Document And Entity Information
Document And Entity Information | 12 Months Ended |
Dec. 31, 2023 | |
Document Information Line Items | |
Entity Registrant Name | WEBUY GLOBAL LTD |
Document Type | F-1/A |
Amendment Flag | true |
Amendment Description | Amendment No. 1 |
Entity Central Index Key | 0001946703 |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
Entity Incorporation, State or Country Code | E9 |
Entity Address, Address Line One | 35 Tampines Street 92 |
Entity Address, City or Town | Singapore |
Entity Address, Country | SG |
Entity Address, Postal Zip Code | 528880 |
City Area Code | +65 |
Local Phone Number | 8859 9762 |
Business Contact | |
Document Information Line Items | |
Entity Address, Address Line One | 122 East 42nd Street |
Entity Address, City or Town | New York |
Entity Address, Postal Zip Code | 10168 |
City Area Code | (212) |
Local Phone Number | 947-7200 |
Contact Personnel Name | Cogency Global Inc. |
Entity Address, Address Line Two | 18th Floor |
Entity Address, State or Province | NY |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Current assets | ||
Cash and cash equivalents | $ 5,393,848 | $ 1,554,464 |
Accounts receivable | 10,112,638 | 2,568,183 |
Inventories | 769,584 | 1,127,133 |
Prepaid expenses and other assets | 6,032,074 | 1,337,419 |
Note receivable | 3,075,000 | |
Total current assets | 25,394,951 | 6,591,318 |
Leasehold improvements and equipment, net | 896,539 | 423,633 |
Right of use assets – operating lease | 2,690,521 | 42,712 |
Intangible assets | 1,251,180 | 932,999 |
Total Assets | 30,233,191 | 7,990,662 |
Current Liabilities | ||
Accounts payable | 11,058,508 | 5,464,617 |
Deferred revenue | 1,859,990 | 1,007,494 |
Other current liabilities | 6,110,738 | 1,728,792 |
Loans payable – current | 512,435 | 1,611,069 |
Convertible notes payable | 1,901,600 | 412,400 |
Operating lease liability – current | 708,953 | 32,347 |
Total Current Liabilities | 22,178,153 | 10,282,055 |
Loans payable – non-current | 204,758 | 473,758 |
Operating lease liability – non-current | 2,194,553 | 10,598 |
Total Liabilities | 24,577,464 | 10,766,411 |
Commitments and contingencies | ||
Shareholders’ Equity (Deficit) | ||
Ordinary stock (260,000,000,000 shares authorized, $0.000000385 par value, 52,381,600 shares and 48,011,600* shares issued and outstanding as of December 31, 2023 and 2022, respectively) | 20 | 18 |
Additional paid-in capital | 29,287,795 | 15,678,812 |
Accumulated deficit | (23,484,274) | (18,337,830) |
Accumulated other comprehensive loss | (93,154) | (75,641) |
Total Shareholders’ Equity (Deficit) to shareholders of Webuy Global Ltd | 5,710,387 | (2,734,641) |
Deficit attributable to non-controlling interests | (54,660) | (41,108) |
Total Shareholders’ Equity (Deficit) | 5,655,727 | (2,775,749) |
Total Liabilities and Shareholders’ Equity | 30,233,191 | 7,990,662 |
Related Party | ||
Current assets | ||
Amount due from related parties | 11,807 | 4,119 |
Current Liabilities | ||
Amount due to a related party | $ 25,929 | $ 25,336 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Dec. 31, 2023 | Dec. 31, 2022 | |
Statement of Financial Position [Abstract] | |||
Ordinary stock, shares authorized | 260,000,000,000 | 260,000,000,000 | |
Ordinary stock, par value (in Dollars per share) | $ 0.00000 | $ 0.00000 | |
Ordinary stock, shares issued | 52,381,600 | 48,011,600 | [1] |
Ordinary stock, shares outstanding | 52,381,600 | 48,011,600 | [1] |
[1]Giving retroactive effect to the share forward split on May 2, 2023. |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Loss - USD ($) | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |||
Income Statement [Abstract] | |||||
Revenues | $ 61,686,170 | $ 44,560,418 | $ 22,295,682 | ||
Cost of revenues | (56,543,663) | (40,808,849) | (19,792,424) | ||
Gross profit | 5,142,507 | 3,751,569 | 2,503,258 | ||
Operating expenses | |||||
Selling and distribution expenses | (2,562,980) | (4,124,601) | (4,314,001) | ||
General administrative expenses | (7,732,833) | (5,730,142) | (4,423,191) | ||
Share-based compensation | (1,266,890) | (1,973,454) | |||
Total operating expenses | (10,295,813) | (11,121,633) | (10,710,646) | ||
Loss from operations | (5,153,306) | (7,370,064) | (8,207,388) | ||
Other (expense) income | |||||
Other income | 284,992 | 127,229 | 66,226 | ||
Gain on disposal of subsidiaries | 825,153 | ||||
Finance costs | (294,140) | (283,521) | (25,992) | ||
Total other (expense) income, net | (9,148) | 668,861 | 40,234 | ||
Loss before income taxes | (5,162,454) | (6,701,203) | (8,167,154) | ||
Income taxes | |||||
Net loss | (5,162,454) | (6,701,203) | (8,167,154) | ||
Less: Net loss attributable to non-controlling interests | 16,010 | 40,257 | 127,250 | ||
Net loss attributable to shareholders of Webuy Global Ltd | (5,146,444) | (6,660,946) | (8,039,904) | ||
Net loss | (5,162,454) | (6,701,203) | (8,167,154) | ||
Foreign currency translation | (15,055) | (108,688) | (66,023) | ||
Comprehensive loss | (5,177,509) | (6,809,891) | (8,233,177) | ||
Less: Comprehensive loss attributable to non-controlling interests | 13,552 | 37,192 | 127,339 | ||
Comprehensive loss attributable to shareholders of Webuy Global Ltd | $ (5,163,957) | $ (6,772,699) | $ (8,105,838) | ||
Basic loss per ordinary share (in Dollars per share) | $ (0.11) | $ (0.16) | [1] | $ (0.21) | [1] |
Basic weighted average number of ordinary shares outstanding (in Shares) | 48,825,956 | 41,667,600 | [1] | 38,402,000 | [1] |
[1]Giving retroactive effect to the share forward split on May 2, 2023. |
Consolidated Statements of Op_2
Consolidated Statements of Operations and Comprehensive Loss (Parentheticals) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Statement [Abstract] | |||
Diluted loss per ordinary share | $ (0.11) | $ (0.16) | $ (0.21) |
Diluted weighted average number of ordinary shares outstanding | 48,825,956 | 41,667,600 | 38,402,000 |
Consolidated Statements of Chan
Consolidated Statements of Changes In Shareholders’ Equity (Deficit) - USD ($) | Ordinary Shares | Additional Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive (loss) Income | Equity (Deficit) to Ordinary Shareholders | Non- controlling Interests | Total | ||
Balance at Dec. 31, 2020 | $ 15 | [1] | $ 8,467,669 | $ (3,607,729) | $ 102,046 | $ 4,962,001 | $ 39,683 | $ 5,001,684 | |
Balance (in Shares) at Dec. 31, 2020 | [1] | 38,402,000 | |||||||
Investment in a subsidiary (Note) | [1] | (29,251) | (29,251) | 37,677 | 8,426 | ||||
Share-based compensation | [1] | 1,973,454 | 1,973,454 | 1,973,454 | |||||
Net loss | [1] | (8,039,904) | (8,039,904) | (127,250) | (8,167,154) | ||||
Foreign currency translation | [1] | (65,934) | (65,934) | (89) | (66,023) | ||||
Balance at Dec. 31, 2021 | $ 15 | [1] | 10,441,123 | (11,676,884) | 36,112 | (1,199,634) | (49,979) | (1,249,613) | |
Balance (in Shares) at Dec. 31, 2021 | [1] | 38,402,000 | |||||||
Issuance of ordinary shares through convertible notes conversion | [1] | 2,920,800 | 2,920,800 | 2,920,800 | |||||
Issuance of ordinary shares through convertible notes conversion (in Shares) | [1] | 1,040,000 | |||||||
Issuance of ordinary shares through SAFE note conversion | [1] | 750,000 | 750,000 | 750,000 | |||||
Issuance of ordinary shares through SAFE note conversion (in Shares) | [1] | 533,000 | |||||||
Issuance of ordinary shares under a subscription agreement | 300,000 | 300,000 | 300,000 | ||||||
Issuance of ordinary shares under a subscription agreement (in Shares) | [1] | 283,400 | |||||||
Issuance of ordinary shares to Webuy Global Ltd.’s shareholders | $ 1 | [1] | (1) | ||||||
Issuance of ordinary shares to Webuy Global Ltd.’s shareholders (in Shares) | [1] | 3,484,000 | |||||||
Disposal of a subsidiary (Note) | [1] | 46,063 | 46,063 | ||||||
Share-based compensation | $ 2 | [1] | 1,266,890 | 1,266,892 | 1,266,892 | ||||
Share-based compensation (in Shares) | [1] | 4,269,200 | |||||||
Net loss | [1] | (6,660,946) | (6,660,946) | (40,257) | (6,701,203) | ||||
Foreign currency translation | [1] | (111,753) | (111,753) | 3,065 | (108,688) | ||||
Balance at Dec. 31, 2022 | $ 18 | [1] | 15,678,812 | (18,337,830) | (75,641) | (2,734,641) | (41,108) | $ (2,775,749) | |
Balance (in Shares) at Dec. 31, 2022 | [1] | 48,011,600 | |||||||
Issuance of ordinary shares through SAFE note conversion (in Shares) | 533,000 | ||||||||
Issuance of ordinary shares for the initial public offering (“IPO”) | $ 2 | [1] | 13,608,983 | 13,608,985 | $ 13,608,985 | ||||
Issuance of ordinary shares for the initial public offering (“IPO”) (in Shares) | [1] | 4,370,000 | |||||||
Net loss | [1] | (5,146,444) | (5,146,444) | (16,010) | (5,162,454) | ||||
Foreign currency translation | [1] | (17,513) | (17,513) | 2,458 | (15,055) | ||||
Balance at Dec. 31, 2023 | $ 20 | [1] | $ 29,287,795 | $ (23,484,274) | $ (93,154) | $ 5,710,387 | $ (54,660) | $ 5,655,727 | |
Balance (in Shares) at Dec. 31, 2023 | [1] | 52,381,600 | |||||||
[1]Giving retroactive effect to the share forward split on May 2, 2023. |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash Flows From Operating Activities: | |||
Net loss | $ (5,162,454) | $ (6,701,203) | $ (8,167,154) |
Adjustments to reconcile net loss to net cash used in operating activities: | |||
Amortization of intangible assets | 591,321 | 314,023 | 87,723 |
Depreciation of leasehold improvements and equipment and right of use assets | 742,030 | 123,289 | 90,345 |
Gain on disposal of subsidiaries | (825,153) | ||
Provision for expected credit loss on accounts receivable | 520,555 | ||
Impairment losses of other assets | 44,827 | ||
Share-based compensation | 1,266,890 | 1,973,454 | |
Non-cash lease costs | 128,266 | 191,385 | 249,749 |
Changes in operating assets and liabilities: | |||
Inventories | 368,954 | (385,598) | (381,945) |
Accounts receivable | (8,109,852) | (2,625,580) | (104) |
Prepaid expenses and other assets | (4,782,202) | (80,092) | (48,753) |
Operating lease liability | (295,416) | (177,779) | (233,903) |
Accounts payable | 5,564,165 | 3,689,193 | 1,078,955 |
Deferred revenue | 823,874 | 657,938 | 484,115 |
Other current liabilities | 2,457,509 | 415,288 | 811,543 |
Amount due from/to related parties | (7,288) | (24,979) | 61,003 |
Net Cash used in Operating Activities | (7,160,538) | (4,117,551) | (3,994,972) |
Cash Flows From Investing Activities: | |||
Purchase of intangible assets | (890,377) | (853,049) | (459,198) |
Purchase of leasehold improvements and equipment | (698,282) | (286,009) | (156,570) |
Purchase of a promissory note | (3,000,000) | ||
Net Cash used in Investing Activities | (4,588,659) | (1,139,058) | (615,768) |
Cash Flows From Financing Activities | |||
Disposal of subsidiaries | (8,867) | ||
Proceeds from issuance of ordinary shares | 15,543,750 | 300,000 | |
Proceeds from issuance of convertible notes | 1,489,200 | 3,333,200 | |
Proceeds from issuance of SAFE note | 750,000 | ||
Increase in investment in subsidiary | 8,426 | ||
Investment in subsidiaries by non-controlling interest | |||
Proceeds from term loan | 1,923,179 | 1,004,978 | |
Repayment of loan payables | (1,503,945) | (945,528) | (44,464) |
Net Cash provided by Financing Activities | 15,529,005 | 5,351,984 | 968,940 |
Effect of Exchange Rate Changes on Cash | 59,576 | (80,259) | (74,893) |
Net changes in cash | 3,839,384 | 15,116 | (3,716,693) |
Cash at beginning of the period | 1,554,464 | 1,539,348 | 5,256,041 |
Cash at end of the period | 5,393,848 | 1,554,464 | 1,539,348 |
Supplemental Disclosure of Cash Flow Information: | |||
Cash paid for interest | 294,140 | 283,521 | 25,992 |
Cash paid for taxes | |||
Supplemental Disclosure of Non-Cash Financing Activities: | |||
Conversion of convertible notes into ordinary shares | 2,920,800 | ||
Conversion of SAFE note into ordinary shares | $ 750,000 |
Organization, Description of Bu
Organization, Description of Business and Going Concern | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Description of Business and Going Concern [Abstract] | |
Organization, Description of Business and Going Concern | Note 1. Organization, Description of Business and Going Concern Webuy Global Ltd Webuy Global Ltd and subsidiaries (“we”, “our”, “us” or collectively known as the “Company”) is an emerging Southeast Asian (“SEA”) community-oriented e-Commerce retailor (“Community E-Commerce Retailor”) with a focus on grocery and travel. Community e-commerce is a deepened extension form of e-commerce, where social media users with mutual interest and like-minded behavior are connected, forming a community group within a network through online medium. Our mission is to make social shopping a new lifestyle for consumers and to empower consumers’ purchases with an efficient cost-saving purchasing model. Share Swap Agreement On August 29, 2022, the Company closed a share swap agreement (the “Share Swap”) between New Retail International Pte Ltd. (“New Retail”), which is a private company with limited liability under Singapore law and its shareholders. Under the Share Swap, the Company acquired 100% of the issued shares of New Retail (being 16,644 shares comprising (a) 8,202 ordinary shares denominated in SGD, (b) 3,440 preference shares denominated in SGD, and (c) 5,002 preference shares denominated in USD in exchange for the allotment and issuance of 16,644 ordinary shares of Webuy. Following the Share Swap, New Retail became a wholly owned subsidiary of the Company and the former shareholders, holders of warrants, convertible notes, and simple agreements for future equity of New Retail held 100% of the equity interests of the Company prior to the Company’s planned initial public offering. As a result of the share forward split, the effective number of ordinary shares of Webuy became 43,274,400. Reorganization The Share Swap between Webuy and New Retail is considered as a merger of entities under common control. Under the guidance in ASC 805, for transactions between entities under common control, the assets, liabilities and results of operations, are recognized at their carrying amounts on the date of the Share Swap, which required retrospective combination of Webuy and New Retail for all periods presented. The consolidated financial statements have been prepared as if the existing corporate structure had been in existence throughout all periods. This includes a retrospective presentation for all equity related disclosures, including issued shares and earnings per share, which have been revised to reflect the effects of the reorganization, as of December 31, 2023, 2022 and 2021. Corporate Structure Details of the Company and subsidiaries as of December 31, 2023 are set out below: Name Incorporation Percentage of Place of Fiscal Principal Webuy Global Ltd August 29, 2022 — Cayman Islands December 31 Investment holding New Retail International Pte Ltd November 23, 2018 100% Singapore December 31 Community-oriented e-commerce platform PT Webuy Social Indonesia May 5, 2020 95% Indonesia December 31 Community-oriented e-commerce platform The Shopaholic Bear Pte Ltd April 6, 2021 100% Singapore December 31 Community-oriented e-commerce platform Bear Bear Pte Ltd November 2, 2021 100% Singapore December 31 Dormant Webuy Travel Pte. Ltd. November 15, 2022 100% Singapore December 31 Sale of packaged-tour PT Webuy Travel Indonesia October 23, 2023 70% Indonesia December 31 Sale of packaged-tour PT Buah Kita Retail October 23, 2023 100% Indonesia December 31 Offline Retail business for “Buah Kita” brand Webuy Advisory Pte Ltd February 2, 2024 100% Singapore December 31 Management consultancy services Going concern As of December 31, 2023, the Company’s operating losses raise substantial doubt about the Company’s ability to continue as a going concern. In assessing the going concern, management and the Board has considered the following: ● Management expects to see improved cash flows including liquidity and borrowings from future fund-raising activities. The Company’s principal uses of cash have been, and management expects will continue to be, for working capital to support a reasonable increase in our scale of operations as well as for business expansion investments. No assurance can be provided that these additional financings will be available on acceptable terms or at all. If management is unable to execute this plan, there would likely be a material adverse effect on the Company’s business. These consolidated financial statements have been prepared on a going concern basis, which assumes that the Company will be able to continue in operation for the foreseeable future and will be able to realize its assets and discharge its liabilities and commitments in the normal course of business. |
Summary of Signification Accoun
Summary of Signification Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Summary of Signification Accounting Policies | Note 2. Summary of Signification Accounting Policies Basis of presentation and consolidation The consolidated financial statements are prepared on the basis as if the reorganization became effective as of the beginning of the first period presented in the accompanying consolidated financial statements of the Company in accordance with accounting principles generally accepted in the United States of America (“US GAAP”). The consolidated financial statements include the financial statements of the Company and all its majority-owned subsidiaries from the dates they were incorporated. All intercompany balances and transactions have been eliminated in consolidation. Use of estimates The preparation of the consolidated financial statements in conformity with US GAAP requires management of the Company to make a number of estimates and assumptions relating to the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the period. Significant accounting estimates reflected in the Company’s consolidated financial statements include but are not limited to estimates and judgments applied in the allowance for receivables, accounting for share-based compensation arrangements, estimated useful lives of leasehold improvements and equipment, impairment of long-lived assets, and going concern. Actual results could differ from those estimates and judgments. Cash and cash equivalents Cash is carried at cost and represent cash on hand and bank deposits. Cash equivalents consist of funds received from customers, which funds were held at the third-party platform’s fund account, and which are unrestricted and immediately available for withdrawal and use. Periodically, the Company may carry cash balances at financial institutions more than the respective subsidiaries’ government insured limits in Singapore, Indonesia, Malaysia (subsidiary in Malaysia was disposed on July 27, 2022) and China (subsidiary in China was disposed on June 29, 2022) ranging from approximately $ 12,3996 Foreign currencies translation and transactions The reporting currency of the Company is United States Dollar (“US$”) and the accompanying consolidated financial statements have been expressed in “$”. In addition, the Company’s subsidiaries are operating in Singapore, Malaysia, Indonesia and People Republic of China and maintains its books and records in its local currency, Singapore Dollar (“SGD”), Malaysia Ringgit (“MYR”), Indonesia Rupiah (“IDR”) and Chinese Yuan (“CNY”), respectively, which are the functional currency as being the primary currency of the economic environment in which their operations are conducted. In general, for consolidation purposes, assets and liabilities of its subsidiaries whose functional currency is not US$ are translated into US$, in accordance with ASC Topic 830-30, “Translation of Financial Statement”, using the exchange rate on the balance sheet date. Shareholders’ equity is translated using the historical rates. Revenues and expenses are translated at average rates prevailing during the year. The gains and losses resulting from translation of financial statements of foreign subsidiary are recorded as a separate component of accumulated other comprehensive income within the statements of changes in shareholders’ equity. Accounts receivable Accounts receivable are recorded in accordance with ASC 310, “Receivables.” Accounts receivable are recorded at the invoiced amount and do not bear interest. The allowance for doubtful accounts is the Company’s best estimate of the amount of probable credit losses in its existing accounts receivable and other receivables. The Company determines the allowance based on aging data, historical collection experience, customer specific facts and economic conditions. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. The Company did not have any off-balance-sheet credit exposure relating to its customers, suppliers or others. For the years ended December 31, 2023, the Company recorded a provision for expected credit loss of $520,555. For the years ended December 31, 2022 and 2021, the Company did not record any allowances for doubtful accounts against its accounts receivable and other receivables nor did it charge off any such amounts, respectively. Share-based compensation ASC 718 “Compensation — Stock Compensation” prescribes accounting and reporting standards for all share-based payment transactions in which employee services are acquired. Transactions include incurring liabilities, or issuing or offering to issue shares, options, and other equity instruments such as employee stock ownership plans and stock appreciation rights. Share-based payments to employees, including grants of employee stock options, are recognized as compensation expense in the financial statements based on their fair values. That expense is recognized over the period during which an employee is required to provide services in exchange for the award, known as the requisite service period (usually the vesting period). Share-based compensation amounted to approximately $ nil Inventory Inventories which comprise mainly of merchandise products sold through the Company’s e-commerce business platform are primarily accounted for using the first-in-first-out (“FIFO”) method of accounting. Inventories are measured at the lower of cost and net realizable value. The Company estimates the net realizable value of inventories based on an assessment of expected sales prices. Demand levels and pricing competition could change from time to time. If such factors result in an adverse effect on the Company’s products, the Company might be required to reduce the value of its inventories. There is no allowance of obsolete stocks recognized for the financial years ended December 31, 2023, 2022 and 2021. Intangible assets The cost of intangible assets with determinable useful lives is amortized to reflect the pattern of economic benefits consumed on a straight-line basis over the estimated periods benefited. Software, technology, and other intangibles with contractual terms are generally amortized over their respective legal or contractual lives. When certain events or changes in operating conditions occur, an impairment assessment is performed and lives of intangible assets with determinable lives may be adjusted. Intangible assets with finite useful lives are amortized over the estimated economic lives of the intangible assets as follows: Types of intangible assets The estimated Applications development 3 years Software 2 years Leasehold improvements and equipment, net Leasehold improvements and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Cost represents the purchase price of the asset and other costs incurred to bring the asset into its existing use. Maintenance and repairs are charged to expense; major additions to physical properties are capitalized. Depreciation of leasehold improvements is provided using the straight-line method over the shorter of the remaining lease term or their estimated useful lives. Except for leasehold improvements, depreciation of equipment is computed using the straight-line method over the estimated useful lives of the assets with no residual value. The estimated useful lives are as follows: Useful life Motor vehicles 5 – 10 years Office equipment 2 – 8 years Furniture and fittings 5 years Computer 3 years Warehouse equipment 2 years Machinery equipment 3 years Leasehold improvements 5 years Impairment of Intangible and Long-Lived Assets The Company tests its intangible and long-lived assets for impairment at least annually and whenever events or circumstances change that indicate impairment may have occurred. A significant amount of judgment is involved in determining if an indicator of impairment has occurred. Such indicators may include, among others and without limitation: a significant decline in the Company’s expected future cash flows; a sustained, significant decline in the Company’s stock price and market capitalization; a significant adverse change in legal factors or in the business climate of the Company’s segments; unanticipated competition; and slower growth rates. Leases A lease for which substantially all the benefits and risks incidental to ownership remain with the lessor is classified by the lessee as an operating lease. The Company records the lease expenses on a straight-line basis over the lease term. The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) assets, operating lease liabilities — current and operating lease liabilities — non-current on the balance sheets. Finance leases are included in leasehold improvements and equipment, loan payable — current and loan payable — non-current in the balance sheets. Operating lease right-of-use (“ROU”) assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Generally, the implicit rate of interest (“discount rate”) in arrangements is not readily determinable and the Company utilizes its incremental borrowing rate in determining the present value of lease payments. The Company’s incremental borrowing rate is a hypothetical rate based on its understanding of what its credit rating would be. The operating lease ROU asset includes any lease payments made and excludes lease incentives. Leases with an initial term of 12 months or less are not recorded on the balance sheet. The Company accounts for the lease and non-lease components of its leases as a single lease component. Lease expense is recognized on a straight-line basis over the lease term. Accounts payables and other current liabilities Accounts payable and other current liabilities are liabilities for goods and services provided to the Company prior to the end of the financial year which are unpaid. They are recognized initially at their fair value and subsequently measured at amortized cost using the effective interest method. They are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Convertible notes payable Upon adoption of Accounting Standards Update (“ASU”) 2020-06 on January 1, 2022, the elimination of the beneficial conversion feature (“BCF”) and cash conversion models in ASC 470-20 that requires separate accounting for embedded conversion features in convertible instruments results in the convertible debt instruments being recorded as a single liability (i.e., there is no separation of the conversion feature, and all proceeds are allocated to the convertible debt instruments as a single unit of account). Unless conversion features are derivatives that must be bifurcated from the host contracts in accordance with ASC 815-15 or, in the case of convertible debt, if the instruments are issued with a substantial premium, in the latter case, ASC 470-20-25-13 requires the substantial premium to be attributable to the conversion feature and recorded in additional paid-in capital (APIC). The Company accounted for these Notes as a single liability-classified instrument measured at amortized cost due to the adoption of ASU 2020-06. ASC Subtopic 470-20 “Debt — Debt with Conversion and Other Options” and ASC subtopic 815-40 “Hedging — Contracts in Entity’s Own Equity”. The Company has presented these Notes in current liabilities in the accompanying balance sheets. On November 27, 2023, these Note bearers signed another agreement with the Company to provide a waiver of the right of conversion of the Note into conversion shares (Note 1). SAFE Notes Payable The Company evaluates the Simple Agreement for Future Equity (“SAFE”) notes in accordance with ASC 480-10 and determined that the SAFEs represented an obligation that the Company must settle by issuing a variable number of its equity shares, the monetary value of which is known when entering into the SAFE. This provision requires the SAFE notes to be classified as marked-to-market liabilities. The SAFE notes are recorded as a liability at their estimated fair value. Fair value measurements The Company uses a three-tier fair value hierarchy to classify and disclose all assets and liabilities measured at fair value on a recurring basis, as well as assets and liabilities measured at fair value on a non-recurring basis, in periods subsequent to their initial measurement. The hierarchy requires the Company to use observable inputs when available, and to minimize the use of unobservable inputs, when determining fair value. The three tiers are defined as follows: ● Level 1 — Observable inputs that reflect quoted market prices (unadjusted) for identical assets or liabilities in active markets; ● Level 2 — Observable inputs other than quoted prices in active markets that are observable either directly or indirectly in the marketplace for identical or similar assets and liabilities; and ● Level 3 — Unobservable inputs that are supported by little or no market data, which require the Company to develop its own assumptions. As of December 31, 2023 and 2022, the carrying values of the Company’s financial instruments, including cash, accounts receivable and other assets, accounts payable and other current liabilities and loan payables, approximate their fair values due to the short-term nature of these instruments. Revenue recognition We adopted Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (ASC Topic 606) for all periods presented. The core principle underlying the revenue recognition of this ASU allows the Company to recognize revenue that represents the transfer of goods and services to customers in an amount that reflects the consideration to which the Company expects to be entitled in such exchange. This will require the Company to identify contractual performance obligations and determine whether revenue should be recognized at a point in time or over time, based on when control of goods and services transfers to a customer. To achieve that core principle, we apply five-step model to recognize revenue from customer contracts. The five-step model requires that we (i) identify the contract with the customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, including variable consideration to the extent that it is probable that a significant future reversal will not occur, (iv) allocate the transaction price to the respective performance obligations in the contract, and (v) recognize revenue when (or as) we satisfy the performance obligation. Product revenues — Performance obligations satisfied at a point in time The Company primarily sells goods through group orders directly through the Company’s mobile application. The Company accounts for the revenues generated from sales on a gross basis as the Company is acting as a principal in these transactions and is responsible for fulfilling the promise to provide the specified goods, which the Company has control of the goods and has the ability to direct the use of goods to obtain substantially all the benefits. Revenues are measured based on the amount of consideration that the Company expects to receive reduced by sales return and discount. In making this determination, the Company also assesses whether the Company is primarily obligated, subject to inventory risk, has latitude in establishing prices, or has met several but not all of these indicators in accordance with ASC 606-10-55-36 through 40. The Company recognizes the sales of goods when the control of the specified goods is transferred to customers which is upon delivery of goods to customers. Revenues also exclude any amounts collected on behalf of the third parties, including sales taxes and indirect taxes. The Company sells goods to customers and the revenues are earned from the cash payment made by customers or customers settle their balances with “Assets”. The Company grants “Assets” upon (i) Cash collected from customers via Webuy mobile APP to top up their e-wallet balance; (ii) Refund to customers’ e-wallet due to order cancellation or products returned from customers; (iii) Commissions payable to Group Leaders for the provision of services to the Company. These “Assets” entitle the holders to offset future purchases. As such, “Assets” are initially recognized and recorded as “Advances from customers” upon the grant and when customers have yet placed the purchase orders to create an underlying sales agreement with the Company. The Company uses the term “Assets” to represent the payment procedures and balances of customers’ user accounts on the Company’s Webuy mobile APP platform. Until “Assets” are used at the time when customers have placed the purchase orders, “Assets” of customers’ user accounts in the Company’s Webuy mobile APP will be reduced; as for the Company’s book-keeping, the Company reclassifies the “Advance from customers” balance to “Deferred revenue”. “Deferred revenue” is a contract liability that the Company is obligated to transfer goods to customers for which the Company has received consideration (or the amount is due) from customers in the form of cash or “Assets”. The balance of “Deferred revenue” represents unfulfilled performance obligations in the sales agreement, i.e. products that have not yet been delivered. Once the related products have been delivered, the amount in “Deferred revenue” account is shifted to a revenue account. The revenue deferred from the previous year was fully recognized as income in the current year amounting to $1,007,494, $484,115, and $ nil Packaged-tour revenue — Performance obligations satisfied at a point in time Within each contract, the Company identify whether it is principal or agent at the performance obligation level. In arrangements where the Company has substantive control over the service before transferring it to the customer, and is primarily responsible for integrating the services into the final deliverables, the Company acts as principal. The Company’s revenue on the sale of packaged-tour is reported as a gross basis, that is, the amounts billed to the customer are recorded as revenues, and amounts paid to travel supplier (such as airlines, hotels, travel buses, etc.) are recorded as cost of revenues. The Company is principal in accordance with ASC paragraphs 606-10-55-36 through 55-40 because the Company controls the packaged-tour including the underlying travel services before the services are transferred to the customer. The control is evidenced by the Company being primarily responsible to its customer and is having a level of discretion in establishing pricing. The Company operates as a single operating segment including product revenue from the sale of goods, which represent 76% of the Company’s revenues, and sale of packaged tour, which represent 24% of the Company’s revenues. Due to the integrated structure of the Company’s business, the sale of goods revenue and sale of packaged tour revenue are combined with each other. The Company’s chief operating decision maker, its Chief Executive Officer, reviews financial information on an aggregate basis for the purposes of allocating resources and evaluating financial performance. The Company’s primary operations are in Singapore and Indonesia, and it has derived substantially all of its revenue from sales to customers in these jurisdictions. In accordance with ASC 280-10-50-40, the Company’s disaggregation information of revenues by each product and service or each group of similar products and services type which were recognized based on the nature of performance obligation disclosed above was as follows: For the years ended December 31, Product/Service Type 2023 Percentage 2022 Percentage 2021 Percentage Food and beverage $ 25,716,683 42 % $ 14,024,908 32 % $ 11,352,854 51 % Fresh produce 19,375,772 31 % 21,254,818 48 % 8,800,647 39 % Lifestyle and other personal care items 1,932,630 3 % 2,846,407 6 % 2,142,181 10 % Packaged-tour 14,661,085 24 % 6,434,285 14 % — — % Total $ 61,686,170 100 % $ 44,560,418 100 % $ 22,295,682 100 % Revenues classified by the geographic areas in which the customers were located was as follows: For the years ended December 31, Product/Service Type 2023 Percentage 2022 Percentage 2021 Percentage Singapore $ 25,254,134 41 % $ 24,786,700 55 % $ 18,208,294 82 % Indonesia 36,432,036 59 % 19,541,277 44 % 3,647,873 16 % Malaysia — — % 232,441 1 % 439,515 2 % Total $ 61,686,170 100 % $ 44,560,418 100 % $ 22,295,682 100 % During the years ended December 31, 2023, 2022 and 2021, all revenues were generated from third parties. Cost of revenue Costs are recognized when incurred. Cost of revenue consists of direct labor, materials, freight charges and other direct costs. Net Loss Per Share Basic earnings per share (“EPS”) is computed based on the weighted average number of ordinary shares outstanding during the period. Diluted EPS is computed based on the weighted average number of ordinary shares plus the effect of dilutive potential ordinary shares outstanding during the period using the treasury stock method and as if converted method. Dilutive potential ordinary shares include outstanding restricted stock units. For the years ended December 31, 2023, 2022 and 2021, respectively, the restricted stock units were excluded from the computation of diluted net loss per share as the result was anti-dilutive. Income Taxes The Company accounts for income taxes using an asset and liability approach which allows for the recognition and measurement of deferred tax assets based upon the likelihood of realization of tax benefits in future years. Deferred tax assets are recognized to the extent that it is probable that taxable profit will be available against which deductible temporary differences can be utilized. Deferred tax is calculated using tax rates that are expected to apply to the period when the asset is realized, or the liability is settled. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all the deferred tax assets will not be realized. Current income taxes are provided for in accordance with the laws of the relevant taxing authorities. The Company conducts its businesses in Singapore and Indonesia, and is subject to tax in these jurisdictions. As a result of its business activities, the Company will file separate tax returns in those countries that are subject to examination by the foreign tax authorities. Related Parties The Company follows ASC 850, “Related Party Disclosures,” Recent Accounting Pronouncements In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments — Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments. This standard requires a financial asset (or group of financial assets) measured at amortized cost basis to be presented at the net amount expected to be collected. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial asset(s) to present the net carrying value at the amount expected to be collected on the financial asset. This standard is effective for the Company on January 1, 2023. In June 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-13, “Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments,” which adds a new Topic 326 to the Codification and removes the thresholds that companies apply to measure credit losses on financial instruments measured at amortized cost, such as loans, receivables, and held-to-maturity debt securities. Under current U.S. GAAP, companies generally recognize credit losses when it is probable that the loss has been incurred. The revised guidance will remove all recognition thresholds and will require companies to recognize an allowance for credit losses for the difference between the amortized cost basis of a financial instrument and the amount of amortized cost that the company expects to collect over the instrument’s contractual life. ASU 2016-13 also amends the credit loss measurement guidance for available-for-sale debt securities and beneficial interests in securitized financial assets. In April 2019, the FASB issued ASU 2019-04 which clarified the treatment of accrued interest when measuring credit losses. Entities may: (1) measure the allowance for credit losses on accrued interest receivable balances separately from other components of the amortized cost basis of associated financial assets; (2) make various accounting policy elections regarding the treatment of accrued interest receivable; or (3) elect a practical expedient to disclose separately the total amount of accrued interest included in the amortized cost basis as a single balance to meet certain disclosure requirements. ASU 2019-04 also clarified that expected recoveries of amounts previously written off and expected to be written off should be included in the valuation account and should not exceed the aggregate of amounts previously written off and expected to be written off by the entity. In addition, for collateral dependent financial assets, the amendments clarify that an allowance for credit losses that is added to the amortized cost basis of the financial asset(s) should not exceed amounts previously written off. In November 2019, the FASB issued ASU 2019-10, which delayed the effective date of ASU 2016-13 to fiscal years beginning after December 15, 2022 for smaller reporting companies, although early adoption is permitted.In November 2019, the FASB issued ASU 2019-11, “Codification Improvements to Topic 326, Financial Instruments — Credit Losses” which clarified or addressed specific issues about certain aspects of the amendments in ASU 2016-13. The amendments in ASU 2019-11 clarified the following: (1) The allowance for credit losses (ACL) for purchased financial assets with credit deterioration should include expected recoveries of amounts previously written off and expected to be written off by the entity and should not exceed the aggregate of amounts of the amortized cost basis previously written off and expected to be written off by an entity. In addition, the amendments clarify that when a method other than a discounted cash flow method is used to estimate expected credit losses, expected recoveries should not include any amounts that result in an acceleration of the noncredit discount. An entity may include increases in expected cashflows after acquisition; (2) Transition relief will be provided by permitting entities an accounting policy election to adjust the effective interest rate on existing troubled debt restructurings using prepayment assumptions on the date of adoption of Topic 326 rather than the prepayment assumptions in effect immediately before the restructuring; (3) Disclosure relief will be extended for accrued interest receivable balances to additional relevant disclosures involving amortized cost basis; (4) An entity should assess whether it reasonably expects the borrower will be able to continually replenish collateral securing the financial asset to apply the practical expedient. The amendments clarify that an entity applying the practical expedient should estimate expected credit losses for any difference between the amount of the amortized cost basis that is greater than the fair value of the collateral securing the financial asset (that is, the unsecured portion of the amortized cost basis). An entity may determine that the expectation of nonpayment for the amount of the amortized cost basis equal to the fair value of the collateral securing the financial asset is zero. In March 2022, the FASB issued ASU 2022-02 which clarified the treatment of accrued interest when measuring credit losses. The amendments in this Update eliminate the TDR recognition and measurement guidance and, instead, require that an entity evaluate (consistent with the accounting for other loan modifications) whether the modification represents a new loan or a continuation of an existing loan. The amendments enhance existing disclosure requirements and introduce new requirements related to certain modifications of receivables made to borrowers experiencing financial difficulty. For public business entities, the amendments in this Update require that an entity disclose current-period gross write-offs by year of origination for financing receivables and net investment in leases within the scope of Subtopic 326-20. The Company adopted this standard on January 1, 2023. All new standards and amendments that are effective for annual reporting period commencing January 1, 2023 have been applied by the Company for the year ended December 31, 2023. The adoption of these new and amended standards did not have material impact on the unaudited interim consolidated financial statements of the Company. A number of new standards and amendments to standards have not come into effect for the year beginning January 1, 2023, and they have not been early adopted by the Company in preparing these consolidated financial statements. None of these new standards and amendments to standards is expected to have a significant effect on the consolidated financial statements of the Company. |
Accounts Receivable
Accounts Receivable | 12 Months Ended |
Dec. 31, 2023 | |
Accounts Receivable [Abstract] | |
Accounts receivable | Note 3. Accounts receivable As of December 31, 2023 2022 Trade receivables $ 10,631,787 $ 2,568,183 Provision for expected credit loss (520,555 ) — Exchange rate difference 1,406 — $ 10,112,638 $ 2,568,183 |
Prepaid Expenses and Other Asse
Prepaid Expenses and Other Assets | 12 Months Ended |
Dec. 31, 2023 | |
Prepaid Expenses and Other Assets [Abstract] | |
Prepaid expenses and other assets | Note 4. Prepaid expenses and other assets At December 31, 2023 and 2022, prepayment and other current assets consisted of the following:- As of December 31, 2023 2022 Prepayment $ 1,247,942 $ 418,642 Advance to suppliers 2,349,615 3,731 Deposits 1,107,788 123,012 Other receivables 1,326,729 792,034 $ 6,032,074 $ 1,337,419 The prepayment includes payments of IT services, advertisement expenses, insurance premiums, rental expenses, travel package costs and professional fees. The deposits are mainly related to equipment, office and warehouse refundable security deposit and payment service provider rolling reserves. During the year ended December 31, 2023, deposits also include an earnest deposit of $500,000 paid to an acquisition target in order to allow the Company to carry out due diligence on the target. The other receivables are mainly related to advance to employees and non-trade receivables due from third parties. |
Note receivable
Note receivable | 12 Months Ended |
Dec. 31, 2023 | |
Note Receivable [Abstract] | |
Note Receivable | Note 5. Note receivable On November 9, 2023, a third party issued an unsecured promissory note to the Company, pursuant to which the Company lent a principal amount of $3,000,000. The note bears interest at the rate of 3% per month and payable one month from the disbursement of funds by the Company. This note receivable balance has been fully collected in January 2024. |
Leasehold Improvements and Equi
Leasehold Improvements and Equipment | 12 Months Ended |
Dec. 31, 2023 | |
Leasehold Improvements and Equipment [Abstract] | |
Leasehold improvements and Equipment | Note 6. Leasehold improvements and Equipment At December 31, 2023 and 2022, leasehold improvements and equipment consisted of the following: As of December 31, 2023 2022 Motor vehicles $ 465,111 $ 458,318 Office equipment 26,462 10,892 Furniture and fittings 17,826 5,439 Computer 43,949 42,225 Warehouse equipment 111,397 97,314 Machinery equipment 2,699 — Leasehold improvements 671,539 78,675 1,338,983 692,863 Accumulated depreciation (442,444 ) (269,230 ) Leasehold improvements and equipment, net of accumulated depreciation $ 896,539 $ 423,633 Depreciation expense of leasehold improvements and equipment for the years ended December 31, 2023, 2022 and 2021 was $742,030, $123,289 and $90,345, respectively, which were recognized under General administrative expenses. During the years ended December 31, 2023, 2022 and 2021, the Company purchased assets of $698,282, $286,009 and $156,570 respectively. The motor vehicles with a net carrying amount of $281,875, $325,331 and $65,683 are held under finance lease arrangements for the years ended December 31, 2023, 2022 and 2021, respectively. |
Right of Use Assets and Operati
Right of Use Assets and Operating Lease Liability | 12 Months Ended |
Dec. 31, 2023 | |
Right of Use Assets and Operating Lease Liability [Abstract] | |
Right of use assets and operating lease liability | Note 7. Right of use assets and operating lease liability Operating lease The Company has entered into commercial operating leases for the use of offices and warehouses as lessee. These leases have varying terms, escalation clauses and renewal rights. On February 28, 2023, the Company entered into a new lease agreement for a lease term of five years for a four-story office and warehouse facility in Singapore. The Company is committed to pay a total rental fee of approximately $3.9 million for the full lease term. Information pertaining to lease amounts recognized in our consolidated financial statements is summarized as follows: As of December 31, 2023 2022 Leasehold buildings $ 3,648,367 $ 483,401 Accumulated amortization (957,846 ) (440,689 ) ROU assets, net of accumulated amortization $ 2,690,521 $ 42,712 For the years ended December 31, 2023 2022 2021 Operating lease cost: Operating lease costs $ 114,694 $ 283,521 $ 249,749 Short-term lease costs 246,489 362,665 112,796 $ 361,183 $ 646,186 $ 362,545 Supplemental cash flow information: Operating cash flows from operating leases $ 295,416 $ 177,779 $ 233,903 Right-of-use obtained in exchange for new operating lease liabilities 3,045,610 61,022 138,339 Weighted-average remaining lease term (years): Operating leases 5.04 1.33 0.9 As of December 31, 2023 and 2022, the weighted-average discount rate for operating leases was 6.0% and 5.0%, respectively. Operating Years Ended December 31, 2024 $ 854,888 2025 768,781 2026 703,306 2027 717,507 2028 215,252 Total operating lease payment 3,259,734 Less: Imputed interest (356,228 ) Present value of operating lease liabilities 2,903,506 Operating lease liabilities – current $ 708,953 Operating lease liabilities – non-current $ 2,194,553 |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2023 | |
Intangible Assets [Abstract] | |
Intangible assets | Note 8. Intangible assets At December 31, 2023 and 2022, intangible assets consisted of the following: As of December 31, 2023 2022 Software $ 73,494 $ 72,421 Application development 2,199,748 1,275,669 2,273,242 1,348,090 Accumulated amortization (1,022,062 ) (415,091 ) Intangible assets, net of accumulated amortization $ 1,251,180 $ 932,999 Based on the carrying value of definite-lived intangible assets as of December 31, 2023, the Company estimates its amortization expense for following years will be as follows: Amortization Years Ended December 31, 2024 $ 678,160 2025 437,453 2026 135,567 Total amortization expense $ 1,251,180 Amortization expense of intangible assets for the years ended December 31, 2023, 2022 and 2021 was $591,321, $314,023 and $87,723, respectively, which were recognized under General administrative expenses. During the years ended December 31, 2023, 2022 and 2021, the Company acquired intangible assets of $890,377, $853,049 and $459,198, respectively. |
Other Current Liabilities
Other Current Liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Other Current Liabilities [Abstract] | |
Other current liabilities | Note 9. Other current liabilities At December 31, 2023 and 2022, other current liabilities consisted of the following: As of December 31, 2023 2022 Accrued expenses $ 674,949 $ 474,033 Advance from customers 3,434,075 188,069 Other payables 2,001,714 1,066,690 $ 6,110,738 $ 1,728,792 Accrued expenses mainly relate to staff-related expenses as of December 31, 2023 and 2022, respectively. Advance payments from customers primarily refer to the prepayment made by customers for goods before their delivery. This arrangement involves customers paying upfront, ensuring a commitment to the purchase prior to receiving the products. Other payables mainly include outstanding amounts owed to various non-trade vendors and value added tax (“VAT”) payables as of December 31, 2023 and 2022, respectively. |
Loans Payable
Loans Payable | 12 Months Ended |
Dec. 31, 2023 | |
Loans Payable [Abstract] | |
Loans Payable | Note 10. Loans payable At December 31, 2023 and 2022, loans payable consisted of the following: As of December 31, 2023 2022 Hire purchases – Motor Vehicle $ 248,768 $ 286,329 Term loan I 154,195 594,070 Term loan II 147,697 1,028,645 Short-term loan 166,533 175,783 717,193 2,084,827 Less current portion (512,435 ) (1,611,069 ) Long-term loans payable $ 204,758 $ 473,758 On August 27, 2020, the Company acquired a motor vehicle pursuant to a hire purchase financing The Company has booked interest expense on the loans of $241,890, $237,505 and $25,992 for the years ended December 31, 2023, 2022 and 2021, respectively. On September 23, 2021, the Company entered into an unsecured term loan agreement (“Term loan I”) with a third party and obtained a loan facility in the amount of $1.0 million with a maturity date 30 months from September 24, 2021. The loan bears an interest rate of 6% per annum on the initial facility amount. On January 6, 2022, the Company entered into an unsecured term loan agreement (“Term loan II”) with a third party and obtained a loan facility in the amount of $1.5 million with a maturity date 24 months from February 19, 2022. The loan bears an interest rate of 6% per annum on the initial facility amount. On December 12, 2022, the Company entered into a loan agreement (“Short-term loan”) with a third party whereby the Company borrowed $0.2 million with the sole purpose to make payment to the Company’s suppliers in the People’s Republic of China (“PRC”). The loan is unsecured and bears an 0% interest rate. The loan is due in three months from the payment made by the lender on behalf to the Company’s supplier date. On March 13, 2023, the loan was extended to May 30, 2023 with the same terms and conditions. On October 2, 2023, the loan was extended to December 31, 2023 with the same terms and conditions. On March 8, 2024, the loan was further extended to May 31,2024 with the same terms and conditions. Hire Purchases Future minimum lease payments under hire purchases that have initial non-cancellable lease terms in excess of one year as of December 31, 2023 were as follows: Finance Year Ended December 31, 2024 $ 55,681 2025 55,681 2026 55,681 2027 50,024 2028 42,143 Thereafter 24,584 283,794 Less: Imputed interest (35,026 ) Hire purchases liabilities 248,768 Hire purchases liabilities – current $ 44,010 Hire purchases liabilities – non-current $ 204,758 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 11. Related Party Transactions Amount due from related parties As of December 31, 2023 and 2022, the Company recorded amount due from GBuy Global Pte Ltd, a shareholder of the Company of $6,637 and $4,119, respectively, which represents expenses paid on behalf for a related party. The amounts are unsecured, non-interest bearing and due on demand. As of December 31, 2023 and 2022, the Company recorded amount due from Webuy Talent Ltd (“Webuy Talent”) of $5,169 and $ nil Amount due to a related party The transactions amount due to a related party are as of the following: 2023 2022 2021 Beginning of the years January 1 $ 25,336 $ 68,786 $ 7,783 Advances for operation and administration expenses — 13,724 1,671,801 Payments made to a director — (25,009 ) (1,610,798 ) Reversal of a related party payable due to disposal of a subsidiary — (32,165 ) — Exchange difference 593 — — Years ended December 31 $ 25,929 $ 25,336 $ 68,786 As of December 31, 2023 and 2022, the Company recorded amount due to Mr. Bin Xue, Chief Executive Officer and Chairman of the Board of Director of the Company of $25,929 and $25,336. The balance represents business advances from a related party. The amounts are unsecured, non-interest bearing and due on demand. Upon the completion of the disposal of Webuy Sdn Bhd on July 27, 2022, Webuy Sdn Bhd was ceased to be accounted as a subsidiary of the Company. As a result of the disposal, the Company reversed a related party payable to a director of Webuy Sdn Bhd of $32,165. |
Convertible Notes Payables
Convertible Notes Payables | 12 Months Ended |
Dec. 31, 2023 | |
Convertible Notes Payables [Abstract] | |
Convertible Notes Payables | Note 12. Convertible Notes Payables During the year ended December 31, 2022, the Company issued a series of Convertible Loan Note (“Note”) in aggregate principal amount of $3,333,200 to various individual investors with identical terms, in which on August 29, 2022, the Notes in aggregate principal amount of $2,920,800 have been converted to 400 ordinary shares of the Company. As a result of the share forward split, the converted ordinary shares became 1,040,000. As of December 31, 2022, the carrying value of convertible notes payable was $412,400. During the year ended December 31, 2023, the Company issued a series of Convertible Loan Note (“Note”) in aggregate principal amount of $1,489,200 to various individual investors with identical terms. None of the Notes have been converted to ordinary shares of the Company. As of December 31, 2023, the carrying value of convertible notes payable was the aggregate principal amount of the Notes of $1,901,600. Pursuant to the terms in the Note agreements, these Note will mature in 12 months to 18 months from the funding date and bear interest at a rate of 10% per annum, to be accrued and payable at the maturity date. The Company is obligated to redeem the loan in cash on the principal amount together with all interest accrued in full on the maturity date in the absence of a public listing or conversion to shares. On October 19, 2023, the Convertible Loan Note bearers signed the lock-up agreements to agree that their Notes will be converted after 180 days from the date of closing of the Initial Public Offering (the “Lock-Up Period”). The anticipated conversion date is April 17, 2024. On November 27, 2023, these Note bearers signed another agreement with the Company to provide a waiver of the right of conversion of the Note into conversion shares. The clause relating to their right of conversion is replaced with a full cash settlement of their Notes bearing interest at the rate of 10% per annum. The settlement shall be made (a) on the date falling six (6) months from October 19, 2023 (“Settlement Date”), and (b) in such manner to be agreed in writing between the Lender and the Borrower on or prior to the Settlement Date. |
SAFE Notes Payable
SAFE Notes Payable | 12 Months Ended |
Dec. 31, 2023 | |
SAFE Notes Payable [Abstract] | |
SAFE Notes Payable | Note 13. SAFE Notes Payable During the year ended December 31, 2022, the Company entered into a series of Simple Agreement for Future Equity (“SAFE”) in the aggregate amount of $750,000 with various individual investors. The SAFE had no maturity date and bore no interest. The SAFE provided the shareholder with rights to future equity of the Company. On August 29, 2022, these SAFE were fully converted into 205 shares of the Company’s ordinary shares. As a result of the share forward split, the converted ordinary shares became 533,000. |
Equity
Equity | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Equity | Note 14. Equity On May 2, 2023, the shareholders of the Company approved a 1 for 2,600 share forward split of the Company’s authorized and issued ordinary shares whereby every 1 share was split into 2,600 shares. In addition, the par value of each ordinary share decreased from $0.001 to $0.000000385. The financial statements and all share and per share amounts have been retroactively restated to reflect the share forward split. On May 2, 2023, in addition to the share forward split, the shareholders of the Company also approved an increase in the Company’s authorized ordinary shares from 100,000,000 to 260,000,000,000. The share forward split was consummated under Cayman Islands law on May 2, 2023. Below is a reconciliation of the effect of the retroactive adjustments. Consolidated Balance Sheets as of De cember 31, 2023: Pre-share Adjustments Post-share (Deficit) Equity Number of ordinary shares – authorized 100,000,000 259,900,000,000 260,000,000,000 Number of ordinary shares – issued and outstanding 18,466 47,993,134 48,011,600 Par value $ 0.001 $ 0.000999615 $ 0.000000385 Consolidated Statements of Operations for the year ended December 31, 2022: Pre-share Adjustments Post-share Loss per share Basic and diluted loss per ordinary share $ (418.15 ) $ 417.99 $ (0.16 ) Weighted average number of shares used in computation: Basic and diluted 16,026 41,651,574 41,667,600 Consolidated Statements of Operations for the year ended December 31, 2021: Pre-share Adjustments Post-share Loss per share Basic and diluted loss per ordinary share $ (552.96 ) $ 552.75 $ (0.21 ) Weighted average number of shares used in computation: Basic and diluted 14,770 38,387,230 38,402,000 Authorized Shares As of December 31, 2023, the Company has 260,000,000,000 authori Ordinary Shares A series of Convertible Loan Notes (see Note 12) has been converted by the investors, for 400 ordinary shares, during the reorganization of the Company on August 29, 2022. As a result of the share forward split, the converted ordinary shares became 1,040,000. A series of SAFE Notes (see Note 13) has been converted by the investors, for 205 ordinary shares, during the reorganization of the Company on August 29, 2022. As a result of the share forward split, the converted ordinary shares became 533,000. On August 29, 2022, the Company entered into a subscription agreement with an investor to issue and sell 109 shares of the Company’s ordinary shares, for an aggregate price of $300,000. As a result of the share forward split, the ordinary shares issued became 283,400. On August 29, 2022, the Company issued 670 each, totaling 1,340 of the Company’s ordinary shares, to two individuals. As a result of the share forward split, the s ordinary shares issued became 3,484,000. As of December 31, 2022, 18,466 ordinary shares of the Company were issued to the participating shareholders in connection with the reorganization of the Company. As a result of the share forward split, the total number of ordinary shares issued as of December 31, 2022 became 48,011,600. The Company completed its initial public offering of 3,800,000 ordinary shares at a public offering price of $4.00 per share, for aggregate gross proceeds of approximately $15.2 million, prior to deducting underwriting discounts and other offering expenses. In addition, the Company granted the underwriters a 45-day Over-Allotment Option to purchase up to an additional 570,000 ordinary shares at the initial public offering price, less underwriting discounts. The shares began trading on the Nasdaq Capital Market on October 19, 2023, under the symbol “WBUY.” On November 3, 2023, the Representative exercised the Over-Allotment Option partially to purchase an additional 150,000 ordinary shares (the “November 3 Exercise”), in which the company received $546,000 in net proceeds from the exercise of the Over-Allotment Option. On November 21, 2023, the Representative exercised the Over-Allotment Option in full to purchase the remaining 420,000 ordinary shares (the “November 21 Exercise”), and received $1,528,800 in net proceeds, after deducting underwriting discounts by the Company. The closing of the November 21 Exercise took place on November 24, 2023. As of December 31, 2023, the total issued and outstanding number of ordinary shares was 52,381,600. Restricted Share Units On January 1, 2021, the Company granted 1,642 restricted share units amounting to $3,240,344, with a vesting period of twenty (20) months effective from the grant date, subject to forfeiture and restrictions which limited the sale or transfer of the shares during the restriction period. The fair value of the restricted share units was estimated on the grant date based on the Company’s most recent observable price of cash transactions with unrelated parties for issuance of its equity securities in September 2020. During the years ended December 31, 2023, 2022 and 2021, the Company recorded share-based compensation of $ nil |
Income Tax
Income Tax | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax [Abstract] | |
Income tax | Note 15. Income tax On June 29, 2022, the Company completed the disposal of its 100% equity interest in Beijing Youmeng IT Co., Ltd. The Company recorded a gain on disposal of $783,003 for the year ended December 31, 2022. This disposal was not classified as a discontinued operation as Beijing Youmeng IT Co., Ltd was merely a cost centre which did not represent a separate major line of business or geographic area of operations to the Company. On July 27, 2022, the Company completed the disposal of its 100% equity interest in Webuy Sdn Bhd. The Company recorded a gain on disposal of $42,150 during the year ended December 31, 2022. This disposal was not classified as a discontinued operation as Webuy Sdn Bhd was operating within the Company’s same core business as other subsidiaries and the operating results contributed by Webuy Sdn Bhd was immaterial to the Company’s consolidated financial statements. Income tax expense comprises current and deferred taxes. Current taxes and deferred taxes are recognized in profit or loss except to the extent that it relates to a business combination, or items recognized directly in equity or in other comprehensive loss. Enterprise income tax Cayman Islands The Company is incorporated in the Cayman Islands. Under the current laws of the Cayman Islands, the Company is not subject to income or capital gains taxes. In addition, dividend payments are not subject to withholdings tax in the Cayman Islands. Singapore Subsidiaries incorporated in Singapore are subject to the Singapore Corporate Tax rate of 17% for the years ended December 31, 2023, 2022 and 2021. Indonesia Domestic statutory corporate income tax rate in Indonesia is 22% for the years ended December 31, 2023, 2022 and 2021. Malaysia Domestic statutory corporate income tax rate in Malaysia is subject to the Malaysia enterprise income tax rate of 24% for the years ended December 31, 2023, 2022 and 2021. China Domestic statutory corporate income tax rate in China is subject to the China corporate income tax rate of 25% for the years ended December 31, 2023, 2022 and 2021. Current taxes are the expected tax receivable or payable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax receivable or payable in respect of previous years. Deferred taxes are recognized in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred taxes are not recognized for the following temporary differences: the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit or loss, and differences relating to investments in subsidiaries and jointly controlled entities to the extent that it is probable that they will not reverse in the foreseeable future. A deferred tax asset is recognized for unused tax losses, tax credits and deductible temporary differences, to the extent that it is probable that future taxable profits will be available against which they can be utilized. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized. The Company considers positive and negative evidence to determine whether some portion or all of the deferred tax assets will more likely than not be realized. This assessment considers, among other matters, the nature, frequency and severity of recent losses, forecasts of future profitability, the duration of statutory carry forward periods, the Company’s experience with tax attributes expiring unused and tax planning alternatives. Valuation allowances have been established for deferred tax assets based on a more-likely-than-not threshold. The Company’s ability to realize deferred tax assets depends on its ability to generate sufficient taxable income within the carry forward periods provided for in the tax law. A reconciliation of the expected income tax recovery to the actual income tax recovery is as follows: For the years ended December 31, 2023 2022 2021 Net loss before income taxes $ (5,162,454 ) $ (6,701,203 ) $ (8,167,154 ) Income tax expenses attributable to net income at Singapore statutory rate of 17% (*) (877,617 ) (1,139,205 ) (1,388,416 ) Effect of different tax rates in other jurisdictions 51,540 (63,730 ) (48,323 ) Non-deductible expenses 302,956 537,800 34,595 Singapore tax exemption or non-taxable income — — (7,159 ) Unrecognized deferred tax asset 523,121 665,135 1,409,303 Total tax provision $ — $ — $ — (*) The Company has reconciled to the Singapore statutory tax rate of 17% to reflect the location of the Company’s operating activities and rather than reconciling to Cayman Islands statutory tax rate of 0%. The components of the deferred tax assets are as follows: As of December 31, 2023 2022 Tax loss carry forwards $ 10,358,050 $ 4,348,685 Deferred tax assets 1,760,869 1,408,101 Valuation allowance (1,760,869 ) (1,408,101 ) Total deferred tax assets, net $ — $ — According to Singapore Income Tax Act, due to change of ownership in New Retail, the tax losses carry forwards of $8,596,330, $8,599,651 and $8,569,992 for the years ended December 31, 2023, 2022 and 2021, respectively, cannot be used to offset future profit. |
Government Grants
Government Grants | 12 Months Ended |
Dec. 31, 2023 | |
Government Grants [Abstract] | |
Government Grants | Note 16. Government Grants Under The Wage Credit Scheme (“WCS”) introduced by the Singapore government, the Singapore government will co-fund 40% of wage increases given to Singaporean employees earning a gross monthly wage of up to SGD 4,000 (approximately $3,000). Under The Jobs Support Scheme (“JSS”) introduced by the Singapore government, depending on the business sectors, employers that are entitled to JSS will be subsidized from 10% up to 60% of each employee’s monthly wage as a form of wage support. This is applied to the first SGD 4,600(approximately $3,300) actual wages paid per employee. Under The Jobs Growth Incentive (“JGI”) is a salary support scheme introduced by the Singapore government that provides eligible employers with 15% to 50% salary support for new employees hired between September 2020 to March 2021. Under enterprise transformation programmes introduced by the Singapore government, eligible employers can receive a one-off SGD 10,000 (approximately $7,200) Skills Future Enterprise Credit (“SFEC”) to cover up to 90% of out-of-pocket expenses on qualifying costs for supportable initiatives, over and above the support levels of existing schemes. During the year ended December 31, 2023, 2022 and 2021, these government grants in aggregate amount of $50,537, $159,000 and $59,000, respectively were recognized as other income on the Company’s consolidated Statement of Operations when there was reasonable assurance that the Company has complied with the conditions attaching to the grants and the grants were received. |
Concentrations and Risks
Concentrations and Risks | 12 Months Ended |
Dec. 31, 2023 | |
Concentrations and Risks [Abstract] | |
Concentrations and Risks | Note 17. Concentrations and Risks Concentrations Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of accounts receivable. The Company conducts credit evaluations of its customers, and generally does not require collateral or other security from them. The Company evaluates its collection experience and long outstanding balances to determine the need for an allowance for doubtful accounts. The Company conducts periodic reviews of the financial condition and payment practices of its customers to minimize collection risk on accounts receivable. There was no single customer who represent 10% or more of the Company’s total revenue for financial years ended December 31, 2023, 2022 and 2021. There were two suppliers who represent 10% or more of the Company’s total purchases for financial years ended December 31, 2023. There is no single supplier who represented 10% or more of the Company’s total purchases for financial years ended December 31, 2022 and 2021. Details of the suppliers which accounted for 10% or more of accounts payable are as follows: As of December 31, 2023 % 2022 % Company A $ 2,170,312 19.6 % $ — — % Company B 1,222,103 11.1 % — — Company C — — 573,451 10.5 $ 3,392,415 30.7 % $ 573,451 10.5 % Details of the customers which accounted for 10% or more of accounts receivable are as follows: As of December 31, 2023 % 2022 % Company A $ 1,337,859 13.2 % $ 679,226 26.4 % Company B — — % 586,103 22.8 % Company C — — % 307,672 12.0 % $ 1,337,859 13.2 % $ 1,573,001 61.2 % Credit Risk Credit risk is the potential financial loss to the Company resulting from the failure of a customer or a counterparty to settle its financial and contractual obligations to the Company, as and when they fall due. As the Company does not hold any collateral, the maximum exposure to credit risk is the carrying amounts of trade and other receivables (exclude prepayments) and cash and bank deposits presented on the consolidated balance sheets. The Company has no other financial assets which carry significant exposure to credit risk. Foreign Currency Risk The Company operates in multiple markets, which exposes it to the effects of fluctuations in currency exchange rates as it reports its financials and key operational metrics in USD. The Company earns revenue denominated in local currencies of Southeast Asia. The Company generally incur expenses for employee compensation and other operating expenses in the local currencies in the markets in which it operates. Fluctuations in the exchange rates among the various currencies that the Company uses could cause fluctuations in its operational and financial results. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | Note 18. Commitments and Contingencies In the normal course of business, we are subject to loss contingencies, such as legal proceedings and claims arising out of our business, that cover a wide range of matters, including, among others, government investigations and tax matters. In accordance with ASC No. 450-20, “Loss Contingencies”, we will record accruals for such loss contingencies when it is probable that a liability has been incurred and the amount of loss can be reasonably estimated. In the opinion of management, there were no pending or threatened claims and litigation as of December 31, 2023 and through the date of this report. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 19. Subsequent Events Subsequent events have been reviewed through the date these consolidated financial statements were issued and required no adjustments or disclosures other than the following: On March 8, 2024, the shareholders of the Company approved: (i) all the authorized and issued and outstanding ordinary shares of a par value of US$0.000000385 each (the “Ordinary Shares”) in the share capital of the Company held by existing shareholders of the Company as of March 8, 2024 except the 21,395,400 Ordinary Shares held by BIN XUE, GBUY GLOBAL LTD, and WEBUY TALENT LTD be re-designated and re-classified as class A ordinary shares with a par value of US$0.000000385 each (the “Class A Ordinary Shares”) on a one for one basis; (ii) the 21,395,400 authorized and issued and outstanding ordinary shares held by BIN XUE, GBUY GLOBAL LTD, and WEBUY TALENT LTD be re-designated and re-classified as 21,395,400 class B ordinary shares with a par value of US$0.000000385 each (the “Class B Ordinary Shares”) on a one for one basis; (iii) 259,919,013,800 authorized but unissued Ordinary Shares be re-designated and re-classified into 259,919,013,800 Class A Ordinary Shares with a par value of US$0.000000385; and (iv) re-designate 28,604,600 authorized but unissued Ordinary Shares into 28,604,600 Class B Ordinary Shares with a par value of US$0.000000385 each with ten (10) votes per share and with other rights attached to it as set out in the Second Amended and Restated Memorandum and Articles of Association on a one for one basis. On January 5, 2024, a third party issued an unsecured promissory note to the Company, pursuant to which the Company lent a principal amount of $2,500,000. The note bears interest at the rate of 3% per month and payable one month from the disbursement of funds by the Company. The Company incorporated Webuy Advisory Pte. Ltd. on February 2, 2024. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of presentation and consolidation | Basis of presentation and consolidation The consolidated financial statements are prepared on the basis as if the reorganization became effective as of the beginning of the first period presented in the accompanying consolidated financial statements of the Company in accordance with accounting principles generally accepted in the United States of America (“US GAAP”). The consolidated financial statements include the financial statements of the Company and all its majority-owned subsidiaries from the dates they were incorporated. All intercompany balances and transactions have been eliminated in consolidation. |
Use of estimates | Use of estimates The preparation of the consolidated financial statements in conformity with US GAAP requires management of the Company to make a number of estimates and assumptions relating to the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the period. Significant accounting estimates reflected in the Company’s consolidated financial statements include but are not limited to estimates and judgments applied in the allowance for receivables, accounting for share-based compensation arrangements, estimated useful lives of leasehold improvements and equipment, impairment of long-lived assets, and going concern. Actual results could differ from those estimates and judgments. |
Cash and cash equivalents | Cash and cash equivalents Cash is carried at cost and represent cash on hand and bank deposits. Cash equivalents consist of funds received from customers, which funds were held at the third-party platform’s fund account, and which are unrestricted and immediately available for withdrawal and use. Periodically, the Company may carry cash balances at financial institutions more than the respective subsidiaries’ government insured limits in Singapore, Indonesia, Malaysia (subsidiary in Malaysia was disposed on July 27, 2022) and China (subsidiary in China was disposed on June 29, 2022) ranging from approximately $ 12,3996 |
Foreign currencies translation and transactions | Foreign currencies translation and transactions The reporting currency of the Company is United States Dollar (“US$”) and the accompanying consolidated financial statements have been expressed in “$”. In addition, the Company’s subsidiaries are operating in Singapore, Malaysia, Indonesia and People Republic of China and maintains its books and records in its local currency, Singapore Dollar (“SGD”), Malaysia Ringgit (“MYR”), Indonesia Rupiah (“IDR”) and Chinese Yuan (“CNY”), respectively, which are the functional currency as being the primary currency of the economic environment in which their operations are conducted. In general, for consolidation purposes, assets and liabilities of its subsidiaries whose functional currency is not US$ are translated into US$, in accordance with ASC Topic 830-30, “Translation of Financial Statement”, using the exchange rate on the balance sheet date. Shareholders’ equity is translated using the historical rates. Revenues and expenses are translated at average rates prevailing during the year. The gains and losses resulting from translation of financial statements of foreign subsidiary are recorded as a separate component of accumulated other comprehensive income within the statements of changes in shareholders’ equity. |
Accounts receivable | Accounts receivable Accounts receivable are recorded in accordance with ASC 310, “Receivables.” Accounts receivable are recorded at the invoiced amount and do not bear interest. The allowance for doubtful accounts is the Company’s best estimate of the amount of probable credit losses in its existing accounts receivable and other receivables. The Company determines the allowance based on aging data, historical collection experience, customer specific facts and economic conditions. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. The Company did not have any off-balance-sheet credit exposure relating to its customers, suppliers or others. For the years ended December 31, 2023, the Company recorded a provision for expected credit loss of $520,555. For the years ended December 31, 2022 and 2021, the Company did not record any allowances for doubtful accounts against its accounts receivable and other receivables nor did it charge off any such amounts, respectively. |
Share-based compensation | Share-based compensation ASC 718 “Compensation — Stock Compensation” prescribes accounting and reporting standards for all share-based payment transactions in which employee services are acquired. Transactions include incurring liabilities, or issuing or offering to issue shares, options, and other equity instruments such as employee stock ownership plans and stock appreciation rights. Share-based payments to employees, including grants of employee stock options, are recognized as compensation expense in the financial statements based on their fair values. That expense is recognized over the period during which an employee is required to provide services in exchange for the award, known as the requisite service period (usually the vesting period). Share-based compensation amounted to approximately $ nil |
Inventory | Inventory Inventories which comprise mainly of merchandise products sold through the Company’s e-commerce business platform are primarily accounted for using the first-in-first-out (“FIFO”) method of accounting. Inventories are measured at the lower of cost and net realizable value. The Company estimates the net realizable value of inventories based on an assessment of expected sales prices. Demand levels and pricing competition could change from time to time. If such factors result in an adverse effect on the Company’s products, the Company might be required to reduce the value of its inventories. There is no allowance of obsolete stocks recognized for the financial years ended December 31, 2023, 2022 and 2021. |
Intangible assets | Intangible assets The cost of intangible assets with determinable useful lives is amortized to reflect the pattern of economic benefits consumed on a straight-line basis over the estimated periods benefited. Software, technology, and other intangibles with contractual terms are generally amortized over their respective legal or contractual lives. When certain events or changes in operating conditions occur, an impairment assessment is performed and lives of intangible assets with determinable lives may be adjusted. Intangible assets with finite useful lives are amortized over the estimated economic lives of the intangible assets as follows: Types of intangible assets The estimated Applications development 3 years Software 2 years |
Leasehold improvements and equipment, net | Leasehold improvements and equipment, net Leasehold improvements and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Cost represents the purchase price of the asset and other costs incurred to bring the asset into its existing use. Maintenance and repairs are charged to expense; major additions to physical properties are capitalized. Depreciation of leasehold improvements is provided using the straight-line method over the shorter of the remaining lease term or their estimated useful lives. Except for leasehold improvements, depreciation of equipment is computed using the straight-line method over the estimated useful lives of the assets with no residual value. The estimated useful lives are as follows: Useful life Motor vehicles 5 – 10 years Office equipment 2 – 8 years Furniture and fittings 5 years Computer 3 years Warehouse equipment 2 years Machinery equipment 3 years Leasehold improvements 5 years |
Impairment of Intangible and Long-Lived Assets | Impairment of Intangible and Long-Lived Assets The Company tests its intangible and long-lived assets for impairment at least annually and whenever events or circumstances change that indicate impairment may have occurred. A significant amount of judgment is involved in determining if an indicator of impairment has occurred. Such indicators may include, among others and without limitation: a significant decline in the Company’s expected future cash flows; a sustained, significant decline in the Company’s stock price and market capitalization; a significant adverse change in legal factors or in the business climate of the Company’s segments; unanticipated competition; and slower growth rates. |
Leases | Leases A lease for which substantially all the benefits and risks incidental to ownership remain with the lessor is classified by the lessee as an operating lease. The Company records the lease expenses on a straight-line basis over the lease term. The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) assets, operating lease liabilities — current and operating lease liabilities — non-current on the balance sheets. Finance leases are included in leasehold improvements and equipment, loan payable — current and loan payable — non-current in the balance sheets. Operating lease right-of-use (“ROU”) assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Generally, the implicit rate of interest (“discount rate”) in arrangements is not readily determinable and the Company utilizes its incremental borrowing rate in determining the present value of lease payments. The Company’s incremental borrowing rate is a hypothetical rate based on its understanding of what its credit rating would be. The operating lease ROU asset includes any lease payments made and excludes lease incentives. Leases with an initial term of 12 months or less are not recorded on the balance sheet. The Company accounts for the lease and non-lease components of its leases as a single lease component. Lease expense is recognized on a straight-line basis over the lease term. |
Accounts payables and other current liabilities | Accounts payables and other current liabilities Accounts payable and other current liabilities are liabilities for goods and services provided to the Company prior to the end of the financial year which are unpaid. They are recognized initially at their fair value and subsequently measured at amortized cost using the effective interest method. They are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. |
Convertible notes payable | Convertible notes payable Upon adoption of Accounting Standards Update (“ASU”) 2020-06 on January 1, 2022, the elimination of the beneficial conversion feature (“BCF”) and cash conversion models in ASC 470-20 that requires separate accounting for embedded conversion features in convertible instruments results in the convertible debt instruments being recorded as a single liability (i.e., there is no separation of the conversion feature, and all proceeds are allocated to the convertible debt instruments as a single unit of account). Unless conversion features are derivatives that must be bifurcated from the host contracts in accordance with ASC 815-15 or, in the case of convertible debt, if the instruments are issued with a substantial premium, in the latter case, ASC 470-20-25-13 requires the substantial premium to be attributable to the conversion feature and recorded in additional paid-in capital (APIC). The Company accounted for these Notes as a single liability-classified instrument measured at amortized cost due to the adoption of ASU 2020-06. ASC Subtopic 470-20 “Debt — Debt with Conversion and Other Options” and ASC subtopic 815-40 “Hedging — Contracts in Entity’s Own Equity”. The Company has presented these Notes in current liabilities in the accompanying balance sheets. On November 27, 2023, these Note bearers signed another agreement with the Company to provide a waiver of the right of conversion of the Note into conversion shares (Note 1). |
SAFE Notes Payable | SAFE Notes Payable The Company evaluates the Simple Agreement for Future Equity (“SAFE”) notes in accordance with ASC 480-10 and determined that the SAFEs represented an obligation that the Company must settle by issuing a variable number of its equity shares, the monetary value of which is known when entering into the SAFE. This provision requires the SAFE notes to be classified as marked-to-market liabilities. The SAFE notes are recorded as a liability at their estimated fair value. |
Fair value measurements | Fair value measurements The Company uses a three-tier fair value hierarchy to classify and disclose all assets and liabilities measured at fair value on a recurring basis, as well as assets and liabilities measured at fair value on a non-recurring basis, in periods subsequent to their initial measurement. The hierarchy requires the Company to use observable inputs when available, and to minimize the use of unobservable inputs, when determining fair value. The three tiers are defined as follows: ● Level 1 — Observable inputs that reflect quoted market prices (unadjusted) for identical assets or liabilities in active markets; ● Level 2 — Observable inputs other than quoted prices in active markets that are observable either directly or indirectly in the marketplace for identical or similar assets and liabilities; and ● Level 3 — Unobservable inputs that are supported by little or no market data, which require the Company to develop its own assumptions. As of December 31, 2023 and 2022, the carrying values of the Company’s financial instruments, including cash, accounts receivable and other assets, accounts payable and other current liabilities and loan payables, approximate their fair values due to the short-term nature of these instruments. |
Revenue recognition | Revenue recognition We adopted Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (ASC Topic 606) for all periods presented. The core principle underlying the revenue recognition of this ASU allows the Company to recognize revenue that represents the transfer of goods and services to customers in an amount that reflects the consideration to which the Company expects to be entitled in such exchange. This will require the Company to identify contractual performance obligations and determine whether revenue should be recognized at a point in time or over time, based on when control of goods and services transfers to a customer. To achieve that core principle, we apply five-step model to recognize revenue from customer contracts. The five-step model requires that we (i) identify the contract with the customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, including variable consideration to the extent that it is probable that a significant future reversal will not occur, (iv) allocate the transaction price to the respective performance obligations in the contract, and (v) recognize revenue when (or as) we satisfy the performance obligation. Product revenues — Performance obligations satisfied at a point in time The Company primarily sells goods through group orders directly through the Company’s mobile application. The Company accounts for the revenues generated from sales on a gross basis as the Company is acting as a principal in these transactions and is responsible for fulfilling the promise to provide the specified goods, which the Company has control of the goods and has the ability to direct the use of goods to obtain substantially all the benefits. Revenues are measured based on the amount of consideration that the Company expects to receive reduced by sales return and discount. In making this determination, the Company also assesses whether the Company is primarily obligated, subject to inventory risk, has latitude in establishing prices, or has met several but not all of these indicators in accordance with ASC 606-10-55-36 through 40. The Company recognizes the sales of goods when the control of the specified goods is transferred to customers which is upon delivery of goods to customers. Revenues also exclude any amounts collected on behalf of the third parties, including sales taxes and indirect taxes. The Company sells goods to customers and the revenues are earned from the cash payment made by customers or customers settle their balances with “Assets”. The Company grants “Assets” upon (i) Cash collected from customers via Webuy mobile APP to top up their e-wallet balance; (ii) Refund to customers’ e-wallet due to order cancellation or products returned from customers; (iii) Commissions payable to Group Leaders for the provision of services to the Company. These “Assets” entitle the holders to offset future purchases. As such, “Assets” are initially recognized and recorded as “Advances from customers” upon the grant and when customers have yet placed the purchase orders to create an underlying sales agreement with the Company. The Company uses the term “Assets” to represent the payment procedures and balances of customers’ user accounts on the Company’s Webuy mobile APP platform. Until “Assets” are used at the time when customers have placed the purchase orders, “Assets” of customers’ user accounts in the Company’s Webuy mobile APP will be reduced; as for the Company’s book-keeping, the Company reclassifies the “Advance from customers” balance to “Deferred revenue”. “Deferred revenue” is a contract liability that the Company is obligated to transfer goods to customers for which the Company has received consideration (or the amount is due) from customers in the form of cash or “Assets”. The balance of “Deferred revenue” represents unfulfilled performance obligations in the sales agreement, i.e. products that have not yet been delivered. Once the related products have been delivered, the amount in “Deferred revenue” account is shifted to a revenue account. The revenue deferred from the previous year was fully recognized as income in the current year amounting to $1,007,494, $484,115, and $ nil Packaged-tour revenue — Performance obligations satisfied at a point in time Within each contract, the Company identify whether it is principal or agent at the performance obligation level. In arrangements where the Company has substantive control over the service before transferring it to the customer, and is primarily responsible for integrating the services into the final deliverables, the Company acts as principal. The Company’s revenue on the sale of packaged-tour is reported as a gross basis, that is, the amounts billed to the customer are recorded as revenues, and amounts paid to travel supplier (such as airlines, hotels, travel buses, etc.) are recorded as cost of revenues. The Company is principal in accordance with ASC paragraphs 606-10-55-36 through 55-40 because the Company controls the packaged-tour including the underlying travel services before the services are transferred to the customer. The control is evidenced by the Company being primarily responsible to its customer and is having a level of discretion in establishing pricing. The Company operates as a single operating segment including product revenue from the sale of goods, which represent 76% of the Company’s revenues, and sale of packaged tour, which represent 24% of the Company’s revenues. Due to the integrated structure of the Company’s business, the sale of goods revenue and sale of packaged tour revenue are combined with each other. The Company’s chief operating decision maker, its Chief Executive Officer, reviews financial information on an aggregate basis for the purposes of allocating resources and evaluating financial performance. The Company’s primary operations are in Singapore and Indonesia, and it has derived substantially all of its revenue from sales to customers in these jurisdictions. In accordance with ASC 280-10-50-40, the Company’s disaggregation information of revenues by each product and service or each group of similar products and services type which were recognized based on the nature of performance obligation disclosed above was as follows: For the years ended December 31, Product/Service Type 2023 Percentage 2022 Percentage 2021 Percentage Food and beverage $ 25,716,683 42 % $ 14,024,908 32 % $ 11,352,854 51 % Fresh produce 19,375,772 31 % 21,254,818 48 % 8,800,647 39 % Lifestyle and other personal care items 1,932,630 3 % 2,846,407 6 % 2,142,181 10 % Packaged-tour 14,661,085 24 % 6,434,285 14 % — — % Total $ 61,686,170 100 % $ 44,560,418 100 % $ 22,295,682 100 % Revenues classified by the geographic areas in which the customers were located was as follows: For the years ended December 31, Product/Service Type 2023 Percentage 2022 Percentage 2021 Percentage Singapore $ 25,254,134 41 % $ 24,786,700 55 % $ 18,208,294 82 % Indonesia 36,432,036 59 % 19,541,277 44 % 3,647,873 16 % Malaysia — — % 232,441 1 % 439,515 2 % Total $ 61,686,170 100 % $ 44,560,418 100 % $ 22,295,682 100 % During the years ended December 31, 2023, 2022 and 2021, all revenues were generated from third parties. Cost of revenue Costs are recognized when incurred. Cost of revenue consists of direct labor, materials, freight charges and other direct costs. |
Net Loss Per Share | Net Loss Per Share Basic earnings per share (“EPS”) is computed based on the weighted average number of ordinary shares outstanding during the period. Diluted EPS is computed based on the weighted average number of ordinary shares plus the effect of dilutive potential ordinary shares outstanding during the period using the treasury stock method and as if converted method. Dilutive potential ordinary shares include outstanding restricted stock units. For the years ended December 31, 2023, 2022 and 2021, respectively, the restricted stock units were excluded from the computation of diluted net loss per share as the result was anti-dilutive. |
Income Taxes | Income Taxes The Company accounts for income taxes using an asset and liability approach which allows for the recognition and measurement of deferred tax assets based upon the likelihood of realization of tax benefits in future years. Deferred tax assets are recognized to the extent that it is probable that taxable profit will be available against which deductible temporary differences can be utilized. Deferred tax is calculated using tax rates that are expected to apply to the period when the asset is realized, or the liability is settled. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all the deferred tax assets will not be realized. Current income taxes are provided for in accordance with the laws of the relevant taxing authorities. The Company conducts its businesses in Singapore and Indonesia, and is subject to tax in these jurisdictions. As a result of its business activities, the Company will file separate tax returns in those countries that are subject to examination by the foreign tax authorities. |
Related Parties | Related Parties The Company follows ASC 850, “Related Party Disclosures,” |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments — Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments. This standard requires a financial asset (or group of financial assets) measured at amortized cost basis to be presented at the net amount expected to be collected. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial asset(s) to present the net carrying value at the amount expected to be collected on the financial asset. This standard is effective for the Company on January 1, 2023. In June 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-13, “Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments,” which adds a new Topic 326 to the Codification and removes the thresholds that companies apply to measure credit losses on financial instruments measured at amortized cost, such as loans, receivables, and held-to-maturity debt securities. Under current U.S. GAAP, companies generally recognize credit losses when it is probable that the loss has been incurred. The revised guidance will remove all recognition thresholds and will require companies to recognize an allowance for credit losses for the difference between the amortized cost basis of a financial instrument and the amount of amortized cost that the company expects to collect over the instrument’s contractual life. ASU 2016-13 also amends the credit loss measurement guidance for available-for-sale debt securities and beneficial interests in securitized financial assets. In April 2019, the FASB issued ASU 2019-04 which clarified the treatment of accrued interest when measuring credit losses. Entities may: (1) measure the allowance for credit losses on accrued interest receivable balances separately from other components of the amortized cost basis of associated financial assets; (2) make various accounting policy elections regarding the treatment of accrued interest receivable; or (3) elect a practical expedient to disclose separately the total amount of accrued interest included in the amortized cost basis as a single balance to meet certain disclosure requirements. ASU 2019-04 also clarified that expected recoveries of amounts previously written off and expected to be written off should be included in the valuation account and should not exceed the aggregate of amounts previously written off and expected to be written off by the entity. In addition, for collateral dependent financial assets, the amendments clarify that an allowance for credit losses that is added to the amortized cost basis of the financial asset(s) should not exceed amounts previously written off. In November 2019, the FASB issued ASU 2019-10, which delayed the effective date of ASU 2016-13 to fiscal years beginning after December 15, 2022 for smaller reporting companies, although early adoption is permitted.In November 2019, the FASB issued ASU 2019-11, “Codification Improvements to Topic 326, Financial Instruments — Credit Losses” which clarified or addressed specific issues about certain aspects of the amendments in ASU 2016-13. The amendments in ASU 2019-11 clarified the following: (1) The allowance for credit losses (ACL) for purchased financial assets with credit deterioration should include expected recoveries of amounts previously written off and expected to be written off by the entity and should not exceed the aggregate of amounts of the amortized cost basis previously written off and expected to be written off by an entity. In addition, the amendments clarify that when a method other than a discounted cash flow method is used to estimate expected credit losses, expected recoveries should not include any amounts that result in an acceleration of the noncredit discount. An entity may include increases in expected cashflows after acquisition; (2) Transition relief will be provided by permitting entities an accounting policy election to adjust the effective interest rate on existing troubled debt restructurings using prepayment assumptions on the date of adoption of Topic 326 rather than the prepayment assumptions in effect immediately before the restructuring; (3) Disclosure relief will be extended for accrued interest receivable balances to additional relevant disclosures involving amortized cost basis; (4) An entity should assess whether it reasonably expects the borrower will be able to continually replenish collateral securing the financial asset to apply the practical expedient. The amendments clarify that an entity applying the practical expedient should estimate expected credit losses for any difference between the amount of the amortized cost basis that is greater than the fair value of the collateral securing the financial asset (that is, the unsecured portion of the amortized cost basis). An entity may determine that the expectation of nonpayment for the amount of the amortized cost basis equal to the fair value of the collateral securing the financial asset is zero. In March 2022, the FASB issued ASU 2022-02 which clarified the treatment of accrued interest when measuring credit losses. The amendments in this Update eliminate the TDR recognition and measurement guidance and, instead, require that an entity evaluate (consistent with the accounting for other loan modifications) whether the modification represents a new loan or a continuation of an existing loan. The amendments enhance existing disclosure requirements and introduce new requirements related to certain modifications of receivables made to borrowers experiencing financial difficulty. For public business entities, the amendments in this Update require that an entity disclose current-period gross write-offs by year of origination for financing receivables and net investment in leases within the scope of Subtopic 326-20. The Company adopted this standard on January 1, 2023. All new standards and amendments that are effective for annual reporting period commencing January 1, 2023 have been applied by the Company for the year ended December 31, 2023. The adoption of these new and amended standards did not have material impact on the unaudited interim consolidated financial statements of the Company. A number of new standards and amendments to standards have not come into effect for the year beginning January 1, 2023, and they have not been early adopted by the Company in preparing these consolidated financial statements. None of these new standards and amendments to standards is expected to have a significant effect on the consolidated financial statements of the Company. |
Organization, Description of _2
Organization, Description of Business and Going Concern (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Description of Business and Going Concern [Abstract] | |
Schedule of Company and Subsidiaries | Details of the Company and subsidiaries as of December 31, 2023 are set out below: Name Incorporation Percentage of Place of Fiscal Principal Webuy Global Ltd August 29, 2022 — Cayman Islands December 31 Investment holding New Retail International Pte Ltd November 23, 2018 100% Singapore December 31 Community-oriented e-commerce platform PT Webuy Social Indonesia May 5, 2020 95% Indonesia December 31 Community-oriented e-commerce platform The Shopaholic Bear Pte Ltd April 6, 2021 100% Singapore December 31 Community-oriented e-commerce platform Bear Bear Pte Ltd November 2, 2021 100% Singapore December 31 Dormant Webuy Travel Pte. Ltd. November 15, 2022 100% Singapore December 31 Sale of packaged-tour PT Webuy Travel Indonesia October 23, 2023 70% Indonesia December 31 Sale of packaged-tour PT Buah Kita Retail October 23, 2023 100% Indonesia December 31 Offline Retail business for “Buah Kita” brand Webuy Advisory Pte Ltd February 2, 2024 100% Singapore December 31 Management consultancy services |
Summary of Signification Acco_2
Summary of Signification Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Schedule of Intangible Assets With Finite Useful lives are Amortized Over The Estimated Economic Lives of Intangible Assets | Intangible assets with finite useful lives are amortized over the estimated economic lives of the intangible assets as follows: Types of intangible assets The estimated Applications development 3 years Software 2 years |
Schedule of Estimated Useful Lives | The estimated useful lives are as follows: Useful life Motor vehicles 5 – 10 years Office equipment 2 – 8 years Furniture and fittings 5 years Computer 3 years Warehouse equipment 2 years Machinery equipment 3 years Leasehold improvements 5 years |
Schedule of Disaggregation Information of Revenues | In accordance with ASC 280-10-50-40, the Company’s disaggregation information of revenues by each product and service or each group of similar products and services type which were recognized based on the nature of performance obligation disclosed above was as follows: For the years ended December 31, Product/Service Type 2023 Percentage 2022 Percentage 2021 Percentage Food and beverage $ 25,716,683 42 % $ 14,024,908 32 % $ 11,352,854 51 % Fresh produce 19,375,772 31 % 21,254,818 48 % 8,800,647 39 % Lifestyle and other personal care items 1,932,630 3 % 2,846,407 6 % 2,142,181 10 % Packaged-tour 14,661,085 24 % 6,434,285 14 % — — % Total $ 61,686,170 100 % $ 44,560,418 100 % $ 22,295,682 100 % |
Schedule of Revenues Classified by the Geographic Areas | Revenues classified by the geographic areas in which the customers were located was as follows: For the years ended December 31, Product/Service Type 2023 Percentage 2022 Percentage 2021 Percentage Singapore $ 25,254,134 41 % $ 24,786,700 55 % $ 18,208,294 82 % Indonesia 36,432,036 59 % 19,541,277 44 % 3,647,873 16 % Malaysia — — % 232,441 1 % 439,515 2 % Total $ 61,686,170 100 % $ 44,560,418 100 % $ 22,295,682 100 % |
Accounts Receivable (Tables)
Accounts Receivable (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accounts Receivable [Abstract] | |
Schedule of Accounts Receivable | As of December 31, 2023 2022 Trade receivables $ 10,631,787 $ 2,568,183 Provision for expected credit loss (520,555 ) — Exchange rate difference 1,406 — $ 10,112,638 $ 2,568,183 |
Prepaid Expenses and Other As_2
Prepaid Expenses and Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Prepaid Expenses and Other Assets [Abstract] | |
Schedule of Prepayment and Other Current Assets | At December 31, 2023 and 2022, prepayment and other current assets consisted of the following:- As of December 31, 2023 2022 Prepayment $ 1,247,942 $ 418,642 Advance to suppliers 2,349,615 3,731 Deposits 1,107,788 123,012 Other receivables 1,326,729 792,034 $ 6,032,074 $ 1,337,419 |
Leasehold Improvements and Eq_2
Leasehold Improvements and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leasehold Improvements and Equipment [Abstract] | |
Schedule of Leasehold Improvements and Equipment | At December 31, 2023 and 2022, leasehold improvements and equipment consisted of the following: As of December 31, 2023 2022 Motor vehicles $ 465,111 $ 458,318 Office equipment 26,462 10,892 Furniture and fittings 17,826 5,439 Computer 43,949 42,225 Warehouse equipment 111,397 97,314 Machinery equipment 2,699 — Leasehold improvements 671,539 78,675 1,338,983 692,863 Accumulated depreciation (442,444 ) (269,230 ) Leasehold improvements and equipment, net of accumulated depreciation $ 896,539 $ 423,633 |
Right of Use Assets and Opera_2
Right of Use Assets and Operating Lease Liability (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Right of Use Assets and Operating Lease Liability [Abstract] | |
Schedule of Information Pertaining to Lease Amounts Recognized | Information pertaining to lease amounts recognized in our consolidated financial statements is summarized as follows: As of December 31, 2023 2022 Leasehold buildings $ 3,648,367 $ 483,401 Accumulated amortization (957,846 ) (440,689 ) ROU assets, net of accumulated amortization $ 2,690,521 $ 42,712 |
Schedule of Operating Lease Costs | For the years ended December 31, 2023 2022 2021 Operating lease cost: Operating lease costs $ 114,694 $ 283,521 $ 249,749 Short-term lease costs 246,489 362,665 112,796 $ 361,183 $ 646,186 $ 362,545 Supplemental cash flow information: Operating cash flows from operating leases $ 295,416 $ 177,779 $ 233,903 Right-of-use obtained in exchange for new operating lease liabilities 3,045,610 61,022 138,339 Weighted-average remaining lease term (years): Operating leases 5.04 1.33 0.9 |
Schedule of Weighted-Average Discount Rate for Operating Leases | As of December 31, 2023 and 2022, the weighted-average discount rate for operating leases was 6.0% and 5.0%, respectively. Operating Years Ended December 31, 2024 $ 854,888 2025 768,781 2026 703,306 2027 717,507 2028 215,252 Total operating lease payment 3,259,734 Less: Imputed interest (356,228 ) Present value of operating lease liabilities 2,903,506 Operating lease liabilities – current $ 708,953 Operating lease liabilities – non-current $ 2,194,553 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Intangible Assets [Abstract] | |
Schedule of Intangible Assets | At December 31, 2023 and 2022, intangible assets consisted of the following: As of December 31, 2023 2022 Software $ 73,494 $ 72,421 Application development 2,199,748 1,275,669 2,273,242 1,348,090 Accumulated amortization (1,022,062 ) (415,091 ) Intangible assets, net of accumulated amortization $ 1,251,180 $ 932,999 |
Schedule of Estimates its Amortization Expense | Based on the carrying value of definite-lived intangible assets as of December 31, 2023, the Company estimates its amortization expense for following years will be as follows: Amortization Years Ended December 31, 2024 $ 678,160 2025 437,453 2026 135,567 Total amortization expense $ 1,251,180 |
Other Current Liabilities (Tabl
Other Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Other Current Liabilities [Abstract] | |
Schedule of Other Current Liabilities | At December 31, 2023 and 2022, other current liabilities consisted of the following: As of December 31, 2023 2022 Accrued expenses $ 674,949 $ 474,033 Advance from customers 3,434,075 188,069 Other payables 2,001,714 1,066,690 $ 6,110,738 $ 1,728,792 |
Loans Payable (Tables)
Loans Payable (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Loans Payable [Abstract] | |
Schedule of Loans Payable | At December 31, 2023 and 2022, loans payable consisted of the following: As of December 31, 2023 2022 Hire purchases – Motor Vehicle $ 248,768 $ 286,329 Term loan I 154,195 594,070 Term loan II 147,697 1,028,645 Short-term loan 166,533 175,783 717,193 2,084,827 Less current portion (512,435 ) (1,611,069 ) Long-term loans payable $ 204,758 $ 473,758 |
Schedule of Future Minimum Lease Payments | Future minimum lease payments under hire purchases that have initial non-cancellable lease terms in excess of one year as of December 31, 2023 were as follows: Finance Year Ended December 31, 2024 $ 55,681 2025 55,681 2026 55,681 2027 50,024 2028 42,143 Thereafter 24,584 283,794 Less: Imputed interest (35,026 ) Hire purchases liabilities 248,768 Hire purchases liabilities – current $ 44,010 Hire purchases liabilities – non-current $ 204,758 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
Schedule of Due to Related Party | The transactions amount due to a related party are as of the following: 2023 2022 2021 Beginning of the years January 1 $ 25,336 $ 68,786 $ 7,783 Advances for operation and administration expenses — 13,724 1,671,801 Payments made to a director — (25,009 ) (1,610,798 ) Reversal of a related party payable due to disposal of a subsidiary — (32,165 ) — Exchange difference 593 — — Years ended December 31 $ 25,929 $ 25,336 $ 68,786 |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Schedule of Consolidated Balance Sheets | Consolidated Balance Sheets as of De cember 31, 2023: Pre-share Adjustments Post-share (Deficit) Equity Number of ordinary shares – authorized 100,000,000 259,900,000,000 260,000,000,000 Number of ordinary shares – issued and outstanding 18,466 47,993,134 48,011,600 Par value $ 0.001 $ 0.000999615 $ 0.000000385 |
Schedule of Consolidated Statements of Operations | Consolidated Statements of Operations for the year ended December 31, 2022: Pre-share Adjustments Post-share Loss per share Basic and diluted loss per ordinary share $ (418.15 ) $ 417.99 $ (0.16 ) Weighted average number of shares used in computation: Basic and diluted 16,026 41,651,574 41,667,600 Consolidated Statements of Operations for the year ended December 31, 2021: Pre-share Adjustments Post-share Loss per share Basic and diluted loss per ordinary share $ (552.96 ) $ 552.75 $ (0.21 ) Weighted average number of shares used in computation: Basic and diluted 14,770 38,387,230 38,402,000 |
Income Tax (Tables)
Income Tax (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax [Abstract] | |
Schedule of Reconciliation of the Expected Income Tax Recovery to the Actual Income Tax Recovery | A reconciliation of the expected income tax recovery to the actual income tax recovery is as follows: For the years ended December 31, 2023 2022 2021 Net loss before income taxes $ (5,162,454 ) $ (6,701,203 ) $ (8,167,154 ) Income tax expenses attributable to net income at Singapore statutory rate of 17% (*) (877,617 ) (1,139,205 ) (1,388,416 ) Effect of different tax rates in other jurisdictions 51,540 (63,730 ) (48,323 ) Non-deductible expenses 302,956 537,800 34,595 Singapore tax exemption or non-taxable income — — (7,159 ) Unrecognized deferred tax asset 523,121 665,135 1,409,303 Total tax provision $ — $ — $ — (*) The Company has reconciled to the Singapore statutory tax rate of 17% to reflect the location of the Company’s operating activities and rather than reconciling to Cayman Islands statutory tax rate of 0%. |
Schedule of Components of the Deferred Tax Assets | The components of the deferred tax assets are as follows: As of December 31, 2023 2022 Tax loss carry forwards $ 10,358,050 $ 4,348,685 Deferred tax assets 1,760,869 1,408,101 Valuation allowance (1,760,869 ) (1,408,101 ) Total deferred tax assets, net $ — $ — |
Concentrations and Risks (Table
Concentrations and Risks (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Concentrations and Risks [Abstract] | |
Schedule of Concentration Accounts Payable | Details of the suppliers which accounted for 10% or more of accounts payable are as follows: As of December 31, 2023 % 2022 % Company A $ 2,170,312 19.6 % $ — — % Company B 1,222,103 11.1 % — — Company C — — 573,451 10.5 $ 3,392,415 30.7 % $ 573,451 10.5 % |
Schedule of Concentration Accounts Receivable | Details of the customers which accounted for 10% or more of accounts receivable are as follows: As of December 31, 2023 % 2022 % Company A $ 1,337,859 13.2 % $ 679,226 26.4 % Company B — — % 586,103 22.8 % Company C — — % 307,672 12.0 % $ 1,337,859 13.2 % $ 1,573,001 61.2 % |
Organization, Description of _3
Organization, Description of Business and Going Concern (Details) - shares | 12 Months Ended | |
Aug. 29, 2022 | Dec. 31, 2022 | |
Organization, Description of Business and Going Concern [Line Items] | ||
Issued shares | 205 | |
Share forward split | 48,011,600 | |
Common Stock [Member] | ||
Organization, Description of Business and Going Concern [Line Items] | ||
Share forward split | 43,274,400 | |
New Retail International Pte Ltd. [Member] | ||
Organization, Description of Business and Going Concern [Line Items] | ||
Interest percentage | 100% | |
Preference shares | 5,002 | |
Singapore, Dollars | New Retail International Pte Ltd. [Member] | ||
Organization, Description of Business and Going Concern [Line Items] | ||
Issued shares | 8,202 | |
Preference shares | 3,440 | |
Share Swap Agreement [Member] | ||
Organization, Description of Business and Going Concern [Line Items] | ||
Issued shares | 16,644 | |
Share Swap Agreement [Member] | New Retail International Pte Ltd. [Member] | ||
Organization, Description of Business and Going Concern [Line Items] | ||
Interest percentage | 100% | |
Issued shares | 16,644 |
Organization, Description of _4
Organization, Description of Business and Going Concern (Details) - Schedule of Company and Subsidiaries | 12 Months Ended |
Dec. 31, 2023 | |
Webuy Global Ltd [Member] | |
Schedule of Company and Subsidiaries [Line Items] | |
Incorporation Date | Aug. 29, 2022 |
Percentage of effective ownership | |
Place of Incorporation | Cayman Islands |
Fiscal Year | December 31 |
Principal Activities | Investment holding |
New Retail International Pte Ltd [Member] | |
Schedule of Company and Subsidiaries [Line Items] | |
Incorporation Date | Nov. 23, 2018 |
Percentage of effective ownership | 100% |
Place of Incorporation | Singapore |
Fiscal Year | December 31 |
Principal Activities | Community-oriented e-commerce platform |
PT Webuy Social Indonesia [Member] | |
Schedule of Company and Subsidiaries [Line Items] | |
Incorporation Date | May 05, 2020 |
Percentage of effective ownership | 95% |
Place of Incorporation | Indonesia |
Fiscal Year | December 31 |
Principal Activities | Community-oriented e-commerce platform |
The Shopaholic Bear Pte Ltd [Member] | |
Schedule of Company and Subsidiaries [Line Items] | |
Incorporation Date | Apr. 06, 2021 |
Percentage of effective ownership | 100% |
Place of Incorporation | Singapore |
Fiscal Year | December 31 |
Principal Activities | Community-oriented e-commerce platform |
Bear Bear Pte Ltd [Member] | |
Schedule of Company and Subsidiaries [Line Items] | |
Incorporation Date | Nov. 02, 2021 |
Percentage of effective ownership | 100% |
Place of Incorporation | Singapore |
Fiscal Year | December 31 |
Principal Activities | Dormant |
Webuy Travel Pte. Ltd. [Member] | |
Schedule of Company and Subsidiaries [Line Items] | |
Incorporation Date | Nov. 15, 2022 |
Percentage of effective ownership | 100% |
Place of Incorporation | Singapore |
Fiscal Year | December 31 |
Principal Activities | Sale of packaged-tour |
PT Webuy Travel Indonesia [Member] | |
Schedule of Company and Subsidiaries [Line Items] | |
Incorporation Date | Oct. 23, 2023 |
Percentage of effective ownership | 70% |
Place of Incorporation | Indonesia |
Fiscal Year | December 31 |
Principal Activities | Sale of packaged-tour |
PT Buah Kita Retail [Member] | |
Schedule of Company and Subsidiaries [Line Items] | |
Incorporation Date | Oct. 23, 2023 |
Percentage of effective ownership | 100% |
Place of Incorporation | Indonesia |
Fiscal Year | December 31 |
Principal Activities | Offline Retail business for “Buah Kita” brand |
Webuy Advisory Pte Ltd [Member] | |
Schedule of Company and Subsidiaries [Line Items] | |
Incorporation Date | Feb. 02, 2024 |
Percentage of effective ownership | 100% |
Place of Incorporation | Singapore |
Fiscal Year | December 31 |
Principal Activities | Management consultancy services |
Summary of Signification Acco_3
Summary of Signification Accounting Policies (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Summary of Signification Accounting Policies [Line Items] | |||
Amount in excess of government insurance | $ 4,610,723 | $ 1,221,685 | |
Financing Receivable, after Allowance for Credit Loss | 520,555 | ||
Share-Based Payment Arrangement, Expense | 1,270,000 | $ 1,970,000 | |
Deferred revenue recognized | $ 1,007,494 | $ 484,115 | |
Sale of goods percentage | 76% | ||
Revenues percentage | 24% | ||
Minimum [Member] | |||
Summary of Signification Accounting Policies [Line Items] | |||
Approximately cash balances | $ 123,996 | ||
Maximum [Member] | |||
Summary of Signification Accounting Policies [Line Items] | |||
Approximately cash balances | $ 56,790,000 |
Summary of Signification Acco_4
Summary of Signification Accounting Policies (Details) - Schedule of Intangible Assets With Finite Useful lives are Amortized Over The Estimated Economic Lives of Intangible Assets | Dec. 31, 2023 |
Applications Development [Member] | |
Summary of Signification Accounting Policies (Details) - Schedule of Intangible Assets With Finite Useful lives are Amortized Over The Estimated Economic Lives of Intangible Assets [Line Items] | |
Estimated useful lives of the intangible assets | 3 years |
Software [Member] | |
Summary of Signification Accounting Policies (Details) - Schedule of Intangible Assets With Finite Useful lives are Amortized Over The Estimated Economic Lives of Intangible Assets [Line Items] | |
Estimated useful lives of the intangible assets | 2 years |
Summary of Signification Acco_5
Summary of Signification Accounting Policies (Details) - Schedule of Estimated Useful Lives | Dec. 31, 2023 |
Motor Vehicles [Member] | Minimum [Member] | |
Public Utility, Property, Plant and Equipment [Line Items] | |
Useful life | 5 years |
Motor Vehicles [Member] | Maximum [Member] | |
Public Utility, Property, Plant and Equipment [Line Items] | |
Useful life | 10 years |
Office Equipment [Member] | Minimum [Member] | |
Public Utility, Property, Plant and Equipment [Line Items] | |
Useful life | 2 years |
Office Equipment [Member] | Maximum [Member] | |
Public Utility, Property, Plant and Equipment [Line Items] | |
Useful life | 8 years |
Furniture and fittings [Member] | |
Public Utility, Property, Plant and Equipment [Line Items] | |
Useful life | 5 years |
Computer [Member] | |
Public Utility, Property, Plant and Equipment [Line Items] | |
Useful life | 3 years |
Warehouse equipment [Member] | |
Public Utility, Property, Plant and Equipment [Line Items] | |
Useful life | 2 years |
Machinery Equipment [Member] | |
Public Utility, Property, Plant and Equipment [Line Items] | |
Useful life | 3 years |
Leasehold Improvements [Member] | |
Public Utility, Property, Plant and Equipment [Line Items] | |
Useful life | 5 years |
Summary of Signification Acco_6
Summary of Signification Accounting Policies (Details) - Schedule of Disaggregation Information of Revenues - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disaggregation of Revenue [Line Items] | |||
Product/Service Type | $ 61,686,170 | $ 44,560,418 | $ 22,295,682 |
Percentage of total revenue | 100% | 100% | 100% |
Food and Beverage [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Product/Service Type | $ 25,716,683 | $ 14,024,908 | $ 11,352,854 |
Percentage of total revenue | 42% | 32% | 51% |
Fresh produce [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Product/Service Type | $ 19,375,772 | $ 21,254,818 | $ 8,800,647 |
Percentage of total revenue | 31% | 48% | 39% |
Lifestyle and other personal care items [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Product/Service Type | $ 1,932,630 | $ 2,846,407 | $ 2,142,181 |
Percentage of total revenue | 3% | 6% | 10% |
Packaged-tour [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Product/Service Type | $ 14,661,085 | $ 6,434,285 | |
Percentage of total revenue | 24% | 14% |
Summary of Signification Acco_7
Summary of Signification Accounting Policies (Details) - Schedule of Revenues Classified by the Geographic Areas - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Summary of Signification Accounting Policies (Details) - Schedule of Revenues Classified by the Geographic Areas [Line Items] | |||
Revenues | $ 61,686,170 | $ 44,560,418 | $ 22,295,682 |
Percentage of Total revenue | 100% | 100% | 100% |
Singapore [Member] | |||
Summary of Signification Accounting Policies (Details) - Schedule of Revenues Classified by the Geographic Areas [Line Items] | |||
Revenues | $ 25,254,134 | $ 24,786,700 | $ 18,208,294 |
Percentage of Total revenue | 41% | 55% | 82% |
Indonesia [Member] | |||
Summary of Signification Accounting Policies (Details) - Schedule of Revenues Classified by the Geographic Areas [Line Items] | |||
Revenues | $ 36,432,036 | $ 19,541,277 | $ 3,647,873 |
Percentage of Total revenue | 59% | 44% | 16% |
Malaysia [Member] | |||
Summary of Signification Accounting Policies (Details) - Schedule of Revenues Classified by the Geographic Areas [Line Items] | |||
Revenues | $ 232,441 | $ 439,515 | |
Percentage of Total revenue | 1% | 2% |
Accounts Receivable (Details) -
Accounts Receivable (Details) - Schedule of Accounts Receivable - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Schedule of Accounts Receivable [Abstract] | ||
Trade receivables | $ 10,631,787 | $ 2,568,183 |
Provision for expected credit loss | (520,555) | |
Exchange rate difference | 1,406 | |
Accounts receivable | $ 10,112,638 | $ 2,568,183 |
Prepaid Expenses and Other As_3
Prepaid Expenses and Other Assets (Details) | Dec. 31, 2023 USD ($) |
Prepaid Expenses and Other Assets [Abstract] | |
Earnest deposits | $ 500,000 |
Prepaid Expenses and Other As_4
Prepaid Expenses and Other Assets (Details) - Schedule of Prepayment and Other Current Assets - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Schedule of Prepayment and Other Current Assets [Line Items] | ||
Prepayment | $ 1,247,942 | $ 418,642 |
Advance to suppliers | 2,349,615 | 3,731 |
Deposits | 1,107,788 | 123,012 |
Other receivables | 1,326,729 | 792,034 |
Total prepayment and other current assets | $ 6,032,074 | $ 1,337,419 |
Note receivable (Details)
Note receivable (Details) - USD ($) | 12 Months Ended | |||
Nov. 09, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Note Receivable [Abstract] | ||||
Unsecured promissory note | $ 3,000,000 | $ 3,000,000 | ||
Interest rate | 3% |
Leasehold Improvements and Eq_3
Leasehold Improvements and Equipment (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Leasehold Improvements and Equipment [Abstract] | |||
Depreciation expense of leasehold improvements | $ 742,030 | $ 123,289 | $ 90,345 |
Purchased assets | 698,282 | 286,009 | 156,570 |
Net carrying amount | $ 281,875 | $ 325,331 | $ 65,683 |
Leasehold Improvements and Eq_4
Leasehold Improvements and Equipment (Details) - Schedule of Leasehold Improvements and Equipment - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Leasehold improvements and equipment, gross | $ 1,338,983 | $ 692,863 |
Accumulated depreciation | (442,444) | (269,230) |
Leasehold improvements and equipment, net of accumulated depreciation | 896,539 | 423,633 |
Motor Vehicles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Leasehold improvements and equipment, gross | 465,111 | 458,318 |
Office equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Leasehold improvements and equipment, gross | 26,462 | 10,892 |
Furniture and fittings [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Leasehold improvements and equipment, gross | 17,826 | 5,439 |
Computer [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Leasehold improvements and equipment, gross | 43,949 | 42,225 |
Warehouse equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Leasehold improvements and equipment, gross | 111,397 | 97,314 |
Machinery equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Leasehold improvements and equipment, gross | 2,699 | |
Leasehold improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Leasehold improvements and equipment, gross | $ 671,539 | $ 78,675 |
Right of Use Assets and Opera_3
Right of Use Assets and Operating Lease Liability (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Right of Use Assets and Operating Lease Liability [Abstract] | ||
Total rental fee (in Dollars) | $ 3.9 | |
Weighted-average discount rate operating leases | 6% | 5% |
Right of Use Assets and Opera_4
Right of Use Assets and Operating Lease Liability (Details) - Schedule of Information Pertaining to Lease Amounts Recognized - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Schedule of Information Pertaining To Lease Amounts Recognized [Abstract] | ||
Leasehold buildings | $ 3,648,367 | $ 483,401 |
Accumulated amortization | (957,846) | (440,689) |
ROU assets, net of accumulated amortization | $ 2,690,521 | $ 42,712 |
Right of Use Assets and Opera_5
Right of Use Assets and Operating Lease Liability (Details) - Schedule of Operating Lease Costs - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of Lease Costs [Abstract] | |||
Operating lease costs | $ 114,694 | $ 283,521 | $ 249,749 |
Short-term lease costs | 246,489 | 362,665 | 112,796 |
Total lease costs | 361,183 | 646,186 | 362,545 |
Operating cash flows from operating leases | 295,416 | 177,779 | 233,903 |
Right-of-use obtained in exchange for new operating lease liabilities | $ 3,045,610 | $ 61,022 | $ 138,339 |
Operating leases | 5 years 14 days | 1 year 3 months 29 days | 10 months 24 days |
Right of Use Assets and Opera_6
Right of Use Assets and Operating Lease Liability (Details) - Schedule of Weighted-Average Discount Rate for Operating Leases - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Schedule of Operating Leases [Abstract] | ||
2024 | $ 854,888 | |
2025 | 768,781 | |
2026 | 703,306 | |
2027 | 717,507 | |
2028 | 215,252 | |
Total operating lease payment | 3,259,734 | |
Less: Imputed interest | (356,228) | |
Present value of operating lease liabilities | 2,903,506 | |
Operating lease liabilities – current | 708,953 | $ 32,347 |
Operating lease liabilities – non-current | $ 2,194,553 | $ 10,598 |
Intangible Assets (Details)
Intangible Assets (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Intangible Assets [Abstract] | |||
Amortization expense intangible assets | $ 591,321 | $ 314,023 | $ 87,723 |
Acquired intangible asset | $ 890,377 | $ 853,049 | $ 459,198 |
Intangible Assets (Details) - S
Intangible Assets (Details) - Schedule of Intangible Assets - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Schedule of Intangible Assets [Line Items] | ||
Intangible assets, gross | $ 2,273,242 | $ 1,348,090 |
Accumulated amortization | (1,022,062) | (415,091) |
Intangible assets, net of accumulated amortization | 1,251,180 | 932,999 |
Software [Member] | ||
Schedule of Intangible Assets [Line Items] | ||
Intangible assets, gross | 73,494 | 72,421 |
Application development [Member] | ||
Schedule of Intangible Assets [Line Items] | ||
Intangible assets, gross | $ 2,199,748 | $ 1,275,669 |
Intangible Assets (Details) -_2
Intangible Assets (Details) - Schedule of Estimates its Amortization Expense - Amortization Expense [Member] | Dec. 31, 2023 USD ($) |
Schedule of Estimates its Amortization Expense [Line Items] | |
2024 | $ 678,160 |
2025 | 437,453 |
2026 | 135,567 |
Total amortization expense | $ 1,251,180 |
Other Current Liabilities (Deta
Other Current Liabilities (Details) - Schedule of Other Current Liabilities - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Schedule of Other Current Liabilities [Abstract] | ||
Accrued expenses | $ 674,949 | $ 474,033 |
Advance from customers | 3,434,075 | 188,069 |
Other payables | 2,001,714 | 1,066,690 |
Total | $ 6,110,738 | $ 1,728,792 |
Loans Payable (Details)
Loans Payable (Details) - USD ($) | 12 Months Ended | |||||
Dec. 12, 2022 | Jan. 06, 2022 | Sep. 23, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Loans Payable [Abstract] | ||||||
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Hire purchases liabilities | |||||
Interest expense | $ 241,890 | $ 237,505 | $ 25,992 | |||
Loan facility amount | $ 200,000 | $ 1,500,000 | $ 1,000,000 | |||
Interest rate percentage | 0% | 6% | 6% |
Loans Payable (Details) - Sched
Loans Payable (Details) - Schedule of Loans Payable - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Schedule of Loans Payable [Line Items] | ||
Short-term loan, Net | $ 717,193 | $ 2,084,827 |
Less current portion | (512,435) | (1,611,069) |
Long-term loans payable | 204,758 | 473,758 |
Hire purchases - Motor Vehicle [Member] | ||
Schedule of Loans Payable [Line Items] | ||
Short-term loan, Gross | 248,768 | 286,329 |
Term loan I [Member] | ||
Schedule of Loans Payable [Line Items] | ||
Short-term loan, Gross | 154,195 | 594,070 |
Term loan II [Member] | ||
Schedule of Loans Payable [Line Items] | ||
Short-term loan, Gross | 147,697 | 1,028,645 |
Short-term loan [Member] | ||
Schedule of Loans Payable [Line Items] | ||
Short-term loan, Gross | $ 166,533 | $ 175,783 |
Loans Payable (Details) - Sch_2
Loans Payable (Details) - Schedule of Future Minimum Lease Payments | Dec. 31, 2023 USD ($) |
Schedule of Future Minimum Lease Payments [Abstract] | |
2024 | $ 55,681 |
2025 | 55,681 |
2026 | 55,681 |
2027 | 50,024 |
2028 | 42,143 |
Thereafter | 24,584 |
Total | 283,794 |
Less: Imputed interest | (35,026) |
Hire purchases liabilities | 248,768 |
Hire purchases liabilities – current | 44,010 |
Hire purchases liabilities – non-current | $ 204,758 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) | 12 Months Ended | |||
Jul. 27, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Related Party Transactions [Line Items] | ||||
Recorded amount due from shareholder amount | $ 25,929 | $ 25,336 | ||
Related party payable | (32,165) | |||
Director [Member] | ||||
Related Party Transactions [Line Items] | ||||
Related party payable | $ 32,165 | |||
GBuy Global Pte Ltd [Member] | ||||
Related Party Transactions [Line Items] | ||||
Recorded amount due from shareholder amount | 6,637 | 4,119 | ||
Webuy Talent Ltd [Member] | ||||
Related Party Transactions [Line Items] | ||||
Recorded amount due from shareholder amount | $ 5,169 |
Related Party Transactions (D_2
Related Party Transactions (Details) - Schedule of Due to Related Party - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of Due to Related Party [Abstract] | |||
Beginning of the years January 1 | $ 25,336 | $ 68,786 | $ 7,783 |
Advances for operation and administration expenses | 13,724 | 1,671,801 | |
Payments made to a director | (25,009) | (1,610,798) | |
Reversal of a related party payable due to disposal of a subsidiary | (32,165) | ||
Exchange difference | 593 | ||
Years ended December 31 | $ 25,929 | $ 25,336 | $ 68,786 |
Convertible Notes Payables (Det
Convertible Notes Payables (Details) - USD ($) | 12 Months Ended | |||
Nov. 27, 2023 | Aug. 29, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Convertible Notes Payables (Details) [Line Items] | ||||
Aggregate principal amount | $ 2,920,800 | $ 1,489,200 | $ 3,333,200 | |
Ordinary shares (in Shares) | 400 | 18,466 | ||
Converted ordinary shares (in Shares) | 533,000 | 1,040,000 | ||
Convertible interest rate | 10% | 10% | ||
Convertible Notes Payable [Member] | ||||
Convertible Notes Payables (Details) [Line Items] | ||||
Aggregate principal amount | $ 412,400 |
SAFE Notes Payable (Details)
SAFE Notes Payable (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
SAFE Notes Payable [Abstract] | |||
Aggregate amount | $ 750,000 | ||
converted ordinary shares | 533,000 |
Equity (Details)
Equity (Details) - USD ($) | 12 Months Ended | ||||||||
Nov. 03, 2023 | Jan. 01, 2023 | Aug. 29, 2022 | Jan. 01, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | May 02, 2023 | ||
Equity (Details) [Line Items] | |||||||||
Stockholders' equity note, stock split | the shareholders of the Company approved a 1 for 2,600 share forward split of the Company’s authorized and issued ordinary shares whereby every 1 share was split into 2,600 shares | ||||||||
Ordinary share, par value (in Dollars per share) | $ 0.00000 | ||||||||
Ordinary shares authorized | 260,000,000,000 | 260,000,000,000 | |||||||
Ordinary shares | 400 | 18,466 | |||||||
Converted ordinary shares | 533,000 | 1,040,000 | |||||||
Issuance of ordinary share | 205 | ||||||||
Aggregate price (in Dollars) | $ 300,000 | ||||||||
Share forward split, ordinary shares | 48,011,600 | ||||||||
Total share issued | 1,340 | ||||||||
Aggregate gross proceeds (in Dollars) | $ 1,528,800 | $ 15,200,000 | |||||||
Additional ordinary shares | 570,000 | ||||||||
Ordinary shares outstanding | 52,381,600 | 48,011,600 | [1] | ||||||
Ordinary shares issued | 52,381,600 | 48,011,600 | [1] | ||||||
Granted shares | 1,642 | ||||||||
Restricted units amount (in Dollars) | $ 3,240,344 | ||||||||
Vesting period, term | 20 months | ||||||||
Share based compensation (in Dollars) | $ 1,266,890 | $ 1,973,454 | |||||||
IPO [Member] | |||||||||
Equity (Details) [Line Items] | |||||||||
Ordinary shares | 3,800,000 | ||||||||
Public offering price (in Dollars per share) | $ 4 | ||||||||
Over-Allotment Option [Member] | |||||||||
Equity (Details) [Line Items] | |||||||||
Aggregate gross proceeds (in Dollars) | $ 546,000 | ||||||||
Additional ordinary shares | 150,000 | ||||||||
Purchase remaining ordinary shares | 420,000 | ||||||||
Ordinary Shares [Member] | |||||||||
Equity (Details) [Line Items] | |||||||||
Converted ordinary shares | 1,040,000 | ||||||||
Ordinary share issued | 670 | ||||||||
Share forward split, ordinary shares | 3,484,000 | ||||||||
Maximum [Member] | |||||||||
Equity (Details) [Line Items] | |||||||||
Ordinary share, par value (in Dollars per share) | $ 0.001 | ||||||||
Ordinary shares authorized | 260,000,000,000 | ||||||||
Minimum [Member] | |||||||||
Equity (Details) [Line Items] | |||||||||
Ordinary share, par value (in Dollars per share) | $ 0.00000 | ||||||||
Ordinary shares authorized | 100,000,000 | ||||||||
Subscription Agreement [Member] | |||||||||
Equity (Details) [Line Items] | |||||||||
Ordinary share issued | 109 | ||||||||
Share forward split, ordinary shares | 283,400 | ||||||||
Restricted Share Units [Member] | |||||||||
Equity (Details) [Line Items] | |||||||||
Issuance of ordinary share | 1,642 | ||||||||
Share forward split, ordinary shares | 4,269,200 | ||||||||
Share based compensation (in Dollars) | $ 1,266,890 | $ 1,973,454 | |||||||
[1]Giving retroactive effect to the share forward split on May 2, 2023. |
Equity (Details) - Schedule of
Equity (Details) - Schedule of Consolidated Balance Sheets | Dec. 31, 2023 $ / shares shares |
Pre-share forward split [Member] | |
Condensed Balance Sheet Statements, Captions [Line Items] | |
Number of ordinary shares – authorized | 100,000,000 |
Number of ordinary shares – issued | 18,466 |
Par value (in Dollars per share) | $ / shares | $ 0.001 |
Adjustments [Member] | |
Condensed Balance Sheet Statements, Captions [Line Items] | |
Number of ordinary shares – authorized | 259,900,000,000 |
Number of ordinary shares – issued | 47,993,134 |
Par value (in Dollars per share) | $ / shares | $ 0.000999615 |
Post-share forward split [Member] | |
Condensed Balance Sheet Statements, Captions [Line Items] | |
Number of ordinary shares – authorized | 260,000,000,000 |
Number of ordinary shares – issued | 48,011,600 |
Par value (in Dollars per share) | $ / shares | $ 0.00000 |
Equity (Details) - Schedule o_2
Equity (Details) - Schedule of Consolidated Balance Sheets (Parentheticals) | Dec. 31, 2023 shares |
Pre-share forward split [Member] | |
Condensed Balance Sheet Statements, Captions [Line Items] | |
Number of ordinary shares – outstanding | 18,466 |
Adjustments [Member] | |
Condensed Balance Sheet Statements, Captions [Line Items] | |
Number of ordinary shares – outstanding | 47,993,134 |
Post-share forward split [Member] | |
Condensed Balance Sheet Statements, Captions [Line Items] | |
Number of ordinary shares – outstanding | 48,011,600 |
Equity (Details) - Schedule o_3
Equity (Details) - Schedule of Consolidated Statements of Operations - $ / shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Pre-share forward split [Member] | ||
Loss per share | ||
Basic and diluted loss per ordinary share | $ (552.96) | $ (418.15) |
Weighted average number of shares used in computation: | ||
Basic and diluted | 14,770 | 16,026 |
Adjustments [Member] | ||
Loss per share | ||
Basic and diluted loss per ordinary share | $ 552.75 | $ 417.99 |
Weighted average number of shares used in computation: | ||
Basic and diluted | 38,387,230 | 41,651,574 |
Post-share forward split [Member] | ||
Loss per share | ||
Basic and diluted loss per ordinary share | $ (0.21) | $ (0.16) |
Weighted average number of shares used in computation: | ||
Basic and diluted | 38,402,000 | 41,667,600 |
Equity (Details) - Schedule o_4
Equity (Details) - Schedule of Consolidated Statements of Operations (Parentheticals) - $ / shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Pre-share forward split [Member] | ||
Equity (Details) - Schedule of Consolidated Statements of Operations (Parentheticals) [Line Items] | ||
Diluted loss per ordinary share | $ (552.96) | $ (418.15) |
Diluted weighted average number of shares | 14,770 | 16,026 |
Adjustments [Member] | ||
Equity (Details) - Schedule of Consolidated Statements of Operations (Parentheticals) [Line Items] | ||
Diluted loss per ordinary share | $ 552.75 | $ 417.99 |
Diluted weighted average number of shares | 38,387,230 | 41,651,574 |
Post-share forward split [Member] | ||
Equity (Details) - Schedule of Consolidated Statements of Operations (Parentheticals) [Line Items] | ||
Diluted loss per ordinary share | $ (0.21) | $ (0.16) |
Diluted weighted average number of shares | 38,402,000 | 41,667,600 |
Income Tax (Details)
Income Tax (Details) - USD ($) | 12 Months Ended | ||||
Jul. 27, 2022 | Jun. 29, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax [Line Items] | |||||
Percentage equity interest | 100% | 100% | |||
Gain on disposal (in Dollars) | $ 42,150 | $ 783,003 | |||
Statutory tax rate | 17% | 17% | |||
Tax losses carry forwards (in Dollars) | $ 8,596,330 | $ 8,599,651 | $ 8,569,992 | ||
SINGAPORE | |||||
Income Tax [Line Items] | |||||
Income tax rate | 17% | 17% | 17% | ||
Statutory tax rate | 17% | ||||
INDONESIA | |||||
Income Tax [Line Items] | |||||
Income tax rate | 22% | 22% | 22% | ||
MALAYSIA | |||||
Income Tax [Line Items] | |||||
Income tax rate | 24% | 24% | 24% | ||
CHINA | |||||
Income Tax [Line Items] | |||||
Income tax rate | 25% | 25% | 25% | ||
Cayman Islands [Member] | |||||
Income Tax [Line Items] | |||||
Statutory tax rate | 0% |
Income Tax (Details) - Schedule
Income Tax (Details) - Schedule of Reconciliation of the Expected Income Tax Recovery to the Actual Income Tax Recovery - USD ($) | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Schedule of Reconciliation of the Expected Income Tax Recovery to the Actual Income Tax Recovery [Abstract] | ||||
Net loss before income taxes | $ (5,162,454) | $ (6,701,203) | $ (8,167,154) | |
Income tax expenses attributable to net income at Singapore statutory rate of 17% | [1] | (877,617) | (1,139,205) | (1,388,416) |
Effect of different tax rates in other jurisdictions | 51,540 | (63,730) | (48,323) | |
Non-deductible expenses | 302,956 | 537,800 | 34,595 | |
Singapore tax exemption or non-taxable income | (7,159) | |||
Unrecognized deferred tax asset | 523,121 | 665,135 | 1,409,303 | |
Total tax provision | ||||
[1]The Company has reconciled to the Singapore statutory tax rate of 17% to reflect the location of the Company’s operating activities and rather than reconciling to Cayman Islands statutory tax rate of 0%. |
Income Tax (Details) - Schedu_2
Income Tax (Details) - Schedule of Reconciliation of the Expected Income Tax Recovery to the Actual Income Tax Recovery (Parentheticals) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Schedule of Reconciliation of the Expected Income Tax Recovery to the Actual Income Tax Recovery [Abstract] | ||
Statutory rate | 17% | 17% |
Income Tax (Details) - Schedu_3
Income Tax (Details) - Schedule of Components of the Deferred Tax Assets - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Schedule of Components of the Deferred Tax Assets [Abstract] | ||
Tax loss carry forwards | $ 10,358,050 | $ 4,348,685 |
Deferred tax assets | 1,760,869 | 1,408,101 |
Valuation allowance | (1,760,869) | (1,408,101) |
Total deferred tax assets, net |
Government Grants (Details)
Government Grants (Details) | 12 Months Ended | |||
Dec. 31, 2023 USD ($) | Dec. 31, 2023 SGD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Government Grants (Details) [Line Items] | ||||
Percentage of wages | 40% | 40% | ||
Actual wages paid | $ 7,200 | $ 10,000 | ||
Percentage of out-of-pocket expenses | 90% | 90% | ||
Government grants in aggregate amount | $ 50,537 | $ 159,000 | $ 59,000 | |
Minimum [Member] | ||||
Government Grants (Details) [Line Items] | ||||
Percentage of salary | 15% | 15% | ||
Maximum [Member] | ||||
Government Grants (Details) [Line Items] | ||||
Percentage of salary | 50% | 50% | ||
Wage Credit Scheme [Member] | ||||
Government Grants (Details) [Line Items] | ||||
Actual wages paid | $ 3,000 | $ 0 | ||
Jobs Support Scheme [Member] | ||||
Government Grants (Details) [Line Items] | ||||
Actual wages paid | $ 3,300 | $ 4,600 | ||
Jobs Support Scheme [Member] | Minimum [Member] | ||||
Government Grants (Details) [Line Items] | ||||
Percentage of wages | 10% | 10% | ||
Jobs Support Scheme [Member] | Maximum [Member] | ||||
Government Grants (Details) [Line Items] | ||||
Percentage of wages | 60% | 60% |
Concentrations and Risks (Detai
Concentrations and Risks (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Other Customer [Member] | |
Concentration and Risk [Line Items] | |
Concentration risk percentage | 10% |
Two Supplier [Member] | Purchases [Member] | Supplier Concentration Risk [Member] | |
Concentration and Risk [Line Items] | |
Concentration risk percentage | 10% |
Supplier [Member] | Accounts Payable [Member] | Supplier Concentration Risk [Member] | |
Concentration and Risk [Line Items] | |
Concentration risk percentage | 10% |
Concentrations and Risks (Det_2
Concentrations and Risks (Details) - Schedule of Concentration Accounts Payable - Sales [Member] - Accounts Payable [Member] - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Company A [Member] | ||
Concentration Risk [Line Items] | ||
Concentration on accounts payable | $ 2,170,312 | |
Concentration on accounts payable percentage | 19.60% | |
Company B [Member] | ||
Concentration Risk [Line Items] | ||
Concentration on accounts payable | $ 1,222,103 | |
Concentration on accounts payable percentage | 11.10% | |
Company C [Member] | ||
Concentration Risk [Line Items] | ||
Concentration on accounts payable | $ 573,451 | |
Concentration on accounts payable percentage | 10.50% | |
Supplier [Member] | ||
Concentration Risk [Line Items] | ||
Concentration on accounts payable | $ 3,392,415 | $ 573,451 |
Concentration on accounts payable percentage | 30.70% | 10.50% |
Concentrations and Risks (Det_3
Concentrations and Risks (Details) - Schedule of Concentration Accounts Receivable - Accounts Receivable [Member] - Customer Concentration Risk [Member] - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Company A [Member] | ||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||
Concentration on sales amount | $ 1,337,859 | $ 679,226 |
Concentration on sales percentage | 13.20% | 26.40% |
Company B [Member] | ||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||
Concentration on sales amount | $ 586,103 | |
Concentration on sales percentage | 22.80% | |
Company C [Member] | ||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||
Concentration on sales amount | $ 307,672 | |
Concentration on sales percentage | 12% | |
Customer [Member] | ||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||
Concentration on sales amount | $ 1,337,859 | $ 1,573,001 |
Concentration on sales percentage | 13.20% | 61.20% |
Subsequent Events (Details)
Subsequent Events (Details) - Subsequent Event [Member] - USD ($) | Mar. 08, 2024 | Jan. 05, 2024 |
Subsequent Events [Line Items] | ||
Par value (in Dollars per share) | $ 0.00000 | |
Re designated shares | 28,604,600 | |
Re classified shares | 21,395,400 | |
Authorized shares | 259,919,013,800 | |
Vote per share | ten | |
Bearing interest rate | 3% | |
Common Stock [Member] | ||
Subsequent Events [Line Items] | ||
Par value (in Dollars per share) | $ 0.00000 | |
Unsecured promissory note [Member] | ||
Subsequent Events [Line Items] | ||
Principal amount (in Dollars) | $ 2,500,000 | |
Over-Allotment Option [Member] | ||
Subsequent Events [Line Items] | ||
Re designated shares | 21,395,400 | |
Common Class B [Member] | ||
Subsequent Events [Line Items] | ||
Par value (in Dollars per share) | $ 0.00000 | |
Re designated shares | 21,395,400 | |
Re classified shares | 21,395,400 | |
Common Class B [Member] | Common Stock [Member] | ||
Subsequent Events [Line Items] | ||
Par value (in Dollars per share) | $ 0.00000 | |
Common Class A [Member] | ||
Subsequent Events [Line Items] | ||
Par value (in Dollars per share) | $ 0.00000 | |
Re designated shares | 259,919,013,800 | |
Re classified shares | 259,919,013,800 | |
Forecast [Member] | ||
Subsequent Events [Line Items] | ||
Re designated shares | 28,604,600 | |
BIN XUE [Member] | ||
Subsequent Events [Line Items] | ||
Authorized shares | 21,395,400 | |
Share issued | 21,395,400 | |
Outstanding shares | 21,395,400 | |
GBUY GLOBAL LTD [Member] | ||
Subsequent Events [Line Items] | ||
Authorized shares | 21,395,400 | |
Share issued | 21,395,400 | |
Outstanding shares | 21,395,400 | |
WEBUY TALENT LTD [Member] | ||
Subsequent Events [Line Items] | ||
Authorized shares | 21,395,400 | |
Share issued | 21,395,400 | |
Outstanding shares | 21,395,400 |