Cover
Cover | 9 Months Ended |
Sep. 30, 2023 shares | |
Cover [Abstract] | |
Document Type | 10-Q |
Amendment Flag | false |
Document Quarterly Report | true |
Document Transition Report | false |
Document Period End Date | Sep. 30, 2023 |
Document Fiscal Period Focus | Q3 |
Document Fiscal Year Focus | 2023 |
Current Fiscal Year End Date | --12-31 |
Entity File Number | 333-265850 |
Entity Registrant Name | JOCOM HOLDINGS CORP. |
Entity Central Index Key | 0001907425 |
Entity Tax Identification Number | 38-4177722 |
Entity Incorporation, State or Country Code | NV |
Entity Address, Address Line One | Unit No. 11-1, Level 11, Tower 3 |
Entity Address, Address Line Two | Avenue 3, Bangsar South |
Entity Address, Address Line Three | No. 8 Jalan Kerinchi |
Entity Address, City or Town | Kuala Lumpur |
Entity Address, Country | MY |
Entity Address, Postal Zip Code | 59200 |
City Area Code | +6012 |
Local Phone Number | 3399937 |
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 Bankruptcy Proceedings, Reporting Current | false |
Entity Common Stock, Shares Outstanding | 57,680,500 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
NON-CURRENT ASSETS | ||
Intangible asset | $ 1 | $ 1 |
Plant and equipment, net | 270 | 1,081 |
Lease asset – right of use | 4,261 | 18,629 |
Total Non-Current Assets | 4,532 | 19,711 |
CURRENT ASSETS | ||
Trade receivables | 12,000 | 48,000 |
Other receivable and deposits | 354 | 377 |
Cash and cash equivalents | 9,695 | 56,043 |
Total Current Assets | 22,049 | 104,420 |
TOTAL ASSETS | 26,581 | 124,131 |
CURRENT LIABILITIES | ||
Other payables and accruals | 125,137 | 153,460 |
Income tax payable | 1,380 | 1,380 |
Leased Liabilities | 5,073 | 20,777 |
Total Current Liabilities | 134,586 | 184,887 |
TOTAL LIABILITIES | 134,586 | 184,887 |
STOCKHOLDERS’ EQUITY | ||
Preferred stock, $0.0001 par value; 200,000,000 shares authorized; None issued and outstanding | ||
Common Shares, par value $0.0001; 600,000,000 shares authorized, 57,680,500 shares issued and outstanding as of September 30, 2023 and December 31, 2022 respectively | 5,768 | 5,760 |
Additional paid in capital | 570,132 | 489,640 |
Accumulated losses | (683,905) | (556,156) |
TOTAL STOCKHOLDERS’ EQUITY | (108,005) | (60,756) |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | 26,581 | 124,131 |
Related Party [Member] | ||
CURRENT LIABILITIES | ||
Amount due to directors | $ 2,996 | $ 9,270 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2023 | Dec. 31, 2022 |
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 | 57,680,500 | 57,600,000 |
Common stock, shares outstanding | 57,680,500 | 57,600,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Losses (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Income Statement [Abstract] | ||||
REVENUE | $ 6,000 | $ 24,000 | $ 18,000 | $ 72,000 |
COST OF REVENUE | ||||
GROSS PROFIT | 6,000 | 24,000 | 18,000 | 72,000 |
OTHER INCOME | 3,553 | 48,020 | 36,315 | 48,302 |
GENERAL AND ADMINISTRATIVE EXPENSES | 55,183 | 76,164 | 182,064 | 275,482 |
LOSS BEFORE INCOME TAX | (45,630) | (4,144) | (127,749) | (155,180) |
INCOME TAX EXPENSE | ||||
NET LOSS | (45,630) | (4,144) | (127,749) | (155,180) |
OTHER COMPREHENSIVE LOSS | ||||
TOTAL COMPREHENSIVE LOSS | $ (45,630) | $ (4,144) | $ (127,749) | $ (155,180) |
Net loss per share, basic | ||||
Net loss per share, diluted | ||||
Weighted average number of common shares outstanding - Basic | 57,637,108 | 57,600,000 | 57,637,108 | 57,600,000 |
Weighted average number of common shares outstanding - diluted | 57,637,108 | 57,600,000 | 57,637,108 | 57,600,000 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance at Dec. 31, 2021 | $ 5,760 | $ 489,640 | $ (127,829) | $ 367,571 |
Balance, shares at Dec. 31, 2021 | 57,600,000 | |||
Net income (loss) | 10,679 | 10,679 | ||
Balance at Mar. 31, 2022 | $ 5,760 | 489,640 | (117,150) | 378,250 |
Balance, shares at Mar. 31, 2022 | 57,600,000 | |||
Balance at Dec. 31, 2021 | $ 5,760 | 489,640 | (127,829) | 367,571 |
Balance, shares at Dec. 31, 2021 | 57,600,000 | |||
Net income (loss) | (155,180) | |||
Balance at Sep. 30, 2022 | $ 5,760 | 489,640 | (283,009) | 212,391 |
Balance, shares at Sep. 30, 2022 | 57,600,000 | |||
Balance at Mar. 31, 2022 | $ 5,760 | 489,640 | (117,150) | 378,250 |
Balance, shares at Mar. 31, 2022 | 57,600,000 | |||
Net income (loss) | (161,715) | (161,715) | ||
Balance at Jun. 30, 2022 | $ 5,760 | 489,640 | (278,865) | 216,535 |
Balance, shares at Jun. 30, 2022 | 57,600,000 | |||
Net income (loss) | (4,144) | (4,144) | ||
Balance at Sep. 30, 2022 | $ 5,760 | 489,640 | (283,009) | 212,391 |
Balance, shares at Sep. 30, 2022 | 57,600,000 | |||
Balance at Dec. 31, 2022 | $ 5,760 | 489,640 | (556,156) | (60,756) |
Balance, shares at Dec. 31, 2022 | 57,600,000 | |||
Net income (loss) | (46,928) | (46,928) | ||
Balance at Mar. 31, 2023 | $ 5,760 | 489,640 | (603,084) | (107,684) |
Balance, shares at Mar. 31, 2023 | 57,600,000 | |||
Balance at Dec. 31, 2022 | $ 5,760 | 489,640 | (556,156) | (60,756) |
Balance, shares at Dec. 31, 2022 | 57,600,000 | |||
Net income (loss) | (127,749) | |||
Balance at Sep. 30, 2023 | $ 5,768 | 570,132 | (683,905) | (108,005) |
Balance, shares at Sep. 30, 2023 | 57,680,500 | |||
Balance at Mar. 31, 2023 | $ 5,760 | 489,640 | (603,084) | (107,684) |
Balance, shares at Mar. 31, 2023 | 57,600,000 | |||
Net income (loss) | (35,191) | (35,191) | ||
Balance at Jun. 30, 2023 | $ 5,760 | 489,640 | (638,275) | (142,875) |
Balance, shares at Jun. 30, 2023 | 57,600,000 | |||
Net income (loss) | (45,630) | (45,630) | ||
Shares issued in the Initial Public Offering completed on 23 September, 2023 at $1.00 per share | $ 8 | 80,492 | 80,500 | |
Shares issued in the initial public offering, shares | 80,500 | |||
Balance at Sep. 30, 2023 | $ 5,768 | $ 570,132 | $ (683,905) | $ (108,005) |
Balance, shares at Sep. 30, 2023 | 57,680,500 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) (Parenthetical) | Sep. 23, 2023 $ / shares |
Statement of Stockholders' Equity [Abstract] | |
Share price | $ 1 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (127,749) | $ (155,180) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortisation | 15,178 | 14,343 |
Interest expense | 669 | 1,339 |
Allowance for doubtful debt | 51,383 | |
Changes in operating assets and liabilities: | ||
Trade receivable | (15,383) | (56,000) |
Other receivable and deposits | 23 | (25,104) |
Other payables and accruals | (28,324) | 4,898 |
Amount due to directors | (6,274) | 7,255 |
Net cash used in operating activities | (110,477) | (208,449) |
CASH FLOWS FROM INVESTING ACTIVITY: | ||
Purchase of plant and equipment | (2,163) | |
Net cash used in investing activity | (2,163) | |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from sale of common stock | 80,500 | |
Payment of lease liabilities | (16,371) | (18,415) |
Net cash generated from/(used in) financing activities | 64,129 | (18,415) |
Effect of exchange rate changes on cash and cash equivalent | ||
Net decrease in cash and cash equivalents | (46,348) | (229,027) |
Cash and cash equivalents, beginning of period | 56,043 | 374,322 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 9,695 | 145,295 |
SUPPLEMENTAL CASH FLOWS INFORMATION | ||
Income taxes paid | ||
Interest paid | $ 669 | $ 1,339 |
DESCRIPTION OF BUSINESS AND ORG
DESCRIPTION OF BUSINESS AND ORGANIZATION | 9 Months Ended |
Sep. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
DESCRIPTION OF BUSINESS AND ORGANIZATION | 1. DESCRIPTION OF BUSINESS AND ORGANIZATION Jocom Holdings Corp. was incorporated on January 8, 2021 under the laws of the state of Nevada. The Company, through its subsidiary, engaged in providing data analytic services, which cover customer behavior and predictive customer analysis, to, at present, one client. On April 15, 2021, the Company acquired 100 100 Details of the Company’s subsidiary: SCHEDULE OF COMPANY SUBSIDIARIES Company name Place/date of incorporation Particulars of issued capital Principal activities 1. Jocom Holdings Corp. Labuan, January 26, 2021 100 1 Data Analytic Software Solution For purposes of consolidated financial statement presentation, Jocom Holdings Corp. and its subsidiary are hereinafter referred to as the “Company”. JOCOM HOLDINGS CORP. NOTES TO CONDENSED FINANCIAL STATEMENTS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2023 AND 2022 (Currency expressed in United States Dollars (“US$”), except for number of shares) (UNAUDITED) |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of presentation The consolidated financial statements for Jocom Holdings Corp. and its subsidiaries (‘the Company’) for the nine months ended September 30, 2023 are prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) and include the accounts of Jocom Holdings Corp. and its wholly owned subsidiary, Jocom Holdings Corp. The Company has adopted December 31 as its fiscal year end. Basis of consolidation The condensed consolidated financial statements include the accounts of the Company and its subsidiaries. All inter-company accounts and transactions have been eliminated upon consolidation. Revenue recognition The Company follows the guidance of ASC 606, “Revenue from Contracts” The revenue generated was a service fee paid by a client to carry out data analytic services in the Southeast Asia online grocery market. Use of estimates Management uses estimates and assumptions in preparing these financial statements in accordance with US GAAP. Those estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities in the balance sheets, and the reported revenue and expenses during the periods reported. Actual results may differ from these estimates. Cash and cash equivalents Cash and cash equivalents are carried at cost and represent cash on hand, demand deposits placed with banks or other financial institutions and all highly liquid investments with an original maturity of three months or less as of the purchase date of such investments. Intangible Asset The Company follows the guidance according ASC Topic 350, “Testing Indefinite-Lived Intangible Assets for Impairment” Plant and equipment Plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses, if any. Depreciation is calculated on the straight-line basis over the following expected useful lives from the date on which they become fully operational. SCHEDULE OF USEFUL LIFE PROPERTY PLANT AND EQUIPMENT Categories Estimated useful life Renovation 2 Expenditures for maintenance and repairs are expensed as incurred. The gain or loss on the disposal of plant and equipment is the difference between the net sales proceeds and the carrying amount of the relevant assets and is recognized in the statement of operations JOCOM HOLDINGS CORP. NOTES TO CONDENSED FINANCIAL STATEMENTS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2023 AND 2022 (Currency expressed in United States Dollars (“US$”), except for number of shares) (UNAUDITED) Leases The Company recognizes lease payments for its short-term lease on a straight-line basis over the lease term in accordance with ASC 842. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for lease payments made at or before the lease commencement date, plus any initial direct costs incurred less any lease incentives received. Costs associated with operating lease assets are recognized on a straight-line basis within operating expenses over the term of the lease. In determining the present value of the unpaid lease payments, ASC 842 requires a lessee to discount its unpaid lease payments using the interest rate implicit in the lease or, if that rate cannot be readily determined, its incremental borrowing rate. As most of the Company leases do not provide an implicit rate, the Company uses its incremental borrowing rate as the discount rate for the lease. The Company incremental borrowing rate is estimated to approximate the interest rate on a collateralized basis with similar terms and payments. Income taxes Income taxes are determined in accordance with the provisions of ASC Topic 740, “ Income Taxes 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 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 period ended September 30, 2023, the Company suffered net loss of $ 127,749 683,905 108,005 110,477 The Company’s ability to continue as a going concern is dependent upon improving its profitability and the continuing financial support from its shareholders. Management believes the existing shareholders or external financing will provide the additional cash to meet the Company’s obligations as they become due. No assurance can be given that any future financing, if needed, will be available or, if available, that it will be on terms that are satisfactory to the Company. Even if the Company is able to obtain additional financing, if needed, it may contain undue restrictions on its operations, in the case of debt financing, or cause substantial dilution for its stockholders, in the case of equity financing. JOCOM HOLDINGS CORP. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2023 AND 2022 (Currency expressed in United States Dollars (“US$”), except for number of shares) (UNAUDITED) Net loss per share The Company calculates net income/(loss) per share in accordance with ASC Topic 260, “Earnings per Share.” Foreign currencies translation The reporting and functional currency of the Company and its subsidiaries in Labuan is United States Dollars (“US$”) which 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. Translation of amounts from RM into US$1 has been made at the following exchange rates for the respective periods: SCHEDULE OF EXCHANGE RATES As of and for the September 30, 2023 As of and for the Period-end RM : US$1 exchange rate 4.690 4.390 Period-average RM : US$1 exchange rate 4.515 4.278 Exchange rate 4.515 4.278 Related parties Parties, which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Companies are also considered to be related if they are subject to common control or common significant influence. JOCOM HOLDINGS CORP. NOTES TO CONDENSED FINANCIAL STATEMENTS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2023 AND 2022 (Currency expressed in United States Dollars (“US$”), except for number of shares) (UNAUDITED) Fair value of financial instruments: The carrying value of the Company’s financial instruments: cash and cash equivalents, prepayment, deposits, accounts payable 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” (“ASC 820-10”), with respect to financial assets and liabilities that are measured at fair value. ASC 820-10 establishes a three-tier fair value hierarchy that prioritizes the inputs used in measuring fair value as follows: Level 1 Level 2 Level 3: Recent accounting pronouncements The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and do not believe the future adoption of any such pronouncements may be expected to cause a material impact on its financial condition or the results of its operations. In May 2019, the FASB issued ASU 2019-05, which is an update to ASU Update No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which introduced the expected credit losses methodology for the measurement of credit losses on financial assets measured at amortized cost basis, replacing the previous incurred loss methodology. The amendments in Update 2016-13 added Topic 326, Financial Instruments—Credit Losses, and made several consequential amendments to the Codification. The amendments in this Update address those stakeholders’ concerns by providing an option to irrevocably elect the fair value option for certain financial assets previously measured at amortized cost basis. For those entities, the targeted transition relief will increase comparability of financial statement information by providing an option to align measurement methodologies for similar financial assets. Furthermore, the targeted transition relief also may reduce the costs for some entities to comply with the amendments in Update 2016-13 while still providing financial statement users with decision-useful information. In November 2019, the FASB issued ASU No. 2019-10, which to update the effective date of ASU No. 2016-13 for private companies, not-for-profit organizations and certain smaller reporting companies applying for credit losses, leases, and hedging standard. The new effective date for these preparers is for fiscal years beginning after December 15, 2022. ASU 2019-05 is effective for the Company for annual and interim reporting periods beginning January 1, 2023 as the Company is qualified as a smaller reporting company. The Company has accordingly adopted ASUs 2016-13 and 2019-05 in the preparation of its unaudited condensed consolidated financial statements. Credit loss rate is determined by historical collection based on aging schedule, adjusted for current conditions using reasonable and supportable forecasts. Based on the aging categorization and the adjusted loss rate per category, an allowance for credit losses is calculated by multiplying the adjusted loss rate with the amortized cost in the respective age category. JOCOM HOLDINGS CORP. NOTES TO CONDENSED FINANCIAL STATEMENTS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2023 AND 2022 (Currency expressed in United States Dollars (“US$”), except for number of shares) (UNAUDITED) |
COMMON STOCK
COMMON STOCK | 9 Months Ended |
Sep. 30, 2023 | |
Equity [Abstract] | |
COMMON STOCK | 3. COMMON STOCK On January 8, 2021, the Company issued 100,000 0.0001 10 10 On May 1,2021 the Company issued 18,900,000 0.0001 1,890 1,890 On May 1, 2021 the Company issued 19,000,000 0.0001 1,900 1,900 On June 1, 2021 the Company issued 8,500,000 0.0001 850 850 On June 1, 2021 the Company issued 5,500,000 0.0001 550 550 On June 1, 2021 the Company issued 1,500,000 0.0001 150 150 On June 1, 2021, the Company issued 500,000 0.0001 50 50 Between the period of June 20, 2021 to July 20, 2021, the Company issued 2,300,000 2,300,000 0.10 230,000 Between the period of July 25, 2021 to September 10, 2021, the Company issued 1,300,000 1,300,000 0.20 260,000 Between the period of January 1, 2023 to September 15, 2023, the Company issued 80,500 80,500 1.00 80,500 As of September 30, 2023 and December 31, 2022 the Company has an issued and outstanding common share of 57,680,500 57,600,000 JOCOM HOLDINGS CORP. NOTES TO CONDENSED FINANCIAL STATEMENTS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2023 AND 2022 (Currency expressed in United States Dollars (“US$”), except for number of shares) (UNAUDITED) |
INTANGIBLE ASSET
INTANGIBLE ASSET | 9 Months Ended |
Sep. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
INTANGIBLE ASSET | 4. INTANGIBLE ASSET SCHEDULE OF INTANGIBLE ASSETS As of September 30, 2023 (Unaudited) As of December 31, 2022 (Audited) At cost: $ 1 $ 1 AI Smart Platform $ 1 $ 1 Intangible asset $ 1 $ 1 |
PLANT AND EQUIPMENT
PLANT AND EQUIPMENT | 9 Months Ended |
Sep. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
PLANT AND EQUIPMENT | 5. PLANT AND EQUIPMENT Plant and equipment as of September 30, 2023, and December 31, 2022 are summarized below: SCHEDULE OF PROPERTY PLANT AND EQUIPMENT As of September 30, 2023 (Unaudited) As of December 31, 2022 (Audited) Renovation $ 2,163 $ 2,163 Total 2,163 2,163 Accumulated depreciation 1 $ (1,893 ) $ (1,082 ) Plant and equipment, net $ 270 $ 1,081 1 For the nine months period ended September 30, 2023 and 2022, depreciation expense was $ 811 162 |
LEASE
LEASE | 9 Months Ended |
Sep. 30, 2023 | |
Lease | |
LEASE | 6. LEASE The Company officially adopted ASC 842 for the period on and after November 1, 2019 as permitted by ASU 2016-02. ASC 842 originally required all entities to use a “modified retrospective” transition approach that is intended to maximize comparability and be less complex than a full retrospective approach. On July 30, 2018, the FASB issued ASU 2018-11 to provide entities with relief from the costs of implementing certain aspects of the new leasing standard, ASU 2016-02 of which permits entities may elect not to recast the comparative periods presented when transitioning to ASC 842. As permitted by ASU 2018-11, the Company elect not to recast comparative periods, thusly. As of January 1, 2022, the Company recognized approximately US$ 40,993 6.60 A single lease cost is recognized over the lease term on a generally straight-line basis. All cash payments of operating lease cost are classified within operating activities in the statement of cash flows. The initial recognition of operating lease right and lease liability as follow: SCHEDULE OF OPERATING LEASE LIABILITY AND RIGHT OF USE ASSETS Gross lease payable $ 43,258 Less: imputed interest (2,265 ) Initial recognition as of January 1, 2022 $ 40,993 JOCOM HOLDINGS CORP. NOTES TO CONDENSED FINANCIAL STATEMENTS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2023 AND 2022 (Currency expressed in United States Dollars (“US$”), except for number of shares) (UNAUDITED) As of September 30, 2023 and December 31,2022, the operating lease right of use asset as follow: SCHEDULE OF OPERATING LEASE RIGHT OF USE ASSET As of September 30, 2023 (Unaudited) As of December 31, 2022 (Audited) Initial recognition as of January 1, 2022 40,993 40,933 Accumulated amortization (36,945 ) (22,577 ) Remeasurement of lease asset 213 213 Balance as of September 30, 2023 and December 31,2022 4,261 18,629 As of September 30, 2023 and December 31,2022, the operating lease liability as follow: SCHEDULE OF OPERATING LEASE LIABILITY As of September 30, 2023 (Unaudited) As of December 31, 2022 (Audited) Initial recognition as of January 1, 2022 $ 43,258 43,258 Less: gross repayment (38,434 ) (22,062 ) Less: imputed interest (2,302 ) (1,633 ) Remeasurement of lease liability 213 213 Effect of translation exchange 2,338 1,001 Balance as of September 30, 2023 and December 31,2022 5,073 20,777 Less: lease liability, current 5,073 20,777 Lease liability, non-current $ - - For the nine months ended September 30, 2023 and 2022, the amortization of the operating lease right of use asset was $ 14,367 14,181 Maturities of operating lease obligation as follow: SCHEDULE OF MATURITIES OF OPERATING LEASE OBLIGATION Year ending December 31, 2023 (12 months) $ 5,073 Total $ 5,073 Other information: SCHEDULE OF OTHER INFORMATION RELATED TO LEASE For the nine September 30, For the nine September 30, 2023 2022 (Unaudited) (Unaudited) Cash paid for amounts included in the measurement of lease liabilities: - Operating cash flow from operating lease $ 5,073 $ 23,917 Right-of-use assets obtained in exchange for operating lease liabilities $ 4,261 26,812 Remaining lease term for operating lease (year) 0.25 1.25 Weighted average discount rate for operating lease 5.00 % 5.43 % Lease expenses were $ 16,371 18,415 |
CASH AND CASH EQUIVALENTS
CASH AND CASH EQUIVALENTS | 9 Months Ended |
Sep. 30, 2023 | |
Cash and Cash Equivalents [Abstract] | |
CASH AND CASH EQUIVALENTS | 7. CASH AND CASH EQUIVALENTS As at September 30, 2023, and December 31, 2022, the Company recorded cash and cash equivalents of $ 9,695 56,043 JOCOM HOLDINGS CORP. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2023 AND 2022 (Currency expressed in United States Dollars (“US$”), except for number of shares) (UNAUDITED) |
TRADE RECEIVABLE
TRADE RECEIVABLE | 9 Months Ended |
Sep. 30, 2023 | |
Receivables [Abstract] | |
TRADE RECEIVABLE | 8. TRADE RECEIVABLE Trade receivable consisted of the following as of September 30, 2023, and December 31, 2022. SCHEDULE OF TRADE RECEIVABLE As of September 30, 2023 (Unaudited) As of December 31, 2022 (Audited) Trade receivable $ 95,383 $ 80,000 Allowance for doubtful debts $ (83,383 ) $ (32,000 ) Total trade receivable $ 12,000 $ 48,000 As of September 30, 2023 and December 31,2022, trade receivable of $ 95,383 80,000 83,383 32,000 12,000 48,000 |
OTHER RECEIVABLE AND DEPOSITS
OTHER RECEIVABLE AND DEPOSITS | 9 Months Ended |
Sep. 30, 2023 | |
Other Receivable And Deposits | |
OTHER RECEIVABLE AND DEPOSITS | 9. OTHER RECEIVABLE AND DEPOSITS Other receivable and deposits consisted of the following as of September 30, 2023, and December 31, 2022. SCHEDULE OF OTHER RECEIVABLE DEPOSIT As of As of Other receivable $ - $ - Deposits 354 377 Total other receivable and deposits $ 354 $ 377 As of September 30, 2023, and December 31, 2022, total deposits paid was $ 354 377 |
OTHER PAYABLES AND ACCRUALS
OTHER PAYABLES AND ACCRUALS | 9 Months Ended |
Sep. 30, 2023 | |
Payables and Accruals [Abstract] | |
OTHER PAYABLES AND ACCRUALS | 10. OTHER PAYABLES AND ACCRUALS Other payables and accruals consisted of the following as of September 30, 2023, and December 31, 2022. SCHEDULE OF OTHER PAYABLES AND ACCRUALS As of September 30, 2023 (Unaudited) As of December 31, 2022 (Audited) Other payables $ 111,007 $ 135,052 Accruals $ 14,130 $ 18,408 Total other payables and accruals $ 125,137 $ 153,460 As of September 30, 2023 and December 31, 2022, other payables of $ 73,323 120,000 JOCOM HOLDINGS CORP. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2023 AND 2022 (Currency expressed in United States Dollars (“US$”), except for number of shares) (UNAUDITED) |
AMOUNT DUE TO DIRECTORS
AMOUNT DUE TO DIRECTORS | 9 Months Ended |
Sep. 30, 2023 | |
Amount Due To Directors | |
AMOUNT DUE TO DIRECTORS | 11. AMOUNT DUE TO DIRECTORS Amount due to directors consisted of the following as of September 30, 2023, and December 31, 2022. SCHEDULE OF AMOUNT DUE TO DIRECTORS As of September 30, 2023 (Unaudited) As of December 31, 2022 (Audited) Amount due to directors $ 2,996 $ 9,270 Total amount due to directors $ 2,996 $ 9,270 As of September 30, 2023, and December 31, 2022, the amount of $ 2,996 9,270 |
INCOME TAX EXPENSE
INCOME TAX EXPENSE | 9 Months Ended |
Sep. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
INCOME TAX EXPENSE | 12. INCOME TAX EXPENSE For the nine months ended September 30, 2023 and 2022, the local (United States) and foreign components of loss before income tax were comprised of the following: SCHEDULE OF FOREIGN COMPONENTS OF LOSS BEFORE INCOME TAXES For the nine ended For the nine months ended Tax jurisdictions from: Local $ (76,537 ) (220,583 ) Foreign, representing - Labuan $ (51,212 ) 65,403 Loss before income tax $ (127,749 ) (155,180 ) The provision for income taxes consisted of the following: SCHEDULE OF PROVISION FOR INCOME TAXES For the nine September 30, 2023 For the nine September 30, 2022 Current: - Local $ - $ - -Foreign - - Income tax expense $ - $ - 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 and Labuan that are subject to taxes in the jurisdictions in which they operate, as follows: JOCOM HOLDINGS CORP. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2023 AND 2022 (Currency expressed in United States Dollars (“US$”), except for number of shares) (UNAUDITED) 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 September 30, 2023, the operations in the United States of America incurred $ 551,727 expire in 2041 Labuan Under the current laws of the Labuan, Jocom Holdings Corp.is governed under the Labuan Business Activity Act, 1990. The tax charge for such company is based on 24 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 9 Months Ended |
Sep. 30, 2023 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | 13. RELATED PARTY TRANSACTIONS SCHEDULE OF RELATED PARTY TRANSACTIONS For the nine September 30, 2023 For the twelve December 31, 2022 Jocom MShopping Sdn. Bhd. 1 - Revenue 1 $ 18,000 $ 96,000 SEATech Ventures (HK) Limited 2 - Consultation Fee 2 $ - $ 280,000 Joshua Sew 3 - IT Advisory Fee 3 $ 7,035 $ - Khoo Ghi Geok 4 - Accounting Fee 4 $ 10,500 $ 10,500 1 Mr. Joshua and Ms. Agnes, the Company Chief Executive Officer and Chief Financial Officer, are the directors of Jocom MShopping Sdn. Bhd. 2 SEATech Ventures (HK) Limited, through its wholly owned subsidiary of SEATech Ventures Corp. is a 14.74 3 Mr. Joshua Sew is the Company Chief Executive Officer. 4 Ms. Khoo Ghi Geok purchased a total of 10,000 1.00 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Sep. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | 14. COMMITMENTS AND CONTINGENCIES As of September 30, 2023, the Company has no commitments or contingencies involved. |
CONCENTRATION OF RISK
CONCENTRATION OF RISK | 9 Months Ended |
Sep. 30, 2023 | |
Risks and Uncertainties [Abstract] | |
CONCENTRATION OF RISK | 15. CONCENTRATION OF RISK The Company is exposed to the following concentration of risk: (a) Major customers For the nine months ended September 30, 2023 and 2022, the customers who accounted for 100% or more of the Company’s revenues and its accounts receivable balance at year/period-end are presented as follows: SCHEDULE OF CUSTOMER CONCENTRATION RISK For the nine months ended September 30, 2023 For the nine months ended September 30, 2022 Revenue Percentage of revenue Account Receivable-Trade Revenue Percentage of revenue Account Receivable-Trade Customer A $ 18,000 100 % $ 12,000 $ 72,000 100 % $ 56,000 $ 18,000 100 % $ 12,000 $ 72,000 100 % $ 56,000 JOCOM HOLDINGS CORP. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2023 AND 2022 (Currency expressed in United States Dollars (“US$”), except for number of shares) (UNAUDITED) (b) Major suppliers For the nine months ended September 30, 2023, and 2022, there is no vendor who accounted for 10% or more of the Company’s purchase and the accounts payable balances at period-end. (c) Credit risk Financial instruments that are potentially subject to credit risk consist principally of accounts receivable. The Company believes the concentration of credit risk in its trade receivables is substantially mitigated by its ongoing credit evaluation process and relatively short collection terms. The Company does not generally require collateral from customers. The Company evaluates the need for an allowance for doubtful accounts based upon factors surrounding the credit risk of specific customers, historical trends and other information. (d) Exchange rate risk The Company cannot guarantee that the current exchange rate will remain stable, therefore there is a possibility that the Company could post the same amount of income for two comparable periods and because of the fluctuating exchange rate actually post higher or lower income depending on exchange rate of RM converted to US$ on that date. The exchange rate could fluctuate depending on changes in political and economic environments without notice. |
SEGMENT INFORMATION
SEGMENT INFORMATION | 9 Months Ended |
Sep. 30, 2023 | |
Segment Reporting [Abstract] | |
SEGMENT INFORMATION | 16. SEGMENT INFORMATION ASC 280, “Segment Reporting” establishes standards for reporting information about operating segments on a basis consistent with the Company’s internal organization structure as well as information about services categories, business segments and major customers in financial statements. In accordance with the “Segment Reporting” Topic of the ASC, the Company’s chief operating decision maker has been identified as the Chief Executive Officer and President, who reviews operating results to make decisions about allocating resources and assessing performance for the entire Company. Existing guidance, which is based on a management approach to segment reporting, establishes requirements to report selected segment information quarterly and to report annually entity-wide disclosures about products and services, major customers, and the countries in which the entity holds material assets and reports revenue. All material operating units qualify for aggregation under “Segment Reporting” due to their similar customer base and similarities in economic characteristics; nature of products and services; and procurement, manufacturing and distribution processes. The Company had no inter-segment sales for the periods presented. Summarized financial information concerning the Company’s reportable segments is shown as below: By Geography: SCHEDULE OF SEGMENT INFORMATION For the nine months ended September 30, 2023 US Malaysia Total Revenue $ - $ 18,000 $ 18,000 Cost of revenue - - - Depreciation and amortization $ - $ 15,178 $ 15,178 Loss before income tax $ (76,537 ) $ (51,212 ) $ (127,749 ) Total assets $ - $ 26,581 $ 26,581 JOCOM HOLDINGS CORP. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2023 AND 2022 (Currency expressed in United States Dollars (“US$”), except for number of shares) (UNAUDITED) For the nine months ended September 30, 2022 US Malaysia Total Revenue - 72,000 72,000 Cost of revenue - - - Depreciation and amortization - 14,343 14,343 Profit/ (Loss) before income tax $ (220,583 ) $ 65,403 $ (155,180 ) Total assets $ 3,500 $ 252,983 $ 256,483 * Revenues and costs are attributed to countries based on the location of customers. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
Sep. 30, 2023 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | 17. SUBSEQUENT EVENTS In accordance with ASC Topic 855, “Subsequent Events”, which establishes general standards of accounting for and disclosure of events that occur after the balance sheet date but before financial statements are issued, the Company has evaluated all events or transactions that occurred after September 30, 2023 up through the date the Company issued the audited consolidated financial statements. During this period, there was no subsequent event that required recognition or disclosure. |
SIGNIFICANT EVENT
SIGNIFICANT EVENT | 9 Months Ended |
Sep. 30, 2023 | |
Significant Event | |
SIGNIFICANT EVENT | 18. SIGNIFICANT EVENT During the fiscal year, the World Health Organization declared the Coronavirus (COVID-19) outbreak to be a pandemic, which has caused severe global social and economic disruptions and uncertainties, including markets where the Company operates. The Company considers this outbreak as non-adjusting-events. The consequences brought about by Covid-19 continue to evolve and whilst the Company actively monitoring and managing its operations to respond to these changes, the Company does not consider it practicable to provide any quantitative estimate on the potential impact it may have on the Company. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of presentation | Basis of presentation The consolidated financial statements for Jocom Holdings Corp. and its subsidiaries (‘the Company’) for the nine months ended September 30, 2023 are prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) and include the accounts of Jocom Holdings Corp. and its wholly owned subsidiary, Jocom Holdings Corp. The Company has adopted December 31 as its fiscal year end. |
Basis of consolidation | Basis of consolidation The condensed consolidated financial statements include the accounts of the Company and its subsidiaries. All inter-company accounts and transactions have been eliminated upon consolidation. |
Revenue recognition | Revenue recognition The Company follows the guidance of ASC 606, “Revenue from Contracts” The revenue generated was a service fee paid by a client to carry out data analytic services in the Southeast Asia online grocery market. |
Use of estimates | Use of estimates Management uses estimates and assumptions in preparing these financial statements in accordance with US GAAP. Those estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities in the balance sheets, and the reported revenue and expenses during the periods reported. Actual results may differ from these estimates. |
Cash and cash equivalents | Cash and cash equivalents Cash and cash equivalents are carried at cost and represent cash on hand, demand deposits placed with banks or other financial institutions and all highly liquid investments with an original maturity of three months or less as of the purchase date of such investments. |
Intangible Asset | Intangible Asset The Company follows the guidance according ASC Topic 350, “Testing Indefinite-Lived Intangible Assets for Impairment” |
Plant and equipment | Plant and equipment Plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses, if any. Depreciation is calculated on the straight-line basis over the following expected useful lives from the date on which they become fully operational. SCHEDULE OF USEFUL LIFE PROPERTY PLANT AND EQUIPMENT Categories Estimated useful life Renovation 2 Expenditures for maintenance and repairs are expensed as incurred. The gain or loss on the disposal of plant and equipment is the difference between the net sales proceeds and the carrying amount of the relevant assets and is recognized in the statement of operations JOCOM HOLDINGS CORP. NOTES TO CONDENSED FINANCIAL STATEMENTS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2023 AND 2022 (Currency expressed in United States Dollars (“US$”), except for number of shares) (UNAUDITED) |
Leases | Leases The Company recognizes lease payments for its short-term lease on a straight-line basis over the lease term in accordance with ASC 842. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for lease payments made at or before the lease commencement date, plus any initial direct costs incurred less any lease incentives received. Costs associated with operating lease assets are recognized on a straight-line basis within operating expenses over the term of the lease. In determining the present value of the unpaid lease payments, ASC 842 requires a lessee to discount its unpaid lease payments using the interest rate implicit in the lease or, if that rate cannot be readily determined, its incremental borrowing rate. As most of the Company leases do not provide an implicit rate, the Company uses its incremental borrowing rate as the discount rate for the lease. The Company incremental borrowing rate is estimated to approximate the interest rate on a collateralized basis with similar terms and payments. |
Income taxes | Income taxes Income taxes are determined in accordance with the provisions of ASC Topic 740, “ Income Taxes 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 |
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 period ended September 30, 2023, the Company suffered net loss of $ 127,749 683,905 108,005 110,477 The Company’s ability to continue as a going concern is dependent upon improving its profitability and the continuing financial support from its shareholders. Management believes the existing shareholders or external financing will provide the additional cash to meet the Company’s obligations as they become due. No assurance can be given that any future financing, if needed, will be available or, if available, that it will be on terms that are satisfactory to the Company. Even if the Company is able to obtain additional financing, if needed, it may contain undue restrictions on its operations, in the case of debt financing, or cause substantial dilution for its stockholders, in the case of equity financing. JOCOM HOLDINGS CORP. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2023 AND 2022 (Currency expressed in United States Dollars (“US$”), except for number of shares) (UNAUDITED) |
Net loss per share | Net loss per share The Company calculates net income/(loss) per share in accordance with ASC Topic 260, “Earnings per Share.” |
Foreign currencies translation | Foreign currencies translation The reporting and functional currency of the Company and its subsidiaries in Labuan is United States Dollars (“US$”) which 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. Translation of amounts from RM into US$1 has been made at the following exchange rates for the respective periods: SCHEDULE OF EXCHANGE RATES As of and for the September 30, 2023 As of and for the Period-end RM : US$1 exchange rate 4.690 4.390 Period-average RM : US$1 exchange rate 4.515 4.278 Exchange rate 4.515 4.278 |
Related parties | Related parties Parties, which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Companies are also considered to be related if they are subject to common control or common significant influence. JOCOM HOLDINGS CORP. NOTES TO CONDENSED FINANCIAL STATEMENTS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2023 AND 2022 (Currency expressed in United States Dollars (“US$”), except for number of shares) (UNAUDITED) |
Fair value of financial instruments: | Fair value of financial instruments: The carrying value of the Company’s financial instruments: cash and cash equivalents, prepayment, deposits, accounts payable 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” (“ASC 820-10”), with respect to financial assets and liabilities that are measured at fair value. ASC 820-10 establishes a three-tier fair value hierarchy that prioritizes the inputs used in measuring fair value as follows: Level 1 Level 2 Level 3: |
Recent accounting pronouncements | Recent accounting pronouncements The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and do not believe the future adoption of any such pronouncements may be expected to cause a material impact on its financial condition or the results of its operations. In May 2019, the FASB issued ASU 2019-05, which is an update to ASU Update No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which introduced the expected credit losses methodology for the measurement of credit losses on financial assets measured at amortized cost basis, replacing the previous incurred loss methodology. The amendments in Update 2016-13 added Topic 326, Financial Instruments—Credit Losses, and made several consequential amendments to the Codification. The amendments in this Update address those stakeholders’ concerns by providing an option to irrevocably elect the fair value option for certain financial assets previously measured at amortized cost basis. For those entities, the targeted transition relief will increase comparability of financial statement information by providing an option to align measurement methodologies for similar financial assets. Furthermore, the targeted transition relief also may reduce the costs for some entities to comply with the amendments in Update 2016-13 while still providing financial statement users with decision-useful information. In November 2019, the FASB issued ASU No. 2019-10, which to update the effective date of ASU No. 2016-13 for private companies, not-for-profit organizations and certain smaller reporting companies applying for credit losses, leases, and hedging standard. The new effective date for these preparers is for fiscal years beginning after December 15, 2022. ASU 2019-05 is effective for the Company for annual and interim reporting periods beginning January 1, 2023 as the Company is qualified as a smaller reporting company. The Company has accordingly adopted ASUs 2016-13 and 2019-05 in the preparation of its unaudited condensed consolidated financial statements. Credit loss rate is determined by historical collection based on aging schedule, adjusted for current conditions using reasonable and supportable forecasts. Based on the aging categorization and the adjusted loss rate per category, an allowance for credit losses is calculated by multiplying the adjusted loss rate with the amortized cost in the respective age category. |
DESCRIPTION OF BUSINESS AND O_2
DESCRIPTION OF BUSINESS AND ORGANIZATION (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
SCHEDULE OF COMPANY SUBSIDIARIES | Details of the Company’s subsidiary: SCHEDULE OF COMPANY SUBSIDIARIES Company name Place/date of incorporation Particulars of issued capital Principal activities 1. Jocom Holdings Corp. Labuan, January 26, 2021 100 1 Data Analytic Software Solution |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
SCHEDULE OF USEFUL LIFE PROPERTY PLANT AND EQUIPMENT | SCHEDULE OF USEFUL LIFE PROPERTY PLANT AND EQUIPMENT Categories Estimated useful life Renovation 2 |
SCHEDULE OF EXCHANGE RATES | Translation of amounts from RM into US$1 has been made at the following exchange rates for the respective periods: SCHEDULE OF EXCHANGE RATES As of and for the September 30, 2023 As of and for the Period-end RM : US$1 exchange rate 4.690 4.390 Period-average RM : US$1 exchange rate 4.515 4.278 Exchange rate 4.515 4.278 |
INTANGIBLE ASSET (Tables)
INTANGIBLE ASSET (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
SCHEDULE OF INTANGIBLE ASSETS | SCHEDULE OF INTANGIBLE ASSETS As of September 30, 2023 (Unaudited) As of December 31, 2022 (Audited) At cost: $ 1 $ 1 AI Smart Platform $ 1 $ 1 Intangible asset $ 1 $ 1 |
PLANT AND EQUIPMENT (Tables)
PLANT AND EQUIPMENT (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
SCHEDULE OF PROPERTY PLANT AND EQUIPMENT | Plant and equipment as of September 30, 2023, and December 31, 2022 are summarized below: SCHEDULE OF PROPERTY PLANT AND EQUIPMENT As of September 30, 2023 (Unaudited) As of December 31, 2022 (Audited) Renovation $ 2,163 $ 2,163 Total 2,163 2,163 Accumulated depreciation 1 $ (1,893 ) $ (1,082 ) Plant and equipment, net $ 270 $ 1,081 1 For the nine months period ended September 30, 2023 and 2022, depreciation expense was $ 811 162 |
LEASE (Tables)
LEASE (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Lease | |
SCHEDULE OF OPERATING LEASE LIABILITY AND RIGHT OF USE ASSETS | The initial recognition of operating lease right and lease liability as follow: SCHEDULE OF OPERATING LEASE LIABILITY AND RIGHT OF USE ASSETS Gross lease payable $ 43,258 Less: imputed interest (2,265 ) Initial recognition as of January 1, 2022 $ 40,993 |
SCHEDULE OF OPERATING LEASE RIGHT OF USE ASSET | As of September 30, 2023 and December 31,2022, the operating lease right of use asset as follow: SCHEDULE OF OPERATING LEASE RIGHT OF USE ASSET As of September 30, 2023 (Unaudited) As of December 31, 2022 (Audited) Initial recognition as of January 1, 2022 40,993 40,933 Accumulated amortization (36,945 ) (22,577 ) Remeasurement of lease asset 213 213 Balance as of September 30, 2023 and December 31,2022 4,261 18,629 |
SCHEDULE OF OPERATING LEASE LIABILITY | As of September 30, 2023 and December 31,2022, the operating lease liability as follow: SCHEDULE OF OPERATING LEASE LIABILITY As of September 30, 2023 (Unaudited) As of December 31, 2022 (Audited) Initial recognition as of January 1, 2022 $ 43,258 43,258 Less: gross repayment (38,434 ) (22,062 ) Less: imputed interest (2,302 ) (1,633 ) Remeasurement of lease liability 213 213 Effect of translation exchange 2,338 1,001 Balance as of September 30, 2023 and December 31,2022 5,073 20,777 Less: lease liability, current 5,073 20,777 Lease liability, non-current $ - - |
SCHEDULE OF MATURITIES OF OPERATING LEASE OBLIGATION | Maturities of operating lease obligation as follow: SCHEDULE OF MATURITIES OF OPERATING LEASE OBLIGATION Year ending December 31, 2023 (12 months) $ 5,073 Total $ 5,073 |
SCHEDULE OF OTHER INFORMATION RELATED TO LEASE | Other information: SCHEDULE OF OTHER INFORMATION RELATED TO LEASE For the nine September 30, For the nine September 30, 2023 2022 (Unaudited) (Unaudited) Cash paid for amounts included in the measurement of lease liabilities: - Operating cash flow from operating lease $ 5,073 $ 23,917 Right-of-use assets obtained in exchange for operating lease liabilities $ 4,261 26,812 Remaining lease term for operating lease (year) 0.25 1.25 Weighted average discount rate for operating lease 5.00 % 5.43 % |
TRADE RECEIVABLE (Tables)
TRADE RECEIVABLE (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Receivables [Abstract] | |
SCHEDULE OF TRADE RECEIVABLE | Trade receivable consisted of the following as of September 30, 2023, and December 31, 2022. SCHEDULE OF TRADE RECEIVABLE As of September 30, 2023 (Unaudited) As of December 31, 2022 (Audited) Trade receivable $ 95,383 $ 80,000 Allowance for doubtful debts $ (83,383 ) $ (32,000 ) Total trade receivable $ 12,000 $ 48,000 |
OTHER RECEIVABLE AND DEPOSITS (
OTHER RECEIVABLE AND DEPOSITS (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Other Receivable And Deposits | |
SCHEDULE OF OTHER RECEIVABLE DEPOSIT | Other receivable and deposits consisted of the following as of September 30, 2023, and December 31, 2022. SCHEDULE OF OTHER RECEIVABLE DEPOSIT As of As of Other receivable $ - $ - Deposits 354 377 Total other receivable and deposits $ 354 $ 377 |
OTHER PAYABLES AND ACCRUALS (Ta
OTHER PAYABLES AND ACCRUALS (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Payables and Accruals [Abstract] | |
SCHEDULE OF OTHER PAYABLES AND ACCRUALS | Other payables and accruals consisted of the following as of September 30, 2023, and December 31, 2022. SCHEDULE OF OTHER PAYABLES AND ACCRUALS As of September 30, 2023 (Unaudited) As of December 31, 2022 (Audited) Other payables $ 111,007 $ 135,052 Accruals $ 14,130 $ 18,408 Total other payables and accruals $ 125,137 $ 153,460 |
AMOUNT DUE TO DIRECTORS (Tables
AMOUNT DUE TO DIRECTORS (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Amount Due To Directors | |
SCHEDULE OF AMOUNT DUE TO DIRECTORS | Amount due to directors consisted of the following as of September 30, 2023, and December 31, 2022. SCHEDULE OF AMOUNT DUE TO DIRECTORS As of September 30, 2023 (Unaudited) As of December 31, 2022 (Audited) Amount due to directors $ 2,996 $ 9,270 Total amount due to directors $ 2,996 $ 9,270 |
INCOME TAX EXPENSE (Tables)
INCOME TAX EXPENSE (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
SCHEDULE OF FOREIGN COMPONENTS OF LOSS BEFORE INCOME TAXES | For the nine months ended September 30, 2023 and 2022, the local (United States) and foreign components of loss before income tax were comprised of the following: SCHEDULE OF FOREIGN COMPONENTS OF LOSS BEFORE INCOME TAXES For the nine ended For the nine months ended Tax jurisdictions from: Local $ (76,537 ) (220,583 ) Foreign, representing - Labuan $ (51,212 ) 65,403 Loss before income tax $ (127,749 ) (155,180 ) |
SCHEDULE OF PROVISION FOR INCOME TAXES | The provision for income taxes consisted of the following: SCHEDULE OF PROVISION FOR INCOME TAXES For the nine September 30, 2023 For the nine September 30, 2022 Current: - Local $ - $ - -Foreign - - Income tax expense $ - $ - |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Related Party Transactions [Abstract] | |
SCHEDULE OF RELATED PARTY TRANSACTIONS | SCHEDULE OF RELATED PARTY TRANSACTIONS For the nine September 30, 2023 For the twelve December 31, 2022 Jocom MShopping Sdn. Bhd. 1 - Revenue 1 $ 18,000 $ 96,000 SEATech Ventures (HK) Limited 2 - Consultation Fee 2 $ - $ 280,000 Joshua Sew 3 - IT Advisory Fee 3 $ 7,035 $ - Khoo Ghi Geok 4 - Accounting Fee 4 $ 10,500 $ 10,500 1 Mr. Joshua and Ms. Agnes, the Company Chief Executive Officer and Chief Financial Officer, are the directors of Jocom MShopping Sdn. Bhd. 2 SEATech Ventures (HK) Limited, through its wholly owned subsidiary of SEATech Ventures Corp. is a 14.74 3 Mr. Joshua Sew is the Company Chief Executive Officer. 4 Ms. Khoo Ghi Geok purchased a total of 10,000 1.00 |
CONCENTRATION OF RISK (Tables)
CONCENTRATION OF RISK (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Risks and Uncertainties [Abstract] | |
SCHEDULE OF CUSTOMER CONCENTRATION RISK | For the nine months ended September 30, 2023 and 2022, the customers who accounted for 100% or more of the Company’s revenues and its accounts receivable balance at year/period-end are presented as follows: SCHEDULE OF CUSTOMER CONCENTRATION RISK For the nine months ended September 30, 2023 For the nine months ended September 30, 2022 Revenue Percentage of revenue Account Receivable-Trade Revenue Percentage of revenue Account Receivable-Trade Customer A $ 18,000 100 % $ 12,000 $ 72,000 100 % $ 56,000 $ 18,000 100 % $ 12,000 $ 72,000 100 % $ 56,000 |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Segment Reporting [Abstract] | |
SCHEDULE OF SEGMENT INFORMATION | SCHEDULE OF SEGMENT INFORMATION For the nine months ended September 30, 2023 US Malaysia Total Revenue $ - $ 18,000 $ 18,000 Cost of revenue - - - Depreciation and amortization $ - $ 15,178 $ 15,178 Loss before income tax $ (76,537 ) $ (51,212 ) $ (127,749 ) Total assets $ - $ 26,581 $ 26,581 JOCOM HOLDINGS CORP. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2023 AND 2022 (Currency expressed in United States Dollars (“US$”), except for number of shares) (UNAUDITED) For the nine months ended September 30, 2022 US Malaysia Total Revenue - 72,000 72,000 Cost of revenue - - - Depreciation and amortization - 14,343 14,343 Profit/ (Loss) before income tax $ (220,583 ) $ 65,403 $ (155,180 ) Total assets $ 3,500 $ 252,983 $ 256,483 * Revenues and costs are attributed to countries based on the location of customers. |
SCHEDULE OF COMPANY SUBSIDIARIE
SCHEDULE OF COMPANY SUBSIDIARIES (Details) - USD ($) | 3 Months Ended | |
Apr. 15, 2021 | Sep. 30, 2023 | |
Value issued | $ 80,500 | |
Jocom Holdings Corp [Member] | ||
Company name | Jocom Holdings Corp. | |
Place and date of incorporation | Labuan, January 26, 2021 | |
Shares issued | 100 | |
Value issued | $ 1 | |
Principal activities | Data Analytic Software Solution |
DESCRIPTION OF BUSINESS AND O_3
DESCRIPTION OF BUSINESS AND ORGANIZATION (Details Narrative) | Apr. 15, 2021 USD ($) |
Ms. Chua [Member] | |
Share based compensation | $ 100 |
Jocom Holdings Corp [Member] | |
Equity interest | 100% |
SCHEDULE OF USEFUL LIFE PROPERT
SCHEDULE OF USEFUL LIFE PROPERTY PLANT AND EQUIPMENT (Details) | Sep. 30, 2023 |
Accounting Policies [Abstract] | |
Equipment useful life | 2 years |
SCHEDULE OF EXCHANGE RATES (Det
SCHEDULE OF EXCHANGE RATES (Details) | Sep. 30, 2023 | Dec. 31, 2022 |
Period End RM [Member] | ||
Offsetting Assets [Line Items] | ||
Exchange rate | 4.690 | 4.390 |
Period Average RM [Member] | ||
Offsetting Assets [Line Items] | ||
Exchange rate | 4.515 | 4.278 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | ||||||||
Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Accounting Policies [Abstract] | ||||||||||
Income tax likelihood description | a greater than 50% likelihood | |||||||||
Net loss | $ 45,630 | $ 35,191 | $ 46,928 | $ 4,144 | $ 161,715 | $ (10,679) | $ 127,749 | $ 155,180 | ||
Accumulated losses | 683,905 | 683,905 | $ 556,156 | |||||||
Capital deficiency | $ 108,005 | $ 142,875 | $ 107,684 | $ (212,391) | $ (216,535) | $ (378,250) | 108,005 | (212,391) | $ 60,756 | $ (367,571) |
Net Cash Provided by (Used in) Operating Activities | $ 110,477 | $ 208,449 |
COMMON STOCK (Details Narrative
COMMON STOCK (Details Narrative) - USD ($) | 1 Months Ended | 2 Months Ended | 9 Months Ended | |||||
Jun. 01, 2021 | May 01, 2021 | Jan. 08, 2021 | Jul. 20, 2021 | Sep. 10, 2021 | Sep. 15, 2023 | Sep. 30, 2023 | Dec. 31, 2022 | |
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | ||||||||
Common stock par value | $ 0.0001 | $ 0.0001 | ||||||
Common stock, shares issued | 57,680,500 | 57,600,000 | ||||||
Common stock, shares outstanding | 57,680,500 | 57,600,000 | ||||||
Twenty Three Foreign Parties [Member] | ||||||||
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | ||||||||
Restricted common stock, shares | 2,300,000 | |||||||
Working capital | $ 230,000 | |||||||
Sale of stock price per share | $ 0.10 | |||||||
Twenty Six Foreign Parties [Member] | ||||||||
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | ||||||||
Restricted common stock, shares | 1,300,000 | |||||||
Working capital | $ 260,000 | |||||||
Sale of stock price per share | $ 0.20 | |||||||
Sixteen Foreign Parties [Member] | ||||||||
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | ||||||||
Restricted common stock, shares | 80,500 | |||||||
Working capital | $ 80,500 | |||||||
Sale of stock price per share | $ 1 | |||||||
SEATech Ventures Corp [Member] | ||||||||
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | ||||||||
Restricted common stock, shares | 8,500,000 | |||||||
Restricted common stock, value | $ 850 | |||||||
Working capital | $ 850 | |||||||
JTalent Sdn. Bhd [Member] | ||||||||
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | ||||||||
Restricted common stock, shares | 5,500,000 | |||||||
Common stock par value | $ 0.0001 | |||||||
Restricted common stock, value | $ 550 | |||||||
Working capital | $ 550 | |||||||
GreenPro Venture Capital Limited [Member] | ||||||||
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | ||||||||
Restricted common stock, shares | 1,500,000 | |||||||
Common stock par value | $ 0.0001 | |||||||
Restricted common stock, value | $ 150 | |||||||
Working capital | $ 150 | |||||||
GreenPro Asia Strategic SPC [Member] | ||||||||
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | ||||||||
Restricted common stock, shares | 500,000 | |||||||
Common stock par value | $ 0.0001 | |||||||
Restricted common stock, value | $ 50 | |||||||
Working capital | $ 50 | |||||||
Ms. Agnes [Member] | ||||||||
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | ||||||||
Restricted common stock, shares | 18,900,000 | 100,000 | ||||||
Common stock par value | $ 0.0001 | $ 0.0001 | ||||||
Restricted common stock, value | $ 1,890 | $ 10 | ||||||
Working capital | $ 1,890 | $ 10 | ||||||
Mr. Joshua [Member] | ||||||||
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | ||||||||
Restricted common stock, shares | 19,000,000 | |||||||
Common stock par value | $ 0.0001 | |||||||
Restricted common stock, value | $ 1,900 | |||||||
SEATech Ventures Corp [Member] | ||||||||
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | ||||||||
Common stock par value | $ 0.0001 |
SCHEDULE OF INTANGIBLE ASSETS (
SCHEDULE OF INTANGIBLE ASSETS (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Finite-Lived Intangible Assets [Line Items] | ||
Intangible asset | $ 1 | $ 1 |
AI Smart Platform [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible asset | $ 1 | $ 1 |
SCHEDULE OF PROPERTY PLANT AND
SCHEDULE OF PROPERTY PLANT AND EQUIPMENT (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |||
Renovation | $ 2,163 | $ 2,163 | |
Total | 2,163 | 2,163 | |
Accumulated depreciation | [1] | (1,893) | (1,082) |
Plant and equipment, net | $ 270 | $ 1,081 | |
[1]For the nine months period ended September 30, 2023 and 2022, depreciation expense was $ 811 162 |
SCHEDULE OF PROPERTY PLANT AN_2
SCHEDULE OF PROPERTY PLANT AND EQUIPMENT (Details) (Parenthetical) - USD ($) | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation | $ 811 | $ 162 |
SCHEDULE OF OPERATING LEASE LIA
SCHEDULE OF OPERATING LEASE LIABILITY AND RIGHT OF USE ASSETS (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | Dec. 31, 2021 |
Lease | ||||
Gross lease payable | $ 5,073 | $ 20,777 | $ 43,258 | $ 43,258 |
Less: imputed interest | (2,265) | |||
Initial recognition as of January 1, 2022 | $ 40,993 |
SCHEDULE OF OPERATING LEASE RIG
SCHEDULE OF OPERATING LEASE RIGHT OF USE ASSET (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 |
Lease | |||
Initial recognition as of January 1, 2022 | $ 40,993 | $ 40,933 | |
Accumulated amortization | (36,945) | (22,577) | |
Remeasurement of lease asset | 213 | 213 | |
Balance as of September 30, 2023 and December 31,2022 | $ 4,261 | $ 18,629 | $ 40,993 |
SCHEDULE OF OPERATING LEASE L_2
SCHEDULE OF OPERATING LEASE LIABILITY (Details) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Lease | ||
Initial recognition as of January 1, 2022 | $ 43,258 | |
Initial recognition as of January 1, 2022 | 20,777 | $ 43,258 |
Less: gross repayment | (38,434) | (22,062) |
Less: imputed interest | (2,302) | (1,633) |
Remeasurement of lease liability | 213 | 213 |
Effect of translation exchange | 2,338 | 1,001 |
Balance as of September 30, 2023 and December 31,2022 | 5,073 | 20,777 |
Operating lease liability current | 5,073 | 20,777 |
Operating lease liability non current |
SCHEDULE OF MATURITIES OF OPERA
SCHEDULE OF MATURITIES OF OPERATING LEASE OBLIGATION (Details) | Sep. 30, 2023 USD ($) |
Lease | |
December 31, 2023 (12 months) | $ 5,073 |
Total | $ 5,073 |
SCHEDULE OF OTHER INFORMATION R
SCHEDULE OF OTHER INFORMATION RELATED TO LEASE (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Lease | ||
Operating cash flow from operating lease | $ 5,073 | $ 23,917 |
Right-of-use assets obtained in exchange for operating lease liabilities | $ 4,261 | $ 26,812 |
Remaining lease term for operating lease (year) | 3 months | 1 year 3 months |
Weighted average discount rate for operating lease | 5% | 5.43% |
LEASE (Details Narrative)
LEASE (Details Narrative) - USD ($) | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | Jan. 01, 2022 | |
Lease | ||||
Operating lease right of use asset | $ 4,261 | $ 18,629 | $ 40,993 | |
Lessee operating lease discount rate | 6.60% | |||
Operating Lease, Right-of-Use Asset, Periodic Reduction | 14,367 | $ 14,181 | ||
Lease cost | $ 16,371 | $ 18,415 |
CASH AND CASH EQUIVALENTS (Deta
CASH AND CASH EQUIVALENTS (Details Narrative) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Cash and Cash Equivalents [Abstract] | ||
Cash and cash equivalents | $ 9,695 | $ 56,043 |
SCHEDULE OF TRADE RECEIVABLE (D
SCHEDULE OF TRADE RECEIVABLE (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Receivables [Abstract] | ||
Trade receivable | $ 95,383 | $ 80,000 |
Allowance for doubtful debts | (83,383) | (32,000) |
Total trade receivable | $ 12,000 | $ 48,000 |
TRADE RECEIVABLE (Details Narra
TRADE RECEIVABLE (Details Narrative) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Receivables [Abstract] | ||
Accounts Receivable, before Allowance for Credit Loss, Current | $ 95,383 | $ 80,000 |
Accounts Receivable, Allowance for Credit Loss, Current | 83,383 | 32,000 |
Accounts Receivable, after Allowance for Credit Loss, Current | $ 12,000 | $ 48,000 |
SCHEDULE OF OTHER RECEIVABLE DE
SCHEDULE OF OTHER RECEIVABLE DEPOSIT (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Other Receivable And Deposits | ||
Other receivable | ||
Deposits | 354 | 377 |
Total other receivable and deposits | $ 354 | $ 377 |
OTHER RECEIVABLE AND DEPOSITS_2
OTHER RECEIVABLE AND DEPOSITS (Details Narrative) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Other Receivable And Deposits | ||
Deposits | $ 354 | $ 377 |
SCHEDULE OF OTHER PAYABLES AND
SCHEDULE OF OTHER PAYABLES AND ACCRUALS (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Payables and Accruals [Abstract] | ||
Other payables | $ 111,007 | $ 135,052 |
Accruals | 14,130 | 18,408 |
Total other payables and accruals | $ 125,137 | $ 153,460 |
OTHER PAYABLES AND ACCRUALS (De
OTHER PAYABLES AND ACCRUALS (Details Narrative) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Payables and Accruals [Abstract] | ||
Other notes payable | $ 73,323 | $ 120,000 |
SCHEDULE OF AMOUNT DUE TO DIREC
SCHEDULE OF AMOUNT DUE TO DIRECTORS (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Director [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total amount due to directors | $ 2,996 | $ 9,270 |
AMOUNT DUE TO DIRECTORS (Detail
AMOUNT DUE TO DIRECTORS (Details Narrative) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Director [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Amount due to directors | $ 2,996 | $ 9,270 |
SCHEDULE OF FOREIGN COMPONENTS
SCHEDULE OF FOREIGN COMPONENTS OF LOSS BEFORE INCOME TAXES (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Income Tax Disclosure [Abstract] | ||||
Local | $ (76,537) | $ (220,583) | ||
- Labuan | (51,212) | 65,403 | ||
LOSS BEFORE INCOME TAX | $ (45,630) | $ (4,144) | $ (127,749) | $ (155,180) |
SCHEDULE OF PROVISION FOR INCOM
SCHEDULE OF PROVISION FOR INCOME TAXES (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Current: | ||||
- Local | ||||
-Foreign | ||||
Income tax expense |
INCOME TAX EXPENSE (Details Nar
INCOME TAX EXPENSE (Details Narrative) | 9 Months Ended |
Sep. 30, 2023 USD ($) | |
Net operating losses | $ 551,727 |
Operating loss carry forwards expire description | expire in 2041 |
Labuan [Member] | |
Income tax net audited profit | 24% |
SCHEDULE OF RELATED PARTY TRANS
SCHEDULE OF RELATED PARTY TRANSACTIONS (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | ||
Related Party Transaction [Line Items] | ||||||
- Revenue | $ 6,000 | $ 24,000 | $ 18,000 | $ 72,000 | ||
Jocom MShopping Sdn Bhd [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
- Revenue | [1] | 18,000 | $ 96,000 | |||
SEATech Ventures (HK) Limited [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
- Accounting Fee | [2] | 280,000 | ||||
Joshua Sew [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
- Accounting Fee | [3] | 7,035 | ||||
Khoo Ghi Geok [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
- Accounting Fee | [4] | $ 10,500 | $ 10,500 | |||
[1]Mr. Joshua and Ms. Agnes, the Company Chief Executive Officer and Chief Financial Officer, are the directors of Jocom MShopping Sdn. Bhd.[2]SEATech Ventures (HK) Limited, through its wholly owned subsidiary of SEATech Ventures Corp. is a 14.74 10,000 1.00 |
SCHEDULE OF RELATED PARTY TRA_2
SCHEDULE OF RELATED PARTY TRANSACTIONS (Details) (Parenthetical) - $ / shares | 9 Months Ended | |
Aug. 20, 2023 | Sep. 30, 2023 | |
SEATech Ventures (HK) Limited [Member] | ||
Related Party Transaction [Line Items] | ||
Related party rate | 14.74% | |
Khoo Ghi Geok [Member] | ||
Related Party Transaction [Line Items] | ||
Common stock in the initial public offering | 10,000 | |
Price per share | $ 1 |
SCHEDULE OF CUSTOMER CONCENTRAT
SCHEDULE OF CUSTOMER CONCENTRATION RISK (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Concentration Risk [Line Items] | |||||
Revenues | $ 6,000 | $ 24,000 | $ 18,000 | $ 72,000 | |
Accounts Receivable Trade | 12,000 | 12,000 | $ 48,000 | ||
Customer A [Member] | Revenue Benchmark [Member] | Customer Concentration Risk [Member] | |||||
Concentration Risk [Line Items] | |||||
Revenues | $ 18,000 | ||||
Percentage of revenue | 100% | 100% | |||
Accounts Receivable Trade | 12,000 | 56,000 | $ 12,000 | $ 56,000 | |
Customer [Member] | Revenue Benchmark [Member] | Customer Concentration Risk [Member] | |||||
Concentration Risk [Line Items] | |||||
Revenues | $ 18,000 | $ 72,000 | |||
Percentage of revenue | 100% | 100% | |||
Accounts Receivable Trade | $ 12,000 | $ 56,000 | $ 12,000 | $ 56,000 |
SCHEDULE OF SEGMENT INFORMATION
SCHEDULE OF SEGMENT INFORMATION (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
REVENUE | $ 6,000 | $ 24,000 | $ 18,000 | $ 72,000 | |
Cost of revenue | |||||
Profit/ (Loss) before income tax | (45,630) | (4,144) | (127,749) | (155,180) | |
Total assets | 26,581 | 256,483 | 26,581 | 256,483 | $ 124,131 |
Depreciation and amortization | 15,178 | 14,343 | |||
UNITED STATES | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
REVENUE | |||||
Cost of revenue | |||||
Depreciation and amortization | |||||
Profit/ (Loss) before income tax | (76,537) | (220,583) | |||
Total assets | 3,500 | 3,500 | |||
Depreciation and amortization | |||||
MALAYSIA | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
REVENUE | 18,000 | 72,000 | |||
Cost of revenue | |||||
Depreciation and amortization | 15,178 | ||||
Profit/ (Loss) before income tax | (51,212) | 65,403 | |||
Total assets | $ 26,581 | $ 252,983 | $ 26,581 | 252,983 | |
Depreciation and amortization | $ 14,343 |