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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the Quarterly Period Ended March 31, 2024

 

or

 

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from ______ to ______

 

Commission File Number 000-56421

 

ASIAFIN HOLDINGS CORP.

(Exact name of registrant issuer as specified in its charter)

 

Nevada   7389   37-1950147

(State or other jurisdiction of

incorporation or organization)

  

(Primary Standard Industrial

Classification Number)

  

(IRS Employer

Identification Number)

 

Suite 30.02, 30th Floor, Menara KH (Promet),
Jalan Sultan Ismail, 50250 Kuala Lumpur, Malaysia.
(Address of principal executive offices, including zip code)

 

+(60)3 2148 7170
(Registrant’s telephone number, including area code)

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

 

Yes ☒ No ☐

 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (section 232.405 of this chapter) during the preceding twelve months (or shorter period that the registrant was required to submit and post such files).

 

Yes ☒ No ☐

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

 

Large Accelerated Filer ☐ Accelerated Filer ☐ Non-accelerated Filer ☒ Smaller reporting company ☒
      Emerging growth company ☒

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act ☐

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐ No ☒

 

APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE

PRECEDING FIVE YEARS:

 

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.

 

N/A

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class   Trading Symbol(s)   Name on each exchange on which registered
N/A   N/A   N/A

 

APPLICABLE ONLY TO CORPORATE ISSUERS:

 

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

 

Class   Outstanding at May 10, 2024
Common Stock, $0.0001 par value   81,551,838

 

 

 

 
 

 

TABLE OF CONTENTS

 

    Page
PART I FINANCIAL INFORMATION  
     
ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS: F-1
     
  UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS AS OF MARCH 31, 2024 AND DECEMBER 31, 2023 (Audited) F-1
     
  UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS AND COMPREHENSIVE LOSS FOR THE THREE MONTHS ENDED MARCH 31, 2024 AND 2023 F-2
     
  UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF SHAREHOLDERS’ EQUITY FOR THE THREE MONTHS ENDED MARCH 31, 2024 AND 2023 F-3
     
  UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE THREE MONTHS ENDED MARCH 31, 2024 AND 2023 F-4
     
  NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS F-5 – F-15
     
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 3-5
     
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 5
     
ITEM 4. CONTROLS AND PROCEDURES 5
     
PART II OTHER INFORMATION  
     
ITEM 1 LEGAL PROCEEDINGS 7
     
ITEM 2 UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 7
     
ITEM 3 DEFAULTS UPON SENIOR SECURITIES 7
     
ITEM 4 MINE SAFETY DISCLOSURES 7
     
ITEM 5 OTHER INFORMATION 7
     
ITEM 6 EXHIBITS 7
     
SIGNATURES 8

 

-2-
 

 

PART I — FINANCIAL INFORMATION

 

ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

 

ASIAFIN HOLDINGS CORP.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

AS OF MARCH 31, 2024 AND DECEMBER 31, 2023 (audited)

(Currency expressed in United States Dollars (“US$”), except for number of shares or otherwise stated)

 

   As of
March 31, 2024		   As of
December 31, 2023		 
    Unaudited    Audited 
           
ASSETS          
Current assets          
Cash and cash equivalents  $1,281,771   $1,234,188 
Trade receivables, net   653,290    1,004,690 
Prepayment, deposits and other receivables   125,157    114,133 
Tax assets   244,439    219,698 
Total current assets  $2,304,657   $2,572,709 
           
Non-current Assets          
Right-of-use assets, net  $618,906   $651,853 
Property, plant and equipment, net   499,703    520,216 
Deferred income tax assets   42    43 
Investment in associates   33,795    8,153 
Total non-current assets  $1,152,446   $1,180,265 
           
TOTAL ASSETS  $3,457,103   $3,752,974 
           
LIABILITIES AND STOCKHOLDERS’ EQUITY          
Current liabilities          
Other payables and accrued liabilities  $678,261   $586,595 
Trade payable (including $18,912 and $19,467 of trade payable from related party as of March 31, 2024, and December 31, 2023, respectively)   26,056    24,900 
Income tax payable   3,358    3,358 
Amount due to director   187,959    209,747 
Amount due to related parties   748    1,000 
Hire purchase – current portion   1,861    4,759 
Lease liability – current portion   59,469    60,394 
Total current liabilities  $957,712   $890,753 
           
Non-current liabilities          
Lease liability – non-current portion   559,437    591,459 
Deferred tax liabilities   11,671    12,013 
Total non-current liabilities  $571,108   $603,472 
           
TOTAL LIABILITIES  $1,528,820   $1,494,225 
           
STOCKHOLDERS’ DEFICIT          
Preferred shares, $0.0001 par value; 200,000,000 shares authorized; None issued and outstanding  $-   $- 
Common stock, $0.0001 par value; 600,000,000 shares authorized; 81,551,838 and 81,551,838 shares issued and outstanding as of March 31, 2024 and December 31, 2023   8,155    8,155 
Additional paid-in capital   10,467,687    10,467,687 
Accumulated other comprehensive loss   (369,391)   (320,441)
Accumulated deficit   (8,174,134)   (7,896,023)
Non-controlling interest   (4,034)   (629)
           
TOTAL STOCKHOLDERS’ DEFICIT  $1,928,283   $2,258,749 
           
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY  $3,457,103   $3,752,974 

 

See accompanying notes to unaudited condensed consolidated financial statements.

 

F-1
 

 

ASIAFIN HOLDINGS CORP.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

FOR THE THREE MONTHS ENDED MARCH 31, 2024 AND 2023

(Currency expressed in United States Dollars (“US$”), except for number of shares or otherwise stated)

 

  

Three months ended

March 31, 2024

   Three months ended
March 31, 2023		 
         
REVENUE   519,752   $474,802 
           
COST OF REVENUE (including $27,234 and $23,877 of cost of service revenue to related party for the three months ended March 31, 2024 and 2023, respectively)   (33,834)   (53,662)
           
GROSS PROFIT   485,918   $421,140 
           
SHARE OF LOSS FROM OPERATION OF ASSOCIATE   (9,599)   - 
           
OTHER INCOME   1,994    - 
           
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES (including $22,712 and $24,202 of selling, general and administrative expenses to related party for the three months ended March 31, 2024 and 2023, respectively)   (759,829)  $(755,776)
           
LOSS BEFORE INCOME TAX   (281,516)  $(334,636)
           
INCOME TAX EXPENSES   -    - 
           
NET LOSS   (281,516)  $(334,636)
Net income attributable to non-controlling interest   3,405    - 
           
NET LOSS ATTRIBUTED TO COMMON SHAREHOLDERS OF ASIAFIN HOLDINGS CORP.   (278,111)   (334,636)
           
Other comprehensive income:          
- Foreign currency translation loss   (48,950)   (4,653)
           
TOTAL COMPREHENSIVE LOSS   (327,061)  $(339,289)
           
NET LOSS PER SHARE, BASIC AND DILUTED   (0.00)   (0.00)
           
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING, BASIC AND DILUTED   81,551,838   $76,612,615 

 

See accompanying notes to unaudited condensed consolidated financial statements.

 

F-2
 

 

ASIAFIN HOLDINGS CORP.

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF SHAREHOLDERS’ EQUITY

FOR THE THREE MONTHS ENDED MARCH 31, 2024 AND 2023

(Currency expressed in United States Dollars (“US$”), except for number of shares or otherwise stated)

 

                         
   COMMON STOCK                 
  

NUMBER OF

SHARES

   AMOUNT  

ADDITIONAL

PAID-IN

CAPITAL

  

ACCUMULATED

DEFICIT

  

ACCUMULATED OTHER COMPREHENSIVE

LOSS

  

TOTAL

STOCKHOLDERS’

EQUITY

 
Balance as of December 31, 2022   73,319,800   $7,332   $1,413,268   $(564,072)  $- - $856,528 
Issuance of share for acquisition of StarFIN Holdings Limited on February 23, 2023   8,232,038    823    9,054,419    (7,351,165)   (260,052)-  1,444,025 
Net loss for the period   -    -    -    (334,636)   - -  (334,636)
Foreign currency translation   -    -    -    -    (4,653)-  (4,653)
Balance as of March 31, 2023   81,551,838   $8,155   $10,467,687   $(8,249,873)  $(264,705)- $1,961,264 

 

                             
   COMMON STOCK                     
  

NUMBER OF

SHARES

   AMOUNT  

ADDITIONAL

PAID-IN

CAPITAL

  

ACCUMULATED

DEFICIT

  

ACCUMULATED OTHER COMPREHENSIVE

LOSS

   NON-CONTROLLING INTEREST  

TOTAL

STOCKHOLDERS’

EQUITY

 
Balance as of December 31, 2023   81,551,838   $8,155   $10,467,687   $(7,896,023)  $(320,441)  $(629)  $2,258,749 
Net loss for the period   -    -    -    (278,111)   -    (3,405)   (281,516)
Foreign currency translation   -    -    -    -    (48,950)   -    (48,950)
Balance as of March 31, 2024   81,551,838   $8,155   $10,467,687   $(8,174,134)  $(369,391)  $(4,034)  $1,928,283 

 

See accompanying notes to unaudited condensed consolidated financial statements

 

F-3
 

 

ASIAFIN HOLDINGS CORP.

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE THREE MONTHS ENDED MARCH 31, 2024 AND 2023

(Currency expressed in United States Dollars (“US$”), except for number of shares or otherwise stated)

 

  

Three Months

Ended

March 31, 2024

  

Three Months
Ended

March 31, 2023

 
         
CASH FLOWS FROM OPERATING ACTIVITIES:          
Net loss  $(278,111)  $(334,636)
Minority interest   (3,405)   - 
Share of loss from operation of associate   9,599    - 
           
Adjustments to reconcile net profit to net cash used in operating activities:          
Depreciation and amortization   28,032    44,985 
Provision for credit loss allowance   29,278    - 
           
Changes in operating assets and liabilities:          
Account payable   1,862    40,862 
Account receivable   291,364    210,521 
Prepayment, deposits and other receivables   (7,966)   114,166 
Other payables and accrued liabilities   (66,897)   287,725 
Deferred revenue   168,309    161,643 
Tax assets   (30,942)   (12,811)
Change in lease liability   (14,346)   (22,588)
           
Net cash provided by operating activities  $126,777   $489,867 
           
CASH FLOWS FROM INVESTING ACTIVITIES:          
Purchase of property, plant and equipment   (8,006)   (11,395)
Investment in associate   (35,473)   - 
           
Net cash used in financing activities  $(43,479)  $(11,395)
           
CASH FLOWS FROM FINANCING ACTIVITIES:          
Advance to director   (15,846)   (17,077)
Repayment of hire purchase   (2,757)   (2,866)
Advances to related companies   (224)   (177)
Dividend paid   -    (387,076)
           
Net cash used in financing activities  $(18,827)  $(407,196)
           
Effect of exchange rate changes on cash and cash equivalents  $(16,888)  $(3,713)
           
Net increase in cash and cash equivalents  $47,583   $67,563 
Cash and cash equivalents, beginning of year   1,234,188    1,580,170 
           
CASH AND CASH EQUIVALENTS, END OF YEAR  $1,281,771   $1,647,733 
           
SUPPLEMENTAL CASH FLOWS INFORMATION          
Cash paid for income taxes  $29,404   $21,972 
Cash paid for interest paid  $776   $- 

 

See accompanying notes to unaudited condensed consolidated financial statements.

 

F-4
 

 

ASIAFIN HOLDINGS CORP.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE THREE MONTHS ENDED MARCH 31, 2024 AND 2023

(Currency expressed in United States Dollars (“US$”), except for number of shares or otherwise stated)

 

1. ORGANIZATION AND BUSINESS BACKGROUND

 

AsiaFIN Holdings Corp. (“the Company”) was incorporated under the jurisdiction of Nevada on June 14, 2019. The Company, through its wholly owned subsidiaries, provides information technology services. Details of the Company’s subsidiaries and associate:

 

No.  

Subsidiary

Company Name

   Domicile and Date of Incorporation  

Particulars of

Issued Capital

   Principal Activities
1   AsiaFIN Holdings Corp.   Labuan at July 15, 2019   1 shares of common stock   Investment holding company
                 
2   AsiaFIN Holdings Limited   Hong Kong at July 5, 2019   1 shares of common stock   Investment holding company
                 
3   StarFIN Holdings Limited   British Virgin Island at August 19, 2021   10,000 shares of common stock   Investment holding company
                 
4   Insite MY Holdings Sdn Bhd (FKA StarFIN Asia Sdn Bhd)   Malaysia at May 24, 2018   11,400,102 shares of common stock   Investment holding company
                 
5   OrangeFIN Academy Sdn Bhd (FKA Insite MY.Com Sdn Bhd)   Malaysia at February 2, 2000   100,000 shares of common stock   Provision of business system integration and management services
         `        
6   Insite MY Systems Sdn Bhd   Malaysia at January 18, 2000   500,000 shares of common stock   Provision of information technology services
                 
7   Insite MY Innovations Sdn Bhd   Malaysia at January 18, 2010   540,000 shares of common stock   Provision of information technology services
                 
8   OrangeFIN Asia Sdn Bhd   Malaysia at January 25, 2018   50,000 shares of common stock   Provision of computer programming activities and services
                 
9   TellUS Report Sdn Bhd   Malaysia at September 22, 2023   100 shares of common stock   Provision of information technology services

 

No.   Associate Company Name   Domicile and Date of Incorporation   Particulars of Issued Capital   Principal Activities
1   Murni StarFIN Sdn Bhd   Malaysia at September 9, 2022   100,000 shares of common stock   Provision of information technology services
                 
2   KSP AsiaFIN Co., Ltd. (FKA KSP StarFIN Co., Ltd.)   Thailand at August 11, 2023   50,000 shares of common stock   Provision of information technology services

 

Mr. Wong Kai Cheong is the common director of all of aforementioned companies except KSP AsiaFIN Co., Ltd.

 

F-5
 

 

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Basis of Presentation

 

These accompanying financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“US GAAP”).

 

The accompanying financial statements include the accounts of the Company and its subsidiaries and associates. Intercompany transactions and balances were eliminated in consolidation. The Company has adopted December 31 as its fiscal year end.

 

The accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries and majority-owned subsidiaries which the Company controls and entities for which the Company is the primary beneficiary. For those consolidated subsidiaries where the Company’s ownership is less than 100%, the outside shareholders’ interests are shown as non-controlling interests in equity. Acquired businesses are included in the consolidated financial statements from the date on which control is transferred to the Company. Subsidiaries are deconsolidated from the date that control ceases. All inter-company accounts and transactions have been eliminated in consolidation.

 

Below is the organization chart of the Group.

 

 

Use of Estimates

 

In preparing these financial statements, management makes estimates and assumptions that affect the reported amounts of assets and liabilities in the balance sheets and revenues and expenses during the years reported. Actual results may differ from these estimates.

 

F-6
 

 

Cash and Cash Equivalents

 

The Company considers short-term, highly liquid investments with an original maturity of 90 days or less to be cash equivalents.

 

Our deposit in Malaysia banks are secured by Perbadanan Insurans Deposit Malaysia, compensating up to a limit of Malaysia Ringgit MYR250,000 per deposit per member bank, which is equivalent to $52,822, if any of our bank fail.

 

Plant and Equipment

 

Plant and equipment are stated at cost, with depreciation and amortization provided using the straight-line method over the following periods:

 

Asset Categories   Depreciation Periods
Renovation   over the remaining lease period
Computer Systems   4 to 5 years
Furniture and Fittings   10 years
Electrical Fittings   10 years
Handphone   5 years
Office Equipment   10 years
Motor Vehicle   5 years
Property   50 years

 

Credit losses

 

The Company estimates and records a provision for its expected credit losses related to its financial instruments, including its trade receivables. Management considers historical collection rates, the current financial status of the Company’s customers, macroeconomic factors, and other industry-specific factors when evaluating current expected credit losses. Forward-looking information is also considered in the evaluation of current expected credit losses. However, because of the short time to the expected receipt of accounts receivable, management believes that the carrying value, net of expected losses, approximates fair value and therefore, relies more on historical and current analysis of such financial instruments, including its trade receivables.

 

Credit loss rate is determined by historical collection based on aging schedule, adjusted for current conditions using reasonable and supportable forecasts. Based on the aging categorization and the adjusted loss rate per category, an allowance for credit losses is calculated by multiplying the adjusted loss rate with the amortized cost in the respective age category.

 

Investment in associate

 

In accordance with ASC Topic 321, “Investments – Equity Securities”, the Company measures the investment in associate without a readily determinable fair value at its cost minus impairment, if any. The Company reassess at each reporting period whether the equity investment without a readily determinable fair value qualifies to be measured at fair value. The measurement of those securities at fair value shall be irrevocable. Any resulting gains or losses on the investment in associate for which that measurement is made shall be recorded in earnings at that time. At each reporting period, the Company makes a qualitative assessment on the investment in associate considering impairment indicators to evaluate whether the investment is impaired. If an equity security without a readily determinable fair value is impaired, the Company shall include an impairment loss in net income equal to the difference between the fair value of the investment and its carrying amount.

 

Revenue recognition

 

The Company through subsidiaries generate multiple streams of revenues based on different business model adopted by each subsidiary through provisions of services and recognized upon customer obtained control of promised services and recognized in an amount that reflects the consideration that the Company expects to receive in exchange for those services. In addition, the standard requires disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The Company applies the following five-step model in order to determine this amount:

 

(i) Identify contract with customer;

 

(ii) Identify distinct performance obligations in contract, including promises if any;

 

(iii) Measurement of the transaction price, including the constraint on variable consideration;

 

(iv) Allocation of the transaction price to the performance obligations; and

 

(v) Recognition of revenue when (or as) the Company satisfies each performance obligation.

 

Cost of revenue

 

Cost of revenue includes direct costs associated with provision of services such as development costs, purchases of third-party software, maintenance fees and consultation fees.

 

Income tax expense

 

Income taxes are determined in accordance with the provisions of ASC Topic 740, “Income Taxes” (“ASC Topic 740”). Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted income tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Any effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.

 

ASC 740 prescribes a comprehensive model for how companies should recognize, measure, present, and disclosed in their financial statements uncertain tax positions taken or expected to be taken on a tax return. Under ASC 740, tax positions must initially be recognized in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions must initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts.

 

F-7
 

 

The Company conducts major businesses in Malaysia and is subject to tax in their own jurisdictions. As a result of its business activities, the Company will file separate tax returns that are subject to examination by the foreign tax authorities.

 

Going concern

 

The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business.

 

As reflected in the accompanying financial statements, for the three months ended March 31, 2024, the Company incurred a net loss of $278,111 and positive operating cash flow of $126,777. These factors raise substantial doubt about the Company’s ability to continue as a going concern within one year of the date that the financial statements are issued.

 

The Company does not have sufficient revenue to cover its operating cost due to the research and development activities performed in the initial stage. The Company’s ability to continue as a going concern is dependent upon improving its profitability and the continuing financial support from its major shareholders. Management believes the existing shareholders or external financing will provide the additional cash to meet the Company’s obligations as they become due.

 

No assurance can be given that any future financing, if needed, will be available. These and other factors raise substantial doubt about the Company’s ability to continue as a going concern. These financial statements do not include any adjustments to reflect the possible future effects on the recoverability in profitability that may result in the Company not being able to continue as a going concern.

 

Foreign currencies translation

 

Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded in the statement of operations and comprehensive income (loss).

 

The functional currency of the Company is the United States Dollars (“US$”) and the accompanying financial statements have been expressed in US$. In addition, the Company’s subsidiary maintains its books and record in Malaysia Ringgits (“MYR”), United States Dollars (“US$”), Hong Kong Dollars (“HK$”) and Thailand Baht (“THB”), which is the respective functional currency as being the primary currency of the economic environment in which the entity operates.

 

In general, for consolidation purposes, assets and liabilities of its subsidiaries whose functional currency is not US$ are translated into US$, in accordance with ASC Topic 830-30, “Translation of Financial Statement”, using the exchange rate on the balance sheet date. Revenues and expenses are translated at average rates prevailing during the period. The gains and losses resulting from translation of financial statements of foreign subsidiary are recorded as a separate component of accumulated other comprehensive income.

 

Translation of amounts from the local currency of the Company into US$1 has been made at the following exchange rates for the respective periods:

 

  

For the period
three months ended

March 31

 
   2024   2023 
Period-end MYR : US$1 exchange rate   4.72    4.42 
Period-average MYR : US$1 exchange rate   4.73    4.39 
Period-end HK$ : US$1 exchange rate   7.75    7.75 
Period-average HK$ : US$1 exchange rate   7.75    7.75 
Period-end THB : US$1 exchange rate   36.37    - 
Period-average THB : US$1 exchange rate   35.86    - 

 

Related parties

 

Parties, which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Companies are also considered to be related if they are subject to common control or common significant influence.

 

Fair value of financial instruments

 

The carrying value of the Company’s financial instruments: cash and cash equivalents, trade receivable, deposits and other receivables, amount due to related parties and other payables approximate at their fair values because of the short-term nature of these financial instruments.

 

The Company also follows the guidance of the ASC Topic 820-10, “Fair Value Measurements and Disclosures” (“ASC 820-10”), with respect to financial assets and liabilities that are measured at fair value. ASC 820-10 establishes a three-tier fair value hierarchy that prioritizes the inputs used in measuring fair value as follows:

 

Level 1 : Observable inputs such as quoted prices in active markets;

 

Level 2 : Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and

 

F-8
 

 

Level 3 : Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions.

 

As of March 31, 2024, the Company did not have any nonfinancial assets and liabilities that are recognized or disclosed at fair value in the financial statements, at least annually, on a recurring basis, nor did the Company have any assets or liabilities measured at fair value on a non-recurring basis.

 

Net Income/(Loss) per Share

 

The Company calculates net income/(loss) per share in accordance with ASC Topic 260, “Earnings per Share.” Basic income/(loss) per share is computed by dividing the net income/(loss) by the weighted-average number of common shares outstanding during the period. Diluted income per share is computed similar to basic income/(loss) per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common stock equivalents had been issued and if the additional common shares were dilutive.

 

Lease

 

The Company offices for fixed periods pre-emptive extension options. The Company recognizes lease payments for its short-term lease on a straight-line basis over the lease term.

 

Lease liability is initially and subsequently measured at the present value of the unpaid lease payments at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for lease payments made at or before the lease commencement date, plus any initial direct costs incurred less any lease incentives received. Costs associated with operating lease assets are recognized on a straight-line basis within operating expenses over the term of the lease.

 

In determining the present value of the unpaid lease payments, ASC 842 requires a lessee to discount its unpaid lease payments using the interest rate implicit in the lease or, if that rate cannot be readily determined, its incremental borrowing rate. As most of the Company leases do not provide an implicit rate, the Company uses its incremental borrowing rate as the discount rate for the lease. The Company incremental borrowing rate is estimated to approximate the interest rate on a collateralized basis with similar terms and payments.

 

Acquisition Agreement

 

The acquisition of StarFIN Holdings Limited. (“SFHL”) has been accounted for under the purchase method of accounting in accordance with Statement of Financial Accounting Standards No. 141, “Business Combinations”. Under the purchase method of accounting, the purchase price is allocated to the assets acquired and liabilities assumed based on their estimated fair values.

 

The allocation of the purchase price has been prepared based on preliminary estimates of fair values. However, actual amounts recorded upon the finalization of estimates of fair values may differ from the information presented in these unaudited pro forma condensed combined consolidated financial statements. The Company estimates of the fair values of the assets and liabilities of SFHL have been combined with the recorded values of the assets and liabilities of SFHL in the audited condensed combined financial information, goodwill was immediately impaired upon recognition.

 

Recently Issued Accounting Standards

 

The Company reviews new accounting standards as issued. Management has not identified any other new standards that it believes will have a significant impact on the Company’s financial statements.

 

F-9
 

 

3. BUSINESS COMBINATIONS

 

On December 22, 2022, the Company acquired 100% equity interest in StarFIN Holdings Limited in exchange, the Company issued 8,232,038 restricted shares of the Company’s common stock, valued at $9,055,242. The consideration was derived from an agreed valuation of SFHL at $9,055,242. The acquisition was consummated on January 20, 2023.

 

The acquisition of SFHL has been accounted for under the purchase method of accounting in accordance with Statement of Financial Accounting Standards No. 141, “Business Combinations.” Under the purchase method of accounting, the purchase price is allocated to the assets acquired and liabilities assumed based on their estimated fair values.

 

The allocation of the purchase price has been prepared based on preliminary estimates of fair values. However, actual amounts recorded upon the finalization of estimates of fair values may differ from the information presented in these unaudited pro forma condensed combined consolidated financial statements. The Company estimates of the fair values of the assets and liabilities of SFHL have been combined with the recorded values of the assets and liabilities of SFHL in the audited condensed combined financial information, goodwill was immediately impaired upon recognition. Allocation of the purchase price is summarized below:

 

      
Cash and cash equivalents  $705,480 
Trade receivables, net   676,396 
Deposits paid, prepayments and other receivables   202,414 
Tax assets   539,969 
Investment in Associates – Murni StarFIN Sdn Bhd   8,657 
Property, plant and equipment, net   585,816 
Trade payable   (24,736)
Accrued expenses and other payables   (734,476)
Deferred tax liabilities   (213,524)
Hire purchase loan   (16,554)
Amount due to directors   (283,703)
Amount due to related parties   (1,673)
Adjustment for foreign exchange fluctuation   260,052 
Fair value of StarFIN Holdings Limited  $1,704,118 
Fair value of consideration   (9,055,242)
Goodwill  $7,351,124 
Goodwill impairment   (7,351,124)

 

4. TRADE RECEIVABLE, NET

 

  

As of

March 31, 2024

  

As of

December 31, 2023

 
Trade receivable, gross  $737,644   $1,059,766 
Allowance for expected credit loss   (84,354)   (55,076)
Trade receivable, net  $653,290   $1,004,690 

 

5. PREPAYMENT, DEPOSITS AND OTHER RECEIVABLES

 

  

As of

March 31, 2024

  

As of

December 31, 2023

 
Rental deposits  $2,159   $- 
Prepaid expenses   49,245    34,717 
Other receivables   32,691    33,578 
Other deposits   27,242    30,952 
Purchase in advance   13,820    14,886 
Total  $125,157   $114,133 

 

The rental deposits represent the deposit of the tenancy agreements.

 

Prepaid expenses include website domain, third party software maintenance and subscription, rental, employee and motor vehicle insurance.

 

Other receivables include receivables from service tax and management of car park for director and employees.

 

Other deposits primarily consist of deposit made for security deposit for renovation.

 

6. PROPERTY, PLANT AND EQUIPMENT, NET

 

  

As of

March 31, 2024

  

As of

December 31, 2023

 
Computer systems  $256,915   $259,798 
Furniture and fittings   77,655    79,933 
Electrical fittings   9,529    9,808 
Handphone   53,048    51,000 
Office equipment   90,912    93,578 
Renovation   80,729    83,097 
Motor vehicle   354,334    364,726 
Investment property   391,634    403,120 
Total property, plant and equipment  $1,314,756   $1,345,060 
Less: Accumulated depreciation   (815,053)   (824,844)
Total property, plant and equipment, net  $499,703   $520,216 

 

 

   For three months ended
March 31, 2024		   For the year
ended
December 31, 2023		 
Investment in computer systems  $4,511   $17,874 
Investment in furniture and fittings   -    371 
Investment in electrical fittings   -    278 
Investment in handphone   3,495    3,393 
Investment in office equipment   -    6,497 
Investment in renovation   -    4,066 
Investment in investment property   -    - 
Total investment in property and plant  $8,006   $32,479 
           
Depreciation for the period   13,686   $74,429 

 

For the year ended December 31, 2023, the Company acquired an investment property amounted $420,225 financed through loan from director which is unsecured, non-interest bearing and payable on demand and cash in hand.

 

F-10
 

 

7. OTHER PAYABLES AND ACCRUED LIABILITIES

 

  

As of

March 31, 2024

  

As of

December 31, 2023

 
Accrued expenses  $292,096   $351,036 
Other payable   44,519    57,503 
Receipt in advance   341,646    178,056 
Total  $678,261   $586,595 

 

Accrued expenses consist of outstanding audit fee, employee claims and salary, service tax and miscellaneous expenses.

 

Other payable includes primarily payable to third parties and service tax payable.

 

Receipt in advance consist of monies received from customer but have yet to satisfied performance obligation.

 

8. AMOUNT DUE TO DIRECTOR

 

As of March 31, 2024, the company had an outstanding amount due to director amounting $187,959, mainly consist of a loan from Mr. Wong Kai Cheng for the acquisition of property.

 

Aforementioned amount is unsecured, interest bearing and payable on demand.

 

9. AMOUNT DUE TO RELATED PARTIES

 

As of March 31, 2024, the Company has an outstanding amount due to a number of related companies with common director and shareholder pertaining to miscellaneous expenses made by these related parties on behalf in aggregate amounted $748.

 

Aforementioned amount is unsecured, non-interest bearing and payable on demand.

 

10. HIRE PURCHASE

 

On April 30, 2021, the Company through subsidiary acquired a motor vehicle amounted $69,148 financed by $36,006 hire purchase loan for 36 months at a fixed flat rate of 1.88% per annum with first installment commencing June 5, 2021 and monthly installment amounted approximately $1,063. Remaining balance finance through cash in hand.

 

For the three months ended March 31, 2024, the Company repaid $2,757 in hire purchase loan with an outstanding $1,861 as of March 31, 2024.

 

Maturities of the loan for the remaining one year are as follows:

 

Year ending December 31    
2024  $1,861 
Total  $1,861 

 

F-11

 

 

11. LEASE RIGHT-OF-USE ASSET AND LEASE LIABILITIES

 

Right-Of-Use Assets     
Balance as of December 31, 2023  $651,853 
Amortization for the three months ended March 31, 2024   (14,346)
Adjustment for foreign currency translation difference   (18,601)
Balance as of March 31, 2024  $618,906 
      
Lease Liability     
Balance as of December 31, 2023  $651,853 
Imputed interest for the three months ended March 31, 2024   8,366 
Gross repayment for the three months ended March 31, 2024   (22,712)
Adjustment for foreign currency translation difference  $(18,601)
Balance as of March 31, 2024  $618,906 
      
Lease liability current portion   59,469 
Lease liability non-current portion  $559,437 

 

Other information:

 

   Three months ended
March 31, 2024		   Three months ended
March 31, 2023		 
Cash paid for amounts included in the measurement of lease liabilities:          
Operating cash flow to operating lease  $22,712   $24,202 
Right-of-use assets obtained in exchange for operating lease liabilities   -    - 
Remaining lease term for operating lease (years)   8.46    1.35 
Weighted average discount rate for operating lease   5.40%   5.40%

 

12. RELATED PARTY TRANSACTIONS

 

For the three months ended March 31, 2024 and 2023, the Company has following transactions with related parties:

 

   For the three months ended
March 31, 2024		   For the three
months ended
March 31, 2023		 
Purchases          
- Insite MY International, Inc.  $27,234   $23,877 
           
Leasing          
- Office space leasing   22,712    24,202 
           
Total  $49,946   $48,079 

 

Our Chief Executive Officer, Mr. Wong Kai Cheong is a majority shareholder of Insite MY International, Inc.

 

For the three months ended March 31, 2024 and 2023, the Company has paid $22,712 and $24,202 respectively to Ms. Tan Siew Meng, spouse of our Chief Executive Officer, Mr. Wong Kai Cheong pertaining to leasing of office space.

 

13. CONCENTRATION OF RISK

 

(a) Major Customers

 

For the three months ended March 31, 2024, the Company generated total revenue of $519,752, of which one customer accounted for more than 10% of the Company’s total revenue. For the three months ended March 31, 2023, the Company generated total revenue of $474,802, of which four customers accounted for more than 10% of the Company’s total revenue. The customers who accounted for more than 10% of the Company’s total revenue and its outstanding receivable balance at period-end is presented below:

 

   For the three months ended March 31 
   2024   2023   2024   2023   2024   2023 
   Revenue  

Percentage of

Revenue

  

Accounts

receivable, gross

 
                         
Customer A  $-   $97,543    -%   21%  $-   $- 
Customer B   -    78,464    -%   17%   -    207,487 
Customer C   -    72,861    -%   15%   -    - 
Customer D   -    54,145    -%   11%   -    56,991 
Customer E   61,307    -    12%   -%   33,061    - 
Others   458,445    171,789    88%   36%   704,583    264,201 
Total  $519,752   $474,802    100%   100%  $737,644   $528,679 

 

(b) Major Suppliers

 

For the three months ended March 31, 2024, the Company incurred cost of revenue of $33,834, of which two suppliers accounted for more than 10% of the Company’s cost of revenue. For the three months ended March 31, 2023, the Company incurred cost of revenue of $53,662, of which four suppliers accounted for more than 10% of the Company’s cost of revenue. The suppliers who accounted for more than 10% of the Company’s cost of revenue and its outstanding payable balance at period-end is presented below:

 

   For the three months ended March 31 
   2024   2023   2024   2023   2024   2023 
   Cost of revenue  

Percentage of

Cost of revenue

  

Accounts

payable, trade

 
                         
Supplier A  $27,234   $23,877    80%   44%  $18,912   $20,199 
Supplier B   -    13,422    -%   25%   -    40,715 
Supplier C   -    7,286    -%   14%   -    - 
Supplier D   -    6,831    -%   13%   -    - 
Supplier E   5,958    -    18%   -%   3,429    - 
Others   642    2,246    2%   4%   3,715    4,283 
Total  $33,834   $53,662    100%   100%  $26,056   $65,197 

 

Our Chief Executive Officer, Mr. Wong Kai Cheong is a majority shareholder of Supplier A.

 

F-12

 

 

14. INCOME TAXES

 

The loss before income taxes of the Company for the three months ended March 31, 2024 and 2023 were comprised of the following:

 

           
   For the three months ended March 31 
   2024   2023 
Tax jurisdictions from:          
- Local  $(15,868)  $(121,039)
- Foreign, representing:          
Hong Kong   (3,893)   (10,189)
British Virginia Island (non-taxable jurisdiction)   (400)   (300)
Labuan, Malaysia (non-taxable jurisdiction)   (10,397)   2,031 
Malaysia   (250,958)   (205,139)
Loss before income taxes  $(281,516)  $(334,636)

 

Provision for income taxes consisted of the following:

 

           
   For the three months ended March 31 
   2024   2023 
Current:          
- Local  $-   $- 
- Foreign  $-   $- 
           
Deferred tax assets:          
- Local  $-   $- 
- Foreign  $42   $- 
           
Deferred tax liabilities:          
- Local  $-   $- 
- Foreign  $11,671   $9,250 
           
Income tax payable:          
- Local  $-   $- 
- Foreign  $3,358   $206,643 
           
Income tax assets:          
- Local  $-   $- 
- Foreign  $244,439   $549,319 

 

The effective tax rate in the years presented is the result of the mix of income earned in various tax jurisdictions that apply a broad range of income tax rates. During the period presented, the Company has a number of subsidiaries that operates in various countries: United States, Hong Kong, British Virginia Island and Malaysia that are subject to taxes in the jurisdictions in which they operate, as follows:

 

United States of America

 

The Company is registered in the State of Nevada and is subject to the tax laws of the United States of America. As of March 31, 2024, the operations in the United States of America incurred $740,315 of cumulative net operating losses (NOL’s) which can be carried forward to offset future taxable income. The NOL carry forwards begin to expire in 2044, if unutilized. The Company has provided for a full valuation allowance of approximately $155,466 against the deferred tax assets on the expected future tax benefits from the net operating loss carry forwards as the management believes it is more likely than not that these assets will not be realized in the future.

 

Hong Kong

 

AsiaFIN Holdings Corp. is subject to Hong Kong Profits Tax, which is charged at the statutory income tax rate of 8.25% on its assessable income.

 

Labuan

 

Under the current laws of the Labuan, AsiaFIN Holdings Corp. is governed under the Labuan Business Activity Act, 1990. The tax charge for such company is based on 24% of net audited profit.

 

Malaysia

 

All Malaysia companies are subject to the Malaysia Corporate Tax Laws at a two-tier corporate income tax rate based on amount of paid-up capital. The 2024 tax rate for company with paid-up capital of MYR 2,500,000 (approximately $529,235) or less and that are not part of a group containing a company exceeding this capitalization threshold is 17% on the first MYR 600,000 (approximately $126,772) taxable profit with the remaining balance being taxed at 24%.

 

As of March 31, 2024, the operations in Malaysia incurred $7,267,980 of cumulative net operating losses which can be carried forward to offset future taxable income. The net operating loss can be carried forward for seven years. The Company has provided for a full valuation allowance against the deferred tax assets of $1,235,557 on the expected future tax benefits from the net operating loss carry forwards as the management believes it is more likely than not that these assets will not be realized in the future.

 

F-13

 

 

15. DIVIDEND

 

For the year ended December 31, 2022, Insite MY Innovations Sdn Bhd and Insite MY Systems Sdn Bhd, passed a board resolution for declaration of dividend amounted MYR1,700,000 (approximately $385,680) and MYR4,294,000 (approximately $974,182), respectively to StarFIN Asia Sdn Bhd. Subsequently, StarFIN Asia Sdn Bhd passed a board resolution for declaration of dividend amounted MYR5,794,000 to Mr. Wong Kai Cheong and Mr. Hoo Swee Ping, before acquired by StarFIN Holdings Limited on January 20, 2023.

 

No dividend was declared for the three months ended March 31, 2024.

 

16. FOREIGN CURRENCY EXCHANGE RATE

 

The Company cannot guarantee that the current exchange rate will remain stable, therefore there is a possibility that the Company could post the same amount of income for two comparable periods and because of the fluctuating exchange rate post higher or lower income depending on exchange rate converted into US$ at the end of the financial year. The exchange rate could fluctuate depending on changes in political and economic environments without notice.

 

17. SEGMENT REPORTING

 

ASC 280, “Segment Reporting” establishes standards for reporting information about operating segments on a basis consistent with the Company’s internal organization structure as well as information about services categories, business segments and major customers in financial statements. The Company has single reportable segment based on business unit, information technology business and two reportable segments based on country, Malaysia and Non-Malaysia.

 

In accordance with the “Segment Reporting” Topic of the ASC, the Company’s chief operating decision maker has been identified as the Chief Executive Officer and President, who reviews operating results to make decisions about allocating resources and assessing performance for the entire Company. Existing guidance, which is based on a management approach to segment reporting, establishes requirements to report selected segment information quarterly and to report annually entity-wide disclosures about products and services, major customers, and the countries in which the entity holds material assets and reports revenue. All material operating units qualify for aggregation under “Segment Reporting” due to their similar customer base and similarities in economic characteristics; nature of products and services; and procurement, manufacturing and distribution processes.

  

For the Three Months Ended and

As of March 31, 2024

 
By Business Unit 

Information

Technology Business

   Total 
Revenue  $519,752   $519,752 
           
Cost of revenue   (33,834)   (33,834)
           
Gross profit  $485,918   $485,918 
           
Share of loss from operation of associate   (9,599)   (9,599)
           
Selling, general and administrative expenses and other income   (757,835)   (757,835)
           
Loss from operations   (281,516)   (281,516)
           
Total assets  $3,457,103   $3,457,103 
Capital expenditure  $43,479   $43,479 

 

F-14

 

 

  

For the Three Months Ended and

As of March 31, 2024

 
By Country  Malaysia   Non-Malaysia   Total 
Revenue  $519,752   $-   $519,752 
                
Cost of revenue   (33,834)   -    (33,834)
                
Gross profit  $485,918   $-   $485,918 
                
Share of loss from operation of associate   (9,599)   -    (9,599)
                
Selling, general and administrative expenses and other income   (737,673)   (20,162)   (757,835)
                
Loss from operations   (261,354)   (20,162)   (281,516)
                
Total assets  $3,425,055   $32,048   $3,457,103 
Capital expenditure  $43,479   $-   $43,479 

 

  

For the Three Months Ended and

As of March 31, 2023

 
By Business Unit 

Information

Technology Business

   Total 
Revenue  $474,802   $474,802 
           
Cost of revenue   (53,662)   (53,662)
           
Gross profit  $421,140   $421,140 
           
Selling, general and administrative expenses and other income   (755,776)   (755,776)
           
Loss from operations   (334,636)   (334,636)
           
Total assets  $3,444,632   $3,444,632 
Capital expenditure  $11,395   $11,395 

 

  

For the Three Months Ended and

As of March 31, 2023

 
By Country  Malaysia   Non-Malaysia   Total 
Revenue  $474,802   $-   $474,802 
                
Cost of revenue   (53,662)   -    (53,662)
                
Gross profit  $421,140   $-   $421,140 
                
Selling, general and administrative expenses and other income   (632,279)   (123,497)   (755,776)
                
Loss from operations   (211,139)   (123,497)   (334,636)
                
Total assets  $2,708,958   $735,674   $3,444,632 
Capital expenditure  $11,395   $-   $11,395 

 

18. SIGNIFICANT EVENTS

 

On January 3, 2024, the Malaysia Company, a wholly owned subsidiary of the Company entered into a joint venture agreement (herein referred to as the “Agreement”) with Greenpro KSP Holdings Group Co., Ltd. (herein referred to as the “GPKSP”).

 

Pursuant to the Agreement, both parties have agreed to incorporate a new company, KSP AsiaFIN Co., Ltd (herein referred to as the “KSP AsiaFIN”). The Company agreed to acquire 49% equity stake in KSP AsiaFIN for THB2,450,000 (approximately $70,000). KSP AsiaFIN is set to exclusively distribute and implement OrangeWorkforce, Robotic Process Automation (RPA) solution developed by OrangeFIN Asia Sdn Bhd, a wholly subsidiary under the Company for the market in Thailand and Laos.

 

19. SUBSEQUENT EVENTS

 

In accordance with ASC Topic 855, “Subsequent Events”, which establishes general standards of accounting for and disclosure of events that occur after the balance sheet date but before financial statements are issued, the Company has evaluated all events or transactions that occurred after March 31, 2024 up through the date the Company presented these unaudited financial statements.

 

F-15

 

 

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 

The information contained in this quarter report on Form 10-Q is intended to update the information contained in our Form 10-K dated March 22, 2024, for the year ended December 31, 2023 and presumes that readers have access to, and will have read, the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and other information contained in such Form 10-K. The following discussion and analysis also should be read together with our financial statements and the notes to the financial statements included elsewhere in this Form 10-Q.

 

The following discussion contains certain statements that may be deemed “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements appear in a number of places in this Report, including, without limitation, “Management’s Discussion and Analysis of Financial Condition and Results of Operations.” These statements are not guarantees of future performance and involve risks, uncertainties and requirements that are difficult to predict or are beyond our control. Forward-looking statements speak only as of the date of this quarter report. You should not put undue reliance on any forward-looking statements. We strongly encourage investors to carefully read the factors described in our Form S-1/A registration statement, filed on March 19, 2021, in the section entitled “Risk Factors” for a description of certain risks that could, among other things, cause actual results to differ from these forward-looking statements. We assume no responsibility to update the forward-looking statements contained in this quarter report on Form 10-Q. The following should also be read in conjunction with the unaudited Condensed Consolidated Financial Statements and notes thereto that appear elsewhere in this report.

 

Company Overview

 

Our Company offer range of system solutions in Payment Processing, Robotic Process Automation (RPA), and Regulatory Technology (RegTech) to financial institutions, regulatory agencies, professional service providers and private enterprises from various industries, with existing client in the Asia region with over 60 key bank customers on payment processing and our Robotic Process Automation solution company has more than 100 customers in Asia. Our solutions includes:

 

Payment Processing

 

We have our own web-based payment processing system for check clearing used in central banks, financial institutions and payment system providers. This image-based check truncation system (CTS) is similar to the one used in the United States of America, under the CHECK21 standards. Our CTS systems are sold in Malaysia, Singapore, Indonesia, Philippines, Myanmar, Thailand, Pakistan and Bangladesh.

 

We also have a ISO20022 compliant payment gateway solutions for central bank and financial institutions that is capable of supporting the Straight Through Processing (STP) of all types of payment transactions (including SWIFT, Real-Time Gross Settlement (RTGS), GIRO (NACHA standards) and FAST payment and extendable to interface with various types of payment gateways. Our STP payment gateway are sold in Malaysia, Myanmar and Indonesia.

 

RegTech

 

We have a regulatory and financial reporting (RegTech) system which conform to XBRL reporting standards and other compliance reporting required by Regulatory agencies such as Central Bank, Securities Commission, Tax Authority Department and Companies Registry. Our reporting platform covers financial statistic reporting, credit risk exposure and analysis, risk management reports, FATCA & CRS reporting, external sector reporting, Goods and Services Tax (GST) reporting for reporting entities. We have more than 20 financial institutions using our platform.

 

Additionally, the company plans to further develop a RegTech Software as a Service (SaaS) solution for public listed companies and financial institution for Environmental Social and Governance (ESG) compliant reporting. ESG guidelines have already been issued by Bank Negara Malaysia, the central bank of Malaysia and Bursa Malaysia Stock Exchange for their members in reducing carbon footprint.

 

Robotic Process Automation

 

We have our own Artificial Intelligent (AI) based, Robotic Process Automation Software (RPA) solutions for financial institutions, large corporations and small medium enterprises. RPA utilises software Robots for the automation of mundane, labour intensive, manual computer operations. Robots are utilized for the processes where it helps to reduce operational costs and also costs arising from human error. Our system automates the capturing of customer information from identity cards, passports and other identification peripherals. Our solution automatically extract data from customers’ identity card, passport, etc. and immediately fill-in the forms, eliminating the friction and errors caused by manual input, through Intelligent Character Recognition technology and other AI based technologies. Information extracted from an official identification document will then be checked against existing financial institutions database for regulatory screening in Internal Blacklist Check, Anti Money Laundering, Credit Scoring Check, FATCA, Common Reporting Standard (CRS) and ESG reporting, etc.

 

-3-

 

 

Results of operations

 

Three months ended March 31, 2024 and 2023

 

Revenues

 

For the three months ended March 31, 2024, the Company generated revenue in the amount of $519,752. The revenue was generated as a result of the Company having provided services related to information technology business to the customers.

 

For the three months ended March 31, 2023, the Company generated revenue in the amount of $474,802. The revenue was generated as a result of the Company having provided services related to information technology business to the customers.

 

Selling, General and Administrative Expenses

 

For the three months ended March 31, 2024, the Company had selling, general and administrative expenses in the amount of $759,829. These were primarily comprised of salary expenses, audit fees and other professional fees.

 

For the three months ended March 31, 2023, the Company had selling, general and administrative expenses in the amount of $755,776. These were primarily comprised of salary expenses, audit fees, insurance and other professional fees.

 

Net Loss

 

For the three months ended March 31, 2024, the Company has incurred a net loss of $278,111.

 

For the three months ended March 31, 2023, the Company has incurred a net loss of $334,636.

 

Liquidity and Capital Resources

 

Three months ended March 31, 2024 and 2023

 

Cash Provided By Operating Activities

 

For the three months ended March 31, 2024, the Company has received $126,777 provided by operating activity, of which primarily consist of share of loss from operation of associate, depreciation and amortization, provision for credit loss allowance, increase in account payable, decrease in account receivable, increase in deferred revenue contra by net loss, minority interest, increase in prepayment, deposits and other receivables, decrease in other payables and accrued liabilities, decrease in tax assets and reduction in lease liability.

 

For the three months ended March 31, 2023, the Company has received $489,867 provided by operating activity, of which primarily consist of increase in account payable, decrease in account receivable, decrease in prepayment, deposits and other receivables, increase in other payables and accrued liabilities, increase in deferred revenue contra by net loss, decrease in tax assets and reduction in lease liability.

 

Cash Used In Investing Activities

 

For the three months ended March 31, 2024, the Company has invested $43,479 in investing activities, for the acquisition of computer systems and mobile phones and investment in associate.

 

For the three months ended March 31, 2023, the Company has invested $11,395 in investing activities for the acquisition of computer systems and office equipment.

 

Cash Used In Financing Activities

 

For the three months ended March 31, 2024, the Company has used $18,827 in financing activity, primarily consist of advances to director.

 

For the three months ended March 31, 2023, the Company has used $407,196 in financing activity, primarily consist of advances to director and dividend paid.

 

-4-

 

 

Off-balance Sheet Arrangements

 

We have no significant off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in our financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to our stockholders as of March 31, 2024.

 

Contractual Obligations

 

As a smaller reporting company, we are not required to provide the aforementioned information.

 

Critical Accounting Policies

 

The Company reviews new accounting standards as issued. Management has not identified any other new standards that it believes will have a significant impact on the Company’s consolidated financial statements.

 

Item 3 Quantitative and Qualitative Disclosures About Market Risk.

 

As a “smaller reporting company” as defined by Item 10 of Regulation S-K, the Company is not required to provide information required by this Item.

 

Item 4 Controls and Procedures.

 

Disclosure Controls and Procedures

 

We maintain disclosure controls and procedures, as defined in Rule 13a-15(e) promulgated under the Securities Exchange Act of 1934 (the “Exchange Act”), that are designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms and that such information is accumulated and communicated to our management, including our principal executive and principal financial officers, or persons performing similar functions, as appropriate, to allow timely decisions regarding required disclosure.

 

We carried out an evaluation, under the supervision and with the participation of our management, including our chief executive officer, of the effectiveness of our disclosure controls and procedures as of March 31, 2024. Based on the evaluation of these disclosure controls and procedures, and in light of the material weaknesses found in our internal controls over financial reporting, our chief executive officer concluded that our disclosure controls and procedures were not effective. The matters involving internal controls and procedures that our management considered to be material weaknesses under the standards of the Public Company Accounting Oversight Board were: (i) lack of a functioning audit committee due to a lack of a majority of independent members and a lack of a majority of outside directors on our board of directors, resulting in ineffective oversight in the establishment and monitoring of required internal controls and procedures; (ii) inadequate segregation of duties and effective risk assessment; (iii) insufficient written policies and procedures for accounting and financial reporting with respect to the requirements and application of both US GAAP and SEC guidelines; and (iv) lack of internal audit function due to the fact that the Company lacks qualified resources to perform the internal audit functions properly and that the scope and effectiveness of the internal audit function are yet to be developed. The aforementioned material weaknesses were identified by our chief executive officer in connection with the review of our financial statements as of March 31, 2024.

 

-5-

 

 

Management’s Report on Internal Control over Financial Reporting

 

Our management is responsible for establishing and maintaining adequate internal control over financial reporting as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act. Our internal control over financial reporting is designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. The internal controls for the Company are provided by executive management’s review and approval of all transactions. Our internal control over financial reporting also includes those policies and procedures that:

 

  1. pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of our assets;
     
  2. provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with U.S. GAAP, and that our receipts and expenditures are being made only in accordance with the authorization of our management; and
     
  3. provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of our assets that could have a material effect on the financial statements.

 

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

 

Management assessed the effectiveness of the Company’s internal control over financial reporting as of March 31, 2024. In making this assessment, management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission in Internal Control-Integrated Framework. Management’s assessment included an evaluation of the design of our internal control over financial reporting and testing of the operational effectiveness of these controls.

 

As of March 31, 2024, management assessed the effectiveness of our internal control over financial reporting based on the criteria for effective internal control over financial reporting established in Internal Control — Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”) in 2013 and SEC guidance on conducting such assessments. Based on such evaluation, the Company’s management concluded that, during the period covered by this Report, our internal control over financial reporting were not effective due to the presence of material weaknesses.

 

Changes in Internal Control over Financial Reporting:

 

There were no changes in our internal control over financial reporting during the three months ending March 31, 2024, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

 

-6-

 

 

PART II — OTHER INFORMATION

 

Item 1. Legal Proceedings

 

We are not subjected to nor engaged in any litigation, arbitration or claim of material importance, and no litigation, arbitration or claim of material importance is known to us to be pending or threatened by or against our Company that would have a material adverse effect on our Company’s results of operations or financial condition. Further, there are no proceedings in which any of our directors, officers or affiliates, or any beneficial shareholder are an adverse party or has a material interest adverse to our Company.

 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

 

None.

 

Item 3. Defaults Upon Senior Securities

 

None.

 

Item 4. Mine Safety Disclosures

 

Not applicable.

 

Item 5. Other Information.

 

Insider Trading Arrangements

 

During the quarter ended March 31, 2024, none of our directors or officers adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities to satisfy the affirmative defense conditions of “Rule 10b5-1 trading arrangement” or any “non-Rule 10b5-1 trading arrangement”.

 

ITEM 6. Exhibits

 

31.1   Rule 13(a)-14(a)/15(d)-14(a) Certification of principal executive officer
     
31.2   Rule 13(a)-14(a)/15(d)-14(a) Certification of principal financial officer and principal accounting officer
     
32.1   Section 1350 Certification of principal executive officer
     
32.2   Section 1350 Certification of principal financial officer and principal accounting officer
     
101.INS   Inline XBRL Instance Document
     
101.SCH   Inline XBRL Taxonomy Extension Schema Document
     
101.CAL   Inline XBRL Taxonomy Extension Calculation Linkbase Document
     
101.DEF   Inline XBRL Taxonomy Extension Definition Linkbase Document
     
101.LAB   Inline XBRL Taxonomy Extension Label Linkbase Document
     
101.PRE   Inline XBRL Taxonomy Extension Presentation Linkbase Document
     
104   Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

-7-

 

 

SIGNATURES

 

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  AsiaFIN Holdings Corp.
  (Name of Registrant)
   
Date: May 10, 2024 By: /s/ Wong Kai Cheong
  Title:

Chief Executive Officer,

President, Director, Secretary and Treasurer

    (Principal Executive Officer)
     
Date: May 10, 2024 By: /s/ Cham Hui Yin
  Title: Finance Manager
    (Principal Financial Officer and Principal Accounting Officer)

 

-8-

 

 

EXHIBIT 31.1

 

CERTIFICATION

 

I, WONG KAI CHEONG, certify that:

 

1. I have reviewed this quarterly report on Form 10-Q of AsiaFIN Holdings Corp. (the “Company”) for the quarter ended March 31, 2024;

 

2. Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15I and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

  a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
     
  b. Designed such internal control over financial reporting, or caused such internal control to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles.
     
  c. Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
     
  d. Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

  a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
     
  b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: May 10, 2024 By: /s/ WONG KAI CHEONG
    WONG KAI CHEONG
   

Chief Executive Officer,

President, Director, Secretary and Treasurer

    (Principal Executive Officer)

 

 

 

 

EXHIBIT 31.2

 

CERTIFICATION

 

I, CHAM HUI YIN, certify that:

 

1. I have reviewed this quarterly report on Form 10-Q of AsiaFIN Holdings Corp. (the “Company”) for the quarter ended March 31, 2024;

 

2. Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

  a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
     
  b. Designed such internal control over financial reporting, or caused such internal control to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles.
     
  c. Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
     
  d. Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

  a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
     
  b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: May 10, 2024 By: /s/ CHAM HUI YIN
    CHAM HUI YIN
    Finance Manager
    (Principal Financial Officer and Principal Accounting Officer)

 

 

 

 

EXHIBIT 32.1

 

CERTIFICATION

PURSUANT TO 18

U.S.C. SECTION 1350,

AS ADOPTED

PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY

ACT OF 2002

 

In connection with the quarterly report of AsiaFIN Holdings Corp. (the “Company”) on Form 10-Q for the period ending March 31, 2024 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), The undersigned hereby certifies, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge and belief:

 

  (1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
     
  (2) The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

 

Date: May 10, 2024 By: /s/ WONG KAI CHEONG
    WONG KAI CHEONG
   

Chief Executive Officer,

President, Director, Secretary and Treasurer

    (Principal Executive Officer)

 

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

 

 

 

 

EXHIBIT 32.2

 

CERTIFICATION

PURSUANT TO 18

U.S.C. SECTION 1350,

AS ADOPTED

PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY

ACT OF 2002

 

In connection with the quarterly report of AsiaFIN Holdings Corp. (the “Company”) on Form 10-Q for the period ending March 31, 2024 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), The undersigned hereby certifies, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge and belief:

 

  (1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
     
  (2) The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

 

Date: May 10, 2024 By: /s/ CHAM HUI YIN
    CHAM HUI YIN
    Finance Manager
    (Principal Financial Officer and Principal Accounting Officer)

 

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

 

 

 

v3.24.1.1.u2
Cover - shares
 3 Months Ended
Mar. 31, 2024
May 10, 2024
Cover [Abstract]    
Document Type 10-Q  
Amendment Flag false  
Document Quarterly Report true  
Document Transition Report false  
Document Period End Date Mar. 31, 2024  
Document Fiscal Period Focus Q1  
Document Fiscal Year Focus 2024  
Current Fiscal Year End Date --12-31  
Entity File Number 000-56421  
Entity Registrant Name ASIAFIN HOLDINGS CORP.  
Entity Central Index Key 0001828748  
Entity Tax Identification Number 37-1950147  
Entity Incorporation, State or Country Code NV  
Entity Address, Address Line One Suite 30.02, 30th Floor  
Entity Address, Address Line Two Menara KH (Promet)  
Entity Address, Address Line Three Jalan Sultan Ismail  
Entity Address, City or Town Kuala Lumpur  
Entity Address, Country MY  
Entity Address, Postal Zip Code 50250  
City Area Code +(60)3  
Local Phone Number 2148 7170  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Non-accelerated Filer  
Entity Small Business true  
Entity Emerging Growth Company true  
Elected Not To Use the Extended Transition Period false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   81,551,838
v3.24.1.1.u2
Condensed Consolidated Balance Sheets - USD ($)
Mar. 31, 2024
Dec. 31, 2023
Current assets    
Cash and cash equivalents $ 1,281,771 $ 1,234,188
Trade receivables, net 653,290 1,004,690
Prepayment, deposits and other receivables 125,157 114,133
Tax assets 244,439 219,698
Total current assets 2,304,657 2,572,709
Non-current Assets    
Right-of-use assets, net 618,906 651,853
Property, plant and equipment, net 499,703 520,216
Deferred income tax assets 42 43
Investment in associates 33,795 8,153
Total non-current assets 1,152,446 1,180,265
TOTAL ASSETS 3,457,103 3,752,974
Current liabilities    
Other payables and accrued liabilities 678,261 586,595
Trade payable (including $18,912 and $19,467 of trade payable from related party as of March 31, 2024, and December 31, 2023, respectively) 26,056 24,900
Income tax payable 3,358 3,358
Hire purchase – current portion 1,861 4,759
Lease liability – current portion 59,469 60,394
Total current liabilities 957,712 890,753
Non-current liabilities    
Lease liability – non-current portion 559,437 591,459
Deferred tax liabilities 11,671 12,013
Total non-current liabilities 571,108 603,472
TOTAL LIABILITIES 1,528,820 1,494,225
STOCKHOLDERS’ DEFICIT    
Preferred shares, $0.0001 par value; 200,000,000 shares authorized; None issued and outstanding
Common stock, $0.0001 par value; 600,000,000 shares authorized; 81,551,838 and 81,551,838 shares issued and outstanding as of March 31, 2024 and December 31, 2023 8,155 8,155
Additional paid-in capital 10,467,687 10,467,687
Accumulated other comprehensive loss (369,391) (320,441)
Accumulated deficit (8,174,134) (7,896,023)
Non-controlling interest (4,034) (629)
TOTAL STOCKHOLDERS’ DEFICIT 1,928,283 2,258,749
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY 3,457,103 3,752,974
Director [Member]    
Current liabilities    
Amount due to related parties 187,959 209,747
Related Party [Member]    
Current liabilities    
Amount due to related parties $ 748 $ 1,000
v3.24.1.1.u2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)
Mar. 31, 2024
Dec. 31, 2023
Defined Benefit Plan Disclosure [Line Items]    
Preferred stock, par value $ 0.0001 $ 0.0001
Preferred stock, shares authorized 200,000,000 200,000,000
Preferred stock, shares issued 0 0
Preferred stock, shares outstanding 0 0
Common stock, par value $ 0.0001 $ 0.0001
Common stock, shares authorized 600,000,000 600,000,000
Common stock, shares issued 81,551,838 81,551,838
Common stock, shares outstanding 81,551,838 81,551,838
Related Party [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Trade payable from related party $ 18,912 $ 19,467
v3.24.1.1.u2
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Income Statement [Abstract]    
REVENUE $ 519,752 $ 474,802
COST OF REVENUE (including $27,234 and $23,877 of cost of service revenue to related party for the three months ended March 31, 2024 and 2023, respectively) (33,834) (53,662)
GROSS PROFIT 485,918 421,140
SHARE OF LOSS FROM OPERATION OF ASSOCIATE (9,599)
OTHER INCOME 1,994
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES (including $22,712 and $24,202 of selling, general and administrative expenses to related party for the three months ended March 31, 2024 and 2023, respectively) (759,829) (755,776)
LOSS BEFORE INCOME TAX (281,516) (334,636)
INCOME TAX EXPENSES
NET LOSS (281,516) (334,636)
Net income attributable to non-controlling interest 3,405
NET LOSS ATTRIBUTED TO COMMON SHAREHOLDERS OF ASIAFIN HOLDINGS CORP. (278,111) (334,636)
Other comprehensive income:    
- Foreign currency translation loss (48,950) (4,653)
TOTAL COMPREHENSIVE LOSS $ (327,061) $ (339,289)
NET LOSS PER SHARE, BASIC $ (0.00) $ (0.00)
NET LOSS PER SHARE, DILUTED $ (0.00) $ (0.00)
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING, BASIC 81,551,838 76,612,615
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING, DILUTED 81,551,838 76,612,615
v3.24.1.1.u2
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) (Parenthetical) - USD ($)
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Defined Benefit Plan Disclosure [Line Items]    
Cost of Revenue $ 33,834 $ 53,662
Selling, general and administrative expenses to related party 759,829 755,776
Related Party [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Cost of Revenue 27,234 23,877
Selling, general and administrative expenses to related party $ 22,712 $ 24,202
v3.24.1.1.u2
Condensed Consolidated Statement of Shareholders' Equity (Unaudited) - USD ($)
Common Stock [Member]
Additional Paid-in Capital [Member]
Retained Earnings [Member]
AOCI Attributable to Parent [Member]
Noncontrolling Interest [Member]
Total
Balance at Dec. 31, 2022 $ 7,332 $ 1,413,268 $ (564,072) $ 856,528
Balance, shares at Dec. 31, 2022 73,319,800          
Issuance of share for acquisition of StarFIN Holdings Limited on February 23, 2023 $ 823 9,054,419 (7,351,165) (260,052) 1,444,025
Issuance of share for acquisition of StarFIN Holdings Limited on February 23, 2023, shares 8,232,038          
Net loss for the period (334,636) (334,636)
Foreign currency translation (4,653) (4,653)
Balance at Mar. 31, 2023 $ 8,155 10,467,687 (8,249,873) (264,705) 1,961,264
Balance, shares at Mar. 31, 2023 81,551,838          
Balance at Dec. 31, 2023 $ 8,155 10,467,687 (7,896,023) (320,441) (629) 2,258,749
Balance, shares at Dec. 31, 2023 81,551,838          
Net loss for the period (278,111) (3,405) (281,516)
Foreign currency translation (48,950) (48,950)
Balance at Mar. 31, 2024 $ 8,155 $ 10,467,687 $ (8,174,134) $ (369,391) $ (4,034) $ 1,928,283
Balance, shares at Mar. 31, 2024 81,551,838          
v3.24.1.1.u2
Condensed Consolidated Statement of Cash Flows (Unaudited) - USD ($)
 3 Months Ended 12 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Dec. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net loss $ (278,111) $ (334,636)  
Minority interest (3,405)  
Share of loss from operation of associate 9,599  
Adjustments to reconcile net profit to net cash used in operating activities:      
Depreciation and amortization 28,032 44,985  
Provision for credit loss allowance 29,278  
Changes in operating assets and liabilities:      
Account payable 1,862 40,862  
Account receivable 291,364 210,521  
Prepayment, deposits and other receivables (7,966) 114,166  
Other payables and accrued liabilities (66,897) 287,725  
Deferred revenue 168,309 161,643  
Tax assets (30,942) (12,811)  
Change in lease liability (14,346) (22,588)  
Net cash provided by operating activities 126,777 489,867  
CASH FLOWS FROM INVESTING ACTIVITIES:      
Purchase of property, plant and equipment (8,006) (11,395) $ (32,479)
Investment in associate (35,473)  
Net cash used in financing activities (43,479) (11,395)  
CASH FLOWS FROM FINANCING ACTIVITIES:      
Advance to director (15,846) (17,077)  
Repayment of hire purchase (2,757) (2,866)  
Advances to related companies (224) (177)  
Dividend paid (387,076)  
Net cash used in financing activities (18,827) (407,196)  
Effect of exchange rate changes on cash and cash equivalents (16,888) (3,713)  
Net increase in cash and cash equivalents 47,583 67,563  
Cash and cash equivalents, beginning of year 1,234,188 1,580,170 1,580,170
CASH AND CASH EQUIVALENTS, END OF YEAR 1,281,771 1,647,733 $ 1,234,188
SUPPLEMENTAL CASH FLOWS INFORMATION      
Cash paid for income taxes 29,404 21,972  
Cash paid for interest paid $ 776  
v3.24.1.1.u2
Pay vs Performance Disclosure - USD ($)
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Pay vs Performance Disclosure [Table]    
Net Income (Loss) $ (278,111) $ (334,636)
v3.24.1.1.u2
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2024
Insider Trading Arrangements [Line Items]  
Rule 10b51 Arrangement Adopted false
Non-Rule 10b51 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.24.1.1.u2
ORGANIZATION AND BUSINESS BACKGROUND
 3 Months Ended
Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
ORGANIZATION AND BUSINESS BACKGROUND

1. ORGANIZATION AND BUSINESS BACKGROUND

 

AsiaFIN Holdings Corp. (“the Company”) was incorporated under the jurisdiction of Nevada on June 14, 2019. The Company, through its wholly owned subsidiaries, provides information technology services. Details of the Company’s subsidiaries and associate:

 

No.  

Subsidiary

Company Name

   Domicile and Date of Incorporation  

Particulars of

Issued Capital

   Principal Activities
1   AsiaFIN Holdings Corp.   Labuan at July 15, 2019   1 shares of common stock   Investment holding company
                 
2   AsiaFIN Holdings Limited   Hong Kong at July 5, 2019   1 shares of common stock   Investment holding company
                 
3   StarFIN Holdings Limited   British Virgin Island at August 19, 2021   10,000 shares of common stock   Investment holding company
                 
4   Insite MY Holdings Sdn Bhd (FKA StarFIN Asia Sdn Bhd)   Malaysia at May 24, 2018   11,400,102 shares of common stock   Investment holding company
                 
5   OrangeFIN Academy Sdn Bhd (FKA Insite MY.Com Sdn Bhd)   Malaysia at February 2, 2000   100,000 shares of common stock   Provision of business system integration and management services
         `        
6   Insite MY Systems Sdn Bhd   Malaysia at January 18, 2000   500,000 shares of common stock   Provision of information technology services
                 
7   Insite MY Innovations Sdn Bhd   Malaysia at January 18, 2010   540,000 shares of common stock   Provision of information technology services
                 
8   OrangeFIN Asia Sdn Bhd   Malaysia at January 25, 2018   50,000 shares of common stock   Provision of computer programming activities and services
                 
9   TellUS Report Sdn Bhd   Malaysia at September 22, 2023   100 shares of common stock   Provision of information technology services

 

No.   Associate Company Name   Domicile and Date of Incorporation   Particulars of Issued Capital   Principal Activities
1   Murni StarFIN Sdn Bhd   Malaysia at September 9, 2022   100,000 shares of common stock   Provision of information technology services
                 
2   KSP AsiaFIN Co., Ltd. (FKA KSP StarFIN Co., Ltd.)   Thailand at August 11, 2023   50,000 shares of common stock   Provision of information technology services

 

Mr. Wong Kai Cheong is the common director of all of aforementioned companies except KSP AsiaFIN Co., Ltd.

 

 
v3.24.1.1.u2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 3 Months Ended
Mar. 31, 2024
Accounting Policies [Abstract]  
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Basis of Presentation

 

These accompanying financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“US GAAP”).

 

The accompanying financial statements include the accounts of the Company and its subsidiaries and associates. Intercompany transactions and balances were eliminated in consolidation. The Company has adopted December 31 as its fiscal year end.

 

The accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries and majority-owned subsidiaries which the Company controls and entities for which the Company is the primary beneficiary. For those consolidated subsidiaries where the Company’s ownership is less than 100%, the outside shareholders’ interests are shown as non-controlling interests in equity. Acquired businesses are included in the consolidated financial statements from the date on which control is transferred to the Company. Subsidiaries are deconsolidated from the date that control ceases. All inter-company accounts and transactions have been eliminated in consolidation.

 

Below is the organization chart of the Group.

 

 

Use of Estimates

 

In preparing these financial statements, management makes estimates and assumptions that affect the reported amounts of assets and liabilities in the balance sheets and revenues and expenses during the years reported. Actual results may differ from these estimates.

 

 

Cash and Cash Equivalents

 

The Company considers short-term, highly liquid investments with an original maturity of 90 days or less to be cash equivalents.

 

Our deposit in Malaysia banks are secured by Perbadanan Insurans Deposit Malaysia, compensating up to a limit of Malaysia Ringgit MYR250,000 per deposit per member bank, which is equivalent to $52,822, if any of our bank fail.

 

Plant and Equipment

 

Plant and equipment are stated at cost, with depreciation and amortization provided using the straight-line method over the following periods:

 

Asset Categories   Depreciation Periods
Renovation   over the remaining lease period
Computer Systems   4 to 5 years
Furniture and Fittings   10 years
Electrical Fittings   10 years
Handphone   5 years
Office Equipment   10 years
Motor Vehicle   5 years
Property   50 years

 

Credit losses

 

The Company estimates and records a provision for its expected credit losses related to its financial instruments, including its trade receivables. Management considers historical collection rates, the current financial status of the Company’s customers, macroeconomic factors, and other industry-specific factors when evaluating current expected credit losses. Forward-looking information is also considered in the evaluation of current expected credit losses. However, because of the short time to the expected receipt of accounts receivable, management believes that the carrying value, net of expected losses, approximates fair value and therefore, relies more on historical and current analysis of such financial instruments, including its trade receivables.

 

Credit loss rate is determined by historical collection based on aging schedule, adjusted for current conditions using reasonable and supportable forecasts. Based on the aging categorization and the adjusted loss rate per category, an allowance for credit losses is calculated by multiplying the adjusted loss rate with the amortized cost in the respective age category.

 

Investment in associate

 

In accordance with ASC Topic 321, “Investments – Equity Securities”, the Company measures the investment in associate without a readily determinable fair value at its cost minus impairment, if any. The Company reassess at each reporting period whether the equity investment without a readily determinable fair value qualifies to be measured at fair value. The measurement of those securities at fair value shall be irrevocable. Any resulting gains or losses on the investment in associate for which that measurement is made shall be recorded in earnings at that time. At each reporting period, the Company makes a qualitative assessment on the investment in associate considering impairment indicators to evaluate whether the investment is impaired. If an equity security without a readily determinable fair value is impaired, the Company shall include an impairment loss in net income equal to the difference between the fair value of the investment and its carrying amount.

 

Revenue recognition

 

The Company through subsidiaries generate multiple streams of revenues based on different business model adopted by each subsidiary through provisions of services and recognized upon customer obtained control of promised services and recognized in an amount that reflects the consideration that the Company expects to receive in exchange for those services. In addition, the standard requires disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The Company applies the following five-step model in order to determine this amount:

 

(i) Identify contract with customer;

 

(ii) Identify distinct performance obligations in contract, including promises if any;

 

(iii) Measurement of the transaction price, including the constraint on variable consideration;

 

(iv) Allocation of the transaction price to the performance obligations; and

 

(v) Recognition of revenue when (or as) the Company satisfies each performance obligation.

 

Cost of revenue

 

Cost of revenue includes direct costs associated with provision of services such as development costs, purchases of third-party software, maintenance fees and consultation fees.

 

Income tax expense

 

Income taxes are determined in accordance with the provisions of ASC Topic 740, “Income Taxes” (“ASC Topic 740”). Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted income tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Any effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.

 

ASC 740 prescribes a comprehensive model for how companies should recognize, measure, present, and disclosed in their financial statements uncertain tax positions taken or expected to be taken on a tax return. Under ASC 740, tax positions must initially be recognized in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions must initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts.

 

 

The Company conducts major businesses in Malaysia and is subject to tax in their own jurisdictions. As a result of its business activities, the Company will file separate tax returns that are subject to examination by the foreign tax authorities.

 

Going concern

 

The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business.

 

As reflected in the accompanying financial statements, for the three months ended March 31, 2024, the Company incurred a net loss of $278,111 and positive operating cash flow of $126,777. These factors raise substantial doubt about the Company’s ability to continue as a going concern within one year of the date that the financial statements are issued.

 

The Company does not have sufficient revenue to cover its operating cost due to the research and development activities performed in the initial stage. The Company’s ability to continue as a going concern is dependent upon improving its profitability and the continuing financial support from its major shareholders. Management believes the existing shareholders or external financing will provide the additional cash to meet the Company’s obligations as they become due.

 

No assurance can be given that any future financing, if needed, will be available. These and other factors raise substantial doubt about the Company’s ability to continue as a going concern. These financial statements do not include any adjustments to reflect the possible future effects on the recoverability in profitability that may result in the Company not being able to continue as a going concern.

 

Foreign currencies translation

 

Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded in the statement of operations and comprehensive income (loss).

 

The functional currency of the Company is the United States Dollars (“US$”) and the accompanying financial statements have been expressed in US$. In addition, the Company’s subsidiary maintains its books and record in Malaysia Ringgits (“MYR”), United States Dollars (“US$”), Hong Kong Dollars (“HK$”) and Thailand Baht (“THB”), which is the respective functional currency as being the primary currency of the economic environment in which the entity operates.

 

In general, for consolidation purposes, assets and liabilities of its subsidiaries whose functional currency is not US$ are translated into US$, in accordance with ASC Topic 830-30, “Translation of Financial Statement”, using the exchange rate on the balance sheet date. Revenues and expenses are translated at average rates prevailing during the period. The gains and losses resulting from translation of financial statements of foreign subsidiary are recorded as a separate component of accumulated other comprehensive income.

 

Translation of amounts from the local currency of the Company into US$1 has been made at the following exchange rates for the respective periods:

 

  

For the period
three months ended

March 31

 
   2024   2023 
Period-end MYR : US$1 exchange rate   4.72    4.42 
Period-average MYR : US$1 exchange rate   4.73    4.39 
Period-end HK$ : US$1 exchange rate   7.75    7.75 
Period-average HK$ : US$1 exchange rate   7.75    7.75 
Period-end THB : US$1 exchange rate   36.37    - 
Period-average THB : US$1 exchange rate   35.86    - 

 

Related parties

 

Parties, which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Companies are also considered to be related if they are subject to common control or common significant influence.

 

Fair value of financial instruments

 

The carrying value of the Company’s financial instruments: cash and cash equivalents, trade receivable, deposits and other receivables, amount due to related parties and other payables approximate at their fair values because of the short-term nature of these financial instruments.

 

The Company also follows the guidance of the ASC Topic 820-10, “Fair Value Measurements and Disclosures” (“ASC 820-10”), with respect to financial assets and liabilities that are measured at fair value. ASC 820-10 establishes a three-tier fair value hierarchy that prioritizes the inputs used in measuring fair value as follows:

 

Level 1 : Observable inputs such as quoted prices in active markets;

 

Level 2 : Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and

 

 

Level 3 : Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions.

 

As of March 31, 2024, the Company did not have any nonfinancial assets and liabilities that are recognized or disclosed at fair value in the financial statements, at least annually, on a recurring basis, nor did the Company have any assets or liabilities measured at fair value on a non-recurring basis.

 

Net Income/(Loss) per Share

 

The Company calculates net income/(loss) per share in accordance with ASC Topic 260, “Earnings per Share.” Basic income/(loss) per share is computed by dividing the net income/(loss) by the weighted-average number of common shares outstanding during the period. Diluted income per share is computed similar to basic income/(loss) per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common stock equivalents had been issued and if the additional common shares were dilutive.

 

Lease

 

The Company offices for fixed periods pre-emptive extension options. The Company recognizes lease payments for its short-term lease on a straight-line basis over the lease term.

 

Lease liability is initially and subsequently measured at the present value of the unpaid lease payments at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for lease payments made at or before the lease commencement date, plus any initial direct costs incurred less any lease incentives received. Costs associated with operating lease assets are recognized on a straight-line basis within operating expenses over the term of the lease.

 

In determining the present value of the unpaid lease payments, ASC 842 requires a lessee to discount its unpaid lease payments using the interest rate implicit in the lease or, if that rate cannot be readily determined, its incremental borrowing rate. As most of the Company leases do not provide an implicit rate, the Company uses its incremental borrowing rate as the discount rate for the lease. The Company incremental borrowing rate is estimated to approximate the interest rate on a collateralized basis with similar terms and payments.

 

Acquisition Agreement

 

The acquisition of StarFIN Holdings Limited. (“SFHL”) has been accounted for under the purchase method of accounting in accordance with Statement of Financial Accounting Standards No. 141, “Business Combinations”. Under the purchase method of accounting, the purchase price is allocated to the assets acquired and liabilities assumed based on their estimated fair values.

 

The allocation of the purchase price has been prepared based on preliminary estimates of fair values. However, actual amounts recorded upon the finalization of estimates of fair values may differ from the information presented in these unaudited pro forma condensed combined consolidated financial statements. The Company estimates of the fair values of the assets and liabilities of SFHL have been combined with the recorded values of the assets and liabilities of SFHL in the audited condensed combined financial information, goodwill was immediately impaired upon recognition.

 

Recently Issued Accounting Standards

 

The Company reviews new accounting standards as issued. Management has not identified any other new standards that it believes will have a significant impact on the Company’s financial statements.

 

 
v3.24.1.1.u2
BUSINESS COMBINATIONS
 3 Months Ended
Mar. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
BUSINESS COMBINATIONS

3. BUSINESS COMBINATIONS

 

On December 22, 2022, the Company acquired 100% equity interest in StarFIN Holdings Limited in exchange, the Company issued 8,232,038 restricted shares of the Company’s common stock, valued at $9,055,242. The consideration was derived from an agreed valuation of SFHL at $9,055,242. The acquisition was consummated on January 20, 2023.

 

The acquisition of SFHL has been accounted for under the purchase method of accounting in accordance with Statement of Financial Accounting Standards No. 141, “Business Combinations.” Under the purchase method of accounting, the purchase price is allocated to the assets acquired and liabilities assumed based on their estimated fair values.

 

The allocation of the purchase price has been prepared based on preliminary estimates of fair values. However, actual amounts recorded upon the finalization of estimates of fair values may differ from the information presented in these unaudited pro forma condensed combined consolidated financial statements. The Company estimates of the fair values of the assets and liabilities of SFHL have been combined with the recorded values of the assets and liabilities of SFHL in the audited condensed combined financial information, goodwill was immediately impaired upon recognition. Allocation of the purchase price is summarized below:

 

      
Cash and cash equivalents  $705,480 
Trade receivables, net   676,396 
Deposits paid, prepayments and other receivables   202,414 
Tax assets   539,969 
Investment in Associates – Murni StarFIN Sdn Bhd   8,657 
Property, plant and equipment, net   585,816 
Trade payable   (24,736)
Accrued expenses and other payables   (734,476)
Deferred tax liabilities   (213,524)
Hire purchase loan   (16,554)
Amount due to directors   (283,703)
Amount due to related parties   (1,673)
Adjustment for foreign exchange fluctuation   260,052 
Fair value of StarFIN Holdings Limited  $1,704,118 
Fair value of consideration   (9,055,242)
Goodwill  $7,351,124 
Goodwill impairment   (7,351,124)

 
v3.24.1.1.u2
TRADE RECEIVABLE, NET
 3 Months Ended
Mar. 31, 2024
Credit Loss [Abstract]  
TRADE RECEIVABLE, NET

4. TRADE RECEIVABLE, NET

 

  

As of

March 31, 2024

  

As of

December 31, 2023

 
Trade receivable, gross  $737,644   $1,059,766 
Allowance for expected credit loss   (84,354)   (55,076)
Trade receivable, net  $653,290   $1,004,690 

 
v3.24.1.1.u2
PREPAYMENT, DEPOSITS AND OTHER RECEIVABLES
 3 Months Ended
Mar. 31, 2024
Prepayment Deposits And Other Receivables  
PREPAYMENT, DEPOSITS AND OTHER RECEIVABLES

5. PREPAYMENT, DEPOSITS AND OTHER RECEIVABLES

 

  

As of

March 31, 2024

  

As of

December 31, 2023

 
Rental deposits  $2,159   $- 
Prepaid expenses   49,245    34,717 
Other receivables   32,691    33,578 
Other deposits   27,242    30,952 
Purchase in advance   13,820    14,886 
Total  $125,157   $114,133 

 

The rental deposits represent the deposit of the tenancy agreements.

 

Prepaid expenses include website domain, third party software maintenance and subscription, rental, employee and motor vehicle insurance.

 

Other receivables include receivables from service tax and management of car park for director and employees.

 

Other deposits primarily consist of deposit made for security deposit for renovation.

 
v3.24.1.1.u2
PROPERTY, PLANT AND EQUIPMENT, NET
 3 Months Ended
Mar. 31, 2024
Property, Plant and Equipment [Abstract]  
PROPERTY, PLANT AND EQUIPMENT, NET

6. PROPERTY, PLANT AND EQUIPMENT, NET

 

  

As of

March 31, 2024

  

As of

December 31, 2023

 
Computer systems  $256,915   $259,798 
Furniture and fittings   77,655    79,933 
Electrical fittings   9,529    9,808 
Handphone   53,048    51,000 
Office equipment   90,912    93,578 
Renovation   80,729    83,097 
Motor vehicle   354,334    364,726 
Investment property   391,634    403,120 
Total property, plant and equipment  $1,314,756   $1,345,060 
Less: Accumulated depreciation   (815,053)   (824,844)
Total property, plant and equipment, net  $499,703   $520,216 

 

 

   For three months ended
March 31, 2024		   For the year
ended
December 31, 2023		 
Investment in computer systems  $4,511   $17,874 
Investment in furniture and fittings   -    371 
Investment in electrical fittings   -    278 
Investment in handphone   3,495    3,393 
Investment in office equipment   -    6,497 
Investment in renovation   -    4,066 
Investment in investment property   -    - 
Total investment in property and plant  $8,006   $32,479 
           
Depreciation for the period   13,686   $74,429 

 

For the year ended December 31, 2023, the Company acquired an investment property amounted $420,225 financed through loan from director which is unsecured, non-interest bearing and payable on demand and cash in hand.

 

 
v3.24.1.1.u2
OTHER PAYABLES AND ACCRUED LIABILITIES
 3 Months Ended
Mar. 31, 2024
Payables and Accruals [Abstract]  
OTHER PAYABLES AND ACCRUED LIABILITIES

7. OTHER PAYABLES AND ACCRUED LIABILITIES

 

  

As of

March 31, 2024

  

As of

December 31, 2023

 
Accrued expenses  $292,096   $351,036 
Other payable   44,519    57,503 
Receipt in advance   341,646    178,056 
Total  $678,261   $586,595 

 

Accrued expenses consist of outstanding audit fee, employee claims and salary, service tax and miscellaneous expenses.

 

Other payable includes primarily payable to third parties and service tax payable.

 

Receipt in advance consist of monies received from customer but have yet to satisfied performance obligation.

 
v3.24.1.1.u2
AMOUNT DUE TO DIRECTOR
 3 Months Ended
Mar. 31, 2024
Amount Due To Director  
AMOUNT DUE TO DIRECTOR

8. AMOUNT DUE TO DIRECTOR

 

As of March 31, 2024, the company had an outstanding amount due to director amounting $187,959, mainly consist of a loan from Mr. Wong Kai Cheng for the acquisition of property.

 

Aforementioned amount is unsecured, interest bearing and payable on demand.

 
v3.24.1.1.u2
AMOUNT DUE TO RELATED PARTIES
 3 Months Ended
Mar. 31, 2024
Amount Due To Related Parties  
AMOUNT DUE TO RELATED PARTIES

9. AMOUNT DUE TO RELATED PARTIES

 

As of March 31, 2024, the Company has an outstanding amount due to a number of related companies with common director and shareholder pertaining to miscellaneous expenses made by these related parties on behalf in aggregate amounted $748.

 

Aforementioned amount is unsecured, non-interest bearing and payable on demand.

 
v3.24.1.1.u2
HIRE PURCHASE
 3 Months Ended
Mar. 31, 2024
Hire Purchase  
HIRE PURCHASE

10. HIRE PURCHASE

 

On April 30, 2021, the Company through subsidiary acquired a motor vehicle amounted $69,148 financed by $36,006 hire purchase loan for 36 months at a fixed flat rate of 1.88% per annum with first installment commencing June 5, 2021 and monthly installment amounted approximately $1,063. Remaining balance finance through cash in hand.

 

For the three months ended March 31, 2024, the Company repaid $2,757 in hire purchase loan with an outstanding $1,861 as of March 31, 2024.

 

Maturities of the loan for the remaining one year are as follows:

 

Year ending December 31    
2024  $1,861 
Total  $1,861 

 

 
v3.24.1.1.u2
LEASE RIGHT-OF-USE ASSET AND LEASE LIABILITIES
 3 Months Ended
Mar. 31, 2024
Lease Right-of-use Asset And Lease Liabilities  
LEASE RIGHT-OF-USE ASSET AND LEASE LIABILITIES

11. LEASE RIGHT-OF-USE ASSET AND LEASE LIABILITIES

 

Right-Of-Use Assets     
Balance as of December 31, 2023  $651,853 
Amortization for the three months ended March 31, 2024   (14,346)
Adjustment for foreign currency translation difference   (18,601)
Balance as of March 31, 2024  $618,906 
      
Lease Liability     
Balance as of December 31, 2023  $651,853 
Imputed interest for the three months ended March 31, 2024   8,366 
Gross repayment for the three months ended March 31, 2024   (22,712)
Adjustment for foreign currency translation difference  $(18,601)
Balance as of March 31, 2024  $618,906 
      
Lease liability current portion   59,469 
Lease liability non-current portion  $559,437 

 

Other information:

 

   Three months ended
March 31, 2024		   Three months ended
March 31, 2023		 
Cash paid for amounts included in the measurement of lease liabilities:          
Operating cash flow to operating lease  $22,712   $24,202 
Right-of-use assets obtained in exchange for operating lease liabilities   -    - 
Remaining lease term for operating lease (years)   8.46    1.35 
Weighted average discount rate for operating lease   5.40%   5.40%

 
v3.24.1.1.u2
RELATED PARTY TRANSACTIONS
 3 Months Ended
Mar. 31, 2024
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS

12. RELATED PARTY TRANSACTIONS

 

For the three months ended March 31, 2024 and 2023, the Company has following transactions with related parties:

 

   For the three months ended
March 31, 2024		   For the three
months ended
March 31, 2023		 
Purchases          
- Insite MY International, Inc.  $27,234   $23,877 
           
Leasing          
- Office space leasing   22,712    24,202 
           
Total  $49,946   $48,079 

 

Our Chief Executive Officer, Mr. Wong Kai Cheong is a majority shareholder of Insite MY International, Inc.

 

For the three months ended March 31, 2024 and 2023, the Company has paid $22,712 and $24,202 respectively to Ms. Tan Siew Meng, spouse of our Chief Executive Officer, Mr. Wong Kai Cheong pertaining to leasing of office space.

 
v3.24.1.1.u2
CONCENTRATION OF RISK
 3 Months Ended
Mar. 31, 2024
Risks and Uncertainties [Abstract]  
CONCENTRATION OF RISK

13. CONCENTRATION OF RISK

 

(a) Major Customers

 

For the three months ended March 31, 2024, the Company generated total revenue of $519,752, of which one customer accounted for more than 10% of the Company’s total revenue. For the three months ended March 31, 2023, the Company generated total revenue of $474,802, of which four customers accounted for more than 10% of the Company’s total revenue. The customers who accounted for more than 10% of the Company’s total revenue and its outstanding receivable balance at period-end is presented below:

 

   For the three months ended March 31 
   2024   2023   2024   2023   2024   2023 
   Revenue  

Percentage of

Revenue

  

Accounts

receivable, gross

 
                         
Customer A  $-   $97,543    -%   21%  $-   $- 
Customer B   -    78,464    -%   17%   -    207,487 
Customer C   -    72,861    -%   15%   -    - 
Customer D   -    54,145    -%   11%   -    56,991 
Customer E   61,307    -    12%   -%   33,061    - 
Others   458,445    171,789    88%   36%   704,583    264,201 
Total  $519,752   $474,802    100%   100%  $737,644   $528,679 

 

(b) Major Suppliers

 

For the three months ended March 31, 2024, the Company incurred cost of revenue of $33,834, of which two suppliers accounted for more than 10% of the Company’s cost of revenue. For the three months ended March 31, 2023, the Company incurred cost of revenue of $53,662, of which four suppliers accounted for more than 10% of the Company’s cost of revenue. The suppliers who accounted for more than 10% of the Company’s cost of revenue and its outstanding payable balance at period-end is presented below:

 

   For the three months ended March 31 
   2024   2023   2024   2023   2024   2023 
   Cost of revenue  

Percentage of

Cost of revenue

  

Accounts

payable, trade

 
                         
Supplier A  $27,234   $23,877    80%   44%  $18,912   $20,199 
Supplier B   -    13,422    -%   25%   -    40,715 
Supplier C   -    7,286    -%   14%   -    - 
Supplier D   -    6,831    -%   13%   -    - 
Supplier E   5,958    -    18%   -%   3,429    - 
Others   642    2,246    2%   4%   3,715    4,283 
Total  $33,834   $53,662    100%   100%  $26,056   $65,197 

 

Our Chief Executive Officer, Mr. Wong Kai Cheong is a majority shareholder of Supplier A.

 

 
v3.24.1.1.u2
INCOME TAXES
 3 Months Ended
Mar. 31, 2024
Income Tax Disclosure [Abstract]  
INCOME TAXES

14. INCOME TAXES

 

The loss before income taxes of the Company for the three months ended March 31, 2024 and 2023 were comprised of the following:

 

           
   For the three months ended March 31 
   2024   2023 
Tax jurisdictions from:          
- Local  $(15,868)  $(121,039)
- Foreign, representing:          
Hong Kong   (3,893)   (10,189)
British Virginia Island (non-taxable jurisdiction)   (400)   (300)
Labuan, Malaysia (non-taxable jurisdiction)   (10,397)   2,031 
Malaysia   (250,958)   (205,139)
Loss before income taxes  $(281,516)  $(334,636)

 

Provision for income taxes consisted of the following:

 

           
   For the three months ended March 31 
   2024   2023 
Current:          
- Local  $-   $- 
- Foreign  $-   $- 
           
Deferred tax assets:          
- Local  $-   $- 
- Foreign  $42   $- 
           
Deferred tax liabilities:          
- Local  $-   $- 
- Foreign  $11,671   $9,250 
           
Income tax payable:          
- Local  $-   $- 
- Foreign  $3,358   $206,643 
           
Income tax assets:          
- Local  $-   $- 
- Foreign  $244,439   $549,319 

 

The effective tax rate in the years presented is the result of the mix of income earned in various tax jurisdictions that apply a broad range of income tax rates. During the period presented, the Company has a number of subsidiaries that operates in various countries: United States, Hong Kong, British Virginia Island and Malaysia that are subject to taxes in the jurisdictions in which they operate, as follows:

 

United States of America

 

The Company is registered in the State of Nevada and is subject to the tax laws of the United States of America. As of March 31, 2024, the operations in the United States of America incurred $740,315 of cumulative net operating losses (NOL’s) which can be carried forward to offset future taxable income. The NOL carry forwards begin to expire in 2044, if unutilized. The Company has provided for a full valuation allowance of approximately $155,466 against the deferred tax assets on the expected future tax benefits from the net operating loss carry forwards as the management believes it is more likely than not that these assets will not be realized in the future.

 

Hong Kong

 

AsiaFIN Holdings Corp. is subject to Hong Kong Profits Tax, which is charged at the statutory income tax rate of 8.25% on its assessable income.

 

Labuan

 

Under the current laws of the Labuan, AsiaFIN Holdings Corp. is governed under the Labuan Business Activity Act, 1990. The tax charge for such company is based on 24% of net audited profit.

 

Malaysia

 

All Malaysia companies are subject to the Malaysia Corporate Tax Laws at a two-tier corporate income tax rate based on amount of paid-up capital. The 2024 tax rate for company with paid-up capital of MYR 2,500,000 (approximately $529,235) or less and that are not part of a group containing a company exceeding this capitalization threshold is 17% on the first MYR 600,000 (approximately $126,772) taxable profit with the remaining balance being taxed at 24%.

 

As of March 31, 2024, the operations in Malaysia incurred $7,267,980 of cumulative net operating losses which can be carried forward to offset future taxable income. The net operating loss can be carried forward for seven years. The Company has provided for a full valuation allowance against the deferred tax assets of $1,235,557 on the expected future tax benefits from the net operating loss carry forwards as the management believes it is more likely than not that these assets will not be realized in the future.

 

 
v3.24.1.1.u2
DIVIDEND
 3 Months Ended
Mar. 31, 2024
Dividend  
DIVIDEND

15. DIVIDEND

 

For the year ended December 31, 2022, Insite MY Innovations Sdn Bhd and Insite MY Systems Sdn Bhd, passed a board resolution for declaration of dividend amounted MYR1,700,000 (approximately $385,680) and MYR4,294,000 (approximately $974,182), respectively to StarFIN Asia Sdn Bhd. Subsequently, StarFIN Asia Sdn Bhd passed a board resolution for declaration of dividend amounted MYR5,794,000 to Mr. Wong Kai Cheong and Mr. Hoo Swee Ping, before acquired by StarFIN Holdings Limited on January 20, 2023.

 

No dividend was declared for the three months ended March 31, 2024.

 
v3.24.1.1.u2
FOREIGN CURRENCY EXCHANGE RATE
 3 Months Ended
Mar. 31, 2024
Foreign Currency [Abstract]  
FOREIGN CURRENCY EXCHANGE RATE

16. FOREIGN CURRENCY EXCHANGE RATE

 

The Company cannot guarantee that the current exchange rate will remain stable, therefore there is a possibility that the Company could post the same amount of income for two comparable periods and because of the fluctuating exchange rate post higher or lower income depending on exchange rate converted into US$ at the end of the financial year. The exchange rate could fluctuate depending on changes in political and economic environments without notice.

 
v3.24.1.1.u2
SEGMENT REPORTING
 3 Months Ended
Mar. 31, 2024
Segment Reporting [Abstract]  
SEGMENT REPORTING

17. SEGMENT REPORTING

 

ASC 280, “Segment Reporting” establishes standards for reporting information about operating segments on a basis consistent with the Company’s internal organization structure as well as information about services categories, business segments and major customers in financial statements. The Company has single reportable segment based on business unit, information technology business and two reportable segments based on country, Malaysia and Non-Malaysia.

 

In accordance with the “Segment Reporting” Topic of the ASC, the Company’s chief operating decision maker has been identified as the Chief Executive Officer and President, who reviews operating results to make decisions about allocating resources and assessing performance for the entire Company. Existing guidance, which is based on a management approach to segment reporting, establishes requirements to report selected segment information quarterly and to report annually entity-wide disclosures about products and services, major customers, and the countries in which the entity holds material assets and reports revenue. All material operating units qualify for aggregation under “Segment Reporting” due to their similar customer base and similarities in economic characteristics; nature of products and services; and procurement, manufacturing and distribution processes.

  

For the Three Months Ended and

As of March 31, 2024

 
By Business Unit 

Information

Technology Business

   Total 
Revenue  $519,752   $519,752 
           
Cost of revenue   (33,834)   (33,834)
           
Gross profit  $485,918   $485,918 
           
Share of loss from operation of associate   (9,599)   (9,599)
           
Selling, general and administrative expenses and other income   (757,835)   (757,835)
           
Loss from operations   (281,516)   (281,516)
           
Total assets  $3,457,103   $3,457,103 
Capital expenditure  $43,479   $43,479 

 

 

  

For the Three Months Ended and

As of March 31, 2024

 
By Country  Malaysia   Non-Malaysia   Total 
Revenue  $519,752   $-   $519,752 
                
Cost of revenue   (33,834)   -    (33,834)
                
Gross profit  $485,918   $-   $485,918 
                
Share of loss from operation of associate   (9,599)   -    (9,599)
                
Selling, general and administrative expenses and other income   (737,673)   (20,162)   (757,835)
                
Loss from operations   (261,354)   (20,162)   (281,516)
                
Total assets  $3,425,055   $32,048   $3,457,103 
Capital expenditure  $43,479   $-   $43,479 

 

  

For the Three Months Ended and

As of March 31, 2023

 
By Business Unit 

Information

Technology Business

   Total 
Revenue  $474,802   $474,802 
           
Cost of revenue   (53,662)   (53,662)
           
Gross profit  $421,140   $421,140 
           
Selling, general and administrative expenses and other income   (755,776)   (755,776)
           
Loss from operations   (334,636)   (334,636)
           
Total assets  $3,444,632   $3,444,632 
Capital expenditure  $11,395   $11,395 

 

  

For the Three Months Ended and

As of March 31, 2023

 
By Country  Malaysia   Non-Malaysia   Total 
Revenue  $474,802   $-   $474,802 
                
Cost of revenue   (53,662)   -    (53,662)
                
Gross profit  $421,140   $-   $421,140 
                
Selling, general and administrative expenses and other income   (632,279)   (123,497)   (755,776)
                
Loss from operations   (211,139)   (123,497)   (334,636)
                
Total assets  $2,708,958   $735,674   $3,444,632 
Capital expenditure  $11,395   $-   $11,395 

 
v3.24.1.1.u2
SIGNIFICANT EVENTS
 3 Months Ended
Mar. 31, 2024
Significant Events  
SIGNIFICANT EVENTS

18. SIGNIFICANT EVENTS

 

On January 3, 2024, the Malaysia Company, a wholly owned subsidiary of the Company entered into a joint venture agreement (herein referred to as the “Agreement”) with Greenpro KSP Holdings Group Co., Ltd. (herein referred to as the “GPKSP”).

 

Pursuant to the Agreement, both parties have agreed to incorporate a new company, KSP AsiaFIN Co., Ltd (herein referred to as the “KSP AsiaFIN”). The Company agreed to acquire 49% equity stake in KSP AsiaFIN for THB2,450,000 (approximately $70,000). KSP AsiaFIN is set to exclusively distribute and implement OrangeWorkforce, Robotic Process Automation (RPA) solution developed by OrangeFIN Asia Sdn Bhd, a wholly subsidiary under the Company for the market in Thailand and Laos.

 
v3.24.1.1.u2
SUBSEQUENT EVENTS
 3 Months Ended
Mar. 31, 2024
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

19. SUBSEQUENT EVENTS

 

In accordance with ASC Topic 855, “Subsequent Events”, which establishes general standards of accounting for and disclosure of events that occur after the balance sheet date but before financial statements are issued, the Company has evaluated all events or transactions that occurred after March 31, 2024 up through the date the Company presented these unaudited financial statements.
v3.24.1.1.u2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
 3 Months Ended
Mar. 31, 2024
Accounting Policies [Abstract]  
Basis of Presentation

Basis of Presentation

 

These accompanying financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“US GAAP”).

 

The accompanying financial statements include the accounts of the Company and its subsidiaries and associates. Intercompany transactions and balances were eliminated in consolidation. The Company has adopted December 31 as its fiscal year end.

 

The accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries and majority-owned subsidiaries which the Company controls and entities for which the Company is the primary beneficiary. For those consolidated subsidiaries where the Company’s ownership is less than 100%, the outside shareholders’ interests are shown as non-controlling interests in equity. Acquired businesses are included in the consolidated financial statements from the date on which control is transferred to the Company. Subsidiaries are deconsolidated from the date that control ceases. All inter-company accounts and transactions have been eliminated in consolidation.

 

Below is the organization chart of the Group.

 

 
Use of Estimates

Use of Estimates

 

In preparing these financial statements, management makes estimates and assumptions that affect the reported amounts of assets and liabilities in the balance sheets and revenues and expenses during the years reported. Actual results may differ from these estimates.

 

 
Cash and Cash Equivalents

Cash and Cash Equivalents

 

The Company considers short-term, highly liquid investments with an original maturity of 90 days or less to be cash equivalents.

 

Our deposit in Malaysia banks are secured by Perbadanan Insurans Deposit Malaysia, compensating up to a limit of Malaysia Ringgit MYR250,000 per deposit per member bank, which is equivalent to $52,822, if any of our bank fail.

 
Plant and Equipment

Plant and Equipment

 

Plant and equipment are stated at cost, with depreciation and amortization provided using the straight-line method over the following periods:

 

Asset Categories   Depreciation Periods
Renovation   over the remaining lease period
Computer Systems   4 to 5 years
Furniture and Fittings   10 years
Electrical Fittings   10 years
Handphone   5 years
Office Equipment   10 years
Motor Vehicle   5 years
Property   50 years

 
Credit losses

Credit losses

 

The Company estimates and records a provision for its expected credit losses related to its financial instruments, including its trade receivables. Management considers historical collection rates, the current financial status of the Company’s customers, macroeconomic factors, and other industry-specific factors when evaluating current expected credit losses. Forward-looking information is also considered in the evaluation of current expected credit losses. However, because of the short time to the expected receipt of accounts receivable, management believes that the carrying value, net of expected losses, approximates fair value and therefore, relies more on historical and current analysis of such financial instruments, including its trade receivables.

 

Credit loss rate is determined by historical collection based on aging schedule, adjusted for current conditions using reasonable and supportable forecasts. Based on the aging categorization and the adjusted loss rate per category, an allowance for credit losses is calculated by multiplying the adjusted loss rate with the amortized cost in the respective age category.

 
Investment in associate

Investment in associate

 

In accordance with ASC Topic 321, “Investments – Equity Securities”, the Company measures the investment in associate without a readily determinable fair value at its cost minus impairment, if any. The Company reassess at each reporting period whether the equity investment without a readily determinable fair value qualifies to be measured at fair value. The measurement of those securities at fair value shall be irrevocable. Any resulting gains or losses on the investment in associate for which that measurement is made shall be recorded in earnings at that time. At each reporting period, the Company makes a qualitative assessment on the investment in associate considering impairment indicators to evaluate whether the investment is impaired. If an equity security without a readily determinable fair value is impaired, the Company shall include an impairment loss in net income equal to the difference between the fair value of the investment and its carrying amount.

 
Revenue recognition

Revenue recognition

 

The Company through subsidiaries generate multiple streams of revenues based on different business model adopted by each subsidiary through provisions of services and recognized upon customer obtained control of promised services and recognized in an amount that reflects the consideration that the Company expects to receive in exchange for those services. In addition, the standard requires disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The Company applies the following five-step model in order to determine this amount:

 

(i) Identify contract with customer;

 

(ii) Identify distinct performance obligations in contract, including promises if any;

 

(iii) Measurement of the transaction price, including the constraint on variable consideration;

 

(iv) Allocation of the transaction price to the performance obligations; and

 

(v) Recognition of revenue when (or as) the Company satisfies each performance obligation.

 
Cost of revenue

Cost of revenue

 

Cost of revenue includes direct costs associated with provision of services such as development costs, purchases of third-party software, maintenance fees and consultation fees.

 
Income tax expense

Income tax expense

 

Income taxes are determined in accordance with the provisions of ASC Topic 740, “Income Taxes” (“ASC Topic 740”). Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted income tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Any effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.

 

ASC 740 prescribes a comprehensive model for how companies should recognize, measure, present, and disclosed in their financial statements uncertain tax positions taken or expected to be taken on a tax return. Under ASC 740, tax positions must initially be recognized in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions must initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts.

 

 

The Company conducts major businesses in Malaysia and is subject to tax in their own jurisdictions. As a result of its business activities, the Company will file separate tax returns that are subject to examination by the foreign tax authorities.

 
Going concern

Going concern

 

The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business.

 

As reflected in the accompanying financial statements, for the three months ended March 31, 2024, the Company incurred a net loss of $278,111 and positive operating cash flow of $126,777. These factors raise substantial doubt about the Company’s ability to continue as a going concern within one year of the date that the financial statements are issued.

 

The Company does not have sufficient revenue to cover its operating cost due to the research and development activities performed in the initial stage. The Company’s ability to continue as a going concern is dependent upon improving its profitability and the continuing financial support from its major shareholders. Management believes the existing shareholders or external financing will provide the additional cash to meet the Company’s obligations as they become due.

 

No assurance can be given that any future financing, if needed, will be available. These and other factors raise substantial doubt about the Company’s ability to continue as a going concern. These financial statements do not include any adjustments to reflect the possible future effects on the recoverability in profitability that may result in the Company not being able to continue as a going concern.

 
Foreign currencies translation

Foreign currencies translation

 

Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded in the statement of operations and comprehensive income (loss).

 

The functional currency of the Company is the United States Dollars (“US$”) and the accompanying financial statements have been expressed in US$. In addition, the Company’s subsidiary maintains its books and record in Malaysia Ringgits (“MYR”), United States Dollars (“US$”), Hong Kong Dollars (“HK$”) and Thailand Baht (“THB”), which is the respective functional currency as being the primary currency of the economic environment in which the entity operates.

 

In general, for consolidation purposes, assets and liabilities of its subsidiaries whose functional currency is not US$ are translated into US$, in accordance with ASC Topic 830-30, “Translation of Financial Statement”, using the exchange rate on the balance sheet date. Revenues and expenses are translated at average rates prevailing during the period. The gains and losses resulting from translation of financial statements of foreign subsidiary are recorded as a separate component of accumulated other comprehensive income.

 

Translation of amounts from the local currency of the Company into US$1 has been made at the following exchange rates for the respective periods:

 

  

For the period
three months ended

March 31

 
   2024   2023 
Period-end MYR : US$1 exchange rate   4.72    4.42 
Period-average MYR : US$1 exchange rate   4.73    4.39 
Period-end HK$ : US$1 exchange rate   7.75    7.75 
Period-average HK$ : US$1 exchange rate   7.75    7.75 
Period-end THB : US$1 exchange rate   36.37    - 
Period-average THB : US$1 exchange rate   35.86    - 

 
Related parties

Related parties

 

Parties, which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Companies are also considered to be related if they are subject to common control or common significant influence.

 
Fair value of financial instruments

Fair value of financial instruments

 

The carrying value of the Company’s financial instruments: cash and cash equivalents, trade receivable, deposits and other receivables, amount due to related parties and other payables approximate at their fair values because of the short-term nature of these financial instruments.

 

The Company also follows the guidance of the ASC Topic 820-10, “Fair Value Measurements and Disclosures” (“ASC 820-10”), with respect to financial assets and liabilities that are measured at fair value. ASC 820-10 establishes a three-tier fair value hierarchy that prioritizes the inputs used in measuring fair value as follows:

 

Level 1 : Observable inputs such as quoted prices in active markets;

 

Level 2 : Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and

 

 

Level 3 : Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions.

 

As of March 31, 2024, the Company did not have any nonfinancial assets and liabilities that are recognized or disclosed at fair value in the financial statements, at least annually, on a recurring basis, nor did the Company have any assets or liabilities measured at fair value on a non-recurring basis.

 
Net Income/(Loss) per Share

Net Income/(Loss) per Share

 

The Company calculates net income/(loss) per share in accordance with ASC Topic 260, “Earnings per Share.” Basic income/(loss) per share is computed by dividing the net income/(loss) by the weighted-average number of common shares outstanding during the period. Diluted income per share is computed similar to basic income/(loss) per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common stock equivalents had been issued and if the additional common shares were dilutive.

 
Lease

Lease

 

The Company offices for fixed periods pre-emptive extension options. The Company recognizes lease payments for its short-term lease on a straight-line basis over the lease term.

 

Lease liability is initially and subsequently measured at the present value of the unpaid lease payments at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for lease payments made at or before the lease commencement date, plus any initial direct costs incurred less any lease incentives received. Costs associated with operating lease assets are recognized on a straight-line basis within operating expenses over the term of the lease.

 

In determining the present value of the unpaid lease payments, ASC 842 requires a lessee to discount its unpaid lease payments using the interest rate implicit in the lease or, if that rate cannot be readily determined, its incremental borrowing rate. As most of the Company leases do not provide an implicit rate, the Company uses its incremental borrowing rate as the discount rate for the lease. The Company incremental borrowing rate is estimated to approximate the interest rate on a collateralized basis with similar terms and payments.

 
Acquisition Agreement

Acquisition Agreement

 

The acquisition of StarFIN Holdings Limited. (“SFHL”) has been accounted for under the purchase method of accounting in accordance with Statement of Financial Accounting Standards No. 141, “Business Combinations”. Under the purchase method of accounting, the purchase price is allocated to the assets acquired and liabilities assumed based on their estimated fair values.

 

The allocation of the purchase price has been prepared based on preliminary estimates of fair values. However, actual amounts recorded upon the finalization of estimates of fair values may differ from the information presented in these unaudited pro forma condensed combined consolidated financial statements. The Company estimates of the fair values of the assets and liabilities of SFHL have been combined with the recorded values of the assets and liabilities of SFHL in the audited condensed combined financial information, goodwill was immediately impaired upon recognition.

 
Recently Issued Accounting Standards

Recently Issued Accounting Standards

 

The Company reviews new accounting standards as issued. Management has not identified any other new standards that it believes will have a significant impact on the Company’s financial statements.
v3.24.1.1.u2
ORGANIZATION AND BUSINESS BACKGROUND (Tables)
 3 Months Ended
Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
SCHEDULE OF SUBSIDIARIES

 

No.  

Subsidiary

Company Name

   Domicile and Date of Incorporation  

Particulars of

Issued Capital

   Principal Activities
1   AsiaFIN Holdings Corp.   Labuan at July 15, 2019   1 shares of common stock   Investment holding company
                 
2   AsiaFIN Holdings Limited   Hong Kong at July 5, 2019   1 shares of common stock   Investment holding company
                 
3   StarFIN Holdings Limited   British Virgin Island at August 19, 2021   10,000 shares of common stock   Investment holding company
                 
4   Insite MY Holdings Sdn Bhd (FKA StarFIN Asia Sdn Bhd)   Malaysia at May 24, 2018   11,400,102 shares of common stock   Investment holding company
                 
5   OrangeFIN Academy Sdn Bhd (FKA Insite MY.Com Sdn Bhd)   Malaysia at February 2, 2000   100,000 shares of common stock   Provision of business system integration and management services
         `        
6   Insite MY Systems Sdn Bhd   Malaysia at January 18, 2000   500,000 shares of common stock   Provision of information technology services
                 
7   Insite MY Innovations Sdn Bhd   Malaysia at January 18, 2010   540,000 shares of common stock   Provision of information technology services
                 
8   OrangeFIN Asia Sdn Bhd   Malaysia at January 25, 2018   50,000 shares of common stock   Provision of computer programming activities and services
                 
9   TellUS Report Sdn Bhd   Malaysia at September 22, 2023   100 shares of common stock   Provision of information technology services

 

No.   Associate Company Name   Domicile and Date of Incorporation   Particulars of Issued Capital   Principal Activities
1   Murni StarFIN Sdn Bhd   Malaysia at September 9, 2022   100,000 shares of common stock   Provision of information technology services
                 
2   KSP AsiaFIN Co., Ltd. (FKA KSP StarFIN Co., Ltd.)   Thailand at August 11, 2023   50,000 shares of common stock   Provision of information technology services
v3.24.1.1.u2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 3 Months Ended
Mar. 31, 2024
Accounting Policies [Abstract]  
SCHEDULE OF PLANT AND EQUIPMENT DEPRECIATION PERIODS

Plant and equipment are stated at cost, with depreciation and amortization provided using the straight-line method over the following periods:

 

Asset Categories   Depreciation Periods
Renovation   over the remaining lease period
Computer Systems   4 to 5 years
Furniture and Fittings   10 years
Electrical Fittings   10 years
Handphone   5 years
Office Equipment   10 years
Motor Vehicle   5 years
Property   50 years
SCHEDULE OF FOREIGN EXCHANGE RATE

Translation of amounts from the local currency of the Company into US$1 has been made at the following exchange rates for the respective periods:

 

  

For the period
three months ended

March 31

 
   2024   2023 
Period-end MYR : US$1 exchange rate   4.72    4.42 
Period-average MYR : US$1 exchange rate   4.73    4.39 
Period-end HK$ : US$1 exchange rate   7.75    7.75 
Period-average HK$ : US$1 exchange rate   7.75    7.75 
Period-end THB : US$1 exchange rate   36.37    - 
Period-average THB : US$1 exchange rate   35.86    - 
v3.24.1.1.u2
BUSINESS COMBINATIONS (Tables)
 3 Months Ended
Mar. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
SCHEDULE OF PURCHASE PRICE ALLOCATION

 

      
Cash and cash equivalents  $705,480 
Trade receivables, net   676,396 
Deposits paid, prepayments and other receivables   202,414 
Tax assets   539,969 
Investment in Associates – Murni StarFIN Sdn Bhd   8,657 
Property, plant and equipment, net   585,816 
Trade payable   (24,736)
Accrued expenses and other payables   (734,476)
Deferred tax liabilities   (213,524)
Hire purchase loan   (16,554)
Amount due to directors   (283,703)
Amount due to related parties   (1,673)
Adjustment for foreign exchange fluctuation   260,052 
Fair value of StarFIN Holdings Limited  $1,704,118 
Fair value of consideration   (9,055,242)
Goodwill  $7,351,124 
Goodwill impairment   (7,351,124)
v3.24.1.1.u2
TRADE RECEIVABLE, NET (Tables)
 3 Months Ended
Mar. 31, 2024
Credit Loss [Abstract]  
SCHEDULE OF TRADE RECEIVABLE

 

  

As of

March 31, 2024

  

As of

December 31, 2023

 
Trade receivable, gross  $737,644   $1,059,766 
Allowance for expected credit loss   (84,354)   (55,076)
Trade receivable, net  $653,290   $1,004,690 
v3.24.1.1.u2
PREPAYMENT, DEPOSITS AND OTHER RECEIVABLES (Tables)
 3 Months Ended
Mar. 31, 2024
Prepayment Deposits And Other Receivables  
SCHEDULE OF PREPAYMENT, DEPOSITS AND OTHER RECEIVABLES

 

  

As of

March 31, 2024

  

As of

December 31, 2023

 
Rental deposits  $2,159   $- 
Prepaid expenses   49,245    34,717 
Other receivables   32,691    33,578 
Other deposits   27,242    30,952 
Purchase in advance   13,820    14,886 
Total  $125,157   $114,133 
v3.24.1.1.u2
PROPERTY, PLANT AND EQUIPMENT, NET (Tables)
 3 Months Ended
Mar. 31, 2024
Property, Plant and Equipment [Abstract]  
SCHEDULE OF PROPERTY, PLANT AND EQUIPMENT

 

  

As of

March 31, 2024

  

As of

December 31, 2023

 
Computer systems  $256,915   $259,798 
Furniture and fittings   77,655    79,933 
Electrical fittings   9,529    9,808 
Handphone   53,048    51,000 
Office equipment   90,912    93,578 
Renovation   80,729    83,097 
Motor vehicle   354,334    364,726 
Investment property   391,634    403,120 
Total property, plant and equipment  $1,314,756   $1,345,060 
Less: Accumulated depreciation   (815,053)   (824,844)
Total property, plant and equipment, net  $499,703   $520,216 
SCHEDULE OF INVESTMENT IN PROPERTY AND PLANT

 

   For three months ended
March 31, 2024		   For the year
ended
December 31, 2023		 
Investment in computer systems  $4,511   $17,874 
Investment in furniture and fittings   -    371 
Investment in electrical fittings   -    278 
Investment in handphone   3,495    3,393 
Investment in office equipment   -    6,497 
Investment in renovation   -    4,066 
Investment in investment property   -    - 
Total investment in property and plant  $8,006   $32,479 
           
Depreciation for the period   13,686   $74,429 
v3.24.1.1.u2
OTHER PAYABLES AND ACCRUED LIABILITIES (Tables)
 3 Months Ended
Mar. 31, 2024
Payables and Accruals [Abstract]  
SCHEDULE OF OTHER PAYABLES AND ACCRUED LIABILITIES

 

  

As of

March 31, 2024

  

As of

December 31, 2023

 
Accrued expenses  $292,096   $351,036 
Other payable   44,519    57,503 
Receipt in advance   341,646    178,056 
Total  $678,261   $586,595 
v3.24.1.1.u2
HIRE PURCHASE (Tables)
 3 Months Ended
Mar. 31, 2024
Hire Purchase  
SCHEDULE OF MATURITIES OF LOAN

Maturities of the loan for the remaining one year are as follows:

 

Year ending December 31    
2024  $1,861 
Total  $1,861 
v3.24.1.1.u2
LEASE RIGHT-OF-USE ASSET AND LEASE LIABILITIES (Tables)
 3 Months Ended
Mar. 31, 2024
Lease Right-of-use Asset And Lease Liabilities  
SCHEDULE OF LEASE RIGHT OF USE ASSETS AND LEASE LIABILITIES

 

Right-Of-Use Assets     
Balance as of December 31, 2023  $651,853 
Amortization for the three months ended March 31, 2024   (14,346)
Adjustment for foreign currency translation difference   (18,601)
Balance as of March 31, 2024  $618,906 
      
Lease Liability     
Balance as of December 31, 2023  $651,853 
Imputed interest for the three months ended March 31, 2024   8,366 
Gross repayment for the three months ended March 31, 2024   (22,712)
Adjustment for foreign currency translation difference  $(18,601)
Balance as of March 31, 2024  $618,906 
      
Lease liability current portion   59,469 
Lease liability non-current portion  $559,437 
SCHEDULE OF OTHER INFORMATION

Other information:

 

   Three months ended
March 31, 2024		   Three months ended
March 31, 2023		 
Cash paid for amounts included in the measurement of lease liabilities:          
Operating cash flow to operating lease  $22,712   $24,202 
Right-of-use assets obtained in exchange for operating lease liabilities   -    - 
Remaining lease term for operating lease (years)   8.46    1.35 
Weighted average discount rate for operating lease   5.40%   5.40%
v3.24.1.1.u2
RELATED PARTY TRANSACTIONS (Tables)
 3 Months Ended
Mar. 31, 2024
Related Party Transactions [Abstract]  
SCHEDULE OF RELATED PARTIES TRANSACTIONS

For the three months ended March 31, 2024 and 2023, the Company has following transactions with related parties:

 

   For the three months ended
March 31, 2024		   For the three
months ended
March 31, 2023		 
Purchases          
- Insite MY International, Inc.  $27,234   $23,877 
           
Leasing          
- Office space leasing   22,712    24,202 
           
Total  $49,946   $48,079 
v3.24.1.1.u2
CONCENTRATION OF RISK (Tables)
 3 Months Ended
Mar. 31, 2024
Customer Concentration Risk [Member]  
Concentration Risk [Line Items]  
SCHEDULE OF CONCENTRATION OF RISK

 

   For the three months ended March 31 
   2024   2023   2024   2023   2024   2023 
   Revenue  

Percentage of

Revenue

  

Accounts

receivable, gross

 
                         
Customer A  $-   $97,543    -%   21%  $-   $- 
Customer B   -    78,464    -%   17%   -    207,487 
Customer C   -    72,861    -%   15%   -    - 
Customer D   -    54,145    -%   11%   -    56,991 
Customer E   61,307    -    12%   -%   33,061    - 
Others   458,445    171,789    88%   36%   704,583    264,201 
Total  $519,752   $474,802    100%   100%  $737,644   $528,679 
Supplier Concentration Risk [Member]  
Concentration Risk [Line Items]  
SCHEDULE OF CONCENTRATION OF RISK

   For the three months ended March 31 
   2024   2023   2024   2023   2024   2023 
   Cost of revenue  

Percentage of

Cost of revenue

  

Accounts

payable, trade

 
                         
Supplier A  $27,234   $23,877    80%   44%  $18,912   $20,199 
Supplier B   -    13,422    -%   25%   -    40,715 
Supplier C   -    7,286    -%   14%   -    - 
Supplier D   -    6,831    -%   13%   -    - 
Supplier E   5,958    -    18%   -%   3,429    - 
Others   642    2,246    2%   4%   3,715    4,283 
Total  $33,834   $53,662    100%   100%  $26,056   $65,197 
v3.24.1.1.u2
INCOME TAXES (Tables)
 3 Months Ended
Mar. 31, 2024
Income Tax Disclosure [Abstract]  
SCHEDULE OF LOSS BEFORE INCOME TAXES

The loss before income taxes of the Company for the three months ended March 31, 2024 and 2023 were comprised of the following:

 

           
   For the three months ended March 31 
   2024   2023 
Tax jurisdictions from:          
- Local  $(15,868)  $(121,039)
- Foreign, representing:          
Hong Kong   (3,893)   (10,189)
British Virginia Island (non-taxable jurisdiction)   (400)   (300)
Labuan, Malaysia (non-taxable jurisdiction)   (10,397)   2,031 
Malaysia   (250,958)   (205,139)
Loss before income taxes  $(281,516)  $(334,636)
SCHEDULE OF PROVISION FOR INCOME TAXES

Provision for income taxes consisted of the following:

 

           
   For the three months ended March 31 
   2024   2023 
Current:          
- Local  $-   $- 
- Foreign  $-   $- 
           
Deferred tax assets:          
- Local  $-   $- 
- Foreign  $42   $- 
           
Deferred tax liabilities:          
- Local  $-   $- 
- Foreign  $11,671   $9,250 
           
Income tax payable:          
- Local  $-   $- 
- Foreign  $3,358   $206,643 
           
Income tax assets:          
- Local  $-   $- 
- Foreign  $244,439   $549,319 
v3.24.1.1.u2
SEGMENT REPORTING (Tables)
 3 Months Ended
Mar. 31, 2024
Segment Reporting [Abstract]  
SCHEDULE OF SEGMENT REPORTING

  

For the Three Months Ended and

As of March 31, 2024

 
By Business Unit 

Information

Technology Business

   Total 
Revenue  $519,752   $519,752 
           
Cost of revenue   (33,834)   (33,834)
           
Gross profit  $485,918   $485,918 
           
Share of loss from operation of associate   (9,599)   (9,599)
           
Selling, general and administrative expenses and other income   (757,835)   (757,835)
           
Loss from operations   (281,516)   (281,516)
           
Total assets  $3,457,103   $3,457,103 
Capital expenditure  $43,479   $43,479 

 

 

  

For the Three Months Ended and

As of March 31, 2024

 
By Country  Malaysia   Non-Malaysia   Total 
Revenue  $519,752   $-   $519,752 
                
Cost of revenue   (33,834)   -    (33,834)
                
Gross profit  $485,918   $-   $485,918 
                
Share of loss from operation of associate   (9,599)   -    (9,599)
                
Selling, general and administrative expenses and other income   (737,673)   (20,162)   (757,835)
                
Loss from operations   (261,354)   (20,162)   (281,516)
                
Total assets  $3,425,055   $32,048   $3,457,103 
Capital expenditure  $43,479   $-   $43,479 

 

  

For the Three Months Ended and

As of March 31, 2023

 
By Business Unit 

Information

Technology Business

   Total 
Revenue  $474,802   $474,802 
           
Cost of revenue   (53,662)   (53,662)
           
Gross profit  $421,140   $421,140 
           
Selling, general and administrative expenses and other income   (755,776)   (755,776)
           
Loss from operations   (334,636)   (334,636)
           
Total assets  $3,444,632   $3,444,632 
Capital expenditure  $11,395   $11,395 

 

  

For the Three Months Ended and

As of March 31, 2023

 
By Country  Malaysia   Non-Malaysia   Total 
Revenue  $474,802   $-   $474,802 
                
Cost of revenue   (53,662)   -    (53,662)
                
Gross profit  $421,140   $-   $421,140 
                
Selling, general and administrative expenses and other income   (632,279)   (123,497)   (755,776)
                
Loss from operations   (211,139)   (123,497)   (334,636)
                
Total assets  $2,708,958   $735,674   $3,444,632 
Capital expenditure  $11,395   $-   $11,395 
v3.24.1.1.u2
SCHEDULE OF SUBSIDIARIES (Details) - shares
 3 Months Ended
Mar. 31, 2024
Dec. 31, 2023
Particulars of Issued Capital 81,551,838 81,551,838
AsiaFIN Holdings Corp. Labuan [Member]    
Domicile and Date of Incorporation Labuan at July 15, 2019  
Particulars of Issued Capital 1  
Principal activities Investment holding company  
AsiaFIN Holdings Limited (Hong Kong) [Member]    
Domicile and Date of Incorporation Hong Kong at July 5, 2019  
Particulars of Issued Capital 1  
Principal activities Investment holding company  
StarFIN Holdings Limited [Member]    
Domicile and Date of Incorporation British Virgin Island at August 19, 2021  
Particulars of Issued Capital 10,000  
Principal activities Investment holding company  
StarFIN Asia Sdn Bhd [Member]    
Domicile and Date of Incorporation Malaysia at May 24, 2018  
Particulars of Issued Capital 11,400,102  
Principal activities Investment holding company  
Insite MY.Com Sdn Bhd [Member]    
Domicile and Date of Incorporation Malaysia at February 2, 2000  
Particulars of Issued Capital 100,000  
Principal activities Provision of business system integration and management services  
Insite MY Systems Sdn Bhd [Member]    
Domicile and Date of Incorporation Malaysia at January 18, 2000  
Particulars of Issued Capital 500,000  
Principal activities Provision of information technology services  
Insite MY Innovations Sdn Bhd [Member]    
Domicile and Date of Incorporation Malaysia at January 18, 2010  
Particulars of Issued Capital 540,000  
Principal activities Provision of information technology services  
OrangeFIN Asia Sdn Bhd [Member]    
Domicile and Date of Incorporation Malaysia at January 25, 2018  
Particulars of Issued Capital 50,000  
Principal activities Provision of computer programming activities and services  
TellUS Report Sdn Bhd [Member]    
Domicile and Date of Incorporation Malaysia at September 22, 2023  
Particulars of Issued Capital 100  
Principal activities Provision of information technology services  
Murni StarFIN Sdn Bhd [Member]    
Domicile and Date of Incorporation Malaysia at September 9, 2022  
Particulars of Issued Capital 100,000  
Principal activities Provision of information technology services  
KSP AsiaFIN Co Ltd [Member]    
Domicile and Date of Incorporation Thailand at August 11, 2023  
Particulars of Issued Capital 50,000  
Principal activities Provision of information technology services  
v3.24.1.1.u2
SCHEDULE OF PLANT AND EQUIPMENT DEPRECIATION PERIODS (Details)
Mar. 31, 2024
Renovation [Member]  
Property, Plant and Equipment [Line Items]  
Property, Plant, and Equipment, Useful Life, Term, Description [Extensible Enumeration] us-gaap:UsefulLifeTermOfLeaseMember
Computer Equipment [Member] | Minimum [Member]  
Property, Plant and Equipment [Line Items]  
Property and Equipment, Depriciation periods 4 years
Computer Equipment [Member] | Maximum [Member]  
Property, Plant and Equipment [Line Items]  
Property and Equipment, Depriciation periods 5 years
Furniture and Fixtures [Member]  
Property, Plant and Equipment [Line Items]  
Property and Equipment, Depriciation periods 10 years
Electrical Fittings [Member]  
Property, Plant and Equipment [Line Items]  
Property and Equipment, Depriciation periods 10 years
Handphone [Member]  
Property, Plant and Equipment [Line Items]  
Property and Equipment, Depriciation periods 5 years
Office Equipment [Member]  
Property, Plant and Equipment [Line Items]  
Property and Equipment, Depriciation periods 10 years
Motor Vehicle [Member]  
Property, Plant and Equipment [Line Items]  
Property and Equipment, Depriciation periods 5 years
Investment Property [Member]  
Property, Plant and Equipment [Line Items]  
Property and Equipment, Depriciation periods 50 years
v3.24.1.1.u2
SCHEDULE OF FOREIGN EXCHANGE RATE (Details)
Mar. 31, 2024
Mar. 31, 2023
Period-end MYR : US$1 exchange rate [Member]    
Exchange rate 4.72 4.42
Period-average MYR : US$1 exchange rate [Member]    
Exchange rate 4.73 4.39
Period-end HK : US$1 exchange rate [Member]    
Exchange rate 7.75 7.75
Period-average HK : US$1 exchange rate [Member]    
Exchange rate 7.75 7.75
Period End T H B U Sexchange Rate [Member]    
Exchange rate 36.37
Period Average T H B U Sexchange Rate [Member]    
Exchange rate 35.86
v3.24.1.1.u2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative)
 3 Months Ended
Mar. 31, 2024
USD ($)
Mar. 31, 2023
USD ($)
Mar. 31, 2024
MYR (RM)
Accounting Policies [Abstract]      
Deposits $ 52,822   RM 250,000
Net loss 278,111 $ 334,636  
Operating cash flow $ 126,777 $ 489,867  
v3.24.1.1.u2
SCHEDULE OF PURCHASE PRICE ALLOCATION (Details) - StarFIN Holdings Limited [Member]
Dec. 22, 2022
USD ($)
Business Acquisition [Line Items]  
Cash and cash equivalents $ 705,480
Trade receivables, net 676,396
Deposits paid, prepayments and other receivables 202,414
Tax assets 539,969
Investment in Associates – Murni StarFIN Sdn Bhd 8,657
Property, plant and equipment, net 585,816
Trade payable (24,736)
Accrued expenses and other payables (734,476)
Deferred tax liabilities (213,524)
Hire purchase loan (16,554)
Amount due to directors (283,703)
Amount due to related parties (1,673)
Adjustment for foreign exchange fluctuation 260,052
Fair value of StarFIN Holdings Limited 1,704,118
Fair value of consideration (9,055,242)
Goodwill 7,351,124
Goodwill impairment $ (7,351,124)
v3.24.1.1.u2
BUSINESS COMBINATIONS (Details Narrative) - StarFIN Holdings Limited [Member]
Dec. 22, 2022
USD ($)
shares
Business Acquisition [Line Items]  
Equity interest acquired 100.00%
Shares issued in acquisition, shares | shares 8,232,038
Shares issued in acquisition, value $ 9,055,242
Fair value of consideration $ 9,055,242
v3.24.1.1.u2
SCHEDULE OF TRADE RECEIVABLE (Details) - USD ($)
Mar. 31, 2024
Dec. 31, 2023
Mar. 31, 2023
Credit Loss [Abstract]      
Trade receivable, gross $ 737,644 $ 1,059,766 $ 528,679
Allowance for expected credit loss (84,354) (55,076)  
Trade receivable, net $ 653,290 $ 1,004,690  
v3.24.1.1.u2
SCHEDULE OF PREPAYMENT, DEPOSITS AND OTHER RECEIVABLES (Details) - USD ($)
Mar. 31, 2024
Dec. 31, 2023
Prepayment Deposits And Other Receivables    
Rental deposits $ 2,159
Prepaid expenses 49,245 34,717
Other receivables 32,691 33,578
Other deposits 27,242 30,952
Purchase in advance 13,820 14,886
Total $ 125,157 $ 114,133
v3.24.1.1.u2
SCHEDULE OF PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($)
Mar. 31, 2024
Dec. 31, 2023
Property, Plant and Equipment [Line Items]    
Total property, plant and equipment $ 1,314,756 $ 1,345,060
Less: Accumulated depreciation (815,053) (824,844)
Total property, plant and equipment, net 499,703 520,216
Computer Equipment [Member]    
Property, Plant and Equipment [Line Items]    
Total property, plant and equipment 256,915 259,798
Furniture and Fixtures [Member]    
Property, Plant and Equipment [Line Items]    
Total property, plant and equipment 77,655 79,933
Electrical Fittings [Member]    
Property, Plant and Equipment [Line Items]    
Total property, plant and equipment 9,529 9,808
Handphone [Member]    
Property, Plant and Equipment [Line Items]    
Total property, plant and equipment 53,048 51,000
Office Equipment [Member]    
Property, Plant and Equipment [Line Items]    
Total property, plant and equipment 90,912 93,578
Renovation [Member]    
Property, Plant and Equipment [Line Items]    
Total property, plant and equipment 80,729 83,097
Motor Vehicle [Member]    
Property, Plant and Equipment [Line Items]    
Total property, plant and equipment 354,334 364,726
Investment Property [Member]    
Property, Plant and Equipment [Line Items]    
Total property, plant and equipment $ 391,634 $ 403,120
v3.24.1.1.u2
SCHEDULE OF INVESTMENT IN PROPERTY AND PLANT (Details) - USD ($)
 3 Months Ended 12 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Dec. 31, 2023
Property, Plant and Equipment [Line Items]      
Total investment in property and plant $ 8,006 $ 11,395 $ 32,479
Depreciation for the period 13,686   74,429
Computer Equipment [Member]      
Property, Plant and Equipment [Line Items]      
Total investment in property and plant 4,511   17,874
Furniture and Fixtures [Member]      
Property, Plant and Equipment [Line Items]      
Total investment in property and plant   371
Electrical Fittings [Member]      
Property, Plant and Equipment [Line Items]      
Total investment in property and plant   278
Handphone [Member]      
Property, Plant and Equipment [Line Items]      
Total investment in property and plant 3,495   3,393
Office Equipment [Member]      
Property, Plant and Equipment [Line Items]      
Total investment in property and plant   6,497
Renovation [Member]      
Property, Plant and Equipment [Line Items]      
Total investment in property and plant   4,066
Investment Property [Member]      
Property, Plant and Equipment [Line Items]      
Total investment in property and plant  
v3.24.1.1.u2
PROPERTY, PLANT AND EQUIPMENT, NET (Details Narrative) - USD ($)
 3 Months Ended 12 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Dec. 31, 2023
Property, Plant and Equipment [Line Items]      
Investment in property and plant $ 8,006 $ 11,395 $ 32,479
Investment Property [Member]      
Property, Plant and Equipment [Line Items]      
Investment in property and plant  
Investment Property [Member] | Director [Member]      
Property, Plant and Equipment [Line Items]      
Investment in property and plant $ 420,225    
v3.24.1.1.u2
SCHEDULE OF OTHER PAYABLES AND ACCRUED LIABILITIES (Details) - USD ($)
Mar. 31, 2024
Dec. 31, 2023
Payables and Accruals [Abstract]    
Accrued expenses $ 292,096 $ 351,036
Other payable 44,519 57,503
Receipt in advance 341,646 178,056
Total $ 678,261 $ 586,595
v3.24.1.1.u2
AMOUNT DUE TO DIRECTOR (Details Narrative) - USD ($)
Mar. 31, 2024
Dec. 31, 2023
Director [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Amount due to director $ 187,959 $ 209,747
v3.24.1.1.u2
AMOUNT DUE TO RELATED PARTIES (Details Narrative) - USD ($)
Mar. 31, 2024
Dec. 31, 2023
Related Party [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Other liabilities current $ 748 $ 1,000
v3.24.1.1.u2
SCHEDULE OF MATURITIES OF LOAN (Details)
Mar. 31, 2024
USD ($)
Hire Purchase  
2024 $ 1,861
Total $ 1,861
v3.24.1.1.u2
HIRE PURCHASE (Details Narrative) - USD ($)
 3 Months Ended
Apr. 30, 2021
Mar. 31, 2024
Hire Purchase    
Acquisition of motor vehicle $ 69,148  
Hire purchase loan amount $ 36,006  
Hire purchase loan, term 36 months  
Hire purchase loan, interest rate 1.88%  
Hire purchase loan, first installment date Jun. 05, 2021  
Hire purchase loan, frequency of installment monthly  
Monthly installment $ 1,063  
Repayment of hire purchase loan   $ 2,757
Loan outstanding   $ 1,861
v3.24.1.1.u2
SCHEDULE OF LEASE RIGHT OF USE ASSETS AND LEASE LIABILITIES (Details) - USD ($)
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Dec. 31, 2023
Lease Right-of-use Asset And Lease Liabilities      
Right-of-use assets, Balance as of December 31, 2023 $ 651,853    
Amortization expenses (14,346)    
Adjustment for foreign currency translation difference (18,601)    
Right-of-use assets, Balance as of March 31, 2024 618,906    
Lease Liability, Balance as of December 31, 2023 651,853    
Imputed interest 8,366    
Gross repayments (22,712) $ (24,202)  
Adjustment for foreign currency translation difference (18,601)    
Lease Liability, Balance as of March 31, 2024 618,906    
Lease liability current portion 59,469   $ 60,394
Lease liability non-current portion $ 559,437   $ 591,459
v3.24.1.1.u2
SCHEDULE OF OTHER INFORMATION (Details) - USD ($)
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Lease Right-of-use Asset And Lease Liabilities    
Operating cash flow to operating lease $ 22,712 $ 24,202
Right-of-use assets obtained in exchange for operating lease liabilities
Remaining lease term for operating lease (years) 8 years 5 months 15 days 1 year 4 months 6 days
Weighted average discount rate for operating lease 5.40% 5.40%
v3.24.1.1.u2
SCHEDULE OF RELATED PARTIES TRANSACTIONS (Details) - USD ($)
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Related Party Transaction [Line Items]    
Leasing - Office space leasing $ 22,712 $ 24,202
Total 49,946 48,079
Ms. Tan Siew Meng [Member]    
Related Party Transaction [Line Items]    
Leasing - Office space leasing 22,712 24,202
Insite MY International Inc [Member]    
Related Party Transaction [Line Items]    
Purchases - Insite MY International, Inc. $ 27,234 $ 23,877
v3.24.1.1.u2
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Office space lease amount paid $ 22,712 $ 24,202
Ms. Tan Siew Meng [Member]    
Office space lease amount paid $ 22,712 $ 24,202
v3.24.1.1.u2
SCHEDULE OF CONCENTRATION OF RISK (Details) - USD ($)
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Dec. 31, 2023
Concentration Risk [Line Items]      
Revenue $ 519,752 $ 474,802  
Percentage of concentration 100.00% 100.00%  
Accounts receivable, gross $ 737,644 $ 528,679 $ 1,059,766
Purchases 33,834 53,662  
Accounts payable, trade 26,056 65,197 $ 24,900
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Customer A [Member]      
Concentration Risk [Line Items]      
Revenue $ 97,543  
Percentage of concentration 21.00%  
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Customer B [Member]      
Concentration Risk [Line Items]      
Revenue $ 78,464  
Percentage of concentration 17.00%  
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Customer C [Member]      
Concentration Risk [Line Items]      
Revenue $ 72,861  
Percentage of concentration 15.00%  
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Customer D [Member]      
Concentration Risk [Line Items]      
Revenue $ 54,145  
Percentage of concentration 11.00%  
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Customer E [Member]      
Concentration Risk [Line Items]      
Revenue $ 61,307  
Percentage of concentration 12.00%  
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Others [Member]      
Concentration Risk [Line Items]      
Revenue $ 458,445 $ 171,789  
Percentage of concentration 88.00% 36.00%  
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer A [Member]      
Concentration Risk [Line Items]      
Accounts receivable, gross  
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer B [Member]      
Concentration Risk [Line Items]      
Accounts receivable, gross 207,487  
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer C [Member]      
Concentration Risk [Line Items]      
Accounts receivable, gross  
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer D [Member]      
Concentration Risk [Line Items]      
Accounts receivable, gross 56,991  
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer E [Member]      
Concentration Risk [Line Items]      
Accounts receivable, gross 33,061  
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Others [Member]      
Concentration Risk [Line Items]      
Accounts receivable, gross $ 704,583 $ 264,201  
Cost of Goods and Service, Product and Service Benchmark [Member] | Supplier Concentration Risk [Member] | Supplier A [Member]      
Concentration Risk [Line Items]      
Percentage of concentration 80.00% 44.00%  
Purchases $ 27,234 $ 23,877  
Cost of Goods and Service, Product and Service Benchmark [Member] | Supplier Concentration Risk [Member] | Supplier B[ Member]      
Concentration Risk [Line Items]      
Percentage of concentration 25.00%  
Purchases $ 13,422  
Cost of Goods and Service, Product and Service Benchmark [Member] | Supplier Concentration Risk [Member] | Supplier C [Member]      
Concentration Risk [Line Items]      
Percentage of concentration 14.00%  
Purchases $ 7,286  
Cost of Goods and Service, Product and Service Benchmark [Member] | Supplier Concentration Risk [Member] | Supplier D [Member]      
Concentration Risk [Line Items]      
Percentage of concentration 13.00%  
Purchases $ 6,831  
Cost of Goods and Service, Product and Service Benchmark [Member] | Supplier Concentration Risk [Member] | Supplier E [Member]      
Concentration Risk [Line Items]      
Percentage of concentration 18.00%  
Purchases $ 5,958  
Cost of Goods and Service, Product and Service Benchmark [Member] | Supplier Concentration Risk [Member] | Others [Member]      
Concentration Risk [Line Items]      
Percentage of concentration 2.00% 4.00%  
Purchases $ 642 $ 2,246  
Accounts Payable [Member] | Supplier Concentration Risk [Member] | Supplier A [Member]      
Concentration Risk [Line Items]      
Accounts payable, trade 18,912 20,199  
Accounts Payable [Member] | Supplier Concentration Risk [Member] | Supplier B[ Member]      
Concentration Risk [Line Items]      
Accounts payable, trade 40,715  
Accounts Payable [Member] | Supplier Concentration Risk [Member] | Supplier C [Member]      
Concentration Risk [Line Items]      
Accounts payable, trade  
Accounts Payable [Member] | Supplier Concentration Risk [Member] | Supplier D [Member]      
Concentration Risk [Line Items]      
Accounts payable, trade  
Accounts Payable [Member] | Supplier Concentration Risk [Member] | Supplier E [Member]      
Concentration Risk [Line Items]      
Accounts payable, trade 3,429  
Accounts Payable [Member] | Supplier Concentration Risk [Member] | Others [Member]      
Concentration Risk [Line Items]      
Accounts payable, trade $ 3,715 $ 4,283  
v3.24.1.1.u2
CONCENTRATION OF RISK (Details Narrative) - USD ($)
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Risks and Uncertainties [Abstract]    
Revenue $ 519,752 $ 474,802
Cost of revenue $ 33,834 $ 53,662
v3.24.1.1.u2
SCHEDULE OF LOSS BEFORE INCOME TAXES (Details) - USD ($)
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Loss before income taxes $ (281,516) $ (334,636)
UNITED STATES    
Loss before income taxes (15,868) (121,039)
HONG KONG    
Loss before income taxes (3,893) (10,189)
British Virginia Island [Member]    
Loss before income taxes (400) (300)
Labuan [Member]    
Loss before income taxes (10,397) 2,031
MALAYSIA    
Loss before income taxes $ (250,958) $ (205,139)
v3.24.1.1.u2
SCHEDULE OF PROVISION FOR INCOME TAXES (Details) - USD ($)
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Dec. 31, 2023
Effective Income Tax Rate Reconciliation [Line Items]      
Income tax payable $ 3,358   $ 3,358
Domestic Tax Jurisdiction [Member]      
Effective Income Tax Rate Reconciliation [Line Items]      
Current income tax provision  
Deferred tax assets  
Deferred tax liabilities  
Income tax payable  
Income tax assets  
Foreign Tax Jurisdiction [Member]      
Effective Income Tax Rate Reconciliation [Line Items]      
Current income tax provision  
Deferred tax assets 42  
Deferred tax liabilities 11,671 9,250  
Income tax payable 3,358 206,643  
Income tax assets $ 244,439 $ 549,319  
v3.24.1.1.u2
INCOME TAXES (Details Narrative)
 3 Months Ended
Mar. 31, 2024
USD ($)
Inland Revenue, Hong Kong [Member]  
Operating Loss Carryforwards [Line Items]  
Statutory income tax rate 8.25%
Labuan [Member]  
Operating Loss Carryforwards [Line Items]  
Statutory income tax rate 24.00%
UNITED STATES  
Operating Loss Carryforwards [Line Items]  
Operating loss carryforwards $ 740,315
Deferred tax assets valuation allowance 155,466
MALAYSIA  
Operating Loss Carryforwards [Line Items]  
Operating loss carryforwards 7,267,980
Deferred tax assets valuation allowance $ 1,235,557
Tax rate description The 2024 tax rate for company with paid-up capital of MYR 2,500,000 (approximately $529,235) or less and that are not part of a group containing a company exceeding this capitalization threshold is 17% on the first MYR 600,000 (approximately $126,772) taxable profit with the remaining balance being taxed at 24%
v3.24.1.1.u2
DIVIDEND (Details Narrative)
 3 Months Ended 12 Months Ended
Mar. 31, 2024
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2022
MYR (RM)
Dividend declared | $ $ 0    
Insite MY Innovations Sdn Bhd [Member] | StarFIN Asia Sdn Bhd [Member]      
Dividend declared   $ 385,680 RM 1,700,000
Insite MY Systems Sdn Bhd [Member] | StarFIN Asia Sdn Bhd [Member]      
Dividend declared   $ 974,182 4,294,000
StarFIN Asia Sdn Bhd [Member] | Mr. Wong Kai Cheong and Mr. Hoo Swee Ping [Member]      
Dividend declared | RM     RM 5,794,000
v3.24.1.1.u2
SCHEDULE OF SEGMENT REPORTING (Details) - USD ($)
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Dec. 31, 2023
Segment Reporting Information [Line Items]      
Revenue $ 519,752 $ 474,802  
Cost of revenue (33,834) (53,662)  
Gross profit 485,918 421,140  
Share of loss from operation of associate (9,599)  
Selling, general and administrative expenses and other income (757,835) (755,776)  
Loss from operations (281,516) (334,636)  
Total assets 3,457,103 3,444,632 $ 3,752,974
Capital expenditure 43,479 11,395  
MALAYSIA      
Segment Reporting Information [Line Items]      
Revenue 519,752 474,802  
Cost of revenue (33,834) (53,662)  
Gross profit 485,918 421,140  
Share of loss from operation of associate (9,599)    
Selling, general and administrative expenses and other income (737,673) (632,279)  
Loss from operations (261,354) (211,139)  
Total assets 3,425,055 2,708,958  
Capital expenditure 43,479 11,395  
Non-Malaysia [Member]      
Segment Reporting Information [Line Items]      
Revenue  
Cost of revenue  
Gross profit  
Share of loss from operation of associate    
Selling, general and administrative expenses and other income (20,162) (123,497)  
Loss from operations (20,162) (123,497)  
Total assets 32,048 735,674  
Capital expenditure  
Information Technology Business [Member]      
Segment Reporting Information [Line Items]      
Revenue 519,752 474,802  
Cost of revenue (33,834) (53,662)  
Gross profit 485,918 421,140  
Share of loss from operation of associate (9,599)    
Selling, general and administrative expenses and other income (757,835) (755,776)  
Loss from operations (281,516) (334,636)  
Total assets 3,457,103 3,444,632  
Capital expenditure $ 43,479 $ 11,395  
v3.24.1.1.u2
SEGMENT REPORTING (Details Narrative)
 3 Months Ended
Mar. 31, 2024
Segment Reporting [Abstract]  
Segment description The Company has single reportable segment based on business unit, information technology business and two reportable segments based on country, Malaysia and Non-Malaysia
v3.24.1.1.u2
SIGNIFICANT EVENTS (Details Narrative) - KSP AsiaFIN Co Ltd [Member]
Jan. 03, 2024
USD ($)
Jan. 03, 2024
THB (฿)
Restructuring Cost and Reserve [Line Items]    
Equity stake acquired percentage 49.00% 49.00%
Acquisition of equity stake $ 70,000 ฿ 2,450,000
AsiaFIN (QB) (USOTC:ASFH)
과거 데이터 주식 차트
부터 11월(11) 2024 으로 12월(12) 2024 AsiaFIN (QB) 차트를 더 보려면 여기를 클릭.
AsiaFIN (QB) (USOTC:ASFH)
과거 데이터 주식 차트
부터 12월(12) 2023 으로 12월(12) 2024 AsiaFIN (QB) 차트를 더 보려면 여기를 클릭.