Cover
Cover | 6 Months Ended |
Mar. 31, 2023 | |
Cover [Abstract] | |
Document Type | 6-K |
Amendment Flag | false |
Document Period End Date | Mar. 31, 2023 |
Current Fiscal Year End Date | --09-30 |
Entity File Number | 001-41480 |
Entity Registrant Name | Starbox Group Holdings Ltd. |
Entity Central Index Key | 0001914818 |
Entity Address, Address Line One | VO2-03-07, Velocity Office 2 |
Entity Address, Address Line Two | Lingkaran SV |
Entity Address, Address Line Three | Sunway Velocity |
Entity Address, City or Town | Kuala Lumpur |
Entity Address, Country | MY |
Entity Address, Postal Zip Code | 55100 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Mar. 31, 2023 | Sep. 30, 2022 | Sep. 30, 2021 |
CURRENT ASSETS | |||
Cash and cash equivalents | $ 864,392 | $ 17,778,895 | |
Accounts receivable | 4,986,688 | 2,032,717 | |
Prepaid income tax | 552,094 | ||
Prepayments | 14,448,012 | 4,269,611 | |
Total current assets | 20,852,868 | 24,082,696 | |
NONCURRENT ASSETS | |||
Property, plant, and equipment, net | 21,941 | 13,380 | |
Intangible assets, net | 18,824,416 | 903,768 | |
Right-of-use asset, net | 36,511 | 42,574 | |
Total noncurrent assets | 18,882,868 | 959,722 | |
TOTAL ASSETS | 39,735,736 | 25,042,418 | |
CURRENT LIABILITIES | |||
Taxes payable | 395,772 | 1,404,128 | |
Deferred revenue | 368,066 | ||
Accrued liabilities and other payables | 348,627 | 541,050 | |
Lease liability | 17,052 | 15,833 | |
Total current liabilities | 1,130,926 | 1,968,372 | |
NONCURRENT LIABILITIES | |||
Deferred tax liabilities, net | 318,603 | ||
Lease liability | 19,459 | 26,741 | |
Total noncurrent liabilities | 338,062 | 26,741 | |
TOTAL LIABILITIES | 1,468,988 | 1,995,113 | |
COMMITMENT AND CONTINGENCY | |||
SHAREHOLDERS’ EQUITY | |||
Ordinary shares, par value $0.001125, 883,000,000 shares authorized, 54,375,000 shares and 45,375,000 shares issued and outstanding as of March 31, 2023 and September 30, 2022, respectively | 61,172 | 51,047 | |
Paid in capital | 30,674,988 | 18,918,303 | |
Accumulated other comprehensive loss | 1,481,084 | (607,052) | |
Retained earnings | 6,049,504 | 4,685,007 | |
TOTAL SHAREHOLDERS’ EQUITY | 38,266,748 | 23,047,305 | $ 1,261,233 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | 39,735,736 | 25,042,418 | |
One Eighty Holdings Ltd [Member] | |||
CURRENT ASSETS | |||
Cash and cash equivalents | 1,434,174 | 783,282 | 709,997 |
Accounts receivable | 2,763,511 | 3,001,187 | 867,362 |
Deposit and prepayments | 775,381 | 218,725 | 121,225 |
Short-term investment | 132,855 | 126,464 | 20,233 |
Total current assets | 5,200,414 | 4,478,187 | 1,935,078 |
NONCURRENT ASSETS | |||
Property, plant, and equipment, net | 2,693,177 | 2,587,890 | 2,997,086 |
Long-term investment | 226,600 | 215,700 | 477,600 |
Deferred tax assets, net | 44,387 | 43,785 | 219,402 |
Right-of-use asset, net | 2,530 | 2,907 | 4,284 |
Total noncurrent assets | 2,966,694 | 2,850,282 | 3,698,372 |
TOTAL ASSETS | 8,167,108 | 7,328,469 | 5,633,450 |
CURRENT LIABILITIES | |||
Taxes payable | 253,817 | 567,870 | 124,807 |
Accounts payable | 146,221 | 233,813 | 177,864 |
Customer deposits | 368,422 | 404,462 | 241,026 |
Accrued liabilities and other payables | 483,564 | 346,173 | 249,485 |
Lease liability | 1,063 | 1,011 | 1,065 |
Total current liabilities | 1,587,118 | 1,866,069 | 894,589 |
NONCURRENT LIABILITIES | |||
Loan payables | 2,289,569 | 2,254,535 | 2,674,052 |
Lease liability | 1,467 | 1,896 | 3,219 |
Total noncurrent liabilities | 2,291,036 | 2,256,431 | 2,677,271 |
TOTAL LIABILITIES | 3,878,154 | 4,122,500 | 3,571,860 |
SHAREHOLDERS’ EQUITY | |||
Paid in capital | 336,055 | 336,055 | 336,055 |
Accumulated other comprehensive loss | (506,884) | (391,929) | (89,087) |
Less: dividend | (290,375) | ||
Retained earnings | 4,459,783 | 3,552,218 | 1,814,622 |
TOTAL SHAREHOLDERS’ EQUITY | 4,288,954 | 3,205,969 | 2,061,590 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | 8,167,108 | 7,328,469 | 5,633,450 |
Preferred Class A [Member] | |||
SHAREHOLDERS’ EQUITY | |||
Preferred shares, par value $0.001125, 5,000,000 shares authorized, no shares issued and outstanding | |||
Related Party [Member] | |||
CURRENT ASSETS | |||
Due from related parties | 1,682 | 1,473 | |
CURRENT LIABILITIES | |||
Due to related parties | 1,409 | 7,361 | |
Related Party [Member] | One Eighty Holdings Ltd [Member] | |||
CURRENT ASSETS | |||
Due from related parties | 94,493 | 348,529 | 216,261 |
CURRENT LIABILITIES | |||
Due to related parties | $ 334,031 | $ 312,740 | $ 100,342 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 08, 2022 | Sep. 13, 2021 |
Statement of Financial Position [Abstract] | ||||
Preferred stock, par value | $ 0.001125 | $ 0.001125 | $ 0.001125 | $ 0.0001 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 | 5,000,000 | 50,000,000 |
Preferred stock, shares issued | 0 | 0 | ||
Preferred stock, shares outstanding | 0 | 0 | ||
Common stock, par value | $ 0.001125 | $ 0.001125 | $ 0.001125 | $ 0.0001 |
Common stock, shares authorized | 883,000,000 | 883,000,000 | 883,000,000 | 450,000,000 |
Common stock, shares issued | 54,375,000 | 45,375,000 | 450,000,000 | |
Common stock, shares outstanding | 54,375,000 | 45,375,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) | 6 Months Ended | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | |
Operating revenue | ||||
Total operating revenue | $ 3,976,190 | $ 2,922,413 | ||
Operating expenses | ||||
Selling, general, and administrative expenses | 1,996,892 | 1,003,373 | ||
Total operating expenses | 1,996,892 | 1,003,373 | ||
Income from operations | 1,979,298 | 1,919,040 | ||
Other income | ||||
Interest income | 7,757 | |||
Other income | 5,163 | 203 | ||
Total other income | 12,920 | 203 | ||
Income before income tax | 1,992,218 | 1,919,243 | ||
Income tax expense | 627,721 | 663,224 | ||
Net income | 1,364,497 | 1,256,019 | ||
Other comprehensive income | ||||
Foreign currency translation income (loss) | 2,088,136 | (9,188) | ||
Comprehensive income | $ 3,452,633 | $ 1,246,831 | ||
Net income per share - basic | $ 0.03 | $ 0.03 | ||
Weighted average number of common shares outstanding - basic | 53,089,286 | 40,000,000 | ||
One Eighty Holdings Ltd [Member] | ||||
Revenue | $ 2,785,448 | $ 2,094,588 | $ 6,173,897 | $ 2,842,669 |
Cost of revenue | 981,479 | 954,434 | 2,881,286 | 2,364,705 |
Gross profit | 1,803,969 | 1,140,154 | 3,292,611 | 477,964 |
Operating expenses | ||||
Selling | 277,200 | 675,736 | 429,681 | 371,325 |
General and administrative | 322,901 | 310,717 | 667,098 | 595,654 |
Total operating expenses | 600,101 | 986,453 | 1,096,779 | 966,979 |
Income from operations | 1,203,868 | 153,701 | 2,195,832 | (489,015) |
Other income | ||||
Interest income | 2,247 | 1,827 | 50,593 | 47,974 |
Other income | 15,553 | 14,229 | 49,830 | 39,913 |
Total other income | 17,800 | 16,056 | 100,423 | 87,887 |
Income before income tax | 1,221,668 | 169,757 | 2,296,255 | (401,128) |
Income tax expense | 314,103 | 62,811 | 558,659 | (64,298) |
Net income | 907,565 | 106,946 | 1,737,596 | (336,830) |
Other comprehensive income | ||||
Foreign currency translation income (loss) | 175,420 | (7,264) | (302,842) | (12,036) |
Comprehensive income | 1,082,985 | 99,682 | $ 1,434,754 | $ (348,866) |
Cash Rebate Services [Member] | ||||
Operating revenue | ||||
Total operating revenue | 10,621 | 5,552 | ||
Digital Advertising Services [Member] | ||||
Operating revenue | ||||
Total operating revenue | 2,220,794 | 2,911,482 | ||
Payment Solution Services [Member] | ||||
Operating revenue | ||||
Total operating revenue | 4,303 | 5,379 | ||
License and Service [Member] | ||||
Operating revenue | ||||
Total operating revenue | $ 1,740,472 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member] One Eighty Holdings Ltd [Member] | Retained Earnings [Member] | Retained Earnings [Member] One Eighty Holdings Ltd [Member] | AOCI Attributable to Parent [Member] | AOCI Attributable to Parent [Member] One Eighty Holdings Ltd [Member] | Total | One Eighty Holdings Ltd [Member] | Total Shareholders Equity [Member] One Eighty Holdings Ltd [Member] |
Beginning balance, value at Sep. 30, 2020 | $ 336,055 | $ 2,151,452 | $ (77,051) | $ 2,410,456 | ||||||
Net income | (336,830) | $ (336,830) | (336,830) | |||||||
Foreign currency translation loss | (12,036) | (12,036) | ||||||||
Ending balance, value at Sep. 30, 2021 | $ 45,000 | $ 155,024 | 336,055 | $ 1,082,642 | 1,814,622 | $ (21,433) | (89,087) | $ 1,261,233 | 2,061,590 | 2,061,590 |
Ending balance, shares at Sep. 30, 2021 | 40,000,000 | |||||||||
Net income | 1,256,019 | 106,946 | 1,256,019 | 106,946 | 106,946 | |||||
Foreign currency translation loss | (9,188) | (7,264) | (9,188) | (7,264) | ||||||
Ending balance, value at Mar. 31, 2022 | $ 45,000 | 155,024 | 336,055 | 2,338,661 | 1,921,568 | (30,621) | (96,351) | 2,508,064 | 2,161,272 | |
Ending balance, shares at Mar. 31, 2022 | 40,000,000 | |||||||||
Beginning balance, value at Sep. 30, 2021 | $ 45,000 | 155,024 | 336,055 | 1,082,642 | 1,814,622 | (21,433) | (89,087) | 1,261,233 | 2,061,590 | 2,061,590 |
Beginning balance, shares at Sep. 30, 2021 | 40,000,000 | |||||||||
Net income | 1,737,596 | 1,737,596 | 1,737,596 | |||||||
Dividend paid | (290,375) | (290,375) | ||||||||
Foreign currency translation loss | (302,842) | (302,842) | ||||||||
Ending balance, value at Sep. 30, 2022 | $ 51,047 | 18,918,303 | 336,055 | 4,685,007 | 3,261,843 | (607,052) | (391,929) | 23,047,305 | 3,205,969 | 3,205,969 |
Ending balance, shares at Sep. 30, 2022 | 45,375,000 | |||||||||
Net income | 1,364,497 | 907,565 | 1,364,497 | 907,565 | 907,565 | |||||
Shares issued for equity financing | $ 10,125 | 11,756,685 | 11,766,810 | |||||||
Shares issued for equity financing, shares | 9,000,000 | |||||||||
Dividend paid | ||||||||||
Foreign currency translation loss | 2,088,136 | 175,420 | 2,088,136 | 175,420 | ||||||
Ending balance, value at Mar. 31, 2023 | $ 61,172 | $ 30,674,988 | $ 336,055 | $ 6,049,504 | $ 4,169,408 | $ 1,481,084 | $ (216,509) | $ 38,266,748 | $ 4,288,954 | $ 4,288,954 |
Ending balance, shares at Mar. 31, 2023 | 54,375,000 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||
Net income | $ 1,364,497 | $ 1,256,019 | ||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Disposal of fixed assets | 2,928 | |||
Depreciation and amortization | 253,662 | 69,147 | ||
Amortization of right-of-use operating lease assets | 9,111 | 42,974 | ||
Change in deferred tax | 313,963 | |||
Changes in operating and liabilities: | ||||
Accounts receivable | (2,809,804) | (1,326,333) | ||
Prepaid income tax | (544,054) | |||
Prepaid expenses and other current assets | (9,621,687) | (63,935) | ||
Deferred revenue | 362,706 | 579,355 | ||
Taxes payable | (1,063,540) | 834,895 | ||
Lease liability | (9,111) | (42,974) | ||
Accrued expenses and other current liabilities | (407,590) | 177,101 | ||
Net cash provided by operating activities | (12,148,919) | 1,526,249 | ||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||
Purchase of fixed assets | (13,183) | (5,011) | ||
Purchase of intangible assets | (17,864,000) | (626,420) | ||
Net cash (used in) investing activities | (17,877,183) | (631,431) | ||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||
Deferred initial public offering costs | (423,994) | |||
Proceeds from equity financing | 11,766,810 | |||
Increase in due from related party | (134) | |||
Repayment to related parties | (6,232) | (398,422) | ||
Net cash provided by financing activities | 11,760,444 | (822,416) | ||
EFFECT OF EXCHANGE RATE CHANGE ON CASH | 1,351,155 | (8,955) | ||
NET INCREASE IN CASH EQUIVALENTS | (16,914,503) | 63,447 | ||
CASH AND EQUIVALENTS, BEGINNING OF PERIOD | 17,778,895 | 2,295,277 | $ 2,295,277 | |
CASH AND EQUIVALENTS, END OF PERIOD | 864,392 | 2,358,724 | 17,778,895 | $ 2,295,277 |
Supplemental Cash Flow Data: | ||||
Income tax paid | 2,011,188 | |||
Interest paid | ||||
One Eighty Holdings Ltd [Member] | ||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||
Net income | 907,565 | 106,946 | 1,737,596 | (336,830) |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Depreciation | 42,101 | 46,494 | 125,965 | 136,039 |
Change in deferred tax | 1,589 | (4,153) | 166,274 | (63,871) |
Operating lease expense | 1,174 | 1,255 | 1,221 | 1,274 |
Changes in operating and liabilities: | ||||
Accounts receivable | 383,664 | (302,439) | (2,388,401) | 591,463 |
Deposit and prepayments | (537,657) | (227,262) | (117,633) | (44,400) |
Accounts payable | (97,960) | 144,562 | 78,786 | (164,672) |
Customer deposits | (55,656) | 440,086 | 201,123 | 241,687 |
Taxes payable | (337,758) | 28,969 | 490,163 | (142,043) |
Accrued liabilities and other payables | 118,152 | (21,542) | 130,117 | 24,577 |
Lease liability | (1,174) | (1,255) | (1,221) | (1,274) |
Net cash provided by operating activities | 424,040 | 211,661 | 423,990 | 241,950 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||
Disposal of fixed assets | 2,493 | |||
Purchase of fixed assets | (16,985) | (12,782) | (4,312) | |
Net cash (used in) investing activities | (16,985) | (12,782) | 2,493 | (4,312) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||
Repayment of loans | (77,745) | (35,510) | (173,225) | (165,994) |
Fixed deposit in bank | 115,786 | (505,338) | ||
Proceeds from related parties | 273,099 | 281,094 | 239,197 | 62,752 |
Dividend paid | (290,375) | |||
Repayment to related parties | (164,976) | |||
Net cash provided by financing activities | 195,354 | 245,584 | (273,594) | (608,580) |
EFFECT OF EXCHANGE RATE CHANGE ON CASH | 48,483 | (3,869) | (79,604) | (2,146) |
NET INCREASE IN CASH EQUIVALENTS | 650,892 | 440,594 | 73,285 | (373,087) |
CASH AND EQUIVALENTS, BEGINNING OF PERIOD | 783,282 | 709,997 | 709,997 | 1,083,084 |
CASH AND EQUIVALENTS, END OF PERIOD | 1,434,174 | 1,150,591 | 783,282 | 709,997 |
Supplemental Cash Flow Data: | ||||
Income tax paid | 1,203,636 | 15,667 | 19,590 | 28,927 |
Interest paid | $ 50,982 | $ 95,088 | $ 130,335 | $ 98,053 |
ORGANIZATION AND BUSINESS DESCR
ORGANIZATION AND BUSINESS DESCRIPTION | 6 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Sep. 30, 2022 | |
Restructuring Cost and Reserve [Line Items] | ||
ORGANIZATION AND BUSINESS DESCRIPTION | NOTE 1 — ORGANIZATION AND BUSINESS DESCRIPTION Business Starbox Group Holdings Ltd. (“Starbox Group” or the “Company”), through its wholly-owned subsidiaries, is engaged in connecting retail merchants with individual online and offline shoppers (“retail shoppers”) to facilitate transactions through cash rebates offered by retail merchants, providing digital advertising services to retail merchants, and providing payment solution services to merchants. The Company has also expanded its business to marketing and software development sectors. The Company’s current principal operations and geographic markets are substantially located in Malaysia. Organization Starbox Group was incorporated as an exempted company limited by shares under the laws of the Cayman Islands on September 13, 2021. Prior to the reorganization on May 23, 2023 described below, Starbox Group owned 100 Starbox Group and Starbox Berhad are currently not engaged in any active business operations and are merely acting as holding companies. Starbox Berhad owns 100 Reorganization A reorganization of the Company’s legal structure was completed on November 17, 2021. The reorganization involved the incorporation of Starbox Group, and the transfer of 100 The reorganization on November 17, 2021 has been accounted for as a recapitalization among entities under common control since the same controlling shareholders controlled all these entities before and after the Reorganization. The consolidation of the Company and its subsidiaries has been accounted for at historical cost and prepared on the basis as if the aforementioned transactions had become effective as of the beginning of the first period presented in the accompanying consolidated financial statements. Results of operations for the periods presented comprise those of the previously separate entities combined from the beginning of the period to the end of the period, eliminating the effects of intra-entity transactions. On May 23, 2023, Starbox Group completed a further reorganization. The reorganization consisted of (i) the acquisitions of Starbox International Ltd., a British Virgin Islands company (“Starbox International”), and Starbox Global Ltd., a British Virgin Islands company (“Starbox Global”), both of which became wholly owned by the Company (the acquisitions of Starbox International and Starbox Global, collectively, the “Starbox Acquisitions”), and (ii) share transfer transactions between the Company and Starbox International, in which the Company transferred all of the issued share capital in Starbox Berhad to Starbox International in exchange for RM1.00. On April 19, 2023, the Company entered into two share transfer agreements with Choo Keam Hui, whereby Choo Keam Hui transferred 50,000 1.00 50,000 1.00 The reorganization on May 23, 2023 has been accounted for as a recapitalization among entities under common control since the same controlling shareholders controlled all these entities before and after the reorganization. The consolidation of the Company and its subsidiaries has been accounted for at historical cost and prepared on the basis as if the aforementioned transactions had become effective as of the beginning of the first period presented in the accompanying consolidated financial statements. Results of operations for the periods presented comprise those of the previously separate entities combined from the beginning of the period to the end of the period, eliminating the effects of intra-entity transactions. The following diagram illustrates the Company’s corporate structure after the reorganizations: The consolidated financial statements of the Company as of March 31, 2023 include the following entities: SCHEDULE OF CONSOLIDATED FINANCIAL STATEMENTS OF ENTITIES Entity Date of Formation Place of Incorporation % of Ownership Major business activities Starbox Group September 13, 2021 Cayman Islands Parent Investment holding Starbox International March 29, 2023 BVI 100% Investment holding Starbox Global March 29, 2023 BVI 100% Investment holding Starbox Berhad July 24, 2019 Malaysia 100% Investment holding StarboxGB July 24, 2019 Malaysia 100% Network marketing and facilitating online and offline transactions between retail merchants and retail shoppers through cash rebate programs offered by retail merchants, comprehensive marketing services, and software development StarboxSB July 23, 2019 Malaysia 100% Providing digital advertising services to retail merchant customers, TV programming and broadcasting services, and software development StarboxPB May 21, 2019 Malaysia 100% Providing secured payment solution services to retail merchant customers | |
One Eighty Holdings Ltd [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
ORGANIZATION AND BUSINESS DESCRIPTION | NOTE 1 — ORGANIZATION AND BUSINESS DESCRIPTION Organization On October 17, 2022, One Eighty Holdings Ltd. (“One Eighty Ltd”) was incorporated as an exempted company under the laws of the Cayman Islands by its then sole shareholder. One Eighty Ltd is not engaged in any active business operations and is merely acting as a holding company. One Eighty Holdings Sdn. Bhd. (“One Eighty Holdings”) was incorporated as a private limited company under the laws of Malaysia on October 14, 2022 by the same sole shareholder. One Eighty Holdings is currently not engaged in any active business operations and is merely acting as a holding company. 180 Degrees Brandcom Sdn. Bhd. (“180 Degrees”), owned by the same shareholder, was formed in Kuala Lumpur, Malaysia, on March 28, 2013 to provide digital marketing, advertising consulting, and design services to business clients. Media Elements Sdn. Bhd. (“Media Elements”), owned by the same shareholder, was formed in Kuala Lumpur, Malaysia, on October 4, 2002 to provide online and offline advertisement, social media, and big data management services to business clients. Reorganization A reorganization of the Company’s legal structure (the “Reorganization”) was completed on May 10, 2023. The reorganization involved (i) the transfer of 100 % of the equity interests in 180 Degrees and Media Elements to One Eighty Holdings on April 7, 2023, and (ii) the transfer of 100 % of the equity interests in One Eighty Holdings to One Eighty Ltd on May 10, 2023. The Reorganization has been accounted for as a recapitalization among entities under common control since the same controlling shareholder controlled all these entities before and after the Reorganization. The consolidation of One Eighty Ltd and its subsidiaries has been accounted for at historical cost and prepared on the basis as if the aforementioned transactions had become effective as of the beginning of the first period presented in the accompanying consolidated financial statements. Results of operations for the periods presented comprise those of the previously separate entities combined from the beginning of the period to the end of the period, eliminating the effects of inter-company transactions. Business One Eighty Ltd and its wholly-owned subsidiaries (the “Company”) provide tech-enabled digital marketing and branding services in Southeast Asia. The Company’s current principal operations and geographic markets are substantially located in Malaysia. | NOTE 1 — ORGANIZATION AND BUSINESS DESCRIPTION Organization On October 17, 2022, One Eighty Holdings Ltd. (“One Eighty Ltd”) was incorporated as an exempted company under the laws of the Cayman Islands by its then sole shareholder. One Eighty Ltd is not engaged in any active business operations and is merely acting as a holding company. One Eighty Holdings Sdn. Bhd. (“One Eighty Holdings”) was incorporated as a private limited company under the laws of Malaysia on October 14, 2022 by the same sole shareholder. One Eighty Holdings is currently not engaged in any active business operations and is merely acting as a holding company. 180 Degrees Brandcom Sdn. Bhd. (“180 Degrees”), owned by the same shareholder, was formed in Kuala Lumpur, Malaysia, on March 28, 2013 to provide digital marketing, advertising consulting, and design services to business clients. Media Elements Sdn. Bhd. (“Media Elements”), owned by the same shareholder, was formed in Kuala Lumpur, Malaysia, on October 4, 2002 to provide online and offline advertisement, social media, and big data management services to business clients. Reorganization A reorganization of the Company’s legal structure (the “Reorganization”) was completed on May 10, 2023. The reorganization involved (i) the transfer of 100 % of the equity interests in 180 Degrees and Media Elements to One Eighty Holdings on April 7, 2023, and (ii) the transfer of 100 % of the equity interests in One Eighty Holdings to One Eighty Ltd on May 10, 2023. The Reorganization has been accounted for as a recapitalization among entities under common control since the same controlling shareholder controlled all these entities before and after the Reorganization. The consolidation of One Eighty Ltd and its subsidiaries has been accounted for at historical cost and prepared on the basis as if the aforementioned transactions had become effective as of the beginning of the first period presented in the accompanying consolidated financial statements. Results of operations for the periods presented comprise those of the previously separate entities combined from the beginning of the period to the end of the period, eliminating the effects of inter-company transactions. Business One Eighty Ltd and its wholly-owned subsidiaries (the “Company”) provide tech-enabled digital marketing and branding services in Southeast Asia. The Company’s current principal operations and geographic markets are substantially located in Malaysia. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Sep. 30, 2022 | |
Restructuring Cost and Reserve [Line Items] | ||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of presentation and principles of consolidation The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). The accompanying consolidated financial statements include the financial statements of the Company and its wholly owned subsidiaries. All inter-company balances and transactions are eliminated upon consolidation. Uses of estimates In preparing the consolidated financial statements in conformity with U.S. GAAP, management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. These estimates are based on information as of the date of the consolidated financial statements. Significant estimates required to be made by management include the valuation of accounts receivable, useful lives of property and equipment and intangible assets, the recoverability of long-lived assets, the discount rate used to calculate lease liabilities, the amount of worldwide tax provision, realization of deferred tax assets, provision necessary for contingent liabilities, and revenue recognition. Actual results could differ from those estimates. Risks and uncertainties The main operations of the Company are located in Malaysia. Accordingly, the Company’s business, financial condition, and results of operations may be influenced by changes in political, economic, social, regulatory, and legal environments in Malaysia, as well as by the general state of the economy in Malaysia. Although the Company has not experienced losses from these situations and believes that it complies with existing laws and regulations, including its organization and structure disclosed in Note 1, this may not be indicative of future results. The Company’s business, financial condition, and results of operations may also be negatively impacted by risks related to natural disasters, extreme weather conditions, health epidemics, and other catastrophic incidents, which could significantly disrupt the Company’s operations. Cash Cash includes currency on hand and deposits held by banks that can be added or withdrawn without limitation. The Company maintains all of its bank accounts in Malaysia. Cash deposit with financial institutions in Malaysia is subject to certain protection under the requirement of the deposit insurance system. The maximum insurance coverage limit is MYR 250,000 60,000 864,392 17,778,895 711,774 17,428,788 Accounts receivable, net Accounts receivable primarily include service fees generated from providing digital advertising services and payment solution services to retail merchant customers (see Note 3). Accounts receivable are presented net of allowance for doubtful accounts. The Company determines the adequacy of allowance for doubtful accounts based on individual account analysis, historical collection trend, and the best estimate of specific losses on individual exposures. The Company establishes a provision for doubtful receivables when there is objective evidence that the Company may not be able to collect amounts due. Actual amounts received may differ from management’s estimate of credit worthiness and the economic environment. Delinquent account balances are written off against the allowance for doubtful accounts after management has determined that the likelihood of collection is not probable. As of March 31, 2023 and September 30, 2022, there was no allowance for doubtful accounts recorded as the Company considers all of the outstanding accounts receivable fully collectible. Property and equipment Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation and amortization of property and equipment are provided using the straight-line method over their expected useful lives, as follows: SCHEDULE OF PROPERTY AND EQUIPMENT USEFUL LIVES Useful life Office equipment and furniture 3 5 Expenditures for maintenance and repair, which do not materially extend the useful lives of the assets, are charged to expenses as incurred. Expenditures for major renewals and betterments which substantially extend the useful life of assets are capitalized. The cost and related accumulated depreciation of assets retired or sold are removed from the respective accounts, and any gain or loss is recognized in the consolidated statements of operations and comprehensive income (loss) in other income (expenses). Intangible assets The Company’s intangible assets primarily consist of purchased and customized computer software and applications used in conducting the Company’s cash rebate, digital advertising, and software licensing business. Intangible assets also include content assets, which are licensed movies and television series acquired from third-party content providers in order to offer members unlimited viewing of such content to drive traffic on the Company’s SEEBATS website and mobile app. Intangible assets are carried at cost less accumulated amortization and any recorded impairment (see Note 6). Intangible assets are amortized using the straight-line method with the following estimated useful lives: SCHEDULE OF INTANGIBLE ASSETS Useful life Computer software and applications 5 10 Content assets-licensed movies and television series Over the license period or estimated period of use Impairment of long-lived assets Long-lived assets with finite lives, primarily property and equipment, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If the estimated future undiscounted cash flows from the use of the asset and its eventual disposition are below the asset’s carrying value, the asset is deemed to be impaired and written down to its fair value. There were no Fair value of financial instruments Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A three-level fair value hierarchy prioritizes the inputs used to measure fair value. The hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows: ● Level 1 — inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. ● Level 2 — inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, quoted market prices for identical or similar assets in markets that are not active, inputs other than quoted prices that are observable and inputs derived from or corroborated by observable market data. ● Level 3 — inputs to the valuation methodology are unobservable. Unless otherwise disclosed, the fair value of the Company’s financial instruments, including cash, accounts receivable, prepaid expenses and other current assets, deferred revenue, taxes payable, due to a related party, and accrued expenses and other current liabilities approximate the fair value of the respective assets and liabilities as of March 31, 2023 and September 30, 2022 based upon the short-term nature of the assets and liabilities. Foreign currency translation The functional currency for Starbox Group, Starbox International, and Starbox Global are the U.S Dollar (“US$”). Starbox Berhad, StarboxGB, StarboxSB, and StarboxPB use Malaysian Ringgit (“MYR”) as their functional currency. The Company’s consolidated financial statements have been translated into and reported in US$. Assets and liabilities accounts are translated using the exchange rate at each reporting period end date. Equity accounts are translated at historical rates. Income and expense accounts are translated at the average rate of exchange during the reporting period. The resulting translation adjustments are reported under other comprehensive income. Gains and losses resulting from the translations of foreign currency transactions and balances are reflected in the results of operations. The following table outlines the currency exchange rates that were used in creating the consolidated financial statements in this report: SCHEDULE OF CURRENCY EXCHANGE RATE March 31, 2023 September 30, 2022 Period-end spot rate US$ 1 4.4130 US$ 1 4.6359 Average rate US$ 1 4.4774 US$ 1 4.3041 Comprehensive income (loss) Comprehensive income (loss) consists of two components, net income (loss) and other comprehensive income (loss). The foreign currency translation gain or loss resulting from the translation of the financial statements expressed in MYR to US$ is reported in other comprehensive income (loss) in the consolidated statements of operations and comprehensive income (loss). Revenue recognition To determine revenue recognition for contracts with customers, the Company performs the following five steps: (i) identify the contract(s) with the customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, including variable consideration to the extent that it is probable that a significant future reversal will not The Company currently generates its revenue from the following main sources: Revenue from digital advertising services The Company’s advertising service revenue is derived principally from advertising contracts with retail merchant customers (the “advertisers”), which allow advertisers to place advertisements on the Company’s websites and mobile apps and third-party social media channels over a particular period of time. The advertising contracts specify the related fees and payment terms and provide evidence of the arrangements. The Company’s digital advertising services are to (i) provide advertisement design and consultation services to help advertisers precisely shape their digital advertising strategies and optimize the design, content, and layout of their advertisements and (ii) the displaying of advertisers’ advertisements of products and services on the Company’s websites and mobile apps and third-party social media channels over a particular period of time and in a variety of forms, such as logos, banners, push notification, and posts by accounts of influencers and bloggers, to help promote advertisers’ products and services and enhance their brand awareness. Advertisers may elect to engage with the Company for only advertisement display services or both advertisement design and consultation services and advertisement display services. In connection with these digital advertising services, the Company charges retail merchant customers nonrefundable digital advertising service fees. For advertisement design and consultation services, the Company’s stand-alone selling price ranges from approximately $ 2,400 38,000 5,000 240,000 The Company identifies advertisement design and consultation services and advertisement display services as two separate performance obligations, as each is service that is capable of being distinct and distinct in the context of advertising contracts. Each of the service commitments in advertisement design and consultation services, including advice on advertising strategies, customization and optimization of the desired content, length, color tone, layout, format, and presentation of the advertisements, are not distinct in the context of advertising contracts, because they are inputs to deliver the combined output of advertisements to be displayed as specified by the customer. Therefore, advertisement design and consultation services are identified as a single performance obligation. The Company allocates revenue to each performance obligation based on its stand-alone selling price, which is specified in the contracts. The Company’s advertisement design and consultation services are normally rendered within a short period of time, ranging from a few days to a month. As all the benefits enjoyed by the customers can be substantially realized at the time when the design and consultation services are completed, the Company recognizes revenue at the point when designated services are rendered and accepted by the customers. The Company does not provide rights of return, credits or discounts, price protection, or other similar privileges to customers for such services and accordingly no variable consideration included in such services. The majority of the Company’s advertising contracts are for the provision of advertisement display on the Company’s websites and mobile apps and social media channels for a fixed period of time (ranging from a few weeks to a few months) without a guaranteed minimum impression level. In instances where certain discounts are provided to customers for advertisement displays, such discounts are reported as deduction of revenue. Revenue from advertisement services is recognized over the period the advertisement is displayed. Advances from customers are deferred first and then recognized as revenue upon the completion of the contract. There are no future obligations after the completion of the contract and no rights of refund related to the impression levels. Revenue from cash rebate services The Company also utilizes its websites and mobile apps to connect retail merchants and retail shoppers and facilitate retail shoppers to purchase consumer products or services from retail merchants online or offline under the cash rebate programs offered by retail merchants. The cash rebate offered by retail merchants range from 0.3 99.99 48 86 52 14 The Company merely acts as an agent in this type of transactions. The Company does not have control of the goods or services under the sales transactions between the retail merchants and retail shoppers, has no discretion in establishing prices, and does not have the ability to direct the use of the goods or services to obtain substantially all the benefits. The Company recognizes cash rebate revenue at the point when retail merchants and retail shoppers are connected and the sales transactions are facilitated and completed. Revenue is reported net of service taxes. For the six months ended March 31, 2023 and 2022, the Company only reported cash rebate revenue of $ 10,621 5,552 Revenue from payment solution services In May 2021, the Company started to provide payment solution services to retail merchant customers by referring them to VE Services Sdn Bhd, a Malaysian Internet payment gateway company and a related-party entity controlled by one of the shareholders of the Company (“VE Services”). The Company entered into an appointment letter with VE Services and started to refer retail merchant customers to VE Services to process payments through multiple payment methods, such as FPX, Alipay, Maybank QR Pay, Boost, Touch ‘n Go, and GrabPay. VE Services first charges retail merchants a service fee ranging from 1.50 2.50 0.15 0.525 4,303 5,379 Revenue from software licensing In 2023, the Company started software licensing business, in which the Company develops software such as data management system, licenses the use right of the system to customer for a term of period as license income, and provides related technology support and system maintenance services on an annual basis. The contract with a customer includes promises to transfer software products and provide technical support and system maintenance services, which are generally capable of being distinct performance obligations. The software license is considered a distinct performance obligation and accounted for separately from the technical support and system maintenance services. Revenue from distinct software license is recognized at the point in time when the software system is delivered to the customer. Revenue from annual technical support, system maintenance, and upgrade is recognized over the period in which the service is provided. The standalone sales prices (“SSPs”) for distinct performance obligations are based on directly observable pricing. In instances where the SSP is not directly observable, such as when the Company does not sell the product or service separately, the Company determines the SSP using information that may include market conditions and other observable inputs. Disaggregation of revenue The Company disaggregates its revenue from contracts by service types, as the Company believes it best depicts how the nature, amount, timing, and uncertainty of the revenue and cash flows are affected by economic factors. The summary of the Company’s disaggregation of revenue by service types for the six months ended March 31, 2023 and 2022 is as follows: SCHEDULE OF DISAGGREGATION OF REVENUE 2023 2022 For the Six Months Ended March 31, 2023 2022 (Unaudited) (Unaudited) Revenue from advertising services: Advertisement design and consultation services $ 543,925 $ 598,953 Advertisement display services 1,813,584 2,400,051 Gross revenue from advertising services 2,357,509 2,999,004 Less: discount to customers for advertisement displays (136,715 ) (87,522 ) Sub-total of net revenue from advertising services 2,220,794 2,911,482 Revenue from cash rebate services 10,621 5,552 Revenue from payment solution services-related party 4,303 5,379 Revenue from software licensing 1,740,472 - Total operating revenue $ 3,976,190 $ 2,922,413 Deferred revenue Deferred revenue occurs when the Company has entered into a contract with a customer and cash payments are received or due prior to transfer of control or satisfaction of the related performance obligation. The Company’s performance obligations are generally satisfied within 12 months of the initial contract date. As of March 31, 2023 and September 30, 2022 deferred revenue amounted to $ 368,066 nil nil 800,492 Software development costs The Company expenses software development costs as it incurs them until technological feasibility has been established, at which time those costs are capitalized until the product is available for general release to customers. Operating leases On October 1, 2020, the Company adopted Accounting Standards Updates (“ASU”) 2016-02, Leases (Topic 842), as amended (“ASC 842”), which supersedes the lease accounting guidance under Topic 840, and generally requires lessees to recognize operating and finance lease liabilities and corresponding right-of-use assets on the balance sheet and to provide enhanced disclosures surrounding the amount, timing, and uncertainty of cash flows arising from leasing arrangements. The Company elected to apply practical expedients permitted under the transition method that allow the Company to use the beginning of the period of adoption as the date of initial application, to not recognize lease assets and lease liabilities for leases with a term of 12 months or less, to not separate non-lease components from lease components, and to not reassess lease classification, treatment of initial direct costs, or whether an existing or expired contract contains a lease. The Company used a modified retrospective method and did not adjust the prior comparative periods. Under the new lease standard, the Company determines if an arrangement is or contains a lease at inception. Right-of-use assets and liabilities are recognized at the lease commencement date based on the present value of remaining lease payments over the lease terms. The Company considers only payments that are fixed and determinable at the time of lease commencement. At the commencement date, the Company recognizes the lease liability at the present value of the lease payments not yet paid, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Company’s incremental borrowing rate for the same term as the underlying lease. The right-of-use asset is recognized initially at cost, which primarily comprises the initial amount of the lease liability, plus any initial direct costs incurred, consisting mainly of brokerage commissions, less any lease incentives received. All right-of-use assets are reviewed for impairment annually. There was no impairment for right-of-use lease assets as of March 31, 2023 and September 30, 2022. Operating costs The Company’s operating costs primarily consist of (i) marketing and promotional expenses to develop members, merchants, and advertisers, (ii) website and facility maintenance expenses to upgrade, optimize, and maintain its websites and mobile apps, (iii) employee salary and benefit expenses, (iv) professional and business consulting expenses, and (v) other general office expenses for administrating the Company’s business. Operating costs are expensed as incurred. Judgment is required to determine whether to separately present cost of revenue, selling expenses, and general and administrative expenses. The Company considers materiality, the manner that operating costs can be separately identified, and what is most useful to financial statement users, and elects to present all costs and operating expenses as a single line item “cost, selling, general, and administrative expenses” as reflected in the consolidated statements of operations. Management believes that such presentation is meaningful when considering the nature of the Company’s operations and the manner in which the Company manages its business. The Company’s operating costs for the six months ended March 31, 2023 and 2022, consisted of the following: SCHEDULE OF OPERATING COSTS 2023 2022 For the Six Months ended March 31, 2023 2022 (Unaudited) (Unaudited) Salary and employee benefit expenses $ 318,750 $ 195,904 Professional and consulting service fees 429,896 468,971 Marketing and promotional expenses 209,564 104,808 Content license costs 30,000 25,059 Website and facility maintenance expenses 147,345 49,725 Depreciation and amortization 193,662 44,147 Utility and office expenses 251,563 56,779 Business travel and entertainment expenses 71,479 17,522 Others 344,633 40,458 Total operating costs $ 1,996,892 $ 1,003,373 Research and development The Company’s research and development activities primarily relate to the optimization and implementation of its websites and mobile apps (such as leveraging browser caching, improving server response time, removing render-blocking JavaScript, reducing redirects, and optimizing images), to improve their performance and drive more traffic. Research and development costs are expensed as incurred. Research and development expenses included in operating costs amounted to $ 147,345 47,577 Income taxes The Company accounts for current income taxes in accordance with the laws of the relevant tax authorities. Deferred income taxes are recognized when temporary differences exist between the tax bases of assets and liabilities and their reported amounts in the consolidated financial statements. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period including the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. An uncertain tax position is recognized only if it is “more likely than not” that the tax position would be sustained in a tax examination. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. Penalties and interest incurred related to underpayment of income tax are classified as income tax expense in the period incurred. No significant penalties or interest relating to income taxes were incurred during the six months ended March 31, 2023 and 2022. The Company does not believe there was any uncertain tax provision as of March 31, 2023 and September 30, 2022. The Company’s operating subsidiaries in Malaysia are subject to the income tax laws of Malaysia. No significant income was generated outside Malaysia for the six months ended March 31, 2023 and 2022. As of March 31, 2023, all of the Company’s tax returns of its Malaysian subsidiaries remain open for statutory examination by relevant tax authorities for seven years from the date the corporate income tax return was filed. Service taxes Service tax is a consumption tax levied by Malaysian tax authorities and is charged on any taxable service income (including digital services) provided in Malaysia by a registered company in carrying on their business. The rate of service tax is 6 500,000 107,000 134,824 171,671 Earnings (loss) per share The Company computes earnings (loss) per share (“EPS”) in accordance with ASC 260, “Earnings per Share” (“ASC 260”). ASC 260 requires companies with complex capital structures to present basic and diluted EPS. Basic EPS is measured as net income (loss) divided by the weighted average common shares outstanding for the period. Diluted EPS presents the dilutive effect on a per share basis of potential common shares (e.g., convertible securities, options, and warrants) as if they had been converted at the beginning of the periods presented, or issuance date, if later. Potential common shares that have an anti-dilutive effect (i.e., those that increase income per share or decrease loss per share) are excluded from the calculation of diluted EPS. For the six months ended March 31, 2023 and 2022, there were no dilutive shares. Statement of cash flows In accordance with ASC 230, “Statement of Cash Flows,” cash flows from the Company’s operations are formulated based upon the local currencies using the average exchange rate in the period. As a result, amounts related to assets and liabilities reported on the statements of cash flows will not necessarily agree with changes in the corresponding balances on the balance sheets. Related parties and transactions The Company identifies related parties, and accounts for, discloses related party transactions in accordance with ASC 850, “Related Party Disclosures” and other relevant ASC standards. 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 operational decisions. Companies are also considered to be related if they are subject to common control or common significant influence. Transactions between related parties commonly occurring in the normal course of business are considered to be related party transactions. Transactions between related parties are also considered to be related party transactions even though they may not be given accounting recognition. While ASC does not provide accounting or measurement guidance for such transactions, it nonetheless requires their disclosure. Defined contribution plan The full-time employees of the Company’s subsidiaries in Malaysia are entitled to the government mandated defined contribution plan, such as social security, employee provident fund, employment insurance, and human resource development fund, as required by labor laws in Malaysia. The Company is required to accrue and pay for these benefits based on certain percentages of the employees’ respective salaries, subject to certain ceilings, in accordance with the relevant government regulations, and make cash contributions to the government mandated defined contribution plan. Employee defined contribution plan expenses amounted to $ 59,510 16,723 Recent accounting pronouncements The Company considers the applicability and impact of all ASUs. Management periodically reviews new accounting standards that are issued. In June 2016, the Financial Accounting Standards Board (the “FASB”) issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326) (“ASU 2016-13”), which requires entities to measure all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. This replaces the existing incurred loss model and is applicable to the measurement of credit losses on financial assets measured at amortized cost. ASU 2016-13 was subsequently amended by ASU 2018-19, Codification Improvements to Topic 326, Financial Instruments – Credit Losses, ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments – Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments, and ASU 2019-05, Targeted Transition Relief. In November 2019, the FASB issued ASU 2019-10, which extends the effective date for adoption of ASU 2016-13. In November 2019, the FASB issued ASU 2019-11 to clarify its new credit impairment guidance in ASU 326. Accordingly, for public entities that are not smaller reporting entities, ASU 2016-13 and its amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. For all other entities, this guidance and its amendments will be effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. As an emerging growth company, the Company plans to adopt this guidance effective October 1, 2023. The Company is currently evaluating the impact of its pending adoption of ASU 2016-13 on its consolidated financial statements. Except as mentioned above, the Company does not believe other recently issued but not yet effective accounting standards, if currently adopted, would have a material effect on the Company’s unaudited condensed consolidated balance sheets, statements of operations and comprehensive income, and statements of cash flows. | |
One Eighty Holdings Ltd [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of presentation and principles of consolidation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”). The accompanying consolidated financial statements include the financial statements of One Eighty Holdings and its wholly owned subsidiaries 180 Degrees and Media Elements. All inter-company balances and transactions are eliminated upon consolidation. Uses of estimates In preparing the consolidated financial statements in conformity with U.S. GAAP, management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. These estimates are based on information as of the date of the consolidated financial statements. Significant estimates required to be made by management include the valuation of accounts receivable, useful lives of property and equipment assets, the impairment of long-lived assets, realization of deferred tax assets, management of right-of-use assets, and lease liabilities. Actual results could differ from those estimates. Risks and uncertainties The main operations of the Company are located in Malaysia. Accordingly, the Company’s business, financial condition, and results of operations may be influenced by changes in political, economic, social, regulatory, and legal environments in Malaysia, as well as by the general state of the economy in Malaysia. The Company believes that it complies with existing laws and regulations, including its organization and structure disclosed in Note 1, this may not be indicative of future results. The Company’s business, financial condition, and results of operations may also be negatively impacted by risks related to natural disasters, extreme weather conditions, health epidemics, and other catastrophic incidents, which could significantly disrupt the Company’s operations. The COVID-19 pandemic has adversely affected the Company’s business operations. Specifically, prior to April 1, 2022, significant governmental measures implemented by the Malaysian government, including various stages of lockdowns, closures, quarantines, and travel bans, led to the store closure of some of the Company’s offline merchants. As a result, the Company generated net income of $ 0.11 0.91 Cash and Cash Equivalents Cash includes currency on hand and deposits held by banks that can be added or withdrawn without limitation. The Company maintains all of its bank accounts in Malaysia. Cash deposit with financial institutions in Malaysia is subject to certain protection under the requirement of the deposit insurance system. The maximum insurance coverage limit is MYR 250,000 60,000 1,434,174 783,282 1,002,046 451,626 132,855 126,464 Accounts receivable, net Accounts receivable are presented net of allowance for doubtful accounts. The Company determines the adequacy of allowance for doubtful accounts based on individual account analysis, historical collection trend, and the best estimate of specific losses on individual exposures. The Company establishes a provision for doubtful receivables when there is objective evidence that the Company may not be able to collect amounts due. Actual amounts received may differ from management’s estimate of credit worthiness and the economic environment. Delinquent account balances are written off against the allowance for doubtful accounts after management has determined that the likelihood of collection is not probable. As of March 31, 2023 and September 30, 2022, there was no allowance for doubtful accounts recorded as the Company considers all of the outstanding accounts receivable fully collectible. Investments Investments with original maturities of 91 days to one year are considered short-term investments; investments with original maturities of more than one year are classified as long-term investments. The investments are carried at cost with interest earned, which approximates fair value. Property and equipment Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation and amortization of property and equipment are provided using the straight-line method over their expected useful lives, as follows: SCHEDULE OF PROPERTY AND EQUIPMENT USEFUL LIVES Useful life Equipment and furniture 4 10 Property 50 Expenditures for maintenance and repair, which do not materially extend the useful lives of the assets, are charged to expenses as incurred. Expenditures for major renewals and betterments which substantially extend the useful life of assets are capitalized. The cost and related accumulated depreciation of assets retired or sold are removed from the respective accounts, and any gain or loss is recognized in the consolidated statements of operations and comprehensive income (loss) in other income (expenses). Impairment of long-lived assets Long-lived assets with finite lives, primarily property and equipment, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If the estimated future undiscounted cash flows from the use of the asset and its eventual disposition are below the asset’s carrying value, the asset is deemed to be impaired and written down to its fair value. There were no impairments of these assets as of March 31, 2023 and September 30, 2022. Fair value of financial instruments Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A three-level fair value hierarchy prioritizes the inputs used to measure fair value. The hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows: ● Level 1 — inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. ● Level 2 — inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, quoted market prices for identical or similar assets in markets that are not active, inputs other than quoted prices that are observable and inputs derived from or corroborated by observable market data. ● Level 3 — inputs to the valuation methodology are unobservable. Unless otherwise disclosed, the fair value of the Company’s financial instruments, including cash, short-term investments, accounts receivable, prepaid expenses and other current assets, advance from customers, taxes payable, due to a related party, and accrued expenses and other current liabilities approximated the fair value of the respective assets and liabilities as of March 31, 2023 and September 30, 2022 based upon the short-term nature of the assets and liabilities. Foreign currency translation The functional currency for One Eighty Holdings, 180 Degrees, and Media Elements is Malaysian Ringgit (“MYR”). The Company’s consolidated financial statements have been translated into and reported in US$. Assets and liabilities accounts are translated using the exchange rate at each reporting period end date. Equity accounts are translated at historical rates. Income and expense accounts are translated at the average rate of exchange during the reporting period. The resulting translation adjustments are reported under other comprehensive income. Gains and losses resulting from the translations of foreign currency transactions and balances are reflected in the results of operations. The following table outlines the currency exchange rates that were used in creating the consolidated financial statements in this report: SCHEDULE OF CURRENCY EXCHANGE RATE March 31, 2023 September 30, 2022 Spot rate US$ 1 4.4131 US$ 1 4.6359 Average rate US$ 1 4.4783 US$ 1 4.3041 Comprehensive income (loss) Comprehensive income (loss) consists of two components, net income (loss) and other comprehensive income (loss). The foreign currency translation gain or loss resulting from the translation of the financial statements expressed in MYR to US$ is reported in other comprehensive income (loss) in the consolidated statements of operations and comprehensive income (loss). Revenue recognition To determine revenue recognition for contracts with customers, the Company performs the following five steps: (i) identify the contract(s) with the customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, including variable consideration to the extent that it is probable that a significant future reversal will not occur, (iv) allocate the transaction price to the respective performance obligations in the contract, and (v) recognize revenue when (or as) the Company satisfies the performance obligation. The Company currently generates its revenue from the following main sources: Revenue from advertising and brand-building related consulting services (“creative income”) The Company’s advertising service revenue is derived principally from advertising and brand-building service agreements with customers, pursuant to which the Company provides creative ideas, strategies, proposals, and solutions to customers for advertising and brand positioning, helping them create appropriate advertising languages or images, identifying appropriate communication media channels, incorporating advertising and brand promotion strategies into their marketing plans, and recommending and coordinating the customers with relevant media channels for advertisement display or broadcasting. The Company’s agreements with customers are fixed-price agreements, and the service fee depends on job scope and complexity of each project. It normally takes a few months to one-year to complete a project, including market research, advertisement idea conceptualization, brand positioning proposals, and final delivery of customer accepted proposal and solutions. Each of the service promises in an advertising and brand-building related consulting service agreement is not distinct in the context because they are the inputs to deliver the combined output. Therefore, these performance obligations are identified as a combined single performance obligation. Once customers accept the final deliverables, which marks the completion of the agreement, there are no future obligations and no rights of refund. The Company allocates contract price to such single performance obligation over the service period. Revenue from such services is recognized over the period. Advances or deposits from customers are deferred first and then recognized as revenue until the completion of the service. The Company is acting as a principal in these transactions , because the Company has discretion in establishing prices, and is responsible for . Revenue from photograph, commercial video and audio recording, and production services (“production income”) The Company signs fixed-price agreements with customers who already have their own concept or ideas for the commercial photo, video, and audio, but need professionals and talents to help turn their unique vision, voice, and expression into displayable and captivating ads in photograph, video, or audio format. The Company’s performance obligations include identifying, organizing, and coordinating with professional teams (including qualified photographer, videographer, film directors, actors or models, commercial voiceover talents, stylists, makeup artists, editors, video and audio engineers, and music mixing engineer) to perform such services, shooting location rental, equipment and transportation vehicle rental, developing the script for the dialog for photographing and video and audio recording, post production edit, and the delivery of final quality product to customers to satisfy their ultimate advertising needs. As a result of these combined performance obligations, the Company delivers the final photograph and commercial video or audio recording outputs to customers when the related services are rendered. These services are not distinct in the context of the service agreements because they are the inputs to deliver the combined output to the customers. The agreement with customers for such photograph, commercial video and audio recording, and production services specifies the service fees, payment terms, work scope, and arrangements. Once customers accept the final deliverables, which marks the completion of the agreement, there are no future obligations and no rights of refund. The Company allocates contract price to such single performance obligation at the point when the services are rendered and the photograph, video, and audio recording products are delivered to customers. Revenue is recognized at the point when the final products are delivered to customers and are accepted by them. The Company is acting as a principal and records revenue earned and costs incurred related to these transactions on a gross basis, because the Company has the discretion in establishing prices, is responsible for fulfilling the promises and delivering the final products to the customer, assumes fulfilment risk having latitude in select third-party professional teams to complete the advertising production job, and bears the risk for services that are not fully paid for by customers. Revenue from marketing and promotional campaign services The Company assists merchants to plan, arrange, and execute seasonal on-the-ground sales and promotional campaign, normally within shopping malls. The Company’s services include providing the sales campaign proposals, coordinating with shopping mall owners for location rental, assisting merchant clients for equipment rental, advising the clients for site layout arrangements and decorations, and providing product display strategies. The Company considers these a single performance obligation. It usually takes a few days to a few weeks from the preparation of the marketing and sales campaign event to the execution. The service agreement with a merchant client is a fixed-price agreement, and the Company is entitled to receive the payment when the related services are rendered. Contract price is allocated to one single performance obligation upon rendering the services. Revenue is recognized at the point when the marketing and promotion event is organized and related services are performed. The Company is acting as a principal for such service and records revenue earned and costs incurred related to these services on a gross basis, because the Company has latitude in establishing prices, and is responsible for fulfilling the promise and providing customers with the specified services. Revenue from social media management services The Company provides social media account management services to achieve the target impression requested by clients, assisting in monitoring clients’ media account deductions and payments, assisting clients in targeting specific audiences at specific times, and notifying clients of media account impressions and balances. The Company charges a fixed service fee based on the service scope. The service term duration is usually a few months. Once customers accepted the final deliverables, which marks the completion of the agreements, there are no future obligations and no rights of refund. These management services are identified as a single performance obligation. The Company allocates contract price to such single performance obligation over the period, and revenue is recognized over the service period on a monthly basis when the services are rendered to customers for that month. The Company is acting as a principal for such service and records revenue earned and costs incurred related to these services on a gross basis, because the Company has latitude in establishing prices, and is responsible for fulfilling the promise and providing customers with the specified services. Revenue from marketing material printing services The Company provides printing services to customers, including printing of marketing posters, flyers, brochures, marketing catalogs, and retail point-of-sale and promotional materials. The agreement with customers for such printing services specifies the related service fees and payment terms. The only performance obligation for such services is to deliver the printed products to customers. Once customers accepted the final deliverables, which marks the completion of the agreements, there are no future obligations and no rights of refund. Revenue from printing service is recognized at the point when the printed products are delivered to the customers. The Company outsources most of the printing job to external printing companies, but the Company still acts as the principal for such services and records revenue earned and costs incurred related to these transactions on a gross basis, because the Company has the discretion in establishing prices, is responsible for fulfilling the promises and delivering the final products to the customer, assumes fulfilment risk having latitude in select third-party printing companies to complete the printing job, and bears the risk for services that are not fully paid for by customers. Revenue from media agency services The Company sells media companies’ advertising space to customers on behalf of the media companies. Media channels booking includes press media booking, TV commercial airtime booking, broadcasting or radio media booking, billboard media booking, and digital media booking. The Company signs an agency agreement with media companies’ owners for selling their advertising space to merchant customers with advertising needs. The Company’s performance obligations include referring the merchant customer to the corresponding media company and getting paid from the media company a referral fee or commission at a pre-determined rate negotiated with the media company, which is a rate based on the advertising amount purchased or spent by the merchant customers. Revenue is recognized at the point when the merchant customer posted their advertisement on the media channel. The Company is acting as an agent in these transactions, as it does not have discretion in establishing prices, and is not responsible for fulfilling the promise and providing customers the specified services and deliverables. Disaggregation of revenue The Company disaggregates its revenue by service types into six revenue streams, as the Company believes it best depicts how the nature, amount, timing, and uncertainty of the revenue and cash flows are affected by economic factors. The summary of the Company’s revenue streams for the six months ended March 31, 2023 and 2022 is as follows: SCHEDULE OF DISAGGREGATION OF REVENUE 2023 2022 Creative income $ 1,628,929 $ 579,296 Production income 394,775 699,881 Promotional campaign services 560,057 685,321 Social media management income - 78,713 Printing income 4,623 517 Media agency income 197,064 50,860 Total operating revenue $ 2,785,448 $ 2,094,588 Operating leases On October 1, 2020, the Company adopted Accounting Standards Updates (“ASU”) 2016-02, Leases (Topic 842), as amended (“ASC 842”), which supersedes the lease accounting guidance under Topic 840, and generally requires lessees to recognize operating and finance lease liabilities and corresponding right-of-use assets on the balance sheet and to provide enhanced disclosures surrounding the amount, timing, and uncertainty of cash flows arising from leasing arrangements. The Company elected to apply practical expedients permitted under the transition method that allow the Company to use the beginning of the period of adoption as the date of initial application, to not recognize lease assets and lease liabilities for leases with a term of 12 months or less, to not separate non-lease components from lease components, and to not reassess lease classification, treatment of initial direct costs, or whether an existing or expired contract contains a lease. The Company used a modified retrospective method and did not adjust the prior comparative periods. Under the new lease standard, the Company determines if an arrangement is or contains a lease at inception. Right-of-use assets and liabilities are recognized at the lease commencement date based on the present value of remaining lease payments over the lease terms. The Company considers only payments that are fixed and determinable at the time of lease commencement. At the commencement date, the Company recognizes the lease liability at the present value of the lease payments not yet paid, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Company’s incremental borrowing rate for the same term as the underlying lease. The right-of-use asset is recognized initially at cost, which primarily comprises the initial amount of the lease liability, plus any initial direct costs incurred, consisting mainly of brokerage commissions, less any lease incentives received. All right-of-use assets are reviewed for impairment annually. There was no impairment for right-of-use lease assets as of March 31, 2023 and September 30, 2022. Income taxes The Company accounts for current income taxes in accordance with the laws of the relevant tax authorities. Deferred income taxes are recognized when temporary differences exist between the tax bases of assets and liabilities and their reported amounts in the consolidated financial statements. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period including the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. An uncertain tax position is recognized only if it is “more likely than not” that the tax position would be sustained in a tax examination. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. Penalties and interest incurred related to underpayment of income tax are classified as income tax expense in the period incurred. No significant penalties or interest relating to income taxes were incurred during the six months ended March 31, 2023 and 2022. The Company does not believe there was any uncertain tax provision as of March 31, 2023 and September 30, 2022. The Company’s operating subsidiaries in Malaysia are subject to the income tax laws of Malaysia. No significant income was generated outside Malaysia for the six months ended March 31, 2023 and 2022. The Company’s income tax returns of its Malaysian subsidiaries filed for the fiscal years ended on September 30, 2017 and thereafter are subject to examination by the relevant taxing authorities. Service taxes Service tax is a consumption tax levied by Malaysian tax authorities and is charged on any taxable service income (including digital services) provided in Malaysia by a registered company in carrying on their business. The rate of service tax is 6 500,000 184,399 155,098 Statement of cash flows In accordance with ASC 230, “Statement of Cash Flows,” cash flows from the Company’s operations are formulated based upon the local currencies using the average exchange rate in the period. As a result, amounts related to assets and liabilities reported on the statements of cash flows will not necessarily agree with changes in the corresponding balances on the balance sheets. Related parties and transactions The Company identifies related parties, and accounts for, discloses related party transactions in accordance with ASC 850, “Related Party Disclosures,” and other relevant ASC standards. 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 operational decisions. Companies are also considered to be related if they are subject to common control or common significant influence. Transactions between related parties commonly occurring in the normal course of business are considered to be related party transactions. Transactions between related parties are also considered to be related party transactions even though they may not be given accounting recognition. While ASC does not provide accounting or measurement guidance for such transactions, it nonetheless requires their disclosure. Recent accounting pronouncements The Company considers the applicability and impact of all ASUs. Management periodically reviews new accounting standards that are issued. Recently adopted accounting pronouncements In December 2020, the FASB issued ASU 2020-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2020-12”). ASU 2020-12 is intended to simplify accounting for income taxes. It removes certain exceptions to the general principles in Topic 740 and amends existing guidance to improve consistent application. ASU 2020-12 is effective for fiscal years beginning after December 15, 2021 and interim periods within those fiscal years, with early adoption permitted. The adoption of the new guidance did not have a significant impact on the Company’s consolidated financial statements. Recent accounting pronouncements not yet adopted In June 2016, the Financial Accounting Standards Board (the “FASB”) issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326) (“ASU 2016-13”), which requires entities to measure all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. This replaces the existing incurred loss model and is applicable to the measurement of credit losses on financial assets measured at amortized cost. ASU 2016-13 was subsequently amended by ASU 2018-19, Codification Improvements to Topic 326, Financial Instruments – Credit Losses, ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments – Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments, and ASU 2019-05, Targeted Transition Relief. In November 2019, the FASB issued ASU 2019-10, which extends the effective date for adoption of ASU 2016-13. In November 2019, the FASB issued ASU 2019-11 to clarify its new credit impairment guidance in ASU 326. Accordingly, for public entities that are not smaller reporting entities, ASU 2016-13 and its amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. For all other entities, this guidance and its amendments will be effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. As an emerging growth company, the Company plans to adopt this guidance effective October 1, 2023. The Company is currently evaluating the impact of its pending adoption of ASU 2016-13 on its consolidated financial statements. | NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of presentation and principles of consolidation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”). The accompanying consolidated financial statements include the financial statements of One Eighty Holdings and its wholly owned subsidiaries 180 Degrees and Media Elements. All inter-company balances and transactions are eliminated upon consolidation. Uses of estimates In preparing the consolidated financial statements in conformity with U.S. GAAP, management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. These estimates are based on information as of the date of the consolidated financial statements. Significant estimates required to be made by management include the valuation of accounts receivable, useful lives of property and equipment assets, the impairment of long-lived assets, realization of deferred tax assets, management of right-of-use assets, and lease liabilities. Actual results could differ from those estimates. Risks and uncertainties The main operations of the Company are located in Malaysia. Accordingly, the Company’s business, financial condition, and results of operations may be influenced by changes in political, economic, social, regulatory, and legal environments in Malaysia, as well as by the general state of the economy in Malaysia. The Company believes that it complies with existing laws and regulations, including its organization and structure disclosed in Note 1, this may not be indicative of future results. The Company’s business, financial condition, and results of operations may also be negatively impacted by risks related to natural disasters, extreme weather conditions, health epidemics, and other catastrophic incidents, which could significantly disrupt the Company’s operations. The COVID-19 pandemic has adversely affected the Company’s business operations. Specifically, prior to April 1, 2022, significant governmental measures implemented by the Malaysian government, including various stages of lockdowns, closures, quarantines, and travel bans, led to the store closure of some of the Company’s offline merchants. As a result, the Company incurred a net loss of $ 0.34 1.7 Cash Cash includes currency on hand and deposits held by banks that can be added or withdrawn without limitation. The Company maintains all of its bank accounts in Malaysia. Cash deposit with financial institutions in Malaysia is subject to certain protection under the requirement of the deposit insurance system. The maximum insurance coverage limit is MYR 250,000 60,000 783,282 709,997 451,626 340,939 126,464 20,233 Accounts receivable, net Accounts receivable are presented net of allowance for doubtful accounts. The Company determines the adequacy of allowance for doubtful accounts based on individual account analysis, historical collection trend, and the best estimate of specific losses on individual exposures. The Company establishes a provision for doubtful receivables when there is objective evidence that the Company may not be able to collect amounts due. Actual amounts received may differ from management’s estimate of credit worthiness and the economic environment. Delinquent account balances are written off against the allowance for doubtful accounts after management has determined that the likelihood of collection is not probable. As of September 30, 2022 and 2021, there was no allowance for doubtful accounts recorded as the Company considers all of the outstanding accounts receivable fully collectible. Property and equipment Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation and amortization of property and equipment are provided using the straight-line method over their expected useful lives, as follows: SCHEDULE OF PROPERTY AND EQUIPMENT USEFUL LIVES Useful life Equipment and furniture 4 10 Property 50 Expenditures for maintenance and repair, which do not materially extend the useful lives of the assets, are charged to expenses as incurred. Expenditures for major renewals and betterments which substantially extend the useful life of assets are capitalized. The cost and related accumulated depreciation of assets retired or sold are removed from the respective accounts, and any gain or loss is recognized in the consolidated statements of operations and comprehensive income (loss) in other income (expenses). Impairment of long-lived assets Long-lived assets with finite lives, primarily property and equipment, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If the estimated future undiscounted cash flows from the use of the asset and its eventual disposition are below the asset’s carrying value, the asset is deemed to be impaired and written down to its fair value. There were no impairments of these assets as of September 30, 2022 and 2021. Fair value of financial instruments Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A three-level fair value hierarchy prioritizes the inputs used to measure fair value. The hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows: ● Level 1 — inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. ● Level 2 — inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, quoted market prices for identical or similar assets in markets that are not active, inputs other than quoted prices that are observable and inputs derived from or corroborated by observable market data. ● Level 3 — inputs to the valuation methodology are unobservable. Unless otherwise disclosed, the fair value of the Company’s financial instruments, including cash, short-term investments, accounts receivable, prepaid expenses and other current assets, advance from customers, taxes payable, due to a related party, and accrued expenses and other current liabilities approximated the fair value of the respective assets and liabilities as of September 30, 2022 and 2021 based upon the short-term nature of the assets and liabilities. Foreign currency translation The functional currency for One Eighty Holdings, 180 Degrees, and Media Elements is Malaysian Ringgit (“MYR”). The Company’s consolidated financial statements have been translated into and reported in US$. Assets and liabilities accounts are translated using the exchange rate at each reporting period end date. Equity accounts are translated at historical rates. Income and expense accounts are translated at the average rate of exchange during the reporting period. The resulting translation adjustments are reported under other comprehensive income. Gains and losses resulting from the translations of foreign currency transactions and balances are reflected in the results of operations. The following table outlines the currency exchange rates that were used in creating the consolidated financial statements in this report: SCHEDULE OF CURRENCY EXCHANGE RATE September 30, 2022 September 30, 2021 Year-end spot rate US$ 1 4.6359 US$ 1 4.1870 Average rate US$ 1 4.3041 US$ 1 4.1249 Comprehensive income (loss) Comprehensive income (loss) consists of two components, net income (loss) and other comprehensive income (loss). The foreign currency translation gain or loss resulting from the translation of the financial statements expressed in MYR to US$ is reported in other comprehensive income (loss) in the consolidated statements of operations and comprehensive income (loss). Revenue recognition To determine revenue recognition for contracts with customers, the Company performs the following five steps: (i) identify the contract(s) with the customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, including variable consideration to the extent that it is probable that a significant future reversal will not occur, (iv) allocate the transaction price to the respective performance obligations in the contract, and (v) recognize revenue when (or as) the Company satisfies the performance obligation. The Company currently generates its revenue from the following main sources: Revenue from advertising and brand-building related consulting services (“creative income”) The Company’s advertising service revenue is derived principally from advertising and brand-building service agreements with customers, pursuant to which the Company provides creative ideas, strategies, proposals, and solutions to customers for advertising and brand positioning, helping them create appropriate advertising languages or images, identifying appropriate communication media channels, incorporating advertising and brand promotion strategies into their marketing plans, and recommending and coordinating the customers with relevant media channels for advertisement display or broadcasting. The Company’s agreements with customers are fixed-price agreements, and the service fee depends on job scope and complexity of each project. It normally takes a few months to one-year to complete a project, including market research, advertisement idea conceptualization, brand positioning proposals, and final delivery of customer accepted proposal and solutions. Each of the service promises in an advertising and brand-building related consulting service agreement is not distinct in the context because they are the inputs to deliver the combined output. Therefore, these performance obligations are identified as a combined single performance obligation. Once customers accept the final deliverables, which marks the completion of the agreement, there are no future obligations and no rights of refund. The Company allocates contract price to such single performance obligation over the service period. Revenue from such services is recognized over the period. Advances or deposits from customers are deferred first and then recognized as revenue until the completion of the service. The Company is acting as a principal in these transactions and records revenue earned and costs incurred related to these transactions on a gross basis , because the Company has discretion in establishing prices, and is responsible for . Revenue from photograph, commercial video and audio recording, and production services (“production income”) The Company signs fixed-price agreements with customers who already have their own concept or ideas for the commercial photo, video, and audio, but need professionals and talents to help turn their unique vision, voice, and expression into displayable and captivating ads in photograph, video, or audio format. The Company’s performance obligations include identifying, organizing, and coordinating with professional teams (including qualified photographer, videographer, film directors, actors or models, commercial voiceover talents, stylists, makeup artists, editors, video and audio engineers, and music mixing engineer) to perform such services, shooting location rental, equipment and transportation vehicle rental, developing the script for the dialog for photographing and video and audio recording, post production edit, and the delivery of final quality product to customers to satisfy their ultimate advertising needs. As a result of these combined performance obligations, the Company delivers the final photograph and commercial video or audio recording outputs to customers when the related services are rendered. These services are not distinct in the context of the service agreements because they are the inputs to deliver the combined output to the customers. The agreement with customers for such photograph, commercial video and audio recording, and production services specifies the service fees, payment terms, work scope, and arrangements. Once customers accept the final deliverables, which marks the completion of the agreement, there are no future obligations and no rights of refund. The Company allocates contract price to such single performance obligation at the point when the services are rendered and the photograph, video, and audio recording products are delivered to customers. Revenue is recognized at the point when the final products are delivered to customers and are accepted by them. The Company is acting as a principal and records revenue earned and costs incurred related to these transactions on a gross basis, because the Company has the discretion in establishing prices, is responsible for fulfilling the promises and delivering the final products to the customer, assumes fulfilment risk having latitude in select third-party professional teams to complete the advertising production job, and bears the risk for services that are not fully paid for by customers. Revenue from marketing and promotional campaign services The Company assists merchants to plan, arrange, and execute seasonal on-the-ground sales and promotional campaign, normally within shopping malls. The Company’s services include providing the sales campaign proposals, coordinating with shopping mall owners for location rental, assisting merchant clients for equipment rental, advising the clients for site layout arrangements and decorations, and providing product display strategies. The Company considers these a single performance obligation. It usually takes a few days to a few weeks from the preparation of the marketing and sales campaign event to the execution. The service agreement with a merchant client is a fixed-price agreement, and the Company is entitled to receive the payment when the related services are rendered. Contract price is allocated to one single performance obligation upon rendering the services. Revenue is recognized at the point when the marketing and promotion event is organized and related services are performed. The Company is acting as a principal for such service and records revenue earned and costs incurred related to these services on a gross basis, because the Company has latitude in establishing prices, and is responsible for fulfilling the promise and providing customers with the specified services. Revenue from social media management services The Company provides social media account management services to achieve the target impression requested by clients, assisting in monitoring clients’ media account deductions and payments, assisting clients in targeting specific audiences at specific times, and notifying clients of media account impressions and balances. The Company charges a fixed service fee based on the service scope. The service term duration is usually a few months. Once customers accepted the final deliverables, which marks the completion of the agreements, there are no future obligations and no rights of refund. These management services are identified as a single performance obligation. The Company allocates contract price to such single performance obligation over the period, and revenue is recognized over the service period on a monthly basis when the services are rendered to customers for that month. The Company is acting as a principal for such service and records revenue earned and costs incurred related to these services on a gross basis, because the Company has latitude in establishing prices, and is responsible for fulfilling the promise and providing customers with the specified services. Revenue from marketing material printing services The Company provides printing services to customers, including printing of marketing posters, flyers, brochures, marketing catalogs, and retail point-of-sale and promotional materials. The agreement with customers for such printing services specifies the related service fees and payment terms. The only performance obligation for such services is to deliver the printed products to customers. Once customers accepted the final deliverables, which marks the completion of the agreements, there are no future obligations and no rights of refund. Revenue from printing service is recognized at the point when the printed products are delivered to the customers. The Company outsources most of the printing job to external printing companies, but the Company still acts as the principal for such services and records revenue earned and costs incurred related to these transactions on a gross basis, because the Company has the discretion in establishing prices, is responsible for fulfilling the promises and delivering the final products to the customer, assumes fulfilment risk having latitude in select third-party printing companies to complete the printing job, and bears the risk for services that are not fully paid for by customers. Revenue from media agency services The Company sells media companies’ advertising space to customers on behalf of the media companies. Media channels booking includes press media booking, TV commercial airtime booking, broadcasting or radio media booking, billboard media booking, and digital media booking. The Company signs an agency agreement with media companies’ owners for selling their advertising space to merchant customers with advertising needs. The Company’s performance obligations include referring the merchant customer to the corresponding media company and getting paid from the media company a referral fee or commission at a pre-determined rate negotiated with the media company, which is a rate based on the advertising amount purchased or spent by the merchant customers. Revenue is recognized at the point when the merchant customer posted their advertisement on the media channel. The Company is acting as an agent in these transactions, as it does not have discretion in establishing prices, and is not responsible for fulfilling the promise and providing customers the specified services and deliverables. Disaggregation of revenue The Company disaggregates its revenue by service types into six revenue streams, as the Company believes it best depicts how the nature, amount, timing, and uncertainty of the revenue and cash flows are affected by economic factors. The summary of the Company’s revenue streams for the fiscal years ended September 30, 2022 and 2021 is as follows: SCHEDULE OF DISAGGREGATION OF REVENUE 2022 2021 Creative income $ 3,483,215 $ 981,171 Production income 1,754,979 718,380 Promotional campaign services 635,830 931,637 Social media management income 106,145 26,898 Printing income 11,323 - Media agency income 182,405 184,583 Total operating revenue $ 6,173,897 $ 2,842,669 Operating leases On October 1, 2020, the Company adopted Accounting Standards Updates (“ASU”) 2016-02, Leases (Topic 842), as amended (“ASC 842”), which supersedes the lease accounting guidance under Topic 840, and generally requires lessees to recognize operating and finance lease liabilities and corresponding right-of-use assets on the balance sheet and to provide enhanced disclosures surrounding the amount, timing, and uncertainty of cash flows arising from leasing arrangements. The Company elected to apply practical expedients permitted under the transition method that allow the Company to use the beginning of the period of adoption as the date of initial application, to not recognize lease assets and lease liabilities for leases with a term of 12 months or less, to not separate non-lease components from lease components, and to not reassess lease classification, treatment of initial direct costs, or whether an existing or expired contract contains a lease. The Company used a modified retrospective method and did not adjust the prior comparative periods. Under the new lease standard, the Company determines if an arrangement is or contains a lease at inception. Right-of-use assets and liabilities are recognized at the lease commencement date based on the present value of remaining lease payments over the lease terms. The Company considers only payments that are fixed and determinable at the time of lease commencement. At the commencement date, the Company recognizes the lease liability at the present value of the lease payments not yet paid, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Company’s incremental borrowing rate for the same term as the underlying lease. The right-of-use asset is recognized initially at cost, which primarily comprises the initial amount of the lease liability, plus any initial direct costs incurred, consisting mainly of brokerage commissions, less any lease incentives received. All right-of-use assets are reviewed for impairment annually. There was no impairment for right-of-use lease assets as of September 30, 2022 and 2021. Income taxes The Company accounts for current income taxes in accordance with the laws of the relevant tax authorities. Deferred income taxes are recognized when temporary differences exist between the tax bases of assets and liabilities and their reported amounts in the consolidated financial statements. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period including the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. An uncertain tax position is recognized only if it is “more likely than not” that the tax position would be sustained in a tax examination. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. Penalties and interest incurred related to underpayment of income tax are classified as income tax expense in the period incurred. No significant penalties or interest relating to income taxes were incurred during the fiscal years ended September 30, 2022 and 2021. The Company does not believe there was any uncertain tax provision as of September 30, 2022 and 2021. The Company’s operating subsidiaries in Malaysia are subject to the income tax laws of Malaysia. No significant income was generated outside Malaysia for the fiscal years ended September 30, 2022 and 2021. The Company’s income tax returns of its Malaysian subsidiaries filed for the fiscal years ended on September 30, 2017 and thereafter are subject to examination by the relevant taxing authorities. Service taxes Service tax is a consumption tax levied by Malaysian tax authorities and is charged on any taxable service income (including digital services) provided in Malaysia by a registered company in carrying on their business. The rate of service tax is 6 500,000 321,696 304,751 Statement of cash flows In accordance with ASC 230, “Statement of Cash Flows,” cash flows from the Company’s operations are formulated based upon the local currencies using the average exchange rate in the period. As a result, amounts related to assets and liabilities reported on the statements of cash flows will not necessarily agree with changes in the corresponding balances on the balance sheets. Related parties and transactions The Company identifies related parties, and accounts for, discloses related party transactions in accordance with ASC 850, “Related Party Disclosures,” and other relevant ASC standards. 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 operational decisions. Companies are also considered to be related if they are subject to common control or common significant influence. Transactions between related parties commonly occurring in the normal course of business are considered to be related party transactions. Transactions between related parties are also considered to be related party transactions even though they may not be given accounting recognition. While ASC does not provide accounting or measurement guidance for such transactions, it nonetheless requires their disclosure. Recent accounting pronouncements The Company considers the applicability and impact of all ASUs. Management periodically reviews new accounting standards that are issued. Recently adopted accounting pronouncements In December 2020, the FASB issued ASU 2020-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2020-12”). ASU 2020-12 is intended to simplify accounting for income taxes. It removes certain exceptions to the general principles in Topic 740 and amends existing guidance to improve consistent application. ASU 2020-12 is effective for fiscal years beginning after December 15, 2021 and interim periods within those fiscal years, with early adoption permitted. The adoption of the new guidance did not have a significant impact on the Company’s consolidated financial statements. Recent accounting pronouncements not yet adopted In June 2016, the Financial Accounting Standards Board (the “FASB”) issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326) (“ASU 2016-13”), which requires entities to measure all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. This replaces the existing incurred loss model and is applicable to the measurement of credit losses on financial assets measured at amortized cost. ASU 2016-13 was subsequently amended by ASU 2018-19, Codification Improvements to Topic 326, Financial Instruments – Credit Losses, ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments – Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments, and ASU 2019-05, Targeted Transition Relief. In November 2019, the FASB issued ASU 2019-10, which extends the effective date for adoption of ASU 2016-13. In November 2019, the FASB issued ASU 2019-11 to clarify its new credit impairment guidance in ASU 326. Accordingly, for public entities that are not smaller reporting entities, ASU 2016-13 and its amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. For all other entities, this guidance and its amendments will be effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. As an emerging growth company, the Company plans to adopt this guidance effective October 1, 2023. The Company is currently evaluating the impact of its pending adoption of ASU 2016-13 on its consolidated financial statements. |
ACCOUNTS RECEIVABLE, NET
ACCOUNTS RECEIVABLE, NET | 6 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Sep. 30, 2022 | |
Restructuring Cost and Reserve [Line Items] | ||
ACCOUNTS RECEIVABLE, NET | NOTE 3 — ACCOUNTS RECEIVABLE, NET Accounts receivable, net, consisted of the following: SCHEDULE OF ACCOUNTS RECEIVABLE March 31, 2023 September 30, 2022 (Unaudited) Accounts receivable associated with digital advertising services $ 3,191,117 $ 2,032,717 Accounts receivable associated with cash rebate services 29,378 - Accounts receivable from software licensing 1,766,193 - Accounts receivable, gross 1,766,193 - Less: allowance for doubtful account - - Accounts receivable, net $ 4,986,688 $ 2,032,717 The September 30, 2022 accounts receivable balance has been fully collected. Approximately 40 SCHEDULE OF ACCOUNTS RECEIVABLE AND SUBSEQUENT COLLECTION Accounts receivable by aging bucket Balance as of March 31, 2023 Subsequent collection % of subsequent collection Less than 6 months $ 4,617,556 $ 1,614,547 35 % From 7 to 9 months 369,132 369,132 100 % From 10 to 12 months - - - % Over 1 year - - - % Total gross accounts receivable 4,986,688 1 ,983,679 40 % Allowance for doubtful accounts - - - Accounts receivable, net $ 4,986,688 $ 1,983,679 40 % | |
One Eighty Holdings Ltd [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
ACCOUNTS RECEIVABLE, NET | NOTE 3 — ACCOUNTS RECEIVABLE, NET Accounts receivable, net, consisted of the following: SCHEDULE OF ACCOUNTS RECEIVABLE March 31, 2023 September 30, 2022 Accounts receivable $ 2,763,511 $ 3,001,188 Less: allowance for doubtful account - - Accounts receivable, net $ 2,763,511 $ 3,001,188 Approximately 45 97 SCHEDULE OF ACCOUNTS RECEIVABLE AND SUBSEQUENT COLLECTION Accounts receivable by aging bucket Balance as of March 31, 2023 Subsequent collection % of subsequent collection From 1 to 3 months $ 1,165,461 $ 409,595 35 % From 4 to 6 months 1,598,050 842,407 53 % Over 6 months - - - % Total gross accounts receivable 2,763,511 1,252,002 45 % Allowance for doubtful accounts - - - Accounts receivable, net $ 2,763,511 $ 1,252,002 45 % Accounts receivable by aging bucket Balance as of September 30, 2022 Subsequent collection % of subsequent collection From 1 to 3 months $ 2,350,119 $ 2,259,547 96 % From 4 to 6months 640,895 640,895 100 % Over 6 months 10,174 9,301 91 % Total gross accounts receivable 3,001,188 2,909,743 97 % Allowance for doubtful accounts - - - Accounts receivable, net $ 3,001,188 $ 2,909,743 97 % | NOTE 3 — ACCOUNTS RECEIVABLE, NET Accounts receivable, net, consisted of the following: SCHEDULE OF ACCOUNTS RECEIVABLE September 30, 2022 September 30, Accounts receivable $ 3,001,188 $ 867,362 Less: allowance for doubtful account - - Accounts receivable, net $ 3,001,188 $ 867,362 Approximately 73 99 SCHEDULE OF ACCOUNTS RECEIVABLE AND SUBSEQUENT COLLECTION Accounts receivable by aging bucket Balance as of September 30, 2022 Subsequent collection % of subsequent collection From 1 to 3 months $ 2,350,119 $ 1,592,583 68 % From 4 to 6months 640,895 600,305 94 % Over 6 months 10,174 1,984 20 % Total gross accounts receivable 3,001,188 2,194,872 73 % Allowance for doubtful accounts - - - Accounts receivable, net $ 3,001,188 $ 2,194,872 73 % Accounts receivable by aging bucket Balance as of September 30, 2021 Subsequent collection % of subsequent collection From 1 to 3 months $ 555,561 $ 555,561 100 % From 4 to 6months 146,825 146,825 100 % Over 6 months 164,976 153,714 93 % Total gross accounts receivable 867,362 856,100 99 % Allowance for doubtful accounts - - - Accounts receivable, net $ 867,362 $ 856,100 99 % |
PREPAYMENTS
PREPAYMENTS | 6 Months Ended |
Mar. 31, 2023 | |
Disclosure Prepayments Abstract | |
PREPAYMENTS | NOTE 4— PREPAYMENTS Prepayments consisted of the following: SCHEDULE OF PREPAYMENTS March 31, 2023 September 30, 2022 (Unaudited) Prepayments: Speedprop Global Sdn. Bhd. (1) $ 1,786,514 $ 1,206,757 ARX Media Sdn. Bhd. (2) 9,686,697 2,469,425 Boring Lark Sdn Bhd. (3) 1,812,800 - Teclutions Sdn. Bhd. (4) 312,255 - Others (5) 849,746 593,429 Less: allowance for doubtful account - - Total prepayments $ 14,448,012 $ 4,269,611 The Company currently operates its business through its GETBATS, SEEBATS, and PAYBATS websites and mobile applications. The satisfactory performance, reliability, and availability of the Company’s information technology systems are critical to its ability to drive more internet traffic to its advertising websites and mobile apps and provide effective digital advertising services for brands and retailers, especially when the Company starts to expand its business from Malaysia to neighboring countries such as Indonesia, Philippine, and Thailand. (1) On June 19, 2022, the Company entered into an agreement with a third-party vendor, Speedprop Global Sdn. Bhd. (“Speedprop”), pursuant to which Speedprop will help the Company develop the Augmented Reality (“AR”) travel guide app with key commercial objectives to provide personalized instant rebates, voucher distribution, and ad placements for merchants. Total contract price amounted to MYR 10.8 2.3 1,786,514 7,884,000 1,206,757 5,594,400 (2) In order to upgrade the Company’s existing software and operating systems to increase the data processing capability, to diversify the Company’s business operation model, and to support its future business expansion, on August 1, 2022, the Company signed a contract with a third-party technology solution company, ARX Media Sdn. Bhd. (“ARX”), to conduct software application design and development for the Company’s Virtual Reality Rebate Mall project. ARX is a full-stacked technology solution company specializing in design and development of application of AR, Mixed Reality, Virtual Reality (“VR”), Integrated Business Solution, and Internet of Things to help business entities stand out among the crowd. Pursuant to the contract, ARX will help the Company conduct market research, prepare a feasibility study, VR Mall Data Management system software conceptualization, visualization, system coding, testing, and debugging, and to initialize and rollout the application as a progressive web portal, which can be further developed into a mobile app to allow integration to various platforms. Total contract price for this project amounted to MYR 13.5 2.9 2,469,425 11.4 In October 2022, the Company signed a new contract with ARX, to conduct software application design and development project. Total contract price amounted to MYR 218.75 47.2 47.2 25.2 111.0 18.13 80 (3) On January 16, 2023, the Company entered into an agreement with a third-party vendor, Boring Lark Sdn Bhd. (“Boring Lark”), to conduct design and application development of an Artificial Intelligence Chatbot systems and also provide system maintenance services to the Company. A total contract price of $ 2.2 10 1.8 8 (4) On January 17, 2023, the Company entered into an agreement with a third-party vendor, Teclutions Sdn. Bhd. (“Teclutions”), pursuant to which, Teclutions will utilize the VR technology to help the Company design a Conversational AI Chatbot system for integration of the mobile app and website. A total contract price of $ 0.1 0.6 0.1 0.5 In addition, on March 15, 2023, the Company entered into another agreement with Teclutions to design and develop a Conversational AI Chatbot Integration VR headgear platform. A total contract price of $ 0.2 1 0.2 0.9 (5) Prepayments to others primarily include prepayments to third-party vendors and service providers for domain renewal services, promotion and advertisement system integration services, rental deposits, and prepayment of taxation. As of March 31, 2023 and September 30, 2022, there was no allowance for doubtful accounts recorded as the Company considers all of the prepayments fully realizable. |
PROPERTY AND EQUIPMENT, NET
PROPERTY AND EQUIPMENT, NET | 6 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Sep. 30, 2022 | |
Restructuring Cost and Reserve [Line Items] | ||
PROPERTY AND EQUIPMENT, NET | NOTE 5 — PROPERTY AND EQUIPMENT, NET Property and equipment, net, consisted of the following: SCHEDULE OF PROPERTY, PLANT AND EQUIPMENT March 31, 2023 September 30, 2022 (Unaudited) Office equipment and furniture $ 29,189 $ 21,407 Less: accumulated depreciation (7,248 ) (8,027 ) Property and equipment, net $ 21,941 $ 13,380 Depreciation expenses were $ 2,484 1,969 | |
One Eighty Holdings Ltd [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
PROPERTY AND EQUIPMENT, NET | NOTE 5 — PROPERTY AND EQUIPMENT, NET Property and equipment, net, consisted of the following: SCHEDULE OF PROPERTY AND EQUIPMENT, NET March 31, 2023 September 30, 2022 Equipment and furniture $ 585,143 $ 540,514 Property and land 3,473,596 3,306,628 Less: accumulated depreciation (1,365,562 ) (1,259,252 ) Property and equipment, net $ 2,693,177 $ 2,587,890 Depreciation expenses were $ 42,101 and $ 46,494 for the six months ended March 31, 2023 and 2022, respectively. | NOTE 5 — PROPERTY AND EQUIPMENT, NET Property and equipment, net, consisted of the following: SCHEDULE OF PROPERTY AND EQUIPMENT, NET September 30, September 30, Equipment and furniture $ 540,514 $ 632,982 Property and land 3,306,628 3,661,141 Less: accumulated depreciation (1,259,252 ) (1,297,037 ) Property and equipment, net $ 2,587,890 $ 2,997,086 Depreciation expenses were $ 125,965 and $ 136,039 for the fiscal years ended September 30, 2022 and 2021, respectively. |
INTANGIBLE ASSETS, NET
INTANGIBLE ASSETS, NET | 6 Months Ended |
Mar. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
INTANGIBLE ASSETS, NET | NOTE 6 — INTANGIBLE ASSETS, NET Intangible assets, net, consisted of the following: SCHEDULE OF INTANGIBLE ASSETS NET March 31, 2023 September 30, 2022 (Unaudited) Computer software and applications (1) $ 987,206 $ 939,753 Computer system – AI calculation engine (2) 18,128,000 - Content assets- licensed movies and television series (3) 114,166 108,678 Less: accumulated amortization (404,956 ) (144,663 ) Intangible asset, net $ 18,824,416 $ 903,768 (1) In order to support the Company’s expansion of its digital advertising service and cash rebate service businesses, in December 2021, the Company purchased packaged computer software and applications from a third-party vendor at the aggregate cost of MYR 2.12 504,222 501,412 2.32 10 (2) As disclosed in Note 4, in October 2022, the Company signed a contract with ARX, to conduct software application design and development project with total contract price of $ 47.2 18.13 80.0 (3) The Company’s Malaysian subsidiary, StarboxSB, operates the SEEBATS website and mobile app, on which viewers may watch movies and television series through over-the-top streaming. These movies and television series are licensed from third-party content providers. The Company acquires and licenses such movies and television series content in order to offer members unlimited viewing of such content to drive traffic on the SEEBATS website and mobile app. The content licenses are for a fixed fee and specific windows of availability. Based on factors, including historical and estimated viewing patterns, the Company amortizes the content assets in “operating costs-license costs” on a straight-line basis over its license period or estimated period of use, beginning with the month of first availability. On November 1, 2021, the Company entered into a Service and Licensing Agreement with a third-party content provider, Shenzhen Yunshidian Information Technology Ltd. (“Shenzhen Yunshidian”), to license movies and television series in various genres, such as action, comedy, fantasy, historical, and romance. The agreement has a term from November 1, 2021 to October 31, 2023 and may be terminated by either party in the event of a material breach by the other party of the agreement. The Company agreed to pay a content and service fee of $ 120,000 1,700 660,000 Total amortization of above-mentioned intangible assets amounted to $ 253,143 67,178 |
TAXES
TAXES | 6 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Sep. 30, 2022 | |
Restructuring Cost and Reserve [Line Items] | ||
TAXES | NOTE 7 — TAXES a. Corporate Income Taxes (“CIT”) Cayman Islands Under the current tax laws of the Cayman Islands, the Company is not subject to tax on its income or capital gains. In addition, no Cayman Islands withholding tax will be imposed upon the payment of dividends by the Company to its shareholders. Malaysia Starbox Berhad, StarboxGB, StarboxSB, and StarboxPB are governed by the income tax laws of Malaysia. The income tax provision in respect of operations in Malaysia is calculated at the applicable tax rates on the taxable income for the periods based on existing legislation, interpretations, and practices. Under the Income Tax Act of Malaysia, enterprises incorporated in Malaysia are usually subject to a unified 24 2,500,000 50 17 600,000 150,000 24 nil 10,027 0.00 24 2,500,000 The components of the income tax provision were as follows: SCHEDULE OF INCOME TAX PROVISION 2023 2022 For the Six Months Ended March 31, 2023 2022 (Unaudited) (Unaudited) Current tax provision: Cayman Islands $ - $ - Malaysia 313,758 663,224 Current tax provision 313,758 663,224 Deferred tax provision: Cayman Islands - - Malaysia 313,963 - Deferred tax provision 313,963 - Income tax provision $ 627,721 $ 663,224 Reconciliation of the differences between the income tax provision computed based on the Malaysia unified statutory income tax rate and the Company’s actual income tax provision for the six months ended March 31, 2022 and 2021, respectively, are as follows: SCHEDULE OF EFFECTIVE INCOME TAX RATE RECONCILIATION 2023 2022 For the Six Months Ended March 31, 2023 2022 (Unaudited) (Unaudited) Income tax provision computed based on Malaysia unified income tax statutory rate $ 690,461 $ 522,356 Effect of tax exemption due to reduced income tax rate for small and medium sized companies - (10,027 ) Permanent difference (62,740 ) 44,412 Change in valuation allowance - 106,483 Actual income tax provision $ 627,721 $ 663,224 Deferred tax assets The Company’s deferred tax assets were comprised of the following: SCHEDULE OF DEFERRED TAX ASSETS As of March 31, 2023 As of (Unaudited) Deferred tax assets derived from net operating loss carry forwards $ 56,098 $ 35,174 Less: valuation allowance (56,098 ) (35,174 ) Deferred tax assets $ - $ - Movement of valuation allowance: SCHEDULE OF VALUATION ALLOWANCE As of March 31, 2023 As of (Unaudited) Balance at beginning of the period $ 35,174 $ 137,932 Current period change 20,924 (102,758 ) Balance at end of the period $ 56,098 $ 35,174 The Company periodically evaluates the likelihood of the realization of deferred tax assets and reduces the carrying amount of the deferred tax assets by a valuation allowance to the extent it believes a portion will not be realized. Management considers new evidence, both positive and negative, that could affect the Company’s future realization of deferred tax assets including its recent cumulative earnings experience, expectation of future income, the carry forward periods available for tax reporting purposes and other relevant factors. The Company has four subsidiaries in Malaysia, namely Starbox Berhad, StarboxGB, StarboxSB, and StarboxPB. Other than StarboxSB and StarboxGB, which have generated taxable income through providing advertising services to customers, Starbox Berhad and StarboxPB have reported recurring operating losses since their inception. Management concluded that the chances for these three entities that suffered recurring losses in prior periods to become profitable in the foreseeable near future and to utilize their net operating loss carry forwards were remote. Accordingly, the Company provided valuation allowance of $ 56,098 35,174 20,924 (102,758) Deferred tax liability The Company’s deferred tax liability was comprised of the following: SCHEDULE OF DEFERRED TAX LIABILITY As of March 31, 2023 As of (Unaudited) Deferred tax liability derived from the difference between tax and book basis of depreciation expense $ 318,603 $ - Deferred tax liability $ 318,603 $ - b. Prepaid Income Tax / Taxes Payable As of March 31, 2023 and September 30, 2022, the prepaid income tax was $ 554,054 nil Taxes payable consisted of the following: SCHEDULE OF TAXES PAYABLE As of (Unaudited) As of September 30, 2022 Income tax payable $ - $ 1,188,274 Service tax payable 395,772 215,854 Total $ 395,772 $ 1,404,128 | |
One Eighty Holdings Ltd [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
TAXES | NOTE 8 — TAXES a. Corporate Income Taxes (“CIT”) Cayman Islands Under the current tax laws of the Cayman Islands, the Company is not subject to tax on its income or capital gains. In addition, no Cayman Islands withholding tax will be imposed upon the payment of dividends by the Company to its shareholders. Malaysia 180 Degrees and Media Elements are governed by the income tax laws of Malaysia. The income tax provision in respect of operations in Malaysia is calculated at the applicable tax rates on the taxable income for the periods based on existing legislation, interpretations, and practices. Under the Income Tax Act of Malaysia, enterprises incorporated in Malaysia are usually subject to a unified 24 2,500,000 50 17 600,000 150,000 24 14,214 5,307 The components of the income tax provision were as follows: SCHEDULE OF INCOME TAX PROVISION For the six months ended March 31, 2023 2022 Current income tax provision Cayman Island $ - $ - Malaysia 312,514 66,965 Subtotal 312,514 66,965 Current income tax provision 312,514 66,965 Deferred income tax provision Cayman Island $ - $ - Malaysia 1,589 (4,154 ) Subtotal 1,589 (4,154 ) Deferred income tax provision 1,589 (4,154 ) Total income tax provision $ 314,103 $ 62,811 Reconciliation of the differences between the income tax provision computed based on Malaysia unified statutory income tax rate and the Company’s actual income tax provision for the six months ended March 31, 2023 and 2022, respectively, were as follows: SCHEDULE OF EFFECTIVE INCOME TAX RATE RECONCILIATION For the six months ended March 31, 2023 2022 Income tax provision computed based on Malaysia unified income tax statutory rate $ 293,200 $ 40,742 Effect of tax exemption due to reduced income tax rate for small and medium sized companies (9,379 ) (1,453 ) Effect of deferred tax 1,589 (4,154 ) Expenses not deductible for tax purposes 28,693 27,676 Actual income tax expense (benefit) $ 314,103 $ 62,811 Deferred tax assets The Company’s deferred tax assets were comprised of the following: SCHEDULE OF DEFERRED TAX ASSETS As of March 31, 2023 As of September 30, 2022 Deferred tax assets derived from net operating loss carry forwards $ - $ - Temporary difference not subject to tax (4,558 ) 47,185 Depreciation of property & equipment 48,945 (3,400 ) Deferred tax assets $ 44,387 $ 43,785 b. Taxes payable Taxes payable consisted of the following: SCHEDULE OF TAXES PAYABLE March 31, 2023 September 30, 2022 Income tax payable $ - $ 320,386 Service tax payable 253,817 247,484 Total $ 253,817 $ 567,870 | NOTE 8 — TAXES a. Corporate Income Taxes (“CIT”) Cayman Islands Under the current tax laws of the Cayman Islands, the Company is not subject to tax on its income or capital gains. In addition, no Cayman Islands withholding tax will be imposed upon the payment of dividends by the Company to its shareholders. Malaysia 180 Degrees and Media Elements are governed by the income tax laws of Malaysia. The income tax provision in respect of operations in Malaysia is calculated at the applicable tax rates on the taxable income for the periods based on existing legislation, interpretations, and practices. Under the Income Tax Act of Malaysia, enterprises incorporated in Malaysia are usually subject to a unified 24 % enterprise income tax rate while preferential tax rates, tax holidays, and tax exemptions may be granted on a case-by-case basis. The tax rate for small and medium sized companies (generally companies incorporated in Malaysia with paid-in capital of MYR 2,500,000 or less, and gross income of not more than MYR 50 million) is 17 % for the first MYR 600,000 (or approximately $ 150,000 ) taxable income for the fiscal years ended September 30, 2022 and 2021, with the remaining balance being taxed at the 24 % rate. For the fiscal years ended September 30, 2022 and 2021, the tax saving as the result of the favorable tax rates and tax exemption amounted to $ 18,369 and $ 8,179 , respectively. The components of the income tax provision were as follows: SCHEDULE OF INCOME TAX PROVISION 2022 2021 For the fiscal years ended September 30, 2022 2021 Current income tax provision Cayman Island $ - $ - Malaysia 539,033 1,157 Subtotal 539,033 1,157 Current income tax provision 539,033 1,157 Deferred income tax provision Cayman Island $ - $ - Malaysia 19,626 (65,455 ) Subtotal 19,626 (65,455 ) Deferred income tax provision 19,626 (65,455 ) Total income tax provision $ 558,659 $ (64,298 ) Reconciliation of the differences between the income tax provision computed based on Malaysia unified statutory income tax rate and the Company’s actual income tax provision for the fiscal years ended September 30, 2022 and 2021, respectively, were as follows: SCHEDULE OF EFFECTIVE INCOME TAX RATE RECONCILIATION 2022 2021 For the fiscal years ended September 30, 2022 2021 Income tax provision computed based on Malaysia unified income tax statutory rate $ 540,078 $ (98,721 ) Effect of tax exemption due to reduced income tax rate for small and medium sized companies (16,029 ) (476 ) Effect of deferred tax Expenses not deductible for tax purposes 34,610 34,899 Actual income tax expense (benefit) $ 558,659 $ (64,298 ) Deferred tax assets The Company’s deferred tax assets were comprised of the following: SCHEDULE OF DEFERRED TAX ASSETS 2022 2021 As of 2022 2021 Deferred tax assets derived from net operating loss carry forwards $ - $ 206,450 Unabsorbed capital allowances - 17,253 Depreciation of property & equipment (3,400 ) (4,301 ) Deferred revenue 47,185 - Temporary difference not subject to tax 47,185 - Deferred tax assets $ 43,785 $ 219,402 b. Taxes payable Taxes payable consisted of the following: SCHEDULE OF TAXES PAYABLE September 30, 2022 September 30, 2021 Income tax payable $ 320,386 $ 10,862 Service tax payable 247,484 113,945 Total $ 567,870 $ 124,807 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 6 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Sep. 30, 2022 | |
Restructuring Cost and Reserve [Line Items] | ||
RELATED PARTY TRANSACTIONS | NOTE 8 — RELATED PARTY TRANSACTIONS a. Name of related parties SCHEDULE OF RELATED PARTIES Name of Related Party Relationship to the Company Choo Keam Hui The Company’s former director and one of the directors of Starbox Berhad Zenapp Sdn Bhd (“Zenapp”) An entity controlled by Choo Keam Hui prior to September 20, 2021 Bizguide Corporate Service Sdn Bhd An entity controlled by Khoo Kien Hoe, the CFO and executive director of Starbox Group KH Advisory Sdn Bhd An entity controlled by Khoo Kien Hoe, the CFO and executive director of Starbox Group VE Services An entity controlled by Choo Teck Hong, one of the Company’s beneficial shareholders, a director of Starbox Berhad, and a sibling of Choo Keam Hui b. Due from a related party Due from a related party consisted of the following: SCHEDULE OF DUE FROM A RELATED PARTY Name March 31 2023 September 30, 2022 VE Services $ 1,682 $ 1,473 As of March 31, 2022, the balance of due from VE Services was commission receivable for referring payment solution services to VE Services. c. Due to related parties Due to related parties consisted of the following: SCHEDULE OF DUE TO RELATED PARTIES Name March 31, 2022 ( Unaudited) September 30, 2022 Bizguide Corporate Service Sdn Bhd $ 1,409 $ 1,763 KH Advisory Sdn Bhd - 5,598 Due to related parties $ 1,409 $ 7,361 As of March 31, 2023 and September 30, 2022, the balance of due to related parties was the fee to be paid for secretarial and tax consulting services received. d. Revenue from a related party In May 2021, the Company started to provide payment solution services to merchants by referring them to VE Services. During the six months ended March 31, 2023 and 2022, the Company referred 35 and 11 merchants to VE Services for payment processing and earned commission fees of $ 4,303 5,379 e. Office lease Prior to August 2021, the Company had not directly entered into any office lease agreements. The lease expenses were paid by Zenapp on behalf of the Company, with an estimated amount of $ 4,200 3,850 4,800 10,000 2,424 | |
One Eighty Holdings Ltd [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
RELATED PARTY TRANSACTIONS | NOTE 9 — RELATED PARTY TRANSACTIONS a. Name of related parties SCHEDULE OF RELATED PARTIES Name of Related Party Relationship to the Company Chan Chee Hong Director, chief executive officer, and shareholder of the Company Chan Foong Ming Sister of Chan Chee Hong and director of Media Elements 180 Degrees Strategic Communications Sdn Bhd An entity controlled by Chan Chee Hong 181 Degree Holding Sdn Bhd An entity controlled by Chan Chee Hong Infinity Elements Sdn Bhd An entity controlled by Chan Foong Ming Expertliner Sdn Bhd An entity controlled by Chan Chee Hong Milestone International Sdn Bhd An entity controlled by Chan Chee Hong b. Due from related parties Due from related parties consisted of the following: SCHEDULE OF DUE FROM A RELATED PARTY Name March 31, 2023 September 30, 2022 Chan Foong Ming $ - $ 231,302 Expertliner Sdn Bhd 2,740 2,015 Infinity Elements Sdn Bhd 91,639 102,931 Milestone International Sdn Bhd 114 12,281 Total $ 94,493 $ 348,529 c. Due to related parties Due to related parties consisted of the following: SCHEDULE OF DUE TO RELATED PARTIES Name March 31, 2023 September 30, 2022 180 Degrees Strategic Communications Sdn Bhd $ 171,968 $ 161,659 181 Degree Holding Sdn Bhd 12,762 12,148 Chan Chee Hong 149,301 138,933 Total $ 334,031 $ 312,740 | NOTE 9 — RELATED PARTY TRANSACTIONS a. Name of related parties SCHEDULE OF RELATED PARTIES Name of Related Party Relationship to the Company Chan Chee Hong Director, chief executive officer, and shareholder of the Company Chan Foong Ming Sister of Chan Chee Hong and director of Media Elements 180 Degrees Strategic Communications Sdn Bhd An entity controlled by Chan Chee Hong 181 Degree Holding Sdn Bhd An entity controlled by Chan Chee Hong Infinity Elements Sdn Bhd An entity controlled by Chan Foong Ming Expertliner Sdn Bhd An entity controlled by Chan Chee Hong Milestone International Sdn Bhd An entity controlled by Chan Chee Hong b. Due from related parties Due from related parties consisted of the following: SCHEDULE OF DUE FROM A RELATED PARTY Name September 30, September 30, Chan Chee Hong $ - $ 84,932 Chan Foong Ming 231,302 16,567 Expertliner Sdn Bhd 2,015 14 Infinity Elements Sdn Bhd 102,931 114,748 Milestone International Sdn Bhd 12,281 - Total 348,529 216,261 Due from related parties 348,529 216,261 c. Due to related parties Due to related parties consisted of the following: SCHEDULE OF DUE TO RELATED PARTIES Name September 30, September 30, 180 Degrees Strategic Communications Sdn Bhd $ 161,659 $ 98,324 181 Degree Holding Sdn Bhd 12,148 2,018 Chan Chee Hong 138,933 - Total 312,740 100,342 Due to related parties 312,740 100,342 |
SHAREHOLDERS_ EQUITY
SHAREHOLDERS’ EQUITY | 6 Months Ended |
Mar. 31, 2023 | |
Equity [Abstract] | |
SHAREHOLDERS’ EQUITY | NOTE 9 — SHAREHOLDERS’ EQUITY Ordinary Shares The Company was incorporated under the laws of the Cayman Islands on September 13, 2021. The original authorized share capital of the Company was $ 50,000 500,000,000 450,000,000 0.0001 50,000,000 0.0001 50,000,000 450,000,000 0.0001 On June 8, 2022, the Company’s shareholders approved (i) an increase in the Company’s authorized share capital from $ 50,000 999,000 888,000,000 883,000,000 0.001125 5,000,000 0.001125 a reverse split of the Company’s outstanding ordinary shares at a ratio of 1-for-11.25 shares, and (iii) a reverse split of the Company’s authorized and unissued preferred shares at a ratio of 1-for-11.25 shares. As a result of such corporate actions, (i) the number of the Company’s authorized preferred shares has been reduced from the original 50,000,000 5,000,000 0.001125 none 450,000,000 883,000,000 450,000,000 40,000,000 0.001125 Initial Public Offering On August 23, 2022, the Company’s ordinary shares commenced trading on the Nasdaq Capital Market under the symbol “STBX.” On August 25, 2022, the Company closed its initial public offering (“IPO”) of 5,375,000 4.00 21.5 18.8 2.7 Underwriter Representative Warrants In connection with the Company’s IPO, the Company also agreed to issue warrants to the underwriter, to purchase 350,000 7 five years 5.60 140 4.00 Private Placement On October 26, 2022, the Company entered into certain subscription agreements (the “Subscription Agreements”) with four investors (the “Subscribers”). Pursuant to the Subscription Agreements and in reliance on Rule 902 of Regulation S (“Regulation S”) promulgated under the Securities Act of 1933, as amended, the Company agreed to sell and the Subscribers agreed to purchase an aggregate of 9,000,000 1.40 9,000,000 1.40 12.60 11.77 |
CONCENTRATIONS AND CREDIT RISK
CONCENTRATIONS AND CREDIT RISK | 6 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Sep. 30, 2022 | |
Restructuring Cost and Reserve [Line Items] | ||
CONCENTRATIONS AND CREDIT RISK | NOTE 10 — CONCENTRATIONS AND CREDIT RISK As of March 31, 2023 and September 30, 2022, the Company’s substantial assets were located in Malaysia and the Company’s substantial revenue was derived from its subsidiaries located in Malaysia. For the six months ended March 31, 2023, one customer accounted for 43.8 19.2 As of March 31, 2023, one customer accounted for approximately 35.4 10 For the six months ended March 31, 2023 and 2022, no single vendor accounted for more than 10 | |
One Eighty Holdings Ltd [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
CONCENTRATIONS AND CREDIT RISK | NOTE 10 — CONCENTRATIONS AND CREDIT RISK As of March 31, 2023 and September 30, 2022, the Company’s substantial assets were located in Malaysia and the Company’s substantial revenue was derived from its subsidiaries located in Malaysia. For the six months ended March 31, 2023, one major customer accounted for 11 33 10 10 As of March 31, 2023, three major customers accounted for 13 13 11 four major customers accounted 16 16 10 10 For the six months ended March 31, 2023, no major vendors accounted for more than 10 11 As of March 31, 2023, no major vendors accounted for more than 10 25 16 10 | NOTE 10 — CONCENTRATIONS AND CREDIT RISK As of September 30, 2022 and 2021, the Company’s substantial assets were located in Malaysia and the Company’s substantial revenue was derived from its subsidiaries located in Malaysia. For the fiscal year ended September 30, 2022, one major customer accounted for 17% 27% 13% 11% As of September 30, 2022, four major customers accounted 16% 16% 10% 10% 36% 14% For the fiscal year ended September 30, 2022, no major vendors accounted for more than 10% 10% As of September 30, 2022, three major vendors accounted 25% 16% 10% 15% 14% |
CONTINGENCIES
CONTINGENCIES | 6 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Sep. 30, 2022 | |
Restructuring Cost and Reserve [Line Items] | ||
CONTINGENCIES | NOTE 11 — CONTINGENCIES From time to time, the Company is a party to various legal actions arising in the ordinary course of business. The Company accrues costs associated with these matters when they become probable and the amount can be reasonably estimated. Legal costs incurred in connection with loss contingencies are expensed as incurred. For the six months ended March 31, 2023 and 2022, the Company did not have any material legal claims or litigation that, individually or in aggregate, could have a material adverse impact on the Company’s consolidated financial position, results of operations, and cash flows. | |
One Eighty Holdings Ltd [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
CONTINGENCIES | NOTE 11 — CONTINGENCIES From time to time, the Company is a party to various legal actions arising in the ordinary course of business. The Company accrues costs associated with these matters when they become probable and the amount can be reasonably estimated. Legal costs incurred in connection with loss contingencies are expensed as incurred. For the six months ended March 31, 2023 and 2022, the Company did not have any material legal claims or litigation that, individually or in aggregate, could have a material adverse impact on the Company’s consolidated financial position, results of operations, and cash flows. | NOTE 11 — CONTINGENCIES From time to time, the Company is a party to various legal actions arising in the ordinary course of business. The Company accrues costs associated with these matters when they become probable and the amount can be reasonably estimated. Legal costs incurred in connection with loss contingencies are expensed as incurred. For the fiscal years ended September 30, 2022 and 2021, the Company did not have any material legal claims or litigation that, individually or in aggregate, could have a material adverse impact on the Company’s consolidated financial position, results of operations, and cash flows. |
LEASES
LEASES | 6 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Sep. 30, 2022 | |
Restructuring Cost and Reserve [Line Items] | ||
LEASES | NOTE 12 — LEASES Prior to August 2021, the Company had not directly entered into any office lease agreements. The lease expenses were paid by Zenapp on behalf of the Company, with an estimated amount of $ 4,200 3,850 4,800 lease term from September 1, 2021 to August 31, 2023 10,000 2,424 term of one year from May 1, 2022 to April 30, 2023 6,288 6,288 6,800 1,460 1,460 1,580 Supplemental balance sheet information related to the Company’s operating leases was as follows: SCHEDULE OF SUPPLEMENTAL BALANCE SHEET INFORMATION RELATED TO OPERATING LEASE March 31, 2023 September 30, 2022 (Unaudited) Operating lease right-of-use assets $ 51,627 $ 49,145 Right-of-use assets - accumulated amortization (15,116 ) (6,571 ) Right-of-use assets, net $ 36,511 $ 42,574 Operating lease liabilities – current $ 17,052 $ 15,833 Operating lease liabilities – non-current 19,459 26,741 Total operating lease liabilities $ 36,511 $ 42,574 The weighted average remaining lease terms and discount rates for all of operating leases were as follows as of March 31, 2023 and September 30, 2022: SCHEDULE OF WEIGHTED AVERAGE REMAINING LEASE TERMS AND DISCOUNT RATES March 31, 2023 September 30, 2022 Remaining lease term and discount rate: Weighted average remaining lease term 2.00 2.50 Weighted average discount rate * 5 % 5.0 % * The Company’s lease agreements do not provide a readily determinable implicit rate nor is it available to the Company from its lessors. Instead, the Company estimates its incremental borrowing rate based on the benchmark lending rate for three-year loans as published by Malaysia’s central bank in order to discount lease payments to present value. During the six months ended March 31, 2023 and 2022, the Company incurred total ASC 842 operating lease expenses of $ 40,800 nil As of March 31, 2023, the maturities of operating lease liabilities were as follows: SCHEDULE OF MATURITIES OF OPERATING LEASE LIABILITIES 12 months ending March 31, Lease 2024 $ 18,491 2025 18,491 2026 1,541 Total future minimum lease payments 38,523 Less: imputed interest 2,012 Total $ 36,511 | |
One Eighty Holdings Ltd [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
LEASES | NOTE 12 — LEASES Effective June 20, 2020, the Company entered into a 60-month lease for a photocopier. The monthly rent is approximately $ 95 Supplemental balance sheet information related to the Company’s operating leases was as follows: SCHEDULE OF OPERATING LEASES RIGHT OF USE ASSETS March 31, 2023 September 30, 2022 Operating lease right-of-use assets $ 5,281 $ 5,027 Right-of-use assets - accumulated amortization (2,751 ) (2,120 ) Right-of-use assets, net $ 2,530 $ 2,907 Operating lease liabilities – current $ 1,063 $ 1,011 Operating lease liabilities – non-current 1,467 1,896 Total operating lease liabilities $ 2,530 $ 2,907 The weighted average remaining lease terms and discount rates for all of operating leases were as follows as of March 31, 2023 and September 30, 2022: SCHEDULE OF WEIGHTED AVERAGE REMAINING LEASE TERMS AND DISCOUNT RATES FOR OPERATING LEASES March 31, 2023 September 30, 2022 Remaining lease term and discount rate: Weighted average remaining lease term (years) 2.17 2.67 Weighted average discount rate * 5 % 5.0 % * The Company’s lease agreements do not provide a readily determinable implicit rate nor is it available to the Company from its lessors. Instead, the Company estimates its incremental borrowing rate based on the benchmark lending rate for three-year loans as published by Malaysia’s central bank in order to discount lease payments to present value. During the six months ended March 31, 2023 and 2022, the Company incurred total ASC 842 operating lease expenses of $ 1,174 1,255 As of March 31, 2023, the maturities of operating lease liabilities were as follows: SCHEDULE OF MATURITIES OF OPERATING LEASE LIABILITIES 12 months ending March 31, Lease payment 2024 $ 1,191 2025 1,191 2026 298 Total future minimum lease payments 2,680 Less: imputed interest 150 Total $ 2,530 | NOTE 12 — LEASES Effective June 20, 2020, the Company entered into a 60-month lease for a photocopier. The monthly rent is approximately $ 95 Supplemental balance sheet information related to the Company’s operating leases was as follows: SCHEDULE OF OPERATING LEASES RIGHT OF USE ASSETS September 30, September 30, Operating lease right-of-use assets $ 5,027 $ 5,566 Right-of-use assets - accumulated amortization (2,120 ) (1,282 ) Right-of-use assets, net $ 2,907 $ 4,284 Operating lease liabilities – current $ 1,011 $ 1,065 Operating lease liabilities – non-current 1,896 3,219 Total operating lease liabilities $ 2,907 $ 4,284 The weighted average remaining lease terms and discount rates for all of operating leases were as follows as of September 30, 2022 and 2021: SCHEDULE OF WEIGHTED AVERAGE REMAINING LEASE TERMS AND DISCOUNT RATES FOR OPERATING LEASES September 30, September 30, Remaining lease term and discount rate: Weighted average remaining lease term (years) 2.67 3.67 Weighted average discount rate * 5 % 5.0 % * The Company’s lease agreements do not provide a readily determinable implicit rate nor is it available to the Company from its lessors. Instead, the Company estimates its incremental borrowing rate based on the benchmark lending rate for three-year loans as published by Malaysia’s central bank in order to discount lease payments to present value. During the fiscal years ended September 30, 2022 and 2021, the Company incurred total ASC 842 operating lease expenses of $ 1,221 1,274 As of September 30, 2022, the maturities of operating lease liabilities were as follows: SCHEDULE OF MATURITIES OF OPERATING LEASE LIABILITIES 12 months ending September 30, Lease payment 2023 $ 1,134 2024 1,134 2025 753 2026 - Total future minimum lease payments 3,118 Less: imputed interest 211 Total $ 2,907 |
SEGMENT REPORTING
SEGMENT REPORTING | 6 Months Ended |
Mar. 31, 2023 | |
Segment Reporting [Abstract] | |
SEGMENT REPORTING | NOTE 13 — SEGMENT REPORTING An operating segment is a component of the Company that engages in business activities from which it may earn revenue and incur expenses and is identified on the basis of the internal financial reports that are provided to and regularly reviewed by the Company’s chief operating decision maker (the “CODM”) in order to allocate resources and assess the performance of the segment. In accordance with ASC 280, Segment Reporting, operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the CODM or decision-making group, in deciding how to allocate resources and in assessing performance. The Company uses the “management approach” in determining reportable operating segments. The management approach considers the internal organization and reporting used by the Company’s CODM for making operating decisions and assessing performance as the source for determining the Company’s reportable segments. Management, including the CODM, reviews operating results by the revenue of different services. Based on management’s assessment, the Company has determined that it has four operating segments as defined by ASC 280, including digital advertising services, cash rebate services, payment solution services, and licensing income from software development services. Revenue by service categories The following tables present summary information by segment for the six months ended March 31, 2023 and 2022, respectively: SCHEDULE OF SUMMARY INFORMATION BY SEGMENT For the Six Months Ended March 31, 2023 (Unaudited) Cash rebate services Digital advertising Payment solution Software licensing Total Revenue $ 10,621 $ 2,220,794 $ 4,303 $ 1,740,472 $ 3,976,190 Operating costs 518,932 874,384 107,662 495,914 1,996,892 Income (loss) from operations (508,310 ) 1,346,409 (103,359 ) 1,244,558 1,979,298 Income tax expense 297,750 329,971 - - 627,721 Net income (loss) (804,850 ) 1,024,023 (103,349 ) 1,248,672 1,364,497 Capital expenditure $ 11,598 $ 1,585 $ - $ 17,864,000 $ 17,877,183 Total assets $ 4,667,996 $ 7,468,304 $ 41,875 $ 27,557,561 $ 39,735,736 For the Six Months Ended March 31, 2022 (Unaudited) Cash rebate services Digital advertising Payment solution Software licensing Total Revenue $ 5,552 $ 2,911,482 $ 5,379 $ - $ 2,922,413 Operating costs 246,935 697,665 58,773 - 1,003,373 Income (loss) from operations (241,383 ) 2,213,817 (53,394 ) - 1,919,040 Income tax expense - 663,224 - - 663,224 Net income (loss) (241,180 ) 1,550,593 (53,394 ) - 1,256,019 Capital expenditure $ 406,117 $ 224,578 $ 736 $ - $ 631,431 Total assets $ 1,022,174 $ 5,244,880 $ 136,640 - $ 6,403,694 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Sep. 30, 2022 | |
Restructuring Cost and Reserve [Line Items] | ||
SUBSEQUENT EVENTS | NOTE 14 — SUBSEQUENT EVENTS The Company evaluated the subsequent events through the date of this report, and determined the following subsequent events that need to be disclosed: On June 26, 2023, Starbox Group, as the issuer, and its wholly owned subsidiary, Starbox Global, as the buyer, entered into a share purchase agreement (the “Share Purchase Agreement”), with the then shareholders of One Eighty Holdings Ltd (the “One Eighty Shareholders”), as the sellers, with respect to One Eighty Holdings Ltd (“One Eighty Ltd”), as the target company. Pursuant to the Share Purchase Agreement, Starbox Global agreed to acquire 229,500,000 0.0001 51 17,510,000 0.001125 52,530,000 8,755,000 8,755,000 The following condensed unaudited pro forma consolidated results of operations for the Company for the six months ended March 31, 2023 and 2022 present the results of operations of the Company and One Eight Ltd as if the acquisitions occurred on October 1, 2022 and 2021, respectively. The pro forma results are not necessarily indicative of the actual results that would have occurred had the acquisitions been completed as of the beginning of the periods presented, nor are they necessarily indicative of future consolidated results. SCHEDULE OF CONDENSED UNAUDITED PRO FORMA CONSOLIDATED RESULTS OF OPERATIONS For the Six Months Ended March 31, 2023 (Unaudited) Revenue $ 6,761,638 Operating costs and expenses 3,578,472 Income from operations 3,183,166 Other income 30,720 Income tax expenses 941,824 Net income 2,272,062 Less: net income attributable to non-controlling interests 444,707 Net income attributable to Starbox Group Holdings Ltd. $ 1,827,355 For the Six Months Ended March 31, 2022 (Unaudited) Revenue $ 5,017,001 Operating costs and expenses 2,944,260 Income from operations 2,072,741 Other income 16,259 Income tax expenses 726,035 Net income 1,362,965 Less: net income attributable to non-controlling interests 52,404 Net income attributable to Starbox Group Holdings Ltd. $ 1,310,561 Effective on August 17, 2023, Starbox Rebates Sdn. Bhd. changed its name to Starbox Technologies Sdn. Bhd. | |
One Eighty Holdings Ltd [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
SUBSEQUENT EVENTS | NOTE 13 — SUBSEQUENT EVENTS The Company evaluated the subsequent events through the date of this report, and determined the following subsequent events that need to be disclosed: On June 26, 2023, Starbox Group Holdings Ltd., a Cayman Islands company (“Starbox”), as the issuer, and its wholly owned subsidiary, Starbox Global Ltd., a British Virgin Islands company (“Starbox Global”), as the buyer, entered into a share purchase agreement (the “Share Purchase Agreement”), with the then shareholders of One Eighty Ltd (the “One Eighty Shareholders”), as the sellers, with respect to One Eighty Ltd, as the target company. Pursuant to the Share Purchase Agreement, Starbox Global acquire 229,500,000 0.0001 51% 17,510,000 0.001125 52,530,000 8,755,000 8,755,000 | NOTE 13 — SUBSEQUENT EVENTS The Company evaluated the subsequent events through the date of this report, and determined the following subsequent events that need to be disclosed: Pursuant to the Share Purchase Agreement, Starbox Global acquire 229,500,000 0.0001 51% 17,510,000 0.001125 52,530,000 8,755,000 8,755,000 The following condensed unaudited pro forma consolidated results of operations for the Company for the fiscal years ended September 30, 2022 and 2021 present the results of operations of the Company and Starbox as if the acquisitions occurred on October 1, 2021 and 2020, respectively. The pro forma results are not necessarily indicative of the actual results that would have occurred had the acquisitions been completed as of the beginning of the periods presented, nor are they necessarily indicative of future consolidated results. SCHEDULE OF CONDENSED UNAUDITED PRO FORMA CONSOLIDATED RESULTS OF OPERATIONS For the Year Ended (Unaudited) Revenue $ 13,368,084 Operating costs and expenses 6,221,815 Income from operations 7,146,269 Other income 159,800 Income tax expense 1,966,108 Net income 5,339,961 Less: net income attributable to non-controlling interests 851,422 Net income attributable to Starbox Group Holdings Ltd. $ 4,488,539 For the Year Ended (Unaudited) Revenue $ 6,008,897 Operating costs and expenses 4,358,023 Income from operations 1,650,874 Other income 88,053 Income tax expense 628,107 Net income 1,110,820 Less: net loss attributable to non-controlling interests (165,047 ) Net income attributable to Starbox Group Holdings Ltd. $ 1,275,867 |
DEPOSIT AND PREPAYMENTS
DEPOSIT AND PREPAYMENTS | 6 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Sep. 30, 2022 | |
One Eighty Holdings Ltd [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
DEPOSIT AND PREPAYMENTS | NOTE 4 — DEPOSIT AND PREPAYMENTS Deposit and prepayments consisted of the following: SCHEDULE OF DEPOSITS AND PREPAYMENTS March 31, 2023 September 30, 2022 Deposit and prepayments Advance to suppliers $ 153,861 $ 141,418 Prepaid expenses 53,588 77,189 Prepaid income tax 567,932 - Other - 118 Less: allowance for doubtful account - - Total prepayments $ 775,381 $ 218,725 As of March 31, 2023 and September 30, 2022, there was no | NOTE 4 — DEPOSIT AND PREPAYMENTS Deposit and prepayments consisted of the following: SCHEDULE OF DEPOSITS AND PREPAYMENTS September 30, 2022 September 30, 2021 Deposit and prepayments Advance to suppliers $ 141,418 $ 12,298 Deposit - - Prepaid expense 77,189 14,242 Prepaid tax 94,685 Other 118 - Less: allowance for doubtful account - - Total prepayments $ 218,725 $ 121,225 As of September 30, 2022 and 2021, there was no |
ACCRUED LIABILITIES AND OTHER P
ACCRUED LIABILITIES AND OTHER PAYABLES | 6 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Sep. 30, 2022 | |
One Eighty Holdings Ltd [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
ACCRUED LIABILITIES AND OTHER PAYABLES | NOTE 6 — ACCRUED LIABILITIES AND OTHER PAYABLES Accrued liabilities and other payables, consisted of the following: SCHEDULE OF ACCRUED LIABILITIES AND OTHER PAYABLES March 31, 2023 September 30, 2022 Accrued payroll $ 78,606 $ 31,615 Other accrual 95,120 10,456 Service payable 301,943 287,889 Other payable 7,895 16,213 Accrued liabilities and other payables $ 483,564 $ 346,173 Service payable represented the advertisement fee the Company collects on behalf of the media companies for customers posting the advertisement on the media channels. The Company submits the advertisement fee to media companies within a short period of time when the Company receives service statement and invoice from the media companies. | NOTE 6 — ACCRUED LIABILITIES AND OTHER PAYABLES Accrued liabilities and other payables, consisted of the following: SCHEDULE OF ACCRUED LIABILITIES AND OTHER PAYABLES September 30, September 30, Accrued payroll $ 31,615 $ 33,777 Other accrual 10,456 8,087 Service payable 287,889 100,405 Other payable 16,213 107,216 Accrued liabilities and other payables $ 346,173 $ 249,485 Service payable represented the advertisement fee the Company collects on behalf of the media companies for customers posting the advertisement on their media channels. The Company submits the advertisement fee to media companies within a short period of time when the Company receives service statement and invoice from the media companies. |
LOAN PAYABLES
LOAN PAYABLES | 6 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Sep. 30, 2022 | |
One Eighty Holdings Ltd [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
LOAN PAYABLES | NOTE 7 — LOAN PAYABLES The Company had the following loans at March 31, 2023 and September 30, 2022: SCHEDULE OF LOANS Bank Loan Agreement Date Loan Amount Interest Rate Loan Term Purpose of loan Balance at Balance at September 30, 2022 CIMB BANK BERHAD 5/23/2014 $ 591,178 BLR*- 2.10 % 240 months Real property loan $ 464,360 $ 458,428 5/23/2014 188,735 BLR*- 2.10 % 240 months Real property loan 155,882 154,183 Hong Leong Islamic Bank 2/26/2019 229,505 IFR**- 2.55 % 216 months Real property loan 203,047 198,679 2/26/2019 235,544 IFR**- 2.55 % 216 months Real property loan 208,300 203,823 2/26/2019 439,165 IFR**- 2.55 % 216 months Real property loan 388,148 379,814 2/26/2019 319,236 IFR**- 2.55 % 216 months Real property loan 282,393 274,569 2/26/2019 510,993 IFR**- 2.55 % 216 months Real property loan 451,603 441,908 Hong Leong Islamic Bank 4/23/2020 215,700 3.50 % 66 months Working capital 135,836 143,131 Total $ 2,730,056 $ 2,289,569 $ 2,254,535 * Base lending rate ** Islamic financing rate As of March 31, 2023, the future minimum loan payments to be paid by the year are as follows: SCHEDULE OF FUTURE MINIMUM LOAN PAYMENTS TO BE PAID 12 months ending March 31, Loan payment 2024 $ 260,864 2025 260,864 2026 260,864 2027 260,864 2028 260,864 Thereafter 1,635,675 Total future minimum loan payments 2,939,995 Less: imputed interest (650,426 ) Present value of loan liabilities $ 2,289,569 The Company recorded interest expenses of $ 50,720 102,944 | NOTE 7 — LOAN PAYABLES The Company had the following loans at September 30, 2022 and 2021: SCHEDULE OF LOANS Bank Loan Agreement Date Loan Amount Interest Rate Loan Term Purpose of loan Balance at Balance at CIMB BANK BERHAD 5/23/2014 $ 591,178 BLR * - 2.10 % 240 months Real property loan $ 458,428 $ 568,641 5/23/2014 188,735 BLR * - 2.10 % 240 months Real property loan 154,183 209,131 Hong Leong Islamic Bank 2/26/2019 229,505 IFR ** - 2.55 % 216 months Real property loan 198,679 227,977 2/26/2019 235,544 IFR ** - 2.55 % 216 months Real property loan 203,823 233,889 2/26/2019 439,165 IFR ** - 2.55 % 216 months Real property loan 379,814 435,858 2/26/2019 319,236 IFR ** - 2.55 % 216 months Real property loan 274,569 317,072 2/26/2019 510,993 IFR ** - 2.55 % 216 months Real property loan 441,908 507,121 Hong Leong Islamic Bank 4/23/2020 215,700 3.50 % 66 months Working capital 143,131 174,363 Total $ 2,730,056 $ 2,254,535 $ 2,674,052 * Base lending rate ** Islamic financing rate As of September 30, 2022, the future minimum loan payments to be paid by the year are as follows: SCHEDULE OF FUTURE MINIMUM LOAN PAYMENTS TO BE PAID 12 months ending September 30, Loan 2023 $ 248,316 2024 248,316 2025 248,316 2026 248,316 2027 248,316 Thereafter 1,682,532 Total future minimum loan payments 2,924,112 Less: imputed interest (669,577 ) Present value of loan liabilities $ 2,254,535 The Company recorded interest expenses of $ 179,388 76,714 |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Sep. 30, 2022 | |
Restructuring Cost and Reserve [Line Items] | ||
Basis of presentation and principles of consolidation | Basis of presentation and principles of consolidation The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). The accompanying consolidated financial statements include the financial statements of the Company and its wholly owned subsidiaries. All inter-company balances and transactions are eliminated upon consolidation. | |
Uses of estimates | Uses of estimates In preparing the consolidated financial statements in conformity with U.S. GAAP, management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. These estimates are based on information as of the date of the consolidated financial statements. Significant estimates required to be made by management include the valuation of accounts receivable, useful lives of property and equipment and intangible assets, the recoverability of long-lived assets, the discount rate used to calculate lease liabilities, the amount of worldwide tax provision, realization of deferred tax assets, provision necessary for contingent liabilities, and revenue recognition. Actual results could differ from those estimates. | |
Risks and uncertainties | Risks and uncertainties The main operations of the Company are located in Malaysia. Accordingly, the Company’s business, financial condition, and results of operations may be influenced by changes in political, economic, social, regulatory, and legal environments in Malaysia, as well as by the general state of the economy in Malaysia. Although the Company has not experienced losses from these situations and believes that it complies with existing laws and regulations, including its organization and structure disclosed in Note 1, this may not be indicative of future results. The Company’s business, financial condition, and results of operations may also be negatively impacted by risks related to natural disasters, extreme weather conditions, health epidemics, and other catastrophic incidents, which could significantly disrupt the Company’s operations. | |
Cash and Cash Equivalents | Cash Cash includes currency on hand and deposits held by banks that can be added or withdrawn without limitation. The Company maintains all of its bank accounts in Malaysia. Cash deposit with financial institutions in Malaysia is subject to certain protection under the requirement of the deposit insurance system. The maximum insurance coverage limit is MYR 250,000 60,000 864,392 17,778,895 711,774 17,428,788 | |
Accounts receivable, net | Accounts receivable, net Accounts receivable primarily include service fees generated from providing digital advertising services and payment solution services to retail merchant customers (see Note 3). Accounts receivable are presented net of allowance for doubtful accounts. The Company determines the adequacy of allowance for doubtful accounts based on individual account analysis, historical collection trend, and the best estimate of specific losses on individual exposures. The Company establishes a provision for doubtful receivables when there is objective evidence that the Company may not be able to collect amounts due. Actual amounts received may differ from management’s estimate of credit worthiness and the economic environment. Delinquent account balances are written off against the allowance for doubtful accounts after management has determined that the likelihood of collection is not probable. As of March 31, 2023 and September 30, 2022, there was no allowance for doubtful accounts recorded as the Company considers all of the outstanding accounts receivable fully collectible. | |
Property and equipment | Property and equipment Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation and amortization of property and equipment are provided using the straight-line method over their expected useful lives, as follows: SCHEDULE OF PROPERTY AND EQUIPMENT USEFUL LIVES Useful life Office equipment and furniture 3 5 Expenditures for maintenance and repair, which do not materially extend the useful lives of the assets, are charged to expenses as incurred. Expenditures for major renewals and betterments which substantially extend the useful life of assets are capitalized. The cost and related accumulated depreciation of assets retired or sold are removed from the respective accounts, and any gain or loss is recognized in the consolidated statements of operations and comprehensive income (loss) in other income (expenses). | |
Intangible assets | Intangible assets The Company’s intangible assets primarily consist of purchased and customized computer software and applications used in conducting the Company’s cash rebate, digital advertising, and software licensing business. Intangible assets also include content assets, which are licensed movies and television series acquired from third-party content providers in order to offer members unlimited viewing of such content to drive traffic on the Company’s SEEBATS website and mobile app. Intangible assets are carried at cost less accumulated amortization and any recorded impairment (see Note 6). Intangible assets are amortized using the straight-line method with the following estimated useful lives: SCHEDULE OF INTANGIBLE ASSETS Useful life Computer software and applications 5 10 Content assets-licensed movies and television series Over the license period or estimated period of use | |
Impairment of long-lived assets | Impairment of long-lived assets Long-lived assets with finite lives, primarily property and equipment, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If the estimated future undiscounted cash flows from the use of the asset and its eventual disposition are below the asset’s carrying value, the asset is deemed to be impaired and written down to its fair value. There were no | |
Fair value of financial instruments | Fair value of financial instruments Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A three-level fair value hierarchy prioritizes the inputs used to measure fair value. The hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows: ● Level 1 — inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. ● Level 2 — inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, quoted market prices for identical or similar assets in markets that are not active, inputs other than quoted prices that are observable and inputs derived from or corroborated by observable market data. ● Level 3 — inputs to the valuation methodology are unobservable. Unless otherwise disclosed, the fair value of the Company’s financial instruments, including cash, accounts receivable, prepaid expenses and other current assets, deferred revenue, taxes payable, due to a related party, and accrued expenses and other current liabilities approximate the fair value of the respective assets and liabilities as of March 31, 2023 and September 30, 2022 based upon the short-term nature of the assets and liabilities. | |
Foreign currency translation | Foreign currency translation The functional currency for Starbox Group, Starbox International, and Starbox Global are the U.S Dollar (“US$”). Starbox Berhad, StarboxGB, StarboxSB, and StarboxPB use Malaysian Ringgit (“MYR”) as their functional currency. The Company’s consolidated financial statements have been translated into and reported in US$. Assets and liabilities accounts are translated using the exchange rate at each reporting period end date. Equity accounts are translated at historical rates. Income and expense accounts are translated at the average rate of exchange during the reporting period. The resulting translation adjustments are reported under other comprehensive income. Gains and losses resulting from the translations of foreign currency transactions and balances are reflected in the results of operations. The following table outlines the currency exchange rates that were used in creating the consolidated financial statements in this report: SCHEDULE OF CURRENCY EXCHANGE RATE March 31, 2023 September 30, 2022 Period-end spot rate US$ 1 4.4130 US$ 1 4.6359 Average rate US$ 1 4.4774 US$ 1 4.3041 | |
Comprehensive income (loss) | Comprehensive income (loss) Comprehensive income (loss) consists of two components, net income (loss) and other comprehensive income (loss). The foreign currency translation gain or loss resulting from the translation of the financial statements expressed in MYR to US$ is reported in other comprehensive income (loss) in the consolidated statements of operations and comprehensive income (loss). | |
Revenue recognition | Revenue recognition To determine revenue recognition for contracts with customers, the Company performs the following five steps: (i) identify the contract(s) with the customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, including variable consideration to the extent that it is probable that a significant future reversal will not The Company currently generates its revenue from the following main sources: Revenue from digital advertising services The Company’s advertising service revenue is derived principally from advertising contracts with retail merchant customers (the “advertisers”), which allow advertisers to place advertisements on the Company’s websites and mobile apps and third-party social media channels over a particular period of time. The advertising contracts specify the related fees and payment terms and provide evidence of the arrangements. The Company’s digital advertising services are to (i) provide advertisement design and consultation services to help advertisers precisely shape their digital advertising strategies and optimize the design, content, and layout of their advertisements and (ii) the displaying of advertisers’ advertisements of products and services on the Company’s websites and mobile apps and third-party social media channels over a particular period of time and in a variety of forms, such as logos, banners, push notification, and posts by accounts of influencers and bloggers, to help promote advertisers’ products and services and enhance their brand awareness. Advertisers may elect to engage with the Company for only advertisement display services or both advertisement design and consultation services and advertisement display services. In connection with these digital advertising services, the Company charges retail merchant customers nonrefundable digital advertising service fees. For advertisement design and consultation services, the Company’s stand-alone selling price ranges from approximately $ 2,400 38,000 5,000 240,000 The Company identifies advertisement design and consultation services and advertisement display services as two separate performance obligations, as each is service that is capable of being distinct and distinct in the context of advertising contracts. Each of the service commitments in advertisement design and consultation services, including advice on advertising strategies, customization and optimization of the desired content, length, color tone, layout, format, and presentation of the advertisements, are not distinct in the context of advertising contracts, because they are inputs to deliver the combined output of advertisements to be displayed as specified by the customer. Therefore, advertisement design and consultation services are identified as a single performance obligation. The Company allocates revenue to each performance obligation based on its stand-alone selling price, which is specified in the contracts. The Company’s advertisement design and consultation services are normally rendered within a short period of time, ranging from a few days to a month. As all the benefits enjoyed by the customers can be substantially realized at the time when the design and consultation services are completed, the Company recognizes revenue at the point when designated services are rendered and accepted by the customers. The Company does not provide rights of return, credits or discounts, price protection, or other similar privileges to customers for such services and accordingly no variable consideration included in such services. The majority of the Company’s advertising contracts are for the provision of advertisement display on the Company’s websites and mobile apps and social media channels for a fixed period of time (ranging from a few weeks to a few months) without a guaranteed minimum impression level. In instances where certain discounts are provided to customers for advertisement displays, such discounts are reported as deduction of revenue. Revenue from advertisement services is recognized over the period the advertisement is displayed. Advances from customers are deferred first and then recognized as revenue upon the completion of the contract. There are no future obligations after the completion of the contract and no rights of refund related to the impression levels. Revenue from cash rebate services The Company also utilizes its websites and mobile apps to connect retail merchants and retail shoppers and facilitate retail shoppers to purchase consumer products or services from retail merchants online or offline under the cash rebate programs offered by retail merchants. The cash rebate offered by retail merchants range from 0.3 99.99 48 86 52 14 The Company merely acts as an agent in this type of transactions. The Company does not have control of the goods or services under the sales transactions between the retail merchants and retail shoppers, has no discretion in establishing prices, and does not have the ability to direct the use of the goods or services to obtain substantially all the benefits. The Company recognizes cash rebate revenue at the point when retail merchants and retail shoppers are connected and the sales transactions are facilitated and completed. Revenue is reported net of service taxes. For the six months ended March 31, 2023 and 2022, the Company only reported cash rebate revenue of $ 10,621 5,552 Revenue from payment solution services In May 2021, the Company started to provide payment solution services to retail merchant customers by referring them to VE Services Sdn Bhd, a Malaysian Internet payment gateway company and a related-party entity controlled by one of the shareholders of the Company (“VE Services”). The Company entered into an appointment letter with VE Services and started to refer retail merchant customers to VE Services to process payments through multiple payment methods, such as FPX, Alipay, Maybank QR Pay, Boost, Touch ‘n Go, and GrabPay. VE Services first charges retail merchants a service fee ranging from 1.50 2.50 0.15 0.525 4,303 5,379 Revenue from software licensing In 2023, the Company started software licensing business, in which the Company develops software such as data management system, licenses the use right of the system to customer for a term of period as license income, and provides related technology support and system maintenance services on an annual basis. The contract with a customer includes promises to transfer software products and provide technical support and system maintenance services, which are generally capable of being distinct performance obligations. The software license is considered a distinct performance obligation and accounted for separately from the technical support and system maintenance services. Revenue from distinct software license is recognized at the point in time when the software system is delivered to the customer. Revenue from annual technical support, system maintenance, and upgrade is recognized over the period in which the service is provided. The standalone sales prices (“SSPs”) for distinct performance obligations are based on directly observable pricing. In instances where the SSP is not directly observable, such as when the Company does not sell the product or service separately, the Company determines the SSP using information that may include market conditions and other observable inputs. | |
Disaggregation of revenue | Disaggregation of revenue The Company disaggregates its revenue from contracts by service types, as the Company believes it best depicts how the nature, amount, timing, and uncertainty of the revenue and cash flows are affected by economic factors. The summary of the Company’s disaggregation of revenue by service types for the six months ended March 31, 2023 and 2022 is as follows: SCHEDULE OF DISAGGREGATION OF REVENUE 2023 2022 For the Six Months Ended March 31, 2023 2022 (Unaudited) (Unaudited) Revenue from advertising services: Advertisement design and consultation services $ 543,925 $ 598,953 Advertisement display services 1,813,584 2,400,051 Gross revenue from advertising services 2,357,509 2,999,004 Less: discount to customers for advertisement displays (136,715 ) (87,522 ) Sub-total of net revenue from advertising services 2,220,794 2,911,482 Revenue from cash rebate services 10,621 5,552 Revenue from payment solution services-related party 4,303 5,379 Revenue from software licensing 1,740,472 - Total operating revenue $ 3,976,190 $ 2,922,413 | |
Deferred revenue | Deferred revenue Deferred revenue occurs when the Company has entered into a contract with a customer and cash payments are received or due prior to transfer of control or satisfaction of the related performance obligation. The Company’s performance obligations are generally satisfied within 12 months of the initial contract date. As of March 31, 2023 and September 30, 2022 deferred revenue amounted to $ 368,066 nil nil 800,492 | |
Software development costs | Software development costs The Company expenses software development costs as it incurs them until technological feasibility has been established, at which time those costs are capitalized until the product is available for general release to customers. | |
Operating leases | Operating leases On October 1, 2020, the Company adopted Accounting Standards Updates (“ASU”) 2016-02, Leases (Topic 842), as amended (“ASC 842”), which supersedes the lease accounting guidance under Topic 840, and generally requires lessees to recognize operating and finance lease liabilities and corresponding right-of-use assets on the balance sheet and to provide enhanced disclosures surrounding the amount, timing, and uncertainty of cash flows arising from leasing arrangements. The Company elected to apply practical expedients permitted under the transition method that allow the Company to use the beginning of the period of adoption as the date of initial application, to not recognize lease assets and lease liabilities for leases with a term of 12 months or less, to not separate non-lease components from lease components, and to not reassess lease classification, treatment of initial direct costs, or whether an existing or expired contract contains a lease. The Company used a modified retrospective method and did not adjust the prior comparative periods. Under the new lease standard, the Company determines if an arrangement is or contains a lease at inception. Right-of-use assets and liabilities are recognized at the lease commencement date based on the present value of remaining lease payments over the lease terms. The Company considers only payments that are fixed and determinable at the time of lease commencement. At the commencement date, the Company recognizes the lease liability at the present value of the lease payments not yet paid, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Company’s incremental borrowing rate for the same term as the underlying lease. The right-of-use asset is recognized initially at cost, which primarily comprises the initial amount of the lease liability, plus any initial direct costs incurred, consisting mainly of brokerage commissions, less any lease incentives received. All right-of-use assets are reviewed for impairment annually. There was no impairment for right-of-use lease assets as of March 31, 2023 and September 30, 2022. | |
Operating costs | Operating costs The Company’s operating costs primarily consist of (i) marketing and promotional expenses to develop members, merchants, and advertisers, (ii) website and facility maintenance expenses to upgrade, optimize, and maintain its websites and mobile apps, (iii) employee salary and benefit expenses, (iv) professional and business consulting expenses, and (v) other general office expenses for administrating the Company’s business. Operating costs are expensed as incurred. Judgment is required to determine whether to separately present cost of revenue, selling expenses, and general and administrative expenses. The Company considers materiality, the manner that operating costs can be separately identified, and what is most useful to financial statement users, and elects to present all costs and operating expenses as a single line item “cost, selling, general, and administrative expenses” as reflected in the consolidated statements of operations. Management believes that such presentation is meaningful when considering the nature of the Company’s operations and the manner in which the Company manages its business. The Company’s operating costs for the six months ended March 31, 2023 and 2022, consisted of the following: SCHEDULE OF OPERATING COSTS 2023 2022 For the Six Months ended March 31, 2023 2022 (Unaudited) (Unaudited) Salary and employee benefit expenses $ 318,750 $ 195,904 Professional and consulting service fees 429,896 468,971 Marketing and promotional expenses 209,564 104,808 Content license costs 30,000 25,059 Website and facility maintenance expenses 147,345 49,725 Depreciation and amortization 193,662 44,147 Utility and office expenses 251,563 56,779 Business travel and entertainment expenses 71,479 17,522 Others 344,633 40,458 Total operating costs $ 1,996,892 $ 1,003,373 | |
Research and development | Research and development The Company’s research and development activities primarily relate to the optimization and implementation of its websites and mobile apps (such as leveraging browser caching, improving server response time, removing render-blocking JavaScript, reducing redirects, and optimizing images), to improve their performance and drive more traffic. Research and development costs are expensed as incurred. Research and development expenses included in operating costs amounted to $ 147,345 47,577 | |
Income taxes | Income taxes The Company accounts for current income taxes in accordance with the laws of the relevant tax authorities. Deferred income taxes are recognized when temporary differences exist between the tax bases of assets and liabilities and their reported amounts in the consolidated financial statements. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period including the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. An uncertain tax position is recognized only if it is “more likely than not” that the tax position would be sustained in a tax examination. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. Penalties and interest incurred related to underpayment of income tax are classified as income tax expense in the period incurred. No significant penalties or interest relating to income taxes were incurred during the six months ended March 31, 2023 and 2022. The Company does not believe there was any uncertain tax provision as of March 31, 2023 and September 30, 2022. The Company’s operating subsidiaries in Malaysia are subject to the income tax laws of Malaysia. No significant income was generated outside Malaysia for the six months ended March 31, 2023 and 2022. As of March 31, 2023, all of the Company’s tax returns of its Malaysian subsidiaries remain open for statutory examination by relevant tax authorities for seven years from the date the corporate income tax return was filed. | |
Service taxes | Service taxes Service tax is a consumption tax levied by Malaysian tax authorities and is charged on any taxable service income (including digital services) provided in Malaysia by a registered company in carrying on their business. The rate of service tax is 6 500,000 107,000 134,824 171,671 | |
Earnings (loss) per share | Earnings (loss) per share The Company computes earnings (loss) per share (“EPS”) in accordance with ASC 260, “Earnings per Share” (“ASC 260”). ASC 260 requires companies with complex capital structures to present basic and diluted EPS. Basic EPS is measured as net income (loss) divided by the weighted average common shares outstanding for the period. Diluted EPS presents the dilutive effect on a per share basis of potential common shares (e.g., convertible securities, options, and warrants) as if they had been converted at the beginning of the periods presented, or issuance date, if later. Potential common shares that have an anti-dilutive effect (i.e., those that increase income per share or decrease loss per share) are excluded from the calculation of diluted EPS. For the six months ended March 31, 2023 and 2022, there were no dilutive shares. | |
Statement of cash flows | Statement of cash flows In accordance with ASC 230, “Statement of Cash Flows,” cash flows from the Company’s operations are formulated based upon the local currencies using the average exchange rate in the period. As a result, amounts related to assets and liabilities reported on the statements of cash flows will not necessarily agree with changes in the corresponding balances on the balance sheets. | |
Related parties and transactions | Related parties and transactions The Company identifies related parties, and accounts for, discloses related party transactions in accordance with ASC 850, “Related Party Disclosures” and other relevant ASC standards. 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 operational decisions. Companies are also considered to be related if they are subject to common control or common significant influence. Transactions between related parties commonly occurring in the normal course of business are considered to be related party transactions. Transactions between related parties are also considered to be related party transactions even though they may not be given accounting recognition. While ASC does not provide accounting or measurement guidance for such transactions, it nonetheless requires their disclosure. | |
Defined contribution plan | Defined contribution plan The full-time employees of the Company’s subsidiaries in Malaysia are entitled to the government mandated defined contribution plan, such as social security, employee provident fund, employment insurance, and human resource development fund, as required by labor laws in Malaysia. The Company is required to accrue and pay for these benefits based on certain percentages of the employees’ respective salaries, subject to certain ceilings, in accordance with the relevant government regulations, and make cash contributions to the government mandated defined contribution plan. Employee defined contribution plan expenses amounted to $ 59,510 16,723 | |
Recent accounting pronouncements not yet adopted | Recent accounting pronouncements The Company considers the applicability and impact of all ASUs. Management periodically reviews new accounting standards that are issued. In June 2016, the Financial Accounting Standards Board (the “FASB”) issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326) (“ASU 2016-13”), which requires entities to measure all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. This replaces the existing incurred loss model and is applicable to the measurement of credit losses on financial assets measured at amortized cost. ASU 2016-13 was subsequently amended by ASU 2018-19, Codification Improvements to Topic 326, Financial Instruments – Credit Losses, ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments – Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments, and ASU 2019-05, Targeted Transition Relief. In November 2019, the FASB issued ASU 2019-10, which extends the effective date for adoption of ASU 2016-13. In November 2019, the FASB issued ASU 2019-11 to clarify its new credit impairment guidance in ASU 326. Accordingly, for public entities that are not smaller reporting entities, ASU 2016-13 and its amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. For all other entities, this guidance and its amendments will be effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. As an emerging growth company, the Company plans to adopt this guidance effective October 1, 2023. The Company is currently evaluating the impact of its pending adoption of ASU 2016-13 on its consolidated financial statements. Except as mentioned above, the Company does not believe other recently issued but not yet effective accounting standards, if currently adopted, would have a material effect on the Company’s unaudited condensed consolidated balance sheets, statements of operations and comprehensive income, and statements of cash flows. | |
One Eighty Holdings Ltd [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Basis of presentation and principles of consolidation | Basis of presentation and principles of consolidation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”). The accompanying consolidated financial statements include the financial statements of One Eighty Holdings and its wholly owned subsidiaries 180 Degrees and Media Elements. All inter-company balances and transactions are eliminated upon consolidation. | Basis of presentation and principles of consolidation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”). The accompanying consolidated financial statements include the financial statements of One Eighty Holdings and its wholly owned subsidiaries 180 Degrees and Media Elements. All inter-company balances and transactions are eliminated upon consolidation. |
Uses of estimates | Uses of estimates In preparing the consolidated financial statements in conformity with U.S. GAAP, management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. These estimates are based on information as of the date of the consolidated financial statements. Significant estimates required to be made by management include the valuation of accounts receivable, useful lives of property and equipment assets, the impairment of long-lived assets, realization of deferred tax assets, management of right-of-use assets, and lease liabilities. Actual results could differ from those estimates. | Uses of estimates In preparing the consolidated financial statements in conformity with U.S. GAAP, management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. These estimates are based on information as of the date of the consolidated financial statements. Significant estimates required to be made by management include the valuation of accounts receivable, useful lives of property and equipment assets, the impairment of long-lived assets, realization of deferred tax assets, management of right-of-use assets, and lease liabilities. Actual results could differ from those estimates. |
Risks and uncertainties | Risks and uncertainties The main operations of the Company are located in Malaysia. Accordingly, the Company’s business, financial condition, and results of operations may be influenced by changes in political, economic, social, regulatory, and legal environments in Malaysia, as well as by the general state of the economy in Malaysia. The Company believes that it complies with existing laws and regulations, including its organization and structure disclosed in Note 1, this may not be indicative of future results. The Company’s business, financial condition, and results of operations may also be negatively impacted by risks related to natural disasters, extreme weather conditions, health epidemics, and other catastrophic incidents, which could significantly disrupt the Company’s operations. The COVID-19 pandemic has adversely affected the Company’s business operations. Specifically, prior to April 1, 2022, significant governmental measures implemented by the Malaysian government, including various stages of lockdowns, closures, quarantines, and travel bans, led to the store closure of some of the Company’s offline merchants. As a result, the Company generated net income of $ 0.11 0.91 | Risks and uncertainties The main operations of the Company are located in Malaysia. Accordingly, the Company’s business, financial condition, and results of operations may be influenced by changes in political, economic, social, regulatory, and legal environments in Malaysia, as well as by the general state of the economy in Malaysia. The Company believes that it complies with existing laws and regulations, including its organization and structure disclosed in Note 1, this may not be indicative of future results. The Company’s business, financial condition, and results of operations may also be negatively impacted by risks related to natural disasters, extreme weather conditions, health epidemics, and other catastrophic incidents, which could significantly disrupt the Company’s operations. The COVID-19 pandemic has adversely affected the Company’s business operations. Specifically, prior to April 1, 2022, significant governmental measures implemented by the Malaysian government, including various stages of lockdowns, closures, quarantines, and travel bans, led to the store closure of some of the Company’s offline merchants. As a result, the Company incurred a net loss of $ 0.34 1.7 |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash includes currency on hand and deposits held by banks that can be added or withdrawn without limitation. The Company maintains all of its bank accounts in Malaysia. Cash deposit with financial institutions in Malaysia is subject to certain protection under the requirement of the deposit insurance system. The maximum insurance coverage limit is MYR 250,000 60,000 1,434,174 783,282 1,002,046 451,626 132,855 126,464 | Cash Cash includes currency on hand and deposits held by banks that can be added or withdrawn without limitation. The Company maintains all of its bank accounts in Malaysia. Cash deposit with financial institutions in Malaysia is subject to certain protection under the requirement of the deposit insurance system. The maximum insurance coverage limit is MYR 250,000 60,000 783,282 709,997 451,626 340,939 126,464 20,233 |
Accounts receivable, net | Accounts receivable, net Accounts receivable are presented net of allowance for doubtful accounts. The Company determines the adequacy of allowance for doubtful accounts based on individual account analysis, historical collection trend, and the best estimate of specific losses on individual exposures. The Company establishes a provision for doubtful receivables when there is objective evidence that the Company may not be able to collect amounts due. Actual amounts received may differ from management’s estimate of credit worthiness and the economic environment. Delinquent account balances are written off against the allowance for doubtful accounts after management has determined that the likelihood of collection is not probable. As of March 31, 2023 and September 30, 2022, there was no allowance for doubtful accounts recorded as the Company considers all of the outstanding accounts receivable fully collectible. Investments Investments with original maturities of 91 days to one year are considered short-term investments; investments with original maturities of more than one year are classified as long-term investments. The investments are carried at cost with interest earned, which approximates fair value. | Accounts receivable, net Accounts receivable are presented net of allowance for doubtful accounts. The Company determines the adequacy of allowance for doubtful accounts based on individual account analysis, historical collection trend, and the best estimate of specific losses on individual exposures. The Company establishes a provision for doubtful receivables when there is objective evidence that the Company may not be able to collect amounts due. Actual amounts received may differ from management’s estimate of credit worthiness and the economic environment. Delinquent account balances are written off against the allowance for doubtful accounts after management has determined that the likelihood of collection is not probable. As of September 30, 2022 and 2021, there was no allowance for doubtful accounts recorded as the Company considers all of the outstanding accounts receivable fully collectible. |
Property and equipment | Property and equipment Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation and amortization of property and equipment are provided using the straight-line method over their expected useful lives, as follows: SCHEDULE OF PROPERTY AND EQUIPMENT USEFUL LIVES Useful life Equipment and furniture 4 10 Property 50 Expenditures for maintenance and repair, which do not materially extend the useful lives of the assets, are charged to expenses as incurred. Expenditures for major renewals and betterments which substantially extend the useful life of assets are capitalized. The cost and related accumulated depreciation of assets retired or sold are removed from the respective accounts, and any gain or loss is recognized in the consolidated statements of operations and comprehensive income (loss) in other income (expenses). | Property and equipment Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation and amortization of property and equipment are provided using the straight-line method over their expected useful lives, as follows: SCHEDULE OF PROPERTY AND EQUIPMENT USEFUL LIVES Useful life Equipment and furniture 4 10 Property 50 Expenditures for maintenance and repair, which do not materially extend the useful lives of the assets, are charged to expenses as incurred. Expenditures for major renewals and betterments which substantially extend the useful life of assets are capitalized. The cost and related accumulated depreciation of assets retired or sold are removed from the respective accounts, and any gain or loss is recognized in the consolidated statements of operations and comprehensive income (loss) in other income (expenses). |
Impairment of long-lived assets | Impairment of long-lived assets Long-lived assets with finite lives, primarily property and equipment, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If the estimated future undiscounted cash flows from the use of the asset and its eventual disposition are below the asset’s carrying value, the asset is deemed to be impaired and written down to its fair value. There were no impairments of these assets as of March 31, 2023 and September 30, 2022. | Impairment of long-lived assets Long-lived assets with finite lives, primarily property and equipment, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If the estimated future undiscounted cash flows from the use of the asset and its eventual disposition are below the asset’s carrying value, the asset is deemed to be impaired and written down to its fair value. There were no impairments of these assets as of September 30, 2022 and 2021. |
Fair value of financial instruments | Fair value of financial instruments Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A three-level fair value hierarchy prioritizes the inputs used to measure fair value. The hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows: ● Level 1 — inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. ● Level 2 — inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, quoted market prices for identical or similar assets in markets that are not active, inputs other than quoted prices that are observable and inputs derived from or corroborated by observable market data. ● Level 3 — inputs to the valuation methodology are unobservable. Unless otherwise disclosed, the fair value of the Company’s financial instruments, including cash, short-term investments, accounts receivable, prepaid expenses and other current assets, advance from customers, taxes payable, due to a related party, and accrued expenses and other current liabilities approximated the fair value of the respective assets and liabilities as of March 31, 2023 and September 30, 2022 based upon the short-term nature of the assets and liabilities. | Fair value of financial instruments Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A three-level fair value hierarchy prioritizes the inputs used to measure fair value. The hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows: ● Level 1 — inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. ● Level 2 — inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, quoted market prices for identical or similar assets in markets that are not active, inputs other than quoted prices that are observable and inputs derived from or corroborated by observable market data. ● Level 3 — inputs to the valuation methodology are unobservable. Unless otherwise disclosed, the fair value of the Company’s financial instruments, including cash, short-term investments, accounts receivable, prepaid expenses and other current assets, advance from customers, taxes payable, due to a related party, and accrued expenses and other current liabilities approximated the fair value of the respective assets and liabilities as of September 30, 2022 and 2021 based upon the short-term nature of the assets and liabilities. |
Foreign currency translation | Foreign currency translation The functional currency for One Eighty Holdings, 180 Degrees, and Media Elements is Malaysian Ringgit (“MYR”). The Company’s consolidated financial statements have been translated into and reported in US$. Assets and liabilities accounts are translated using the exchange rate at each reporting period end date. Equity accounts are translated at historical rates. Income and expense accounts are translated at the average rate of exchange during the reporting period. The resulting translation adjustments are reported under other comprehensive income. Gains and losses resulting from the translations of foreign currency transactions and balances are reflected in the results of operations. The following table outlines the currency exchange rates that were used in creating the consolidated financial statements in this report: SCHEDULE OF CURRENCY EXCHANGE RATE March 31, 2023 September 30, 2022 Spot rate US$ 1 4.4131 US$ 1 4.6359 Average rate US$ 1 4.4783 US$ 1 4.3041 | Foreign currency translation The functional currency for One Eighty Holdings, 180 Degrees, and Media Elements is Malaysian Ringgit (“MYR”). The Company’s consolidated financial statements have been translated into and reported in US$. Assets and liabilities accounts are translated using the exchange rate at each reporting period end date. Equity accounts are translated at historical rates. Income and expense accounts are translated at the average rate of exchange during the reporting period. The resulting translation adjustments are reported under other comprehensive income. Gains and losses resulting from the translations of foreign currency transactions and balances are reflected in the results of operations. The following table outlines the currency exchange rates that were used in creating the consolidated financial statements in this report: SCHEDULE OF CURRENCY EXCHANGE RATE September 30, 2022 September 30, 2021 Year-end spot rate US$ 1 4.6359 US$ 1 4.1870 Average rate US$ 1 4.3041 US$ 1 4.1249 |
Comprehensive income (loss) | Comprehensive income (loss) Comprehensive income (loss) consists of two components, net income (loss) and other comprehensive income (loss). The foreign currency translation gain or loss resulting from the translation of the financial statements expressed in MYR to US$ is reported in other comprehensive income (loss) in the consolidated statements of operations and comprehensive income (loss). | Comprehensive income (loss) Comprehensive income (loss) consists of two components, net income (loss) and other comprehensive income (loss). The foreign currency translation gain or loss resulting from the translation of the financial statements expressed in MYR to US$ is reported in other comprehensive income (loss) in the consolidated statements of operations and comprehensive income (loss). |
Revenue recognition | Revenue recognition To determine revenue recognition for contracts with customers, the Company performs the following five steps: (i) identify the contract(s) with the customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, including variable consideration to the extent that it is probable that a significant future reversal will not occur, (iv) allocate the transaction price to the respective performance obligations in the contract, and (v) recognize revenue when (or as) the Company satisfies the performance obligation. The Company currently generates its revenue from the following main sources: Revenue from advertising and brand-building related consulting services (“creative income”) The Company’s advertising service revenue is derived principally from advertising and brand-building service agreements with customers, pursuant to which the Company provides creative ideas, strategies, proposals, and solutions to customers for advertising and brand positioning, helping them create appropriate advertising languages or images, identifying appropriate communication media channels, incorporating advertising and brand promotion strategies into their marketing plans, and recommending and coordinating the customers with relevant media channels for advertisement display or broadcasting. The Company’s agreements with customers are fixed-price agreements, and the service fee depends on job scope and complexity of each project. It normally takes a few months to one-year to complete a project, including market research, advertisement idea conceptualization, brand positioning proposals, and final delivery of customer accepted proposal and solutions. Each of the service promises in an advertising and brand-building related consulting service agreement is not distinct in the context because they are the inputs to deliver the combined output. Therefore, these performance obligations are identified as a combined single performance obligation. Once customers accept the final deliverables, which marks the completion of the agreement, there are no future obligations and no rights of refund. The Company allocates contract price to such single performance obligation over the service period. Revenue from such services is recognized over the period. Advances or deposits from customers are deferred first and then recognized as revenue until the completion of the service. The Company is acting as a principal in these transactions , because the Company has discretion in establishing prices, and is responsible for . Revenue from photograph, commercial video and audio recording, and production services (“production income”) The Company signs fixed-price agreements with customers who already have their own concept or ideas for the commercial photo, video, and audio, but need professionals and talents to help turn their unique vision, voice, and expression into displayable and captivating ads in photograph, video, or audio format. The Company’s performance obligations include identifying, organizing, and coordinating with professional teams (including qualified photographer, videographer, film directors, actors or models, commercial voiceover talents, stylists, makeup artists, editors, video and audio engineers, and music mixing engineer) to perform such services, shooting location rental, equipment and transportation vehicle rental, developing the script for the dialog for photographing and video and audio recording, post production edit, and the delivery of final quality product to customers to satisfy their ultimate advertising needs. As a result of these combined performance obligations, the Company delivers the final photograph and commercial video or audio recording outputs to customers when the related services are rendered. These services are not distinct in the context of the service agreements because they are the inputs to deliver the combined output to the customers. The agreement with customers for such photograph, commercial video and audio recording, and production services specifies the service fees, payment terms, work scope, and arrangements. Once customers accept the final deliverables, which marks the completion of the agreement, there are no future obligations and no rights of refund. The Company allocates contract price to such single performance obligation at the point when the services are rendered and the photograph, video, and audio recording products are delivered to customers. Revenue is recognized at the point when the final products are delivered to customers and are accepted by them. The Company is acting as a principal and records revenue earned and costs incurred related to these transactions on a gross basis, because the Company has the discretion in establishing prices, is responsible for fulfilling the promises and delivering the final products to the customer, assumes fulfilment risk having latitude in select third-party professional teams to complete the advertising production job, and bears the risk for services that are not fully paid for by customers. Revenue from marketing and promotional campaign services The Company assists merchants to plan, arrange, and execute seasonal on-the-ground sales and promotional campaign, normally within shopping malls. The Company’s services include providing the sales campaign proposals, coordinating with shopping mall owners for location rental, assisting merchant clients for equipment rental, advising the clients for site layout arrangements and decorations, and providing product display strategies. The Company considers these a single performance obligation. It usually takes a few days to a few weeks from the preparation of the marketing and sales campaign event to the execution. The service agreement with a merchant client is a fixed-price agreement, and the Company is entitled to receive the payment when the related services are rendered. Contract price is allocated to one single performance obligation upon rendering the services. Revenue is recognized at the point when the marketing and promotion event is organized and related services are performed. The Company is acting as a principal for such service and records revenue earned and costs incurred related to these services on a gross basis, because the Company has latitude in establishing prices, and is responsible for fulfilling the promise and providing customers with the specified services. Revenue from social media management services The Company provides social media account management services to achieve the target impression requested by clients, assisting in monitoring clients’ media account deductions and payments, assisting clients in targeting specific audiences at specific times, and notifying clients of media account impressions and balances. The Company charges a fixed service fee based on the service scope. The service term duration is usually a few months. Once customers accepted the final deliverables, which marks the completion of the agreements, there are no future obligations and no rights of refund. These management services are identified as a single performance obligation. The Company allocates contract price to such single performance obligation over the period, and revenue is recognized over the service period on a monthly basis when the services are rendered to customers for that month. The Company is acting as a principal for such service and records revenue earned and costs incurred related to these services on a gross basis, because the Company has latitude in establishing prices, and is responsible for fulfilling the promise and providing customers with the specified services. Revenue from marketing material printing services The Company provides printing services to customers, including printing of marketing posters, flyers, brochures, marketing catalogs, and retail point-of-sale and promotional materials. The agreement with customers for such printing services specifies the related service fees and payment terms. The only performance obligation for such services is to deliver the printed products to customers. Once customers accepted the final deliverables, which marks the completion of the agreements, there are no future obligations and no rights of refund. Revenue from printing service is recognized at the point when the printed products are delivered to the customers. The Company outsources most of the printing job to external printing companies, but the Company still acts as the principal for such services and records revenue earned and costs incurred related to these transactions on a gross basis, because the Company has the discretion in establishing prices, is responsible for fulfilling the promises and delivering the final products to the customer, assumes fulfilment risk having latitude in select third-party printing companies to complete the printing job, and bears the risk for services that are not fully paid for by customers. Revenue from media agency services The Company sells media companies’ advertising space to customers on behalf of the media companies. Media channels booking includes press media booking, TV commercial airtime booking, broadcasting or radio media booking, billboard media booking, and digital media booking. The Company signs an agency agreement with media companies’ owners for selling their advertising space to merchant customers with advertising needs. The Company’s performance obligations include referring the merchant customer to the corresponding media company and getting paid from the media company a referral fee or commission at a pre-determined rate negotiated with the media company, which is a rate based on the advertising amount purchased or spent by the merchant customers. Revenue is recognized at the point when the merchant customer posted their advertisement on the media channel. The Company is acting as an agent in these transactions, as it does not have discretion in establishing prices, and is not responsible for fulfilling the promise and providing customers the specified services and deliverables. | Revenue recognition To determine revenue recognition for contracts with customers, the Company performs the following five steps: (i) identify the contract(s) with the customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, including variable consideration to the extent that it is probable that a significant future reversal will not occur, (iv) allocate the transaction price to the respective performance obligations in the contract, and (v) recognize revenue when (or as) the Company satisfies the performance obligation. The Company currently generates its revenue from the following main sources: Revenue from advertising and brand-building related consulting services (“creative income”) The Company’s advertising service revenue is derived principally from advertising and brand-building service agreements with customers, pursuant to which the Company provides creative ideas, strategies, proposals, and solutions to customers for advertising and brand positioning, helping them create appropriate advertising languages or images, identifying appropriate communication media channels, incorporating advertising and brand promotion strategies into their marketing plans, and recommending and coordinating the customers with relevant media channels for advertisement display or broadcasting. The Company’s agreements with customers are fixed-price agreements, and the service fee depends on job scope and complexity of each project. It normally takes a few months to one-year to complete a project, including market research, advertisement idea conceptualization, brand positioning proposals, and final delivery of customer accepted proposal and solutions. Each of the service promises in an advertising and brand-building related consulting service agreement is not distinct in the context because they are the inputs to deliver the combined output. Therefore, these performance obligations are identified as a combined single performance obligation. Once customers accept the final deliverables, which marks the completion of the agreement, there are no future obligations and no rights of refund. The Company allocates contract price to such single performance obligation over the service period. Revenue from such services is recognized over the period. Advances or deposits from customers are deferred first and then recognized as revenue until the completion of the service. The Company is acting as a principal in these transactions and records revenue earned and costs incurred related to these transactions on a gross basis , because the Company has discretion in establishing prices, and is responsible for . Revenue from photograph, commercial video and audio recording, and production services (“production income”) The Company signs fixed-price agreements with customers who already have their own concept or ideas for the commercial photo, video, and audio, but need professionals and talents to help turn their unique vision, voice, and expression into displayable and captivating ads in photograph, video, or audio format. The Company’s performance obligations include identifying, organizing, and coordinating with professional teams (including qualified photographer, videographer, film directors, actors or models, commercial voiceover talents, stylists, makeup artists, editors, video and audio engineers, and music mixing engineer) to perform such services, shooting location rental, equipment and transportation vehicle rental, developing the script for the dialog for photographing and video and audio recording, post production edit, and the delivery of final quality product to customers to satisfy their ultimate advertising needs. As a result of these combined performance obligations, the Company delivers the final photograph and commercial video or audio recording outputs to customers when the related services are rendered. These services are not distinct in the context of the service agreements because they are the inputs to deliver the combined output to the customers. The agreement with customers for such photograph, commercial video and audio recording, and production services specifies the service fees, payment terms, work scope, and arrangements. Once customers accept the final deliverables, which marks the completion of the agreement, there are no future obligations and no rights of refund. The Company allocates contract price to such single performance obligation at the point when the services are rendered and the photograph, video, and audio recording products are delivered to customers. Revenue is recognized at the point when the final products are delivered to customers and are accepted by them. The Company is acting as a principal and records revenue earned and costs incurred related to these transactions on a gross basis, because the Company has the discretion in establishing prices, is responsible for fulfilling the promises and delivering the final products to the customer, assumes fulfilment risk having latitude in select third-party professional teams to complete the advertising production job, and bears the risk for services that are not fully paid for by customers. Revenue from marketing and promotional campaign services The Company assists merchants to plan, arrange, and execute seasonal on-the-ground sales and promotional campaign, normally within shopping malls. The Company’s services include providing the sales campaign proposals, coordinating with shopping mall owners for location rental, assisting merchant clients for equipment rental, advising the clients for site layout arrangements and decorations, and providing product display strategies. The Company considers these a single performance obligation. It usually takes a few days to a few weeks from the preparation of the marketing and sales campaign event to the execution. The service agreement with a merchant client is a fixed-price agreement, and the Company is entitled to receive the payment when the related services are rendered. Contract price is allocated to one single performance obligation upon rendering the services. Revenue is recognized at the point when the marketing and promotion event is organized and related services are performed. The Company is acting as a principal for such service and records revenue earned and costs incurred related to these services on a gross basis, because the Company has latitude in establishing prices, and is responsible for fulfilling the promise and providing customers with the specified services. Revenue from social media management services The Company provides social media account management services to achieve the target impression requested by clients, assisting in monitoring clients’ media account deductions and payments, assisting clients in targeting specific audiences at specific times, and notifying clients of media account impressions and balances. The Company charges a fixed service fee based on the service scope. The service term duration is usually a few months. Once customers accepted the final deliverables, which marks the completion of the agreements, there are no future obligations and no rights of refund. These management services are identified as a single performance obligation. The Company allocates contract price to such single performance obligation over the period, and revenue is recognized over the service period on a monthly basis when the services are rendered to customers for that month. The Company is acting as a principal for such service and records revenue earned and costs incurred related to these services on a gross basis, because the Company has latitude in establishing prices, and is responsible for fulfilling the promise and providing customers with the specified services. Revenue from marketing material printing services The Company provides printing services to customers, including printing of marketing posters, flyers, brochures, marketing catalogs, and retail point-of-sale and promotional materials. The agreement with customers for such printing services specifies the related service fees and payment terms. The only performance obligation for such services is to deliver the printed products to customers. Once customers accepted the final deliverables, which marks the completion of the agreements, there are no future obligations and no rights of refund. Revenue from printing service is recognized at the point when the printed products are delivered to the customers. The Company outsources most of the printing job to external printing companies, but the Company still acts as the principal for such services and records revenue earned and costs incurred related to these transactions on a gross basis, because the Company has the discretion in establishing prices, is responsible for fulfilling the promises and delivering the final products to the customer, assumes fulfilment risk having latitude in select third-party printing companies to complete the printing job, and bears the risk for services that are not fully paid for by customers. Revenue from media agency services The Company sells media companies’ advertising space to customers on behalf of the media companies. Media channels booking includes press media booking, TV commercial airtime booking, broadcasting or radio media booking, billboard media booking, and digital media booking. The Company signs an agency agreement with media companies’ owners for selling their advertising space to merchant customers with advertising needs. The Company’s performance obligations include referring the merchant customer to the corresponding media company and getting paid from the media company a referral fee or commission at a pre-determined rate negotiated with the media company, which is a rate based on the advertising amount purchased or spent by the merchant customers. Revenue is recognized at the point when the merchant customer posted their advertisement on the media channel. The Company is acting as an agent in these transactions, as it does not have discretion in establishing prices, and is not responsible for fulfilling the promise and providing customers the specified services and deliverables. |
Disaggregation of revenue | Disaggregation of revenue The Company disaggregates its revenue by service types into six revenue streams, as the Company believes it best depicts how the nature, amount, timing, and uncertainty of the revenue and cash flows are affected by economic factors. The summary of the Company’s revenue streams for the six months ended March 31, 2023 and 2022 is as follows: SCHEDULE OF DISAGGREGATION OF REVENUE 2023 2022 Creative income $ 1,628,929 $ 579,296 Production income 394,775 699,881 Promotional campaign services 560,057 685,321 Social media management income - 78,713 Printing income 4,623 517 Media agency income 197,064 50,860 Total operating revenue $ 2,785,448 $ 2,094,588 | Disaggregation of revenue The Company disaggregates its revenue by service types into six revenue streams, as the Company believes it best depicts how the nature, amount, timing, and uncertainty of the revenue and cash flows are affected by economic factors. The summary of the Company’s revenue streams for the fiscal years ended September 30, 2022 and 2021 is as follows: SCHEDULE OF DISAGGREGATION OF REVENUE 2022 2021 Creative income $ 3,483,215 $ 981,171 Production income 1,754,979 718,380 Promotional campaign services 635,830 931,637 Social media management income 106,145 26,898 Printing income 11,323 - Media agency income 182,405 184,583 Total operating revenue $ 6,173,897 $ 2,842,669 |
Operating leases | Operating leases On October 1, 2020, the Company adopted Accounting Standards Updates (“ASU”) 2016-02, Leases (Topic 842), as amended (“ASC 842”), which supersedes the lease accounting guidance under Topic 840, and generally requires lessees to recognize operating and finance lease liabilities and corresponding right-of-use assets on the balance sheet and to provide enhanced disclosures surrounding the amount, timing, and uncertainty of cash flows arising from leasing arrangements. The Company elected to apply practical expedients permitted under the transition method that allow the Company to use the beginning of the period of adoption as the date of initial application, to not recognize lease assets and lease liabilities for leases with a term of 12 months or less, to not separate non-lease components from lease components, and to not reassess lease classification, treatment of initial direct costs, or whether an existing or expired contract contains a lease. The Company used a modified retrospective method and did not adjust the prior comparative periods. Under the new lease standard, the Company determines if an arrangement is or contains a lease at inception. Right-of-use assets and liabilities are recognized at the lease commencement date based on the present value of remaining lease payments over the lease terms. The Company considers only payments that are fixed and determinable at the time of lease commencement. At the commencement date, the Company recognizes the lease liability at the present value of the lease payments not yet paid, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Company’s incremental borrowing rate for the same term as the underlying lease. The right-of-use asset is recognized initially at cost, which primarily comprises the initial amount of the lease liability, plus any initial direct costs incurred, consisting mainly of brokerage commissions, less any lease incentives received. All right-of-use assets are reviewed for impairment annually. There was no impairment for right-of-use lease assets as of March 31, 2023 and September 30, 2022. | Operating leases On October 1, 2020, the Company adopted Accounting Standards Updates (“ASU”) 2016-02, Leases (Topic 842), as amended (“ASC 842”), which supersedes the lease accounting guidance under Topic 840, and generally requires lessees to recognize operating and finance lease liabilities and corresponding right-of-use assets on the balance sheet and to provide enhanced disclosures surrounding the amount, timing, and uncertainty of cash flows arising from leasing arrangements. The Company elected to apply practical expedients permitted under the transition method that allow the Company to use the beginning of the period of adoption as the date of initial application, to not recognize lease assets and lease liabilities for leases with a term of 12 months or less, to not separate non-lease components from lease components, and to not reassess lease classification, treatment of initial direct costs, or whether an existing or expired contract contains a lease. The Company used a modified retrospective method and did not adjust the prior comparative periods. Under the new lease standard, the Company determines if an arrangement is or contains a lease at inception. Right-of-use assets and liabilities are recognized at the lease commencement date based on the present value of remaining lease payments over the lease terms. The Company considers only payments that are fixed and determinable at the time of lease commencement. At the commencement date, the Company recognizes the lease liability at the present value of the lease payments not yet paid, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Company’s incremental borrowing rate for the same term as the underlying lease. The right-of-use asset is recognized initially at cost, which primarily comprises the initial amount of the lease liability, plus any initial direct costs incurred, consisting mainly of brokerage commissions, less any lease incentives received. All right-of-use assets are reviewed for impairment annually. There was no impairment for right-of-use lease assets as of September 30, 2022 and 2021. |
Income taxes | Income taxes The Company accounts for current income taxes in accordance with the laws of the relevant tax authorities. Deferred income taxes are recognized when temporary differences exist between the tax bases of assets and liabilities and their reported amounts in the consolidated financial statements. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period including the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. An uncertain tax position is recognized only if it is “more likely than not” that the tax position would be sustained in a tax examination. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. Penalties and interest incurred related to underpayment of income tax are classified as income tax expense in the period incurred. No significant penalties or interest relating to income taxes were incurred during the six months ended March 31, 2023 and 2022. The Company does not believe there was any uncertain tax provision as of March 31, 2023 and September 30, 2022. The Company’s operating subsidiaries in Malaysia are subject to the income tax laws of Malaysia. No significant income was generated outside Malaysia for the six months ended March 31, 2023 and 2022. The Company’s income tax returns of its Malaysian subsidiaries filed for the fiscal years ended on September 30, 2017 and thereafter are subject to examination by the relevant taxing authorities. | Income taxes The Company accounts for current income taxes in accordance with the laws of the relevant tax authorities. Deferred income taxes are recognized when temporary differences exist between the tax bases of assets and liabilities and their reported amounts in the consolidated financial statements. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period including the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. An uncertain tax position is recognized only if it is “more likely than not” that the tax position would be sustained in a tax examination. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. Penalties and interest incurred related to underpayment of income tax are classified as income tax expense in the period incurred. No significant penalties or interest relating to income taxes were incurred during the fiscal years ended September 30, 2022 and 2021. The Company does not believe there was any uncertain tax provision as of September 30, 2022 and 2021. The Company’s operating subsidiaries in Malaysia are subject to the income tax laws of Malaysia. No significant income was generated outside Malaysia for the fiscal years ended September 30, 2022 and 2021. The Company’s income tax returns of its Malaysian subsidiaries filed for the fiscal years ended on September 30, 2017 and thereafter are subject to examination by the relevant taxing authorities. |
Service taxes | Service taxes Service tax is a consumption tax levied by Malaysian tax authorities and is charged on any taxable service income (including digital services) provided in Malaysia by a registered company in carrying on their business. The rate of service tax is 6 500,000 184,399 155,098 | Service taxes Service tax is a consumption tax levied by Malaysian tax authorities and is charged on any taxable service income (including digital services) provided in Malaysia by a registered company in carrying on their business. The rate of service tax is 6 500,000 321,696 304,751 |
Statement of cash flows | Statement of cash flows In accordance with ASC 230, “Statement of Cash Flows,” cash flows from the Company’s operations are formulated based upon the local currencies using the average exchange rate in the period. As a result, amounts related to assets and liabilities reported on the statements of cash flows will not necessarily agree with changes in the corresponding balances on the balance sheets. | Statement of cash flows In accordance with ASC 230, “Statement of Cash Flows,” cash flows from the Company’s operations are formulated based upon the local currencies using the average exchange rate in the period. As a result, amounts related to assets and liabilities reported on the statements of cash flows will not necessarily agree with changes in the corresponding balances on the balance sheets. |
Related parties and transactions | Related parties and transactions The Company identifies related parties, and accounts for, discloses related party transactions in accordance with ASC 850, “Related Party Disclosures,” and other relevant ASC standards. 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 operational decisions. Companies are also considered to be related if they are subject to common control or common significant influence. Transactions between related parties commonly occurring in the normal course of business are considered to be related party transactions. Transactions between related parties are also considered to be related party transactions even though they may not be given accounting recognition. While ASC does not provide accounting or measurement guidance for such transactions, it nonetheless requires their disclosure. | Related parties and transactions The Company identifies related parties, and accounts for, discloses related party transactions in accordance with ASC 850, “Related Party Disclosures,” and other relevant ASC standards. 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 operational decisions. Companies are also considered to be related if they are subject to common control or common significant influence. Transactions between related parties commonly occurring in the normal course of business are considered to be related party transactions. Transactions between related parties are also considered to be related party transactions even though they may not be given accounting recognition. While ASC does not provide accounting or measurement guidance for such transactions, it nonetheless requires their disclosure. |
Recent accounting pronouncements not yet adopted | Recent accounting pronouncements not yet adopted In June 2016, the Financial Accounting Standards Board (the “FASB”) issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326) (“ASU 2016-13”), which requires entities to measure all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. This replaces the existing incurred loss model and is applicable to the measurement of credit losses on financial assets measured at amortized cost. ASU 2016-13 was subsequently amended by ASU 2018-19, Codification Improvements to Topic 326, Financial Instruments – Credit Losses, ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments – Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments, and ASU 2019-05, Targeted Transition Relief. In November 2019, the FASB issued ASU 2019-10, which extends the effective date for adoption of ASU 2016-13. In November 2019, the FASB issued ASU 2019-11 to clarify its new credit impairment guidance in ASU 326. Accordingly, for public entities that are not smaller reporting entities, ASU 2016-13 and its amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. For all other entities, this guidance and its amendments will be effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. As an emerging growth company, the Company plans to adopt this guidance effective October 1, 2023. The Company is currently evaluating the impact of its pending adoption of ASU 2016-13 on its consolidated financial statements. | Recent accounting pronouncements not yet adopted In June 2016, the Financial Accounting Standards Board (the “FASB”) issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326) (“ASU 2016-13”), which requires entities to measure all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. This replaces the existing incurred loss model and is applicable to the measurement of credit losses on financial assets measured at amortized cost. ASU 2016-13 was subsequently amended by ASU 2018-19, Codification Improvements to Topic 326, Financial Instruments – Credit Losses, ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments – Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments, and ASU 2019-05, Targeted Transition Relief. In November 2019, the FASB issued ASU 2019-10, which extends the effective date for adoption of ASU 2016-13. In November 2019, the FASB issued ASU 2019-11 to clarify its new credit impairment guidance in ASU 326. Accordingly, for public entities that are not smaller reporting entities, ASU 2016-13 and its amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. For all other entities, this guidance and its amendments will be effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. As an emerging growth company, the Company plans to adopt this guidance effective October 1, 2023. The Company is currently evaluating the impact of its pending adoption of ASU 2016-13 on its consolidated financial statements. |
Recent accounting pronouncements | Recent accounting pronouncements The Company considers the applicability and impact of all ASUs. Management periodically reviews new accounting standards that are issued. | Recent accounting pronouncements The Company considers the applicability and impact of all ASUs. Management periodically reviews new accounting standards that are issued. |
Recently adopted accounting pronouncements | Recently adopted accounting pronouncements In December 2020, the FASB issued ASU 2020-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2020-12”). ASU 2020-12 is intended to simplify accounting for income taxes. It removes certain exceptions to the general principles in Topic 740 and amends existing guidance to improve consistent application. ASU 2020-12 is effective for fiscal years beginning after December 15, 2021 and interim periods within those fiscal years, with early adoption permitted. The adoption of the new guidance did not have a significant impact on the Company’s consolidated financial statements. | Recently adopted accounting pronouncements In December 2020, the FASB issued ASU 2020-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2020-12”). ASU 2020-12 is intended to simplify accounting for income taxes. It removes certain exceptions to the general principles in Topic 740 and amends existing guidance to improve consistent application. ASU 2020-12 is effective for fiscal years beginning after December 15, 2021 and interim periods within those fiscal years, with early adoption permitted. The adoption of the new guidance did not have a significant impact on the Company’s consolidated financial statements. |
ORGANIZATION AND BUSINESS DES_2
ORGANIZATION AND BUSINESS DESCRIPTION (Tables) | 6 Months Ended |
Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
SCHEDULE OF CONSOLIDATED FINANCIAL STATEMENTS OF ENTITIES | SCHEDULE OF CONSOLIDATED FINANCIAL STATEMENTS OF ENTITIES Entity Date of Formation Place of Incorporation % of Ownership Major business activities Starbox Group September 13, 2021 Cayman Islands Parent Investment holding Starbox International March 29, 2023 BVI 100% Investment holding Starbox Global March 29, 2023 BVI 100% Investment holding Starbox Berhad July 24, 2019 Malaysia 100% Investment holding StarboxGB July 24, 2019 Malaysia 100% Network marketing and facilitating online and offline transactions between retail merchants and retail shoppers through cash rebate programs offered by retail merchants, comprehensive marketing services, and software development StarboxSB July 23, 2019 Malaysia 100% Providing digital advertising services to retail merchant customers, TV programming and broadcasting services, and software development StarboxPB May 21, 2019 Malaysia 100% Providing secured payment solution services to retail merchant customers |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 6 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Sep. 30, 2022 | |
Restructuring Cost and Reserve [Line Items] | ||
SCHEDULE OF PROPERTY AND EQUIPMENT USEFUL LIVES | SCHEDULE OF PROPERTY AND EQUIPMENT USEFUL LIVES Useful life Office equipment and furniture 3 5 | |
SCHEDULE OF INTANGIBLE ASSETS | SCHEDULE OF INTANGIBLE ASSETS Useful life Computer software and applications 5 10 Content assets-licensed movies and television series Over the license period or estimated period of use | |
SCHEDULE OF CURRENCY EXCHANGE RATE | SCHEDULE OF CURRENCY EXCHANGE RATE March 31, 2023 September 30, 2022 Period-end spot rate US$ 1 4.4130 US$ 1 4.6359 Average rate US$ 1 4.4774 US$ 1 4.3041 | |
SCHEDULE OF DISAGGREGATION OF REVENUE | SCHEDULE OF DISAGGREGATION OF REVENUE 2023 2022 For the Six Months Ended March 31, 2023 2022 (Unaudited) (Unaudited) Revenue from advertising services: Advertisement design and consultation services $ 543,925 $ 598,953 Advertisement display services 1,813,584 2,400,051 Gross revenue from advertising services 2,357,509 2,999,004 Less: discount to customers for advertisement displays (136,715 ) (87,522 ) Sub-total of net revenue from advertising services 2,220,794 2,911,482 Revenue from cash rebate services 10,621 5,552 Revenue from payment solution services-related party 4,303 5,379 Revenue from software licensing 1,740,472 - Total operating revenue $ 3,976,190 $ 2,922,413 | |
SCHEDULE OF OPERATING COSTS | SCHEDULE OF OPERATING COSTS 2023 2022 For the Six Months ended March 31, 2023 2022 (Unaudited) (Unaudited) Salary and employee benefit expenses $ 318,750 $ 195,904 Professional and consulting service fees 429,896 468,971 Marketing and promotional expenses 209,564 104,808 Content license costs 30,000 25,059 Website and facility maintenance expenses 147,345 49,725 Depreciation and amortization 193,662 44,147 Utility and office expenses 251,563 56,779 Business travel and entertainment expenses 71,479 17,522 Others 344,633 40,458 Total operating costs $ 1,996,892 $ 1,003,373 | |
One Eighty Holdings Ltd [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
SCHEDULE OF PROPERTY AND EQUIPMENT USEFUL LIVES | SCHEDULE OF PROPERTY AND EQUIPMENT USEFUL LIVES Useful life Equipment and furniture 4 10 Property 50 | SCHEDULE OF PROPERTY AND EQUIPMENT USEFUL LIVES Useful life Equipment and furniture 4 10 Property 50 |
SCHEDULE OF CURRENCY EXCHANGE RATE | SCHEDULE OF CURRENCY EXCHANGE RATE March 31, 2023 September 30, 2022 Spot rate US$ 1 4.4131 US$ 1 4.6359 Average rate US$ 1 4.4783 US$ 1 4.3041 | SCHEDULE OF CURRENCY EXCHANGE RATE September 30, 2022 September 30, 2021 Year-end spot rate US$ 1 4.6359 US$ 1 4.1870 Average rate US$ 1 4.3041 US$ 1 4.1249 |
SCHEDULE OF DISAGGREGATION OF REVENUE | SCHEDULE OF DISAGGREGATION OF REVENUE 2023 2022 Creative income $ 1,628,929 $ 579,296 Production income 394,775 699,881 Promotional campaign services 560,057 685,321 Social media management income - 78,713 Printing income 4,623 517 Media agency income 197,064 50,860 Total operating revenue $ 2,785,448 $ 2,094,588 | SCHEDULE OF DISAGGREGATION OF REVENUE 2022 2021 Creative income $ 3,483,215 $ 981,171 Production income 1,754,979 718,380 Promotional campaign services 635,830 931,637 Social media management income 106,145 26,898 Printing income 11,323 - Media agency income 182,405 184,583 Total operating revenue $ 6,173,897 $ 2,842,669 |
ACCOUNTS RECEIVABLE, NET (Table
ACCOUNTS RECEIVABLE, NET (Tables) | 6 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Sep. 30, 2022 | |
Restructuring Cost and Reserve [Line Items] | ||
SCHEDULE OF ACCOUNTS RECEIVABLE | Accounts receivable, net, consisted of the following: SCHEDULE OF ACCOUNTS RECEIVABLE March 31, 2023 September 30, 2022 (Unaudited) Accounts receivable associated with digital advertising services $ 3,191,117 $ 2,032,717 Accounts receivable associated with cash rebate services 29,378 - Accounts receivable from software licensing 1,766,193 - Accounts receivable, gross 1,766,193 - Less: allowance for doubtful account - - Accounts receivable, net $ 4,986,688 $ 2,032,717 | |
SCHEDULE OF ACCOUNTS RECEIVABLE AND SUBSEQUENT COLLECTION | SCHEDULE OF ACCOUNTS RECEIVABLE AND SUBSEQUENT COLLECTION Accounts receivable by aging bucket Balance as of March 31, 2023 Subsequent collection % of subsequent collection Less than 6 months $ 4,617,556 $ 1,614,547 35 % From 7 to 9 months 369,132 369,132 100 % From 10 to 12 months - - - % Over 1 year - - - % Total gross accounts receivable 4,986,688 1 ,983,679 40 % Allowance for doubtful accounts - - - Accounts receivable, net $ 4,986,688 $ 1,983,679 40 % | |
One Eighty Holdings Ltd [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
SCHEDULE OF ACCOUNTS RECEIVABLE | Accounts receivable, net, consisted of the following: SCHEDULE OF ACCOUNTS RECEIVABLE March 31, 2023 September 30, 2022 Accounts receivable $ 2,763,511 $ 3,001,188 Less: allowance for doubtful account - - Accounts receivable, net $ 2,763,511 $ 3,001,188 | Accounts receivable, net, consisted of the following: SCHEDULE OF ACCOUNTS RECEIVABLE September 30, 2022 September 30, Accounts receivable $ 3,001,188 $ 867,362 Less: allowance for doubtful account - - Accounts receivable, net $ 3,001,188 $ 867,362 |
SCHEDULE OF ACCOUNTS RECEIVABLE AND SUBSEQUENT COLLECTION | SCHEDULE OF ACCOUNTS RECEIVABLE AND SUBSEQUENT COLLECTION Accounts receivable by aging bucket Balance as of March 31, 2023 Subsequent collection % of subsequent collection From 1 to 3 months $ 1,165,461 $ 409,595 35 % From 4 to 6 months 1,598,050 842,407 53 % Over 6 months - - - % Total gross accounts receivable 2,763,511 1,252,002 45 % Allowance for doubtful accounts - - - Accounts receivable, net $ 2,763,511 $ 1,252,002 45 % Accounts receivable by aging bucket Balance as of September 30, 2022 Subsequent collection % of subsequent collection From 1 to 3 months $ 2,350,119 $ 2,259,547 96 % From 4 to 6months 640,895 640,895 100 % Over 6 months 10,174 9,301 91 % Total gross accounts receivable 3,001,188 2,909,743 97 % Allowance for doubtful accounts - - - Accounts receivable, net $ 3,001,188 $ 2,909,743 97 % | SCHEDULE OF ACCOUNTS RECEIVABLE AND SUBSEQUENT COLLECTION Accounts receivable by aging bucket Balance as of September 30, 2022 Subsequent collection % of subsequent collection From 1 to 3 months $ 2,350,119 $ 1,592,583 68 % From 4 to 6months 640,895 600,305 94 % Over 6 months 10,174 1,984 20 % Total gross accounts receivable 3,001,188 2,194,872 73 % Allowance for doubtful accounts - - - Accounts receivable, net $ 3,001,188 $ 2,194,872 73 % Accounts receivable by aging bucket Balance as of September 30, 2021 Subsequent collection % of subsequent collection From 1 to 3 months $ 555,561 $ 555,561 100 % From 4 to 6months 146,825 146,825 100 % Over 6 months 164,976 153,714 93 % Total gross accounts receivable 867,362 856,100 99 % Allowance for doubtful accounts - - - Accounts receivable, net $ 867,362 $ 856,100 99 % |
PREPAYMENTS (Tables)
PREPAYMENTS (Tables) | 6 Months Ended |
Mar. 31, 2023 | |
Disclosure Prepayments Abstract | |
SCHEDULE OF PREPAYMENTS | Prepayments consisted of the following: SCHEDULE OF PREPAYMENTS March 31, 2023 September 30, 2022 (Unaudited) Prepayments: Speedprop Global Sdn. Bhd. (1) $ 1,786,514 $ 1,206,757 ARX Media Sdn. Bhd. (2) 9,686,697 2,469,425 Boring Lark Sdn Bhd. (3) 1,812,800 - Teclutions Sdn. Bhd. (4) 312,255 - Others (5) 849,746 593,429 Less: allowance for doubtful account - - Total prepayments $ 14,448,012 $ 4,269,611 The Company currently operates its business through its GETBATS, SEEBATS, and PAYBATS websites and mobile applications. The satisfactory performance, reliability, and availability of the Company’s information technology systems are critical to its ability to drive more internet traffic to its advertising websites and mobile apps and provide effective digital advertising services for brands and retailers, especially when the Company starts to expand its business from Malaysia to neighboring countries such as Indonesia, Philippine, and Thailand. (1) On June 19, 2022, the Company entered into an agreement with a third-party vendor, Speedprop Global Sdn. Bhd. (“Speedprop”), pursuant to which Speedprop will help the Company develop the Augmented Reality (“AR”) travel guide app with key commercial objectives to provide personalized instant rebates, voucher distribution, and ad placements for merchants. Total contract price amounted to MYR 10.8 2.3 1,786,514 7,884,000 1,206,757 5,594,400 (2) In order to upgrade the Company’s existing software and operating systems to increase the data processing capability, to diversify the Company’s business operation model, and to support its future business expansion, on August 1, 2022, the Company signed a contract with a third-party technology solution company, ARX Media Sdn. Bhd. (“ARX”), to conduct software application design and development for the Company’s Virtual Reality Rebate Mall project. ARX is a full-stacked technology solution company specializing in design and development of application of AR, Mixed Reality, Virtual Reality (“VR”), Integrated Business Solution, and Internet of Things to help business entities stand out among the crowd. Pursuant to the contract, ARX will help the Company conduct market research, prepare a feasibility study, VR Mall Data Management system software conceptualization, visualization, system coding, testing, and debugging, and to initialize and rollout the application as a progressive web portal, which can be further developed into a mobile app to allow integration to various platforms. Total contract price for this project amounted to MYR 13.5 2.9 2,469,425 11.4 In October 2022, the Company signed a new contract with ARX, to conduct software application design and development project. Total contract price amounted to MYR 218.75 47.2 47.2 25.2 111.0 18.13 80 (3) On January 16, 2023, the Company entered into an agreement with a third-party vendor, Boring Lark Sdn Bhd. (“Boring Lark”), to conduct design and application development of an Artificial Intelligence Chatbot systems and also provide system maintenance services to the Company. A total contract price of $ 2.2 10 1.8 8 (4) On January 17, 2023, the Company entered into an agreement with a third-party vendor, Teclutions Sdn. Bhd. (“Teclutions”), pursuant to which, Teclutions will utilize the VR technology to help the Company design a Conversational AI Chatbot system for integration of the mobile app and website. A total contract price of $ 0.1 0.6 0.1 0.5 In addition, on March 15, 2023, the Company entered into another agreement with Teclutions to design and develop a Conversational AI Chatbot Integration VR headgear platform. A total contract price of $ 0.2 1 0.2 0.9 (5) Prepayments to others primarily include prepayments to third-party vendors and service providers for domain renewal services, promotion and advertisement system integration services, rental deposits, and prepayment of taxation. |
PROPERTY AND EQUIPMENT, NET (Ta
PROPERTY AND EQUIPMENT, NET (Tables) | 6 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Sep. 30, 2022 | |
Restructuring Cost and Reserve [Line Items] | ||
SCHEDULE OF PROPERTY AND EQUIPMENT, NET | Property and equipment, net, consisted of the following: SCHEDULE OF PROPERTY, PLANT AND EQUIPMENT March 31, 2023 September 30, 2022 (Unaudited) Office equipment and furniture $ 29,189 $ 21,407 Less: accumulated depreciation (7,248 ) (8,027 ) Property and equipment, net $ 21,941 $ 13,380 | |
One Eighty Holdings Ltd [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
SCHEDULE OF PROPERTY AND EQUIPMENT, NET | Property and equipment, net, consisted of the following: SCHEDULE OF PROPERTY AND EQUIPMENT, NET March 31, 2023 September 30, 2022 Equipment and furniture $ 585,143 $ 540,514 Property and land 3,473,596 3,306,628 Less: accumulated depreciation (1,365,562 ) (1,259,252 ) Property and equipment, net $ 2,693,177 $ 2,587,890 | Property and equipment, net, consisted of the following: SCHEDULE OF PROPERTY AND EQUIPMENT, NET September 30, September 30, Equipment and furniture $ 540,514 $ 632,982 Property and land 3,306,628 3,661,141 Less: accumulated depreciation (1,259,252 ) (1,297,037 ) Property and equipment, net $ 2,587,890 $ 2,997,086 |
INTANGIBLE ASSETS, NET (Tables)
INTANGIBLE ASSETS, NET (Tables) | 6 Months Ended |
Mar. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
SCHEDULE OF INTANGIBLE ASSETS NET | Intangible assets, net, consisted of the following: SCHEDULE OF INTANGIBLE ASSETS NET March 31, 2023 September 30, 2022 (Unaudited) Computer software and applications (1) $ 987,206 $ 939,753 Computer system – AI calculation engine (2) 18,128,000 - Content assets- licensed movies and television series (3) 114,166 108,678 Less: accumulated amortization (404,956 ) (144,663 ) Intangible asset, net $ 18,824,416 $ 903,768 (1) In order to support the Company’s expansion of its digital advertising service and cash rebate service businesses, in December 2021, the Company purchased packaged computer software and applications from a third-party vendor at the aggregate cost of MYR 2.12 504,222 501,412 2.32 10 (2) As disclosed in Note 4, in October 2022, the Company signed a contract with ARX, to conduct software application design and development project with total contract price of $ 47.2 18.13 80.0 (3) The Company’s Malaysian subsidiary, StarboxSB, operates the SEEBATS website and mobile app, on which viewers may watch movies and television series through over-the-top streaming. These movies and television series are licensed from third-party content providers. The Company acquires and licenses such movies and television series content in order to offer members unlimited viewing of such content to drive traffic on the SEEBATS website and mobile app. The content licenses are for a fixed fee and specific windows of availability. |
TAXES (Tables)
TAXES (Tables) | 6 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Sep. 30, 2022 | |
Restructuring Cost and Reserve [Line Items] | ||
SCHEDULE OF INCOME TAX PROVISION | The components of the income tax provision were as follows: SCHEDULE OF INCOME TAX PROVISION 2023 2022 For the Six Months Ended March 31, 2023 2022 (Unaudited) (Unaudited) Current tax provision: Cayman Islands $ - $ - Malaysia 313,758 663,224 Current tax provision 313,758 663,224 Deferred tax provision: Cayman Islands - - Malaysia 313,963 - Deferred tax provision 313,963 - Income tax provision $ 627,721 $ 663,224 | |
SCHEDULE OF EFFECTIVE INCOME TAX RATE RECONCILIATION | SCHEDULE OF EFFECTIVE INCOME TAX RATE RECONCILIATION 2023 2022 For the Six Months Ended March 31, 2023 2022 (Unaudited) (Unaudited) Income tax provision computed based on Malaysia unified income tax statutory rate $ 690,461 $ 522,356 Effect of tax exemption due to reduced income tax rate for small and medium sized companies - (10,027 ) Permanent difference (62,740 ) 44,412 Change in valuation allowance - 106,483 Actual income tax provision $ 627,721 $ 663,224 | |
SCHEDULE OF DEFERRED TAX ASSETS | The Company’s deferred tax assets were comprised of the following: SCHEDULE OF DEFERRED TAX ASSETS As of March 31, 2023 As of (Unaudited) Deferred tax assets derived from net operating loss carry forwards $ 56,098 $ 35,174 Less: valuation allowance (56,098 ) (35,174 ) Deferred tax assets $ - $ - | |
SCHEDULE OF VALUATION ALLOWANCE | SCHEDULE OF VALUATION ALLOWANCE As of March 31, 2023 As of (Unaudited) Balance at beginning of the period $ 35,174 $ 137,932 Current period change 20,924 (102,758 ) Balance at end of the period $ 56,098 $ 35,174 | |
SCHEDULE OF DEFERRED TAX LIABILITY | SCHEDULE OF DEFERRED TAX LIABILITY As of March 31, 2023 As of (Unaudited) Deferred tax liability derived from the difference between tax and book basis of depreciation expense $ 318,603 $ - Deferred tax liability $ 318,603 $ - | |
SCHEDULE OF TAXES PAYABLE | Taxes payable consisted of the following: SCHEDULE OF TAXES PAYABLE As of (Unaudited) As of September 30, 2022 Income tax payable $ - $ 1,188,274 Service tax payable 395,772 215,854 Total $ 395,772 $ 1,404,128 | |
One Eighty Holdings Ltd [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
SCHEDULE OF INCOME TAX PROVISION | The components of the income tax provision were as follows: SCHEDULE OF INCOME TAX PROVISION For the six months ended March 31, 2023 2022 Current income tax provision Cayman Island $ - $ - Malaysia 312,514 66,965 Subtotal 312,514 66,965 Current income tax provision 312,514 66,965 Deferred income tax provision Cayman Island $ - $ - Malaysia 1,589 (4,154 ) Subtotal 1,589 (4,154 ) Deferred income tax provision 1,589 (4,154 ) Total income tax provision $ 314,103 $ 62,811 | The components of the income tax provision were as follows: SCHEDULE OF INCOME TAX PROVISION 2022 2021 For the fiscal years ended September 30, 2022 2021 Current income tax provision Cayman Island $ - $ - Malaysia 539,033 1,157 Subtotal 539,033 1,157 Current income tax provision 539,033 1,157 Deferred income tax provision Cayman Island $ - $ - Malaysia 19,626 (65,455 ) Subtotal 19,626 (65,455 ) Deferred income tax provision 19,626 (65,455 ) Total income tax provision $ 558,659 $ (64,298 ) |
SCHEDULE OF EFFECTIVE INCOME TAX RATE RECONCILIATION | SCHEDULE OF EFFECTIVE INCOME TAX RATE RECONCILIATION For the six months ended March 31, 2023 2022 Income tax provision computed based on Malaysia unified income tax statutory rate $ 293,200 $ 40,742 Effect of tax exemption due to reduced income tax rate for small and medium sized companies (9,379 ) (1,453 ) Effect of deferred tax 1,589 (4,154 ) Expenses not deductible for tax purposes 28,693 27,676 Actual income tax expense (benefit) $ 314,103 $ 62,811 | SCHEDULE OF EFFECTIVE INCOME TAX RATE RECONCILIATION 2022 2021 For the fiscal years ended September 30, 2022 2021 Income tax provision computed based on Malaysia unified income tax statutory rate $ 540,078 $ (98,721 ) Effect of tax exemption due to reduced income tax rate for small and medium sized companies (16,029 ) (476 ) Effect of deferred tax Expenses not deductible for tax purposes 34,610 34,899 Actual income tax expense (benefit) $ 558,659 $ (64,298 ) |
SCHEDULE OF DEFERRED TAX ASSETS | The Company’s deferred tax assets were comprised of the following: SCHEDULE OF DEFERRED TAX ASSETS As of March 31, 2023 As of September 30, 2022 Deferred tax assets derived from net operating loss carry forwards $ - $ - Temporary difference not subject to tax (4,558 ) 47,185 Depreciation of property & equipment 48,945 (3,400 ) Deferred tax assets $ 44,387 $ 43,785 | The Company’s deferred tax assets were comprised of the following: SCHEDULE OF DEFERRED TAX ASSETS 2022 2021 As of 2022 2021 Deferred tax assets derived from net operating loss carry forwards $ - $ 206,450 Unabsorbed capital allowances - 17,253 Depreciation of property & equipment (3,400 ) (4,301 ) Deferred revenue 47,185 - Temporary difference not subject to tax 47,185 - Deferred tax assets $ 43,785 $ 219,402 |
SCHEDULE OF TAXES PAYABLE | Taxes payable consisted of the following: SCHEDULE OF TAXES PAYABLE March 31, 2023 September 30, 2022 Income tax payable $ - $ 320,386 Service tax payable 253,817 247,484 Total $ 253,817 $ 567,870 | Taxes payable consisted of the following: SCHEDULE OF TAXES PAYABLE September 30, 2022 September 30, 2021 Income tax payable $ 320,386 $ 10,862 Service tax payable 247,484 113,945 Total $ 567,870 $ 124,807 |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 6 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Sep. 30, 2022 | |
Restructuring Cost and Reserve [Line Items] | ||
SCHEDULE OF RELATED PARTIES | SCHEDULE OF RELATED PARTIES Name of Related Party Relationship to the Company Choo Keam Hui The Company’s former director and one of the directors of Starbox Berhad Zenapp Sdn Bhd (“Zenapp”) An entity controlled by Choo Keam Hui prior to September 20, 2021 Bizguide Corporate Service Sdn Bhd An entity controlled by Khoo Kien Hoe, the CFO and executive director of Starbox Group KH Advisory Sdn Bhd An entity controlled by Khoo Kien Hoe, the CFO and executive director of Starbox Group VE Services An entity controlled by Choo Teck Hong, one of the Company’s beneficial shareholders, a director of Starbox Berhad, and a sibling of Choo Keam Hui | |
SCHEDULE OF DUE FROM A RELATED PARTY | Due from a related party consisted of the following: SCHEDULE OF DUE FROM A RELATED PARTY Name March 31 2023 September 30, 2022 VE Services $ 1,682 $ 1,473 | |
SCHEDULE OF DUE TO RELATED PARTIES | Due to related parties consisted of the following: SCHEDULE OF DUE TO RELATED PARTIES Name March 31, 2022 ( Unaudited) September 30, 2022 Bizguide Corporate Service Sdn Bhd $ 1,409 $ 1,763 KH Advisory Sdn Bhd - 5,598 Due to related parties $ 1,409 $ 7,361 | |
One Eighty Holdings Ltd [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
SCHEDULE OF RELATED PARTIES | SCHEDULE OF RELATED PARTIES Name of Related Party Relationship to the Company Chan Chee Hong Director, chief executive officer, and shareholder of the Company Chan Foong Ming Sister of Chan Chee Hong and director of Media Elements 180 Degrees Strategic Communications Sdn Bhd An entity controlled by Chan Chee Hong 181 Degree Holding Sdn Bhd An entity controlled by Chan Chee Hong Infinity Elements Sdn Bhd An entity controlled by Chan Foong Ming Expertliner Sdn Bhd An entity controlled by Chan Chee Hong Milestone International Sdn Bhd An entity controlled by Chan Chee Hong | SCHEDULE OF RELATED PARTIES Name of Related Party Relationship to the Company Chan Chee Hong Director, chief executive officer, and shareholder of the Company Chan Foong Ming Sister of Chan Chee Hong and director of Media Elements 180 Degrees Strategic Communications Sdn Bhd An entity controlled by Chan Chee Hong 181 Degree Holding Sdn Bhd An entity controlled by Chan Chee Hong Infinity Elements Sdn Bhd An entity controlled by Chan Foong Ming Expertliner Sdn Bhd An entity controlled by Chan Chee Hong Milestone International Sdn Bhd An entity controlled by Chan Chee Hong |
SCHEDULE OF DUE FROM A RELATED PARTY | Due from related parties consisted of the following: SCHEDULE OF DUE FROM A RELATED PARTY Name March 31, 2023 September 30, 2022 Chan Foong Ming $ - $ 231,302 Expertliner Sdn Bhd 2,740 2,015 Infinity Elements Sdn Bhd 91,639 102,931 Milestone International Sdn Bhd 114 12,281 Total $ 94,493 $ 348,529 | Due from related parties consisted of the following: SCHEDULE OF DUE FROM A RELATED PARTY Name September 30, September 30, Chan Chee Hong $ - $ 84,932 Chan Foong Ming 231,302 16,567 Expertliner Sdn Bhd 2,015 14 Infinity Elements Sdn Bhd 102,931 114,748 Milestone International Sdn Bhd 12,281 - Total 348,529 216,261 Due from related parties 348,529 216,261 |
SCHEDULE OF DUE TO RELATED PARTIES | Due to related parties consisted of the following: SCHEDULE OF DUE TO RELATED PARTIES Name March 31, 2023 September 30, 2022 180 Degrees Strategic Communications Sdn Bhd $ 171,968 $ 161,659 181 Degree Holding Sdn Bhd 12,762 12,148 Chan Chee Hong 149,301 138,933 Total $ 334,031 $ 312,740 | Due to related parties consisted of the following: SCHEDULE OF DUE TO RELATED PARTIES Name September 30, September 30, 180 Degrees Strategic Communications Sdn Bhd $ 161,659 $ 98,324 181 Degree Holding Sdn Bhd 12,148 2,018 Chan Chee Hong 138,933 - Total 312,740 100,342 Due to related parties 312,740 100,342 |
LEASES (Tables)
LEASES (Tables) | 6 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Sep. 30, 2022 | |
Restructuring Cost and Reserve [Line Items] | ||
SCHEDULE OF SUPPLEMENTAL BALANCE SHEET INFORMATION RELATED TO OPERATING LEASE | Supplemental balance sheet information related to the Company’s operating leases was as follows: SCHEDULE OF SUPPLEMENTAL BALANCE SHEET INFORMATION RELATED TO OPERATING LEASE March 31, 2023 September 30, 2022 (Unaudited) Operating lease right-of-use assets $ 51,627 $ 49,145 Right-of-use assets - accumulated amortization (15,116 ) (6,571 ) Right-of-use assets, net $ 36,511 $ 42,574 Operating lease liabilities – current $ 17,052 $ 15,833 Operating lease liabilities – non-current 19,459 26,741 Total operating lease liabilities $ 36,511 $ 42,574 | |
SCHEDULE OF WEIGHTED AVERAGE REMAINING LEASE TERMS AND DISCOUNT RATES | The weighted average remaining lease terms and discount rates for all of operating leases were as follows as of March 31, 2023 and September 30, 2022: SCHEDULE OF WEIGHTED AVERAGE REMAINING LEASE TERMS AND DISCOUNT RATES March 31, 2023 September 30, 2022 Remaining lease term and discount rate: Weighted average remaining lease term 2.00 2.50 Weighted average discount rate * 5 % 5.0 % * The Company’s lease agreements do not provide a readily determinable implicit rate nor is it available to the Company from its lessors. Instead, the Company estimates its incremental borrowing rate based on the benchmark lending rate for three-year loans as published by Malaysia’s central bank in order to discount lease payments to present value. | |
SCHEDULE OF MATURITIES OF OPERATING LEASE LIABILITIES | As of March 31, 2023, the maturities of operating lease liabilities were as follows: SCHEDULE OF MATURITIES OF OPERATING LEASE LIABILITIES 12 months ending March 31, Lease 2024 $ 18,491 2025 18,491 2026 1,541 Total future minimum lease payments 38,523 Less: imputed interest 2,012 Total $ 36,511 | |
One Eighty Holdings Ltd [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
SCHEDULE OF MATURITIES OF OPERATING LEASE LIABILITIES | As of March 31, 2023, the maturities of operating lease liabilities were as follows: SCHEDULE OF MATURITIES OF OPERATING LEASE LIABILITIES 12 months ending March 31, Lease payment 2024 $ 1,191 2025 1,191 2026 298 Total future minimum lease payments 2,680 Less: imputed interest 150 Total $ 2,530 | As of September 30, 2022, the maturities of operating lease liabilities were as follows: SCHEDULE OF MATURITIES OF OPERATING LEASE LIABILITIES 12 months ending September 30, Lease payment 2023 $ 1,134 2024 1,134 2025 753 2026 - Total future minimum lease payments 3,118 Less: imputed interest 211 Total $ 2,907 |
SCHEDULE OF OPERATING LEASES RIGHT OF USE ASSETS | Supplemental balance sheet information related to the Company’s operating leases was as follows: SCHEDULE OF OPERATING LEASES RIGHT OF USE ASSETS March 31, 2023 September 30, 2022 Operating lease right-of-use assets $ 5,281 $ 5,027 Right-of-use assets - accumulated amortization (2,751 ) (2,120 ) Right-of-use assets, net $ 2,530 $ 2,907 Operating lease liabilities – current $ 1,063 $ 1,011 Operating lease liabilities – non-current 1,467 1,896 Total operating lease liabilities $ 2,530 $ 2,907 | Supplemental balance sheet information related to the Company’s operating leases was as follows: SCHEDULE OF OPERATING LEASES RIGHT OF USE ASSETS September 30, September 30, Operating lease right-of-use assets $ 5,027 $ 5,566 Right-of-use assets - accumulated amortization (2,120 ) (1,282 ) Right-of-use assets, net $ 2,907 $ 4,284 Operating lease liabilities – current $ 1,011 $ 1,065 Operating lease liabilities – non-current 1,896 3,219 Total operating lease liabilities $ 2,907 $ 4,284 |
SCHEDULE OF WEIGHTED AVERAGE REMAINING LEASE TERMS AND DISCOUNT RATES FOR OPERATING LEASES | The weighted average remaining lease terms and discount rates for all of operating leases were as follows as of March 31, 2023 and September 30, 2022: SCHEDULE OF WEIGHTED AVERAGE REMAINING LEASE TERMS AND DISCOUNT RATES FOR OPERATING LEASES March 31, 2023 September 30, 2022 Remaining lease term and discount rate: Weighted average remaining lease term (years) 2.17 2.67 Weighted average discount rate * 5 % 5.0 % * The Company’s lease agreements do not provide a readily determinable implicit rate nor is it available to the Company from its lessors. Instead, the Company estimates its incremental borrowing rate based on the benchmark lending rate for three-year loans as published by Malaysia’s central bank in order to discount lease payments to present value. | The weighted average remaining lease terms and discount rates for all of operating leases were as follows as of September 30, 2022 and 2021: SCHEDULE OF WEIGHTED AVERAGE REMAINING LEASE TERMS AND DISCOUNT RATES FOR OPERATING LEASES September 30, September 30, Remaining lease term and discount rate: Weighted average remaining lease term (years) 2.67 3.67 Weighted average discount rate * 5 % 5.0 % * The Company’s lease agreements do not provide a readily determinable implicit rate nor is it available to the Company from its lessors. Instead, the Company estimates its incremental borrowing rate based on the benchmark lending rate for three-year loans as published by Malaysia’s central bank in order to discount lease payments to present value. |
SEGMENT REPORTING (Tables)
SEGMENT REPORTING (Tables) | 6 Months Ended |
Mar. 31, 2023 | |
Segment Reporting [Abstract] | |
SCHEDULE OF SUMMARY INFORMATION BY SEGMENT | The following tables present summary information by segment for the six months ended March 31, 2023 and 2022, respectively: SCHEDULE OF SUMMARY INFORMATION BY SEGMENT For the Six Months Ended March 31, 2023 (Unaudited) Cash rebate services Digital advertising Payment solution Software licensing Total Revenue $ 10,621 $ 2,220,794 $ 4,303 $ 1,740,472 $ 3,976,190 Operating costs 518,932 874,384 107,662 495,914 1,996,892 Income (loss) from operations (508,310 ) 1,346,409 (103,359 ) 1,244,558 1,979,298 Income tax expense 297,750 329,971 - - 627,721 Net income (loss) (804,850 ) 1,024,023 (103,349 ) 1,248,672 1,364,497 Capital expenditure $ 11,598 $ 1,585 $ - $ 17,864,000 $ 17,877,183 Total assets $ 4,667,996 $ 7,468,304 $ 41,875 $ 27,557,561 $ 39,735,736 For the Six Months Ended March 31, 2022 (Unaudited) Cash rebate services Digital advertising Payment solution Software licensing Total Revenue $ 5,552 $ 2,911,482 $ 5,379 $ - $ 2,922,413 Operating costs 246,935 697,665 58,773 - 1,003,373 Income (loss) from operations (241,383 ) 2,213,817 (53,394 ) - 1,919,040 Income tax expense - 663,224 - - 663,224 Net income (loss) (241,180 ) 1,550,593 (53,394 ) - 1,256,019 Capital expenditure $ 406,117 $ 224,578 $ 736 $ - $ 631,431 Total assets $ 1,022,174 $ 5,244,880 $ 136,640 - $ 6,403,694 |
SUBSEQUENT EVENTS (Tables)
SUBSEQUENT EVENTS (Tables) | 6 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Sep. 30, 2022 | |
Restructuring Cost and Reserve [Line Items] | ||
SCHEDULE OF CONDENSED UNAUDITED PRO FORMA CONSOLIDATED RESULTS OF OPERATIONS | The following condensed unaudited pro forma consolidated results of operations for the Company for the six months ended March 31, 2023 and 2022 present the results of operations of the Company and One Eight Ltd as if the acquisitions occurred on October 1, 2022 and 2021, respectively. The pro forma results are not necessarily indicative of the actual results that would have occurred had the acquisitions been completed as of the beginning of the periods presented, nor are they necessarily indicative of future consolidated results. SCHEDULE OF CONDENSED UNAUDITED PRO FORMA CONSOLIDATED RESULTS OF OPERATIONS For the Six Months Ended March 31, 2023 (Unaudited) Revenue $ 6,761,638 Operating costs and expenses 3,578,472 Income from operations 3,183,166 Other income 30,720 Income tax expenses 941,824 Net income 2,272,062 Less: net income attributable to non-controlling interests 444,707 Net income attributable to Starbox Group Holdings Ltd. $ 1,827,355 For the Six Months Ended March 31, 2022 (Unaudited) Revenue $ 5,017,001 Operating costs and expenses 2,944,260 Income from operations 2,072,741 Other income 16,259 Income tax expenses 726,035 Net income 1,362,965 Less: net income attributable to non-controlling interests 52,404 Net income attributable to Starbox Group Holdings Ltd. $ 1,310,561 | |
One Eighty Holdings Ltd [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
SCHEDULE OF CONDENSED UNAUDITED PRO FORMA CONSOLIDATED RESULTS OF OPERATIONS | The following condensed unaudited pro forma consolidated results of operations for the Company for the fiscal years ended September 30, 2022 and 2021 present the results of operations of the Company and Starbox as if the acquisitions occurred on October 1, 2021 and 2020, respectively. The pro forma results are not necessarily indicative of the actual results that would have occurred had the acquisitions been completed as of the beginning of the periods presented, nor are they necessarily indicative of future consolidated results. SCHEDULE OF CONDENSED UNAUDITED PRO FORMA CONSOLIDATED RESULTS OF OPERATIONS For the Year Ended (Unaudited) Revenue $ 13,368,084 Operating costs and expenses 6,221,815 Income from operations 7,146,269 Other income 159,800 Income tax expense 1,966,108 Net income 5,339,961 Less: net income attributable to non-controlling interests 851,422 Net income attributable to Starbox Group Holdings Ltd. $ 4,488,539 For the Year Ended (Unaudited) Revenue $ 6,008,897 Operating costs and expenses 4,358,023 Income from operations 1,650,874 Other income 88,053 Income tax expense 628,107 Net income 1,110,820 Less: net loss attributable to non-controlling interests (165,047 ) Net income attributable to Starbox Group Holdings Ltd. $ 1,275,867 |
DEPOSIT AND PREPAYMENTS (Tables
DEPOSIT AND PREPAYMENTS (Tables) | 6 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Sep. 30, 2022 | |
One Eighty Holdings Ltd [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
SCHEDULE OF DEPOSITS AND PREPAYMENTS | Deposit and prepayments consisted of the following: SCHEDULE OF DEPOSITS AND PREPAYMENTS March 31, 2023 September 30, 2022 Deposit and prepayments Advance to suppliers $ 153,861 $ 141,418 Prepaid expenses 53,588 77,189 Prepaid income tax 567,932 - Other - 118 Less: allowance for doubtful account - - Total prepayments $ 775,381 $ 218,725 | Deposit and prepayments consisted of the following: SCHEDULE OF DEPOSITS AND PREPAYMENTS September 30, 2022 September 30, 2021 Deposit and prepayments Advance to suppliers $ 141,418 $ 12,298 Deposit - - Prepaid expense 77,189 14,242 Prepaid tax 94,685 Other 118 - Less: allowance for doubtful account - - Total prepayments $ 218,725 $ 121,225 |
ACCRUED LIABILITIES AND OTHER_2
ACCRUED LIABILITIES AND OTHER PAYABLES (Tables) | 6 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Sep. 30, 2022 | |
One Eighty Holdings Ltd [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
SCHEDULE OF ACCRUED LIABILITIES AND OTHER PAYABLES | Accrued liabilities and other payables, consisted of the following: SCHEDULE OF ACCRUED LIABILITIES AND OTHER PAYABLES March 31, 2023 September 30, 2022 Accrued payroll $ 78,606 $ 31,615 Other accrual 95,120 10,456 Service payable 301,943 287,889 Other payable 7,895 16,213 Accrued liabilities and other payables $ 483,564 $ 346,173 | Accrued liabilities and other payables, consisted of the following: SCHEDULE OF ACCRUED LIABILITIES AND OTHER PAYABLES September 30, September 30, Accrued payroll $ 31,615 $ 33,777 Other accrual 10,456 8,087 Service payable 287,889 100,405 Other payable 16,213 107,216 Accrued liabilities and other payables $ 346,173 $ 249,485 |
LOAN PAYABLES (Tables)
LOAN PAYABLES (Tables) - One Eighty Holdings Ltd [Member] | 6 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Sep. 30, 2022 | |
Restructuring Cost and Reserve [Line Items] | ||
SCHEDULE OF LOANS | The Company had the following loans at March 31, 2023 and September 30, 2022: SCHEDULE OF LOANS Bank Loan Agreement Date Loan Amount Interest Rate Loan Term Purpose of loan Balance at Balance at September 30, 2022 CIMB BANK BERHAD 5/23/2014 $ 591,178 BLR*- 2.10 % 240 months Real property loan $ 464,360 $ 458,428 5/23/2014 188,735 BLR*- 2.10 % 240 months Real property loan 155,882 154,183 Hong Leong Islamic Bank 2/26/2019 229,505 IFR**- 2.55 % 216 months Real property loan 203,047 198,679 2/26/2019 235,544 IFR**- 2.55 % 216 months Real property loan 208,300 203,823 2/26/2019 439,165 IFR**- 2.55 % 216 months Real property loan 388,148 379,814 2/26/2019 319,236 IFR**- 2.55 % 216 months Real property loan 282,393 274,569 2/26/2019 510,993 IFR**- 2.55 % 216 months Real property loan 451,603 441,908 Hong Leong Islamic Bank 4/23/2020 215,700 3.50 % 66 months Working capital 135,836 143,131 Total $ 2,730,056 $ 2,289,569 $ 2,254,535 * Base lending rate ** Islamic financing rate | The Company had the following loans at September 30, 2022 and 2021: SCHEDULE OF LOANS Bank Loan Agreement Date Loan Amount Interest Rate Loan Term Purpose of loan Balance at Balance at CIMB BANK BERHAD 5/23/2014 $ 591,178 BLR * - 2.10 % 240 months Real property loan $ 458,428 $ 568,641 5/23/2014 188,735 BLR * - 2.10 % 240 months Real property loan 154,183 209,131 Hong Leong Islamic Bank 2/26/2019 229,505 IFR ** - 2.55 % 216 months Real property loan 198,679 227,977 2/26/2019 235,544 IFR ** - 2.55 % 216 months Real property loan 203,823 233,889 2/26/2019 439,165 IFR ** - 2.55 % 216 months Real property loan 379,814 435,858 2/26/2019 319,236 IFR ** - 2.55 % 216 months Real property loan 274,569 317,072 2/26/2019 510,993 IFR ** - 2.55 % 216 months Real property loan 441,908 507,121 Hong Leong Islamic Bank 4/23/2020 215,700 3.50 % 66 months Working capital 143,131 174,363 Total $ 2,730,056 $ 2,254,535 $ 2,674,052 * Base lending rate ** Islamic financing rate |
SCHEDULE OF FUTURE MINIMUM LOAN PAYMENTS TO BE PAID | As of March 31, 2023, the future minimum loan payments to be paid by the year are as follows: SCHEDULE OF FUTURE MINIMUM LOAN PAYMENTS TO BE PAID 12 months ending March 31, Loan payment 2024 $ 260,864 2025 260,864 2026 260,864 2027 260,864 2028 260,864 Thereafter 1,635,675 Total future minimum loan payments 2,939,995 Less: imputed interest (650,426 ) Present value of loan liabilities $ 2,289,569 | As of September 30, 2022, the future minimum loan payments to be paid by the year are as follows: SCHEDULE OF FUTURE MINIMUM LOAN PAYMENTS TO BE PAID 12 months ending September 30, Loan 2023 $ 248,316 2024 248,316 2025 248,316 2026 248,316 2027 248,316 Thereafter 1,682,532 Total future minimum loan payments 2,924,112 Less: imputed interest (669,577 ) Present value of loan liabilities $ 2,254,535 |
SCHEDULE OF CONSOLIDATED FINANC
SCHEDULE OF CONSOLIDATED FINANCIAL STATEMENTS OF ENTITIES (Details) | 6 Months Ended |
Mar. 31, 2023 | |
Starbox Group [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Date of formation | Sep. 13, 2021 |
Place of incorporation | Cayman Islands |
Percenatge of ownership description | Parent |
Major business activities description | Investment holding |
Starbox International [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Date of formation | Mar. 29, 2023 |
Place of incorporation | BVI |
Major business activities description | Investment holding |
Percenatge of ownership | 100% |
Starbox Global [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Date of formation | Mar. 29, 2023 |
Place of incorporation | BVI |
Major business activities description | Investment holding |
Percenatge of ownership | 100% |
Starbox Berhad [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Date of formation | Jul. 24, 2019 |
Place of incorporation | Malaysia |
Major business activities description | Investment holding |
Percenatge of ownership | 100% |
Starbox GB [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Date of formation | Jul. 24, 2019 |
Place of incorporation | Malaysia |
Major business activities description | Network marketing and facilitating online and offline transactions between retail merchants and retail shoppers through cash rebate programs offered by retail merchants, comprehensive marketing services, and software development |
Percenatge of ownership | 100% |
Starbox SB [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Date of formation | Jul. 23, 2019 |
Place of incorporation | Malaysia |
Major business activities description | Providing digital advertising services to retail merchant customers, TV programming and broadcasting services, and software development |
Percenatge of ownership | 100% |
Starbox PB [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Date of formation | May 21, 2019 |
Place of incorporation | Malaysia |
Major business activities description | Providing secured payment solution services to retail merchant customers |
Percenatge of ownership | 100% |
ORGANIZATION AND BUSINESS DES_3
ORGANIZATION AND BUSINESS DESCRIPTION (Details Narrative) - $ / shares | Jun. 26, 2023 | May 10, 2023 | Apr. 19, 2023 | Apr. 07, 2023 | Nov. 17, 2021 | Jul. 24, 2019 |
Share Transfer Agreement One [Member] | Subsequent Event [Member] | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
No.of shares transferred | 50,000 | |||||
Transfer of share, par value | $ 1 | |||||
Share Transfer Agreement Two [Member] | Subsequent Event [Member] | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
No.of shares transferred | 50,000 | |||||
Transfer of share, par value | $ 1 | |||||
Starbox Group [Member] | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Equity interest owned, percentage | 100% | |||||
Starbox Berhad [Member] | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Equity interest owned, percentage | 100% | 100% | ||||
One Eighty Ltd [Member] | Subsequent Event [Member] | One Eighty Holdings Ltd [Member] | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Equity interest owned, percentage | 51% | 100% | 100% |
SCHEDULE OF PROPERTY AND EQUIPM
SCHEDULE OF PROPERTY AND EQUIPMENT USEFUL LIVES (Details) | Mar. 31, 2023 | Sep. 30, 2022 |
Office Equipment And Furniture [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment expected useful lives | 3 years | |
Office Equipment And Furniture [Member] | Minimum [Member] | One Eighty Holdings Ltd [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment expected useful lives | 4 years | 4 years |
Office Equipment And Furniture [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment expected useful lives | 5 years | |
Office Equipment And Furniture [Member] | Maximum [Member] | One Eighty Holdings Ltd [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment expected useful lives | 10 years | 10 years |
Property [Member] | One Eighty Holdings Ltd [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment expected useful lives | 50 years | 50 years |
SCHEDULE OF INTANGIBLE ASSETS (
SCHEDULE OF INTANGIBLE ASSETS (Details) | 6 Months Ended |
Mar. 31, 2023 | |
Property, Plant and Equipment [Line Items] | |
Intangible asset useful life | 10 years |
Content Assets Licensed Movies And Television Series [Member] | |
Property, Plant and Equipment [Line Items] | |
Intangible assets amortization method | Over the license period or estimated period of use |
Minimum [Member] | Computer Software and Application [Member] | |
Property, Plant and Equipment [Line Items] | |
Intangible asset useful life | 5 years |
Maximum [Member] | Computer Software and Application [Member] | |
Property, Plant and Equipment [Line Items] | |
Intangible asset useful life | 10 years |
SCHEDULE OF CURRENCY EXCHANGE R
SCHEDULE OF CURRENCY EXCHANGE RATE (Details) | Mar. 31, 2023 | Sep. 30, 2022 | Sep. 30, 2021 |
Year End Spot Rate [Member] | |||
Foreign currency exchange rate | 1 | 1 | |
Year End Spot Rate [Member] | One Eighty Holdings Ltd [Member] | |||
Foreign currency exchange rate | 1 | 1 | |
Year End Spot Rate MYR [Member] | |||
Foreign currency exchange rate | 4.4130 | 4.6359 | |
Year End Spot Rate MYR [Member] | One Eighty Holdings Ltd [Member] | |||
Foreign currency exchange rate | 4.6359 | 4.1870 | |
Average Rate [Member] | |||
Foreign currency exchange rate | 1 | 1 | |
Average Rate [Member] | One Eighty Holdings Ltd [Member] | |||
Foreign currency exchange rate | 1 | 1 | 1 |
Average Rate MYR [Member] | |||
Foreign currency exchange rate | 4.4774 | 4.3041 | |
Average Rate MYR [Member] | One Eighty Holdings Ltd [Member] | |||
Foreign currency exchange rate | 4.4783 | 4.3041 | 4.1249 |
Spot Rate [Member] | One Eighty Holdings Ltd [Member] | |||
Foreign currency exchange rate | 1 | 1 | |
Spot Rate MYR [Member] | One Eighty Holdings Ltd [Member] | |||
Foreign currency exchange rate | 4.4131 | 4.6359 |
SCHEDULE OF DISAGGREGATION OF R
SCHEDULE OF DISAGGREGATION OF REVENUE (Details) - USD ($) | 6 Months Ended | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | |
Product Information [Line Items] | ||||
Total operating revenue | $ 3,976,190 | $ 2,922,413 | ||
One Eighty Holdings Ltd [Member] | ||||
Product Information [Line Items] | ||||
Total operating revenue | 2,785,448 | 2,094,588 | $ 6,173,897 | $ 2,842,669 |
Advertising Services [Member] | ||||
Product Information [Line Items] | ||||
Advertisement design and consultation services | 543,925 | 598,953 | ||
Advertisement display services | 1,813,584 | 2,400,051 | ||
Gross revenue from advertising services | 2,357,509 | 2,999,004 | ||
Less: discount to customers for advertisement displays | (136,715) | (87,522) | ||
Digital Advertising Services [Member] | ||||
Product Information [Line Items] | ||||
Total operating revenue | 2,220,794 | 2,911,482 | ||
Cash Rebate Services [Member] | ||||
Product Information [Line Items] | ||||
Total operating revenue | 10,621 | 5,552 | ||
Payment Solution Services Related Party [Member] | ||||
Product Information [Line Items] | ||||
Total operating revenue | 4,303 | 5,379 | ||
License and Service [Member] | ||||
Product Information [Line Items] | ||||
Total operating revenue | 1,740,472 | |||
Creative Income [Member] | One Eighty Holdings Ltd [Member] | ||||
Product Information [Line Items] | ||||
Total operating revenue | 1,628,929 | 579,296 | 3,483,215 | 981,171 |
Production Income [Member] | One Eighty Holdings Ltd [Member] | ||||
Product Information [Line Items] | ||||
Total operating revenue | 394,775 | 699,881 | 1,754,979 | 718,380 |
Promotional Campaign Services [Member] | One Eighty Holdings Ltd [Member] | ||||
Product Information [Line Items] | ||||
Total operating revenue | 560,057 | 685,321 | 635,830 | 931,637 |
Social Media Management Income [Member] | One Eighty Holdings Ltd [Member] | ||||
Product Information [Line Items] | ||||
Total operating revenue | 78,713 | 106,145 | 26,898 | |
Printing Income [Member] | One Eighty Holdings Ltd [Member] | ||||
Product Information [Line Items] | ||||
Total operating revenue | 4,623 | 517 | 11,323 | |
Media Agency Income [Member] | One Eighty Holdings Ltd [Member] | ||||
Product Information [Line Items] | ||||
Total operating revenue | $ 197,064 | $ 50,860 | $ 182,405 | $ 184,583 |
SCHEDULE OF OPERATING COSTS (De
SCHEDULE OF OPERATING COSTS (Details) - USD ($) | 6 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Accounting Policies [Abstract] | ||
Salary and employee benefit expenses | $ 318,750 | $ 195,904 |
Professional and consulting service fees | 429,896 | 468,971 |
Marketing and promotional expenses | 209,564 | 104,808 |
Content license costs | 30,000 | 25,059 |
Website and facility maintenance expenses | 147,345 | 49,725 |
Depreciation and amortization | 193,662 | 44,147 |
Utility and office expenses | 251,563 | 56,779 |
Business travel and entertainment expenses | 71,479 | 17,522 |
Others | 344,633 | 40,458 |
Total operating expenses | $ 1,996,892 | $ 1,003,373 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) | 1 Months Ended | 6 Months Ended | 12 Months Ended | ||||||
May 31, 2021 | Mar. 31, 2023 USD ($) | Mar. 31, 2023 MYR (RM) | Mar. 31, 2022 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2022 MYR (RM) | Sep. 30, 2021 USD ($) | Mar. 31, 2023 MYR (RM) | Sep. 30, 2022 MYR (RM) | |
Property, Plant and Equipment [Line Items] | |||||||||
Cash, FDIC insured amount | $ 60,000 | RM 250,000 | |||||||
Cash | 864,392 | $ 17,778,895 | |||||||
Cash, uninsured amount | 711,774 | 17,428,788 | |||||||
Impairment charges | 0 | 0 | |||||||
Revenue | 3,976,190 | $ 2,922,413 | |||||||
Cash rebate revenue | 10,621 | 5,552 | |||||||
Deferred revenue | 368,066 | ||||||||
Deferred revenue recognized | 800,492 | ||||||||
Research and development expenses | 147,345 | 47,577 | |||||||
Advertising Expense | 107,000 | RM 500,000 | |||||||
Service tax | 134,824 | 171,671 | |||||||
Employee contribution plan expenses | 59,510 | 16,723 | |||||||
Net loss | (1,364,497) | (1,256,019) | |||||||
Net loss | 1,364,497 | 1,256,019 | |||||||
One Eighty Holdings Ltd [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Cash, FDIC insured amount | 60,000 | 60,000 | RM 250,000 | RM 250,000 | |||||
Cash | 1,434,174 | 783,282 | $ 709,997 | ||||||
Cash, uninsured amount | $ 1,002,046 | $ 451,626 | 340,939 | ||||||
Service tax rate | 6% | 6% | 6% | 6% | |||||
Advertising Expense | RM | RM 500,000 | RM 500,000 | |||||||
Service tax | $ 184,399 | 155,098 | $ 321,696 | 304,751 | |||||
Net loss | (907,565) | (106,946) | (1,737,596) | 336,830 | |||||
Net loss | 907,565 | 106,946 | 1,737,596 | (336,830) | |||||
Cash equivalents | 132,855 | $ 126,464 | $ 20,233 | ||||||
Payment Solution Services Related Party [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Revenue | 4,303 | $ 5,379 | |||||||
Minimum [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Charges advertisers service fees | $ 5,000 | ||||||||
Percentage of revenue from cash rebate services | 0.30% | 0.30% | |||||||
Percentage of remaining revenue from cash rebate services | 14% | 14% | |||||||
Percentage of service fee | 1.50% | ||||||||
Percentage of commission rate | 0.15% | ||||||||
Minimum [Member] | Advertising Design and Consultaion Services [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Revenue | $ 2,400 | ||||||||
Minimum [Member] | Retail Shoppers [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Percentage of revenue from cash rebate services | 48% | 48% | |||||||
Maximum [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Charges advertisers service fees | $ 240,000 | ||||||||
Percentage of revenue from cash rebate services | 99.99% | 99.99% | |||||||
Percentage of remaining revenue from cash rebate services | 52% | 52% | |||||||
Percentage of service fee | 2.50% | ||||||||
Percentage of commission rate | 0.525% | ||||||||
Maximum [Member] | Advertising Design and Consultaion Services [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Revenue | $ 38,000 | ||||||||
Maximum [Member] | Retail Shoppers [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Percentage of revenue from cash rebate services | 86% | 86% |
SCHEDULE OF ACCOUNTS RECEIVABLE
SCHEDULE OF ACCOUNTS RECEIVABLE (Details) - USD ($) | Mar. 31, 2023 | Sep. 30, 2022 | Sep. 30, 2021 |
Accounts receivable | $ 4,986,688 | ||
Less: allowance for doubtful account | |||
Accounts receivable, net | 4,986,688 | 2,032,717 | |
Less: allowance for doubtful account | |||
One Eighty Holdings Ltd [Member] | |||
Accounts receivable | 2,763,511 | 3,001,188 | $ 867,362 |
Less: allowance for doubtful account | |||
Accounts receivable, net | 2,763,511 | 3,001,187 | 867,362 |
Less: allowance for doubtful account | |||
Accounts receivable, net | 2,763,511 | 3,001,188 | $ 867,362 |
Digital Advertising Services [Member] | |||
Accounts receivable | 3,191,117 | 2,032,717 | |
Cash Rebate Services [Member] | |||
Accounts receivable | 29,378 | ||
License and Service [Member] | |||
Accounts receivable | 1,766,193 | ||
Software Licensing [Member] | |||
Accounts receivable | $ 1,766,193 |
SCHEDULE OF ACCOUNTS RECEIVAB_2
SCHEDULE OF ACCOUNTS RECEIVABLE AND SUBSEQUENT COLLECTION (Details) - USD ($) | 6 Months Ended | 12 Months Ended | |
Mar. 31, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | |
Accounts receivable, gross | $ 4,986,688 | ||
Percentage of subsequent collection | 40% | ||
Allowance for doubtful accounts | |||
Accounts receivable, net | 4,986,688 | 2,032,717 | |
One Eighty Holdings Ltd [Member] | |||
Accounts receivable, gross | $ 2,763,511 | $ 3,001,188 | $ 867,362 |
Percentage of subsequent collection | 45% | 97% | |
Allowance for doubtful accounts | |||
Accounts receivable, net | 2,763,511 | 3,001,187 | 867,362 |
Accounts receivable, net | 2,763,511 | 3,001,188 | 867,362 |
Accounts Receivable by Aging Bucket [Member] | One Eighty Holdings Ltd [Member] | |||
Accounts receivable, gross | $ 3,001,188 | $ 867,362 | |
Percentage of subsequent collection | 73% | 99% | |
Allowance for doubtful accounts | |||
Accounts receivable, net | 3,001,188 | 867,362 | |
Subsequent Collection [Member] | |||
Accounts receivable, gross | $ 1 | ||
Percentage of subsequent collection | 40% | ||
Allowance for doubtful accounts | |||
Accounts receivable, net | $ 1,983,679 | ||
Percentage of subsequent collection, net | 40% | ||
Subsequent Collection [Member] | One Eighty Holdings Ltd [Member] | |||
Accounts receivable, gross | $ 1,252,002 | $ 2,909,743 | |
Percentage of subsequent collection | 45% | 97% | |
Allowance for doubtful accounts | |||
Accounts receivable, net | 1,252,002 | 2,909,743 | |
Subsequent Collection [Member] | Accounts Receivable by Aging Bucket [Member] | One Eighty Holdings Ltd [Member] | |||
Accounts receivable, gross | $ 2,194,872 | $ 856,100 | |
Percentage of subsequent collection | 73% | 99% | |
Allowance for doubtful accounts | |||
Accounts receivable, net | 2,194,872 | 856,100 | |
Less Than 6 Months [Member] | |||
Accounts receivable, gross | 4,617,556 | ||
Less Than 6 Months [Member] | Subsequent Collection [Member] | |||
Accounts receivable, gross | $ 1,614,547 | ||
Percentage of subsequent collection | 35% | ||
From 7 To 9 Months [Member] | |||
Accounts receivable, gross | $ 369,132 | ||
From 7 To 9 Months [Member] | Subsequent Collection [Member] | |||
Accounts receivable, gross | $ 369,132 | ||
Percentage of subsequent collection | 100% | ||
From 10 To 12 Months [Member] | |||
Accounts receivable, gross | |||
From 10 To 12 Months [Member] | Subsequent Collection [Member] | |||
Accounts receivable, gross | |||
Over 1 Year [Member] | |||
Accounts receivable, gross | |||
Over 1 Year [Member] | Subsequent Collection [Member] | |||
Accounts receivable, gross | |||
1 To 3 Months [Member] | One Eighty Holdings Ltd [Member] | |||
Accounts receivable, gross | 1,165,461 | 2,350,119 | |
1 To 3 Months [Member] | Accounts Receivable by Aging Bucket [Member] | One Eighty Holdings Ltd [Member] | |||
Accounts receivable, gross | 2,350,119 | 555,561 | |
1 To 3 Months [Member] | Subsequent Collection [Member] | One Eighty Holdings Ltd [Member] | |||
Accounts receivable, gross | $ 409,595 | $ 2,259,547 | |
Percentage of subsequent collection | 35% | 96% | |
1 To 3 Months [Member] | Subsequent Collection [Member] | Accounts Receivable by Aging Bucket [Member] | One Eighty Holdings Ltd [Member] | |||
Accounts receivable, gross | $ 1,592,583 | $ 555,561 | |
Percentage of subsequent collection | 68% | 100% | |
4 To 6 Months [Member] | One Eighty Holdings Ltd [Member] | |||
Accounts receivable, gross | $ 1,598,050 | $ 640,895 | |
4 To 6 Months [Member] | Accounts Receivable by Aging Bucket [Member] | One Eighty Holdings Ltd [Member] | |||
Accounts receivable, gross | 640,895 | $ 146,825 | |
4 To 6 Months [Member] | Subsequent Collection [Member] | One Eighty Holdings Ltd [Member] | |||
Accounts receivable, gross | $ 842,407 | $ 640,895 | |
Percentage of subsequent collection | 53% | 100% | |
4 To 6 Months [Member] | Subsequent Collection [Member] | Accounts Receivable by Aging Bucket [Member] | One Eighty Holdings Ltd [Member] | |||
Accounts receivable, gross | $ 600,305 | $ 146,825 | |
Percentage of subsequent collection | 94% | 100% | |
Over 6 Months [Member] | One Eighty Holdings Ltd [Member] | |||
Accounts receivable, gross | $ 10,174 | ||
Over 6 Months [Member] | Accounts Receivable by Aging Bucket [Member] | One Eighty Holdings Ltd [Member] | |||
Accounts receivable, gross | 10,174 | $ 164,976 | |
Over 6 Months [Member] | Subsequent Collection [Member] | One Eighty Holdings Ltd [Member] | |||
Accounts receivable, gross | $ 9,301 | ||
Percentage of subsequent collection | 91% | ||
Over 6 Months [Member] | Subsequent Collection [Member] | Accounts Receivable by Aging Bucket [Member] | One Eighty Holdings Ltd [Member] | |||
Accounts receivable, gross | $ 1,984 | $ 153,714 | |
Percentage of subsequent collection | 20% | 93% |
ACCOUNTS RECEIVABLE, NET (Detai
ACCOUNTS RECEIVABLE, NET (Details Narrative) | 6 Months Ended | 12 Months Ended | |
Mar. 31, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | |
Product Information [Line Items] | |||
Percentage of subsequent collection | 40% | ||
One Eighty Holdings Ltd [Member] | |||
Product Information [Line Items] | |||
Percentage of subsequent collection | 45% | 97% | |
Accounts Receivable by Aging Bucket [Member] | One Eighty Holdings Ltd [Member] | |||
Product Information [Line Items] | |||
Percentage of subsequent collection | 73% | 99% |
SCHEDULE OF PREPAYMENTS (Detail
SCHEDULE OF PREPAYMENTS (Details) | Mar. 31, 2023 USD ($) | Mar. 31, 2023 MYR (RM) | Mar. 15, 2023 USD ($) | Mar. 15, 2023 MYR (RM) | Feb. 28, 2023 USD ($) | Feb. 28, 2023 MYR (RM) | Sep. 30, 2022 USD ($) | Sep. 30, 2022 MYR (RM) | |||
Less: allowance for doubtful account | |||||||||||
Total prepayments | 14,448,012 | 4,269,611 | |||||||||
Others [Member] | |||||||||||
Prepayments | [1] | 849,746 | 593,429 | ||||||||
Speedprop Global Sdn Bhd [Member] | |||||||||||
Prepayments | 1,786,514 | [2] | RM 7,884,000 | 1,206,757 | [2] | RM 5,594,400 | |||||
ARX Media Sdn Bhd [Member] | |||||||||||
Prepayments | [3] | 9,686,697 | 2,469,425 | ||||||||
Boring Lark Sdn Bhd [Member] | |||||||||||
Prepayments | 1,812,800 | [4] | $ 1,800,000 | RM 8,000,000 | [4] | ||||||
Teclutions Sdn Bhd [Member] | |||||||||||
Prepayments | $ 312,255 | [5] | $ 200,000 | RM 900,000 | [5] | ||||||
[1]Prepayments to others primarily include prepayments to third-party vendors and service providers for domain renewal services, promotion and advertisement system integration services, rental deposits, and prepayment of taxation.[2]On June 19, 2022, the Company entered into an agreement with a third-party vendor, Speedprop Global Sdn. Bhd. (“Speedprop”), pursuant to which Speedprop will help the Company develop the Augmented Reality (“AR”) travel guide app with key commercial objectives to provide personalized instant rebates, voucher distribution, and ad placements for merchants. Total contract price amounted to MYR 10.8 2.3 1,786,514 7,884,000 1,206,757 5,594,400 13.5 2.9 2,469,425 11.4 On January 16, 2023, the Company entered into an agreement with a third-party vendor, Boring Lark Sdn Bhd. (“Boring Lark”), to conduct design and application development of an Artificial Intelligence Chatbot systems and also provide system maintenance services to the Company. A total contract price of $ 2.2 10 1.8 8 0.1 0.6 0.1 0.5 |
SCHEDULE OF PREPAYMENTS (Deta_2
SCHEDULE OF PREPAYMENTS (Details) (Parenthetical) | Mar. 31, 2023 USD ($) | Mar. 31, 2023 MYR (RM) | Mar. 15, 2023 USD ($) | Mar. 15, 2023 MYR (RM) | Feb. 28, 2023 USD ($) | Feb. 28, 2023 MYR (RM) | Jan. 17, 2023 USD ($) | Jan. 17, 2023 MYR (RM) | Jan. 16, 2023 USD ($) | Jan. 16, 2023 MYR (RM) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 MYR (RM) | Oct. 01, 2022 USD ($) | Oct. 01, 2022 MYR (RM) | Sep. 30, 2022 USD ($) | Sep. 30, 2022 MYR (RM) | Aug. 01, 2022 USD ($) | Aug. 01, 2022 MYR (RM) | Jun. 19, 2022 USD ($) | Jun. 19, 2022 MYR (RM) | |||
Prepayments | $ 14,448,012 | $ 4,269,611 | |||||||||||||||||||||
Speedprop Global Sdn Bhd [Member] | |||||||||||||||||||||||
Contract price | $ 2,300,000 | RM 10,800,000 | |||||||||||||||||||||
Prepayments | 1,786,514 | [1] | RM 7,884,000 | 1,206,757 | [1] | RM 5,594,400 | |||||||||||||||||
ARX Media Sdn Bhd [Member] | |||||||||||||||||||||||
Contract price | $ 47,200,000 | RM 218,750,000 | $ 2,900,000 | RM 13,500,000 | |||||||||||||||||||
Prepayments | [2] | 9,686,697 | 2,469,425 | ||||||||||||||||||||
Prepayments | 2,469,425 | 11,400,000 | 2,469,425 | RM 11,400,000 | |||||||||||||||||||
ARX Media Sdn Bhd [Member] | First Installment [Member] | |||||||||||||||||||||||
Prepayments | $ 25,200,000 | RM 111,000,000 | |||||||||||||||||||||
ARX Media Sdn Bhd [Member] | Second Installment [Member] | |||||||||||||||||||||||
Prepayments | 18,130,000 | 80,000,000 | |||||||||||||||||||||
Boring Lark Sdn Bhd [Member] | |||||||||||||||||||||||
Contract price | $ 2,200,000 | RM 10,000,000 | |||||||||||||||||||||
Prepayments | 1,812,800 | [3] | $ 1,800,000 | RM 8,000,000 | [3] | ||||||||||||||||||
Teclutions Sdn Bhd [Member] | |||||||||||||||||||||||
Contract price | $ 200,000 | RM 1,000,000 | $ 100,000 | RM 600,000 | |||||||||||||||||||
Prepayments | 312,255 | [4] | $ 200,000 | RM 900,000 | [4] | ||||||||||||||||||
Prepayments | $ 100,000 | RM 500,000 | |||||||||||||||||||||
[1]On June 19, 2022, the Company entered into an agreement with a third-party vendor, Speedprop Global Sdn. Bhd. (“Speedprop”), pursuant to which Speedprop will help the Company develop the Augmented Reality (“AR”) travel guide app with key commercial objectives to provide personalized instant rebates, voucher distribution, and ad placements for merchants. Total contract price amounted to MYR 10.8 2.3 1,786,514 7,884,000 1,206,757 5,594,400 13.5 2.9 2,469,425 11.4 On January 16, 2023, the Company entered into an agreement with a third-party vendor, Boring Lark Sdn Bhd. (“Boring Lark”), to conduct design and application development of an Artificial Intelligence Chatbot systems and also provide system maintenance services to the Company. A total contract price of $ 2.2 10 1.8 8 0.1 0.6 0.1 0.5 |
SCHEDULE OF PROPERTY, PLANT AND
SCHEDULE OF PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($) | Mar. 31, 2023 | Sep. 30, 2022 |
Property, Plant and Equipment [Abstract] | ||
Office equipment and furniture | $ 29,189 | $ 21,407 |
Less: accumulated depreciation | (7,248) | (8,027) |
Property and equipment, net | $ 21,941 | $ 13,380 |
PROPERTY AND EQUIPMENT, NET (De
PROPERTY AND EQUIPMENT, NET (Details Narrative) - USD ($) | 6 Months Ended | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | |
Impairment Effects on Earnings Per Share [Line Items] | ||||
Depreciation, Depletion and Amortization, Nonproduction | $ 253,662 | $ 69,147 | ||
One Eighty Holdings Ltd [Member] | ||||
Impairment Effects on Earnings Per Share [Line Items] | ||||
Depreciation expense | 42,101 | 46,494 | $ 125,965 | $ 136,039 |
Property, Plant and Equipment [Member] | ||||
Impairment Effects on Earnings Per Share [Line Items] | ||||
Depreciation expense | 2,484 | 1,969 | ||
Property, Plant and Equipment [Member] | One Eighty Holdings Ltd [Member] | ||||
Impairment Effects on Earnings Per Share [Line Items] | ||||
Depreciation expense | $ 42,101 | $ 46,494 | ||
Depreciation, Depletion and Amortization, Nonproduction | $ 125,965 | $ 136,039 |
SCHEDULE OF INTANGIBLE ASSETS N
SCHEDULE OF INTANGIBLE ASSETS NET (Details) - USD ($) | Mar. 31, 2023 | Sep. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Computer software and applications | [1] | $ 987,206 | $ 939,753 |
Computer system – AI calculation engine | [2] | 18,128,000 | |
Content assets- licensed movies and television series | [3] | 114,166 | 108,678 |
Less: accumulated amortization | (404,956) | (144,663) | |
Intangible asset, net | $ 18,824,416 | $ 903,768 | |
[1]In order to support the Company’s expansion of its digital advertising service and cash rebate service businesses, in December 2021, the Company purchased packaged computer software and applications from a third-party vendor at the aggregate cost of MYR 2.12 504,222 501,412 2.32 10 47.2 18.13 80.0 |
SCHEDULE OF INTANGIBLE ASSETS_2
SCHEDULE OF INTANGIBLE ASSETS NET (Details) (Parenthetical) RM in Thousands | 1 Months Ended | 4 Months Ended | |||||||||
Dec. 31, 2021 USD ($) | Dec. 31, 2021 MYR (RM) | Sep. 30, 2022 USD ($) | Sep. 30, 2022 MYR (RM) | Mar. 31, 2023 USD ($) | Mar. 31, 2023 MYR (RM) | Oct. 01, 2022 USD ($) | Oct. 01, 2022 MYR (RM) | Aug. 01, 2022 USD ($) | Aug. 01, 2022 MYR (RM) | ||
Computer software and application | $ 504,222 | RM 2,120 | $ 501,412 | RM 2,320 | |||||||
Intangible assets, estimated useful life | 10 years | 10 years | |||||||||
ARX Media Sdn Bhd [Member] | |||||||||||
Contract price | $ 47,200,000 | RM 218,750 | $ 2,900,000 | RM 13,500 | |||||||
Prepayments | [1] | $ 2,469,425 | $ 9,686,697 | ||||||||
ARX Media Sdn Bhd [Member] | Second Installment [Member] | |||||||||||
Prepayments | $ 18,130,000 | RM 80,000 | |||||||||
[1]In order to upgrade the Company’s existing software and operating systems to increase the data processing capability, to diversify the Company’s business operation model, and to support its future business expansion, on August 1, 2022, the Company signed a contract with a third-party technology solution company, ARX Media Sdn. Bhd. (“ARX”), to conduct software application design and development for the Company’s Virtual Reality Rebate Mall project. ARX is a full-stacked technology solution company specializing in design and development of application of AR, Mixed Reality, Virtual Reality (“VR”), Integrated Business Solution, and Internet of Things to help business entities stand out among the crowd. Pursuant to the contract, ARX will help the Company conduct market research, prepare a feasibility study, VR Mall Data Management system software conceptualization, visualization, system coding, testing, and debugging, and to initialize and rollout the application as a progressive web portal, which can be further developed into a mobile app to allow integration to various platforms. Total contract price for this project amounted to MYR 13.5 2.9 2,469,425 11.4 |
INTANGIBLE ASSETS, NET (Details
INTANGIBLE ASSETS, NET (Details Narrative) - USD ($) | 6 Months Ended | ||
Nov. 01, 2021 | Mar. 31, 2023 | Mar. 31, 2022 | |
Finite-Lived Intangible Assets [Line Items] | |||
Amortization intangible assets | $ 253,143 | $ 67,178 | |
Service and Licensing Agreement [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Content and service fee | $ 120,000 | ||
Service and Licensing Agreement [Member] | Minimum [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Content delivery fees | 1,700 | ||
Service and Licensing Agreement [Member] | Maximum [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Content delivery fees | $ 660,000 |
SCHEDULE OF INCOME TAX PROVISIO
SCHEDULE OF INCOME TAX PROVISION (Details) - USD ($) | 6 Months Ended | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | |
Current income tax provision | $ 313,758 | $ 663,224 | ||
Deferred income tax provision | 313,963 | |||
Income tax provision | 627,721 | 663,224 | ||
Total income tax provision | 627,721 | 663,224 | ||
One Eighty Holdings Ltd [Member] | ||||
Current income tax provision | 312,514 | 66,965 | $ 539,033 | $ 1,157 |
Deferred income tax provision | 1,589 | (4,154) | 19,626 | (65,455) |
Income tax provision | 314,103 | 62,811 | 558,659 | (64,298) |
Total income tax provision | 314,103 | 62,811 | 558,659 | (64,298) |
CAYMAN ISLANDS | ||||
Current income tax provision | ||||
Deferred income tax provision | ||||
CAYMAN ISLANDS | One Eighty Holdings Ltd [Member] | ||||
Current income tax provision | ||||
Deferred income tax provision | ||||
MALAYSIA | ||||
Current income tax provision | 313,758 | 663,224 | ||
Deferred income tax provision | 313,963 | |||
MALAYSIA | One Eighty Holdings Ltd [Member] | ||||
Current income tax provision | 312,514 | 66,965 | 539,033 | 1,157 |
Deferred income tax provision | $ 1,589 | $ (4,154) | $ 19,626 | $ (65,455) |
SCHEDULE OF EFFECTIVE INCOME TA
SCHEDULE OF EFFECTIVE INCOME TAX RATE RECONCILIATION (Details) - USD ($) | 6 Months Ended | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | |
Restructuring Cost and Reserve [Line Items] | ||||
Income tax provision computed based on Malaysia unified income tax statutory rate | $ 690,461 | $ 522,356 | ||
Effect of tax exemption due to reduced income tax rate for small and medium sized companies | (10,027) | |||
Permanent difference | (62,740) | 44,412 | ||
Change in valuation allowance | 106,483 | |||
Income tax provision | 627,721 | 663,224 | ||
One Eighty Holdings Ltd [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Income tax provision computed based on Malaysia unified income tax statutory rate | 293,200 | 40,742 | $ 540,078 | $ (98,721) |
Effect of tax exemption due to reduced income tax rate for small and medium sized companies | (9,379) | (1,453) | (16,029) | (476) |
Income tax provision | 314,103 | 62,811 | 558,659 | (64,298) |
Effect of deferred tax | 1,589 | (4,154) | ||
Expenses not deductible for tax purposes | $ 28,693 | $ 27,676 | $ 34,610 | $ 34,899 |
SCHEDULE OF DEFERRED TAX ASSETS
SCHEDULE OF DEFERRED TAX ASSETS (Details) - USD ($) | Mar. 31, 2023 | Sep. 30, 2022 | Sep. 30, 2021 |
Restructuring Cost and Reserve [Line Items] | |||
Deferred tax assets derived from net operating loss carry forwards | $ 56,098 | $ 35,174 | |
Less: valuation allowance | (56,098) | (35,174) | $ (137,932) |
Deferred tax assets | |||
Deferred tax assets | |||
One Eighty Holdings Ltd [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Deferred tax assets derived from net operating loss carry forwards | 206,450 | ||
Deferred tax assets | 44,387 | 43,785 | 219,402 |
Unabsorbed capital allowances | 17,253 | ||
Depreciation of property & equipment | 48,945 | (3,400) | (4,301) |
Deferred revenue | 47,185 | ||
Temporary difference not subject to tax | (4,558) | 47,185 | |
Deferred tax assets | $ 44,387 | $ 43,785 | $ 219,402 |
SCHEDULE OF VALUATION ALLOWANCE
SCHEDULE OF VALUATION ALLOWANCE (Details) - USD ($) | 6 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Sep. 30, 2022 | |
Income Tax Disclosure [Abstract] | ||
Balance at beginning of the period | $ 35,174 | $ 137,932 |
Current period change | 20,924 | (102,758) |
Balance at end of the period | $ 56,098 | $ 35,174 |
SCHEDULE OF DEFERRED TAX LIABIL
SCHEDULE OF DEFERRED TAX LIABILITY (Details) - USD ($) | Mar. 31, 2023 | Sep. 30, 2022 |
Deferred tax liability | $ 318,603 | |
Deferred Tax Liability [Member] | ||
Deferred tax liability derived from the difference between tax and book basis of depreciation expense | 318,603 | |
Deferred tax liability | $ 318,603 |
SCHEDULE OF TAXES PAYABLE (Deta
SCHEDULE OF TAXES PAYABLE (Details) - USD ($) | Mar. 31, 2023 | Sep. 30, 2022 | Sep. 30, 2021 |
Restructuring Cost and Reserve [Line Items] | |||
Income tax payable | $ 1,188,274 | ||
Service tax payable | 395,772 | 215,854 | |
Total | 395,772 | 1,404,128 | |
One Eighty Holdings Ltd [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Income tax payable | 320,386 | $ 10,862 | |
Service tax payable | 253,817 | 247,484 | 113,945 |
Total | $ 253,817 | $ 567,870 | $ 124,807 |
TAXES (Details Narrative)
TAXES (Details Narrative) | 6 Months Ended | 12 Months Ended | ||||||||
Mar. 31, 2023 USD ($) $ / shares | Mar. 31, 2023 MYR (RM) | Mar. 31, 2022 USD ($) $ / shares | Mar. 31, 2022 MYR (RM) | Sep. 30, 2022 USD ($) | Sep. 30, 2022 MYR (RM) | Sep. 30, 2021 USD ($) | Sep. 30, 2021 MYR (RM) | Mar. 31, 2023 MYR (RM) | Sep. 30, 2022 MYR (RM) | |
Additional paid in capital | $ 30,674,988 | $ 18,918,303 | ||||||||
Tax exemption amount | $ 10,027 | |||||||||
Valuation allowance | 56,098 | 35,174 | $ 137,932 | |||||||
Change in valuation allowance | 20,924 | (102,758) | ||||||||
Prepaid income taxes | 554,054 | |||||||||
One Eighty Holdings Ltd [Member] | ||||||||||
Additional paid in capital | 336,055 | 336,055 | 336,055 | |||||||
Gross profit | 1,803,969 | 1,140,154 | 3,292,611 | 477,964 | ||||||
Tax exemption amount | $ 9,379 | $ 1,453 | $ 16,029 | $ 476 | ||||||
MALAYSIA | ||||||||||
Effective income tax rate | 24% | 24% | ||||||||
Additional paid in capital | RM | RM 2,500,000 | |||||||||
Gross profit | RM | RM 50,000,000 | |||||||||
Effective income tax rate continuing operations | 17% | 17% | 17% | 17% | ||||||
Current state and local tax expense benefit | $ 150,000 | RM 600,000 | $ 150,000 | RM 600,000 | ||||||
Tax exemption amount | $ 10,027 | |||||||||
Tax rates and tax exemption per shares | $ / shares | $ 0 | $ 0 | ||||||||
MALAYSIA | One Eighty Holdings Ltd [Member] | ||||||||||
Effective income tax rate | 24% | 24% | 24% | 24% | 24% | 24% | ||||
Additional paid in capital | RM | RM 2,500,000 | RM 2,500,000 | ||||||||
Gross profit | RM | RM 50,000,000 | RM 50,000,000 | ||||||||
Effective income tax rate continuing operations | 17% | 17% | 17% | 17% | ||||||
Current state and local tax expense benefit | RM 600,000 | $ 150,000 | $ 150,000 | RM 600,000 | ||||||
Tax exemption amount | $ 14,214 | $ 5,307 | $ 18,369 | $ 8,179 |
SCHEDULE OF RELATED PARTIES (De
SCHEDULE OF RELATED PARTIES (Details) | 6 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Sep. 30, 2022 | |
Choo Keam Hui [Member] | ||
Related Party Transaction [Line Items] | ||
Relationship to the company | The Company’s former director and one of the directors of Starbox Berhad | |
Zenapp Sdn Bhd [Member] | ||
Related Party Transaction [Line Items] | ||
Relationship to the company | An entity controlled by Choo Keam Hui prior to September 20, 2021 | |
Bizguide Corporate Service Sdn Bhd [Member] | ||
Related Party Transaction [Line Items] | ||
Relationship to the company | An entity controlled by Khoo Kien Hoe, the CFO and executive director of Starbox Group | |
KH Advisory Sdn Bhd [Member] | ||
Related Party Transaction [Line Items] | ||
Relationship to the company | An entity controlled by Khoo Kien Hoe, the CFO and executive director of Starbox Group | |
VE Services [Member] | ||
Related Party Transaction [Line Items] | ||
Relationship to the company | An entity controlled by Choo Teck Hong, one of the Company’s beneficial shareholders, a director of Starbox Berhad, and a sibling of Choo Keam Hui | |
Chan Chee Hong [Member] | One Eighty Holdings Ltd [Member] | ||
Related Party Transaction [Line Items] | ||
Relationship to the company | Director, chief executive officer, and shareholder of the Company | Director, chief executive officer, and shareholder of the Company |
Chan Foong Ming [Member] | One Eighty Holdings Ltd [Member] | ||
Related Party Transaction [Line Items] | ||
Relationship to the company | Sister of Chan Chee Hong and director of Media Elements | Sister of Chan Chee Hong and director of Media Elements |
180 Degrees Strategic Communications Sdn Bhd [Member] | One Eighty Holdings Ltd [Member] | ||
Related Party Transaction [Line Items] | ||
Relationship to the company | An entity controlled by Chan Chee Hong | An entity controlled by Chan Chee Hong |
181 Degree Holding Sdn Bhd [Member] | One Eighty Holdings Ltd [Member] | ||
Related Party Transaction [Line Items] | ||
Relationship to the company | An entity controlled by Chan Chee Hong | An entity controlled by Chan Chee Hong |
Infinity Elements Sdn Bhd [Member] | One Eighty Holdings Ltd [Member] | ||
Related Party Transaction [Line Items] | ||
Relationship to the company | An entity controlled by Chan Foong Ming | An entity controlled by Chan Foong Ming |
Expertliner Sdn Bhd [Member] | One Eighty Holdings Ltd [Member] | ||
Related Party Transaction [Line Items] | ||
Relationship to the company | An entity controlled by Chan Chee Hong | An entity controlled by Chan Chee Hong |
Milestone International Sdn Bhd [Member] | One Eighty Holdings Ltd [Member] | ||
Related Party Transaction [Line Items] | ||
Relationship to the company | An entity controlled by Chan Chee Hong | An entity controlled by Chan Chee Hong |
SCHEDULE OF DUE FROM A RELATED
SCHEDULE OF DUE FROM A RELATED PARTY (Details) - USD ($) | Mar. 31, 2023 | Sep. 30, 2022 | Sep. 30, 2021 |
Related Party [Member] | |||
Related Party Transaction [Line Items] | |||
Total | $ 1,682 | $ 1,473 | |
Related Party [Member] | One Eighty Holdings Ltd [Member] | |||
Related Party Transaction [Line Items] | |||
Total | 94,493 | 348,529 | $ 216,261 |
Chan Chee Hong [Member] | One Eighty Holdings Ltd [Member] | |||
Related Party Transaction [Line Items] | |||
Total | 84,932 | ||
Chan Foong Ming [Member] | One Eighty Holdings Ltd [Member] | |||
Related Party Transaction [Line Items] | |||
Total | 231,302 | 16,567 | |
Expertliner Sdn Bhd [Member] | One Eighty Holdings Ltd [Member] | |||
Related Party Transaction [Line Items] | |||
Total | 2,740 | 2,015 | 14 |
Infinity Elements Sdn Bhd [Member] | One Eighty Holdings Ltd [Member] | |||
Related Party Transaction [Line Items] | |||
Total | 91,639 | 102,931 | 114,748 |
Milestone International Sdn Bhd [Member] | One Eighty Holdings Ltd [Member] | |||
Related Party Transaction [Line Items] | |||
Total | $ 114 | $ 12,281 |
SCHEDULE OF DUE TO RELATED PART
SCHEDULE OF DUE TO RELATED PARTIES (Details) - USD ($) | Mar. 31, 2023 | Sep. 30, 2022 | Sep. 30, 2021 |
Related Party [Member] | |||
Related Party Transaction [Line Items] | |||
Total | $ 1,409 | $ 7,361 | |
Related Party [Member] | One Eighty Holdings Ltd [Member] | |||
Related Party Transaction [Line Items] | |||
Total | 334,031 | 312,740 | $ 100,342 |
180 Degrees Strategic Communications Sdn Bhd [Member] | One Eighty Holdings Ltd [Member] | |||
Related Party Transaction [Line Items] | |||
Total | 171,968 | 161,659 | 98,324 |
181 Degree Holding Sdn Bhd [Member] | One Eighty Holdings Ltd [Member] | |||
Related Party Transaction [Line Items] | |||
Total | 12,762 | 12,148 | 2,018 |
Chan Chee Hong [Member] | One Eighty Holdings Ltd [Member] | |||
Related Party Transaction [Line Items] | |||
Total | 149,301 | 138,933 | |
Bizguide Corporate Service Sdn Bhd [Member] | Related Party [Member] | |||
Related Party Transaction [Line Items] | |||
Total | 1,409 | 1,763 | |
KH Advisory Sdn Bhd [Member] | Related Party [Member] | |||
Related Party Transaction [Line Items] | |||
Total | $ 5,598 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) | 6 Months Ended | 11 Months Ended | 12 Months Ended | |||
Aug. 20, 2021 USD ($) ft² | Aug. 20, 2021 MYR (RM) ft² | Mar. 31, 2023 USD ($) | Mar. 31, 2022 USD ($) | Aug. 31, 2021 USD ($) | Sep. 30, 2020 USD ($) | |
Revenue from a related party | $ 3,976,190 | $ 2,922,413 | ||||
Office Lease Agreements [Member] | Zenapp [Member] | ||||||
Rent | $ 3,850 | $ 4,200 | ||||
Three Sub Tenancy Agreements [Member] | Zenapp [Member] | ||||||
Rent | $ 2,424 | RM 10,000 | ||||
Square feet | ft² | 4,800 | 4,800 | ||||
Payment Solution Services Related Party [Member] | ||||||
Revenue from a related party | $ 4,303 | $ 5,379 |
SHAREHOLDERS_ EQUITY (Details N
SHAREHOLDERS’ EQUITY (Details Narrative) - USD ($) | 6 Months Ended | |||||||
Nov. 03, 2022 | Oct. 26, 2022 | Aug. 25, 2022 | Jun. 08, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | Sep. 30, 2022 | Sep. 13, 2021 | |
Subsidiary, Sale of Stock [Line Items] | ||||||||
Original authorized share capital value | $ 50,000 | |||||||
Original authorized share | 888,000,000 | 500,000,000 | ||||||
Common stock, shares authorized | 883,000,000 | 883,000,000 | 883,000,000 | 450,000,000 | ||||
Common stock, par value | $ 0.001125 | $ 0.001125 | $ 0.001125 | $ 0.0001 | ||||
Preferred stock, shares authorized | 5,000,000 | 5,000,000 | 5,000,000 | 50,000,000 | ||||
Preferred stock, par value | $ 0.001125 | $ 0.001125 | $ 0.001125 | $ 0.0001 | ||||
Preferred stock, shares not issued | 50,000,000 | |||||||
Common stock, shares, issued | 54,375,000 | 45,375,000 | 450,000,000 | |||||
Reverse stock split | a reverse split of the Company’s outstanding ordinary shares at a ratio of 1-for-11.25 shares, and (iii) a reverse split of the Company’s authorized and unissued preferred shares at a ratio of 1-for-11.25 shares. | |||||||
Preferred stock, shares issued | 0 | 0 | ||||||
Preferred stock, shares outstanding | 0 | 0 | ||||||
Common stock, shares, outstanding | 54,375,000 | 45,375,000 | ||||||
Offering cost | $ 423,994 | |||||||
Underwriter Representative Warrants [Member] | ||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||
Share price per share | $ 4 | |||||||
Warrants to purchase shares | 350,000 | |||||||
Number of ordinary shares percent | 7% | |||||||
Warrant term | 5 years | |||||||
Exercise price | $ 5.60 | |||||||
Percentage of initial public offering | 140% | |||||||
IPO [Member] | ||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||
Number of shares issued | 5,375,000 | |||||||
Share price per share | $ 4 | |||||||
Proceeds from issuance of common stock | $ 21,500,000 | |||||||
Proceeds from initial public offerings | 18,800,000 | |||||||
Offering cost | $ 2,700,000 | |||||||
Private Placement [Member] | Subscription Agreements [Member] | Four Investors [Member] | ||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||
Number of shares issued | 9,000,000 | 9,000,000 | ||||||
Share price per share | $ 1.40 | $ 1.40 | ||||||
Gross proceeds from private placement | $ 12,600,000 | |||||||
Net proceeds from private placement | $ 11,770,000 | |||||||
Minimum [Member] | ||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||
Original authorized share capital value | $ 50,000 | |||||||
Common stock, shares, issued | 40,000,000 | |||||||
Common stock, shares, outstanding | 40,000,000 | |||||||
Maximum [Member] | ||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||
Original authorized share capital value | $ 999,000 | |||||||
Common stock, shares, issued | 450,000,000 | |||||||
Common stock, shares, outstanding | 450,000,000 |
CONCENTRATIONS AND CREDIT RISK
CONCENTRATIONS AND CREDIT RISK (Details Narrative) | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | |
Revenue from Contract with Customer Benchmark [Member] | Customer Concentration Risk [Member] | One Customer [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration risk percentage | 43.80% | 19.20% | |||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | One Customer [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration risk percentage | 35.40% | ||||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | No Customer [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration risk percentage | 10% | ||||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | No Single Vendor [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration risk percentage | 10% | 10% | |||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | One Major Customer [Member] | One Eighty Holdings Ltd [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration risk percentage | 13% | 16% | 36% | 16% | |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Two Major Customers [Member] | One Eighty Holdings Ltd [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration risk percentage | 16% | 14% | |||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Three Major Customers [Member] | One Eighty Holdings Ltd [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration risk percentage | 10% | ||||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Four Major Customers [Member] | One Eighty Holdings Ltd [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration risk percentage | 10% | ||||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Two Major Customer [Member] | One Eighty Holdings Ltd [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration risk percentage | 13% | 16% | |||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Three Major Customer [Member] | One Eighty Holdings Ltd [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration risk percentage | 11% | 10% | |||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Four Major Customer [Member] | One Eighty Holdings Ltd [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration risk percentage | 10% | ||||
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | One Major Customer [Member] | One Eighty Holdings Ltd [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration risk percentage | 11% | 33% | 17% | 27% | |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Two Major Customers [Member] | One Eighty Holdings Ltd [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration risk percentage | 10% | 13% | |||
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Three Major Customers [Member] | One Eighty Holdings Ltd [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration risk percentage | 10% | 11% | |||
Liabilities, Total [Member] | Supplier Concentration Risk [Member] | One Major Customer [Member] | One Eighty Holdings Ltd [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration risk percentage | 11% | 10% | |||
Liabilities, Total [Member] | Supplier Concentration Risk [Member] | No Major Customer [Member] | One Eighty Holdings Ltd [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration risk percentage | 10% | 10% | |||
Accounts Payable [Member] | Supplier Concentration Risk [Member] | One Major Customer [Member] | One Eighty Holdings Ltd [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration risk percentage | 25% | 15% | 25% | ||
Accounts Payable [Member] | Supplier Concentration Risk [Member] | Two Major Customers [Member] | One Eighty Holdings Ltd [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration risk percentage | 16% | 14% | |||
Accounts Payable [Member] | Supplier Concentration Risk [Member] | Three Major Customers [Member] | One Eighty Holdings Ltd [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration risk percentage | 10% | ||||
Accounts Payable [Member] | Supplier Concentration Risk [Member] | No Major Customer [Member] | One Eighty Holdings Ltd [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration risk percentage | 10% | ||||
Accounts Payable [Member] | Supplier Concentration Risk [Member] | Two Major Customer [Member] | One Eighty Holdings Ltd [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration risk percentage | 16% | ||||
Accounts Payable [Member] | Supplier Concentration Risk [Member] | Three Major Customer [Member] | One Eighty Holdings Ltd [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration risk percentage | 10% |
SCHEDULE OF SUPPLEMENTAL BALANC
SCHEDULE OF SUPPLEMENTAL BALANCE SHEET INFORMATION RELATED TO OPERATING LEASE (Details) - USD ($) | Mar. 31, 2023 | Sep. 30, 2022 |
Schedule Of Supplemental Balance Sheet Information Related To Operating Lease | ||
Operating lease right-of-use assets | $ 51,627 | $ 49,145 |
Right-of-use assets - accumulated amortization | (15,116) | (6,571) |
Right-of-use assets, net | 36,511 | 42,574 |
Operating lease liabilities – current | 17,052 | 15,833 |
Operating lease liabilities – non-current | 19,459 | 26,741 |
Total operating lease liabilities | $ 36,511 | $ 42,574 |
SCHEDULE OF WEIGHTED AVERAGE RE
SCHEDULE OF WEIGHTED AVERAGE REMAINING LEASE TERMS AND DISCOUNT RATES (Details) | Mar. 31, 2023 | Sep. 30, 2022 | |
Schedule Of Supplemental Balance Sheet Information Related To Operating Lease | |||
Weighted average remaining lease term | 2 years | 2 years 6 months | |
Weighted average discount rate | [1] | 5% | 5% |
[1]The Company’s lease agreements do not provide a readily determinable implicit rate nor is it available to the Company from its lessors. Instead, the Company estimates its incremental borrowing rate based on the benchmark lending rate for three-year loans as published by Malaysia’s central bank in order to discount lease payments to present value. |
SCHEDULE OF MATURITIES OF OPERA
SCHEDULE OF MATURITIES OF OPERATING LEASE LIABILITIES (Details) - USD ($) | Mar. 31, 2023 | Sep. 30, 2022 | Sep. 30, 2021 |
Restructuring Cost and Reserve [Line Items] | |||
2024 | $ 18,491 | ||
2025 | 18,491 | ||
2026 | 1,541 | ||
Total future minimum lease payments | 38,523 | ||
Less: imputed interest | 2,012 | ||
Total | 36,511 | $ 42,574 | |
One Eighty Holdings Ltd [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
2024 | 1,191 | 1,134 | |
2025 | 1,191 | 753 | |
2026 | 298 | ||
Total future minimum lease payments | 2,680 | 3,118 | |
Less: imputed interest | 150 | 211 | |
Total | $ 2,530 | 2,907 | $ 4,284 |
2023 | $ 1,134 |
LEASES (Details Narrative)
LEASES (Details Narrative) | 6 Months Ended | 9 Months Ended | 11 Months Ended | 12 Months Ended | |||||||
Apr. 30, 2022 USD ($) | Apr. 30, 2022 MYR (RM) | Aug. 20, 2021 USD ($) ft² | Aug. 20, 2021 MYR (RM) ft² | Jun. 20, 2020 USD ($) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Aug. 31, 2021 USD ($) | Sep. 30, 2020 USD ($) | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||
Operating lease expenses | $ 40,800 | ||||||||||
One Eighty Holdings Ltd [Member] | |||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||
Monthly rent | $ 95 | ||||||||||
Operating lease expense | $ 1,174 | $ 1,255 | $ 1,221 | $ 1,274 | |||||||
Office Lease Agreements [Member] | Zenapp [Member] | |||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||
Monthly rent | $ 3,850 | $ 4,200 | |||||||||
Three Sub Tenancy Agreements [Member] | Zenapp [Member] | |||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||
Monthly rent | $ 2,424 | RM 10,000 | |||||||||
Area of land | ft² | 4,800 | 4,800 | |||||||||
Lessee, operating lease, description | lease term from September 1, 2021 to August 31, 2023 | lease term from September 1, 2021 to August 31, 2023 | |||||||||
Lease Agreement [Member] | Woon Chun Yin [Member] | |||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||
Monthly rent | $ 1,580 | RM 6,800 | |||||||||
Lessee, operating lease, description | term of one year from May 1, 2022 to April 30, 2023 | term of one year from May 1, 2022 to April 30, 2023 | |||||||||
Lease Agreement [Member] | Berjaya Steel Works Snd Bhd [Member] | |||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||
Monthly rent | $ 1,460 | RM 6,288 |
SCHEDULE OF SUMMARY INFORMATION
SCHEDULE OF SUMMARY INFORMATION BY SEGMENT (Details) - USD ($) | 6 Months Ended | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | Sep. 30, 2022 | |
Segment Reporting Information [Line Items] | |||
Revenue | $ 3,976,190 | $ 2,922,413 | |
Operating costs | 1,996,892 | 1,003,373 | |
Income (loss) from operations | 1,979,298 | 1,919,040 | |
Income tax expense | 627,721 | 663,224 | |
Net income (loss) | 1,364,497 | 1,256,019 | |
Capital expenditure | 17,877,183 | 631,431 | |
Total assets | 39,735,736 | 6,403,694 | $ 25,042,418 |
Cash Rebate Service [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 10,621 | 5,552 | |
Operating costs | 518,932 | 246,935 | |
Income (loss) from operations | (508,310) | (241,383) | |
Income tax expense | 297,750 | ||
Net income (loss) | (804,850) | (241,180) | |
Capital expenditure | 11,598 | 406,117 | |
Total assets | 4,667,996 | 1,022,174 | |
Digital Advertising Services [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 2,220,794 | 2,911,482 | |
Operating costs | 874,384 | 697,665 | |
Income (loss) from operations | 1,346,409 | 2,213,817 | |
Income tax expense | 329,971 | 663,224 | |
Net income (loss) | 1,024,023 | 1,550,593 | |
Capital expenditure | 1,585 | 224,578 | |
Total assets | 7,468,304 | 5,244,880 | |
Payment Solution Services [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 4,303 | 5,379 | |
Operating costs | 107,662 | 58,773 | |
Income (loss) from operations | (103,359) | (53,394) | |
Income tax expense | |||
Net income (loss) | (103,349) | (53,394) | |
Capital expenditure | 736 | ||
Total assets | 41,875 | 136,640 | |
Software Licensing [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 1,740,472 | ||
Operating costs | 495,914 | ||
Income (loss) from operations | 1,244,558 | ||
Income tax expense | |||
Net income (loss) | 1,248,672 | ||
Capital expenditure | 17,864,000 | ||
Total assets | $ 27,557,561 |
SCHEDULE OF CONDENSED UNAUDITED
SCHEDULE OF CONDENSED UNAUDITED PRO FORMA CONSOLIDATED RESULTS OF OPERATIONS (Details) - USD ($) | 6 Months Ended | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | |
Restructuring Cost and Reserve [Line Items] | ||||
Net income | $ 1,364,497 | $ 1,256,019 | ||
One Eighty Ltd [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Revenue | 6,761,638 | 5,017,001 | ||
Operating costs and expenses | 3,578,472 | 2,944,260 | ||
Income from operations | 3,183,166 | 2,072,741 | ||
Other income | 30,720 | 16,259 | ||
Income tax expenses | 941,824 | 726,035 | ||
Net income | 2,272,062 | 1,362,965 | ||
Less: net income attributable to non-controlling interests | 444,707 | 52,404 | ||
Net income | 1,827,355 | 1,310,561 | ||
One Eighty Holdings Ltd [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Revenue | $ 13,368,084 | $ 6,008,897 | ||
Income from operations | 7,146,269 | 1,650,874 | ||
Other income | 159,800 | 88,053 | ||
Net income | 5,339,961 | 1,110,820 | ||
Net income | $ 907,565 | $ 106,946 | 1,737,596 | (336,830) |
Operating costs and expenses | 6,221,815 | 4,358,023 | ||
Income tax expense | $ 1,966,108 | $ 628,107 |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) - USD ($) | Sep. 01, 2023 | Jul. 10, 2023 | Jun. 26, 2023 | May 10, 2023 | Apr. 07, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 08, 2022 | Sep. 13, 2021 |
Subsequent Event [Line Items] | |||||||||
Par value of shares | $ 0.001125 | $ 0.001125 | $ 0.001125 | $ 0.0001 | |||||
One Eighty Ltd [Member] | Subsequent Event [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Acquisition of shares | 229,500,000 | ||||||||
Par value of shares | $ 0.0001 | ||||||||
Percentage of shares issued | 51% | ||||||||
One Eighty Ltd [Member] | Subsequent Event [Member] | Share-Based Payment Arrangement, Tranche One [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Sale of stock | 8,755,000 | ||||||||
One Eighty Ltd [Member] | Subsequent Event [Member] | Share-Based Payment Arrangement, Tranche Two [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Sale of stock | 8,755,000 | ||||||||
One Eighty Ltd [Member] | Subsequent Event [Member] | Common Stock [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Sale of stock | 17,510,000 | ||||||||
Sale of stock price per share | $ 0.001125 | ||||||||
Sale of stock consideration received | $ 52,530,000 | ||||||||
One Eighty Holdings Ltd [Member] | Subsequent Event [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Acquisition of shares | 229,500,000 | ||||||||
Par value of shares | $ 0.0001 | ||||||||
Sale of stock | 17,510,000 | ||||||||
Sale of stock price per share | $ 0.001125 | ||||||||
Sale of stock consideration received | $ 52,530,000 | ||||||||
One Eighty Holdings Ltd [Member] | Subsequent Event [Member] | One Eighty Ltd [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Ownership percentage | 51% | 100% | 100% | ||||||
One Eighty Holdings Ltd [Member] | Subsequent Event [Member] | Share-Based Payment Arrangement, Tranche One [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Sale of stock consideration received | $ 8,755,000 | ||||||||
One Eighty Holdings Ltd [Member] | Subsequent Event [Member] | Share-Based Payment Arrangement, Tranche Two [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Sale of stock consideration received | $ 8,755,000 |
SCHEDULE OF DEPOSITS AND PREPAY
SCHEDULE OF DEPOSITS AND PREPAYMENTS (Details) - One Eighty Holdings Ltd [Member] - USD ($) | Mar. 31, 2023 | Sep. 30, 2022 | Sep. 30, 2021 |
Restructuring Cost and Reserve [Line Items] | |||
Advance to suppliers | $ 153,861 | $ 141,418 | $ 12,298 |
Deposit | |||
Prepaid expenses | 53,588 | 77,189 | 14,242 |
Prepaid income tax | 567,932 | 94,685 | |
Other | 118 | ||
Less: allowance for doubtful account | |||
Total prepayments | $ 775,381 | $ 218,725 | $ 121,225 |
SCHEDULE OF PROPERTY AND EQUI_2
SCHEDULE OF PROPERTY AND EQUIPMENT, NET (Details) - USD ($) | Mar. 31, 2023 | Sep. 30, 2022 | Sep. 30, 2021 |
Restructuring Cost and Reserve [Line Items] | |||
Property and land | $ 29,189 | $ 21,407 | |
Less: accumulated depreciation | (7,248) | (8,027) | |
Property and equipment, net | 21,941 | 13,380 | |
One Eighty Holdings Ltd [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Equipment and furniture | 585,143 | 540,514 | $ 632,982 |
Property and land | 3,473,596 | 3,306,628 | 3,661,141 |
Less: accumulated depreciation | (1,365,562) | (1,259,252) | (1,297,037) |
Property and equipment, net | $ 2,693,177 | $ 2,587,890 | $ 2,997,086 |
DEPOSIT AND PREPAYMENTS (Detail
DEPOSIT AND PREPAYMENTS (Details Narrative) - USD ($) | Mar. 31, 2023 | Sep. 30, 2022 | Sep. 30, 2021 |
One Eighty Holdings Ltd [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Allowance for doubtful debt |
SCHEDULE OF ACCRUED LIABILITIES
SCHEDULE OF ACCRUED LIABILITIES AND OTHER PAYABLES (Details) - One Eighty Holdings Ltd [Member] - USD ($) | Mar. 31, 2023 | Sep. 30, 2022 | Sep. 30, 2021 |
Restructuring Cost and Reserve [Line Items] | |||
Accrued payroll | $ 78,606 | $ 31,615 | $ 33,777 |
Other accrual | 95,120 | 10,456 | 8,087 |
Service payable | 301,943 | 287,889 | 100,405 |
Other payable | 7,895 | 16,213 | 107,216 |
Accrued liabilities and other payables | $ 483,564 | $ 346,173 | $ 249,485 |
SCHEDULE OF LOANS (Details)
SCHEDULE OF LOANS (Details) - One Eighty Holdings Ltd [Member] - USD ($) | Mar. 31, 2023 | Sep. 30, 2022 | Sep. 30, 2021 |
Debt Instrument [Line Items] | |||
Loan Amount | $ 2,730,056 | $ 2,730,056 | |
Ending balance | 2,289,569 | 2,254,535 | $ 2,674,052 |
CIMB BANK BERHAD [Member] | Loan One [Member] | |||
Debt Instrument [Line Items] | |||
Loan Amount | $ 591,178 | $ 591,178 | |
Interest Rate | 2.10% | 2.10% | |
Loan Term | 240 months | 240 months | |
Ending balance | $ 464,360 | $ 458,428 | 568,641 |
CIMB BANK BERHAD [Member] | Loan Two [Member] | |||
Debt Instrument [Line Items] | |||
Loan Amount | $ 188,735 | $ 188,735 | |
Interest Rate | 2.10% | 2.10% | |
Loan Term | 240 months | 240 months | |
Ending balance | $ 155,882 | $ 154,183 | 209,131 |
Hong Leong Islamic Bank [Member] | Loan One [Member] | |||
Debt Instrument [Line Items] | |||
Loan Amount | $ 229,505 | $ 229,505 | |
Interest Rate | 2.55% | 2.55% | |
Loan Term | 216 months | 216 months | |
Ending balance | $ 203,047 | $ 198,679 | 227,977 |
Hong Leong Islamic Bank [Member] | Loan Two [Member] | |||
Debt Instrument [Line Items] | |||
Loan Amount | $ 235,544 | $ 235,544 | |
Interest Rate | 2.55% | 2.55% | |
Loan Term | 216 months | 216 months | |
Ending balance | $ 208,300 | $ 203,823 | 233,889 |
Hong Leong Islamic Bank [Member] | Loan Three [Member] | |||
Debt Instrument [Line Items] | |||
Loan Amount | $ 439,165 | $ 439,165 | |
Interest Rate | 2.55% | 2.55% | |
Loan Term | 216 months | 216 months | |
Ending balance | $ 388,148 | $ 379,814 | 435,858 |
Hong Leong Islamic Bank [Member] | Loan Four [Member] | |||
Debt Instrument [Line Items] | |||
Loan Amount | $ 319,236 | $ 319,236 | |
Interest Rate | 2.55% | 2.55% | |
Loan Term | 216 months | 216 months | |
Ending balance | $ 282,393 | $ 274,569 | 317,072 |
Hong Leong Islamic Bank [Member] | Loan Five [Member] | |||
Debt Instrument [Line Items] | |||
Loan Amount | $ 510,993 | $ 510,993 | |
Interest Rate | 2.55% | 2.55% | |
Loan Term | 216 months | 216 months | |
Ending balance | $ 451,603 | $ 441,908 | 507,121 |
Hong Leong Islamic Bank [Member] | Loan Six [Member] | |||
Debt Instrument [Line Items] | |||
Loan Amount | $ 215,700 | $ 215,700 | |
Interest Rate | 3.50% | 3.50% | |
Loan Term | 66 months | 66 months | |
Ending balance | $ 135,836 | $ 143,131 | $ 174,363 |
SCHEDULE OF FUTURE MINIMUM LOAN
SCHEDULE OF FUTURE MINIMUM LOAN PAYMENTS TO BE PAID (Details) - One Eighty Holdings Ltd [Member] - USD ($) | Mar. 31, 2023 | Sep. 30, 2022 | Sep. 30, 2021 |
Restructuring Cost and Reserve [Line Items] | |||
2024 | $ 260,864 | $ 248,316 | |
2025 | 260,864 | 248,316 | |
2026 | 260,864 | 248,316 | |
2027 | 260,864 | 248,316 | |
2028 | 260,864 | 248,316 | |
Thereafter | 1,635,675 | 1,682,532 | |
Total future minimum loan payments | 2,939,995 | 2,924,112 | |
Less: imputed interest | (650,426) | (669,577) | |
Present value of loan liabilities | $ 2,289,569 | $ 2,254,535 | $ 2,674,052 |
SCHEDULE OF OPERATING LEASES RI
SCHEDULE OF OPERATING LEASES RIGHT OF USE ASSETS (Details) - USD ($) | Mar. 31, 2023 | Sep. 30, 2022 | Sep. 30, 2021 |
Restructuring Cost and Reserve [Line Items] | |||
Operating lease right-of-use assets | $ 51,627 | $ 49,145 | |
Right-of-use assets - accumulated amortization | (15,116) | (6,571) | |
Right-of-use assets, net | 36,511 | 42,574 | |
Operating lease liabilities – current | 17,052 | 15,833 | |
Operating lease liabilities – non-current | 19,459 | 26,741 | |
Total operating lease liabilities | 36,511 | 42,574 | |
One Eighty Holdings Ltd [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Operating lease right-of-use assets | 5,281 | 5,027 | $ 5,566 |
Right-of-use assets - accumulated amortization | (2,751) | (2,120) | (1,282) |
Right-of-use assets, net | 2,530 | 2,907 | 4,284 |
Operating lease liabilities – current | 1,063 | 1,011 | 1,065 |
Operating lease liabilities – non-current | 1,467 | 1,896 | 3,219 |
Total operating lease liabilities | $ 2,530 | $ 2,907 | $ 4,284 |
SCHEDULE OF WEIGHTED AVERAGE _2
SCHEDULE OF WEIGHTED AVERAGE REMAINING LEASE TERMS AND DISCOUNT RATES FOR OPERATING LEASES (Details) | Mar. 31, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | |
Restructuring Cost and Reserve [Line Items] | ||||
Weighted average remaining lease term (years) | 2 years | 2 years 6 months | ||
Weighted average discount rate | [1] | 5% | 5% | |
One Eighty Holdings Ltd [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Weighted average remaining lease term (years) | 2 years 2 months 1 day | 2 years 8 months 1 day | 3 years 8 months 1 day | |
Weighted average discount rate | 5% | 5% | 5% | |
[1]The Company’s lease agreements do not provide a readily determinable implicit rate nor is it available to the Company from its lessors. Instead, the Company estimates its incremental borrowing rate based on the benchmark lending rate for three-year loans as published by Malaysia’s central bank in order to discount lease payments to present value. |
LOAN PAYABLES (Details Narrativ
LOAN PAYABLES (Details Narrative) - USD ($) | 6 Months Ended | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | |
One Eighty Holdings Ltd [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Interest expense | $ 50,720 | $ 102,944 | $ 179,388 | $ 76,714 |