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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

 

For The Quarterly Period Ended September 30, 2024

 

or

 

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from _______________ to _______________

 

Commission File Number 333-230479

 

SEATECH VENTURES CORP.

(Exact name of registrant issuer as specified in its charter)

 

Nevada   61-1882326

(State or other jurisdiction of

incorporation or organization)

  

(I.R.S. Employer

Identification No.)

 

11-05 & 11-06, Tower A, Avenue 3 Vertical Business Suite,

Jalan Kerinchi, Bangsar South, 59200 Kuala Lumpur, Malaysia.

(Address of principal executive offices, including zip code)

 

Registrant’s phone number, including area code +603 8408 1788

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class:   Trading Symbol(s)   Name of each exchange on which registered:
Common Stock   SEAV   The OTC Market – Pink Sheets

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

 

YES ☒ NO ☐

 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (section 232.405 of this chapter) during the preceding twelve months (or shorter period that the registrant was required to submit and post such files).

 

YES ☐ NO ☒

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

 

Large Accelerated Filer ☐ Accelerated Filer ☐ Non-accelerated Filer ☐ Smaller reporting company ☒

Emerging growth company ☒

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

 

Yes ☐ No ☒

 

APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY

PROCEEDINGS DURING THE PRECEDING FIVE YEARS:

 

Indicate by check mark whether the registrant has fled all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.

 

Yes ☐ No ☒

 

APPLICABLE ONLY TO CORPORATE ISSUERS:

 

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

 

Class   Outstanding at November 14, 2024
Common Stock, $.0001 par value   114,351,503

 

 

 

 
 

 

TABLE OF CONTENTS

 

    Page
PART I FINANCIAL INFORMATION  
ITEM 1. UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS: F-1
  Condensed Consolidated Balance Sheets as of September 30, 2024 (unaudited) and December 31, 2023 (audited) F-2
  Condensed Consolidated Statements of Operations and Comprehensive Losses for the Three Months and Nine Months Ended September 30, 2024 and 2023 (unaudited) F-3
  Condensed Consolidated Statements of Changes in Equity for the Nine Months Ended September 30, 2024 and 2023 (unaudited) F-4
  Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2024 and 2023 (unaudited) F-5
  Notes to the Unaudited Condensed Consolidated Financial Statements F-6 - F-17
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 3-5
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 6
ITEM 4. CONTROLS AND PROCEDURES 6
PART II OTHER INFORMATION  
ITEM 1 LEGAL PROCEEDINGS 7
ITEM 2 UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 7
ITEM 3 DEFAULTS UPON SENIOR SECURITIES 7
ITEM 4 MINE SAFETY DISCLOSURES 7
ITEM 5 OTHER INFORMATION 7
ITEM 6 EXHIBITS 8
  SIGNATURES 9

 

2
 

 

PART I FINANCIAL INFORMATION

 

ITEM 1. UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS:

 

SEATECH VENTURES CORP.

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

 

  Page
Unaudited Condensed Consolidated Financial Statements  
   
Condensed Consolidated Balance Sheets as of September 30, 2024 (unaudited) and December 31, 2023 (audited) F-2
Condensed Consolidated Statements of Operations and Comprehensive Losses for the Three Months and Nine Months Ended September 30, 2024 and 2023 (unaudited) F-3
Condensed Consolidated Statements of Changes in Stockholders’ (Deficit) Equity for the Nine Months Ended September 30, 2024 and 2023 (unaudited) F-4
Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2024 and 2023 (unaudited) F-5
Notes to the Unaudited Condensed Consolidated Financial Statements F-6 - F-17

 

F-1
 

 

SEATECH VENTURES CORP.

CONDENSED CONSOLIDATED BALANCE SHEETS

AS OF SEPTEMBER 30, 2024 AND DECEMBER 31, 2023

(Currency expressed in United States Dollars (“US$”), except for number of shares)

(Unaudited)

 

  

As of

September 30, 2024

(Unaudited)

  

As of

December 31, 2023

(Audited)

 
ASSETS          
CURRENT ASSETS          
Accounts receivable, net  $-   $149,500 
Deposits paid, prepayment and other receivables   2,948    1,017 
Cash and cash equivalents   22,108    29,392 
           
Total current assets   25,056    179,909 
           
NON-CURRENT ASSETS          
Investment in other companies  $5,065   $5,715 
           
Total non-current assets   5,065    5,715 
           
TOTAL ASSETS  $30,121   $185,624 
           
LIABILITIES AND STOCKHOLDERS’ DEFICIT          
CURRENT LIABILITIES          
Due to a related party  $285,200   $324,200 
Other payables and accrued liabilities   32,621    69,410 
Share subscription received in advance   42,500    20,000 
Total current liabilities   360,321    413,610 
           
TOTAL LIABILITIES  $360,321   $413,610 
           
STOCKHOLDERS’ DEFICIT          
Preferred shares, $0.0001 par value; 200,000,000 shares authorized; None issued and outstanding  $-   $- 
Common stock, $0.0001 par value, 600,000,000 shares authorized, 114,351,503 shares issued and outstanding as of September 30, 2024 and December 31, 2023 respectively   11,435    11,435 
Additional paid-in capital   657,775    657,775 
Accumulated other comprehensive loss   (1,393)   (287)
Accumulated deficit  $(998,017)  $(896,909)
           
TOTAL STOCKHOLDERS’ DEFICIT  $(330,200)  $(227,986)
           
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT  $30,121   $185,624 

 

See accompanying notes to unaudited consolidated financial statements.

 

F-2
 

 

SEATECH VENTURES CORP.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

FOR THE THREE MONTHS AND NINE MONTHS ENDED SEPTEMBER 30, 2024 and 2023

(Currency expressed in United States Dollars (“US$”), except for number of shares)

(Unaudited)

 

   2024   2023   2024   2023 
  

Three months ended

September 30

  

Nine months ended

September 30

 
   2024   2023   2024   2023 
   $   $   $   $ 
REVENUE   -    -    -    248,340 
                     
COST OF REVENUE   -    -    -    (187,700)
                     
GROSS PROFIT   -    -    -    60,640 
                     
OTHER INCOME   1,965    -    1,965    - 
                     
SELLING AND DISTRIBUTION EXPENSES   (21)   (30)   (65)   (835)
                     
GENERAL AND ADMINSTRATIVE EXPENSES   (27,202)   (45,704)   (103,008)   (129,831)
                     
LOSS BEFORE INCOME TAX   (25,258)   (45,734)   (101,108)   (70,026)
                     
INCOME TAX PROVISION   -    -    -    - 
                     
NET LOSS   (25,258)   (45,734)   (101,108)   (70,026)
                     
OTHER COMPREHENSIVE LOSS                    
Foreign exchange translation (loss)/gain   (1,224)   34    (1,106)   34 
COMPREHENSIVE LOSS   (26,482)   (45,700)   (102,214)   (69,992)
                     
NET LOSS PER SHARE – BASIC AND DILUTED   (0.00)   (0.00)   (0.00)   (0.00)
                     
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING – BASIC AND DILUTED   114,351,503    92,519,843    114,351,503    92,519,843 

 

See accompanying notes to condensed consolidated financial statements.

 

F-3
 

 

SEATECH VENTURES CORP.

CONDENSED CONSOLIDATED STATEMENTS OF

CHANGES IN STOCKHOLDERS’ (DEFICIT) EQUITY

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2024 and 2023

(Currency expressed in United States Dollars (“US$”), except for number of shares)

(Unaudited)

 

Nine Months Ended September 30, 2024 (Unaudited)

 

   Number of Shares   Amount   PAID-IN CAPITAL   COMPREHENSIVE LOSS   ACCUMULATED DEFICIT   TOTAL EQUITY 
   COMMON SHARES   ADDITIONAL   ACCUMULATED OTHER         
   Number of Shares   Amount   PAID-IN CAPITAL   COMPREHENSIVE LOSS   ACCUMULATED DEFICIT   TOTAL EQUITY 
Balance as of December 31, 2023   114,351,503   $11,435   $657,775   $(287)  $(896,909)  $(227,986)
Foreign exchange translation gain   -    -    -    (1,106)   -    (1,106)
Net loss for the period   -    -    -    -    (101,108)   (101,108)
Balance as of September 30, 2024   114,351,503    11,435    657,775    (1,393)   (998,017)   (330,200)

 

Nine Months Ended September 30, 2023 (Unaudited)

 

   COMMON SHARES   ADDITIONAL   ACCUMULATED OTHER         
   Number of Shares   Amount   PAID-IN CAPITAL   COMPREHENSIVE LOSS   ACCUMULATED DEFICIT   TOTAL EQUITY 
Balance as of December 31, 2022   92,519,843   $9,252   $659,958   $(244)  $(594,080)  $74,886 
Foreign exchange translation loss   -    -    -    34    -    34 
Net loss for the period   -    -    -    -    (70,026)   (70,026)
Balance as of September 30, 2023   92,519,843    9,252    659,958    (210)   (664,106)   4,894 

 

See accompanying notes to condensed consolidated financial statements.

 

F-4
 

 

SEATECH VENTURES CORP.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2024 and 2023

(Currency expressed in United States Dollars (“US$”), except for number of shares)

(Unaudited)

 

  

Nine months ended

September 30, 2024
(Unaudited)

  

Nine months ended

September 30, 2023
(Unaudited)

 
         
CASH FLOWS FROM OPERATING ACTIVITIES:          
Net loss  $(101,108)  $(70,026)
Adjustments to reconcile net loss to net cash used in operating activities:          
Changes in operating assets and liabilities:          
Accounts receivable   149,500    (67,100)
Due to a related party   (39,000)   166,700 
Deposits paid, prepayment and other receivables   209    (54,324)
Amount due to a corporate shareholder   -    (33,000)
Other payables and accrued liabilities   (36,861)   (28,933)
Deferred revenue   -    658 
Net cash used in operating activities  $(27,260)  $(86,025)
           
CASH FLOWS FROM INVESTING ACTIVITY:          
Investment in other companies   -    (650)
Refund of investment in other company   650    - 
Net cash generated from/(used in) investing activity  $650   $(650)
           
CASH FLOWS FROM FINANCING ACTIVITIES:          
Share subscription received in advance   22,500    - 
Net cash provided by financing activities  $22,500   $- 
           
Effect of exchange rate changes on cash and cash equivalents   (3,174)   34 
           
Net change in cash and cash equivalents   (7,284)   (86,641)
           
Cash and cash equivalents, beginning of period   29,392    136,193 
CASH AND CASH EQUIVALENTS, END OF PERIOD  $22,108   $49,552 
           
SUPPLEMENTAL CASH FLOWS INFORMATION          
Income taxes paid  $-   $- 
Interest paid  $-   $- 

 

See accompanying notes to condensed consolidated financial statements.

 

F-5
 

 

SEATECH VENTURES CORP.

NOTES TO CONDENSED FINANCIAL STATEMENTS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2024

(Currency expressed in United States Dollars (“US$”), except for number of shares)

(UNAUDITED)

 

1. DESCRIPTION OF BUSINESS AND ORGANIZATION

 

SEATech Ventures Corp. is organized as a Nevada limited liability company, incorporated on April 2, 2018. For purposes of consolidated financial statement presentation, SEATech Ventures Corp. and its subsidiaries are herein referred to as “the Company” or “we”.

 

The Company business of which planned principal operations are to provide business mentoring, nurturing and incubation services relating to client businesses and corporate development advisory services to entrepreneurs in the broader technology industry, but with a specific focus on the information and communication technology industry.

 

On May 2, 2018, the Company acquired 100% interest in SEATech Ventures Corp., a private limited liability company incorporated in Labuan, Malaysia.

 

On December 21, 2018, SEATech Ventures Corp., the Malaysia Company acquired 100% interest in SEATech Ventures (HK) Limited, a private limited company incorporated in Hong Kong.

 

On October 04, 2021, SEATech Ventures (HK) Limited subscribed 60% of the equity interests in SEATech Bigorange CVC Sdn. Bhd., a private limited company incorporated in Malaysia. The Malaysia Company changed its company name to SEATech CVC Sdn. Bhd. on February 22, 2022. On February 25, 2022, SEATech Ventures (HK) Limited further acquired 40% of the equity interests in SEATech CVC Sdn. Bhd., which in turn owns 100% of the equity interests in the Malaysia company.

 

On January 03, 2022, SEATech Ventures (HK) Limited acquired 1 share, representing 100% equity interest of SEATech Ventures Sdn. Bhd., a Malaysia company, from the Chief Executive Officer, President, Secretary, Treasurer, Director, Mr. Chin Chee Seong, with consideration of MYR 1.

 

On October 13, 2023, the Company issued 21,831,660 shares of its restricted common stock at $0.80 per share to the shareholders of Just Supply Chain Limited (“JSCL”), for acquisition of one hundred percent (100%) of the equity of JSCL. On May 06, 2024, the acquisition has been cancelled due to factors that came to light on the valuation of the entity and subsequently on July 01, 2024, the 21,831,660 shares were returned to the Company and are held as treasury shares.

 

Details of the Company’s subsidiaries:

 

SCHEDULE OF COMPANY SUBSIDIARIES 

  

Company

name

 

Place and date

of incorporation

 

Particulars of

issued capital

  Principal activities 

Proportional of

ownership

interest and

voting power

held

 
                 
1.  SEATech Ventures Corp.  Labuan / March 12, 2018  100 ordinary shares of US$1 each  Investment holding   100%
                  
2.  SEATech Ventures (HK) Limited  Hong Kong / January 30, 2018  1 ordinary share of HK$1 each  Business mentoring, nurturing and incubation, and corporate development advisory services   100%
                  
3.  SEATech CVC Sdn. Bhd. (F.K.A. SEATech Bigorange CVC Sdn. Bhd.)  Malaysia / October 04, 2021  20,000 ordinary shares of MYR1 each
  Dormant company   100%
                  
4.  SEATech Ventures Sdn. Bhd.  Malaysia / May 27, 2021  1 ordinary share of MYR1 each  Provision of corporate advisory services   100%

 

F-6
 

 

SEATECH VENTURES CORP.

NOTES TO CONDENSED FINANCIAL STATEMENTS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2024

(Currency expressed in United States Dollars (“US$”), except for number of shares)

(UNAUDITED)

 

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Basis of presentation

 

The consolidated financial statements for SEATech Ventures Corp. and its subsidiaries for the nine months ended September 30, 2024 is prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) and include the accounts of SEATech Ventures Corp. and its wholly owned subsidiaries, SEATech Ventures Corp., SEATech Ventures (HK) Limited, SEATech CVC Sdn. Bhd. and SEATech Ventures Sdn. Bhd.. Intercompany accounts and transactions have been eliminated on consolidation. The Company has adopted December 31 as its fiscal year end.

 

Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) have been condensed or omitted. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the period ended September 30, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. The Condensed Consolidated Balance Sheet information as of December 31, 2023 was derived from the Company’s audited Consolidated Financial Statements as of and for the year ended December 31, 2023 included in the Company’s Annual Report on Form 10-K filed with the SEC on May 10, 2024. These financial statements should be read in conjunction with that report.

 

Basis of consolidation

 

The condensed consolidated financial statements include the accounts of the Company and its subsidiaries. All inter-company accounts and transactions have been eliminated upon consolidation.

 

Use of estimates

 

Management uses estimates and assumptions in preparing these financial statements in accordance with US GAAP. Those estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities in the balance sheets, and the reported revenue and expenses during the periods reported. Actual results may differ from these estimates.

 

Revenue recognition

 

In accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts. ASC 606 creates a five-step model that requires entities to exercise judgment when considering the terms of contracts, which includes (1) identifying the contracts or agreements with a customer, (2) identifying our performance obligations in the contract or agreement, (3) determining the transaction price, (4) allocating the transaction price to the separate performance obligations, and (5) recognizing revenue as each performance obligation is satisfied. The Company only applies the five-step model to contracts when it is probable that the Company will collect the consideration it is entitled to in exchange for the services it transfers to its clients.

 

Revenue is measured at the fair value of the consideration received or receivable, net of discounts and taxes applicable to the revenue. The Company derives its revenue from provision of business mentoring, nurturing, incubating and corporate development advisory services to ICT and technology-based companies.

 

Cost of revenue

 

Cost of revenue includes the cost of services and product in providing business mentoring, nurturing, incubating and corporate development advisory services.

 

Investments

 

Investments in equity securities

 

The Company accounts for its investments that represent less than 20% ownership, and for which the Company does not have the ability to exercise significant influence, using ASU 2016-01, Financial Instruments – Overall: Recognition and Measurement of Financial Assets and Financial Liabilities. The Company measure investments in equity securities without a readily determinable fair value using a measurement alternative that measures these securities at the cost method minus impairment, if any, plus or minus changes resulting from observable price changes on a non-recurring basis. Gains and losses on these securities are recognized in other income and expenses. At September 30, 2024, the Company had four investments in equity securities with carrying value of $5,065 (see Note 7).

 

Accounts receivable

 

Accounts receivable are recorded at the invoiced amount less an allowance for expected credit losses. Management reviews the adequacy of the allowance for expected credit losses on an ongoing basis, using historical collection trends and aging of receivables. Management also periodically evaluates individual customer’s financial condition, credit history and the current economic conditions to make an adjustment to the allowance when it is considered necessary. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote.

 

Cash and cash equivalents

 

Cash and cash equivalents are carried at cost and represent cash on hand, demand deposits placed with banks or other financial institutions and all highly liquid investments with an original maturity of three months or less as of the purchase date of such investments.

 

F-7
 

 

SEATECH VENTURES CORP.

NOTES TO CONDENSED FINANCIAL STATEMENTS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2024

(Currency expressed in United States Dollars (“US$”), except for number of shares)

(UNAUDITED)

 

Income taxes

 

Income taxes are determined in accordance with the provisions of ASC Topic 740, “Income Taxes” (“ASC Topic 740”). Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted income tax rates expected to apply to taxable income in the periods in which those temporary differences are expected to be recovered or settled. Any effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.

 

ASC 740 prescribes a comprehensive model for how companies should recognize, measure, present, and disclose in their financial statements uncertain tax positions taken or expected to be taken on a tax return. Under ASC 740, tax positions must initially be recognized in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions must initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts.

 

Going concern

 

The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. As reflected in the accompanying financial statements, for the period ended September 30, 2024, the Company incurred a net loss of $101,108, suffered an accumulated deficit of $998,017 and negative operating cash flow of $27,260. These factors raise substantial doubt about the Company’s ability to continue as a going concern within one year of the date that the financial statements are issued. The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.

 

The Company’s ability to continue as a going concern is dependent upon improving its profitability and the continuing financial support from its Chief Executive Officer cum shareholder. Management believes the existing shareholder or external financing will provide the additional cash to meet the Company’s obligations as they become due. No assurance can be given that any future financing, if needed, will be available or, if available, that it will be on terms that are satisfactory to the Company. Even if the Company is able to obtain additional financing, if needed, it may contain undue restrictions on its operations, in the case of debt financing, or cause substantial dilution for its stockholders, in the case of equity financing.

 

F-8
 

 

SEATECH VENTURES CORP.

NOTES TO CONDENSED FINANCIAL STATEMENTS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2024

(Currency expressed in United States Dollars (“US$”), except for number of shares)

(UNAUDITED)

 

Net income/(loss) per share

 

The Company calculates net income/(loss) per share in accordance with ASC Topic 260, “Earnings per Share.” Basic income/(loss) per share is computed by dividing the net income/(loss) by the weighted-average number of common shares outstanding during the period. Diluted income per share is computed similar to basic income/(loss) per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common stock equivalents had been issued and if the additional common shares were dilutive.

 

Foreign currencies translation

 

The reporting currency of the Company and its subsidiaries in Labuan and Hong Kong, are United States Dollars (“US$”), while its subsidiaries in Malaysia, maintains the books and record in Ringgit Malaysia (“MYR”), being the primary currency of the economic environment in which these entities operate.

 

Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded in the statements of operations.

 

In general, for consolidation purposes, assets and liabilities of its subsidiary whose functional currency is not the US$ are translated into US$, in accordance with ASC Topic 830-30, “Translation of Financial Statement”, using the exchange rate on the balance sheet date. Revenues and expenses are translated at average rates prevailing during the period. 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 statement of stockholders’ equity.

 

Translation of amounts from RM into US$1 and HK$ into US$1 has been made at the following exchange rates for the respective periods:

 

SCHEDULE OF FOREIGN CURRENCIES TRANSLATION EXCHANGE RATE 

  

As of and for

the period

ended

September 30, 2024

  

As of and for

the period

ended

September 30, 2023

 
         
Period-end RM : US$1 exchange rate   4.13    4.69 
Period-average RM : US$1 exchange rate   4.64    4.51 
Period-end HK$: US$1 exchange rate   7.77    7.83 
Period-average HK$ : US$1 exchange rate   7.81    7.84 

 

Related parties

 

Parties, which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Companies are also considered to be related if they are subject to common control or common significant influence.

 

F-9
 

 

SEATECH VENTURES CORP.

NOTES TO CONDENSED FINANCIAL STATEMENTS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2024

(Currency expressed in United States Dollars (“US$”), except for number of shares)

(UNAUDITED)

 

Fair value of financial instruments:

 

The carrying value of the Company’s financial instruments: cash and cash equivalents, account receivables, amount due to a director, and accounts payable and approximate at their fair values because of the short-term nature of these financial instruments.

 

The Company also follows the guidance of the ASC Topic 820-10, “Fair Value Measurements and Disclosures” (“ASC 820-10”), with respect to financial assets and liabilities that are measured at fair value. ASC 820-10 establishes a three-tier fair value hierarchy that prioritizes the inputs used in measuring fair value as follows:

 

Level 1: Observable inputs such as quoted prices in active markets;

 

Level 2: Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and

 

Level 3: Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions.

 

Recently adopted Accounting Standards

 

In June 2016, the FASB issued Accounting Standards Update No. 2016-13, Financial Instruments – Credit Losses (Topics 326): Measurement of Credit Losses on Financial Instruments, which introduced the expected credit losses methodology for the measurement of credit losses on financial assets measured at amortized cost basis, replacing the previous incurred loss methodology. In November 2019, the FASB issued ASU 2019-10 highlighted the adoption timeline. For smaller reporting entities, Topic 326 is effective for annual periods beginning after December 15, 2022, including interim period within those fiscal years, of which is effective for the Company on January 1, 2023.

 

Credit loss rate is determined by historical collection based on aging schedule, adjusted for current conditions using reasonable and supportable forecast. Based on the aging categorization and the adjusted loss per category, an allowance for credit losses is calculated by multiplying the adjusted loss rate with the amortized cost in the respective age category.

 

Recent accounting pronouncements

 

The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and do not believe the future adoption of any such pronouncements may be expected to cause a material impact on its financial condition or the results of its operations.

 

F-10
 

 

SEATECH VENTURES CORP.

NOTES TO CONDENSED FINANCIAL STATEMENTS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2024

(Currency expressed in United States Dollars (“US$”), except for number of shares)

(UNAUDITED)

 

3. COMMON STOCK

 

On April 2, 2018, the founder of the Company, Mr. Chin Chee Seong purchased 100,000 shares of restricted common stock of the Company at a par value of $0.0001 per share. The monies from this transaction, which totaled $10, went to the Company to be used as initial working capital.

 

On May 14, 2018, the Company issued 20,000,000 shares of restricted common stock to Mr. Chin Chee Seong and Mr. Seah Kok Wah respectively, with a par value of $0.0001 per share, for total additional working capital of $4,000.

 

On August 7, 2018, the Company issued 10,000,000 shares of restricted common stock to Greenpro Venture Capital Limited with a par value of $0.0001 per share, for total additional working capital of $1,000.

 

On August 8, 2018, the Company issued 30,000,000 shares of restricted common stock to Greenpro Asia Strategic Fund SPC, a company incorporated in Cayman Islands with a par value of $0.0001 per share, for additional working capital of $3,000.

 

On August 27, 2018, the Company issued 10,000,000 shares of restricted common stock to STVC Talent Sdn. Bhd, a company incorporated in Malaysia with a par value of $0.0001 per share, for additional working capital of $1,000.

 

On September 7, 2018, the Company sold shares to 2 shareholders, of whom reside in Malaysia. A total of 750,000 shares of restricted common stock were sold at a price of $0.10 per share. The total proceeds to the Company amounted to a total of $75,000.

 

On September 12, 2018, the Company sold shares to a shareholder, of whom reside in Malaysia. A total of 466,667 shares of restricted common stock were sold at a price of $0.15 per share. The total proceeds to the Company amounted to a total of $70,000.

 

In between September 21, 2018 and November 29, 2018, the Company sold shares to 44 shareholders, of whom reside in Malaysia. A total of 860,000 shares of restricted common stock were sold at a price of $0.20 per share. The total proceeds to the Company amounted to a total of $172,000.

 

From June 12, 2019 to May 4, 2020, the company issued 343,200 shares of common stock at a price of $1.00 per share through the Initial Public Offering (IPO) to 70 non-US residents.

 

On October 13, 2023, the Company issued 21,831,660 shares of its restricted common stock at $0.80 per share to 8 shareholders of Just Supply Chain Limited (“JSCL”), for acquisition of one hundred percent (100%) of the equity of JSCL. On May 06, 2024, the acquisition has been cancelled due to factors that came to light on the valuation of the entity.

 

As of September 30, 2024, SEATech Ventures Corp. has an issued and outstanding common share of 114,351,503.

 

4. ACCOUNTS RECEIVABLE

 

SCHEDULE OF ACCOUNT RECEIVABLE 

  

As of

September 30, 2024

(Unaudited)

  

As of

December 31, 2023
(Audited)

 
Accounts receivable, gross  $115,000   $264,500 
Allowance for expected credit loss   (115,000)   (115,000)
Accounts receivable, net  $-   $149,500 

 

The movement in the allowance for expected credit loss for the period ended September 30, 2024 and year ended December 31, 2023 were as follows:

 

SCHEDULE OF ALLOWANCE FOR EXPECTED CREDIT LOSSES 

  

As of

September 30, 2024

(Unaudited)

  

As of

December 31, 2023
(Audited)

 
Balance at beginning of the period/year  $115,000   $- 
Additions of allowance   -    115,000 
Balance at end of the period/year  $115,000   $115,000 

 

The accounts receivable represents receivable amount from companies where the Company owns equity interest, which are trade in nature and subject to normal trade term.

 

5. CASH AND CASH EQUIVALENTS

 

As of September 30, 2024, the Company recorded $22,108 of cash and cash equivalents which primarily consists of cash in bank.

 

F-11
 

 

SEATECH VENTURES CORP.

NOTES TO CONDENSED FINANCIAL STATEMENTS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2024

(Currency expressed in United States Dollars (“US$”), except for number of shares)

 

6. DEPOSITS PAID, PREPAYMENT AND OTHER RECEIVABLES

 

Deposits paid, prepayment and other receivables consisted of the following as of September 30, 2024 and December 31, 2023:

 

SCHEDULE OF DEPOSITS PAID, PREPAYMENTS AND OTHER RECEIVABLES 

   As of   As of 
  

September 30, 2024

(Audited)

  

December 31, 2023

(Audited)

 
Deposits paid   274    273 
Prepayment   2,080    - 
Other receivables   594    744 
Total deposits paid, prepayment and other receivables  $2,948   $1,017 

 

7. INVESTMENT IN OTHER COMPANIES 

 

  

As of

September 30, 2024

(Unaudited)

  

As of

December 31, 2023

(Audited)

 
AsiaFIN Holdings Corp.1  $1,015   $1,015 
Angkasa-X Holdings Corp.2   1,300    1,300 
JOCOM Holdings Corp.3   850    850 
catTHIS Holdings Corp. 4   1,900    1,900 
Celmonze Wellness Corporation 5   -    650 
Total investment in other companies  $5,065   $5,715 

 

1 On December 24, 2019, the Company has invested in AsiaFIN Holdings Corp. during the private placement stage. AsiaFIN Holdings Corp is a company providing business technology solutions to its clients. SEATech Ventures Corp. also provides corporate development, mentoring, and incubation services to AsiaFIN Holdings Corp. The investment in AsiaFIN Holdings Corp. is a strategic investment of the Company and the Company’s efforts on nurturing and providing collaborating and networking opportunities to ICT entrepreneurs across Asia. The investment is also aligning with the Company’s focus on the ICT industry. As of September 30, 2024, the Company acquired 12.26% interest in AsiaFIN Holdings Corp.
   
2 On February 5, 2021, the Company has invested in Angkasa-X Holdings Corp. during the private placement stage. Angkasa-X Holdings Corp is a company focuses on research and development and commercializes on intellectual property design for communication satellites. SEATech Ventures Corp also provides corporate development, mentoring, and incubation services to Angkasa-X Holdings Corp. The investment in Angkasa-X Holdings Corp. is a strategic investment of the Company. As of September 30, 2024, the Company acquired 5.68% interest in Angkasa-X Holdings Corp.
   
3 On June 1, 2021, the Company has invested in JOCOM Holdings Corp. during the private placement stage. JOCOM Holdings Corp. is a company focuses on m-commerce (Mobile commerce) platform specialized in online groceries and shopping. SEATech Ventures Corp. also provides corporate development, mentoring, and incubation services to JOCOM Holdings Corp. The investment in JOCOM Holdings Corp. is a strategic investment of the Company. As of September 30, 2024, the Company acquired 14.74% interest in JOCOM Holdings Corp.
   
4 On August 30, 2021, the Company has invested in catTHIS Holdings Corp. during the private placement stage. catTHIS Holdings Corp. is a company that providing digital marketing service by using technologies such as mobile application known as “catTHIS App”. catTHIS App serve as a marketing tool which provides free digital catalog management platform that gives its users the ability to upload and share PDF catalogs anywhere and from any device. SEATech Ventures Corp. also provides corporate development, mentoring, and incubation services to catTHIS Holdings Corp. The investment in catTHIS Holdings Corp. is a strategic investment of the Company. As of September 30, 2024, the Company acquired 14.99% interest in catTHIS Holdings Corp.
   
5 On March 8, 2023, the Company has invested in Celmonze Wellness Corporation during the private placement stage. Celmonze Wellness Corporation is a company focuses on beauty and wellness services. SEATech Ventures Corp. also provides corporate development, mentoring, and incubation services to Celmonze Wellness Corporation. The investment in Celmonze Wellness Corporation is a strategic investment of the Company. On February 6, 2024, the Company withdrew its investment in Celmonze Wellness Corporation and the fund invested was refunded to the Company.

 

8. DUE TO A RELATED PARTY

 

SCHEDULE OF DUE TO RELATED PARTY 

  

As of

September 30, 2024
(Unaudited)

  

As of

December 31, 2023
(Audited)

 
Due to a related party  $285,200   $324,200 
Total amount due to a related party  $285,200   $324,200 

 

The amount due to a related party represents payable to a wholly owned subsidiary of a corporate shareholder which is trade in nature.

 

F-12
 

 

SEATECH VENTURES CORP.

NOTES TO CONDENSED FINANCIAL STATEMENTS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2024

(Currency expressed in United States Dollars (“US$”), except for number of shares)

(UNAUDITED)

 

9. OTHER PAYABLES AND ACCRUED LIABILITIES

 

Other payables and accrued liabilities consisted of the following as of September 30, 2024 and December 31, 2023:

 

SCHEDULE OF OTHER PAYABLES AND ACCRUED LIABILITIES 

  

As of
September 30, 2024

(Unaudited)

  

As of
December 31, 2023
(Audited)

 
Accrued audit fees  $2,200   $34,070 
Accrued expenses1   22,016    19,173 
Accrued professional fees2   8,405    16,167 
Total payables and accrued liabilities  $32,621   $69,410 

 

1 Accrued expenses include compensation payable to our directors and officers, amounting to $21,000 and $18,500 as of September 30, 2024 and December 31, 2023 respectively.
   
2 Accrued professional fees consists of professional fees payable to Asia UBS Global Limited, a related party of the Company.

 

10. INCOME TAXES

 

For the nine months ended September 30, 2024 and 2023, the local (United States) and foreign components of loss before income taxes were comprised of the following:

 

SCHEDULE OF (LOSS)/PROFIT BEFORE INCOME TAXES

  

Nine months
ended

September 30, 2024

(Unaudited)

  

Nine months
ended

September 30, 2023

(Unaudited)

 
Tax jurisdictions from:          
Local  $(46,770)  $(47,394)
Foreign, representing          
- Labuan   (26,615)   (37,086)
- Hong Kong  $(22,909)  $18,787 
- Malaysia   (4,814)   (4,333)
Loss before income tax  $(101,108)  $(70,026)

 

The provision for income taxes consisted of the following:

 

SCHEDULE OF PROVISION FOR INCOME TAXES 

           
    

For the

period ended

September 30, 2024

(Unaudited)

    

For the

period ended

September 30, 2023

(Unaudited)

 
Current:          
- Local   -    - 
- Foreign   -    - 
Deferred:          
- Local   -    - 
- Foreign   -    - 
           
Income tax expense  $-   $- 

 

The effective tax rate in the periods presented is the result of the mix of income earned in various tax jurisdictions that apply a broad range of income tax rates. The Company has subsidiaries that operate in various countries: United States Labuan and Hong Kong that are subject to taxes in the jurisdictions in which they operate, as follows:

 

United States of America

 

The Company is registered in the State of Nevada and is subject to the tax laws of the United States of America. As of September 30, 2024, the operations in the United States of America incurred $590,726 of cumulative net operating losses which can be carried forward indefinitely to offset a maximum of 80% future taxable income. The Company has provided for a full valuation allowance of $472,581 against the deferred tax assets on the expected future tax benefits from the net operating loss carryforwards as the management believes it is more likely than not that these assets will not be realized in the future.

 

Labuan

 

Under the current laws of the Labuan, SEATech Ventures Corp is governed under the Labuan Business Activity Act, 1990. The tax charge for such company is based on 3% of net audited profit.

 

Hong Kong

 

SEATech Ventures (HK) Limited is subject to Hong Kong Profits Tax, which is charged at the statutory income tax rate of 16.5% on its assessable income.

 

Malaysia

 

SEATech CVC Sdn. Bhd. and SEATech Ventures Sdn. Bhd are subject to Malaysia Corporate Tax, which is charged at the statutory income tax rate range from 15% to 24% on its assessable income.

 

F-13
 

 

SEATECH VENTURES CORP.

NOTES TO CONDENSED FINANCIAL STATEMENTS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2024

(Currency expressed in United States Dollars (“US$”), except for number of shares)

(UNAUDITED)

 

11. NET LOSS PER SHARE

 

Basic net loss per share is computed using the weighted average number of common shares outstanding during the period. The following table sets forth the computation of basic and diluted net loss per share for the period ended September 30, 2024 and 2023:

 

SCHEDULE OF COMPUTATION OF BASIC AND DILUTED NET LOSS PER SHARE  

Schedule of computation of net loss per share:  For the period ended
September 30, 2024
(Unaudited)		   For the period ended
September 30, 2023
(Unaudited)		 
Net loss attributable to common shareholders  $(101,108)  $(70,026)
           
Weighted average common shares outstanding – Basic and diluted   114,351,503    92,519,843 
           
Net loss per share – Basic and diluted#  $(0.00)  $(0.00)

 

#For the period ended September 30, 2024 and 2023, diluted weighted-average common shares outstanding is equal to basic weighted-average common shares, due to the Company’s net loss position. Hence, no common stock equivalents were included in the computation of diluted net loss per share since such inclusion would have been antidilutive.

 

12. COMMITMENTS AND CONTINGENCIES

 

As of September 30, 2024, the Company has no commitments or contingencies involved.

 

13. RELATED PARTY BALANCES AND TRANSACTIONS

 

SCHEDULE OF RELATED PARTY BALANCES AND TRANSACTIONS 

Accounts receivable from related parties (Refer Note 4): 

As of

September 30, 2024

(Unaudited)

  

As of

December 31, 2023
(Audited)

 
Accounts receivable, net          
- catTHIS Holdings Corp.1 (net of allowance of $ 115,000 as of September 30, 2024 and December 31, 2023)  $-   $- 
- JOCOM Holdings Corp.1          -    69,500 
-Celmonze Wellness Corporation2   -    80,000 
Total  $-   $149,500 

 

The above related party receivables are trade in nature and subject to normal trade terms.

 

Due to a related party (Refer Note 8): 

As of

September 30, 2024

(Unaudited)

  

As of

December 31, 2023
(Audited)

 
         
Due to a related party:          
- GreenPro Financial Consulting Limited3  $285,200   $324,200 

 

The above due to a related party is trade in nature.

 

Other payables due to related parties (Refer Note 9):        
         
- Mr. Chin Chee Seong (Director and Executive Officer)   11,250    8,750 
- Mr. Tan See Meng6 (Director)   4,500    - 
- Mr. Cheah Kok Hoong (Director)   4,000    2,000 
- Mr. Prabodh Kumar A/L Kantilal H. Sheth7 (Executive Officer)   1,250    - 
- Mr. Tan Hock Chye8 (Executive Officer)   -    3,750 
- Mr. Louis Ramesh Ruben9 (Director)   -    2,000 
- Mr. Seah Kok Wah10 (Director)   -    2,000 
- Asia UBS Global Limited4   8,400    14,500 
- GreenPro Global Capital Village Sdn. Bhd. 5   848    - 
Total  $30,248   $33,000 

 

The above other payables to directors and executive officers represent salary and director fees payable.

 

The above other payable to Asia UBS Global Limited represent payables due for professional fees.

 

F-14
 

 

SEATECH VENTURES CORP.

NOTES TO CONDENSED FINANCIAL STATEMENTS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2024

(Currency expressed in United States Dollars (“US$”), except for number of shares)

(UNAUDITED)

 

The above other payable to GreenPro Global Capital Village Sdn. Bhd. represent payables due for service charges.

 

   As of   As of 
Investment in related parties: 

September 30, 2024

(Unaudited)

  

December 31, 2023

(Audited)

 
AsiaFIN Holdings Corp 1   1,015    1,015 
Angkasa-X Holdings Corp.1   1,300    1,300 
JOCOM Holdings Corp.1   850    850 
catTHIS Holdings Corp.1   1,900    1,900 
Celmonze Wellness Corporation2   -    650 
Total  $5,065   $5,715 

 

For the period ended September 30, 2024 and 2023, the Company has following transactions with related parties:

 

  

For the period ended
September 30, 2024

(Unaudited)

  

For the period ended
September 30, 2023

(Unaudited)

 
Included in Revenue are the following sales to related parties:          
- AsiaFIN Holdings Corp.1   -    12,500 
- catTHIS Holdings Corp.1   -    120,000 
- Celmonze Wellness Corporation2   -    104,200 
- GreenPro Financial Consulting Limited3   -    11,640 
Total  $-   $248,340 
           
Included in Cost of revenue is the following costs incurred from a related party:          
- GreenPro Financial Consulting Limited3  $-   $187,700 
           
Included in General and administrative are the following expenses to related parties:          
           
Executives’ compensation:          
- Mr. Chin Chee Seong (Director and Executive Officer)  $11,250   $10,919 
- Mr. Tan See Meng6 (Director)   4,500    - 
- Mr. Prabodh Kumar A/L Kantilal H. Sheth7 (Executive Officer)   3,750    - 
- Mr. Tan Hock Chye8 (Executive Officer)   -    10,919 
Total  $19,500   $21,838 
           
Non-executive Directors’ compensation:          
- Mr. Louis Ramesh Ruben9  $-   $4,500 
- Mr. Cheah Kok Hoong   4,500    4,500 
- Mr. Seah Kok Wah10   -    4,500 
Total  $4,500    13,500 
           
Company secretary fees:          
-Asia UBS Global Limited4  $5,250   $6,570 
           
Professional fees:          
- Asia UBS Global Limited4  $6,600   $5,400 
           
Service charges:          
- GreenPro Global Capital Village Sdn. Bhd5  $1,294   $665 

 

1 As of September 30, 2024, the Company owns 12,26%, 5.68%, 14,76% and 14.99% of interest in AsiaFIN Holdings Corp., Angkasa-X Holdings Corp., JOCOM Holdings Corp. and catTHIS Holdings Corp. respectively.

 

F-15
 

 

SEATECH VENTURES CORP.

NOTES TO CONDENSED FINANCIAL STATEMENTS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2024

(Currency expressed in United States Dollars (“US$”), except for number of shares)

(UNAUDITED)

 

2 The Company invested USD 650 in Celmonze Wellness Corporation during the private placement stage in year 2023. Divestment occurred on February 6, 2024 due to the restructuring of Celmonze Wellness Corporation.
   
3 GreenPro Financial Consulting Limited is a subsidiary of GreenPro Capital Corp. (GRNQ). GRNQ through its wholly owned subsidiaries, owns 27.55% shareholding in the Company.
   
4 Asia UBS Global Limited is a subsidiary of GreenPro Capital Corp. (GRNQ). GRNQ through its wholly owned subsidiaries, owns 27.55% shareholding in the Company.
   
5 GreenPro Global Capital Village Sdn. Bhd is a subsidiary of GreenPro Capital Corp. (GRNQ). GRNQ through its wholly owned subsidiaries, owns 27.55% shareholding in the Company.
   
6 On December 14, 2023, Mr. Tan See Meng was appointed as Executive Director of the Board of Director.
   
7 On December 14, 2023, Mr. Prabodh Kumar A/L Kantilal H. Sheth was appointed as Chief Financial Officer of the Company, took over the role from Mr. Tan Hock Chye. On May 08, 2024, Mr. Sheth informed the Board that he tendered his resignation as the Chief Financial Officer of the Company.
   
8 On November 1, 2023, Mr. Tan Hock Chye tendered his resignation, serving a two-month notice period as the Chief Financial Officer of the Company.
   
9 On December 13, 2023, Mr. Louis Ramesh Ruben tendered his resignation as an Independent Non-Executive Director.
   
10 On December 13, 2023, Mr. Seah Kok Wah tendered his resignation as a Non-Executive Director.

 

14. CONCENTRATIONS OF RISKS

 

(a) Major customers

 

For the period ended September 30, 2024 and 2023, the customers who accounted for 10% or more of the Company’s revenues and its accounts receivable balance at period-end are presented as follows:

 

SCHEDULE OF CONCENTRATION OF RISK 

   For the period ended September 30 
   2024   2023   2024   2023   2024   2023 
   Revenues   Percentage of Revenues   Accounts Receivable, Trade 
Customer A  $-   $120,000    -%   48%  $-   $115,000 
Customer B   -    104,200    -%   42%   -    - 
   $-   $224,200    -%   90%  $-   $115,000 

 

(b) Major vendors

 

For the period ended September 30, 2024 and 2023, the vendors who accounted for 10% or more of the Company’s purchases and its accounts payable balance at period-end are presented as follows:

 

   For the period ended September 30 
   2024   2023   2024   2023   2024   2023 
   Purchases   Percentage of Purchases   Accounts Payable, Trade 
Vendor A  $-   $187,700    -%   100%  $285,200   $262,700 
   $-   $187,700    -%   100%  $285,200   $262,700 

 

(c) Credit risk

 

Financial instruments that are potentially subject to credit risk consists principally of accounts receivable. The Company believes the concentration of credit risk in its accounts receivable is substantially mitigated by its ongoing credit evaluation process and relatively short collection terms. The Company does not generally require collateral from customers. The Company evaluates the need for an allowance for doubtful accounts based upon factors surrounding the credit risk of specific customers, historical trends and other information.

 

F-16
 

 

SEATECH VENTURES CORP.

NOTES TO CONDENSED FINANCIAL STATEMENTS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2024

(Currency expressed in United States Dollars (“US$”), except for number of shares)

(UNAUDITED)

 

15. SEGMENT INFORMATION

 

ASC 280, “Segment Reporting” establishes standards for reporting information about operating segments on a basis consistent with the Company’s internal organization structure as well as information about services categories, business segments and major customers in financial statements. In accordance with the “Segment Reporting” Topic of the ASC, the Company’s chief operating decision maker has been identified as the Chief Executive Officer and President, who reviews operating results to make decisions about allocating resources and assessing performance for the entire Company. Existing guidance, which is based on a management approach to segment reporting, establishes requirements to report selected segment information quarterly and to report annually entity-wide disclosures about products and services, major customers, and the countries in which the entity holds material assets and reports revenue. All material operating units qualify for aggregation under “Segment Reporting” due to their similar customer base and similarities in economic characteristics; nature of products and services; and procurement, manufacturing and distribution processes.

 

The Company had no inter-segment sales for the periods presented. Summarized financial information concerning the Company’s reportable segments is shown as below:

 

By Geography:

 

SCHEDULE OF REPORTABLE SEGMENTS 

   United States   Malaysia   Hong Kong   Total 
   For the period ended September 30, 2024 
   United States   Malaysia   Hong Kong   Total 
                 
Revenues  $-   $-   $-   $- 
Cost of revenues   -    -    -    - 
Net loss   (46,770)   (31,429)   (22,909)   (101,108)
                     
Total assets  $2,090   $20,567   $7,464   $30,121 

 

   United States   Malaysia   Hong Kong   Total 
   For the period ended September 30, 2023 
   United States   Malaysia   Hong Kong   Total 
                 
Revenues  $-   $-   $248,340   $248,340 
Cost of revenues   -    -    (187,700)   (187,700)
Net (loss)/profit   (47,394)   (41,419)   18,787    (70,026)
                     
Total assets  $53,540   $36,682   $206,469   $296,691 

 

*Revenues and costs are attributed to countries based on the location of customers.

 

16. SIGNIFICANT EVENT

 

Acquisition of Just Supply Chain Limited, a British Virgin Islands company

 

On July 12, 2023, the Company entered into an agreement to acquire 100% of the issued and outstanding shares of Just Supply Chain Limited, a British Virgin Islands company (“JSCL”), from Lee Wai Mun, Tai Kau @ Tai Fah Chong, Wong Tien Erl, Lee Han Cien, Lee Wai Chun, Eik Chu Yew, Wong Po Leng and Tok Kai Weei, at a consideration of $17,465,328 via issuance of common stocks of the Company.

 

The principal activity of JSCL is engaging in online logistic booking platform for customers in Malaysia to book delivery services via the “JustLorry” App available in both Android and Apple IOS devices through its wholly-owned subsidiary, Just Supply Chain Sdn. Bhd. (“JSCSB”), a private limited company in Malaysia.

 

On October 13, 2023, the Company issued 21,831,660 shares of its restricted common stock at $0.80 per share to the 8 shareholders of JSCL for the acquisition of 100% of the equity of JSCL. On May 06, 2024, the acquisition has been cancelled due to factors that came to light on the valuation of the entity and subsequently on July 01, 2024, the 21,831,660 shares were returned to the Company and are held as treasury shares.

 

F-17
 

 

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 

The information contained in this Form 10-Q is intended to update the information contained in our Annual Report on Form 10-K for the year ended December 31, 2023 filed with the Securities and Exchange Commission on May 10, 2024 (the “Form 10-K”) and presumes that readers have access to, and will have read, the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and other information contained in such Form 10-K. The following discussion and analysis also should be read together with our financial statements and the notes to the financial statements included elsewhere in this Form 10-Q.

 

The following discussion contains certain statements that may be deemed “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements appear in a number of places in this Report, including, without limitation, “Management’s Discussion and Analysis of Financial Condition and Results of Operations.” These statements are not guaranteed of future performance and involve risks, uncertainties and requirements that are difficult to predict or are beyond our control. Forward-looking statements speak only as of the date of this quarterly report. You should not put undue reliance on any forward-looking statements. We strongly encourage investors to carefully read the factors described in our Form 10K in the section entitled “Risk Factors” for a description of certain risks that could, among other things, cause actual results to differ from these forward-looking statements. We assume no responsibility to update the forward-looking statements contained in this quarterly report on Form 10-Q. The following should also be read in conjunction with the unaudited Financial Statements and notes thereto that appear elsewhere in this report.

 

Company Overview

 

SEATech Ventures Corp. is a company that operates through its wholly owned subsidiary, SEATech Ventures Corp., a Company registered in Labuan, Malaysia, which in turn owns 100% of SEATech Ventures (HK) Limited, the operating Hong Kong Company which is described below. The purpose of SEATech Ventures Corp. Labuan, Malaysia is to act as a holding company.

 

The purpose of SEATech Ventures (HK) Limited is to become the current regional hub for business activities and to engage in operational functions. SEATech Ventures (HK) Limited owns 100% of SEATech CVC Sdn. Bhd. (F.K.A. SEATech Bigorange CVC Sdn. Bhd.) and 100% of SEATech Ventures Sdn. Bhd., which are incorporated in Malaysia, as part of the business development initiative.

 

At present, our physical office is in B-23A-02, G-Vestor Tower, Pavilion Embassy, 200, Jalan Ampang, 50450 Kuala Lumpur, Malaysia.

 

SEATech Ventures Corp. group of companies business activities is that of providing business mentoring services, nurturing and incubation services relating to client businesses and corporate development advisory services to entrepreneurs in the broader technology industry, but with a specific focus on the information and communication technology industry. We will, focus our efforts on nurturing ICT entrepreneurs in Asia. Our advisory services will center on our “ICT Start-Up Mentorship Program”, which is designed to assist tech-based entrepreneurs in solving ICT industry pain points caused by technical insufficiencies, inappropriate financial modelling and weak strategic positioning Our advisory services aim to improve the technical exposure of our clients and to improve their sustainability in the ICT industry community through a combination of mentorship programs.

 

3
 

 

Results of Operation

 

For the three months and nine months ended September 30, 2024 and 2023

 

Revenues

 

For the three months and nine months ended September 30, 2024, the Company has generated revenue of $0 while for three months and nine months ended September 30, 2023, the Company has generated revenue of $0 and $248,340 respectively. The revenue represented income from provision of business mentoring, nurturing and incubation services relating to client businesses and corporate development advisory services. A decrease of revenue was due to no revenue deal during the three months and nine months ended September 30, 2024.

 

Cost of Revenue and Gross Margin

 

For the three months and nine months ended September 30, 2024, cost incurred in providing corporate development advisory services are $0 while for the three months and nine months ended September 30, 2023, cost incurred in providing corporate development advisory services are $0 and $187,700 respectively. The decrease of cost of revenue is associated with the decrease in revenue for the three months and nine months ended September 30, 2024. Our gross margin for the three months and nine months ended September 30, 2024 are $0, gross margin for the three months and nine months ended September 30, 2023 are $0 and $60,640 respectively.

 

Selling and marketing expenses

 

For the three months and nine months ended September 30, 2024, we had selling and distribution expenses in the amount of $21 and $65 respectively, while for the three months and nine months ended September 30, 2023, selling and distribution expenses are in the amount of $30 and $835 respectively, which were primarily comprised of marketing expenses and expenses incurred for selling of services. The decrease of selling and marketing expenses is associated with lesser marketing expenses incurred for the nine months ended September 30, 2024.

 

General and administrative expenses

 

For the three months and nine months ended September 30, 2024, we had general and administrative expenses in the amount of $27,202 and $103,008 respectively, while for the three months and nine months ended September 30, 2023, we had general and administrative expenses in the amount of $45,704 and $129,831 respectively, which were primarily comprised of salary, professional fee, compliance fee, office and operation expenses. The decrease of general and administrative expenses is mainly due to lesser administrative expenses incurred for the three months and nine months ended September 30, 2024.

 

Net Loss

 

For the three months and nine months ended September 30, 2024, the Company has incurred a net loss of $25,258 and $101,108 respectively. For the three months and nine months ended September 30, 2023, the Company incurred net loss of $45,734 and $70,026 respectively. The losses are mainly derived from the general and administrative expenses.

 

4
 

 

Liquidity and Capital Resources

 

As of September 30, 2024 and 2023, we had cash and cash equivalents of $22,108 and $49,552 respectively. We expect increased levels of operating activities going forward will result in more significant cash flows.

 

We depend substantially on financing activities to provide us with the liquidity and capital resources we need to meet our working capital requirements and to make capital investments in connection with ongoing operations.

 

Cash Used In Operating Activities

 

For the nine months ended September 30, 2024 and 2023, net cash used in operating activities were $27,260 and $86,025 respectively.

 

Credit Facilities

 

We do not have any credit facilities or other access to bank credit.

 

Off-balance Sheet Arrangements

 

We have no significant off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in our financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to our stockholders as of September 30, 2024.

 

Recent Accounting Pronouncements

 

The Company has implemented all new accounting pronouncements that are in effect. These pronouncements did not have any material impact on the financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.

 

5
 

 

ITEM 3 QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

 

As a “smaller reporting company” as defined by Item 10 of Regulation S-K, the Company is not required to provide information required by this Item.

 

ITEM 4 CONTROLS AND PROCEDURES

 

Evaluation of Disclosure Controls and Procedures:

 

We carried out an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) as of September 30, 2024. This evaluation was carried out under the supervision and with the participation of our Chief Executive Officer. Based upon that evaluation, our Chief Executive Officer concluded that, as of September 30, 2024, our disclosure controls and procedures were not effective due to the presence of material weaknesses in internal control over financial reporting.

 

A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Company’s annual or interim financial statements will not be prevented or detected on a timely basis. Management has identified the following material weaknesses which have caused management to conclude that, as of September 30, 2024, our disclosure controls and procedures were not effective: (i) inadequate segregation of duties and effective risk assessment; and (ii) insufficient written policies and procedures for accounting and financial reporting with respect to the requirements and application of both US GAAP and SEC guidelines.

 

Changes in Internal Control over Financial Reporting:

 

There were no changes in our internal control over financial reporting during the quarter ended September 30, 2024, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

 

6
 

 

PART II — OTHER INFORMATION

 

Item 1. Legal Proceedings

 

We know of no materials, active or pending legal proceedings against us, nor are we involved as a plaintiff in any material proceedings or pending litigation. There are no proceedings in which any of our directors, officers or affiliates, or any beneficial shareholder are an adverse party or has a material interest adverse to us.

 

Item 1A. Risk Factors.

 

We are a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934 and are not required to provide the information under this item.

 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

 

None

 

Item 3. Defaults Upon Senior Securities

 

None

 

Item 4. Mine Safety Disclosures

 

Not applicable.

 

Item 5. Other Information.

 

None

 

7
 

 

ITEM 6. Exhibits

 

Exhibit No.   Description
     
31.1   Rule 13(a)-14(a)/15(d)-14(a) Certification of principal executive officer*
     
31.2   Rule 13(a)-14(a)/15(d)-14(a) Certification of principal financial officer*
     
32.1   Section 1350 Certification of principal executive officer *
     
32.2   Section 1350 Certification of principal financial officer *
     
101.INS   Inline XBRL Instance Document*
     
101.SCH   Inline XBRL Schema Document*
     
101.CAL   Inline XBRL Calculation Linkbase Document*
     
101.DEF   Inline XBRL Definition Linkbase Document*
     
101.LAB   Inline XBRL Label Linkbase Document*
     
101.PRE   Inline XBRL Presentation Linkbase Document*
     
104   Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

* Filed herewith.

 

8
 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  SEATech Ventures Corp.
  (Name of Registrant)
     
Date: November 14, 2024    
  By: /s/ CHIN CHEE SEONG
  Title:

Chief Executive Officer,

President, Director, Secretary and Treasurer

 

Date: November 14, 2024 By: /s/ TAN SEE MENG
  Title: Director

 

9

 

EXHIBIT 31.1

 

CERTIFICATION

 

I, CHIN CHEE SEONG, certify that:

 

1. I have reviewed this quarterly report on Form 10-Q of SEATech Ventures Corp. (the “Company”) for the quarter ended September 30, 2024;

 

2. Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

  a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
     
  b. Designed such internal control over financial reporting, or caused such internal control to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles.
     
  c. Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
     
  d. Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

  a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
     
  b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: November 14, 2024 By: /s/ CHIN CHEE SEONG
    CHIN CHEE SEONG
   

Chief Executive Officer,

President, Director, Secretary, Treasurer

 

 

 

 

EXHIBIT 31.2

 

CERTIFICATION

 

I, TAN SEE MENG, certify that:

 

1. I have reviewed this quarterly report on Form 10-Q of SEATech Ventures Corp. (the “Company”) for the quarter ended September 30, 2024;

 

2. Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

  a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
     
  b. Designed such internal control over financial reporting, or caused such internal control to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles.
     
  c. Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
     
  d. Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

  a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
     
  b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: November 14, 2024 By: /s/ TAN SEE MENG
    TAN SEE MENG
    Director

 

 

 

 

EXHIBIT 32.1

 

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

In connection with the Quarterly Report of SEATech Ventures Corp. (the “Company”) on Form 10-Q for the quarter ended September 30, 2024 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), The undersigned hereby certifies, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge and belief:

 

(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

 

Date: November 14, 2024 By: /s/ CHIN CHEE SEONG
    CHIN CHEE SEONG
    Chief Executive Officer,
    President, Director, Secretary, Treasurer

 

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement has been provided to the Company and will be retained by the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

 

 

 

 

EXHIBIT 32.2

 

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

In connection with the Quarterly Report of SEATech Ventures Corp. (the “Company”) on Form 10-Q for the quarter ended September 30, 2024 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), The undersigned hereby certifies, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge and belief:

 

(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

 

Date: November 14, 2024 By: /s/ TAN SEE MENG
    TAN SEE MENG
    Director

 

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement has been provided to the Company and will be retained by the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

 

 

 

v3.24.3
Cover - $ / shares
 9 Months Ended
Sep. 30, 2024
Nov. 14, 2024
Cover [Abstract]    
Document Type 10-Q  
Amendment Flag false  
Document Quarterly Report true  
Document Transition Report false  
Document Period End Date Sep. 30, 2024  
Document Fiscal Period Focus Q3  
Document Fiscal Year Focus 2024  
Current Fiscal Year End Date --12-31  
Entity File Number 333-230479  
Entity Registrant Name SEATECH VENTURES CORP.  
Entity Central Index Key 0001763660  
Entity Tax Identification Number 61-1882326  
Entity Incorporation, State or Country Code NV  
Entity Address, Address Line One 11-05 & 11-06, Tower A  
Entity Address, Address Line Two Avenue 3 Vertical Business Suite  
Entity Address, Address Line Three Jalan Kerinchi, Bangsar South  
Entity Address, City or Town Kuala Lumpur  
Entity Address, Country MY  
Entity Address, Postal Zip Code 59200  
City Area Code +603  
Local Phone Number 8408 1788  
Title of 12(b) Security Common Stock  
Trading Symbol SEAV  
Entity Current Reporting Status Yes  
Entity Interactive Data Current No  
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 Bankruptcy Proceedings, Reporting Current false  
Entity Common Stock, Shares Outstanding   114,351,503
Entity Listing, Par Value Per Share $ 0.0001  
v3.24.3
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
Sep. 30, 2024
Dec. 31, 2023
CURRENT ASSETS    
Accounts receivable, net $ 149,500
Deposits paid, prepayment and other receivables 2,948 1,017
Cash and cash equivalents 22,108 29,392
Total current assets 25,056 179,909
NON-CURRENT ASSETS    
Investment in other companies 5,065 5,715
Total non-current assets 5,065 5,715
TOTAL ASSETS 30,121 185,624
CURRENT LIABILITIES    
Other payables and accrued liabilities 32,621 69,410
Share subscription received in advance 42,500 20,000
Total current liabilities 360,321 413,610
TOTAL LIABILITIES 360,321 413,610
STOCKHOLDERS’ DEFICIT    
Preferred shares, $0.0001 par value; 200,000,000 shares authorized; None issued and outstanding
Common stock, $0.0001 par value, 600,000,000 shares authorized, 114,351,503 shares issued and outstanding as of September 30, 2024 and December 31, 2023 respectively 11,435 11,435
Additional paid-in capital 657,775 657,775
Accumulated other comprehensive loss (1,393) (287)
Accumulated deficit (998,017) (896,909)
TOTAL STOCKHOLDERS’ DEFICIT (330,200) (227,986)
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT 30,121 185,624
Related Party [Member]    
CURRENT LIABILITIES    
Due to a related party $ 285,200 $ 324,200
v3.24.3
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares
Sep. 30, 2024
Dec. 31, 2023
Statement of Financial Position [Abstract]    
Preferred stock, par value $ 0.0001 $ 0.0001
Preferred stock, shares authorized 200,000,000 200,000,000
Preferred stock, shares issued 0 0
Preferred stock, shares outstanding 0 0
Common stock, par value $ 0.0001 $ 0.0001
Common stock, shares authorized 600,000,000 600,000,000
Common stock, shares issued 114,351,503 114,351,503
Common stock, shares, outstanding 114,351,503 114,351,503
v3.24.3
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Income Statement [Abstract]        
REVENUE $ 248,340
COST OF REVENUE (187,700)
GROSS PROFIT 60,640
OTHER INCOME 1,965 1,965
SELLING AND DISTRIBUTION EXPENSES (21) (30) (65) (835)
GENERAL AND ADMINSTRATIVE EXPENSES (27,202) (45,704) (103,008) (129,831)
LOSS BEFORE INCOME TAX (25,258) (45,734) (101,108) (70,026)
INCOME TAX PROVISION
NET LOSS (25,258) (45,734) (101,108) (70,026)
OTHER COMPREHENSIVE LOSS        
Foreign exchange translation (loss)/gain (1,224) 34 (1,106) 34
COMPREHENSIVE LOSS $ (26,482) $ (45,700) $ (102,214) $ (69,992)
NET LOSS PER SHARE - BASIC $ (0.00) $ (0.00) $ (0.00) [1] $ (0.00) [1]
NET LOSS PER SHARE - DILUTED $ (0.00) $ (0.00) $ (0.00) [1] $ (0.00) [1]
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - BASIC 114,351,503 92,519,843 114,351,503 92,519,843
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - DILUTED 114,351,503 92,519,843 114,351,503 92,519,843
[1] For the period ended September 30, 2024 and 2023, diluted weighted-average common shares outstanding is equal to basic weighted-average common shares, due to the Company’s net loss position. Hence, no common stock equivalents were included in the computation of diluted net loss per share since such inclusion would have been antidilutive.
v3.24.3
Condensed Consolidated Statements of Changes in Stockholders' (Deficit) Equity (Unaudited) - USD ($)
Common Stock [Member]
Additional Paid-in Capital [Member]
AOCI Attributable to Parent [Member]
Retained Earnings [Member]
Total
Balance at Dec. 31, 2022 $ 9,252 $ 659,958 $ (244) $ (594,080) $ 74,886
Balance, shares at Dec. 31, 2022 92,519,843        
Foreign exchange translation gain (loss) 34 34
Net loss for the period (70,026) (70,026)
Balance at Sep. 30, 2023 $ 9,252 659,958 (210) (664,106) 4,894
Balance, shares at Sep. 30, 2023 92,519,843        
Balance at Dec. 31, 2023 $ 11,435 657,775 (287) (896,909) (227,986)
Balance, shares at Dec. 31, 2023 114,351,503        
Foreign exchange translation gain (loss) (1,106) (1,106)
Net loss for the period (101,108) (101,108)
Balance at Sep. 30, 2024 $ 11,435 $ 657,775 $ (1,393) $ (998,017) $ (330,200)
Balance, shares at Sep. 30, 2024 114,351,503        
v3.24.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (101,108) $ (70,026)
Changes in operating assets and liabilities:    
Accounts receivable 149,500 (67,100)
Due to a related party (39,000) 166,700
Deposits paid, prepayment and other receivables 209 (54,324)
Amount due to a corporate shareholder (33,000)
Other payables and accrued liabilities (36,861) (28,933)
Deferred revenue 658
Net cash used in operating activities (27,260) (86,025)
CASH FLOWS FROM INVESTING ACTIVITY:    
Investment in other companies (650)
Refund of investment in other company 650
Net cash generated from/(used in) investing activity 650 (650)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Share subscription received in advance 22,500
Net cash provided by financing activities 22,500
Effect of exchange rate changes on cash and cash equivalents (3,174) 34
Net change in cash and cash equivalents (7,284) (86,641)
Cash and cash equivalents, beginning of period 29,392 136,193
CASH AND CASH EQUIVALENTS, END OF PERIOD 22,108 49,552
SUPPLEMENTAL CASH FLOWS INFORMATION    
Income taxes paid
Interest paid
v3.24.3
DESCRIPTION OF BUSINESS AND ORGANIZATION
 9 Months Ended
Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
DESCRIPTION OF BUSINESS AND ORGANIZATION

1. DESCRIPTION OF BUSINESS AND ORGANIZATION

 

SEATech Ventures Corp. is organized as a Nevada limited liability company, incorporated on April 2, 2018. For purposes of consolidated financial statement presentation, SEATech Ventures Corp. and its subsidiaries are herein referred to as “the Company” or “we”.

 

The Company business of which planned principal operations are to provide business mentoring, nurturing and incubation services relating to client businesses and corporate development advisory services to entrepreneurs in the broader technology industry, but with a specific focus on the information and communication technology industry.

 

On May 2, 2018, the Company acquired 100% interest in SEATech Ventures Corp., a private limited liability company incorporated in Labuan, Malaysia.

 

On December 21, 2018, SEATech Ventures Corp., the Malaysia Company acquired 100% interest in SEATech Ventures (HK) Limited, a private limited company incorporated in Hong Kong.

 

On October 04, 2021, SEATech Ventures (HK) Limited subscribed 60% of the equity interests in SEATech Bigorange CVC Sdn. Bhd., a private limited company incorporated in Malaysia. The Malaysia Company changed its company name to SEATech CVC Sdn. Bhd. on February 22, 2022. On February 25, 2022, SEATech Ventures (HK) Limited further acquired 40% of the equity interests in SEATech CVC Sdn. Bhd., which in turn owns 100% of the equity interests in the Malaysia company.

 

On January 03, 2022, SEATech Ventures (HK) Limited acquired 1 share, representing 100% equity interest of SEATech Ventures Sdn. Bhd., a Malaysia company, from the Chief Executive Officer, President, Secretary, Treasurer, Director, Mr. Chin Chee Seong, with consideration of MYR 1.

 

On October 13, 2023, the Company issued 21,831,660 shares of its restricted common stock at $0.80 per share to the shareholders of Just Supply Chain Limited (“JSCL”), for acquisition of one hundred percent (100%) of the equity of JSCL. On May 06, 2024, the acquisition has been cancelled due to factors that came to light on the valuation of the entity and subsequently on July 01, 2024, the 21,831,660 shares were returned to the Company and are held as treasury shares.

 

Details of the Company’s subsidiaries:

 

SCHEDULE OF COMPANY SUBSIDIARIES 

  

Company

name

 

Place and date

of incorporation

 

Particulars of

issued capital

  Principal activities 

Proportional of

ownership

interest and

voting power

held

 
                 
1.  SEATech Ventures Corp.  Labuan / March 12, 2018  100 ordinary shares of US$1 each  Investment holding   100%
                  
2.  SEATech Ventures (HK) Limited  Hong Kong / January 30, 2018  1 ordinary share of HK$1 each  Business mentoring, nurturing and incubation, and corporate development advisory services   100%
                  
3.  SEATech CVC Sdn. Bhd. (F.K.A. SEATech Bigorange CVC Sdn. Bhd.)  Malaysia / October 04, 2021  20,000 ordinary shares of MYR1 each
  Dormant company   100%
                  
4.  SEATech Ventures Sdn. Bhd.  Malaysia / May 27, 2021  1 ordinary share of MYR1 each  Provision of corporate advisory services   100%

 

 

SEATECH VENTURES CORP.

NOTES TO CONDENSED FINANCIAL STATEMENTS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2024

(Currency expressed in United States Dollars (“US$”), except for number of shares)

(UNAUDITED)

 
v3.24.3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 9 Months Ended
Sep. 30, 2024
Accounting Policies [Abstract]  
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Basis of presentation

 

The consolidated financial statements for SEATech Ventures Corp. and its subsidiaries for the nine months ended September 30, 2024 is prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) and include the accounts of SEATech Ventures Corp. and its wholly owned subsidiaries, SEATech Ventures Corp., SEATech Ventures (HK) Limited, SEATech CVC Sdn. Bhd. and SEATech Ventures Sdn. Bhd.. Intercompany accounts and transactions have been eliminated on consolidation. The Company has adopted December 31 as its fiscal year end.

 

Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) have been condensed or omitted. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the period ended September 30, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. The Condensed Consolidated Balance Sheet information as of December 31, 2023 was derived from the Company’s audited Consolidated Financial Statements as of and for the year ended December 31, 2023 included in the Company’s Annual Report on Form 10-K filed with the SEC on May 10, 2024. These financial statements should be read in conjunction with that report.

 

Basis of consolidation

 

The condensed consolidated financial statements include the accounts of the Company and its subsidiaries. All inter-company accounts and transactions have been eliminated upon consolidation.

 

Use of estimates

 

Management uses estimates and assumptions in preparing these financial statements in accordance with US GAAP. Those estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities in the balance sheets, and the reported revenue and expenses during the periods reported. Actual results may differ from these estimates.

 

Revenue recognition

 

In accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts. ASC 606 creates a five-step model that requires entities to exercise judgment when considering the terms of contracts, which includes (1) identifying the contracts or agreements with a customer, (2) identifying our performance obligations in the contract or agreement, (3) determining the transaction price, (4) allocating the transaction price to the separate performance obligations, and (5) recognizing revenue as each performance obligation is satisfied. The Company only applies the five-step model to contracts when it is probable that the Company will collect the consideration it is entitled to in exchange for the services it transfers to its clients.

 

Revenue is measured at the fair value of the consideration received or receivable, net of discounts and taxes applicable to the revenue. The Company derives its revenue from provision of business mentoring, nurturing, incubating and corporate development advisory services to ICT and technology-based companies.

 

Cost of revenue

 

Cost of revenue includes the cost of services and product in providing business mentoring, nurturing, incubating and corporate development advisory services.

 

Investments

 

Investments in equity securities

 

The Company accounts for its investments that represent less than 20% ownership, and for which the Company does not have the ability to exercise significant influence, using ASU 2016-01, Financial Instruments – Overall: Recognition and Measurement of Financial Assets and Financial Liabilities. The Company measure investments in equity securities without a readily determinable fair value using a measurement alternative that measures these securities at the cost method minus impairment, if any, plus or minus changes resulting from observable price changes on a non-recurring basis. Gains and losses on these securities are recognized in other income and expenses. At September 30, 2024, the Company had four investments in equity securities with carrying value of $5,065 (see Note 7).

 

Accounts receivable

 

Accounts receivable are recorded at the invoiced amount less an allowance for expected credit losses. Management reviews the adequacy of the allowance for expected credit losses on an ongoing basis, using historical collection trends and aging of receivables. Management also periodically evaluates individual customer’s financial condition, credit history and the current economic conditions to make an adjustment to the allowance when it is considered necessary. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote.

 

Cash and cash equivalents

 

Cash and cash equivalents are carried at cost and represent cash on hand, demand deposits placed with banks or other financial institutions and all highly liquid investments with an original maturity of three months or less as of the purchase date of such investments.

 

 

SEATECH VENTURES CORP.

NOTES TO CONDENSED FINANCIAL STATEMENTS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2024

(Currency expressed in United States Dollars (“US$”), except for number of shares)

(UNAUDITED)

 

Income taxes

 

Income taxes are determined in accordance with the provisions of ASC Topic 740, “Income Taxes” (“ASC Topic 740”). Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted income tax rates expected to apply to taxable income in the periods in which those temporary differences are expected to be recovered or settled. Any effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.

 

ASC 740 prescribes a comprehensive model for how companies should recognize, measure, present, and disclose in their financial statements uncertain tax positions taken or expected to be taken on a tax return. Under ASC 740, tax positions must initially be recognized in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions must initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts.

 

Going concern

 

The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. As reflected in the accompanying financial statements, for the period ended September 30, 2024, the Company incurred a net loss of $101,108, suffered an accumulated deficit of $998,017 and negative operating cash flow of $27,260. These factors raise substantial doubt about the Company’s ability to continue as a going concern within one year of the date that the financial statements are issued. The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.

 

The Company’s ability to continue as a going concern is dependent upon improving its profitability and the continuing financial support from its Chief Executive Officer cum shareholder. Management believes the existing shareholder or external financing will provide the additional cash to meet the Company’s obligations as they become due. No assurance can be given that any future financing, if needed, will be available or, if available, that it will be on terms that are satisfactory to the Company. Even if the Company is able to obtain additional financing, if needed, it may contain undue restrictions on its operations, in the case of debt financing, or cause substantial dilution for its stockholders, in the case of equity financing.

 

 

SEATECH VENTURES CORP.

NOTES TO CONDENSED FINANCIAL STATEMENTS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2024

(Currency expressed in United States Dollars (“US$”), except for number of shares)

(UNAUDITED)

 

Net income/(loss) per share

 

The Company calculates net income/(loss) per share in accordance with ASC Topic 260, “Earnings per Share.” Basic income/(loss) per share is computed by dividing the net income/(loss) by the weighted-average number of common shares outstanding during the period. Diluted income per share is computed similar to basic income/(loss) per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common stock equivalents had been issued and if the additional common shares were dilutive.

 

Foreign currencies translation

 

The reporting currency of the Company and its subsidiaries in Labuan and Hong Kong, are United States Dollars (“US$”), while its subsidiaries in Malaysia, maintains the books and record in Ringgit Malaysia (“MYR”), being the primary currency of the economic environment in which these entities operate.

 

Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded in the statements of operations.

 

In general, for consolidation purposes, assets and liabilities of its subsidiary whose functional currency is not the US$ are translated into US$, in accordance with ASC Topic 830-30, “Translation of Financial Statement”, using the exchange rate on the balance sheet date. Revenues and expenses are translated at average rates prevailing during the period. 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 statement of stockholders’ equity.

 

Translation of amounts from RM into US$1 and HK$ into US$1 has been made at the following exchange rates for the respective periods:

 

SCHEDULE OF FOREIGN CURRENCIES TRANSLATION EXCHANGE RATE 

  

As of and for

the period

ended

September 30, 2024

  

As of and for

the period

ended

September 30, 2023

 
         
Period-end RM : US$1 exchange rate   4.13    4.69 
Period-average RM : US$1 exchange rate   4.64    4.51 
Period-end HK$: US$1 exchange rate   7.77    7.83 
Period-average HK$ : US$1 exchange rate   7.81    7.84 

 

Related parties

 

Parties, which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Companies are also considered to be related if they are subject to common control or common significant influence.

 

 

SEATECH VENTURES CORP.

NOTES TO CONDENSED FINANCIAL STATEMENTS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2024

(Currency expressed in United States Dollars (“US$”), except for number of shares)

(UNAUDITED)

 

Fair value of financial instruments:

 

The carrying value of the Company’s financial instruments: cash and cash equivalents, account receivables, amount due to a director, and accounts payable and approximate at their fair values because of the short-term nature of these financial instruments.

 

The Company also follows the guidance of the ASC Topic 820-10, “Fair Value Measurements and Disclosures” (“ASC 820-10”), with respect to financial assets and liabilities that are measured at fair value. ASC 820-10 establishes a three-tier fair value hierarchy that prioritizes the inputs used in measuring fair value as follows:

 

Level 1: Observable inputs such as quoted prices in active markets;

 

Level 2: Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and

 

Level 3: Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions.

 

Recently adopted Accounting Standards

 

In June 2016, the FASB issued Accounting Standards Update No. 2016-13, Financial Instruments – Credit Losses (Topics 326): Measurement of Credit Losses on Financial Instruments, which introduced the expected credit losses methodology for the measurement of credit losses on financial assets measured at amortized cost basis, replacing the previous incurred loss methodology. In November 2019, the FASB issued ASU 2019-10 highlighted the adoption timeline. For smaller reporting entities, Topic 326 is effective for annual periods beginning after December 15, 2022, including interim period within those fiscal years, of which is effective for the Company on January 1, 2023.

 

Credit loss rate is determined by historical collection based on aging schedule, adjusted for current conditions using reasonable and supportable forecast. Based on the aging categorization and the adjusted loss per category, an allowance for credit losses is calculated by multiplying the adjusted loss rate with the amortized cost in the respective age category.

 

Recent accounting pronouncements

 

The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and do not believe the future adoption of any such pronouncements may be expected to cause a material impact on its financial condition or the results of its operations.

 

 

SEATECH VENTURES CORP.

NOTES TO CONDENSED FINANCIAL STATEMENTS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2024

(Currency expressed in United States Dollars (“US$”), except for number of shares)

(UNAUDITED)

 
v3.24.3
COMMON STOCK
 9 Months Ended
Sep. 30, 2024
Equity [Abstract]  
COMMON STOCK

3. COMMON STOCK

 

On April 2, 2018, the founder of the Company, Mr. Chin Chee Seong purchased 100,000 shares of restricted common stock of the Company at a par value of $0.0001 per share. The monies from this transaction, which totaled $10, went to the Company to be used as initial working capital.

 

On May 14, 2018, the Company issued 20,000,000 shares of restricted common stock to Mr. Chin Chee Seong and Mr. Seah Kok Wah respectively, with a par value of $0.0001 per share, for total additional working capital of $4,000.

 

On August 7, 2018, the Company issued 10,000,000 shares of restricted common stock to Greenpro Venture Capital Limited with a par value of $0.0001 per share, for total additional working capital of $1,000.

 

On August 8, 2018, the Company issued 30,000,000 shares of restricted common stock to Greenpro Asia Strategic Fund SPC, a company incorporated in Cayman Islands with a par value of $0.0001 per share, for additional working capital of $3,000.

 

On August 27, 2018, the Company issued 10,000,000 shares of restricted common stock to STVC Talent Sdn. Bhd, a company incorporated in Malaysia with a par value of $0.0001 per share, for additional working capital of $1,000.

 

On September 7, 2018, the Company sold shares to 2 shareholders, of whom reside in Malaysia. A total of 750,000 shares of restricted common stock were sold at a price of $0.10 per share. The total proceeds to the Company amounted to a total of $75,000.

 

On September 12, 2018, the Company sold shares to a shareholder, of whom reside in Malaysia. A total of 466,667 shares of restricted common stock were sold at a price of $0.15 per share. The total proceeds to the Company amounted to a total of $70,000.

 

In between September 21, 2018 and November 29, 2018, the Company sold shares to 44 shareholders, of whom reside in Malaysia. A total of 860,000 shares of restricted common stock were sold at a price of $0.20 per share. The total proceeds to the Company amounted to a total of $172,000.

 

From June 12, 2019 to May 4, 2020, the company issued 343,200 shares of common stock at a price of $1.00 per share through the Initial Public Offering (IPO) to 70 non-US residents.

 

On October 13, 2023, the Company issued 21,831,660 shares of its restricted common stock at $0.80 per share to 8 shareholders of Just Supply Chain Limited (“JSCL”), for acquisition of one hundred percent (100%) of the equity of JSCL. On May 06, 2024, the acquisition has been cancelled due to factors that came to light on the valuation of the entity.

 

As of September 30, 2024, SEATech Ventures Corp. has an issued and outstanding common share of 114,351,503.

 
v3.24.3
ACCOUNTS RECEIVABLE
 9 Months Ended
Sep. 30, 2024
Credit Loss [Abstract]  
ACCOUNTS RECEIVABLE

4. ACCOUNTS RECEIVABLE

 

SCHEDULE OF ACCOUNT RECEIVABLE 

  

As of

September 30, 2024

(Unaudited)

  

As of

December 31, 2023
(Audited)

 
Accounts receivable, gross  $115,000   $264,500 
Allowance for expected credit loss   (115,000)   (115,000)
Accounts receivable, net  $-   $149,500 

 

The movement in the allowance for expected credit loss for the period ended September 30, 2024 and year ended December 31, 2023 were as follows:

 

SCHEDULE OF ALLOWANCE FOR EXPECTED CREDIT LOSSES 

  

As of

September 30, 2024

(Unaudited)

  

As of

December 31, 2023
(Audited)

 
Balance at beginning of the period/year  $115,000   $- 
Additions of allowance   -    115,000 
Balance at end of the period/year  $115,000   $115,000 

 

The accounts receivable represents receivable amount from companies where the Company owns equity interest, which are trade in nature and subject to normal trade term.

 
v3.24.3
CASH AND CASH EQUIVALENTS
 9 Months Ended
Sep. 30, 2024
Cash and Cash Equivalents [Abstract]  
CASH AND CASH EQUIVALENTS

5. CASH AND CASH EQUIVALENTS

 

As of September 30, 2024, the Company recorded $22,108 of cash and cash equivalents which primarily consists of cash in bank.

 

 

SEATECH VENTURES CORP.

NOTES TO CONDENSED FINANCIAL STATEMENTS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2024

(Currency expressed in United States Dollars (“US$”), except for number of shares)

 
v3.24.3
DEPOSITS PAID, PREPAYMENT AND OTHER RECEIVABLES
 9 Months Ended
Sep. 30, 2024
Deposits Paid Prepayment And Other Receivables  
DEPOSITS PAID, PREPAYMENT AND OTHER RECEIVABLES

6. DEPOSITS PAID, PREPAYMENT AND OTHER RECEIVABLES

 

Deposits paid, prepayment and other receivables consisted of the following as of September 30, 2024 and December 31, 2023:

 

SCHEDULE OF DEPOSITS PAID, PREPAYMENTS AND OTHER RECEIVABLES 

   As of   As of 
  

September 30, 2024

(Audited)

  

December 31, 2023

(Audited)

 
Deposits paid   274    273 
Prepayment   2,080    - 
Other receivables   594    744 
Total deposits paid, prepayment and other receivables  $2,948   $1,017 

 
v3.24.3
INVESTMENT IN OTHER COMPANIES
 9 Months Ended
Sep. 30, 2024
Investments, All Other Investments [Abstract]  
INVESTMENT IN OTHER COMPANIES

7. INVESTMENT IN OTHER COMPANIES 

 

  

As of

September 30, 2024

(Unaudited)

  

As of

December 31, 2023

(Audited)

 
AsiaFIN Holdings Corp.1  $1,015   $1,015 
Angkasa-X Holdings Corp.2   1,300    1,300 
JOCOM Holdings Corp.3   850    850 
catTHIS Holdings Corp. 4   1,900    1,900 
Celmonze Wellness Corporation 5   -    650 
Total investment in other companies  $5,065   $5,715 

 

1 On December 24, 2019, the Company has invested in AsiaFIN Holdings Corp. during the private placement stage. AsiaFIN Holdings Corp is a company providing business technology solutions to its clients. SEATech Ventures Corp. also provides corporate development, mentoring, and incubation services to AsiaFIN Holdings Corp. The investment in AsiaFIN Holdings Corp. is a strategic investment of the Company and the Company’s efforts on nurturing and providing collaborating and networking opportunities to ICT entrepreneurs across Asia. The investment is also aligning with the Company’s focus on the ICT industry. As of September 30, 2024, the Company acquired 12.26% interest in AsiaFIN Holdings Corp.
   
2 On February 5, 2021, the Company has invested in Angkasa-X Holdings Corp. during the private placement stage. Angkasa-X Holdings Corp is a company focuses on research and development and commercializes on intellectual property design for communication satellites. SEATech Ventures Corp also provides corporate development, mentoring, and incubation services to Angkasa-X Holdings Corp. The investment in Angkasa-X Holdings Corp. is a strategic investment of the Company. As of September 30, 2024, the Company acquired 5.68% interest in Angkasa-X Holdings Corp.
   
3 On June 1, 2021, the Company has invested in JOCOM Holdings Corp. during the private placement stage. JOCOM Holdings Corp. is a company focuses on m-commerce (Mobile commerce) platform specialized in online groceries and shopping. SEATech Ventures Corp. also provides corporate development, mentoring, and incubation services to JOCOM Holdings Corp. The investment in JOCOM Holdings Corp. is a strategic investment of the Company. As of September 30, 2024, the Company acquired 14.74% interest in JOCOM Holdings Corp.
   
4 On August 30, 2021, the Company has invested in catTHIS Holdings Corp. during the private placement stage. catTHIS Holdings Corp. is a company that providing digital marketing service by using technologies such as mobile application known as “catTHIS App”. catTHIS App serve as a marketing tool which provides free digital catalog management platform that gives its users the ability to upload and share PDF catalogs anywhere and from any device. SEATech Ventures Corp. also provides corporate development, mentoring, and incubation services to catTHIS Holdings Corp. The investment in catTHIS Holdings Corp. is a strategic investment of the Company. As of September 30, 2024, the Company acquired 14.99% interest in catTHIS Holdings Corp.
   
5 On March 8, 2023, the Company has invested in Celmonze Wellness Corporation during the private placement stage. Celmonze Wellness Corporation is a company focuses on beauty and wellness services. SEATech Ventures Corp. also provides corporate development, mentoring, and incubation services to Celmonze Wellness Corporation. The investment in Celmonze Wellness Corporation is a strategic investment of the Company. On February 6, 2024, the Company withdrew its investment in Celmonze Wellness Corporation and the fund invested was refunded to the Company.

 
v3.24.3
DUE TO A RELATED PARTY
 9 Months Ended
Sep. 30, 2024
Due To Related Party  
DUE TO A RELATED PARTY

8. DUE TO A RELATED PARTY

 

SCHEDULE OF DUE TO RELATED PARTY 

  

As of

September 30, 2024
(Unaudited)

  

As of

December 31, 2023
(Audited)

 
Due to a related party  $285,200   $324,200 
Total amount due to a related party  $285,200   $324,200 

 

The amount due to a related party represents payable to a wholly owned subsidiary of a corporate shareholder which is trade in nature.

 

 

SEATECH VENTURES CORP.

NOTES TO CONDENSED FINANCIAL STATEMENTS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2024

(Currency expressed in United States Dollars (“US$”), except for number of shares)

(UNAUDITED)

 
v3.24.3
OTHER PAYABLES AND ACCRUED LIABILITIES
 9 Months Ended
Sep. 30, 2024
Payables and Accruals [Abstract]  
OTHER PAYABLES AND ACCRUED LIABILITIES

9. OTHER PAYABLES AND ACCRUED LIABILITIES

 

Other payables and accrued liabilities consisted of the following as of September 30, 2024 and December 31, 2023:

 

SCHEDULE OF OTHER PAYABLES AND ACCRUED LIABILITIES 

  

As of
September 30, 2024

(Unaudited)

  

As of
December 31, 2023
(Audited)

 
Accrued audit fees  $2,200   $34,070 
Accrued expenses1   22,016    19,173 
Accrued professional fees2   8,405    16,167 
Total payables and accrued liabilities  $32,621   $69,410 

 

1 Accrued expenses include compensation payable to our directors and officers, amounting to $21,000 and $18,500 as of September 30, 2024 and December 31, 2023 respectively.
   
2 Accrued professional fees consists of professional fees payable to Asia UBS Global Limited, a related party of the Company.

 
v3.24.3
INCOME TAXES
 9 Months Ended
Sep. 30, 2024
Income Tax Disclosure [Abstract]  
INCOME TAXES

10. INCOME TAXES

 

For the nine months ended September 30, 2024 and 2023, the local (United States) and foreign components of loss before income taxes were comprised of the following:

 

SCHEDULE OF (LOSS)/PROFIT BEFORE INCOME TAXES

  

Nine months
ended

September 30, 2024

(Unaudited)

  

Nine months
ended

September 30, 2023

(Unaudited)

 
Tax jurisdictions from:          
Local  $(46,770)  $(47,394)
Foreign, representing          
- Labuan   (26,615)   (37,086)
- Hong Kong  $(22,909)  $18,787 
- Malaysia   (4,814)   (4,333)
Loss before income tax  $(101,108)  $(70,026)

 

The provision for income taxes consisted of the following:

 

SCHEDULE OF PROVISION FOR INCOME TAXES 

           
    

For the

period ended

September 30, 2024

(Unaudited)

    

For the

period ended

September 30, 2023

(Unaudited)

 
Current:          
- Local   -    - 
- Foreign   -    - 
Deferred:          
- Local   -    - 
- Foreign   -    - 
           
Income tax expense  $-   $- 

 

The effective tax rate in the periods presented is the result of the mix of income earned in various tax jurisdictions that apply a broad range of income tax rates. The Company has subsidiaries that operate in various countries: United States Labuan and Hong Kong that are subject to taxes in the jurisdictions in which they operate, as follows:

 

United States of America

 

The Company is registered in the State of Nevada and is subject to the tax laws of the United States of America. As of September 30, 2024, the operations in the United States of America incurred $590,726 of cumulative net operating losses which can be carried forward indefinitely to offset a maximum of 80% future taxable income. The Company has provided for a full valuation allowance of $472,581 against the deferred tax assets on the expected future tax benefits from the net operating loss carryforwards as the management believes it is more likely than not that these assets will not be realized in the future.

 

Labuan

 

Under the current laws of the Labuan, SEATech Ventures Corp is governed under the Labuan Business Activity Act, 1990. The tax charge for such company is based on 3% of net audited profit.

 

Hong Kong

 

SEATech Ventures (HK) Limited is subject to Hong Kong Profits Tax, which is charged at the statutory income tax rate of 16.5% on its assessable income.

 

Malaysia

 

SEATech CVC Sdn. Bhd. and SEATech Ventures Sdn. Bhd are subject to Malaysia Corporate Tax, which is charged at the statutory income tax rate range from 15% to 24% on its assessable income.

 

 

SEATECH VENTURES CORP.

NOTES TO CONDENSED FINANCIAL STATEMENTS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2024

(Currency expressed in United States Dollars (“US$”), except for number of shares)

(UNAUDITED)

 
v3.24.3
NET LOSS PER SHARE
 9 Months Ended
Sep. 30, 2024
Earnings Per Share [Abstract]  
NET LOSS PER SHARE

11. NET LOSS PER SHARE

 

Basic net loss per share is computed using the weighted average number of common shares outstanding during the period. The following table sets forth the computation of basic and diluted net loss per share for the period ended September 30, 2024 and 2023:

 

SCHEDULE OF COMPUTATION OF BASIC AND DILUTED NET LOSS PER SHARE  

Schedule of computation of net loss per share:  For the period ended
September 30, 2024
(Unaudited)		   For the period ended
September 30, 2023
(Unaudited)		 
Net loss attributable to common shareholders  $(101,108)  $(70,026)
           
Weighted average common shares outstanding – Basic and diluted   114,351,503    92,519,843 
           
Net loss per share – Basic and diluted#  $(0.00)  $(0.00)

 

#For the period ended September 30, 2024 and 2023, diluted weighted-average common shares outstanding is equal to basic weighted-average common shares, due to the Company’s net loss position. Hence, no common stock equivalents were included in the computation of diluted net loss per share since such inclusion would have been antidilutive.

 
v3.24.3
COMMITMENTS AND CONTINGENCIES
 9 Months Ended
Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES

12. COMMITMENTS AND CONTINGENCIES

 

As of September 30, 2024, the Company has no commitments or contingencies involved.

 
v3.24.3
RELATED PARTY BALANCES AND TRANSACTIONS
 9 Months Ended
Sep. 30, 2024
Related Party Transactions [Abstract]  
RELATED PARTY BALANCES AND TRANSACTIONS

13. RELATED PARTY BALANCES AND TRANSACTIONS

 

SCHEDULE OF RELATED PARTY BALANCES AND TRANSACTIONS 

Accounts receivable from related parties (Refer Note 4): 

As of

September 30, 2024

(Unaudited)

  

As of

December 31, 2023
(Audited)

 
Accounts receivable, net          
- catTHIS Holdings Corp.1 (net of allowance of $ 115,000 as of September 30, 2024 and December 31, 2023)  $-   $- 
- JOCOM Holdings Corp.1          -    69,500 
-Celmonze Wellness Corporation2   -    80,000 
Total  $-   $149,500 

 

The above related party receivables are trade in nature and subject to normal trade terms.

 

Due to a related party (Refer Note 8): 

As of

September 30, 2024

(Unaudited)

  

As of

December 31, 2023
(Audited)

 
         
Due to a related party:          
- GreenPro Financial Consulting Limited3  $285,200   $324,200 

 

The above due to a related party is trade in nature.

 

Other payables due to related parties (Refer Note 9):        
         
- Mr. Chin Chee Seong (Director and Executive Officer)   11,250    8,750 
- Mr. Tan See Meng6 (Director)   4,500    - 
- Mr. Cheah Kok Hoong (Director)   4,000    2,000 
- Mr. Prabodh Kumar A/L Kantilal H. Sheth7 (Executive Officer)   1,250    - 
- Mr. Tan Hock Chye8 (Executive Officer)   -    3,750 
- Mr. Louis Ramesh Ruben9 (Director)   -    2,000 
- Mr. Seah Kok Wah10 (Director)   -    2,000 
- Asia UBS Global Limited4   8,400    14,500 
- GreenPro Global Capital Village Sdn. Bhd. 5   848    - 
Total  $30,248   $33,000 

 

The above other payables to directors and executive officers represent salary and director fees payable.

 

The above other payable to Asia UBS Global Limited represent payables due for professional fees.

 

 

SEATECH VENTURES CORP.

NOTES TO CONDENSED FINANCIAL STATEMENTS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2024

(Currency expressed in United States Dollars (“US$”), except for number of shares)

(UNAUDITED)

 

The above other payable to GreenPro Global Capital Village Sdn. Bhd. represent payables due for service charges.

 

   As of   As of 
Investment in related parties: 

September 30, 2024

(Unaudited)

  

December 31, 2023

(Audited)

 
AsiaFIN Holdings Corp 1   1,015    1,015 
Angkasa-X Holdings Corp.1   1,300    1,300 
JOCOM Holdings Corp.1   850    850 
catTHIS Holdings Corp.1   1,900    1,900 
Celmonze Wellness Corporation2   -    650 
Total  $5,065   $5,715 

 

For the period ended September 30, 2024 and 2023, the Company has following transactions with related parties:

 

  

For the period ended
September 30, 2024

(Unaudited)

  

For the period ended
September 30, 2023

(Unaudited)

 
Included in Revenue are the following sales to related parties:          
- AsiaFIN Holdings Corp.1   -    12,500 
- catTHIS Holdings Corp.1   -    120,000 
- Celmonze Wellness Corporation2   -    104,200 
- GreenPro Financial Consulting Limited3   -    11,640 
Total  $-   $248,340 
           
Included in Cost of revenue is the following costs incurred from a related party:          
- GreenPro Financial Consulting Limited3  $-   $187,700 
           
Included in General and administrative are the following expenses to related parties:          
           
Executives’ compensation:          
- Mr. Chin Chee Seong (Director and Executive Officer)  $11,250   $10,919 
- Mr. Tan See Meng6 (Director)   4,500    - 
- Mr. Prabodh Kumar A/L Kantilal H. Sheth7 (Executive Officer)   3,750    - 
- Mr. Tan Hock Chye8 (Executive Officer)   -    10,919 
Total  $19,500   $21,838 
           
Non-executive Directors’ compensation:          
- Mr. Louis Ramesh Ruben9  $-   $4,500 
- Mr. Cheah Kok Hoong   4,500    4,500 
- Mr. Seah Kok Wah10   -    4,500 
Total  $4,500    13,500 
           
Company secretary fees:          
-Asia UBS Global Limited4  $5,250   $6,570 
           
Professional fees:          
- Asia UBS Global Limited4  $6,600   $5,400 
           
Service charges:          
- GreenPro Global Capital Village Sdn. Bhd5  $1,294   $665 

 

1 As of September 30, 2024, the Company owns 12,26%, 5.68%, 14,76% and 14.99% of interest in AsiaFIN Holdings Corp., Angkasa-X Holdings Corp., JOCOM Holdings Corp. and catTHIS Holdings Corp. respectively.

 

 

SEATECH VENTURES CORP.

NOTES TO CONDENSED FINANCIAL STATEMENTS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2024

(Currency expressed in United States Dollars (“US$”), except for number of shares)

(UNAUDITED)

 

2 The Company invested USD 650 in Celmonze Wellness Corporation during the private placement stage in year 2023. Divestment occurred on February 6, 2024 due to the restructuring of Celmonze Wellness Corporation.
   
3 GreenPro Financial Consulting Limited is a subsidiary of GreenPro Capital Corp. (GRNQ). GRNQ through its wholly owned subsidiaries, owns 27.55% shareholding in the Company.
   
4 Asia UBS Global Limited is a subsidiary of GreenPro Capital Corp. (GRNQ). GRNQ through its wholly owned subsidiaries, owns 27.55% shareholding in the Company.
   
5 GreenPro Global Capital Village Sdn. Bhd is a subsidiary of GreenPro Capital Corp. (GRNQ). GRNQ through its wholly owned subsidiaries, owns 27.55% shareholding in the Company.
   
6 On December 14, 2023, Mr. Tan See Meng was appointed as Executive Director of the Board of Director.
   
7 On December 14, 2023, Mr. Prabodh Kumar A/L Kantilal H. Sheth was appointed as Chief Financial Officer of the Company, took over the role from Mr. Tan Hock Chye. On May 08, 2024, Mr. Sheth informed the Board that he tendered his resignation as the Chief Financial Officer of the Company.
   
8 On November 1, 2023, Mr. Tan Hock Chye tendered his resignation, serving a two-month notice period as the Chief Financial Officer of the Company.
   
9 On December 13, 2023, Mr. Louis Ramesh Ruben tendered his resignation as an Independent Non-Executive Director.
   
10 On December 13, 2023, Mr. Seah Kok Wah tendered his resignation as a Non-Executive Director.

 
v3.24.3
CONCENTRATIONS OF RISKS
 9 Months Ended
Sep. 30, 2024
Risks and Uncertainties [Abstract]  
CONCENTRATIONS OF RISKS

14. CONCENTRATIONS OF RISKS

 

(a) Major customers

 

For the period ended September 30, 2024 and 2023, the customers who accounted for 10% or more of the Company’s revenues and its accounts receivable balance at period-end are presented as follows:

 

SCHEDULE OF CONCENTRATION OF RISK 

   For the period ended September 30 
   2024   2023   2024   2023   2024   2023 
   Revenues   Percentage of Revenues   Accounts Receivable, Trade 
Customer A  $-   $120,000    -%   48%  $-   $115,000 
Customer B   -    104,200    -%   42%   -    - 
   $-   $224,200    -%   90%  $-   $115,000 

 

(b) Major vendors

 

For the period ended September 30, 2024 and 2023, the vendors who accounted for 10% or more of the Company’s purchases and its accounts payable balance at period-end are presented as follows:

 

   For the period ended September 30 
   2024   2023   2024   2023   2024   2023 
   Purchases   Percentage of Purchases   Accounts Payable, Trade 
Vendor A  $-   $187,700    -%   100%  $285,200   $262,700 
   $-   $187,700    -%   100%  $285,200   $262,700 

 

(c) Credit risk

 

Financial instruments that are potentially subject to credit risk consists principally of accounts receivable. The Company believes the concentration of credit risk in its accounts receivable is substantially mitigated by its ongoing credit evaluation process and relatively short collection terms. The Company does not generally require collateral from customers. The Company evaluates the need for an allowance for doubtful accounts based upon factors surrounding the credit risk of specific customers, historical trends and other information.

 

 

SEATECH VENTURES CORP.

NOTES TO CONDENSED FINANCIAL STATEMENTS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2024

(Currency expressed in United States Dollars (“US$”), except for number of shares)

(UNAUDITED)

 
v3.24.3
SEGMENT INFORMATION
 9 Months Ended
Sep. 30, 2024
Segment Reporting [Abstract]  
SEGMENT INFORMATION

15. SEGMENT INFORMATION

 

ASC 280, “Segment Reporting” establishes standards for reporting information about operating segments on a basis consistent with the Company’s internal organization structure as well as information about services categories, business segments and major customers in financial statements. In accordance with the “Segment Reporting” Topic of the ASC, the Company’s chief operating decision maker has been identified as the Chief Executive Officer and President, who reviews operating results to make decisions about allocating resources and assessing performance for the entire Company. Existing guidance, which is based on a management approach to segment reporting, establishes requirements to report selected segment information quarterly and to report annually entity-wide disclosures about products and services, major customers, and the countries in which the entity holds material assets and reports revenue. All material operating units qualify for aggregation under “Segment Reporting” due to their similar customer base and similarities in economic characteristics; nature of products and services; and procurement, manufacturing and distribution processes.

 

The Company had no inter-segment sales for the periods presented. Summarized financial information concerning the Company’s reportable segments is shown as below:

 

By Geography:

 

SCHEDULE OF REPORTABLE SEGMENTS 

   United States   Malaysia   Hong Kong   Total 
   For the period ended September 30, 2024 
   United States   Malaysia   Hong Kong   Total 
                 
Revenues  $-   $-   $-   $- 
Cost of revenues   -    -    -    - 
Net loss   (46,770)   (31,429)   (22,909)   (101,108)
                     
Total assets  $2,090   $20,567   $7,464   $30,121 

 

   United States   Malaysia   Hong Kong   Total 
   For the period ended September 30, 2023 
   United States   Malaysia   Hong Kong   Total 
                 
Revenues  $-   $-   $248,340   $248,340 
Cost of revenues   -    -    (187,700)   (187,700)
Net (loss)/profit   (47,394)   (41,419)   18,787    (70,026)
                     
Total assets  $53,540   $36,682   $206,469   $296,691 

 

*Revenues and costs are attributed to countries based on the location of customers.

 
v3.24.3
SIGNIFICANT EVENT
 9 Months Ended
Sep. 30, 2024
Significant Event  
SIGNIFICANT EVENT

16. SIGNIFICANT EVENT

 

Acquisition of Just Supply Chain Limited, a British Virgin Islands company

 

On July 12, 2023, the Company entered into an agreement to acquire 100% of the issued and outstanding shares of Just Supply Chain Limited, a British Virgin Islands company (“JSCL”), from Lee Wai Mun, Tai Kau @ Tai Fah Chong, Wong Tien Erl, Lee Han Cien, Lee Wai Chun, Eik Chu Yew, Wong Po Leng and Tok Kai Weei, at a consideration of $17,465,328 via issuance of common stocks of the Company.

 

The principal activity of JSCL is engaging in online logistic booking platform for customers in Malaysia to book delivery services via the “JustLorry” App available in both Android and Apple IOS devices through its wholly-owned subsidiary, Just Supply Chain Sdn. Bhd. (“JSCSB”), a private limited company in Malaysia.

 

On October 13, 2023, the Company issued 21,831,660 shares of its restricted common stock at $0.80 per share to the 8 shareholders of JSCL for the acquisition of 100% of the equity of JSCL. On May 06, 2024, the acquisition has been cancelled due to factors that came to light on the valuation of the entity and subsequently on July 01, 2024, the 21,831,660 shares were returned to the Company and are held as treasury shares.
v3.24.3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
 9 Months Ended
Sep. 30, 2024
Accounting Policies [Abstract]  
Basis of presentation

Basis of presentation

 

The consolidated financial statements for SEATech Ventures Corp. and its subsidiaries for the nine months ended September 30, 2024 is prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) and include the accounts of SEATech Ventures Corp. and its wholly owned subsidiaries, SEATech Ventures Corp., SEATech Ventures (HK) Limited, SEATech CVC Sdn. Bhd. and SEATech Ventures Sdn. Bhd.. Intercompany accounts and transactions have been eliminated on consolidation. The Company has adopted December 31 as its fiscal year end.

 

Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) have been condensed or omitted. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the period ended September 30, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. The Condensed Consolidated Balance Sheet information as of December 31, 2023 was derived from the Company’s audited Consolidated Financial Statements as of and for the year ended December 31, 2023 included in the Company’s Annual Report on Form 10-K filed with the SEC on May 10, 2024. These financial statements should be read in conjunction with that report.

 
Basis of consolidation

Basis of consolidation

 

The condensed consolidated financial statements include the accounts of the Company and its subsidiaries. All inter-company accounts and transactions have been eliminated upon consolidation.

 
Use of estimates

Use of estimates

 

Management uses estimates and assumptions in preparing these financial statements in accordance with US GAAP. Those estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities in the balance sheets, and the reported revenue and expenses during the periods reported. Actual results may differ from these estimates.

 
Revenue recognition

Revenue recognition

 

In accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts. ASC 606 creates a five-step model that requires entities to exercise judgment when considering the terms of contracts, which includes (1) identifying the contracts or agreements with a customer, (2) identifying our performance obligations in the contract or agreement, (3) determining the transaction price, (4) allocating the transaction price to the separate performance obligations, and (5) recognizing revenue as each performance obligation is satisfied. The Company only applies the five-step model to contracts when it is probable that the Company will collect the consideration it is entitled to in exchange for the services it transfers to its clients.

 

Revenue is measured at the fair value of the consideration received or receivable, net of discounts and taxes applicable to the revenue. The Company derives its revenue from provision of business mentoring, nurturing, incubating and corporate development advisory services to ICT and technology-based companies.

 
Cost of revenue

Cost of revenue

 

Cost of revenue includes the cost of services and product in providing business mentoring, nurturing, incubating and corporate development advisory services.

 
Investments

Investments

 

Investments in equity securities

 

The Company accounts for its investments that represent less than 20% ownership, and for which the Company does not have the ability to exercise significant influence, using ASU 2016-01, Financial Instruments – Overall: Recognition and Measurement of Financial Assets and Financial Liabilities. The Company measure investments in equity securities without a readily determinable fair value using a measurement alternative that measures these securities at the cost method minus impairment, if any, plus or minus changes resulting from observable price changes on a non-recurring basis. Gains and losses on these securities are recognized in other income and expenses. At September 30, 2024, the Company had four investments in equity securities with carrying value of $5,065 (see Note 7).

 
Accounts receivable

Accounts receivable

 

Accounts receivable are recorded at the invoiced amount less an allowance for expected credit losses. Management reviews the adequacy of the allowance for expected credit losses on an ongoing basis, using historical collection trends and aging of receivables. Management also periodically evaluates individual customer’s financial condition, credit history and the current economic conditions to make an adjustment to the allowance when it is considered necessary. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote.

 
Cash and cash equivalents

Cash and cash equivalents

 

Cash and cash equivalents are carried at cost and represent cash on hand, demand deposits placed with banks or other financial institutions and all highly liquid investments with an original maturity of three months or less as of the purchase date of such investments.

 

 

SEATECH VENTURES CORP.

NOTES TO CONDENSED FINANCIAL STATEMENTS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2024

(Currency expressed in United States Dollars (“US$”), except for number of shares)

(UNAUDITED)

 
Income taxes

Income taxes

 

Income taxes are determined in accordance with the provisions of ASC Topic 740, “Income Taxes” (“ASC Topic 740”). Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted income tax rates expected to apply to taxable income in the periods in which those temporary differences are expected to be recovered or settled. Any effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.

 

ASC 740 prescribes a comprehensive model for how companies should recognize, measure, present, and disclose in their financial statements uncertain tax positions taken or expected to be taken on a tax return. Under ASC 740, tax positions must initially be recognized in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions must initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts.

 
Going concern

Going concern

 

The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. As reflected in the accompanying financial statements, for the period ended September 30, 2024, the Company incurred a net loss of $101,108, suffered an accumulated deficit of $998,017 and negative operating cash flow of $27,260. These factors raise substantial doubt about the Company’s ability to continue as a going concern within one year of the date that the financial statements are issued. The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.

 

The Company’s ability to continue as a going concern is dependent upon improving its profitability and the continuing financial support from its Chief Executive Officer cum shareholder. Management believes the existing shareholder or external financing will provide the additional cash to meet the Company’s obligations as they become due. No assurance can be given that any future financing, if needed, will be available or, if available, that it will be on terms that are satisfactory to the Company. Even if the Company is able to obtain additional financing, if needed, it may contain undue restrictions on its operations, in the case of debt financing, or cause substantial dilution for its stockholders, in the case of equity financing.

 

 

SEATECH VENTURES CORP.

NOTES TO CONDENSED FINANCIAL STATEMENTS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2024

(Currency expressed in United States Dollars (“US$”), except for number of shares)

(UNAUDITED)

 
Net income/(loss) per share

Net income/(loss) per share

 

The Company calculates net income/(loss) per share in accordance with ASC Topic 260, “Earnings per Share.” Basic income/(loss) per share is computed by dividing the net income/(loss) by the weighted-average number of common shares outstanding during the period. Diluted income per share is computed similar to basic income/(loss) per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common stock equivalents had been issued and if the additional common shares were dilutive.

 
Foreign currencies translation

Foreign currencies translation

 

The reporting currency of the Company and its subsidiaries in Labuan and Hong Kong, are United States Dollars (“US$”), while its subsidiaries in Malaysia, maintains the books and record in Ringgit Malaysia (“MYR”), being the primary currency of the economic environment in which these entities operate.

 

Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded in the statements of operations.

 

In general, for consolidation purposes, assets and liabilities of its subsidiary whose functional currency is not the US$ are translated into US$, in accordance with ASC Topic 830-30, “Translation of Financial Statement”, using the exchange rate on the balance sheet date. Revenues and expenses are translated at average rates prevailing during the period. 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 statement of stockholders’ equity.

 

Translation of amounts from RM into US$1 and HK$ into US$1 has been made at the following exchange rates for the respective periods:

 

SCHEDULE OF FOREIGN CURRENCIES TRANSLATION EXCHANGE RATE 

  

As of and for

the period

ended

September 30, 2024

  

As of and for

the period

ended

September 30, 2023

 
         
Period-end RM : US$1 exchange rate   4.13    4.69 
Period-average RM : US$1 exchange rate   4.64    4.51 
Period-end HK$: US$1 exchange rate   7.77    7.83 
Period-average HK$ : US$1 exchange rate   7.81    7.84 

 
Related parties

Related parties

 

Parties, which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Companies are also considered to be related if they are subject to common control or common significant influence.

 

 

SEATECH VENTURES CORP.

NOTES TO CONDENSED FINANCIAL STATEMENTS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2024

(Currency expressed in United States Dollars (“US$”), except for number of shares)

(UNAUDITED)

 
Fair value of financial instruments

Fair value of financial instruments:

 

The carrying value of the Company’s financial instruments: cash and cash equivalents, account receivables, amount due to a director, and accounts payable and approximate at their fair values because of the short-term nature of these financial instruments.

 

The Company also follows the guidance of the ASC Topic 820-10, “Fair Value Measurements and Disclosures” (“ASC 820-10”), with respect to financial assets and liabilities that are measured at fair value. ASC 820-10 establishes a three-tier fair value hierarchy that prioritizes the inputs used in measuring fair value as follows:

 

Level 1: Observable inputs such as quoted prices in active markets;

 

Level 2: Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and

 

Level 3: Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions.

 
Recently adopted Accounting Standards

Recently adopted Accounting Standards

 

In June 2016, the FASB issued Accounting Standards Update No. 2016-13, Financial Instruments – Credit Losses (Topics 326): Measurement of Credit Losses on Financial Instruments, which introduced the expected credit losses methodology for the measurement of credit losses on financial assets measured at amortized cost basis, replacing the previous incurred loss methodology. In November 2019, the FASB issued ASU 2019-10 highlighted the adoption timeline. For smaller reporting entities, Topic 326 is effective for annual periods beginning after December 15, 2022, including interim period within those fiscal years, of which is effective for the Company on January 1, 2023.

 

Credit loss rate is determined by historical collection based on aging schedule, adjusted for current conditions using reasonable and supportable forecast. Based on the aging categorization and the adjusted loss per category, an allowance for credit losses is calculated by multiplying the adjusted loss rate with the amortized cost in the respective age category.

 
Recent accounting pronouncements

Recent accounting pronouncements

 

The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and do not believe the future adoption of any such pronouncements may be expected to cause a material impact on its financial condition or the results of its operations.
v3.24.3
DESCRIPTION OF BUSINESS AND ORGANIZATION (Tables)
 9 Months Ended
Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
SCHEDULE OF COMPANY SUBSIDIARIES

Details of the Company’s subsidiaries:

 

SCHEDULE OF COMPANY SUBSIDIARIES 

  

Company

name

 

Place and date

of incorporation

 

Particulars of

issued capital

  Principal activities 

Proportional of

ownership

interest and

voting power

held

 
                 
1.  SEATech Ventures Corp.  Labuan / March 12, 2018  100 ordinary shares of US$1 each  Investment holding   100%
                  
2.  SEATech Ventures (HK) Limited  Hong Kong / January 30, 2018  1 ordinary share of HK$1 each  Business mentoring, nurturing and incubation, and corporate development advisory services   100%
                  
3.  SEATech CVC Sdn. Bhd. (F.K.A. SEATech Bigorange CVC Sdn. Bhd.)  Malaysia / October 04, 2021  20,000 ordinary shares of MYR1 each
  Dormant company   100%
                  
4.  SEATech Ventures Sdn. Bhd.  Malaysia / May 27, 2021  1 ordinary share of MYR1 each  Provision of corporate advisory services   100%
v3.24.3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 9 Months Ended
Sep. 30, 2024
Accounting Policies [Abstract]  
SCHEDULE OF FOREIGN CURRENCIES TRANSLATION EXCHANGE RATE

Translation of amounts from RM into US$1 and HK$ into US$1 has been made at the following exchange rates for the respective periods:

 

SCHEDULE OF FOREIGN CURRENCIES TRANSLATION EXCHANGE RATE 

  

As of and for

the period

ended

September 30, 2024

  

As of and for

the period

ended

September 30, 2023

 
         
Period-end RM : US$1 exchange rate   4.13    4.69 
Period-average RM : US$1 exchange rate   4.64    4.51 
Period-end HK$: US$1 exchange rate   7.77    7.83 
Period-average HK$ : US$1 exchange rate   7.81    7.84 
v3.24.3
ACCOUNTS RECEIVABLE (Tables)
 9 Months Ended
Sep. 30, 2024
Credit Loss [Abstract]  
SCHEDULE OF ACCOUNT RECEIVABLE

SCHEDULE OF ACCOUNT RECEIVABLE 

  

As of

September 30, 2024

(Unaudited)

  

As of

December 31, 2023
(Audited)

 
Accounts receivable, gross  $115,000   $264,500 
Allowance for expected credit loss   (115,000)   (115,000)
Accounts receivable, net  $-   $149,500 
SCHEDULE OF ALLOWANCE FOR EXPECTED CREDIT LOSSES

The movement in the allowance for expected credit loss for the period ended September 30, 2024 and year ended December 31, 2023 were as follows:

 

SCHEDULE OF ALLOWANCE FOR EXPECTED CREDIT LOSSES 

  

As of

September 30, 2024

(Unaudited)

  

As of

December 31, 2023
(Audited)

 
Balance at beginning of the period/year  $115,000   $- 
Additions of allowance   -    115,000 
Balance at end of the period/year  $115,000   $115,000 
v3.24.3
DEPOSITS PAID, PREPAYMENT AND OTHER RECEIVABLES (Tables)
 9 Months Ended
Sep. 30, 2024
Deposits Paid Prepayment And Other Receivables  
SCHEDULE OF DEPOSITS PAID, PREPAYMENTS AND OTHER RECEIVABLES

Deposits paid, prepayment and other receivables consisted of the following as of September 30, 2024 and December 31, 2023:

 

SCHEDULE OF DEPOSITS PAID, PREPAYMENTS AND OTHER RECEIVABLES 

   As of   As of 
  

September 30, 2024

(Audited)

  

December 31, 2023

(Audited)

 
Deposits paid   274    273 
Prepayment   2,080    - 
Other receivables   594    744 
Total deposits paid, prepayment and other receivables  $2,948   $1,017 
v3.24.3
INVESTMENT IN OTHER COMPANIES (Tables)
 9 Months Ended
Sep. 30, 2024
Investments, All Other Investments [Abstract]  
SCHEDULE OF INVESTMENTS

 

  

As of

September 30, 2024

(Unaudited)

  

As of

December 31, 2023

(Audited)

 
AsiaFIN Holdings Corp.1  $1,015   $1,015 
Angkasa-X Holdings Corp.2   1,300    1,300 
JOCOM Holdings Corp.3   850    850 
catTHIS Holdings Corp. 4   1,900    1,900 
Celmonze Wellness Corporation 5   -    650 
Total investment in other companies  $5,065   $5,715 

 

1 On December 24, 2019, the Company has invested in AsiaFIN Holdings Corp. during the private placement stage. AsiaFIN Holdings Corp is a company providing business technology solutions to its clients. SEATech Ventures Corp. also provides corporate development, mentoring, and incubation services to AsiaFIN Holdings Corp. The investment in AsiaFIN Holdings Corp. is a strategic investment of the Company and the Company’s efforts on nurturing and providing collaborating and networking opportunities to ICT entrepreneurs across Asia. The investment is also aligning with the Company’s focus on the ICT industry. As of September 30, 2024, the Company acquired 12.26% interest in AsiaFIN Holdings Corp.
   
2 On February 5, 2021, the Company has invested in Angkasa-X Holdings Corp. during the private placement stage. Angkasa-X Holdings Corp is a company focuses on research and development and commercializes on intellectual property design for communication satellites. SEATech Ventures Corp also provides corporate development, mentoring, and incubation services to Angkasa-X Holdings Corp. The investment in Angkasa-X Holdings Corp. is a strategic investment of the Company. As of September 30, 2024, the Company acquired 5.68% interest in Angkasa-X Holdings Corp.
   
3 On June 1, 2021, the Company has invested in JOCOM Holdings Corp. during the private placement stage. JOCOM Holdings Corp. is a company focuses on m-commerce (Mobile commerce) platform specialized in online groceries and shopping. SEATech Ventures Corp. also provides corporate development, mentoring, and incubation services to JOCOM Holdings Corp. The investment in JOCOM Holdings Corp. is a strategic investment of the Company. As of September 30, 2024, the Company acquired 14.74% interest in JOCOM Holdings Corp.
   
4 On August 30, 2021, the Company has invested in catTHIS Holdings Corp. during the private placement stage. catTHIS Holdings Corp. is a company that providing digital marketing service by using technologies such as mobile application known as “catTHIS App”. catTHIS App serve as a marketing tool which provides free digital catalog management platform that gives its users the ability to upload and share PDF catalogs anywhere and from any device. SEATech Ventures Corp. also provides corporate development, mentoring, and incubation services to catTHIS Holdings Corp. The investment in catTHIS Holdings Corp. is a strategic investment of the Company. As of September 30, 2024, the Company acquired 14.99% interest in catTHIS Holdings Corp.
   
5 On March 8, 2023, the Company has invested in Celmonze Wellness Corporation during the private placement stage. Celmonze Wellness Corporation is a company focuses on beauty and wellness services. SEATech Ventures Corp. also provides corporate development, mentoring, and incubation services to Celmonze Wellness Corporation. The investment in Celmonze Wellness Corporation is a strategic investment of the Company. On February 6, 2024, the Company withdrew its investment in Celmonze Wellness Corporation and the fund invested was refunded to the Company.
v3.24.3
DUE TO A RELATED PARTY (Tables)
 9 Months Ended
Sep. 30, 2024
Due To Related Party  
SCHEDULE OF DUE TO RELATED PARTY

SCHEDULE OF DUE TO RELATED PARTY 

  

As of

September 30, 2024
(Unaudited)

  

As of

December 31, 2023
(Audited)

 
Due to a related party  $285,200   $324,200 
Total amount due to a related party  $285,200   $324,200 
v3.24.3
OTHER PAYABLES AND ACCRUED LIABILITIES (Tables)
 9 Months Ended
Sep. 30, 2024
Payables and Accruals [Abstract]  
SCHEDULE OF OTHER PAYABLES AND ACCRUED LIABILITIES

Other payables and accrued liabilities consisted of the following as of September 30, 2024 and December 31, 2023:

 

SCHEDULE OF OTHER PAYABLES AND ACCRUED LIABILITIES 

  

As of
September 30, 2024

(Unaudited)

  

As of
December 31, 2023
(Audited)

 
Accrued audit fees  $2,200   $34,070 
Accrued expenses1   22,016    19,173 
Accrued professional fees2   8,405    16,167 
Total payables and accrued liabilities  $32,621   $69,410 

 

1 Accrued expenses include compensation payable to our directors and officers, amounting to $21,000 and $18,500 as of September 30, 2024 and December 31, 2023 respectively.
   
2 Accrued professional fees consists of professional fees payable to Asia UBS Global Limited, a related party of the Company.
v3.24.3
INCOME TAXES (Tables)
 9 Months Ended
Sep. 30, 2024
Income Tax Disclosure [Abstract]  
SCHEDULE OF (LOSS)/PROFIT BEFORE INCOME TAXES

For the nine months ended September 30, 2024 and 2023, the local (United States) and foreign components of loss before income taxes were comprised of the following:

 

SCHEDULE OF (LOSS)/PROFIT BEFORE INCOME TAXES

  

Nine months
ended

September 30, 2024

(Unaudited)

  

Nine months
ended

September 30, 2023

(Unaudited)

 
Tax jurisdictions from:          
Local  $(46,770)  $(47,394)
Foreign, representing          
- Labuan   (26,615)   (37,086)
- Hong Kong  $(22,909)  $18,787 
- Malaysia   (4,814)   (4,333)
Loss before income tax  $(101,108)  $(70,026)
SCHEDULE OF PROVISION FOR INCOME TAXES

The provision for income taxes consisted of the following:

 

SCHEDULE OF PROVISION FOR INCOME TAXES 

           
    

For the

period ended

September 30, 2024

(Unaudited)

    

For the

period ended

September 30, 2023

(Unaudited)

 
Current:          
- Local   -    - 
- Foreign   -    - 
Deferred:          
- Local   -    - 
- Foreign   -    - 
           
Income tax expense  $-   $- 
v3.24.3
NET LOSS PER SHARE (Tables)
 9 Months Ended
Sep. 30, 2024
Earnings Per Share [Abstract]  
SCHEDULE OF COMPUTATION OF BASIC AND DILUTED NET LOSS PER SHARE

Basic net loss per share is computed using the weighted average number of common shares outstanding during the period. The following table sets forth the computation of basic and diluted net loss per share for the period ended September 30, 2024 and 2023:

 

SCHEDULE OF COMPUTATION OF BASIC AND DILUTED NET LOSS PER SHARE  

Schedule of computation of net loss per share:  For the period ended
September 30, 2024
(Unaudited)		   For the period ended
September 30, 2023
(Unaudited)		 
Net loss attributable to common shareholders  $(101,108)  $(70,026)
           
Weighted average common shares outstanding – Basic and diluted   114,351,503    92,519,843 
           
Net loss per share – Basic and diluted#  $(0.00)  $(0.00)

 

#For the period ended September 30, 2024 and 2023, diluted weighted-average common shares outstanding is equal to basic weighted-average common shares, due to the Company’s net loss position. Hence, no common stock equivalents were included in the computation of diluted net loss per share since such inclusion would have been antidilutive.
v3.24.3
RELATED PARTY BALANCES AND TRANSACTIONS (Tables)
 9 Months Ended
Sep. 30, 2024
Related Party Transactions [Abstract]  
SCHEDULE OF RELATED PARTY BALANCES AND TRANSACTIONS

SCHEDULE OF RELATED PARTY BALANCES AND TRANSACTIONS 

Accounts receivable from related parties (Refer Note 4): 

As of

September 30, 2024

(Unaudited)

  

As of

December 31, 2023
(Audited)

 
Accounts receivable, net          
- catTHIS Holdings Corp.1 (net of allowance of $ 115,000 as of September 30, 2024 and December 31, 2023)  $-   $- 
- JOCOM Holdings Corp.1          -    69,500 
-Celmonze Wellness Corporation2   -    80,000 
Total  $-   $149,500 

 

The above related party receivables are trade in nature and subject to normal trade terms.

 

Due to a related party (Refer Note 8): 

As of

September 30, 2024

(Unaudited)

  

As of

December 31, 2023
(Audited)

 
         
Due to a related party:          
- GreenPro Financial Consulting Limited3  $285,200   $324,200 

 

The above due to a related party is trade in nature.

 

Other payables due to related parties (Refer Note 9):        
         
- Mr. Chin Chee Seong (Director and Executive Officer)   11,250    8,750 
- Mr. Tan See Meng6 (Director)   4,500    - 
- Mr. Cheah Kok Hoong (Director)   4,000    2,000 
- Mr. Prabodh Kumar A/L Kantilal H. Sheth7 (Executive Officer)   1,250    - 
- Mr. Tan Hock Chye8 (Executive Officer)   -    3,750 
- Mr. Louis Ramesh Ruben9 (Director)   -    2,000 
- Mr. Seah Kok Wah10 (Director)   -    2,000 
- Asia UBS Global Limited4   8,400    14,500 
- GreenPro Global Capital Village Sdn. Bhd. 5   848    - 
Total  $30,248   $33,000 

 

The above other payables to directors and executive officers represent salary and director fees payable.

 

The above other payable to Asia UBS Global Limited represent payables due for professional fees.

 

 

SEATECH VENTURES CORP.

NOTES TO CONDENSED FINANCIAL STATEMENTS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2024

(Currency expressed in United States Dollars (“US$”), except for number of shares)

(UNAUDITED)

 

The above other payable to GreenPro Global Capital Village Sdn. Bhd. represent payables due for service charges.

 

   As of   As of 
Investment in related parties: 

September 30, 2024

(Unaudited)

  

December 31, 2023

(Audited)

 
AsiaFIN Holdings Corp 1   1,015    1,015 
Angkasa-X Holdings Corp.1   1,300    1,300 
JOCOM Holdings Corp.1   850    850 
catTHIS Holdings Corp.1   1,900    1,900 
Celmonze Wellness Corporation2   -    650 
Total  $5,065   $5,715 

 

For the period ended September 30, 2024 and 2023, the Company has following transactions with related parties:

 

  

For the period ended
September 30, 2024

(Unaudited)

  

For the period ended
September 30, 2023

(Unaudited)

 
Included in Revenue are the following sales to related parties:          
- AsiaFIN Holdings Corp.1   -    12,500 
- catTHIS Holdings Corp.1   -    120,000 
- Celmonze Wellness Corporation2   -    104,200 
- GreenPro Financial Consulting Limited3   -    11,640 
Total  $-   $248,340 
           
Included in Cost of revenue is the following costs incurred from a related party:          
- GreenPro Financial Consulting Limited3  $-   $187,700 
           
Included in General and administrative are the following expenses to related parties:          
           
Executives’ compensation:          
- Mr. Chin Chee Seong (Director and Executive Officer)  $11,250   $10,919 
- Mr. Tan See Meng6 (Director)   4,500    - 
- Mr. Prabodh Kumar A/L Kantilal H. Sheth7 (Executive Officer)   3,750    - 
- Mr. Tan Hock Chye8 (Executive Officer)   -    10,919 
Total  $19,500   $21,838 
           
Non-executive Directors’ compensation:          
- Mr. Louis Ramesh Ruben9  $-   $4,500 
- Mr. Cheah Kok Hoong   4,500    4,500 
- Mr. Seah Kok Wah10   -    4,500 
Total  $4,500    13,500 
           
Company secretary fees:          
-Asia UBS Global Limited4  $5,250   $6,570 
           
Professional fees:          
- Asia UBS Global Limited4  $6,600   $5,400 
           
Service charges:          
- GreenPro Global Capital Village Sdn. Bhd5  $1,294   $665 

 

1 As of September 30, 2024, the Company owns 12,26%, 5.68%, 14,76% and 14.99% of interest in AsiaFIN Holdings Corp., Angkasa-X Holdings Corp., JOCOM Holdings Corp. and catTHIS Holdings Corp. respectively.

 

 

SEATECH VENTURES CORP.

NOTES TO CONDENSED FINANCIAL STATEMENTS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2024

(Currency expressed in United States Dollars (“US$”), except for number of shares)

(UNAUDITED)

 

2 The Company invested USD 650 in Celmonze Wellness Corporation during the private placement stage in year 2023. Divestment occurred on February 6, 2024 due to the restructuring of Celmonze Wellness Corporation.
   
3 GreenPro Financial Consulting Limited is a subsidiary of GreenPro Capital Corp. (GRNQ). GRNQ through its wholly owned subsidiaries, owns 27.55% shareholding in the Company.
   
4 Asia UBS Global Limited is a subsidiary of GreenPro Capital Corp. (GRNQ). GRNQ through its wholly owned subsidiaries, owns 27.55% shareholding in the Company.
   
5 GreenPro Global Capital Village Sdn. Bhd is a subsidiary of GreenPro Capital Corp. (GRNQ). GRNQ through its wholly owned subsidiaries, owns 27.55% shareholding in the Company.
   
6 On December 14, 2023, Mr. Tan See Meng was appointed as Executive Director of the Board of Director.
   
7 On December 14, 2023, Mr. Prabodh Kumar A/L Kantilal H. Sheth was appointed as Chief Financial Officer of the Company, took over the role from Mr. Tan Hock Chye. On May 08, 2024, Mr. Sheth informed the Board that he tendered his resignation as the Chief Financial Officer of the Company.
   
8 On November 1, 2023, Mr. Tan Hock Chye tendered his resignation, serving a two-month notice period as the Chief Financial Officer of the Company.
   
9 On December 13, 2023, Mr. Louis Ramesh Ruben tendered his resignation as an Independent Non-Executive Director.
   
10 On December 13, 2023, Mr. Seah Kok Wah tendered his resignation as a Non-Executive Director.
v3.24.3
CONCENTRATIONS OF RISKS (Tables)
 9 Months Ended
Sep. 30, 2024
Risks and Uncertainties [Abstract]  
SCHEDULE OF CONCENTRATION OF RISK

For the period ended September 30, 2024 and 2023, the customers who accounted for 10% or more of the Company’s revenues and its accounts receivable balance at period-end are presented as follows:

 

SCHEDULE OF CONCENTRATION OF RISK 

   For the period ended September 30 
   2024   2023   2024   2023   2024   2023 
   Revenues   Percentage of Revenues   Accounts Receivable, Trade 
Customer A  $-   $120,000    -%   48%  $-   $115,000 
Customer B   -    104,200    -%   42%   -    - 
   $-   $224,200    -%   90%  $-   $115,000 

 

(b) Major vendors

 

For the period ended September 30, 2024 and 2023, the vendors who accounted for 10% or more of the Company’s purchases and its accounts payable balance at period-end are presented as follows:

 

   For the period ended September 30 
   2024   2023   2024   2023   2024   2023 
   Purchases   Percentage of Purchases   Accounts Payable, Trade 
Vendor A  $-   $187,700    -%   100%  $285,200   $262,700 
   $-   $187,700    -%   100%  $285,200   $262,700 
v3.24.3
SEGMENT INFORMATION (Tables)
 9 Months Ended
Sep. 30, 2024
Segment Reporting [Abstract]  
SCHEDULE OF REPORTABLE SEGMENTS

The Company had no inter-segment sales for the periods presented. Summarized financial information concerning the Company’s reportable segments is shown as below:

 

By Geography:

 

SCHEDULE OF REPORTABLE SEGMENTS 

   United States   Malaysia   Hong Kong   Total 
   For the period ended September 30, 2024 
   United States   Malaysia   Hong Kong   Total 
                 
Revenues  $-   $-   $-   $- 
Cost of revenues   -    -    -    - 
Net loss   (46,770)   (31,429)   (22,909)   (101,108)
                     
Total assets  $2,090   $20,567   $7,464   $30,121 

 

   United States   Malaysia   Hong Kong   Total 
   For the period ended September 30, 2023 
   United States   Malaysia   Hong Kong   Total 
                 
Revenues  $-   $-   $248,340   $248,340 
Cost of revenues   -    -    (187,700)   (187,700)
Net (loss)/profit   (47,394)   (41,419)   18,787    (70,026)
                     
Total assets  $53,540   $36,682   $206,469   $296,691 

 

*Revenues and costs are attributed to countries based on the location of customers.
v3.24.3
SCHEDULE OF COMPANY SUBSIDIARIES (Details)
 9 Months Ended
Sep. 30, 2024
Feb. 25, 2022
Jan. 03, 2022
Oct. 04, 2021
May 02, 2018
SEATech Ventures Corp [Member]          
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]          
Company name SEATech Ventures Corp        
Place and date of incorporation Labuan / March 12, 2018        
Particulars of issued capital 100 ordinary shares of US$1 each        
Principal activities Investment holding        
Ownership interest percentage 100.00%       100.00%
SEATech Ventures (HK) Limited [Member]          
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]          
Company name SEATech Ventures (HK) Limited        
Place and date of incorporation Hong Kong / January 30, 2018        
Particulars of issued capital 1 ordinary share of HK$1 each        
Principal activities Business mentoring, nurturing and incubation, and corporate development advisory services        
Ownership interest percentage 100.00% 40.00% 100.00% 60.00%  
SEATech CVC Sdn. Bhd., [Member]          
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]          
Company name SEATech CVC Sdn. Bhd. (F.K.A. SEATech Bigorange CVC Sdn. Bhd.)        
Place and date of incorporation Malaysia / October 04, 2021        
Particulars of issued capital 20,000 ordinary shares of MYR1 each        
Principal activities Dormant company        
Ownership interest percentage 100.00% 100.00%      
SEA Tech Ventures Sdn Bhd [Member]          
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]          
Company name SEATech Ventures Sdn. Bhd        
Place and date of incorporation Malaysia / May 27, 2021        
Particulars of issued capital 1 ordinary share of MYR1 each        
Principal activities Provision of corporate advisory services        
Ownership interest percentage 100.00%        
v3.24.3
DESCRIPTION OF BUSINESS AND ORGANIZATION (Details Narrative) - $ / shares
Jul. 01, 2024
Oct. 13, 2023
Sep. 30, 2024
Jul. 12, 2023
Feb. 25, 2022
Jan. 03, 2022
Oct. 04, 2021
Dec. 21, 2018
May 02, 2018
Just Supply Chain Limited [Member]                  
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]                  
Acquisition percentage       100.00%          
Just Supply Chain Limited [Member] | Restricted Stock [Member]                  
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]                  
Number of restricted stock issued   21,831,660              
Share price   $ 0.80              
Acquisition percentage   100.00%              
Stock repurchased during period, shares, acquisition 21,831,660                
SEATech Ventures (HK) Limited [Member] | SEATech Ventures Corp [Member]                  
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]                  
Equity ownership percentage               100.00%  
SEATech Ventures Corp [Member]                  
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]                  
Ownership interest percentage     100.00%           100.00%
SEATech Ventures (HK) Limited [Member]                  
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]                  
Ownership interest percentage     100.00%   40.00% 100.00% 60.00%    
SEATech CVC Sdn. Bhd., [Member]                  
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]                  
Ownership interest percentage     100.00%   100.00%        
v3.24.3
SCHEDULE OF FOREIGN CURRENCIES TRANSLATION EXCHANGE RATE (Details)
Sep. 30, 2024
Sep. 30, 2023
Period-end RM [Member]    
Offsetting Assets [Line Items]    
Foreign currency translation exchange rate 4.13 4.69
Period-average RM [Member]    
Offsetting Assets [Line Items]    
Foreign currency translation exchange rate 4.64 4.51
Period-end HK$ [Member]    
Offsetting Assets [Line Items]    
Foreign currency translation exchange rate 7.77 7.83
Period-average HK$ [Member]    
Offsetting Assets [Line Items]    
Foreign currency translation exchange rate 7.81 7.84
v3.24.3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
Investments in equity securities $ 5,065   $ 5,065   $ 5,715
Net loss 25,258 $ 45,734 101,108 $ 70,026  
Accumulated deficit $ 998,017   998,017   $ 896,909
Net cash used in operating activities     $ 27,260 $ 86,025  
Investment in Equity Securities [Member]          
Ownership interest, percentage 20.00%   20.00%    
v3.24.3
COMMON STOCK (Details Narrative) - USD ($)
 2 Months Ended 11 Months Ended
Oct. 13, 2023
Sep. 12, 2018
Sep. 07, 2018
Aug. 27, 2018
Aug. 08, 2018
Aug. 07, 2018
May 14, 2018
Apr. 02, 2018
Nov. 29, 2018
May 04, 2020
Sep. 30, 2024
Dec. 31, 2023
Jul. 12, 2023
Subsidiary, Sale of Stock [Line Items]                          
Common stock par value                     $ 0.0001 $ 0.0001  
Common stock, shares issued                     114,351,503 114,351,503  
Common stock, shares outstanding                     114,351,503 114,351,503  
Just Supply Chain Limited [Member]                          
Subsidiary, Sale of Stock [Line Items]                          
Common stock, price                         100.00%
70 Non-US Residents [Member] | IPO [Member]                          
Subsidiary, Sale of Stock [Line Items]                          
Number of common stock shares issued                   343,200      
Sale of stock price per share                   $ 1.00      
Restricted Stock [Member] | Just Supply Chain Limited [Member]                          
Subsidiary, Sale of Stock [Line Items]                          
Issuance of stock, shares 21,831,660                        
Common stock, price $ 0.80                        
Common stock, price 100.00%                        
Restricted Stock [Member] | Mr. Chin Chee Seong [Member]                          
Subsidiary, Sale of Stock [Line Items]                          
Number of common stock shares sold               100,000          
Common stock par value             $ 0.0001 $ 0.0001          
Working capital             $ 4,000 $ 10          
Number of common stock shares issued             20,000,000            
Restricted Stock [Member] | Greenpro Venture Capital Limited [Member]                          
Subsidiary, Sale of Stock [Line Items]                          
Common stock par value           $ 0.0001              
Working capital           $ 1,000              
Number of common stock shares issued           10,000,000              
Restricted Stock [Member] | Greenpro Asia Strategic Fund SPC [Member]                          
Subsidiary, Sale of Stock [Line Items]                          
Common stock par value         $ 0.0001                
Working capital         $ 3,000                
Number of common stock shares issued         30,000,000                
Restricted Stock [Member] | STVC Talent Sdn. Bhd [Member]                          
Subsidiary, Sale of Stock [Line Items]                          
Common stock par value       $ 0.0001                  
Working capital       $ 1,000                  
Number of common stock shares issued       10,000,000                  
Restricted Stock [Member] | 2 Shareholders [Member]                          
Subsidiary, Sale of Stock [Line Items]                          
Number of common stock shares sold     750,000                    
Sale of stock price per share     $ 0.10                    
Proceeds from issuance of common stock     $ 75,000                    
Restricted Stock [Member] | Shareholders [Member]                          
Subsidiary, Sale of Stock [Line Items]                          
Number of common stock shares sold   466,667                      
Sale of stock price per share   $ 0.15                      
Proceeds from issuance of common stock   $ 70,000                      
Restricted Stock [Member] | 44 Shareholders [Member]                          
Subsidiary, Sale of Stock [Line Items]                          
Number of common stock shares sold                 860,000        
Sale of stock price per share                 $ 0.20        
Proceeds from issuance of common stock                 $ 172,000        
Restricted Stock [Member] | 8 shareholders [Member] | Just Supply Chain Limited [Member]                          
Subsidiary, Sale of Stock [Line Items]                          
Issuance of stock, shares 21,831,660                        
Common stock, price $ 0.80                        
Common stock, price 100.00%                        
v3.24.3
SCHEDULE OF ACCOUNT RECEIVABLE (Details) - USD ($)
Sep. 30, 2024
Dec. 31, 2023
Dec. 31, 2022
Credit Loss [Abstract]      
Accounts receivable, gross $ 115,000 $ 264,500  
Allowance for expected credit loss (115,000) (115,000)
Accounts receivable, net $ 149,500  
v3.24.3
SCHEDULE OF ALLOWANCE FOR EXPECTED CREDIT LOSSES (Details) - USD ($)
 9 Months Ended 12 Months Ended
Sep. 30, 2024
Dec. 31, 2023
Credit Loss [Abstract]    
Balance at beginning of the period/year $ 115,000
Additions of allowance 115,000
Balance at end of the period/year $ 115,000 $ 115,000
v3.24.3
CASH AND CASH EQUIVALENTS (Details Narrative) - USD ($)
Sep. 30, 2024
Dec. 31, 2023
Cash and Cash Equivalents [Abstract]    
Cash and cash equivalents $ 22,108 $ 29,392
v3.24.3
SCHEDULE OF DEPOSITS PAID, PREPAYMENTS AND OTHER RECEIVABLES (Details) - USD ($)
Sep. 30, 2024
Dec. 31, 2023
Deposits Paid Prepayment And Other Receivables    
Deposits paid $ 274 $ 273
Prepayment 2,080
Other receivables 594 744
Total deposits paid, prepayment and other receivables $ 2,948 $ 1,017
v3.24.3
SCHEDULE OF INVESTMENTS (Details) - USD ($)
Sep. 30, 2024
Dec. 31, 2023
Total investment in other companies $ 5,065 $ 5,715
AsiaFIN Holdings Corp [Member]    
Total investment in other companies [1] 1,015 1,015
Angkasa-X Holdings Corp [Member]    
Total investment in other companies [2] 1,300 1,300
JOCOM Holdings Corp [Member]    
Total investment in other companies [3] 850 850
catTHIS Holdings Corp [Member]    
Total investment in other companies [4] 1,900 1,900
Celmonze Wellness Corporation [Member]    
Total investment in other companies [5] $ 650
[1] On December 24, 2019, the Company has invested in AsiaFIN Holdings Corp. during the private placement stage. AsiaFIN Holdings Corp is a company providing business technology solutions to its clients. SEATech Ventures Corp. also provides corporate development, mentoring, and incubation services to AsiaFIN Holdings Corp. The investment in AsiaFIN Holdings Corp. is a strategic investment of the Company and the Company’s efforts on nurturing and providing collaborating and networking opportunities to ICT entrepreneurs across Asia. The investment is also aligning with the Company’s focus on the ICT industry. As of September 30, 2024, the Company acquired 12.26% interest in AsiaFIN Holdings Corp.
[2] On February 5, 2021, the Company has invested in Angkasa-X Holdings Corp. during the private placement stage. Angkasa-X Holdings Corp is a company focuses on research and development and commercializes on intellectual property design for communication satellites. SEATech Ventures Corp also provides corporate development, mentoring, and incubation services to Angkasa-X Holdings Corp. The investment in Angkasa-X Holdings Corp. is a strategic investment of the Company. As of September 30, 2024, the Company acquired 5.68% interest in Angkasa-X Holdings Corp.
[3] On June 1, 2021, the Company has invested in JOCOM Holdings Corp. during the private placement stage. JOCOM Holdings Corp. is a company focuses on m-commerce (Mobile commerce) platform specialized in online groceries and shopping. SEATech Ventures Corp. also provides corporate development, mentoring, and incubation services to JOCOM Holdings Corp. The investment in JOCOM Holdings Corp. is a strategic investment of the Company. As of September 30, 2024, the Company acquired 14.74% interest in JOCOM Holdings Corp.
[4] On August 30, 2021, the Company has invested in catTHIS Holdings Corp. during the private placement stage. catTHIS Holdings Corp. is a company that providing digital marketing service by using technologies such as mobile application known as “catTHIS App”. catTHIS App serve as a marketing tool which provides free digital catalog management platform that gives its users the ability to upload and share PDF catalogs anywhere and from any device. SEATech Ventures Corp. also provides corporate development, mentoring, and incubation services to catTHIS Holdings Corp. The investment in catTHIS Holdings Corp. is a strategic investment of the Company. As of September 30, 2024, the Company acquired 14.99% interest in catTHIS Holdings Corp.
[5] On March 8, 2023, the Company has invested in Celmonze Wellness Corporation during the private placement stage. Celmonze Wellness Corporation is a company focuses on beauty and wellness services. SEATech Ventures Corp. also provides corporate development, mentoring, and incubation services to Celmonze Wellness Corporation. The investment in Celmonze Wellness Corporation is a strategic investment of the Company. On February 6, 2024, the Company withdrew its investment in Celmonze Wellness Corporation and the fund invested was refunded to the Company.
v3.24.3
SCHEDULE OF INVESTMENTS (Details) (Parenthetical)
Sep. 30, 2024
AsiaFIN Holdings Corp [Member]  
Ownership interest, percentage 12.26%
Angkasa-X Holdings Corp [Member]  
Ownership interest, percentage 5.68%
JOCOM Holdings Corporation [Member]  
Ownership interest, percentage 14.74%
catTHIS Holdings Corp [Member]  
Ownership interest, percentage 14.99%
v3.24.3
SCHEDULE OF DUE TO RELATED PARTY (Details) - Related Party [Member] - USD ($)
Sep. 30, 2024
Dec. 31, 2023
Defined Benefit Plan Disclosure [Line Items]    
Due to a related party $ 285,200 $ 324,200
Total amount due to a related party $ 285,200 $ 324,200
v3.24.3
SCHEDULE OF OTHER PAYABLES AND ACCRUED LIABILITIES (Details) - USD ($)
Sep. 30, 2024
Dec. 31, 2023
Payables and Accruals [Abstract]    
Accrued audit fees $ 2,200 $ 34,070
Accrued expenses [1] 22,016 19,173
Accrued professional fees [2] 8,405 16,167
Total payables and accrued liabilities $ 32,621 $ 69,410
[1] Accrued expenses include compensation payable to our directors and officers, amounting to $21,000 and $18,500 as of September 30, 2024 and December 31, 2023 respectively.
[2] Accrued professional fees consists of professional fees payable to Asia UBS Global Limited, a related party of the Company.
v3.24.3
SCHEDULE OF OTHER PAYABLES AND ACCRUED LIABILITIES (Details) (Parenthetical) - USD ($)
Sep. 30, 2024
Dec. 31, 2023
Directors and Officers [Member]    
Accrued compensation payable $ 21,000 $ 18,500
v3.24.3
SCHEDULE OF (LOSS)/PROFIT BEFORE INCOME TAXES (Details) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Effective Income Tax Rate Reconciliation [Line Items]        
Loss before income tax $ (25,258) $ (45,734) $ (101,108) $ (70,026)
State and Local Jurisdiction [Member]        
Effective Income Tax Rate Reconciliation [Line Items]        
Loss before income tax     (46,770) (47,394)
Foreign Tax Jurisdiction [Member] | Labuan [Member]        
Effective Income Tax Rate Reconciliation [Line Items]        
Loss before income tax     (26,615) (37,086)
Foreign Tax Jurisdiction [Member] | HONG KONG        
Effective Income Tax Rate Reconciliation [Line Items]        
Loss before income tax     (22,909) 18,787
Foreign Tax Jurisdiction [Member] | MALAYSIA        
Effective Income Tax Rate Reconciliation [Line Items]        
Loss before income tax     $ (4,814) $ (4,333)
v3.24.3
SCHEDULE OF PROVISION FOR INCOME TAXES (Details) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Current:        
- Local    
- Foreign    
Deferred:        
- Local    
- Foreign    
Income tax expense
v3.24.3
INCOME TAXES (Details Narrative)
 9 Months Ended
Sep. 30, 2024
USD ($)
UNITED STATES  
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]  
Cumulative net operating losses $ 590,726
Income tax rate, percentage 80.00%
Valuation allowance $ 472,581
Labuan [Member]  
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]  
Income tax rate, percentage 3.00%
HONG KONG  
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]  
Income tax rate, percentage 16.50%
MALAYSIA | Minimum [Member]  
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]  
Income tax rate, percentage 15.00%
MALAYSIA | Maximum [Member]  
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]  
Income tax rate, percentage 24.00%
v3.24.3
SCHEDULE OF COMPUTATION OF BASIC AND DILUTED NET LOSS PER SHARE (Details) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Earnings Per Share [Abstract]        
Net loss attributable to common shareholders     $ (101,108) $ (70,026)
Weighted average common shares outstanding, basic 114,351,503 92,519,843 114,351,503 92,519,843
Weighted average common shares outstanding, diluted 114,351,503 92,519,843 114,351,503 92,519,843
Net loss per share, basic $ (0.00) $ (0.00) $ (0.00) [1] $ (0.00) [1]
Net loss per share, diluted $ (0.00) $ (0.00) $ (0.00) [1] $ (0.00) [1]
[1] For the period ended September 30, 2024 and 2023, diluted weighted-average common shares outstanding is equal to basic weighted-average common shares, due to the Company’s net loss position. Hence, no common stock equivalents were included in the computation of diluted net loss per share since such inclusion would have been antidilutive.
v3.24.3
COMMITMENTS AND CONTINGENCIES (Details Narrative)
Sep. 30, 2024
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
Commitments and contingencies $ 0
v3.24.3
SCHEDULE OF RELATED PARTY BALANCES AND TRANSACTIONS (Details) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
Related Party Transaction [Line Items]          
Accounts receivable from related parties     $ 149,500
Other payables due to related parties 30,248   30,248   33,000
Investment in other companies 5,065   5,065   5,715
Revenue     $ 248,340  
- Cost of revenue 187,700  
Executives’ compensation     19,500 21,838  
Non-executive Directors’ compensation     $ 4,500 13,500  
Asia UBS Global Limited [Member]          
Related Party Transaction [Line Items]          
Equity ownership percentage 27.55%   27.55%    
Green Pro Global Capital Village Sdn Bhd [Member]          
Related Party Transaction [Line Items]          
Equity ownership percentage 27.55%   27.55%    
catTHIS Holdings Corp [Member]          
Related Party Transaction [Line Items]          
Accounts receivable from related parties [1]    
Investment in other companies [1] 1,900   1,900   1,900
Revenue [1]     120,000  
JOCOM Holdings Corp [Member]          
Related Party Transaction [Line Items]          
Accounts receivable from related parties [1]     69,500
Investment in other companies [1] 850   850   850
Celmonze Wellness Corporation [Member]          
Related Party Transaction [Line Items]          
Accounts receivable from related parties [2]     80,000
Investment in other companies [2]     650
Revenue [2]     104,200  
GreenPro Financial Consulting Limited [Member]          
Related Party Transaction [Line Items]          
Due to a related party [3] 285,200   285,200   324,200
Revenue [3]     11,640  
- Cost of revenue [3]     187,700  
Mr. Chin Chee Seong [Member]          
Related Party Transaction [Line Items]          
Other payables due to related parties 11,250   11,250   8,750
Executives’ compensation     11,250 10,919  
Mr. Tan See Meng [Member]          
Related Party Transaction [Line Items]          
Other payables due to related parties [4] 4,500   4,500  
Executives’ compensation [4]     4,500  
Mr. Cheah Kok Hoong [Member]          
Related Party Transaction [Line Items]          
Other payables due to related parties 4,000   4,000   2,000
Non-executive Directors’ compensation     4,500 4,500  
Mr. Prabodh Kumar A/L Kantilal H. Sheth [Member]          
Related Party Transaction [Line Items]          
Other payables due to related parties [5] 1,250   1,250  
Executives’ compensation [5]     3,750  
Mr. Tan Hock Chye [Member]          
Related Party Transaction [Line Items]          
Other payables due to related parties [6]     3,750
Executives’ compensation [6]     10,919  
Mr. Louis Ramesh Ruben [Member]          
Related Party Transaction [Line Items]          
Other payables due to related parties [7]     2,000
Non-executive Directors’ compensation [7]     4,500  
Mr. Seah Kok Wah [Member]          
Related Party Transaction [Line Items]          
Other payables due to related parties [8]     2,000
Non-executive Directors’ compensation [8]     4,500  
Asia UBS Global Limited [Member]          
Related Party Transaction [Line Items]          
Other payables due to related parties [9] 8,400   8,400   14,500
Company secretary fees [9]     5,250 6,570  
Professional fees [9]     6,600 5,400  
Green Pro Global Capital Village Sdn Bhd [Member]          
Related Party Transaction [Line Items]          
Other payables due to related parties [10] 848   848  
Service charges [10]     1,294 665  
Asia FIN Holdings Corp [Member]          
Related Party Transaction [Line Items]          
Investment in other companies [1] 1,015   1,015   1,015
Revenue [1]     $ 12,500  
Angkasa-X Holdings Corp [Member]          
Related Party Transaction [Line Items]          
Investment in other companies [1] $ 1,300   $ 1,300   $ 1,300
[1] As of September 30, 2024, the Company owns 12,26%, 5.68%, 14,76% and 14.99% of interest in AsiaFIN Holdings Corp., Angkasa-X Holdings Corp., JOCOM Holdings Corp. and catTHIS Holdings Corp. respectively.
[2] The Company invested USD 650 in Celmonze Wellness Corporation during the private placement stage in year 2023. Divestment occurred on February 6, 2024 due to the restructuring of Celmonze Wellness Corporation.
[3] GreenPro Financial Consulting Limited is a subsidiary of GreenPro Capital Corp. (GRNQ). GRNQ through its wholly owned subsidiaries, owns 27.55% shareholding in the Company.
[4] On December 14, 2023, Mr. Tan See Meng was appointed as Executive Director of the Board of Director.
[5] On December 14, 2023, Mr. Prabodh Kumar A/L Kantilal H. Sheth was appointed as Chief Financial Officer of the Company, took over the role from Mr. Tan Hock Chye. On May 08, 2024, Mr. Sheth informed the Board that he tendered his resignation as the Chief Financial Officer of the Company.
[6] On November 1, 2023, Mr. Tan Hock Chye tendered his resignation, serving a two-month notice period as the Chief Financial Officer of the Company.
[7] On December 13, 2023, Mr. Louis Ramesh Ruben tendered his resignation as an Independent Non-Executive Director.
[8] On December 13, 2023, Mr. Seah Kok Wah tendered his resignation as a Non-Executive Director.
[9] Asia UBS Global Limited is a subsidiary of GreenPro Capital Corp. (GRNQ). GRNQ through its wholly owned subsidiaries, owns 27.55% shareholding in the Company.
[10] GreenPro Global Capital Village Sdn. Bhd is a subsidiary of GreenPro Capital Corp. (GRNQ). GRNQ through its wholly owned subsidiaries, owns 27.55% shareholding in the Company.
v3.24.3
SCHEDULE OF RELATED PARTY BALANCES AND TRANSACTIONS (Details) (Paranthetical) - USD ($)
Sep. 30, 2024
Dec. 31, 2023
Related Party Transaction [Line Items]    
Net of allowance $ 115,000 $ 115,000
Investment in other companies 5,065 5,715
Celmonze Wellness Corporation [Member]    
Related Party Transaction [Line Items]    
Investment in other companies [1] $ 650
Asia FIN Holdings Corp [Member]    
Related Party Transaction [Line Items]    
Equity ownership percentage 12.26%  
Angkasa-X Holdings Corp [Member]    
Related Party Transaction [Line Items]    
Equity ownership percentage 5.68%  
JOCOM Holdings Corp [Member]    
Related Party Transaction [Line Items]    
Equity ownership percentage 14.76%  
catTHIS Holdings Corp [Member]    
Related Party Transaction [Line Items]    
Equity ownership percentage 14.99%  
GreenPro Financial Consulting Limited [Member]    
Related Party Transaction [Line Items]    
Equity ownership percentage 27.55%  
[1] The Company invested USD 650 in Celmonze Wellness Corporation during the private placement stage in year 2023. Divestment occurred on February 6, 2024 due to the restructuring of Celmonze Wellness Corporation.
v3.24.3
SCHEDULE OF CONCENTRATION OF RISK (Details) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
Concentration Risk [Line Items]          
Revenues $ 248,340  
Accounts Receivable, Trade     $ 149,500
Purchases 187,700  
Customer A [Member] | Revenue Benchmark [Member] | Customer Concentration Risk [Member]          
Concentration Risk [Line Items]          
Revenues     $ 120,000  
Concentration risk, percentage     48.00%  
Customer A [Member] | Accounts Receivable [Member] | Customer Concentration Risk [Member]          
Concentration Risk [Line Items]          
Accounts Receivable, Trade 115,000 $ 115,000  
Customer B [Member] | Revenue Benchmark [Member] | Customer Concentration Risk [Member]          
Concentration Risk [Line Items]          
Revenues     $ 104,200  
Concentration risk, percentage     42.00%  
Customer B [Member] | Accounts Receivable [Member] | Customer Concentration Risk [Member]          
Concentration Risk [Line Items]          
Accounts Receivable, Trade  
Customers [Member] | Revenue Benchmark [Member] | Customer Concentration Risk [Member]          
Concentration Risk [Line Items]          
Revenues     $ 224,200  
Concentration risk, percentage     90.00%  
Customers [Member] | Accounts Receivable [Member] | Customer Concentration Risk [Member]          
Concentration Risk [Line Items]          
Accounts Receivable, Trade 115,000 $ 115,000  
Vendor A [Member] | Purchases [Member] | Supplier Concentration Risk [Member]          
Concentration Risk [Line Items]          
Concentration risk, percentage     100.00%  
Purchases     $ 187,700  
Vendor A [Member] | Accounts Payable [Member] | Supplier Concentration Risk [Member]          
Concentration Risk [Line Items]          
Account Payable, Trade 285,200 262,700 $ 285,200 $ 262,700  
Vendor [Member] | Purchases [Member] | Supplier Concentration Risk [Member]          
Concentration Risk [Line Items]          
Concentration risk, percentage     100.00%  
Purchases     $ 187,700  
Vendor [Member] | Accounts Payable [Member] | Supplier Concentration Risk [Member]          
Concentration Risk [Line Items]          
Account Payable, Trade $ 285,200 $ 262,700 $ 285,200 $ 262,700  
v3.24.3
SCHEDULE OF REPORTABLE SEGMENTS (Details) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]        
Revenues $ 248,340
Cost of revenues (187,700)
Net (loss)/profit (25,258) (45,734) (101,108) (70,026)
Total assets 30,121 296,691 30,121 296,691
UNITED STATES        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Revenues    
Cost of revenues    
Net (loss)/profit     (46,770) (47,394)
Total assets 2,090 53,540 2,090 53,540
MALAYSIA        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Revenues    
Cost of revenues    
Net (loss)/profit     (31,429) (41,419)
Total assets 20,567 36,682 20,567 36,682
HONG KONG        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Revenues     248,340
Cost of revenues     (187,700)
Net (loss)/profit     (22,909) 18,787
Total assets $ 7,464 $ 206,469 $ 7,464 $ 206,469
v3.24.3
SIGNIFICANT EVENT (Details Narrative) - Just Supply Chain Limited [Member] - USD ($)
Jul. 02, 2024
Oct. 13, 2023
Jul. 12, 2023
Restructuring Cost and Reserve [Line Items]      
Acquisition percentage     100.00%
Consideration transferred     $ 17,465,328
Restricted Stock [Member]      
Restructuring Cost and Reserve [Line Items]      
Acquisition percentage   100.00%  
Issuance of stock, shares   21,831,660  
Common stock, price   $ 0.80  
Restricted Stock [Member] | Treasury Stock, Common [Member]      
Restructuring Cost and Reserve [Line Items]      
Issuance of stock, shares returned 21,831,660    
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