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Condensed Financial Information of the Parent Company | 12 Months Ended
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Dec. 31, 2021
Condensed Financial Information Of Parent Company Explanatory [Abstract] |
CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY |
25. | CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY
The Company performed a test of its restricted net assets of the consolidated subsidiaries in accordance with the Securities and Exchange Commission’s Regulation S-X Rule 4-08 (e) (3), “General Notes to Financial Statements” and concluded that it was applicable for the Company to disclose the financial information of the parent company. The subsidiaries did not pay any dividends to the Company for the periods presented. For the purpose of presenting parent-only financial information, the Company records its investment in its subsidiaries under the equity method of accounting. Such investment is presented on the separate condensed statement of financial position of the Company as “Investment in subsidiaries”. Certain information and footnote disclosures generally included in financial statements prepared in accordance with IFRS have been condensed or omitted. The parent Company did not have significant capital and other commitments, long-term obligations, or guarantees as of December 31, 2021 and 2020. STATEMENTS OF FINANCIAL POSITION - PARENT COMPANY ONLY
|  | As of December 31, |
|  | 2021 |  |  | 2020 |
|  | (Unaudited) |  |  | (Unaudited) |
Assets |  |  |  |  |  |
Cash and cash equivalents |  | $ | 5,129,248 |  |  | $ | 1,030,340 |
Other receivables |  |  | 5,833 |  |  |  | - |
Goodwill |  |  | 329,534 |  |  |  | - |
Investment in subsidiaries |  |  | 5,731,576 |  |  |  | 1,823,463 |
Total assets |  | $ | 11,196,191 |  |  | $ | 2,853,803 |
Liabilities and equity |  |  |  |  |  |  |  |
Trade and other payables |  | $ | 135,295 |  |  | $ | 116,084 |
Long-term borrowings from related company |  |  | 4,575,852 |  |  |  | 4,947,400 |
Total liabilities |  |  | 4,711,147 |  |  |  | 5,063,484 |
Equity |  |  |  |  |  |  |  |
Ordinary Shares –Authorized 300,000,000 shares, par value $0.003 (2020: Authorized 100,000,000 shares*) |  |  | 63,606 |  |  |  | 52,069 |
Subscription receivable |  |  | (50,000 | ) |  |  | (50,000 | )
Additional paid in capital |  |  | 15,603,631 |  |  |  | 2,082,795 |
Legal reserve |  |  | 223,500 |  |  |  | 223,500 |
Accumulated deficit |  |  | (10,204,220 | ) |  |  | (4,722,294 | )
Accumulated other comprehensive income |  |  | 821,527 |  |  |  | 204,249 |
Capital & reserves |  |  | 6.485,044 |  |  |  | (2,209,681 | )
Total liabilities and equity |  | $ | 11,196,191 |  |  | $ | 2,853,803 |
| * | Giving retroactive effect to the reverse split on August 20, 2021.
STATEMENTS OF PROFIT AND LOSS AND COMPREHENSIVE LOSS - PARENT COMPANY ONLY
|  | For the years ended December 31, |
|  | 2021 |  |  | 2020 |  |  | 2019 |
|  | (Unaudited) |  |  | (Unaudited) |  |  | (Unaudited) |
Revenue |  | $ | - |  |  | $ | - |  |  | $ | - |
Cost of sales |  |  | - |  |  |  | - |  |  |  | - |
Gross margin |  |  | - |  |  |  | - |  |  |  | - |
Administrative expenses |  |  | (1,861,520 | ) |  |  | (1,519,150 | ) |  |  | (656,176 | )
Loss from operations |  |  | (1,861,520 | ) |  |  | (1,519,150 | ) |  |  | (656,176 | )
Other income, net |  |  | 227,205 |  |  |  | 9 |  |  |  | - |
Finance cost |  |  | (99,470 | ) |  |  | (92,717 | ) |  |  | (53,214 | )
Equity (loss) income of subsidiaries |  |  | (3,748,142 | ) |  |  | (1,515,166 | ) |  |  | 763,425 |
Net (loss) profit for the year |  |  | (3,620,407 | ) |  |  | (3,126,024 | ) |  |  | 54,035 |
Total comprehensive (loss) income for the year |  | $ | (5,481,927 | ) |  | $ | (3,126,024 | ) |  | $ | 54,035 |
STATEMENTS OF CASH FLOWS – PARENT COMPANY ONLY
|  | For the years ended December 31, |
|  | 2021 |  |  | 2020 |  |  | 2019 |
|  | (Unaudited) |  |  | (Unaudited) |  |  | (Unaudited) |
Operating activities |  |  |  |  |  |  |  |  |
Net loss |  | $ | (5,481,927 | ) |  | $ | (3,126,024 | ) |  | $ | 54,035 |
Adjustments to reconcile net income to net cash provided by operating activities |  |  |  |  |  |  |  |  |  |  |  |
Stock-based compensation |  |  | - |  |  |  | 100,936 |  |  |  | - |
Equity loss from equity investments |  |  | 3,748,142 |  |  |  | 1,514,166 |  |  |  | (763,425 | )
Changes in operating assets and liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Other receivables, net |  |  | (5,833 | ) |  |  | 57,400 |  |  |  | 332,599 |
Other payables |  |  | (7,405,803 | ) |  |  | 975,618 |  |  |  | 1,422,550 |
Net cash used in operating activities |  |  | (9,145,421 | ) |  |  | (477,904 | ) |  |  | 1,045,759 |
Financing activities |  |  |  |  |  |  |  |  |  |  |  |
IPO proceeds |  |  | 13,244,329 |  |  |  | - |  |  |  | - |
Net cash provided by financing activities |  |  | 13,244,329 |  |  |  | - |  |  |  | - |
Net increase (decrease) in cash and cash equivalents, and restricted cash |  |  | 4,098,908 |  |  |  | (477,904 | ) |  |  | 1,045,759 |
Cash and cash equivalents at beginning of year |  |  | 1,030,340 |  |  |  | 1,508,244 |  |  |  | 462,485 |
Cash and cash equivalents at end of year |  | $ | 5,129,248 |  |  | $ | 1,030,340 |  |  | $ | 1,508,244 |

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