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Condensed Financial Information of the Parent Company

12 Months Ended

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