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Condensed Financial Information of the Parent Company

12 Months Ended

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