Cover
Cover - shares | 12 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Entity Addresses [Line Items] | ||
Document Type | 20-F | |
Amendment Flag | false | |
Document Registration Statement | false | |
Document Annual Report | true | |
Document Transition Report | false | |
Document Shell Company Report | false | |
Document Period End Date | Sep. 30, 2023 | |
Document Fiscal Period Focus | FY | |
Document Fiscal Year Focus | 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 Incorporation, State or Country Code | E9 | |
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 | |
Title of 12(b) Security | Ordinary Shares | |
Trading Symbol | STBX | |
Security Exchange Name | NASDAQ | |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Emerging Growth Company | true | |
Elected Not To Use the Extended Transition Period | false | |
Document Accounting Standard | U.S. GAAP | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 71,885,000 | |
ICFR Auditor Attestation Flag | false | |
Document Financial Statement Error Correction [Flag] | false | |
Auditor Firm ID | 6781 | 711 |
Auditor Name | YCM CPA, Inc | Friedman LLP |
Auditor Location | Irvine, California | New York, New York |
Business Contact [Member] | ||
Entity Addresses [Line Items] | ||
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 | |
City Area Code | 603 | |
Local Phone Number | 2781 9066 | |
Contact Personnel Name | Khoo Kien Hoe | |
Contact Personnel Email Address | kh.khoo@starboxrebates.com |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Sep. 30, 2023 | Sep. 30, 2022 |
CURRENT ASSETS | ||
Cash and equivalents | $ 2,524,957 | $ 17,778,895 |
Accounts receivable, net | 9,405,155 | 2,032,717 |
Prepaid expenses and other current assets | 16,067,467 | 4,269,611 |
Short-term deposits | 125,298 | |
Total current assets | 28,235,158 | 24,082,696 |
NON-CURRENT ASSETS | ||
Property and equipment, net | 2,523,181 | 13,380 |
Intangible assets, net | 39,666,050 | 903,768 |
Right-of-use assets, net | 144,901 | 42,574 |
Long-term deposits | 213,047 | |
Goodwill | 82,244,248 | |
Total non-current assets | 124,791,427 | 959,722 |
TOTAL ASSETS | 153,026,585 | 25,042,418 |
CURRENT LIABILITIES | ||
Accounts payable | 1,088,982 | |
Taxes payable | 339,350 | 1,404,128 |
Deferred revenue | 393,615 | |
Accrued liabilities and other current liabilities | 1,271,087 | 541,050 |
Operating lease liabilities, current | 47,537 | 15,833 |
Total current liabilities | 3,387,407 | 1,968,372 |
NON-CURRENT LIABILITIES | ||
Deferred tax liabilities, net | 6,412,919 | |
Operating lease liabilities, non-current | 97,364 | 26,741 |
Loans payable | 2,070,563 | |
Total non-current liabilities | 8,580,846 | 26,741 |
TOTAL LIABILITIES | 11,968,253 | 1,995,113 |
COMMITMENT AND CONTINGENCY | ||
SHAREHOLDERS’ EQUITY | ||
Preferred shares, par value $0.001125, 5,000,000 shares authorized, no shares issued and outstanding | ||
Ordinary shares, par value $0.001125, 883,000,000 shares authorized, 71,885,000 shares and 45,375,000 shares issued and outstanding as of September 30, 2023 and 2022, respectively | 80,871 | 51,047 |
Additional paid in capital | 81,902,805 | 18,918,303 |
Accumulated other comprehensive loss | (1,061,958) | (607,052) |
Retained earnings | 8,872,207 | 4,685,007 |
Total shareholders’ equity attributable to the Company | 89,793,925 | 23,047,305 |
Noncontrolling interest | 51,264,407 | |
TOTAL EQUITY | 141,058,332 | 23,047,305 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | 153,026,585 | 25,042,418 |
Related Party [Member] | ||
CURRENT ASSETS | ||
Due from related parties | 112,281 | 1,473 |
CURRENT LIABILITIES | ||
Due to related parties | $ 246,836 | $ 7,361 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 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 | 71,885,000 | 45,375,000 | 450,000,000 | |
Common stock, shares outstanding | 71,885,000 | 45,375,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehenshive Income - USD ($) | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | |
Operating revenue | |||
Total operating revenue | $ 11,740,852 | $ 7,194,187 | $ 3,166,228 |
Cost of revenue | 834,614 | 6,383 | 19,874 |
Gross profit | 10,906,238 | 7,187,804 | 3,146,354 |
Operating expenses | |||
Selling expenses | 376,899 | 97,939 | 120,515 |
General and administrative expenses | 5,931,350 | 2,139,428 | 885,950 |
Total operating expenses | 6,308,249 | 2,237,367 | 1,006,465 |
Income from operations | 4,597,989 | 4,950,437 | 2,139,889 |
Other income, net | |||
Interest income, net | 750 | ||
Other income (expenses), net | (4,924) | 59,377 | 166 |
Total other income (expenses), net | (4,174) | 59,377 | 166 |
Income before income tax | 4,593,815 | 5,009,814 | 2,140,055 |
Income tax expense | 2,134,082 | 1,407,449 | 692,405 |
Income before noncontrolling interest | 2,459,733 | 3,602,365 | 1,447,650 |
Less: Income attributable to noncontrolling interest | 311,497 | ||
Net income attributable to the Company | 2,148,236 | 3,602,365 | 1,447,650 |
Other Comprehensive income | |||
Foreign currency translation loss attributable to the Company | (223,726) | (585,619) | (19,063) |
Foreign currency translation loss attributable to noncontrolling interest | (21,790) | ||
Comprehensive income attributable to the Company | 1,924,510 | 3,016,746 | 1,428,587 |
Comprehensive income attributable to noncontrolling interest | $ 289,707 | ||
Net income per share - basic | $ 0.04 | $ 0.09 | $ 0.04 |
Net income per share - diluted | $ 0.04 | $ 0.09 | $ 0.04 |
Weighted average number of common shares outstanding - basic | 56,469,014 | 40,544,863 | 40,000,000 |
Weighted average number of common shares outstanding - diluted | 56,469,014 | 40,544,863 | 40,000,000 |
Advertising Services [Member] | |||
Operating revenue | |||
Total operating revenue | $ 5,307,280 | $ 7,174,050 | $ 3,158,520 |
Cash Rebate and Payment Solution Services [Member] | |||
Operating revenue | |||
Total operating revenue | 84,592 | 20,137 | 7,708 |
Software Licensing [Member] | |||
Operating revenue | |||
Total operating revenue | 5,715,333 | ||
Production Income [Member] | |||
Operating revenue | |||
Total operating revenue | 362,040 | ||
Promotional Campaign Services and Others [Member] | |||
Operating revenue | |||
Total operating revenue | $ 271,607 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity (Deficit) - USD ($) | Common Stock [Member] | Subscription Receviable [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Parent [Member] | Noncontrolling Interest [Member] | Total |
Beginning balance, value at Sep. 30, 2020 | $ 45,000 | $ (45,000) | $ 24 | $ (365,008) | $ (2,370) | $ (367,354) | $ (367,354) | |
Beginning balance, shares at Sep. 30, 2020 | 40,000,000 | |||||||
Net income | 1,447,650 | 1,447,650 | 1,447,650 | |||||
Capital contribution by shareholders | 45,000 | 155,000 | 200,000 | 200,000 | ||||
Foreign currency translation loss | (19,063) | (19,063) | (19,063) | |||||
Ending balance at Sep. 30, 2021 | $ 45,000 | 155,024 | 1,082,642 | (21,433) | 1,261,233 | 1,261,233 | ||
Ending balance, shares at Sep. 30, 2021 | 40,000,000 | |||||||
Net income | 3,602,365 | 3,602,365 | 3,602,365 | |||||
Foreign currency translation loss | (585,619) | (585,619) | (585,619) | |||||
Shares issued from IPO (net of offering costs of $2,730,674) | $ 6,047 | 18,763,279 | 18,769,326 | 18,769,326 | ||||
Shares issued from IPO (net of offering costs of $2,730,674), shares | 5,375,000 | |||||||
Ending balance at Sep. 30, 2022 | $ 51,047 | 18,918,303 | 4,685,007 | (607,052) | 23,047,305 | 23,047,305 | ||
Ending balance, shares at Sep. 30, 2022 | 45,375,000 | |||||||
Net income | 2,148,236 | 2,148,236 | 311,497 | 2,459,733 | ||||
Foreign currency translation loss | (223,726) | (223,726) | (21,790) | (245,516) | ||||
Shares issued for equity financing | $ 10,125 | 11,756,685 | 11,766,810 | 11,766,810 | ||||
Shares issued for equity financing, shares | 9,000,000 | |||||||
Shares issued for acquisition of subsidiaries | $ 19,699 | 51,227,817 | 2,038,964 | (231,180) | 53,055,300 | 50,974,700 | 104,030,000 | |
Shares issued for acquisition of subsidiaries, shares | 17,510,000 | |||||||
Ending balance at Sep. 30, 2023 | $ 80,871 | $ 81,902,805 | $ 8,872,207 | $ (1,061,958) | $ 89,793,925 | $ 51,264,407 | $ 141,058,332 | |
Ending balance, shares at Sep. 30, 2023 | 71,885,000 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' Equity (Deficit) (Parenthetical) | 12 Months Ended |
Sep. 30, 2023 USD ($) | |
Statement of Stockholders' Equity [Abstract] | |
IPO offering costs | $ 2,730,674 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income | $ 2,459,733 | $ 3,602,365 | $ 1,447,650 |
Adjustments to reconcile net income to net cash used in operating activities: | |||
Depreciation and amortization | 1,840,302 | 161,267 | 2,568 |
Amortization of right-of-use assets | 41,090 | 56,690 | 7,274 |
Changes in deferred tax | 857,381 | ||
Changes in operating assets / liabilities: | |||
Accounts receivable | (5,124,396) | (864,099) | (1,100,053) |
Prepaid expenses and other current assets | (11,265,056) | (4,754,970) | (39,190) |
Deferred revenue | (217,533) | (778,701) | 688,979 |
Taxes payable | (545,753) | 661,359 | 870,528 |
Operating lease liabilities | (41,090) | (56,690) | (7,274) |
Accrued expenses and other current liabilities | 467,154 | 740,415 | 13,413 |
Net cash (used in) provided by operating activities | (11,528,168) | (1,232,364) | 1,883,895 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Cash acquired from acquisition of subsidiaries | 932,893 | ||
Purchase of fixed assets | (14,864) | (6,669) | (5,203) |
Purchase of intangible assets | (17,679,247) | (1,129,260) | |
Cash advances to a related party | (387,945) | ||
Collection of cash advances from a related party | 387,945 | ||
Net cash used in investing activities | (16,761,218) | (1,135,929) | (5,203) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Capital contribution by shareholders | 200,000 | ||
Proceeds from equity financing | 11,766,810 | 18,769,326 | |
Repayment of loans | (32,331) | ||
Borrowing from (repayment to) related parties | 328,546 | (729,521) | (125,875) |
Net cash provided by financing activities | 12,063,025 | 18,039,805 | 74,125 |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | 972,423 | (187,894) | (28,792) |
NET INCREASE (DECREASE) IN CASH & EQUIVALENTS | (15,253,938) | 15,483,618 | 1,924,025 |
CASH & EQUIVALENTS, BEGINNING OF FISCAL YEAR | 17,778,895 | 2,295,277 | 371,252 |
CASH & EQUIVALENTS, END OF FISCAL YEAR | 2,524,957 | 17,778,895 | 2,295,277 |
Supplemental Cash Flow Data: | |||
Income tax paid | 2,382,705 | 934,910 | 15,747 |
Interest paid | 26,454 | ||
Supplemental disclosure of non-cash investing and financing activities | |||
Right-of-use assets obtained in exchange for operating lease liabilities | 167,667 | 52,934 | 317,170 |
Shares issued for acquisition of One Eighty Ltd | 53,055,300 | ||
Goodwill acquired in business acquisition | 82,244,248 | ||
Identifiable intangible assets acquired in business acquisition | 23,500,000 | ||
Net assets acquired in business acquisition | $ 21,785,752 |
ORGANIZATION AND BUSINESS DESCR
ORGANIZATION AND BUSINESS DESCRIPTION | 12 Months Ended |
Sep. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
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, as well as online and offline advertisement services to business clients. 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 RM 1.00 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. On June 26, 2023, Starbox Group Holdings Ltd, as the issuer, and its wholly owned subsidiary, Starbox Global ltd, 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 53,055,300 (the “Consideration Shares”) in two tranches. 8,755,000 8,755,000 On September 7, 2023, One Eighty Ltd incorporated Benefit Pointer Limited (“Benefit Pointer”) in British Virgin Islands. Benefit Pointer did not have any operations through September 30, 2023. On September 7, 2023, Starbox International incorporated Irace Technology Limited (“Irace Technology”) in British Virgin Islands. Irace Technology did not have any operations through September 30, 2023. The consolidated financial statements of the Company as of September 30, 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 Irace Technology September 07, 2023 BVI 100% Investment holding One Eighty Ltd October 17, 2022 Cayman Islands 51% Investment holding One Eighty Holdings Sdn Bhd October 14, 2022 Malaysia 51% Investment holding Benefit Pointer Limited September 7, 2023 BVI 51% Investment holding 180 Degrees Brandcom Sdn Bhd (“180 Degrees”) March 28, 2013 Malaysia 51% Providing digital marketing, advertising consulting, and design services Media Elements Sdn Bhd (“Media Elements”) October 4, 2002 Malaysia 51% Providing online and offline advertisement, social media, and big data management services |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
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 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. Noncontrolling interests The Company follows FASB (Financial Accounting Standards Board) ASC (Accounting Standards Codification) Topic 810, “Consolidation,” governing the accounting for and reporting of noncontrolling interests (“NCI”) in partially owned consolidated subsidiaries and the loss of control of subsidiaries. Certain provisions of this standard indicate, among other things, that NCI be treated as a separate component of equity, not as a liability, that increases and decreases in the parent’s ownership interest that leaves control intact be treated as equity transactions rather than as step acquisitions or dilution gains or losses, and that losses of a partially-owned consolidated subsidiary be allocated to noncontrolling interests even when such allocation might result in a deficit balance. The net income attributed to NCI was separately designated in the accompanying statements of operations. Losses attributable to NCI in a subsidiary may exceed NCI’s interest in the subsidiary’s equity. The excess attributable to NCI is attributed to those interests. NCI shall continue to be attributed their share of losses even if that attribution results in a deficit NCI balance. As of September 30, 2023 and 2022, the Company had NCIs of $ 51,264,407 nil 49 311,497 nil 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 cash and cash equivalents of $ 2,524,957 17,778,895 2,032,346 17,428,788 Accounts receivable, net Accounts receivable primarily include service fees generated from providing online and offline advertising services, branding 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 September 30, 2023 and 2022, The bad debt allowance was $ 101,947 nil Short-term/long-term deposits All deposits owned by the Company are fixed deposits held in its banks. Deposits with original maturities of 91 one year Property and equipment Property and equipment are stated at cost less accumulated depreciation. Depreciation 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 4 10 Motor vehicles 5 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). 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 Trademark 10 Technology 10 Customer relationship 10 Content assets-licensed movies and television series Over the license period or estimated period of use Goodwill Goodwill is the excess of purchase price and related costs over the value assigned to the net tangible and identifiable intangible assets of businesses acquired. In accordance with ASC Topic 350, “Intangibles-Goodwill and Other,” goodwill is not amortized but is tested for impairment, annually or more frequently when circumstances indicate a possible impairment may exist. Impairment testing is performed at a reporting unit level. Generally, the Company first performs a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. If factors indicate that this is the case, the Company then estimates the fair value of the related reporting unit determined using discounted cash flow (“DCF”) analysis. A number of significant assumptions and estimates are involved in the application of the DCF analysis to forecast operating cash flows, including the discount rate, the internal rate of return and projections of realizations and costs to produce. Management considers historical experience and all available information at the time the fair values of its reporting units are estimated. If the fair value is less than the carrying value, the goodwill of the reporting unit is determined to be impaired and the Company will record an impairment equal to the excess of the carrying value over its fair value. The Company did no Impairment of long-lived assets Long-lived assets with finite lives, including intangible assets, 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 September 30, 2023 and 2022 based upon the short-term nature of the assets and liabilities. The following table presents information about the Company’s financial assets that are measured at fair value on a recurring basis as of September 30, 2023 by level within the fair value hierarchy: SCHEDULE OF FAIR VALUE ON A RECURRING BASIS Level 1 Level 2 Level 3 Total Assets: Short-term/long-term deposits $ 338,345 $ - $ - $ 338,345 The Company measures certain non-financial assets on a non-recurring basis: SCHEDULE OF FAIR VALUE ON NON-FINANCIAL ASSETS ON NON-RECURRING BASIS Level 1 Level 2 Level 3 Total Assets: Intangible assets acquired from the acquisition of One Eighty Ltd $ - $ - $ 23,500,000 $ 23,500,000 Goodwill arising from the acquisition of One Eighty Ltd $ - $ - $ 82,244,248 $ 82,244,248 The fair value of the intangible assets and goodwill from the business combination (see Note 16) were determined based on the discounted cash flow method, which is an income approach, and required the use of inputs that were unobservable in the market place (Level 3), including a discount rate that would be used by a market participant, projections of revenue and cash flows. Foreign currency translation The functional currency for Starbox Group, Starbox International, Starbox Global, Irace Technology, One Eighty Ltd, and Benefit Pointer are the U.S Dollar (“US$”). Starbox Berhad, StarboxGB, StarboxSB, StarboxPB, One Eighty Holdings Sdn Bhd, 180 Degrees, and Media Elements use Malaysian Ringgit (“MYR”) as their functional currency. The Company’s consolidated financial statements have been translated into and reported in US$. 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 September 30, 2023 September 30, 2022 September 30, 2021 Year-end spot rate US$ 1 4.6938 US$ 1 4.6359 US$ 1 4.1869 Average rate US$ 1 4.5263 US$ 1 4.3041 US$ 1 4.1243 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 advertising services a) 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 a 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. b) Brand-building-related consulting services The Company’s advertising service revenue is derived principally from its advertising- and brand-building-related consulting 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 advertising and brand-building-related consulting service agreements with customers are fixed-price agreements, and the service fees depend on the 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 proposals 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 a customer accepts the final deliverables, which marks the completion of an 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 fulfilling the promises and transferring services to the customer and assumes fulfilment risk. Revenue from cash rebate, payment solution services, and media booking d) 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 % to 99.99 % based on the sales price of the products or services, among which approximately 48 % to 90 % are awarded to retail shoppers, and the Company is entitled to receive and retain the remaining approximately 52 % to 10 % as cash rebate revenue for facilitating online and offline sales transactions. There is a single performance obligation in the contract, as the performance obligation is to facilitate the sales transactions between the retail shoppers and the retail merchants. 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. e 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 (“VE Services”), a Malaysian Internet payment gateway company and a related-party entity controlled by one of the shareholders of the Company. 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 f) Media booking The Company also sells media companies’ advertising spaces to merchant customers on behalf of media companies. Media channel booking includes press media booking, TV commercial airtime booking, broadcasting or radio media booking, billboard media booking, and digital media booking. The Company signs agency agreements with media companies to sell their advertising spaces to merchant customers who have advertising needs. The Company’s performance obligations include referring merchant customers to media companies and getting paid by media companies referral fees or commissions at pre-determined rates negotiated with the media companies, which are rates based on advertising amounts purchased or spent by merchant customers. Revenue is recognized at the point when merchant customers posted their advertisements on the media channels. 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 from software licensing In 2023, the Company started its software licensing business, in which the Company develops software, such as the data management system, licenses the use right of the software to customers for certain periods of time for licensing incomes, and provides related technology support and system maintenance services on a monthly basis. A software licensing 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. Software licensing is considered a distinct performance obligation and accounted for separately from the technical support and system maintenance services. Revenue from distinct software licensing is recognized at the point in time when the software is delivered to the customers. Revenue from 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. Revenue from photograph, commercial video and audio recording, and production services (“production services”) 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 advertisements 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 engineers) 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 editing, and the delivery of final quality products to customers to satisfy their advertising needs. As a result of these combined performance obligations, the Company delivers the final photograph, 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 agreements, there are no future obligations and no rights of refund. The Company allocates contract price to such single performance obligations 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 and others The Company assists merchants in planning, arranging, and executing seasonal on-the-ground sales and promotional campaigns, normally in shopping malls. The Company’s services include providing sales campaign proposals, coordinating with shopping mall owners for location rental, assisting merchant clients with equipment rental, advising the clients on 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. 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 fiscal years ended September 30, 2023, 2022, and 2021 is as follows: SCHEDULE OF DISAGGREGATION OF REVENUE 2023 2022 2021 For the fiscal years ended September 30, 2023 2022 2021 Revenue from advertising services $ 5,307,280 $ 7,174,050 $ 3,158,520 Revenue from cash rebate, payment solution services, and media booking 84,592 20,137 7,708 Revenue from software licensing 5,715,333 - - Revenue from production services 362,040 - - Revenue from marketing and promotional campaign service 271,607 - - Total operating revenue $ 11,740,852 $ 7,194,187 $ 3,166,228 Cost of revenue Cost of revenue mainly consisted of labor costs and production costs for advertisement consultation, design, and production services from One Eight Ltd. 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 the 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 September 30, 2023 and 2022, deferred revenue amounted to $ 393,615 nil Software development costs The Company expenses software development costs that it intends to sell or lease (external-use), under ASC 985-20, 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. The Company capitalizes the software that is for internal-use under ASC 350-40. During the fiscal years ended September 30, 2023, 2022, and 2021, there was no 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, 2023 and 2022. Operating expenses 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 |
ACCOUNTS RECEIVABLE, NET
ACCOUNTS RECEIVABLE, NET | 12 Months Ended |
Sep. 30, 2023 | |
Credit Loss [Abstract] | |
ACCOUNTS RECEIVABLE, NET | NOTE 3 — ACCOUNTS RECEIVABLE, NET Accounts receivable, net, consisted of the following: SCHEDULE OF ACCOUNTS RECEIVABLE September 30, 2023 September 30, 2022 Accounts receivable associated with digital advertising services $ 9,507,102 $ 2,032,717 Less: allowance for doubtful account (101,947 ) - Accounts receivable, net $ 9,405,155 $ 2,032,717 Approximately 93 SCHEDULE OF ACCOUNTS RECEIVABLE AND SUBSEQUENT COLLECTION Accounts receivable by aging bucket Balance as of September 30, 2023 Subsequent collection % of subsequent collection Less than 6 months $ 7,202,265 $ 6,494,654 90 % From 7 to 9 months 1,901,248 1,875,761 99 % From 10 to 12 months 393,895 391,364 99 % Over 1 year 9,694 - - % Total gross accounts receivable 9,507,102 8,761,779 92 % Allowance for doubtful accounts (101,947 ) - - Accounts receivable, net $ 9,405,155 $ 8,761,779 93 % |
PREPAID EXPENSES AND OTHER CURR
PREPAID EXPENSES AND OTHER CURRENT ASSETS | 12 Months Ended |
Sep. 30, 2023 | |
Prepaid Expenses And Other Current Assets | |
PREPAID EXPENSES AND OTHER CURRENT ASSETS | NOTE 4— PREPAID EXPENSES AND OTHER CURRENT ASSETS Prepaid expenses and other current assets consisted of the following: SCHEDULE OF PREPAID EXPENSES AND OTHER CURRENT ASSETS September 30, 2023 September 30, 2022 Prepaid expenses and other current assets: Speedprop Global Sdn. Bhd. (1) $ 1,679,663 $ 1,206,757 ARX Media Sdn. Bhd. (2) 11,207,178 2,469,425 Boring Lark Sdn Bhd. (3) 1,704,376 - Teclutions Sdn. Bhd. (4) 293,579 - Others (5) 1,182,671 593,429 Less: allowance for doubtful account - - Total prepaid expenses and other current assets $ 16,067,467 $ 4,269,611 The Company currently operates its business through its GETBATS, SEEBATS, PAYBATS websites and mobile applications, 180 Degrees and Media Elements. 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, 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 million (approximately $ 2.3 million). As of September 30, 2023 and 2022, the Company had made prepayments of $ 1,679,663 (MYR 7,884,000 ) and $ 1,206,757 (MYR 5,594,400 ), respectively, based on contracted payment terms and the progress of the app development. The remaining payments will be made when Speedprop completes the debugging and technical testing and delivers the app to the Company, which was expected to occur in March 2023. However, as of the reporting date, the program was temporarily halted because the Company decided to continue with its own way of integration, and the Company plans to seek a waiver for unpaid balance of $ 0.6 million (MYR 2.9 million). (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, 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 2.4 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 18.1 80 On June 12, 2023, the Company entered into a new project agreement with ARX, for ARX to provide software support services for a term of 12 months, and developing a full set of AI advertisement engine and analytical system. The total contract price amounted to MYR 15.0 3.2 1.1 5.0 (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 1.7 8 0.5 2 (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 September 30, 2023 and 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 | 12 Months Ended |
Sep. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY AND EQUIPMENT, NET | NOTE 5 — PROPERTY AND EQUIPMENT, NET Property and equipment, net, consisted of the following: SCHEDULE OF PROPERTY, PLANT AND EQUIPMENT September 30, 2023 September 30, 2022 Office equipment and furniture $ 293,746 $ 21,407 Motor vehicles 211,710 - Property and land 3,255,319 - Property and equipment, gross 3,255,319 - Less: accumulated depreciation (1,237,594 ) (8,027 ) Property and equipment, net $ 2,523,181 $ 13,380 Depreciation expenses were $ 21,853 4,103 2,568 |
INTANGIBLE ASSETS, NET
INTANGIBLE ASSETS, NET | 12 Months Ended |
Sep. 30, 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 September 30, 2023 September 30, 2022 Computer software and applications (1) $ 932,757 $ 939,753 Computer system – AI calculation engine (2) 17,043,760 - Content assets- licensed movies and television series (3) 107,337 108,678 Trademark (4) 1,400,000 - Technology (4) 9,200,000 - Customer relationship (4) 12,900,000 - Less: accumulated amortization (1,917,804 ) (144,663 ) Intangible asset, net $ 39,666,050 $ 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 10 (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 (4) Trademark, technology, and customer relationship arose from the acquisition of One Eighty Ltd (see Note 16). The Company amortizes trademark, technology, and customer relationship over its estimated useful life of 10 Total amortization of above-mentioned intangible assets amounted to $ 1,818,449 157,164 nil As of September 30, 2023, the estimated future amortization expenses of the intangible assets were as follow: SCHEDULE OF ESTIMATED FUTURE AMORTIZATION EXPENSE 12 months ending September 30, Amortization expenses 2024 $ 4,187,898 2025 4,196,605 2026 4,196,605 2027 4,110,676 2028 4,102,486 Thereafter 18,871,780 Total $ 39,666,050 |
ACCRUED LIABILITIES AND OTHER P
ACCRUED LIABILITIES AND OTHER PAYABLES | 12 Months Ended |
Sep. 30, 2023 | |
Payables and Accruals [Abstract] | |
ACCRUED LIABILITIES AND OTHER PAYABLES | NOTE 7 — ACCRUED LIABILITIES AND OTHER PAYABLES Accrued liabilities and other payables, consisted of the following: SCHEDULE OF ACCOUNTS RECEIVABLE September 30, 2023 September 30, 2022 Accrued payroll $ 287,846 $ - Service payable 202,494 23,795 Other payables 780,747 517,255 Accrued liabilities and other payables $ 1,271,087 $ 541,050 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. Other payables were mainly accrued professional fees. |
LOAN PAYABLES
LOAN PAYABLES | 12 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
LOAN PAYABLES | NOTE 8 — LOAN PAYABLES The Company had the following loans as of September 30, 2023, which arose from acquisition of One Eighty Ltd on June 26, 2023: SCHEDULE OF LOANS Bank Loan Agreement Date Loan Amount Interest Rate Loan Term Purpose of loan Balance at September 30, 2023 CIMB BANK BERHAD 5/23/2014 $ 591,199 BLR*- 2.10 % 240 months Real property loan $ 423,661 5/23/2014 188,742 BLR*- 2.10 % 240 months Real property loan 142,283 Hong Leong Islamic Bank 2/26/2019 229,513 IFR**- 2.55 % 216 months Real property loan 185,663 2/26/2019 235,553 IFR**- 2.55 % 216 months Real property loan 190,461 2/26/2019 439,181 IFR**- 2.55 % 216 months Real property loan 354,897 2/26/2019 319,248 IFR**- 2.55 % 216 months Real property loan 258,212 2/26/2019 511,012 IFR**- 2.55 % 216 months Real property loan 412,914 Hong Leong Islamic Bank 4/23/2020 215,708 3.50 % 66 months Working capital 102,472 Total $ 2,730,156 $ 2,070,563 * Base lending rate ** Islamic financing rate As of September 30, 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 September 30, Loan payment 2024 $ 254,010 2025 245,261 2026 201,876 2027 197,932 2028 197,932 Thereafter 1,551,217 Total future minimum loan payments 2,648,228 Less: imputed interest (577,665 ) Present value of loan liabilities $ 2,070,563 The Company recorded interest expenses of $ 31,365 nil nil |
TAXES
TAXES | 12 Months Ended |
Sep. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
TAXES | NOTE 9 — 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% 1,460 nil 10,183 0.00 24% 2,500,000 The components of the income tax provision were as follows: SCHEDULE OF INCOME TAX PROVISION 2023 2022 2021 For the fiscal years ended September 30, 2023 2022 2021 Current income tax provision Cayman Island $ - $ - $ - Malaysia 1,276,701 1,407,449 724,508 Subtotal 1,276,701 1,407,449 724,508 Deferred income tax provision (benefit) Cayman Island - - - Malaysia 857,381 - (32,103 ) Deferred income tax provision (benefit) 857,381 - (32,103 ) Total income tax provision $ 2,134,082 $ 1,407,449 $ 692,405 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, 2023, 2022, and 2021, respectively, were as follows: SCHEDULE OF EFFECTIVE INCOME TAX RATE RECONCILIATION 2023 2022 2021 For the fiscal years ended September 30, 2023 2022 2021 Income tax provision computed based on Malaysia unified income tax statutory rate $ 1,761,266 $ 1,410,066 $ 566,514 Effect of tax exemption due to reduced income tax rate for small and medium sized companies (1,460 ) - (10,183 ) Permanent difference 374,276 401,286 37,329 Change in valuation allowance - (403,903 ) 98,745 Actual income tax provision $ 2,134,082 $ 1,407,449 $ 692,405 Deferred tax assets The Company’s deferred tax assets were comprised of the following: SCHEDULE OF DEFERRED TAX ASSETS As of September 30, 2023 As of September 30, 2022 Deferred tax assets derived from net operating loss carry forwards $ 229,233 $ 35,174 Less: valuation allowance (35,174 ) (35,174 ) Deferred tax assets $ 194,059 $ - Movement of valuation allowance: SCHEDULE OF VALUATION ALLOWANCE As of September 30, 2023 As of September 30, 2022 Balance at beginning of the period $ 35,174 $ 137,932 Current period change - (102,758 ) Balance at end of the period $ 35,174 $ 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 $ 35,174 35,174 137,932 nil (102,758) 96,983 Deferred tax liability The Company’s deferred tax liability was comprised of the following: SCHEDULE OF DEFERRED TAX LIABILITY As of September 30, 2023 As of September 30, 2022 Difference between tax and book basis of depreciation and amortization expense $ 966,978 $ - Intangible assets acquired through the acquisition of One Eighty Ltd. 5,640,000 - Less: deferred tax assets (194,059 ) - Deferred tax liability, net $ 6,412,919 $ - b. Taxes Payable As of September 30, 2023 and 2022, taxes payable consisted of the following: SCHEDULE OF TAXES PAYABLE As of September 30, 2023 As of September 30, 2022 Income tax payable $ 326,389 $ 1,188,274 Service tax payable 495,156 215,854 Less: Tax prepaid (482,195 ) - Total $ 339,350 $ 1,404,128 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Sep. 30, 2023 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 10 — 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 Chan Chee Hong Director, chief executive officer, and shareholder of One Eighty Ltd and 180 Degrees Brandcom Sdn Bhd 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 b. Due from related parties Due from related parties consisted of the following: SCHEDULE OF DUE FROM A RELATED PARTY Name September 30, 2023 September 30, 2022 VE Services $ - $ 1,473 Chan Foong Ming 1,094 - Chan Chee Hong 45,000 - Infinity Elements Sdn Bhd 66,187 - Total $ 112,281 $ 1,473 Other receivables $ 112,281 $ 1,473 As of September 30, 2022, the balance of due from VE Services was commission receivable for referring payment solution services to VE Services. As of September 30, 2023, the balance of due from Chan Foong Ming and Chan Chee Hong were advances, and the balance of due from Infinity Elements Sdn Bhd was ordinary trade in nature between Media Elements Sdn Bhd and Infinity Elements Sdn Bhd. c. Due to related parties Due to related parties consisted of the following: SCHEDULE OF DUE TO RELATED PARTIES Name September 30, 2023 September 30, 2022 Bizguide Corporate Service Sdn Bhd $ 1,892 $ 1,763 KH Advisory Sdn Bhd 937 5,598 180 Degrees Strategic Communications Sdn Bhd 132,774 - 181 Degree Holding Sdn Bhd 5,965 - Chan Chee Hong 105,268 - Total $ 246,836 $ 7,361 As of September 30, 2022, the balance of due to related parties was the fee to be paid for secretarial and tax consulting services received. As of September 30, 2023, the balance of due to related parties was the fee to be paid for secretarial and tax consulting services received and advances and ordinary trade in nature between 180 Degrees Brandcom Sdn Bhd and 180 Degrees Strategic Communications Sdn Bhd. 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 fiscal year ended September 30, 2023, 2022, and 2021, the Company referred 37, 19, and 11 merchants to VE Services for payment processing and earned commission fees of $ 7,566 9,575 1,494 e. Office 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 10,000 2,424 |
SHAREHOLDERS_ EQUITY
SHAREHOLDERS’ EQUITY | 12 Months Ended |
Sep. 30, 2023 | |
Equity [Abstract] | |
SHAREHOLDERS’ EQUITY | NOTE 11 — 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 376,250 7 five years 5.60 140 4.00 3.9 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 | 12 Months Ended |
Sep. 30, 2023 | |
Risks and Uncertainties [Abstract] | |
CONCENTRATIONS AND CREDIT RISK | NOTE 12 — CONCENTRATIONS AND CREDIT RISK As of September 30, 2023 and 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 fiscal year ended September 30, 2023, two customers accounted for 23.1 23.8 10 21.7 10.8 10.8 As of September 30, 2023, three customers accounted for approximately 23.8 12.0 11.3 10 For the fiscal year ended September 30, 2023, 2022, and 2021, no single vendor accounted for more than 10 |
CONTINGENCIES
CONTINGENCIES | 12 Months Ended |
Sep. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
CONTINGENCIES | NOTE 13 — 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, 2023, 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 | 12 Months Ended |
Sep. 30, 2023 | |
Leases | |
LEASES | NOTE 14 — LEASES Supplemental balance sheet information related to the Company’s operating leases was as follows: SCHEDULE OF SUPPLEMENTAL BALANCE SHEET INFORMATION RELATED TO OPERATING LEASE September 30, 2023 September 30, 2022 Operating lease right-of-use assets $ 166,649 $ 49,145 Right-of-use assets - accumulated amortization (21,748 ) (6,571 ) Right-of-use assets, net $ 144,901 $ 42,574 Operating lease liabilities – current $ 47,537 $ 15,833 Operating lease liabilities – non-current 97,364 26,741 Total operating lease liabilities $ 144,901 $ 42,574 During the fiscal years ended September 30, 2023, 2022, and 2021, the Company incurred total ASC 842 operating lease expenses of $ 41,090 56,690 7,274 Office 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 for the fiscal year ended September 30, 2020, and approximately $ 3,850 for the period from October 2020 to August 2021. On August 20, 2021, the Company’s main operating subsidiaries in Malaysia started to lease office spaces from Zenapp, with an aggregate area of approximately 4,800 square feet, pursuant to three sub-tenancy agreements, each with a lease term from September 1, 2021 to August 31, 2023 and monthly rent of MYR 10,000 (approximately $ 2,424 ). In the end of April 2022, the Company terminated the sub-tenancy agreements with Zenapp, and entered into lease agreements directly with Berjaya Steel Works Sdn Bhd and Woon Chun Yin for a term of one year from May 1, 2022 to April 30, 2023 with the monthly rent of MYR 6,288 , MYR 6,288 , and MYR 6,800 , respectively (approximately $ 1,460 , $ 1,460 , and $ 1,580 , respectively). There was no penalty for the early termination of the sub-tenancy agreements. The sub-tenancy agreements with Woon Chun Yin may be renewed for successive two-year terms. In April 2023, the Company renewed the office lease agreement for an additional two years with a lease maturity date in April 2025, with the monthly rent of MYR 6,700 , MYR 6,700 , and MYR 7,100 , respectively (approximately $ 1,500 , $ 1,500 , and $ 1,590 , respectively). The weighted average remaining lease terms and discount rates for all of office leases were as follows as of September 30, 2023 and 2022: SCHEDULE OF WEIGHTED AVERAGE REMAINING LEASE TERMS AND DISCOUNT RATES September 30, 2023 September 30, 2022 Remaining lease term and discount rate: Weighted average remaining lease term 2.91 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. As of September 30, 2023, the maturities of operating lease liabilities were as follows: SCHEDULE OF THE MATURITIES OF OPERATING LEASE LIABILITIES 12 months ending September 30, Lease payment 2024 $ 46,487 2025 52,716 2026 38,314 2027 10,589 Total future minimum lease payments 148,106 Less: imputed interest ( 5,078 ) Total $ 143,028 Equipment leases Effective June 20, 2020, the Company entered into a 60 95 The weighted average remaining lease terms and discount rates for all of operating leases were as follows as of September 30, 2023 and 2022: SCHEDULE OF WEIGHTED AVERAGE REMAINING LEASE TERMS AND DISCOUNT RATES September 30, 2023 September 30, 2022 Remaining lease term and discount rate: Weighted average remaining lease term (years) 1.67 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. As of September 30, 2023, the maturities of operating lease liabilities were as follows: SCHEDULE OF THE MATURITIES OF OPERATING LEASE LIABILITIES 12 months ending September 30, Lease payment 2024 $ 1,120 2025 840 Total future minimum lease payments 1,960 Less: imputed interest (87 ) Total $ 1,873 |
SEGMENT REPORTING
SEGMENT REPORTING | 12 Months Ended |
Sep. 30, 2023 | |
Segment Reporting [Abstract] | |
SEGMENT REPORTING | NOTE 15 — 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 fiscal years ended September 30, 2023, 2022, and 2021, respectively: SCHEDULE OF SUMMARY INFORMATION BY SEGMENT For the Fiscal Year ended September 30, 2023 Cash rebate, payment solution, and media booking Advertising services Software licensing Production services Marketing and Promotional campaign services Total Revenue $ 84,592 $ 5,307,280 $ 5,715,333 $ 362,040 $ 271,607 $ 11,740,852 Operating expenses 1,096,459 3,053,173 2,561,863 236,951 194,417 7,142,863 Income (loss) from operations (1,011,867 ) 2,254,107 3,153,470 125,089 77,190 4,597,989 Income tax expenses 1,297,288 746,858 1,622 50,449 37,865 2,134,082 Net income (loss) (2,322,180 ) 1,165,844 3,312,991 3,657 (12,076 ) 2,148,236 Capital expenditure $ 12,545 $ 2,319 $ 17,679,247 $ - $ - $ 17,694,111 Total assets $ 25,779,956 $ 35,073,400 $ 86,445,769 $ 2,860,610 $ 2,866,850 $ 153,026,585 Cash rebate and payment solution Advertising services Total For the Fiscal Year ended September 30, 2022 Cash rebate and payment solution Advertising services Total Revenue $ 20,137 $ 7,174,050 $ 7,194,187 Operating expenses 785,167 1,714,759 2,499,926 Income (loss) from operations (791,694 ) 5,742,132 4,694,261 Income tax expenses 609,987 797,462 1,407,449 Net income (1,401,319 ) 5,003,684 3,602,365 Capital expenditure $ 737,508 $ 398,421 $ 1,135,929 Total assets $ 12,168,625 $ 12,873,793 $ 25,042,418 Cash rebate and payment solution Advertising services Total For the Fiscal Year ended September 30, 2021 Cash rebate and payment solution Advertising services Total Revenue $ 7,708 $ 3,158,520 $ 3,166,228 Operating expenses 444,526 581,813 1,026,339 Income (loss) from operations (436,818 ) 2,576,707 2,139,889 Income tax expenses - 692,405 692,405 Net income (436,652 ) 1,884,302 1,447,650 Capital expenditure $ - $ 5,203 $ 5,203 Total assets $ 298,567 $ 3,716,568 $ 4,015,135 |
ACQUISITIONS OF SUBSIDIARIES
ACQUISITIONS OF SUBSIDIARIES | 12 Months Ended |
Sep. 30, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
ACQUISITIONS OF SUBSIDIARIES | NOTE 16 - ACQUISITIONS OF SUBSIDIARIES On June 26, 2023, Starbox, 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 Ltd, 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 53,055,300 8,755,000 8,755,000 The following table summarizes the fair values of the assets acquired and liabilities assumed at the date of acquisition. Goodwill as a result of the acquisition of One Eighty Ltd is calculated as follows: SCHEDULE OF BUSINESS ACQUISITION Total purchase considerations for 100 $ 104,030,000 Fair value of assets acquired: Cash & cash equivalents $ 932,893 Accounts receivable, net 2,441,592 Deposit and prepayments 576,231 Other receivables 192,926 Short-term deposit 126,071 Due from related parties 125,984 Tax receivable 541,218 Deferred tax 52,877 Long-term deposit 214,362 Right-of-use assets, net 2,140 Property, plant and equipment, net 2,532,215 Intangible assets acquired 23,500,000 Total assets acquired 31,238,509 Fair value of liabilities assumed: Accounts payable (374,782 ) Advance from customer (611,702 ) Accrued liabilities and other payables (383,427 ) Due to related parties (325,309 ) Lease Liability - current (1,005 ) Loan payable (2,115,397 ) Lease Liability -noncurrent (1,135 ) Deferred tax liability (5,640,000 ) Total liabilities assumed (9,452,757 ) Total net assets acquired 21,785,752 Goodwill as a result of the acquisition $ 82,244,248 The following condensed unaudited pro forma consolidated results of operations for the Company and One Eighty Ltd for the fiscal years ended September 30, 2023, 2022, and 2021 present the results of operations of the Company and One Eighty Ltd as if the acquisitions occurred on October 1, 2020. The following table presents One Eighty Ltd’s statement of income for the period from the date of acquisition through September 30, 2023. SCHEDULE OF PROFORMA CONSOLIDATED RESULTS OF OPERATIONS From the date of acquisition through September 30, 2023 Revenue $ 2,899,285 Operating costs and expenses 1,874,449 Income from operations 1,024,836 Other income 17,383 Income tax expenses 406,512 Net income 635,707 Less: net income attributable to non-controlling interests 311,497 Net income attributable to the Company $ 324,210 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. For the Fiscal Year Ended September 30, 2023 (Unaudited) Revenue $ 15,875,542 Operating costs and expenses 9,749,002 Income from operations 6,126,540 Other income 26,162 Income tax expense 1,736,777 Net income 4,415,925 Less: net income attributable to non-controlling interests 1,269,051 Net income attributable to the Company $ 3,146,874 For the Fiscal Year Ended September 30, 2022 (Unaudited) Revenue $ 13,368,084 Operating costs and expenses 6,221,815 Income from operations 7,146,269 Other income 159,800 Income tax expenses 1,966,108 Net income 5,339,961 Less: net income attributable to non-controlling interests 851,422 Net income attributable to the Company $ 4,488,539 For the Fiscal Year Ended September 30, 2021 (Unaudited) Revenue $ 6,008,897 Operating costs and expenses 4,358,023 Income from operations 1,650,874 Other income 88,053 Income tax expenses 628,107 Net income 1,110,820 Less: net loss attributable to non-controlling interests (165,047 ) Net income attributable to the Company $ 1,275,867 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Sep. 30, 2023 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 17 — 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 October 26, 2023, the Company, as the issuer, and its wholly owned subsidiary, Starbox International, as the purchaser, entered into a share sale agreement (the “Share Sale Agreement”), with the three then shareholders of ProSeeds Limited (collectively, the “ProSeeds Shareholders”), as the sellers, with respect to ProSeeds Limited, a company incorporated in Seychelles (“ProSeeds”). Pursuant to the Share Sale Agreement, Starbox International agreed to acquire 100,000 100% 12,000,000 1.00 12,000,000 100% 12,000,000 1.00 In October 2023, the Company sold a total of 119,984 119,388 |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
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 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. |
Noncontrolling interests | Noncontrolling interests The Company follows FASB (Financial Accounting Standards Board) ASC (Accounting Standards Codification) Topic 810, “Consolidation,” governing the accounting for and reporting of noncontrolling interests (“NCI”) in partially owned consolidated subsidiaries and the loss of control of subsidiaries. Certain provisions of this standard indicate, among other things, that NCI be treated as a separate component of equity, not as a liability, that increases and decreases in the parent’s ownership interest that leaves control intact be treated as equity transactions rather than as step acquisitions or dilution gains or losses, and that losses of a partially-owned consolidated subsidiary be allocated to noncontrolling interests even when such allocation might result in a deficit balance. The net income attributed to NCI was separately designated in the accompanying statements of operations. Losses attributable to NCI in a subsidiary may exceed NCI’s interest in the subsidiary’s equity. The excess attributable to NCI is attributed to those interests. NCI shall continue to be attributed their share of losses even if that attribution results in a deficit NCI balance. As of September 30, 2023 and 2022, the Company had NCIs of $ 51,264,407 nil 49 311,497 nil |
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 cash and cash equivalents of $ 2,524,957 17,778,895 2,032,346 17,428,788 |
Accounts receivable, net | Accounts receivable, net Accounts receivable primarily include service fees generated from providing online and offline advertising services, branding 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 September 30, 2023 and 2022, The bad debt allowance was $ 101,947 nil |
Short-term/long-term deposits | Short-term/long-term deposits All deposits owned by the Company are fixed deposits held in its banks. Deposits with original maturities of 91 one year |
Property and equipment | Property and equipment Property and equipment are stated at cost less accumulated depreciation. Depreciation 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 4 10 Motor vehicles 5 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). |
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 Trademark 10 Technology 10 Customer relationship 10 Content assets-licensed movies and television series Over the license period or estimated period of use |
Goodwill | Goodwill Goodwill is the excess of purchase price and related costs over the value assigned to the net tangible and identifiable intangible assets of businesses acquired. In accordance with ASC Topic 350, “Intangibles-Goodwill and Other,” goodwill is not amortized but is tested for impairment, annually or more frequently when circumstances indicate a possible impairment may exist. Impairment testing is performed at a reporting unit level. Generally, the Company first performs a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. If factors indicate that this is the case, the Company then estimates the fair value of the related reporting unit determined using discounted cash flow (“DCF”) analysis. A number of significant assumptions and estimates are involved in the application of the DCF analysis to forecast operating cash flows, including the discount rate, the internal rate of return and projections of realizations and costs to produce. Management considers historical experience and all available information at the time the fair values of its reporting units are estimated. If the fair value is less than the carrying value, the goodwill of the reporting unit is determined to be impaired and the Company will record an impairment equal to the excess of the carrying value over its fair value. The Company did no |
Impairment of long-lived assets | Impairment of long-lived assets Long-lived assets with finite lives, including intangible assets, 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 September 30, 2023 and 2022 based upon the short-term nature of the assets and liabilities. The following table presents information about the Company’s financial assets that are measured at fair value on a recurring basis as of September 30, 2023 by level within the fair value hierarchy: SCHEDULE OF FAIR VALUE ON A RECURRING BASIS Level 1 Level 2 Level 3 Total Assets: Short-term/long-term deposits $ 338,345 $ - $ - $ 338,345 The Company measures certain non-financial assets on a non-recurring basis: SCHEDULE OF FAIR VALUE ON NON-FINANCIAL ASSETS ON NON-RECURRING BASIS Level 1 Level 2 Level 3 Total Assets: Intangible assets acquired from the acquisition of One Eighty Ltd $ - $ - $ 23,500,000 $ 23,500,000 Goodwill arising from the acquisition of One Eighty Ltd $ - $ - $ 82,244,248 $ 82,244,248 The fair value of the intangible assets and goodwill from the business combination (see Note 16) were determined based on the discounted cash flow method, which is an income approach, and required the use of inputs that were unobservable in the market place (Level 3), including a discount rate that would be used by a market participant, projections of revenue and cash flows. |
Foreign currency translation | Foreign currency translation The functional currency for Starbox Group, Starbox International, Starbox Global, Irace Technology, One Eighty Ltd, and Benefit Pointer are the U.S Dollar (“US$”). Starbox Berhad, StarboxGB, StarboxSB, StarboxPB, One Eighty Holdings Sdn Bhd, 180 Degrees, and Media Elements use Malaysian Ringgit (“MYR”) as their functional currency. The Company’s consolidated financial statements have been translated into and reported in US$. 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 September 30, 2023 September 30, 2022 September 30, 2021 Year-end spot rate US$ 1 4.6938 US$ 1 4.6359 US$ 1 4.1869 Average rate US$ 1 4.5263 US$ 1 4.3041 US$ 1 4.1243 |
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 advertising services a) 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 a 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. b) Brand-building-related consulting services The Company’s advertising service revenue is derived principally from its advertising- and brand-building-related consulting 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 advertising and brand-building-related consulting service agreements with customers are fixed-price agreements, and the service fees depend on the 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 proposals 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 a customer accepts the final deliverables, which marks the completion of an 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 fulfilling the promises and transferring services to the customer and assumes fulfilment risk. Revenue from cash rebate, payment solution services, and media booking d) 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 % to 99.99 % based on the sales price of the products or services, among which approximately 48 % to 90 % are awarded to retail shoppers, and the Company is entitled to receive and retain the remaining approximately 52 % to 10 % as cash rebate revenue for facilitating online and offline sales transactions. There is a single performance obligation in the contract, as the performance obligation is to facilitate the sales transactions between the retail shoppers and the retail merchants. 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. e 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 (“VE Services”), a Malaysian Internet payment gateway company and a related-party entity controlled by one of the shareholders of the Company. 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 f) Media booking The Company also sells media companies’ advertising spaces to merchant customers on behalf of media companies. Media channel booking includes press media booking, TV commercial airtime booking, broadcasting or radio media booking, billboard media booking, and digital media booking. The Company signs agency agreements with media companies to sell their advertising spaces to merchant customers who have advertising needs. The Company’s performance obligations include referring merchant customers to media companies and getting paid by media companies referral fees or commissions at pre-determined rates negotiated with the media companies, which are rates based on advertising amounts purchased or spent by merchant customers. Revenue is recognized at the point when merchant customers posted their advertisements on the media channels. 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 from software licensing In 2023, the Company started its software licensing business, in which the Company develops software, such as the data management system, licenses the use right of the software to customers for certain periods of time for licensing incomes, and provides related technology support and system maintenance services on a monthly basis. A software licensing 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. Software licensing is considered a distinct performance obligation and accounted for separately from the technical support and system maintenance services. Revenue from distinct software licensing is recognized at the point in time when the software is delivered to the customers. Revenue from 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. Revenue from photograph, commercial video and audio recording, and production services (“production services”) 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 advertisements 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 engineers) 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 editing, and the delivery of final quality products to customers to satisfy their advertising needs. As a result of these combined performance obligations, the Company delivers the final photograph, 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 agreements, there are no future obligations and no rights of refund. The Company allocates contract price to such single performance obligations 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 and others The Company assists merchants in planning, arranging, and executing seasonal on-the-ground sales and promotional campaigns, normally in shopping malls. The Company’s services include providing sales campaign proposals, coordinating with shopping mall owners for location rental, assisting merchant clients with equipment rental, advising the clients on 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. |
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 fiscal years ended September 30, 2023, 2022, and 2021 is as follows: SCHEDULE OF DISAGGREGATION OF REVENUE 2023 2022 2021 For the fiscal years ended September 30, 2023 2022 2021 Revenue from advertising services $ 5,307,280 $ 7,174,050 $ 3,158,520 Revenue from cash rebate, payment solution services, and media booking 84,592 20,137 7,708 Revenue from software licensing 5,715,333 - - Revenue from production services 362,040 - - Revenue from marketing and promotional campaign service 271,607 - - Total operating revenue $ 11,740,852 $ 7,194,187 $ 3,166,228 |
Cost of revenue | Cost of revenue Cost of revenue mainly consisted of labor costs and production costs for advertisement consultation, design, and production services from One Eight Ltd. |
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 the 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 September 30, 2023 and 2022, deferred revenue amounted to $ 393,615 nil |
Software development costs | Software development costs The Company expenses software development costs that it intends to sell or lease (external-use), under ASC 985-20, 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. The Company capitalizes the software that is for internal-use under ASC 350-40. During the fiscal years ended September 30, 2023, 2022, and 2021, there was no |
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 September 30, 2023 and 2022. |
Operating expenses | Operating expenses 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. |
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 $ 294,641 292,579 147,296 |
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. No no 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, 2023, 2022, and 2021. As of September 30, 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 6 500,000 107,000 494,125 262,816 190,972 |
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 fiscal years ended September 30, 2023, 2022, and 2021, there were no |
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 $ 119,331 45,121 20,871 |
Reclassification | Reclassification Certain prior year accounts in the consolidated statements of comprehensive income have been reclassified to be in conformity with current year’s presentation. |
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. 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. The Company have adopted this guidance effective October 1, 2023. 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 consolidated balance sheets, statements of operations and comprehensive income, and statements of cash flows. |
ORGANIZATION AND BUSINESS DES_2
ORGANIZATION AND BUSINESS DESCRIPTION (Tables) | 12 Months Ended |
Sep. 30, 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 Irace Technology September 07, 2023 BVI 100% Investment holding One Eighty Ltd October 17, 2022 Cayman Islands 51% Investment holding One Eighty Holdings Sdn Bhd October 14, 2022 Malaysia 51% Investment holding Benefit Pointer Limited September 7, 2023 BVI 51% Investment holding 180 Degrees Brandcom Sdn Bhd (“180 Degrees”) March 28, 2013 Malaysia 51% Providing digital marketing, advertising consulting, and design services Media Elements Sdn Bhd (“Media Elements”) October 4, 2002 Malaysia 51% Providing online and offline advertisement, social media, and big data management services |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
SCHEDULE OF PROPERTY AND EQUIPMENT USEFUL LIVES | SCHEDULE OF PROPERTY AND EQUIPMENT USEFUL LIVES Useful life Office equipment and furniture 4 10 Motor vehicles 5 Property 50 |
SCHEDULE OF INTANGIBLE ASSETS | SCHEDULE OF INTANGIBLE ASSETS Useful life Computer software and applications 5 10 Trademark 10 Technology 10 Customer relationship 10 Content assets-licensed movies and television series Over the license period or estimated period of use |
SCHEDULE OF FAIR VALUE ON A RECURRING BASIS | SCHEDULE OF FAIR VALUE ON A RECURRING BASIS Level 1 Level 2 Level 3 Total Assets: Short-term/long-term deposits $ 338,345 $ - $ - $ 338,345 |
SCHEDULE OF FAIR VALUE ON NON-FINANCIAL ASSETS ON NON-RECURRING BASIS | SCHEDULE OF FAIR VALUE ON NON-FINANCIAL ASSETS ON NON-RECURRING BASIS Level 1 Level 2 Level 3 Total Assets: Intangible assets acquired from the acquisition of One Eighty Ltd $ - $ - $ 23,500,000 $ 23,500,000 Goodwill arising from the acquisition of One Eighty Ltd $ - $ - $ 82,244,248 $ 82,244,248 |
SCHEDULE OF CURRENCY EXCHANGE RATE | SCHEDULE OF CURRENCY EXCHANGE RATE September 30, 2023 September 30, 2022 September 30, 2021 Year-end spot rate US$ 1 4.6938 US$ 1 4.6359 US$ 1 4.1869 Average rate US$ 1 4.5263 US$ 1 4.3041 US$ 1 4.1243 |
SCHEDULE OF DISAGGREGATION OF REVENUE | SCHEDULE OF DISAGGREGATION OF REVENUE 2023 2022 2021 For the fiscal years ended September 30, 2023 2022 2021 Revenue from advertising services $ 5,307,280 $ 7,174,050 $ 3,158,520 Revenue from cash rebate, payment solution services, and media booking 84,592 20,137 7,708 Revenue from software licensing 5,715,333 - - Revenue from production services 362,040 - - Revenue from marketing and promotional campaign service 271,607 - - Total operating revenue $ 11,740,852 $ 7,194,187 $ 3,166,228 |
ACCOUNTS RECEIVABLE, NET (Table
ACCOUNTS RECEIVABLE, NET (Tables) | 12 Months Ended |
Sep. 30, 2023 | |
Credit Loss [Abstract] | |
SCHEDULE OF ACCOUNTS RECEIVABLE | Accounts receivable, net, consisted of the following: SCHEDULE OF ACCOUNTS RECEIVABLE September 30, 2023 September 30, 2022 Accounts receivable associated with digital advertising services $ 9,507,102 $ 2,032,717 Less: allowance for doubtful account (101,947 ) - Accounts receivable, net $ 9,405,155 $ 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 September 30, 2023 Subsequent collection % of subsequent collection Less than 6 months $ 7,202,265 $ 6,494,654 90 % From 7 to 9 months 1,901,248 1,875,761 99 % From 10 to 12 months 393,895 391,364 99 % Over 1 year 9,694 - - % Total gross accounts receivable 9,507,102 8,761,779 92 % Allowance for doubtful accounts (101,947 ) - - Accounts receivable, net $ 9,405,155 $ 8,761,779 93 % |
PREPAID EXPENSES AND OTHER CU_2
PREPAID EXPENSES AND OTHER CURRENT ASSETS (Tables) | 12 Months Ended |
Sep. 30, 2023 | |
Prepaid Expenses And Other Current Assets | |
SCHEDULE OF PREPAID EXPENSES AND OTHER CURRENT ASSETS | Prepaid expenses and other current assets consisted of the following: SCHEDULE OF PREPAID EXPENSES AND OTHER CURRENT ASSETS September 30, 2023 September 30, 2022 Prepaid expenses and other current assets: Speedprop Global Sdn. Bhd. (1) $ 1,679,663 $ 1,206,757 ARX Media Sdn. Bhd. (2) 11,207,178 2,469,425 Boring Lark Sdn Bhd. (3) 1,704,376 - Teclutions Sdn. Bhd. (4) 293,579 - Others (5) 1,182,671 593,429 Less: allowance for doubtful account - - Total prepaid expenses and other current assets $ 16,067,467 $ 4,269,611 The Company currently operates its business through its GETBATS, SEEBATS, PAYBATS websites and mobile applications, 180 Degrees and Media Elements. 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, 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 million (approximately $ 2.3 million). As of September 30, 2023 and 2022, the Company had made prepayments of $ 1,679,663 (MYR 7,884,000 ) and $ 1,206,757 (MYR 5,594,400 ), respectively, based on contracted payment terms and the progress of the app development. The remaining payments will be made when Speedprop completes the debugging and technical testing and delivers the app to the Company, which was expected to occur in March 2023. However, as of the reporting date, the program was temporarily halted because the Company decided to continue with its own way of integration, and the Company plans to seek a waiver for unpaid balance of $ 0.6 million (MYR 2.9 million). (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, 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 2.4 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 18.1 80 On June 12, 2023, the Company entered into a new project agreement with ARX, for ARX to provide software support services for a term of 12 months, and developing a full set of AI advertisement engine and analytical system. The total contract price amounted to MYR 15.0 3.2 1.1 5.0 (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 1.7 8 0.5 2 (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) | 12 Months Ended |
Sep. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
SCHEDULE OF PROPERTY, PLANT AND EQUIPMENT | Property and equipment, net, consisted of the following: SCHEDULE OF PROPERTY, PLANT AND EQUIPMENT September 30, 2023 September 30, 2022 Office equipment and furniture $ 293,746 $ 21,407 Motor vehicles 211,710 - Property and land 3,255,319 - Property and equipment, gross 3,255,319 - Less: accumulated depreciation (1,237,594 ) (8,027 ) Property and equipment, net $ 2,523,181 $ 13,380 |
INTANGIBLE ASSETS, NET (Tables)
INTANGIBLE ASSETS, NET (Tables) | 12 Months Ended |
Sep. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
SCHEDULE OF INTANGIBLE ASSETS NET | Intangible assets, net, consisted of the following: SCHEDULE OF INTANGIBLE ASSETS NET September 30, 2023 September 30, 2022 Computer software and applications (1) $ 932,757 $ 939,753 Computer system – AI calculation engine (2) 17,043,760 - Content assets- licensed movies and television series (3) 107,337 108,678 Trademark (4) 1,400,000 - Technology (4) 9,200,000 - Customer relationship (4) 12,900,000 - Less: accumulated amortization (1,917,804 ) (144,663 ) Intangible asset, net $ 39,666,050 $ 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 10 (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 (4) Trademark, technology, and customer relationship arose from the acquisition of One Eighty Ltd (see Note 16). The Company amortizes trademark, technology, and customer relationship over its estimated useful life of 10 |
SCHEDULE OF ESTIMATED FUTURE AMORTIZATION EXPENSE | As of September 30, 2023, the estimated future amortization expenses of the intangible assets were as follow: SCHEDULE OF ESTIMATED FUTURE AMORTIZATION EXPENSE 12 months ending September 30, Amortization expenses 2024 $ 4,187,898 2025 4,196,605 2026 4,196,605 2027 4,110,676 2028 4,102,486 Thereafter 18,871,780 Total $ 39,666,050 |
ACCRUED LIABILITIES AND OTHER_2
ACCRUED LIABILITIES AND OTHER PAYABLES (Tables) | 12 Months Ended |
Sep. 30, 2023 | |
Payables and Accruals [Abstract] | |
SCHEDULE OF ACCOUNTS RECEIVABLE | Accrued liabilities and other payables, consisted of the following: SCHEDULE OF ACCOUNTS RECEIVABLE September 30, 2023 September 30, 2022 Accrued payroll $ 287,846 $ - Service payable 202,494 23,795 Other payables 780,747 517,255 Accrued liabilities and other payables $ 1,271,087 $ 541,050 |
LOAN PAYABLES (Tables)
LOAN PAYABLES (Tables) | 12 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
SCHEDULE OF LOANS | The Company had the following loans as of September 30, 2023, which arose from acquisition of One Eighty Ltd on June 26, 2023: SCHEDULE OF LOANS Bank Loan Agreement Date Loan Amount Interest Rate Loan Term Purpose of loan Balance at September 30, 2023 CIMB BANK BERHAD 5/23/2014 $ 591,199 BLR*- 2.10 % 240 months Real property loan $ 423,661 5/23/2014 188,742 BLR*- 2.10 % 240 months Real property loan 142,283 Hong Leong Islamic Bank 2/26/2019 229,513 IFR**- 2.55 % 216 months Real property loan 185,663 2/26/2019 235,553 IFR**- 2.55 % 216 months Real property loan 190,461 2/26/2019 439,181 IFR**- 2.55 % 216 months Real property loan 354,897 2/26/2019 319,248 IFR**- 2.55 % 216 months Real property loan 258,212 2/26/2019 511,012 IFR**- 2.55 % 216 months Real property loan 412,914 Hong Leong Islamic Bank 4/23/2020 215,708 3.50 % 66 months Working capital 102,472 Total $ 2,730,156 $ 2,070,563 * Base lending rate ** Islamic financing rate |
SCHEDULE OF FUTURE MINIMUM LOAN PAYMENTS TO BE PAID | As of September 30, 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 September 30, Loan payment 2024 $ 254,010 2025 245,261 2026 201,876 2027 197,932 2028 197,932 Thereafter 1,551,217 Total future minimum loan payments 2,648,228 Less: imputed interest (577,665 ) Present value of loan liabilities $ 2,070,563 |
TAXES (Tables)
TAXES (Tables) | 12 Months Ended |
Sep. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
SCHEDULE OF INCOME TAX PROVISION | The components of the income tax provision were as follows: SCHEDULE OF INCOME TAX PROVISION 2023 2022 2021 For the fiscal years ended September 30, 2023 2022 2021 Current income tax provision Cayman Island $ - $ - $ - Malaysia 1,276,701 1,407,449 724,508 Subtotal 1,276,701 1,407,449 724,508 Deferred income tax provision (benefit) Cayman Island - - - Malaysia 857,381 - (32,103 ) Deferred income tax provision (benefit) 857,381 - (32,103 ) Total income tax provision $ 2,134,082 $ 1,407,449 $ 692,405 |
SCHEDULE OF EFFECTIVE INCOME TAX RATE RECONCILIATION | SCHEDULE OF EFFECTIVE INCOME TAX RATE RECONCILIATION 2023 2022 2021 For the fiscal years ended September 30, 2023 2022 2021 Income tax provision computed based on Malaysia unified income tax statutory rate $ 1,761,266 $ 1,410,066 $ 566,514 Effect of tax exemption due to reduced income tax rate for small and medium sized companies (1,460 ) - (10,183 ) Permanent difference 374,276 401,286 37,329 Change in valuation allowance - (403,903 ) 98,745 Actual income tax provision $ 2,134,082 $ 1,407,449 $ 692,405 |
SCHEDULE OF DEFERRED TAX ASSETS | The Company’s deferred tax assets were comprised of the following: SCHEDULE OF DEFERRED TAX ASSETS As of September 30, 2023 As of September 30, 2022 Deferred tax assets derived from net operating loss carry forwards $ 229,233 $ 35,174 Less: valuation allowance (35,174 ) (35,174 ) Deferred tax assets $ 194,059 $ - |
SCHEDULE OF VALUATION ALLOWANCE | SCHEDULE OF VALUATION ALLOWANCE As of September 30, 2023 As of September 30, 2022 Balance at beginning of the period $ 35,174 $ 137,932 Current period change - (102,758 ) Balance at end of the period $ 35,174 $ 35,174 |
SCHEDULE OF DEFERRED TAX LIABILITY | The Company’s deferred tax liability was comprised of the following: SCHEDULE OF DEFERRED TAX LIABILITY As of September 30, 2023 As of September 30, 2022 Difference between tax and book basis of depreciation and amortization expense $ 966,978 $ - Intangible assets acquired through the acquisition of One Eighty Ltd. 5,640,000 - Less: deferred tax assets (194,059 ) - Deferred tax liability, net $ 6,412,919 $ - |
SCHEDULE OF TAXES PAYABLE | As of September 30, 2023 and 2022, taxes payable consisted of the following: SCHEDULE OF TAXES PAYABLE As of September 30, 2023 As of September 30, 2022 Income tax payable $ 326,389 $ 1,188,274 Service tax payable 495,156 215,854 Less: Tax prepaid (482,195 ) - Total $ 339,350 $ 1,404,128 |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 12 Months Ended |
Sep. 30, 2023 | |
Related Party Transactions [Abstract] | |
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 Chan Chee Hong Director, chief executive officer, and shareholder of One Eighty Ltd and 180 Degrees Brandcom Sdn Bhd 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 |
SCHEDULE OF DUE FROM A RELATED PARTY | Due from related parties consisted of the following: SCHEDULE OF DUE FROM A RELATED PARTY Name September 30, 2023 September 30, 2022 VE Services $ - $ 1,473 Chan Foong Ming 1,094 - Chan Chee Hong 45,000 - Infinity Elements Sdn Bhd 66,187 - Total $ 112,281 $ 1,473 Other receivables $ 112,281 $ 1,473 |
SCHEDULE OF DUE TO RELATED PARTIES | Due to related parties consisted of the following: SCHEDULE OF DUE TO RELATED PARTIES Name September 30, 2023 September 30, 2022 Bizguide Corporate Service Sdn Bhd $ 1,892 $ 1,763 KH Advisory Sdn Bhd 937 5,598 180 Degrees Strategic Communications Sdn Bhd 132,774 - 181 Degree Holding Sdn Bhd 5,965 - Chan Chee Hong 105,268 - Total $ 246,836 $ 7,361 |
LEASES (Tables)
LEASES (Tables) | 12 Months Ended |
Sep. 30, 2023 | |
Collaborative Arrangement and Arrangement Other than Collaborative [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 September 30, 2023 September 30, 2022 Operating lease right-of-use assets $ 166,649 $ 49,145 Right-of-use assets - accumulated amortization (21,748 ) (6,571 ) Right-of-use assets, net $ 144,901 $ 42,574 Operating lease liabilities – current $ 47,537 $ 15,833 Operating lease liabilities – non-current 97,364 26,741 Total operating lease liabilities $ 144,901 $ 42,574 |
Equipment Lease [Member] | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |
SCHEDULE OF THE MATURITIES OF OPERATING LEASE LIABILITIES | As of September 30, 2023, the maturities of operating lease liabilities were as follows: SCHEDULE OF THE MATURITIES OF OPERATING LEASE LIABILITIES 12 months ending September 30, Lease payment 2024 $ 1,120 2025 840 Total future minimum lease payments 1,960 Less: imputed interest (87 ) Total $ 1,873 |
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 September 30, 2023 and 2022: SCHEDULE OF WEIGHTED AVERAGE REMAINING LEASE TERMS AND DISCOUNT RATES September 30, 2023 September 30, 2022 Remaining lease term and discount rate: Weighted average remaining lease term (years) 1.67 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. |
Office Lease Agreements [Member] | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |
SCHEDULE OF WEIGHTED AVERAGE REMAINING LEASE TERMS AND DISCOUNT RATES | The weighted average remaining lease terms and discount rates for all of office leases were as follows as of September 30, 2023 and 2022: SCHEDULE OF WEIGHTED AVERAGE REMAINING LEASE TERMS AND DISCOUNT RATES September 30, 2023 September 30, 2022 Remaining lease term and discount rate: Weighted average remaining lease term 2.91 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 THE MATURITIES OF OPERATING LEASE LIABILITIES | As of September 30, 2023, the maturities of operating lease liabilities were as follows: SCHEDULE OF THE MATURITIES OF OPERATING LEASE LIABILITIES 12 months ending September 30, Lease payment 2024 $ 46,487 2025 52,716 2026 38,314 2027 10,589 Total future minimum lease payments 148,106 Less: imputed interest ( 5,078 ) Total $ 143,028 |
SEGMENT REPORTING (Tables)
SEGMENT REPORTING (Tables) | 12 Months Ended |
Sep. 30, 2023 | |
Segment Reporting [Abstract] | |
SCHEDULE OF SUMMARY INFORMATION BY SEGMENT | The following tables present summary information by segment for the fiscal years ended September 30, 2023, 2022, and 2021, respectively: SCHEDULE OF SUMMARY INFORMATION BY SEGMENT For the Fiscal Year ended September 30, 2023 Cash rebate, payment solution, and media booking Advertising services Software licensing Production services Marketing and Promotional campaign services Total Revenue $ 84,592 $ 5,307,280 $ 5,715,333 $ 362,040 $ 271,607 $ 11,740,852 Operating expenses 1,096,459 3,053,173 2,561,863 236,951 194,417 7,142,863 Income (loss) from operations (1,011,867 ) 2,254,107 3,153,470 125,089 77,190 4,597,989 Income tax expenses 1,297,288 746,858 1,622 50,449 37,865 2,134,082 Net income (loss) (2,322,180 ) 1,165,844 3,312,991 3,657 (12,076 ) 2,148,236 Capital expenditure $ 12,545 $ 2,319 $ 17,679,247 $ - $ - $ 17,694,111 Total assets $ 25,779,956 $ 35,073,400 $ 86,445,769 $ 2,860,610 $ 2,866,850 $ 153,026,585 Cash rebate and payment solution Advertising services Total For the Fiscal Year ended September 30, 2022 Cash rebate and payment solution Advertising services Total Revenue $ 20,137 $ 7,174,050 $ 7,194,187 Operating expenses 785,167 1,714,759 2,499,926 Income (loss) from operations (791,694 ) 5,742,132 4,694,261 Income tax expenses 609,987 797,462 1,407,449 Net income (1,401,319 ) 5,003,684 3,602,365 Capital expenditure $ 737,508 $ 398,421 $ 1,135,929 Total assets $ 12,168,625 $ 12,873,793 $ 25,042,418 Cash rebate and payment solution Advertising services Total For the Fiscal Year ended September 30, 2021 Cash rebate and payment solution Advertising services Total Revenue $ 7,708 $ 3,158,520 $ 3,166,228 Operating expenses 444,526 581,813 1,026,339 Income (loss) from operations (436,818 ) 2,576,707 2,139,889 Income tax expenses - 692,405 692,405 Net income (436,652 ) 1,884,302 1,447,650 Capital expenditure $ - $ 5,203 $ 5,203 Total assets $ 298,567 $ 3,716,568 $ 4,015,135 |
ACQUISITIONS OF SUBSIDIARIES (T
ACQUISITIONS OF SUBSIDIARIES (Tables) | 12 Months Ended |
Sep. 30, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
SCHEDULE OF BUSINESS ACQUISITION | The following table summarizes the fair values of the assets acquired and liabilities assumed at the date of acquisition. Goodwill as a result of the acquisition of One Eighty Ltd is calculated as follows: SCHEDULE OF BUSINESS ACQUISITION Total purchase considerations for 100 $ 104,030,000 Fair value of assets acquired: Cash & cash equivalents $ 932,893 Accounts receivable, net 2,441,592 Deposit and prepayments 576,231 Other receivables 192,926 Short-term deposit 126,071 Due from related parties 125,984 Tax receivable 541,218 Deferred tax 52,877 Long-term deposit 214,362 Right-of-use assets, net 2,140 Property, plant and equipment, net 2,532,215 Intangible assets acquired 23,500,000 Total assets acquired 31,238,509 Fair value of liabilities assumed: Accounts payable (374,782 ) Advance from customer (611,702 ) Accrued liabilities and other payables (383,427 ) Due to related parties (325,309 ) Lease Liability - current (1,005 ) Loan payable (2,115,397 ) Lease Liability -noncurrent (1,135 ) Deferred tax liability (5,640,000 ) Total liabilities assumed (9,452,757 ) Total net assets acquired 21,785,752 Goodwill as a result of the acquisition $ 82,244,248 |
SCHEDULE OF PROFORMA CONSOLIDATED RESULTS OF OPERATIONS | The following table presents One Eighty Ltd’s statement of income for the period from the date of acquisition through September 30, 2023. SCHEDULE OF PROFORMA CONSOLIDATED RESULTS OF OPERATIONS From the date of acquisition through September 30, 2023 Revenue $ 2,899,285 Operating costs and expenses 1,874,449 Income from operations 1,024,836 Other income 17,383 Income tax expenses 406,512 Net income 635,707 Less: net income attributable to non-controlling interests 311,497 Net income attributable to the Company $ 324,210 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. For the Fiscal Year Ended September 30, 2023 (Unaudited) Revenue $ 15,875,542 Operating costs and expenses 9,749,002 Income from operations 6,126,540 Other income 26,162 Income tax expense 1,736,777 Net income 4,415,925 Less: net income attributable to non-controlling interests 1,269,051 Net income attributable to the Company $ 3,146,874 For the Fiscal Year Ended September 30, 2022 (Unaudited) Revenue $ 13,368,084 Operating costs and expenses 6,221,815 Income from operations 7,146,269 Other income 159,800 Income tax expenses 1,966,108 Net income 5,339,961 Less: net income attributable to non-controlling interests 851,422 Net income attributable to the Company $ 4,488,539 For the Fiscal Year Ended September 30, 2021 (Unaudited) Revenue $ 6,008,897 Operating costs and expenses 4,358,023 Income from operations 1,650,874 Other income 88,053 Income tax expenses 628,107 Net income 1,110,820 Less: net loss attributable to non-controlling interests (165,047 ) Net income attributable to the Company $ 1,275,867 |
SCHEDULE OF CONSOLIDATED FINANC
SCHEDULE OF CONSOLIDATED FINANCIAL STATEMENTS OF ENTITIES (Details) | 12 Months Ended |
Sep. 30, 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% |
Irace Technology [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Date of formation | Sep. 07, 2023 |
Place of incorporation | BVI |
Major business activities description | Investment holding |
Percenatge of ownership | 100% |
One Eighty Ltd [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Date of formation | Oct. 17, 2022 |
Place of incorporation | Cayman Islands |
Major business activities description | Investment holding |
Percenatge of ownership | 51% |
One Eighty Holdings Sdn Bhd [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Date of formation | Oct. 14, 2022 |
Place of incorporation | Malaysia |
Major business activities description | Investment holding |
Percenatge of ownership | 51% |
Benefit Pointer Limited [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Date of formation | Sep. 07, 2023 |
Place of incorporation | BVI |
Major business activities description | Investment holding |
Percenatge of ownership | 51% |
One Eighty Degrees Brandcom Sdn Bhd [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Date of formation | Mar. 28, 2013 |
Place of incorporation | Malaysia |
Major business activities description | Providing digital marketing, advertising consulting, and design services |
Percenatge of ownership | 51% |
Media Elements Sdn Bhd [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Date of formation | Oct. 04, 2002 |
Place of incorporation | Malaysia |
Major business activities description | Providing online and offline advertisement, social media, and big data management services |
Percenatge of ownership | 51% |
ORGANIZATION AND BUSINESS DES_3
ORGANIZATION AND BUSINESS DESCRIPTION (Details Narrative) | Sep. 01, 2023 shares | Jul. 10, 2023 shares | Jun. 26, 2023 USD ($) $ / shares shares | Sep. 30, 2023 $ / shares | May 23, 2023 RM / shares | Apr. 19, 2023 $ / shares shares | Sep. 30, 2022 $ / shares | Jun. 08, 2022 $ / shares | Nov. 17, 2021 | Sep. 13, 2021 $ / shares | Jul. 24, 2019 |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||
Transfer of share, par value | RM / shares | RM 1 | ||||||||||
Par value of shares | $ / shares | $ 0.001125 | $ 0.001125 | $ 0.001125 | $ 0.0001 | |||||||
One Eighty Ltd [Member] | |||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||
Acquisition of shares | 229,500,000 | ||||||||||
Par value of shares | $ / shares | $ 0.0001 | ||||||||||
Percentage of shares issued | 51% | ||||||||||
Number of shares issued | 17,510,000 | ||||||||||
Sale of stock price per share | $ / shares | $ 0.001125 | ||||||||||
Sale of stock consideration received | $ | $ 53,055,300 | ||||||||||
One Eighty Ltd [Member] | Share-Based Payment Arrangement, Tranche One [Member] | |||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||
Number of shares issued | 8,755,000 | ||||||||||
One Eighty Ltd [Member] | Share-Based Payment Arrangement, Tranche Two [Member] | |||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||
Number of shares issued | 8,755,000 | ||||||||||
Share Transfer Agreement One [Member] | |||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||
Transfer of share, par value | $ / shares | $ 1 | ||||||||||
No.of shares transferred | 50,000 | ||||||||||
Share Transfer Agreement Two [Member] | |||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||
Transfer of share, par value | $ / shares | $ 1 | ||||||||||
No.of shares transferred | 50,000 | ||||||||||
Starbox Berhad [Member] | |||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||
Equity interest owned, percentage | 100% | 100% |
SCHEDULE OF PROPERTY AND EQUIPM
SCHEDULE OF PROPERTY AND EQUIPMENT USEFUL LIVES (Details) | Sep. 30, 2023 |
Office Equipment And Furniture [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment expected useful lives | 4 years |
Office Equipment And Furniture [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment expected useful lives | 10 years |
Vehicles [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment expected useful lives | 5 years |
Property [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment expected useful lives | 50 years |
SCHEDULE OF INTANGIBLE ASSETS (
SCHEDULE OF INTANGIBLE ASSETS (Details) | 12 Months Ended |
Sep. 30, 2023 | |
Property, Plant and Equipment [Line Items] | |
Intangible asset useful life | 10 years |
Trademarks [Member] | |
Property, Plant and Equipment [Line Items] | |
Intangible asset useful life | 10 years |
Technology-Based Intangible Assets [Member] | |
Property, Plant and Equipment [Line Items] | |
Intangible asset useful life | 10 years |
Customer Relationships [Member] | |
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 FAIR VALUE ON A REC
SCHEDULE OF FAIR VALUE ON A RECURRING BASIS (Details) | Sep. 30, 2023 USD ($) |
Assets: | |
Short-term/long-term deposits | $ 338,345 |
Fair Value, Inputs, Level 1 [Member] | |
Assets: | |
Short-term/long-term deposits | 338,345 |
Fair Value, Inputs, Level 2 [Member] | |
Assets: | |
Short-term/long-term deposits | |
Fair Value, Inputs, Level 3 [Member] | |
Assets: | |
Short-term/long-term deposits |
SCHEDULE OF FAIR VALUE ON NON-F
SCHEDULE OF FAIR VALUE ON NON-FINANCIAL ASSETS ON NON-RECURRING BASIS (Details) | Sep. 30, 2023 USD ($) |
Assets: | |
Intangible assets acquired from the acquisition of One Eighty Ltd | $ 23,500,000 |
Goodwill arising from the acquisition of One Eighty Ltd | 82,244,248 |
Fair Value, Inputs, Level 1 [Member] | |
Assets: | |
Intangible assets acquired from the acquisition of One Eighty Ltd | |
Goodwill arising from the acquisition of One Eighty Ltd | |
Fair Value, Inputs, Level 2 [Member] | |
Assets: | |
Intangible assets acquired from the acquisition of One Eighty Ltd | |
Goodwill arising from the acquisition of One Eighty Ltd | |
Fair Value, Inputs, Level 3 [Member] | |
Assets: | |
Intangible assets acquired from the acquisition of One Eighty Ltd | 23,500,000 |
Goodwill arising from the acquisition of One Eighty Ltd | $ 82,244,248 |
SCHEDULE OF CURRENCY EXCHANGE R
SCHEDULE OF CURRENCY EXCHANGE RATE (Details) | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 |
Year End Spot Rate [Member] | |||
Foreign currency exchange rate | 1 | 1 | 1 |
Year End Spot Rate MYR [Member] | |||
Foreign currency exchange rate | 4.6938 | 4.6359 | 4.1869 |
Average Rate [Member] | |||
Foreign currency exchange rate | 1 | 1 | 1 |
Average Rate MYR [Member] | |||
Foreign currency exchange rate | 4.5263 | 4.3041 | 4.1243 |
SCHEDULE OF DISAGGREGATION OF R
SCHEDULE OF DISAGGREGATION OF REVENUE (Details) - USD ($) | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | |
Product Information [Line Items] | |||
Total operating revenue | $ 11,740,852 | $ 7,194,187 | $ 3,166,228 |
Advertising [Member] | |||
Product Information [Line Items] | |||
Total operating revenue | 5,307,280 | 7,174,050 | 3,158,520 |
Cash Rebate Payment Solution Services And Media Booking [Member] | |||
Product Information [Line Items] | |||
Total operating revenue | 84,592 | 20,137 | 7,708 |
Software Development [Member] | |||
Product Information [Line Items] | |||
Total operating revenue | 5,715,333 | ||
Production Services [Member] | |||
Product Information [Line Items] | |||
Total operating revenue | 362,040 | ||
Marketing And Promotional Campaign Service [Member] | |||
Product Information [Line Items] | |||
Total operating revenue | $ 271,607 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) | 1 Months Ended | 12 Months Ended | ||||
May 31, 2021 | Sep. 30, 2023 USD ($) shares | Sep. 30, 2023 MYR (RM) shares | Sep. 30, 2022 USD ($) shares | Sep. 30, 2021 USD ($) shares | Sep. 30, 2023 MYR (RM) | |
Property, Plant and Equipment [Line Items] | ||||||
Non controlling interests | $ 51,264,407 | |||||
Net income attributable to non controlling interest | 311,497 | |||||
Cash, FDIC insured amount | 60,000 | RM 250,000 | ||||
Cash and cash equivalents | 2,524,957 | 17,778,895 | ||||
Cash, uninsured Amount | 2,032,346 | 17,428,788 | ||||
Bad debt allowance | $ 101,947 | |||||
Deposit original maturities days | 91 days | 91 days | ||||
Long term deposit original maturities days | 1 year | 1 year | ||||
Goodwill, impairment loss | $ 0 | |||||
Impairment charges | 0 | 0 | ||||
Revenue from stand-alone selling price | 11,740,852 | 7,194,187 | 3,166,228 | |||
Deferred revenue | 393,615 | |||||
Software development expense | 0 | 0 | 0 | |||
Research and development expenses | $ 294,641 | 292,579 | 147,296 | |||
Income 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. | 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. | ||||
Income tax penalties and interest expense | $ 0 | 0 | 0 | |||
Uncertain tax provision | 0 | 0 | ||||
Advertising expense | 107,000 | RM 500,000 | ||||
Service taxes | $ 494,125 | $ 262,816 | $ 190,972 | |||
Anti-dilutive shares | shares | 0 | 0 | 0 | 0 | ||
Employee contribution plan expenses | $ 119,331 | $ 45,121 | $ 20,871 | |||
One Eighty Holdings Ltd [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Service tax rate | 6% | 6% | ||||
Minimum [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Charges advertisers service fees | $ 5,000 | |||||
[custom:PercentageOfRevenueFromCashRebateServices] | 0.30% | 0.30% | ||||
[custom:PercentageOfRemainingRevenueFromCashRebateServices] | 10% | 10% | ||||
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 from stand-alone selling price | $ 2,400 | |||||
Minimum [Member] | Retail Shoppers [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
[custom:PercentageOfRevenueFromCashRebateServices] | 48% | 48% | ||||
Maximum [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Charges advertisers service fees | $ 240,000 | |||||
[custom:PercentageOfRevenueFromCashRebateServices] | 99.99% | |||||
[custom:PercentageOfRemainingRevenueFromCashRebateServices] | 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 from stand-alone selling price | $ 38,000 | |||||
Maximum [Member] | Retail Shoppers [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
[custom:PercentageOfRevenueFromCashRebateServices] | 90% | 90% | ||||
One Eighty Ltd [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Equity interest, percentage | 49% | 49% | 49% |
SCHEDULE OF ACCOUNTS RECEIVABLE
SCHEDULE OF ACCOUNTS RECEIVABLE (Details) - USD ($) | Sep. 30, 2023 | Sep. 30, 2022 |
Credit Loss [Abstract] | ||
Accounts receivable associated with digital advertising services | $ 9,507,102 | $ 2,032,717 |
Less: allowance for doubtful account | (101,947) | |
Accounts receivable, net | 9,405,155 | 2,032,717 |
Accrued payroll | 287,846 | |
Service payable | 202,494 | 23,795 |
Other payables | 780,747 | 517,255 |
Accrued liabilities and other payables | $ 1,271,087 | $ 541,050 |
SCHEDULE OF ACCOUNTS RECEIVAB_2
SCHEDULE OF ACCOUNTS RECEIVABLE AND SUBSEQUENT COLLECTION (Details) - USD ($) | 12 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Accounts receivable, gross | $ 9,507,102 | $ 2,032,717 |
Allowance for doubtful accounts | (101,947) | |
Allowance for doubtful accounts | 101,947 | |
Accounts receivable, net | 9,405,155 | $ 2,032,717 |
Subsequent Collection [Member] | ||
Accounts receivable, gross | $ 8,761,779 | |
Percentage of subsequent collection | 92% | |
Allowance for doubtful accounts | ||
Allowance for doubtful accounts | ||
Accounts receivable, net | $ 8,761,779 | |
Percentage of subsequent collection, net | 93% | |
Less Than 6 Months [Member] | ||
Accounts receivable, gross | $ 7,202,265 | |
Less Than 6 Months [Member] | Subsequent Collection [Member] | ||
Accounts receivable, gross | $ 6,494,654 | |
Percentage of subsequent collection | 90% | |
From 7 To 9 Months [Member] | ||
Accounts receivable, gross | $ 1,901,248 | |
From 7 To 9 Months [Member] | Subsequent Collection [Member] | ||
Accounts receivable, gross | $ 1,875,761 | |
Percentage of subsequent collection | 99% | |
From 10 To 12 Months [Member] | ||
Accounts receivable, gross | $ 393,895 | |
From 10 To 12 Months [Member] | Subsequent Collection [Member] | ||
Accounts receivable, gross | $ 391,364 | |
Percentage of subsequent collection | 99% | |
Over 1 Year [Member] | ||
Accounts receivable, gross | $ 9,694 | |
Over 1 Year [Member] | Subsequent Collection [Member] | ||
Accounts receivable, gross |
ACCOUNTS RECEIVABLE, NET (Detai
ACCOUNTS RECEIVABLE, NET (Details Narrative) | 12 Months Ended |
Sep. 30, 2023 | |
Subsequent Collection [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
[custom:PercentageOfSubsequentCollectionNet] | 93% |
SCHEDULE OF PREPAID EXPENSES AN
SCHEDULE OF PREPAID EXPENSES AND OTHER CURRENT ASSETS (Details) - USD ($) | Sep. 30, 2023 | Sep. 30, 2022 | |
Total prepaid expenses and other current assets | $ 16,067,467 | $ 4,269,611 | |
Less: allowance for doubtful account | |||
Others [Member] | |||
Total prepaid expenses and other current assets | [1] | 1,182,671 | 593,429 |
Speedprop Global Sdn Bhd [Member] | |||
Total prepaid expenses and other current assets | [2] | 1,679,663 | 1,206,757 |
ARX Media Sdn Bhd [Member] | |||
Total prepaid expenses and other current assets | [3] | 11,207,178 | 2,469,425 |
Boring Lark Sdn Bhd [Member] | |||
Total prepaid expenses and other current assets | [4] | 1,704,376 | |
Teclutions Sdn Bhd [Member] | |||
Total prepaid expenses and other current assets | [5] | $ 293,579 | |
[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, 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[3]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, 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 2.4 11.4 2.2 10 1.7 8 0.5 2 0.1 0.6 0.1 0.5 |
SCHEDULE OF PREPAID EXPENSES _2
SCHEDULE OF PREPAID EXPENSES AND OTHER CURRENT ASSETS (Details) (Parenthetical) | Sep. 30, 2023 USD ($) | Sep. 30, 2023 MYR (RM) | Jun. 12, 2023 USD ($) | Jun. 12, 2023 MYR (RM) | 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 ($) | Jan. 16, 2023 MYR (RM) | Oct. 01, 2022 USD ($) | 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) |
Speedprop Global Sdn Bhd [Member] | ||||||||||||||||||||||
Contract price | $ 2,300,000 | RM 10,800,000 | ||||||||||||||||||||
Prepayments | $ 1,679,663 | RM 7,884,000 | $ 1,206,757 | RM 5,594,400 | ||||||||||||||||||
Waiver for unpaid balance | $ 500,000 | RM 2,000,000 | $ 600,000 | RM 2,900,000 | ||||||||||||||||||
ARX Media Sdn Bhd [Member] | ||||||||||||||||||||||
Contract price | 1,100,000 | 5,000,000 | $ 3,200,000 | RM 15,000,000 | $ 47,200,000 | RM 218,750,000 | $ 2,900,000 | RM 13,500,000 | ||||||||||||||
Prepayments | 2,400,000 | 11,400,000 | ||||||||||||||||||||
ARX Media Sdn Bhd [Member] | First Installment [Member] | ||||||||||||||||||||||
Prepayments | 25,200,000 | 111,000,000 | ||||||||||||||||||||
ARX Media Sdn Bhd [Member] | Second Installment [Member] | ||||||||||||||||||||||
Prepayments | $ 18,130,000 | RM 80,000,000 | ||||||||||||||||||||
Boring Lark Sdn Bhd [Member] | ||||||||||||||||||||||
Contract price | $ 2,200,000 | RM 10,000,000 | ||||||||||||||||||||
Prepayments | $ 1,700,000 | RM 8,000,000 | ||||||||||||||||||||
Teclutions Sdn Bhd [Member] | ||||||||||||||||||||||
Contract price | $ 200,000 | RM 1,000,000 | $ 100,000 | RM 600,000 | ||||||||||||||||||
Prepayments | $ 200,000 | RM 900,000 | ||||||||||||||||||||
Prepayments | $ 100,000 | RM 500,000 |
SCHEDULE OF PROPERTY, PLANT AND
SCHEDULE OF PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($) | Sep. 30, 2023 | Sep. 30, 2022 |
Property, Plant and Equipment [Line Items] | ||
Less: accumulated depreciation | $ (1,237,594) | $ (8,027) |
Property and equipment, net | 2,523,181 | 13,380 |
Office Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 293,746 | 21,407 |
Vehicles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 211,710 | |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 3,255,319 |
PROPERTY AND EQUIPMENT, NET (De
PROPERTY AND EQUIPMENT, NET (Details Narrative) - USD ($) | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation expense | $ 21,853 | $ 4,103 | $ 2,568 |
SCHEDULE OF INTANGIBLE ASSETS N
SCHEDULE OF INTANGIBLE ASSETS NET (Details) - USD ($) | Sep. 30, 2023 | Sep. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Computer software and applications | [1] | $ 932,757 | $ 939,753 |
Computer system – AI calculation engine | [2] | 17,043,760 | |
Content assets- licensed movies and television series | [3] | 107,337 | 108,678 |
Trademark | [4] | 1,400,000 | |
Technology | [4] | 9,200,000 | |
Customer relationship | [4] | 12,900,000 | |
Less: accumulated amortization | (1,917,804) | (144,663) | |
Intangible asset, net | $ 39,666,050 | $ 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 10 10 |
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) | Sep. 30, 2023 USD ($) | Sep. 30, 2023 MYR (RM) | Jun. 12, 2023 USD ($) | Jun. 12, 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 | $ 1,100,000 | RM 5,000 | $ 3,200,000 | RM 15,000 | $ 47,200,000 | RM 218,750 | $ 2,900,000 | RM 13,500 | ||||
ARX Media Sdn Bhd [Member] | Second Installment [Member] | ||||||||||||
Prepayments | $ 18,130,000 | RM 80,000 |
SCHEDULE OF ESTIMATED FUTURE AM
SCHEDULE OF ESTIMATED FUTURE AMORTIZATION EXPENSE (Details) - USD ($) | Sep. 30, 2023 | Sep. 30, 2022 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2024 | $ 4,187,898 | |
2025 | 4,196,605 | |
2026 | 4,196,605 | |
2027 | 4,110,676 | |
2028 | 4,102,486 | |
Thereafter | 18,871,780 | |
Intangible asset, net | $ 39,666,050 | $ 903,768 |
INTANGIBLE ASSETS, NET (Details
INTANGIBLE ASSETS, NET (Details Narrative) - USD ($) | 12 Months Ended | |||
Nov. 01, 2021 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | |
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization intangible assets | $ 1,818,449 | $ 157,164 | ||
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 LOANS (Details)
SCHEDULE OF LOANS (Details) | 12 Months Ended | |
Sep. 30, 2023 USD ($) | ||
Debt Instrument [Line Items] | ||
Loan Agreement Date | 4/23/2020 | |
Loan Amount | $ 2,730,156 | |
Loan Term | 1 year | |
Purpose of loan | Working capital | |
Balance | $ 2,070,563 | |
CIMB BANK BERHAD [Member] | Loan One [Member] | ||
Debt Instrument [Line Items] | ||
Loan Agreement Date | 5/23/2014 | |
Loan Amount | $ 591,199 | |
Interest Rate | 2.10% | [1] |
Loan Term | 240 months | |
Purpose of loan | Real property loan | |
Balance | $ 423,661 | |
CIMB BANK BERHAD [Member] | Loan Two [Member] | ||
Debt Instrument [Line Items] | ||
Loan Agreement Date | 5/23/2014 | |
Loan Amount | $ 188,742 | |
Interest Rate | 2.10% | [1] |
Loan Term | 240 months | |
Purpose of loan | Real property loan | |
Balance | $ 142,283 | |
Hong Leong Islamic Bank [Member] | Loan One [Member] | ||
Debt Instrument [Line Items] | ||
Loan Agreement Date | 2/26/2019 | |
Loan Amount | $ 229,513 | |
Interest Rate | 2.55% | [2] |
Loan Term | 216 months | |
Purpose of loan | Real property loan | |
Balance | $ 185,663 | |
Hong Leong Islamic Bank [Member] | Loan Two [Member] | ||
Debt Instrument [Line Items] | ||
Loan Agreement Date | 2/26/2019 | |
Loan Amount | $ 235,553 | |
Interest Rate | 2.55% | [2] |
Loan Term | 216 months | |
Purpose of loan | Real property loan | |
Balance | $ 190,461 | |
Hong Leong Islamic Bank [Member] | Loan Three [Member] | ||
Debt Instrument [Line Items] | ||
Loan Agreement Date | 2/26/2019 | |
Loan Amount | $ 439,181 | |
Interest Rate | 2.55% | [2] |
Loan Term | 216 months | |
Purpose of loan | Real property loan | |
Balance | $ 354,897 | |
Hong Leong Islamic Bank [Member] | Loan Five [Member] | ||
Debt Instrument [Line Items] | ||
Loan Agreement Date | 2/26/2019 | |
Loan Amount | $ 511,012 | |
Interest Rate | 2.55% | [2] |
Loan Term | 216 months | |
Purpose of loan | Real property loan | |
Balance | $ 412,914 | |
Hong Leong Islamic Bank [Member] | Loan Four [Member] | ||
Debt Instrument [Line Items] | ||
Loan Amount | $ 319,248 | |
Interest Rate | 2.55% | [2] |
Loan Term | 216 months | |
Balance | $ 258,212 | |
Hong Leong Islamic Bank [Member] | Loan Six [Member] | ||
Debt Instrument [Line Items] | ||
Loan Amount | $ 215,708 | |
Interest Rate | 3.50% | |
Loan Term | 66 months | |
Balance | $ 102,472 | |
Loan Six [Member] | ||
Debt Instrument [Line Items] | ||
Loan Agreement Date | 2/26/2019 | |
Purpose of loan | Real property loan | |
[1]Base lending rate[2]Islamic financing rate |
SCHEDULE OF FUTURE MINIMUM LOAN
SCHEDULE OF FUTURE MINIMUM LOAN PAYMENTS TO BE PAID (Details) | Sep. 30, 2023 USD ($) |
Debt Disclosure [Abstract] | |
2024 | $ 254,010 |
2025 | 245,261 |
2026 | 201,876 |
2027 | 197,932 |
2028 | 197,932 |
Thereafter | 1,551,217 |
Total future minimum loan payments | 2,648,228 |
Less: imputed interest | (577,665) |
Present value of loan liabilities | $ 2,070,563 |
LOAN PAYABLES (Details Narrativ
LOAN PAYABLES (Details Narrative) - USD ($) | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |||
Interest expense | $ 31,365 |
SCHEDULE OF INCOME TAX PROVISIO
SCHEDULE OF INCOME TAX PROVISION (Details) - USD ($) | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | |
Subtotal | $ 1,276,701 | $ 1,407,449 | $ 724,508 |
Deferred income tax provision (benefit) | 857,381 | ||
Total income tax provision | 2,134,082 | 1,407,449 | 692,405 |
CAYMAN ISLANDS | |||
Subtotal | |||
Deferred income tax provision (benefit) | |||
MALAYSIA | |||
Subtotal | 1,276,701 | 1,407,449 | 724,508 |
Deferred income tax provision (benefit) | $ 857,381 | $ (32,103) |
SCHEDULE OF EFFECTIVE INCOME TA
SCHEDULE OF EFFECTIVE INCOME TAX RATE RECONCILIATION (Details) - USD ($) | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | |||
Income tax provision computed based on Malaysia unified income tax statutory rate | $ 1,761,266 | $ 1,410,066 | $ 566,514 |
Effect of tax exemption due to reduced income tax rate for small and medium sized companies | (1,460) | (10,183) | |
Permanent difference | 374,276 | 401,286 | 37,329 |
Change in valuation allowance | (403,903) | 98,745 | |
Actual income tax provision | $ 2,134,082 | $ 1,407,449 | $ 692,405 |
SCHEDULE OF DEFERRED TAX ASSETS
SCHEDULE OF DEFERRED TAX ASSETS (Details) - USD ($) | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 |
Income Tax Disclosure [Abstract] | |||
Deferred tax assets derived from net operating loss carry forwards | $ 229,233 | $ 35,174 | |
Less: valuation allowance | (35,174) | (35,174) | $ (137,932) |
Deferred tax assets | $ 194,059 |
SCHEDULE OF VALUATION ALLOWANCE
SCHEDULE OF VALUATION ALLOWANCE (Details) - USD ($) | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | |||
Balance at beginning of the period | $ 35,174 | $ 137,932 | |
Current period change | (102,758) | $ 96,983 | |
Balance at end of the period | $ 35,174 | $ 35,174 | $ 137,932 |
SCHEDULE OF DEFERRED TAX LIABIL
SCHEDULE OF DEFERRED TAX LIABILITY (Details) - USD ($) | Sep. 30, 2023 | Sep. 30, 2022 |
Income Tax Disclosure [Abstract] | ||
Difference between tax and book basis of depreciation and amortization expense | $ 966,978 | |
Intangible assets acquired through the acquisition of One Eighty Ltd. | 5,640,000 | |
Less: deferred tax assets | (194,059) | |
Deferred tax liability, net | $ 6,412,919 |
SCHEDULE OF TAXES PAYABLE (Deta
SCHEDULE OF TAXES PAYABLE (Details) - USD ($) | Sep. 30, 2023 | Sep. 30, 2022 |
Income Tax Disclosure [Abstract] | ||
Income tax payable | $ 326,389 | $ 1,188,274 |
Service tax payable | 495,156 | 215,854 |
Less: Tax prepaid | (482,195) | |
Total | $ 339,350 | $ 1,404,128 |
TAXES (Details Narrative)
TAXES (Details Narrative) | 12 Months Ended | |||||
Sep. 30, 2023 USD ($) $ / shares | Sep. 30, 2023 MYR (RM) | Sep. 30, 2022 USD ($) $ / shares | Sep. 30, 2022 MYR (RM) | Sep. 30, 2021 USD ($) $ / shares | Sep. 30, 2023 MYR (RM) | |
Paid in capital | $ 81,902,805 | $ 18,918,303 | ||||
Gross income | 10,906,238 | 7,187,804 | $ 3,146,354 | |||
Tax rates and tax exemption | 1,460 | 10,183 | ||||
Valuation allowance | 35,174 | 35,174 | 137,932 | |||
Change in valuation allowance | $ (102,758) | 96,983 | ||||
MALAYSIA | ||||||
Enterprise income tax rate | 24% | 24% | 24% | 24% | ||
Paid in capital | RM | RM 2,500,000 | |||||
Gross income | RM | RM 50,000,000 | |||||
Effective income tax rate reconciliation, percent | 17% | 17% | 17% | 17% | ||
Taxable income | $ 150,000 | RM 600,000 | $ 150,000 | RM 600,000 | ||
Tax rates and tax exemption | $ 1,460 | $ 10,183 | ||||
Tax rates and tax exemption per shares | $ / shares | $ 0 | $ 0 | $ 0 |
SCHEDULE OF RELATED PARTIES (De
SCHEDULE OF RELATED PARTIES (Details) | 12 Months Ended |
Sep. 30, 2023 | |
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] | |
Related Party Transaction [Line Items] | |
Relationship to the company | Director, chief executive officer, and shareholder of One Eighty Ltd and 180 Degrees Brandcom Sdn Bhd |
Chan Foong Ming [Member] | |
Related Party Transaction [Line Items] | |
Relationship to the company | Sister of Chan Chee Hong and director of Media Elements |
Sdh Bhd 180 Degree [Member] | |
Related Party Transaction [Line Items] | |
Relationship to the company | An entity controlled by Chan Chee Hong |
Sdh Bhd 181 Degree [Member] | |
Related Party Transaction [Line Items] | |
Relationship to the company | An entity controlled by Chan Chee Hong |
Sdh Bhd [Member] | |
Related Party Transaction [Line Items] | |
Relationship to the company | An entity controlled by Chan Foong Ming |
SCHEDULE OF DUE FROM A RELATED
SCHEDULE OF DUE FROM A RELATED PARTY (Details) - USD ($) | Sep. 30, 2023 | Sep. 30, 2022 |
VE Services [Member] | ||
Related Party Transaction [Line Items] | ||
Other receivables | $ 1,473 | |
Chan Foong Ming [Member] | ||
Related Party Transaction [Line Items] | ||
Other receivables | 1,094 | |
Chan Chee Hong [Member] | ||
Related Party Transaction [Line Items] | ||
Other receivables | 45,000 | |
Sdh Bhd [Member] | ||
Related Party Transaction [Line Items] | ||
Other receivables | 66,187 | |
Related Party [Member] | ||
Related Party Transaction [Line Items] | ||
Other receivables | $ 112,281 | $ 1,473 |
SCHEDULE OF DUE TO RELATED PART
SCHEDULE OF DUE TO RELATED PARTIES (Details) - USD ($) | Sep. 30, 2023 | Sep. 30, 2022 |
Bizguide Corporate Service Sdn Bhd [Member] | ||
Related Party Transaction [Line Items] | ||
Total | $ 1,892 | $ 1,763 |
KH Advisory Sdn Bhd [Member] | ||
Related Party Transaction [Line Items] | ||
Total | 937 | 5,598 |
Strategic Communications Sdn Bhd 180 Degree [Member] | ||
Related Party Transaction [Line Items] | ||
Total | 132,774 | |
Sdn Bhd 180 Degree Holding [Member] | ||
Related Party Transaction [Line Items] | ||
Total | 5,965 | |
Chan Chee Hong [Member] | ||
Related Party Transaction [Line Items] | ||
Total | 105,268 | |
Related Party [Member] | ||
Related Party Transaction [Line Items] | ||
Total | $ 246,836 | $ 7,361 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) | 11 Months Ended | 12 Months Ended | |||||
Aug. 20, 2021 USD ($) ft² | Aug. 20, 2021 MYR (RM) ft² | Aug. 31, 2021 USD ($) | Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Sep. 30, 2020 USD ($) | |
Revenue from a related party | $ 11,740,852 | $ 7,194,187 | $ 3,166,228 | ||||
Payments for Rent | 95 | ||||||
Office Lease Agreements [Member] | Zenapp [Member] | |||||||
Payments for Rent | $ 3,850 | $ 4,200 | |||||
Three Sub Tenancy Agreements [Member] | Zenapp [Member] | |||||||
Payments for Rent | $ 2,424 | RM 10,000 | |||||
Area of Land | ft² | 4,800 | 4,800 | |||||
Payment Solution Services Related Party [Member] | |||||||
Revenue from a related party | $ 7,566 | $ 9,575 | $ 1,494 |
SHAREHOLDERS_ EQUITY (Details N
SHAREHOLDERS’ EQUITY (Details Narrative) - USD ($) | 12 Months Ended | ||||||
Nov. 03, 2022 | Oct. 26, 2022 | Aug. 25, 2022 | Jun. 08, 2022 | Sep. 30, 2023 | 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 | 71,885,000 | 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 | 71,885,000 | 45,375,000 | |||||
Share price | $ 4 | ||||||
Proceeds from initial public offerings | $ 2,730,674 | ||||||
Number of ordinary shares percent | 7% | ||||||
Weighted average remaining life of warrants | 3 years 10 months 24 days | ||||||
Percentage of initial public offering | 140% | ||||||
Underwriter Representative Warrants [Member] | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Warrants to purchase shares | 376,250 | ||||||
Weighted average remaining life of warrants | 5 years | ||||||
Exercise price | $ 5.60 | ||||||
IPO [Member] | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Aggregate share purchase | 5,375,000 | ||||||
Share price | $ 4 | ||||||
Proceeds from Issuance of Common Stock | $ 21,500,000 | ||||||
Proceeds from initial public offerings | 18,800,000 | ||||||
Proceeds from initial public offerings | $ 2,700,000 | ||||||
Private Placement [Member] | Subscription Agreements [Member] | Four Investors [Member] | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Aggregate share purchase | 9,000,000 | 9,000,000 | |||||
Share price | $ 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) | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | |
Revenue from Contract with Customer Benchmark [Member] | Customer Concentration Risk [Member] | One Customer [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 23.10% | 21.70% | |
Revenue from Contract with Customer Benchmark [Member] | Customer Concentration Risk [Member] | Two Customer [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 23.80% | 10.80% | |
Revenue from Contract with Customer Benchmark [Member] | Customer Concentration Risk [Member] | No Customer [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 10% | ||
Revenue from Contract with Customer Benchmark [Member] | Customer Concentration Risk [Member] | Three Customer [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 10.80% | ||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | One Customer [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 23.80% | ||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Two Customer [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 12% | ||
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] | Three Customer [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 11.30% | ||
Purchase [Member] | Supplier Concentration Risk [Member] | Vendor [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 10% | 10% | 10% |
SCHEDULE OF SUPPLEMENTAL BALANC
SCHEDULE OF SUPPLEMENTAL BALANCE SHEET INFORMATION RELATED TO OPERATING LEASE (Details) - USD ($) | Sep. 30, 2023 | Sep. 30, 2022 |
Leases | ||
Operating lease right-of-use assets | $ 166,649 | $ 49,145 |
Right-of-use assets - accumulated amortization | (21,748) | (6,571) |
Right-of-use assets, net | 144,901 | 42,574 |
Operating lease liabilities – current | 47,537 | 15,833 |
Operating lease liabilities – non-current | 97,364 | 26,741 |
Total operating lease liabilities | $ 144,901 | $ 42,574 |
SCHEDULE OF WEIGHTED AVERAGE RE
SCHEDULE OF WEIGHTED AVERAGE REMAINING LEASE TERMS AND DISCOUNT RATES (Details) | Sep. 30, 2023 | Sep. 30, 2022 | |
Equipment Lease [Member] | |||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Weighted average remaining lease term | 1 year 8 months 1 day | 2 years 8 months 1 day | |
Weighted average discount rate | [1] | 5% | 5% |
Office Lease Agreements [Member] | |||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Weighted average remaining lease term | 2 years 10 months 28 days | 2 years 6 months | |
Weighted average discount rate | [2] | 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.[2]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 THE MATURITIES OF O
SCHEDULE OF THE MATURITIES OF OPERATING LEASE LIABILITIES (Details) - USD ($) | Sep. 30, 2023 | Sep. 30, 2022 |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Total operating lease liabilities | $ 144,901 | $ 42,574 |
Equipment Lease [Member] | ||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
2024 | 1,120 | |
2025 | 840 | |
Total future minimum lease payments | 1,960 | |
Less: imputed interest | (87) | |
Total operating lease liabilities | 1,873 | |
Office Lease Agreements [Member] | ||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
2024 | 46,487 | |
2025 | 52,716 | |
2026 | 38,314 | |
2027 | 10,589 | |
Total future minimum lease payments | 148,106 | |
Less: imputed interest | 5,078 | |
Total operating lease liabilities | $ 143,028 |
LEASES (Details Narrative)
LEASES (Details Narrative) | 11 Months Ended | 12 Months Ended | |||||||||
Apr. 30, 2023 USD ($) | Apr. 30, 2023 MYR (RM) | Apr. 30, 2022 USD ($) | Apr. 30, 2022 MYR (RM) | Aug. 20, 2021 USD ($) ft² | Aug. 20, 2021 MYR (RM) ft² | Aug. 31, 2021 USD ($) | Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Sep. 30, 2020 USD ($) | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||
OPerating lease expenses | $ 41,090 | $ 56,690 | $ 7,274 | ||||||||
Rent | $ 95 | ||||||||||
Equipment Lease [Member] | |||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||
Lease term | 60 months | ||||||||||
Office Lease Agreements [Member] | Zenapp [Member] | |||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||
Rent | $ 3,850 | $ 4,200 | |||||||||
Three Sub Tenancy Agreements [Member] | Zenapp [Member] | |||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||
Rent | $ 2,424 | RM 10,000 | |||||||||
Area of Land | ft² | 4,800 | 4,800 | |||||||||
Three Sub Tenancy Agreement [Member] | Zenapp [Member] | |||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||
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] | |||||||||||
Rent | $ 1,590 | RM 7,100 | $ 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] | |||||||||||
Rent | $ 1,500 | RM 6,700 | $ 1,460 | RM 6,288 |
SCHEDULE OF SUMMARY INFORMATION
SCHEDULE OF SUMMARY INFORMATION BY SEGMENT (Details) - USD ($) | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | |
Segment Reporting Information [Line Items] | |||
Total operating revenue | $ 11,740,852 | $ 7,194,187 | $ 3,166,228 |
Operating expenses | 7,142,863 | 2,499,926 | 1,026,339 |
Income (loss) from operations | 4,597,989 | 4,694,261 | 2,139,889 |
Income tax expenses | 2,134,082 | 1,407,449 | 692,405 |
Net income | 2,148,236 | 3,602,365 | 1,447,650 |
Capital expenditure | 17,694,111 | 1,135,929 | 5,203 |
Total assets | 153,026,585 | 25,042,418 | 4,015,135 |
Cash Rebate Service [Member] | |||
Segment Reporting Information [Line Items] | |||
Total operating revenue | 84,592 | 20,137 | 7,708 |
Operating expenses | 1,096,459 | 785,167 | 444,526 |
Income (loss) from operations | (1,011,867) | (791,694) | (436,818) |
Income tax expenses | 1,297,288 | 609,987 | |
Net income | (2,322,180) | (1,401,319) | (436,652) |
Capital expenditure | 12,545 | 737,508 | |
Total assets | 25,779,956 | 12,168,625 | 298,567 |
Advertising Services [Member] | |||
Segment Reporting Information [Line Items] | |||
Total operating revenue | 5,307,280 | 7,174,050 | 3,158,520 |
Operating expenses | 3,053,173 | 1,714,759 | 581,813 |
Income (loss) from operations | 2,254,107 | 5,742,132 | 2,576,707 |
Income tax expenses | 746,858 | 797,462 | 692,405 |
Net income | 1,165,844 | 5,003,684 | 1,884,302 |
Capital expenditure | 2,319 | 398,421 | 5,203 |
Total assets | 35,073,400 | $ 12,873,793 | $ 3,716,568 |
Software Licensing [Member] | |||
Segment Reporting Information [Line Items] | |||
Total operating revenue | 5,715,333 | ||
Operating expenses | 2,561,863 | ||
Income (loss) from operations | 3,153,470 | ||
Income tax expenses | 1,622 | ||
Net income | 3,312,991 | ||
Capital expenditure | 17,679,247 | ||
Total assets | 86,445,769 | ||
Production Services [Member] | |||
Segment Reporting Information [Line Items] | |||
Total operating revenue | 362,040 | ||
Operating expenses | 236,951 | ||
Income (loss) from operations | 125,089 | ||
Income tax expenses | 50,449 | ||
Net income | 3,657 | ||
Capital expenditure | |||
Total assets | 2,860,610 | ||
Marketing and Promotional Services [Member] | |||
Segment Reporting Information [Line Items] | |||
Total operating revenue | 271,607 | ||
Operating expenses | 194,417 | ||
Income (loss) from operations | 77,190 | ||
Income tax expenses | 37,865 | ||
Net income | (12,076) | ||
Capital expenditure | |||
Total assets | $ 2,866,850 |
SCHEDULE OF BUSINESS ACQUISITIO
SCHEDULE OF BUSINESS ACQUISITION (Details) - One Eighty Ltd [Member] | Jun. 26, 2023 USD ($) |
Business Acquisition [Line Items] | |
Total purchase considerations for 100% equity interest purchase | $ 104,030,000 |
Cash & cash equivalents | 932,893 |
Accounts receivable, net | 2,441,592 |
Deposit and prepayments | 576,231 |
Other receivables | 192,926 |
Short-term deposit | 126,071 |
Due from related parties | 125,984 |
Tax receivable | 541,218 |
Deferred tax | 52,877 |
Long-term deposit | 214,362 |
Right-of-use assets, net | 2,140 |
Property, plant and equipment, net | 2,532,215 |
Intangible assets acquired | 23,500,000 |
Total assets acquired | 31,238,509 |
Accounts payable | (374,782) |
Advance from customer | (611,702) |
Accrued liabilities and other payables | (383,427) |
Due to related parties | (325,309) |
Lease Liability - current | (1,005) |
Loan payable | (2,115,397) |
Lease Liability -noncurrent | (1,135) |
Deferred tax liability | (5,640,000) |
Total liabilities assumed | (9,452,757) |
Total net assets acquired | 21,785,752 |
Goodwill as a result of the acquisition | $ 82,244,248 |
SCHEDULE OF BUSINESS ACQUISIT_2
SCHEDULE OF BUSINESS ACQUISITION (Details) (Parenthetical) | Jun. 26, 2023 |
One Eighty Ltd [Member] | |
Business Acquisition [Line Items] | |
Business acquisition, percentage of voting interests acquired | 100% |
SCHEDULE OF PROFORMA CONSOLIDAT
SCHEDULE OF PROFORMA CONSOLIDATED RESULTS OF OPERATIONS (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | |
Business Acquisition [Line Items] | ||||
Less: net loss attributable to non-controlling interests | $ 311,497 | |||
Net income attributable to the Company | 2,148,236 | 3,602,365 | 1,447,650 | |
One Eighty Ltd [Member] | ||||
Business Acquisition [Line Items] | ||||
Revenue | $ 2,899,285 | 15,875,542 | 13,368,084 | 6,008,897 |
Operating costs and expenses | 1,874,449 | 9,749,002 | 6,221,815 | 4,358,023 |
Income from operations | 1,024,836 | 6,126,540 | 7,146,269 | 1,650,874 |
Other income | 17,383 | 26,162 | 159,800 | 88,053 |
Income tax expenses | 406,512 | 1,736,777 | 1,966,108 | 628,107 |
Net income | 635,707 | 4,415,925 | 5,339,961 | 1,110,820 |
Less: net loss attributable to non-controlling interests | 311,497 | 1,269,051 | 851,422 | (165,047) |
Net income attributable to the Company | $ 324,210 | $ 3,146,874 | $ 4,488,539 | $ 1,275,867 |
ACQUISITIONS OF SUBSIDIARIES (D
ACQUISITIONS OF SUBSIDIARIES (Details Narrative) - USD ($) | Sep. 01, 2023 | Jul. 10, 2023 | Jun. 26, 2023 | Sep. 30, 2023 | Sep. 30, 2022 | Jun. 08, 2022 | Sep. 13, 2021 |
Business Acquisition [Line Items] | |||||||
Par value of shares | $ 0.001125 | $ 0.001125 | $ 0.001125 | $ 0.0001 | |||
One Eighty Ltd [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Acquisition of shares | 229,500,000 | ||||||
Par value of shares | $ 0.0001 | ||||||
Percentage of shares issued | 51% | ||||||
Number of shares issued | 17,510,000 | ||||||
Sale of stock price per share | $ 0.001125 | ||||||
Sale of stock consideration received | $ 53,055,300 | ||||||
One Eighty Ltd [Member] | Share-Based Payment Arrangement, Tranche One [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Number of shares issued | 8,755,000 | ||||||
One Eighty Ltd [Member] | Share-Based Payment Arrangement, Tranche Two [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Number of shares issued | 8,755,000 |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) - Subsequent Event [Member] - USD ($) | 1 Months Ended | ||
Nov. 13, 2023 | Oct. 26, 2023 | Oct. 31, 2023 | |
Subsequent Event [Line Items] | |||
Sale of stock | 119,984 | ||
Proceeds from customers | $ 119,388 | ||
ProSeeds Ltd [Member] | |||
Subsequent Event [Line Items] | |||
Acquisition of shares | 100,000 | ||
Acquisition of shares | 100% | 100% | |
Sale of stock | 12,000,000 | 12,000,000 | |
Value of per shares | $ 1 | $ 1 |