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VARIABLE INTEREST ENTITY (“VIE”)

12 Months Ended

Dec. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

VARIABLE INTEREST ENTITY (“VIE”)

4. VARIABLE INTEREST ENTITY (“VIE”)

SEA is a trading company incorporated on March 4, 2004, under the laws of Malaysia. SEA provided majority of ASL’s purchases. Its equity at risk was insufficient to finance its activities and 100% of its business is transacted with ASL. Therefore, it was considered to be a VIE and ASL is the primary beneficiary since it has both of the following characteristics:

	a.	The power to direct the activities of the VIE that most significantly impact the VIE’s economic performance; and
	b.	The obligation to absorb losses of the VIE that could potentially be significant to the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE.

Accordingly, the accounts of SEA is consolidated in the accompanying financial statements.

AGAPE ATP CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

4. VARIABLE INTEREST ENTITY (“VIE”) (CONT’D)

The carrying amount of the VIE’s assets and liabilities were as follows:

 SCHEDULE OF VARIABLE INTEREST ENTITY

		2024				2023
		As of December 31,
		2024				2023
Current assets:
Cash		$	1,139			$	122
Prepayment and deposits			7				7
Prepaid taxes			-				1,670
Total current assets		$	1,146			$	1,799
Current liabilities:
Other payables and accrued liabilities			1,478				899
Total current liabilities		$	1,478			$	899
Net (deficit) asset		$	(332	)		$	900

The summarized operating results of the VIE’s are as follows:

		2024				2023
		For the years ended December 31,
		2024				2023
Operating revenues		$	-			$	-
Gross profit		$	-			$	-
(Loss) profit from operations		$	(1,231	)		$	39,687
Net (loss) profit		$	(1,231	)		$	39,687

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- References

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- Definition

The entire disclosure for a variable interest entity (VIE), including but not limited to, judgments and assumptions in determining whether to consolidate and in identifying the primary beneficiary, gain (loss) recognized on the initial consolidation of the VIE, terms of arrangements, amounts and classification of the VIE's assets and liabilities, and the entity's maximum exposure to loss.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 810
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/810/tableOfContent

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