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Condensed Financial Information of the Parent Company | 12 Months Ended
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Dec. 31, 2023
Condensed Financial Information of the Parent Company[Abstract] |
CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY |
29. | 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, 2023 and 2022. STATEMENTS OF FINANCIAL POSITION – PARENT COMPANY ONLY
|  | As of December 31, |
|  | 2023 |  |  | 2022 |
|  | (Unaudited) |  |  | (Unaudited) |
Assets |  |  |  |  |  |
Cash and cash equivalents |  | $ | 15,751,630 |  |  | $ | 332,617 |
Other receivables |  |  | 108,215 |  |  |  | 9,000 |
Amount due from related parties |  |  | 3,311,266 |  |  |  | 7,020,000 |
Goodwill |  |  | 411,862 |  |  |  | 2,679,445 |
Investment in subsidiaries |  |  | 10,158,381 |  |  |  | 14,915,920 |
Total assets |  | $ | 29,741,354 |  |  | $ | 24,956,982 |
Liabilities and equity |  |  |  |  |  |  |  |
Other payables and liabilities |  | $ | 1,209,317 |  |  | $ | - |
Convertible note payable |  |  | - |  |  |  | 1,730,267 |
Borrowings from related parties |  |  | 3,300,212 |  |  |  | 4,033,084 |
Total liabilities |  |  | 4,509,529 |  |  |  | 5,763,351 |
Equity |  |  |  |  |  |  |  |
Ordinary shares – par value $0.12 authorized 300,000,000 shares, issued and outstanding 9,830,373 shares at December 31, 2023; par value $0.12* authorized 7,500,000 shares, issued and outstanding 1,618,977* shares at December 31, 2022 |  |  | 1,179,680 |  |  |  | 194,313 |
Subscription receivable |  |  | (50,000 | ) |  |  | (50,000 | )
Additional paid in capital |  |  | 80,983,164 |  |  |  | 46,231,302 |
Legal reserve |  |  | 223,500 |  |  |  | 223,500 |
Warrants reserve |  |  | 251,036 |  |  |  | 251,036 |
Accumulated deficit |  |  | (58,340,675 | ) |  |  | (28,769,014 | )
Accumulated other comprehensive income |  |  | 985,120 |  |  |  | 1,112,494 |
Capital & reserves attributable to equity holders of the Company |  |  | 25,231,825 |  |  |  | 19,193,631 |
Total liabilities and equity |  | $ | 29,741,354 |  |  | $ | 24,956,982 |
| * | Giving retroactive effect to the 2023 share consolidation on January 31, 2023.
STATEMENTS OF PROFIT OR LOSS AND COMPREHENSIVE LOSS – PARENT COMPANY ONLY
|  | For the years ended December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
|  | (Unaudited) |  |  | (Unaudited) |  |  | (Unaudited) |
Revenue |  | $ | - |  |  | $ | - |  |  | $ | - |
Cost of sales |  |  | - |  |  |  | - |  |  |  | - |
Gross margin |  |  | - |  |  |  | - |  |  |  | - |
Impairment of goodwill |  |  | (2,267,583 | ) |  |  | - |  |  |  | - |
Stock-based compensation expense |  |  | (1,101,800 | ) |  |  | - |  |  |  | - |
Administrative expenses |  |  | (2,931,064 | ) |  |  | (4,042,981 | ) |  |  | (1,861,520 | )
Loss from operations |  |  | (6,300,447 | ) |  |  | (4,042,981 | ) |  |  | (1,861,520 | )
Other income, net |  |  | 380,759 |  |  |  | 56,642 |  |  |  | 227,205 |
Finance cost |  |  | 8,420 |  |  |  | (315,750 | ) |  |  | (99,470 | )
Equity loss of subsidiaries |  |  | (23,660,393 | ) |  |  | (14,262,705 | ) |  |  | (3,748,142 | )
Net loss attributable to equity holders of the Company |  | $ | (29,571,661 | ) |  | $ | (18,564,794 | ) |  | $ | (5,481,927 | )
STATEMENTS OF CASH FLOWS – PARENT COMPANY ONLY
|  | For the years ended December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
|  | (Unaudited) |  |  | (Unaudited) |  |  | (Unaudited) |
Operating activities |  |  |  |  |  |  |  |  |
Net loss |  | $ | (29,571,661 | ) |  | $ | (18,564,794 | ) |  | $ | (5,481,927 | )
Adjustments to reconcile net income to net cash provided by operating activities |  |  |  |  |  |  |  |  |  |  |  |
Stock-based compensation expense |  |  | 1,101,800 |  |  |  | 252,095 |  |  |  | - |
Finance costs |  |  | 62,371 |  |  |  | 230,267 |  |  |  | - |
Impairment of goodwill |  |  | 2,267,583 |  |  |  | - |  |  |  | - |
Equity loss from equity investments |  |  | 14,262,703 |  |  |  | 14,262,705 |  |  |  | 3,748,142 |
Changes in operating assets and liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Other receivables, net |  |  | (99,215 | ) |  |  | (3,167 | ) |  |  | (5,833 | )
Other payables and liabilities |  |  | 6,625,255 |  |  |  | (25,834,800 | ) |  |  | (7,405,803 | )
Net cash used in operating activities |  |  | (5,351,164 | ) |  |  | (29,657,694 | ) |  |  | (9,145,421 | )
Financing activities |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from issue of shares |  |  | 20,867,386 |  |  |  | 20,346,353 |  |  |  | 13,244,329 |
Proceeds from exercise of warrants |  |  | 506,693 |  |  |  | 3,014,710 |  |  |  | - |
Proceeds from a convertible note |  |  | - |  |  |  | 1,500,000 |  |  |  | - |
Cash repayment for a convertible note |  |  | (554,238 | ) |  |  | - |  |  |  | - |
Cash paid for the cancellation of fractional shares |  |  | (49,664 | ) |  |  | - |  |  |  | - |
Net cash provided by financing activities |  |  | 20,770,177 |  |  |  | 24,860,063 |  |  |  | 13,244,329 |
Net increase (decrease) in cash and cash equivalents, and restricted cash |  |  | 15,419,013 |  |  |  | (4,796,631 | ) |  |  | 4,098,908 |
Cash and cash equivalents at beginning of year |  |  | 332,617 |  |  |  | 5,129,248 |  |  |  | 1,030,340 |
Cash and cash equivalents at end of year |  | $ | 15,751,630 |  |  | $ | 332,617 |  |  | $ | 5,129,248 |

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