Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | |
Aug. 31, 2021 | Feb. 26, 2021 | |
Cover [Abstract] | ||
Entity Registrant Name | ASIAFIN HOLDINGS CORP. | |
Entity Central Index Key | 0001828748 | |
Document Type | 10-K | |
Document Period End Date | Aug. 31, 2021 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --08-31 | |
Entity Well Known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
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 Public Float | $ 0 | |
Entity Common Stock, Shares Outstanding | 73,319,800 | |
Document Fiscal Period Focus | FY | |
Document Fiscal Year Focus | 2021 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Aug. 31, 2021 | Aug. 31, 2020 |
CURRENT ASSETS | ||
Deposits, prepayments and other receivables | $ 1,249 | $ 1,249 |
Account receivables | 6,000 | 18,000 |
Cash and cash equivalents | 1,013,147 | 514,231 |
Total current assets | 1,020,396 | 533,480 |
TOTAL ASSETS | 1,020,396 | 533,480 |
CURRENT LIABILITIES | ||
Account payable | 4,200 | 12,600 |
Income tax payable | 644 | |
Other payables and accrued liabilities | 8,149 | 11,709 |
Total current liabilities | 12,349 | 24,953 |
TOTAL LIABILITIES | 12,349 | 24,953 |
STOCKHOLDERS' EQUITY | ||
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, 73,319,800 and 72,482,500 shares issued and outstanding as of August 31, 2021 and 2020 | 7,332 | 7,248 |
Additional paid-in capital | 1,413,268 | 576,052 |
Accumulated other comprehensive loss | ||
Accumulated deficit | (412,553) | (74,773) |
TOTAL STOCKHOLDERS' EQUITY | 1,008,047 | 508,527 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 1,020,396 | $ 533,480 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Aug. 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 | 73,319,800 | 72,482,500 |
Common stock, outstanding | 73,319,800 | 72,482,500 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Loss - USD ($) | 12 Months Ended | |
Aug. 31, 2021 | Aug. 31, 2020 | |
Income Statement [Abstract] | ||
REVENUE | $ 38,000 | $ 18,000 |
COST OF REVENUE | (26,600) | (12,600) |
GROSS PROFIT | 11,400 | 5,400 |
OTHER INCOME | 60 | 10,146 |
SELLING AND MARKETING EXPENSES | (3,052) | |
GENERAL AND ADMINISTRATIVE EXPENSES | (349,883) | (86,623) |
LOSS BEFORE INCOME TAX | (338,423) | (74,129) |
INCOME TAXES EXPENSE | 644 | (644) |
NET LOSS | (337,780) | (74,773) |
Other comprehensive income/(loss): | ||
- Foreign exchange adjustment gain/(loss) | ||
COMPREHENSIVE LOSS | $ (337,780) | $ (74,773) |
Net loss per share- Basic and diluted | $ 0 | $ 0 |
Weighted average number of common shares outstanding - Basic and diluted | 72,634,967 | 48,379,883 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholder's Equity - USD ($) | Common Stock [Member] | Additional Paid-In Capital [Member] | Foreign Exchange Translation Adjustment [Member] | Merger Reserve [Member] | Accumulated Losses [Member] | Total |
Balance at Aug. 31, 2019 | $ 10 | $ 2 | $ 12 | |||
Balance, shares at Aug. 31, 2019 | 100,000 | |||||
Transaction with owner | (2) | (2) | ||||
Issuance of share capital - founders' shares, value | $ 6,790 | 6,790 | ||||
Issuance of share capital - founders' shares, shares | 67,900,000 | |||||
Share issued in private placement completed On 30 June, 2020 at $0.10 per share | $ 320 | 319,680 | 320,000 | |||
Share issued in private placement completed On 30 June, 2020 at $0.10 per share, shares | 3,200,000 | |||||
Shares issued in private placement completed on August 14, 2020 at $0.20 per share | $ 128 | 256,372 | 256,500 | |||
Shares issued in private placement completed on August 14, 2020 at $0.20 per share, shares | 1,282,500 | |||||
Foreign currency translation loss | ||||||
Net loss | (74,773) | (74,773) | ||||
Balance at Aug. 31, 2020 | $ 7,248 | 576,052 | (74,773) | 508,527 | ||
Balance, shares at Aug. 31, 2020 | 72,482,500 | |||||
Foreign currency translation loss | ||||||
Share issued in initial public offering completed on August 4, 2021at $1.00 per share | $ 84 | 837,216 | 837,300 | |||
Share issued in initial public offering completed on August 4, 2021at $1.00 per share, shares | 837,300 | |||||
Net loss | (337,780) | (337,780) | ||||
Balance at Aug. 31, 2021 | $ 7,332 | $ 1,413,268 | $ 412,553 | $ 1,008,047 | ||
Balance, shares at Aug. 31, 2021 | 73,319,800 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholder's Equity (Parenthetical) - $ / shares | Aug. 04, 2021 | Aug. 14, 2020 | Jun. 30, 2020 |
Statement of Stockholders' Equity [Abstract] | |||
Shares issued, price per share | $ 1 | $ 0.20 | $ 0.10 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) | 12 Months Ended | |
Aug. 31, 2021 | Aug. 31, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (337,780) | $ (74,773) |
Changes in operating assets and liabilities: | ||
Accounts receivable | 12,000 | (18,000) |
Accounts payable | (8,400) | 12,600 |
Deposits, prepayments and other receivables | (1,249) | |
Income tax payable | (644) | 644 |
Other payables and accrued liabilities | (3,560) | 11,709 |
Net cash used in operating activities | (338,384) | (69,069) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Share subscriptions receipts | 837,300 | 583,288 |
Net cash provided by financing activities | 837,300 | 583,288 |
Effect of exchange rate changes on cash and cash equivalents | ||
Net change in cash and cash equivalents | 498,916 | 514,219 |
Cash and cash equivalents, beginning of year | 514,231 | 12 |
CASH AND CASH EQUIVALENTS, END OF YEAR | 1,013,147 | 514,231 |
SUPPLEMENTAL CASH FLOWS INFORMATION | ||
Income taxes paid | ||
Interest paid |
Organization and Business Backg
Organization and Business Background | 12 Months Ended |
Aug. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Business Background | 1. ORGANIZATION AND BUSINESS BACKGROUND AsiaFIN Holdings Corp., a Nevada corporation (“the Company”) was incorporated under the laws of the State of Nevada on June 14, 2019. On June 14, 2019, Mr. Wong Kai Cheong was appointed Chief Executive Officer, President, Secretary, Treasurer and Director. On September 18, 2020, Mr. Seah Kok Wah was appointed Director of the Company. On December 18, 2019, we, “the Company” acquired 100% of the equity interests of AsiaFIN Holdings Corp. (herein referred to as the “Malaysia Company”), a private limited company incorporated in Labuan, Malaysia. In consideration of the equity interests of AsiaFIN Holdings Corp. our Chief Executive Officer, Mr. Wong was compensated $1 HKD. On December 23, 2019, AsiaFIN Holdings Corp., Malaysia Company acquired AsiaFIN Holdings Limited (herein referred to as the “Hong Kong Company”), a private limited company incorporated in Hong Kong. In consideration of the equity interests of AsiaFIN Holdings Limited our Chief Executive Officer, Mr. Wong was compensated $1 HKD Details of the Company’s subsidiary: Company name Place and date of incorporation Particulars of issued capital Principal activities Proportional of ownership interest and voting power held 1. AsiaFIN Holdings Corp. Labuan / July 15, 2019 1 share of ordinary share of US$1 each Investment holding and consulting services pertaining to market studies and financial solutions. 100 % 2. AsiaFIN Holdings Limited Hong Kong/ July 5, 2019 1 ordinary share of HKD$1 Consultancy Services on market studies and financial solutions. 100 % Business Overview AsiaFIN Holdings Corp. is currently providing market research studies and consulting services pertaining to system solutions and integration of unattended payment kiosks and payment processing to our clients. Our present clients, who are related parties, are payment solution companies located in Malaysia, although we intend to provide services to other geographic regions in the future. We have additional plans to develop our own software, which we anticipate we will be able to be merge and integrate onto such Payment Processing or Unattended Payment Kiosk, to accept payments and collect data. Additionally, we have plans, which we are still developing and exploring, to create Web-Based Solutions in four areas which include Payment Processing, Regulatory Technology (REGTECH), Robotic Process Automation (RPA) and Unattended Payment Kiosks for financial institutions, and other industries. We refer to the four pillars of our business as “Focus Solutions”. A further elaboration will be discussed under the “Description of Business” below. Later, we may decide to expand upon our current plans and may also explore options of developing additional software types. We intend to utilize existing and future relationships that may be gained by our officers and directors as a means to expand our reach across the Southeast Asia region, which has a population of approximately 660 million individuals. We believe this market provides us a large pool of businesses that may benefit from our current and future service offerings and or software that may become available as our business plan progresses. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Aug. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The accompanying consolidated financial statements reflect the application of certain significant accounting policies as described in this note and elsewhere in the accompanying consolidated financial statements and notes. Basis of presentation The consolidated financial statements for AsiaFIN Holdings Corp. and its subsidiaries for the year ended August 31, 2020 and August 31, 2019 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. Intercompany accounts and transactions have been eliminated on consolidation. The Company has adopted August 31 as its fiscal year end. Basis of consolidation The consolidated financial statements include the accounts of the Company and its subsidiaries in which the Company is the primary beneficiary. 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. Revenue recognition In accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 606, “Revenue from Contracts with Customers”, the Company recognizes revenue from sales of goods following five steps: (1) identify the contract with a customer; (2) Identify performance obligations in the contract; (3) determine the transaction price; (4) Allocate the transaction price; and (5) recognize revenue when performance obligation are satisfied. Revenue is measured at the fair value of the consideration received or receivable, net of discounts and taxes applicable to the revenue. The Company derives its revenue from provision of providing system development advisory services, market research and marketing surveys regarding unattended kiosk and payment processing preferences Cost of revenue Cost of revenue includes the cost incurred in providing system development advisory services, market research and marketing surveys regarding unattended kiosk and payment processing preferences Cash and cash equivalents Cash and cash equivalents 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 The provision of income taxes is determined in accordance with the provisions of ASC Topic 740, “Income Taxes” (“ASC 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 periods 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 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 year ended August 31, 2021, the Company incurred a net loss of $340,280 and negative operating cash flow of $338,384. These factors raise substantial doubt about the Company’s ability to continue as a going concern within one year of the date that the financial statements are issued. The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. The Company’s ability to continue as a going concern is dependent upon improving its profitability and the continuing financial support from its major shareholders. Management believes the existing shareholders or external financing will provide the additional cash to meet the Company’s obligations as they become due. No assurance can be given that any future financing, if needed, will be available or, if available, that it will be on terms that are satisfactory to the Company. Even if the Company is able to obtain additional financing, if needed, it may contain undue restrictions on its operations, in the case of debt financing, or cause substantial dilution for its stock holders, in the case of equity financing. Net income/(loss) per share The Company calculates net loss per share in accordance with ASC Topic 260 “ Earnings per share Foreign currencies translation The reporting currency of the Company and its subsidiaries in Labuan and Hong Kong are United States Dollars (“US$”), 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. In general, for consolidation purposes, assets and liabilities of its subsidiary whose functional currency is not the US$ are translated into US$, in accordance with ASC Topic 830-30, “ Translation of Financial Statement 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 year ended August 31, 2021 2020 Year-end RM : US$1 exchange rate 4.16 4.16 Year-average RM : US$1 exchange rate 4.18 4.22 Year-end HK$: US$1 exchange rate 7.77 7.75 Year-average HK$ : US$1 exchange rate 7.77 7.78 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, subscription receivables, prepayment and deposits, accounts payable, and other payables 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 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. Recent accounting pronouncements The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and do 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 | 12 Months Ended |
Aug. 31, 2021 | |
Equity [Abstract] | |
Common Stock | 3. COMMON STOCK On June 14, 2019, the founder of the Company, Mr. Wong purchased 100,000 shares of restricted common stock of the Company at a par value of $0.0001 per share. The monies from this transaction, which totalled $10, went to the Company to be used as initial working capital. On December 20, 2019, the Company issued 21,900,000 shares of restricted common stock to Mr. Wong, with a par value of $0.0001 per share, for total additional working capital of $2,190. On December 20, 2019, the Company issued 21,850,000 shares of restricted common stock to See Unicorn Ventures Sdn. Bhd., a company incorporated in Malaysia, with a par value of $0.0001 per share, for additional working capital of $2,185. On December 20, 2019, the Company issued 10,000,000 shares of restricted common stock to SEATech Ventures Corp., a company incorporated in Nevada, with a par value of $0.0001 per share, for additional working capital of $1,000. On December 20, 2019, the Company issued 8,000,000 shares of restricted common stock to Hoo, Swee Ping, with a par value of $0.0001 per share, for additional working capital of $800. On December 20, 2019, the Company issued 5,000,000 shares of restricted common stock to AsiaFIN Talent Sdn Bhd., a company incorporated in Malaysia, with a par value of $0.0001 per share, for additional working capital of $500. On December 23, 2019, the Company issued 500,000 shares of restricted common stock to Lim, Kin Wan, with a par value of $0.0001 per share, for additional working capital of $50. On December 23, 2019, the Company issued 300,000 shares of restricted common stock each to both Kang, Kok Seng Michael, and Tan, Hock Chye, with a par value of $0.0001 per share, for additional working capital of $60. On December 23, 2019, the Company issued 50,000 shares of restricted common stock to Eng, Kin Hoong, with a par value of $0.0001 per share, for additional working capital of $5. Between the period February 7, 2020 to June 30, 2020, the Company sold shares to 27 foreign parties, all of which do not reside in the United States. A total of 3,200,000 shares of restricted common stock were sold at a price of $0.10 per share. The total proceeds to the Company amounted to a total of $320,000. Between the period July 20, 2020 to August 14, 2020, the Company sold shares to 46 foreign parties, all of which do not reside in the United States. A total of 1,282,500 shares of restricted common stock were sold at a price of $0.20 per share. The total proceeds to the Company amounted to a total of $256,500. Between the period April 27, 2021 to July 30, 2021, the Company issued 837,300 shares of common stock at a price of $1.00 per share through the Initial Public Offering (IPO) to 87 non-US residents. As of August 31, 2021, AsiaFIN Holdings Corp. has an issued and outstanding common share of 73,319,800. |
Other Payables and Accrued Liab
Other Payables and Accrued Liabilities | 12 Months Ended |
Aug. 31, 2021 | |
Payables and Accruals [Abstract] | |
Other Payables and Accrued Liabilities | 4. OTHER PAYABLES AND ACCRUED LIABILITIES As of As of August 31, 2021 (Audited) August 31, 2020 (Audited) Accrued audit fees 7,500 10,000 Other payable 649 1,709 Total payables and accrued liabilities $ 8,149 $ 11,709 |
Deposits, Prepayments and Other
Deposits, Prepayments and Other Receivables | 12 Months Ended |
Aug. 31, 2021 | |
Receivables [Abstract] | |
Deposits, Prepayments and Other Receivables | 5. DEPOSITS, PREPAYMENTS AND OTHER RECEIVABLES As of As of August 31, 2021 (Audited) August 31, 2020 (Audited) Other receivables 1,249 1,249 Total deposits, prepayments and other receivables $ 1,249 $ 1,249 As of August 31, 2021 and August 31, 2020, the amount of $1,249 on other receivable are outstanding from payment on behalf of AsiaFIN Talent Sdn Bhd. AsiaFIN Talent Sdn Bhd is a shareholder of the Company. |
Accounts Receivable
Accounts Receivable | 12 Months Ended |
Aug. 31, 2021 | |
Receivables [Abstract] | |
Accounts Receivable | 6. ACCOUNTS RECEIVABLE Accounts receivable consisted of the following as of August 31, 2021 and August 31, 2020. As of As of August 31, 2021 (Audited) August 31, 2020 (Audited) Accounts receivable 6,000 18,000 Total accounts receivable $ 6,000 $ 18,000 As of August 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. |
Income Taxes
Income Taxes | 12 Months Ended |
Aug. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 7. INCOME TAXES For the year ended August 31, 2021, and year ended August 31, 2020, the local (United States) and foreign components of loss before income taxes were comprised of the following: For the year ended (Audited) For the year ended (Audited) Tax jurisdictions from: - Local $ (336,715 ) $ (85,526 ) - Foreign, representing Labuan (10,168 ) 7,497 Hong Kong 8,460 3,900 Loss before income tax $ (338,423 ) $ (74,129 ) The provision for income taxes consisted of the following: For the year ended For the year ended Current: - Local $ - $ - - Foreign 644 (644 ) Deferred: - Local - - - Foreign - - Income tax expense $ 644 $ (644 ) 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 August 31, 2021, the operations in the United States of America incurred $422,241 of cumulative net operating losses which can be carried forward indefinitely to offset a maximum of 80% future taxable income. The Company has provided for a full valuation allowance of $88,671 against the deferred tax assets on the expected future tax benefits from the net operating loss carryforwards 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 its assessable profit. Hong Kong AsiaFIN Holdings Corp. is subject to Hong Kong Profits Tax, which is charged at the statutory income tax rate of 16.5% on its assessable income. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Aug. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 8. COMMITMENTS AND CONTINGENCIES As of August 31, 2021 and 2020, the Company has no commitments or contingencies involved. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Aug. 31, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 9. RELATED PARTY TRANSACTIONS For the year ended August 31, 2021 and 2020 the Company has following transactions with related parties: For the year ended August 31, 2021 (Audited) For the year ended August 31, 2020 (Audited) Professional Fees - SEATech Ventures (HK) Limited 1 $ 280,000 $ 70,000 - Tan Hock Chye 2 $ 7,200 $ - Revenue - Insite MY Systems Sdn Bhd 1 $ 17,000 $ 11,000 - GLS IT Solution Sdn Bhd 1 $ 21,000 $ 7,000 Total $ 325,200 $ 88,000 1 2 |
Concentrations of Risks
Concentrations of Risks | 12 Months Ended |
Aug. 31, 2021 | |
Risks and Uncertainties [Abstract] | |
Concentrations of Risks | 10. CONCENTRATIONS OF RISKS (a) Major customers For the year ended August 31, 2021, the customers who accounted for 10% or more of the Company’s revenues and its accounts receivable balance at year-end are presented as follows: For the year ended August 31 2021 2020 2021 2020 2021 2020 Revenues Percentage of Revenues Accounts Receivable, Trade Customer A $ 17,000 $ 11,000 45 % 61 % $ - $ 7,000 Customer B $ 21,000 $ 7,000 55 % 39 % $ 6,000 $ 11,000 $ 38,000 $ 18,000 100 % 100 % $ 6,000 $ 18,000 (b) Major vendors For the year ended August 31, 2021 and 2020, the vendors who accounted for 10% or more of the Company’s purchases and its accounts payable balance at year-end are presented as follows: For the year ended August 31 2021 2020 2021 2020 2021 2020 Purchases Percentage of Accounts payable, Vendor A $ 11,900 $ 7,700 45 % 61 % $ - 7,700 Vendor B $ 14,700 $ 4,900 55 % 39 % $ 4,200 4,900 $ 26,600 $ 12,600 100 % 100 % $ 4,200 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 kiosk 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. |
Significant Event
Significant Event | 12 Months Ended |
Aug. 31, 2021 | |
Significant Event | |
Significant Event | 11. SIGNIFICANT EVENT 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 Company considers this outbreak as non-adjusting-events. 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 | 12 Months Ended |
Aug. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | 12. SUBSEQUENT EVENTS In accordance with ASC Topic 855, “ Subsequent Events |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Aug. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of presentation The consolidated financial statements for AsiaFIN Holdings Corp. and its subsidiaries for the year ended August 31, 2020 and August 31, 2019 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. Intercompany accounts and transactions have been eliminated on consolidation. The Company has adopted August 31 as its fiscal year end. |
Basis of Consolidation | Basis of consolidation The consolidated financial statements include the accounts of the Company and its subsidiaries in which the Company is the primary beneficiary. 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. |
Revenue Recognition | Revenue recognition In accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 606, “Revenue from Contracts with Customers”, the Company recognizes revenue from sales of goods following five steps: (1) identify the contract with a customer; (2) Identify performance obligations in the contract; (3) determine the transaction price; (4) Allocate the transaction price; and (5) recognize revenue when performance obligation are satisfied. Revenue is measured at the fair value of the consideration received or receivable, net of discounts and taxes applicable to the revenue. The Company derives its revenue from provision of providing system development advisory services, market research and marketing surveys regarding unattended kiosk and payment processing preferences |
Cost of Revenue | Cost of revenue Cost of revenue includes the cost incurred in providing system development advisory services, market research and marketing surveys regarding unattended kiosk and payment processing preferences |
Cash and Cash Equivalents | Cash and cash equivalents Cash and cash equivalents 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 The provision of income taxes is determined in accordance with the provisions of ASC Topic 740, “Income Taxes” (“ASC 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 periods 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 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 year ended August 31, 2021, the Company incurred a net loss of $340,280 and negative operating cash flow of $338,384. These factors raise substantial doubt about the Company’s ability to continue as a going concern within one year of the date that the financial statements are issued. The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. The Company’s ability to continue as a going concern is dependent upon improving its profitability and the continuing financial support from its major shareholders. Management believes the existing shareholders or external financing will provide the additional cash to meet the Company’s obligations as they become due. No assurance can be given that any future financing, if needed, will be available or, if available, that it will be on terms that are satisfactory to the Company. Even if the Company is able to obtain additional financing, if needed, it may contain undue restrictions on its operations, in the case of debt financing, or cause substantial dilution for its stock holders, in the case of equity financing. |
Net Income/(Loss) per share | Net income/(loss) per share The Company calculates net loss per share in accordance with ASC Topic 260 “ Earnings per share |
Foreign Currencies Translation | Foreign currencies translation The reporting currency of the Company and its subsidiaries in Labuan and Hong Kong are United States Dollars (“US$”), 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. In general, for consolidation purposes, assets and liabilities of its subsidiary whose functional currency is not the US$ are translated into US$, in accordance with ASC Topic 830-30, “ Translation of Financial Statement 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 year ended August 31, 2021 2020 Year-end RM : US$1 exchange rate 4.16 4.16 Year-average RM : US$1 exchange rate 4.18 4.22 Year-end HK$: US$1 exchange rate 7.77 7.75 Year-average HK$ : US$1 exchange rate 7.77 7.78 |
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, subscription receivables, prepayment and deposits, accounts payable, and other payables 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 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. |
Recent Accounting Pronouncements | Recent accounting pronouncements The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and do 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. |
Organization and Business Bac_2
Organization and Business Background (Tables) | 12 Months Ended |
Aug. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Subsidiaries | Details of the Company’s subsidiary: Company name Place and date of incorporation Particulars of issued capital Principal activities Proportional of ownership interest and voting power held 1. AsiaFIN Holdings Corp. Labuan / July 15, 2019 1 share of ordinary share of US$1 each Investment holding and consulting services pertaining to market studies and financial solutions. 100 % 2. AsiaFIN Holdings Limited Hong Kong/ July 5, 2019 1 ordinary share of HKD$1 Consultancy Services on market studies and financial solutions. 100 % |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Aug. 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 year ended August 31, 2021 2020 Year-end RM : US$1 exchange rate 4.16 4.16 Year-average RM : US$1 exchange rate 4.18 4.22 Year-end HK$: US$1 exchange rate 7.77 7.75 Year-average HK$ : US$1 exchange rate 7.77 7.78 |
Other Payables and Accrued Li_2
Other Payables and Accrued Liabilities (Tables) | 12 Months Ended |
Aug. 31, 2021 | |
Payables and Accruals [Abstract] | |
Schedule of Other Payables and Accrued Liabilities | As of As of August 31, 2021 (Audited) August 31, 2020 (Audited) Accrued audit fees 7,500 10,000 Other payable 649 1,709 Total payables and accrued liabilities $ 8,149 $ 11,709 |
Deposits, Prepayments and Oth_2
Deposits, Prepayments and Other Receivables (Tables) | 12 Months Ended |
Aug. 31, 2021 | |
Receivables [Abstract] | |
Schedule of Deposits, Prepayments and Other Receivables | As of As of August 31, 2021 (Audited) August 31, 2020 (Audited) Other receivables 1,249 1,249 Total deposits, prepayments and other receivables $ 1,249 $ 1,249 |
Accounts Receivable (Tables)
Accounts Receivable (Tables) | 12 Months Ended |
Aug. 31, 2021 | |
Receivables [Abstract] | |
Schedule of Accounts Receivable | Accounts receivable consisted of the following as of August 31, 2021 and August 31, 2020. As of As of August 31, 2021 (Audited) August 31, 2020 (Audited) Accounts receivable 6,000 18,000 Total accounts receivable $ 6,000 $ 18,000 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Aug. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Loss Before Income Taxes | For the year ended August 31, 2021, and year ended August 31, 2020, the local (United States) and foreign components of loss before income taxes were comprised of the following: For the year ended (Audited) For the year ended (Audited) Tax jurisdictions from: - Local $ (336,715 ) $ (85,526 ) - Foreign, representing Labuan (10,168 ) 7,497 Hong Kong 8,460 3,900 Loss before income tax $ (338,423 ) $ (74,129 ) |
Schedule of Provision for Income Taxes | The provision for income taxes consisted of the following: For the year ended For the year ended Current: - Local $ - $ - - Foreign 644 (644 ) Deferred: - Local - - - Foreign - - Income tax expense $ 644 $ (644 ) |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Aug. 31, 2021 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | For the year ended August 31, 2021 and 2020 the Company has following transactions with related parties: For the year ended August 31, 2021 (Audited) For the year ended August 31, 2020 (Audited) Professional Fees - SEATech Ventures (HK) Limited 1 $ 280,000 $ 70,000 - Tan Hock Chye 2 $ 7,200 $ - Revenue - Insite MY Systems Sdn Bhd 1 $ 17,000 $ 11,000 - GLS IT Solution Sdn Bhd 1 $ 21,000 $ 7,000 Total $ 325,200 $ 88,000 1 2 |
Concentrations of Risk (Tables)
Concentrations of Risk (Tables) | 12 Months Ended |
Aug. 31, 2021 | |
Customer Concentration Risk [Member] | |
Schedule of Concentration of Risk | For the year ended August 31 2021 2020 2021 2020 2021 2020 Revenues Percentage of Revenues Accounts Receivable, Trade Customer A $ 17,000 $ 11,000 45 % 61 % $ - $ 7,000 Customer B $ 21,000 $ 7,000 55 % 39 % $ 6,000 $ 11,000 $ 38,000 $ 18,000 100 % 100 % $ 6,000 $ 18,000 |
Supplier Concentration Risk [Member] | |
Schedule of Concentration of Risk | For the year ended August 31 2021 2020 2021 2020 2021 2020 Purchases Percentage of Accounts payable, Vendor A $ 11,900 $ 7,700 45 % 61 % $ - 7,700 Vendor B $ 14,700 $ 4,900 55 % 39 % $ 4,200 4,900 $ 26,600 $ 12,600 100 % 100 % $ 4,200 12,600 |
Organization and Business Bac_3
Organization and Business Background (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% |
Organization and Business Bac_4
Organization and Business Background - Schedule of Subsidiaries (Details) | 12 Months Ended | ||
Aug. 31, 2021$ / sharesshares | Aug. 31, 2021$ / sharesshares | Aug. 31, 2020$ / sharesshares | |
Common stock, issued | shares | 73,319,800 | 73,319,800 | 72,482,500 |
Common stock, par value | $ / shares | $ 0.0001 | $ 0.0001 | |
AsiaFIN Holdings Corp (Malaysia) [Member] | |||
Place/date of incorporation | Labuan, July 15, 2019 | ||
Common stock, issued | shares | 1 | 1 | |
Common stock, par value | $ / shares | $ 1 | ||
Principal activities | Investment holding and consulting services pertaining to market studies and financial solutions. | ||
Proportional of ownership interest and voting power held, percentage | 100.00% | ||
AsiaFIN Holdings Limited (Hong Kong) [Member] | |||
Place/date of incorporation | Hong Kong, July 5, 2019 | ||
Common stock, issued | shares | 1 | 1 | |
Principal activities | Consultancy Services on market studies and financial solutions. | ||
Proportional of ownership interest and voting power held, percentage | 100.00% | ||
AsiaFIN Holdings Limited (Hong Kong) [Member] | HKD [Member] | |||
Common stock, par value | $ / shares | $ 1 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details Narrative) - USD ($) | 12 Months Ended | |
Aug. 31, 2021 | Aug. 31, 2020 | |
Accounting Policies [Abstract] | ||
Net loss | $ (337,780) | $ (74,773) |
Negative operating cash flow | $ (338,384) | $ (69,069) |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Schedule of Foreign Exchange Rate (Details) | Aug. 31, 2021 | Aug. 31, 2020 |
Period-end RM [Member] | ||
Exchange rate | 4.16 | 4.16 |
Period-average RM [Member] | ||
Exchange rate | 4.18 | 4.22 |
Period-end HK [Member] | ||
Exchange rate | 7.77 | 7.75 |
Period-average HK [Member] | ||
Exchange rate | 7.77 | 7.78 |
Common Stock (Details Narrative
Common Stock (Details Narrative) - USD ($) | Dec. 23, 2019 | Dec. 20, 2019 | Jun. 15, 2019 | Aug. 14, 2020 | Jul. 30, 2021 | Jun. 30, 2020 | Aug. 31, 2020 | Aug. 31, 2021 | Aug. 04, 2021 |
Shares issued price per share | $ 0.20 | $ 0.10 | $ 1 | ||||||
Common stock, issued | 72,482,500 | 73,319,800 | |||||||
Common stock, outstanding | 72,482,500 | 73,319,800 | |||||||
Common Stock [Member] | |||||||||
Number of shares issued during period, shares | 67,900,000 | ||||||||
Restricted Stock [Member] | See Unicorn Ventures Sdn. Bhd [Member] | |||||||||
Shares issued price per share | $ 0.0001 | ||||||||
Number of shares issued during period, shares | 21,850,000 | ||||||||
Working capital | $ 2,185 | ||||||||
Restricted Stock [Member] | SEATech Ventures Corp. [Member] | |||||||||
Shares issued price per share | $ 0.0001 | ||||||||
Number of shares issued during period, shares | 10,000,000 | ||||||||
Working capital | $ 1,000 | ||||||||
Restricted Stock [Member] | AsiaFin Talent Sdn, Bhd., [Member] | |||||||||
Shares issued price per share | $ 0.0001 | ||||||||
Number of shares issued during period, shares | 5,000,000 | ||||||||
Working capital | $ 500 | ||||||||
Mr. Wong [Member] | Restricted Stock [Member] | |||||||||
Number of shares purchased during period, shares | 100,000 | ||||||||
Shares issued price per share | $ 0.0001 | $ 0.0001 | |||||||
Number of shares issued during period, shares | 21,900,000 | ||||||||
Working capital | $ 2,190 | $ 10 | |||||||
Hoo, Swee Ping [Member] | Restricted Stock [Member] | |||||||||
Shares issued price per share | $ 0.0001 | ||||||||
Number of shares issued during period, shares | 8,000,000 | ||||||||
Working capital | $ 800 | ||||||||
Lim, Kin Wan [Member] | Restricted Stock [Member] | |||||||||
Shares issued price per share | $ 0.0001 | ||||||||
Number of shares issued during period, shares | 500,000 | ||||||||
Working capital | $ 50 | ||||||||
Kang, Kok Seng Michael, and Tan, Hock Chye [Member] | Restricted Stock [Member] | |||||||||
Shares issued price per share | $ 0.0001 | ||||||||
Number of shares issued during period, shares | 300,000 | ||||||||
Working capital | $ 60 | ||||||||
Eng, Kin Hoong [Member] | Restricted Stock [Member] | |||||||||
Shares issued price per share | $ 0.0001 | ||||||||
Number of shares issued during period, shares | 50,000 | ||||||||
Working capital | $ 5 | ||||||||
27 Foreign Parties [Member] | Restricted Stock [Member] | |||||||||
Number of shares sold during period, shares | 3,200,000 | ||||||||
Sale of stock, price per share | $ 0.10 | ||||||||
Proceeds from sale of stock | $ 320,000 | ||||||||
46 Foreign Parties [Member] | Restricted Stock [Member] | |||||||||
Number of shares sold during period, shares | 1,282,500 | ||||||||
Sale of stock, price per share | $ 0.20 | ||||||||
Proceeds from sale of stock | $ 256,500 | ||||||||
87 Non-US Residents [Member] | Common Stock [Member] | IPO [Member] | |||||||||
Shares issued price per share | $ 1 | ||||||||
Number of shares issued during period, shares | 837,300 |
Other Payables and Accrued Li_3
Other Payables and Accrued Liabilities - Schedule of Other Payables and Accrued Liabilities (Details) - USD ($) | Aug. 31, 2021 | Aug. 31, 2020 |
Payables and Accruals [Abstract] | ||
Accrued audit fees | $ 7,500 | $ 10,000 |
Other payables | 649 | 1,709 |
Total payables and accrued liabilities | $ 8,149 | $ 11,709 |
Deposits, Prepayments and Oth_3
Deposits, Prepayments and Other Receivables (Details Narrative) - USD ($) | Aug. 31, 2021 | Aug. 31, 2020 |
Receivables [Abstract] | ||
Other receivable | $ 1,249 | $ 1,249 |
Deposits, Prepayments and Oth_4
Deposits, Prepayments and Other Receivables - Schedule of Deposits, Prepayments and Other Receivables (Details) - USD ($) | Aug. 31, 2021 | Aug. 31, 2020 |
Receivables [Abstract] | ||
Other receivables | $ 1,249 | $ 1,249 |
Total deposits, prepayments and other receivables | $ 1,249 | $ 1,249 |
Accounts Receivable (Details Na
Accounts Receivable (Details Narrative) - USD ($) | Aug. 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 ($) | Aug. 31, 2021 | Aug. 31, 2020 |
Receivables [Abstract] | ||
Accounts receivable | $ 6,000 | $ 18,000 |
Total accounts receivable | $ 6,000 | $ 18,000 |
Income Taxes (Details Narrative
Income Taxes (Details Narrative) | 12 Months Ended |
Aug. 31, 2021USD ($) | |
Cumulative net operating losses | $ 422,241 |
Valuation allowance | $ 88,671 |
Labuan [Member] | |
Statutory income rate | 3.00% |
Hong Kong [Member] | |
Statutory income rate | 16.50% |
Income Taxes - Schedule of Comp
Income Taxes - Schedule of Components of Loss Before Income Taxes (Details) - USD ($) | 12 Months Ended | |
Aug. 31, 2021 | Aug. 31, 2020 | |
Loss before income tax | $ (338,423) | $ (74,129) |
United States [Member] | ||
Loss before income tax | (336,715) | (85,526) |
Labuan [Member] | ||
Loss before income tax | (10,168) | 7,497 |
Hong Kong [Member] | ||
Loss before income tax | $ 8,460 | $ 3,900 |
Income Taxes - Schedule of Prov
Income Taxes - Schedule of Provision for Income Taxes (Details) - USD ($) | 12 Months Ended | |
Aug. 31, 2021 | Aug. 31, 2020 | |
Income Tax Disclosure [Abstract] | ||
Current Local | ||
Current Foreign | 644 | (644) |
Deferred Local | ||
Deferred Foreign | ||
Income tax expense | $ 644 | $ (644) |
Related Party Transactions - Sc
Related Party Transactions - Schedule of Related Party Transactions (Details) - USD ($) | 12 Months Ended | ||
Aug. 31, 2021 | Aug. 31, 2020 | ||
Revenue | $ 325,200 | $ 88,000 | |
SEATech Ventures Limited [Member] | |||
Professional Fees | [1] | 280,000 | 70,000 |
Tan Hock Chye [Member] | |||
Professional Fees | [2] | 7,200 | |
Insite MY Systems Sdn Bhd [Member] | |||
Revenue | [1] | 17,000 | 11,000 |
GLS IT Solutions Sdn Bhd [Member] | |||
Revenue | [1] | $ 21,000 | $ 7,000 |
[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. SEATech Ventures Corp. is a shareholder of the Company and also the holding company of SEATech Ventures (HK) Limited. | ||
[2] | Mr Tan Hock Chye is one of the shareholders of the Company. |
Concentrations of Risks - Sched
Concentrations of Risks - Schedule of Concentration of Risk (Details) - USD ($) | 12 Months Ended | |
Aug. 31, 2021 | Aug. 31, 2020 | |
Revenues | $ 38,000 | $ 18,000 |
Accounts receivable | 6,000 | 18,000 |
Accounts payable | 4,200 | 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 | $ 18,000 |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer A [Member] | ||
Accounts receivable | 7,000 | |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer B [Member] | ||
Accounts receivable | $ 6,000 | $ 11,000 |
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 | 4,200 | 12,600 |
Accounts Payable [Member] | Supplier Concentration Risk [Member] | Vendor A [Member] | ||
Accounts payable | 7,700 | |
Accounts Payable [Member] | Supplier Concentration Risk [Member] | Vendor B [Member] | ||
Accounts payable | $ 4,200 | $ 4,900 |