XML 59 R40.htm IDEA: XBRL DOCUMENT v3.24.1

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2023

Summary of Significant Accounting Policies [Abstract]

Schedule of Exchange Rates

Translation of amounts from HK$ into US$ has been made at the following exchange rates for the years ended December 31, 2023 and 2022:

		December 31, 2023				December 31, 2022
Year-end HK$:US$ exchange rate			0.1281				0.1281
Annual average HK$:US$ exchange rate			0.1277				0.1277

Schedule of Estimated Residual Values

Depreciation is calculated on the straight-line basis over the following expected useful lives from the date on which they become fully operational and after taking into account their estimated residual values, if any:

		Expected useful life
Land and building		Shorter of 50 years or lease term
Furniture, fixtures and equipment		5 years
Computer equipment		3 years
Motor vehicle		3 years

Schedule of Revenue Streams by Segments

The following table presents the revenue streams by segments, with the presentation of revenue categories presented on the consolidated statements of operations and comprehensive loss for the years indicated:

		For the year ended December 31, 2023
		Distribution Business				Platform Business
		Insurance brokerage service				Asset management service				Money lending service				Real estate agency service				Total
Interest income:
Loans		$	—			$	—			$	157,190			$	—			$	157,190
Non-interest income:
Commissions			48,886,928				1,138,432				—				43,576				50,068,936
Recurring asset management service fees			—				3,963,061				—				—				3,963,061
		$	48,886,928			$	5,101,493			$	157,190			$	43,576			$	54,189,187

		For the year ended December 31, 2022
		Distribution Business				Platform Business
		Insurance brokerage service				Asset management service				Money lending service				Real estate agency service				Total
Interest income:
Loans		$	—			$	—			$	176,175			$	—			$	176,175
Non-interest income:
Commissions			24,610,309				1,764,310				—				187,072				26,561,691
Recurring asset management service fees			—				4,342,361				—				—				4,342,361
		$	24,610,309			$	6,106,671			$	176,175			$	187,072			$	31,080,227

Schedule of Operating Segments

Based on management’s assessment, the Company determined that it has the following operating segments:

Segments		Scope of Service		Business Activities
Distribution Business		Insurance Brokerage Service		Facilitating the placement of insurance, investment, real estate and other financial products and services to our customers, through licensed brokers, in exchange for initial and ongoing commissions received from product providers, including insurance companies, fund houses and other product specialists.
Platform Business	-	Asset Management Service		- Providing access to financial products and services to licensed brokers.
				- Providing operational support for the submission and processing of product applications.
				- Providing supporting tools for commission calculations, customer engagement, sales team management, customer conversion, etc.
				- Providing training resources and materials.
				- Facilitating the placement of investment products for the fund and/or product provider, in exchange for the fund management services
	-	Money Lending Service		Providing the lending services whereby the Company makes secured and/or unsecured loans to creditworthy customers
	-	Real Estate Agency Service		Solicitation of real estate sales for the developers, in exchange for commissions
Fintech Business		Investment Holding		Managing an ensemble of fintech investments
Healthcare Business		Investment Holding		Managing an ensemble of healthcare-related investments

Schedule of Fair Value Hierarchy of the Valuation Techniques

The following table presents information about the Company’s financial assets and liabilities that were measured at fair value on a recurring basis as of December 31, 2023 and 2022 and indicates the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value.

		As of December 31,				Quoted Prices in Active Markets				Significant Other Observable Inputs				Significant Other Unobservable Inputs
Description		2023				(Level 1)				(Level 2)				(Level 3)
Assets:
Marketable equity securities		$	595			$	595			$	—			$	—

		As of December 31,				Quoted Prices in Active Markets				Significant Other Observable Inputs				Significant Other Unobservable Inputs
Description		2022				(Level 1)				(Level 2)				(Level 3)
Assets:
Marketable equity securities		$	2,443,593			$	2,443,593			$	—			$	—
Liabilities:
Forward share purchase liability		$	13,491,606			$	—			$	—			$	13,491,606
Warrant liabilities			4,548				—				—				4,548
Total		$	13,496,154			$	—			$	—			$	13,496,154

X

- References

No definition available.

+ Details

Name:	us-gaap_AccountingPoliciesAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of goodwill in a business combination.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-SubTopic 30
-Topic 805
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479581/805-30-50-1

+ Details

Name:	us-gaap_BusinessCombinationSegmentAllocationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

+ Details

Name:	us-gaap_DisaggregationOfRevenueTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

+ Details

Name:	us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the presentation of foreign exchange contracts on the statement of financial position, including the fair value amounts and location of such amounts.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-Subparagraph (c)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480434/815-10-50-4B

+ Details

Name:	us-gaap_ScheduleOfForeignExchangeContractsStatementOfFinancialPositionTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of public utility physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, balances by class of assets, depreciation expense and method used, including composite depreciation, and accumulated depreciation.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 980
-SubTopic 20
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481834/980-20-45-1

+ Details

Name:	us-gaap_ScheduleOfPublicUtilityPropertyPlantAndEquipmentTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration