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Discontinued Operations | 12 Months Ended
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Dec. 31, 2023
Discontinued Operations [Abstract] |
DISCONTINUED OPERATIONS |
| 27. | DISCONTINUED OPERATIONS
On February 6, 2024, the Company entered into a Sale and Purchase Agreement (the “Purchase Agreement”) to divest its information security business (Note 28). The sale of Handshake was completed on February 6, 2024. At December 31, 2023, Handshake was classified as a disposal group held for sale and as a discontinued operation. The business of Handshake represented the entirety of the Company’s information security operating segment through December 31, 2023, which is excluded from the Company’s segment reporting. The results of Handshake for the years ended December 31, 2023, 2022 and 2021 are presented below:
|  | For the years ended December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Revenue |  | $ | 795,733 |  |  | $ | 512,300 |  |  | $ | 484,318 |
Cost of sales |  |  | (178,731 | ) |  |  | (50,342 | ) |  |  | (27,839 | )
Gross profit |  |  | 617,002 |  |  |  | 461,958 |  |  |  | 456,479 |
Selling, distribution and administrative expenses |  |  | (583,424 | ) |  |  | (523,858 | ) |  |  | (407,753 | )
Operating income (loss) |  |  | 33,578 |  |  |  | (61,900 | ) |  |  | 48,726 |
Other income (expense) |  |  | 223 |  |  |  | 1,116 |  |  |  | (7,512 | )
Foreign exchange gains |  |  | 423 |  |  |  | - |  |  |  | (1,514 | )
Finance costs |  |  | (86 | ) |  |  | (1,648 | ) |  |  | - |
Net profit (loss) from discontinued operations |  | $ | 34,138 |  |  | $ | (62,432 | ) |  | $ | 39,700 |
The assets and liabilities of Handshake classified as held of sale as at December 31, 2023 is as follows:
|  | As of December 31, 2023 |
Assets |  |  |
Cash and cash equivalents |  | $ | 28,642 |
Trade receivables |  |  | 158,216 |
Other current and non-current assets |  |  | 15,105 |
Assets held for sale |  |  | 201,963 |
Liabilities |  |  |  |
Trade and other payables |  |  | (119,347 | )
Other current and non-current liabilities |  |  | (11,529 | )
Liabilities directly associated with assets held for sale |  |  | (130,876 | )
Net assets directly associated with assets held for sale |  | $ | 71,087 |
The following table summarizes the key cash flow components of Handshake for the years ended December 31, 2023, 2022 and 2021:
|  | For the year ended December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Net cash (outflows) inflows from operating activities |  | $ | (53,693 | ) |  | $ | (91,127 | ) |  | $ | 149,186 |
Net cash from investing activities |  |  | - |  |  |  | - |  |  |  | - |
Net cash from financing activities |  |  | - |  |  |  | - |  |  |  | - |
Net (decrease) increase in cash and cash equivalents |  |  | (53,693 | ) |  |  | (91,127 | ) |  |  | 149,186 |
Cash and cash equivalents at beginning of year |  |  | 82,335 |  |  |  | 173,462 |  |  |  | 24,276 |
Cash and cash equivalents at the end of the year |  | $ | 28,642 |  |  | $ | 82,335 |  |  | $ | 173,462 |

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