Cover
Cover - shares | 7 Months Ended | |
Mar. 31, 2023 | Jun. 26, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Mar. 31, 2023 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2023 | |
Current Fiscal Year End Date | --06-30 | |
Entity File Number | 333-269343 | |
Entity Registrant Name | Protopia Global Holdings Inc. | |
Entity Central Index Key | 0001959585 | |
Entity Tax Identification Number | 00-0000000 | |
Entity Incorporation, State or Country Code | E9 | |
Entity Address, Address Line One | Room 408B&C, 4th Floor | |
Entity Address, Address Line Two | Lippo Sun Plaza | |
Entity Address, Address Line Three | No. 28 Canton Road | |
Entity Address, City or Town | Tsim Sha Tsui, Kowloon | |
Entity Address, Country | HK | |
Entity Address, Postal Zip Code | 00000 | |
City Area Code | (852) | |
Local Phone Number | 6686-0563 | |
Entity Current Reporting Status | No | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Elected Not To Use the Extended Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 21,500,000 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) | Mar. 31, 2023 | Sep. 30, 2022 |
Current assets: | ||
Cash | $ 9,467 | $ 93,992 |
Deferred offering costs | 109,801 | 98,560 |
Total current assets | 119,268 | 192,552 |
Total Assets | 119,268 | 192,552 |
Current liabilities: | ||
Accrued expenses | 10,000 | |
Accrued deferred offering costs | 11,590 | 69,835 |
Deferred revenue | 9,979 | |
Total Current Liabilities | 11,590 | 89,814 |
Total Liabilities | 11,590 | 89,814 |
Commitments and contingencies | ||
Shareholders’ Equity: | ||
Ordinary shares, $0.00001 par value; 500,000,000 shares authorized; 21,500,000 shares issued and outstanding as of March 31, 2023 and September 30, 2022 | 215 | 215 |
Additional paid-in capital | 127,218 | 127,218 |
Accumulated deficit | (19,730) | (24,674) |
Accumulated other comprehensive loss | (25) | (21) |
Total Shareholders’ Equity | 107,678 | 102,738 |
Total Liabilities and Shareholders’ Equity | $ 119,268 | $ 192,552 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares | Mar. 31, 2023 | Sep. 30, 2022 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.00001 | $ 0.00001 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued | 21,500,000 | 21,500,000 |
Common stock, shares outstanding | 21,500,000 | 21,500,000 |
UNAUDITED CONDENSED CONSOLIDATE
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($) | 3 Months Ended | 6 Months Ended | 7 Months Ended |
Mar. 31, 2023 | Mar. 31, 2023 | Mar. 31, 2023 | |
Income Statement [Abstract] | |||
Revenue | $ 10,024 | $ 10,024 | $ 10,024 |
General and administrative expenses | (4,207) | (5,080) | (29,754) |
Income (loss) before tax expense | 5,817 | 4,944 | (19,730) |
Tax expense | |||
Net income (loss) | 5,817 | 4,944 | (19,730) |
Other comprehensive income (loss) | |||
Foreign currency translation gain (loss) | 21 | (4) | (25) |
Total comprehensive income (loss) | $ 5,838 | $ 4,940 | $ (19,755) |
Weighted average shares outstanding, basic and diluted | 21,500,000 | 21,500,000 | 21,500,000 |
Basic and diluted net income (loss) per ordinary share | $ 0 | $ 0 | $ 0 |
UNAUDITED CONDENSED CONSOLIDA_2
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) | 1 Months Ended | 3 Months Ended | |
Sep. 30, 2022 | Mar. 31, 2023 | Dec. 31, 2022 | |
Ordinary Shares [Member] | |||
Statement [Line Items] | |||
Beginning balance, value | $ 215 | $ 215 | |
Beginning balance, shares | 21,500,000 | 21,500,000 | |
Issuance of ordinary share for cash | $ 215 | ||
Issuance of ordinary share for cash, shares | 21,500,000 | ||
Net income | |||
Foreign currency translation | |||
Ending balance, value | $ 215 | $ 215 | $ 215 |
Ending balance, shares | 21,500,000 | 21,500,000 | 21,500,000 |
Additional Paid-in Capital [Member] | |||
Statement [Line Items] | |||
Beginning balance, value | $ 127,218 | $ 127,218 | |
Issuance of ordinary share for cash | 127,218 | ||
Net income | |||
Foreign currency translation | |||
Ending balance, value | 127,218 | 127,218 | 127,218 |
Retained Earnings [Member] | |||
Statement [Line Items] | |||
Beginning balance, value | (25,547) | (24,674) | |
Issuance of ordinary share for cash | |||
Net income | (24,674) | 5,817 | (873) |
Foreign currency translation | |||
Ending balance, value | (24,674) | (19,730) | (25,547) |
AOCI Attributable to Parent [Member] | |||
Statement [Line Items] | |||
Beginning balance, value | (46) | (21) | |
Issuance of ordinary share for cash | |||
Net income | |||
Foreign currency translation | (21) | 21 | (25) |
Ending balance, value | (21) | (25) | (46) |
Beginning balance, value | 101,840 | 102,738 | |
Issuance of ordinary share for cash | 127,433 | ||
Net income | (24,674) | 5,817 | (873) |
Foreign currency translation | (21) | 21 | (25) |
Ending balance, value | $ 102,738 | $ 107,678 | $ 101,840 |
UNAUDITED CONDENSED CONSOLIDA_3
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 3 Months Ended | 6 Months Ended | 7 Months Ended |
Mar. 31, 2023 | Mar. 31, 2023 | Mar. 31, 2023 | |
Cash flows from operating activities: | |||
Net loss | $ 5,817 | $ 4,944 | $ (19,730) |
Adjustments to reconcile net loss to net cash used in operating activities | |||
Changes in operating assets and liabilities | |||
Net cash used in operating activities | (19,730) | ||
Cash flows from financing activities: | |||
Proceeds from issuance of ordinary shares | 127,433 | ||
Deferred offering costs | (109,801) | ||
Accrued deferred offering costs | 11,590 | ||
Net cash from financing activities | 29,222 | ||
Effect of foreign currency exchange rate changes on cash | (25) | ||
Net change in cash | 9,467 | ||
Cash – beginning of the period | |||
Cash – end of the period | $ 9,467 | $ 9,467 | 9,467 |
Deferred offering costs included in accrued deferred offering costs | $ 11,590 |
ORGANIZATION AND BUSINESS DESCR
ORGANIZATION AND BUSINESS DESCRIPTION | 7 Months Ended |
Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION AND BUSINESS DESCRIPTION | 1. ORGANIZATION AND BUSINESS DESCRIPTION Protopia Global Holdings Inc. (the “Company”) was incorporated in the Cayman Islands on August 18, 2022 500 0.00001 On August 26, 2022, Protopia International Company Limited (“Protopia HK”), was incorporated in Hong Kong as the Company’s wholly-owned subsidiary, and its principal activities are to assist small- and medium-sized non-U.S. businesses in accessing international capital markets through listings on nationally recognized stock exchanges such as the Nasdaq Global Market, the Nasdaq Capital Market, NYSE American or the OTC Markets Group (OTCQX, OTCQB and Pink). The fiscal year end of the Company is June 30. |
GOING CONCERN
GOING CONCERN | 7 Months Ended |
Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
GOING CONCERN | 2. GOING CONCERN As of March 31, 2023, the Company had $ 9,467 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 7 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of preparation and principles of consolidation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”). In our opinion, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. Operating results for the three months ended March 31, 2023 and from August 18, 2022 (inception) to March 31, 2023 are not necessarily indicative of the results that may be expected for the period from August 18, 2022 (inception) to September 30, 2022. Notes to the unaudited condensed consolidated financial statements that would substantially duplicate the disclosures contained in the audited consolidated financial statements for the period from August 18, 2022 (inception) to September 30, 2022 have been omitted. This report should be read in conjunction with the audited consolidated financial statements and the footnotes thereto for the period from August 18, 2022 (inception) to September 30, 2022 included in the Company’s Form S-1/A as filed with the SEC. The accompanying unaudited condensed consolidated financial statements have been prepared on a consolidated basis and reflect the unaudited condensed consolidated financial statements of the Company and Protopia HK. All intercompany transactions and balances are eliminated on consolidation. Emerging growth company The Company is an “emerging growth company”, as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved. Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to optout is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s unaudited condensed consolidated financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used. Use of estimates and assumptions The preparation of unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the unaudited condensed consolidated financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates. Foreign currency translation The Company’s unaudited condensed consolidated financial statements are reported in United States dollars (“$”), the Company’s presentation currency. The functional currency for the Company is US$ and the Company’s subsidiary in Hong Kong is Hong Kong dollars (“HK$”). The translation of the functional currencies of its subsidiary into U.S. dollars is performed for balance sheet accounts using the exchange rates in effect as of the balance sheet date and for revenues and expense accounts using a monthly average exchange rate prevailing during the respective period. The gains or losses resulting from such translation are reported as currency translation adjustments under other comprehensive income (loss) under accumulated other comprehensive income as a separate component of equity. Monetary assets and liabilities of the Company and its subsidiary denominated in currencies other than the functional currency of the Company and subsidiary are translated into their respective functional currency at the rates of exchange prevailing on the balance sheet date. Transactions of the Company and its subsidiary in currencies other than the Company’s and the subsidiary’s functional currencies are translated into the respective functional currencies at the average monthly exchange rate prevailing during the period of the transaction. The gains or losses resulting from foreign currency transactions are included in the unaudited condensed consolidated statements of operation and comprehensive income. The exchange rates used to translate amounts in HK$ into US$ for the purposes of preparing the unaudited condensed consolidated financial statements were as follows: Schedule of exchange rates used to translate amounts March 31, Balance sheet items, except for ordinary shares, additional paid-in capital and retained earnings, as of period end $ 1 7.8500 Amounts included in the statements of operations and cash flows for the period $ 1 =HK$ 7.8303 Financial instruments and concentration of credit risk Financial instruments that potentially subject the Company to concentration of credit risk consist of a cash account placed in a financial institution, through an escrow agent, with high investment grade ratings. As of March 31, 2023, the Company had not experienced losses on this account and management believes the Company is not exposed to significant risks on such account. Fair value of financial instruments The fair value of the Company’s assets and liabilities, which qualify as financial instruments under ASC Topic 825, “Financial Instruments,” approximates the carrying amounts represented in the accompanying balance sheet, primarily due to their short-term nature. Cash and cash equivalents The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company had $ 9,467 Deferred offering costs The Company complies with the requirements of the ASC 340-10-S99 and SEC Staff Accounting Bulletin (“SAB”) Topic 5A - “Expenses of Offering”. Pursuant to ASC 340-10-S99-1, IPO costs directly attributable to an offering of equity securities are deferred and would be charged against the gross proceeds of the offering as a reduction of additional paid-in capital. Deferred offering costs consist of professional and registration fees that are directly related to the Proposed Public Offering. Should the in-process equity financing be abandoned, the deferred offering costs will be expensed immediately as a charge to operating expenses in the statements of operations and comprehensive income. 109,801 98,560 Revenue and expense recognition The Company follows ASC 606 — Revenue from Contracts with Customers. Under ASC 606, the Company recognizes revenue from services by: (1) identifying the contract (if any) with a customer; (2) identifying the performance obligations in the contract (if any); (3) determining the transaction price; (4) allocating the transaction price to each performance obligation in the contract (if any); and (5) recognizing revenue when each performance obligation is satisfied. The Company has no Income taxes The Company accounts for income taxes under the FASB Codification Topic 740-10-25 (“ASC 740-10-25”). Under ASC 740-10-25, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Under Statement 109, the effect on deferred tax assets and liabilities of a change in tax rates is recognized as income in the period included the enactment date. There is currently no taxation imposed on income by the Government of the Cayman Islands. In accordance with Cayman income tax regulations, income taxes are not levied on the Company. Consequently, income taxes are not reflected in the Company’s unaudited condensed consolidated financial statements. The Company’s management does not expect that the total amount of unrecognized tax benefits will materially change over the next twelve months. Protopia HK is incorporated in Hong Kong and is subject to Hong Kong Profits Tax on the taxable income derived from its activities conducted in Hong Kong. The applicable tax rate is 16.5% in Hong Kong. From year of assessment of 2019/2020 onwards, Hong Kong profits tax rates are 8.25% on assessable profits up to $254,777 (HK$2,000,000), and 16.5% on any part of assessable profits over $254,777 (HK$2,000,000). Comprehensive income ASC Topic 220, “ Comprehensive Income Commitments and contingencies The Company follows ASC 450-20, “Loss Contingencies” Earnings (loss) per share Basic earnings (loss) per share is computed by dividing net income (loss) available to shareholders by the weighted average number of shares outstanding during the period. Diluted income per share is computed similar to basic income per share except that the denominator is increased to include the number of additional shares that would have been outstanding if the potential shares had been issued and if the additional shares were diluted. There were no Recently adopted accounting standards Management does not believe that any recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company’s unaudited condensed consolidated financial statements. |
PROPOSED PUBLIC OFFERING
PROPOSED PUBLIC OFFERING | 7 Months Ended |
Mar. 31, 2023 | |
Proposed Public Offering | |
PROPOSED PUBLIC OFFERING | 4. PROPOSED PUBLIC OFFERING Pursuant to the Proposed Public Offering, the Company will offer 1,000,000 shares of ordinary shares for sale in a primary offering. The offered shares will be sold on behalf of the Company, on a best effort basis, by the Company’s shareholders, officers and directors. There is no minimum number of shares to be sold up to a maximum of 1,000,000 |
DEFERRED REVENUE
DEFERRED REVENUE | 7 Months Ended |
Mar. 31, 2023 | |
Deferred Revenue | |
DEFERRED REVENUE | 5. DEFERRED REVENUE On September 23, 2022, the Company entered into a service agreement with Bosung Meditech Co., Ltd. (“Bosung”) of South Korea to prepare a registration statement on Form S-1 for review by a qualified U.S. lawyer engaged by Bosung in connection with a possible self-underwritten initial public offering (the “Service Agreement”). Pursuant to the agreement, the Company has to deliver that registration statement on Form S-1, in consideration of $ 10,000 180 On September 26, 2022, Bosung made an advance payment of $ 10,000 10,000 |
CASH
CASH | 7 Months Ended |
Mar. 31, 2023 | |
Cash and Cash Equivalents [Abstract] | |
CASH | 6. CASH Schedule of cash As of As of March 31, September 30, Cash on hand $ 383 $ 383 Cash at bank account of an escrow agent 9,084 93,609 Total $ 9,467 $ 93,992 The Company has an escrow arrangement with Jimmy Cheung & Co., Certified Public Accountants of Hong Kong, to hold the Company’s money at their bank accounts established specially for their clients. The Company’s money is deposited at the Hong Kong and Shanghai Banking Corporation. Under the escrow arrangement, Jimmy Cheung & Co. Certified Public Accountants can only instruct the bank to carry out a transaction upon receipt of instructions from the Company. |
SHARE CAPITAL
SHARE CAPITAL | 7 Months Ended |
Mar. 31, 2023 | |
Equity [Abstract] | |
SHARE CAPITAL | 7. SHARE CAPITAL On August 18, 2022 (date of inception), one share of the Company’s ordinary shares was issued at the par value of $0.00001 to the company-incorporating service provider. This share was immediately transferred to Sin Yi Cheng, the president and director of the Company. On the same day, Sin Yi CHENG purchased an additional 99,999 0.00001 100,000 1 On August 20, 2022, the Company sold 3,200,000 0.00001 32 On August 23, 2022, the Company sold 18,150,000 0.007 127,050 On September 19, 2022, the Company sold 50,000 0.007 350 There have been no other issuances of the Company’s ordinary shares. As of March 31, 2023, the Company had 21,500,000 |
CONCENTRATION AND RISKS
CONCENTRATION AND RISKS | 7 Months Ended |
Mar. 31, 2023 | |
Risks and Uncertainties [Abstract] | |
CONCENTRATION AND RISKS | 8. CONCENTRATION AND RISKS (a) Concentration As of March 31, 2023, 100 (b) Economics and political risk The Company’s major operations are conducted in Hong Kong. Accordingly, the political, economic, and legal environments in Hong Kong, as well as the general state of Hong Kong’s economy may influence the Company’s business, financial condition, and results of operations. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 7 Months Ended |
Mar. 31, 2023 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | 9. SUBSEQUENT EVENTS The Company evaluated subsequent events and transactions that occurred after the balance sheet date of March 31, 2023 and up through June 26, 2023, the date that the unaudited condensed consolidated financial statements were available to be issued. Based upon this review, the Company did not identify any subsequent events that would have required adjustment or disclosure in the unaudited condensed consolidated financial statements. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 7 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of preparation and principles of consolidation | Basis of preparation and principles of consolidation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”). In our opinion, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. Operating results for the three months ended March 31, 2023 and from August 18, 2022 (inception) to March 31, 2023 are not necessarily indicative of the results that may be expected for the period from August 18, 2022 (inception) to September 30, 2022. Notes to the unaudited condensed consolidated financial statements that would substantially duplicate the disclosures contained in the audited consolidated financial statements for the period from August 18, 2022 (inception) to September 30, 2022 have been omitted. This report should be read in conjunction with the audited consolidated financial statements and the footnotes thereto for the period from August 18, 2022 (inception) to September 30, 2022 included in the Company’s Form S-1/A as filed with the SEC. The accompanying unaudited condensed consolidated financial statements have been prepared on a consolidated basis and reflect the unaudited condensed consolidated financial statements of the Company and Protopia HK. All intercompany transactions and balances are eliminated on consolidation. |
Emerging growth company | Emerging growth company The Company is an “emerging growth company”, as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved. Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to optout is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s unaudited condensed consolidated financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used. |
Use of estimates and assumptions | Use of estimates and assumptions The preparation of unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the unaudited condensed consolidated financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates. |
Foreign currency translation | Foreign currency translation The Company’s unaudited condensed consolidated financial statements are reported in United States dollars (“$”), the Company’s presentation currency. The functional currency for the Company is US$ and the Company’s subsidiary in Hong Kong is Hong Kong dollars (“HK$”). The translation of the functional currencies of its subsidiary into U.S. dollars is performed for balance sheet accounts using the exchange rates in effect as of the balance sheet date and for revenues and expense accounts using a monthly average exchange rate prevailing during the respective period. The gains or losses resulting from such translation are reported as currency translation adjustments under other comprehensive income (loss) under accumulated other comprehensive income as a separate component of equity. Monetary assets and liabilities of the Company and its subsidiary denominated in currencies other than the functional currency of the Company and subsidiary are translated into their respective functional currency at the rates of exchange prevailing on the balance sheet date. Transactions of the Company and its subsidiary in currencies other than the Company’s and the subsidiary’s functional currencies are translated into the respective functional currencies at the average monthly exchange rate prevailing during the period of the transaction. The gains or losses resulting from foreign currency transactions are included in the unaudited condensed consolidated statements of operation and comprehensive income. The exchange rates used to translate amounts in HK$ into US$ for the purposes of preparing the unaudited condensed consolidated financial statements were as follows: Schedule of exchange rates used to translate amounts March 31, Balance sheet items, except for ordinary shares, additional paid-in capital and retained earnings, as of period end $ 1 7.8500 Amounts included in the statements of operations and cash flows for the period $ 1 =HK$ 7.8303 |
Financial instruments and concentration of credit risk | Financial instruments and concentration of credit risk Financial instruments that potentially subject the Company to concentration of credit risk consist of a cash account placed in a financial institution, through an escrow agent, with high investment grade ratings. As of March 31, 2023, the Company had not experienced losses on this account and management believes the Company is not exposed to significant risks on such account. |
Fair value of financial instruments | Fair value of financial instruments The fair value of the Company’s assets and liabilities, which qualify as financial instruments under ASC Topic 825, “Financial Instruments,” approximates the carrying amounts represented in the accompanying balance sheet, primarily due to their short-term nature. |
Cash and cash equivalents | Cash and cash equivalents The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company had $ 9,467 |
Deferred offering costs | Deferred offering costs The Company complies with the requirements of the ASC 340-10-S99 and SEC Staff Accounting Bulletin (“SAB”) Topic 5A - “Expenses of Offering”. Pursuant to ASC 340-10-S99-1, IPO costs directly attributable to an offering of equity securities are deferred and would be charged against the gross proceeds of the offering as a reduction of additional paid-in capital. Deferred offering costs consist of professional and registration fees that are directly related to the Proposed Public Offering. Should the in-process equity financing be abandoned, the deferred offering costs will be expensed immediately as a charge to operating expenses in the statements of operations and comprehensive income. 109,801 98,560 |
Revenue and expense recognition | Revenue and expense recognition The Company follows ASC 606 — Revenue from Contracts with Customers. Under ASC 606, the Company recognizes revenue from services by: (1) identifying the contract (if any) with a customer; (2) identifying the performance obligations in the contract (if any); (3) determining the transaction price; (4) allocating the transaction price to each performance obligation in the contract (if any); and (5) recognizing revenue when each performance obligation is satisfied. The Company has no |
Income taxes | Income taxes The Company accounts for income taxes under the FASB Codification Topic 740-10-25 (“ASC 740-10-25”). Under ASC 740-10-25, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Under Statement 109, the effect on deferred tax assets and liabilities of a change in tax rates is recognized as income in the period included the enactment date. There is currently no taxation imposed on income by the Government of the Cayman Islands. In accordance with Cayman income tax regulations, income taxes are not levied on the Company. Consequently, income taxes are not reflected in the Company’s unaudited condensed consolidated financial statements. The Company’s management does not expect that the total amount of unrecognized tax benefits will materially change over the next twelve months. Protopia HK is incorporated in Hong Kong and is subject to Hong Kong Profits Tax on the taxable income derived from its activities conducted in Hong Kong. The applicable tax rate is 16.5% in Hong Kong. From year of assessment of 2019/2020 onwards, Hong Kong profits tax rates are 8.25% on assessable profits up to $254,777 (HK$2,000,000), and 16.5% on any part of assessable profits over $254,777 (HK$2,000,000). |
Comprehensive income | Comprehensive income ASC Topic 220, “ Comprehensive Income |
Commitments and contingencies | Commitments and contingencies The Company follows ASC 450-20, “Loss Contingencies” |
Earnings (loss) per share | Earnings (loss) per share Basic earnings (loss) per share is computed by dividing net income (loss) available to shareholders by the weighted average number of shares outstanding during the period. Diluted income per share is computed similar to basic income per share except that the denominator is increased to include the number of additional shares that would have been outstanding if the potential shares had been issued and if the additional shares were diluted. There were no |
Recently adopted accounting standards | Recently adopted accounting standards Management does not believe that any recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company’s unaudited condensed consolidated financial statements. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 7 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Schedule of exchange rates used to translate amounts | Schedule of exchange rates used to translate amounts March 31, Balance sheet items, except for ordinary shares, additional paid-in capital and retained earnings, as of period end $ 1 7.8500 Amounts included in the statements of operations and cash flows for the period $ 1 =HK$ 7.8303 |
CASH (Tables)
CASH (Tables) | 7 Months Ended |
Mar. 31, 2023 | |
Cash and Cash Equivalents [Abstract] | |
Schedule of cash | Schedule of cash As of As of March 31, September 30, Cash on hand $ 383 $ 383 Cash at bank account of an escrow agent 9,084 93,609 Total $ 9,467 $ 93,992 |
ORGANIZATION AND BUSINESS DES_2
ORGANIZATION AND BUSINESS DESCRIPTION (Details Narrative) - $ / shares | 7 Months Ended | |
Mar. 31, 2023 | Sep. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Date of incorporation | Aug. 18, 2022 | |
Ordinary shares, shares authorized | 500,000,000 | 500,000,000 |
Ordinary shares, par value | $ 0.00001 | $ 0.00001 |
GOING CONCERN (Details Narrativ
GOING CONCERN (Details Narrative) - USD ($) | Mar. 31, 2023 | Sep. 30, 2022 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Cash | $ 9,467 | $ 93,992 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) | Mar. 31, 2023 |
UNITED STATES | |
Statement [Line Items] | |
Balance sheet items, except for ordinary shares, additional paid-in capital and retained earnings, as of period end | 1 |
[custom:ForeignCurrencyExchangeRateTranslation2-0] | 1 |
HONG KONG | |
Statement [Line Items] | |
Balance sheet items, except for ordinary shares, additional paid-in capital and retained earnings, as of period end | 7.8500 |
[custom:ForeignCurrencyExchangeRateTranslation2-0] | 7.8303 |
SUMMARY OF SIGNIFICANT ACCOUN_5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | 3 Months Ended | 7 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | |
Accounting Policies [Abstract] | |||
Cash and cash equivalents | $ 9,467 | $ 9,467 | |
Deferred offering costs | $ 109,801 | 109,801 | $ 98,560 |
Contracts with customers | $ 0 | ||
Tax rate descriptions | The applicable tax rate is 16.5% in Hong Kong. From year of assessment of 2019/2020 onwards, Hong Kong profits tax rates are 8.25% on assessable profits up to $254,777 (HK$2,000,000), and 16.5% on any part of assessable profits over $254,777 (HK$2,000,000). | ||
Antidilutive securities excluded from computation of earnings per share | 0 | 0 |
PROPOSED PUBLIC OFFERING (Detai
PROPOSED PUBLIC OFFERING (Details Narrative) | 7 Months Ended |
Mar. 31, 2023 shares | |
Proposed Public Offering | |
Number of shares sold | 1,000,000 |
DEFERRED REVENUE (Details Narra
DEFERRED REVENUE (Details Narrative) - USD ($) | 1 Months Ended | |
Sep. 26, 2022 | Sep. 23, 2022 | |
Deferred Revenue | ||
Professional fees | $ 10,000 | |
Service agreement term | 180 days | |
Advance payment | $ 10,000 | |
Service fee income | $ 10,000 |
CASH (Details)
CASH (Details) - USD ($) | Mar. 31, 2023 | Sep. 30, 2022 |
Cash and Cash Equivalents [Abstract] | ||
Cash on hand | $ 383 | $ 383 |
Cash at bank account of an escrow agent | 9,084 | 93,609 |
Total | $ 9,467 | $ 93,992 |
SHARE CAPITAL (Details Narrativ
SHARE CAPITAL (Details Narrative) - USD ($) | 1 Months Ended | 7 Months Ended | |||
Aug. 23, 2022 | Aug. 20, 2022 | Aug. 19, 2022 | Mar. 31, 2023 | Sep. 30, 2022 | |
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | |||||
Number of shares sold in transaction | 1,000,000 | ||||
Common stock, shares issued | 21,500,000 | 21,500,000 | |||
Common stock, shares outstanding | 21,500,000 | 21,500,000 | |||
President [Member] | |||||
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | |||||
Number of stock purchase | 99,999 | ||||
Share price | $ 0.00001 | ||||
Number of shares sold in transaction | 100,000 | ||||
Number of valued received on transaction | $ 1 | ||||
Other Founding Shareholders [Member] | |||||
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | |||||
Share price | $ 0.00001 | ||||
Number of shares sold in transaction | 3,200,000 | ||||
Number of valued received on transaction | $ 32 | ||||
Sin Yi Cheng And 4private Investors [Member] | |||||
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | |||||
Share price | $ 0.007 | ||||
Number of shares sold in transaction | 18,150,000 | ||||
Number of valued received on transaction | $ 127,050 | ||||
Fifty Private Investors [Member] | |||||
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | |||||
Share price | $ 0.007 | ||||
Number of shares sold in transaction | 50,000 | ||||
Number of valued received on transaction | $ 350 |
CONCENTRATION AND RISKS (Detail
CONCENTRATION AND RISKS (Details Narrative) | 7 Months Ended |
Mar. 31, 2023 | |
Risks and Uncertainties [Abstract] | |
Concentration risk | 100% |