Document and Entity Information
Document and Entity Information | 9 Months Ended |
May 31, 2021shares | |
Cover [Abstract] | |
Entity Registrant Name | ASIAFIN HOLDINGS CORP. |
Entity Central Index Key | 0001828748 |
Document Type | 10-Q |
Document Period End Date | May 31, 2021 |
Amendment Flag | false |
Current Fiscal Year End Date | --08-31 |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | No |
Entity Filer Category | Non-accelerated Filer |
Entity Small Business Flag | true |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding | 72,482,500 |
Document Fiscal Period Focus | Q3 |
Document Fiscal Year Focus | 2021 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | May 31, 2021 | Aug. 31, 2020 |
CURRENT ASSETS | ||
Accounts receivable | $ 6,000 | $ 18,000 |
Deposits paid, prepayments and other receivables | 1,249 | 1,249 |
Cash and cash equivalents | 383,411 | 514,231 |
Total Current Assets | 390,660 | 533,480 |
TOTAL ASSETS | 390,660 | 533,480 |
CURRENT LIABILITIES | ||
Accounts payable | 12,600 | 12,600 |
Other payables and accrued liabilities | 10,000 | 11,709 |
Income tax payable | 644 | 644 |
Total Current Liabilities | 23,244 | 24,953 |
TOTAL LIABILITIES | 23,244 | 24,953 |
STOCKHOLDERS' EQUITY | ||
Preferred stock, $0.0001 par value; 200,000,000 shares authorized; None issued and outstanding | ||
Common Shares, par value $0.0001; 600,000,000 shares authorized, 72,482,500 shares issued and outstanding as of May 31, 2021 and August 31, 2020 | 7,248 | 7,248 |
Additional paid in capital | 576,052 | 576,052 |
Share application monies | 31,800 | |
Accumulated deficit | (247,684) | (74,773) |
TOTAL STOCKHOLDERS' EQUITY | 367,416 | 508,527 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 390,660 | $ 533,480 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | May 31, 2021 | Aug. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 200,000,000 | 200,000,000 |
Preferred stock, issued | ||
Preferred stock, outstanding | ||
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, authorized | 600,000,000 | 600,000,000 |
Common stock, issued | 72,482,500 | 72,482,500 |
Common stock, outstanding | 72,482,500 | 72,482,500 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Losses (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
May 31, 2021 | May 31, 2020 | May 31, 2021 | May 31, 2020 | |
Income Statement [Abstract] | ||||
REVENUE | $ 38,000 | |||
COST OF REVENUE | (26,600) | |||
GROSS PROFIT | 11,400 | |||
OTHER INCOME | 86 | 10 | 13,062 | 33 |
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES | (22,223) | (1,319) | (197,373) | (17,338) |
LOSS BEFORE INCOME TAX | (22,137) | (1,309) | (172,911) | (17,305) |
INCOME TAX PROVISION | ||||
NET LOSS | (22,137) | (1,309) | (172,911) | (17,305) |
OTHER COMPREHENSIVE LOSS | ||||
TOTAL COMPREHENSIVE LOSS | $ (22,137) | $ (1,309) | $ (172,911) | $ (17,305) |
Net loss per share, basic and diluted: | $ (0.0003) | $ 0 | $ (0.0023) | $ (0.0005) |
Weighted average number of common shares outstanding - Basic and diluted | 72,482,500 | 68,000,000 | 72,482,500 | 31,635,835 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Changes in Equity (Unaudited) - USD ($) | Common Stock [Member] | Paid-In Capital [Member] | Merger Reserve [Member] | Accumulated Losses [Member] | Total |
Balance at Jun. 13, 2019 | $ 10 | $ 10 | |||
Balance, shares at Jun. 13, 2019 | 100,000 | ||||
Transaction with owner | 2 | 2 | |||
Balance at Aug. 31, 2019 | $ 10 | 2 | 12 | ||
Balance, shares at Aug. 31, 2019 | 100,000 | ||||
Transaction with owner | (2) | (2) | |||
Net profit (loss) for the period | (16,011) | (16,011) | |||
Balance at Nov. 30, 2019 | $ 10 | (16,011) | (16,001) | ||
Balance, shares at Nov. 30, 2019 | 100,000 | ||||
Balance at Aug. 31, 2019 | $ 10 | 2 | 12 | ||
Balance, shares at Aug. 31, 2019 | 100,000 | ||||
Net profit (loss) for the period | (17,305) | ||||
Balance at May. 31, 2020 | $ 6,800 | (17,305) | (10,505) | ||
Balance, shares at May. 31, 2020 | 68,000,000 | ||||
Balance at Nov. 30, 2019 | $ 10 | (16,011) | (16,001) | ||
Balance, shares at Nov. 30, 2019 | 100,000 | ||||
Issuance of share capital - founders' shares, value | $ 6,790 | 6,790 | |||
Issuance of share capital - founders' shares | 67,900,000 | ||||
Net profit (loss) for the period | 15 | 15 | |||
Balance at Feb. 29, 2020 | $ 6,800 | (15,996) | (9,196) | ||
Balance, shares at Feb. 29, 2020 | 68,000,000 | ||||
Net profit (loss) for the period | (1,309) | (1,309) | |||
Balance at May. 31, 2020 | $ 6,800 | (17,305) | (10,505) | ||
Balance, shares at May. 31, 2020 | 68,000,000 | ||||
Balance at Aug. 31, 2020 | $ 7,248 | 576,052 | (74,773) | 508,527 | |
Balance, shares at Aug. 31, 2020 | 72,482,500 | ||||
Net profit (loss) for the period | 3,120 | 3,120 | |||
Balance at Nov. 30, 2020 | $ 7,248 | 576,052 | (71,653) | 511,647 | |
Balance, shares at Nov. 30, 2020 | 72,482,500 | ||||
Balance at Aug. 31, 2020 | $ 7,248 | 576,052 | (74,773) | 508,527 | |
Balance, shares at Aug. 31, 2020 | 72,482,500 | ||||
Net profit (loss) for the period | (172,911) | ||||
Balance at May. 31, 2021 | $ 7,248 | 576,052 | (247,684) | 367,416 | |
Balance, shares at May. 31, 2021 | 72,482,500 | ||||
Balance at Nov. 30, 2020 | $ 7,248 | 576,052 | (71,653) | 511,647 | |
Balance, shares at Nov. 30, 2020 | 72,482,500 | ||||
Net profit (loss) for the period | (153,894) | (153,894) | |||
Balance at Feb. 28, 2021 | $ 7,248 | 576,052 | (225,547) | 357,753 | |
Balance, shares at Feb. 28, 2021 | 72,482,500 | ||||
Net profit (loss) for the period | (22,137) | (22,137) | |||
Balance at May. 31, 2021 | $ 7,248 | $ 576,052 | $ (247,684) | $ 367,416 | |
Balance, shares at May. 31, 2021 | 72,482,500 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
May 31, 2021 | May 31, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (172,911) | $ (17,305) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Accounts receivable | 12,000 | |
Other payables and accrued liabilities | (1,709) | 1,320 |
Net cash used in operating activities | (162,620) | (15,985) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Advances from director | 31,940 | |
Proceeds from IPO shares subscription in advanced | 31,800 | |
Proceeds from Share application monies/Unallocated shares | 6,788 | |
Net cash provided by financing activities | 31,800 | 38,728 |
Net increase in cash and cash equivalents | (130,820) | 22,743 |
Cash and cash equivalents, beginning of period | 514,231 | 12 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 383,411 | 22,755 |
SUPPLEMENTAL CASH FLOWS INFORMATION | ||
Income taxes paid | ||
Interest paid |
Description of Business and Org
Description of Business and Organization | 9 Months Ended |
May 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business and Organization | 1. DESCRIPTION OF BUSINESS AND ORGANIZATION ASIAFIN HOLDINGS CORP. was incorporated on June 14, 2019 under the laws of the state of Nevada. The Company, through its subsidiaries, engages in providing market research studies and consultancy services in the Financial Ecosystems. On December 18, 2019, the Company acquired 100% of the equity interests in AsiaFIN Holdings Corp. (herein referred as the “Malaysia Company”), a private limited company incorporated in Labuan, Malaysia. On December 23, 2019, AsiaFIN Holdings Corp., the Malaysia Company acquired 100% of the equity interest of AsiaFIN Holdings Limited (herein referred as the “Hong Kong Company”), a private limited company incorporated in Hong Kong. Details of the Company’s subsidiaries: Company name Place/date of incorporation Particulars of issued capital Principal activities 1. AsiaFIN Holdings Corp. Labuan, July 15, 2019 1 shares of ordinary share of US$ 1 each Investment holding and consulting services pertaining to market studies and financial solutions. 2. AsiaFIN Holdings Limited Hong Kong, July 5, 2019 1 ordinary share of HKD 1 each Consultancy Services on market studies and financial solutions. For purposes of consolidated financial statement presentation, AsiaFIN Holdings Corp. and its subsidiaries are hereinafter referred to as the “Company”. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
May 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of presentation The consolidated financial statements for AsiaFIN Holdings Corp. and its subsidiaries (‘the Company’) for the nine months ended May 31, 2021 are prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) and include the accounts of AsiaFIN Holdings Corp. and its wholly owned subsidiaries, AsiaFIN Holdings Corp. and AsiaFIN Holdings Limited. The Company has adopted August 31 as its fiscal year end. Basis of consolidation The condensed consolidated financial statements include the accounts of the Company and its subsidiaries. All inter-company accounts and transactions have been eliminated upon consolidation. Use of estimates Management uses estimates and assumptions in preparing these financial statements in accordance with US GAAP. Those estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities in the balance sheets, and the reported revenue and expenses during the periods reported. Actual results may differ from these estimates. Cash and cash equivalents Cash and cash equivalents are carried at cost and represent cash on hand, demand deposits placed with banks or other financial institutions and all highly liquid investments with an original maturity of three months or less as of the purchase date of such investments. Income taxes Income taxes are determined in accordance with the provisions of ASC Topic 740, “ Income Taxes ASC 740 prescribes a comprehensive model for how companies should recognize, measure, present, and disclose 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. 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 period ended May 31, 2021, the Company suffered net loss of USD 172,911 and had negative operating cash flow of USD162,620. 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 financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. The Company’s ability to continue as a going concern is dependent upon improving its profitability and the continuing financial support from its 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 or, if available, that it will be on terms that are satisfactory to the Company. Even if the Company is able to obtain additional financing, if needed, it may contain undue restrictions on its operations, in the case of debt financing, or cause substantial dilution for its stockholders, in the case of equity financing. Net loss per share The Company calculates net income/(loss) per share in accordance with ASC Topic 260, “Earnings per Share.” Foreign currencies translation The reporting and functional currency of the Company and its subsidiaries in Labuan and Hong Kong is United States Dollars (“US$”) which being the primary currency of the economic environment in which these entities operate. 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 statements of operations. Translation of amounts from RM into US$1 and HK$ into US$1 has been made at the following exchange rates for the respective periods: As of and for the period ended May 31, 2021 As of and for the period ended August 31, 2020 Period-end RM : US$1 exchange rate 4.13 4.15 Period-average RM : US$1 exchange rate 4.07 4.15 Period-end HK$: US$1 exchange rate 7.75 7.80 Period-average HK$ : US$1 exchange rate 7.75 7.75 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, prepayment, deposits, accounts payable and accrued liabilities 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 Level 2 Level 3: Recent accounting pronouncements The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and does not believe the future adoption of any such pronouncements may be expected to cause a material impact on its financial condition or the results of its operations. |
Common Stock
Common Stock | 9 Months Ended |
May 31, 2021 | |
Equity [Abstract] | |
Common Stock | 3. COMMON STOCK As of August 31, 2020 and August 31, 2019, the Company has an issued and outstanding common share of 72,482,500 and 100,000 respectively. As of May 31, 2021, the Company has an issued and outstanding common share of 72,482,500. |
Cash and Cash Equivalents
Cash and Cash Equivalents | 9 Months Ended |
May 31, 2021 | |
Cash and Cash Equivalents [Abstract] | |
Cash and Cash Equivalents | 4. CASH AND CASH EQUIVALENTS As of May 31, 2021, the Company recorded cash and cash equivalents of $383,411 which consists of cash on hand and bank balances. |
Accounts Receivable
Accounts Receivable | 9 Months Ended |
May 31, 2021 | |
Receivables [Abstract] | |
Accounts Receivable | 5. ACCOUNTS RECEIVABLE Accounts receivable consisted of the following as of May 31, 2021 and August 31, 2020. As of As of August 31, 2020 Accounts receivable $ 6,000 $ 18,000 Total accounts receivable $ 6,000 $ 18,000 As of May 31, 2021 and August 31, 2020, the amount of $6,000 and $18,000 respectively on accounts receivable are related party outstanding balances. The revenue is generated from providing consulting services on market study pertaining to payment processing trends in Asia and also market studies and advisory on user preferences pertaining to payment kiosks in Southeast Asia market. |
Deposits Paid, Prepayments and
Deposits Paid, Prepayments and Other Receivables | 9 Months Ended |
May 31, 2021 | |
Receivables [Abstract] | |
Deposits Paid, Prepayments and Other Receivables | 6. DEPOSITS PAID, PREPAYMENTS AND OTHER RECEIVABLES Deposits paid, prepayments and other receivables consisted of the following as of May 31, 2021 and August 31, 2020. As of As of August 31, 2020 Other receivables $ 1,249 $ 1,249 Total deposits paid, prepayments and other receivables $ 1,249 $ 1,249 As of May 31, 2021 and August 31, 2020, there are the same amounts of $1,249 on other receivables which are related party outstanding balances. |
Accounts Payable
Accounts Payable | 9 Months Ended |
May 31, 2021 | |
Payables and Accruals [Abstract] | |
Accounts Payable | 7. ACCOUNTS PAYABLE Accounts payable consisted of the following as of May 31, 2021 and August 31, 2020. As of As of August 31, 2020 Accounts payable $ 12,600 $ 12,600 Total accounts payable $ 12,600 $ 12,600 |
Other Payables and Accrued Liab
Other Payables and Accrued Liabilities | 9 Months Ended |
May 31, 2021 | |
Payables and Accruals [Abstract] | |
Other Payables and Accrued Liabilities | 8. OTHER PAYABLES AND ACCRUED LIABILITIES Other payables and accrued liabilities consisted of the following as at May 31, 2021 and August 31, 2020. As of As of August 31, 2020 Accrued audit fees 5,000 10,000 Other payables 5,000 1,709 Total other payables and accrued liabilities $ 10,000 $ 11,709 |
Income Taxes
Income Taxes | 9 Months Ended |
May 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 9. INCOME TAXES For the period ended May 31, 2021 and August 31, 2020, the local (United States) and foreign components of loss before income taxes were comprised of the following: Nine months ended Nine months ended Tax jurisdictions from: - Local $ (184,854 ) $ (15,800 ) - Foreign, representing Labuan 1,993 5 Hong Kong 9,950 (1,510 ) Loss before income tax $ (172,911 ) $ (17,305 ) The provision for income taxes consisted of the following: Nine months ended Nine months ended Current: - Local $ - $ - - Foreign - - Deferred: -Local - - -Foreign - - Income tax expense $ - $ - The effective tax rate in the periods presented is the result of the mix of income earned in various tax jurisdictions that apply a broad range of income tax rates. The Company has subsidiaries that operate in various countries: United States, Labuan and Hong Kong 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 May 31, 2021, the operations in the United States of America incurred $270,380 of cumulative net operating losses which can be carried forward to offset future taxable income. The net operating loss carry forwards begin to expire in 2040, if unutilized. The Company has provided for a full valuation allowance of $56,780 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. 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 3% of net audited profit. Hong Kong AsiaFIN Holdings Limited is subject to Hong Kong Profits Tax, which is charged at the statutory income rate of 8.25% to 16.5% on its assessable income. The following table sets forth the significant components of the aggregate deferred tax assets of the Company as of May 31, 2021 and August 31, 2020: Nine months ended Nine months ended Deferred tax assets: Net operating loss carry forwards -United States of America $ (56,780 ) $ (3,318 ) -Labuan - - -Hong Kong - - $ (56,780 ) $ (3,318 ) Less: valuation allowance 56,780 3,318 Deferred tax assets $ - $ - |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
May 31, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 10. RELATED PARTY TRANSACTIONS Nine months ended Nine months ended Insite MY Systems Sdn Bhd 1 -Revenue $ (17,000 ) $ - GLS IT Solutions Sdn Bhd 1 -Revenue $ (21,000 ) $ - SEATech Ventures (HK) Limited 2 -Consultation fee $ 167,200 $ - 1 2 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
May 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 11. COMMITMENTS AND CONTINGENCIES As of May 31, 2021, the Company has no commitments or contingencies involved. |
Concentrations of Risk
Concentrations of Risk | 9 Months Ended |
May 31, 2021 | |
Risks and Uncertainties [Abstract] | |
Concentrations of Risk | 12. CONCENTRATIONS OF RISK The Company is exposed to the following concentration of risk: (a) Major customers For the period/year ended May 31, 2021 and August 31, 2020, the customers who accounted for 10% or more of the Company’s revenues and its accounts receivable balance at year/period-end are presented as follows: As of As of August 31, 2020 As of As of August 31, 2020 As of As of August 31, 2020 Revenues Percentage of revenues Accounts receivable Customer A $ 17,000 $ 11,000 45 % 61 % $ - 11,000 Customer B $ 21,000 $ 7,000 55 % 39 % $ 6,000 7,000 $ 38,000 $ 18,000 100 % 100 % $ 6,000 18,000 Customer A is Insite MY Systems Sdn Bhd, and Customer B is GLS IT Solutions Sdn Bhd. Both Customer A and Customer B are related parties. Mr. Wong, Kai Cheong, our Chief Executive Officer, is the Director of Insite MY Systems Sdn Bhd while Mr. Seah, Kok Wah, our Director, is the Director of GLS IT Solutions Sdn Bhd. The services provided to the aforementioned customers pertained to providing consulting services relating to market studies of payment processing trends in Asia, and also market studies and advisory pertaining to unattended payment kiosk user preferences in the Southeast Asia market. There were no other contracts with these customers for additional services. (b) Major vendors For the period/year ended May 31, 2021 and August 31, 2020, the vendors who accounted for 10% or more of the Company’s purchases and its accounts payable balance at year/period-end are presented as follows: As of 2021 As of August 31, 2020 As of 2021 As of August 31, 2020 As of 2021 As of August 31, 2020 Purchases Percentage of purchases Accounts payable Vendor A $ 11,900 $ 7,700 45 % 61 % $ 8,400 7,700 Vendor B $ 14,700 $ 4,900 55 % 39 % $ 14,700 4,900 $ 26,600 $ 12,600 100 % 100 % $ 23,100 12,600 Vendor A provides market research and surveys pertaining to payment process trends in Asia, and Vendor B provides us analytic tools to facilitate market research pertaining to payment kiosks as well as market surveys of the urban areas in which the kiosks are currently located, or may be installed in the future. The vendors are unrelated third parties. (c) Credit risk Financial instruments that are potentially subject to credit risk consist principally of accounts receivable. The Company believes the concentration of credit risk in its account receivables is substantially mitigated by its ongoing credit evaluation process and relatively short collection terms. The Company does not generally require collateral from customers. The Company evaluates the need for an allowance for doubtful accounts based upon factors surrounding the credit risk of specific customers, historical trends and other information. (d) Exchange rate risk 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 actually post higher or lower income depending on exchange rate of RM or HKD converted to US$ on that date. The exchange rate could fluctuate depending on changes in political and economic environments without notice. |
Significant Events
Significant Events | 9 Months Ended |
May 31, 2021 | |
Significant Events | |
Significant Events | 13. SIGNIFICANT EVENTS During the fiscal year, the World Health Organization declared the Coronavirus (COVID-19) outbreak to be a pandemic, which has caused severe global social and economic disruptions and uncertainties, including markets where the Company operates. The consequences brought about by Covid-19 continue to evolve and whilst the Company actively monitoring and managing its operations to respond to these changes, the Company does not consider it practicable to provide any quantitative estimate on the potential impact it may have on the Company. |
Subsequent Events
Subsequent Events | 9 Months Ended |
May 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | 14. SUBSEQUENT EVENTS The Company has evaluated subsequent events that occurred after May 31, 2021 up through the date of July 15, 2021, the Company issued audited consolidated financial statements 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. During this period, there was no subsequent event that required recognition or disclosure. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
May 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of presentation The consolidated financial statements for AsiaFIN Holdings Corp. and its subsidiaries (‘the Company’) for the nine months ended May 31, 2021 are prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) and include the accounts of AsiaFIN Holdings Corp. and its wholly owned subsidiaries, AsiaFIN Holdings Corp. and AsiaFIN Holdings Limited. The Company has adopted August 31 as its fiscal year end. |
Basis of Consolidation | Basis of consolidation The condensed consolidated financial statements include the accounts of the Company and its subsidiaries. All inter-company accounts and transactions have been eliminated upon consolidation. |
Use of Estimates | Use of estimates Management uses estimates and assumptions in preparing these financial statements in accordance with US GAAP. Those estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities in the balance sheets, and the reported revenue and expenses during the periods reported. Actual results may differ from these estimates. |
Cash and Cash Equivalents | Cash and cash equivalents Cash and cash equivalents are carried at cost and represent cash on hand, demand deposits placed with banks or other financial institutions and all highly liquid investments with an original maturity of three months or less as of the purchase date of such investments. |
Income Taxes | Income taxes Income taxes are determined in accordance with the provisions of ASC Topic 740, “ Income Taxes ASC 740 prescribes a comprehensive model for how companies should recognize, measure, present, and disclose 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. |
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 period ended May 31, 2021, the Company suffered net loss of USD 172,911 and had negative operating cash flow of USD162,620. 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 financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. The Company’s ability to continue as a going concern is dependent upon improving its profitability and the continuing financial support from its 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 or, if available, that it will be on terms that are satisfactory to the Company. Even if the Company is able to obtain additional financing, if needed, it may contain undue restrictions on its operations, in the case of debt financing, or cause substantial dilution for its stockholders, in the case of equity financing. |
Net Loss Per Share | Net loss per share The Company calculates net income/(loss) per share in accordance with ASC Topic 260, “Earnings per Share.” |
Foreign Currencies Translation | Foreign currencies translation The reporting and functional currency of the Company and its subsidiaries in Labuan and Hong Kong is United States Dollars (“US$”) which being the primary currency of the economic environment in which these entities operate. 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 statements of operations. Translation of amounts from RM into US$1 and HK$ into US$1 has been made at the following exchange rates for the respective periods: As of and for the period ended May 31, 2021 As of and for the period ended August 31, 2020 Period-end RM : US$1 exchange rate 4.13 4.15 Period-average RM : US$1 exchange rate 4.07 4.15 Period-end HK$: US$1 exchange rate 7.75 7.80 Period-average HK$ : US$1 exchange rate 7.75 7.75 |
Related Parties | Related parties Parties, which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Companies are also considered to be related if they are subject to common control or common significant influence. |
Fair Value of Financial Instruments | Fair value of financial instruments: The carrying value of the Company’s financial instruments: cash and cash equivalents, prepayment, deposits, accounts payable and accrued liabilities approximate at their fair values because of the short-term nature of these financial instruments. The Company also follows the guidance of the ASC Topic 820-10, “Fair Value Measurements and Disclosures” (“ASC 820-10”), with respect to financial assets and liabilities that are measured at fair value. ASC 820-10 establishes a three-tier fair value hierarchy that prioritizes the inputs used in measuring fair value as follows: Level 1 Level 2 Level 3: |
Recent Accounting Pronouncements | Recent accounting pronouncements The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and does not believe the future adoption of any such pronouncements may be expected to cause a material impact on its financial condition or the results of its operations. |
Description of Business and O_2
Description of Business and Organization (Tables) | 9 Months Ended |
May 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Subsidiaries | Details of the Company’s subsidiaries: Company name Place/date of incorporation Particulars of issued capital Principal activities 1. AsiaFIN Holdings Corp. Labuan, July 15, 2019 1 shares of ordinary share of US$ 1 each Investment holding and consulting services pertaining to market studies and financial solutions. 2. AsiaFIN Holdings Limited Hong Kong, July 5, 2019 1 ordinary share of HKD 1 each Consultancy Services on market studies and financial solutions. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
May 31, 2021 | |
Accounting Policies [Abstract] | |
Schedule of Foreign Exchange Rate | Translation of amounts from RM into US$1 and HK$ into US$1 has been made at the following exchange rates for the respective periods: As of and for the period ended May 31, 2021 As of and for the period ended August 31, 2020 Period-end RM : US$1 exchange rate 4.13 4.15 Period-average RM : US$1 exchange rate 4.07 4.15 Period-end HK$: US$1 exchange rate 7.75 7.80 Period-average HK$ : US$1 exchange rate 7.75 7.75 |
Accounts Receivable (Tables)
Accounts Receivable (Tables) | 9 Months Ended |
May 31, 2021 | |
Receivables [Abstract] | |
Schedule of Accounts Receivable | Accounts receivable consisted of the following as of May 31, 2021 and August 31, 2020. As of As of August 31, 2020 Accounts receivable $ 6,000 $ 18,000 Total accounts receivable $ 6,000 $ 18,000 |
Deposits Paid, Prepayments an_2
Deposits Paid, Prepayments and Other Receivables (Tables) | 9 Months Ended |
May 31, 2021 | |
Receivables [Abstract] | |
Schedule of Deposits Paid, Prepayments and Other Receivables | Deposits paid, prepayments and other receivables consisted of the following as of May 31, 2021 and August 31, 2020. As of As of August 31, 2020 Other receivables $ 1,249 $ 1,249 Total deposits paid, prepayments and other receivables $ 1,249 $ 1,249 |
Accounts Payable (Tables)
Accounts Payable (Tables) | 9 Months Ended |
May 31, 2021 | |
Payables and Accruals [Abstract] | |
Schedule of Accounts Payable | Accounts payable consisted of the following as of May 31, 2021 and August 31, 2020. As of As of August 31, 2020 Accounts payable $ 12,600 $ 12,600 Total accounts payable $ 12,600 $ 12,600 |
Other Payables and Accrued Li_2
Other Payables and Accrued Liabilities (Tables) | 9 Months Ended |
May 31, 2021 | |
Payables and Accruals [Abstract] | |
Schedule of Other Payables and Accrued Liabilities | Other payables and accrued liabilities consisted of the following as at May 31, 2021 and August 31, 2020. As of As of August 31, 2020 Accrued audit fees 5,000 10,000 Other payables 5,000 1,709 Total other payables and accrued liabilities $ 10,000 $ 11,709 |
Income Taxes (Tables)
Income Taxes (Tables) | 9 Months Ended |
May 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Loss Before Income Taxes | For the period ended May 31, 2021 and August 31, 2020, the local (United States) and foreign components of loss before income taxes were comprised of the following: Nine months ended Nine months ended Tax jurisdictions from: - Local $ (184,854 ) $ (15,800 ) - Foreign, representing Labuan 1,993 5 Hong Kong 9,950 (1,510 ) Loss before income tax $ (172,911 ) $ (17,305 ) |
Schedule of Provision for Income Taxes | The provision for income taxes consisted of the following: Nine months ended Nine months ended Current: - Local $ - $ - - Foreign - - Deferred: -Local - - -Foreign - - Income tax expense $ - $ - |
Schedule of Components of Aggregate Deferred Tax Assets | The following table sets forth the significant components of the aggregate deferred tax assets of the Company as of May 31, 2021 and August 31, 2020: Nine months ended Nine months ended Deferred tax assets: Net operating loss carry forwards -United States of America $ (56,780 ) $ (3,318 ) -Labuan - - -Hong Kong - - $ (56,780 ) $ (3,318 ) Less: valuation allowance 56,780 3,318 Deferred tax assets $ - $ - |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 9 Months Ended |
May 31, 2021 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | Nine months ended Nine months ended Insite MY Systems Sdn Bhd 1 -Revenue $ (17,000 ) $ - GLS IT Solutions Sdn Bhd 1 -Revenue $ (21,000 ) $ - SEATech Ventures (HK) Limited 2 -Consultation fee $ 167,200 $ - 1 2 SEATech Ventures (HK) Limited, through its wholly owned subsidiary of SEATech Ventures Corp. is a 13.8% shareholder of the Company. |
Concentrations of Risk (Tables)
Concentrations of Risk (Tables) | 9 Months Ended |
May 31, 2021 | |
Customer Concentration Risk [Member] | |
Schedule of Concentration of Risk | The Company is exposed to the following concentration of risk: (a) Major customers For the period/year ended May 31, 2021 and August 31, 2020, the customers who accounted for 10% or more of the Company’s revenues and its accounts receivable balance at year/period-end are presented as follows: As of As of August 31, 2020 As of As of August 31, 2020 As of As of August 31, 2020 Revenues Percentage of revenues Accounts receivable Customer A $ 17,000 $ 11,000 45 % 61 % $ - 11,000 Customer B $ 21,000 $ 7,000 55 % 39 % $ 6,000 7,000 $ 38,000 $ 18,000 100 % 100 % $ 6,000 18,000 |
Supplier Concentration Risk [Member] | |
Schedule of Concentration of Risk | (b) Major vendors For the period/year ended May 31, 2021 and August 31, 2020, the vendors who accounted for 10% or more of the Company’s purchases and its accounts payable balance at year/period-end are presented as follows: As of 2021 As of August 31, 2020 As of 2021 As of August 31, 2020 As of 2021 As of August 31, 2020 Purchases Percentage of purchases Accounts payable Vendor A $ 11,900 $ 7,700 45 % 61 % $ 8,400 7,700 Vendor B $ 14,700 $ 4,900 55 % 39 % $ 14,700 4,900 $ 26,600 $ 12,600 100 % 100 % $ 23,100 12,600 |
Description of Business and O_3
Description of Business and Organization (Details Narrative) | Dec. 23, 2019 | Dec. 18, 2019 |
AsiaFIN Holdings Corp (Malaysia) [Member] | ||
Percentage of equity interests acquired | 100.00% | |
AsiaFIN Holdings Limited (Hong Kong) [Member] | ||
Percentage of equity interests acquired | 100.00% |
Description of Business and O_4
Description of Business and Organization - Schedule of Subsidiaries (Details) - $ / shares | 9 Months Ended | ||
May 31, 2021 | Aug. 31, 2020 | Aug. 31, 2019 | |
Common stock, issued | 72,482,500 | 72,482,500 | 100,000 |
Common stock, par value | $ 0.0001 | $ 0.0001 | |
AsiaFIN Holdings Corp (Malaysia) [Member] | |||
Place/date of incorporation | Labuan, July 15, 2019 | ||
Common stock, issued | 1 | ||
Common stock, par value | $ 1 | ||
Principal activities | Investment holding and consulting services pertaining to market studies and financial solutions. | ||
AsiaFIN Holdings Limited (Hong Kong) [Member] | |||
Place/date of incorporation | Hong Kong, July 5, 2019 | ||
Common stock, issued | 1 | ||
Principal activities | Consultancy Services on market studies and financial solutions. | ||
AsiaFIN Holdings Limited (Hong Kong) [Member] | HKD [Member] | |||
Common stock, par value | $ 1 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | ||||||
May 31, 2021 | Feb. 28, 2021 | Nov. 30, 2020 | May 31, 2020 | Feb. 29, 2020 | Nov. 30, 2019 | May 31, 2021 | May 31, 2020 | |
Accounting Policies [Abstract] | ||||||||
Net loss | $ (22,137) | $ (153,894) | $ 3,120 | $ (1,309) | $ 15 | $ (16,011) | $ (172,911) | $ (17,305) |
Negative operating cash flow | $ (162,620) | $ (15,985) |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Schedule of Foreign Exchange Rate (Details) | May 31, 2021 | Aug. 31, 2020 |
Period-end RM [Member] | ||
Exchange rate | 4.13 | 4.15 |
Period-average RM [Member] | ||
Exchange rate | 4.07 | 4.15 |
Period-end HK [Member] | ||
Exchange rate | 7.75 | 7.80 |
Period-average HK [Member] | ||
Exchange rate | 7.75 | 7.75 |
Common Stock (Details Narrative
Common Stock (Details Narrative) - shares | May 31, 2021 | Aug. 31, 2020 | Aug. 31, 2019 |
Equity [Abstract] | |||
Common stock, issued | 72,482,500 | 72,482,500 | 100,000 |
Common stock, outstanding | 72,482,500 | 72,482,500 | 100,000 |
Cash and Cash Equivalents (Deta
Cash and Cash Equivalents (Details Narrative) - USD ($) | May 31, 2021 | Aug. 31, 2020 |
Cash and Cash Equivalents [Abstract] | ||
Cash and cash equivalents | $ 383,411 | $ 514,231 |
Accounts Receivable (Details Na
Accounts Receivable (Details Narrative) - USD ($) | May 31, 2021 | Aug. 31, 2020 |
Receivables [Abstract] | ||
Accounts receivable related party | $ 6,000 | $ 18,000 |
Accounts Receivable - Schedule
Accounts Receivable - Schedule of Accounts Receivable (Details) - USD ($) | May 31, 2021 | Aug. 31, 2020 |
Receivables [Abstract] | ||
Accounts receivable | $ 6,000 | $ 18,000 |
Total accounts receivable | $ 6,000 | $ 18,000 |
Deposits Paid, Prepayments an_3
Deposits Paid, Prepayments and Other Receivables (Details Narrative) - USD ($) | May 31, 2021 | Aug. 31, 2020 |
Receivables [Abstract] | ||
Other receivables related party | $ 1,249 | $ 1,249 |
Deposits Paid, Prepayments an_4
Deposits Paid, Prepayments and Other Receivables - Schedule of Deposits Paid, Prepayments and Other Receivables (Details) - USD ($) | May 31, 2021 | Aug. 31, 2020 |
Receivables [Abstract] | ||
Other receivables | $ 1,249 | $ 1,249 |
Total deposits paid, prepayments and other receivables | $ 1,249 | $ 1,249 |
Accounts Payable - Schedule of
Accounts Payable - Schedule of Accounts Payable (Details) - USD ($) | May 31, 2021 | Aug. 31, 2020 |
Payables and Accruals [Abstract] | ||
Accounts payable | $ 12,600 | $ 12,600 |
Total accounts payable | $ 12,600 | $ 12,600 |
Other Payables and Accrued Li_3
Other Payables and Accrued Liabilities - Schedule of Other Payables and Accrued Liabilities (Details) - USD ($) | May 31, 2021 | Aug. 31, 2020 |
Payables and Accruals [Abstract] | ||
Accrued audit fees | $ 5,000 | $ 10,000 |
Other payables | 5,000 | 1,709 |
Total other payables and accrued liabilities | $ 10,000 | $ 11,709 |
Income Taxes (Details Narrative
Income Taxes (Details Narrative) | 9 Months Ended |
May 31, 2021USD ($) | |
Cumulative net operating losses | $ 270,380 |
Valuation allowance | $ 56,780 |
Labuan [Member] | |
Statutory income rate | 3.00% |
Hong Kong [Member] | Minimum [Member] | |
Statutory income rate | 8.25% |
Hong Kong [Member] | Maximum [Member] | |
Statutory income rate | 16.50% |
Income Taxes - Schedule of Comp
Income Taxes - Schedule of Components of Loss Before Income Taxes (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
May 31, 2021 | May 31, 2020 | May 31, 2021 | May 31, 2020 | |
Loss before income tax | $ (22,137) | $ (1,309) | $ (172,911) | $ (17,305) |
United States [Member] | ||||
Loss before income tax | (184,854) | (15,800) | ||
Labuan [Member] | ||||
Loss before income tax | 1,993 | 5 | ||
Hong Kong [Member] | ||||
Loss before income tax | $ 9,950 | $ (1,510) |
Income Taxes - Schedule of Prov
Income Taxes - Schedule of Provision for Income Taxes (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
May 31, 2021 | May 31, 2020 | May 31, 2021 | May 31, 2020 | |
Income Tax Disclosure [Abstract] | ||||
Current Local | ||||
Current Foreign | ||||
Deferred Local | ||||
Deferred Foreign | ||||
Income tax expense |
Income Taxes - Schedule of Co_2
Income Taxes - Schedule of Components of Aggregate Deferred Tax Assets (Details) - USD ($) | May 31, 2021 | May 31, 2020 |
Net operating loss carry forwards - United States of America | $ (56,780) | $ (3,318) |
Gross deferred tax assets | (56,780) | (3,318) |
Less: valuation allowance | 56,780 | 3,318 |
Deferred tax assets | ||
Labuan [Member] | ||
Net operating loss carry forwards - Foreign | ||
Hong Kong [Member] | ||
Net operating loss carry forwards - Foreign |
Related Party Transactions - Sc
Related Party Transactions - Schedule of Related Party Transactions (Details) - USD ($) | 9 Months Ended | ||
May 31, 2021 | May 31, 2020 | ||
Insite MY Systems Sdn Bhd [Member] | |||
Revenue | [1] | $ (17,000) | |
GLS IT Solutions Sdn Bhd [Member] | |||
Revenue | [1] | (21,000) | |
SEATech Ventures (HK) Limited [Member] | |||
Consultation fee | [2] | $ 167,200 | |
[1] | Mr. Wong, Kai Cheong, our Chief Executive Officer, is the Director of Insite MY Systems Sdn Bhd while Mr. Seah, Kok Wah, our Director, is the Director of GLS IT Solutions Sdn Bhd and SEATech Ventures Corp. | ||
[2] | SEATech Ventures (HK) Limited, through its wholly owned subsidiary of SEATech Ventures Corp. is a 13.8% shareholder of the Company. |
Related Party Transactions - _2
Related Party Transactions - Schedule of Related Party Transactions (Details) (Parenthetical) | May 31, 2021 |
SEATech Ventures Corp [Member] | SEATech Ventures (HK) Limited [Member] | |
Ownership percentage | 13.80% |
Concentrations of Risk - Schedu
Concentrations of Risk - Schedule of Concentration of Risk (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
May 31, 2021 | May 31, 2020 | May 31, 2021 | May 31, 2020 | Aug. 31, 2020 | |
Revenues | $ 38,000 | ||||
Accounts receivable | 6,000 | 6,000 | $ 18,000 | ||
Accounts payable | 12,600 | 12,600 | 12,600 | ||
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | |||||
Revenues | $ 38,000 | $ 18,000 | |||
Percentage of concentration | 100.00% | 100.00% | |||
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Customer A [Member] | |||||
Revenues | $ 17,000 | $ 11,000 | |||
Percentage of concentration | 45.00% | 61.00% | |||
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Customer B [Member] | |||||
Revenues | $ 21,000 | $ 7,000 | |||
Percentage of concentration | 55.00% | 39.00% | |||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | |||||
Accounts receivable | 6,000 | $ 6,000 | $ 18,000 | ||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer A [Member] | |||||
Accounts receivable | 11,000 | ||||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer B [Member] | |||||
Accounts receivable | 6,000 | $ 6,000 | $ 7,000 | ||
Cost of Goods and Service, Product and Service Benchmark [Member] | Supplier Concentration Risk [Member] | |||||
Percentage of concentration | 100.00% | 100.00% | |||
Purchases | $ 26,600 | $ 12,600 | |||
Cost of Goods and Service, Product and Service Benchmark [Member] | Supplier Concentration Risk [Member] | Vendor A [Member] | |||||
Percentage of concentration | 45.00% | 61.00% | |||
Purchases | $ 11,900 | $ 7,700 | |||
Cost of Goods and Service, Product and Service Benchmark [Member] | Supplier Concentration Risk [Member] | Vendor B [Member] | |||||
Percentage of concentration | 55.00% | 39.00% | |||
Purchases | $ 14,700 | $ 4,900 | |||
Accounts Payable [Member] | Supplier Concentration Risk [Member] | |||||
Accounts payable | 23,100 | 23,100 | 12,600 | ||
Accounts Payable [Member] | Supplier Concentration Risk [Member] | Vendor A [Member] | |||||
Accounts payable | 8,400 | 8,400 | 7,700 | ||
Accounts Payable [Member] | Supplier Concentration Risk [Member] | Vendor B [Member] | |||||
Accounts payable | $ 14,700 | $ 14,700 | $ 4,900 |