic | $ 0 | $ 0 |
Net loss per ordinary share, dilutive | $ 0 | $ 0 |
NET LOSS PER ORDINARY SHARE (_2
NET LOSS PER ORDINARY SHARE (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Earnings Per Share [Abstract] | ||
Dilutive securities | $ 0 | $ 0 |
INCOME TAXES (Details)
INCOME TAXES (Details) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | ||
U.S. statutory rate | 34% | 34% |
Foreign income not registered in the U.S. | (34.00%) | (34.00%) |
PRC statutory rate | 25% | 25% |
Changes in valuation allowance and others | (25.00%) | (25.00%) |
Effective tax rate | 0% | 0% |
INCOME TAXES (Details 1)
INCOME TAXES (Details 1) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | ||
Current income tax expense | ||
Deferred tax expense (benefit) | ||
Current income tax expense |
INCOME TAXES (Details 2)
INCOME TAXES (Details 2) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Income Tax Disclosure [Abstract] | ||
Deferred tax asset from operating losses carry-forwards | $ 24,093 | $ 36,003 |
Valuation allowance | (24,093) | (36,003) |
Deferred tax asset, net |
INCOME TAXES (Details Narrative
INCOME TAXES (Details Narrative) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | ||
Operating in PRC rate | 25% | |
Effective income tax rates | 0% | 0% |
LOAN RECEIVABLE (Details Narrat
LOAN RECEIVABLE (Details Narrative) - USD ($) | 1 Months Ended | 12 Months Ended | |
Mar. 28, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Interest income receivable | $ 12,080 | $ 0 | |
Beijing Cabelongteng Investment Center [Member] | |||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Amount of business operating use | $ 328,937 | ||
Interest rate | 8% |
PROPERTY AND EQUIPMENT (Details
PROPERTY AND EQUIPMENT (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Abstract] | ||
Equipment | $ 36,114 | |
Less: accumulated depreciation | (602) | |
Property and Equipment | $ 35,512 |
PROPERTY AND EQUIPMENT (Detai_2
PROPERTY AND EQUIPMENT (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation expense | $ 609 | $ 0 |
ACCRUALS AND OTHER PAYABLES (De
ACCRUALS AND OTHER PAYABLES (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Accruals And Other Payables | ||
Accrued audit fee | $ 22,000 | $ 22,000 |
Executive compensation | 131,800 | 101,800 |
Other | 7,846 | |
Accruals and other payables | $ 161,646 | $ 123,800 |
ADVANCE FROM CUSTOMER (Details
ADVANCE FROM CUSTOMER (Details Narrative) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Advance From Customer | ||
Advance from customer | $ 145,800 | $ 0 |
RELATED PARTY TRANSACTIONS AN_3
RELATED PARTY TRANSACTIONS AND BALANCES (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Suzhou Kesheng Investment Management Co., Ltd. [Member] | |
Related Party Transaction [Line Items] | |
Name of related party | Suzhou Kesheng Investment Management Co., Ltd. |
Relationship with the Company | Ms. Guo Li is common director |
Guo Li [Member] | |
Related Party Transaction [Line Items] | |
Name of related party | Guo Li |
Relationship with the Company | Ms. Guo Li is the director of the Company |
RELATED PARTY TRANSACTIONS AN_4
RELATED PARTY TRANSACTIONS AND BALANCES (Details 1) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Suzhou Kesheng Investment Management Co., Ltd. [Member] | ||
Related Party Transaction [Line Items] | ||
Due from (to) related parties | $ 9,402 | $ 9,740 |
Suzhou Kecheng Venture Capital Center (Limited Partnership) [Member] | ||
Related Party Transaction [Line Items] | ||
Due from (to) related parties | (7,758) | |
Beijing Cabelongteng Investment Center (Limited Partnership) [Member] | ||
Related Party Transaction [Line Items] | ||
Due from (to) related parties | (1,303) | |
Guo Li [Member] | ||
Related Party Transaction [Line Items] | ||
Due from (to) related parties | $ (301,539) | $ (71,117) |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details Narrative) | Aug. 31, 2023 USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Monthly payments | $ 94 |
ORDINARY SHARES (Details Narrat
ORDINARY SHARES (Details Narrative) | 12 Months Ended |
Dec. 31, 2023 $ / shares shares | |
Ordinary Shares | |
Ordinary shares | shares | 97,000 |
Share price | $ / shares | $ 1 |