true
--12-31
2024
Q1
0001417664
0001417664
2024-01-01
2024-03-31
0001417664
2024-06-30
0001417664
2024-03-31
0001417664
2023-12-31
0001417664
2023-01-01
2023-03-31
0001417664
us-gaap:CommonStockMember
2022-12-31
0001417664
us-gaap:AdditionalPaidInCapitalMember
2022-12-31
0001417664
us-gaap:RetainedEarningsMember
2022-12-31
0001417664
veii:StatutoryReservesMember
2022-12-31
0001417664
us-gaap:AccumulatedOtherComprehensiveIncomeMember
2022-12-31
0001417664
us-gaap:NoncontrollingInterestMember
2022-12-31
0001417664
2022-12-31
0001417664
us-gaap:CommonStockMember
2023-12-31
0001417664
us-gaap:AdditionalPaidInCapitalMember
2023-12-31
0001417664
us-gaap:RetainedEarningsMember
2023-12-31
0001417664
veii:StatutoryReservesMember
2023-12-31
0001417664
us-gaap:AccumulatedOtherComprehensiveIncomeMember
2023-12-31
0001417664
us-gaap:NoncontrollingInterestMember
2023-12-31
0001417664
us-gaap:CommonStockMember
2023-01-01
2023-12-31
0001417664
us-gaap:AdditionalPaidInCapitalMember
2023-01-01
2023-12-31
0001417664
us-gaap:RetainedEarningsMember
2023-01-01
2023-12-31
0001417664
veii:StatutoryReservesMember
2023-01-01
2023-12-31
0001417664
us-gaap:AccumulatedOtherComprehensiveIncomeMember
2023-01-01
2023-12-31
0001417664
us-gaap:NoncontrollingInterestMember
2023-01-01
2023-12-31
0001417664
2023-01-01
2023-12-31
0001417664
us-gaap:CommonStockMember
2024-01-01
2024-03-31
0001417664
us-gaap:AdditionalPaidInCapitalMember
2024-01-01
2024-03-31
0001417664
us-gaap:RetainedEarningsMember
2024-01-01
2024-03-31
0001417664
veii:StatutoryReservesMember
2024-01-01
2024-03-31
0001417664
us-gaap:AccumulatedOtherComprehensiveIncomeMember
2024-01-01
2024-03-31
0001417664
us-gaap:NoncontrollingInterestMember
2024-01-01
2024-03-31
0001417664
us-gaap:CommonStockMember
2024-03-31
0001417664
us-gaap:AdditionalPaidInCapitalMember
2024-03-31
0001417664
us-gaap:RetainedEarningsMember
2024-03-31
0001417664
veii:StatutoryReservesMember
2024-03-31
0001417664
us-gaap:AccumulatedOtherComprehensiveIncomeMember
2024-03-31
0001417664
us-gaap:NoncontrollingInterestMember
2024-03-31
0001417664
2023-03-31
0001417664
veii:TapServicesIncMember
2017-01-31
0001417664
veii:ValueExchangeInternationalIncMember
2024-01-01
2024-03-31
0001417664
veii:ValueExchangeIntlChinaLimiteMember
country:HK
2024-01-01
2024-03-31
0001417664
veii:ValueExchangeIntlChinaLimiteMember
2024-01-01
2024-03-31
0001417664
veii:ValueExchangeIntlChinaLimiteMember
country:HK
2024-03-31
0001417664
veii:ValueExchangeIntlShanghaiLimitedMember
country:CN
2024-01-01
2024-03-31
0001417664
veii:ValueExchangeIntlShanghaiLimitedMember
2024-01-01
2024-03-31
0001417664
veii:ValueExchangeIntlShanghaiLimitedMember
country:CN
2024-03-31
0001417664
veii:ValueExchangeIntlHongKongLimitedMember
country:HK
2024-01-01
2024-03-31
0001417664
veii:ValueExchangeIntlHongKongLimitedMember
2024-01-01
2024-03-31
0001417664
veii:ValueExchangeIntlHongKongLimitedMember
country:HK
2024-03-31
0001417664
veii:TapServicesIncMember
country:PH
2024-01-01
2024-03-31
0001417664
veii:TapServicesIncMember
2024-01-01
2024-03-31
0001417664
veii:TapServicesIncMember
country:PH
2024-03-31
0001417664
veii:ValueExchangeIntlHunanLimitedMember
country:CN
2024-01-01
2024-03-31
0001417664
veii:ValueExchangeIntlHunanLimitedMember
2024-01-01
2024-03-31
0001417664
veii:ValueExchangeIntlHunanLimitedMember
country:CN
2024-03-31
0001417664
veii:ShanghaiZhaonanHenganInformationTechnologyCo.LimitedMember
country:CN
2024-01-01
2024-03-31
0001417664
veii:ShanghaiZhaonanHenganInformationTechnologyCo.LimitedMember
2024-01-01
2024-03-31
0001417664
veii:ShanghaiZhaonanHenganInformationTechnologyCo.LimitedMember
country:CN
2024-03-31
0001417664
veii:HaomengTechnologyShenzhenCo.LimitedMember
country:CN
2024-01-01
2024-03-31
0001417664
veii:HaomengTechnologyShenzhenCo.LimitedMember
2024-01-01
2024-03-31
0001417664
veii:HaomengTechnologyShenzhenCo.LimitedMember
country:CN
2024-03-31
0001417664
veii:ValueEConsultantInternationalMSdnBhdMember
country:CN
2024-01-01
2024-03-31
0001417664
veii:ValueEConsultantInternationalMSdnBhdMember
2024-01-01
2024-03-31
0001417664
veii:ValueEConsultantInternationalMSdnBhdMember
currency:MYR
2024-03-31
0001417664
us-gaap:ShippingAndHandlingMember
2024-01-01
2024-03-31
0001417664
us-gaap:ShippingAndHandlingMember
2023-01-01
2023-03-31
0001417664
us-gaap:LeaseholdImprovementsMember
2024-03-31
0001417664
us-gaap:ComputerEquipmentMember
2024-03-31
0001417664
us-gaap:SoftwareAndSoftwareDevelopmentCostsMember
2024-03-31
0001417664
us-gaap:FurnitureAndFixturesMember
2024-03-31
0001417664
us-gaap:VehiclesMember
2024-03-31
0001417664
us-gaap:BuildingMember
2024-03-31
0001417664
us-gaap:FairValueInputsLevel1Member
2024-03-31
0001417664
us-gaap:FairValueInputsLevel2Member
2024-03-31
0001417664
us-gaap:FairValueInputsLevel3Member
2024-03-31
0001417664
us-gaap:FairValueInputsLevel1Member
2023-12-31
0001417664
us-gaap:FairValueInputsLevel2Member
2023-12-31
0001417664
us-gaap:FairValueInputsLevel3Member
2023-12-31
0001417664
veii:SystemsDevelopmentAndIntegrationMember
2024-01-01
2024-03-31
0001417664
veii:SystemsDevelopmentAndIntegrationMember
2023-01-01
2023-03-31
0001417664
veii:SystemsMaintenanceMember
2024-01-01
2024-03-31
0001417664
veii:SystemsMaintenanceMember
2023-01-01
2023-03-31
0001417664
veii:SalesOfHardwareAndConsumablesMember
2024-01-01
2024-03-31
0001417664
veii:SalesOfHardwareAndConsumablesMember
2023-01-01
2023-03-31
0001417664
currency:CNY
2024-01-01
2024-03-31
0001417664
currency:CNY
2023-01-01
2023-03-31
0001417664
currency:HKD
2024-01-01
2024-03-31
0001417664
currency:HKD
2023-01-01
2023-03-31
0001417664
currency:PHP
2024-01-01
2024-03-31
0001417664
currency:PHP
2023-01-01
2023-03-31
0001417664
currency:MYR
2024-01-01
2024-03-31
0001417664
currency:MYR
2023-01-01
2023-03-31
0001417664
currency:CNY
2023-01-01
2023-12-31
0001417664
currency:HKD
2023-01-01
2023-12-31
0001417664
currency:PHP
2023-01-01
2023-12-31
0001417664
us-gaap:LeaseholdImprovementsMember
2023-12-31
0001417664
us-gaap:FurnitureAndFixturesMember
2023-12-31
0001417664
us-gaap:ComputerEquipmentMember
2023-12-31
0001417664
veii:ComputerSoftwareMember
2024-03-31
0001417664
veii:ComputerSoftwareMember
2023-12-31
0001417664
us-gaap:VehiclesMember
2023-12-31
0001417664
us-gaap:BuildingMember
2023-12-31
0001417664
veii:GoodwillArisingFromAcquisitionOfTSIMember
2024-03-31
0001417664
veii:GoodwillArisingFromAcquisitionOfTSIMember
2023-12-31
0001417664
veii:GoodwillArisingFromAcquisitionOfValueEMember
2024-03-31
0001417664
veii:GoodwillArisingFromAcquisitionOfValueEMember
2023-12-31
0001417664
2022-07-01
2022-07-27
0001417664
veii:LoanAgreementMember
2023-09-28
0001417664
veii:LoanAgreementMember
2023-09-01
2023-09-28
0001417664
veii:Mr.ChanMember
veii:NonExecutiveDirectorMember
2024-01-01
2024-03-31
0001417664
veii:HapiMetaverseIncMember
2024-03-31
0001417664
veii:BMICapitalPartnersInternationalLimitedMember
2024-03-31
0001417664
veii:LiquidValueDevelopmentPteLtdMember
2024-03-31
0001417664
veii:Mr.ChanMember
veii:NonExecutiveDirectorMember
2024-03-31
0001417664
veii:ConvertibleLoan1Member
veii:LiabilityComponentMember
2023-12-31
0001417664
veii:ConvertibleLoan1Member
veii:DerivativeComponentMember
2023-12-31
0001417664
veii:ConvertibleLoan2Member
veii:LiabilityComponentMember
2023-12-31
0001417664
veii:ConvertibleLoan2Member
veii:DerivativeComponentMember
2023-12-31
0001417664
us-gaap:ConvertibleDebtMember
2023-12-31
0001417664
veii:ConvertibleLoan1Member
veii:LiabilityComponentMember
2024-01-01
2024-03-31
0001417664
veii:ConvertibleLoan1Member
veii:DerivativeComponentMember
2024-01-01
2024-03-31
0001417664
veii:ConvertibleLoan2Member
veii:LiabilityComponentMember
2024-01-01
2024-03-31
0001417664
veii:ConvertibleLoan2Member
veii:DerivativeComponentMember
2024-01-01
2024-03-31
0001417664
us-gaap:ConvertibleDebtMember
2024-01-01
2024-03-31
0001417664
veii:ConvertibleLoan1Member
veii:LiabilityComponentMember
2024-03-31
0001417664
veii:ConvertibleLoan1Member
veii:DerivativeComponentMember
2024-03-31
0001417664
veii:ConvertibleLoan2Member
veii:LiabilityComponentMember
2024-03-31
0001417664
veii:ConvertibleLoan2Member
veii:DerivativeComponentMember
2024-03-31
0001417664
us-gaap:ConvertibleDebtMember
2024-03-31
0001417664
veii:ConvertibleLoan1Member
2023-12-31
0001417664
veii:ConvertibleLoan1Member
2024-01-01
2024-03-31
0001417664
veii:ConvertibleLoan1Member
2024-03-31
0001417664
veii:MaximumCreditLineMember
2024-01-01
2024-03-31
0001417664
veii:HMIMember
2022-09-01
2022-09-06
0001417664
veii:HMIMember
2022-09-06
0001417664
veii:ConvertibleLoan2Member
2023-12-31
0001417664
veii:ConvertibleLoan2Member
2024-01-01
2024-03-31
0001417664
veii:ConvertibleLoan2Member
2024-03-31
0001417664
srt:MinimumMember
2024-01-01
2024-03-31
0001417664
srt:MaximumMember
2024-01-01
2024-03-31
0001417664
veii:ValueExchangeInternationalLimitedMember
2024-03-31
0001417664
veii:ValueExchangeInternationalLimitedMember
2023-12-31
0001417664
veii:Cucumbuy.comLimitedMember
2024-03-31
0001417664
veii:Cucumbuy.comLimitedMember
2023-12-31
0001417664
veii:SmartMyWaysCoLimitedMember
2024-03-31
0001417664
veii:SmartMyWaysCoLimitedMember
2023-12-31
0001417664
veii:RetailIntelligentUnitLimitedMember
2024-03-31
0001417664
veii:RetailIntelligentUnitLimitedMember
2023-12-31
0001417664
veii:TAPTechnologyHKLimitedMember
2024-03-31
0001417664
veii:TAPTechnologyHKLimitedMember
2023-12-31
0001417664
veii:ValueExchangeInternationalTaiwanCoLtdMember
2024-03-31
0001417664
veii:ValueExchangeInternationalTaiwanCoLtdMember
2023-12-31
0001417664
veii:ValueEConsultantInternationalMSdnBhdMember
2024-03-31
0001417664
veii:ValueEConsultantInternationalMSdnBhdMember
2023-12-31
0001417664
veii:SANetworkLimitedMember
2024-03-31
0001417664
veii:SANetworkLimitedMember
2023-12-31
0001417664
veii:ValueXInternationalPte.LtdMember
2024-03-31
0001417664
veii:ValueXInternationalPte.LtdMember
2023-12-31
0001417664
veii:SmartRewardExpressLimitedMember
2024-03-31
0001417664
veii:SmartRewardExpressLimitedMember
2023-12-31
0001417664
veii:HapiRetailCompanyLimitedMember
2024-03-31
0001417664
veii:HapiRetailCompanyLimitedMember
2023-12-31
0001417664
veii:Cucumbuy.comLimitedMember
2024-01-01
2024-03-31
0001417664
veii:Cucumbuy.comLimitedMember
2023-01-01
2023-03-31
0001417664
veii:SmartMyWaysCoLimitedMember
2024-01-01
2024-03-31
0001417664
veii:SmartMyWaysCoLimitedMember
2023-01-01
2023-03-31
0001417664
veii:RetailIntelligentUnitLimitedMember
2024-01-01
2024-03-31
0001417664
veii:RetailIntelligentUnitLimitedMember
2023-01-01
2023-03-31
0001417664
veii:TAPTechnologyHKLimitedMember
2024-01-01
2024-03-31
0001417664
veii:TAPTechnologyHKLimitedMember
2023-01-01
2023-03-31
0001417664
veii:ValueExchangeInternationalTaiwanCoLtdMember
2024-01-01
2024-03-31
0001417664
veii:ValueExchangeInternationalTaiwanCoLtdMember
2023-01-01
2023-03-31
0001417664
veii:ValueExchangeInternationalLimitedMember
2024-01-01
2024-03-31
0001417664
veii:ValueExchangeInternationalLimitedMember
2023-01-01
2023-03-31
0001417664
veii:ValueEConsultantInternationalMSdnBhdMember
2024-01-01
2024-03-31
0001417664
veii:ValueEConsultantInternationalMSdnBhdMember
2023-01-01
2023-03-31
0001417664
veii:SANetworkLimitedMember
2024-01-01
2024-03-31
0001417664
veii:SANetworkLimitedMember
2023-01-01
2023-03-31
0001417664
veii:ValueXInternationalPteMember
2024-01-01
2024-03-31
0001417664
veii:ValueXInternationalPteMember
2023-01-01
2023-03-31
0001417664
veii:CreditAgreement2024Member
2024-07-01
2024-07-15
0001417664
veii:CreditAgreement2024Member
2024-07-15
iso4217:USD
xbrli:shares
iso4217:USD
xbrli:shares
xbrli:pure
UNITED
STATES SECURITIES AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
10-Q/A
Amendment Number 1
(Mark One)
x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2024
¨ TRANSITION
REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT
For the transition
period from __________ to __________
Commission
file number: 000-53537
Value Exchange International, Inc. |
(Exact name of registrant as specified in its charter) |
|
|
|
Nevada |
|
26-3767331 |
(State or other jurisdiction of incorporation
or organization) |
|
(I.R.S. Employer Identification No.) |
10/F, FT Life Tower, 18 Sheung Yuet Road, |
Kowloon Bay, Kowloon, Hong Kong 999077 |
(Address of principal executive offices) (Zip Code) |
|
(852) 29504288 |
(Registrant’s
telephone number, including area code)
|
|
None |
(Former name, former address and former fiscal year, if changed since last report) |
Securities registered pursuant to Section
12(b) of the Act:
Title of Class |
|
Trading
Symbol |
|
Name of Each Exchange
on Which Registered |
None |
|
N/A |
|
N/A |
Indicate by check mark whether
the registrant (1) has filed 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 x No ¨
Indicate by check mark whether
the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T
during the preceding 12 months (or such shorter period that the registrant was required to submit and post such files). Yes x No ¨
Indicate by check mark whether
the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, Emerging Growth Company 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 x |
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 x
As of June 30, 2024, there were
43,500,762 shares of common stock issued and outstanding.
Explanatory Note:
Value Exchange International, Inc. (the “Company”)
is filing this Amendment No. 1 on Form 10-Q/A (this “Amendment”) to its Quarterly Report on Form 10-Q for the fiscal quarter
ended March 31, 2024, which was originally filed with the Securities and Exchange Commission (the “SEC”) on July 16, 2024
(the “Original Filing”). This Amendment is being filed to provide the iXBRL tagging not included in the Original Filing.
Other than as expressly set forth herein, this Amendment
does not, and does not purport to, amend, update or restate the information in Original Filing or reflect any events that have occurred
after the Original Filing was made. Information not affected by this Amendment remains unchanged and reflects the disclosures made at
the time as of which the Original Filing was made. No changes have been made to the financial statements of the Company as contained
in the Original Filing. Accordingly, this Amendment should be read together with the Original Filing and the Company’s other filings
with the SEC.
FORM 10-Q
Value Exchange International, Inc.
INDEX
|
|
Page |
PART I - FINANCIAL INFORMATION |
|
|
|
|
|
Item 1. Financial Statements |
|
3 |
|
|
|
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operation |
|
42 |
|
|
|
Item 3. Quantitative and Qualitative Disclosures About Market Risk |
|
53 |
|
|
|
Item 4. Controls and Procedures |
|
53 |
|
|
|
PART II - OTHER INFORMATION |
|
|
|
|
|
Item 1. Legal Proceedings |
|
54 |
|
|
|
Item 1A. Risk Factors |
|
54 |
|
|
|
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds |
|
54 |
|
|
|
Item 3. Defaults Upon Senior Securities |
|
54 |
|
|
|
Item 4. Mine Safety Disclosures |
|
54 |
|
|
|
Item 5. Other Information |
|
54 |
|
|
|
Item 6. Exhibits |
|
55 |
|
|
|
Signatures |
|
56 |
Please note that throughout this Quarterly
Report on Form 10-Q ("Form 10-Q" or "report"), except as otherwise indicated by the context,
references in this report to "Company", "we", "us" and "our" are references to Value Exchange
International, Inc. and its wholly owned subsidiaries.
ITEM 1. FINANCIAL STATEMENTS
VALUE EXCHANGE INTERNATIONAL, INC.
Financial Statements
|
|
|
|
|
Page |
Consolidated Balance Sheets (unaudited) |
|
4 |
Consolidated Statements of Operations (unaudited) |
|
5 |
Consolidated Statements of Comprehensive Income (unaudited) |
|
6 |
Consolidated Statements of Cash Flows (unaudited) |
|
8 |
Notes to the Consolidated Financial Statements (unaudited) |
|
9 |
VALUE EXCHANGE INTERNATIONAL, INC.
CONSOLIDATED BALANCE SHEETS
| |
| | | |
| | |
| |
March 31, 2024 | | |
December 31,
2023 | |
| |
US$ | | |
US$ | |
ASSETS | |
(unaudited) | | |
| |
CURRENT ASSETS | |
| | | |
| | |
Cash | |
| 515,113 | | |
| 886,467 | |
Accounts receivable, less allowance for credit losses | |
| 1,485,055 | | |
| 1,736,866 | |
Amounts due from related parties | |
| 130,186 | | |
| 530,675 | |
Other receivables and prepayments | |
| 768,803 | | |
| 623,408 | |
Inventories | |
| 215,313 | | |
| - | |
Total current assets | |
| 3,114,470 | | |
| 3,777,416 | |
| |
| | | |
| | |
NON-CURRENT ASSETS | |
| | | |
| | |
Plant and equipment, net | |
| 344,499 | | |
| 308,135 | |
Goodwill | |
| 342,079 | | |
| 206,812 | |
Operating lease right-of-use assets, net | |
| 1,244,569 | | |
| 926,630 | |
Total non-current assets | |
| 1,931,147 | | |
| 1,441,577 | |
| |
| | | |
| | |
Total assets | |
| 5,045,617 | | |
| 5,218,993 | |
| |
| | | |
| | |
| |
| | | |
| | |
LIABILITIES AND SHAREHOLDERS’ EQUITY (DEFICIT) | |
| | | |
| | |
| |
| | | |
| | |
CURRENT LIABILITIES | |
| | | |
| | |
Accounts payable | |
| 1,109,781 | | |
| 1,615,653 | |
Other payables and accrued liabilities | |
| 2,821,949 | | |
| 2,601,761 | |
Deferred income | |
| 967,558 | | |
| 778,126 | |
Amounts due to related parties | |
| 12,953 | | |
| 83,649 | |
Operating lease liabilities, current | |
| 585,762 | | |
| 463,411 | |
Loan from a related party | |
| 500,000 | | |
| 500,000 | |
Current portion of finance lease liability | |
| 27,761 | | |
| 28,867 | |
Short term bank loan from an affiliate | |
| 940,147 | | |
| 940,147 | |
Total current liabilities | |
| 6,965,911 | | |
| 7,011,614 | |
| |
| | | |
| | |
NON-CURRENT LIABILITIES | |
| | | |
| | |
Deferred tax liabilities | |
| 4,855 | | |
| 4,889 | |
Convertible loan from affiliates | |
| 352,389 | | |
| 1,061,282 | |
Long term finance lease liability | |
| 6,795 | | |
| 13,056 | |
Operating lease liabilities, non-current | |
| 653,816 | | |
| 457,982 | |
Total non-current liabilities | |
| 1,017,855 | | |
| 1,537,209 | |
Total liabilities | |
| 7,983,766 | | |
| 8,548,823 | |
| |
| | | |
| | |
SHAREHOLDERS’ EQUITY (DEFICIT) | |
| | | |
| | |
Common stock, 100,000,000 shares authorized, $0.00001 par value; 43,500,762 and 43,500,762 shares issued and outstanding, respectively | |
| 435 | | |
| 435 | |
Additional paid-in capital | |
| 2,480,327 | | |
| 2,480,327 | |
Statutory reserves | |
| 11,835 | | |
| 11,835 | |
Accumulated deficit | |
| (5,469,928 | ) | |
| (5,859,193 | ) |
Accumulated other comprehensive losses | |
| (44,310 | ) | |
| (63,063 | ) |
Total shareholders’ equity (deficit) | |
| (3,021,641 | ) | |
| (3,429,659 | ) |
Non-controlling interest | |
| 83,492 | | |
| 99,829 | |
Total equity (deficit) | |
| (2,938,149 | ) | |
| (3,329,830 | ) |
| |
| | | |
| | |
Total liabilities and shareholders’ equity (deficit) | |
| 5,045,617 | | |
| 5,218,993 | |
The accompanying notes are an integral part of
these consolidated financial statements.
VALUE EXCHANGE INTERNATIONAL, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
| |
| | | |
| | |
| |
Three Months
Ended March 31,
2024 | | |
Three Months
Ended March 31,
2023 | |
| |
US$ | | |
US$ | |
| |
(unaudited) | | |
(unaudited) | |
NET REVENUES | |
| | | |
| | |
Service income | |
| 3,370,009 | | |
| 2,884,549 | |
| |
| | | |
| | |
COST OF SERVICES | |
| | | |
| | |
Cost of service income | |
| (2,227,692 | ) | |
| (2,502,728 | ) |
| |
| | | |
| | |
GROSS PROFIT | |
| 1,142,317 | | |
| 381,821 | |
| |
| | | |
| | |
OPERATING EXPENSES: | |
| | | |
| | |
General and administrative expenses | |
| (1,086,562 | ) | |
| (731,977 | ) |
Foreign exchange loss | |
| (342,296 | ) | |
| (87,886 | ) |
TOTAL OPERATING EXPENSES | |
| (1,428,858 | ) | |
| (819,863 | ) |
| |
| | | |
| | |
LOSS FROM OPERATIONS | |
| (286,541 | ) | |
| (438,042 | ) |
| |
| | | |
| | |
OTHER INCOME (EXPENSES): | |
| | | |
| | |
Interest income | |
| 531 | | |
| 438 | |
Interest expense | |
| (51,246 | ) | |
| (29,632 | ) |
Change in fair value of embedded derivatives | |
| 708,893 | | |
| (34,752 | ) |
Finance cost | |
| (8,809 | ) | |
| (4,239 | ) |
VAT refund | |
| 11,140 | | |
| 485 | |
Management fee income | |
| - | | |
| 32,475 | |
Others | |
| 703 | | |
| 20,588 | |
Total other income (expenses), net | |
| 661,212 | | |
| (14,637 | ) |
| |
| | | |
| | |
| |
| | | |
| | |
INCOME TAXES EXPENSES | |
| (241 | ) | |
| (1,170 | ) |
NET INCOME (LOSS) | |
| 374,430 | | |
| (453,849 | ) |
| |
| | | |
| | |
Less: Net loss attributable to the non-controlling interests | |
| 14,835 | | |
| 41,163 | |
| |
| | | |
| | |
Net income (loss) attributable to the Company shareholders | |
| 389,265 | | |
| (412,686 | ) |
| |
| | | |
| | |
Net income (loss) per share, basic and diluted, attributable to the Company shareholders | |
| 0.01 | | |
| (0.01 | ) |
| |
| | | |
| | |
Weighted average number of shares outstanding | |
| 43,500,762 | | |
| 36,156,130 | |
The accompanying notes are an integral part of
these consolidated financial statements.
VALUE EXCHANGE INTERNATIONAL, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
| |
| | | |
| | |
| |
Three Months Ended March 31,
2024 | | |
Three Months
Ended March 31,
2023 | |
| |
| US$ | | |
| US$ | |
NET INCOME (LOSS) | |
| 374,430 | | |
| (453,849 | ) |
| |
| | | |
| | |
OTHER COMPREHENSIVE INCOME, NET OF TAX: | |
| | | |
| | |
Foreign currency translation adjustment | |
| 17,251 | | |
| 41,163 | |
| |
| | | |
| | |
TOTAL OTHER COMPREHENSIVE INCOME, NET OF TAX: | |
| 17,251 | | |
| 41,163 | |
| |
| | | |
| | |
Comprehensive income (loss) | |
| 391,681 | | |
| (412,686 | ) |
| |
| | | |
| | |
Less: Comprehensive loss (income) attributable to the non- controlling interests | |
| 16,337 | | |
| (10,258 | ) |
| |
| | | |
| | |
Comprehensive income (loss) attributable to the Company shareholders | |
| 408,018 | | |
| (422,944 | ) |
The accompanying notes are an integral part of
these consolidated financial statements.
VALUE EXCHANGE INTERNATIONAL, INC.
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| |
The Company’s Shareholders | | |
| | |
| |
| |
| | |
| | |
| | |
| | |
| | |
Accumulated | | |
| | |
| |
| |
| | |
| | |
| | |
| | |
| | |
other | | |
| | |
| |
| |
Common stock | | |
Additional | | |
Retained earnings | | |
| | |
comprehensive | | |
Noncontrolling | | |
| |
| |
Share | | |
Amount | | |
paid-in capital | | |
(accumulated deficit) | | |
Statutory reserves | | |
income | | |
Interest | | |
Total | |
January 1, 2023 | |
| 36,156,130 | | |
| 362 | | |
| 1,340,524 | | |
| 849,471 | | |
| 11,835 | | |
| (76,986 | ) | |
| 129,537 | | |
| 2,254,743 | |
Net loss | |
| - | | |
| - | | |
| - | | |
| (6,708,664 | ) | |
| - | | |
| - | | |
| (26,247 | ) | |
| (6,734,911 | ) |
Conversion of debt to common shares | |
| 7,344,632 | | |
| 73 | | |
| 1,139,803 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 1,139,876 | |
Foreign currency translation adjustment | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 13,923 | | |
| (3,461 | ) | |
| 10,462 | |
December 31, 2023 | |
| 43,500,762 | | |
| 435 | | |
| 2,480,327 | | |
| (5,859,193 | ) | |
| 11,835 | | |
| (63,063 | ) | |
| 99,829 | | |
| (3,329,830 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
January 1, 2024 | |
| 43,500,762 | | |
| 435 | | |
| 2,480,327 | | |
| (5,859,193 | ) | |
| 11,835 | | |
| (63,063 | ) | |
| 99,829 | | |
| (3,329,830 | ) |
Net income | |
| - | | |
| - | | |
| - | | |
| 389,265 | | |
| - | | |
| - | | |
| (14,835 | ) | |
| 374,430 | |
Foreign currency translation adjustment | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 18,753 | | |
| (1,502 | ) | |
| 17,251 | |
March 31, 2024 | |
| 43,500,762 | | |
| 435 | | |
| 2,480,327 | | |
| (5,469,928 | ) | |
| 11,835 | | |
| (44,310 | ) | |
| 83,492 | | |
| (2,938,149 | ) |
The accompanying notes are an integral part of
these consolidated financial statements.
VALUE EXCHANGE INTERNATIONAL, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
| |
| | | |
| | |
| |
Three Months Ended March 31, 2024 | | |
Three Months Ended March 31, 2023 | |
| |
US$ | | |
US$ | |
| |
(unaudited) | | |
(unaudited) | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |
| | | |
| | |
Net income (loss) | |
| 374,430 | | |
| (453,849 | ) |
Adjustments to reconcile net loss to cash used in operating activities: | |
| | | |
| | |
Depreciation | |
| 60,861 | | |
| 61,347 | |
Amortization | |
| 160,900 | | |
| 109,362 | |
Noncash operating lease expense | |
| 8,809 | | |
| 4,239 | |
Change in fair value of embedded derivatives | |
| (708,893 | ) | |
| 34,752 | |
Deferred income taxes | |
| (34 | ) | |
| (702 | ) |
Changes in operating assets and liabilities | |
| | | |
| | |
Accounts receivable | |
| 491,023 | | |
| (86,123 | ) |
Other receivables and prepayments | |
| (139,649 | ) | |
| 82,787 | |
Amounts due from related parties | |
| 400,489 | | |
| (107,566 | ) |
Inventories | |
| 64,954 | | |
| (4,026 | ) |
Operating lease right-of-use assets | |
| (487,156 | ) | |
| (12,185 | ) |
Accounts payable | |
| (1,088,051 | ) | |
| (161,476 | ) |
Other payables and accrued liabilities | |
| 185,189 | | |
| 22,100 | |
Deferred income | |
| 189,432 | | |
| 15,729 | |
Amounts due to related parties | |
| (175,488 | ) | |
| (6,079 | ) |
Operating lease liabilities | |
| 318,185 | | |
| (92,191 | ) |
Net cash used in operating activities | |
| (344,999 | ) | |
| (593,881 | ) |
| |
| | | |
| | |
CASH FLOWS FROM INVESTING ACTIVITIES: | |
| | | |
| | |
Purchase of plant and equipment | |
| (99,460 | ) | |
| (71,694 | ) |
Acquisition of a subsidiary | |
| 60,355 | | |
| - | |
Net cash used in investing activities | |
| (39,105 | ) | |
| (71,694 | ) |
| |
| | | |
| | |
CASH FLOWS FROM FINANCING ACTIVITIES: | |
| | | |
| | |
Proceeds from convertible loan | |
| - | | |
| 1,500,000 | |
Repayment of finance lease liability | |
| (7,130 | ) | |
| (5,889 | ) |
Repayment of bank loan from an affiliate | |
| - | | |
| (501,117 | ) |
Net cash (used in) provided by financing activities | |
| (7,130 | ) | |
| 992,994 | |
| |
| | | |
| | |
EFFECT OF EXCHANGE RATE ON CASH | |
| 19,880 | | |
| 99,877 | |
(DECREASE) INCREASE IN CASH | |
| (371,354 | ) | |
| 427,296 | |
CASH, beginning of period | |
| 886,467 | | |
| 208,776 | |
CASH, end of period | |
| 515,113 | | |
| 636,072 | |
| |
| | | |
| | |
NON-CASH INVESTING AND FINANCING ACTIVITIES | |
| | | |
| | |
ROU asset acquired with operating lease liability | |
| 253,834 | |
| | - |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | |
| | | |
| | |
Cash paid for income taxes | |
| (241 | ) | |
| (1,170 | ) |
Cash paid for interest expenses | |
| (51,246 | ) | |
| (29,632 | ) |
The accompanying notes are an integral part of
these consolidated financial statements.
VALUE EXCHANGE INTERNATIONAL, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
| 1. | Nature of Operations and Continuance of Business |
Value Exchange International, Inc.
("VEII", "Company", "we" or "us") was incorporated
in the State of Nevada on June 26, 2007. The Company’s principal business, conducted through its operating subsidiaries,
is to provide customer-centric solutions for the retail industry in China, Hong Kong SAR and Manila, Philippines. By integrating market-leading
Point-of-Sale/Point-of-Interaction ("POS/POI"), Merchandising, Customer Relations Management or "CRM"
and related rewards, Locational Based (Global Positing System ("GPS") and Indoor Positioning System ("IPS"))
Marketing, Customer Analytics and Business Intelligence solutions, VEII provides retailers with the capability to offer a consistent shopping
experience across all marketing and sales channels, enabling them to easily and effectively manage the customer lifecycle on a one-to-one
basis. VEII promotes itself as a single information technology ("IT") source for retailers who want to extend existing
traditional transaction processing to multiple points of interaction, including the Internet, kiosks and wireless devices. VEII services
are focused on helping retailers realize the full benefits of Customer Chain Management with its suite of solutions that focus on the
customer, on employees, and the infrastructure that supports the selling channel. VEII’s retail solutions are installed
in an estimated 30%-40% of POS/POI-suitable retailers in Hong Kong and Manila, Philippines, processing tens of millions of transactions
a year. Company is headquartered in Hong Kong and with offices in Shenzhen, Guangzhou, Shanghai, Beijing, China; Manila, Philippines;
and Kuala Lumpur, Malaysia.
On January 1, 2014, VEII received 100%
of the issued and outstanding shares of in Value Exchange Int’l (China) Limited ("VEI CHN") in exchange
for i) newly issued 12,000,000 shares of VEII’s common stock to the majority stockholder of VEI CHN; and ii) 166,667 shares
of our common stock held by VEI CHN to be transferred to the majority stockholder of VEI CHN ("Share Exchange").
This transaction resulted in the owners of VEI CHN obtaining a majority voting interest in VEII. The merger of VEI CHN into VEII, which
has nominal net assets, resulted in VEI CHN having control of the combined entities.
For financial reporting purposes, the
transaction represents a "reverse merger" rather than a business combination and VEII is deemed to be the accounting acquiree
in the transaction. The transaction is being accounted for as a reverse merger and recapitalization. VEII is the legal acquirer but accounting
acquiree for financial reporting purposes and VEI CHN is the acquired company but accounting acquirer. Consequently, the assets and liabilities
and the operations that will be reflected in the historical financial statements prior to the transaction will be those of VEI CHN and
will be recorded at the historical cost basis of VEI CHN, and no goodwill will be recognized in this transaction. The consolidated financial
statements after completion of the transaction will include the assets and liabilities of VEI CHN and VEII, and the historical operations
of VEII and the combined operations of VEI CHN from the initial closing date of the transaction.
The Company provides IT Business’
services and solutions to the retail sector through three operating subsidiaries located in Hong Kong SAR and People’s Republic
of China ("PRC").
On September 2, 2008 VEI CHN established
its first operating subsidiary, Value Exchange Int’l (Shanghai) Limited ("VEI SHG") in Shanghai,
PRC, under the laws of the PRC. VEI SHG engages in software development, trading and servicing of computer hardware and software activities.
On September 25, 2008, VEI CHN acquired
its second operating subsidiary, TAP Services (HK) Limited in Hong Kong which subsequently changed its name to Value Exchange Int’l
(Hong Kong) Limited ("VEI HKG") on May 14, 2013. VEI HKG engages in software development, trading and servicing
of computer hardware and software activities.
VALUE EXCHANGE INTERNATIONAL, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
On May 14, 2013, VEI CHN further established
another operating subsidiary, Ke Dao Solutions Limited in Hong Kong, which subsequently changed its name to Cumberbuy.com Limited ("CUMBERBUY")
on May 26, 2017. CUMBERBUY conducts consultancy services for IT Services and Solutions activities. On May 21, 2018, VEI CHN disposed of
CUCUMBUY with consideration of HK$1.
In January 2017, VEI CHN acquired 100%
of the capital stock of TapServices, Inc., a corporation organized under the laws of the Republic of the Philippines (the "TSI").
TSI engages in software development, trading and servicing of computer hardware and software activities in Philippines. TSI is operated
as a subsidiary of VEI CHN. Prior to and continuing after the acquisition, TSI relied on VEI CHN for provision of IT services.
In January 2019, VEI SHG established
an operating subsidiary, Value Exchange Int’l (Hunan) Limited ("VEI HN") in Hunan, PRC, under the
laws of the PRC. VEI HN engages in IT service call-center activities.
In February 2020, VEI SHG established
an operating subsidiary, Shanghai Zhaonan Hengan Information Technology Co., Limited ("SZH") in Shanghai, PRC,
under the laws of the PRC. SZH engages in IT services.
In July 2021, VEI CHN established in
an associate, Smart Reward Express Limited ("SRE") in Hong Kong. SRE is inactive since its establishment.
In January 2022, VEI HKG established
an operating subsidiary, Haomeng Technology (Shenzhen) Co., Limited. ("HTS") in Shenzhen, PRC, under the laws of
the PRC. HTS engages in IT services.
On January 2, 2024, VEI CHN acquired
100% of the capital stock of Value E Consultant International (M) Sdn. Bhd, a company established in Malaysia (the "Value
E"). Value E engages in software development, trading and servicing of computer hardware and software activities in Malaysia.
Value E is operated as a subsidiary of VEI CHN.
As of March 31, 2024, the Company held
six wholly-owned subsidiaries, and two subsidiaries with 51% ownership. Company establishes operating subsidiaries when a perceived or
actual opportunity for business is deemed to be most efficiently handled by a local operating subsidiary.
VALUE EXCHANGE INTERNATIONAL, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
| 2. | Summary of Significant Accounting Policies |
The accompanying consolidated financial
statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S.
GAAP"), and include the financial statements of the Company and all its wholly-owned subsidiaries that require consolidation.
All material intercompany transactions and balances have been eliminated in the consolidation. The Company’s fiscal year
end is December 31st. The following entities were consolidated as of March 31, 2024:
Schedule of consolidated entities |
|
|
|
|
|
|
Place of incorporation |
|
Ownership percentage |
Value Exchange International, Inc. |
|
USA |
|
Parent Company |
Value Exchange Int’l (China) Limited |
|
Hong Kong |
|
100% |
Value Exchange Int’l (Shanghai) Limited |
|
PRC |
|
100% |
Value Exchange Int’l (Hong Kong) Limited |
|
Hong Kong |
|
100% |
TapServices, Inc. |
|
Philippines |
|
100% |
Value Exchange Int’l (Hunan) Limited |
|
PRC |
|
51% |
Shanghai Zhaonan Hengan Information Technology Co.,
Ltd. |
|
PRC |
|
51% |
Haomeng Technology (Shenzhen) Co., Limited |
|
PRC |
|
100% |
Value E Consultant International (M) Sdn. Bhd |
|
Malaysia |
|
100% |
These financial statements have been
prepared in accordance with generally accepted accounting principles applicable to a going concern, which assumes that the Company will
be able to meet its obligations and continue its operations for its next fiscal year. Realization values may be substantially different
from carrying values as shown and these financial statements do not give effect to adjustments that would be necessary to the carrying
values and classification of assets and liabilities should the Company be unable to continue as a going concern. The Company has an operating
loss of $286,541 for the three months period ended March 31, 2024, has an accumulated deficit of $5,469,928 and has only cash reserves
of $515,113 as of March 31, 2024. Management has evaluated the significance of the conditions in relation to the Company’s
ability to meet its obligations and believes that its current cash balance along with its current operations will not provide sufficient
capital to continue as a going concern. The Company’s ability to continue as a going concern is dependent upon achieving
sales growth, management of operating expenses and ability of the Company to obtain the necessary financing to meet its obligations and
pay its liabilities arising from normal business operations when they come due, and upon profitable operations.
The Company has relied on debt funding
to pay for operating expenses and business development efforts in 2024 that were not covered by operating revenues. If the Company continues
to incur operating losses as incurred within twelve months of filing date and does not significantly increase its cash reserves, and if
the Company does not also receive additional funding from existing lenders or from other sources to provide the working capital needed
to cover those continuing operating losses, then the Company would be forced to reduce its operating expenses and business development
efforts and the issue of the Company as a going concern may arise. While the existing lenders of the Company and Company's majority shareholder
are affiliated, there can be no assurance of additional debt or equity funding for the Company from the existing lenders or the majority
shareholder. In considering our forecast for the next twelve months and the current cash and working capital as of the filing of this
Form 10-Q, such matters create a substantial doubt regarding the Company’s ability to meet their financial needs and continue
as a going concern.
These financial statements do not include
any adjustments relating to the recoverability and classification of recorded asset amounts, or amounts and classification of liabilities
that might result from this uncertainty.
VALUE EXCHANGE INTERNATIONAL, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Preparing consolidated financial statements
in conformity with U.S. GAAP requires management to make estimates and assumptions affecting the reported amounts of assets and liabilities
and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and
expenses during the reporting period. The more significant areas requiring using management’s estimates and assumptions
relate to the collectability of its receivables, the fair value and accounting treatment of financial instruments, the valuation of long-lived
assets and valuation of deferred tax liabilities. Management bases its estimates on historical experience and on various other assumptions
that are believed to be reasonable under the circumstances. Accordingly, actual results may differ significantly from these estimates.
In addition, different assumptions or circumstances could reasonably be expected to yield different results.
| d) | Cash and Cash Equivalents |
For purposes of the cash flow statements,
the Company considers all highly liquid investments with original maturities of three months or less at the time of purchase to be cash
equivalents. Cash includes cash on hand and demand deposits in accounts maintained with financial institutions or state-owned banks within
the PRC and Hong Kong.
| e) | Interim Financial Statements |
These interim unaudited consolidated
financial statements have been prepared on the same basis as the annual financial statements and in the opinion of management, reflect
all adjustments, which include only normal recurring adjustments, necessary to present fairly the Company’s consolidated
financial position, results of operations and cash flows for the periods shown. The results of operations for such periods are not necessarily
indicative of the results expected for a full year or for any future period.
| f) | Accounts receivable, other receivables, and current expected credit losses |
Receivables include trade accounts
due from customers and other receivables such as cash advances to employees, utility deposits paid and advances to suppliers. Management
reviews the composition of accounts receivable and analyzes historical bad debts, customer concentration, customer credit worthiness,
current economic trends and changes in customer payment patterns to determine if the allowance for credit losses is adequate. An estimate
for credit losses is made when collection of the full amount is no longer probable. Delinquent account balances are written-off after
management has determined that the likelihood of collection is not probable and known bad debts are written off against the allowance
for doubtful accounts when identified. As of March 31, 2024 and December 31, 2023, allowance for uncollectible accounts receivable amounts
to $155,301 and $155,301, respectively; and there was no allowance for uncollectible other receivables. Management believes that the remaining
accounts receivable and other receivables are collectable.
The company evaluated the accounting
standards update related to the Current Expected Credit Losses ("CECL") and adequate allowance for uncollectible
accounts receivable have been made during 2024.
VALUE EXCHANGE INTERNATIONAL, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Inventories are valued at the lower
of cost and net realizable value. Cost for inventories is determined using the "first-in, first-out" method. Cost is defined as the cost to acquire products, cost of conversion
and other related costs to bring inventory to present location and condition. Net realizable value is defined as estimated selling prices
in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation.
Management reviews inventories for
obsolescence or cost in excess of net realizable value periodically. The obsolescence, if any, is recorded as a provision against the
inventory. The cost in excess of market value is written off and recorded as additional cost of sales.
Plant and equipment is stated at cost
less accumulated depreciation and accumulated impairment losses, if any. Expenditures for maintenance and repairs are charged to earnings
as incurred. Major additions are capitalized. When assets are retired or otherwise disposed of, the related cost and accumulated depreciation
are removed from the respective accounts, and any gain or loss is included in operations. Depreciation of plant and equipment is provided
using the straight-line method for substantially all assets with estimated lives as follows:
Schedule of estimated use full life of plant and equipment |
|
|
|
|
Estimated Useful Life |
Leasehold improvements |
|
Lesser of lease term or the estimated
useful lives of
5 years |
Computer equipment |
|
5 years |
Computer software |
|
5 years |
Office furniture and equipment |
|
5 years |
Motor Vehicle |
|
3 years |
Building |
|
5 years |
Goodwill represents the excess of the cost of acquisition
over the fair value of net assets acquired. Goodwill is not amortized, but is instead tested for impairment annually.
VALUE EXCHANGE INTERNATIONAL, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
| j) | Impairment of long-lived assets |
Property, Plant, and Equipment
The Company evaluates long-lived assets,
including equipment, for impairment at least once per year and whenever events or changes in circumstances indicate that the carrying
value may not be recoverable from its estimated future cash flows. Based on the existence of one or more indicators of impairment, the
Company measures any impairment of long-lived assets by comparing the asset's estimated fair value with its carrying value, based on cash
flow methodology. If the net book value of the asset exceeds the related undiscounted cash flows, the asset is considered impaired and
an impairment loss equal to an amount by which the carrying value exceeds the fair value of the asset is recognized.
Impairment of Goodwill
The carrying value of goodwill is evaluated
annually or more frequently if events or circumstances indicate that an impairment loss may have occurred. Such circumstances could include,
but are not limited to, a significant adverse change in business climate, increased competition or other economic conditions. Under FASB
Accounting Standard Codification (ASC) Topic 350 "Intangibles - Goodwill and Other", goodwill is tested at a reporting
unit level. The impairment test involves a two-step process. The first step involves comparing the fair value of the reporting unit to
which the goodwill is assigned to its carrying amount. If this comparison indicates that a reporting unit’s estimated fair
value is less than its carrying value, a second step is required. If applicable, the second step requires us to allocate the estimated
fair value of the reporting unit to the estimated fair value of the reporting unit’s net assets, with any fair value in
excess of amounts allocated to such net assets representing the implied fair value of goodwill for that reporting unit. If the carrying
value of the goodwill exceeds its fair value, the carrying value is written down by an amount equal to such excess.
The goodwill impairment testing process
involves the use of significant assumptions, estimates and judgments, and is subject to inherent uncertainties and subjectivity. Estimating
a reporting unit’s discounted cash flows involves the use of significant assumptions, estimates and judgments with respect
to a variety of factors, including sales, gross margin and selling, general and administrative rates, capital expenditures, cash flows
and the selection of an appropriate discount rate. Projected sales, gross margin and selling, general and administrative expense rate
assumptions and capital expenditures are based on our annual business plans and other forecasted results. Discount rates reflect market-based
estimates of the risks associated with the projected cash flows of the reporting unit directly resulting from the use of its assets in
its operations. These estimates are based on the best information available to us as of the date of the impairment assessment.
VALUE EXCHANGE INTERNATIONAL, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
| k) | Fair value of financial instruments |
ASC Topic 820, Fair Value Measurement
and Disclosures, defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit
price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on
the measurement date. This topic also establishes a fair value hierarchy which requires classification based on observable and unobservable
inputs when measuring fair value. The fair value hierarchy distinguishes between assumptions based on market data (observable inputs)
and an entity’s own assumptions (unobservable inputs). The hierarchy consists of three levels:
Level one — |
Quoted market prices in active markets for identical assets or liabilities; |
Level two — |
Inputs other than level one inputs that are either directly or indirectly observable; and |
Level three — |
Unobservable inputs developed using estimates and assumptions, which are developed by the reporting entity and reflect those assumptions that a market participant would use. |
Determining which category an asset
or liability falls within the hierarchy requires significant judgment. The Company evaluates its hierarchy disclosures each quarter. The
following table represents the fair value hierarchy for the Company’s financial assets and liabilities measured at fair
value on a recurring basis as of:
Schedule of measured at fair value on a recurring basis | |
| | | |
| | | |
| | | |
| | |
| |
March 31, 2024 | |
| |
Level 1 | | |
Level 2 | | |
Level 3 | | |
Total | |
| |
US$ | | |
US$ | | |
US$ | | |
US$ | |
Liabilities: | |
| | |
| | |
| | |
| |
Convertible loan and its fair value for the derivative portion (See Note 12) | |
| - | | |
| - | | |
| 352,389 | | |
| 352,389 | |
| |
December 31, 2023 | |
| |
Level 1 | | |
Level 2 | | |
Level 3 | | |
Total | |
| |
US$ | | |
US$ | | |
US$ | | |
US$ | |
Liabilities: | |
| | |
| | |
| | |
| |
Convertible loan and its fair value for the derivative portion (See Note 12) | |
| - | | |
| - | | |
| 1,061,282 | | |
| 1,061,282 | |
As of March 31, 2024 and December
31, 2023, the fair values of the Company’s cash and cash equivalents, accounts receivable, inventory, accounts payable, other
receivables and prepayments, other payables and accrued liabilities, and balances with related parties approximated the carrying
values of these instruments presented in the Company’s consolidated balance sheets due to the short maturities of these
instruments.
U.S. GAAP generally requires that recognized
revenue, expenses, gains and losses be included in net income or loss. Although certain changes in assets and liabilities are reported
as separate components of the equity section of the consolidated balance sheet, such items, along with net income, are components of comprehensive
income or loss. The components of other comprehensive income or loss consist of foreign currency translation adjustments.
VALUE EXCHANGE INTERNATIONAL, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
The Company reports earnings per share
in accordance with ASC 260, Earnings per Share. ASC 260 requires presentation of both basic and diluted earnings per share ("EPS")
on the face of the income statement. Basic EPS is computed by dividing net income available to common shareholders (numerator) by the
weighted average number of shares outstanding (denominator) during the period. Diluted EPS gives effect to all dilutive potential common
shares outstanding during the period using the treasury stock method and convertible preferred stock using the if-converted method. In
computing diluted EPS, the average stock price for the period is used in determining the number of shares assumed to be purchased from
the exercise of stock options or warrants. Diluted EPS excludes all dilutive potential shares if their effect is anti-dilutive.
The Company’s revenue
is derived from three primary sources: (i) professional services for systems development and integration, including procurement of related
hardware and software licenses on behalf of customers, if required; (ii) professional services for system maintenance normally for a period
of one year; and (iii) sale of hardware and consumables during the service performed as stated above. We recognize revenue from contracts
with customers using the five-step model prescribed in ASC 606.
The Company derives revenue from fixed-price
sale contracts with customers that may provide for the Company to procure hardware and software licenses with varied performance specifications
specific to each customer and provide the technical services for systems development and integration of the hardware and software licenses.
In instances where the contract price is inclusive of the technical services, the sale contracts include performance obligations.
Determining whether such products and
services within a customer contract are considered distinct performance obligations that should be accounted for separately requires significant
judgment. Accordingly, we review customer contracts to identify all separate promises to transfer goods and services that would be considered
performance obligations. Judgment is also required in determining whether an option to acquire additional products and services within
a customer contract represents a material right that the customer would not receive without entering into that contract.
The Company’s contracts
often contain multiple performance obligations, which generally include customer-acceptance provisions which provide for the Company to
carry out installation, test runs and performance tests at the Company’s cost until the systems as a whole can meet the
performance specifications stated in the contracts. The delivered equipment and software licenses have no standalone value to the customer
until they are installed, integrated and tested at the customer’s site by the Company in accordance with the performance
specifications specific to each customer. In addition, under these multiple performance obligations contracts, the Company has not sold
the equipment and software licenses separately from the installation, integration and testing services, and hence there is no objective
and reliable evidence of the fair value for each deliverable included in the arrangement. If a contract contains multiple performance
obligations, the Company accounts for each distinct performance obligation separately. The transaction price is allocated to the separate
performance obligations on a relative stand-alone selling price basis. Any discounts or expected potential future price concessions are
considered when determining the total transaction price.
VALUE EXCHANGE INTERNATIONAL, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
In addition, the arrangement generally
includes customer acceptance criteria that cannot be tested before installation and integration at the customer’s site.
Accordingly, revenue recognition is deferred until customer acceptance, indicated by an acceptance certificate signed off by the customer.
We recognize revenue over time when
there is a continuous transfer of control to our customer. When control is transferred over time, revenue is recognized based on the extent
of progress towards completion of the performance obligation. Based on the nature of the products and services provided in the contract,
we use our judgment to determine if an input measure or output measure best depicts the transfer of control over time. If a contract does
not meet the criteria for recognizing revenue over time, we recognize revenue at a point in time.
Revenues of maintenance services are
recognized when the services are performed in accordance with the contract term. For maintenance service contracts, a time-elapsed output
method is used to measure progress, and revenue is recognized straight-line over the term of the contract.
For services contracts, we typically
satisfy our performance obligations as services are rendered and use a contract cost-based input method to measure progress. Contract
costs include labor, material and allocable indirect expenses. Revenue is recognized proportionally as contract costs are incurred plus
estimated fees.
Revenues of sale of software, if not
bundled with other arrangements, are recognized when shipped and customer acceptance obtained at a point in time, if all other revenue
recognition criteria are met. Costs associated with revenues are recognized when incurred.
Revenues are recorded net of value-added
taxes, sales discounts and returns. There were no sales returns during the three months period ended March 31, 2024 and 2023.
Schedule of revenue record | |
| | | |
| | |
| |
Three Months
Ended March 31,
2024 | | |
Three Months
Ended March 31,
2023 | |
| |
US$ | | |
US$ | |
| |
(unaudited) | | |
(unaudited) | |
NET REVENUES | |
| | | |
| | |
Service income | |
| | | |
| | |
- systems development and integration | |
| 54,115 | | |
| 14,359 | |
- systems maintenance | |
| 2,616,667 | | |
| 2,490,154 | |
- sales of hardware and consumables | |
| 699,227 | | |
| 380,036 | |
| |
| 3,370,009 | | |
| 2,884,549 | |
Billings in excess of revenues recognized are recorded as
deferred revenue.
VALUE EXCHANGE INTERNATIONAL, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Deferred income taxes are recognized
for the tax consequences of temporary differences by applying enacted statutory tax rates applicable to future years to differences between
the financial statement carrying amounts and the tax bases of existing assets and liabilities. The charge for taxation is based on the
results for the reporting period as adjusted for items which are non-assessable or disallowed. It is calculated using tax rates that have
been enacted or substantively enacted by the balance sheet date. The effect on deferred income taxes of a change in tax rates is recognized
in income in the period that includes the enactment date. A valuation allowance is recognized if it is more likely than not that some
portion, or all of, a deferred tax asset will not be realized.
For uncertainty in income taxes, a
tax position is recognized as a benefit only if it is "more likely than not" that the tax position would be sustained
in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that
is greater than 50% likely of being realized on examination. For tax positions not meeting the "more likely than not"
test, no tax benefit is recorded. Penalties and interest incurred related to underpayment of income tax are classified as income tax expense
in the year incurred.
The Company categorize leases at their
inception as either operating or finance leases. Lease agreements cover certain office space, warehouse space, and vehicles. Most of these
leases are operating leases; however, certain vehicles are leased under finance leases.
Operating leases are included in operating
lease right-of-use assets, current operating lease liabilities, and long-term operating lease liabilities in our consolidated balance
sheets. Finance leases are included in net property, current installments of long-term debt, and long-term debt in our consolidated balance
sheets.
Leased assets represent our right to
use an underlying asset for the lease term, and lease liabilities represent our obligation to make lease payments arising from the lease.
Operating lease right-of-use assets and liabilities are recognized at commencement date based on the present value of lease payments over
the lease term. Operating lease liabilities and corresponding right-of-use assets include options to extend lease terms that are reasonably
certain of being exercised. As the Company’s leases generally do not provide an implicit discount rate, the Company uses
the estimated collateralized incremental borrowing rate (i.e. 3%) based on information available at the lease commencement date in determining
the present value of lease payments for use in the calculation of the operating lease liabilities and right-of-use assets. This rate is
determined using a portfolio approach based on the risk-adjusted rate of interest and requires estimates and assumptions including credit
rating, credit spread, and adjustments for the impact of collateral. The Company believes that this is the rate it would have to pay to
borrow an amount equal to the lease payments on a collateralized basis over a similar lease term.
Leases that have a term of twelve months
or less upon commencement date are considered short-term in nature. Accordingly, short-term leases are not included on the consolidated
balance sheets and are expensed on a straight-line basis over the lease term, which commences on the date we have the right to control
the property.
VALUE EXCHANGE INTERNATIONAL, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
The Company expenses the cost of advertising
as incurred in the period in which the advertisements and marketing activities are first run or over the life of the endorsement contract.
No advertising and marketing expense for the three months ended March 31, 2024 and 2023.
Shipping and handling cost incurred
to ship computer products to customers are included in selling expenses. Shipping and handling expenses for the three months ended March
31, 2024 and 2023 were $11,942 and $18,746 respectively.
| s) | Research and development costs |
Research and development costs are
expensed as incurred and are included in general and administrative expenses. No research and development costs for the three months ended
March 31, 2024 and 2023.
| t) | Foreign currency translation |
The functional currency and reporting
currency of the Company is the U.S. Dollar. ("US$" or "$"). The functional currency of the
Hong Kong subsidiaries is the Hong Kong Dollar. The functional currency of the Chinese subsidiaries is RMB. The functional currency of
the Philippine subsidiary is Peso. Results of operations and cash flow are translated at average exchange rates during the period, and
assets and liabilities are translated at the exchange rate as quoted by the Hong Kong Monetary Authority ("HKMA")
at the end of the period. Capital accounts are translated at their historical exchange rates when the capital transaction occurred. Translation
adjustments resulting from this process are included in accumulated other comprehensive income. Transaction gains and losses that arise
from exchange rate fluctuations on transactions denominated in a currency other than the functional currency are included in the results
of operations as incurred.
Schedule of foreign currency translation | |
| |
|
Quarter ended | |
March 31, 2024 | |
March 31, 2023 |
RMB : USD exchange rate | |
7.1822 | |
6.8133 |
average period ended | |
| |
|
HKD : USD exchange rate | |
7.800 | |
7.800 |
average period ended | |
| |
|
PESO : USD exchange rate | |
54.2137 | |
53.5881 |
average period ended | |
| |
|
MYR : USD exchange rate | |
4.7088 | |
- |
average period ended | |
| |
|
Quarter ended | |
March 31, 2024 | |
December 31, 2023 |
RMB : USD exchange rate | |
7.2316 | |
7.1155 |
HKD : USD exchange rate | |
7.800 | |
7.800 |
PESO : USD exchange rate | |
54.3554 | |
53.9792 |
MYR : USD exchange rate | |
4.7187 | |
- |
VALUE EXCHANGE INTERNATIONAL, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
| u) | Stock-based Compensation |
The Company records stock-based compensation
in accordance with ASC 718, Compensation – Stock Compensation using the fair value method. All transactions in which goods or services
are the consideration received for the issuance of equity instruments are accounted for based on the fair value of the consideration received
or the fair value of the equity instrument issued, whichever is more reliably measurable. Equity instruments issued to employees and the
cost of the services received as consideration are measured and recognized based on the fair value of the equity instruments issued.
| v) | Commitments and contingencies |
The Company follows FASB ASC Subtopic
450-20, “Loss Contingencies” in determining its accruals and disclosures with respect to loss contingencies. Accordingly,
estimated losses from loss contingencies are accrued by a charge to income when information available prior to issuance of the financial
statements indicates that it is probable that a liability could be incurred and the amount of the loss can be reasonably estimated. Legal
expenses associated with the contingency are expensed as incurred. If a loss contingency is not probable or reasonably estimable, disclosure
of the loss contingency is made in the financial statements when it is at least reasonably possible that a material loss could be incurred.
The Company uses the “management
approach” in determining reportable operating segments. The management approach considers the internal organization and reporting
used by the Company’s chief operating decision maker for making operating decisions and assessing performance as the source for
determining the Company’s reportable segments. Management, including the chief operating decision maker, reviews operating results
solely by monthly revenue from software development and maintenance services (but not by sub-services/product type or geographic area)
and operating results of the Company and, as such, the Company has determined that the Company has one operating segment as defined by
ASC Topic 280 “Segment Reporting”.
VALUE EXCHANGE INTERNATIONAL, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
| x) | Recent accounting pronouncements |
In November 2023, the Financial Accounting
Standards Board (FASB) issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (ASU 2023-07),
which requires an enhanced disclosure of significant segment expenses on an annual and interim basis. This guidance will be effective
for the annual periods beginning the year ended December 31, 2024, and for beginning January 1, 2025. Early adoption is permitted. Upon
adoption, the guidance should be applied retrospectively to all prior periods presented in the financial statements. We do not expect
the adoption of this guidance to have a material impact on our consolidated financial statements.
In December 2023, the FASB issued ASU
No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (ASU 2023-09), which improves the transparency of income
tax disclosures by requiring consistent categories and greater disaggregation of information in the effective tax rate reconciliation
and income taxes paid disaggregated by jurisdiction. It also includes certain other amendments to improve the effectiveness of income
tax disclosures. This guidance will be effective for the annual periods beginning the year ended December 31, 2025. Early adoption is
permitted. Upon adoption, the guidance can be applied prospectively or retrospectively. We do not expect the adoption of this guidance
to have a material impact on our consolidated financial statements.
Other accounting standards that have
been issued or proposed by the FASB or other standards-setting bodies that do not require adoption until a future date are not expected
to have a material impact on the Company’s consolidated financial statements upon adoption.
VALUE EXCHANGE INTERNATIONAL, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Accounts receivable consisted of the following
as of March 31, 2024 and December 31, 2023:
Schedule of accounts receivable | |
| | | |
| | |
| |
March 31, 2024 | | |
December 31, 2023 | |
| |
US$ | | |
US$ | |
Accounts receivable | |
| 1,640,356 | | |
| 1,892,167 | |
Allowance for credit losses | |
| (155,301 | ) | |
| (155,301 | ) |
| |
| 1,485,055 | | |
| 1,736,866 | |
All of the Company’s customers
are located in the PRC, Hong Kong and Manila, Philippines. The Company provides credit in the normal course of business. The Company performs
ongoing credit evaluations of its customers and maintains allowances for credit losses based on factors surrounding the credit risk of
specific customers, historical trends, and other information. The change in accounts receivable for the period ended March 31, 2024 was
primarily due to new billings of revenue recognition.
The following table presents changes in the balances of
the company accounts receivable:
Schedule of changes in accounts receivable | |
| | | |
| | | |
| | | |
| | |
| |
December 31, 2023 | | |
Additions | | |
Deductions | | |
March 31, 2024 | |
| |
US$ | | |
US$ | | |
US$ | | |
US$ | |
| |
| | |
| | |
| | |
| |
Accounts receivable | |
| 1,892,167 | | |
| 3,376,571 | | |
| (3,628,382 | ) | |
| 1,640,356 | |
Allowance for credit losses | |
| (155,301 | ) | |
| - | | |
| - | | |
| (155,301 | ) |
| |
| 1,736,866 | | |
| 3,376,571 | | |
| (3,628,382 | ) | |
| 1,485,055 | |
| |
December
31, 2022 | | |
Additions | | |
Deductions | | |
December 31,
2023 | |
| |
US$ | | |
US$ | | |
US$ | | |
US$ | |
| |
| | |
| | |
| | |
| |
Accounts receivable | |
| 1,133,058 | | |
| 11,967,888 | | |
| (11,208,779 | ) | |
| 1,892,167 | |
Allowance for credit losses | |
| - | | |
| (155,301 | ) | |
| - | | |
| (155,301 | ) |
| |
| 1,133,058 | | |
| 11,812,587 | | |
| (11,208,779 | ) | |
| 1,736,866 | |
VALUE EXCHANGE INTERNATIONAL, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
| 4. | Other receivables and prepayments |
Other receivables and prepayments consisted of the following
as of March 31, 2024 and December 31, 2023:
Schedule of other receivables and prepayments | |
| | | |
| | |
| |
March 31, 2024 | | |
December 31, 2023 | |
| |
US$ | | |
US$ | |
| |
(unaudited) | | |
| |
Deposits and prepaid expense | |
| 689,481 | | |
| 448,249 | |
Others | |
| 79,322 | | |
| 175,159 | |
| |
| 768,803 | | |
| 623,408 | |
Inventories as of March 31, 2024 and December
31, 2023 consisted of the following:
Schedule of inventories | |
| | | |
| | |
| |
March 31, 2024 | | |
December 31, 2023 | |
| |
US$ | | |
US$ | |
| |
(unaudited) | | |
| |
Finished goods | |
| 215,313 | | |
| - | |
VALUE EXCHANGE INTERNATIONAL, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
| 6. | Plant and equipment, net |
Plant and equipment consisted of the following
as of March 31, 2024 and December 31, 2023:
Schedule of plant and equipment | |
| | | |
| | |
| |
March 31, 2024 | | |
December 31, 2023 | |
| |
US$ | | |
US$ | |
| |
(unaudited) | | |
| |
Leasehold improvements | |
| 90,169 | | |
| 91,427 | |
Office furniture and equipment | |
| 278,783 | | |
| 278,612 | |
Computer equipment | |
| 425,064 | | |
| 423,666 | |
Computer software | |
| 341,458 | | |
| 250,649 | |
Motor Vehicle | |
| 215,184 | | |
| 216,119 | |
Building | |
| 61,212 | | |
| 61,596 | |
Total | |
| 1,411,870 | | |
| 1,322,069 | |
Less: accumulated depreciation | |
| (1,067,371 | ) | |
| (1,013,934 | ) |
Plant and equipment, net | |
| 344,499 | | |
| 308,135 | |
Depreciation expense for the three
months period ended March 31, 2024 and 2023 amounted to $60,861 and $61,347, respectively. For the three months period ended March 31,
2024 and 2023, no interest expense was capitalized into plant and equipment.
As of March 31, 2024 and December 31,
2023, the Company's motor vehicle was under finance lease arrangement with a net carrying amount $89,833 and $101,646 respectively.
Goodwill consisted of the following as of March
31, 2024 and December 31, 2023:
Schedule of goodwill | |
| | | |
| | |
| |
March 31, 2024 | | |
December 31, 2023 | |
| |
US$ | | |
US$ | |
| |
(unaudited) | | |
| |
Goodwill arising from acquisition of TSI | |
| 206,812 | | |
| 206,812 | |
Goodwill arising from acquisition of Value E | |
| 135,267 | | |
| - | |
| |
| 342,079 | | |
| 206,812 | |
As of January 2, 2024, VEI CHN acquired
100% of the capital stock of Value E from shareholders of VALUE E, Ms. TSANG Po Yee Bella with 95% shares of interest and Mr. CHAI Li
Chen with 5% shares of interest, for the consideration Malaysian ringgit (MYR) 100. Ms. TSANG Po Yee Bella is also a director of the Company.
Upon completion of the acquisition, Value E is a wholly owned subsidiary of the Company. Value E engages in software development, trading
and servicing of computer hardware and software activities in Malaysia. The Company is undergoing purchase price allocation valuation
for the acquisition of Value E currently.
VALUE EXCHANGE INTERNATIONAL, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
We have entered into various non-cancelable
operating lease agreements for certain of our offices. Our leases have original lease periods expiring between the remainder of 2024 and
2027. Many leases include option to renew. We do not assume renewals in our determination of the lease term unless the renewals are deemed
to be reasonably assured. Our lease agreements generally do not contain any material residual value guarantees or material restrictive
covenants.
Schedule of operating lease agreements | |
| | | |
| | |
| |
March 31, 2024 | | |
December 31, 2023 | |
| |
US$ | | |
US$ | |
| |
(unaudited) | | |
| |
Operating lease right-of-use assets, net | |
| 1,244,569 | | |
| 926,630 | |
The components of lease liabilities are as follows:
Schedule of components of lease liabilities | |
| | | |
| | |
| |
March 31, 2024 | | |
December 31, 2023 | |
| |
US$ | | |
US$ | |
| |
(unaudited) | | |
| |
Lease liabilities, current | |
| 585,762 | | |
| 463,411 | |
Lease liabilities, non-current | |
| 653,816 | | |
| 457,982 | |
Present value of lease liabilities | |
| 1,239,578 | | |
| 921,393 | |
Total noncash operating lease expense
for the three months period ended March 31, 2024 and 2023 amounted to $8,809 and $4,239 respectively. Principal payments on operating
leases liability for the three months period ended March 31, 2024 and 2023 amounted to $164,059 and $112,651 respectively. Weighted-average
remaining lease term is 1.72 years, and weighted-average discount rate is 3%.
The following is a schedule, by years,
of maturities of lease liabilities as of December 31, 2023:
Schedule of maturities of lease liabilities | |
| | | |
| | |
| |
March 31, 2024 | | |
December 31, 2023 | |
| |
US$ | | |
US$ | |
| |
(unaudited) | | |
| |
Year one | |
| 614,626 | | |
| 484,526 | |
Year two | |
| 440,321 | | |
| 299,848 | |
Year three | |
| 229,487 | | |
| 169,461 | |
Total undiscounted cash flows | |
| 1,284,434 | | |
| 953,835 | |
Less: Imputed interest | |
| (44,856 | ) | |
| (32,442 | ) |
Present value of lease liabilities | |
| 1,239,578 | | |
| 921,393 | |
VALUE EXCHANGE INTERNATIONAL, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
| 9. | Finance lease liability |
Finance lease liability consisted of the following
as of March 31, 2024 and December 31, 2023:
Schedule of finance lease liability | |
| | | |
| | |
| |
March 31, 2024 | | |
December 31, 2023 | |
| |
US$ | | |
US$ | |
| |
(unaudited) | | |
| |
Long term finance lease liability | |
| 34,556 | | |
| 41,922 | |
Less: Current portion of finance lease liability | |
| (27,761 | ) | |
| (28,868 | ) |
| |
| 6,795 | | |
| 13,056 | |
| |
| | | |
| | |
Current portion of finance lease liability | |
| 27,761 | | |
| 28,867 | |
| |
| 27,761 | | |
| 28,867 | |
As of March 31, 2024 and December 31,
2023, the above finance lease liability secured by property and equipment with net carrying amount of $89,833 and $101,646 respectively.
Total finance lease cost for the three months period ended March 31, 2024 and 2023 amounted to $552 and $1,221 respectively. Principal
payments on finance leases liability for the three months period ended March 31, 2024 and 2023 amounted to $7,130 and $5,889 respectively.
| 10. | Bank loan from an affiliate |
Bank loan from an affiliate consisted of the following
as of March 31, 2024 and December 31, 2023:
Schedule of bank loan | |
| | | |
| | |
| |
March 31, 2024 | | |
December 31, 2023 | |
| |
US$ | | |
US$ | |
| |
(unaudited) | | |
| |
Short term bank loan from an affiliate | |
| 940,147 | | |
| 940,147 | |
The Company and American Pacific Bancorp,
Inc., a Texas corporation located in Houston, Texas, (“APB”) signed a Loan Agreement, Security Agreement and Revolving Credit
Promissory Note (“Promissory Note”), each dated July 26, 2022 but fully executed and closed as of July 27, 2022, whereby APB
will provide a $1 million secured revolving credit line to the Company (“APB Credit Line”). Loan Agreement, Security Agreement
and Promissory Note may be referred to collectively as “Credit Line Documents”. The Credit Line Documents provide for a fixed
8% annual interest on sums advanced, two year maturity date for unpaid sums loaned and unpaid interest accrued thereon, and calendar quarterly
payments of accrued interest on any sums advanced under Credit Line (interest payments commencing on September 30, 2022). The Credit Line
is secured by a first, senior lien on all of the Company’s assets, with net carrying amount of $5,045,617. Credit Line advances
may be used for general working capital.
APB is affiliated with Chan Heng Fai,
a director and principal shareholder of the Company, by virtue of Mr. Chan’s equity ownership of parent company of APB and his service
as the Executive Chairman of the parent company of APB. APB is also affiliated with the Company directors Lum Kan Fai, Robert Trapp and
Mr. Lim Sheng Hon Danny since they are affiliated with Mr. Chan and certain of his affiliated companies by virtue of services as a director,
officer or professional advisor to those affiliated companies. Further, Wong Shui Yeung, and Wong Tat Keung, who are deemed to be independent
directors of the Company, are also independent directors of certain Mr. Chan's affiliated companies. (See Note 12 (iii))
VALUE EXCHANGE INTERNATIONAL, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
| 11. | Loan from a related party |
Schedule of loan from a related party | |
| | | |
| | |
| |
March 31, 2024 | | |
December 31, 2023 | |
| |
US$ | | |
US$ | |
| |
(unaudited) | | |
| |
Loan from a related party | |
| 500,000 | | |
| 500,000 | |
On September 28, 2023, the Company
entered into a Loan Agreement and Promissory Note (collectively, the “Loan Agreement”) with Alset International Limited, a
public Singapore corporation, (“AIL”) for an unsecured loan of Five Hundred Thousand U.S. Dollars and No Cents (USD$500,000.00)
principal amount (“Principal”) to the Company. Principal accrues simple interest at Eight Percent (8%) per annum. Repayment
of Principal and accrued interest thereon is to be made as follows:
(1) Principal will be paid in a single
lump sum payment on or by the six (6) month anniversary of the effective date of the Loan Agreement, being September 28,2023, (being the
“Maturity Date”); and
(2) Interest accrued on Principal shall
be paid on the last business day on a calendar monthly basis with initial accrued Interest payments commencing on September 28, 2023.
Company has the right to prepay all
or any portion of the Principal and Interest accrued on the Principal, without penalty, upon ten (10) days’ prior notice to AIL.
The Principal was advanced in full by AIL on October 4, 2023.
Mr. Chan Heng Fai, a non-executive
director of the Company, who is deemed the owner of 49.63% of the issued shares of Company’s Common Stock by virtue of 95,000 shares
of Common Stock held by Mr. Chan, and the following share ownership of Company’s Common Stock by entities that Mr. Chan is deemed
to control: 21,120,795 shares held by Hapi Metaverse Inc., 39,968 shares held by BMI Capital Partners International Limited, 18,512 shares
held by Liquid Value Development Pte Ltd. and 313,154 shares held by Decentralized Sharing Systems, Inc.
AIL is a majority-owned subsidiary
of Alset Inc., a Texas corporation, (“Alset”). Mr. Chan owns approximately 53.5% of the issued shares of common stock of Alset
and Mr. Chan is the Chairman and Chief Executive Officer of Alset and AIL. Further, Wong Shui Yeung and Wong Tat Keung, who are independent
directors of the Company, are also independent directors of Alset Inc.
Purpose of the Loan Agreement was to
provide short term working capital to the Company.
No repayment of the principal and interest
accrued made as of July 16, 2024.
VALUE EXCHANGE INTERNATIONAL, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
| 12. | Convertible loan from affiliates |
Schedule of convertible debt | |
| | | |
| | |
| |
March 31, 2024 | | |
December 31, 2023 | |
| |
US$ | | |
US$ | |
| |
(unaudited) | | |
| |
Convertible loan | |
| 352,389 | | |
| 1,061,282 | |
The movement in the liability and derivative
components of the convertible loan as of March 31, 2024 and December 31, 2023 are set out below:
Schedule of liability and derivative components | |
| | | |
| | | |
| | | |
| | | |
| | |
| |
Convertible Loan 1 (i) (iii) | | |
Convertible Loan 2 (ii) (iii) | | |
| |
| |
Liability component | | |
Derivative component | | |
Liability component | | |
Derivative component | | |
Total | |
| |
US$ | | |
US$ | | |
US$ | | |
US$ | | |
US$ | |
| |
| | |
| | |
| | |
| | |
| |
December 31, 2023 | |
| 9,548 | | |
| 14,898 | | |
| 172,286 | | |
| 864,550 | | |
| 1,061,282 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Change in fair value of embedded Derivatives | |
| 1,082 | | |
| 3,363 | | |
| 2,455 | | |
| (715,794 | ) | |
| (708,893 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | |
March 31, 2024 | |
| 10,630 | | |
| 18,261 | | |
| 174,741 | | |
| 148,756 | | |
| 352,389 | |
(i) Movement of the components of the
Convertible Loan 1:
| |
Liability component | | |
Derivative component | | |
Total | |
| |
| | |
| | |
| |
December 31, 2023 | |
| 9,548 | | |
| 14,898 | | |
| 24,446 | |
| |
| | | |
| | | |
| | |
Change in fair value of embedded derivatives | |
| 1,082 | | |
| 3,363 | | |
| 4,446 | |
| |
| | | |
| | | |
| | |
March 31, 2024 | |
| 10,630 | | |
| 18,261 | | |
| 28,892 | |
VEII entered into a Convertible Credit
Agreement, dated and effective as of January 27, 2023, (“2023 Credit Agreement 1”) with the following lenders: (1) Hapi Metaverse,
Inc., a Delaware corporation, (“HMI”, and formerly named “GigWorld, Inc.”) and (2) New Energy CV Corporation (formerly,
“American Wealth Mining Corp.”), a Nevada corporation, (“NECV”). HMI and NECV are also referred to individually
as a “Lender” and collectively, as the “Lenders”.
VALUE EXCHANGE INTERNATIONAL, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Maximum Credit Line; Interest; Advances; Payment.
The 2023 Credit Agreement 1 provides for a maximum credit line of One Million Five Hundred Thousand Dollars and No Cents ($1,500,000.00)
(“Maximum Credit Line”) with simple interest accrued on any advances of the money under the 2023 Credit Agreement 1 at Eight
Percent (8%) per annum. The principal amount of any advance of money (each being referred to as an “Advance”) under the 2023
Credit Agreement 1 is due in a lump sum, balloon payment on the third annual anniversary of the date of the Advance under the 2023 Credit
Agreement 1 (“Advance Maturity Date 1”). Accrued and unpaid interest on any Advance is due and payable on a semi-annual basis
with interest payments due on the last business day of June and last business day of December of each year. A Lender may demand that any
portion or all of the unpaid principal amount of any Advance as well as accrued and unpaid interest thereon may be paid by shares of Company
Common Stock in lieu of cash payment. Company must request Advances from the Lenders. Either Lender may elect to separately, fully fund
the Advance, or both Lenders may jointly elect to fund the Advance based on Lenders’ agreement on the portion of the Advance to
be funded by each Lender. Lenders may severally or jointly reject any request for an Advance and neither Lender has an obligation to fund
any Advance under the 2023 Credit Agreement 1.
Use of Proceeds. Advances under the 2023
Credit Agreement 1 may be used to fund general working capital needs of the Company, which includes: expansion of existing business operations
or business lines to new geographical markets in Asia or other geographical markets; for development of new business lines (whether in
existing or new geographical markets); acquisition of assets or companies (whether in existing or new geographical markets); and payment
of any sums due under the Credit Agreement.
Unsecured Debt Obligation. Any Advance
will be an unsecured general debt obligation of the Company. Further, there are no personal guarantees under the 2023 Credit Agreement
1.
Events of Default. The following constitute
an event of default under the 2023 Credit Agreement 1: (1) failure to make a payment of any Advance under the 2023 Credit Agreement 1
when due and payable and Company fails to cure such default within ten (10) days after receipt of a written notice from the Lender; (2)
failure in the observance or performance of any non-monetary material covenant or agreement and Company fails to cure such default within
thirty (30) days after written notice of default from the Lender; (3) failure of Company to comply with the obligations, terms, covenants
or conditions of 2023 Credit Agreement 1, or breach by Company of any obligations, covenant, representation or warranty that is not cured
within thirty (30) days from the receipt of a written notice from a Lender; (4) filing of a petition in bankruptcy or the commencement
of any proceedings under any bankruptcy laws by or against Company, which filing or proceeding is not dismissed within sixty (60) days
after the filing or commencement thereof, or if Company becomes insolvent; (5) petition is filed with a court to place the Company in
receivership or similar status for benefit of creditors and appointment of a receiver is unvacated and unstayed for an aggregate of sixty
(60) days; (6) for debts or judgments in excess of One Hundred Thousand Dollars and No Cents ($100,000.00) in face amount, a writ of execution
or attachment or any similar process shall be issued or levied against all of the Company’s assets, or any judgment involving monetary
damages shall be entered against the Company which shall become a lien on all of the Company’s assets and such execution, attachment
or similar process or judgment is not released, bonded, satisfied, vacated or stayed within sixty (60) days after its entry or levy; or
(7) Company ceases to carry on its primary business line for ninety (90) consecutive days. The remedy for any default that is not timely
cured, if a cure period is allowed, is all sums due under the 2023 Credit Agreement 1 becoming immediately due and payable.
VALUE EXCHANGE INTERNATIONAL, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Conversion Right. The 2023 Credit Agreement
1 grants the following conversion rights to each Lender. Each Advance shall be convertible, in whole or in part, into shares of Company
Common Stock at the option of the Lender who made that Advance (being referred to as a “Conversion of Convertible Loan 1”),
at any time and from time to time, at a price per share equal the “Conversion Price 1”. The Conversion Price 1 for a Conversion
of Convertible Loan 1 shall be the average closing price of the Company Common Stock as quoted by the Bloomberg Financial Markets (or
a comparable reporting service of national reputation selected by the Company and reasonably acceptable to the Lender effecting the Conversion
of Convertible Loan 1 if Bloomberg Financial Markets is not then reporting prices of the Company Common Stock), for the three (3) consecutive
trading days prior to date of the Notice of Conversion. The Conversion Price 1 is not limited by a minimum price per share of Company
Common Stock applicable to the Conversion of Convertible Loan 1. As such, if a Lender or Lenders loan a significant sum of money under
the 2023 Credit Agreement 1 and then elect to convert all or most of the loaned amount into shares of Company Common Stock, the resulting
issuance of shares of Common Stock could significantly dilute existing Company shareholders.
Conversion upon a Change in Control Transaction.
In the event that prior to the time of repayment of any Advance under the 2023 Credit Agreement 1 that has not previously been converted
into shares of Company Common Stock, the Company shall consummate a “Change in Control Transaction” (as defined below), then
the total amount of Advances outstanding shall convert into shares of Company Common Stock at the Conversion Price 1. “Change in
Control Transaction” will be deemed to exist if (1) there occurs any consolidation, merger or other business combination of the
Company with or into any third party and the Company is not the surviving entity, or any other corporate reorganization or transaction
or series of related transactions in which the voting stockholders of the Company prior to such event cease to own 50% or more of the
voting power of the surviving entity after the transaction, or (2) in one or a series of related transactions, there is a sale or transfer
of all or substantially all of the operating assets of the Company or all of its wholly-owned subsidiaries, determined on a consolidated
basis, to a third party.
Conversion upon Breach of 2023 Credit Agreement
1. In the event that the Company breaches any provision of the 2023 Credit Agreement 1 and does not remedy that breach within thirty
(30) days after receipt of a written demand from a Lender, then each of the Lenders may convert all or any portion of the unpaid amount
of their respective Advance or Advances into shares of Company Common Stock at the Conversion Price 1.
Warrants. In the event that a Lender elects
to convert any portion of an Advance under the 2023 Credit Agreement 1 into shares of Company Common Stock in lieu of cash payment in
satisfaction of that Advance, then Company will issue to the Lender five (5) detachable warrants for each share of Company Common Stock
issued in a Conversion of Convertible Loan 1 (“Warrants 1”). Each Warrant 1 will entitle the Lender to purchase one (1) share
of Common Stock at a per-share exercise price equal to the Conversion Price 1. The exercise period of each Warrant will be five (5) years
from date of issuance of the Warrant.
Conversion of Loan. On September 6, 2023,
the Company received a Notice of Conversion from HMI to convert One Million Three Hundred Thousand Dollars ($1,300,000.00) of the principal
amount loaned to the Company under the 2023 Credit Agreement 1 (“Converted Principal”) into shares of Company’s Common
Stock. Under the terms of the 2023 Credit Agreement 1 and Notice of Conversion, HMI has demand rights for the conversion of outstanding
debt into equity. On September 18, 2023, the Converted Principal resulted in issuance of 7,344,632 shares of Common Stock to HMI along
with issuance of Warrants 1 to purchase a maximum of 36,723,160 shares of Common Stock (“Underlying Shares”) to HMI. Under
the 2023 Credit Agreement, the conversion rate for the Conversion Shares is $0.1770 per share, and the Warrants 1 have an exercise price
of $0.1770 per share and an exercise period of five (5) years from date of issuance of warrants. The Company was in favor of the conversion
in order to end interest payments under the 2023 Credit Agreement 1 and thereby free up capital for operational expenses.
VALUE EXCHANGE INTERNATIONAL, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
As of March 31, 2024, HMI has not stated when
or if it will exercise any of the Warrants 1. The issuance of Conversion Shares, Warrants 1 and Underlying Shares was made in reliance
upon the exemption from registration contained in Section 4(a)(2) of the Securities Act of 1933, as amended, (“Securities Act”)
and Rule 506(b) of Regulation D thereunder. The Conversion Shares and Warrants 1 are, and Underlying Shares will be if issued, “restricted
securities” under Rule 144 of the Securities Act.
(ii) Movement of the components of the Convertible Loan 2:
Schedule of components convertible loan | |
| | | |
| | | |
| | |
| |
Liability
component | | |
Derivative
component | | |
Total | |
| |
| | |
| | |
| |
December 31, 2023 | |
| 172,286 | | |
| 864,550 | | |
| 1,036,836 | |
| |
| | | |
| | | |
| | |
Change in fair value of embedded derivatives | |
| 2,455 | | |
| (715,794 | ) | |
| (713,339 | ) |
| |
| | | |
| | | |
| | |
March 31, 2024 | |
| 174,741 | | |
| 148,756 | | |
| 323,497 | |
On December 14, 2023, VEII entered into a Convertible
Credit Agreement (“2023 Credit Agreement 2”) with HMI for an unsecured credit line in the maximum amount of One Million U.S.
Dollars and No Cents (USD$1,000,000.00) (“Credit Limit”). Advances of the principal under the 2023 Credit Agreement 2 accrue
simple interest at Eight Percent (8%) per annum. Each Advance under the 2023 Credit Agreement 2 and all accrued interest thereon may,
at the election of HMI, or the Company, be: (1) repaid in cash; (2) converted into shares of the Company Common Stock; or (3) be repaid
in a combination of cash and shares of the Company Common Stock. The principal amount of each Advance under the 2023 Credit Agreement
2 shall be due and payable on the third (3rd) annual anniversary of the date that the Advance is received by the Company along
with any unpaid interest accrued on the principal (the “Advance Maturity Date 2”). Prior to the Advance Maturity Date 2, unpaid
interest accrued on any Advance shall be paid on the last business day of June and on the last business day of December of each year in
which the Advance is outstanding and not converted into shares of Company Common Stock. Company may prepay any Advance under the 2023
Credit Agreement 2 and interests accrued thereon prior to Advance Maturity Date 2 without penalty or charge.
Use of Proceeds. The Company needed funding
on an expedited basis and in place prior to 2024 in order to fund requirements for new and existing customer work and to pay for overall
general operational expenses. HMI was the only known and identified funding source willing to provide the necessary funding on an expedited
basis. Credit Line may be used for general working capital, including possible expansion of existing business operations or business lines
to new geographical markets in Asia or other geographical markets; for development of new business lines (whether in existing or new geographical
markets); acquisition of assets or companies (whether in existing or new geographical markets); and payment of any sums due under the
2023 Credit Agreement 2 or other loans.
Fee on Advances. The 2023 Credit Agreement
2 provided that each Advance incurs a 10% fee on the amount of the Advance (“Fee”), payable in cash or shares of Company’s
Common Stock at the election of Company. Under a December 19, 2023 Amendment to the Credit Agreement, the Fee was amended to provide for
a one-time $100,000 payment instead of 10% on an Advance, which amended Fee is payable at option of Company in either cash or shares of
Company Common Stock within 30 days of December 19, 2023.
VALUE EXCHANGE INTERNATIONAL, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Events of Default. The following constitute
an event of default under the 2023 Credit Agreement 2: (1) failure to timely pay of any Advance when due and payable and the Company fails
to cure such default within ten (10) days after receipt of a written notice of default from HMI or its authorized agent; (2) a default
of any non-monetary material covenant or agreement in the 2023 Credit Agreement 2 that the Company does not remedy within thirty (30)
days after receipt by the Company of a written notice of default from HMI or its authorized agent (or within such other longer time period
as may be therein specifically provided in the written notice); (3) a breach of any other obligations, covenant, representation or warranty
contained in the 2023 Credit Agreement 2 that is not cured within thirty (30) days from the receipt by the Company of a written notice
from HMI or its authorized agents; (4) the filing of a petition in bankruptcy or the commencement of any proceedings under any bankruptcy
laws by or against the Company, which filing or proceeding, is not dismissed within sixty (60) days after the filing or commencement thereof,
or (5) if the Company becomes insolvent, the filing of a petition to a court for the entry of an order, judgment or decree approving a
petition in an insolvency, liquidation or similar procedure and the petition shall remain unvacated or not removed for an aggregate of
sixty (60) days (whether or not consecutive) from the first date of entry thereof or rejected by such court; (6) all or any part of the
Company’s assets, or of any or all of the royalties, revenues, rents, issues or profits thereof, shall be appointed without the
consent of the Company and such appointment shall remain unvacated and unstayed for an aggregate of sixty (60) days (whether or not consecutive);
(7) entry of judgment or judgements in the aggregate in excess of One Hundred Thousand United States Dollars (US$100,000.00) in face amount,
a writ of execution or attachment or any similar process shall be issued or levied against all of the Company’s assets, or any judgment
involving monetary damages shall be entered against the Company which shall becomes a lien on all of the Company’s assets and such
execution, attachment or similar process or judgment is not released, bonded, satisfied, vacated or stayed within sixty (60) days after
its entry or levy; or (8) the Company ceases to conduct its primary business line for ninety (90) consecutive days.
Conversion to Shares of Common Stock. HMI
or Company may convert monies owed under any Advance regarding the 2023 Credit Agreement 2 into shares of Company Common Stock (“Conversion
of Convertible Loan 2”). The price for conversion of an Advance under the 2023 Credit Agreement 2 and unpaid interest accrued thereon
into shares of Common Stock shall be based on US$0.045 per share, which is an approximately twenty-five percent (25%) discount from the
market closing price as of December 12, 2023 (the “Conversion Price 2”). No fractional shares may be issued in any Conversion
of Convertible Loan 2. If HMI elects to effect a Conversion of Convertible Loan 2, it must deliver a Notice of Conversion to the Company
that specifies the amount of the advance and accrued interest, if any, to be converted, and the date on which such conversion shall be
effected (the “Conversion Date”). If no Conversion Date is specified in a Notice of Conversion, the Conversion Date shall
be the date that such Notice of Conversion is deemed received by the Company. Conversions shall reduce the amount advanced in an amount
equal to the amount of the advance that is converted in a Conversion of Convertible Loan 2.
Conversion upon a Change in Control Transaction.
In the event that the Company consummates a “Change in Control Transaction” (as defined below), then the total amount of Advances
outstanding under the 2023 Credit Agreement 2, and not previously converted into shares of Company Common Stock, shall convert into shares
of Company Common Stock at the Conversion Price 2 upon receipt of written notice from HMI to the Company. “Change in Control Transaction”
will exist if (1) there occurs any consolidation, merger or other business combination of the Company with or into any third party and
the Company is not the surviving entity, or any other corporate reorganization or transaction or series of related transactions in which
in any of such events the voting stockholders of the Company prior to such event cease to own 50% or more of the voting power, or corresponding
voting equity interests, of the surviving entity after the consummation of the transaction or transactions, or (2) in one or a series
of related transactions, there is a sale or transfer of all or substantially all of the operating assets of the Company or substantially
all of the Company’s operating and wholly-owned subsidiaries, determined on a consolidated basis, to a third party.
VALUE EXCHANGE INTERNATIONAL, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Conversion upon Breach of 2023 Credit Agreement
2. In addition to on-demand, non-breach Conversion and a Change of Control Conversion, HMI may convert amounts owed under outstanding
Advances if the Company breaches the 2023 Credit Agreement 2 and does not remedy that breach within thirty (30) days after receipt of
a written demand from HMI, which demand shall describe the conversion breach event. Upon occurrence of a conversion breach event that
is not timely remedied and receipt of a Notice of Conversion, the Company is required to convert the requested conversion amount of all
outstanding amount of Advances not previously converted into shares of Company Common Stock within ten (10) days after receipt of the
Notice of Conversion.
Warrants. In the event that HMI elects
to convert any portion of an advance under the 2023 Credit Agreement 2 into shares of Company Common Stock, the Company is obligated to
issue to HMI five (5) detachable warrants for each share of Company Common Stock issued in a Conversion of Convertible Loan 2 (“Warrants
2”) in addition to the shares of Company Common Stock issued in the Conversion of Convertible Loan 2. Each Warrant 2 will entitle
HMI to purchase one (1) share of Company Common Stock at a per-share exercise price equal to the Conversion Price 2. The exercise period
for each Warrant will be five (5) years from the date of issuance of the Warrant.
(iii) HMI owns 21,120,795 shares of Company Common
Stock, which is approximately 48.55% of issued and outstanding shares of Company Common Stock (based on 43,500,762 shares issued and outstanding).
On September 6, 2023, HMI converted $1,300,000 in debt owed by the Company into 7,344,632 shares of Company’s Common Stock at a
price equivalent to $0.177 pursuant to 2023 Credit Agreement 1. HMI’s ownership of shares of Company Common Stock above does not
include a total of 36,723,160 shares of Company Common Stock that HMI may purchase under Warrants 1 issued under the 2023 Credit Agreement
1. The terms of the Warrants 1 entitle the holder to purchase from the Company one (1) share of the Company Common Stock (as adjusted
from time to time pursuant to the provisions of the Warrants 2) for each issued Warrant 1. The Warrants 1 are currently exercisable and
expire on September 6, 2028.
If HMI exercised the Warrants 1 issued under the
2023 Credit Agreement 1 in full and purchased all 36,723,160 of the underlying shares of Company Common Stock, then HMI would own 57,843,955
shares of Company Common Stock or approximately 72.10% of the then issued and outstanding shares of Company Common Stock (based on the
assumption of 80,223,922 shares of Company Common Stock then being issued and outstanding). Mr. Chan Heng Fai Ambrose, a director of the
company, would, based on his control of HMI, also be a “shared” or joint owner of those shares of Company Common Stock. Mr.
Chan controls HMI by virtue of his majority ownership of shares of common stock of Alset, a Commission-reporting company, which is the
parent company of the HMI. Alset owns 99.693% of the issued and outstanding shares of HMI’s common stock. Mr. Chan owns approximately
53.5% of the issued shares of common stock of Alset. Mr. Chan is also the Chairman and Chief Executive Officer of Alset and Executive
Chairman of the Board of Directors of HMI.
Mr. Chan is deemed to be the owner of 21,587,429
shares of Common Stock, which represents approximately 49.63% of the issued shares of Company’s Common Stock (based on 43,500,762
shares issued and outstanding), by virtue of: 95,000 shares of Company’s Common Stock held by Mr. Chan, and the following share
ownership of Common Stock by entities that Mr. Chan is deemed to control: 21,120,795 shares held by HMI, 39,968 shares held by BMI Capital
Partners International Limited, 18,512 shares held by LiquidValue Development Pte Ltd. And 313,154 shares held by Decentralized Sharing
Systems, Inc. BMI Capital Partners International Limited is owned by AIL. AIL is a subsidiary of Alset. LiquidValue Development Pte Ltd.
is a subsidiary of Alset. Decentralized Sharing Systems, Inc. is a subsidiary of DSS, Inc., a New York Stock Exchange listed company,
(“DSS”). Mr. Chan is personally and through entities he controls, the largest shareholder of DSS. Mr. Chan is also the Chairman
of the Board of Directors of DSS.
VALUE EXCHANGE INTERNATIONAL, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Mr. Chan, HMI, BMI Capital Partners International
Limited, LiquidValue Development Pte Ltd. And Decentralized Sharing Systems, Inc. are referred to collectively below as “Affiliated
Shareholders”.
As stated above, Mr. Chan controls the HMI by
virtue of his control of Alset. Mr. Chan is also Executive Chairman of the Board of Directors of the HMI and a director of American Pacific
Bancorp., another lender of the Company. Mr. Lum Kan Fai is Vice Chairman of the Board of Directors of HMI and has served in other management
capacities with HMI. Lum Kan Fai is also President of Digital Group of DSS. Mr. Chan is Executive Chairman of the Board of Directors of
DSS and owns approximately 58.3% of the issued and outstanding shares of DSS. Wong Shui Keung is a independent director of DSS.
Robert Trapp was a non-executive director of HMI
and was a non-executive director of Alset. He also serves or has served as a non-executive director of several subsidiaries of Alset.
Mr. Trapp is a non-executive director of Sharing Services Global Corporation, a Nevada corporation and Commission-reporting company, (“SSGC”).
Mr. Chan is Executive Chairman of the Board of Directors of SSGC as well as the owner of 49.2% of issued and outstanding shares of SSGC
common stock, which ownership position includes shares of SSGC common stock owned by DSS and Alset. Further, Mr. Trapp is a non-executive
director of NECV. Mr. Chan controls NECV by virtue of his ownership of approximately 95.6% of issued shares of NECV common stock.
Wong Shui Yeung and Wong Tat Keung are independent
directors of Alset, and also serves or has served as an independent director of several entities controlled or affiliated with Mr. Chan.
Wong Shui Yeung and Wong Tat Keung serve as independent directors of AIL, a subsidiary of Alset. Wong Shui Keung is an independent director
of DSS.
Wong Shui Yeung, Robert Trapp, and Wong Tat Keung
also serve as members of the Company’s Audit Committee of the Board of Directors.
Mr. Lim Sheng Hon Danny currently serves as Senior
Vice President and Executive Director of AIL. He also serves as an Executive Director of Alset, the parent company of AIL. Mr. Lim also
works extensively with Mr. Chan on various business matters concerning AIL, Alset and DSS.
Potential Changes Control of Registrant.
As of December 31, 2023, there is no agreement or arrangement between the Company and Mr. Chan or HMI concerning operational management,
management decisions, business development or strategic plan of the Company and its subsidiaries; neither HMI nor Mr. Chan has directed
or controlled the Company’s day-to-day operational management, management decisions, business development or strategic plan of the
Company and its subsidiaries; and Mr. Chan’s involvement in the Company’s operational management, management decisions, business
development and strategic planning of the Company and its subsidiaries has been limited to his performance of his duties as an outside
director of the Company. Nonetheless, due to the actual and potential ownership of shares of Company Common Stock and Mr. Chan and his
affiliates holding three of the nine board seats of the Company’s Board of Directors, Mr. Chan has the ability to significant influence
corporate decisions and actions of the Company and its subsidiaries.
While Wong Shui Yeung and Wong Tat Keung are the
independent directors of the Company, and Chan Heng Fai, Lum Fai Kai, Robert Trapp, and Lim Sheng Hon Danny have not directed or controlled
daily operational management or decision making, or strategic and business development decisions of the Company, beyond input and guidance
as non-executive directors, and while the Company is not aware of any agreement among Chan Heng Fai, Lum Fai Kai, Lim Sheng Hon Danny,
Wong Shui Yeung, Robert Trapp, and Wong Tat Keung, or among these directors and the Affiliated Shareholders or lenders of the Company,
to direct the operational management and strategic planning of the Company or its operating subsidiaries, the Affiliated Shareholders
collectively control 49.6% of Company’s issued shares of Common Stock.
VALUE EXCHANGE INTERNATIONAL, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Further, while the purpose of the Credit Agreement
and January Credit Agreement are to provide necessary working capital to the Company, and the Credit Agreement and January Credit Agreement
are not intended by the Company or Lenders to be a mechanism for effecting any change in control of the Company, HMI, as an Affiliated
Shareholder, has the right to convert the Warrant 1 issued to HMI under the 2023 Credit Agreement 1 conversion into shares of Company
Common Stock that would, if the Warrants 1 are fully exercised, result in ownership of approximately 72.10% of the then issued and outstanding
shares of Company Common Stock (based on the assumption of 80,223,922 shares of Company Common Stock then being issued and outstanding).
With the 2023 Credit Agreement 2, HMI could, assuming a Conversion of any significant amount of Advances made to the Company, into an
ownership position of shares of Common Stock into more than 80% of the then issued and outstanding shares of Common Stock.
| 13. | Other payables and accrued liabilities |
Other payables and accruals consisted
of the following as of March 31, 2024 and December 31, 2023:
Schedule of other payables and accrued liabilities | |
| | | |
| | |
| |
March 31, 2024 | | |
December 31, 2023 | |
| |
US$ | | |
US$ | |
| |
(unaudited) | | |
| |
Accrual | |
| 1,365,764 | | |
| 1,133,800 | |
Income taxes payable | |
| 46,185 | | |
| 57,961 | |
Taxes penalty payable | |
| 1,410,000 | | |
| 1,410,000 | |
| |
| 2,821,949 | | |
| 2,601,761 | |
Accrual mainly represents salary payables
and fringe and social security accruals. According to the prevailing laws and regulations of the PRC, all eligible employees of the Company’s
subsidiary are entitled to staff welfare benefits including medical care, welfare subsidies, unemployment insurance and pension benefits
through a PRC government-mandated multi-employer defined contribution plan. The Company’s subsidiary is required to accrue for these
benefits based on certain percentages of the qualified employees’ salaries. The Company’s subsidiary is required to make contributions
to the plans out of the amounts accrued.
The Company’s subsidiaries incorporated
in Hong Kong manage a defined contribution Mandatory Provident Fund (the “MPF Scheme”) under the Mandatory Provident Fund
Schemes Ordinance, for all of its employees in Hong Kong. The Company is required to contribute 5% of the monthly salaries for all Hong
Kong based employees to the MPF Scheme up to a maximum statutory limit.
VALUE EXCHANGE INTERNATIONAL, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Deferred income consisted
of the following as of March 31, 2024 and December 31, 2023:
Schedule of deferred income | |
| | | |
| | |
| |
March 31, 2024 | | |
December 31, 2023 | |
| |
US$ | | |
US$ | |
| |
(unaudited) | | |
| |
Service fees received in advance | |
| 967,558 | | |
| 778,126 | |
Billings in excess of revenues recognized are recorded as
deferred revenue. The opening balance for the period ended March 31, 2024 and for the year ended December 31, 2023 amounted to $778,126
and $291,171 respectively.
Statutory reserves
The laws and regulations of the PRC
require that before an enterprise distributes profits to its owners, it must first satisfy all tax liabilities, provide for losses in
previous years, and make allocations in proportions determined at the discretion of the Board of Directors after the statutory reserves.
As stipulated by the Company Law of
the PRC, as applicable to Chinese companies with foreign ownership, net income after taxation can only be distributed as dividends after
appropriation has been made for the following:
| 1. | Making up cumulative prior years’ losses, if any; |
| 2. | Allocations to the “Statutory surplus reserve” of at least
10% of income after tax, as determined under PRC accounting rules and regulations, until the fund amounts to 50% of the company’s
registered capital; and; |
| 3. | Allocations to the discretionary surplus reserve, if approved in the shareholders’
general meeting. |
The statutory reserve fund is non-distributable
other than during liquidation and can be used to fund previous years’ losses, if any. It may be utilized for business expansion
or converted into share capital by issuing new shares to existing shareholders in proportion to their shareholding or by increasing the
par value of the shares currently held by them, provided that the remaining reserve balance after such issue is not less than 25% of the
registered capital.
VALUE EXCHANGE INTERNATIONAL, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
| 16. | Related party and shareholder transactions |
Other than disclosed elsewhere in these financial statements,
the Company also had the following related party balances and transactions:
Related party balances
Schedule of related party balances | |
| | | |
| | |
| |
March 31, 2024 | | |
December 31, 2023 | |
| |
US$ | | |
US$ | |
| |
(unaudited) | | |
| |
Due from related parties | |
| | |
| |
Value Exchange International Limited (i) | |
| 2,361,150 | | |
| 2,401,994 | |
Cucumbuy.com Limited (ii) | |
| 80,769 | | |
| - | |
SmartMyWays Co., Limited (iii) | |
| 79,146 | | |
| 40,098 | |
Retail Intelligent Unit Limited (iv) | |
| 28,846 | | |
| - | |
TAP Technology (HK) Limited (v) | |
| 79,893 | | |
| 73,481 | |
Value Exchange International (Taiwan) Co, Ltd (vi) | |
| 27,927 | | |
| 11,972 | |
Value E Consultant International (M) Sdn. Bhd (vii) | |
| - | | |
| 530,675 | |
| |
| 2,657,731 | | |
| 3,058,220 | |
Allowance for amounts due from related parties | |
| (2,527,545 | ) | |
| (2,527,545 | ) |
| |
| 130,186 | | |
| 530,675 | |
| |
| | | |
| | |
Due to a related party | |
| | | |
| | |
Cucumbuy.com Limited (ii) | |
| - | | |
| 17,961 | |
Retail Intelligent Unit Limited (iv) | |
| - | | |
| 36,795 | |
SA-Network Limited (viii) | |
| 10,802 | | |
| 10,784 | |
Value X International Pte. Ltd (ix) | |
| 1,510 | | |
| 10,014 | |
Smart Reward Express Limited (x) | |
| 641 | | |
| 641 | |
Hapi Retail Company Limited (xi) | |
| - | | |
| 7,454 | |
| |
| 12,953 | | |
| 83,649 | |
VALUE EXCHANGE INTERNATIONAL, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Related party transactions:
Schedule of related party transaction | |
| | | |
| | |
| |
Three Months Ended March 31, 2024 | | |
Three Months Ended March 31, 2023 | |
| |
US$ | | |
US$ | |
| |
(unaudited) | | |
(unaudited) | |
Service income received from | |
| | |
| |
Cucumbuy.com Limited (ii) | |
| 107,023 | | |
| - | |
SmartMyWays Co., Limited (iii) | |
| 51,244 | | |
| - | |
Retail Intelligent Unit Limited (iv) | |
| 73,333 | | |
| - | |
TAP Technology (HK) Limited (v) | |
| 12,821 | | |
| - | |
Value Exchange International (Taiwan) Co, Ltd (vi) | |
| - | | |
| 13,917 | |
| |
| | | |
| | |
Subcontracting fees paid to | |
| | | |
| | |
Value Exchange International Limited (i) | |
| (56,228 | ) | |
| (262,125 | ) |
Cucumbuy.com Limited (ii) | |
| (46,154 | ) | |
| (53,846 | ) |
SmartMyWays Co., Limited (iii) | |
| (42,308 | ) | |
| (46,154 | ) |
Retail Intelligent Unit Limited (iv) | |
| (23,077 | ) | |
| (38,462 | ) |
TAP Technology (HK) Limited (v) | |
| (19,231 | ) | |
| (27,523 | ) |
Value Exchange International (Taiwan) Co, Ltd (vi) | |
| (372 | ) | |
| (5,516 | ) |
Value E Consultant International (M) Sdn. Bhd (vii) | |
| - | | |
| (41,450 | ) |
SA-Network Limited (viii) | |
| (96,380 | ) | |
| (39,070 | ) |
Value X International Pte. Ltd (ix) | |
| (21,534 | ) | |
| - | |
| |
| | | |
| | |
Management fees received from | |
| | | |
| | |
Value Exchange International Limited (i) | |
| - | | |
| 20,167 | |
Cucumbuy.com Limited (ii) | |
| - | | |
| 3,077 | |
SmartMyWays Co., Limited (iii) | |
| - | | |
| 3,077 | |
Retail Intelligent Unit Limited (iv) | |
| - | | |
| 3,077 | |
TAP Technology (HK) Limited (v) | |
| - | | |
| 3,077 | |
VALUE EXCHANGE INTERNATIONAL, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
On July 15, 2024, VEII entered into
a Convertible Credit Agreement (“2024 Credit Agreement”) with HMI for an unsecured credit line in the maximum amount of One
Hundred and Ten Thousand U.S. Dollars and No Cents (USD$110,000.00) (“2024 Credit Line”). Advances of the principal under
the 2024 Credit Agreement accrue simple interest at Eight Percent (8%) per annum. Each Advance under the 2024 Credit Agreement and all
accrued interest thereon may, at the election of HMI, or the Company, be: (1) repaid in cash; (2) converted into shares of the Company
Common Stock; or (3) be repaid in a combination of cash and shares of the Company Common Stock. The principal amount of each Advance under
the 2024 Credit Agreement shall be due and payable on the third (3rd) annual anniversary of the date that the Advance is received by the
Company along with any unpaid interest accrued on the principal (the “Advance Maturity Date 3”). Prior to the Advance Maturity
Date 3, unpaid interest accrued on any Advance shall be paid on the last business day of June and on the last business day of December
of each year in which the Advance is outstanding and not converted into shares of Company Common Stock. Company may prepay any Advance
under the 2024 Credit Agreement and interests accrued thereon prior to Advance Maturity Date 3 without penalty or charge.
Use of Proceeds. The Company needed
funding on an expedited basis in order to fund requirements for new and existing customer work and to pay for overall general operational
expenses. HMI was the only known and identified funding source willing to provide the necessary funding on an expedited basis. Credit
Line may be used for general working capital, including possible expansion of existing business operations or business lines to new geographical
markets in Asia or other geographical markets; for development of new business lines (whether in existing or new geographical markets);
acquisition of assets or companies (whether in existing or new geographical markets); and payment of any sums due under the 2024 Credit
Agreement or other loans.
VALUE EXCHANGE INTERNATIONAL, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Events of Default. The following constitute
an event of default under the 2024 Credit Agreement: (1) failure to timely pay of any Advance when due and payable and the Company fails
to cure such default within ten (10) days after receipt of a written notice of default from HMI or its authorized agent; (2) a default
of any non-monetary material covenant or agreement in the 2024 Credit Agreement that the Company does not remedy within thirty (30) days
after receipt by the Company of a written notice of default from HMI or its authorized agent (or within such other longer time period
as may be therein specifically provided in the written notice); (3) a breach of any other obligations, covenant, representation or warranty
contained in the 2024 Credit Agreement that is not cured within thirty (30) days from the receipt by the Company of a written notice from
HMI or its authorized agents; (4) the filing of a petition in bankruptcy or the commencement of any proceedings under any bankruptcy laws
by or against the Company, which filing or proceeding, is not dismissed within sixty (60) days after the filing or commencement thereof,
or (5) if the Company becomes insolvent, the filing of a petition to a court for the entry of an order, judgment or decree approving a
petition in an insolvency, liquidation or similar procedure and the petition shall remain unvacated or not removed for an aggregate of
sixty (60) days (whether or not consecutive) from the first date of entry thereof or rejected by such court; (6) all or any part of the
Company’s assets, or of any or all of the royalties, revenues, rents, issues or profits thereof, shall be appointed without the
consent of the Company and such appointment shall remain unvacated and unstayed for an aggregate of sixty (60) days (whether or not consecutive);
(7) entry of judgment or judgements in the aggregate in excess of One Hundred Thousand United States Dollars (US$100,000.00) in face amount,
a writ of execution or attachment or any similar process shall be issued or levied against all of the Company’s assets, or any judgment
involving monetary damages shall be entered against the Company which shall becomes a lien on all of the Company’s assets and such
execution, attachment or similar process or judgment is not released, bonded, satisfied, vacated or stayed within sixty (60) days after
its entry or levy; or (8) the Company ceases to conduct its primary business line for ninety (90) consecutive days.
Conversion to Shares of Common Stock.
HMI or Company may convert monies owed under any Advance regarding the 2024 Credit Agreement into shares of Company Common Stock (“Conversion
of Convertible Loan 3”). The price for conversion of an Advance under the 2024 Credit Agreement and unpaid interest accrued thereon
into shares of Common Stock shall be based on US$0.06 per share, which is based on VEII’s Volume-Weighted Average Price as of 8
July 2024 (the “Conversion Price 3”). No fractional shares may be issued in any Conversion of Convertible Loan 3. If HMI elects
to effect a Conversion of Convertible Loan 3, it must deliver a Notice of Conversion to the Company that specifies the amount of the advance
and accrued interest, if any, to be converted, and the date on which such conversion shall be effected (the “Conversion Date 3”).
If no Conversion Date 3 is specified in a Notice of Conversion, the Conversion Date 3 shall be the date that such Notice of Conversion
is deemed received by the Company. Conversions shall reduce the amount advanced in an amount equal to the amount of the advance that is
converted in a Conversion of Convertible Loan 3.
Conversion upon a Change in Control
Transaction. In the event that the Company consummates a “Change in Control Transaction” (as defined below), then the total
amount of Advances outstanding under the 2024 Credit Agreement, and not previously converted into shares of Company Common Stock, shall
convert into shares of Company Common Stock at the Conversion Price 3 upon receipt of written notice from HMI to the Company. “Change
in Control Transaction” will exist if (1) there occurs any consolidation, merger or other business combination of the Company with
or into any third party and the Company is not the surviving entity, or any other corporate reorganization or transaction or series of
related transactions in which in any of such events the voting stockholders of the Company prior to such event cease to own 50% or more
of the voting power, or corresponding voting equity interests, of the surviving entity after the consummation of the transaction or transactions,
or (2) in one or a series of related transactions, there is a sale or transfer of all or substantially all of the operating assets of
the Company or substantially all of the Company’s operating and wholly-owned subsidiaries, determined on a consolidated basis, to
a third party.
VALUE EXCHANGE INTERNATIONAL, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Conversion upon Breach of 2024 Credit
Agreement. In addition to on-demand, non-breach Conversion and a Change of Control Conversion, HMI may convert amounts owed under outstanding
Advances if the Company breaches the 2024 Credit Agreement and does not remedy that breach within thirty (30) days after receipt of a
written demand from HMI, which such demand shall describe the conversion breach event. Upon occurrence of a conversion breach event that
is not timely remedied and receipt of a Notice of Conversion, the Company is required to convert the requested conversion amount of all
outstanding amount of Advances not previously converted into shares of Company Common Stock within ten (10) days after receipt of the
Notice of Conversion.
Item 2. Management’s Discussion and Analysis
of Financial Condition and Results of Operations.
This report on Form 10-Q contains “forward-looking
statements” within the meaning of the Private Securities Litigation Reform Act, as amended. These forward-looking statements include,
without limitation, statements containing the words “believes,” “anticipates,” “expects,” “intends,”
“projects,” “will,” “should,” “may,” “hopes” and other words of similar import
or the negative of those terms or expressions. Forward-looking statements in this report include, but are not limited to, expectations
of future levels of business development spending, general and administrative spending, levels of capital expenditures and operating results,
sufficiency of our capital resources, our intention to pursue and consummate strategic opportunities available to us and effects as well
as our ability to fund, and integrate and grow acquired business lines. Business operations and financial condition may be materially
and adversely affected by any slowdown in regional and national economic growth, weakened liquidity and financial condition of customers
or other factors that Company cannot foresee. Forward-looking statements are subject to certain known and unknown risks, uncertainties
and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance
or achievements expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to
those described in “Risk Factors” contained in the Company’s reports filed with the U.S. Securities and Exchange Commission,
including the Annual Report on Form 10-K for the fiscal year ended December 31, 2023 and any amendments to that Form 10-K.
Certain Terms
Except as otherwise
indicated by the context, references in this report to:
| · | “Company,” “we,” “us”
and “our” are to the combined business of Value Exchange International, Inc., a Nevada corporation, and its consolidated subsidiaries;
|
| · | “China,” “Chinese” and
“PRC,” refer to the People’s Republic of China; |
| · | “Renminbi” and “RMB”
refer to the legal currency of China; |
| · | “U.S. dollars,” “dollars”
and “$” refer to the legal currency of the United States; |
| · | “SEC” or “Commission”
refers to the United States Securities and Exchange Commission; |
| · | “Securities Act” refers to the Securities
Act of 1933, as amended; and |
| · | “Exchange Act” refers to the Securities
Exchange Act of 1934, as amended. |
CORPORATE OVERVIEW
History of Value Exchange International, Inc.
Organization.
We were incorporated in the
State of Nevada on June 26, 2007. Our Common Stock’s trading symbol is “VEII.” Our common stock was quoted on the OTCQB
Venture Market until July 1, 2024. Due to failure to file the Form 10-K and Form 10-Q by July 1, 2024, the OTC Markets Group downgraded
the Common Stock to Pink Sheets Limited Information as of July 2, 2024.
Current Business Focus.
We are a provider of customer-centric
technology solutions for the retail industry in Hong Kong SAR and certain regions of China, Philippines and Malaysia.
By integrating market-leading
Point-of-Sale/Point-of-Interaction (“POS/POI”), Merchandising, Customer Relations Management or “CRM” and related
rewards, Locational Based (GPS & Indoor Positioning System (“IPS”)) Marketing, Customer Analytics, Business Intelligence
solutions, our products and services are intended to provide retailers with the capability to offer a consistent shopping experience across
all channels, enabling them to easily and effectively manage the customer lifecycle on a one-to-one basis. We promote ourselves as a single
IT source for retailers who want to extend existing traditional transaction processing to multiple points of interaction, including the
Internet, kiosks and wireless devices. Our products and services are focused on helping retailers realize the full benefits of Customer
Chain Management with its suite of solutions that focus on the customer, on employees, and the infrastructure that supports the selling
channel. Company is headquartered in Hong Kong and with offices in Shenzhen, Guangzhou, Shanghai, Beijing, China; Manila, Philippines;
and Kuala Lumpur, Malaysia.
We believe that the IT Business
often presents opportunities to expand a provider’s market reach or customer base by acquisitions of existing businesses or operating
assets. The Company’s business strategy includes reviewing possible acquisitions of existing businesses or operating assets in existing
or adjacent markets and to do so when and if such an acquisition appears to be compatible and an enhancement of our core business lines
and can be consummated with available cash and other resources. Our ability to pursue and consummate acquisitions may be limited, and
has been limited, by available cash for mergers and acquisitions and other resources and the perceived cost and burdens of acquiring and
integrating the target business or new operating assets into our operations. The availability of funding and cash flow are the most significant
limitations on our ability to expand through acquisitions of businesses and assets – both in terms of money on hand and ability
to finance acquisitions, but the estimated business hurdles in successfully penetrating a new market is also a factor in deciding whether
to proceed with that expansion. The limited liquidity and bid price of our Common Stock in the public stock market also hampers our ability
to use shares of Common Stock as attractive consideration to target companies in a merger or acquisition. We have not expanded into any
new markets by acquisition or otherwise during the fiscal quarter ended March 31, 2024.
The Company, through its operating
subsidiaries, is focusing and will focus on its IT Business, and continue to seek to expand its IT Business services to commercial customers
in PRC and Asia Pacific Region. This strategy is based upon our subjective business judgment that the IT Business presents more opportunities
for potential customer order in our core markets of Hong Kong SAR and China than the “IP Business” (as defined below) and
presents an industry segment that better suits our current technical capabilities, marketing capabilities and financial resources.
Initial Business Focus.
Our initial intended, primary
business was to operate a credit card processing and merchant-acquiring services company that provide credit card clearing services to
merchants and financial institutions in PRC. From inception, we strove unsuccessfully to create and establish a proposed Global Processing
Platform concept to support the credit card processing services (“SinoPay GPP”). Specifically, the Company’s Internet
Protocol business was to be a provider of Internet Protocol (“IP”) processing services in Asia to bank card-accepting merchants
(“IP Business”). The Company efforts to establish a viable IP Business did not succeed.
The acquisition of VEI CHN
in 2014 shifted the primary business focus to the IT Business. Company believes that the IT Business provided a more readily attainable
revenue generating business line and greater growth and profit potential than IP Business. VEI CHN was acquired in a stock-for-stock exchange
(“VEI CHN Share Exchange”).
Industry Trends and Economic Conditions.
The IT Business in Hong Kong
and China is large and fragmented, comprised of thousands of competitors as well as being a highly competitive industry. A general trend
affecting our IT Business is the trend of increasing competition for skilled labor. With a global economy and foreign competitors seeking
to penetrate Hong Kong and China as markets as well as to tap into new pools of skilled workers in IT Business, we will undoubtedly face
increasing competition for skilled workers in IT Business in the Hong Kong and China markets. We may be unable to afford or effectively
compete for necessary skilled workers in Hong Kong, Philippines and China and, if we are unable to afford or effectively compete for necessary
skilled workers, our growth and ability to attain and sustain profit operations in the IT Business may fail. We have not experienced any
significant problems in recruiting necessary skilled workers in fiscal years 2023 or 2024 to date.
Another common problem in
the IT Business is retaining skilled workers throughout the duration of a project. Due to the global nature of the IT Business and the
growing demand for skilled IT Business workers, a skilled IT business worker can often readily find higher paying positions with competitors,
whether local or foreign. Further, unlike some competitors, the Company has not offered the stock-based incentive compensation to employees
that is attractive to prospective technology workers. While we have not experienced retention problems due primarily to our focus on smaller,
shorter term IT business projects, we may experience retention of skilled worker problems if we grow our IT Business and undertake longer
term, more complex IT business projects for customers.
IT Business is often affected
by general economic conditions in our markets and any decline in those conditions could adversely impact our business and financial performance.
During periods of economic growth, customers generally spend more for IT Business products and services. During periods of economic contraction
or uncertainty, such spending generally decreases or is deferred. As such, the prospective business for our IT Business is generally greater
during periods of economic growth or stability in Hong Kong or China or Manila, Philippines, respectively, and decreases during periods
of economic decline or uncertainty in Hong Kong, China or Manila, Philippines. In our global economy, and with PRC being still a principal
export economy, adverse economic conditions globally or in other regions can adversely impact economic conditions in Hong Kong or China.
China has experienced a less dynamic growth in gross national product in the past year and this may reduce the willingness of customers
to spend on IT Business.
The IT Business is global
and, with the growth of cloud computing, there is a growing capability and infrastructure for companies in a foreign nation to provide
IT Business to customers around the globe as a complement to cloud computing. We have not seen any significant impact of cloud computing
on our IT Business in fiscal years 2023 or fiscal year 2024 to date, but we perceive that the expansion of cloud computing coupled with
IT services and products could allow foreign companies to provide IT Business products and services to its cloud computing customers in
our Hong Kong and China core markets as well as in the Philippines. We may find it more difficult to compete for IT Business in Hong Kong
and China, and perhaps the Philippines, if customers of IT Business elect to have cloud computing companies manage, repair and enhance
IT Business products, software and systems. The growth of cloud computing coupled with IT Business products and services as an ancillary
component of the cloud computing menu of products and services could adversely impact our IT Business in Hong Kong and China markets as
well as the Philippines.
The nature of our IT Business
is such that our accounts receivable is significant current asset. Our most significant current liabilities are payroll related costs,
which are generally paid either every two weeks or monthly. If the demand for our IT Business products and services increases, we may
generally see an increase in our working capital needs, as we continue to pay our workers on a weekly or monthly basis while the related
accounts receivable are outstanding for much longer than normal payment cycle, which may result in a decline in operating cash flows.
Conversely, as the demand for our IT Business products and services declines, we may generally see a decrease in our working capital needs,
as the existing accounts receivable are collected and not replaced at the same level, resulting in a decline of our accounts receivable
balance, with less of an effect on current liabilities due to the shorter cycle time of the payroll related items. This may result in
an increase in our operating cash flows; however, any such increase would not be sustainable in the event that a local or global economic
downturn continued for an extended period.
In order for us to attain
sustained success in the near term, we must continue to maintain and grow our customer base, provide high-quality service and satisfy
our existing clients, and take advantage of opportunities in the IT Business. In the current economic environment, we must provide our
customers with service offerings that are appropriately priced, satisfy their needs, and provide them with measurable business benefits.
While we have recently experienced more demand for our IT Business products and services, we believe that it is too early to determine
if developments will translate into sustainable improvements in our pricing or margins in fiscal year 2024 or over the longer term.
The increasing need for cybersecurity
products and technologies may be a future weakness of our business plan. We do not have a current cybersecurity product and service business
line beyond consultants engaged to provide cybersecurity services to customers and we have not current plans to develop a cybersecurity
business line. Cybersecurity companies may have an advantage over our business model in the future in that cybersecurity companies could
leverage their cybersecurity offerings to also sell IT Business services and products that compete with our IT Business products and services.
We face competition from competitors
in our primary markets, which competitors possess greater name recognition, assets, personnel, sales and financial resources. These entities
may be able to respond more quickly to changing market conditions by developing new products and services that meet customer requirements
or are otherwise superior to our products and services and may be able to more effectively market their products than we can because they
have significantly greater financial, technical and marketing resources than we do. They may also be able to devote greater resources
than we can to the development, promotion and sale of their services and products. To the extent that we are unable to successfully compete
against existing and future competitors, our business, operating results and financial condition would be materially adversely affected.
History of Value Exchange Int’l. (China)
Limited
VEI CHN was first established
on November 16, 2001 in Hong Kong as a limited liability company. VEI CHN is a holding company with two subsidiaries established in Hong
Kong, namely TAP Services (HK) Limited which was incorporated on August 25, 2003 and acquired by VEI CHN on September 25, 2008, and subsequently
changed to its current name as Value Exchange Int’l (Hong Kong) Limited (“VEI HKG”) on May 13, 2013, and Cucumbuy.com
Limited (“CUCUMBUY”), which was incorporated on May 14, 2013 and disposed on May 21, 2018 with consideration of HK$1. VEI
CHN also set up a Wholly-owned Foreign Enterprise (WOFE) in Shanghai, PRC, in September 2, 2008 in the name of Value Exchange Int’l
(Shanghai) Limited (“VEI SHG”). In January 2017, VEI CHN acquired TapServices, Inc., a corporation organized under the laws
of the Republic of the Philippines (the “TSI”). Prior to acquisition of TSI, the Company provided extensive consulting services
to TSI and, from such relationship, the Company was familiar with TSI operations. In January 2019, VEI SHG completed the setup procedures
of a subsidiary with 51% ownership in Hunan, PRC, in the name of Value Exchange Int’l (Hunan) Limited (“VEI HN”). In
February 2020, VEI SHG completed the setup procedures of a subsidiary with 51% ownership in Shanghai, PRC, in the name of Shanghai Zhaonan
Hengan Information Technology Co., Limited (“SZH”). In January 2022, VEI HKG completed the setup procedures of a subsidiary
with 100% ownership in Shenzhen, PRC, in the name of Haomeng Technology (Shenzhen) Co., Limited. (“HTS”). ). On January 2,
2024, VEI CHN acquired Value E Consultant International (M) Sdn. Bhd, a company established in Malaysia (the “Value E”). Prior
to acquisition of Value E, the Company provided extensive services to Value E and, from such relationship, the Company was familiar with
Value E operations.
Principal business
VEII is a holding company
for its operating subsidiaries. VEI CHN operations are the primary operations of the Company. The principal business of VEI CHN for more
than 20 years is to provide the IT Business (consisting of select services and solutions in computer software programming and integration,
and computer systems, Internet and information technology systems engineering, consulting, administration, installation and maintenance,
including e-commerce and payment processing) to the Retail Sector, primarily to retailers in Hong Kong SAR, Macau SAR and PRC and as more
fully described below. As is customary in the industry, such services and solutions are provided by both company employees, contractors
and consultants. The primary services and products of the IT Business are:
| a) | Systems maintenance and related service |
VEI CHN Group provides development
and customization of software and hardware, enhancements thereto and maintenance services for installed POS system. VEI CHN Group markets,
sells and maintains its own brand POS software – edgePOS as well as third party brands (e.g. NCR / Retalix), which is one of the
leading POS software programs in the Chinese-Hong Kong market. These software enhancements and programming can integrate with different
IP systems.
Systems maintenance services
consist of: i) software maintenance service, including software patches and software code revisions; ii) installing, testing and implementing
software; iii) training of customer personnel for the use of software; and iv) technical support for software systems.
Other services include system
installation and implementation, including i) project planning; ii) analysis of customer information and business needs from an IT perspective
(“System Analysis”); iii) design of the entire system; iv) hardware and consumables selection advice and sales; and v) system
hardware maintenance. These services typically consist of customer projects for New Store Opening (“NSO”) and Install, Move,
Add and Change (“IMAC”) for retail, and ad-hoc custom system projects for other business sectors. Our primary focus is the
retail sector in Hong Kong, PRC, Philippines and Malaysia.
| b) | Systems development and integration |
VEI CHN Group provides value-added
software, which integrates with customer owned or licensed software, and ad-hoc software development projects for other business sectors.
Besides use of proprietary, custom software code, our services may from time to time license standard third party software programs.
Financial Performance Highlights
The following are some financial highlights for
the first quarter of 2024:
| · | Net revenue: Our net revenues were $3,370,009
for the three months ended March 31, 2024, as compared to $2,884,549 for the same period in 2023, an increase of $485,460 or 16.8%. |
| · | Gross profit: Gross profit for the three months
ended March 31, 2024 was $1,142,317 or 33.9% of net revenues, as compared to $381,821 or 13.2% of net revenues for the same period in
2023, an increase of $760,496 or 199.2%. |
| · | Loss from operations: Our loss from operations totaled $286,541for the three
months ended March 31, 2024, as compared to $438,042 for the same period in 2023, a decrease of $151,501 or 34.6%. |
| · | Net income: We had a net income of $374,430 for
the three months ended March 31, 2024, as compared to net loss totaled $453,849 for the same period in 2023, a change of $828,279. |
| · | Basic Basic and diluted net income (loss) per share was $0.01 for the three
months ended March 31, 2024, respectively. |
RESULTS OF OPERATIONS
Comparison of Three Months Ended March 31, 2024 and 2023
The following tables set forth key components of our results of operations
for the periods indicated, both in dollars and as a percentage of net revenues.
(All amounts, other than percentages, in U.S. dollars)
| |
Three months ended March 31, | | |
Change | |
| |
2024 | | |
2023 | | |
| | |
| |
| |
US$ | | |
US$ | | |
US$ | | |
% | |
NET REVENUES | |
| | | |
| | | |
| | | |
| | |
Service income | |
| 3,370,009 | | |
| 2,884,549 | | |
| 485,460 | | |
| 16.8 | |
COST OF SERVICES | |
| | | |
| | | |
| | | |
| | |
Cost of service income | |
| (2,227,692 | ) | |
| (2,502,728 | ) | |
| 275,036 | | |
| 11.0 | |
GROSS PROFIT | |
| 1,142,317 | | |
| 381,821 | | |
| 760,496 | | |
| 199.2 | |
Operating expenses: | |
| | | |
| | | |
| | | |
| | |
General and administrative expenses | |
| (1,086,562 | ) | |
| (731,977 | ) | |
| (354,585 | ) | |
| 48.4 | |
Foreign exchange gain (loss) | |
| (342,296 | ) | |
| (87,886 | ) | |
| (254,410 | ) | |
| 289.5 | |
LOSS FROM OPERATIONS | |
| (286,541 | ) | |
| (438,042 | ) | |
| 151,501 | | |
| (34.6 | ) |
OTHER INCOME (EXPENSES) | |
| 661,212 | | |
| (14,637 | ) | |
| 675,849 | | |
| (4,617.4 | ) |
INCOME (LOSS) BEFORE PROVISION FOR INCOME TAXES | |
| 374,671 | | |
| (452,679 | ) | |
| 827,350 | | |
| (182.8 | ) |
INCOME TAXES EXPENSES | |
| (241 | ) | |
| (1,170 | ) | |
| 929 | | |
| (79.4 | ) |
NET INCOME (LOSS) | |
| 374,430 | | |
| (453,849 | ) | |
| 828,279 | | |
| (182.5 | ) |
Net revenues. Net revenues were
$3,370,009 for the three months ended March 31, 2024, as compared to $2,884,549 for the same period in 2023, an increase of $485,460 or
16.8%. The increase was primarily attributable to the increase in our revenue from i) systems maintenance with revenue increasing from
$2,490,154 for the three months ended March 31, 2023 to $2,616,667 for the three months ended March 31, 2024; ii) systems development
and integration with revenue increasing from $14,359 for the three months ended March 31, 2023 to $54,115 for the three months ended March
31, 2024; and iii) sales of hardware and consumables with revenue increasing from $380,036 for the three months ended March 31, 2023 to
$699,227 for the three months ended March 31, 2024.
Cost of services. Our cost of services
is primarily comprised of our costs of technical staff, contracting fees to suppliers and overhead. Our cost of services decreased to
$2,227,692 or 66.1% of net revenues, for the three months ended March 31, 2024, as compared to $2,502,728 or 86.8% of net revenues, for
the same period in 2023, a decrease of $275,036 or 11.0%. The decrease in cost of services was mainly attributable to the decrease in
our contracting fees to suppliers.
Gross profit. Gross profit for the
three months ended March 31, 2024 was $1,142,317 or 33.9% of net revenues, as compared to $381,821 or 13.2% of net revenues, for the same
period in 2023, an increase of $760,496 or 199.2%. The increase of gross profit was largely due to the increase in net revenues, and the
decrease in cost of services compared to the same period of 2023.
General and administrative expenses.
General and administrative expenses include the costs associated with staff and support personnel who manage our business activities,
office rental expenses, depreciation charge for fixed assets, and professional fees paid to third parties. General and administrative
expenses increased to $1,086,562 or 32.2% of net revenues, for the three months ended March 31, 2024, as compared to $731,977 or 25.4%
of net revenues, for the same period in 2023, an increase of $354,585 or 48.4%. The primary reason for the increase was attributable to
the increase in audit fee, staff costs and other administrative costs.
Loss from operations. As a result of the above, our loss
from operations totaled $286,541 for the three months ended March 31, 2024, as compared to $438,042 for the same period in 2023, a decrease
of $151,501 or 34.6%.
Income taxes expenses. Income taxes
expenses totaled $241 or 0.007% of net revenues for the three months ended March 31, 2024, as compared to $1,170 or 0.04% for the same
period in 2023, a decrease of $929 or 79.4%. The decrease was primarily attributable to the movement in profit tax paid for the three
months ended March 31, 2024.
Net income (loss). As a result of
the foregoing, we had a net income of $374,430 for the three months ended March 31, 2024, compared to a net loss totaled $453,849 for
the same period in 2023, a change of $828,279 or 182.5%, as a result of the factors described above.
Liquidity and Capital Resources
As of March 31, 2024, we had cash and cash equivalents
of $515,113. The following table provides detailed information about our net cash flow for all financial statement periods presented in
this report.
Cash Flows
(All amounts in U.S. dollars)
| |
Three Months Ended | |
| |
March 31, | |
| |
2024 | | |
2023 | |
| |
US$ | | |
US$ | |
Net cash used in operating activities | |
| (344,999 | ) | |
| (460,311 | ) |
Net cash used in investing activities | |
| (39,105 | ) | |
| (71,256 | ) |
Net cash (used in) provided by financing activities | |
| (7,130 | ) | |
| 858,986 | |
Effect of exchange rate changes on cash and cash equivalents | |
| 19,880 | | |
| 99,877 | |
Net (decrease) increase in cash and cash equivalents | |
| (371,354 | ) | |
| 427,296 | |
Cash and cash equivalents at the beginning of period | |
| 886,467 | | |
| 208,776 | |
Cash and cash equivalents at the end of period | |
| 515,113 | | |
| 636,072 | |
Operating Activities
Net cash used in operating activities was $344,999
for the three months ended March 31, 2024, which was a change of $115,312 from $460,311 for the same period of 2023. The change in net
cash used in operating activities was mainly attributable to the following:
| 1) | A change of Accounts receivable, Amounts due from related parties, and Other payables and accrued liabilities
increased our operating cash balances by $577,146, $508,055 and $163,089 respectively; offset by |
| 2) | Net income of $374,430 for the three months ended March 31, 2024, compared to net loss of $453,849 for
the same period in 2023; and |
| 3) | A change of Accounts payable, Other receivables and prepayments, and Amounts due to related parties decreased
our operating cash balances by $926,575, $222,436 and $169,409. |
Investing Activities
Net cash used in investing activities was $39,105
for the three months ended March 31, 2024, which was an increase of $32,589 or 45.5% from $71,694 in the same period in 2023. The decrease
in net cash used in investing activities was attributable to cash used in the purchase of plant and equipment by $99,460; offset by cash
received during acquisition of a subsidiary by $60,355, during the three months ended March 31, 2024.
Financing Activities
Net cash used in financing activities was $7,130
for the three months ended March 31, 2024, which was a change of $1,000,124 from net cash provided by financing activities $992,994 in
the same period in 2023. The change in net cash used in financing activities was attributable to the Repayment of finance lease liability
by $7,130 during the three months ended March 31, 2024.
Future Financings
We believe that our cash on hand and cash flow
from operations will meet our expected capital expenditure and working capital requirements for the next 12 months. However, we may in
the future require additional cash resources due to changes in business conditions, implementation of our strategy to expand our production
capacity, sales, marketing and branding activities or other investments or acquisitions we may decide to pursue. If our own financial
resources are insufficient to satisfy our capital requirements, we may seek to sell additional equity or debt securities or obtain credit
facilities. The sale of additional equity securities could result in dilution to our stockholders. The incurrence of indebtedness would
result in increased debt service obligations and could require us to agree to operating and financial covenants that would restrict our
operations. Financing may not be available in amounts or on terms acceptable to us, if at all. Any failure by us to raise additional funds
on terms favorable to us, or at all, could limit our ability to expand our business operations and could harm our overall business prospects.
Off-Balance Sheet Arrangements
We have no off-balance sheet arrangements that
have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues
or expenses, results of operations, liquidity, capital expenditures or capital resources.
Critical Accounting Policies
Our consolidated financial statements and accompanying
notes have been prepared in accordance with United States generally accepted accounting principles applied on a consistent basis. The
preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates
and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the
date of the financial statements and the reported amounts of revenues and expenses during the reporting periods.
We regularly evaluate the accounting policies
and estimates that we use to prepare our financial statements. A complete summary of these policies is included in note 2 of the notes
to our financial statements. In general, management's estimates are based on historical experience, on information from third party professionals,
and on various other assumptions that are believed to be reasonable under the facts and circumstances. Actual results could differ from
those estimates made by management.
Basis of Presentation
The accompanying consolidated financial statements
have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”),
and include the financial statements of the Company and all its subsidiaries that require consolidation. All material intercompany transactions
and balances have been eliminated in the consolidation. The Company’s fiscal year end is December 31st.
The following entities were
consolidated as of March 31, 2024:
| |
Place of incorporation | |
Ownership percentage |
Value Exchange International, Inc. | |
USA | |
Parent Company |
Value Exchange Int’l (China) Limited | |
Hong Kong | |
100% |
Value Exchange Int’l (Shanghai) Limited | |
PRC | |
100% |
Value Exchange Int’l (Hong Kong) Limited | |
Hong Kong | |
100% |
TapServices, Inc. | |
Philippines | |
100% |
Value Exchange Int’l (Hunan) Limited | |
PRC | |
51% |
Shanghai Zhaonan Hengan Information Technology Co., Ltd. | |
PRC | |
51% |
Haomeng Technology (Shenzhen) Co., Limited | |
PRC | |
100% |
Value E Consultant International (M) Sdn. Bhd | |
Malaysia | |
100% |
Use of Estimates
Preparing consolidated financial statements in
conformity with U.S. GAAP requires management to make estimates and assumptions affecting the reported amounts of assets and liabilities
and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses
during the reporting period. The more significant areas requiring using management’s estimates and assumptions relate to the collectability
of its receivables, the fair value and accounting treatment of financial instruments, the valuation of long-lived assets and valuation
of deferred tax liabilities. Management bases its estimates on historical experience and on various other assumptions that are believed
to be reasonable under the circumstances. Accordingly, actual results may differ significantly from these estimates. In addition, different
assumptions or circumstances could reasonably be expected to yield different results.
Plant and equipment
Plant and equipment is stated at cost less accumulated
depreciation and accumulated impairment losses, if any. Expenditures for maintenance and repairs are charged to earnings as incurred.
Major additions are capitalized. When assets are retired or otherwise disposed of, the related cost and accumulated depreciation are removed
from the respective accounts, and any gain or loss is included in operations. Depreciation of plant and equipment is provided using the
straight-line method for substantially all assets with estimated lives as follows:
| |
Estimated Useful Life |
Leasehold improvements | |
Lesser of lease term or the estimated useful lives of 5 years |
Computer equipment | |
5 years |
Computer software | |
5 years |
Office furniture and equipment | |
5 years |
Motor Vehicle | |
3 years |
Building | |
5 years |
| |
|
Revenue recognition
The Company’s revenue is derived from three
primary sources: (i) professional services for systems development and integration, including procurement of related hardware and software
licenses on behalf of customers, if required; (ii) professional services for system maintenance normally for a period of one year; and
(iii) sale of hardware and consumables during the service performed as stated above. We recognize revenue from contracts with customers
using the five-step model prescribed in ASC 606.
The Company derives revenue from fixed-price sale
contracts with customers that may provide for the Company to procure hardware and software licenses with varied performance specifications
specific to each customer and provide the technical services for systems development and integration of the hardware and software licenses.
In instances where the contract price is inclusive of the technical services, the sale contracts include performance obligations.
Determining whether such products and services
within a customer contract are considered distinct performance obligations that should be accounted for separately requires significant
judgment. Accordingly, we review customer contracts to identify all separate promises to transfer goods and services that would be considered
performance obligations. Judgment is also required in determining whether an option to acquire additional products and services within
a customer contract represents a material right that the customer would not receive without entering into that contract.
The Company’s contracts often contain multiple
performance obligations, which generally include customer-acceptance provisions which provide for the Company to carry out installation,
test runs and performance tests at the Company’s cost until the systems as a whole can meet the performance specifications stated
in the contracts. The delivered equipment and software licenses have no standalone value to the customer until they are installed, integrated
and tested at the customer’s site by the Company in accordance with the performance specifications specific to each customer. In
addition, under these multiple performance obligations contracts, the Company has not sold the equipment and software licenses separately
from the installation, integration and testing services, and hence there is no objective and reliable evidence of the fair value for each
deliverable included in the arrangement. If a contract contains multiple performance obligations, the Company accounts for each distinct
performance obligation separately. The transaction price is allocated to the separate performance obligations on a relative stand-alone
selling price basis. Any discounts or expected potential future price concessions are considered when determining the total transaction
price.
In addition, the arrangement generally includes
customer acceptance criteria that cannot be tested before installation and integration at the customer’s site. Accordingly, revenue
recognition is deferred until customer acceptance, indicated by an acceptance certificate signed off by the customer.
We recognize revenue over time when there is a
continuous transfer of control to our customer. When control is transferred over time, revenue is recognized based on the extent of progress
towards completion of the performance obligation. Based on the nature of the products and services provided in the contract, we use our
judgment to determine if an input measure or output measure best depicts the transfer of control over time. If a contract does not meet
the criteria for recognizing revenue over time, we recognize revenue at a point in time.
Revenues of maintenance services are recognized
when the services are performed in accordance with the contract term. For maintenance service contracts, a time-elapsed output method
is used to measure progress, and revenue is recognized straight-line over the term of the contract.
For services contracts, we typically satisfy our
performance obligations as services are rendered and use a contract cost-based input method to measure progress. Contract costs include
labor, material and allocable indirect expenses. Revenue is recognized proportionally as contract costs are incurred plus estimated fees.
Revenues of sale of software, if not bundled with
other arrangements, are recognized when shipped and customer acceptance obtained at a point in time, if all other revenue recognition
criteria are met. Costs associated with revenues are recognized when incurred.
Revenues are recorded net of value-added taxes, sales discounts and
returns. There were no sales returns during the three months period ended March 31, 2024 and 2023.
| |
Three Months
Ended March 31,
2024 | | |
Three Months
Ended March 31,
2023 | |
| |
US$ | | |
US$ | |
| |
(unaudited) | | |
(unaudited) | |
NET REVENUES | |
| | | |
| | |
Service income | |
| | | |
| | |
- systems development and integration | |
| 54,115 | | |
| 14,359 | |
- systems maintenance | |
| 2,616,667 | | |
| 2,490,154 | |
- sales of hardware and consumables | |
| 699,227 | | |
| 380,036 | |
| |
| 3,370,009 | | |
| 2,884,549 | |
Billings in excess of revenues recognized are recorded as deferred
revenue.
Income taxes
Deferred income taxes are recognized for the tax
consequences of temporary differences by applying enacted statutory tax rates applicable to future years to differences between the financial
statement carrying amounts and the tax bases of existing assets and liabilities. The charge for taxation is based on the results for the
reporting period as adjusted for items which are non-assessable or disallowed. It is calculated using tax rates that have been enacted
or substantively enacted by the balance sheet date. The effect on deferred income taxes of a change in tax rates is recognized in income
in the period that includes the enactment date. A valuation allowance is recognized if it is more likely than not that some portion, or
all of, a deferred tax asset will not be realized.
For uncertainty in income taxes, a tax position
is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination,
with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely
of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded.
Penalties and interest incurred related to underpayment of income tax are classified as income tax expense in the year incurred.
Stock-based Compensation
The Company records stock-based compensation in
accordance with ASC 718, Compensation – Stock Compensation using the fair value method. All transactions in which goods or services
are the consideration received for the issuance of equity instruments are accounted for based on the fair value of the consideration received
or the fair value of the equity instrument issued, whichever is more reliably measurable. Equity instruments issued to employees and the
cost of the services received as consideration are measured and recognized based on the fair value of the equity instruments issued.
Company adopted a 2022 Equity Incentive Plan in
2024, but has not granted or issued any stock based incentive compensation under this plan as of the date of filing this Form 10-Q report.
Item 3. Quantitative and Qualitative Disclosures About Market
Risk
As a “smaller reporting
company” as defined by Item 10(f)(1) of Regulation S-K, the Company is not required to provide the information required by this
Item.
Item 4. Controls and Procedures
Evaluation of Disclosure Controls and Procedures
Disclosure Controls and Procedures.
Based on an evaluation under the supervision and
with the participation of the Company’s management, the Company’s principal executive officer and principal financial officer
have concluded that the Company’s disclosure controls and procedures as defined in Rules 13a-15(e) and 15d-15(e) under the Securities
Exchange Act of 1934, as amended (the “Exchange Act”) were not effective as of March 31, 2024, to provide reasonable assurance
that information required to be disclosed by the Company in reports that it files or submits under the Exchange Act is (i) recorded,
processed, summarized and reported within the time periods specified in the SEC rules and forms and (ii) accumulated and communicated
to the Company’s management, including its principal executive officer and principal financial officer, as appropriate to allow
timely decisions regarding required disclosure.
Changes in Internal Control over Financial Reporting
There were no changes in the Company’s internal
control over financial reporting during the first quarter of 2024, which were identified in connection with management’s evaluation
required by paragraph (d) of Rules 13a-15 and 15d-15 under the Exchange Act, that have materially affected, or are reasonably likely to
materially affect, the Company’s internal control over financial reporting.
Because the Company is a smaller reporting company,
this annual report does not include an attestation report of our independent registered public accounting firm regarding internal control
over financial reporting. Management's report was not subject to attestation by our independent registered public accounting firm.
PART II - OTHER INFORMATION
Item 1. Legal Proceedings
From time to time, we may become involved in various
lawsuits and legal proceedings that arise in the ordinary course of business. However, litigation is subject to inherent uncertainties,
and an adverse result in these or other matters may arise from time to time that may harm our business. We are currently not aware of
any such legal proceedings or claims that we believe will have a material adverse effect on our business, financial condition or operating
results.
Item 1A. Risk Factors
As of the date of the filing of this Form 10-Q, the Company is no longer
a Commission Identified Issuer under the Holding Foreign Companies Accountable Act (“HFCAA”).
Risk factors for our company are set forth in
our Annual Report on Form 10-K for the fiscal year end December 31, 2023 (“2023 Form 10-K) and other filings with the Commission.
The risks described in Part I, Item 1A, "Risk Factors" in our 2023 Form 10-K could materially and adversely affect our
business, financial condition and results of operations, and the trading price of our common stock could decline. These risk factors do
not identify all risks that we face; our operations could also be affected by factors that are not presently known to us or that we currently
consider to be immaterial to our operations. Due to risks and uncertainties, known and unknown, our past financial results may not be
a reliable indicator of future performance, and historical trends should not be used to anticipate results or trends in future periods.
The “Risk Factors” section of the 2023 Form 10-K, as amended, remains current in all material respects.
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.
Item 6. Exhibits
Copies of the following documents are included
as exhibits to this report pursuant to Item 601 of Regulation S-K.
Exhibit No. |
|
Title of Document |
10.1 |
|
Securities Purchase Agreement, dated April 5, 2021, by Value Exchange International, Inc. and GigWorld, Inc. (1) |
10.2 |
|
Registration Rights Agreement, Nov. 8, 2021, by Value Exchange International, Inc., a Nevada corporation, (“Company”) and Mr. Heng Fai Chan (2) |
10.3 |
|
Registration Rights Agreement, Nov. 8, 2021, by Value Exchange International, Inc., a Nevada corporation, (“Company”) and Mr. Heng Fai Chan (3) |
10.4 |
|
Registration Rights Agreement, Nov. 8, 2021, by Value Exchange International, Inc., a Nevada corporation, (“Company”) and Mr. Heng Fai Chan (4) |
10.5 |
|
Convertible Credit Agreement by and among Value Exchange International, Inc., GigWorld, Inc. and American Wealth Mining Corp., dated January 27, 2023 (5) |
10.6 |
|
Form of Warrant issuable by Value Exchange International, Inc. (6) |
10.7 |
|
Loan Agreement by Value Exchange International, Inc. and American Pacific Bank, dated July 26, 2022 (7) |
10.8 |
|
Security Agreement by Value Exchange International, Inc. and American Pacific Bank, dated July 26, 2022 (8) |
10.9 |
|
Revolving Credit Promissory Note signed by Value Exchange International, Inc. and evidencing debt obligation to American Pacific Bank, dated July 26, 2022 (9) |
31.1 |
|
Certification of the Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
31.2 |
|
Certification of the Principal Financial and Accounting Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
32.1 |
|
Certification of the Principal Executive Officer pursuant to U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
32.2 |
|
Certification of the Principal Financial and Accounting Officer pursuant to U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
101.INS |
|
XBRL Instance Document |
101.SCH |
|
XBRL Schema Document |
101.CAL |
|
XBRL Calculation Linkbase Document |
101.LAB |
|
XBRL Label Linkbase Document |
101.PRE |
|
XBRL Presentation Linkbase Document |
101.DEF |
|
XBRL Definition Linkbase Document |
Exhibit 104 |
|
Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). |
| (1) | Incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K filed by Company with the Commission on April 13, 2021. |
| (2) | Incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K filed by Company with SEC on Nov. 9, 2021. |
| (3) | Incorporated by reference to Exhibit 10.2 to the Current Report on Form 8-K filed by Company with SEC on Nov. 9, 2021. |
| (4) | Incorporated by reference to Exhibit 10.3 to the Current Report on Form 8-K filed by Company with SEC on Nov. 9, 2021. |
| (5) | Incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K filed by the Company with the SEC on February 2, 2023. |
| (6) | Incorporated by reference to Exhibit 10.2 to the Current Report on Form 8-K filed by the Company with the SEC on February 2, 2023. |
| (7) | Incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K/A filed by the Company with the SEC on July 29, 2022 |
| (8) | Incorporated by reference to Exhibit 10.2 to the Current Report on Form 8-K/A filed by the Company with the SEC on July 29, 2022 |
| (9) | Incorporated by reference to Exhibit 10.3 to the Current Report on Form 8-K/A filed by the Company with the SEC on July 29, 2022 |
SIGNATURES
In accordance with the Exchange Act, the registrant caused this report
to be signed on its behalf by the undersigned thereunto duly authorized.
|
|
Value Exchange International, Inc. |
|
|
|
|
|
|
July 16, 2024 |
|
/s/ |
Kenneth Tan |
|
|
|
By: |
Kenneth Tan |
|
|
|
Its: |
President and Director
(Principal Executive Officer) |
|
|
|
|
|
|
July 16, 2024 |
|
/s/ |
Channing Au |
|
|
|
By: |
Channing Au |
|
|
|
Its: |
Chief Financial Officer
(Principal Financial and Accounting Officer) |
|
55
Exhibit 31.1
CERTIFICATION
I, Kenneth Tan, certify that:
| 1. | I have reviewed this quarterly report on Form 10-Q of Value Exchange International, Inc. for the three months ended March 31, 2024. |
| 2. | Based on my knowledge, this 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 interim 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 controls 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 interim report is being prepared; |
| b. | designed such internal control over financial reporting, or caused such internal control over financial reporting 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 angd 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; |
| 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 that has materially affected, or is reasonably likely to materially affect, the registrant’s internal
control over financial reporting; |
| 5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation, to the registrant’s
auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent function): |
| a. | all significant deficiencies in the design or operation of internal controls which could adversely affect the registrant’s ability
to record, process, summarize and report financial data and have identified for the registrant’s auditors any material weaknesses
in internal controls; and |
| b. | any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s
internal controls over financial reporting. |
Dated: July 16, 2024
/s/ Kenneth Tan
Kenneth Tan
President and Chief Executive Officer
(Principal Executive Officer)
Exhibit 31.2
CERTIFICATION
I, Channing Au, certify that:
| 1. | I have reviewed this quarterly report on Form 10-Q of Value Exchange International, Inc. for the three months ended March 31, 2024. |
| 2. | Based on my knowledge, this 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 interim 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 controls 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 interim report is being prepared; |
| b. | designed such internal control over financial reporting, or caused such internal control over financial reporting 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; |
| 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 that has materially affected, or is reasonably likely to materially affect, the registrant’s internal
control over financial reporting; |
| 5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation, to the registrant’s
auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent function): |
| a. | all significant deficiencies in the design or operation of internal controls which could adversely affect the registrant’s ability
to record, process, summarize and report financial data and have identified for the registrant’s auditors any material weaknesses
in internal controls; and |
| b. | any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s
internal controls over financial reporting. |
Dated: July 16, 2024
/s/ Channing Au
Channing Au
Chief Financial Officer
(Principal financial and accounting officer)
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 Value
Exchange International, Inc. (the “Company”) on Form 10-Q for the quarter ended March 31, 2024, as filed with the Securities
and Exchange Commission on or about the date hereof (the “Report”), I, Kenneth Tan, President and Chief Executive Officer
of the Company, certify, pursuant to 18 U.S.C. Sec. 1350, as adopted pursuant to Sec. 906 of the Sarbanes-Oxley Act of 2002, that:
| (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 results of operations
of the Company. |
Dated: July 16, 2024
/s/ Kenneth Tan
Kenneth Tan
President and Chief Executive Officer
(Principal Executive Officer)
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 Value
Exchange International, Inc. (the “Company”) on Form 10-Q for the quarter ended March 31, 2024, as filed with the Securities
and Exchange Commission on or about the date hereof (the “Report”), I, Channing Au, Chief Financial Officer of the Company,
certify, pursuant to 18 U.S.C. Sec. 1350, as adopted pursuant to Sec. 906 of the Sarbanes-Oxley Act of 2002, that:
| (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 results of operations
of the Company. |
Dated: July 16, 2024
/s/ Channing Au
Channing Au
Chief Financial Officer
(Principal financial and accounting officer)
v3.24.2
Cover - shares
|
3 Months Ended |
|
Mar. 31, 2024 |
Jun. 30, 2024 |
Cover [Abstract] |
|
|
Document Type |
10-Q/A
|
|
Amendment Flag |
true
|
|
Amendment Description |
Explanatory Note:
Value Exchange International, Inc. (the “Company”)
is filing this Amendment No. 1 on Form 10-Q/A (this “Amendment”) to its Quarterly Report on Form 10-Q for the fiscal quarter
ended March 31, 2024, which was originally filed with the Securities and Exchange Commission (the “SEC”) on July 16, 2024
(the “Original Filing”). This Amendment is being filed to provide the iXBRL tagging not included in the Original Filing.
Other than as expressly set forth herein, this Amendment
does not, and does not purport to, amend, update or restate the information in Original Filing or reflect any events that have occurred
after the Original Filing was made. Information not affected by this Amendment remains unchanged and reflects the disclosures made at
the time as of which the Original Filing was made. No changes have been made to the financial statements of the Company as contained
in the Original Filing. Accordingly, this Amendment should be read together with the Original Filing and the Company’s other filings
with the SEC.
|
|
Document Quarterly Report |
true
|
|
Document Transition Report |
false
|
|
Document Period End Date |
Mar. 31, 2024
|
|
Document Fiscal Period Focus |
Q1
|
|
Document Fiscal Year Focus |
2024
|
|
Current Fiscal Year End Date |
--12-31
|
|
Entity File Number |
000-53537
|
|
Entity Registrant Name |
Value Exchange International, Inc.
|
|
Entity Central Index Key |
0001417664
|
|
Entity Tax Identification Number |
26-3767331
|
|
Entity Incorporation, State or Country Code |
NV
|
|
Entity Address, Address Line One |
10/F, FT Life Tower
|
|
Entity Address, Address Line Two |
18 Sheung Yuet Road
|
|
Entity Address, Address Line Three |
Kowloon Bay
|
|
Entity Address, City or Town |
Kowloon
|
|
Entity Address, Country |
HK
|
|
Entity Address, Postal Zip Code |
999077
|
|
City Area Code |
(852)
|
|
Local Phone Number |
29504288
|
|
Entity Current Reporting Status |
Yes
|
|
Entity Interactive Data Current |
Yes
|
|
Entity Filer Category |
Non-accelerated Filer
|
|
Entity Small Business |
true
|
|
Entity Emerging Growth Company |
false
|
|
Entity Shell Company |
false
|
|
Entity Common Stock, Shares Outstanding |
|
43,500,762
|
X |
- DefinitionDescription of changes contained within amended document.
+ References
+ Details
Name: |
dei_AmendmentDescription |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionBoolean flag that is true when the XBRL content amends previously-filed or accepted submission.
+ References
+ Details
Name: |
dei_AmendmentFlag |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionEnd date of current fiscal year in the format --MM-DD.
+ References
+ Details
Name: |
dei_CurrentFiscalYearEndDate |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:gMonthDayItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionFiscal period values are FY, Q1, Q2, and Q3. 1st, 2nd and 3rd quarter 10-Q or 10-QT statements have value Q1, Q2, and Q3 respectively, with 10-K, 10-KT or other fiscal year statements having FY.
+ References
+ Details
Name: |
dei_DocumentFiscalPeriodFocus |
Namespace Prefix: |
dei_ |
Data Type: |
dei:fiscalPeriodItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThis is focus fiscal year of the document report in YYYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006.
+ References
+ Details
Name: |
dei_DocumentFiscalYearFocus |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:gYearItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionFor the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.
+ References
+ Details
Name: |
dei_DocumentPeriodEndDate |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:dateItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionBoolean flag that is true only for a form used as an quarterly report.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form 10-Q -Number 240 -Section 308 -Subsection a
+ Details
Name: |
dei_DocumentQuarterlyReport |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionBoolean flag that is true only for a form used as a transition report.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Forms 10-K, 10-Q, 20-F -Number 240 -Section 13 -Subsection a-1
+ Details
Name: |
dei_DocumentTransitionReport |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.
+ References
+ Details
Name: |
dei_DocumentType |
Namespace Prefix: |
dei_ |
Data Type: |
dei:submissionTypeItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAddress Line 1 such as Attn, Building Name, Street Name
+ References
+ Details
Name: |
dei_EntityAddressAddressLine1 |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAddress Line 2 such as Street or Suite number
+ References
+ Details
Name: |
dei_EntityAddressAddressLine2 |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAddress Line 3 such as an Office Park
+ References
+ Details
Name: |
dei_EntityAddressAddressLine3 |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Definition
+ References
+ Details
Name: |
dei_EntityAddressCityOrTown |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionISO 3166-1 alpha-2 country code.
+ References
+ Details
Name: |
dei_EntityAddressCountry |
Namespace Prefix: |
dei_ |
Data Type: |
dei:countryCodeItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionCode for the postal or zip code
+ References
+ Details
Name: |
dei_EntityAddressPostalZipCode |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionA unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2
+ Details
Name: |
dei_EntityCentralIndexKey |
Namespace Prefix: |
dei_ |
Data Type: |
dei:centralIndexKeyItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionIndicate number of shares or other units outstanding of each of registrant's classes of capital or common stock or other ownership interests, if and as stated on cover of related periodic report. Where multiple classes or units exist define each class/interest by adding class of stock items such as Common Class A [Member], Common Class B [Member] or Partnership Interest [Member] onto the Instrument [Domain] of the Entity Listings, Instrument.
+ References
+ Details
Name: |
dei_EntityCommonStockSharesOutstanding |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionIndicate 'Yes' or 'No' whether registrants (1) have 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 registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing the related disclosure.
+ References
+ Details
Name: |
dei_EntityCurrentReportingStatus |
Namespace Prefix: |
dei_ |
Data Type: |
dei:yesNoItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionIndicate if registrant meets the emerging growth company criteria.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2
+ Details
Name: |
dei_EntityEmergingGrowthCompany |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionCommission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.
+ References
+ Details
Name: |
dei_EntityFileNumber |
Namespace Prefix: |
dei_ |
Data Type: |
dei:fileNumberItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionIndicate whether the registrant is one of the following: Large Accelerated Filer, Accelerated Filer, Non-accelerated Filer. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2
+ Details
Name: |
dei_EntityFilerCategory |
Namespace Prefix: |
dei_ |
Data Type: |
dei:filerCategoryItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTwo-character EDGAR code representing the state or country of incorporation.
+ References
+ Details
Name: |
dei_EntityIncorporationStateCountryCode |
Namespace Prefix: |
dei_ |
Data Type: |
dei:edgarStateCountryItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionBoolean flag that is true when the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-T -Number 232 -Section 405
+ Details
Name: |
dei_EntityInteractiveDataCurrent |
Namespace Prefix: |
dei_ |
Data Type: |
dei:yesNoItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2
+ Details
Name: |
dei_EntityRegistrantName |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionBoolean flag that is true when the registrant is a shell company as defined in Rule 12b-2 of the Exchange Act.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2
+ Details
Name: |
dei_EntityShellCompany |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionIndicates that the company is a Smaller Reporting Company (SRC).
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2
+ Details
Name: |
dei_EntitySmallBusiness |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2
+ Details
Name: |
dei_EntityTaxIdentificationNumber |
Namespace Prefix: |
dei_ |
Data Type: |
dei:employerIdItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionLocal phone number for entity.
+ References
+ Details
Name: |
dei_LocalPhoneNumber |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.24.2
CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
|
Mar. 31, 2024 |
Dec. 31, 2023 |
CURRENT ASSETS |
|
|
Cash |
$ 515,113
|
$ 886,467
|
Accounts receivable, less allowance for credit losses |
1,485,055
|
1,736,866
|
Amounts due from related parties |
130,186
|
530,675
|
Other receivables and prepayments |
768,803
|
623,408
|
Inventories |
215,313
|
|
Total current assets |
3,114,470
|
3,777,416
|
NON-CURRENT ASSETS |
|
|
Plant and equipment, net |
344,499
|
308,135
|
Goodwill |
342,079
|
206,812
|
Operating lease right-of-use assets, net |
1,244,569
|
926,630
|
Total non-current assets |
1,931,147
|
1,441,577
|
Total assets |
5,045,617
|
5,218,993
|
CURRENT LIABILITIES |
|
|
Accounts payable |
1,109,781
|
1,615,653
|
Other payables and accrued liabilities |
2,821,949
|
2,601,761
|
Deferred income |
967,558
|
778,126
|
Amounts due to related parties |
12,953
|
83,649
|
Operating lease liabilities, current |
585,762
|
463,411
|
Loan from a related party |
500,000
|
500,000
|
Current portion of finance lease liability |
27,761
|
28,867
|
Short term bank loan from an affiliate |
940,147
|
940,147
|
Total current liabilities |
6,965,911
|
7,011,614
|
NON-CURRENT LIABILITIES |
|
|
Deferred tax liabilities |
4,855
|
4,889
|
Convertible loan from affiliates |
352,389
|
1,061,282
|
Long term finance lease liability |
6,795
|
13,056
|
Operating lease liabilities, non-current |
653,816
|
457,982
|
Total non-current liabilities |
1,017,855
|
1,537,209
|
Total liabilities |
7,983,766
|
8,548,823
|
SHAREHOLDERS’ EQUITY (DEFICIT) |
|
|
Common stock, 100,000,000 shares authorized, $0.00001 par value; 43,500,762 and 43,500,762 shares issued and outstanding, respectively |
435
|
435
|
Additional paid-in capital |
2,480,327
|
2,480,327
|
Statutory reserves |
11,835
|
11,835
|
Accumulated deficit |
(5,469,928)
|
(5,859,193)
|
Accumulated other comprehensive losses |
(44,310)
|
(63,063)
|
Total shareholders’ equity (deficit) |
(3,021,641)
|
(3,429,659)
|
Non-controlling interest |
83,492
|
99,829
|
Total equity (deficit) |
(2,938,149)
|
(3,329,830)
|
Total liabilities and shareholders’ equity (deficit) |
$ 5,045,617
|
$ 5,218,993
|
X |
- DefinitionCarrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).
+ ReferencesReference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 852 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481372/852-10-55-10
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19(a)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_AccountsPayableCurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionAmount, after allowance for credit loss, of right to consideration from customer for product sold and service rendered in normal course of business, classified as current.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 310 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481990/310-10-45-2
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 310 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481990/310-10-45-9
+ Details
Name: |
us-gaap_AccountsReceivableNetCurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionAmount, after tax, of accumulated increase (decrease) in equity from transaction and other event and circumstance from nonowner source.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section 45 -Paragraph 14A -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-14A
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-11
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Section 65 -Paragraph 2 -Subparagraph (g)(2)(ii) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480016/944-40-65-2
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Section 65 -Paragraph 2 -Subparagraph (h)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480016/944-40-65-2
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(30)(a)(4)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03(a)(23)(a)(3)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1
Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section 45 -Paragraph 14 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-14
+ Details
Name: |
us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionAmount of excess of issue price over par or stated value of stock and from other transaction involving stock or stockholder. Includes, but is not limited to, additional paid-in capital (APIC) for common and preferred stock.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 852 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481372/852-10-55-10
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-04(18)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479617/946-210-S99-1
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(30)(a)(1)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_AdditionalPaidInCapital |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionSum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (bb) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481203/810-10-50-3
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 25 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481231/810-10-45-25
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(g)(1)(ii)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 28 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482907/825-10-50-28
Reference 6: http://www.xbrl.org/2003/role/exampleRef -Topic 852 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481372/852-10-55-10
Reference 7: http://www.xbrl.org/2003/role/exampleRef -Topic 946 -SubTopic 830 -Name Accounting Standards Codification -Section 55 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480167/946-830-55-12
Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03(a)(12)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1
Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22
Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-04(8)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479617/946-210-S99-1
Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(18)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(i)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 13: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(ii)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(iii)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(iii)(A)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(iv)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(5)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(i)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iii)(A)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 20: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iii)(B)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 21: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iv)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 22: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(5)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 23: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 852 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481404/852-10-50-7
Reference 24: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 30 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-30
Reference 25: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32
Reference 26: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03(11)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479853/942-210-S99-1
+ Details
Name: |
us-gaap_Assets |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionSum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold, or consumed within one year (or the normal operating cycle, if longer). Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (bb) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481203/810-10-50-3
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 25 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481231/810-10-45-25
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(g)(1)(ii)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 28 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482907/825-10-50-28
Reference 6: http://www.xbrl.org/2003/role/exampleRef -Topic 852 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481372/852-10-55-10
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483467/210-10-45-1
Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(9)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(i)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(ii)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(iii)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(iii)(A)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(iv)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(5)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(i)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iii)(A)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iii)(B)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iv)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(5)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 20: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 852 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481404/852-10-50-7
+ Details
Name: |
us-gaap_AssetsCurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- References
+ Details
Name: |
us-gaap_AssetsCurrentAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionSum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold or consumed after one year or beyond the normal operating cycle, if longer.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (bb) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481203/810-10-50-3
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 25 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481231/810-10-45-25
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(g)(1)(ii)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 28 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482907/825-10-50-28
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(i)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(ii)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(iii)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(iii)(A)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(iv)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(5)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(i)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iii)(A)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iii)(B)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iv)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(5)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 17: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 852 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481404/852-10-50-7
+ Details
Name: |
us-gaap_AssetsNoncurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- References
+ Details
Name: |
us-gaap_AssetsNoncurrentAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAmount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(1)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483467/210-10-45-1
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-4
+ Details
Name: |
us-gaap_CashAndCashEquivalentsAtCarryingValue |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionAggregate par or stated value of issued nonredeemable common stock (or common stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable common shares, par value and other disclosure concepts are in another section within stockholders' equity.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 852 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481372/852-10-55-10
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03(a)(22)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(29)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_CommonStockValue |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionCarrying amount of long-term convertible debt as of the balance sheet date, net of the amount due in the next twelve months or greater than the normal operating cycle, if longer. The debt is convertible into another form of financial instrument, typically the entity's common stock.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_ConvertibleDebtNoncurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionAmount of deferred income and obligation to transfer product and service to customer for which consideration has been received or is receivable.
+ ReferencesReference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(26)(c)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_DeferredRevenue |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionAmount, after deferred tax asset, of deferred tax liability attributable to taxable differences, with jurisdictional netting, and liabilities classified as noncurrent and other.
+ References
+ Details
Name: |
us-gaap_DeferredTaxAndOtherLiabilitiesNoncurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionPresent value of lessee's discounted obligation for lease payments from finance lease, classified as current.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 45 -Paragraph 1 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479041/842-20-45-1
+ Details
Name: |
us-gaap_FinanceLeaseLiabilityCurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionPresent value of lessee's discounted obligation for lease payments from finance lease, classified as noncurrent.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 45 -Paragraph 1 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479041/842-20-45-1
+ Details
Name: |
us-gaap_FinanceLeaseLiabilityNoncurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionAmount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 852 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481372/852-10-55-10
Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 24 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482548/350-20-55-24
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(15)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 45 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482598/350-20-45-1
Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482573/350-20-50-1
Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482573/350-20-50-1
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 942 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03(10)(1)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479853/942-210-S99-1
+ Details
Name: |
us-gaap_Goodwill |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionAmount after valuation and LIFO reserves of inventory expected to be sold, or consumed within one year or operating cycle, if longer.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 852 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481372/852-10-55-10
Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 1 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483467/210-10-45-1
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(6)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_InventoryNet |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionSum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481203/810-10-50-3
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 25 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481231/810-10-45-25
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (bb) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481203/810-10-50-3
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(g)(1)(ii)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 28 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482907/825-10-50-28
Reference 7: http://www.xbrl.org/2003/role/exampleRef -Topic 946 -SubTopic 830 -Name Accounting Standards Codification -Section 55 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480167/946-830-55-12
Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-04(14)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479617/946-210-S99-1
Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(i)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(ii)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(iii)(A)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(iv)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(5)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(i)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iii)(A)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iii)(B)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iv)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(5)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 19: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 852 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481404/852-10-50-7
Reference 20: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 852 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481404/852-10-50-7
Reference 21: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 30 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-30
Reference 22: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19-26) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_Liabilities |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionAmount of liabilities and equity items, including the portion of equity attributable to noncontrolling interests, if any.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 852 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481372/852-10-55-10
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03(a)(25)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1
Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(g)(1)(ii)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1
Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3
Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 28 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482907/825-10-50-28
Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03(23)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479853/942-210-S99-1
Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(32)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_LiabilitiesAndStockholdersEquity |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionTotal obligations incurred as part of normal operations that are expected to be paid during the following twelve months or within one business cycle, if longer.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481203/810-10-50-3
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 25 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481231/810-10-45-25
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (bb) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481203/810-10-50-3
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(g)(1)(ii)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 28 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482907/825-10-50-28
Reference 7: http://www.xbrl.org/2003/role/exampleRef -Topic 852 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481372/852-10-55-10
Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483467/210-10-45-5
Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(i)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(ii)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(iii)(A)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(iv)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(5)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(i)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iii)(A)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iii)(B)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iv)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(5)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 19: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 852 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481404/852-10-50-7
Reference 20: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 852 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481404/852-10-50-7
Reference 21: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.21) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_LiabilitiesCurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- References
+ Details
Name: |
us-gaap_LiabilitiesCurrentAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAmount of obligation due after one year or beyond the normal operating cycle, if longer.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(22)) -SubTopic 10 -Topic 210 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481203/810-10-50-3
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 25 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481231/810-10-45-25
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (bb) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481203/810-10-50-3
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(g)(1)(ii)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 28 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482907/825-10-50-28
Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(i)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(ii)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(iii)(A)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(iv)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(5)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(i)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iii)(A)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iii)(B)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iv)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(5)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 18: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 852 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481404/852-10-50-7
Reference 19: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 852 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481404/852-10-50-7
Reference 20: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(23)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 21: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 201.5-02(24)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 22: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 201.5-02(25)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 23: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 201.5-02(26)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_LiabilitiesNoncurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- References
+ Details
Name: |
us-gaap_LiabilitiesNoncurrentAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAmount of equity (deficit) attributable to noncontrolling interest. Excludes temporary equity.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(g)(1)(ii)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 28 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482907/825-10-50-28
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03(a)(24)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-04(19)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479617/946-210-S99-1
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(i)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(iv)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(5)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(i)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iv)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(5)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03(22)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479853/942-210-S99-1
Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.31) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_MinorityInterest |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionPresent value of lessee's discounted obligation for lease payments from operating lease, classified as current.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 45 -Paragraph 1 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479041/842-20-45-1
+ Details
Name: |
us-gaap_OperatingLeaseLiabilityCurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionPresent value of lessee's discounted obligation for lease payments from operating lease, classified as noncurrent.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 45 -Paragraph 1 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479041/842-20-45-1
+ Details
Name: |
us-gaap_OperatingLeaseLiabilityNoncurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionAmount of lessee's right to use underlying asset under operating lease.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 45 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479041/842-20-45-1
+ Details
Name: |
us-gaap_OperatingLeaseRightOfUseAsset |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionAmount of liabilities incurred and payable to vendors for goods and services received classified as other, and expenses incurred but not yet paid, payable within one year or the operating cycle, if longer.
+ References
+ Details
Name: |
us-gaap_OtherAccountsPayableAndAccruedLiabilities |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionAmount of current assets classified as other.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 852 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481372/852-10-55-10
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(8)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_OtherAssetsCurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionAmount after accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business to produce goods and services and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 10 -Topic 360 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482099/360-10-50-1
Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 852 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481372/852-10-55-10
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03(a)(8)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 942 -SubTopic 360 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480842/942-360-50-1
+ Details
Name: |
us-gaap_PropertyPlantAndEquipmentNet |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionAmount of accumulated undistributed earnings (deficit).
+ ReferencesReference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 852 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481372/852-10-55-10
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Section 65 -Paragraph 2 -Subparagraph (g)(2)(i) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480016/944-40-65-2
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Section 65 -Paragraph 2 -Subparagraph (h)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480016/944-40-65-2
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480990/946-20-50-11
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03(a)(23)(a)(4)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-04(17)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479617/946-210-S99-1
Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1
Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(30)(a)(3)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_RetainedEarningsAccumulatedDeficit |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionCarrying amount (including both current and noncurrent portions) of accrued known and estimated losses incurred as of the balance sheet date for which no insurance coverage exists, and for which a claim has been made or is probable of being asserted, typically arising from workmen's compensation-type of incidents and personal injury to nonemployees from accidents on the entity's property.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.24) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_SelfInsuranceReserve |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionReflects the total carrying amount as of the balance sheet date of debt having initial terms less than one year or the normal operating cycle, if longer.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 852 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481372/852-10-55-10
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 944 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03(a)(16)(a)(1)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03(13)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479853/942-210-S99-1
Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(19)(a)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_ShortTermBorrowings |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionAmount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 852 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481372/852-10-55-10
Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 946 -SubTopic 830 -Name Accounting Standards Codification -Section 55 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480167/946-830-55-12
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-04(19)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479617/946-210-S99-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.6-05(4)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479617/946-210-S99-2
Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.6-09(4)(b)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.6-09(6)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.6-09(7)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3
Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(g)(1)(ii)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1
Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3
Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 28 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482907/825-10-50-28
Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(29)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(31)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(30)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 14: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 310 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 4.E) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480418/310-10-S99-2
+ Details
Name: |
us-gaap_StockholdersEquity |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- References
+ Details
Name: |
us-gaap_StockholdersEquityAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAmount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 24 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483421/250-10-45-24
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 23 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483421/250-10-45-23
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 5 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483421/250-10-45-5
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 326 -SubTopic 10 -Name Accounting Standards Codification -Section 65 -Paragraph 5 -Subparagraph (c)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479654/326-10-65-5
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 20 -Name Accounting Standards Codification -Section 65 -Paragraph 6 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480528/815-20-65-6
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 20 -Name Accounting Standards Codification -Section 65 -Paragraph 6 -Subparagraph (h)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480528/815-20-65-6
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 20 -Name Accounting Standards Codification -Section 65 -Paragraph 6 -Subparagraph (h)(1)(i) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480528/815-20-65-6
Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 20 -Name Accounting Standards Codification -Section 65 -Paragraph 6 -Subparagraph (h)(1)(iii) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480528/815-20-65-6
Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 20 -Name Accounting Standards Codification -Section 65 -Paragraph 6 -Subparagraph (h)(1)(iv) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480528/815-20-65-6
Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 20 -Name Accounting Standards Codification -Section 65 -Paragraph 6 -Subparagraph (i)(3) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480528/815-20-65-6
Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 848 -SubTopic 10 -Name Accounting Standards Codification -Section 65 -Paragraph 2 -Subparagraph (a)(3)(iii)(03) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483550/848-10-65-2
Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 105 -SubTopic 10 -Name Accounting Standards Codification -Section 65 -Paragraph 6 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479343/105-10-65-6
Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 105 -SubTopic 10 -Name Accounting Standards Codification -Section 65 -Paragraph 6 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479343/105-10-65-6
Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Section 65 -Paragraph 2 -Subparagraph (f)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480016/944-40-65-2
Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Section 65 -Paragraph 2 -Subparagraph (f)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480016/944-40-65-2
Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 65 -Paragraph 8 -Subparagraph (d)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482615/740-10-65-8
Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 65 -Paragraph 8 -Subparagraph (d)(3) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482615/740-10-65-8
Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 326 -SubTopic 10 -Name Accounting Standards Codification -Section 65 -Paragraph 4 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479654/326-10-65-4
Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 65 -Paragraph 15 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480336/718-10-65-15
Reference 20: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 65 -Paragraph 15 -Subparagraph (f)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480336/718-10-65-15
Reference 21: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 65 -Paragraph 15 -Subparagraph (f)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480336/718-10-65-15
Reference 22: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b)(3) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-1
Reference 23: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 40 -Name Accounting Standards Codification -Section 65 -Paragraph 1 -Subparagraph (e)(3) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480175/815-40-65-1
Reference 24: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-7
Reference 25: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482765/220-10-50-5
Reference 26: http://www.xbrl.org/2003/role/disclosureRef -Topic 830 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481674/830-30-50-1
Reference 27: http://www.xbrl.org/2003/role/disclosureRef -Topic 830 -SubTopic 30 -Name Accounting Standards Codification -Section 45 -Paragraph 17 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481694/830-30-45-17
Reference 28: http://www.xbrl.org/2003/role/disclosureRef -Topic 830 -SubTopic 30 -Name Accounting Standards Codification -Section 45 -Paragraph 20 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481694/830-30-45-20
Reference 29: http://www.xbrl.org/2003/role/exampleRef -Topic 946 -SubTopic 830 -Name Accounting Standards Codification -Section 55 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480167/946-830-55-11
Reference 30: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 205 -Name Accounting Standards Codification -Section 45 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480767/946-205-45-3
Reference 31: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 505 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481004/946-505-50-3
Reference 32: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-04(19)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479617/946-210-S99-1
Reference 33: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.6-05(4)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479617/946-210-S99-2
Reference 34: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.6-09(4)(b)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3
Reference 35: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.6-09(6)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3
Reference 36: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.6-09(7)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3
Reference 37: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1
Reference 38: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(g)(1)(ii)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1
Reference 39: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3
Reference 40: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 28 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482907/825-10-50-28
Reference 41: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481231/810-10-45-15
Reference 42: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 16 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481231/810-10-45-16
Reference 43: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 55 -Paragraph 4I -Publisher FASB -URI https://asc.fasb.org//1943274/2147481175/810-10-55-4I
+ Details
Name: |
us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
v3.24.2
CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares
|
Mar. 31, 2024 |
Dec. 31, 2023 |
Statement of Financial Position [Abstract] |
|
|
Common stock, shares authorized |
100,000,000
|
100,000,000
|
Common stock, par value per share |
$ 0.00001
|
$ 0.00001
|
Common stock, shares issued |
43,500,762
|
43,500,762
|
Common stock, shares outstanding |
43,500,762
|
43,500,762
|
X |
- DefinitionFace amount or stated value per share of common stock.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(29)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_CommonStockParOrStatedValuePerShare |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:perShareItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionThe maximum number of common shares permitted to be issued by an entity's charter and bylaws.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-04(16)(a)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479617/946-210-S99-1
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(29)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_CommonStockSharesAuthorized |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionTotal number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(29)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_CommonStockSharesIssued |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionNumber of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -SubTopic 10 -Topic 505 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-2
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.6-05(4)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479617/946-210-S99-2
Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.6-09(4)(b)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-04(16)(a)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479617/946-210-S99-1
Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.6-09(7)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3
Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(29)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_CommonStockSharesOutstanding |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- References
+ Details
Name: |
us-gaap_StatementOfFinancialPositionAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.24.2
CONSOLIDATED STATEMENTS OF OPERATION (Unaudited) - USD ($)
|
3 Months Ended |
Mar. 31, 2024 |
Mar. 31, 2023 |
NET REVENUES |
|
|
Service income |
$ 3,370,009
|
$ 2,884,549
|
COST OF SERVICES |
|
|
Cost of service income |
(2,227,692)
|
(2,502,728)
|
GROSS PROFIT |
1,142,317
|
381,821
|
OPERATING EXPENSES: |
|
|
General and administrative expenses |
(1,086,562)
|
(731,977)
|
Foreign exchange loss |
(342,296)
|
(87,886)
|
TOTAL OPERATING EXPENSES |
(1,428,858)
|
(819,863)
|
LOSS FROM OPERATIONS |
(286,541)
|
(438,042)
|
OTHER INCOME (EXPENSES): |
|
|
Interest income |
531
|
438
|
Interest expense |
(51,246)
|
(29,632)
|
Change in fair value of embedded derivatives |
708,893
|
(34,752)
|
Finance cost |
(8,809)
|
(4,239)
|
VAT refund |
11,140
|
485
|
Management fee income |
|
32,475
|
Others |
703
|
20,588
|
Total other income (expenses), net |
661,212
|
(14,637)
|
INCOME (LOSS) BEFORE PROVISION FOR INCOME TAXES |
374,671
|
(452,679)
|
INCOME TAXES EXPENSES |
(241)
|
(1,170)
|
NET INCOME (LOSS) |
374,430
|
(453,849)
|
Less: Net loss attributable to the non-controlling interests |
14,835
|
41,163
|
Net income (loss) attributable to the Company shareholders |
$ 389,265
|
$ (412,686)
|
Net loss per share, basic attributable to the Company shareholders |
$ 0.01
|
$ (0.01)
|
Net loss per share, diluted attributable to the Company shareholders |
$ 0.01
|
$ (0.01)
|
Weighted average number of shares outstanding, basic |
43,500,762
|
36,156,130
|
Weighted average number of shares outstanding, diluted |
43,500,762
|
36,156,130
|
X |
- DefinitionThe aggregate cost of goods produced and sold and services rendered during the reporting period.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(g)(1)(ii)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 28 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482907/825-10-50-28
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(i)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(ii)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(iii)(A)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(iv)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(5)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(i)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iii)(A)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iii)(B)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iv)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(5)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 14: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2
+ Details
Name: |
us-gaap_CostOfRevenue |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_CostOfRevenueAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-3
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482635/260-10-55-15
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 40 -Name Accounting Standards Codification -Section 65 -Paragraph 1 -Subparagraph (e)(4) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480175/815-40-65-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 40 -Name Accounting Standards Codification -Section 65 -Paragraph 1 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480175/815-40-65-1
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 11 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-11
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 11 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-11
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-7
Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482689/260-10-45-2
Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 60B -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482689/260-10-45-60B
Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-4
Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482662/260-10-50-1
Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482689/260-10-45-10
Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(25)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2
Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 942 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-04(27)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1
Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04(23)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1
Reference 16: http://www.xbrl.org/2003/role/exampleRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 52 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482635/260-10-55-52
Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482689/260-10-45-7
+ Details
Name: |
us-gaap_EarningsPerShareBasic |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:perShareItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-3
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482635/260-10-55-15
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 40 -Name Accounting Standards Codification -Section 65 -Paragraph 1 -Subparagraph (e)(4) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480175/815-40-65-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 40 -Name Accounting Standards Codification -Section 65 -Paragraph 1 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480175/815-40-65-1
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 11 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-11
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 11 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-11
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-7
Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482689/260-10-45-2
Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 60B -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482689/260-10-45-60B
Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-4
Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482662/260-10-50-1
Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(25)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2
Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 942 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-04(27)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1
Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04(23)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1
Reference 15: http://www.xbrl.org/2003/role/exampleRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 52 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482635/260-10-55-52
Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482689/260-10-45-7
+ Details
Name: |
us-gaap_EarningsPerShareDiluted |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:perShareItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAmount, before tax, of realized and unrealized gain (loss) from foreign currency transaction.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-07(7)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 830 -SubTopic 20 -Name Accounting Standards Codification -Section 35 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482014/830-20-35-1
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 830 -SubTopic 20 -Name Accounting Standards Codification -Section 45 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481956/830-20-45-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 830 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481926/830-20-50-1
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 830 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 17 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481839/830-10-45-17
+ Details
Name: |
us-gaap_ForeignCurrencyTransactionGainLossBeforeTax |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionFor a debtor, the aggregate gain (loss) recognized on the restructuring of payables arises from the difference between the book value of the debt before the restructuring and the fair value of the payments on the debt after restructuring is complete.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b) -SubTopic 60 -Topic 470 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481408/470-60-50-1
+ Details
Name: |
us-gaap_GainsLossesOnRestructuringOfDebt |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionThe aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-07(2)(a)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.4) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2
+ Details
Name: |
us-gaap_GeneralAndAdministrativeExpense |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionAggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(g)(1)(ii)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 28 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482907/825-10-50-28
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(i)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(ii)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(iii)(A)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(iv)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(5)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(i)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iii)(A)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iii)(B)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iv)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(5)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 30 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-30
Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32
Reference 17: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31
Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32
Reference 19: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.1,2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2
+ Details
Name: |
us-gaap_GrossProfit |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionAmount, before tax, of income (loss) attributable to noncontrolling interest. Includes, but is not limited to, income (loss) from continuing operations, discontinued operations and equity method investments.
+ ReferencesReference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482765/220-10-50-6
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.19) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2
+ Details
Name: |
us-gaap_IncomeLossAttributableToNoncontrollingInterest |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionAmount of the cost of borrowed funds accounted for as interest expense.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 946 -SubTopic 830 -Name Accounting Standards Codification -Section 55 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480167/946-830-55-10
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section 45 -Paragraph 3 -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483581/946-220-45-3
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-07(3)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22
Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482925/835-30-45-3
Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-04.9) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (210.5-03(11)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2
Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 835 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483013/835-20-50-1
+ Details
Name: |
us-gaap_InterestExpense |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionAmount before accretion (amortization) of purchase discount (premium) of interest income on nonoperating securities.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.7(b)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2
+ Details
Name: |
us-gaap_InvestmentIncomeInterest |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionAmount of Net Income (Loss) attributable to noncontrolling interest.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-8
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-9
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04(17)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1
Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482765/220-10-50-6
Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1A -Subparagraph (a)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481203/810-10-50-1A
Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 55 -Paragraph 4J -Publisher FASB -URI https://asc.fasb.org//1943274/2147481175/810-10-55-4J
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 1A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-1A
Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 1B -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-1B
+ Details
Name: |
us-gaap_NetIncomeLossAttributableToNoncontrollingInterest |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionThe aggregate amount of income or expense from ancillary business-related activities (that is to say, excluding major activities considered part of the normal operations of the business).
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.7) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2
+ Details
Name: |
us-gaap_NonoperatingIncomeExpense |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_NonoperatingIncomeExpenseAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionGenerally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Includes selling, general and administrative expense.
+ References
+ Details
Name: |
us-gaap_OperatingExpenses |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_OperatingExpensesAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe net result for the period of deducting operating expenses from operating revenues.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 30 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-30
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32
Reference 4: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32
+ Details
Name: |
us-gaap_OperatingIncomeLoss |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionAmount of income (expense) related to nonoperating activities, classified as other.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.9) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2
+ Details
Name: |
us-gaap_OtherNonoperatingIncomeExpense |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionThe consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(g)(1)(ii)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 28 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482907/825-10-50-28
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-1
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 40 -Name Accounting Standards Codification -Section 65 -Paragraph 1 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480175/815-40-65-1
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-8
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-9
Reference 8: http://www.xbrl.org/2003/role/exampleRef -Topic 946 -SubTopic 830 -Name Accounting Standards Codification -Section 55 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480167/946-830-55-11
Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 205 -Name Accounting Standards Codification -Section 45 -Paragraph 3 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480767/946-205-45-3
Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section 45 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483581/946-220-45-7
Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04(16)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1
Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22
Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-07(9)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1
Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.6-09(1)(d)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3
Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 19 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481231/810-10-45-19
Reference 16: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482765/220-10-50-6
Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(i)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 18: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(ii)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(iii)(A)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 20: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(iv)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 21: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(5)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 22: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(i)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 23: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iii)(A)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 24: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iii)(B)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 25: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iv)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 26: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(5)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 27: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 30 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-30
Reference 28: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32
Reference 29: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31
Reference 30: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32
Reference 31: http://www.xbrl.org/2003/role/disclosureRef -Topic 942 -SubTopic 235 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-05(b)(2)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479557/942-235-S99-1
Reference 32: http://www.xbrl.org/2003/role/disclosureRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483499/205-20-50-7
Reference 33: http://www.xbrl.org/2003/role/exampleRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 4J -Publisher FASB -URI https://asc.fasb.org//1943274/2147481175/810-10-55-4J
Reference 34: http://www.xbrl.org/2003/role/exampleRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 4K -Publisher FASB -URI https://asc.fasb.org//1943274/2147481175/810-10-55-4K
Reference 35: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 1A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-1A
Reference 36: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 1B -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-1B
Reference 37: http://www.xbrl.org/2003/role/disclosureRef -Topic 230 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-2
Reference 38: http://www.xbrl.org/2003/role/disclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1A -Subparagraph (a)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481203/810-10-50-1A
Reference 39: http://www.xbrl.org/2003/role/disclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1A -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481203/810-10-50-1A
+ Details
Name: |
us-gaap_ProfitLoss |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionAmount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(g)(1)(ii)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 28 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482907/825-10-50-28
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(1)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(i)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(ii)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(iii)(A)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(iv)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(5)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(i)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iii)(A)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iii)(B)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iv)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(5)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 30 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-30
Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42
Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22
Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32
Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40
Reference 20: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22
Reference 21: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32
Reference 22: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41
Reference 23: http://www.xbrl.org/2003/role/disclosureRef -Topic 942 -SubTopic 235 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-05(b)(2)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479557/942-235-S99-1
+ Details
Name: |
us-gaap_Revenues |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_RevenuesAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482662/260-10-50-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 16 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482689/260-10-45-16
+ Details
Name: |
us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionNumber of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482662/260-10-50-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482689/260-10-45-10
+ Details
Name: |
us-gaap_WeightedAverageNumberOfSharesOutstandingBasic |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
veii_ChangeInFairValueOfEmbeddedDerivatives |
Namespace Prefix: |
veii_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
veii_FinanceCost |
Namespace Prefix: |
veii_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
veii_ManagementFeeIncome |
Namespace Prefix: |
veii_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
v3.24.2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($)
|
3 Months Ended |
Mar. 31, 2024 |
Mar. 31, 2023 |
Income Statement [Abstract] |
|
|
NET INCOME (LOSS) |
$ 374,430
|
$ (453,849)
|
OTHER COMPREHENSIVE INCOME, NET OF TAX: |
|
|
Foreign currency translation adjustment |
17,251
|
41,163
|
TOTAL OTHER COMPREHENSIVE INCOME, NET OF TAX: |
17,251
|
41,163
|
Comprehensive income (loss) |
391,681
|
(412,686)
|
Less: Comprehensive loss (income) attributable to the non- controlling interests |
16,337
|
(10,258)
|
Comprehensive income (loss) attributable to the Company shareholders |
$ 408,018
|
$ (422,944)
|
X |
- DefinitionAmount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(24)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 942 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-04(26)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04(22)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 1A -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-1A
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 1B -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-1B
Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section 45 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-5
+ Details
Name: |
us-gaap_ComprehensiveIncomeNetOfTax |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_ComprehensiveIncomeNetOfTaxAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAmount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income (loss) and other comprehensive income (loss), attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 45 -Paragraph 20 -SubTopic 10 -Topic 810 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481231/810-10-45-20
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(23)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 942 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-04(25)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04(21)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1
Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 21 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481231/810-10-45-21
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 1A -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-1A
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 1B -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-1B
Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 55 -Paragraph 4K -Publisher FASB -URI https://asc.fasb.org//1943274/2147481175/810-10-55-4K
+ Details
Name: |
us-gaap_ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_IncomeStatementAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAmount after tax and reclassification adjustments of other comprehensive income (loss).
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -SubTopic 10 -Topic 505 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-2
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 830 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481674/830-30-50-1
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 830 -SubTopic 30 -Name Accounting Standards Codification -Section 45 -Paragraph 17 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481694/830-30-45-17
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04(19)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1
Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482765/220-10-50-4
Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482765/220-10-50-5
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 830 -SubTopic 30 -Name Accounting Standards Codification -Section 45 -Paragraph 20 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481694/830-30-45-20
Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(21)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2
Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 942 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-04(23)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1
Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 1B -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-1B
Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 55 -Paragraph 15 -SubTopic 10 -Topic 220 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482739/220-10-55-15
Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 1A -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-1A
+ Details
Name: |
us-gaap_OtherComprehensiveIncomeLossNetOfTax |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionAmount of tax expense (benefit) allocated to other comprehensive income (loss) attributable to noncontrolling interest.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 19 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481231/810-10-45-19
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 45 -Paragraph 20 -SubTopic 10 -Topic 810 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481231/810-10-45-20
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1A -Subparagraph (c)(3) -SubTopic 10 -Topic 810 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481203/810-10-50-1A
+ Details
Name: |
us-gaap_OtherComprehensiveIncomeLossTaxPortionAttributableToNoncontrollingInterest |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionThe consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(g)(1)(ii)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 28 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482907/825-10-50-28
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-1
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 40 -Name Accounting Standards Codification -Section 65 -Paragraph 1 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480175/815-40-65-1
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-8
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-9
Reference 8: http://www.xbrl.org/2003/role/exampleRef -Topic 946 -SubTopic 830 -Name Accounting Standards Codification -Section 55 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480167/946-830-55-11
Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 205 -Name Accounting Standards Codification -Section 45 -Paragraph 3 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480767/946-205-45-3
Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section 45 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483581/946-220-45-7
Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04(16)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1
Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22
Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-07(9)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1
Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.6-09(1)(d)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3
Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 19 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481231/810-10-45-19
Reference 16: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482765/220-10-50-6
Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(i)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 18: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(ii)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(iii)(A)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 20: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(iv)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 21: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(5)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 22: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(i)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 23: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iii)(A)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 24: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iii)(B)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 25: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iv)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 26: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(5)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 27: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 30 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-30
Reference 28: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32
Reference 29: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31
Reference 30: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32
Reference 31: http://www.xbrl.org/2003/role/disclosureRef -Topic 942 -SubTopic 235 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-05(b)(2)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479557/942-235-S99-1
Reference 32: http://www.xbrl.org/2003/role/disclosureRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483499/205-20-50-7
Reference 33: http://www.xbrl.org/2003/role/exampleRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 4J -Publisher FASB -URI https://asc.fasb.org//1943274/2147481175/810-10-55-4J
Reference 34: http://www.xbrl.org/2003/role/exampleRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 4K -Publisher FASB -URI https://asc.fasb.org//1943274/2147481175/810-10-55-4K
Reference 35: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 1A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-1A
Reference 36: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 1B -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-1B
Reference 37: http://www.xbrl.org/2003/role/disclosureRef -Topic 230 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-2
Reference 38: http://www.xbrl.org/2003/role/disclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1A -Subparagraph (a)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481203/810-10-50-1A
Reference 39: http://www.xbrl.org/2003/role/disclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1A -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481203/810-10-50-1A
+ Details
Name: |
us-gaap_ProfitLoss |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionAdjustments to temporary equity resulting from foreign currency translation adjustments.
+ References
+ Details
Name: |
us-gaap_TemporaryEquityForeignCurrencyTranslationAdjustments |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
v3.24.2
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (DEFICIT) (Unaudited) - USD ($)
|
Common Stock [Member] |
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
Statutory Reserves [Member] |
AOCI Attributable to Parent [Member] |
Noncontrolling Interest [Member] |
Total |
Beginning balance, value at Dec. 31, 2022 |
$ 362
|
$ 1,340,524
|
$ 849,471
|
$ 11,835
|
$ (76,986)
|
$ 129,537
|
$ 2,254,743
|
Beginning balance, shares at Dec. 31, 2022 |
36,156,130
|
|
|
|
|
|
|
Net income |
|
|
(6,708,664)
|
|
|
(26,247)
|
(6,734,911)
|
Conversion of debt to common shares |
$ 73
|
1,139,803
|
|
|
|
|
1,139,876
|
Conversion of debt to common shares, shares |
7,344,632
|
|
|
|
|
|
|
Foreign currency translation adjustment |
|
|
|
|
13,923
|
(3,461)
|
10,462
|
Ending balance, value at Dec. 31, 2023 |
$ 435
|
2,480,327
|
(5,859,193)
|
11,835
|
(63,063)
|
99,829
|
(3,329,830)
|
Ending balance, shares at Dec. 31, 2023 |
43,500,762
|
|
|
|
|
|
|
Net income |
|
|
389,265
|
|
|
(14,835)
|
374,430
|
Foreign currency translation adjustment |
|
|
|
|
18,753
|
(1,502)
|
17,251
|
Ending balance, value at Mar. 31, 2024 |
$ 435
|
$ 2,480,327
|
$ (5,469,928)
|
$ 11,835
|
$ (44,310)
|
$ 83,492
|
$ (2,938,149)
|
Ending balance, shares at Mar. 31, 2024 |
43,500,762
|
|
|
|
|
|
|
X |
- DefinitionThe portion of profit or loss for the period, net of income taxes, which is attributable to the parent.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(g)(1)(ii)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 28 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482907/825-10-50-28
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482765/220-10-50-6
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-3
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-1
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 40 -Name Accounting Standards Codification -Section 65 -Paragraph 1 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480175/815-40-65-1
Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-8
Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-9
Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 11 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-11
Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 11 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-11
Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-4
Reference 13: http://www.xbrl.org/2003/role/exampleRef -Topic 946 -SubTopic 830 -Name Accounting Standards Codification -Section 55 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480167/946-830-55-10
Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section 45 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483581/946-220-45-7
Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04(18)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1
Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22
Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-07(9)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1
Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.6-09(1)(d)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3
Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(i)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 20: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(ii)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 21: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(iii)(A)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 22: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(iv)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 23: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(5)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 24: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(i)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 25: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iii)(A)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 26: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iii)(B)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 27: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iv)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 28: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(5)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 29: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 30 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-30
Reference 30: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32
Reference 31: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 60B -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482689/260-10-45-60B
Reference 32: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31
Reference 33: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32
Reference 34: http://www.xbrl.org/2003/role/disclosureRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483499/205-20-50-7
Reference 35: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 230 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 28 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-28
Reference 36: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 1A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-1A
Reference 37: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 1B -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-1B
Reference 38: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(20)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2
Reference 39: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-04(22)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1
+ Details
Name: |
us-gaap_NetIncomeLoss |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionAmount of tax expense (benefit), before reclassification adjustments of gain (loss) on foreign currency translation adjustments, foreign currency transactions designated and effective as economic hedges of a net investment in a foreign entity and intra-entity foreign currency transactions that are of a long-term-investment nature.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 45 -Paragraph 10A -Subparagraph (a) -SubTopic 10 -Topic 220 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-10A
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 45 -Paragraph 12 -SubTopic 10 -Topic 220 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-12
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 830 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481839/830-10-45-9
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 830 -SubTopic 20 -Name Accounting Standards Codification -Section 45 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481956/830-20-45-5
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 830 -SubTopic 30 -Name Accounting Standards Codification -Section 45 -Paragraph 21 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481694/830-30-45-21
+ Details
Name: |
us-gaap_OtherComprehensiveIncomeForeignCurrencyTranslationGainLossArisingDuringPeriodTax |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionNumber of shares issued which are neither cancelled nor held in the treasury.
+ References
+ Details
Name: |
us-gaap_SharesOutstanding |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionAmount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 24 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483421/250-10-45-24
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 23 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483421/250-10-45-23
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 5 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483421/250-10-45-5
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 326 -SubTopic 10 -Name Accounting Standards Codification -Section 65 -Paragraph 5 -Subparagraph (c)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479654/326-10-65-5
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 20 -Name Accounting Standards Codification -Section 65 -Paragraph 6 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480528/815-20-65-6
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 20 -Name Accounting Standards Codification -Section 65 -Paragraph 6 -Subparagraph (h)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480528/815-20-65-6
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 20 -Name Accounting Standards Codification -Section 65 -Paragraph 6 -Subparagraph (h)(1)(i) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480528/815-20-65-6
Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 20 -Name Accounting Standards Codification -Section 65 -Paragraph 6 -Subparagraph (h)(1)(iii) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480528/815-20-65-6
Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 20 -Name Accounting Standards Codification -Section 65 -Paragraph 6 -Subparagraph (h)(1)(iv) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480528/815-20-65-6
Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 20 -Name Accounting Standards Codification -Section 65 -Paragraph 6 -Subparagraph (i)(3) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480528/815-20-65-6
Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 848 -SubTopic 10 -Name Accounting Standards Codification -Section 65 -Paragraph 2 -Subparagraph (a)(3)(iii)(03) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483550/848-10-65-2
Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 105 -SubTopic 10 -Name Accounting Standards Codification -Section 65 -Paragraph 6 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479343/105-10-65-6
Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 105 -SubTopic 10 -Name Accounting Standards Codification -Section 65 -Paragraph 6 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479343/105-10-65-6
Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Section 65 -Paragraph 2 -Subparagraph (f)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480016/944-40-65-2
Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Section 65 -Paragraph 2 -Subparagraph (f)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480016/944-40-65-2
Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 65 -Paragraph 8 -Subparagraph (d)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482615/740-10-65-8
Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 65 -Paragraph 8 -Subparagraph (d)(3) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482615/740-10-65-8
Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 326 -SubTopic 10 -Name Accounting Standards Codification -Section 65 -Paragraph 4 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479654/326-10-65-4
Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 65 -Paragraph 15 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480336/718-10-65-15
Reference 20: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 65 -Paragraph 15 -Subparagraph (f)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480336/718-10-65-15
Reference 21: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 65 -Paragraph 15 -Subparagraph (f)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480336/718-10-65-15
Reference 22: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b)(3) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-1
Reference 23: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 40 -Name Accounting Standards Codification -Section 65 -Paragraph 1 -Subparagraph (e)(3) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480175/815-40-65-1
Reference 24: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-7
Reference 25: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482765/220-10-50-5
Reference 26: http://www.xbrl.org/2003/role/disclosureRef -Topic 830 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481674/830-30-50-1
Reference 27: http://www.xbrl.org/2003/role/disclosureRef -Topic 830 -SubTopic 30 -Name Accounting Standards Codification -Section 45 -Paragraph 17 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481694/830-30-45-17
Reference 28: http://www.xbrl.org/2003/role/disclosureRef -Topic 830 -SubTopic 30 -Name Accounting Standards Codification -Section 45 -Paragraph 20 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481694/830-30-45-20
Reference 29: http://www.xbrl.org/2003/role/exampleRef -Topic 946 -SubTopic 830 -Name Accounting Standards Codification -Section 55 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480167/946-830-55-11
Reference 30: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 205 -Name Accounting Standards Codification -Section 45 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480767/946-205-45-3
Reference 31: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 505 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481004/946-505-50-3
Reference 32: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-04(19)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479617/946-210-S99-1
Reference 33: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.6-05(4)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479617/946-210-S99-2
Reference 34: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.6-09(4)(b)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3
Reference 35: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.6-09(6)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3
Reference 36: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.6-09(7)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3
Reference 37: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1
Reference 38: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(g)(1)(ii)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1
Reference 39: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3
Reference 40: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 28 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482907/825-10-50-28
Reference 41: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481231/810-10-45-15
Reference 42: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 16 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481231/810-10-45-16
Reference 43: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 55 -Paragraph 4I -Publisher FASB -URI https://asc.fasb.org//1943274/2147481175/810-10-55-4I
+ Details
Name: |
us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- References
+ Details
Name: |
veii_ConversionOfDebtToCommonShares |
Namespace Prefix: |
veii_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
veii_ConversionOfDebtToCommonSharesShares |
Namespace Prefix: |
veii_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.24.2
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
|
3 Months Ended |
Mar. 31, 2024 |
Mar. 31, 2023 |
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
Net income (loss) |
$ 374,430
|
$ (453,849)
|
Adjustments to reconcile net loss to cash used in operating activities: |
|
|
Depreciation |
60,861
|
61,347
|
Amortization |
160,900
|
109,362
|
Noncash operating lease expense |
8,809
|
4,239
|
Change in fair value of embedded derivatives |
(708,893)
|
34,752
|
Deferred income taxes |
(34)
|
(702)
|
Changes in operating assets and liabilities |
|
|
Accounts receivable |
491,023
|
(86,123)
|
Other receivables and prepayments |
(139,649)
|
82,787
|
Amounts due from related parties |
400,489
|
(107,566)
|
Inventories |
64,954
|
(4,026)
|
Operating lease right-of-use assets |
(487,156)
|
(12,185)
|
Accounts payable |
(1,088,051)
|
(161,476)
|
Other payables and accrued liabilities |
185,189
|
22,100
|
Deferred income |
189,432
|
15,729
|
Amounts due to related parties |
(175,488)
|
(6,079)
|
Operating lease liabilities |
318,185
|
(92,191)
|
Net cash used in operating activities |
(344,999)
|
(593,881)
|
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
Purchase of plant and equipment |
(99,460)
|
(71,694)
|
Acquisition of a subsidiary |
60,355
|
|
Net cash used in investing activities |
(39,105)
|
(71,694)
|
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
Proceeds from convertible loan |
|
1,500,000
|
Repayment of finance lease liability |
(7,130)
|
(5,889)
|
Repayment of bank loan from an affiliate |
|
(501,117)
|
Net cash (used in) provided by financing activities |
(7,130)
|
992,994
|
EFFECT OF EXCHANGE RATE ON CASH |
19,880
|
99,877
|
(DECREASE) INCREASE IN CASH |
(371,354)
|
427,296
|
CASH, beginning of period |
886,467
|
208,776
|
CASH, end of period |
515,113
|
636,072
|
NON-CASH INVESTING AND FINANCING ACTIVITIES |
|
|
ROU asset acquired with operating lease liability |
253,834
|
|
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION |
|
|
Cash paid for income taxes |
(241)
|
(1,170)
|
Cash paid for interest expenses |
$ (51,246)
|
$ (29,632)
|
X |
- DefinitionThe aggregate amount of recurring noncash expense charged against earnings in the period to allocate the cost of assets over their estimated remaining economic lives.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 45 -Paragraph 28 -Subparagraph (b) -SubTopic 10 -Topic 230 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-28
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph (a)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482665/350-30-50-2
+ Details
Name: |
us-gaap_AdjustmentForAmortization |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAmount of cash and cash equivalents, and cash and cash equivalents restricted to withdrawal or usage. Excludes amount for disposal group and discontinued operations. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits. Cash equivalents include, but are not limited to, short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 230 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482913/230-10-50-8
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 230 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 24 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-24
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-4
+ Details
Name: |
us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionAmount of increase (decrease) in cash, cash equivalents, and cash and cash equivalents restricted to withdrawal or usage; including effect from exchange rate change. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits. Cash equivalents include, but are not limited to, short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 230 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 24 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-24
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 45 -Paragraph 1 -SubTopic 230 -Topic 830 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481877/830-230-45-1
+ Details
Name: |
us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionThe amount of expense recognized in the current period that reflects the allocation of the cost of tangible assets over the assets' useful lives. Includes production and non-production related depreciation.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 45 -Paragraph 28 -Subparagraph (b) -SubTopic 10 -Topic 230 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-28
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482099/360-10-50-1
+ Details
Name: |
us-gaap_Depreciation |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionAmount of increase (decrease) from effect of exchange rate changes on cash and cash equivalents, and cash and cash equivalents restricted to withdrawal or usage; held in foreign currencies. Excludes amounts for disposal group and discontinued operations. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits. Cash equivalents include, but are not limited to, short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 830 -SubTopic 230 -Name Accounting Standards Codification -Section 45 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481877/830-230-45-1
+ Details
Name: |
us-gaap_EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionThe increase (decrease) during the reporting period in the aggregate amount of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 45 -Paragraph 28 -Subparagraph (a) -SubTopic 10 -Topic 230 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-28
+ Details
Name: |
us-gaap_IncreaseDecreaseInAccountsPayable |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionThe increase (decrease) during the reporting period in amount due within one year (or one business cycle) from customers for the credit sale of goods and services.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 45 -Paragraph 28 -Subparagraph (a) -SubTopic 10 -Topic 230 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-28
+ Details
Name: |
us-gaap_IncreaseDecreaseInAccountsReceivable |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionChange during the period in carrying value for all deferred liabilities due within one year or operating cycle.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 45 -Paragraph 28 -Subparagraph (a) -SubTopic 10 -Topic 230 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-28
+ Details
Name: |
us-gaap_IncreaseDecreaseInDeferredLiabilities |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionThe increase (decrease) during the reporting period in the aggregate value of all inventory held by the reporting entity, associated with underlying transactions that are classified as operating activities.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 45 -Paragraph 28 -Subparagraph (a) -SubTopic 10 -Topic 230 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-28
+ Details
Name: |
us-gaap_IncreaseDecreaseInInventories |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_IncreaseDecreaseInOperatingCapitalAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAmount of increase (decrease) in obligation for operating lease.
+ ReferencesReference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 230 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 28 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-28
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Subparagraph (g)(1) -SubTopic 20 -Topic 842 -Publisher FASB -URI https://asc.fasb.org//1943274/2147478964/842-20-50-4
+ Details
Name: |
us-gaap_IncreaseDecreaseInOperatingLeaseLiability |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionThe increase (decrease) during the reporting period in other expenses incurred but not yet paid.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 45 -Paragraph 28 -Subparagraph (a) -SubTopic 10 -Topic 230 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-28
+ Details
Name: |
us-gaap_IncreaseDecreaseInOtherAccruedLiabilities |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionAmount of increase (decrease) in receivables classified as other.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 45 -Paragraph 28 -Subparagraph (a) -SubTopic 10 -Topic 230 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-28
+ Details
Name: |
us-gaap_IncreaseDecreaseInOtherReceivables |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionAmount of cash paid for interest, excluding capitalized interest, classified as operating activity. Includes, but is not limited to, payment to settle zero-coupon bond for accreted interest of debt discount and debt instrument with insignificant coupon interest rate in relation to effective interest rate of borrowing attributable to accreted interest of debt discount.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 230 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 17 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-17
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 230 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 25 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-25
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 230 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482913/230-10-50-2
+ Details
Name: |
us-gaap_InterestPaidNet |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionAmount of cash inflow (outflow) from financing activities, including discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 230 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 24 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-24
+ Details
Name: |
us-gaap_NetCashProvidedByUsedInFinancingActivities |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAmount of cash inflow (outflow) from investing activities, including discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 230 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 24 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-24
+ Details
Name: |
us-gaap_NetCashProvidedByUsedInInvestingActivities |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAmount of cash inflow (outflow) from operating activities, including discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 230 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 28 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-28
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 230 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 24 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-24
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 230 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-25
+ Details
Name: |
us-gaap_NetCashProvidedByUsedInOperatingActivities |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_NoncashInvestingAndFinancingItemsAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe cash outflow associated with the acquisition of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale; includes cash outflows to pay for construction of self-constructed assets.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 230 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 13 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-13
+ Details
Name: |
us-gaap_PaymentsToAcquirePropertyPlantAndEquipment |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionThe cash inflow from the issuance of a long-term debt instrument which can be exchanged for a specified amount of another security, typically the entity's common stock, at the option of the issuer or the holder.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 14 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-14
+ Details
Name: |
us-gaap_ProceedsFromConvertibleDebt |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionThe consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(g)(1)(ii)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 28 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482907/825-10-50-28
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-1
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 40 -Name Accounting Standards Codification -Section 65 -Paragraph 1 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480175/815-40-65-1
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-8
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-9
Reference 8: http://www.xbrl.org/2003/role/exampleRef -Topic 946 -SubTopic 830 -Name Accounting Standards Codification -Section 55 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480167/946-830-55-11
Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 205 -Name Accounting Standards Codification -Section 45 -Paragraph 3 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480767/946-205-45-3
Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section 45 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483581/946-220-45-7
Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04(16)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1
Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22
Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-07(9)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1
Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.6-09(1)(d)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3
Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 19 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481231/810-10-45-19
Reference 16: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482765/220-10-50-6
Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(i)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 18: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(ii)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(iii)(A)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 20: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(iv)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 21: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(5)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 22: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(i)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 23: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iii)(A)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 24: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iii)(B)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 25: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iv)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 26: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(5)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 27: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 30 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-30
Reference 28: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32
Reference 29: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31
Reference 30: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32
Reference 31: http://www.xbrl.org/2003/role/disclosureRef -Topic 942 -SubTopic 235 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-05(b)(2)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479557/942-235-S99-1
Reference 32: http://www.xbrl.org/2003/role/disclosureRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483499/205-20-50-7
Reference 33: http://www.xbrl.org/2003/role/exampleRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 4J -Publisher FASB -URI https://asc.fasb.org//1943274/2147481175/810-10-55-4J
Reference 34: http://www.xbrl.org/2003/role/exampleRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 4K -Publisher FASB -URI https://asc.fasb.org//1943274/2147481175/810-10-55-4K
Reference 35: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 1A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-1A
Reference 36: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 1B -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-1B
Reference 37: http://www.xbrl.org/2003/role/disclosureRef -Topic 230 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-2
Reference 38: http://www.xbrl.org/2003/role/disclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1A -Subparagraph (a)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481203/810-10-50-1A
Reference 39: http://www.xbrl.org/2003/role/disclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1A -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481203/810-10-50-1A
+ Details
Name: |
us-gaap_ProfitLoss |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
veii_AcquisitionOfSubsidiary |
Namespace Prefix: |
veii_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
veii_ChangeInFairValueOfEmbeddedDerivatives |
Namespace Prefix: |
veii_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
veii_NoncashOperatingLeaseExpense |
Namespace Prefix: |
veii_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
veii_OperatingLeaseRightOfUseAssets |
Namespace Prefix: |
veii_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
veii_RepaymentOfBankLoanFromAffiliate |
Namespace Prefix: |
veii_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
veii_RepaymentOfFinanceLeaseLiability |
Namespace Prefix: |
veii_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
veii_RouAssetAcquiredWithOperatingLeaseLiability |
Namespace Prefix: |
veii_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
v3.24.2
Nature of Operations and Continuance of Business
|
3 Months Ended |
Mar. 31, 2024 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Nature of Operations and Continuance of Business |
| 1. | Nature of Operations and Continuance of Business |
Value Exchange International, Inc.
("VEII", "Company", "we" or "us") was incorporated
in the State of Nevada on June 26, 2007. The Company’s principal business, conducted through its operating subsidiaries,
is to provide customer-centric solutions for the retail industry in China, Hong Kong SAR and Manila, Philippines. By integrating market-leading
Point-of-Sale/Point-of-Interaction ("POS/POI"), Merchandising, Customer Relations Management or "CRM"
and related rewards, Locational Based (Global Positing System ("GPS") and Indoor Positioning System ("IPS"))
Marketing, Customer Analytics and Business Intelligence solutions, VEII provides retailers with the capability to offer a consistent shopping
experience across all marketing and sales channels, enabling them to easily and effectively manage the customer lifecycle on a one-to-one
basis. VEII promotes itself as a single information technology ("IT") source for retailers who want to extend existing
traditional transaction processing to multiple points of interaction, including the Internet, kiosks and wireless devices. VEII services
are focused on helping retailers realize the full benefits of Customer Chain Management with its suite of solutions that focus on the
customer, on employees, and the infrastructure that supports the selling channel. VEII’s retail solutions are installed
in an estimated 30%-40% of POS/POI-suitable retailers in Hong Kong and Manila, Philippines, processing tens of millions of transactions
a year. Company is headquartered in Hong Kong and with offices in Shenzhen, Guangzhou, Shanghai, Beijing, China; Manila, Philippines;
and Kuala Lumpur, Malaysia.
On January 1, 2014, VEII received 100%
of the issued and outstanding shares of in Value Exchange Int’l (China) Limited ("VEI CHN") in exchange
for i) newly issued 12,000,000 shares of VEII’s common stock to the majority stockholder of VEI CHN; and ii) 166,667 shares
of our common stock held by VEI CHN to be transferred to the majority stockholder of VEI CHN ("Share Exchange").
This transaction resulted in the owners of VEI CHN obtaining a majority voting interest in VEII. The merger of VEI CHN into VEII, which
has nominal net assets, resulted in VEI CHN having control of the combined entities.
For financial reporting purposes, the
transaction represents a "reverse merger" rather than a business combination and VEII is deemed to be the accounting acquiree
in the transaction. The transaction is being accounted for as a reverse merger and recapitalization. VEII is the legal acquirer but accounting
acquiree for financial reporting purposes and VEI CHN is the acquired company but accounting acquirer. Consequently, the assets and liabilities
and the operations that will be reflected in the historical financial statements prior to the transaction will be those of VEI CHN and
will be recorded at the historical cost basis of VEI CHN, and no goodwill will be recognized in this transaction. The consolidated financial
statements after completion of the transaction will include the assets and liabilities of VEI CHN and VEII, and the historical operations
of VEII and the combined operations of VEI CHN from the initial closing date of the transaction.
The Company provides IT Business’
services and solutions to the retail sector through three operating subsidiaries located in Hong Kong SAR and People’s Republic
of China ("PRC").
On September 2, 2008 VEI CHN established
its first operating subsidiary, Value Exchange Int’l (Shanghai) Limited ("VEI SHG") in Shanghai,
PRC, under the laws of the PRC. VEI SHG engages in software development, trading and servicing of computer hardware and software activities.
On September 25, 2008, VEI CHN acquired
its second operating subsidiary, TAP Services (HK) Limited in Hong Kong which subsequently changed its name to Value Exchange Int’l
(Hong Kong) Limited ("VEI HKG") on May 14, 2013. VEI HKG engages in software development, trading and servicing
of computer hardware and software activities.
On May 14, 2013, VEI CHN further established
another operating subsidiary, Ke Dao Solutions Limited in Hong Kong, which subsequently changed its name to Cumberbuy.com Limited ("CUMBERBUY")
on May 26, 2017. CUMBERBUY conducts consultancy services for IT Services and Solutions activities. On May 21, 2018, VEI CHN disposed of
CUCUMBUY with consideration of HK$1.
In January 2017, VEI CHN acquired 100%
of the capital stock of TapServices, Inc., a corporation organized under the laws of the Republic of the Philippines (the "TSI").
TSI engages in software development, trading and servicing of computer hardware and software activities in Philippines. TSI is operated
as a subsidiary of VEI CHN. Prior to and continuing after the acquisition, TSI relied on VEI CHN for provision of IT services.
In January 2019, VEI SHG established
an operating subsidiary, Value Exchange Int’l (Hunan) Limited ("VEI HN") in Hunan, PRC, under the
laws of the PRC. VEI HN engages in IT service call-center activities.
In February 2020, VEI SHG established
an operating subsidiary, Shanghai Zhaonan Hengan Information Technology Co., Limited ("SZH") in Shanghai, PRC,
under the laws of the PRC. SZH engages in IT services.
In July 2021, VEI CHN established in
an associate, Smart Reward Express Limited ("SRE") in Hong Kong. SRE is inactive since its establishment.
In January 2022, VEI HKG established
an operating subsidiary, Haomeng Technology (Shenzhen) Co., Limited. ("HTS") in Shenzhen, PRC, under the laws of
the PRC. HTS engages in IT services.
On January 2, 2024, VEI CHN acquired
100% of the capital stock of Value E Consultant International (M) Sdn. Bhd, a company established in Malaysia (the "Value
E"). Value E engages in software development, trading and servicing of computer hardware and software activities in Malaysia.
Value E is operated as a subsidiary of VEI CHN.
As of March 31, 2024, the Company held
six wholly-owned subsidiaries, and two subsidiaries with 51% ownership. Company establishes operating subsidiaries when a perceived or
actual opportunity for business is deemed to be most efficiently handled by a local operating subsidiary.
|
X |
- DefinitionThe entire disclosure for the nature of an entity's business, major products or services, principal markets including location, and the relative importance of its operations in each business and the basis for the determination, including but not limited to, assets, revenues, or earnings. For an entity that has not commenced principal operations, disclosures about the risks and uncertainties related to the activities in which the entity is currently engaged and an understanding of what those activities are being directed toward.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 275 -Publisher FASB -URI https://asc.fasb.org//275/tableOfContent
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -SubTopic 10 -Topic 275 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482861/275-10-50-1
+ Details
Name: |
us-gaap_NatureOfOperations |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.24.2
Summary of Significant Accounting Policies
|
3 Months Ended |
Mar. 31, 2024 |
Accounting Policies [Abstract] |
|
Summary of Significant Accounting Policies |
| 2. | Summary of Significant Accounting Policies |
The accompanying consolidated financial
statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S.
GAAP"), and include the financial statements of the Company and all its wholly-owned subsidiaries that require consolidation.
All material intercompany transactions and balances have been eliminated in the consolidation. The Company’s fiscal year
end is December 31st. The following entities were consolidated as of March 31, 2024:
Schedule of consolidated entities |
|
|
|
|
|
|
Place of incorporation |
|
Ownership percentage |
Value Exchange International, Inc. |
|
USA |
|
Parent Company |
Value Exchange Int’l (China) Limited |
|
Hong Kong |
|
100% |
Value Exchange Int’l (Shanghai) Limited |
|
PRC |
|
100% |
Value Exchange Int’l (Hong Kong) Limited |
|
Hong Kong |
|
100% |
TapServices, Inc. |
|
Philippines |
|
100% |
Value Exchange Int’l (Hunan) Limited |
|
PRC |
|
51% |
Shanghai Zhaonan Hengan Information Technology Co.,
Ltd. |
|
PRC |
|
51% |
Haomeng Technology (Shenzhen) Co., Limited |
|
PRC |
|
100% |
Value E Consultant International (M) Sdn. Bhd |
|
Malaysia |
|
100% |
These financial statements have been
prepared in accordance with generally accepted accounting principles applicable to a going concern, which assumes that the Company will
be able to meet its obligations and continue its operations for its next fiscal year. Realization values may be substantially different
from carrying values as shown and these financial statements do not give effect to adjustments that would be necessary to the carrying
values and classification of assets and liabilities should the Company be unable to continue as a going concern. The Company has an operating
loss of $286,541 for the three months period ended March 31, 2024, has an accumulated deficit of $5,469,928 and has only cash reserves
of $515,113 as of March 31, 2024. Management has evaluated the significance of the conditions in relation to the Company’s
ability to meet its obligations and believes that its current cash balance along with its current operations will not provide sufficient
capital to continue as a going concern. The Company’s ability to continue as a going concern is dependent upon achieving
sales growth, management of operating expenses and ability of the Company to obtain the necessary financing to meet its obligations and
pay its liabilities arising from normal business operations when they come due, and upon profitable operations.
The Company has relied on debt funding
to pay for operating expenses and business development efforts in 2024 that were not covered by operating revenues. If the Company continues
to incur operating losses as incurred within twelve months of filing date and does not significantly increase its cash reserves, and if
the Company does not also receive additional funding from existing lenders or from other sources to provide the working capital needed
to cover those continuing operating losses, then the Company would be forced to reduce its operating expenses and business development
efforts and the issue of the Company as a going concern may arise. While the existing lenders of the Company and Company's majority shareholder
are affiliated, there can be no assurance of additional debt or equity funding for the Company from the existing lenders or the majority
shareholder. In considering our forecast for the next twelve months and the current cash and working capital as of the filing of this
Form 10-Q, such matters create a substantial doubt regarding the Company’s ability to meet their financial needs and continue
as a going concern.
These financial statements do not include
any adjustments relating to the recoverability and classification of recorded asset amounts, or amounts and classification of liabilities
that might result from this uncertainty.
Preparing consolidated financial statements
in conformity with U.S. GAAP requires management to make estimates and assumptions affecting the reported amounts of assets and liabilities
and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and
expenses during the reporting period. The more significant areas requiring using management’s estimates and assumptions
relate to the collectability of its receivables, the fair value and accounting treatment of financial instruments, the valuation of long-lived
assets and valuation of deferred tax liabilities. Management bases its estimates on historical experience and on various other assumptions
that are believed to be reasonable under the circumstances. Accordingly, actual results may differ significantly from these estimates.
In addition, different assumptions or circumstances could reasonably be expected to yield different results.
| d) | Cash and Cash Equivalents |
For purposes of the cash flow statements,
the Company considers all highly liquid investments with original maturities of three months or less at the time of purchase to be cash
equivalents. Cash includes cash on hand and demand deposits in accounts maintained with financial institutions or state-owned banks within
the PRC and Hong Kong.
| e) | Interim Financial Statements |
These interim unaudited consolidated
financial statements have been prepared on the same basis as the annual financial statements and in the opinion of management, reflect
all adjustments, which include only normal recurring adjustments, necessary to present fairly the Company’s consolidated
financial position, results of operations and cash flows for the periods shown. The results of operations for such periods are not necessarily
indicative of the results expected for a full year or for any future period.
| f) | Accounts receivable, other receivables, and current expected credit losses |
Receivables include trade accounts
due from customers and other receivables such as cash advances to employees, utility deposits paid and advances to suppliers. Management
reviews the composition of accounts receivable and analyzes historical bad debts, customer concentration, customer credit worthiness,
current economic trends and changes in customer payment patterns to determine if the allowance for credit losses is adequate. An estimate
for credit losses is made when collection of the full amount is no longer probable. Delinquent account balances are written-off after
management has determined that the likelihood of collection is not probable and known bad debts are written off against the allowance
for doubtful accounts when identified. As of March 31, 2024 and December 31, 2023, allowance for uncollectible accounts receivable amounts
to $155,301 and $155,301, respectively; and there was no allowance for uncollectible other receivables. Management believes that the remaining
accounts receivable and other receivables are collectable.
The company evaluated the accounting
standards update related to the Current Expected Credit Losses ("CECL") and adequate allowance for uncollectible
accounts receivable have been made during 2024.
Inventories are valued at the lower
of cost and net realizable value. Cost for inventories is determined using the "first-in, first-out" method. Cost is defined as the cost to acquire products, cost of conversion
and other related costs to bring inventory to present location and condition. Net realizable value is defined as estimated selling prices
in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation.
Management reviews inventories for
obsolescence or cost in excess of net realizable value periodically. The obsolescence, if any, is recorded as a provision against the
inventory. The cost in excess of market value is written off and recorded as additional cost of sales.
Plant and equipment is stated at cost
less accumulated depreciation and accumulated impairment losses, if any. Expenditures for maintenance and repairs are charged to earnings
as incurred. Major additions are capitalized. When assets are retired or otherwise disposed of, the related cost and accumulated depreciation
are removed from the respective accounts, and any gain or loss is included in operations. Depreciation of plant and equipment is provided
using the straight-line method for substantially all assets with estimated lives as follows:
Schedule of estimated use full life of plant and equipment |
|
|
|
|
Estimated Useful Life |
Leasehold improvements |
|
Lesser of lease term or the estimated
useful lives of
5 years |
Computer equipment |
|
5 years |
Computer software |
|
5 years |
Office furniture and equipment |
|
5 years |
Motor Vehicle |
|
3 years |
Building |
|
5 years |
Goodwill represents the excess of the cost of acquisition
over the fair value of net assets acquired. Goodwill is not amortized, but is instead tested for impairment annually.
| j) | Impairment of long-lived assets |
Property, Plant, and Equipment
The Company evaluates long-lived assets,
including equipment, for impairment at least once per year and whenever events or changes in circumstances indicate that the carrying
value may not be recoverable from its estimated future cash flows. Based on the existence of one or more indicators of impairment, the
Company measures any impairment of long-lived assets by comparing the asset's estimated fair value with its carrying value, based on cash
flow methodology. If the net book value of the asset exceeds the related undiscounted cash flows, the asset is considered impaired and
an impairment loss equal to an amount by which the carrying value exceeds the fair value of the asset is recognized.
Impairment of Goodwill
The carrying value of goodwill is evaluated
annually or more frequently if events or circumstances indicate that an impairment loss may have occurred. Such circumstances could include,
but are not limited to, a significant adverse change in business climate, increased competition or other economic conditions. Under FASB
Accounting Standard Codification (ASC) Topic 350 "Intangibles - Goodwill and Other", goodwill is tested at a reporting
unit level. The impairment test involves a two-step process. The first step involves comparing the fair value of the reporting unit to
which the goodwill is assigned to its carrying amount. If this comparison indicates that a reporting unit’s estimated fair
value is less than its carrying value, a second step is required. If applicable, the second step requires us to allocate the estimated
fair value of the reporting unit to the estimated fair value of the reporting unit’s net assets, with any fair value in
excess of amounts allocated to such net assets representing the implied fair value of goodwill for that reporting unit. If the carrying
value of the goodwill exceeds its fair value, the carrying value is written down by an amount equal to such excess.
The goodwill impairment testing process
involves the use of significant assumptions, estimates and judgments, and is subject to inherent uncertainties and subjectivity. Estimating
a reporting unit’s discounted cash flows involves the use of significant assumptions, estimates and judgments with respect
to a variety of factors, including sales, gross margin and selling, general and administrative rates, capital expenditures, cash flows
and the selection of an appropriate discount rate. Projected sales, gross margin and selling, general and administrative expense rate
assumptions and capital expenditures are based on our annual business plans and other forecasted results. Discount rates reflect market-based
estimates of the risks associated with the projected cash flows of the reporting unit directly resulting from the use of its assets in
its operations. These estimates are based on the best information available to us as of the date of the impairment assessment.
| k) | Fair value of financial instruments |
ASC Topic 820, Fair Value Measurement
and Disclosures, defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit
price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on
the measurement date. This topic also establishes a fair value hierarchy which requires classification based on observable and unobservable
inputs when measuring fair value. The fair value hierarchy distinguishes between assumptions based on market data (observable inputs)
and an entity’s own assumptions (unobservable inputs). The hierarchy consists of three levels:
Level one — |
Quoted market prices in active markets for identical assets or liabilities; |
Level two — |
Inputs other than level one inputs that are either directly or indirectly observable; and |
Level three — |
Unobservable inputs developed using estimates and assumptions, which are developed by the reporting entity and reflect those assumptions that a market participant would use. |
Determining which category an asset
or liability falls within the hierarchy requires significant judgment. The Company evaluates its hierarchy disclosures each quarter. The
following table represents the fair value hierarchy for the Company’s financial assets and liabilities measured at fair
value on a recurring basis as of:
Schedule of measured at fair value on a recurring basis | |
| | | |
| | | |
| | | |
| | |
| |
March 31, 2024 | |
| |
Level 1 | | |
Level 2 | | |
Level 3 | | |
Total | |
| |
US$ | | |
US$ | | |
US$ | | |
US$ | |
Liabilities: | |
| | |
| | |
| | |
| |
Convertible loan and its fair value for the derivative portion (See Note 12) | |
| - | | |
| - | | |
| 352,389 | | |
| 352,389 | |
| |
December 31, 2023 | |
| |
Level 1 | | |
Level 2 | | |
Level 3 | | |
Total | |
| |
US$ | | |
US$ | | |
US$ | | |
US$ | |
Liabilities: | |
| | |
| | |
| | |
| |
Convertible loan and its fair value for the derivative portion (See Note 12) | |
| - | | |
| - | | |
| 1,061,282 | | |
| 1,061,282 | |
As of March 31, 2024 and December
31, 2023, the fair values of the Company’s cash and cash equivalents, accounts receivable, inventory, accounts payable, other
receivables and prepayments, other payables and accrued liabilities, and balances with related parties approximated the carrying
values of these instruments presented in the Company’s consolidated balance sheets due to the short maturities of these
instruments.
U.S. GAAP generally requires that recognized
revenue, expenses, gains and losses be included in net income or loss. Although certain changes in assets and liabilities are reported
as separate components of the equity section of the consolidated balance sheet, such items, along with net income, are components of comprehensive
income or loss. The components of other comprehensive income or loss consist of foreign currency translation adjustments.
The Company reports earnings per share
in accordance with ASC 260, Earnings per Share. ASC 260 requires presentation of both basic and diluted earnings per share ("EPS")
on the face of the income statement. Basic EPS is computed by dividing net income available to common shareholders (numerator) by the
weighted average number of shares outstanding (denominator) during the period. Diluted EPS gives effect to all dilutive potential common
shares outstanding during the period using the treasury stock method and convertible preferred stock using the if-converted method. In
computing diluted EPS, the average stock price for the period is used in determining the number of shares assumed to be purchased from
the exercise of stock options or warrants. Diluted EPS excludes all dilutive potential shares if their effect is anti-dilutive.
The Company’s revenue
is derived from three primary sources: (i) professional services for systems development and integration, including procurement of related
hardware and software licenses on behalf of customers, if required; (ii) professional services for system maintenance normally for a period
of one year; and (iii) sale of hardware and consumables during the service performed as stated above. We recognize revenue from contracts
with customers using the five-step model prescribed in ASC 606.
The Company derives revenue from fixed-price
sale contracts with customers that may provide for the Company to procure hardware and software licenses with varied performance specifications
specific to each customer and provide the technical services for systems development and integration of the hardware and software licenses.
In instances where the contract price is inclusive of the technical services, the sale contracts include performance obligations.
Determining whether such products and
services within a customer contract are considered distinct performance obligations that should be accounted for separately requires significant
judgment. Accordingly, we review customer contracts to identify all separate promises to transfer goods and services that would be considered
performance obligations. Judgment is also required in determining whether an option to acquire additional products and services within
a customer contract represents a material right that the customer would not receive without entering into that contract.
The Company’s contracts
often contain multiple performance obligations, which generally include customer-acceptance provisions which provide for the Company to
carry out installation, test runs and performance tests at the Company’s cost until the systems as a whole can meet the
performance specifications stated in the contracts. The delivered equipment and software licenses have no standalone value to the customer
until they are installed, integrated and tested at the customer’s site by the Company in accordance with the performance
specifications specific to each customer. In addition, under these multiple performance obligations contracts, the Company has not sold
the equipment and software licenses separately from the installation, integration and testing services, and hence there is no objective
and reliable evidence of the fair value for each deliverable included in the arrangement. If a contract contains multiple performance
obligations, the Company accounts for each distinct performance obligation separately. The transaction price is allocated to the separate
performance obligations on a relative stand-alone selling price basis. Any discounts or expected potential future price concessions are
considered when determining the total transaction price.
In addition, the arrangement generally
includes customer acceptance criteria that cannot be tested before installation and integration at the customer’s site.
Accordingly, revenue recognition is deferred until customer acceptance, indicated by an acceptance certificate signed off by the customer.
We recognize revenue over time when
there is a continuous transfer of control to our customer. When control is transferred over time, revenue is recognized based on the extent
of progress towards completion of the performance obligation. Based on the nature of the products and services provided in the contract,
we use our judgment to determine if an input measure or output measure best depicts the transfer of control over time. If a contract does
not meet the criteria for recognizing revenue over time, we recognize revenue at a point in time.
Revenues of maintenance services are
recognized when the services are performed in accordance with the contract term. For maintenance service contracts, a time-elapsed output
method is used to measure progress, and revenue is recognized straight-line over the term of the contract.
For services contracts, we typically
satisfy our performance obligations as services are rendered and use a contract cost-based input method to measure progress. Contract
costs include labor, material and allocable indirect expenses. Revenue is recognized proportionally as contract costs are incurred plus
estimated fees.
Revenues of sale of software, if not
bundled with other arrangements, are recognized when shipped and customer acceptance obtained at a point in time, if all other revenue
recognition criteria are met. Costs associated with revenues are recognized when incurred.
Revenues are recorded net of value-added
taxes, sales discounts and returns. There were no sales returns during the three months period ended March 31, 2024 and 2023.
Schedule of revenue record | |
| | | |
| | |
| |
Three Months
Ended March 31,
2024 | | |
Three Months
Ended March 31,
2023 | |
| |
US$ | | |
US$ | |
| |
(unaudited) | | |
(unaudited) | |
NET REVENUES | |
| | | |
| | |
Service income | |
| | | |
| | |
- systems development and integration | |
| 54,115 | | |
| 14,359 | |
- systems maintenance | |
| 2,616,667 | | |
| 2,490,154 | |
- sales of hardware and consumables | |
| 699,227 | | |
| 380,036 | |
| |
| 3,370,009 | | |
| 2,884,549 | |
Billings in excess of revenues recognized are recorded as
deferred revenue.
Deferred income taxes are recognized
for the tax consequences of temporary differences by applying enacted statutory tax rates applicable to future years to differences between
the financial statement carrying amounts and the tax bases of existing assets and liabilities. The charge for taxation is based on the
results for the reporting period as adjusted for items which are non-assessable or disallowed. It is calculated using tax rates that have
been enacted or substantively enacted by the balance sheet date. The effect on deferred income taxes of a change in tax rates is recognized
in income in the period that includes the enactment date. A valuation allowance is recognized if it is more likely than not that some
portion, or all of, a deferred tax asset will not be realized.
For uncertainty in income taxes, a
tax position is recognized as a benefit only if it is "more likely than not" that the tax position would be sustained
in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that
is greater than 50% likely of being realized on examination. For tax positions not meeting the "more likely than not"
test, no tax benefit is recorded. Penalties and interest incurred related to underpayment of income tax are classified as income tax expense
in the year incurred.
The Company categorize leases at their
inception as either operating or finance leases. Lease agreements cover certain office space, warehouse space, and vehicles. Most of these
leases are operating leases; however, certain vehicles are leased under finance leases.
Operating leases are included in operating
lease right-of-use assets, current operating lease liabilities, and long-term operating lease liabilities in our consolidated balance
sheets. Finance leases are included in net property, current installments of long-term debt, and long-term debt in our consolidated balance
sheets.
Leased assets represent our right to
use an underlying asset for the lease term, and lease liabilities represent our obligation to make lease payments arising from the lease.
Operating lease right-of-use assets and liabilities are recognized at commencement date based on the present value of lease payments over
the lease term. Operating lease liabilities and corresponding right-of-use assets include options to extend lease terms that are reasonably
certain of being exercised. As the Company’s leases generally do not provide an implicit discount rate, the Company uses
the estimated collateralized incremental borrowing rate (i.e. 3%) based on information available at the lease commencement date in determining
the present value of lease payments for use in the calculation of the operating lease liabilities and right-of-use assets. This rate is
determined using a portfolio approach based on the risk-adjusted rate of interest and requires estimates and assumptions including credit
rating, credit spread, and adjustments for the impact of collateral. The Company believes that this is the rate it would have to pay to
borrow an amount equal to the lease payments on a collateralized basis over a similar lease term.
Leases that have a term of twelve months
or less upon commencement date are considered short-term in nature. Accordingly, short-term leases are not included on the consolidated
balance sheets and are expensed on a straight-line basis over the lease term, which commences on the date we have the right to control
the property.
The Company expenses the cost of advertising
as incurred in the period in which the advertisements and marketing activities are first run or over the life of the endorsement contract.
No advertising and marketing expense for the three months ended March 31, 2024 and 2023.
Shipping and handling cost incurred
to ship computer products to customers are included in selling expenses. Shipping and handling expenses for the three months ended March
31, 2024 and 2023 were $11,942 and $18,746 respectively.
| s) | Research and development costs |
Research and development costs are
expensed as incurred and are included in general and administrative expenses. No research and development costs for the three months ended
March 31, 2024 and 2023.
| t) | Foreign currency translation |
The functional currency and reporting
currency of the Company is the U.S. Dollar. ("US$" or "$"). The functional currency of the
Hong Kong subsidiaries is the Hong Kong Dollar. The functional currency of the Chinese subsidiaries is RMB. The functional currency of
the Philippine subsidiary is Peso. Results of operations and cash flow are translated at average exchange rates during the period, and
assets and liabilities are translated at the exchange rate as quoted by the Hong Kong Monetary Authority ("HKMA")
at the end of the period. Capital accounts are translated at their historical exchange rates when the capital transaction occurred. Translation
adjustments resulting from this process are included in accumulated other comprehensive income. Transaction gains and losses that arise
from exchange rate fluctuations on transactions denominated in a currency other than the functional currency are included in the results
of operations as incurred.
Schedule of foreign currency translation | |
| |
|
Quarter ended | |
March 31, 2024 | |
March 31, 2023 |
RMB : USD exchange rate | |
7.1822 | |
6.8133 |
average period ended | |
| |
|
HKD : USD exchange rate | |
7.800 | |
7.800 |
average period ended | |
| |
|
PESO : USD exchange rate | |
54.2137 | |
53.5881 |
average period ended | |
| |
|
MYR : USD exchange rate | |
4.7088 | |
- |
average period ended | |
| |
|
Quarter ended | |
March 31, 2024 | |
December 31, 2023 |
RMB : USD exchange rate | |
7.2316 | |
7.1155 |
HKD : USD exchange rate | |
7.800 | |
7.800 |
PESO : USD exchange rate | |
54.3554 | |
53.9792 |
MYR : USD exchange rate | |
4.7187 | |
- |
| u) | Stock-based Compensation |
The Company records stock-based compensation
in accordance with ASC 718, Compensation – Stock Compensation using the fair value method. All transactions in which goods or services
are the consideration received for the issuance of equity instruments are accounted for based on the fair value of the consideration received
or the fair value of the equity instrument issued, whichever is more reliably measurable. Equity instruments issued to employees and the
cost of the services received as consideration are measured and recognized based on the fair value of the equity instruments issued.
| v) | Commitments and contingencies |
The Company follows FASB ASC Subtopic
450-20, “Loss Contingencies” in determining its accruals and disclosures with respect to loss contingencies. Accordingly,
estimated losses from loss contingencies are accrued by a charge to income when information available prior to issuance of the financial
statements indicates that it is probable that a liability could be incurred and the amount of the loss can be reasonably estimated. Legal
expenses associated with the contingency are expensed as incurred. If a loss contingency is not probable or reasonably estimable, disclosure
of the loss contingency is made in the financial statements when it is at least reasonably possible that a material loss could be incurred.
The Company uses the “management
approach” in determining reportable operating segments. The management approach considers the internal organization and reporting
used by the Company’s chief operating decision maker for making operating decisions and assessing performance as the source for
determining the Company’s reportable segments. Management, including the chief operating decision maker, reviews operating results
solely by monthly revenue from software development and maintenance services (but not by sub-services/product type or geographic area)
and operating results of the Company and, as such, the Company has determined that the Company has one operating segment as defined by
ASC Topic 280 “Segment Reporting”.
| x) | Recent accounting pronouncements |
In November 2023, the Financial Accounting
Standards Board (FASB) issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (ASU 2023-07),
which requires an enhanced disclosure of significant segment expenses on an annual and interim basis. This guidance will be effective
for the annual periods beginning the year ended December 31, 2024, and for beginning January 1, 2025. Early adoption is permitted. Upon
adoption, the guidance should be applied retrospectively to all prior periods presented in the financial statements. We do not expect
the adoption of this guidance to have a material impact on our consolidated financial statements.
In December 2023, the FASB issued ASU
No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (ASU 2023-09), which improves the transparency of income
tax disclosures by requiring consistent categories and greater disaggregation of information in the effective tax rate reconciliation
and income taxes paid disaggregated by jurisdiction. It also includes certain other amendments to improve the effectiveness of income
tax disclosures. This guidance will be effective for the annual periods beginning the year ended December 31, 2025. Early adoption is
permitted. Upon adoption, the guidance can be applied prospectively or retrospectively. We do not expect the adoption of this guidance
to have a material impact on our consolidated financial statements.
Other accounting standards that have
been issued or proposed by the FASB or other standards-setting bodies that do not require adoption until a future date are not expected
to have a material impact on the Company’s consolidated financial statements upon adoption.
|
X |
- References
+ Details
Name: |
us-gaap_AccountingPoliciesAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe entire disclosure for all significant accounting policies of the reporting entity.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483426/235-10-50-1
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 235 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//235/tableOfContent
+ Details
Name: |
us-gaap_SignificantAccountingPoliciesTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.24.2
Accounts receivable
|
3 Months Ended |
Mar. 31, 2024 |
Credit Loss [Abstract] |
|
Accounts receivable |
Accounts receivable consisted of the following
as of March 31, 2024 and December 31, 2023:
Schedule of accounts receivable | |
| | | |
| | |
| |
March 31, 2024 | | |
December 31, 2023 | |
| |
US$ | | |
US$ | |
Accounts receivable | |
| 1,640,356 | | |
| 1,892,167 | |
Allowance for credit losses | |
| (155,301 | ) | |
| (155,301 | ) |
| |
| 1,485,055 | | |
| 1,736,866 | |
All of the Company’s customers
are located in the PRC, Hong Kong and Manila, Philippines. The Company provides credit in the normal course of business. The Company performs
ongoing credit evaluations of its customers and maintains allowances for credit losses based on factors surrounding the credit risk of
specific customers, historical trends, and other information. The change in accounts receivable for the period ended March 31, 2024 was
primarily due to new billings of revenue recognition.
The following table presents changes in the balances of
the company accounts receivable:
Schedule of changes in accounts receivable | |
| | | |
| | | |
| | | |
| | |
| |
December 31, 2023 | | |
Additions | | |
Deductions | | |
March 31, 2024 | |
| |
US$ | | |
US$ | | |
US$ | | |
US$ | |
| |
| | |
| | |
| | |
| |
Accounts receivable | |
| 1,892,167 | | |
| 3,376,571 | | |
| (3,628,382 | ) | |
| 1,640,356 | |
Allowance for credit losses | |
| (155,301 | ) | |
| - | | |
| - | | |
| (155,301 | ) |
| |
| 1,736,866 | | |
| 3,376,571 | | |
| (3,628,382 | ) | |
| 1,485,055 | |
| |
December
31, 2022 | | |
Additions | | |
Deductions | | |
December 31,
2023 | |
| |
US$ | | |
US$ | | |
US$ | | |
US$ | |
| |
| | |
| | |
| | |
| |
Accounts receivable | |
| 1,133,058 | | |
| 11,967,888 | | |
| (11,208,779 | ) | |
| 1,892,167 | |
Allowance for credit losses | |
| - | | |
| (155,301 | ) | |
| - | | |
| (155,301 | ) |
| |
| 1,133,058 | | |
| 11,812,587 | | |
| (11,208,779 | ) | |
| 1,736,866 | |
|
X |
- DefinitionThe entire disclosure for accounts receivable, contract receivable, receivable held-for-sale, and nontrade receivable.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 310 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//310/tableOfContent
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 326 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//326/tableOfContent
+ Details
Name: |
us-gaap_AccountsAndNontradeReceivableTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_CreditLossAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.24.2
Other receivables and prepayments
|
3 Months Ended |
Mar. 31, 2024 |
Receivables [Abstract] |
|
Other receivables and prepayments |
| 4. | Other receivables and prepayments |
Other receivables and prepayments consisted of the following
as of March 31, 2024 and December 31, 2023:
Schedule of other receivables and prepayments | |
| | | |
| | |
| |
March 31, 2024 | | |
December 31, 2023 | |
| |
US$ | | |
US$ | |
| |
(unaudited) | | |
| |
Deposits and prepaid expense | |
| 689,481 | | |
| 448,249 | |
Others | |
| 79,322 | | |
| 175,159 | |
| |
| 768,803 | | |
| 623,408 | |
|
X |
- DefinitionThe entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses.
+ ReferencesReference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 310 -SubTopic 10 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//310-10/tableOfContent
+ Details
Name: |
us-gaap_LoansNotesTradeAndOtherReceivablesDisclosureTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_ReceivablesAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.24.2
Inventories
|
3 Months Ended |
Mar. 31, 2024 |
Inventory Disclosure [Abstract] |
|
Inventories |
Inventories as of March 31, 2024 and December
31, 2023 consisted of the following:
Schedule of inventories | |
| | | |
| | |
| |
March 31, 2024 | | |
December 31, 2023 | |
| |
US$ | | |
US$ | |
| |
(unaudited) | | |
| |
Finished goods | |
| 215,313 | | |
| - | |
|
X |
- References
+ Details
Name: |
us-gaap_InventoryDisclosureAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe entire disclosure for inventory. Includes, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the classes of inventory, and the nature of the cost elements included in inventory.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 330 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//330/tableOfContent
+ Details
Name: |
us-gaap_InventoryDisclosureTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.24.2
Plant and equipment, net
|
3 Months Ended |
Mar. 31, 2024 |
Property, Plant and Equipment [Abstract] |
|
Plant and equipment, net |
| 6. | Plant and equipment, net |
Plant and equipment consisted of the following
as of March 31, 2024 and December 31, 2023:
Schedule of plant and equipment | |
| | | |
| | |
| |
March 31, 2024 | | |
December 31, 2023 | |
| |
US$ | | |
US$ | |
| |
(unaudited) | | |
| |
Leasehold improvements | |
| 90,169 | | |
| 91,427 | |
Office furniture and equipment | |
| 278,783 | | |
| 278,612 | |
Computer equipment | |
| 425,064 | | |
| 423,666 | |
Computer software | |
| 341,458 | | |
| 250,649 | |
Motor Vehicle | |
| 215,184 | | |
| 216,119 | |
Building | |
| 61,212 | | |
| 61,596 | |
Total | |
| 1,411,870 | | |
| 1,322,069 | |
Less: accumulated depreciation | |
| (1,067,371 | ) | |
| (1,013,934 | ) |
Plant and equipment, net | |
| 344,499 | | |
| 308,135 | |
Depreciation expense for the three
months period ended March 31, 2024 and 2023 amounted to $60,861 and $61,347, respectively. For the three months period ended March 31,
2024 and 2023, no interest expense was capitalized into plant and equipment.
As of March 31, 2024 and December 31,
2023, the Company's motor vehicle was under finance lease arrangement with a net carrying amount $89,833 and $101,646 respectively.
|
X |
- References
+ Details
Name: |
us-gaap_PropertyPlantAndEquipmentAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//360/tableOfContent
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 6 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480321/958-360-50-6
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d) -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480321/958-360-50-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 7 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480321/958-360-50-7
+ Details
Name: |
us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.24.2
Goodwill
|
3 Months Ended |
Mar. 31, 2024 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
Goodwill |
Goodwill consisted of the following as of March
31, 2024 and December 31, 2023:
Schedule of goodwill | |
| | | |
| | |
| |
March 31, 2024 | | |
December 31, 2023 | |
| |
US$ | | |
US$ | |
| |
(unaudited) | | |
| |
Goodwill arising from acquisition of TSI | |
| 206,812 | | |
| 206,812 | |
Goodwill arising from acquisition of Value E | |
| 135,267 | | |
| - | |
| |
| 342,079 | | |
| 206,812 | |
As of January 2, 2024, VEI CHN acquired
100% of the capital stock of Value E from shareholders of VALUE E, Ms. TSANG Po Yee Bella with 95% shares of interest and Mr. CHAI Li
Chen with 5% shares of interest, for the consideration Malaysian ringgit (MYR) 100. Ms. TSANG Po Yee Bella is also a director of the Company.
Upon completion of the acquisition, Value E is a wholly owned subsidiary of the Company. Value E engages in software development, trading
and servicing of computer hardware and software activities in Malaysia. The Company is undergoing purchase price allocation valuation
for the acquisition of Value E currently.
|
X |
- References
+ Details
Name: |
us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe entire disclosure for goodwill.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482573/350-20-50-1
Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 24 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482548/350-20-55-24
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//350-20/tableOfContent
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482573/350-20-50-2
+ Details
Name: |
us-gaap_GoodwillDisclosureTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.24.2
Operating leases
|
3 Months Ended |
Mar. 31, 2024 |
Operating Leases |
|
Operating leases |
We have entered into various non-cancelable
operating lease agreements for certain of our offices. Our leases have original lease periods expiring between the remainder of 2024 and
2027. Many leases include option to renew. We do not assume renewals in our determination of the lease term unless the renewals are deemed
to be reasonably assured. Our lease agreements generally do not contain any material residual value guarantees or material restrictive
covenants.
Schedule of operating lease agreements | |
| | | |
| | |
| |
March 31, 2024 | | |
December 31, 2023 | |
| |
US$ | | |
US$ | |
| |
(unaudited) | | |
| |
Operating lease right-of-use assets, net | |
| 1,244,569 | | |
| 926,630 | |
The components of lease liabilities are as follows:
Schedule of components of lease liabilities | |
| | | |
| | |
| |
March 31, 2024 | | |
December 31, 2023 | |
| |
US$ | | |
US$ | |
| |
(unaudited) | | |
| |
Lease liabilities, current | |
| 585,762 | | |
| 463,411 | |
Lease liabilities, non-current | |
| 653,816 | | |
| 457,982 | |
Present value of lease liabilities | |
| 1,239,578 | | |
| 921,393 | |
Total noncash operating lease expense
for the three months period ended March 31, 2024 and 2023 amounted to $8,809 and $4,239 respectively. Principal payments on operating
leases liability for the three months period ended March 31, 2024 and 2023 amounted to $164,059 and $112,651 respectively. Weighted-average
remaining lease term is 1.72 years, and weighted-average discount rate is 3%.
The following is a schedule, by years,
of maturities of lease liabilities as of December 31, 2023:
Schedule of maturities of lease liabilities | |
| | | |
| | |
| |
March 31, 2024 | | |
December 31, 2023 | |
| |
US$ | | |
US$ | |
| |
(unaudited) | | |
| |
Year one | |
| 614,626 | | |
| 484,526 | |
Year two | |
| 440,321 | | |
| 299,848 | |
Year three | |
| 229,487 | | |
| 169,461 | |
Total undiscounted cash flows | |
| 1,284,434 | | |
| 953,835 | |
Less: Imputed interest | |
| (44,856 | ) | |
| (32,442 | ) |
Present value of lease liabilities | |
| 1,239,578 | | |
| 921,393 | |
|
X |
- DefinitionThe entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-20/tableOfContent
+ Details
Name: |
us-gaap_LesseeOperatingLeasesTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
veii_DisclosureOperatingLeasesAbstract |
Namespace Prefix: |
veii_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.24.2
Finance lease liability
|
3 Months Ended |
Mar. 31, 2024 |
Finance Lease Liability |
|
Finance lease liability |
| 9. | Finance lease liability |
Finance lease liability consisted of the following
as of March 31, 2024 and December 31, 2023:
Schedule of finance lease liability | |
| | | |
| | |
| |
March 31, 2024 | | |
December 31, 2023 | |
| |
US$ | | |
US$ | |
| |
(unaudited) | | |
| |
Long term finance lease liability | |
| 34,556 | | |
| 41,922 | |
Less: Current portion of finance lease liability | |
| (27,761 | ) | |
| (28,868 | ) |
| |
| 6,795 | | |
| 13,056 | |
| |
| | | |
| | |
Current portion of finance lease liability | |
| 27,761 | | |
| 28,867 | |
| |
| 27,761 | | |
| 28,867 | |
As of March 31, 2024 and December 31,
2023, the above finance lease liability secured by property and equipment with net carrying amount of $89,833 and $101,646 respectively.
Total finance lease cost for the three months period ended March 31, 2024 and 2023 amounted to $552 and $1,221 respectively. Principal
payments on finance leases liability for the three months period ended March 31, 2024 and 2023 amounted to $7,130 and $5,889 respectively.
|
X |
- DefinitionThe entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance lease liability.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-20/tableOfContent
+ Details
Name: |
us-gaap_LesseeFinanceLeasesTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
veii_DisclosureFinanceLeaseLiabilityAbstract |
Namespace Prefix: |
veii_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.24.2
Bank loan from an affiliate
|
3 Months Ended |
Mar. 31, 2024 |
Debt Disclosure [Abstract] |
|
Bank loan from an affiliate |
| 10. | Bank loan from an affiliate |
Bank loan from an affiliate consisted of the following
as of March 31, 2024 and December 31, 2023:
Schedule of bank loan | |
| | | |
| | |
| |
March 31, 2024 | | |
December 31, 2023 | |
| |
US$ | | |
US$ | |
| |
(unaudited) | | |
| |
Short term bank loan from an affiliate | |
| 940,147 | | |
| 940,147 | |
The Company and American Pacific Bancorp,
Inc., a Texas corporation located in Houston, Texas, (“APB”) signed a Loan Agreement, Security Agreement and Revolving Credit
Promissory Note (“Promissory Note”), each dated July 26, 2022 but fully executed and closed as of July 27, 2022, whereby APB
will provide a $1 million secured revolving credit line to the Company (“APB Credit Line”). Loan Agreement, Security Agreement
and Promissory Note may be referred to collectively as “Credit Line Documents”. The Credit Line Documents provide for a fixed
8% annual interest on sums advanced, two year maturity date for unpaid sums loaned and unpaid interest accrued thereon, and calendar quarterly
payments of accrued interest on any sums advanced under Credit Line (interest payments commencing on September 30, 2022). The Credit Line
is secured by a first, senior lien on all of the Company’s assets, with net carrying amount of $5,045,617. Credit Line advances
may be used for general working capital.
APB is affiliated with Chan Heng Fai,
a director and principal shareholder of the Company, by virtue of Mr. Chan’s equity ownership of parent company of APB and his service
as the Executive Chairman of the parent company of APB. APB is also affiliated with the Company directors Lum Kan Fai, Robert Trapp and
Mr. Lim Sheng Hon Danny since they are affiliated with Mr. Chan and certain of his affiliated companies by virtue of services as a director,
officer or professional advisor to those affiliated companies. Further, Wong Shui Yeung, and Wong Tat Keung, who are deemed to be independent
directors of the Company, are also independent directors of certain Mr. Chan's affiliated companies. (See Note 12 (iii))
|
X |
- References
+ Details
Name: |
us-gaap_DebtDisclosureAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 470 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//470/tableOfContent
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C
Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C
Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C
Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1E -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E
Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I
Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I
Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I
+ Details
Name: |
us-gaap_DebtDisclosureTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.24.2
Loan from a related party
|
3 Months Ended |
Mar. 31, 2024 |
Loan From Related Party |
|
Loan from a related party |
| 11. | Loan from a related party |
Schedule of loan from a related party | |
| | | |
| | |
| |
March 31, 2024 | | |
December 31, 2023 | |
| |
US$ | | |
US$ | |
| |
(unaudited) | | |
| |
Loan from a related party | |
| 500,000 | | |
| 500,000 | |
On September 28, 2023, the Company
entered into a Loan Agreement and Promissory Note (collectively, the “Loan Agreement”) with Alset International Limited, a
public Singapore corporation, (“AIL”) for an unsecured loan of Five Hundred Thousand U.S. Dollars and No Cents (USD$500,000.00)
principal amount (“Principal”) to the Company. Principal accrues simple interest at Eight Percent (8%) per annum. Repayment
of Principal and accrued interest thereon is to be made as follows:
(1) Principal will be paid in a single
lump sum payment on or by the six (6) month anniversary of the effective date of the Loan Agreement, being September 28,2023, (being the
“Maturity Date”); and
(2) Interest accrued on Principal shall
be paid on the last business day on a calendar monthly basis with initial accrued Interest payments commencing on September 28, 2023.
Company has the right to prepay all
or any portion of the Principal and Interest accrued on the Principal, without penalty, upon ten (10) days’ prior notice to AIL.
The Principal was advanced in full by AIL on October 4, 2023.
Mr. Chan Heng Fai, a non-executive
director of the Company, who is deemed the owner of 49.63% of the issued shares of Company’s Common Stock by virtue of 95,000 shares
of Common Stock held by Mr. Chan, and the following share ownership of Company’s Common Stock by entities that Mr. Chan is deemed
to control: 21,120,795 shares held by Hapi Metaverse Inc., 39,968 shares held by BMI Capital Partners International Limited, 18,512 shares
held by Liquid Value Development Pte Ltd. and 313,154 shares held by Decentralized Sharing Systems, Inc.
AIL is a majority-owned subsidiary
of Alset Inc., a Texas corporation, (“Alset”). Mr. Chan owns approximately 53.5% of the issued shares of common stock of Alset
and Mr. Chan is the Chairman and Chief Executive Officer of Alset and AIL. Further, Wong Shui Yeung and Wong Tat Keung, who are independent
directors of the Company, are also independent directors of Alset Inc.
Purpose of the Loan Agreement was to
provide short term working capital to the Company.
No repayment of the principal and interest
accrued made as of July 16, 2024.
|
v3.24.2
Convertible loan from affiliates
|
3 Months Ended |
Mar. 31, 2024 |
Convertible Loan From Affiliates |
|
Convertible loan from affiliates |
| 12. | Convertible loan from affiliates |
Schedule of convertible debt | |
| | | |
| | |
| |
March 31, 2024 | | |
December 31, 2023 | |
| |
US$ | | |
US$ | |
| |
(unaudited) | | |
| |
Convertible loan | |
| 352,389 | | |
| 1,061,282 | |
The movement in the liability and derivative
components of the convertible loan as of March 31, 2024 and December 31, 2023 are set out below:
Schedule of liability and derivative components | |
| | | |
| | | |
| | | |
| | | |
| | |
| |
Convertible Loan 1 (i) (iii) | | |
Convertible Loan 2 (ii) (iii) | | |
| |
| |
Liability component | | |
Derivative component | | |
Liability component | | |
Derivative component | | |
Total | |
| |
US$ | | |
US$ | | |
US$ | | |
US$ | | |
US$ | |
| |
| | |
| | |
| | |
| | |
| |
December 31, 2023 | |
| 9,548 | | |
| 14,898 | | |
| 172,286 | | |
| 864,550 | | |
| 1,061,282 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Change in fair value of embedded Derivatives | |
| 1,082 | | |
| 3,363 | | |
| 2,455 | | |
| (715,794 | ) | |
| (708,893 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | |
March 31, 2024 | |
| 10,630 | | |
| 18,261 | | |
| 174,741 | | |
| 148,756 | | |
| 352,389 | |
(i) Movement of the components of the
Convertible Loan 1:
| |
Liability component | | |
Derivative component | | |
Total | |
| |
| | |
| | |
| |
December 31, 2023 | |
| 9,548 | | |
| 14,898 | | |
| 24,446 | |
| |
| | | |
| | | |
| | |
Change in fair value of embedded derivatives | |
| 1,082 | | |
| 3,363 | | |
| 4,446 | |
| |
| | | |
| | | |
| | |
March 31, 2024 | |
| 10,630 | | |
| 18,261 | | |
| 28,892 | |
VEII entered into a Convertible Credit
Agreement, dated and effective as of January 27, 2023, (“2023 Credit Agreement 1”) with the following lenders: (1) Hapi Metaverse,
Inc., a Delaware corporation, (“HMI”, and formerly named “GigWorld, Inc.”) and (2) New Energy CV Corporation (formerly,
“American Wealth Mining Corp.”), a Nevada corporation, (“NECV”). HMI and NECV are also referred to individually
as a “Lender” and collectively, as the “Lenders”.
Maximum Credit Line; Interest; Advances; Payment.
The 2023 Credit Agreement 1 provides for a maximum credit line of One Million Five Hundred Thousand Dollars and No Cents ($1,500,000.00)
(“Maximum Credit Line”) with simple interest accrued on any advances of the money under the 2023 Credit Agreement 1 at Eight
Percent (8%) per annum. The principal amount of any advance of money (each being referred to as an “Advance”) under the 2023
Credit Agreement 1 is due in a lump sum, balloon payment on the third annual anniversary of the date of the Advance under the 2023 Credit
Agreement 1 (“Advance Maturity Date 1”). Accrued and unpaid interest on any Advance is due and payable on a semi-annual basis
with interest payments due on the last business day of June and last business day of December of each year. A Lender may demand that any
portion or all of the unpaid principal amount of any Advance as well as accrued and unpaid interest thereon may be paid by shares of Company
Common Stock in lieu of cash payment. Company must request Advances from the Lenders. Either Lender may elect to separately, fully fund
the Advance, or both Lenders may jointly elect to fund the Advance based on Lenders’ agreement on the portion of the Advance to
be funded by each Lender. Lenders may severally or jointly reject any request for an Advance and neither Lender has an obligation to fund
any Advance under the 2023 Credit Agreement 1.
Use of Proceeds. Advances under the 2023
Credit Agreement 1 may be used to fund general working capital needs of the Company, which includes: expansion of existing business operations
or business lines to new geographical markets in Asia or other geographical markets; for development of new business lines (whether in
existing or new geographical markets); acquisition of assets or companies (whether in existing or new geographical markets); and payment
of any sums due under the Credit Agreement.
Unsecured Debt Obligation. Any Advance
will be an unsecured general debt obligation of the Company. Further, there are no personal guarantees under the 2023 Credit Agreement
1.
Events of Default. The following constitute
an event of default under the 2023 Credit Agreement 1: (1) failure to make a payment of any Advance under the 2023 Credit Agreement 1
when due and payable and Company fails to cure such default within ten (10) days after receipt of a written notice from the Lender; (2)
failure in the observance or performance of any non-monetary material covenant or agreement and Company fails to cure such default within
thirty (30) days after written notice of default from the Lender; (3) failure of Company to comply with the obligations, terms, covenants
or conditions of 2023 Credit Agreement 1, or breach by Company of any obligations, covenant, representation or warranty that is not cured
within thirty (30) days from the receipt of a written notice from a Lender; (4) filing of a petition in bankruptcy or the commencement
of any proceedings under any bankruptcy laws by or against Company, which filing or proceeding is not dismissed within sixty (60) days
after the filing or commencement thereof, or if Company becomes insolvent; (5) petition is filed with a court to place the Company in
receivership or similar status for benefit of creditors and appointment of a receiver is unvacated and unstayed for an aggregate of sixty
(60) days; (6) for debts or judgments in excess of One Hundred Thousand Dollars and No Cents ($100,000.00) in face amount, a writ of execution
or attachment or any similar process shall be issued or levied against all of the Company’s assets, or any judgment involving monetary
damages shall be entered against the Company which shall become a lien on all of the Company’s assets and such execution, attachment
or similar process or judgment is not released, bonded, satisfied, vacated or stayed within sixty (60) days after its entry or levy; or
(7) Company ceases to carry on its primary business line for ninety (90) consecutive days. The remedy for any default that is not timely
cured, if a cure period is allowed, is all sums due under the 2023 Credit Agreement 1 becoming immediately due and payable.
Conversion Right. The 2023 Credit Agreement
1 grants the following conversion rights to each Lender. Each Advance shall be convertible, in whole or in part, into shares of Company
Common Stock at the option of the Lender who made that Advance (being referred to as a “Conversion of Convertible Loan 1”),
at any time and from time to time, at a price per share equal the “Conversion Price 1”. The Conversion Price 1 for a Conversion
of Convertible Loan 1 shall be the average closing price of the Company Common Stock as quoted by the Bloomberg Financial Markets (or
a comparable reporting service of national reputation selected by the Company and reasonably acceptable to the Lender effecting the Conversion
of Convertible Loan 1 if Bloomberg Financial Markets is not then reporting prices of the Company Common Stock), for the three (3) consecutive
trading days prior to date of the Notice of Conversion. The Conversion Price 1 is not limited by a minimum price per share of Company
Common Stock applicable to the Conversion of Convertible Loan 1. As such, if a Lender or Lenders loan a significant sum of money under
the 2023 Credit Agreement 1 and then elect to convert all or most of the loaned amount into shares of Company Common Stock, the resulting
issuance of shares of Common Stock could significantly dilute existing Company shareholders.
Conversion upon a Change in Control Transaction.
In the event that prior to the time of repayment of any Advance under the 2023 Credit Agreement 1 that has not previously been converted
into shares of Company Common Stock, the Company shall consummate a “Change in Control Transaction” (as defined below), then
the total amount of Advances outstanding shall convert into shares of Company Common Stock at the Conversion Price 1. “Change in
Control Transaction” will be deemed to exist if (1) there occurs any consolidation, merger or other business combination of the
Company with or into any third party and the Company is not the surviving entity, or any other corporate reorganization or transaction
or series of related transactions in which the voting stockholders of the Company prior to such event cease to own 50% or more of the
voting power of the surviving entity after the transaction, or (2) in one or a series of related transactions, there is a sale or transfer
of all or substantially all of the operating assets of the Company or all of its wholly-owned subsidiaries, determined on a consolidated
basis, to a third party.
Conversion upon Breach of 2023 Credit Agreement
1. In the event that the Company breaches any provision of the 2023 Credit Agreement 1 and does not remedy that breach within thirty
(30) days after receipt of a written demand from a Lender, then each of the Lenders may convert all or any portion of the unpaid amount
of their respective Advance or Advances into shares of Company Common Stock at the Conversion Price 1.
Warrants. In the event that a Lender elects
to convert any portion of an Advance under the 2023 Credit Agreement 1 into shares of Company Common Stock in lieu of cash payment in
satisfaction of that Advance, then Company will issue to the Lender five (5) detachable warrants for each share of Company Common Stock
issued in a Conversion of Convertible Loan 1 (“Warrants 1”). Each Warrant 1 will entitle the Lender to purchase one (1) share
of Common Stock at a per-share exercise price equal to the Conversion Price 1. The exercise period of each Warrant will be five (5) years
from date of issuance of the Warrant.
Conversion of Loan. On September 6, 2023,
the Company received a Notice of Conversion from HMI to convert One Million Three Hundred Thousand Dollars ($1,300,000.00) of the principal
amount loaned to the Company under the 2023 Credit Agreement 1 (“Converted Principal”) into shares of Company’s Common
Stock. Under the terms of the 2023 Credit Agreement 1 and Notice of Conversion, HMI has demand rights for the conversion of outstanding
debt into equity. On September 18, 2023, the Converted Principal resulted in issuance of 7,344,632 shares of Common Stock to HMI along
with issuance of Warrants 1 to purchase a maximum of 36,723,160 shares of Common Stock (“Underlying Shares”) to HMI. Under
the 2023 Credit Agreement, the conversion rate for the Conversion Shares is $0.1770 per share, and the Warrants 1 have an exercise price
of $0.1770 per share and an exercise period of five (5) years from date of issuance of warrants. The Company was in favor of the conversion
in order to end interest payments under the 2023 Credit Agreement 1 and thereby free up capital for operational expenses.
As of March 31, 2024, HMI has not stated when
or if it will exercise any of the Warrants 1. The issuance of Conversion Shares, Warrants 1 and Underlying Shares was made in reliance
upon the exemption from registration contained in Section 4(a)(2) of the Securities Act of 1933, as amended, (“Securities Act”)
and Rule 506(b) of Regulation D thereunder. The Conversion Shares and Warrants 1 are, and Underlying Shares will be if issued, “restricted
securities” under Rule 144 of the Securities Act.
(ii) Movement of the components of the Convertible Loan 2:
Schedule of components convertible loan | |
| | | |
| | | |
| | |
| |
Liability
component | | |
Derivative
component | | |
Total | |
| |
| | |
| | |
| |
December 31, 2023 | |
| 172,286 | | |
| 864,550 | | |
| 1,036,836 | |
| |
| | | |
| | | |
| | |
Change in fair value of embedded derivatives | |
| 2,455 | | |
| (715,794 | ) | |
| (713,339 | ) |
| |
| | | |
| | | |
| | |
March 31, 2024 | |
| 174,741 | | |
| 148,756 | | |
| 323,497 | |
On December 14, 2023, VEII entered into a Convertible
Credit Agreement (“2023 Credit Agreement 2”) with HMI for an unsecured credit line in the maximum amount of One Million U.S.
Dollars and No Cents (USD$1,000,000.00) (“Credit Limit”). Advances of the principal under the 2023 Credit Agreement 2 accrue
simple interest at Eight Percent (8%) per annum. Each Advance under the 2023 Credit Agreement 2 and all accrued interest thereon may,
at the election of HMI, or the Company, be: (1) repaid in cash; (2) converted into shares of the Company Common Stock; or (3) be repaid
in a combination of cash and shares of the Company Common Stock. The principal amount of each Advance under the 2023 Credit Agreement
2 shall be due and payable on the third (3rd) annual anniversary of the date that the Advance is received by the Company along
with any unpaid interest accrued on the principal (the “Advance Maturity Date 2”). Prior to the Advance Maturity Date 2, unpaid
interest accrued on any Advance shall be paid on the last business day of June and on the last business day of December of each year in
which the Advance is outstanding and not converted into shares of Company Common Stock. Company may prepay any Advance under the 2023
Credit Agreement 2 and interests accrued thereon prior to Advance Maturity Date 2 without penalty or charge.
Use of Proceeds. The Company needed funding
on an expedited basis and in place prior to 2024 in order to fund requirements for new and existing customer work and to pay for overall
general operational expenses. HMI was the only known and identified funding source willing to provide the necessary funding on an expedited
basis. Credit Line may be used for general working capital, including possible expansion of existing business operations or business lines
to new geographical markets in Asia or other geographical markets; for development of new business lines (whether in existing or new geographical
markets); acquisition of assets or companies (whether in existing or new geographical markets); and payment of any sums due under the
2023 Credit Agreement 2 or other loans.
Fee on Advances. The 2023 Credit Agreement
2 provided that each Advance incurs a 10% fee on the amount of the Advance (“Fee”), payable in cash or shares of Company’s
Common Stock at the election of Company. Under a December 19, 2023 Amendment to the Credit Agreement, the Fee was amended to provide for
a one-time $100,000 payment instead of 10% on an Advance, which amended Fee is payable at option of Company in either cash or shares of
Company Common Stock within 30 days of December 19, 2023.
Events of Default. The following constitute
an event of default under the 2023 Credit Agreement 2: (1) failure to timely pay of any Advance when due and payable and the Company fails
to cure such default within ten (10) days after receipt of a written notice of default from HMI or its authorized agent; (2) a default
of any non-monetary material covenant or agreement in the 2023 Credit Agreement 2 that the Company does not remedy within thirty (30)
days after receipt by the Company of a written notice of default from HMI or its authorized agent (or within such other longer time period
as may be therein specifically provided in the written notice); (3) a breach of any other obligations, covenant, representation or warranty
contained in the 2023 Credit Agreement 2 that is not cured within thirty (30) days from the receipt by the Company of a written notice
from HMI or its authorized agents; (4) the filing of a petition in bankruptcy or the commencement of any proceedings under any bankruptcy
laws by or against the Company, which filing or proceeding, is not dismissed within sixty (60) days after the filing or commencement thereof,
or (5) if the Company becomes insolvent, the filing of a petition to a court for the entry of an order, judgment or decree approving a
petition in an insolvency, liquidation or similar procedure and the petition shall remain unvacated or not removed for an aggregate of
sixty (60) days (whether or not consecutive) from the first date of entry thereof or rejected by such court; (6) all or any part of the
Company’s assets, or of any or all of the royalties, revenues, rents, issues or profits thereof, shall be appointed without the
consent of the Company and such appointment shall remain unvacated and unstayed for an aggregate of sixty (60) days (whether or not consecutive);
(7) entry of judgment or judgements in the aggregate in excess of One Hundred Thousand United States Dollars (US$100,000.00) in face amount,
a writ of execution or attachment or any similar process shall be issued or levied against all of the Company’s assets, or any judgment
involving monetary damages shall be entered against the Company which shall becomes a lien on all of the Company’s assets and such
execution, attachment or similar process or judgment is not released, bonded, satisfied, vacated or stayed within sixty (60) days after
its entry or levy; or (8) the Company ceases to conduct its primary business line for ninety (90) consecutive days.
Conversion to Shares of Common Stock. HMI
or Company may convert monies owed under any Advance regarding the 2023 Credit Agreement 2 into shares of Company Common Stock (“Conversion
of Convertible Loan 2”). The price for conversion of an Advance under the 2023 Credit Agreement 2 and unpaid interest accrued thereon
into shares of Common Stock shall be based on US$0.045 per share, which is an approximately twenty-five percent (25%) discount from the
market closing price as of December 12, 2023 (the “Conversion Price 2”). No fractional shares may be issued in any Conversion
of Convertible Loan 2. If HMI elects to effect a Conversion of Convertible Loan 2, it must deliver a Notice of Conversion to the Company
that specifies the amount of the advance and accrued interest, if any, to be converted, and the date on which such conversion shall be
effected (the “Conversion Date”). If no Conversion Date is specified in a Notice of Conversion, the Conversion Date shall
be the date that such Notice of Conversion is deemed received by the Company. Conversions shall reduce the amount advanced in an amount
equal to the amount of the advance that is converted in a Conversion of Convertible Loan 2.
Conversion upon a Change in Control Transaction.
In the event that the Company consummates a “Change in Control Transaction” (as defined below), then the total amount of Advances
outstanding under the 2023 Credit Agreement 2, and not previously converted into shares of Company Common Stock, shall convert into shares
of Company Common Stock at the Conversion Price 2 upon receipt of written notice from HMI to the Company. “Change in Control Transaction”
will exist if (1) there occurs any consolidation, merger or other business combination of the Company with or into any third party and
the Company is not the surviving entity, or any other corporate reorganization or transaction or series of related transactions in which
in any of such events the voting stockholders of the Company prior to such event cease to own 50% or more of the voting power, or corresponding
voting equity interests, of the surviving entity after the consummation of the transaction or transactions, or (2) in one or a series
of related transactions, there is a sale or transfer of all or substantially all of the operating assets of the Company or substantially
all of the Company’s operating and wholly-owned subsidiaries, determined on a consolidated basis, to a third party.
Conversion upon Breach of 2023 Credit Agreement
2. In addition to on-demand, non-breach Conversion and a Change of Control Conversion, HMI may convert amounts owed under outstanding
Advances if the Company breaches the 2023 Credit Agreement 2 and does not remedy that breach within thirty (30) days after receipt of
a written demand from HMI, which demand shall describe the conversion breach event. Upon occurrence of a conversion breach event that
is not timely remedied and receipt of a Notice of Conversion, the Company is required to convert the requested conversion amount of all
outstanding amount of Advances not previously converted into shares of Company Common Stock within ten (10) days after receipt of the
Notice of Conversion.
Warrants. In the event that HMI elects
to convert any portion of an advance under the 2023 Credit Agreement 2 into shares of Company Common Stock, the Company is obligated to
issue to HMI five (5) detachable warrants for each share of Company Common Stock issued in a Conversion of Convertible Loan 2 (“Warrants
2”) in addition to the shares of Company Common Stock issued in the Conversion of Convertible Loan 2. Each Warrant 2 will entitle
HMI to purchase one (1) share of Company Common Stock at a per-share exercise price equal to the Conversion Price 2. The exercise period
for each Warrant will be five (5) years from the date of issuance of the Warrant.
(iii) HMI owns 21,120,795 shares of Company Common
Stock, which is approximately 48.55% of issued and outstanding shares of Company Common Stock (based on 43,500,762 shares issued and outstanding).
On September 6, 2023, HMI converted $1,300,000 in debt owed by the Company into 7,344,632 shares of Company’s Common Stock at a
price equivalent to $0.177 pursuant to 2023 Credit Agreement 1. HMI’s ownership of shares of Company Common Stock above does not
include a total of 36,723,160 shares of Company Common Stock that HMI may purchase under Warrants 1 issued under the 2023 Credit Agreement
1. The terms of the Warrants 1 entitle the holder to purchase from the Company one (1) share of the Company Common Stock (as adjusted
from time to time pursuant to the provisions of the Warrants 2) for each issued Warrant 1. The Warrants 1 are currently exercisable and
expire on September 6, 2028.
If HMI exercised the Warrants 1 issued under the
2023 Credit Agreement 1 in full and purchased all 36,723,160 of the underlying shares of Company Common Stock, then HMI would own 57,843,955
shares of Company Common Stock or approximately 72.10% of the then issued and outstanding shares of Company Common Stock (based on the
assumption of 80,223,922 shares of Company Common Stock then being issued and outstanding). Mr. Chan Heng Fai Ambrose, a director of the
company, would, based on his control of HMI, also be a “shared” or joint owner of those shares of Company Common Stock. Mr.
Chan controls HMI by virtue of his majority ownership of shares of common stock of Alset, a Commission-reporting company, which is the
parent company of the HMI. Alset owns 99.693% of the issued and outstanding shares of HMI’s common stock. Mr. Chan owns approximately
53.5% of the issued shares of common stock of Alset. Mr. Chan is also the Chairman and Chief Executive Officer of Alset and Executive
Chairman of the Board of Directors of HMI.
Mr. Chan is deemed to be the owner of 21,587,429
shares of Common Stock, which represents approximately 49.63% of the issued shares of Company’s Common Stock (based on 43,500,762
shares issued and outstanding), by virtue of: 95,000 shares of Company’s Common Stock held by Mr. Chan, and the following share
ownership of Common Stock by entities that Mr. Chan is deemed to control: 21,120,795 shares held by HMI, 39,968 shares held by BMI Capital
Partners International Limited, 18,512 shares held by LiquidValue Development Pte Ltd. And 313,154 shares held by Decentralized Sharing
Systems, Inc. BMI Capital Partners International Limited is owned by AIL. AIL is a subsidiary of Alset. LiquidValue Development Pte Ltd.
is a subsidiary of Alset. Decentralized Sharing Systems, Inc. is a subsidiary of DSS, Inc., a New York Stock Exchange listed company,
(“DSS”). Mr. Chan is personally and through entities he controls, the largest shareholder of DSS. Mr. Chan is also the Chairman
of the Board of Directors of DSS.
Mr. Chan, HMI, BMI Capital Partners International
Limited, LiquidValue Development Pte Ltd. And Decentralized Sharing Systems, Inc. are referred to collectively below as “Affiliated
Shareholders”.
As stated above, Mr. Chan controls the HMI by
virtue of his control of Alset. Mr. Chan is also Executive Chairman of the Board of Directors of the HMI and a director of American Pacific
Bancorp., another lender of the Company. Mr. Lum Kan Fai is Vice Chairman of the Board of Directors of HMI and has served in other management
capacities with HMI. Lum Kan Fai is also President of Digital Group of DSS. Mr. Chan is Executive Chairman of the Board of Directors of
DSS and owns approximately 58.3% of the issued and outstanding shares of DSS. Wong Shui Keung is a independent director of DSS.
Robert Trapp was a non-executive director of HMI
and was a non-executive director of Alset. He also serves or has served as a non-executive director of several subsidiaries of Alset.
Mr. Trapp is a non-executive director of Sharing Services Global Corporation, a Nevada corporation and Commission-reporting company, (“SSGC”).
Mr. Chan is Executive Chairman of the Board of Directors of SSGC as well as the owner of 49.2% of issued and outstanding shares of SSGC
common stock, which ownership position includes shares of SSGC common stock owned by DSS and Alset. Further, Mr. Trapp is a non-executive
director of NECV. Mr. Chan controls NECV by virtue of his ownership of approximately 95.6% of issued shares of NECV common stock.
Wong Shui Yeung and Wong Tat Keung are independent
directors of Alset, and also serves or has served as an independent director of several entities controlled or affiliated with Mr. Chan.
Wong Shui Yeung and Wong Tat Keung serve as independent directors of AIL, a subsidiary of Alset. Wong Shui Keung is an independent director
of DSS.
Wong Shui Yeung, Robert Trapp, and Wong Tat Keung
also serve as members of the Company’s Audit Committee of the Board of Directors.
Mr. Lim Sheng Hon Danny currently serves as Senior
Vice President and Executive Director of AIL. He also serves as an Executive Director of Alset, the parent company of AIL. Mr. Lim also
works extensively with Mr. Chan on various business matters concerning AIL, Alset and DSS.
Potential Changes Control of Registrant.
As of December 31, 2023, there is no agreement or arrangement between the Company and Mr. Chan or HMI concerning operational management,
management decisions, business development or strategic plan of the Company and its subsidiaries; neither HMI nor Mr. Chan has directed
or controlled the Company’s day-to-day operational management, management decisions, business development or strategic plan of the
Company and its subsidiaries; and Mr. Chan’s involvement in the Company’s operational management, management decisions, business
development and strategic planning of the Company and its subsidiaries has been limited to his performance of his duties as an outside
director of the Company. Nonetheless, due to the actual and potential ownership of shares of Company Common Stock and Mr. Chan and his
affiliates holding three of the nine board seats of the Company’s Board of Directors, Mr. Chan has the ability to significant influence
corporate decisions and actions of the Company and its subsidiaries.
While Wong Shui Yeung and Wong Tat Keung are the
independent directors of the Company, and Chan Heng Fai, Lum Fai Kai, Robert Trapp, and Lim Sheng Hon Danny have not directed or controlled
daily operational management or decision making, or strategic and business development decisions of the Company, beyond input and guidance
as non-executive directors, and while the Company is not aware of any agreement among Chan Heng Fai, Lum Fai Kai, Lim Sheng Hon Danny,
Wong Shui Yeung, Robert Trapp, and Wong Tat Keung, or among these directors and the Affiliated Shareholders or lenders of the Company,
to direct the operational management and strategic planning of the Company or its operating subsidiaries, the Affiliated Shareholders
collectively control 49.6% of Company’s issued shares of Common Stock.
Further, while the purpose of the Credit Agreement
and January Credit Agreement are to provide necessary working capital to the Company, and the Credit Agreement and January Credit Agreement
are not intended by the Company or Lenders to be a mechanism for effecting any change in control of the Company, HMI, as an Affiliated
Shareholder, has the right to convert the Warrant 1 issued to HMI under the 2023 Credit Agreement 1 conversion into shares of Company
Common Stock that would, if the Warrants 1 are fully exercised, result in ownership of approximately 72.10% of the then issued and outstanding
shares of Company Common Stock (based on the assumption of 80,223,922 shares of Company Common Stock then being issued and outstanding).
With the 2023 Credit Agreement 2, HMI could, assuming a Conversion of any significant amount of Advances made to the Company, into an
ownership position of shares of Common Stock into more than 80% of the then issued and outstanding shares of Common Stock.
|
X |
- References
+ Details
Name: |
veii_ConvertibleLoanTextBlock |
Namespace Prefix: |
veii_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
veii_DisclosureConvertibleLoanFromAffiliatesAbstract |
Namespace Prefix: |
veii_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.24.2
Other payables and accrued liabilities
|
3 Months Ended |
Mar. 31, 2024 |
Payables and Accruals [Abstract] |
|
Other payables and accrued liabilities |
| 13. | Other payables and accrued liabilities |
Other payables and accruals consisted
of the following as of March 31, 2024 and December 31, 2023:
Schedule of other payables and accrued liabilities | |
| | | |
| | |
| |
March 31, 2024 | | |
December 31, 2023 | |
| |
US$ | | |
US$ | |
| |
(unaudited) | | |
| |
Accrual | |
| 1,365,764 | | |
| 1,133,800 | |
Income taxes payable | |
| 46,185 | | |
| 57,961 | |
Taxes penalty payable | |
| 1,410,000 | | |
| 1,410,000 | |
| |
| 2,821,949 | | |
| 2,601,761 | |
Accrual mainly represents salary payables
and fringe and social security accruals. According to the prevailing laws and regulations of the PRC, all eligible employees of the Company’s
subsidiary are entitled to staff welfare benefits including medical care, welfare subsidies, unemployment insurance and pension benefits
through a PRC government-mandated multi-employer defined contribution plan. The Company’s subsidiary is required to accrue for these
benefits based on certain percentages of the qualified employees’ salaries. The Company’s subsidiary is required to make contributions
to the plans out of the amounts accrued.
The Company’s subsidiaries incorporated
in Hong Kong manage a defined contribution Mandatory Provident Fund (the “MPF Scheme”) under the Mandatory Provident Fund
Schemes Ordinance, for all of its employees in Hong Kong. The Company is required to contribute 5% of the monthly salaries for all Hong
Kong based employees to the MPF Scheme up to a maximum statutory limit.
|
X |
- DefinitionThe entire disclosure for accounts payable and accrued liabilities at the end of the reporting period.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19(a),20,24) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_PayablesAndAccrualsAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.24.2
Deferred income
|
3 Months Ended |
Mar. 31, 2024 |
Deferred Income |
|
Deferred income |
Deferred income consisted
of the following as of March 31, 2024 and December 31, 2023:
Schedule of deferred income | |
| | | |
| | |
| |
March 31, 2024 | | |
December 31, 2023 | |
| |
US$ | | |
US$ | |
| |
(unaudited) | | |
| |
Service fees received in advance | |
| 967,558 | | |
| 778,126 | |
|
X |
- References
+ Details
Name: |
veii_DeferredIncomeDisclosureTextBlock |
Namespace Prefix: |
veii_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
veii_DisclosureDeferredIncomeAbstract |
Namespace Prefix: |
veii_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.24.2
Statutory reserves
|
3 Months Ended |
Mar. 31, 2024 |
Extractive Industries [Abstract] |
|
Statutory reserves |
Billings in excess of revenues recognized are recorded as
deferred revenue. The opening balance for the period ended March 31, 2024 and for the year ended December 31, 2023 amounted to $778,126
and $291,171 respectively.
Statutory reserves
The laws and regulations of the PRC
require that before an enterprise distributes profits to its owners, it must first satisfy all tax liabilities, provide for losses in
previous years, and make allocations in proportions determined at the discretion of the Board of Directors after the statutory reserves.
As stipulated by the Company Law of
the PRC, as applicable to Chinese companies with foreign ownership, net income after taxation can only be distributed as dividends after
appropriation has been made for the following:
| 1. | Making up cumulative prior years’ losses, if any; |
| 2. | Allocations to the “Statutory surplus reserve” of at least
10% of income after tax, as determined under PRC accounting rules and regulations, until the fund amounts to 50% of the company’s
registered capital; and; |
| 3. | Allocations to the discretionary surplus reserve, if approved in the shareholders’
general meeting. |
The statutory reserve fund is non-distributable
other than during liquidation and can be used to fund previous years’ losses, if any. It may be utilized for business expansion
or converted into share capital by issuing new shares to existing shareholders in proportion to their shareholding or by increasing the
par value of the shares currently held by them, provided that the remaining reserve balance after such issue is not less than 25% of the
registered capital.
|
X |
- DefinitionTabular disclosure of the future net cash flows relating to proved oil and gas reserves and oil and gas subject to purchase under long-term agreements in which the enterprise participates in the operation of the properties on which the oil and gas is located or otherwise serves as the producer. This information is presented in aggregate and for each geographic area for which reserve quantities are disclosed.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Name Form 20-F -Section Item 18 -Subsection Instruction 2 -Publisher SEC
Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 932 -SubTopic 235 -Name Accounting Standards Codification -Section 55 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482245/932-235-55-6
Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Section 50 -Paragraph 31 -SubTopic 235 -Topic 932 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482274/932-235-50-31
Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Section 50 -Paragraph 33 -SubTopic 235 -Topic 932 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482274/932-235-50-33
Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Section 50 -Paragraph 30 -SubTopic 235 -Topic 932 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482274/932-235-50-30
Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Section 50 -Paragraph 32 -SubTopic 235 -Topic 932 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482274/932-235-50-32
Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Section 50 -Paragraph 36 -SubTopic 235 -Topic 932 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482274/932-235-50-36
+ Details
Name: |
srt_StandardizedMeasureOfDiscountedFutureCashFlowsRelatingToProvedReservesDisclosureTextBlock |
Namespace Prefix: |
srt_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.24.2
Related party and shareholder transactions
|
3 Months Ended |
Mar. 31, 2024 |
Related Party Transactions [Abstract] |
|
Related party and shareholder transactions |
| 16. | Related party and shareholder transactions |
Other than disclosed elsewhere in these financial statements,
the Company also had the following related party balances and transactions:
Related party balances
Schedule of related party balances | |
| | | |
| | |
| |
March 31, 2024 | | |
December 31, 2023 | |
| |
US$ | | |
US$ | |
| |
(unaudited) | | |
| |
Due from related parties | |
| | |
| |
Value Exchange International Limited (i) | |
| 2,361,150 | | |
| 2,401,994 | |
Cucumbuy.com Limited (ii) | |
| 80,769 | | |
| - | |
SmartMyWays Co., Limited (iii) | |
| 79,146 | | |
| 40,098 | |
Retail Intelligent Unit Limited (iv) | |
| 28,846 | | |
| - | |
TAP Technology (HK) Limited (v) | |
| 79,893 | | |
| 73,481 | |
Value Exchange International (Taiwan) Co, Ltd (vi) | |
| 27,927 | | |
| 11,972 | |
Value E Consultant International (M) Sdn. Bhd (vii) | |
| - | | |
| 530,675 | |
| |
| 2,657,731 | | |
| 3,058,220 | |
Allowance for amounts due from related parties | |
| (2,527,545 | ) | |
| (2,527,545 | ) |
| |
| 130,186 | | |
| 530,675 | |
| |
| | | |
| | |
Due to a related party | |
| | | |
| | |
Cucumbuy.com Limited (ii) | |
| - | | |
| 17,961 | |
Retail Intelligent Unit Limited (iv) | |
| - | | |
| 36,795 | |
SA-Network Limited (viii) | |
| 10,802 | | |
| 10,784 | |
Value X International Pte. Ltd (ix) | |
| 1,510 | | |
| 10,014 | |
Smart Reward Express Limited (x) | |
| 641 | | |
| 641 | |
Hapi Retail Company Limited (xi) | |
| - | | |
| 7,454 | |
| |
| 12,953 | | |
| 83,649 | |
Related party transactions:
Schedule of related party transaction | |
| | | |
| | |
| |
Three Months Ended March 31, 2024 | | |
Three Months Ended March 31, 2023 | |
| |
US$ | | |
US$ | |
| |
(unaudited) | | |
(unaudited) | |
Service income received from | |
| | |
| |
Cucumbuy.com Limited (ii) | |
| 107,023 | | |
| - | |
SmartMyWays Co., Limited (iii) | |
| 51,244 | | |
| - | |
Retail Intelligent Unit Limited (iv) | |
| 73,333 | | |
| - | |
TAP Technology (HK) Limited (v) | |
| 12,821 | | |
| - | |
Value Exchange International (Taiwan) Co, Ltd (vi) | |
| - | | |
| 13,917 | |
| |
| | | |
| | |
Subcontracting fees paid to | |
| | | |
| | |
Value Exchange International Limited (i) | |
| (56,228 | ) | |
| (262,125 | ) |
Cucumbuy.com Limited (ii) | |
| (46,154 | ) | |
| (53,846 | ) |
SmartMyWays Co., Limited (iii) | |
| (42,308 | ) | |
| (46,154 | ) |
Retail Intelligent Unit Limited (iv) | |
| (23,077 | ) | |
| (38,462 | ) |
TAP Technology (HK) Limited (v) | |
| (19,231 | ) | |
| (27,523 | ) |
Value Exchange International (Taiwan) Co, Ltd (vi) | |
| (372 | ) | |
| (5,516 | ) |
Value E Consultant International (M) Sdn. Bhd (vii) | |
| - | | |
| (41,450 | ) |
SA-Network Limited (viii) | |
| (96,380 | ) | |
| (39,070 | ) |
Value X International Pte. Ltd (ix) | |
| (21,534 | ) | |
| - | |
| |
| | | |
| | |
Management fees received from | |
| | | |
| | |
Value Exchange International Limited (i) | |
| - | | |
| 20,167 | |
Cucumbuy.com Limited (ii) | |
| - | | |
| 3,077 | |
SmartMyWays Co., Limited (iii) | |
| - | | |
| 3,077 | |
Retail Intelligent Unit Limited (iv) | |
| - | | |
| 3,077 | |
TAP Technology (HK) Limited (v) | |
| - | | |
| 3,077 | |
| (i) | Mr. Kenneth Tan and Ms. Bella Tsang, directors of the Company, are shareholders and a directors of Value
Exchange International Limited, a company incorporated in Hong Kong. The balance is unsecured, interest free and repayable on demand. |
| (ii) | Ms. Bella Tsang, a director of the Company, is a shareholder and a director of Cucumbuy.com Limited, a
company incorporated in Hong Kong. The balance is unsecured, interest free and repayable on demand. |
| (iii) | Ms. Bella Tsang, a director of the Company, is a shareholder and a director of SmartMyWays Co., Limited,
a company incorporated in Hong Kong. Mr. Kenneth Tan, a director of the Company, is a director of SmartMyWays Co., Limited. The balance
is unsecured, interest free and repayable on demand. |
| (iv) | Ms. Bella Tsang, a director of the Company, is a shareholder and a director of Retail Intelligent Unit
Limited, a company incorporated in Hong Kong. Mr. Kenneth Tan, a director of the Company, is a director of Retail Intelligent Unit Limited.
The balance is unsecured, interest free and repayable on demand. |
| (v) | Ms. Bella Tsang, a director of the Company, is a shareholder and a director of TAP Technology (HK) Limited,
a company incorporated in Hong Kong. The balance is unsecured, interest free and repayable on demand. |
| (vi) | Ms. Bella Tsang, a director of the Company, is a shareholder and a director of Value Exchange International
(Taiwan) Co, Ltd, a company incorporated in Taiwan. The balance is unsecured, interest free and repayable on demand. |
| (vii) | Ms. Bella Tsang, a director of the Company, is a shareholder of Value E Consultant International (M) Sdn.
Bhd, a company incorporated in Malaysia. The balance is unsecured, interest free and repayable on demand. |
| (viii) | Ms. Bella Tsang, a director of the Company, is a shareholder and a director of SA-Network Limited, a company
incorporated in England and Wales. The balance is unsecured, interest free and repayable on demand. |
| (ix) | Ms. Bella Tsang, a director of the Company, is a shareholder and a director of ValueX International Pte.
Ltd., a company incorporated in Singapore. The balance is unsecured, interest free and repayable on demand. |
| (x) | VEI CHN owns 50% shares of Smart Reward Express Limited, an inactive company incorporated in Hong Kong;
and Mr. Chan Heng Fai, Mr. Lum Kan Fai and Ms. Bella Tsang, directors of the Company, are directors of Smart Reward Express Limited. The
balance is unsecured, interest free and repayable on demand. |
| (xi) | Ms. Bella Tsang, a director of the Company, is a shareholder and a director of Hapi Retail Company Limited,
a company incorporated in Canada. The balance is unsecured, interest free and repayable on demand. |
|
X |
- DefinitionThe entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480990/946-20-50-2
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480990/946-20-50-5
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480990/946-20-50-6
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 235 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481062/946-235-50-2
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 235 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481062/946-235-50-2
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 850 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483326/850-10-50-1
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-07(2)(g)(3)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1
Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-07(2)(c)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1
Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-07(2)(e)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1
Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 850 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//850/tableOfContent
Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 850 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483326/850-10-50-6
Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 850 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483326/850-10-50-1
Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 850 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483326/850-10-50-1
+ Details
Name: |
us-gaap_RelatedPartyTransactionsDisclosureTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.24.2
Subsequent events
|
3 Months Ended |
Mar. 31, 2024 |
Subsequent Events [Abstract] |
|
Subsequent events |
On July 15, 2024, VEII entered into
a Convertible Credit Agreement (“2024 Credit Agreement”) with HMI for an unsecured credit line in the maximum amount of One
Hundred and Ten Thousand U.S. Dollars and No Cents (USD$110,000.00) (“2024 Credit Line”). Advances of the principal under
the 2024 Credit Agreement accrue simple interest at Eight Percent (8%) per annum. Each Advance under the 2024 Credit Agreement and all
accrued interest thereon may, at the election of HMI, or the Company, be: (1) repaid in cash; (2) converted into shares of the Company
Common Stock; or (3) be repaid in a combination of cash and shares of the Company Common Stock. The principal amount of each Advance under
the 2024 Credit Agreement shall be due and payable on the third (3rd) annual anniversary of the date that the Advance is received by the
Company along with any unpaid interest accrued on the principal (the “Advance Maturity Date 3”). Prior to the Advance Maturity
Date 3, unpaid interest accrued on any Advance shall be paid on the last business day of June and on the last business day of December
of each year in which the Advance is outstanding and not converted into shares of Company Common Stock. Company may prepay any Advance
under the 2024 Credit Agreement and interests accrued thereon prior to Advance Maturity Date 3 without penalty or charge.
Use of Proceeds. The Company needed
funding on an expedited basis in order to fund requirements for new and existing customer work and to pay for overall general operational
expenses. HMI was the only known and identified funding source willing to provide the necessary funding on an expedited basis. Credit
Line may be used for general working capital, including possible expansion of existing business operations or business lines to new geographical
markets in Asia or other geographical markets; for development of new business lines (whether in existing or new geographical markets);
acquisition of assets or companies (whether in existing or new geographical markets); and payment of any sums due under the 2024 Credit
Agreement or other loans.
Events of Default. The following constitute
an event of default under the 2024 Credit Agreement: (1) failure to timely pay of any Advance when due and payable and the Company fails
to cure such default within ten (10) days after receipt of a written notice of default from HMI or its authorized agent; (2) a default
of any non-monetary material covenant or agreement in the 2024 Credit Agreement that the Company does not remedy within thirty (30) days
after receipt by the Company of a written notice of default from HMI or its authorized agent (or within such other longer time period
as may be therein specifically provided in the written notice); (3) a breach of any other obligations, covenant, representation or warranty
contained in the 2024 Credit Agreement that is not cured within thirty (30) days from the receipt by the Company of a written notice from
HMI or its authorized agents; (4) the filing of a petition in bankruptcy or the commencement of any proceedings under any bankruptcy laws
by or against the Company, which filing or proceeding, is not dismissed within sixty (60) days after the filing or commencement thereof,
or (5) if the Company becomes insolvent, the filing of a petition to a court for the entry of an order, judgment or decree approving a
petition in an insolvency, liquidation or similar procedure and the petition shall remain unvacated or not removed for an aggregate of
sixty (60) days (whether or not consecutive) from the first date of entry thereof or rejected by such court; (6) all or any part of the
Company’s assets, or of any or all of the royalties, revenues, rents, issues or profits thereof, shall be appointed without the
consent of the Company and such appointment shall remain unvacated and unstayed for an aggregate of sixty (60) days (whether or not consecutive);
(7) entry of judgment or judgements in the aggregate in excess of One Hundred Thousand United States Dollars (US$100,000.00) in face amount,
a writ of execution or attachment or any similar process shall be issued or levied against all of the Company’s assets, or any judgment
involving monetary damages shall be entered against the Company which shall becomes a lien on all of the Company’s assets and such
execution, attachment or similar process or judgment is not released, bonded, satisfied, vacated or stayed within sixty (60) days after
its entry or levy; or (8) the Company ceases to conduct its primary business line for ninety (90) consecutive days.
Conversion to Shares of Common Stock.
HMI or Company may convert monies owed under any Advance regarding the 2024 Credit Agreement into shares of Company Common Stock (“Conversion
of Convertible Loan 3”). The price for conversion of an Advance under the 2024 Credit Agreement and unpaid interest accrued thereon
into shares of Common Stock shall be based on US$0.06 per share, which is based on VEII’s Volume-Weighted Average Price as of 8
July 2024 (the “Conversion Price 3”). No fractional shares may be issued in any Conversion of Convertible Loan 3. If HMI elects
to effect a Conversion of Convertible Loan 3, it must deliver a Notice of Conversion to the Company that specifies the amount of the advance
and accrued interest, if any, to be converted, and the date on which such conversion shall be effected (the “Conversion Date 3”).
If no Conversion Date 3 is specified in a Notice of Conversion, the Conversion Date 3 shall be the date that such Notice of Conversion
is deemed received by the Company. Conversions shall reduce the amount advanced in an amount equal to the amount of the advance that is
converted in a Conversion of Convertible Loan 3.
Conversion upon a Change in Control
Transaction. In the event that the Company consummates a “Change in Control Transaction” (as defined below), then the total
amount of Advances outstanding under the 2024 Credit Agreement, and not previously converted into shares of Company Common Stock, shall
convert into shares of Company Common Stock at the Conversion Price 3 upon receipt of written notice from HMI to the Company. “Change
in Control Transaction” will exist if (1) there occurs any consolidation, merger or other business combination of the Company with
or into any third party and the Company is not the surviving entity, or any other corporate reorganization or transaction or series of
related transactions in which in any of such events the voting stockholders of the Company prior to such event cease to own 50% or more
of the voting power, or corresponding voting equity interests, of the surviving entity after the consummation of the transaction or transactions,
or (2) in one or a series of related transactions, there is a sale or transfer of all or substantially all of the operating assets of
the Company or substantially all of the Company’s operating and wholly-owned subsidiaries, determined on a consolidated basis, to
a third party.
Conversion upon Breach of 2024 Credit
Agreement. In addition to on-demand, non-breach Conversion and a Change of Control Conversion, HMI may convert amounts owed under outstanding
Advances if the Company breaches the 2024 Credit Agreement and does not remedy that breach within thirty (30) days after receipt of a
written demand from HMI, which such demand shall describe the conversion breach event. Upon occurrence of a conversion breach event that
is not timely remedied and receipt of a Notice of Conversion, the Company is required to convert the requested conversion amount of all
outstanding amount of Advances not previously converted into shares of Company Common Stock within ten (10) days after receipt of the
Notice of Conversion.
|
X |
- References
+ Details
Name: |
us-gaap_SubsequentEventsAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//855/tableOfContent
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483399/855-10-50-2
+ Details
Name: |
us-gaap_SubsequentEventsTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.24.2
Summary of Significant Accounting Policies (Policies)
|
3 Months Ended |
Mar. 31, 2024 |
Accounting Policies [Abstract] |
|
Basis of Presentation |
The accompanying consolidated financial
statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S.
GAAP"), and include the financial statements of the Company and all its wholly-owned subsidiaries that require consolidation.
All material intercompany transactions and balances have been eliminated in the consolidation. The Company’s fiscal year
end is December 31st. The following entities were consolidated as of March 31, 2024:
Schedule of consolidated entities |
|
|
|
|
|
|
Place of incorporation |
|
Ownership percentage |
Value Exchange International, Inc. |
|
USA |
|
Parent Company |
Value Exchange Int’l (China) Limited |
|
Hong Kong |
|
100% |
Value Exchange Int’l (Shanghai) Limited |
|
PRC |
|
100% |
Value Exchange Int’l (Hong Kong) Limited |
|
Hong Kong |
|
100% |
TapServices, Inc. |
|
Philippines |
|
100% |
Value Exchange Int’l (Hunan) Limited |
|
PRC |
|
51% |
Shanghai Zhaonan Hengan Information Technology Co.,
Ltd. |
|
PRC |
|
51% |
Haomeng Technology (Shenzhen) Co., Limited |
|
PRC |
|
100% |
Value E Consultant International (M) Sdn. Bhd |
|
Malaysia |
|
100% |
|
Going Concern |
These financial statements have been
prepared in accordance with generally accepted accounting principles applicable to a going concern, which assumes that the Company will
be able to meet its obligations and continue its operations for its next fiscal year. Realization values may be substantially different
from carrying values as shown and these financial statements do not give effect to adjustments that would be necessary to the carrying
values and classification of assets and liabilities should the Company be unable to continue as a going concern. The Company has an operating
loss of $286,541 for the three months period ended March 31, 2024, has an accumulated deficit of $5,469,928 and has only cash reserves
of $515,113 as of March 31, 2024. Management has evaluated the significance of the conditions in relation to the Company’s
ability to meet its obligations and believes that its current cash balance along with its current operations will not provide sufficient
capital to continue as a going concern. The Company’s ability to continue as a going concern is dependent upon achieving
sales growth, management of operating expenses and ability of the Company to obtain the necessary financing to meet its obligations and
pay its liabilities arising from normal business operations when they come due, and upon profitable operations.
The Company has relied on debt funding
to pay for operating expenses and business development efforts in 2024 that were not covered by operating revenues. If the Company continues
to incur operating losses as incurred within twelve months of filing date and does not significantly increase its cash reserves, and if
the Company does not also receive additional funding from existing lenders or from other sources to provide the working capital needed
to cover those continuing operating losses, then the Company would be forced to reduce its operating expenses and business development
efforts and the issue of the Company as a going concern may arise. While the existing lenders of the Company and Company's majority shareholder
are affiliated, there can be no assurance of additional debt or equity funding for the Company from the existing lenders or the majority
shareholder. In considering our forecast for the next twelve months and the current cash and working capital as of the filing of this
Form 10-Q, such matters create a substantial doubt regarding the Company’s ability to meet their financial needs and continue
as a going concern.
These financial statements do not include
any adjustments relating to the recoverability and classification of recorded asset amounts, or amounts and classification of liabilities
that might result from this uncertainty.
|
Use of Estimates |
Preparing consolidated financial statements
in conformity with U.S. GAAP requires management to make estimates and assumptions affecting the reported amounts of assets and liabilities
and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and
expenses during the reporting period. The more significant areas requiring using management’s estimates and assumptions
relate to the collectability of its receivables, the fair value and accounting treatment of financial instruments, the valuation of long-lived
assets and valuation of deferred tax liabilities. Management bases its estimates on historical experience and on various other assumptions
that are believed to be reasonable under the circumstances. Accordingly, actual results may differ significantly from these estimates.
In addition, different assumptions or circumstances could reasonably be expected to yield different results.
|
Cash and Cash Equivalents |
| d) | Cash and Cash Equivalents |
For purposes of the cash flow statements,
the Company considers all highly liquid investments with original maturities of three months or less at the time of purchase to be cash
equivalents. Cash includes cash on hand and demand deposits in accounts maintained with financial institutions or state-owned banks within
the PRC and Hong Kong.
|
Interim Financial Statements |
| e) | Interim Financial Statements |
These interim unaudited consolidated
financial statements have been prepared on the same basis as the annual financial statements and in the opinion of management, reflect
all adjustments, which include only normal recurring adjustments, necessary to present fairly the Company’s consolidated
financial position, results of operations and cash flows for the periods shown. The results of operations for such periods are not necessarily
indicative of the results expected for a full year or for any future period.
|
Accounts receivable, other receivables, and current expected credit losses |
| f) | Accounts receivable, other receivables, and current expected credit losses |
Receivables include trade accounts
due from customers and other receivables such as cash advances to employees, utility deposits paid and advances to suppliers. Management
reviews the composition of accounts receivable and analyzes historical bad debts, customer concentration, customer credit worthiness,
current economic trends and changes in customer payment patterns to determine if the allowance for credit losses is adequate. An estimate
for credit losses is made when collection of the full amount is no longer probable. Delinquent account balances are written-off after
management has determined that the likelihood of collection is not probable and known bad debts are written off against the allowance
for doubtful accounts when identified. As of March 31, 2024 and December 31, 2023, allowance for uncollectible accounts receivable amounts
to $155,301 and $155,301, respectively; and there was no allowance for uncollectible other receivables. Management believes that the remaining
accounts receivable and other receivables are collectable.
The company evaluated the accounting
standards update related to the Current Expected Credit Losses ("CECL") and adequate allowance for uncollectible
accounts receivable have been made during 2024.
|
Inventories |
Inventories are valued at the lower
of cost and net realizable value. Cost for inventories is determined using the "first-in, first-out" method. Cost is defined as the cost to acquire products, cost of conversion
and other related costs to bring inventory to present location and condition. Net realizable value is defined as estimated selling prices
in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation.
Management reviews inventories for
obsolescence or cost in excess of net realizable value periodically. The obsolescence, if any, is recorded as a provision against the
inventory. The cost in excess of market value is written off and recorded as additional cost of sales.
|
Plant and equipment |
Plant and equipment is stated at cost
less accumulated depreciation and accumulated impairment losses, if any. Expenditures for maintenance and repairs are charged to earnings
as incurred. Major additions are capitalized. When assets are retired or otherwise disposed of, the related cost and accumulated depreciation
are removed from the respective accounts, and any gain or loss is included in operations. Depreciation of plant and equipment is provided
using the straight-line method for substantially all assets with estimated lives as follows:
Schedule of estimated use full life of plant and equipment |
|
|
|
|
Estimated Useful Life |
Leasehold improvements |
|
Lesser of lease term or the estimated
useful lives of
5 years |
Computer equipment |
|
5 years |
Computer software |
|
5 years |
Office furniture and equipment |
|
5 years |
Motor Vehicle |
|
3 years |
Building |
|
5 years |
|
Goodwill |
Goodwill represents the excess of the cost of acquisition
over the fair value of net assets acquired. Goodwill is not amortized, but is instead tested for impairment annually.
|
Impairment of long-lived assets |
| j) | Impairment of long-lived assets |
Property, Plant, and Equipment
The Company evaluates long-lived assets,
including equipment, for impairment at least once per year and whenever events or changes in circumstances indicate that the carrying
value may not be recoverable from its estimated future cash flows. Based on the existence of one or more indicators of impairment, the
Company measures any impairment of long-lived assets by comparing the asset's estimated fair value with its carrying value, based on cash
flow methodology. If the net book value of the asset exceeds the related undiscounted cash flows, the asset is considered impaired and
an impairment loss equal to an amount by which the carrying value exceeds the fair value of the asset is recognized.
Impairment of Goodwill
The carrying value of goodwill is evaluated
annually or more frequently if events or circumstances indicate that an impairment loss may have occurred. Such circumstances could include,
but are not limited to, a significant adverse change in business climate, increased competition or other economic conditions. Under FASB
Accounting Standard Codification (ASC) Topic 350 "Intangibles - Goodwill and Other", goodwill is tested at a reporting
unit level. The impairment test involves a two-step process. The first step involves comparing the fair value of the reporting unit to
which the goodwill is assigned to its carrying amount. If this comparison indicates that a reporting unit’s estimated fair
value is less than its carrying value, a second step is required. If applicable, the second step requires us to allocate the estimated
fair value of the reporting unit to the estimated fair value of the reporting unit’s net assets, with any fair value in
excess of amounts allocated to such net assets representing the implied fair value of goodwill for that reporting unit. If the carrying
value of the goodwill exceeds its fair value, the carrying value is written down by an amount equal to such excess.
The goodwill impairment testing process
involves the use of significant assumptions, estimates and judgments, and is subject to inherent uncertainties and subjectivity. Estimating
a reporting unit’s discounted cash flows involves the use of significant assumptions, estimates and judgments with respect
to a variety of factors, including sales, gross margin and selling, general and administrative rates, capital expenditures, cash flows
and the selection of an appropriate discount rate. Projected sales, gross margin and selling, general and administrative expense rate
assumptions and capital expenditures are based on our annual business plans and other forecasted results. Discount rates reflect market-based
estimates of the risks associated with the projected cash flows of the reporting unit directly resulting from the use of its assets in
its operations. These estimates are based on the best information available to us as of the date of the impairment assessment.
|
Fair value of financial instruments |
| k) | Fair value of financial instruments |
ASC Topic 820, Fair Value Measurement
and Disclosures, defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit
price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on
the measurement date. This topic also establishes a fair value hierarchy which requires classification based on observable and unobservable
inputs when measuring fair value. The fair value hierarchy distinguishes between assumptions based on market data (observable inputs)
and an entity’s own assumptions (unobservable inputs). The hierarchy consists of three levels:
Level one — |
Quoted market prices in active markets for identical assets or liabilities; |
Level two — |
Inputs other than level one inputs that are either directly or indirectly observable; and |
Level three — |
Unobservable inputs developed using estimates and assumptions, which are developed by the reporting entity and reflect those assumptions that a market participant would use. |
Determining which category an asset
or liability falls within the hierarchy requires significant judgment. The Company evaluates its hierarchy disclosures each quarter. The
following table represents the fair value hierarchy for the Company’s financial assets and liabilities measured at fair
value on a recurring basis as of:
Schedule of measured at fair value on a recurring basis | |
| | | |
| | | |
| | | |
| | |
| |
March 31, 2024 | |
| |
Level 1 | | |
Level 2 | | |
Level 3 | | |
Total | |
| |
US$ | | |
US$ | | |
US$ | | |
US$ | |
Liabilities: | |
| | |
| | |
| | |
| |
Convertible loan and its fair value for the derivative portion (See Note 12) | |
| - | | |
| - | | |
| 352,389 | | |
| 352,389 | |
| |
December 31, 2023 | |
| |
Level 1 | | |
Level 2 | | |
Level 3 | | |
Total | |
| |
US$ | | |
US$ | | |
US$ | | |
US$ | |
Liabilities: | |
| | |
| | |
| | |
| |
Convertible loan and its fair value for the derivative portion (See Note 12) | |
| - | | |
| - | | |
| 1,061,282 | | |
| 1,061,282 | |
As of March 31, 2024 and December
31, 2023, the fair values of the Company’s cash and cash equivalents, accounts receivable, inventory, accounts payable, other
receivables and prepayments, other payables and accrued liabilities, and balances with related parties approximated the carrying
values of these instruments presented in the Company’s consolidated balance sheets due to the short maturities of these
instruments.
|
Comprehensive income |
U.S. GAAP generally requires that recognized
revenue, expenses, gains and losses be included in net income or loss. Although certain changes in assets and liabilities are reported
as separate components of the equity section of the consolidated balance sheet, such items, along with net income, are components of comprehensive
income or loss. The components of other comprehensive income or loss consist of foreign currency translation adjustments.
|
Earnings per share |
The Company reports earnings per share
in accordance with ASC 260, Earnings per Share. ASC 260 requires presentation of both basic and diluted earnings per share ("EPS")
on the face of the income statement. Basic EPS is computed by dividing net income available to common shareholders (numerator) by the
weighted average number of shares outstanding (denominator) during the period. Diluted EPS gives effect to all dilutive potential common
shares outstanding during the period using the treasury stock method and convertible preferred stock using the if-converted method. In
computing diluted EPS, the average stock price for the period is used in determining the number of shares assumed to be purchased from
the exercise of stock options or warrants. Diluted EPS excludes all dilutive potential shares if their effect is anti-dilutive.
|
Revenue recognition |
The Company’s revenue
is derived from three primary sources: (i) professional services for systems development and integration, including procurement of related
hardware and software licenses on behalf of customers, if required; (ii) professional services for system maintenance normally for a period
of one year; and (iii) sale of hardware and consumables during the service performed as stated above. We recognize revenue from contracts
with customers using the five-step model prescribed in ASC 606.
The Company derives revenue from fixed-price
sale contracts with customers that may provide for the Company to procure hardware and software licenses with varied performance specifications
specific to each customer and provide the technical services for systems development and integration of the hardware and software licenses.
In instances where the contract price is inclusive of the technical services, the sale contracts include performance obligations.
Determining whether such products and
services within a customer contract are considered distinct performance obligations that should be accounted for separately requires significant
judgment. Accordingly, we review customer contracts to identify all separate promises to transfer goods and services that would be considered
performance obligations. Judgment is also required in determining whether an option to acquire additional products and services within
a customer contract represents a material right that the customer would not receive without entering into that contract.
The Company’s contracts
often contain multiple performance obligations, which generally include customer-acceptance provisions which provide for the Company to
carry out installation, test runs and performance tests at the Company’s cost until the systems as a whole can meet the
performance specifications stated in the contracts. The delivered equipment and software licenses have no standalone value to the customer
until they are installed, integrated and tested at the customer’s site by the Company in accordance with the performance
specifications specific to each customer. In addition, under these multiple performance obligations contracts, the Company has not sold
the equipment and software licenses separately from the installation, integration and testing services, and hence there is no objective
and reliable evidence of the fair value for each deliverable included in the arrangement. If a contract contains multiple performance
obligations, the Company accounts for each distinct performance obligation separately. The transaction price is allocated to the separate
performance obligations on a relative stand-alone selling price basis. Any discounts or expected potential future price concessions are
considered when determining the total transaction price.
In addition, the arrangement generally
includes customer acceptance criteria that cannot be tested before installation and integration at the customer’s site.
Accordingly, revenue recognition is deferred until customer acceptance, indicated by an acceptance certificate signed off by the customer.
We recognize revenue over time when
there is a continuous transfer of control to our customer. When control is transferred over time, revenue is recognized based on the extent
of progress towards completion of the performance obligation. Based on the nature of the products and services provided in the contract,
we use our judgment to determine if an input measure or output measure best depicts the transfer of control over time. If a contract does
not meet the criteria for recognizing revenue over time, we recognize revenue at a point in time.
Revenues of maintenance services are
recognized when the services are performed in accordance with the contract term. For maintenance service contracts, a time-elapsed output
method is used to measure progress, and revenue is recognized straight-line over the term of the contract.
For services contracts, we typically
satisfy our performance obligations as services are rendered and use a contract cost-based input method to measure progress. Contract
costs include labor, material and allocable indirect expenses. Revenue is recognized proportionally as contract costs are incurred plus
estimated fees.
Revenues of sale of software, if not
bundled with other arrangements, are recognized when shipped and customer acceptance obtained at a point in time, if all other revenue
recognition criteria are met. Costs associated with revenues are recognized when incurred.
Revenues are recorded net of value-added
taxes, sales discounts and returns. There were no sales returns during the three months period ended March 31, 2024 and 2023.
Schedule of revenue record | |
| | | |
| | |
| |
Three Months
Ended March 31,
2024 | | |
Three Months
Ended March 31,
2023 | |
| |
US$ | | |
US$ | |
| |
(unaudited) | | |
(unaudited) | |
NET REVENUES | |
| | | |
| | |
Service income | |
| | | |
| | |
- systems development and integration | |
| 54,115 | | |
| 14,359 | |
- systems maintenance | |
| 2,616,667 | | |
| 2,490,154 | |
- sales of hardware and consumables | |
| 699,227 | | |
| 380,036 | |
| |
| 3,370,009 | | |
| 2,884,549 | |
Billings in excess of revenues recognized are recorded as
deferred revenue.
|
Income taxes |
Deferred income taxes are recognized
for the tax consequences of temporary differences by applying enacted statutory tax rates applicable to future years to differences between
the financial statement carrying amounts and the tax bases of existing assets and liabilities. The charge for taxation is based on the
results for the reporting period as adjusted for items which are non-assessable or disallowed. It is calculated using tax rates that have
been enacted or substantively enacted by the balance sheet date. The effect on deferred income taxes of a change in tax rates is recognized
in income in the period that includes the enactment date. A valuation allowance is recognized if it is more likely than not that some
portion, or all of, a deferred tax asset will not be realized.
For uncertainty in income taxes, a
tax position is recognized as a benefit only if it is "more likely than not" that the tax position would be sustained
in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that
is greater than 50% likely of being realized on examination. For tax positions not meeting the "more likely than not"
test, no tax benefit is recorded. Penalties and interest incurred related to underpayment of income tax are classified as income tax expense
in the year incurred.
|
Lease accounting |
The Company categorize leases at their
inception as either operating or finance leases. Lease agreements cover certain office space, warehouse space, and vehicles. Most of these
leases are operating leases; however, certain vehicles are leased under finance leases.
Operating leases are included in operating
lease right-of-use assets, current operating lease liabilities, and long-term operating lease liabilities in our consolidated balance
sheets. Finance leases are included in net property, current installments of long-term debt, and long-term debt in our consolidated balance
sheets.
Leased assets represent our right to
use an underlying asset for the lease term, and lease liabilities represent our obligation to make lease payments arising from the lease.
Operating lease right-of-use assets and liabilities are recognized at commencement date based on the present value of lease payments over
the lease term. Operating lease liabilities and corresponding right-of-use assets include options to extend lease terms that are reasonably
certain of being exercised. As the Company’s leases generally do not provide an implicit discount rate, the Company uses
the estimated collateralized incremental borrowing rate (i.e. 3%) based on information available at the lease commencement date in determining
the present value of lease payments for use in the calculation of the operating lease liabilities and right-of-use assets. This rate is
determined using a portfolio approach based on the risk-adjusted rate of interest and requires estimates and assumptions including credit
rating, credit spread, and adjustments for the impact of collateral. The Company believes that this is the rate it would have to pay to
borrow an amount equal to the lease payments on a collateralized basis over a similar lease term.
Leases that have a term of twelve months
or less upon commencement date are considered short-term in nature. Accordingly, short-term leases are not included on the consolidated
balance sheets and are expensed on a straight-line basis over the lease term, which commences on the date we have the right to control
the property.
|
Advertising costs |
The Company expenses the cost of advertising
as incurred in the period in which the advertisements and marketing activities are first run or over the life of the endorsement contract.
No advertising and marketing expense for the three months ended March 31, 2024 and 2023.
|
Shipping and handling |
Shipping and handling cost incurred
to ship computer products to customers are included in selling expenses. Shipping and handling expenses for the three months ended March
31, 2024 and 2023 were $11,942 and $18,746 respectively.
|
Research and development costs |
| s) | Research and development costs |
Research and development costs are
expensed as incurred and are included in general and administrative expenses. No research and development costs for the three months ended
March 31, 2024 and 2023.
|
Foreign currency translation |
| t) | Foreign currency translation |
The functional currency and reporting
currency of the Company is the U.S. Dollar. ("US$" or "$"). The functional currency of the
Hong Kong subsidiaries is the Hong Kong Dollar. The functional currency of the Chinese subsidiaries is RMB. The functional currency of
the Philippine subsidiary is Peso. Results of operations and cash flow are translated at average exchange rates during the period, and
assets and liabilities are translated at the exchange rate as quoted by the Hong Kong Monetary Authority ("HKMA")
at the end of the period. Capital accounts are translated at their historical exchange rates when the capital transaction occurred. Translation
adjustments resulting from this process are included in accumulated other comprehensive income. Transaction gains and losses that arise
from exchange rate fluctuations on transactions denominated in a currency other than the functional currency are included in the results
of operations as incurred.
Schedule of foreign currency translation | |
| |
|
Quarter ended | |
March 31, 2024 | |
March 31, 2023 |
RMB : USD exchange rate | |
7.1822 | |
6.8133 |
average period ended | |
| |
|
HKD : USD exchange rate | |
7.800 | |
7.800 |
average period ended | |
| |
|
PESO : USD exchange rate | |
54.2137 | |
53.5881 |
average period ended | |
| |
|
MYR : USD exchange rate | |
4.7088 | |
- |
average period ended | |
| |
|
Quarter ended | |
March 31, 2024 | |
December 31, 2023 |
RMB : USD exchange rate | |
7.2316 | |
7.1155 |
HKD : USD exchange rate | |
7.800 | |
7.800 |
PESO : USD exchange rate | |
54.3554 | |
53.9792 |
MYR : USD exchange rate | |
4.7187 | |
- |
|
Stock-based Compensation |
| u) | Stock-based Compensation |
The Company records stock-based compensation
in accordance with ASC 718, Compensation – Stock Compensation using the fair value method. All transactions in which goods or services
are the consideration received for the issuance of equity instruments are accounted for based on the fair value of the consideration received
or the fair value of the equity instrument issued, whichever is more reliably measurable. Equity instruments issued to employees and the
cost of the services received as consideration are measured and recognized based on the fair value of the equity instruments issued.
|
Commitments and contingencies |
| v) | Commitments and contingencies |
The Company follows FASB ASC Subtopic
450-20, “Loss Contingencies” in determining its accruals and disclosures with respect to loss contingencies. Accordingly,
estimated losses from loss contingencies are accrued by a charge to income when information available prior to issuance of the financial
statements indicates that it is probable that a liability could be incurred and the amount of the loss can be reasonably estimated. Legal
expenses associated with the contingency are expensed as incurred. If a loss contingency is not probable or reasonably estimable, disclosure
of the loss contingency is made in the financial statements when it is at least reasonably possible that a material loss could be incurred.
|
Segment Reporting |
The Company uses the “management
approach” in determining reportable operating segments. The management approach considers the internal organization and reporting
used by the Company’s chief operating decision maker for making operating decisions and assessing performance as the source for
determining the Company’s reportable segments. Management, including the chief operating decision maker, reviews operating results
solely by monthly revenue from software development and maintenance services (but not by sub-services/product type or geographic area)
and operating results of the Company and, as such, the Company has determined that the Company has one operating segment as defined by
ASC Topic 280 “Segment Reporting”.
|
Recent accounting pronouncements |
| x) | Recent accounting pronouncements |
In November 2023, the Financial Accounting
Standards Board (FASB) issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (ASU 2023-07),
which requires an enhanced disclosure of significant segment expenses on an annual and interim basis. This guidance will be effective
for the annual periods beginning the year ended December 31, 2024, and for beginning January 1, 2025. Early adoption is permitted. Upon
adoption, the guidance should be applied retrospectively to all prior periods presented in the financial statements. We do not expect
the adoption of this guidance to have a material impact on our consolidated financial statements.
In December 2023, the FASB issued ASU
No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (ASU 2023-09), which improves the transparency of income
tax disclosures by requiring consistent categories and greater disaggregation of information in the effective tax rate reconciliation
and income taxes paid disaggregated by jurisdiction. It also includes certain other amendments to improve the effectiveness of income
tax disclosures. This guidance will be effective for the annual periods beginning the year ended December 31, 2025. Early adoption is
permitted. Upon adoption, the guidance can be applied prospectively or retrospectively. We do not expect the adoption of this guidance
to have a material impact on our consolidated financial statements.
Other accounting standards that have
been issued or proposed by the FASB or other standards-setting bodies that do not require adoption until a future date are not expected
to have a material impact on the Company’s consolidated financial statements upon adoption.
|
X |
- References
+ Details
Name: |
us-gaap_AccountingPoliciesAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionDisclosure of accounting policy for advertising cost.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -SubTopic 35 -Topic 720 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483406/720-35-50-1
+ Details
Name: |
us-gaap_AdvertisingCostsPolicyTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionDisclosure of accounting policy for basis of accounting, or basis of presentation, used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS).
+ References
+ Details
Name: |
us-gaap_BasisOfAccountingPolicyPolicyTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionDisclosure of accounting policy for cash and cash equivalents, including the policy for determining which items are treated as cash equivalents. Other information that may be disclosed includes (1) the nature of any restrictions on the entity's use of its cash and cash equivalents, (2) whether the entity's cash and cash equivalents are insured or expose the entity to credit risk, (3) the classification of any negative balance accounts (overdrafts), and (4) the carrying basis of cash equivalents (for example, at cost) and whether the carrying amount of cash equivalents approximates fair value.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482913/230-10-50-1
+ Details
Name: |
us-gaap_CashAndCashEquivalentsPolicyTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionDisclosure of accounting policy for commitments and contingencies, which may include policies for recognizing and measuring loss and gain contingencies.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 954 -SubTopic 450 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480598/954-450-50-1
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 460 -SubTopic 10 -Section 50 -Paragraph 8 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482425/460-10-50-8
+ Details
Name: |
us-gaap_CommitmentsAndContingenciesPolicyTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionDisclosure of accounting policy for salaries, bonuses, incentive awards, postretirement and postemployment benefits granted to employees, including equity-based arrangements; discloses methodologies for measurement, and the bases for recognizing related assets and liabilities and recognizing and reporting compensation expense.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b),(f(1)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
+ Details
Name: |
us-gaap_CompensationRelatedCostsPolicyTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionDisclosure of accounting policy for comprehensive income.
+ References
+ Details
Name: |
us-gaap_ComprehensiveIncomePolicyPolicyTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionDisclosure of accounting policy for computing basic and diluted earnings or loss per share for each class of common stock and participating security. Addresses all significant policy factors, including any antidilutive items that have been excluded from the computation and takes into account stock dividends, splits and reverse splits that occur after the balance sheet date of the latest reporting period but before the issuance of the financial statements.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482662/260-10-50-1
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482662/260-10-50-2
+ Details
Name: |
us-gaap_EarningsPerSharePolicyTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionDisclosure of accounting policy for determining the fair value of financial instruments.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 60 -Paragraph 1 -SubTopic 10 -Topic 820 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482053/820-10-60-1
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 10 -Topic 825 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482907/825-10-50-1
+ Details
Name: |
us-gaap_FairValueOfFinancialInstrumentsPolicy |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionDisclosure of accounting policy for (1) transactions denominated in a currency other than the reporting enterprise's functional currency, (2) translating foreign currency financial statements that are incorporated into the financial statements of the reporting enterprise by consolidation, combination, or the equity method of accounting, and (3) remeasurement of the financial statements of a foreign reporting enterprise in a hyperinflationary economy.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 830 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//830/tableOfContent
+ Details
Name: |
us-gaap_ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionDisclosure of accounting policy for goodwill and intangible assets. This accounting policy also may address how an entity assesses and measures impairment of goodwill and intangible assets.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482573/350-20-50-1
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 30 -Topic 350 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482665/350-30-50-1
+ Details
Name: |
us-gaap_GoodwillAndIntangibleAssetsPolicyTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionDisclosure of accounting policy for recognizing and measuring the impairment of long-lived assets. An entity also may disclose its accounting policy for long-lived assets to be sold. This policy excludes goodwill and intangible assets.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 5.CC) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480091/360-10-S99-2
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 05 -Paragraph 4 -SubTopic 10 -Topic 360 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482338/360-10-05-4
+ Details
Name: |
us-gaap_ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionDisclosure of accounting policy for income taxes, which may include its accounting policies for recognizing and measuring deferred tax assets and liabilities and related valuation allowances, recognizing investment tax credits, operating loss carryforwards, tax credit carryforwards, and other carryforwards, methodologies for determining its effective income tax rate and the characterization of interest and penalties in the financial statements.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.6-03(h)(1)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479886/946-10-S99-3
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 17 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-17
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-9
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482525/740-10-45-25
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 28 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482525/740-10-45-28
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 19 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-19
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482765/220-10-50-1
Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 20 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-20
+ Details
Name: |
us-gaap_IncomeTaxPolicyTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionDisclosure of inventory accounting policy for inventory classes, including, but not limited to, basis for determining inventory amounts, methods by which amounts are added and removed from inventory classes, loss recognition on impairment of inventories, and situations in which inventories are stated above cost.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483489/210-10-50-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(6)(b)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483426/235-10-50-4
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 912 -SubTopic 330 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482105/912-330-50-1
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 330 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//330/tableOfContent
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 330 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483080/330-10-50-1
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 330 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483080/330-10-50-4
Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 45 -Paragraph 6 -Subparagraph (a) -SubTopic 10 -Topic 270 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482989/270-10-45-6
+ Details
Name: |
us-gaap_InventoryPolicyTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionDisclosure of accounting policy for leasing arrangements entered into by lessor.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479773/842-30-50-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 3A -Subparagraph (a) -SubTopic 30 -Topic 842 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479773/842-30-50-3A
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 3A -Subparagraph (b) -SubTopic 30 -Topic 842 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479773/842-30-50-3A
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 14 -SubTopic 30 -Topic 842 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479773/842-30-50-14
+ Details
Name: |
us-gaap_LessorLeasesPolicyTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionDisclosure of accounting policy pertaining to new accounting pronouncements that may impact the entity's financial reporting. Includes, but is not limited to, quantification of the expected or actual impact.
+ References
+ Details
Name: |
us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionDisclosure of accounting policy for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 10 -Topic 360 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482099/360-10-50-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03(a)(8)(a)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 6 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480321/958-360-50-6
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d) -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480321/958-360-50-1
+ Details
Name: |
us-gaap_PropertyPlantAndEquipmentPolicyTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionDisclosure of accounting policy for receivable. Includes, but is not limited to, accounts receivable and financing receivable.
+ ReferencesReference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 310 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481569/310-20-50-4
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 310 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481569/310-20-50-1
Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 310 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481962/310-10-50-2
Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 310 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481569/310-20-50-2
+ Details
Name: |
us-gaap_ReceivablesPolicyTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionDisclosure of accounting policy for costs it has incurred (1) in a planned search or critical investigation aimed at discovery of new knowledge with the hope that such knowledge will be useful in developing a new product or service, a new process or technique, or in bringing about a significant improvement to an existing product or process; or (2) to translate research findings or other knowledge into a plan or design for a new product or process or for a significant improvement to an existing product or process.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 730 -SubTopic 10 -Name Accounting Standards Codification -Section 05 -Paragraph 1 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483044/730-10-05-1
+ Details
Name: |
us-gaap_ResearchAndDevelopmentExpensePolicy |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionDisclosure of accounting policy for revenue. Includes revenue from contract with customer and from other sources.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-07(1)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1
Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483426/235-10-50-4
Reference 3: http://www.xbrl.org/2003/role/exampleRef -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Subparagraph (e) -SubTopic 10 -Topic 235 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483426/235-10-50-4
+ Details
Name: |
us-gaap_RevenueRecognitionPolicyTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionDisclosure of accounting policy for segment reporting.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482785/280-10-55-47
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 29 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-29
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 29 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-29
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 29 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-29
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 29 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-29
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 29 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-29
Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 29 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-29
+ Details
Name: |
us-gaap_SegmentReportingPolicyPolicyTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionDisclosure of accounting policy for the classification of shipping and handling costs, including whether the costs are included in cost of sales or included in other income statement accounts. If shipping and handling fees are significant and are not included in cost of sales, disclosure includes both the amounts of such costs and the line item on the income statement which includes such costs.
+ References
+ Details
Name: |
us-gaap_ShippingAndHandlingCostPolicyTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionDisclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 275 -SubTopic 10 -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482861/275-10-50-9
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 275 -SubTopic 10 -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482861/275-10-50-4
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b) -SubTopic 10 -Topic 275 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482861/275-10-50-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (c) -SubTopic 10 -Topic 275 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482861/275-10-50-1
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 11 -SubTopic 10 -Topic 275 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482861/275-10-50-11
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 12 -SubTopic 10 -Topic 275 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482861/275-10-50-12
Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 275 -SubTopic 10 -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482861/275-10-50-8
+ Details
Name: |
us-gaap_UseOfEstimates |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
veii_GoingConcernPolicyTextBlock |
Namespace Prefix: |
veii_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
veii_InterimFinancialStatementsPolicyTextBlock |
Namespace Prefix: |
veii_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.24.2
Summary of Significant Accounting Policies (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Accounting Policies [Abstract] |
|
Schedule of consolidated entities |
Schedule of consolidated entities |
|
|
|
|
|
|
Place of incorporation |
|
Ownership percentage |
Value Exchange International, Inc. |
|
USA |
|
Parent Company |
Value Exchange Int’l (China) Limited |
|
Hong Kong |
|
100% |
Value Exchange Int’l (Shanghai) Limited |
|
PRC |
|
100% |
Value Exchange Int’l (Hong Kong) Limited |
|
Hong Kong |
|
100% |
TapServices, Inc. |
|
Philippines |
|
100% |
Value Exchange Int’l (Hunan) Limited |
|
PRC |
|
51% |
Shanghai Zhaonan Hengan Information Technology Co.,
Ltd. |
|
PRC |
|
51% |
Haomeng Technology (Shenzhen) Co., Limited |
|
PRC |
|
100% |
Value E Consultant International (M) Sdn. Bhd |
|
Malaysia |
|
100% |
|
Schedule of estimated use full life of plant and equipment |
Schedule of estimated use full life of plant and equipment |
|
|
|
|
Estimated Useful Life |
Leasehold improvements |
|
Lesser of lease term or the estimated
useful lives of
5 years |
Computer equipment |
|
5 years |
Computer software |
|
5 years |
Office furniture and equipment |
|
5 years |
Motor Vehicle |
|
3 years |
Building |
|
5 years |
|
Schedule of measured at fair value on a recurring basis |
Schedule of measured at fair value on a recurring basis | |
| | | |
| | | |
| | | |
| | |
| |
March 31, 2024 | |
| |
Level 1 | | |
Level 2 | | |
Level 3 | | |
Total | |
| |
US$ | | |
US$ | | |
US$ | | |
US$ | |
Liabilities: | |
| | |
| | |
| | |
| |
Convertible loan and its fair value for the derivative portion (See Note 12) | |
| - | | |
| - | | |
| 352,389 | | |
| 352,389 | |
| |
December 31, 2023 | |
| |
Level 1 | | |
Level 2 | | |
Level 3 | | |
Total | |
| |
US$ | | |
US$ | | |
US$ | | |
US$ | |
Liabilities: | |
| | |
| | |
| | |
| |
Convertible loan and its fair value for the derivative portion (See Note 12) | |
| - | | |
| - | | |
| 1,061,282 | | |
| 1,061,282 | |
|
Schedule of revenue record |
Schedule of revenue record | |
| | | |
| | |
| |
Three Months
Ended March 31,
2024 | | |
Three Months
Ended March 31,
2023 | |
| |
US$ | | |
US$ | |
| |
(unaudited) | | |
(unaudited) | |
NET REVENUES | |
| | | |
| | |
Service income | |
| | | |
| | |
- systems development and integration | |
| 54,115 | | |
| 14,359 | |
- systems maintenance | |
| 2,616,667 | | |
| 2,490,154 | |
- sales of hardware and consumables | |
| 699,227 | | |
| 380,036 | |
| |
| 3,370,009 | | |
| 2,884,549 | |
|
Schedule of foreign currency translation |
Schedule of foreign currency translation | |
| |
|
Quarter ended | |
March 31, 2024 | |
March 31, 2023 |
RMB : USD exchange rate | |
7.1822 | |
6.8133 |
average period ended | |
| |
|
HKD : USD exchange rate | |
7.800 | |
7.800 |
average period ended | |
| |
|
PESO : USD exchange rate | |
54.2137 | |
53.5881 |
average period ended | |
| |
|
MYR : USD exchange rate | |
4.7088 | |
- |
average period ended | |
| |
|
Quarter ended | |
March 31, 2024 | |
December 31, 2023 |
RMB : USD exchange rate | |
7.2316 | |
7.1155 |
HKD : USD exchange rate | |
7.800 | |
7.800 |
PESO : USD exchange rate | |
54.3554 | |
53.9792 |
MYR : USD exchange rate | |
4.7187 | |
- |
|
X |
- References
+ Details
Name: |
us-gaap_AccountingPoliciesAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTabular disclosure of liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2
+ Details
Name: |
us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTabular disclosure of long-term intercompany foreign balances, including related intercompany entity, underlying foreign currencies and amounts of intercompany foreign currency transactions that are of a long-term investment nature (that is settlement is not planned or anticipated in the foreseeable future), as of the balance sheet date.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 830 -SubTopic 30 -Section 45 -Paragraph 20 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481694/830-30-45-20
+ Details
Name: |
us-gaap_ScheduleOfIntercompanyForeignCurrencyBalancesTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTabular disclosure of revenue by reporting categories or types of financial instruments, including derivatives but excluding dividends and interests, from trading for own account by broker dealers.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 940 -SubTopic 320 -Section 45 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481961/940-320-45-5
+ Details
Name: |
us-gaap_ScheduleOfPrincipalTransactionsRevenueTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
veii_ScheduleOfConsolidatedEntitiesTableTextBlock |
Namespace Prefix: |
veii_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
veii_ScheduleOfEstimatedUsefulLifeTableTextBlock |
Namespace Prefix: |
veii_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.24.2
Accounts receivable (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Credit Loss [Abstract] |
|
Schedule of accounts receivable |
Schedule of accounts receivable | |
| | | |
| | |
| |
March 31, 2024 | | |
December 31, 2023 | |
| |
US$ | | |
US$ | |
Accounts receivable | |
| 1,640,356 | | |
| 1,892,167 | |
Allowance for credit losses | |
| (155,301 | ) | |
| (155,301 | ) |
| |
| 1,485,055 | | |
| 1,736,866 | |
|
Schedule of changes in accounts receivable |
Schedule of changes in accounts receivable | |
| | | |
| | | |
| | | |
| | |
| |
December 31, 2023 | | |
Additions | | |
Deductions | | |
March 31, 2024 | |
| |
US$ | | |
US$ | | |
US$ | | |
US$ | |
| |
| | |
| | |
| | |
| |
Accounts receivable | |
| 1,892,167 | | |
| 3,376,571 | | |
| (3,628,382 | ) | |
| 1,640,356 | |
Allowance for credit losses | |
| (155,301 | ) | |
| - | | |
| - | | |
| (155,301 | ) |
| |
| 1,736,866 | | |
| 3,376,571 | | |
| (3,628,382 | ) | |
| 1,485,055 | |
| |
December
31, 2022 | | |
Additions | | |
Deductions | | |
December 31,
2023 | |
| |
US$ | | |
US$ | | |
US$ | | |
US$ | |
| |
| | |
| | |
| | |
| |
Accounts receivable | |
| 1,133,058 | | |
| 11,967,888 | | |
| (11,208,779 | ) | |
| 1,892,167 | |
Allowance for credit losses | |
| - | | |
| (155,301 | ) | |
| - | | |
| (155,301 | ) |
| |
| 1,133,058 | | |
| 11,812,587 | | |
| (11,208,779 | ) | |
| 1,736,866 | |
|
X |
- References
+ Details
Name: |
us-gaap_CreditLossAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTabular disclosure of the various types of trade accounts and notes receivable and for each the gross carrying value, allowance, and net carrying value as of the balance sheet date. Presentation is categorized by current, noncurrent and unclassified receivables.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.3,4) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
veii_ScheduleOfChangesInAccountReceivableTableTextBlock |
Namespace Prefix: |
veii_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.24.2
X |
- References
+ Details
Name: |
us-gaap_ReceivablesAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTabular disclosure of the carrying amounts of other assets. This disclosure includes other current assets and other noncurrent assets.
+ References
+ Details
Name: |
us-gaap_ScheduleOfOtherAssetsTableTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.24.2
X |
- References
+ Details
Name: |
us-gaap_InventoryDisclosureAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTabular disclosure of the carrying amount as of the balance sheet date of merchandise, goods, commodities, or supplies held for future sale or to be used in manufacturing, servicing or production process.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(6)(a)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(6)(b)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(6)(c)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483489/210-10-50-1
+ Details
Name: |
us-gaap_ScheduleOfInventoryCurrentTableTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.24.2
Plant and equipment, net (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Property, Plant and Equipment [Abstract] |
|
Schedule of plant and equipment |
Schedule of plant and equipment | |
| | | |
| | |
| |
March 31, 2024 | | |
December 31, 2023 | |
| |
US$ | | |
US$ | |
| |
(unaudited) | | |
| |
Leasehold improvements | |
| 90,169 | | |
| 91,427 | |
Office furniture and equipment | |
| 278,783 | | |
| 278,612 | |
Computer equipment | |
| 425,064 | | |
| 423,666 | |
Computer software | |
| 341,458 | | |
| 250,649 | |
Motor Vehicle | |
| 215,184 | | |
| 216,119 | |
Building | |
| 61,212 | | |
| 61,596 | |
Total | |
| 1,411,870 | | |
| 1,322,069 | |
Less: accumulated depreciation | |
| (1,067,371 | ) | |
| (1,013,934 | ) |
Plant and equipment, net | |
| 344,499 | | |
| 308,135 | |
|
X |
- References
+ Details
Name: |
us-gaap_PropertyPlantAndEquipmentAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTabular disclosure of physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, balances by class of assets, depreciation and depletion expense and method used, including composite depreciation, and accumulated deprecation.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 10 -Topic 360 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482099/360-10-50-1
+ Details
Name: |
us-gaap_PropertyPlantAndEquipmentTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.24.2
X |
- References
+ Details
Name: |
us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 24 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482548/350-20-55-24
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482573/350-20-50-1
Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482573/350-20-50-1
Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482573/350-20-50-1
Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482573/350-20-50-1
Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482573/350-20-50-1
Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482573/350-20-50-1
Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482573/350-20-50-1
Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482573/350-20-50-1
Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482573/350-20-50-1
Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1A -Publisher FASB -URI https://asc.fasb.org//1943274/2147482573/350-20-50-1A
Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482573/350-20-50-2
+ Details
Name: |
us-gaap_ScheduleOfGoodwillTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.24.2
Operating leases (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Operating Leases |
|
Schedule of operating lease agreements |
Schedule of operating lease agreements | |
| | | |
| | |
| |
March 31, 2024 | | |
December 31, 2023 | |
| |
US$ | | |
US$ | |
| |
(unaudited) | | |
| |
Operating lease right-of-use assets, net | |
| 1,244,569 | | |
| 926,630 | |
|
Schedule of components of lease liabilities |
Schedule of components of lease liabilities | |
| | | |
| | |
| |
March 31, 2024 | | |
December 31, 2023 | |
| |
US$ | | |
US$ | |
| |
(unaudited) | | |
| |
Lease liabilities, current | |
| 585,762 | | |
| 463,411 | |
Lease liabilities, non-current | |
| 653,816 | | |
| 457,982 | |
Present value of lease liabilities | |
| 1,239,578 | | |
| 921,393 | |
|
Schedule of maturities of lease liabilities |
Schedule of maturities of lease liabilities | |
| | | |
| | |
| |
March 31, 2024 | | |
December 31, 2023 | |
| |
US$ | | |
US$ | |
| |
(unaudited) | | |
| |
Year one | |
| 614,626 | | |
| 484,526 | |
Year two | |
| 440,321 | | |
| 299,848 | |
Year three | |
| 229,487 | | |
| 169,461 | |
Total undiscounted cash flows | |
| 1,284,434 | | |
| 953,835 | |
Less: Imputed interest | |
| (44,856 | ) | |
| (32,442 | ) |
Present value of lease liabilities | |
| 1,239,578 | | |
| 921,393 | |
|
X |
- DefinitionTabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position.
+ ReferencesReference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org//1943274/2147478964/842-20-50-6
+ Details
Name: |
us-gaap_LesseeOperatingLeaseLiabilityMaturityTableTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTabular disclosure of components of income from operating lease.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479773/842-30-50-5
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 270 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Publisher FASB -URI https://asc.fasb.org//1943274/2147482964/270-10-50-6A
+ Details
Name: |
us-gaap_OperatingLeaseLeaseIncomeTableTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionDisclosure of accounting policy election not to recognize asset and liability at acquisition for lease with remaining lease term of one year or less.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Section 25 -Paragraph 28B -Publisher FASB -URI https://asc.fasb.org//1943274/2147480013/805-20-25-28B
+ Details
Name: |
us-gaap_RecognitionOfAssetAndLiabilityForLeaseOfAcquireePolicyTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
veii_DisclosureOperatingLeasesAbstract |
Namespace Prefix: |
veii_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.24.2
Finance lease liability (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Finance Lease Liability |
|
Schedule of finance lease liability |
Schedule of finance lease liability | |
| | | |
| | |
| |
March 31, 2024 | | |
December 31, 2023 | |
| |
US$ | | |
US$ | |
| |
(unaudited) | | |
| |
Long term finance lease liability | |
| 34,556 | | |
| 41,922 | |
Less: Current portion of finance lease liability | |
| (27,761 | ) | |
| (28,868 | ) |
| |
| 6,795 | | |
| 13,056 | |
| |
| | | |
| | |
Current portion of finance lease liability | |
| 27,761 | | |
| 28,867 | |
| |
| 27,761 | | |
| 28,867 | |
|
X |
- References
+ Details
Name: |
veii_DisclosureFinanceLeaseLiabilityAbstract |
Namespace Prefix: |
veii_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
veii_ScheduleOfFinanceLeaseLiabilityTableTextBlock |
Namespace Prefix: |
veii_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.24.2
Bank loan from an affiliate (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Debt Disclosure [Abstract] |
|
Schedule of bank loan |
Schedule of bank loan | |
| | | |
| | |
| |
March 31, 2024 | | |
December 31, 2023 | |
| |
US$ | | |
US$ | |
| |
(unaudited) | | |
| |
Short term bank loan from an affiliate | |
| 940,147 | | |
| 940,147 | |
|
X |
- References
+ Details
Name: |
us-gaap_DebtDisclosureAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation.
+ References
+ Details
Name: |
us-gaap_ScheduleOfDebtTableTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.24.2
X |
- References
+ Details
Name: |
veii_LoanFromRelatedPartyTableTextBlock |
Namespace Prefix: |
veii_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.24.2
Convertible loan from affiliates (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Convertible Loan From Affiliates |
|
Schedule of convertible debt |
Schedule of convertible debt | |
| | | |
| | |
| |
March 31, 2024 | | |
December 31, 2023 | |
| |
US$ | | |
US$ | |
| |
(unaudited) | | |
| |
Convertible loan | |
| 352,389 | | |
| 1,061,282 | |
|
Schedule of liability and derivative components |
Schedule of liability and derivative components | |
| | | |
| | | |
| | | |
| | | |
| | |
| |
Convertible Loan 1 (i) (iii) | | |
Convertible Loan 2 (ii) (iii) | | |
| |
| |
Liability component | | |
Derivative component | | |
Liability component | | |
Derivative component | | |
Total | |
| |
US$ | | |
US$ | | |
US$ | | |
US$ | | |
US$ | |
| |
| | |
| | |
| | |
| | |
| |
December 31, 2023 | |
| 9,548 | | |
| 14,898 | | |
| 172,286 | | |
| 864,550 | | |
| 1,061,282 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Change in fair value of embedded Derivatives | |
| 1,082 | | |
| 3,363 | | |
| 2,455 | | |
| (715,794 | ) | |
| (708,893 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | |
March 31, 2024 | |
| 10,630 | | |
| 18,261 | | |
| 174,741 | | |
| 148,756 | | |
| 352,389 | |
(i) Movement of the components of the
Convertible Loan 1:
| |
Liability component | | |
Derivative component | | |
Total | |
| |
| | |
| | |
| |
December 31, 2023 | |
| 9,548 | | |
| 14,898 | | |
| 24,446 | |
| |
| | | |
| | | |
| | |
Change in fair value of embedded derivatives | |
| 1,082 | | |
| 3,363 | | |
| 4,446 | |
| |
| | | |
| | | |
| | |
March 31, 2024 | |
| 10,630 | | |
| 18,261 | | |
| 28,892 | |
|
Schedule of components convertible loan |
Schedule of components convertible loan | |
| | | |
| | | |
| | |
| |
Liability
component | | |
Derivative
component | | |
Total | |
| |
| | |
| | |
| |
December 31, 2023 | |
| 172,286 | | |
| 864,550 | | |
| 1,036,836 | |
| |
| | | |
| | | |
| | |
Change in fair value of embedded derivatives | |
| 2,455 | | |
| (715,794 | ) | |
| (713,339 | ) |
| |
| | | |
| | | |
| | |
March 31, 2024 | |
| 174,741 | | |
| 148,756 | | |
| 323,497 | |
|
X |
- DefinitionTabular disclosure of convertible debt instrument. Includes, but is not limited to, principal amount and amortized premium or discount.
+ References
+ Details
Name: |
us-gaap_ConvertibleDebtTableTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
veii_DisclosureConvertibleLoanFromAffiliatesAbstract |
Namespace Prefix: |
veii_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
veii_ScheduleOfComponentsConvertibleLoanTableTextBlock |
Namespace Prefix: |
veii_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
veii_ScheduleOfLiabilityAndDerivativeComponentsTableTextBlock |
Namespace Prefix: |
veii_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.24.2
Other payables and accrued liabilities (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Payables and Accruals [Abstract] |
|
Schedule of other payables and accrued liabilities |
Schedule of other payables and accrued liabilities | |
| | | |
| | |
| |
March 31, 2024 | | |
December 31, 2023 | |
| |
US$ | | |
US$ | |
| |
(unaudited) | | |
| |
Accrual | |
| 1,365,764 | | |
| 1,133,800 | |
Income taxes payable | |
| 46,185 | | |
| 57,961 | |
Taxes penalty payable | |
| 1,410,000 | | |
| 1,410,000 | |
| |
| 2,821,949 | | |
| 2,601,761 | |
|
X |
- DefinitionThe entire disclosure for accounts payable, accrued expenses, and other liabilities that are classified as noncurrent at the end of the reporting period.
+ References
+ Details
Name: |
us-gaap_AccountsPayableAccruedLiabilitiesAndOtherLiabilitiesDisclosureNoncurrentTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_PayablesAndAccrualsAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.24.2
Deferred income (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Deferred Income |
|
Schedule of deferred income |
Schedule of deferred income | |
| | | |
| | |
| |
March 31, 2024 | | |
December 31, 2023 | |
| |
US$ | | |
US$ | |
| |
(unaudited) | | |
| |
Service fees received in advance | |
| 967,558 | | |
| 778,126 | |
|
X |
- References
+ Details
Name: |
veii_DisclosureDeferredIncomeAbstract |
Namespace Prefix: |
veii_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
veii_ScheduleOfDeferredRevenueTableTextBlock |
Namespace Prefix: |
veii_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.24.2
Related party and shareholder transactions (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Related Party Transactions [Abstract] |
|
Schedule of related party balances |
Schedule of related party balances | |
| | | |
| | |
| |
March 31, 2024 | | |
December 31, 2023 | |
| |
US$ | | |
US$ | |
| |
(unaudited) | | |
| |
Due from related parties | |
| | |
| |
Value Exchange International Limited (i) | |
| 2,361,150 | | |
| 2,401,994 | |
Cucumbuy.com Limited (ii) | |
| 80,769 | | |
| - | |
SmartMyWays Co., Limited (iii) | |
| 79,146 | | |
| 40,098 | |
Retail Intelligent Unit Limited (iv) | |
| 28,846 | | |
| - | |
TAP Technology (HK) Limited (v) | |
| 79,893 | | |
| 73,481 | |
Value Exchange International (Taiwan) Co, Ltd (vi) | |
| 27,927 | | |
| 11,972 | |
Value E Consultant International (M) Sdn. Bhd (vii) | |
| - | | |
| 530,675 | |
| |
| 2,657,731 | | |
| 3,058,220 | |
Allowance for amounts due from related parties | |
| (2,527,545 | ) | |
| (2,527,545 | ) |
| |
| 130,186 | | |
| 530,675 | |
| |
| | | |
| | |
Due to a related party | |
| | | |
| | |
Cucumbuy.com Limited (ii) | |
| - | | |
| 17,961 | |
Retail Intelligent Unit Limited (iv) | |
| - | | |
| 36,795 | |
SA-Network Limited (viii) | |
| 10,802 | | |
| 10,784 | |
Value X International Pte. Ltd (ix) | |
| 1,510 | | |
| 10,014 | |
Smart Reward Express Limited (x) | |
| 641 | | |
| 641 | |
Hapi Retail Company Limited (xi) | |
| - | | |
| 7,454 | |
| |
| 12,953 | | |
| 83,649 | |
|
Schedule of related party transaction |
Schedule of related party transaction | |
| | | |
| | |
| |
Three Months Ended March 31, 2024 | | |
Three Months Ended March 31, 2023 | |
| |
US$ | | |
US$ | |
| |
(unaudited) | | |
(unaudited) | |
Service income received from | |
| | |
| |
Cucumbuy.com Limited (ii) | |
| 107,023 | | |
| - | |
SmartMyWays Co., Limited (iii) | |
| 51,244 | | |
| - | |
Retail Intelligent Unit Limited (iv) | |
| 73,333 | | |
| - | |
TAP Technology (HK) Limited (v) | |
| 12,821 | | |
| - | |
Value Exchange International (Taiwan) Co, Ltd (vi) | |
| - | | |
| 13,917 | |
| |
| | | |
| | |
Subcontracting fees paid to | |
| | | |
| | |
Value Exchange International Limited (i) | |
| (56,228 | ) | |
| (262,125 | ) |
Cucumbuy.com Limited (ii) | |
| (46,154 | ) | |
| (53,846 | ) |
SmartMyWays Co., Limited (iii) | |
| (42,308 | ) | |
| (46,154 | ) |
Retail Intelligent Unit Limited (iv) | |
| (23,077 | ) | |
| (38,462 | ) |
TAP Technology (HK) Limited (v) | |
| (19,231 | ) | |
| (27,523 | ) |
Value Exchange International (Taiwan) Co, Ltd (vi) | |
| (372 | ) | |
| (5,516 | ) |
Value E Consultant International (M) Sdn. Bhd (vii) | |
| - | | |
| (41,450 | ) |
SA-Network Limited (viii) | |
| (96,380 | ) | |
| (39,070 | ) |
Value X International Pte. Ltd (ix) | |
| (21,534 | ) | |
| - | |
| |
| | | |
| | |
Management fees received from | |
| | | |
| | |
Value Exchange International Limited (i) | |
| - | | |
| 20,167 | |
Cucumbuy.com Limited (ii) | |
| - | | |
| 3,077 | |
SmartMyWays Co., Limited (iii) | |
| - | | |
| 3,077 | |
Retail Intelligent Unit Limited (iv) | |
| - | | |
| 3,077 | |
TAP Technology (HK) Limited (v) | |
| - | | |
| 3,077 | |
| (i) | Mr. Kenneth Tan and Ms. Bella Tsang, directors of the Company, are shareholders and a directors of Value
Exchange International Limited, a company incorporated in Hong Kong. The balance is unsecured, interest free and repayable on demand. |
| (ii) | Ms. Bella Tsang, a director of the Company, is a shareholder and a director of Cucumbuy.com Limited, a
company incorporated in Hong Kong. The balance is unsecured, interest free and repayable on demand. |
| (iii) | Ms. Bella Tsang, a director of the Company, is a shareholder and a director of SmartMyWays Co., Limited,
a company incorporated in Hong Kong. Mr. Kenneth Tan, a director of the Company, is a director of SmartMyWays Co., Limited. The balance
is unsecured, interest free and repayable on demand. |
| (iv) | Ms. Bella Tsang, a director of the Company, is a shareholder and a director of Retail Intelligent Unit
Limited, a company incorporated in Hong Kong. Mr. Kenneth Tan, a director of the Company, is a director of Retail Intelligent Unit Limited.
The balance is unsecured, interest free and repayable on demand. |
| (v) | Ms. Bella Tsang, a director of the Company, is a shareholder and a director of TAP Technology (HK) Limited,
a company incorporated in Hong Kong. The balance is unsecured, interest free and repayable on demand. |
| (vi) | Ms. Bella Tsang, a director of the Company, is a shareholder and a director of Value Exchange International
(Taiwan) Co, Ltd, a company incorporated in Taiwan. The balance is unsecured, interest free and repayable on demand. |
| (vii) | Ms. Bella Tsang, a director of the Company, is a shareholder of Value E Consultant International (M) Sdn.
Bhd, a company incorporated in Malaysia. The balance is unsecured, interest free and repayable on demand. |
| (viii) | Ms. Bella Tsang, a director of the Company, is a shareholder and a director of SA-Network Limited, a company
incorporated in England and Wales. The balance is unsecured, interest free and repayable on demand. |
| (ix) | Ms. Bella Tsang, a director of the Company, is a shareholder and a director of ValueX International Pte.
Ltd., a company incorporated in Singapore. The balance is unsecured, interest free and repayable on demand. |
| (x) | VEI CHN owns 50% shares of Smart Reward Express Limited, an inactive company incorporated in Hong Kong;
and Mr. Chan Heng Fai, Mr. Lum Kan Fai and Ms. Bella Tsang, directors of the Company, are directors of Smart Reward Express Limited. The
balance is unsecured, interest free and repayable on demand. |
| (xi) | Ms. Bella Tsang, a director of the Company, is a shareholder and a director of Hapi Retail Company Limited,
a company incorporated in Canada. The balance is unsecured, interest free and repayable on demand. |
|
X |
- DefinitionTabular disclosure of related party transactions. Examples of related party transactions include, but are not limited to, transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners and (d) affiliates.
+ References
+ Details
Name: |
us-gaap_ScheduleOfRelatedPartyTransactionsTableTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
veii_ScheduleOfRelatedPartyBalanceTableTextBlock |
Namespace Prefix: |
veii_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.24.2
Nature of Operations and Continuance of Business (Details Narrative)
|
3 Months Ended |
|
Mar. 31, 2024 |
Jan. 31, 2017 |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] |
|
|
Entity incorporation, state or country code |
NV
|
|
Entity incorporation, date of incorporation |
Jun. 26, 2007
|
|
TapServices, Inc. [Member] |
|
|
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] |
|
|
Ownership percentage |
|
100.00%
|
X |
- DefinitionDate when an entity was incorporated
+ References
+ Details
Name: |
dei_EntityIncorporationDateOfIncorporation |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:dateItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTwo-character EDGAR code representing the state or country of incorporation.
+ References
+ Details
Name: |
dei_EntityIncorporationStateCountryCode |
Namespace Prefix: |
dei_ |
Data Type: |
dei:edgarStateCountryItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
+ References
+ Details
Name: |
us-gaap_ConsolidationLessThanWhollyOwnedSubsidiaryParentOwnershipInterestEffectsOfChangesNetLineItems |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
veii_MinorityInterestOwnershipByParent |
Namespace Prefix: |
veii_ |
Data Type: |
dtr-types:percentItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- Details
Name: |
srt_ConsolidatedEntitiesAxis=veii_TapServicesIncMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
v3.24.2
Summary of Significant Accounting Policies (Details)
|
3 Months Ended |
|
Mar. 31, 2024 |
Jan. 31, 2017 |
Value Exchange International, Inc. [Member] |
|
|
Business acquisition, name of acquired entity |
Value Exchange International, Inc.
|
|
Place of incorporation |
USA
|
|
Value Exchange Int'l (China) Limited [Member] |
|
|
Place of incorporation |
Hong Kong
|
|
Value Exchange Int'l (China) Limited [Member] | HONG KONG |
|
|
Business acquisition, name of acquired entity |
Value Exchange Int’l (China) Limited
|
|
Noncontrolling interest, ownership percentage by parent |
100.00%
|
|
Value Exchange Int'l (Shanghai) Limited [Member] |
|
|
Place of incorporation |
PRC
|
|
Value Exchange Int'l (Shanghai) Limited [Member] | CHINA |
|
|
Business acquisition, name of acquired entity |
Value Exchange Int’l (Shanghai) Limited
|
|
Noncontrolling interest, ownership percentage by parent |
100.00%
|
|
Value Exchange Int'l (Hong Kong) Limited [Member] |
|
|
Place of incorporation |
Hong Kong
|
|
Value Exchange Int'l (Hong Kong) Limited [Member] | HONG KONG |
|
|
Business acquisition, name of acquired entity |
Value Exchange Int’l (Hong Kong) Limited
|
|
Noncontrolling interest, ownership percentage by parent |
100.00%
|
|
TapServices, Inc. [Member] |
|
|
Place of incorporation |
Philippines
|
|
Noncontrolling interest, ownership percentage by parent |
|
100.00%
|
TapServices, Inc. [Member] | PHILIPPINES |
|
|
Business acquisition, name of acquired entity |
TapServices, Inc.
|
|
Noncontrolling interest, ownership percentage by parent |
100.00%
|
|
Value Exchange Int'l (Hunan) Limited [Member] |
|
|
Place of incorporation |
PRC
|
|
Value Exchange Int'l (Hunan) Limited [Member] | CHINA |
|
|
Business acquisition, name of acquired entity |
Value Exchange Int’l (Hunan) Limited
|
|
Noncontrolling interest, ownership percentage by parent |
51.00%
|
|
Shanghai Zhaonan Hengan Information Technology Co., Ltd. [Member] |
|
|
Place of incorporation |
PRC
|
|
Shanghai Zhaonan Hengan Information Technology Co., Ltd. [Member] | CHINA |
|
|
Business acquisition, name of acquired entity |
Shanghai Zhaonan Hengan Information Technology Co.,
Ltd.
|
|
Noncontrolling interest, ownership percentage by parent |
51.00%
|
|
Haomeng Technology (Shenzhen) Co., Limited [Member] |
|
|
Place of incorporation |
PRC
|
|
Haomeng Technology (Shenzhen) Co., Limited [Member] | CHINA |
|
|
Business acquisition, name of acquired entity |
Haomeng Technology (Shenzhen) Co., Limited
|
|
Noncontrolling interest, ownership percentage by parent |
100.00%
|
|
Value E Consultant International (M) Sdn. Bhd [Member] |
|
|
Place of incorporation |
Malaysia
|
|
Value E Consultant International (M) Sdn. Bhd [Member] | CHINA |
|
|
Business acquisition, name of acquired entity |
Value E Consultant International (M) Sdn. Bhd
|
|
Value E Consultant International (M) Sdn. Bhd [Member] | Malaysia, Ringgits |
|
|
Noncontrolling interest, ownership percentage by parent |
100.00%
|
|
X |
- References
+ Details
Name: |
veii_BusinessAcquisitionNameOfAcquiredEntities |
Namespace Prefix: |
veii_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
veii_MinorityInterestOwnershipByParent |
Namespace Prefix: |
veii_ |
Data Type: |
dtr-types:percentItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- References
+ Details
Name: |
veii_PlaceOfIncorporation |
Namespace Prefix: |
veii_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Details
Name: |
srt_ConsolidatedEntitiesAxis=veii_ValueExchangeInternationalIncMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
srt_ConsolidatedEntitiesAxis=veii_ValueExchangeIntlChinaLimiteMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
srt_StatementGeographicalAxis=country_HK |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
srt_ConsolidatedEntitiesAxis=veii_ValueExchangeIntlShanghaiLimitedMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
srt_StatementGeographicalAxis=country_CN |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
srt_ConsolidatedEntitiesAxis=veii_ValueExchangeIntlHongKongLimitedMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
srt_ConsolidatedEntitiesAxis=veii_TapServicesIncMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
srt_StatementGeographicalAxis=country_PH |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
srt_ConsolidatedEntitiesAxis=veii_ValueExchangeIntlHunanLimitedMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
srt_ConsolidatedEntitiesAxis=veii_HaomengTechnologyShenzhenCo.LimitedMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
srt_ConsolidatedEntitiesAxis=veii_ValueEConsultantInternationalMSdnBhdMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
srt_StatementGeographicalAxis=currency_MYR |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
v3.24.2
X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
+ References
+ Details
Name: |
us-gaap_PropertyPlantAndEquipmentLineItems |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionUseful life of long lived, physical assets used in the normal conduct of business and not intended for resale, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Examples include, but not limited to, land, buildings, machinery and equipment, office equipment, furniture and fixtures, and computer equipment.
+ References
+ Details
Name: |
us-gaap_PropertyPlantAndEquipmentUsefulLife |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:durationItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- Details
Name: |
us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_LeaseholdImprovementsMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_ComputerEquipmentMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_SoftwareAndSoftwareDevelopmentCostsMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_FurnitureAndFixturesMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_VehiclesMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_BuildingMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
v3.24.2
Summary of Significant Accounting Policies (Details 2) - USD ($)
|
Mar. 31, 2024 |
Dec. 31, 2023 |
Platform Operator, Crypto-Asset [Line Items] |
|
|
Convertible loan and its fair value for the derivative portion (See Note 12) |
$ 352,389
|
$ 1,061,282
|
Fair Value, Inputs, Level 1 [Member] |
|
|
Platform Operator, Crypto-Asset [Line Items] |
|
|
Convertible loan and its fair value for the derivative portion (See Note 12) |
|
|
Fair Value, Inputs, Level 2 [Member] |
|
|
Platform Operator, Crypto-Asset [Line Items] |
|
|
Convertible loan and its fair value for the derivative portion (See Note 12) |
|
|
Fair Value, Inputs, Level 3 [Member] |
|
|
Platform Operator, Crypto-Asset [Line Items] |
|
|
Convertible loan and its fair value for the derivative portion (See Note 12) |
$ 352,389
|
$ 1,061,282
|
X |
- DefinitionIncluding the current and noncurrent portions, carrying amount of debt identified as being convertible into another form of financial instrument (typically the entity's common stock) as of the balance sheet date, which originally required full repayment more than twelve months after issuance or greater than the normal operating cycle of the company.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(22)) -SubTopic 10 -Topic 210 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 944 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03(a)(16)(a)(2)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03(16)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479853/942-210-S99-1
+ Details
Name: |
us-gaap_ConvertibleDebt |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
v3.24.2
Summary of Significant Accounting Policies (Details 3) - USD ($)
|
3 Months Ended |
Mar. 31, 2024 |
Mar. 31, 2023 |
Product Information [Line Items] |
|
|
Revenues |
$ 3,370,009
|
$ 2,884,549
|
Systems development and integration [Member] |
|
|
Product Information [Line Items] |
|
|
Revenues |
54,115
|
14,359
|
Systems maintenance [Member] |
|
|
Product Information [Line Items] |
|
|
Revenues |
2,616,667
|
2,490,154
|
Sales of hardware and consumables [Member] |
|
|
Product Information [Line Items] |
|
|
Revenues |
$ 699,227
|
$ 380,036
|
X |
- DefinitionAmount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(g)(1)(ii)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 28 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482907/825-10-50-28
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(1)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(i)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(ii)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(iii)(A)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(iv)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(5)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(i)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iii)(A)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iii)(B)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iv)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(5)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 30 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-30
Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42
Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22
Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32
Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40
Reference 20: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22
Reference 21: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32
Reference 22: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41
Reference 23: http://www.xbrl.org/2003/role/disclosureRef -Topic 942 -SubTopic 235 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-05(b)(2)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479557/942-235-S99-1
+ Details
Name: |
us-gaap_Revenues |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- Details
Name: |
srt_ProductOrServiceAxis=veii_SystemsDevelopmentAndIntegrationMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
srt_ProductOrServiceAxis=veii_SystemsMaintenanceMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
srt_ProductOrServiceAxis=veii_SalesOfHardwareAndConsumablesMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
v3.24.2
X |
- References
+ Details
Name: |
veii_ExchangeRateAveragePeriod |
Namespace Prefix: |
veii_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
veii_ExchangeRateAveragePeriod1 |
Namespace Prefix: |
veii_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Details
Name: |
srt_CurrencyAxis=currency_CNY |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
srt_CurrencyAxis=currency_HKD |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
srt_CurrencyAxis=currency_PHP |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
srt_CurrencyAxis=currency_MYR |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
v3.24.2
Summary of Significant Accounting Policies (Details Narrative) - USD ($)
|
3 Months Ended |
|
|
Mar. 31, 2024 |
Mar. 31, 2023 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Product Information [Line Items] |
|
|
|
|
Operating loss |
$ 286,541
|
$ 438,042
|
|
|
Accumulated deficit |
5,469,928
|
|
$ 5,859,193
|
|
Cash reserves |
515,113
|
|
886,467
|
|
Allowance for uncollectible accounts receivable |
155,301
|
|
155,301
|
|
Allowance for uncollectible other receivables |
0
|
|
$ 0
|
|
Shipping and Handling [Member] |
|
|
|
|
Product Information [Line Items] |
|
|
|
|
Shipping and handling expenses |
$ 11,942
|
$ 18,746
|
|
|
X |
- DefinitionAmount of allowance for credit loss on accounts receivable.
+ ReferencesReference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 944 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03(a)(5)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(4)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 326 -SubTopic 20 -Name Accounting Standards Codification -Section 45 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479344/326-20-45-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 310 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481962/310-10-50-4
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 326 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479319/326-20-50-13
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 326 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479319/326-20-50-13
+ Details
Name: |
us-gaap_AllowanceForDoubtfulAccountsReceivable |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionAmount of allowance for credit loss on receivable, classified as other and current.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(3)(a)(4)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_AllowanceForDoubtfulOtherReceivablesCurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionAmount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(1)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483467/210-10-45-1
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-4
+ Details
Name: |
us-gaap_CashAndCashEquivalentsAtCarryingValue |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionThe net result for the period of deducting operating expenses from operating revenues.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 30 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-30
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32
Reference 4: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32
+ Details
Name: |
us-gaap_OperatingIncomeLoss |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionAmount of expense classified as other.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.4,6) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2
+ Details
Name: |
us-gaap_OtherExpenses |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionAmount of accumulated undistributed earnings (deficit).
+ ReferencesReference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 852 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481372/852-10-55-10
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Section 65 -Paragraph 2 -Subparagraph (g)(2)(i) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480016/944-40-65-2
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Section 65 -Paragraph 2 -Subparagraph (h)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480016/944-40-65-2
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480990/946-20-50-11
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03(a)(23)(a)(4)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-04(17)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479617/946-210-S99-1
Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1
Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(30)(a)(3)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_RetainedEarningsAccumulatedDeficit |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- Details
Name: |
srt_ProductOrServiceAxis=us-gaap_ShippingAndHandlingMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
v3.24.2
Accounts receivable (Details) - USD ($)
|
Mar. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Credit Loss [Abstract] |
|
|
|
Accounts receivable, gross |
$ 1,640,356
|
$ 1,892,167
|
|
Allowance for credit losses |
(155,301)
|
(155,301)
|
|
Accounts Receivable |
$ 1,485,055
|
$ 1,736,866
|
|
X |
- DefinitionAmount, before allowance for credit loss, of right to consideration from customer for product sold and service rendered in normal course of business.
+ ReferencesReference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 944 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03(a)(5)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(3)(a)(1)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 310 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481990/310-10-45-2
+ Details
Name: |
us-gaap_AccountsReceivableGross |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionAmount, after allowance for credit loss, of right to consideration from customer for product sold and service rendered in normal course of business.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 946 -SubTopic 310 -Name Accounting Standards Codification -Section 45 -Paragraph 1 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480833/946-310-45-1
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 944 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03(a)(5)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-04(5)(b)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479617/946-210-S99-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 954 -SubTopic 310 -Name Accounting Standards Codification -Section 45 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481058/954-310-45-1
+ Details
Name: |
us-gaap_AccountsReceivableNet |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionAmount of allowance for credit loss on accounts receivable.
+ ReferencesReference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 944 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03(a)(5)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(4)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 326 -SubTopic 20 -Name Accounting Standards Codification -Section 45 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479344/326-20-45-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 310 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481962/310-10-50-4
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 326 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479319/326-20-50-13
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 326 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479319/326-20-50-13
+ Details
Name: |
us-gaap_AllowanceForDoubtfulAccountsReceivable |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- References
+ Details
Name: |
us-gaap_CreditLossAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.24.2
Accounts receivable (Details 1) - USD ($)
|
3 Months Ended |
12 Months Ended |
Mar. 31, 2024 |
Dec. 31, 2023 |
Credit Loss [Abstract] |
|
|
Accounts receivable |
$ 1,892,167
|
$ 1,133,058
|
Accounts receivable, Additions |
3,376,571
|
11,967,888
|
Accounts receivable, Deductions |
(3,628,382)
|
(11,208,779)
|
Accounts receivable |
1,640,356
|
1,892,167
|
Allowance for credit losses |
(155,301)
|
|
Allowance for credit losses, Additions |
|
(155,301)
|
Allowance for credit losses, Deductions |
|
|
Allowance for credit losses |
(155,301)
|
(155,301)
|
Accounts receivable, net |
1,736,866
|
1,133,058
|
Accounts receivable net, Additions |
3,376,571
|
11,812,587
|
Accounts receivable net, Deductions |
(3,628,382)
|
(11,208,779)
|
Accounts receivable, net |
$ 1,485,055
|
$ 1,736,866
|
X |
- DefinitionAmount, before allowance for credit loss, of right to consideration from customer for product sold and service rendered in normal course of business, classified as current.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(3)(a)(1)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 1 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483467/210-10-45-1
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 310 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481990/310-10-45-2
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 310 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481990/310-10-45-9
+ Details
Name: |
us-gaap_AccountsReceivableGrossCurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionAmount, after allowance for credit loss, of right to consideration from customer for product sold and service rendered in normal course of business, classified as current.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 310 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481990/310-10-45-2
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 310 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481990/310-10-45-9
+ Details
Name: |
us-gaap_AccountsReceivableNetCurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionAmount of allowance for credit loss on accounts receivable.
+ ReferencesReference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 944 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03(a)(5)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(4)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 326 -SubTopic 20 -Name Accounting Standards Codification -Section 45 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479344/326-20-45-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 310 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481962/310-10-50-4
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 326 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479319/326-20-50-13
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 326 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479319/326-20-50-13
+ Details
Name: |
us-gaap_AllowanceForDoubtfulAccountsReceivable |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- References
+ Details
Name: |
us-gaap_CreditLossAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
veii_AccountsReceivableAdditions |
Namespace Prefix: |
veii_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
veii_AccountsReceivableDeductions |
Namespace Prefix: |
veii_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
veii_AccountsReceivableNetAdditions |
Namespace Prefix: |
veii_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
veii_AccountsReceivableNetDeductions |
Namespace Prefix: |
veii_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
veii_AllowanceForDoubtfulAccountsReceivableAddition |
Namespace Prefix: |
veii_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
veii_AllowanceForDoubtfulAccountsReceivableDeductions |
Namespace Prefix: |
veii_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
v3.24.2
X |
- DefinitionCarrying value of amounts transferred to third parties for security purposes that are expected to be returned or applied towards payment in the future.
+ ReferencesReference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(17)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_DepositsAssets |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionAmount of assets classified as other.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 946 -SubTopic 830 -Name Accounting Standards Codification -Section 55 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480167/946-830-55-12
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03(a)(10)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(17)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03(10)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479853/942-210-S99-1
+ Details
Name: |
us-gaap_OtherAssets |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionAmount, after allowance, of receivables classified as other, due within one year or the operating cycle, if longer.
+ References
+ Details
Name: |
us-gaap_OtherReceivablesNetCurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- References
+ Details
Name: |
us-gaap_ReceivablesAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.24.2
X |
- References
+ Details
Name: |
us-gaap_InventoryDisclosureAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAmount after valuation and LIFO reserves of inventory expected to be sold, or consumed within one year or operating cycle, if longer.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 852 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481372/852-10-55-10
Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 1 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483467/210-10-45-1
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(6)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_InventoryNet |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
v3.24.2
Plant and equipment, net (Details) - USD ($)
|
Mar. 31, 2024 |
Dec. 31, 2023 |
Property, Plant and Equipment [Line Items] |
|
|
Property, Plant and Equipment, Gross |
$ 1,411,870
|
$ 1,322,069
|
Less: accumulated depreciation |
(1,067,371)
|
(1,013,934)
|
Plant and equipment, net |
344,499
|
308,135
|
Leasehold Improvements [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property, Plant and Equipment, Gross |
90,169
|
91,427
|
Furniture and Fixtures [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property, Plant and Equipment, Gross |
278,783
|
278,612
|
Computer Equipment [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property, Plant and Equipment, Gross |
425,064
|
423,666
|
Computer Software [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property, Plant and Equipment, Gross |
341,458
|
250,649
|
Vehicles [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property, Plant and Equipment, Gross |
215,184
|
216,119
|
Building [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property, Plant and Equipment, Gross |
$ 61,212
|
$ 61,596
|
X |
- DefinitionAmount of accumulated depreciation, depletion and amortization for physical assets used in the normal conduct of business to produce goods and services.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03(a)(8)(b)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(14)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482099/360-10-50-1
+ Details
Name: |
us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionAmount before accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03(a)(8)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(13)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482099/360-10-50-1
+ Details
Name: |
us-gaap_PropertyPlantAndEquipmentGross |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
+ References
+ Details
Name: |
us-gaap_PropertyPlantAndEquipmentLineItems |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAmount after accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business to produce goods and services and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 10 -Topic 360 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482099/360-10-50-1
Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 852 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481372/852-10-55-10
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03(a)(8)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 942 -SubTopic 360 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480842/942-360-50-1
+ Details
Name: |
us-gaap_PropertyPlantAndEquipmentNet |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- Details
Name: |
us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_LeaseholdImprovementsMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_FurnitureAndFixturesMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_ComputerEquipmentMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_PropertyPlantAndEquipmentByTypeAxis=veii_ComputerSoftwareMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_VehiclesMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_BuildingMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
v3.24.2
X |
- DefinitionThe amount of expense recognized in the current period that reflects the allocation of the cost of tangible assets over the assets' useful lives. Includes production and non-production related depreciation.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 45 -Paragraph 28 -Subparagraph (b) -SubTopic 10 -Topic 230 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-28
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482099/360-10-50-1
+ Details
Name: |
us-gaap_Depreciation |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionAmount before accumulated depreciation of additions or improvements to assets held under a lease arrangement.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482099/360-10-50-1
+ Details
Name: |
us-gaap_LeaseholdImprovementsGross |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionTotal aggregate amount of all noninterest expense.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-04.14) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1
+ Details
Name: |
us-gaap_NoninterestExpense |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_PropertyPlantAndEquipmentAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.24.2
X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
+ References
+ Details
Name: |
us-gaap_DefinedBenefitPlanDisclosureLineItems |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAmount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 852 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481372/852-10-55-10
Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 24 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482548/350-20-55-24
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(15)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 45 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482598/350-20-45-1
Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482573/350-20-50-1
Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482573/350-20-50-1
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 942 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03(10)(1)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479853/942-210-S99-1
+ Details
Name: |
us-gaap_Goodwill |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
v3.24.2
X |
- DefinitionAmount of lessee's right to use underlying asset under operating lease.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 45 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479041/842-20-45-1
+ Details
Name: |
us-gaap_OperatingLeaseRightOfUseAsset |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- References
+ Details
Name: |
veii_DisclosureOperatingLeasesAbstract |
Namespace Prefix: |
veii_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.24.2
Operating leases (Details 1) - USD ($)
|
Mar. 31, 2024 |
Dec. 31, 2023 |
Operating Leases |
|
|
Lease liabilities, current |
$ 585,762
|
$ 463,411
|
Lease liabilities, non-current |
653,816
|
457,982
|
Present value of lease liabilities |
$ 1,239,578
|
$ 921,393
|
X |
- DefinitionPresent value of lessee's discounted obligation for lease payments from operating lease.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 45 -Paragraph 1 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479041/842-20-45-1
+ Details
Name: |
us-gaap_OperatingLeaseLiability |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionPresent value of lessee's discounted obligation for lease payments from operating lease, classified as current.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 45 -Paragraph 1 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479041/842-20-45-1
+ Details
Name: |
us-gaap_OperatingLeaseLiabilityCurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionPresent value of lessee's discounted obligation for lease payments from operating lease, classified as noncurrent.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 45 -Paragraph 1 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479041/842-20-45-1
+ Details
Name: |
us-gaap_OperatingLeaseLiabilityNoncurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- References
+ Details
Name: |
veii_DisclosureOperatingLeasesAbstract |
Namespace Prefix: |
veii_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.24.2
Operating leases (Details 2) - USD ($)
|
Mar. 31, 2024 |
Dec. 31, 2023 |
Operating Leases |
|
|
Year one |
$ 614,626
|
$ 484,526
|
Year two |
440,321
|
299,848
|
Year three |
229,487
|
169,461
|
Total undiscounted cash flows |
1,284,434
|
953,835
|
Less: Imputed interest |
(44,856)
|
(32,442)
|
Present value of lease liabilities |
$ 1,239,578
|
$ 921,393
|
X |
- DefinitionAmount of lessee's undiscounted obligation for lease payment for operating lease.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org//1943274/2147478964/842-20-50-6
+ Details
Name: |
us-gaap_LesseeOperatingLeaseLiabilityPaymentsDue |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionAmount of lessee's undiscounted obligation for lease payment for operating lease to be paid in next fiscal year following current fiscal year. Excludes interim and annual periods when interim periods are reported from current statement of financial position date (rolling approach).
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org//1943274/2147478964/842-20-50-6
+ Details
Name: |
us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionAmount of lessee's undiscounted obligation for lease payment for operating lease to be paid in third fiscal year following current fiscal year. Excludes interim and annual periods when interim periods are reported from current statement of financial position date (rolling approach).
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org//1943274/2147478964/842-20-50-6
+ Details
Name: |
us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearThree |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionAmount of lessee's undiscounted obligation for lease payment for operating lease to be paid in second fiscal year following current fiscal year. Excludes interim and annual periods when interim periods are reported from current statement of financial position date (rolling approach).
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org//1943274/2147478964/842-20-50-6
+ Details
Name: |
us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearTwo |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionAmount of lessee's undiscounted obligation for lease payments in excess of discounted obligation for lease payments for operating lease.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org//1943274/2147478964/842-20-50-6
+ Details
Name: |
us-gaap_LesseeOperatingLeaseLiabilityUndiscountedExcessAmount |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionPresent value of lessee's discounted obligation for lease payments from operating lease.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 45 -Paragraph 1 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479041/842-20-45-1
+ Details
Name: |
us-gaap_OperatingLeaseLiability |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- References
+ Details
Name: |
veii_DisclosureOperatingLeasesAbstract |
Namespace Prefix: |
veii_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.24.2
X |
- DefinitionAmount of lease cost recognized by lessee for lease contract.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 53 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479589/842-20-55-53
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147478964/842-20-50-4
+ Details
Name: |
us-gaap_LeaseCost |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionWeighted average discount rate for operating lease calculated at point in time.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 53 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479589/842-20-55-53
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Subparagraph (g)(4) -Publisher FASB -URI https://asc.fasb.org//1943274/2147478964/842-20-50-4
+ Details
Name: |
us-gaap_OperatingLeaseWeightedAverageDiscountRatePercent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:percentItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionWeighted average remaining lease term for operating lease, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents reported fact of one year, five months, and thirteen days.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 53 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479589/842-20-55-53
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Subparagraph (g)(3) -Publisher FASB -URI https://asc.fasb.org//1943274/2147478964/842-20-50-4
+ Details
Name: |
us-gaap_OperatingLeaseWeightedAverageRemainingLeaseTerm1 |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:durationItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionCash payments for and related to principal collection on loans related to operating activities.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 45 -Paragraph 25 -Subparagraph (g) -SubTopic 10 -Topic 230 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-25
+ Details
Name: |
us-gaap_PaymentsForLoans |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
veii_DisclosureOperatingLeasesAbstract |
Namespace Prefix: |
veii_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.24.2
Finance lease liability (Details) - USD ($)
|
Mar. 31, 2024 |
Dec. 31, 2023 |
Finance Lease Liability |
|
|
Long term finance lease liability |
$ 34,556
|
$ 41,922
|
Less: Current portion of finance lease liability |
(27,761)
|
(28,868)
|
Total non-current finance lease liability |
6,795
|
13,056
|
Current portion of finance lease liability |
27,761
|
28,867
|
Total current finance lease liability |
$ 27,761
|
$ 28,867
|
X |
- DefinitionPresent value of lessee's discounted obligation for lease payments from finance lease.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org//1943274/2147478964/842-20-50-6
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 45 -Paragraph 1 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479041/842-20-45-1
+ Details
Name: |
us-gaap_FinanceLeaseLiability |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionPresent value of lessee's discounted obligation for lease payments from finance lease, classified as noncurrent.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 45 -Paragraph 1 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479041/842-20-45-1
+ Details
Name: |
us-gaap_FinanceLeaseLiabilityNoncurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- References
+ Details
Name: |
veii_CurrentPortionOfFinanceLeaseLiability |
Namespace Prefix: |
veii_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- References
+ Details
Name: |
veii_DisclosureFinanceLeaseLiabilityAbstract |
Namespace Prefix: |
veii_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
veii_LessCurrentPortionOfFinanceLeaseLiability |
Namespace Prefix: |
veii_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- References
+ Details
Name: |
veii_LongTermFinanceLeaseLiability |
Namespace Prefix: |
veii_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
v3.24.2
X |
- DefinitionAmount of cash outflow for principal payment on finance lease.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Subparagraph (g)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147478964/842-20-50-4
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 45 -Paragraph 5 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479041/842-20-45-5
+ Details
Name: |
us-gaap_FinanceLeasePrincipalPayments |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionAmount before accumulated depreciation of additions or improvements to assets held under a lease arrangement.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482099/360-10-50-1
+ Details
Name: |
us-gaap_LeaseholdImprovementsGross |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- References
+ Details
Name: |
veii_DisclosureFinanceLeaseLiabilityAbstract |
Namespace Prefix: |
veii_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
veii_FinanceLeaseCost |
Namespace Prefix: |
veii_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
v3.24.2
X |
- References
+ Details
Name: |
us-gaap_DebtDisclosureAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
veii_ShortTermBankLoanFromAffiliate |
Namespace Prefix: |
veii_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
v3.24.2
X |
- References
+ Details
Name: |
us-gaap_DebtDisclosureAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(22)) -SubTopic 10 -Topic 210 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 944 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03(a)(16)(a)(2)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03(16)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479853/942-210-S99-1
+ Details
Name: |
us-gaap_LineOfCredit |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionThe cash inflow from a contractual arrangement with the lender, including letter of credit, standby letter of credit and revolving credit arrangements, under which borrowings can be made up to a specific amount at any point in time with either short term or long term maturity that is collateralized (backed by pledge, mortgage or other lien in the entity's assets).
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 14 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-14
+ Details
Name: |
us-gaap_ProceedsFromSecuredLinesOfCredit |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
v3.24.2
v3.24.2
X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 808 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479402/808-10-50-1
+ Details
Name: |
us-gaap_CollaborativeArrangementsAndNoncollaborativeArrangementTransactionsLineItems |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe average effective interest rate during the reporting period.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1F -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482925/835-30-45-2
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22(a)(1)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_DebtInstrumentInterestRateDuringPeriod |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:percentItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe percentage of ownership of common stock or equity participation in the investee accounted for under the equity method of accounting.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3
+ Details
Name: |
us-gaap_EquityMethodInvestmentOwnershipPercentage |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:percentItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- References
+ Details
Name: |
veii_CommonStockSharesHeld |
Namespace Prefix: |
veii_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
veii_SharesHeld |
Namespace Prefix: |
veii_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- References
+ Details
Name: |
veii_SharesIssuedPercentage |
Namespace Prefix: |
veii_ |
Data Type: |
dtr-types:percentItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
veii_UnsecuredLoan |
Namespace Prefix: |
veii_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- Details
Name: |
srt_TitleOfIndividualAxis=veii_NonExecutiveDirectorMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_TypeOfArrangementAxis=veii_LoanAgreementMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
v3.24.2
X |
- DefinitionIncluding the current and noncurrent portions, carrying amount of debt identified as being convertible into another form of financial instrument (typically the entity's common stock) as of the balance sheet date, which originally required full repayment more than twelve months after issuance or greater than the normal operating cycle of the company.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(22)) -SubTopic 10 -Topic 210 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 944 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03(a)(16)(a)(2)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03(16)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479853/942-210-S99-1
+ Details
Name: |
us-gaap_ConvertibleDebt |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- References
+ Details
Name: |
veii_DisclosureConvertibleLoanFromAffiliatesAbstract |
Namespace Prefix: |
veii_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.24.2
Convertible loan from affiliates (Details 1) - USD ($)
|
3 Months Ended |
Mar. 31, 2024 |
Mar. 31, 2023 |
Short-Term Debt [Line Items] |
|
|
Beginning balance |
$ 1,061,282
|
|
Change in fair value of embedded derivatives |
(708,893)
|
$ 34,752
|
Ending balance |
352,389
|
|
Convertible Loan 1 [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Beginning balance |
24,446
|
|
Change in fair value of embedded derivatives |
4,446
|
|
Ending balance |
28,892
|
|
Convertible Loan 1 [Member] | Liability Component [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Beginning balance |
9,548
|
|
Change in fair value of embedded derivatives |
1,082
|
|
Ending balance |
10,630
|
|
Convertible Loan 1 [Member] | Derivative Component [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Beginning balance |
14,898
|
|
Change in fair value of embedded derivatives |
3,363
|
|
Ending balance |
18,261
|
|
Convertible Loan 2 [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Beginning balance |
1,036,836
|
|
Ending balance |
323,497
|
|
Convertible Loan 2 [Member] | Liability Component [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Beginning balance |
172,286
|
|
Change in fair value of embedded derivatives |
2,455
|
|
Ending balance |
174,741
|
|
Convertible Loan 2 [Member] | Derivative Component [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Beginning balance |
864,550
|
|
Change in fair value of embedded derivatives |
(715,794)
|
|
Ending balance |
148,756
|
|
Convertible Debt [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Beginning balance |
1,061,282
|
|
Change in fair value of embedded derivatives |
(708,893)
|
|
Ending balance |
$ 352,389
|
|
X |
- DefinitionIncluding the current and noncurrent portions, carrying amount of debt identified as being convertible into another form of financial instrument (typically the entity's common stock) as of the balance sheet date, which originally required full repayment more than twelve months after issuance or greater than the normal operating cycle of the company.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(22)) -SubTopic 10 -Topic 210 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 944 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03(a)(16)(a)(2)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03(16)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479853/942-210-S99-1
+ Details
Name: |
us-gaap_ConvertibleDebt |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
+ References
+ Details
Name: |
us-gaap_ShortTermDebtLineItems |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
veii_ChangeInFairValueOfEmbeddedDerivatives |
Namespace Prefix: |
veii_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- Details
Name: |
us-gaap_ShortTermDebtTypeAxis=veii_ConvertibleLoan1Member |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_DebtInstrumentAxis=veii_LiabilityComponentMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_DebtInstrumentAxis=veii_DerivativeComponentMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_ShortTermDebtTypeAxis=veii_ConvertibleLoan2Member |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_ShortTermDebtTypeAxis=us-gaap_ConvertibleDebtMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
v3.24.2
Convertible loan from affiliates (Details 2)
|
3 Months Ended |
Mar. 31, 2024
USD ($)
|
Short-Term Debt [Line Items] |
|
Beginning balance |
$ 1,061,282
|
Ending balance |
352,389
|
Convertible Loan 2 [Member] |
|
Short-Term Debt [Line Items] |
|
Beginning balance |
1,036,836
|
Change in fair value of embedded derivatives |
(713,339)
|
Ending balance |
323,497
|
Convertible Loan 2 [Member] | Liability Component [Member] |
|
Short-Term Debt [Line Items] |
|
Beginning balance |
172,286
|
Change in fair value of embedded derivatives |
2,455
|
Ending balance |
174,741
|
Convertible Loan 2 [Member] | Derivative Component [Member] |
|
Short-Term Debt [Line Items] |
|
Beginning balance |
864,550
|
Change in fair value of embedded derivatives |
(715,794)
|
Ending balance |
$ 148,756
|
X |
- DefinitionIncluding the current and noncurrent portions, carrying amount of debt identified as being convertible into another form of financial instrument (typically the entity's common stock) as of the balance sheet date, which originally required full repayment more than twelve months after issuance or greater than the normal operating cycle of the company.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(22)) -SubTopic 10 -Topic 210 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 944 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03(a)(16)(a)(2)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03(16)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479853/942-210-S99-1
+ Details
Name: |
us-gaap_ConvertibleDebt |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
+ References
+ Details
Name: |
us-gaap_ShortTermDebtLineItems |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
veii_ChangeInFairValuesOfEmbeddedDerivatives |
Namespace Prefix: |
veii_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- Details
Name: |
us-gaap_ShortTermDebtTypeAxis=veii_ConvertibleLoan2Member |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_DebtInstrumentAxis=veii_LiabilityComponentMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_DebtInstrumentAxis=veii_DerivativeComponentMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
v3.24.2
X |
- DefinitionExercise price per share or per unit of warrants or rights outstanding.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-3
+ Details
Name: |
us-gaap_ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1 |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:perShareItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionThe number of shares converted in a noncash (or part noncash) transaction. Noncash is defined as transactions during a period that do not result in cash receipts or cash payments in the period. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482913/230-10-50-4
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482913/230-10-50-3
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482913/230-10-50-5
+ Details
Name: |
us-gaap_ConversionOfStockSharesConverted1 |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe price per share of the conversion feature embedded in the debt instrument.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-5
+ Details
Name: |
us-gaap_DebtInstrumentConvertibleConversionPrice1 |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:perShareItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionThe average effective interest rate during the reporting period.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1F -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482925/835-30-45-2
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22(a)(1)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_DebtInstrumentInterestRateDuringPeriod |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:percentItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
+ ReferencesReference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(f)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1
+ Details
Name: |
us-gaap_LineOfCreditFacilityLineItems |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionPeriod between issuance and expiration of outstanding warrant and right embodying unconditional obligation requiring redemption by transferring asset at specified or determinable date or upon event certain to occur, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents reported fact of one year, five months, and thirteen days.
+ ReferencesReference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2
+ Details
Name: |
us-gaap_WarrantsAndRightsOutstandingTerm |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:durationItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- References
+ Details
Name: |
veii_MaximumNumberOfWarrantsToPurchase |
Namespace Prefix: |
veii_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Details
Name: |
srt_CounterpartyNameAxis=veii_HMIMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_CreditFacilityAxis=veii_MaximumCreditLineMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
v3.24.2
Other payables and accrued liabilities (Details) - USD ($)
|
Mar. 31, 2024 |
Dec. 31, 2023 |
Payables and Accruals [Abstract] |
|
|
Accrual |
$ 1,365,764
|
$ 1,133,800
|
Income taxes payable |
46,185
|
57,961
|
Taxes penalty payable |
1,410,000
|
1,410,000
|
Total other payables and accrued liabilities |
$ 2,821,949
|
$ 2,601,761
|
X |
- DefinitionCarrying value as of the balance sheet date of obligations incurred and payable, pertaining to costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered. Examples include taxes, interest, rent and utilities. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.20) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_AccruedLiabilitiesCurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- References
+ Details
Name: |
us-gaap_PayablesAndAccrualsAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
veii_Accrual |
Namespace Prefix: |
veii_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- References
+ Details
Name: |
veii_TaxesPenaltyPayable |
Namespace Prefix: |
veii_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
v3.24.2
X |
- DefinitionAmount of deferred income and obligation to transfer product and service to customer for which consideration has been received or is receivable.
+ ReferencesReference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(26)(c)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_DeferredRevenue |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- References
+ Details
Name: |
veii_DisclosureDeferredIncomeAbstract |
Namespace Prefix: |
veii_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.24.2
X |
- DefinitionPercentage of remaining performance obligation to total remaining performance obligation not recognized as revenue.
+ ReferencesReference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(1) -SubTopic 10 -Topic 606 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-13
+ Details
Name: |
us-gaap_RevenueRemainingPerformanceObligationPercentage |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:percentItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- References
+ Details
Name: |
veii_BankingRegulationMaximumPayoutRatio1 |
Namespace Prefix: |
veii_ |
Data Type: |
dtr-types:percentItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
veii_DeferredRevenues |
Namespace Prefix: |
veii_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- Details
Name: |
srt_RangeAxis=srt_MinimumMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
srt_RangeAxis=srt_MaximumMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
v3.24.2
Related party and shareholder transactions (Details) - USD ($)
|
Mar. 31, 2024 |
Dec. 31, 2023 |
Related Party Transaction [Line Items] |
|
|
|
Due from related parties |
|
$ 2,657,731
|
$ 3,058,220
|
Allowance for amounts due from related parties |
|
(2,527,545)
|
(2,527,545)
|
Due from related parties, net |
|
130,186
|
530,675
|
Due to a related party |
|
12,953
|
83,649
|
Value Exchange International Limited [Member] |
|
|
|
Related Party Transaction [Line Items] |
|
|
|
Due from related parties |
[1] |
2,361,150
|
2,401,994
|
Cucumbuy.com Limited [Member] |
|
|
|
Related Party Transaction [Line Items] |
|
|
|
Due from related parties |
[2] |
80,769
|
|
Due to a related party |
[2] |
|
17,961
|
SmartMyWays Co., Limited [Member] |
|
|
|
Related Party Transaction [Line Items] |
|
|
|
Due from related parties |
[3] |
79,146
|
40,098
|
Retail Intelligent Unit Limited [Member] |
|
|
|
Related Party Transaction [Line Items] |
|
|
|
Due from related parties |
[4] |
28,846
|
|
Due to a related party |
[4] |
|
36,795
|
TAP Technology (HK) Limited [Member] |
|
|
|
Related Party Transaction [Line Items] |
|
|
|
Due from related parties |
[5] |
79,893
|
73,481
|
Value Exchange International (Taiwan) Co, Ltd [Member] |
|
|
|
Related Party Transaction [Line Items] |
|
|
|
Due from related parties |
[6] |
27,927
|
11,972
|
Value E Consultant International (M) Sdn. Bhd [Member] |
|
|
|
Related Party Transaction [Line Items] |
|
|
|
Due from related parties |
[7] |
|
530,675
|
SA-Network Limited [Member] |
|
|
|
Related Party Transaction [Line Items] |
|
|
|
Due to a related party |
[8] |
10,802
|
10,784
|
Value X International Pte. Ltd [Member] |
|
|
|
Related Party Transaction [Line Items] |
|
|
|
Due to a related party |
[9] |
1,510
|
10,014
|
Smart Reward Express Limited [Member] |
|
|
|
Related Party Transaction [Line Items] |
|
|
|
Due to a related party |
[10] |
641
|
641
|
Hapi Retail Company Limited [Member] |
|
|
|
Related Party Transaction [Line Items] |
|
|
|
Due to a related party |
[11] |
|
$ 7,454
|
|
|
v3.24.2
Related party and shareholder transactions (Details 1) - USD ($)
|
3 Months Ended |
Mar. 31, 2024 |
Mar. 31, 2023 |
Cucumbuy.com Limited [Member] |
|
|
|
Related Party Transaction [Line Items] |
|
|
|
Service income received |
[1] |
$ 107,023
|
|
Subcontracting fees payable |
[1] |
(46,154)
|
(53,846)
|
Management fees received |
[1] |
|
3,077
|
SmartMyWays Co., Limited [Member] |
|
|
|
Related Party Transaction [Line Items] |
|
|
|
Service income received |
[2] |
51,244
|
|
Subcontracting fees payable |
[2] |
(42,308)
|
(46,154)
|
Management fees received |
[2] |
|
3,077
|
Retail Intelligent Unit Limited [Member] |
|
|
|
Related Party Transaction [Line Items] |
|
|
|
Service income received |
[3] |
73,333
|
|
Subcontracting fees payable |
[3] |
(23,077)
|
(38,462)
|
Management fees received |
[3] |
|
3,077
|
TAP Technology (HK) Limited [Member] |
|
|
|
Related Party Transaction [Line Items] |
|
|
|
Service income received |
[4] |
12,821
|
|
Subcontracting fees payable |
[4] |
(19,231)
|
(27,523)
|
Management fees received |
[4] |
|
3,077
|
Value Exchange International (Taiwan) Co, Ltd [Member] |
|
|
|
Related Party Transaction [Line Items] |
|
|
|
Service income received |
[5] |
|
13,917
|
Subcontracting fees payable |
[5] |
(372)
|
(5,516)
|
Value Exchange International Limited [Member] |
|
|
|
Related Party Transaction [Line Items] |
|
|
|
Subcontracting fees payable |
[6] |
(56,228)
|
(262,125)
|
Management fees received |
[6] |
|
20,167
|
Value E Consultant International (M) Sdn. Bhd [Member] |
|
|
|
Related Party Transaction [Line Items] |
|
|
|
Subcontracting fees payable |
[7] |
|
(41,450)
|
SA-Network Limited [Member] |
|
|
|
Related Party Transaction [Line Items] |
|
|
|
Subcontracting fees payable |
[8] |
(96,380)
|
(39,070)
|
Value X International Pte. Ltd [Member] |
|
|
|
Related Party Transaction [Line Items] |
|
|
|
Subcontracting fees payable |
[9] |
$ (21,534)
|
|
|
|
X |
- References
+ Details
Name: |
veii_ManagementFeesReceived |
Namespace Prefix: |
veii_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
veii_ServiceIncomeReceived |
Namespace Prefix: |
veii_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
veii_SubcontractingFeesPayable |
Namespace Prefix: |
veii_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
v3.24.2
X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 808 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479402/808-10-50-1
+ Details
Name: |
us-gaap_CollaborativeArrangementsAndNoncollaborativeArrangementTransactionsLineItems |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionFace (par) amount of debt instrument at time of issuance.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 835 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482900/835-30-50-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B
Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 69B -Publisher FASB -URI https://asc.fasb.org//1943274/2147481568/470-20-55-69B
Reference 4: http://www.xbrl.org/2003/role/exampleRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 69C -Publisher FASB -URI https://asc.fasb.org//1943274/2147481568/470-20-55-69C
Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482925/835-30-45-2
Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 55 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482949/835-30-55-8
+ Details
Name: |
us-gaap_DebtInstrumentFaceAmount |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionThe cash inflow from a contractual arrangement with the lender, including letter of credit, standby letter of credit and revolving credit arrangements, under which borrowings can be made up to a specific amount at any point in time with either short term or long term maturity that is uncollateralized (where debt is not backed by the pledge of collateral).
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 14 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-14
+ Details
Name: |
us-gaap_ProceedsFromUnsecuredLinesOfCredit |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- Details
Name: |
us-gaap_TypeOfArrangementAxis=veii_CreditAgreement2024Member |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
Value Exchange (QB) (USOTC:VEII)
Historical Stock Chart
From Jul 2024 to Aug 2024
Value Exchange (QB) (USOTC:VEII)
Historical Stock Chart
From Aug 2023 to Aug 2024