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Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
☒ QUARTERLY
REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES ACT OF 1934:
For the Quarterly Period ended June 30, 2023
☐ TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE EXCHANGE ACT
For the transition period from __________________
to __________________
Commission File Number: 000-53749
X
METAVERSE INC.
(Name of Small Business Issuer in its Charter)
Nevada |
98-0632051 |
(State or Other Jurisdiction of
incorporation or organization) |
(I.R.S. Employer
Identification No.) |
Room 1105, 11/F, Hip Kwan Commercial Building,
No. 38 Pitt Street,
Yau Ma Tei, Kowloon, Hong Kong
00000
(Address of Principal Executive Offices)
+852 29803733
(Issuer’s Telephone Number)
Securities registered pursuant to Section 12(b) of the Act: None
Securities registered pursuant to Section 12(g) of the Act:
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered |
Common Stock |
N/A |
N/A |
Indicate by check mark whether the registrant
(1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for such
shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past
90 days. Yes ☐ No ☒
Indicate by check mark whether the registrant
has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405
of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes
☐ No ☒
Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.
See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company”,
and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer ☐ |
Accelerated filer ☐ |
Non-accelerated filer ☒ |
Smaller Reporting Company ☒ |
Emerging growth company ☐ |
|
If an emerging growth company, indicate by check
mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant
is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☒
No ☐
Number of shares outstanding of each of the issuer’s
classes of common equity, as of August 15, 2023: 110,000 shares of Common Stock, par value US $0.001.
CAUTIONARY STATEMENT REGARDING FORWARD LOOKING
INFORMATION
The discussion contained in this 10-Q under the
Securities Exchange Act of 1934, as amended, contains forward-looking statements that involve risks and uncertainties. The issuer’s
actual results could differ significantly from those discussed herein. These include statements about our expectations, beliefs, intentions
or strategies for the future, which we indicate by words or phrases such as “anticipate,” “expect,” “intend,”
“plan,” “will,” “we believe,” “the Company believes,” “management believes”
and similar language, including those set forth in the discussions under “Notes to Financial Statements” and “Management’s
Discussion and Analysis or Plan of Operation” as well as those discussed elsewhere in this Form 10-Q. We base our forward-looking
statements on information currently available to us, and we assume no obligation to update them. Statements contained in this Form 10-Q
that are not historical facts are forward-looking statements that are subject to the “safe harbor” created by the Private
Securities Litigation Reform Act of 1995.
TABLE OF CONTENTS
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS (UNAUDITED)
X Metaverse Inc.
Condensed Balance Sheets
As of June 30, 2023 (unaudited) and December
31, 2022 (audited)
(Stated in US Dollars)
| |
At June 30, | | |
At December 31, | |
| |
2023 | | |
2022 | |
| |
| $ | | |
| $ | |
ASSETS | |
| | | |
| | |
Current Assets: | |
| | | |
| | |
Cash and cash equivalents | |
| – | | |
| – | |
Prepaid expenses | |
| – | | |
| – | |
| |
| | | |
| | |
Total Current Assets | |
| – | | |
| – | |
| |
| | | |
| | |
TOTAL ASSETS | |
| – | | |
| – | |
| |
| | | |
| | |
LIABILITIES AND STOCKHOLDERS’ DEFICIT | |
| | | |
| | |
| |
| | | |
| | |
LIABILITIES | |
| | | |
| | |
Current Liabilities: | |
| | | |
| | |
Accrued expenses | |
| 17,635 | | |
| 28,194 | |
Amounts due to related parties | |
| 410,488 | | |
| 381,178 | |
| |
| | | |
| | |
Total Current Liabilities | |
| 428,123 | | |
| 409,372 | |
| |
| | | |
| | |
TOTAL LIABILITIES | |
| 428,123 | | |
| 409,372 | |
| |
| | | |
| | |
STOCKHOLDERS’ DEFICIT | |
| | | |
| | |
Common stock Par value: US$0.001 Authorized: 2020 – 1,200,000,000 shares - Issued and outstanding: June 30, 2023 and December 31, 2022 – 110,000 shares | |
| 110 | | |
| 110 | |
Additional paid-in capital | |
| 347,052 | | |
| 347,052 | |
Accumulated deficit | |
| (775,285 | ) | |
| (756,534 | ) |
| |
| | | |
| | |
TOTAL STOCKHOLDERS’ DEFICIT | |
| (428,123 | ) | |
| (409,372 | ) |
| |
| | | |
| | |
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT | |
| – | | |
| – | |
See accompanying notes to condensed financial statements.
X Metaverse Inc.
Condensed Statements of Operations
For the Six and Three Months Periods Ended June
30, 2023 and 2022
(Stated in US Dollars)
(Unaudited)
| |
| | | |
| | | |
| | | |
| | |
| |
For the Three months ended June 30, | | |
For the Six months ended June 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
| $ | | |
| $ | | |
| $ | | |
| $ | |
Net sales | |
| – | | |
| – | | |
| – | | |
| – | |
Cost of sales | |
| – | | |
| – | | |
| – | | |
| – | |
| |
| | | |
| | | |
| | | |
| | |
Gross Profit | |
| – | | |
| – | | |
| – | | |
| – | |
| |
| | | |
| | | |
| | | |
| | |
Operating expenses | |
| | | |
| | | |
| | | |
| | |
Professional fees | |
| 10,750 | | |
| 6,529 | | |
| 17,771 | | |
| 25,831 | |
General and administrative | |
| 980 | | |
| 2,800 | | |
| 980 | | |
| 2,800 | |
| |
| | | |
| | | |
| | | |
| | |
Total operating expenses | |
| 11,730 | | |
| 9,329 | | |
| 18,751 | | |
| 28,631 | |
| |
| | | |
| | | |
| | | |
| | |
Net loss and comprehensive loss | |
| (11,730 | ) | |
| (9,329 | ) | |
| (18,751 | ) | |
| (28,631 | ) |
| |
| | | |
| | | |
| | | |
| | |
Loss per share of common stock - Basic and diluted | |
| (0.110 | ) | |
| (0.085 | ) | |
| (0.170 | ) | |
| (0.260 | ) |
| |
| | | |
| | | |
| | | |
| | |
Weighted average shares of common stock - Basic and diluted | |
| 110,000 | | |
| 110,000 | | |
| 110,000 | | |
| 110,000 | |
See accompanying notes to condensed financial statements.
X Metaverse Inc.
Condensed Statements of Cash Flows
For the Six and Three Months Periods Ended June
30, 2023 and 2022
(Stated in US Dollars)
(Unaudited)
| |
| | | |
| | |
| |
For the Six Months Periods Ended June 30, | |
| |
2023 | | |
2022 | |
| |
| $ | | |
| $ | |
Cash flows from operating activities: | |
| | | |
| | |
Net loss | |
| (18,751 | ) | |
| (28,631 | ) |
Adjustments to reconcile Net Income | |
| | | |
| | |
Debt conversion to equity | |
| – | | |
| – | |
Changes in current assets and liabilities | |
| | | |
| | |
Increase/(decrease) in amount due to related parties | |
| (10,559 | ) | |
| 15,331 | |
(Increase)/decrease in prepaid expenses | |
| – | | |
| – | |
Increase in accrued expenses and other payables | |
| 29,310 | | |
| 13,330 | |
| |
| | | |
| | |
Net cash (used in)/provided by operating activities | |
| – | | |
| – | |
| |
| | | |
| | |
Net (decrease)/increase in cash and cash equivalents | |
| – | | |
| – | |
| |
| | | |
| | |
Cash and cash equivalents at beginning of the period | |
| – | | |
| – | |
| |
| | | |
| | |
Cash and cash equivalents at end of the period | |
| – | | |
| – | |
| |
| | | |
| | |
Supplementary disclosures of cash flow information: | |
| | | |
| | |
Cash paid for interest | |
| – | | |
| – | |
| |
| | | |
| | |
Cash paid for income taxes | |
| – | | |
| – | |
See accompanying notes to condensed financial statements.
X Metaverse Inc.
Condensed Statements of Change in Stockholders’
Deficit
(Stated in US Dollars)
(Unaudited)
| |
| | | |
| | | |
| | | |
| | | |
| | |
| |
Common Stock | | |
Additional Paid-In | | |
Accumulated | | |
| |
| |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Total | |
| |
| | | |
| $ | | |
| $ | | |
| $ | | |
| $ | |
Balance, December 31, 2022 | |
| 110,000 | | |
| 110 | | |
| 347,052 | | |
| (756,534 | ) | |
| (409,372 | ) |
Net loss and comprehensive loss | |
| – | | |
| – | | |
| – | | |
| (18,751 | ) | |
| (18,751 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Balance, June 30, 2023 | |
| 110,000 | | |
| 110 | | |
| 347,052 | | |
| (775,285 | ) | |
| (428,123 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
April 1, 2023 | |
| 110,000 | | |
| 110 | | |
| 347,052 | | |
| (763,555 | ) | |
| (416,393 | ) |
Net loss and comprehensive loss | |
| – | | |
| – | | |
| – | | |
| (11,730 | ) | |
| (11,730 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Balance, June 30, 2023 | |
| 110,000 | | |
| 110 | | |
| 347,052 | | |
| (775,285 | ) | |
| (428,123 | ) |
Balance, December 31, 2021 | |
| 110,000 | | |
| 110 | | |
| 347,052 | | |
| (709,937 | ) | |
| (362,775 | ) |
Net loss and comprehensive loss | |
| – | | |
| – | | |
| – | | |
| (28,631 | ) | |
| (28,631 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Balance, June 30, 2022 | |
| 110,000 | | |
| 110 | | |
| 347,052 | | |
| (738,569 | ) | |
| (391,407 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
April 1, 2022 | |
| 110,000 | | |
| 110 | | |
| 347,052 | | |
| (729,240 | ) | |
| (382,078 | ) |
Net loss and comprehensive loss | |
| – | | |
| – | | |
| – | | |
| (9,329 | ) | |
| (9,329 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Balance, June 30, 2022 | |
| 110,000 | | |
| 110 | | |
| 347,052 | | |
| (738,569 | ) | |
| (391,407 | ) |
See accompanying notes to condensed financial statements.
X METAVERSE INC.
NOTES TO CONDENSED FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED JUNE 30, 2023
(Unaudited)
1. Basis of presentation
The accompanying unaudited condensed financial
statements have been prepared by management in accordance with both accounting principles generally accepted in the United States (“GAAP”),
and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Certain information and note disclosures normally included in audited
financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to those
rules and regulations, although the Company believes that the disclosures made are adequate to make the information not misleading.
In the opinion of management, the balance sheet
as of December 31, 2022, which has been derived from audited financial statements, and these unaudited condensed financial statements
reflect all normal and recurring adjustments considered necessary to state fairly the results for the periods presented. The results for
the period ended June 30, 2023 are not necessarily indicative of the results to be expected for the entire fiscal year ending December
31, 2023 or for any future period.
These unaudited condensed financial statements
and notes thereto should be read in conjunction with the Management’s Discussion and the audited financial statements and notes
thereto included in the Annual Report on Form 10-K for the year ended December 31, 2022.
2. Organization and business
background
X Metaverse Inc. (the “Company”),
formerly known as Mi1 Global Telco., Inc., was organized under the laws of the State of Nevada on January 23, 2006.
The Company was principally engaged in advertisements
on websites and applications. The Company’s original goal was to become a major network on travel, food, entertainment, activities
and city life. The Company launched the website www.drinkeat.com, which provides reviews of restaurants in Hong Kong. Due to the
drop in readership and advertising, the Company decided to terminate its website operation in May 2018. The Company is actively
looking for new investment opportunities and new source of revenue.
On May 1, 2017, the Company filed with the Nevada
Secretary of State a certificate of amendment (the “Amendment”) to the Company’s Articles of Incorporation. The Amendment,
previously approved by the Company’s board of directors on August 31, 2016 and stockholders on November 4, 2016, changed (a) the
name of the Company from “Domain Extremes Inc.” to “Mi1 Global Telco., Inc.” and (b) the authorized shares of
common stock, par value $0.001, from 200,000,000 shares to 1,200,000,000 shares. The Amendment became effective upon its filing. The name
change will become effective with FINRA on July 19, 2017.
On October 24, 2017, the Company effectuated a
reverse split of the Company’s issued and outstanding common stock on a 1 for 10,000 (1:10,000) basis, pursuant to which the authorized
shares of common stock remained 1,200,000,000 shares and the par value remained $0.001. All share and earnings per share information
have been retroactively adjusted to reflect the stock split in the financial statements.
On March 24, 2020, Mr. Kok Seng Yeap purchased
100% of the shares of Mi1 Global Limited, which owns 9,156 shares of the common stock of the Company. As a result, Kok Seng Yeap became
the beneficial owner of 9,156 shares of the common stock of the Company. On March 24, 2020, Mr. Lim Kock Chiang resigned as the Chief
Executive Officer, Chief Financial Officer, Secretary and Director of the Company, and the Board of Directors of the Company appointed
Mr. Kok Seng Yeap to serve as its Director, Chief Executive Officer, Chief Financial Officer, and Secretary.
On September 3, 2020, the Company filed a Certificate
of Amendment to its Articles of Incorporation with the State of Nevada to reflect its corporate name change to “X Metaverse Inc.”.
The name change was effective as of the filing of the Certificate of Amendment with the State of Nevada. The Company is awaiting the approval
of FINRA for the market effectiveness of the name change.
On June 23, 2020, Mr. Kok Seng Yeap resigned as
the Chief Financial Officer the Company, and the Board of Directors of the Company appointed Mr. Lau Chew Chye to serve as its Chief Financial
Officer and Director.
On December 21, 2021, the Company filed a Certificate
of Amendment to its Articles of Incorporation with the State of Nevada to reflect its corporate name change from “AFF Holding Group
Inc.” to “X Metaverse Inc.” The name change was effective as of the filing of the Certificate of Amendment with the
State of Nevada. FINRA also approved the name and symbol change in June 2023, which enabled the
Company’s common stock to trade under the symbol XTMI.
3. Going
concern uncertainties
The accompanying condensed financial statements
have been prepared using the going concern basis of accounting, which contemplates the realization of assets and the satisfaction of liabilities
in the normal course of business.
As of June 30, 2023, the Company experienced
an accumulated deficit of $775,285
and net loss of $18,751 for the six months ended June 30, 2023. The continuation of the Company as a going concern through December
31, 2023 is dependent upon the continued financial support from its stockholders. Management believes the Company is currently
pursuing additional financing for its operations. However, there is no assurance that the Company will be successful in securing
sufficient funds to sustain the operations.
These and other factors raise substantial doubt
about the Company’s ability to continue as a going concern. These condensed financial statements do not include any adjustments
to reflect the possible future effects on the recoverability and classification of assets and liabilities that may result in the Company
not being able to continue as a going concern.
4. Summary of significant accounting
policies
The accompanying condensed financial statements
reflect the application of certain significant accounting policies as described in this note and elsewhere in the accompanying condensed
financial statements and notes.
Basis of Presentation
The condensed financial statements of the Company
have been prepared in accordance with generally accepted accounting principles in the United States of America (“US GAAP”)
and are presented in US dollars.
Fiscal Year-End
The Company’s fiscal year is December 31.
Use of estimates
The preparation of the financial statements in
conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements, and the
reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Cash and cash equivalents
The Company considers all short-term highly liquid
investments that are readily convertible to known amounts of cash and have original maturities of three months or less to be cash equivalents.
Income taxes
Income taxes are determined in accordance with
the provisions of ASC Topic 740, “Income Taxes” (“ASC 740”). Under this method, deferred tax assets and liabilities
are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing
assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted income tax rates
expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Any effect
on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.
ASC 740 prescribes a comprehensive model
for how companies should recognize, measure, present, and disclose in their financial statements uncertain tax positions taken or expected
to be taken on a tax return. Under ASC 740, tax positions must initially be recognized in the financial statements when it is more likely
than not the position will be sustained upon examination by the tax authorities. Such tax positions must initially and subsequently be
measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the
tax authority assuming full knowledge of the position and relevant facts.
Comprehensive income
ASC Topic 220, “Comprehensive Income”,
establishes standards for reporting and display of comprehensive income, its components and accumulated balances. Comprehensive income
as defined includes all changes in equity during a period from non-owner sources. Accumulated other comprehensive income, as presented
in the accompanying statement of stockholders’ equity, consists of changes in unrealized gains and losses on foreign currency translation.
This comprehensive income is not included in the computation of income tax expense or benefit.
Foreign currencies translation
The functional currency of the Company is Hong
Kong dollars (“HK$”). The Company maintains its financial statements in the functional currency. Monetary assets and liabilities
denominated in currencies other than the functional currency are translated into the functional currency at rates of exchange prevailing
at the balance sheet dates. Transactions denominated in currencies other than the functional currency are translated into the functional
currency at the exchanges rates prevailing at the dates of the transaction. Exchange gains or losses arising from foreign currency transactions
are included in the determination of net income for the respective periods.
For financial reporting purposes, the financial
statements of the Company which are prepared using the functional currency have been translated into United States dollars. Assets and
liabilities are translated at the exchange rates at the balance sheet dates and revenue and expenses are translated at the average exchange
rates and stockholders’ equity is translated at historical exchange rates. Any translation adjustments resulting are not included
in determining net income but are included in foreign exchange adjustment to other comprehensive income, a component of stockholders’
equity.
Fair value of financial instruments
The carrying value of the Company’s financial
instruments (excluding short-term bank borrowing): cash and cash equivalents, accounts and retention receivable, prepayments and other
receivables, accounts payable, income tax payable, amount due to a related party, other payables and accrued liabilities approximate at
their fair values because of the short-term nature of these financial instruments.
Management believes, based on the current market
prices or interest rates for similar debt instruments, the fair value of its obligation under finance lease and short-term bank borrowing
approximates the carrying amount.
The Company also follows the guidance of the ASC
Topic 820-10, “Fair Value Measurements and Disclosures” (“ASC 820-10”), with respect to financial assets and liabilities
that are measured at fair value. ASC 820-10 establishes a three-tier fair value hierarchy that prioritizes the inputs used in measuring
fair value as follows:
· Level
1: Inputs are based upon unadjusted quoted prices for identical instruments traded in active markets;
· Level
2: Inputs are based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in
markets that are not active, and model-based valuation techniques (e.g. Black-Scholes Option-Pricing model) for which all significant
inputs are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or
liabilities. Where applicable, these models project future cash flows and discount the future amounts to a present value using market-based
observable inputs; and
· Level
3: Inputs are generally unobservable and typically reflect management’s estimates of assumptions that market participants would
use in pricing the asset or liability. The fair values are therefore determined using model-based techniques, including option pricing
models and discounted cash flow models.
Fair value estimates are made at a specific point
in time based on relevant market information about the financial instrument. These estimates are subjective in nature and involve uncertainties
and matters of significant judgment and, therefore, cannot be determined with precision. Changes in assumptions could significantly affect
the estimates.
Revenue recognition
In May 2014,
the FASB issued Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers (Topic 606), which supersedes all
existing revenue recognition requirements, including most industry specific guidance. This new standard requires a company to recognize
revenues when it transfers goods or services to customers in an amount that reflects the consideration that the company expects to receive
for those goods or services.
The new
revenue standards became effective for the Company on January 1, 2018, and were adopted using the modified retrospective method. The adoption
of the new revenue standards as of January 1, 2018 did not change the Company’s revenue recognition as the Company did not have
any revenue to be recognized.
Under the
new revenue standards, the revenues are recognized when its customer obtains control of promised goods or services, in an amount that
reflects the consideration which it expects to receive in exchange for those goods. The Company recognizes revenues following the five
step model prescribed under ASU No. 2014-09: (i) identify contract(s) with a customer; (ii) identify the performance obligations in the
contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and
(v) recognize revenues when (or as) we satisfy the performance obligation.
Net loss per share
The Company calculates net loss per share in accordance
with ASC Topic 260, “Earnings per Share.” Basic income per share is computed by dividing the net income by the weighted-average
number of common shares outstanding during the period. Diluted income per share is computed similar to basic income per share except that
the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common
stock equivalents had been issued and if the additional common shares were dilutive.
Recently issued accounting pronouncements
In December 2019, the FASB issued ASU
2019-12, Simplifying the Accounting for Income Taxes which amends ASC 740 Income Taxes (ASC 740). This update is
intended to simplify accounting for income taxes by removing certain exceptions to the general principles in ASC 740 and amending
existing guidance to improve consistent application of ASC 740. This update is effective for fiscal years beginning after December
15, 2021. The guidance in this update has various elements, some of which are applied on a prospective basis and others on a
retrospective basis with earlier application permitted. The Company is currently evaluating the effect of this ASU on the
Company’s financial statements and related disclosures.
In August 2020, the FASB issued ASU
2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470- 20) and Derivatives and Hedging - Contracts in
Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own
Equity (“ASU 2020-06”), which simplifies the accounting for certain financial instruments with characteristics of
liabilities and equity. This ASU (1) simplifies the accounting for convertible debt instruments and convertible preferred stock by
removing the existing guidance in ASC 470-20, Debt: Debt with Conversion and Other Options, that requires entities to account
for beneficial conversion features and cash conversion features in equity, separately from the host convertible debt or preferred
stock; (2) revises the scope exception from derivative accounting in ASC 815-40 for freestanding financial instruments and embedded
features that are both indexed to the issuer’s own stock and classified in stockholders’ equity, by removing certain
criteria required for equity classification; and (3) revises the guidance in ASC 260, Earnings Per Share, to require entities
to calculate diluted earnings per share (EPS) for convertible instruments by using the if-converted method. In addition, entities
must presume share settlement for purposes of calculating diluted EPS when an instrument may be settled in cash or shares. For
SEC filers, excluding smaller reporting companies, ASU 2020-06 is effective for fiscal years beginning after December 15, 2021
including interim periods within those fiscal years. Early adoption is permitted, but no earlier than fiscal years beginning after
December 15, 2020. For all other entities, ASU 2020-06 is effective for fiscal years beginning after December 15, 2023, including
interim periods within those fiscal years. Entities should adopt the guidance as of the beginning of the fiscal year of adoption and
cannot adopt the guidance in an interim reporting period. The Company is currently evaluating the impact that ASU 2020-06 may
have on its financial statements and related disclosures when adopted.
In May 2021, the FASB issued ASU 2021-04, Earnings
Per Share (Topic 260), Debt-Modifications and Extinguishments (Subtopic 470-50), Compensation-Stock Compensation (Topic 718), and
Derivatives and Hedging-Contracts in Entity’s Own Equity (Subtopic 815-40), (“ASU 2021-04”). This ASU reduces
diversity in an issuer’s accounting for modifications or exchanges of freestanding equity-classified written call options (for
example, warrants) that remain equity classified after modification or exchange. This ASU provides guidance for a modification or an
exchange of a freestanding equity-classified written call option that is not within the scope of another Topic. It specifically
addresses: (1) how an entity should treat a modification of the terms or conditions or an exchange of a freestanding
equity-classified written call option that remains equity classified after modification or exchange; (2) how an entity should
measure the effect of a modification or an exchange of a freestanding equity-classified written call option that remains equity
classified after modification or exchange; and (3) how an entity should recognize the effect of a modification or an exchange of a
freestanding equity-classified written call option that remains equity classified after modification or exchange. This ASU is
effective for all entities for fiscal years beginning after December 15, 2021. An entity should apply the amendments prospectively
to modifications or exchanges occurring on or after the effective date of the amendments. Early adoption is permitted, including
adoption in an interim period. The adoption of ASU 2021-04 on January 1, 2022 did not have a material impact on the Company’s
condensed financial statements or disclosures.
Management
believes that other recent accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, the American Institute
of Certified Public Accountants, and the Securities and Exchange Commission do not have a material impact on the Company’s present
or near future financial statements.
5. Stockholders’
deficit
On March 7, 2017, the Company issued 40 shares
of common stock to Azari Bin A Ghani, Mazlan Bin Muhammad, Syed Mokhtar Bin Syed Agil and Tengku Faikah Binti Tengku Ismail (10 shares
each) for a consideration of $400.
On April 13, 2017, the Company issued 70 shares
of common stock to Romli Bin Che Noh, Suhaila Binti Md Arsid Arshad, Yu Ming Ngee, Ritha Tumiar Situmorang, Norizan Binti A Latif, Mohammad
Zamri Bin Wan Chik and Adicandra Manurung (10 shares each) for a consideration of $700.
On June 30, 2017, the Company issued 60 shares
of common stock to Mohd Afidi Bin Abdullah, Den Wijaya, Ching Yang Det and Mohd Zaki Bin Ahmadl (10 shares each) and Johanes Abednego
(20 shares) for a consideration of $600.
On August 7, 2017, the Company filed a
certificate of change with the Secretary of State of Nevada to effectuate a reverse stock split (the “Stock Split”) of
its issued and outstanding shares of common stock on a 1-for-10,000 basis. The number of its authorized shares of common stock will
remain at 1,200,000,000 shares, par value $0.001. The Stock Split became effective with FINRA on October 24, 2017 (the
“Effective Date”). As of that date, every 10,000 shares of issued and outstanding common stock were converted into one
share of common stock. No fractional shares were issued in connection with the Stock Split. Instead, any fractional shares were
rounded up to the next whole share and a holder of record of old common stock on the Effective Date who would otherwise be entitled
to a fraction of a share were, in lieu thereof, issued one whole share. All share and earnings per share information have been
retroactively adjusted to reflect the Stock Split in the financial statements.
During the year ended December 31, 2017, the Company
has received the proceeds of $87 for subscription of common stock and no common stock was issued.
On December 18, 2019, the investor withdrew his
subscription and the Company paid $87 back to him.
April 10, 2020, Mi1 Global Limited, the major
shareholder, converted certain debt of the Company in the amount of $90 at a price per share of $0.001 into shares of common stock of
the Company. As consideration for the conversion, the Company issued 90,000 shares of common stock of the Company to Mi1 Global Limited.
As a result of the conversion, Mi1 Global Limited increased its ownership to 90% of the issued and outstanding shares of common stock
of the Company.
The Company has no stock option plan, warrants
or other dilutive securities.
The Company has the authority to issue 1,200,000,000
shares of common stock, $0.001 par value. The total number of shares of the Company’s common stock outstanding as of June 30, 2023
and December 31, 2022 was 110,000, respectively.
6. Accrued
expenses and other payables
Accrued expenses and other payables as of June
30, 2023 and December 31, 2022 are summarized as follows:
Schedule of accrued expenses and other payables | |
At June 30, | | |
At December 31, | |
| |
2023 | | |
2022 | |
| |
$ | | |
$ | |
Accrued professional fees | |
| 17,635 | | |
| 28,194 | |
7. Related
party transactions
During the six and three months ended June 30,
2023 the major shareholder, advanced $29,310 to pay operating expenses for the Company, respectively. During the six and three months
ended June 30, 2022 the major shareholder, advanced $13,300 and $7,300, respectively.
As of June 30, 2023 and December 31, 2022, the
balances were $410,488 and $381,178, respectively.
The amounts due to related parties as of
June 30, 2023 and December 31, 2022 represent temporary advances from the Company’s major shareholder. The amounts are
interest free, unsecured and no fixed repayment term.
8. Commitments and contingencies
From time to time the Company may become a party
to litigation matters involving claims against the Company. Management believes that it is adequately insured for its operations and there
are no current matters that would have a material effect on the Company's financial position or results of operations.
9. Subsequent Events
In accordance with ASC Topic 855, “Subsequent
Events”, which establishes general standards of accounting for and disclosure of events that occur after the balance sheet date
but before financial statements are issued, the Company has evaluated all events or transactions that occurred from July 1, 2023, up through
the date the Company issued the interim financial statements and identified no reportable events.
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS
The following discussion should be read in conjunction
with the Company’s unaudited consolidated financial statements and notes thereto included in Item 1 of this report and is qualified
in its entirety by the foregoing.
Forward Looking Statements
Certain statements in this report, including statements
of our expectations, intentions, plans and beliefs, including those contained in or implied by “Management's Discussion and Analysis
of Financial Condition and Results of Operations” and the Notes to Consolidated Financial Statements, are “forward-looking
statements”, within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”),
that are subject to certain events, risks and uncertainties that may be outside our control. The words “believe”, “expect”,
“anticipate”, “optimistic”, “intend”, “will”, and similar expressions identify forward-looking
statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on
which they are made. We undertake no obligation to update or revise any forward-looking statements. These forward-looking statements include
statements of management's plans and objectives for our future operations and statements of future economic performance, information regarding
our expansion and possible results from expansion, our expected growth, our capital budget and future capital requirements, the availability
of funds and our ability to meet future capital needs, and the assumptions described in this report underlying such forward-looking statements.
Actual results and developments could differ materially from those expressed in or implied by such statements due to a number of factors,
including, without limitation, those described in the context of such forward-looking statements, our expansion and acquisition strategy,
our ability to achieve operating efficiencies, our ability to successfully develop and market new websites in the greater Asian markets,
the strength and financial resources of our competitors, our ability to raise sufficient capital in order to effectuate our business plan,
our ability to find and retain skilled personnel and key executives, the political and economic climate in which we conduct operations
and the risk factors described from time to time in our other documents and reports filed with the Securities and Exchange Commission
(the “Commission”).
Overview
X Metaverse Inc. (the “Company”),
formerly known as Mi1 Global Telco., Inc., was incorporated in the State of Nevada in January 2006 and is a development stage company.
Our business was to develop and operate Internet websites and applications on mobile platforms. We earned revenues through advertisements
on these websites and applications. Our original goal was to become a major network of consumer-based websites and applications targeting
viewers in the Hong Kong and Greater China with contents on travel, food, entertainment, activities and city life. We launched the website
www.drinkeat.com, which provides reviews of restaurants in Hong Kong.
We are a controlled corporation with the substantial
majority of our shares held by Mi1 Global Limited (“Mi1”), a company registered in the Republic of Vanuatu. Mi1 acquired a
51% stake in our company in February 2016. As a result, there can be no assurance that our business and/or our strategy will not change
over time as a result of Mi1’s interest.
On May 1, 2017, the Company filed a certificate
of amendment to its articles of incorporation with the Secretary of State of the State of Nevada changing the Company’s name from
Domain Extremes Inc. to Mi1 Global Telco., Inc. and the authorized shares of common stock, par value $0.001, from 200,000,000 shares to
1,200,000,000 shares. The name change became effective with FINRA on July 19, 2017.
Beginning on July 19, 2017, the Company’s
shares of common stock began trading on the OTC Pink Marketplace under the symbol “MIGT” to reflect the Company’s new
name.
On August 7, 2017, the Company filed a certificate
of change with the Secretary of State of Nevada to effectuate a reverse stock split (the “Stock Split”) of its issued and
outstanding shares of common stock on a 1-for-10,000 basis. The number of its authorized shares of common stock will remain at 1,200,000,000
shares, par value $0.001. The Stock Split became effective with FINRA on October 24, 2017 (the “Effective Date”). As of that
date, every 10,000 shares of issued and outstanding common stock were converted into one share of common stock. No fractional shares were
issued in connection with the Stock Split. Instead, any fractional shares were rounded up to the next whole share and a holder of record
of old common stock on the Effective Date who would otherwise be entitled to a fraction of a share were, in lieu thereof, issued one whole
share.
The Company ceased and discontinued the operations
by terminating its website (www.drinkeat.com) and is exploring other business opportunities in Asia. Our goal is to become a major network
of consumer-based websites and applications targeting viewers in the Hong Kong and Greater China with contents on travel, food, entertainment,
activities and city life.
On March 24, 2020, Mr. Kok Seng Yeap purchased
100% of the shares of Mi1 Global Limited, which owns 9,156 shares of the common stock of the Company. As a result, Kok Seng Yeap became
the beneficial owner of 9,156 shares of the common stock of the Company. Effective as of March 24, 2020, Mr. Lim Kock Chiang resigned
as the Chief Executive Officer, Chief Financial Officer, Secretary and Director of the Company, and the Board of Directors of the Company
appointed Mr. Kok Seng Yeap to serve as its Director, Chief Executive Officer, Chief Financial Officer, and Secretary.
On June 3, 2020, the
Company filed a Certificate of Amendment to its Articles of Incorporation with the State of Nevada to reflect its corporate name change
to "AFF Holding Group, Inc.". The name change was effective as of the filing of the Certificate of Amendment with the State
of Nevada.
On June 23, 2020, Mr.
Kok Seng Yeap resigned as the Chief Financial Officer the Company, and the Board of Directors of the Company appointed Mr. Lau Chew Chye
to serve as its Chief Financial Officer and Director.
On December 21, 2021, the Company filed a Certificate
of Amendment to its Articles of Incorporation with the State of Nevada to reflect its corporate name change from "AFF Holding Group
Inc.” to “X Metaverse Inc.” The name change was effective as of the filing of the Certificate of Amendment with the
State of Nevada. FINRA also approved the name and symbol change in June 2023, which
enabled the Company’s common stock to trade under the symbol XTMI.
Results of Operations for the Three and Six
Months Ended June 30, 2023 and 2022
Net Sales
We generated revenues of $nil for the six and
three months ended June 30, 2023 and 2022. The reason for no revenue was mainly due to the lack of advertisers. Our principal source of
revenues had been from advertising banners on our websites. As stated above, the Company terminated its website on May 25, 2018. The Company
is actively looking for new investment opportunities and new source of revenue.
Net Loss
We have incurred a net loss of $18,751 and $11,730
for the six and three months ended June 30, 2023, respectively, and a net loss of $28,631 and $9,329 for the six and three months
ended June 30, 2022 . The decrease in loss was due to less professional fee expenses incurred.
We incurred general, administrative and operating
expenses of $18,751 for the six months ended June 30, 2023 and $28,631 for the six months ended June 30, 2022. Of these amounts, a substantial
portion of our expenses for the six months ended June 30, 2023 and 2022 related to professional fees such as legal and accounting service
fees, audit service fees, etc. The professional fees incurred for the six months ended June 30, 2023 and 2022 were $17,771, and $25,831,
respectively.
We incurred general, administrative and operating
expenses of $11,730 for the three months ended June 30, 2023 and $9,329 for the three months ended June 30, 2022. Of these amounts, a
substantial portion of our expenses for the three months ended June 30, 2023 and 2022 related to professional fees such as legal and accounting
service fees, audit service fees, etc. The professional fees incurred for the three months ended June 30, 2023 and 2022 were $10,750 and
$6,529, respectively.
Liquidity and Capital Resources
As shown in the accompanying financial statements,
the Company had an accumulated loss of $775,285 as of June 30, 2023 compared to the accumulated loss of $756,534 as of December 31, 2022.
There was a working capital deficit of $428,123 on June 30, 2023 and $409,372 as of December 31, 2022. The increase of $17,870 was mainly
due to the operating loss for the six months ended June 30, 2023.
At June 30, 2023 and December 31, 2022, we had
cash and cash equivalents of $0. The Company does not have a bank account. The major shareholder funds the Company’s operations.
We have limited operating capital. We expect that
our current capital and our other existing resources will be sufficient only to provide a limited amount of working capital, and the revenues,
if any, generated from our business operations alone may not be sufficient to fund our operations or planned growth. We will likely require
additional capital to continue to operate our business, and to further expand our business.
The Company is working to reduce the expenses
and so we expect our cash flow needs over the next 12 months through June 2024 to be approximately $60,000. However, this amount may be
materially increased if market conditions are favorable for a more rapid expansion of our business model or if we adjust our model to
exploit strategic acquisition opportunities. In addition, we may require additional cash flow to support our public company reporting
requirements in the United States. Although our average monthly expenditures to date have averaged around $5,000, we expect this amount
to increase exponentially as our business expands. To date, we have been financed principally by our directors; however, we expect to
secure third party financing or bank loans as necessary until we secure sufficient revenues, principally from advertisers on our websites,
to sustain our ongoing operations.
Sources of additional capital through various
financing transactions or arrangements with third parties may include equity or debt financing, bank loans or revolving credit facilities.
We may not be successful in locating suitable financing transactions in the time period required or at all, and we may not obtain the
capital we require by other means. Our inability to raise additional funds when required may have a negative impact on our operations,
business development and financial results.
Off-Balance Sheet Arrangements
As June 30 2023, we did not
have any off-balance sheet arrangements.
ITEM 3. QUANTITATIVE AND QUALITATIVE
DISCLOSURES ABOUT MARKET RISK
The information to be reported under this Item is not required of smaller
reporting companies.
ITEM 4. CONTROLS AND PROCEDURES
Disclosure Controls and Procedures
We maintain disclosure controls and procedures
designed to ensure that information required to be disclosed in reports filed under the Exchange Act is recorded, processed, summarized
and reported within the specified time periods. Our Chief Executive Officer (principal executive officer) and Chief Financial Officer
(principal financial officer) (collectively, the “Certifying Officers”) are responsible for maintaining our disclosure controls
and procedures. The controls and procedures established by us are designed to provide reasonable assurance that information required to
be disclosed by the issuer in the reports that it files or submits under the Exchange Act are recorded, processed, summarized and reported
within the time periods specified in the Commission’s rules and forms.
During the first six months of 2023, our Certifying
Officers evaluated the effectiveness of our disclosure controls and procedures as of the end of the period covered by this report. Based
on the evaluation, the Certifying Officers concluded that our disclosure controls and procedures were effective to provide reasonable
assurance that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed,
summarized and reported, within the time periods specified in the applicable rules and forms, and that it is accumulated and communicated
to our management, including the Certifying Officers, as appropriate to allow timely decisions regarding required disclosure.
Changes in Internal Control Over Financial
Reporting
There was no change in our internal control over
financial reporting that occurred during the period covered by this Quarterly Report on Form 10-Q that has materially affected, or is
reasonably likely to materially affect, our internal control over financial reporting. We are aware that any system of controls, however
well designed and operated, can only provide reasonable, and not absolute, assurance that the objectives of the system are met, and that
maintenance of disclosure controls and procedures is an ongoing process that may change over time.
PART II. OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
None.
ITEM 1A. RISK FACTORS
The information to be reported under this Item is not required for
smaller reporting companies.
ITEM 2. UNREGISTERED SALES OF EQUITY 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
(1) |
Exhibits: Exhibits required to be attached by Item 601 of Regulation S-K are listed in the Index to Exhibits following the signature page of this Form 10-Q, which is incorporated herein by reference. |
SIGNATURES
In accordance with the requirements
of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
|
X METAVERSE INC. |
|
|
|
Dated: August 21, 2023 |
By: |
/s/ Kok Seng Yeap |
|
|
Kok Seng Yeap |
|
|
Director, Chief Executive Officer |
INDEX TO EXHIBITS
Exhibit No. |
|
Description |
|
|
|
31.1 |
|
Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
|
|
|
31.2 |
|
Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
|
|
|
32.1 |
|
Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
|
|
|
32.2 |
|
Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
|
|
|
101 |
|
The following materials from the Company’s Quarterly Report on
Form 10-Q for the quarter ended June 30, 2023, formatted in XBRL (eXtensible Business Reporting Language); (i) Balance Sheets at
June 30, 2023 and December 31, 2022, (ii) Statement of Operations for the three and six months period ended June 30, 2023 and 2022,
(iii) Statement of Cash Flows for the six months period ended June 30, 2023 and 2022, (iv) Statement of Stockholders’
Deficit for the period ended June 30, 2023 and (v) Notes to Financial Statements. |
EXHIBIT 31.1
RULE 13a-14(a)/ 15d-14(a) CERTIFICATION
For Form 10-Q for the Period Ended March 31,
2023
I, Kok Seng Yeap, certify that:
1 |
I have reviewed this Quarterly Report on Form 10-Q for the period ended June 30, 2023 of X Metaverse Inc. (the “registrant”); |
|
|
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 report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
|
|
4 |
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) |
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) |
Designed such internal control over financial reporting, or caused such internal control 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; and |
(d) |
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5 |
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
(a) |
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
(b) |
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: August 21, 2023
/s/ Kok Seng Yeap
Kok Seng Yeap
Chief Executive Officer (Principal Executive Officer)
EXHIBIT 31.2
RULE 13a-14(a)/ 15d-14(a) CERTIFICATION
For Form 10-Q for the Period Ended March 31,
2023
I, Lau Chew Chye, certify that:
1 |
I have reviewed this Quarterly Report on Form 10-Q for the period ended June 30, 2023 of X Metaverse Inc. (the “registrant”); |
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 report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
|
|
4 |
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) |
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) |
Designed such internal control over financial reporting, or caused such internal control 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; and |
(d) |
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5 |
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
(a) |
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
(b) |
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: August 21, 2023
/s/ Lau Chew Chye
Lau Chew Chye
Chief Financial Officer (Principal Financial 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 on Form
10-Q of X Metaverse Inc. (the “Company”) for the period ended June 30, 2023, as filed with the Securities and Exchange Commission
on the date hereof (the “Report”), I, Kok Seng Yeap, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C.
§ 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that based on my knowledge:
(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.
Date: August 21, 2023
/s/ Kok Seng Yeap
Kok Seng Yeap |
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 on Form
10-Q of X Metaverse Inc. (the “Company”) for the period ended June 30, 2023, as filed with the Securities and Exchange Commission
on the date hereof (the “Report”), I, Lau Chew Chye, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C.
§ 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that based on my knowledge:
(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.
Date: August 21, 2023
/s/ Lau Chew Chye
Lau Chew Chye |
Chief Financial Officer (Principal Financial Officer) |
v3.23.2
Cover - shares
|
6 Months Ended |
|
Jun. 30, 2023 |
Aug. 15, 2023 |
Cover [Abstract] |
|
|
Document Type |
10-Q
|
|
Amendment Flag |
false
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Document Quarterly Report |
true
|
|
Document Transition Report |
false
|
|
Document Period End Date |
Jun. 30, 2023
|
|
Document Fiscal Period Focus |
Q2
|
|
Document Fiscal Year Focus |
2023
|
|
Current Fiscal Year End Date |
--12-31
|
|
Entity File Number |
000-53749
|
|
Entity Registrant Name |
X
METAVERSE INC.
|
|
Entity Central Index Key |
0001469038
|
|
Entity Tax Identification Number |
98-0632051
|
|
Entity Incorporation, State or Country Code |
NV
|
|
Entity Address, Address Line One |
Room 1105, 11/F
|
|
Entity Address, Address Line Two |
Hip Kwan Commercial Building,
No. 38 Pitt Street
|
|
Entity Address, Address Line Three |
Yau Ma Tei
|
|
Entity Address, City or Town |
Kowloon
|
|
Entity Address, Country |
HK
|
|
Entity Address, Postal Zip Code |
00000
|
|
City Area Code |
852
|
|
Local Phone Number |
29803733
|
|
Title of 12(b) Security |
Common Stock
|
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Entity Current Reporting Status |
No
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Entity Interactive Data Current |
No
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Entity Filer Category |
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Entity Small Business |
true
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false
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v3.23.2
Condensed Balance Sheets (Unaudited) - USD ($)
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Current Assets: |
|
|
Cash and cash equivalents |
$ 0
|
$ 0
|
Prepaid expenses |
0
|
0
|
Total Current Assets |
0
|
0
|
TOTAL ASSETS |
0
|
0
|
Current Liabilities: |
|
|
Accrued expenses |
17,635
|
28,194
|
Amounts due to related parties |
410,488
|
381,178
|
Total Current Liabilities |
428,123
|
409,372
|
TOTAL LIABILITIES |
428,123
|
409,372
|
STOCKHOLDERS’ DEFICIT |
|
|
Common stock Par value: US$0.001 Authorized: 2020 – 1,200,000,000 shares - Issued and outstanding: June 30, 2023 and December 31, 2022 – 110,000 shares |
110
|
110
|
Additional paid-in capital |
347,052
|
347,052
|
Accumulated deficit |
(775,285)
|
(756,534)
|
TOTAL STOCKHOLDERS’ DEFICIT |
(428,123)
|
(409,372)
|
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT |
$ 0
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$ 0
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v3.23.2
Condensed Balance Sheets (Unaudited) (Parenthetical) - $ / shares
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Statement of Financial Position [Abstract] |
|
|
Common Stock, Par or Stated Value Per Share |
$ 0.001
|
$ 0.001
|
Common Stock, Shares Authorized |
1,200,000,000
|
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|
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110,000
|
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110,000
|
110,000
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v3.23.2
Condensed Statements of Operations (Unaudited) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Income Statement [Abstract] |
|
|
|
|
Net sales |
$ 0
|
$ 0
|
$ 0
|
$ 0
|
Cost of sales |
0
|
0
|
0
|
0
|
Gross Profit |
0
|
0
|
0
|
0
|
Operating expenses |
|
|
|
|
Professional fees |
10,750
|
6,529
|
17,771
|
25,831
|
General and administrative |
980
|
2,800
|
980
|
2,800
|
Total operating expenses |
11,730
|
9,329
|
18,751
|
28,631
|
Net loss and comprehensive loss |
$ (11,730)
|
$ (9,329)
|
$ (18,751)
|
$ (28,631)
|
X |
- DefinitionThe aggregate cost of goods produced and sold and services rendered during the reporting period.
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v3.23.2
Condensed Statements of Operations (Unaudited) (Parenthetical) - $ / shares
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Income Statement [Abstract] |
|
|
|
|
Earnings Per Share, Basic |
$ (0.110)
|
$ (0.085)
|
$ (0.170)
|
$ (0.260)
|
Earnings Per Share, Diluted |
$ (0.110)
|
$ (0.085)
|
$ (0.170)
|
$ (0.260)
|
Weighted Average Number of Shares Outstanding, Basic |
110,000
|
110,000
|
110,000
|
110,000
|
Weighted Average Number of Shares Outstanding, Diluted |
110,000
|
110,000
|
110,000
|
110,000
|
X |
- DefinitionThe amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.
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v3.23.2
Condensed Statements of Cash Flows (Unaudited) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Cash flows from operating activities: |
|
|
|
|
Net loss |
$ (11,730)
|
$ (9,329)
|
$ (18,751)
|
$ (28,631)
|
Adjustments to reconcile Net Income |
|
|
|
|
Debt conversion to equity |
|
|
0
|
0
|
Changes in current assets and liabilities |
|
|
|
|
Increase/(decrease) in amount due to related parties |
|
|
(10,559)
|
15,331
|
(Increase)/decrease in prepaid expenses |
|
|
0
|
0
|
Increase in accrued expenses and other payables |
|
|
29,310
|
13,330
|
Net cash (used in)/provided by operating activities |
|
|
0
|
0
|
Net (decrease)/increase in cash and cash equivalents |
|
|
0
|
0
|
Cash and cash equivalents at beginning of the period |
|
|
0
|
0
|
Cash and cash equivalents at end of the period |
$ 0
|
$ 0
|
0
|
0
|
Supplementary disclosures of cash flow information: |
|
|
|
|
Cash paid for interest |
|
|
0
|
0
|
Cash paid for income taxes |
|
|
$ 0
|
$ 0
|
X |
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v3.23.2
Condensed Statements of Change in Stockholders' Deficit (Unaudited) - USD ($)
|
Common Stock [Member] |
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
Total |
Beginning balance, value at Dec. 31, 2021 |
$ 110
|
$ 347,052
|
$ (709,937)
|
$ (362,775)
|
Shares, Outstanding, Beginning Balance at Dec. 31, 2021 |
110,000
|
|
|
|
Net loss and comprehensive loss |
|
|
(28,631)
|
(28,631)
|
Ending balance, value at Jun. 30, 2022 |
$ 110
|
347,052
|
(738,569)
|
(391,407)
|
Shares, Outstanding, Ending Balance at Jun. 30, 2022 |
110,000
|
|
|
|
Beginning balance, value at Mar. 31, 2022 |
$ 110
|
347,052
|
(729,240)
|
(382,078)
|
Shares, Outstanding, Beginning Balance at Mar. 31, 2022 |
110,000
|
|
|
|
Net loss and comprehensive loss |
|
|
(9,329)
|
(9,329)
|
Ending balance, value at Jun. 30, 2022 |
$ 110
|
347,052
|
(738,569)
|
(391,407)
|
Shares, Outstanding, Ending Balance at Jun. 30, 2022 |
110,000
|
|
|
|
Beginning balance, value at Dec. 31, 2022 |
$ 110
|
347,052
|
(756,534)
|
(409,372)
|
Shares, Outstanding, Beginning Balance at Dec. 31, 2022 |
110,000
|
|
|
|
Net loss and comprehensive loss |
|
|
(18,751)
|
(18,751)
|
Ending balance, value at Jun. 30, 2023 |
$ 110
|
347,052
|
(775,285)
|
(428,123)
|
Shares, Outstanding, Ending Balance at Jun. 30, 2023 |
110,000
|
|
|
|
Beginning balance, value at Mar. 31, 2023 |
$ 110
|
347,052
|
(763,555)
|
(416,393)
|
Shares, Outstanding, Beginning Balance at Mar. 31, 2023 |
110,000
|
|
|
|
Net loss and comprehensive loss |
|
|
(11,730)
|
(11,730)
|
Ending balance, value at Jun. 30, 2023 |
$ 110
|
$ 347,052
|
$ (775,285)
|
$ (428,123)
|
Shares, Outstanding, Ending Balance at Jun. 30, 2023 |
110,000
|
|
|
|
X |
- DefinitionThe portion of profit or loss for the period, net of income taxes, which is attributable to the parent.
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v3.23.2
Basis of presentation
|
6 Months Ended |
Jun. 30, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Basis of presentation |
1. Basis of presentation
The accompanying unaudited condensed financial
statements have been prepared by management in accordance with both accounting principles generally accepted in the United States (“GAAP”),
and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Certain information and note disclosures normally included in audited
financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to those
rules and regulations, although the Company believes that the disclosures made are adequate to make the information not misleading.
In the opinion of management, the balance sheet
as of December 31, 2022, which has been derived from audited financial statements, and these unaudited condensed financial statements
reflect all normal and recurring adjustments considered necessary to state fairly the results for the periods presented. The results for
the period ended June 30, 2023 are not necessarily indicative of the results to be expected for the entire fiscal year ending December
31, 2023 or for any future period.
These unaudited condensed financial statements
and notes thereto should be read in conjunction with the Management’s Discussion and the audited financial statements and notes
thereto included in the Annual Report on Form 10-K for the year ended December 31, 2022.
|
X |
- DefinitionThe entire disclosure for the 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).
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v3.23.2
Organization and business background
|
6 Months Ended |
Jun. 30, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Organization and business background |
2. Organization and business
background
X Metaverse Inc. (the “Company”),
formerly known as Mi1 Global Telco., Inc., was organized under the laws of the State of Nevada on January 23, 2006.
The Company was principally engaged in advertisements
on websites and applications. The Company’s original goal was to become a major network on travel, food, entertainment, activities
and city life. The Company launched the website www.drinkeat.com, which provides reviews of restaurants in Hong Kong. Due to the
drop in readership and advertising, the Company decided to terminate its website operation in May 2018. The Company is actively
looking for new investment opportunities and new source of revenue.
On May 1, 2017, the Company filed with the Nevada
Secretary of State a certificate of amendment (the “Amendment”) to the Company’s Articles of Incorporation. The Amendment,
previously approved by the Company’s board of directors on August 31, 2016 and stockholders on November 4, 2016, changed (a) the
name of the Company from “Domain Extremes Inc.” to “Mi1 Global Telco., Inc.” and (b) the authorized shares of
common stock, par value $0.001, from 200,000,000 shares to 1,200,000,000 shares. The Amendment became effective upon its filing. The name
change will become effective with FINRA on July 19, 2017.
On October 24, 2017, the Company effectuated a
reverse split of the Company’s issued and outstanding common stock on a 1 for 10,000 (1:10,000) basis, pursuant to which the authorized
shares of common stock remained 1,200,000,000 shares and the par value remained $0.001. All share and earnings per share information
have been retroactively adjusted to reflect the stock split in the financial statements.
On March 24, 2020, Mr. Kok Seng Yeap purchased
100% of the shares of Mi1 Global Limited, which owns 9,156 shares of the common stock of the Company. As a result, Kok Seng Yeap became
the beneficial owner of 9,156 shares of the common stock of the Company. On March 24, 2020, Mr. Lim Kock Chiang resigned as the Chief
Executive Officer, Chief Financial Officer, Secretary and Director of the Company, and the Board of Directors of the Company appointed
Mr. Kok Seng Yeap to serve as its Director, Chief Executive Officer, Chief Financial Officer, and Secretary.
On September 3, 2020, the Company filed a Certificate
of Amendment to its Articles of Incorporation with the State of Nevada to reflect its corporate name change to “X Metaverse Inc.”.
The name change was effective as of the filing of the Certificate of Amendment with the State of Nevada. The Company is awaiting the approval
of FINRA for the market effectiveness of the name change.
On June 23, 2020, Mr. Kok Seng Yeap resigned as
the Chief Financial Officer the Company, and the Board of Directors of the Company appointed Mr. Lau Chew Chye to serve as its Chief Financial
Officer and Director.
On December 21, 2021, the Company filed a Certificate
of Amendment to its Articles of Incorporation with the State of Nevada to reflect its corporate name change from “AFF Holding Group
Inc.” to “X Metaverse Inc.” The name change was effective as of the filing of the Certificate of Amendment with the
State of Nevada. FINRA also approved the name and symbol change in June 2023, which enabled the
Company’s common stock to trade under the symbol XTMI.
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v3.23.2
Going concern uncertainties
|
6 Months Ended |
Jun. 30, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Going concern uncertainties |
3. Going
concern uncertainties
The accompanying condensed financial statements
have been prepared using the going concern basis of accounting, which contemplates the realization of assets and the satisfaction of liabilities
in the normal course of business.
As of June 30, 2023, the Company experienced
an accumulated deficit of $775,285
and net loss of $18,751 for the six months ended June 30, 2023. The continuation of the Company as a going concern through December
31, 2023 is dependent upon the continued financial support from its stockholders. Management believes the Company is currently
pursuing additional financing for its operations. However, there is no assurance that the Company will be successful in securing
sufficient funds to sustain the operations.
These and other factors raise substantial doubt
about the Company’s ability to continue as a going concern. These condensed financial statements do not include any adjustments
to reflect the possible future effects on the recoverability and classification of assets and liabilities that may result in the Company
not being able to continue as a going concern.
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v3.23.2
Summary of significant accounting policies
|
6 Months Ended |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
Summary of significant accounting policies |
4. Summary of significant accounting
policies
The accompanying condensed financial statements
reflect the application of certain significant accounting policies as described in this note and elsewhere in the accompanying condensed
financial statements and notes.
Basis of Presentation
The condensed financial statements of the Company
have been prepared in accordance with generally accepted accounting principles in the United States of America (“US GAAP”)
and are presented in US dollars.
Fiscal Year-End
The Company’s fiscal year is December 31.
Use of estimates
The preparation of the financial statements in
conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements, and the
reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Cash and cash equivalents
The Company considers all short-term highly liquid
investments that are readily convertible to known amounts of cash and have original maturities of three months or less to be cash equivalents.
Income taxes
Income taxes are determined in accordance with
the provisions of ASC Topic 740, “Income Taxes” (“ASC 740”). Under this method, deferred tax assets and liabilities
are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing
assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted income tax rates
expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Any effect
on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.
ASC 740 prescribes a comprehensive model
for how companies should recognize, measure, present, and disclose in their financial statements uncertain tax positions taken or expected
to be taken on a tax return. Under ASC 740, tax positions must initially be recognized in the financial statements when it is more likely
than not the position will be sustained upon examination by the tax authorities. Such tax positions must initially and subsequently be
measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the
tax authority assuming full knowledge of the position and relevant facts.
Comprehensive income
ASC Topic 220, “Comprehensive Income”,
establishes standards for reporting and display of comprehensive income, its components and accumulated balances. Comprehensive income
as defined includes all changes in equity during a period from non-owner sources. Accumulated other comprehensive income, as presented
in the accompanying statement of stockholders’ equity, consists of changes in unrealized gains and losses on foreign currency translation.
This comprehensive income is not included in the computation of income tax expense or benefit.
Foreign currencies translation
The functional currency of the Company is Hong
Kong dollars (“HK$”). The Company maintains its financial statements in the functional currency. Monetary assets and liabilities
denominated in currencies other than the functional currency are translated into the functional currency at rates of exchange prevailing
at the balance sheet dates. Transactions denominated in currencies other than the functional currency are translated into the functional
currency at the exchanges rates prevailing at the dates of the transaction. Exchange gains or losses arising from foreign currency transactions
are included in the determination of net income for the respective periods.
For financial reporting purposes, the financial
statements of the Company which are prepared using the functional currency have been translated into United States dollars. Assets and
liabilities are translated at the exchange rates at the balance sheet dates and revenue and expenses are translated at the average exchange
rates and stockholders’ equity is translated at historical exchange rates. Any translation adjustments resulting are not included
in determining net income but are included in foreign exchange adjustment to other comprehensive income, a component of stockholders’
equity.
Fair value of financial instruments
The carrying value of the Company’s financial
instruments (excluding short-term bank borrowing): cash and cash equivalents, accounts and retention receivable, prepayments and other
receivables, accounts payable, income tax payable, amount due to a related party, other payables and accrued liabilities approximate at
their fair values because of the short-term nature of these financial instruments.
Management believes, based on the current market
prices or interest rates for similar debt instruments, the fair value of its obligation under finance lease and short-term bank borrowing
approximates the carrying amount.
The Company also follows the guidance of the ASC
Topic 820-10, “Fair Value Measurements and Disclosures” (“ASC 820-10”), with respect to financial assets and liabilities
that are measured at fair value. ASC 820-10 establishes a three-tier fair value hierarchy that prioritizes the inputs used in measuring
fair value as follows:
· Level
1: Inputs are based upon unadjusted quoted prices for identical instruments traded in active markets;
· Level
2: Inputs are based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in
markets that are not active, and model-based valuation techniques (e.g. Black-Scholes Option-Pricing model) for which all significant
inputs are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or
liabilities. Where applicable, these models project future cash flows and discount the future amounts to a present value using market-based
observable inputs; and
· Level
3: Inputs are generally unobservable and typically reflect management’s estimates of assumptions that market participants would
use in pricing the asset or liability. The fair values are therefore determined using model-based techniques, including option pricing
models and discounted cash flow models.
Fair value estimates are made at a specific point
in time based on relevant market information about the financial instrument. These estimates are subjective in nature and involve uncertainties
and matters of significant judgment and, therefore, cannot be determined with precision. Changes in assumptions could significantly affect
the estimates.
Revenue recognition
In May 2014,
the FASB issued Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers (Topic 606), which supersedes all
existing revenue recognition requirements, including most industry specific guidance. This new standard requires a company to recognize
revenues when it transfers goods or services to customers in an amount that reflects the consideration that the company expects to receive
for those goods or services.
The new
revenue standards became effective for the Company on January 1, 2018, and were adopted using the modified retrospective method. The adoption
of the new revenue standards as of January 1, 2018 did not change the Company’s revenue recognition as the Company did not have
any revenue to be recognized.
Under the
new revenue standards, the revenues are recognized when its customer obtains control of promised goods or services, in an amount that
reflects the consideration which it expects to receive in exchange for those goods. The Company recognizes revenues following the five
step model prescribed under ASU No. 2014-09: (i) identify contract(s) with a customer; (ii) identify the performance obligations in the
contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and
(v) recognize revenues when (or as) we satisfy the performance obligation.
Net loss per share
The Company calculates net loss per share in accordance
with ASC Topic 260, “Earnings per Share.” Basic income per share is computed by dividing the net income by the weighted-average
number of common shares outstanding during the period. Diluted income per share is computed similar to basic income per share except that
the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common
stock equivalents had been issued and if the additional common shares were dilutive.
Recently issued accounting pronouncements
In December 2019, the FASB issued ASU
2019-12, Simplifying the Accounting for Income Taxes which amends ASC 740 Income Taxes (ASC 740). This update is
intended to simplify accounting for income taxes by removing certain exceptions to the general principles in ASC 740 and amending
existing guidance to improve consistent application of ASC 740. This update is effective for fiscal years beginning after December
15, 2021. The guidance in this update has various elements, some of which are applied on a prospective basis and others on a
retrospective basis with earlier application permitted. The Company is currently evaluating the effect of this ASU on the
Company’s financial statements and related disclosures.
In August 2020, the FASB issued ASU
2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470- 20) and Derivatives and Hedging - Contracts in
Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own
Equity (“ASU 2020-06”), which simplifies the accounting for certain financial instruments with characteristics of
liabilities and equity. This ASU (1) simplifies the accounting for convertible debt instruments and convertible preferred stock by
removing the existing guidance in ASC 470-20, Debt: Debt with Conversion and Other Options, that requires entities to account
for beneficial conversion features and cash conversion features in equity, separately from the host convertible debt or preferred
stock; (2) revises the scope exception from derivative accounting in ASC 815-40 for freestanding financial instruments and embedded
features that are both indexed to the issuer’s own stock and classified in stockholders’ equity, by removing certain
criteria required for equity classification; and (3) revises the guidance in ASC 260, Earnings Per Share, to require entities
to calculate diluted earnings per share (EPS) for convertible instruments by using the if-converted method. In addition, entities
must presume share settlement for purposes of calculating diluted EPS when an instrument may be settled in cash or shares. For
SEC filers, excluding smaller reporting companies, ASU 2020-06 is effective for fiscal years beginning after December 15, 2021
including interim periods within those fiscal years. Early adoption is permitted, but no earlier than fiscal years beginning after
December 15, 2020. For all other entities, ASU 2020-06 is effective for fiscal years beginning after December 15, 2023, including
interim periods within those fiscal years. Entities should adopt the guidance as of the beginning of the fiscal year of adoption and
cannot adopt the guidance in an interim reporting period. The Company is currently evaluating the impact that ASU 2020-06 may
have on its financial statements and related disclosures when adopted.
In May 2021, the FASB issued ASU 2021-04, Earnings
Per Share (Topic 260), Debt-Modifications and Extinguishments (Subtopic 470-50), Compensation-Stock Compensation (Topic 718), and
Derivatives and Hedging-Contracts in Entity’s Own Equity (Subtopic 815-40), (“ASU 2021-04”). This ASU reduces
diversity in an issuer’s accounting for modifications or exchanges of freestanding equity-classified written call options (for
example, warrants) that remain equity classified after modification or exchange. This ASU provides guidance for a modification or an
exchange of a freestanding equity-classified written call option that is not within the scope of another Topic. It specifically
addresses: (1) how an entity should treat a modification of the terms or conditions or an exchange of a freestanding
equity-classified written call option that remains equity classified after modification or exchange; (2) how an entity should
measure the effect of a modification or an exchange of a freestanding equity-classified written call option that remains equity
classified after modification or exchange; and (3) how an entity should recognize the effect of a modification or an exchange of a
freestanding equity-classified written call option that remains equity classified after modification or exchange. This ASU is
effective for all entities for fiscal years beginning after December 15, 2021. An entity should apply the amendments prospectively
to modifications or exchanges occurring on or after the effective date of the amendments. Early adoption is permitted, including
adoption in an interim period. The adoption of ASU 2021-04 on January 1, 2022 did not have a material impact on the Company’s
condensed financial statements or disclosures.
Management
believes that other recent accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, the American Institute
of Certified Public Accountants, and the Securities and Exchange Commission do not have a material impact on the Company’s present
or near future financial statements.
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v3.23.2
5. Stockholders’ deficit
|
6 Months Ended |
Jun. 30, 2023 |
Equity [Abstract] |
|
5. Stockholders’ deficit |
5. Stockholders’
deficit
On March 7, 2017, the Company issued 40 shares
of common stock to Azari Bin A Ghani, Mazlan Bin Muhammad, Syed Mokhtar Bin Syed Agil and Tengku Faikah Binti Tengku Ismail (10 shares
each) for a consideration of $400.
On April 13, 2017, the Company issued 70 shares
of common stock to Romli Bin Che Noh, Suhaila Binti Md Arsid Arshad, Yu Ming Ngee, Ritha Tumiar Situmorang, Norizan Binti A Latif, Mohammad
Zamri Bin Wan Chik and Adicandra Manurung (10 shares each) for a consideration of $700.
On June 30, 2017, the Company issued 60 shares
of common stock to Mohd Afidi Bin Abdullah, Den Wijaya, Ching Yang Det and Mohd Zaki Bin Ahmadl (10 shares each) and Johanes Abednego
(20 shares) for a consideration of $600.
On August 7, 2017, the Company filed a
certificate of change with the Secretary of State of Nevada to effectuate a reverse stock split (the “Stock Split”) of
its issued and outstanding shares of common stock on a 1-for-10,000 basis. The number of its authorized shares of common stock will
remain at 1,200,000,000 shares, par value $0.001. The Stock Split became effective with FINRA on October 24, 2017 (the
“Effective Date”). As of that date, every 10,000 shares of issued and outstanding common stock were converted into one
share of common stock. No fractional shares were issued in connection with the Stock Split. Instead, any fractional shares were
rounded up to the next whole share and a holder of record of old common stock on the Effective Date who would otherwise be entitled
to a fraction of a share were, in lieu thereof, issued one whole share. All share and earnings per share information have been
retroactively adjusted to reflect the Stock Split in the financial statements.
During the year ended December 31, 2017, the Company
has received the proceeds of $87 for subscription of common stock and no common stock was issued.
On December 18, 2019, the investor withdrew his
subscription and the Company paid $87 back to him.
April 10, 2020, Mi1 Global Limited, the major
shareholder, converted certain debt of the Company in the amount of $90 at a price per share of $0.001 into shares of common stock of
the Company. As consideration for the conversion, the Company issued 90,000 shares of common stock of the Company to Mi1 Global Limited.
As a result of the conversion, Mi1 Global Limited increased its ownership to 90% of the issued and outstanding shares of common stock
of the Company.
The Company has no stock option plan, warrants
or other dilutive securities.
The Company has the authority to issue 1,200,000,000
shares of common stock, $0.001 par value. The total number of shares of the Company’s common stock outstanding as of June 30, 2023
and December 31, 2022 was 110,000, respectively.
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v3.23.2
Accrued expenses and other payables
|
6 Months Ended |
Jun. 30, 2023 |
Payables and Accruals [Abstract] |
|
Accrued expenses and other payables |
6. Accrued
expenses and other payables
Accrued expenses and other payables as of June
30, 2023 and December 31, 2022 are summarized as follows:
Schedule of accrued expenses and other payables | |
At June 30, | | |
At December 31, | |
| |
2023 | | |
2022 | |
| |
$ | | |
$ | |
Accrued professional fees | |
| 17,635 | | |
| 28,194 | |
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v3.23.2
Related party transactions
|
6 Months Ended |
Jun. 30, 2023 |
Related Party Transactions [Abstract] |
|
Related party transactions |
7. Related
party transactions
During the six and three months ended June 30,
2023 the major shareholder, advanced $29,310 to pay operating expenses for the Company, respectively. During the six and three months
ended June 30, 2022 the major shareholder, advanced $13,300 and $7,300, respectively.
As of June 30, 2023 and December 31, 2022, the
balances were $410,488 and $381,178, respectively.
The amounts due to related parties as of
June 30, 2023 and December 31, 2022 represent temporary advances from the Company’s major shareholder. The amounts are
interest free, unsecured and no fixed repayment term.
|
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.
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v3.23.2
Commitments and contingencies
|
6 Months Ended |
Jun. 30, 2023 |
Commitments and Contingencies Disclosure [Abstract] |
|
Commitments and contingencies |
8. Commitments and contingencies
From time to time the Company may become a party
to litigation matters involving claims against the Company. Management believes that it is adequately insured for its operations and there
are no current matters that would have a material effect on the Company's financial position or results of operations.
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v3.23.2
Subsequent Events
|
6 Months Ended |
Jun. 30, 2023 |
Subsequent Events [Abstract] |
|
Subsequent Events |
9. Subsequent Events
In accordance with ASC Topic 855, “Subsequent
Events”, which establishes general standards of accounting for and disclosure of events that occur after the balance sheet date
but before financial statements are issued, the Company has evaluated all events or transactions that occurred from July 1, 2023, up through
the date the Company issued the interim financial statements and identified no reportable events.
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v3.23.2
Summary of significant accounting policies (Policies)
|
6 Months Ended |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
Basis of Presentation |
Basis of Presentation
The condensed financial statements of the Company
have been prepared in accordance with generally accepted accounting principles in the United States of America (“US GAAP”)
and are presented in US dollars.
|
Fiscal Year-End |
Fiscal Year-End
The Company’s fiscal year is December 31.
|
Use of estimates |
Use of estimates
The preparation of the financial statements in
conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements, and the
reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
|
Cash and cash equivalents |
Cash and cash equivalents
The Company considers all short-term highly liquid
investments that are readily convertible to known amounts of cash and have original maturities of three months or less to be cash equivalents.
|
Income taxes |
Income taxes
Income taxes are determined in accordance with
the provisions of ASC Topic 740, “Income Taxes” (“ASC 740”). Under this method, deferred tax assets and liabilities
are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing
assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted income tax rates
expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Any effect
on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.
ASC 740 prescribes a comprehensive model
for how companies should recognize, measure, present, and disclose in their financial statements uncertain tax positions taken or expected
to be taken on a tax return. Under ASC 740, tax positions must initially be recognized in the financial statements when it is more likely
than not the position will be sustained upon examination by the tax authorities. Such tax positions must initially and subsequently be
measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the
tax authority assuming full knowledge of the position and relevant facts.
|
Comprehensive income |
Comprehensive income
ASC Topic 220, “Comprehensive Income”,
establishes standards for reporting and display of comprehensive income, its components and accumulated balances. Comprehensive income
as defined includes all changes in equity during a period from non-owner sources. Accumulated other comprehensive income, as presented
in the accompanying statement of stockholders’ equity, consists of changes in unrealized gains and losses on foreign currency translation.
This comprehensive income is not included in the computation of income tax expense or benefit.
|
Foreign currencies translation |
Foreign currencies translation
The functional currency of the Company is Hong
Kong dollars (“HK$”). The Company maintains its financial statements in the functional currency. Monetary assets and liabilities
denominated in currencies other than the functional currency are translated into the functional currency at rates of exchange prevailing
at the balance sheet dates. Transactions denominated in currencies other than the functional currency are translated into the functional
currency at the exchanges rates prevailing at the dates of the transaction. Exchange gains or losses arising from foreign currency transactions
are included in the determination of net income for the respective periods.
For financial reporting purposes, the financial
statements of the Company which are prepared using the functional currency have been translated into United States dollars. Assets and
liabilities are translated at the exchange rates at the balance sheet dates and revenue and expenses are translated at the average exchange
rates and stockholders’ equity is translated at historical exchange rates. Any translation adjustments resulting are not included
in determining net income but are included in foreign exchange adjustment to other comprehensive income, a component of stockholders’
equity.
|
Fair value of financial instruments |
Fair value of financial instruments
The carrying value of the Company’s financial
instruments (excluding short-term bank borrowing): cash and cash equivalents, accounts and retention receivable, prepayments and other
receivables, accounts payable, income tax payable, amount due to a related party, other payables and accrued liabilities approximate at
their fair values because of the short-term nature of these financial instruments.
Management believes, based on the current market
prices or interest rates for similar debt instruments, the fair value of its obligation under finance lease and short-term bank borrowing
approximates the carrying amount.
The Company also follows the guidance of the ASC
Topic 820-10, “Fair Value Measurements and Disclosures” (“ASC 820-10”), with respect to financial assets and liabilities
that are measured at fair value. ASC 820-10 establishes a three-tier fair value hierarchy that prioritizes the inputs used in measuring
fair value as follows:
· Level
1: Inputs are based upon unadjusted quoted prices for identical instruments traded in active markets;
· Level
2: Inputs are based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in
markets that are not active, and model-based valuation techniques (e.g. Black-Scholes Option-Pricing model) for which all significant
inputs are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or
liabilities. Where applicable, these models project future cash flows and discount the future amounts to a present value using market-based
observable inputs; and
· Level
3: Inputs are generally unobservable and typically reflect management’s estimates of assumptions that market participants would
use in pricing the asset or liability. The fair values are therefore determined using model-based techniques, including option pricing
models and discounted cash flow models.
Fair value estimates are made at a specific point
in time based on relevant market information about the financial instrument. These estimates are subjective in nature and involve uncertainties
and matters of significant judgment and, therefore, cannot be determined with precision. Changes in assumptions could significantly affect
the estimates.
|
Revenue recognition |
Revenue recognition
In May 2014,
the FASB issued Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers (Topic 606), which supersedes all
existing revenue recognition requirements, including most industry specific guidance. This new standard requires a company to recognize
revenues when it transfers goods or services to customers in an amount that reflects the consideration that the company expects to receive
for those goods or services.
The new
revenue standards became effective for the Company on January 1, 2018, and were adopted using the modified retrospective method. The adoption
of the new revenue standards as of January 1, 2018 did not change the Company’s revenue recognition as the Company did not have
any revenue to be recognized.
Under the
new revenue standards, the revenues are recognized when its customer obtains control of promised goods or services, in an amount that
reflects the consideration which it expects to receive in exchange for those goods. The Company recognizes revenues following the five
step model prescribed under ASU No. 2014-09: (i) identify contract(s) with a customer; (ii) identify the performance obligations in the
contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and
(v) recognize revenues when (or as) we satisfy the performance obligation.
|
Net loss per share |
Net loss per share
The Company calculates net loss per share in accordance
with ASC Topic 260, “Earnings per Share.” Basic income per share is computed by dividing the net income by the weighted-average
number of common shares outstanding during the period. Diluted income per share is computed similar to basic income per share except that
the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common
stock equivalents had been issued and if the additional common shares were dilutive.
|
Recently issued accounting pronouncements |
Recently issued accounting pronouncements
In December 2019, the FASB issued ASU
2019-12, Simplifying the Accounting for Income Taxes which amends ASC 740 Income Taxes (ASC 740). This update is
intended to simplify accounting for income taxes by removing certain exceptions to the general principles in ASC 740 and amending
existing guidance to improve consistent application of ASC 740. This update is effective for fiscal years beginning after December
15, 2021. The guidance in this update has various elements, some of which are applied on a prospective basis and others on a
retrospective basis with earlier application permitted. The Company is currently evaluating the effect of this ASU on the
Company’s financial statements and related disclosures.
In August 2020, the FASB issued ASU
2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470- 20) and Derivatives and Hedging - Contracts in
Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own
Equity (“ASU 2020-06”), which simplifies the accounting for certain financial instruments with characteristics of
liabilities and equity. This ASU (1) simplifies the accounting for convertible debt instruments and convertible preferred stock by
removing the existing guidance in ASC 470-20, Debt: Debt with Conversion and Other Options, that requires entities to account
for beneficial conversion features and cash conversion features in equity, separately from the host convertible debt or preferred
stock; (2) revises the scope exception from derivative accounting in ASC 815-40 for freestanding financial instruments and embedded
features that are both indexed to the issuer’s own stock and classified in stockholders’ equity, by removing certain
criteria required for equity classification; and (3) revises the guidance in ASC 260, Earnings Per Share, to require entities
to calculate diluted earnings per share (EPS) for convertible instruments by using the if-converted method. In addition, entities
must presume share settlement for purposes of calculating diluted EPS when an instrument may be settled in cash or shares. For
SEC filers, excluding smaller reporting companies, ASU 2020-06 is effective for fiscal years beginning after December 15, 2021
including interim periods within those fiscal years. Early adoption is permitted, but no earlier than fiscal years beginning after
December 15, 2020. For all other entities, ASU 2020-06 is effective for fiscal years beginning after December 15, 2023, including
interim periods within those fiscal years. Entities should adopt the guidance as of the beginning of the fiscal year of adoption and
cannot adopt the guidance in an interim reporting period. The Company is currently evaluating the impact that ASU 2020-06 may
have on its financial statements and related disclosures when adopted.
In May 2021, the FASB issued ASU 2021-04, Earnings
Per Share (Topic 260), Debt-Modifications and Extinguishments (Subtopic 470-50), Compensation-Stock Compensation (Topic 718), and
Derivatives and Hedging-Contracts in Entity’s Own Equity (Subtopic 815-40), (“ASU 2021-04”). This ASU reduces
diversity in an issuer’s accounting for modifications or exchanges of freestanding equity-classified written call options (for
example, warrants) that remain equity classified after modification or exchange. This ASU provides guidance for a modification or an
exchange of a freestanding equity-classified written call option that is not within the scope of another Topic. It specifically
addresses: (1) how an entity should treat a modification of the terms or conditions or an exchange of a freestanding
equity-classified written call option that remains equity classified after modification or exchange; (2) how an entity should
measure the effect of a modification or an exchange of a freestanding equity-classified written call option that remains equity
classified after modification or exchange; and (3) how an entity should recognize the effect of a modification or an exchange of a
freestanding equity-classified written call option that remains equity classified after modification or exchange. This ASU is
effective for all entities for fiscal years beginning after December 15, 2021. An entity should apply the amendments prospectively
to modifications or exchanges occurring on or after the effective date of the amendments. Early adoption is permitted, including
adoption in an interim period. The adoption of ASU 2021-04 on January 1, 2022 did not have a material impact on the Company’s
condensed financial statements or disclosures.
Management
believes that other recent accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, the American Institute
of Certified Public Accountants, and the Securities and Exchange Commission do not have a material impact on the Company’s present
or near future financial statements.
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v3.23.2
Going concern uncertainties (Details Narrative) - USD ($)
|
3 Months Ended |
6 Months Ended |
|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
|
|
|
|
Retained Earnings (Accumulated Deficit) |
$ 775,285
|
|
$ 775,285
|
|
$ 756,534
|
Net Income (Loss) Attributable to Parent |
$ 11,730
|
$ 9,329
|
$ 18,751
|
$ 28,631
|
|
X |
- DefinitionThe portion of profit or loss for the period, net of income taxes, which is attributable to the parent.
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5. Stockholders’ deficit (Details Narrative) - USD ($)
|
Apr. 10, 2020 |
Jun. 30, 2023 |
Dec. 31, 2022 |
Equity [Abstract] |
|
|
|
Proceeds from Issuance of Common Stock |
$ 90
|
|
|
Debt Conversion, Converted Instrument, Shares Issued |
90,000
|
|
|
Common Stock, Shares Authorized |
|
1,200,000,000
|
1,200,000,000
|
Common Stock, Par or Stated Value Per Share |
|
$ 0.001
|
$ 0.001
|
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|
110,000
|
110,000
|
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|
110,000
|
110,000
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