Cover
Cover - shares | 9 Months Ended | |
Sep. 30, 2023 | Nov. 20, 2023 | |
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 | 333-264963 | |
Entity Registrant Name | catTHIS HOLDINGS CORP. | |
Entity Central Index Key | 0001911500 | |
Entity Tax Identification Number | 61-1990019 | |
Entity Incorporation, State or Country Code | NV | |
Entity Address, Address Line One | A-9-3, Northpoint Office | |
Entity Address, Address Line Two | Mid Valley City | |
Entity Address, Address Line Three | Lingkaran Syed Putra | |
Entity Address, City or Town | Kuala Lumpur | |
Entity Address, Country | MY | |
Entity Address, Postal Zip Code | 59200 | |
City Area Code | +(60)3 | |
Local Phone Number | 9775 6029 | |
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 Common Stock, Shares Outstanding | 126,737,500 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 3,382 | $ 5,850 |
Trade receivables, net | 23,615 | 78,337 |
Deposits, prepayments and other receivables | 8,272 | 8,337 |
TOTAL CURRENT ASSETS | 35,269 | 92,524 |
NON-CURRENT ASSETS | ||
Right of use assets, net | 2,866 | 16,426 |
Equipment, net | 32,731 | 42,493 |
Intangible assets, net | 6,947 | 9,245 |
TOTAL NON-CURRENT ASSETS | 42,544 | 68,164 |
TOTAL ASSETS | 77,813 | 160,688 |
CURRENT LIABILITIES | ||
Other payables and accrual liabilities | 136,531 | 41,240 |
Trade payables | 38,202 | 12,599 |
Lease liabilities, current portion | 2,973 | 17,049 |
TOTAL CURRENT LIABILITIES | 177,795 | 70,983 |
TOTAL LIABILITIES | 177,795 | 70,983 |
STOCKHOLDERS’ EQUITY | ||
Common Shares, par value $0.0001; 600,000,000 shares authorized 126,737,500 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively | 12,674 | 12,674 |
Additional paid-in capital | 703,648 | 703,648 |
Foreign exchange translation adjustment | (15,866) | (14,636) |
Accumulated deficit | (800,438) | (611,981) |
TOTAL STOCKHOLDERS’ EQUITY | (99,982) | 89,705 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | 77,813 | 160,688 |
Director [Member] | ||
CURRENT LIABILITIES | ||
Amount due to a director | $ 89 | $ 95 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 600,000,000 | 600,000,000 |
Common stock, shares issued | 126,737,500 | 126,737,500 |
Common stock, shares outstanding | 126,737,500 | 126,737,500 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Income Statement [Abstract] | ||||
REVENUE | $ 32,390 | $ 66,903 | $ 99,259 | $ 160,186 |
COST OF REVENUE | (25,912) | (27,339) | (80,587) | (62,541) |
GROSS PROFIT | 6,478 | 39,564 | 18,672 | 97,645 |
OTHER INCOME | 48 | 443 | 365 | 8,354 |
SELLING AND DISTRIBUTION EXPENSES | (10,618) | (2,570) | (15,483) | (24,043) |
GENERAL AND ADMINISTRATIVE EXPENSES | (131,621) | (19,050) | (169,372) | (307,059) |
OTHER OPERATING EXPENSE | (7,387) | (9,997) | (22,639) | (28,420) |
LOSS BEFORE INCOME TAX | (143,100) | 8,390 | (188,457) | (253,523) |
INCOME TAX EXPENSES | ||||
NET LOSS | (143,100) | 8,390 | (188,457) | (253,523) |
OTHER COMPREHENSIVE INCOME/(LOSS): | ||||
- Foreign currency translation income/(loss) | 1,790 | (7,105) | (1,230) | (21,022) |
TOTAL COMPREHENSIVE INCOME/(LOSS) | $ (141,310) | $ 1,285 | $ (189,687) | $ (274,545) |
NET LOSS PER SHARE, BASIC | $ (0.0011) | $ 0 | $ (0.0015) | $ (0.0022) |
NET LOSS PER SHARE, DILUTED | $ (0.0011) | $ 0 | $ (0.0015) | $ (0.0022) |
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING, BASIC | 126,737,500 | 126,737,500 | 126,737,500 | 126,737,500 |
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING,DILUTED | 126,737,500 | 126,737,500 | 126,737,500 | 126,737,500 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | Retained Earnings [Member] | Total |
Beginning balance, value at Dec. 31, 2021 | $ 12,674 | $ 703,648 | $ 6,550 | $ (312,597) | $ 410,275 |
Balance, shares at Dec. 31, 2021 | 126,737,500 | ||||
Net Income (loss) | (117,137) | (117,137) | |||
Foreign currency translation | (2,423) | (2,423) | |||
Balance at Mar. 31, 2022 | $ 12,674 | 703,648 | 4,127 | (429,734) | 290,715 |
Balance, shares at Mar. 31, 2022 | 126,737,500 | ||||
Beginning balance, value at Dec. 31, 2021 | $ 12,674 | 703,648 | 6,550 | (312,597) | 410,275 |
Balance, shares at Dec. 31, 2021 | 126,737,500 | ||||
Net Income (loss) | (253,523) | ||||
Balance at Sep. 30, 2022 | $ 12,674 | 703,648 | (14,471) | (566,121) | 135,730 |
Balance, shares at Sep. 30, 2022 | 126,737,500 | ||||
Beginning balance, value at Mar. 31, 2022 | $ 12,674 | 703,648 | 4,127 | (429,734) | 290,715 |
Balance, shares at Mar. 31, 2022 | 126,737,500 | ||||
Net Income (loss) | (144,777) | (144,777) | |||
Foreign currency translation | (11,493) | (11,493) | |||
Balance at Jun. 30, 2022 | $ 12,674 | 703,648 | (7,366) | (574,511) | 134,445 |
Balance, shares at Jun. 30, 2022 | 126,737,500 | ||||
Net Income (loss) | 8,390 | 8,390 | |||
Foreign currency translation | (7,105) | (7,105) | |||
Balance at Sep. 30, 2022 | $ 12,674 | 703,648 | (14,471) | (566,121) | 135,730 |
Balance, shares at Sep. 30, 2022 | 126,737,500 | ||||
Beginning balance, value at Dec. 31, 2022 | $ 12,674 | 703,648 | (14,636) | (611,981) | 89,705 |
Balance, shares at Dec. 31, 2022 | 126,737,500 | ||||
Net Income (loss) | (26,064) | (26,064) | |||
Foreign currency translation | 159 | 159 | |||
Balance at Mar. 31, 2023 | $ 12,674 | 703,648 | (14,477) | (638,045) | 63,800 |
Balance, shares at Mar. 31, 2023 | 126,737,500 | ||||
Beginning balance, value at Dec. 31, 2022 | $ 12,674 | 703,648 | (14,636) | (611,981) | 89,705 |
Balance, shares at Dec. 31, 2022 | 126,737,500 | ||||
Net Income (loss) | (188,457) | ||||
Balance at Sep. 30, 2023 | $ 12,674 | 703,648 | (15,866) | (800,438) | (99,982) |
Balance, shares at Sep. 30, 2023 | 126,737,500 | ||||
Beginning balance, value at Mar. 31, 2023 | $ 12,674 | 703,648 | (14,477) | (638,045) | 63,800 |
Balance, shares at Mar. 31, 2023 | 126,737,500 | ||||
Net Income (loss) | (19,293) | (19,293) | |||
Foreign currency translation | (3,179) | (3,179) | |||
Balance at Jun. 30, 2023 | $ 12,674 | 703,648 | (17,656) | (657,338) | 41,328 |
Balance, shares at Jun. 30, 2023 | 126,737,500 | ||||
Net Income (loss) | (143,100) | (143,100) | |||
Foreign currency translation | 1,790 | 1,790 | |||
Balance at Sep. 30, 2023 | $ 12,674 | $ 703,648 | $ (15,866) | $ (800,438) | $ (99,982) |
Balance, shares at Sep. 30, 2023 | 126,737,500 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss for the period | $ (188,457) | $ (253,523) |
Adjustments to reconcile net loss to net cash used in operating activities | ||
Depreciation and amortization expenses | 22,247 | 27,068 |
Changes in operating assets and liabilities: | ||
Trade receivables | 51,752 | (86,189) |
Deposits, prepayments and other receivables | (459) | 2,903 |
Operating lease liabilities | (13,508) | (16,836) |
Trade payables | 27,316 | 23,271 |
Other payables and accrued liabilities | 101,310 | (9,115) |
Net cash flows provided by/(used in) operating activities | 201 | (312,421) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchase of equipment | (3,496) | |
Net cash flows used in investing activities | (3,496) | |
Effect of exchange rate changes | (2,669) | (14,911) |
Net changes in cash and cash equivalents | (2,468) | (330,828) |
Cash and cash equivalents, beginning of year | 5,850 | 345,678 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | $ 3,382 | $ 14,850 |
ORGANIZATION AND BUSINESS BACKG
ORGANIZATION AND BUSINESS BACKGROUND | 9 Months Ended |
Sep. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION AND BUSINESS BACKGROUND | 1. ORGANIZATION AND BUSINESS BACKGROUND catTHIS Holdings Corp. was incorporated on January 4, 2021 under the laws of the state of Nevada. The Company, through its subsidiary, engages in providing digital marketing service. On June 25, 2021 the Company acquired 100% of the equity interests in catTHIS Holdings Corp. (herein referred as the “Malaysia Company”), a private limited company incorporated in Labuan, Malaysia. Details of the Company’s subsidiaries: SCHEDULE OF COMPANY’S SUBSIDIARY No. Company Name Domicile and Date of Incorporation Particulars of Issued Capital Principal Activities 1 catTHIS Holdings Corp. Labuan January 26, 2021 100 Share of Ordinary Share, US$1 each Digital marketing service provider For purposes of consolidated financial statement presentation, catTHIS Holdings Corp. and its subsidiary is hereinafter referred to as the “Company”. |
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 catTHIS Holdings Corp. and its subsidiary 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 catTHIS Holdings Corp. and its wholly owned subsidiary. 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 subsidiary. All inter-company accounts and transactions have been eliminated upon consolidation. Use of Estimates Management uses estimates and assumptions in preparing these financial statements in accordance with US GAAP. Those estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities in the balance sheets, and the reported revenue and expenses during the periods reported. Actual results may differ from these estimates. Intangible assets, net The Company follows ASC 360 in accounting for intangible assets, which requires impairment losses to be recorded when indicators of impairment are present and the undiscounted cash flows estimated to be generated by the assets are less than the assets’ carrying amounts. For the period ended September 30, 2023 the Company determined there were no indicators of impairment of intangible assets. The amortization is provided on straight line method so as to write off the amortization amount of the respective classes of intangible assets as follows: SCHEDULE OF AMORTIZATION OF INTANGIBLE ASSETS Asset Categories Amortization Periods Software and applications 5 Equipment, net Equipment 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 ESTIMATED USEFUL LIVES OF PROPERTY, PLANT AND EQUIPMENT Asset Categories Depreciation Periods Office equipment 10 Photography and videography equipment 5 Lease 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. 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. Revenue recognition The Company follows the guidance of ASC 606, “Revenue from Contracts”. ASC 606 creates a five-step model that requires entities to exercise judgment when considering the terms of contracts, which includes (1) identifying the contracts or agreements with a customer, (2) identifying our performance obligations in the contract or agreement, (3) determining the transaction price, (4) allocating the transaction price to the separate performance obligations, and (5) recognizing revenue as each performance obligation is satisfied. The Company only applies the five-step model to contracts when it is probable that the Company will collect the consideration it is entitled to in exchange for the services it transfers to its clients. Revenue is measured at the fair value of the consideration received or receivable, net of discounts and taxes applicable to the revenue. The Company derives its revenue from provision of digital marketing services to customers. Income tax expense Income taxes are determined in accordance with the provisions of ASC Topic 740, “Income Taxes” (“ASC Topic 740”). Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted income tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Any effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. ASC 740 prescribes a comprehensive model for how companies should recognize, measure, present, and disclosed in their financial statements uncertain tax positions taken or expected to be taken on a tax return. Under ASC 740, tax positions must initially be recognized in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions must initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts. Going concern The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. As reflected in the accompanying financial statements, for the period ended September 30, 2023, the Company suffered net loss of $ 188,457 800,438 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. Net loss per share The Company calculates net loss per share in accordance with ASC Topic 260, “Earnings per Share.” Basic loss per share is computed by dividing the net loss by the weighted-average number of common shares outstanding during the period. Diluted income per share is computed similar to basic loss per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common stock equivalents had been issued and if the additional common shares were dilutive. Foreign currencies translation 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. The reporting currency of the Company is United States Dollars (“US$”). The Company’s subsidiary in Labuan maintains its books and record in United States Dollars (“US$”) respectively, and Ringgits Malaysia (“MYR”) is functional currency as being the primary currency of the economic environment in which the entity operates. In general, for consolidation purposes, assets and liabilities of its subsidiary whose functional currency is not the US$ are translated into US$, in accordance with ASC Topic 830-30, “ Translation of Financial Statement Translation of amounts from RM into US$1 has been made at the following exchange rates for the respective periods: SCHEDULE OF FOREIGN EXCHANGE RATES 2023 2022 MYR : US$1 exchange rate, as of September 30, 2023 4.6987 4.4130 MYR : US$1 exchange rate, for nine months ended September 30, 2023 4.5359 4.4005 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. Fair value of financial instruments The carrying value of the Company’s financial instruments: cash and cash equivalents, trade receivables, deposits, prepayments and other receivables, amount due to related parties, trade payables, other payables and accrual 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 : Observable inputs such as quoted prices in active markets; Level 2 : Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and Level 3 : Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. As of September 30, 2023 and 2022, the Company did not have any nonfinancial assets and liabilities that are recognized or disclosed at fair value in the financial statements, at least annually, on a recurring basis, nor did the Company have any assets or liabilities measured at fair value on a non-recurring basis. Recently Adopted Accounting Standards In June 2016, the FASB issued Accounting Standards 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. In November 2019, the FASB issued ASU 2019-10 highlighted the adoption timeline. For smaller reporting entities, Topic 326 is effective for annual periods beginning after December 15, 2022, including interim periods within those fiscal years, of which is effective for the Company on January 1, 2023. 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. Recently Issued Accounting Standards The Company reviews new accounting standards as issued. Management has not identified any other new standards that it believes will have a significant impact on the Company’s unaudited condensed consolidated financial statements. |
GOING CONCERN UNCERTAINTIES
GOING CONCERN UNCERTAINTIES | 9 Months Ended |
Sep. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
GOING CONCERN UNCERTAINTIES | 3. GOING CONCERN UNCERTAINTIES The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. The Company incurred a net loss of $ 188,457 800,438 The Company’s cash position may not be significant enough to support the Company’s daily operations. While the Company believes in the viability of its strategy and in its ability to raise additional funds, there can be no assurances to that effect. The Company’s ability to continue as a going concern is dependent upon its ability to improve profitability and the ability to acquire funding through public offering. If funding from public offering is insufficient, then the Company shall rely on the financial support from its controlling shareholder. These and other factors raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that financial statements are issued. These financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result in the Company not being able to continue as a going concern. |
TRADE RECEIVABLES
TRADE RECEIVABLES | 9 Months Ended |
Sep. 30, 2023 | |
Credit Loss [Abstract] | |
TRADE RECEIVABLES | 4. TRADE RECEIVABLES SCHEDULE OF ACCOUNTS RECEIVABLE As of September 30, 2023 As of December 31, 2022 Trade receivables $ 23,615 $ 78,337 Allowance for expected credit loss - - Trade receivable, net $ 23,615 $ 78,337 |
EQUIPMENT
EQUIPMENT | 9 Months Ended |
Sep. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
EQUIPMENT | 5. EQUIPMENT SCHEDULE OF EQUIPMENT As of September 30, 2023 As of December 31, 2022 Office equipment, cost 6,320 6,729 Photography & videography equipment, cost 44,693 47,587 Total equipment 51,013 54,316 Accumulated depreciation (18,282 ) (11,823 ) Total equipment, net $ 32,731 $ 42,493 Office equipment include, but are not strictly limited to, preparing the interior of the office space for the Company’s use, improving functionality, and purchasing new office equipment. For the nine months ended September, 2023, the depreciation of equipment amounted $ 7,439 |
INTANGIBLE ASSETS
INTANGIBLE ASSETS | 9 Months Ended |
Sep. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
INTANGIBLE ASSETS | 6. INTANGIBLE ASSETS SCHEDULE OF INTANGIBLE ASSETS As of September 30, 2023 As of December 31, 2022 Software and applications, cost 11,578 12,327 Accumulated amortization (4,631 ) (3,082 ) Software and applications, net $ 6,947 $ 9,245 For the nine months ended September, 2023, the amortization of intangible assets amounted $ 1,800 |
LEASE RIGHT-OF-USE ASSET AND LE
LEASE RIGHT-OF-USE ASSET AND LEASE LIABILITIES | 9 Months Ended |
Sep. 30, 2023 | |
Lease Right-of-use Asset And Lease Liabilities | |
LEASE RIGHT-OF-USE ASSET AND LEASE LIABILITIES | 7. LEASE RIGHT-OF-USE ASSET AND LEASE LIABILITIES 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. SCHEDULE OF OPERATING LEASE RIGHT AND LEASE LIABILITY Right-Of-Use Assets Balance as of December 31, 2022 $ 16,426 Amortization for the nine months ended September, 2023 (13,015 ) Adjustment for foreign currency translation difference (545 ) Balance as of September 30, 2023 2,866 Lease Liability Balance as of December 31, 2022 $ 17,049 Add: imputed interest 385 Less: gross repayment (13,508 ) Adjustment for foreign currency translation difference (953 ) Balance as of September 30, 2023 2,973 Lease liability current portion 2,973 Lease liability non-current portion $ - |
DEPOSITS, PREPAYMENTS AND OTHER
DEPOSITS, PREPAYMENTS AND OTHER RECEIVABLES | 9 Months Ended |
Sep. 30, 2023 | |
Receivables [Abstract] | |
DEPOSITS, PREPAYMENTS AND OTHER RECEIVABLES | 8. DEPOSITS, PREPAYMENTS AND OTHER RECEIVABLES SCHEDULE OF OTHER RECEIVABLES, DEPOSITS AND PREPAYMENTS As of September 30, 2023 As of December 31, 2022 Prepayment $ 408 $ - Deposits 7,864 8,337 Total deposits, prepayments and other receivables $ 8,272 $ 8,337 Deposits includes rental and utility deposit and car park deposits, while prepayment consist solely of car park rental prepayment. |
OTHER PAYABLES AND ACCURED LIAB
OTHER PAYABLES AND ACCURED LIABILITIES | 9 Months Ended |
Sep. 30, 2023 | |
Payables and Accruals [Abstract] | |
OTHER PAYABLES AND ACCURED LIABILITIES | 9. OTHER PAYABLES AND ACCURED LIABILITIES SCHEDULE OF OTHER PAYABLES AND ACCRUED LIABILITIES As of September 30, 2023 As of December 31, 2022 Accruals $ - $ 20,280 Other payables 136,531 20,960 Total other payable and accrued liabilities 136,531 41,240 Other payables consist primarily of outstanding audit fee, marketing expenses and professional fee while accruals consist primarily of outstanding salary and subcontractor fee. |
AMOUNT DUE TO A DIRECTOR
AMOUNT DUE TO A DIRECTOR | 9 Months Ended |
Sep. 30, 2023 | |
Related Party Transactions [Abstract] | |
AMOUNT DUE TO A DIRECTOR | 10. AMOUNT DUE TO A DIRECTOR Amount due to a director consist solely of paid-up capital of subsidiary paid by director on behalf of the Company. |
INCOME TAXES
INCOME TAXES | 9 Months Ended |
Sep. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | 11. INCOME TAXES The loss before income taxes of the Company for the nine months ended September 30, 2023 and 2022 were comprised of the following: SCHEDULE OF LOCAL AND FOREIGN COMPONENTS OF LOSS BEFORE INCOME TAXES 2023 2022 For the nine months ended September 30 2023 2022 Tax jurisdictions from: – Local $ (133,939 ) $ (169,263 ) – Foreign, representing: Labuan (54,518 ) (84,260 ) Loss before income taxes $ (188,457 ) $ (253,523 ) Provision for income taxes consisted of the following: SCHEDULE OF PROVISION OF INCOME TAXES 2023 2022 For the nine months ended September 30 2023 2022 Current: –Local $ - $ - –Foreign: - - Deferred: –Local - - –Foreign - - Income tax expense $ - $ - The effective tax rate in the periods presented is the result of the mix of income earned in various tax jurisdictions that apply a broad range of income tax rates. During the periods presented, the Company has a number of subsidiaries that operates in different countries and is subject to tax in the jurisdictions in which its subsidiaries operate, as follows: United States of America The Company is registered in the State of Nevada and is subject to the tax laws of the United States of America. The net operating loss carry forwards begin to expire in 2043 Malaysia Under the current laws of the Labuan, catTHIS Holdings Corp. is governed under the Labuan Business Activity Act, 1990. The tax charge for such company is based on 3 The following table sets forth the significant components of the aggregate deferred tax assets of the Company as of September 30, 2023 and December 31, 2022: SCHEDULE OF DEFERRED TAX ASSETS As of As of Deferred tax assets: Cumulative tax credit from operating loss carryforwards – United States of America $ 86,784 $ 59,210 – Labuan 9,937 8,777 Less: valuation allowance (96,721 ) (67,987 ) Deferred tax assets $ - $ - |
CONCENTRATION OF RISK
CONCENTRATION OF RISK | 9 Months Ended |
Sep. 30, 2023 | |
Risks and Uncertainties [Abstract] | |
CONCENTRATION OF RISK | 12. CONCENTRATION OF RISK The Company is exposed to the following concentration of risk: (a) Major customer For the three months ended September 30, 2023, and 2022 for the customer who accounted for 10% or more of the Company’s revenues and its accounts receivable balance at period-end are presented as follows: SCHEDULE OF CONCENTRATION OF RISK 2023 2022 2023 2022 2023 2022 Revenue Percentage of revenue Trade receivable Customer A 32,390 66,903 100 % 100 % 23,615 86,186 Total 32,390 66,903 100 % 100 % 23,615 86,186 For the nine months ended September 30, 2023, and 2022 for the customer who accounted for 10% or more of the Company’s revenues and its accounts receivable balance at period-end are presented as follows: 2023 2022 2023 2022 2023 2022 Revenue Percentage of revenue Trade receivable Customer A 99,259 160,186 100 % 100 % 23,615 86,186 Total 99,259 160,186 100 % 100 % 23,615 86,186 (b) Major supplier For the three months ended September 30, 2023, and 2022 for the supplier who accounted for 10% or more of the Company’s cost of revenue and its accounts payable balance at period-end are presented as follows: 2023 2022 2023 2022 2023 2022 Cost of sales Percentage of cost of revenue Trade payable Supplier A 25,912 27,339 100 % 100 % 38,202 23,271 Total 25,912 27,339 100 % 100 % 38,202 23,271 For the nine months ended September 30, 2023, and 2022 for the supplier who accounted for 10% or more of the Company’s cost of revenue and its accounts payable balance at period-end are presented as follows: 2023 2022 2023 2022 2023 2022 Cost of sales Percentage of cost of revenue Trade payable Supplier A 80,587 52,435 100 % 83.84 % 38,202 14,006 Supplier B - 9,589 0 % 15.33 % - 9,265 Total 80,587 62,024 100 % 99.17 % 38,202 23,271 (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 USD on that date. The exchange rate could fluctuate depending on changes in political and economic environments without notice. |
SEGMENT REPORTING
SEGMENT REPORTING | 9 Months Ended |
Sep. 30, 2023 | |
Segment Reporting [Abstract] | |
SEGMENT REPORTING | 13. SEGMENT REPORTING 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: SCHEDULE OF INTER SEGMENT INFORMATION By Business Segment: Digital Catalogue Management Service Total Nine Months Ended September 30, 2023 Digital Catalogue Management Service Total Revenue $ 99,259 $ 99,259 Cost of revenue (80,587 ) (80,587 ) Gross profit $ 18,672 $ 18,672 Selling, general and administrative expenses and other income (207,129 ) (207,129 ) Net loss $ (188,457 ) $ (188,457 ) Total assets $ 77,813 77,813 Digital Catalogue Management Service Total Nine Months Ended September 30, 2022 Digital Catalogue Management Service Total Revenue $ 160,186 $ 160,186 Cost of revenue (62,541 ) (62,541 ) Gross profit $ 97,645 $ 97,645 Selling, general and administrative expenses and other income (351,168 ) (351,168 ) Loss from operation $ (253,523 ) $ (253,523 ) Total assets $ 188,955 188,955 By Geography: United State (Nevada) Malaysia (Labuan) Total Nine Months Ended September 30, 2023 United State (Nevada) Malaysia (Labuan) Total Revenue $ - $ 99,259 $ 99,259 Cost of revenue - (80,587 ) (80,587 ) Gross profit $ - $ 18,672 $ 18,672 Selling, general and administrative expenses and other income (133,939 ) (73,190 ) (207,129 ) Loss from operation $ (133,939 ) $ (54,518 ) $ (188,457 ) Total assets $ - $ 77,813 $ 77,813 United State (Nevada) Malaysia (Labuan) Total Nine Months Ended September 30, 2022 United State (Nevada) Malaysia (Labuan) Total Revenue $ - $ 160,186 $ 160,186 Cost of revenue - (62,541 ) (62,541 ) Gross profit $ - $ 97,645 $ 97,645 Selling, general and administrative expenses and other income (169,263 ) (181,905 ) (351,168 ) Loss from operation $ (169,263 ) $ (84,260 ) $ (253,523 ) Total assets $ - 188,955 188,955 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
Sep. 30, 2023 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | 14. 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 presented these audited financial statements. |
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 catTHIS Holdings Corp. and its subsidiary 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 catTHIS Holdings Corp. and its wholly owned subsidiary. 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 subsidiary. All inter-company accounts and transactions have been eliminated upon consolidation. |
Use of Estimates | Use of Estimates Management uses estimates and assumptions in preparing these financial statements in accordance with US GAAP. Those estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities in the balance sheets, and the reported revenue and expenses during the periods reported. Actual results may differ from these estimates. |
Intangible assets, net | Intangible assets, net The Company follows ASC 360 in accounting for intangible assets, which requires impairment losses to be recorded when indicators of impairment are present and the undiscounted cash flows estimated to be generated by the assets are less than the assets’ carrying amounts. For the period ended September 30, 2023 the Company determined there were no indicators of impairment of intangible assets. The amortization is provided on straight line method so as to write off the amortization amount of the respective classes of intangible assets as follows: SCHEDULE OF AMORTIZATION OF INTANGIBLE ASSETS Asset Categories Amortization Periods Software and applications 5 |
Equipment, net | Equipment, net Equipment 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 ESTIMATED USEFUL LIVES OF PROPERTY, PLANT AND EQUIPMENT Asset Categories Depreciation Periods Office equipment 10 Photography and videography equipment 5 |
Lease | Lease 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. |
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. |
Revenue recognition | Revenue recognition The Company follows the guidance of ASC 606, “Revenue from Contracts”. ASC 606 creates a five-step model that requires entities to exercise judgment when considering the terms of contracts, which includes (1) identifying the contracts or agreements with a customer, (2) identifying our performance obligations in the contract or agreement, (3) determining the transaction price, (4) allocating the transaction price to the separate performance obligations, and (5) recognizing revenue as each performance obligation is satisfied. The Company only applies the five-step model to contracts when it is probable that the Company will collect the consideration it is entitled to in exchange for the services it transfers to its clients. Revenue is measured at the fair value of the consideration received or receivable, net of discounts and taxes applicable to the revenue. The Company derives its revenue from provision of digital marketing services to customers. |
Income tax expense | Income tax expense Income taxes are determined in accordance with the provisions of ASC Topic 740, “Income Taxes” (“ASC Topic 740”). Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted income tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Any effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. ASC 740 prescribes a comprehensive model for how companies should recognize, measure, present, and disclosed in their financial statements uncertain tax positions taken or expected to be taken on a tax return. Under ASC 740, tax positions must initially be recognized in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions must initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts. |
Going concern | Going concern The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. As reflected in the accompanying financial statements, for the period ended September 30, 2023, the Company suffered net loss of $ 188,457 800,438 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. |
Net loss per share | Net loss per share The Company calculates net loss per share in accordance with ASC Topic 260, “Earnings per Share.” Basic loss per share is computed by dividing the net loss by the weighted-average number of common shares outstanding during the period. Diluted income per share is computed similar to basic loss per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common stock equivalents had been issued and if the additional common shares were dilutive. |
Foreign currencies translation | Foreign currencies translation 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. The reporting currency of the Company is United States Dollars (“US$”). The Company’s subsidiary in Labuan maintains its books and record in United States Dollars (“US$”) respectively, and Ringgits Malaysia (“MYR”) is functional currency as being the primary currency of the economic environment in which the entity operates. In general, for consolidation purposes, assets and liabilities of its subsidiary whose functional currency is not the US$ are translated into US$, in accordance with ASC Topic 830-30, “ Translation of Financial Statement Translation of amounts from RM into US$1 has been made at the following exchange rates for the respective periods: SCHEDULE OF FOREIGN EXCHANGE RATES 2023 2022 MYR : US$1 exchange rate, as of September 30, 2023 4.6987 4.4130 MYR : US$1 exchange rate, for nine months ended September 30, 2023 4.5359 4.4005 |
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. |
Fair value of financial instruments | Fair value of financial instruments The carrying value of the Company’s financial instruments: cash and cash equivalents, trade receivables, deposits, prepayments and other receivables, amount due to related parties, trade payables, other payables and accrual 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 : Observable inputs such as quoted prices in active markets; Level 2 : Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and Level 3 : Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. As of September 30, 2023 and 2022, the Company did not have any nonfinancial assets and liabilities that are recognized or disclosed at fair value in the financial statements, at least annually, on a recurring basis, nor did the Company have any assets or liabilities measured at fair value on a non-recurring basis. |
Recently Adopted Accounting Standards | Recently Adopted Accounting Standards In June 2016, the FASB issued Accounting Standards 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. In November 2019, the FASB issued ASU 2019-10 highlighted the adoption timeline. For smaller reporting entities, Topic 326 is effective for annual periods beginning after December 15, 2022, including interim periods within those fiscal years, of which is effective for the Company on January 1, 2023. 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. |
Recently Issued Accounting Standards | Recently Issued Accounting Standards The Company reviews new accounting standards as issued. Management has not identified any other new standards that it believes will have a significant impact on the Company’s unaudited condensed consolidated financial statements. |
ORGANIZATION AND BUSINESS BAC_2
ORGANIZATION AND BUSINESS BACKGROUND (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
SCHEDULE OF COMPANY’S SUBSIDIARY | Details of the Company’s subsidiaries: SCHEDULE OF COMPANY’S SUBSIDIARY No. Company Name Domicile and Date of Incorporation Particulars of Issued Capital Principal Activities 1 catTHIS Holdings Corp. Labuan January 26, 2021 100 Share of Ordinary Share, US$1 each Digital marketing service provider |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
SCHEDULE OF AMORTIZATION OF INTANGIBLE ASSETS | The amortization is provided on straight line method so as to write off the amortization amount of the respective classes of intangible assets as follows: SCHEDULE OF AMORTIZATION OF INTANGIBLE ASSETS Asset Categories Amortization Periods Software and applications 5 |
SCHEDULE OF ESTIMATED USEFUL LIVES OF PROPERTY, PLANT AND EQUIPMENT | SCHEDULE OF ESTIMATED USEFUL LIVES OF PROPERTY, PLANT AND EQUIPMENT Asset Categories Depreciation Periods Office equipment 10 Photography and videography equipment 5 |
SCHEDULE OF FOREIGN EXCHANGE RATES | Translation of amounts from RM into US$1 has been made at the following exchange rates for the respective periods: SCHEDULE OF FOREIGN EXCHANGE RATES 2023 2022 MYR : US$1 exchange rate, as of September 30, 2023 4.6987 4.4130 MYR : US$1 exchange rate, for nine months ended September 30, 2023 4.5359 4.4005 |
TRADE RECEIVABLES (Tables)
TRADE RECEIVABLES (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Credit Loss [Abstract] | |
SCHEDULE OF ACCOUNTS RECEIVABLE | SCHEDULE OF ACCOUNTS RECEIVABLE As of September 30, 2023 As of December 31, 2022 Trade receivables $ 23,615 $ 78,337 Allowance for expected credit loss - - Trade receivable, net $ 23,615 $ 78,337 |
EQUIPMENT (Tables)
EQUIPMENT (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
SCHEDULE OF EQUIPMENT | SCHEDULE OF EQUIPMENT As of September 30, 2023 As of December 31, 2022 Office equipment, cost 6,320 6,729 Photography & videography equipment, cost 44,693 47,587 Total equipment 51,013 54,316 Accumulated depreciation (18,282 ) (11,823 ) Total equipment, net $ 32,731 $ 42,493 |
INTANGIBLE ASSETS (Tables)
INTANGIBLE ASSETS (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 As of December 31, 2022 Software and applications, cost 11,578 12,327 Accumulated amortization (4,631 ) (3,082 ) Software and applications, net $ 6,947 $ 9,245 |
LEASE RIGHT-OF-USE ASSET AND _2
LEASE RIGHT-OF-USE ASSET AND LEASE LIABILITIES (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Lease Right-of-use Asset And Lease Liabilities | |
SCHEDULE OF OPERATING LEASE RIGHT AND LEASE LIABILITY | SCHEDULE OF OPERATING LEASE RIGHT AND LEASE LIABILITY Right-Of-Use Assets Balance as of December 31, 2022 $ 16,426 Amortization for the nine months ended September, 2023 (13,015 ) Adjustment for foreign currency translation difference (545 ) Balance as of September 30, 2023 2,866 Lease Liability Balance as of December 31, 2022 $ 17,049 Add: imputed interest 385 Less: gross repayment (13,508 ) Adjustment for foreign currency translation difference (953 ) Balance as of September 30, 2023 2,973 Lease liability current portion 2,973 Lease liability non-current portion $ - |
DEPOSITS, PREPAYMENTS AND OTH_2
DEPOSITS, PREPAYMENTS AND OTHER RECEIVABLES (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Receivables [Abstract] | |
SCHEDULE OF OTHER RECEIVABLES, DEPOSITS AND PREPAYMENTS | SCHEDULE OF OTHER RECEIVABLES, DEPOSITS AND PREPAYMENTS As of September 30, 2023 As of December 31, 2022 Prepayment $ 408 $ - Deposits 7,864 8,337 Total deposits, prepayments and other receivables $ 8,272 $ 8,337 |
OTHER PAYABLES AND ACCURED LI_2
OTHER PAYABLES AND ACCURED LIABILITIES (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Payables and Accruals [Abstract] | |
SCHEDULE OF OTHER PAYABLES AND ACCRUED LIABILITIES | SCHEDULE OF OTHER PAYABLES AND ACCRUED LIABILITIES As of September 30, 2023 As of December 31, 2022 Accruals $ - $ 20,280 Other payables 136,531 20,960 Total other payable and accrued liabilities 136,531 41,240 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
SCHEDULE OF LOCAL AND FOREIGN COMPONENTS OF LOSS BEFORE INCOME TAXES | The loss before income taxes of the Company for the nine months ended September 30, 2023 and 2022 were comprised of the following: SCHEDULE OF LOCAL AND FOREIGN COMPONENTS OF LOSS BEFORE INCOME TAXES 2023 2022 For the nine months ended September 30 2023 2022 Tax jurisdictions from: – Local $ (133,939 ) $ (169,263 ) – Foreign, representing: Labuan (54,518 ) (84,260 ) Loss before income taxes $ (188,457 ) $ (253,523 ) |
SCHEDULE OF PROVISION OF INCOME TAXES | Provision for income taxes consisted of the following: SCHEDULE OF PROVISION OF INCOME TAXES 2023 2022 For the nine months ended September 30 2023 2022 Current: –Local $ - $ - –Foreign: - - Deferred: –Local - - –Foreign - - Income tax expense $ - $ - |
SCHEDULE OF DEFERRED TAX ASSETS | The following table sets forth the significant components of the aggregate deferred tax assets of the Company as of September 30, 2023 and December 31, 2022: SCHEDULE OF DEFERRED TAX ASSETS As of As of Deferred tax assets: Cumulative tax credit from operating loss carryforwards – United States of America $ 86,784 $ 59,210 – Labuan 9,937 8,777 Less: valuation allowance (96,721 ) (67,987 ) Deferred tax assets $ - $ - |
CONCENTRATION OF RISK (Tables)
CONCENTRATION OF RISK (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Risks and Uncertainties [Abstract] | |
SCHEDULE OF CONCENTRATION OF RISK | For the three months ended September 30, 2023, and 2022 for the customer who accounted for 10% or more of the Company’s revenues and its accounts receivable balance at period-end are presented as follows: SCHEDULE OF CONCENTRATION OF RISK 2023 2022 2023 2022 2023 2022 Revenue Percentage of revenue Trade receivable Customer A 32,390 66,903 100 % 100 % 23,615 86,186 Total 32,390 66,903 100 % 100 % 23,615 86,186 For the nine months ended September 30, 2023, and 2022 for the customer who accounted for 10% or more of the Company’s revenues and its accounts receivable balance at period-end are presented as follows: 2023 2022 2023 2022 2023 2022 Revenue Percentage of revenue Trade receivable Customer A 99,259 160,186 100 % 100 % 23,615 86,186 Total 99,259 160,186 100 % 100 % 23,615 86,186 (b) Major supplier For the three months ended September 30, 2023, and 2022 for the supplier who accounted for 10% or more of the Company’s cost of revenue and its accounts payable balance at period-end are presented as follows: 2023 2022 2023 2022 2023 2022 Cost of sales Percentage of cost of revenue Trade payable Supplier A 25,912 27,339 100 % 100 % 38,202 23,271 Total 25,912 27,339 100 % 100 % 38,202 23,271 For the nine months ended September 30, 2023, and 2022 for the supplier who accounted for 10% or more of the Company’s cost of revenue and its accounts payable balance at period-end are presented as follows: 2023 2022 2023 2022 2023 2022 Cost of sales Percentage of cost of revenue Trade payable Supplier A 80,587 52,435 100 % 83.84 % 38,202 14,006 Supplier B - 9,589 0 % 15.33 % - 9,265 Total 80,587 62,024 100 % 99.17 % 38,202 23,271 |
SEGMENT REPORTING (Tables)
SEGMENT REPORTING (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Segment Reporting [Abstract] | |
SCHEDULE OF INTER SEGMENT INFORMATION | The Company had no inter-segment sales for the periods presented. Summarized financial information concerning the Company’s reportable segments is shown as below: SCHEDULE OF INTER SEGMENT INFORMATION By Business Segment: Digital Catalogue Management Service Total Nine Months Ended September 30, 2023 Digital Catalogue Management Service Total Revenue $ 99,259 $ 99,259 Cost of revenue (80,587 ) (80,587 ) Gross profit $ 18,672 $ 18,672 Selling, general and administrative expenses and other income (207,129 ) (207,129 ) Net loss $ (188,457 ) $ (188,457 ) Total assets $ 77,813 77,813 Digital Catalogue Management Service Total Nine Months Ended September 30, 2022 Digital Catalogue Management Service Total Revenue $ 160,186 $ 160,186 Cost of revenue (62,541 ) (62,541 ) Gross profit $ 97,645 $ 97,645 Selling, general and administrative expenses and other income (351,168 ) (351,168 ) Loss from operation $ (253,523 ) $ (253,523 ) Total assets $ 188,955 188,955 By Geography: United State (Nevada) Malaysia (Labuan) Total Nine Months Ended September 30, 2023 United State (Nevada) Malaysia (Labuan) Total Revenue $ - $ 99,259 $ 99,259 Cost of revenue - (80,587 ) (80,587 ) Gross profit $ - $ 18,672 $ 18,672 Selling, general and administrative expenses and other income (133,939 ) (73,190 ) (207,129 ) Loss from operation $ (133,939 ) $ (54,518 ) $ (188,457 ) Total assets $ - $ 77,813 $ 77,813 United State (Nevada) Malaysia (Labuan) Total Nine Months Ended September 30, 2022 United State (Nevada) Malaysia (Labuan) Total Revenue $ - $ 160,186 $ 160,186 Cost of revenue - (62,541 ) (62,541 ) Gross profit $ - $ 97,645 $ 97,645 Selling, general and administrative expenses and other income (169,263 ) (181,905 ) (351,168 ) Loss from operation $ (169,263 ) $ (84,260 ) $ (253,523 ) Total assets $ - 188,955 188,955 |
SCHEDULE OF COMPANY_S SUBSIDIAR
SCHEDULE OF COMPANY’S SUBSIDIARY (Details) | 9 Months Ended |
Sep. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Company name | catTHIS Holdings Corp. |
Place of incorporation | Labuan |
Date of incorporation | Jan. 26, 2021 |
Particulars of issued capital | 100 Share of Ordinary Share, US$1 each |
Principal activities | Digital marketing service provider |
SCHEDULE OF AMORTIZATION OF INT
SCHEDULE OF AMORTIZATION OF INTANGIBLE ASSETS (Details) | Sep. 30, 2023 |
Software and Applications [Member] | |
Property, Plant and Equipment [Line Items] | |
Finite-lived intangible asset, useful life | 5 years |
SCHEDULE OF ESTIMATED USEFUL LI
SCHEDULE OF ESTIMATED USEFUL LIVES OF PROPERTY, PLANT AND EQUIPMENT (Details) | Sep. 30, 2023 |
Office Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 10 years |
Photography and Videography Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 5 years |
SCHEDULE OF FOREIGN EXCHANGE RA
SCHEDULE OF FOREIGN EXCHANGE RATES (Details) | Sep. 30, 2023 | Sep. 30, 2022 |
Period End MRM USD One Exchange Rate [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
MYR : US$1 exchange rate, for nine months ended September 30, 2023 | 4.6987 | 4.4130 |
Period Average MYR USD One Exchange Rate [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
MYR : US$1 exchange rate, for nine months ended September 30, 2023 | 4.5359 | 4.4005 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | 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 | |
Accounting Policies [Abstract] | |||||||||
Net loss | $ 143,100 | $ 19,293 | $ 26,064 | $ (8,390) | $ 144,777 | $ 117,137 | $ 188,457 | $ 253,523 | |
Accumulated deficit | $ 800,438 | $ 800,438 | $ 611,981 |
GOING CONCERN UNCERTAINTIES (De
GOING CONCERN UNCERTAINTIES (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 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||
Net income loss | $ 143,100 | $ 19,293 | $ 26,064 | $ (8,390) | $ 144,777 | $ 117,137 | $ 188,457 | $ 253,523 | |
Retained earnings (Accumulated Deficit) | $ 800,438 | $ 800,438 | $ 611,981 |
SCHEDULE OF ACCOUNTS RECEIVABLE
SCHEDULE OF ACCOUNTS RECEIVABLE (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Credit Loss [Abstract] | ||
Trade receivables | $ 23,615 | $ 78,337 |
Allowance for expected credit loss | ||
Trade receivable, net | $ 23,615 | $ 78,337 |
SCHEDULE OF EQUIPMENT (Details)
SCHEDULE OF EQUIPMENT (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Total equipment | $ 51,013 | $ 54,316 |
Accumulated depreciation | (18,282) | (11,823) |
Total equipment, net | 32,731 | 42,493 |
Office Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total equipment | 6,320 | 6,729 |
Photography And Videography Equipment Cost [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total equipment | $ 44,693 | $ 47,587 |
EQUIPMENT (Details Narrative)
EQUIPMENT (Details Narrative) | 9 Months Ended |
Sep. 30, 2023 USD ($) | |
Property, Plant and Equipment [Abstract] | |
Depreciation | $ 7,439 |
SCHEDULE OF INTANGIBLE ASSETS (
SCHEDULE OF INTANGIBLE ASSETS (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Software and applications, cost | $ 11,578 | $ 12,327 |
Accumulated amortization | (4,631) | (3,082) |
Software and applications, net | $ 6,947 | $ 9,245 |
INTANGIBLE ASSETS (Details Narr
INTANGIBLE ASSETS (Details Narrative) | 9 Months Ended |
Sep. 30, 2023 USD ($) | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Amortization of intangible assets | $ 1,800 |
SCHEDULE OF OPERATING LEASE RIG
SCHEDULE OF OPERATING LEASE RIGHT AND LEASE LIABILITY (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2023 | Dec. 31, 2022 | |
Lease Right-of-use Asset And Lease Liabilities | ||
Balance as of December 31, 2022 | $ 16,426 | |
Amortization for the nine months ended September, 2023 | (13,015) | |
Adjustment for foreign currency translation difference | (545) | |
Balance as of September 30, 2023 | 2,866 | |
Balance as of December 31, 2022 | 17,049 | |
Add: imputed interest | 385 | |
Less: gross repayment | (13,508) | |
Adjustment for foreign currency translation difference | (953) | |
Balance as of September 30, 2023 | 2,973 | |
Less: lease liability current portion | 2,973 | $ 17,049 |
Lease liability non-current portion |
SCHEDULE OF OTHER RECEIVABLES,
SCHEDULE OF OTHER RECEIVABLES, DEPOSITS AND PREPAYMENTS (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Receivables [Abstract] | ||
Prepayment | $ 408 | |
Deposits | 7,864 | 8,337 |
Total deposits, prepayments and other receivables | $ 8,272 | $ 8,337 |
SCHEDULE OF OTHER PAYABLES AND
SCHEDULE OF OTHER PAYABLES AND ACCRUED LIABILITIES (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Payables and Accruals [Abstract] | ||
Accruals | $ 20,280 | |
Other payables | 136,531 | 20,960 |
Total other payable and accrued liabilities | $ 136,531 | $ 41,240 |
SCHEDULE OF LOCAL AND FOREIGN C
SCHEDULE OF LOCAL AND 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 | |
Operating Loss Carryforwards [Line Items] | ||||
Loss before income taxes | $ (143,100) | $ 8,390 | $ (188,457) | $ (253,523) |
State and Local Jurisdiction [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Loss before income taxes | (133,939) | (169,263) | ||
Foreign Tax Authority [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Loss before income taxes | $ (54,518) | $ (84,260) |
SCHEDULE OF PROVISION OF INCOME
SCHEDULE OF PROVISION OF INCOME TAXES (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Income Tax Disclosure [Abstract] | ||||
–Local | ||||
–Foreign: | ||||
–Local | ||||
–Foreign | ||||
Income tax expense |
SCHEDULE OF DEFERRED TAX ASSETS
SCHEDULE OF DEFERRED TAX ASSETS (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Income Tax Disclosure [Abstract] | ||
– United States of America | $ 86,784 | $ 59,210 |
– Labuan | 9,937 | 8,777 |
Less: valuation allowance | (96,721) | (67,987) |
Deferred tax assets |
INCOME TAXES (Details Narrative
INCOME TAXES (Details Narrative) | 9 Months Ended |
Sep. 30, 2023 | |
MALAYSIA | |
Operating Loss Carryforwards [Line Items] | |
Income tax rate, percentage | 3% |
UNITED STATES | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carry forwards, description | expire in 2043 |
SCHEDULE OF CONCENTRATION OF RI
SCHEDULE OF CONCENTRATION OF RISK (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Concentration Risk [Line Items] | ||||
Revenue | $ 32,390 | $ 66,903 | $ 99,259 | $ 160,186 |
Account receivable, trade | 78,337 | |||
Customer Concentration Risk [Member] | Revenue from Contract with Customer Benchmark [Member] | Customer A [Member] | ||||
Concentration Risk [Line Items] | ||||
Revenue | $ 32,390 | $ 66,903 | $ 99,259 | $ 160,186 |
Percentage of revenue | 100% | 100% | 100% | 100% |
Customer Concentration Risk [Member] | Revenue from Contract with Customer Benchmark [Member] | Customer [Member] | ||||
Concentration Risk [Line Items] | ||||
Revenue | $ 32,390 | $ 66,903 | $ 99,259 | $ 160,186 |
Percentage of revenue | 100% | 100% | 100% | 100% |
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Customer A [Member] | ||||
Concentration Risk [Line Items] | ||||
Account receivable, trade | $ 23,615 | $ 86,186 | $ 23,615 | $ 86,186 |
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Customer [Member] | ||||
Concentration Risk [Line Items] | ||||
Account receivable, trade | 23,615 | 86,186 | 23,615 | 86,186 |
Supplier Concentration Risk [Member] | Cost of Sales [Member] | Supplier A [Member] | ||||
Concentration Risk [Line Items] | ||||
Revenue | $ 25,912 | $ 27,339 | $ 80,587 | $ 52,435 |
Percentage of revenue | 100% | 100% | 100% | 83.84% |
Supplier Concentration Risk [Member] | Cost of Sales [Member] | Supplier [Member] | ||||
Concentration Risk [Line Items] | ||||
Revenue | $ 25,912 | $ 27,339 | $ 80,587 | $ 62,024 |
Percentage of revenue | 100% | 100% | 100% | 99.17% |
Supplier Concentration Risk [Member] | Cost of Sales [Member] | Supplier B [Member] | ||||
Concentration Risk [Line Items] | ||||
Revenue | $ 9,589 | |||
Percentage of revenue | 0% | 15.33% | ||
Supplier Concentration Risk [Member] | Accounts Payable [Member] | Supplier A [Member] | ||||
Concentration Risk [Line Items] | ||||
Account receivable, trade | $ 38,202 | $ 23,271 | ||
Account receivable, trade | 38,202 | 14,006 | $ 38,202 | $ 14,006 |
Supplier Concentration Risk [Member] | Accounts Payable [Member] | Supplier [Member] | ||||
Concentration Risk [Line Items] | ||||
Account receivable, trade | 38,202 | 23,271 | ||
Account receivable, trade | 38,202 | 23,271 | 38,202 | 23,271 |
Supplier Concentration Risk [Member] | Accounts Payable [Member] | Supplier B [Member] | ||||
Concentration Risk [Line Items] | ||||
Account receivable, trade | $ 9,265 | $ 9,265 |
SCHEDULE OF INTER SEGMENT INFOR
SCHEDULE OF INTER SEGMENT INFORMATION (Details) - 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 | |
Revenue from External Customer [Line Items] | ||||||||
Revenue | $ 32,390 | $ 66,903 | $ 99,259 | $ 160,186 | ||||
Cost of revenue | (25,912) | (27,339) | (80,587) | (62,541) | ||||
Gross profit | 6,478 | 39,564 | 18,672 | 97,645 | ||||
Selling, general and administrative expenses and other income | (207,129) | (351,168) | ||||||
Loss from operation | (143,100) | $ (19,293) | $ (26,064) | 8,390 | $ (144,777) | $ (117,137) | (188,457) | (253,523) |
Total assets | 77,813 | 188,955 | 77,813 | 188,955 | ||||
UNITED STATES | ||||||||
Revenue from External Customer [Line Items] | ||||||||
Revenue | ||||||||
Cost of revenue | ||||||||
Gross profit | ||||||||
Selling, general and administrative expenses and other income | (133,939) | (169,263) | ||||||
Loss from operation | (133,939) | (169,263) | ||||||
Total assets | ||||||||
MALAYSIA | ||||||||
Revenue from External Customer [Line Items] | ||||||||
Revenue | 99,259 | 160,186 | ||||||
Cost of revenue | (80,587) | (62,541) | ||||||
Gross profit | 18,672 | 97,645 | ||||||
Selling, general and administrative expenses and other income | (73,190) | (181,905) | ||||||
Loss from operation | (54,518) | (84,260) | ||||||
Total assets | 77,813 | 188,955 | 77,813 | 188,955 | ||||
Digital Catalogue Management Service [Member] | ||||||||
Revenue from External Customer [Line Items] | ||||||||
Revenue | 99,259 | 160,186 | ||||||
Cost of revenue | (80,587) | (62,541) | ||||||
Gross profit | 18,672 | 97,645 | ||||||
Selling, general and administrative expenses and other income | (207,129) | (351,168) | ||||||
Loss from operation | (188,457) | (253,523) | ||||||
Total assets | $ 77,813 | $ 188,955 | $ 77,813 | $ 188,955 |