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DESCRIPTION OF BUSINESS AND ORGANIZATION | 9 Months Ended
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Sep. 30, 2021
Accounting Policies [Abstract] |
DESCRIPTION OF BUSINESS AND ORGANIZATION | NOTE－1 DESCRIPTION OF BUSINESS AND ORGANIZATION Society Pass Incorporated (the “Company”) is incorporated in State of Nevada on June 22, 2018 under the name of Food Society Inc. On October 3, 2018, the Company changed its corporate name to Society Pass Incorporated. The Company through its subsidiaries, mainly sells and distributes the hardware and software of Point of Sales (POS) application in Vietnam. Description of subsidiaries incorporated by the Company
Schedule of Description of subsidiaries |  |  |  |  |  |  |  |
Name |  | Place and date of incorporation |  | Principal activities |  | Particulars of registered/ paid up share Capital |  | Effective interest held
Society Technology LLC |  | State of Nevada, January 24, 2019 |  | IP Licensing |  | US$1 |  | 100%
SOPA Cognitive Analytics Private Limited |  | India, February 5, 2019 |  | Computer sciences consultancy and data analytics |  | INR1,238,470 |  | 100%
SOPA Technology Pte. Ltd. |  | Singapore, June 4, 2019 |  | Investment holding |  | SG$1,250,000 |  | 100%
SOPA Technology Company Limited |  | Vietnam, October 1, 2019 |  | Software production |  | Registered: VND 2,307,300,000; Paid up: VND 1,034,029,911 |  | 100%
Hottab Pte Ltd. (HPL) |  | Singapore, January 17, 2015 |  | Software development and marketing for the F&B industry |  | SG$620,287.75 |  | 100%
Hottab Vietnam Co. Ltd |  | Vietnam, April 17, 2015 |  | Sale of POS hardware and software |  | VND 1,000,000,000 |  | 100%
Hottab Asset Company Limited |  | Vietnam, July 25, 2019 |  | Sale of POS hardware and software |  | VND 5,000,000,000 |  | 100%
The Company and its subsidiaries are hereinafter referred to as (the “Company”). On October 29, 2019 with the revised provision dated November 11, 2019, the Company acquired Hottab Pte Ltd and its subsidiaries, at the consideration of $1,050,000 consisted of Series C preference shares valued at $900,000 and the cash consideration of $150,000. The value of the $900,000 Series C preference shares issued was determined based on the stated value per share of the Company’s shares at the acquisition date. Also, the Company shall pay to the Company additional Series C preference shares with an aggregate value of $558,000 (the “Equity Incentive”) in the event the Company able to fulfilled the other terms per their arrangement with in five months from the completion date. On February 10, 2021, the Company effected a 750 for 1 stock split of the issued and outstanding shares of the Company’s common stock. The number of authorized shares and par value remain unchanged. All share and per share information in this financial statements and footnotes have been retroactively adjusted for the period and years presented, unless otherwise indicated, to give effect to the forward stock split. On September 21, 2021, the Company effected a 1 for 2.5 stock split of the issued and outstanding shares of the Company’s common stock. The number of authorized shares and par value remain unchanged. All share and per share information in this financial statements and footnotes have been retroactively adjusted for the period and years presented, unless otherwise indicated, to give effect to the reverse stock split. An additional result of the stock split was that the stated value of preferred stock, the number of designated shares and outstanding shares of each series of preferred stock was unchanged in accordance to the respective certificate of designations. The number of authorized shares of preferred stock remained unchanged. Spun Out On December 31, 2019, the Company recently spun out Food Society Group Limited (Food Business), which aims to develop and commercialize chain of restaurants in Vietnam. In connection with the presentation of the Company’s consolidated financial statements, the Company considered the guidance described in the SEC’s codified Staff Accounting Bulletins, Topic 5, Section Z, paragraph 7, “Accounting for the Spin-off of a subsidiary”. The Company’s initial registration of its securities under the 1933 Securities Act and the spin off transaction of the Food Society Group Limited occurred prior to the effectiveness of the Company’s registration statement. The Company considered the following facts and circumstances in concluding omitting the Food Society Group Limited results of operations and financial position in the consolidated financial statements presented in the registration statement: • The Company’s operations as a developer of an e-commerce platform and the Food Society Group Limited operations as a two(2) retail restaurants are in dissimilar business that would ordinarily be distinguished as reportable segments as defined by FASB ASC 280-10-50-10. • The Company and the subsidiary have been managed and financed historically as if autonomous • The Company and the subsidiary have no common facilities or costs • The Company and the subsidiary are operated and financed autonomously after the spinoff, and • There are no material financial commitments , guarantees or contingent liabilities to each other after the spin off Accordingly, the Company has elected to characterize the spin-off of the Food Society Group Limited as a change in the Company’s reporting and present its historical financial statements as if the Company never had an investment in the subsidiary. This spun off our subsidiary Food Society Group Limited which owns 100% of Vietnam Eats (Hong Kong) Limited which owns 100% of Loft Restaurant Service Trading Company Limited that operates 2 restaurants in Vietnam. Thomas O’Connor, our former Chief Marketing Officer, serves as the legal representative of Loft Restaurant Service Trading Company Limited. Our Chief Executive Officer and Chairman of our board of directors, Dennis Nguyen., is the Chairman of Food Society Group Limited’s board of directors. The two restaurants were making losses for the financial year of 2019. The Company wanted to focus on building our loyalty technology platform. On December 20, 2019’s Board of Directors meeting the CFO presented the case for the spun off. The board voted on the February 18, 2020 to spin out the Food Society Group Limited via a proportionate distribution of shareholding percentage to the existing shareholders as at December 31, 2019.

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- Definition The entire disclosure for the general note to the financial statements for the reporting entity which may include, descriptions of the basis of presentation, business description, significant accounting policies, consolidations, reclassifications, new pronouncements not yet adopted and changes in accounting principles. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -URI http://asc.fasb.org/topic&trid=2197479 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 275 -URI http://asc.fasb.org/topic&trid=2134479 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -URI http://asc.fasb.org/topic&trid=2122394 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -URI http://asc.fasb.org/topic&trid=2122369 + Details
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