XML 170 R27.htm IDEA: XBRL DOCUMENT
v3.25.1

SUBSEQUENT EVENTS | 12 Months Ended
--- | ---
Dec. 31, 2024
Subsequent Events [Abstract] |
SUBSEQUENT EVENTS | NOTE 19 – SUBSEQUENT EVENTS The Company evaluates subsequent events that have occurred after the balance sheet date but before the financial statements are issued. There are two types of subsequent events: (1) recognized, or those that provide additional evidence with respect to conditions that existed at the dates of the balance sheets, including the estimates inherent in the process of preparing financial statements, and (2) non-recognized, or those that provide evidence with respect to conditions that did not exist at the date of the balance sheet but arose subsequent to that date. The Company has analyzed its operations subsequent to December 31, 2024 to the date of April 21, 2025, these consolidated financial statements were issued. On January 16, 2025, the Company received a written notice of noncompliance (the “Notice”) from Nasdaq, notifying that the Company failed to comply with the minimum stockholders’ equity requirement under Nasdaq Listing Rule 5550(b)(1) for continued listing on the Nasdaq Capital Market. The Notice had no immediate effect but, before March 3, 2025, the Company was required to submit a plan to regain compliance with the minimum stockholders’ equity standard. Otherwise, after the date, subject to other requirements and conditions, the Company may proceed to delisting procedures. As of the date of the consolidated financial statements, the stockholders’ equity of the Company is still below the minimum stockholders’ equity standard. On January 27, 2025, VS Media SG entered into a share purchase agreement with an independent individual to purchase 21% equity interest of S T Meng Pte Ltd., a limited liability company incorporated in Republic of Singapore, in the consideration of 1,500,000 Class A Ordinary Shares of the Company at the current market price of $1.25 per share. This transaction was approved by the board of directors of the Company and completed on February 14, 2025. On March 18, 2025, the Company entered a non-binding term sheet with an independent institutional investor offering to issue an aggregate of 65,000,000 shares of Class A Ordinary Share at a purchase price of $[*] per share to raise a gross proceeds of approximately $15 million.

X
- References No definition available. + Details
Name: | us-gaap_SubsequentEventsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/855/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483399/855-10-50-2 + Details
Name: | us-gaap_SubsequentEventsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration