Cover
Cover | 3 Months Ended |
Nov. 30, 2021shares | |
Cover [Abstract] | |
Document Type | 10-Q |
Amendment Flag | false |
Document Quarterly Report | true |
Document Transition Report | false |
Document Period End Date | Nov. 30, 2021 |
Document Fiscal Period Focus | Q1 |
Document Fiscal Year Focus | 2022 |
Current Fiscal Year End Date | --08-31 |
Entity File Number | 333-230479 |
Entity Registrant Name | ASIAFIN HOLDINGS CORP |
Entity Central Index Key | 0001828748 |
Entity Tax Identification Number | 37-1950147 |
Entity Incorporation, State or Country Code | NV |
Entity Address, Address Line One | Suite 30.02, 30th Floor, |
Entity Address, Address Line Two | Menara KH (Promet) |
Entity Address, Address Line Three | Jalan Sultan Ismail |
Entity Address, City or Town | Kuala Lumpur |
Entity Address, Country | MY |
Entity Address, Postal Zip Code | 50250 |
City Area Code | 603 |
Local Phone Number | 21487170 |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | No |
Entity Filer Category | Non-accelerated Filer |
Entity Small Business | true |
Entity Emerging Growth Company | true |
Elected Not To Use the Extended Transition Period | false |
Entity Shell Company | false |
Entity Bankruptcy Proceedings, Reporting Current | false |
Entity Common Stock, Shares Outstanding | 73,319,800 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Nov. 30, 2021 | Aug. 31, 2021 |
CURRENT ASSETS | ||
Accounts receivable | $ 6,000 | |
Deposits paid, prepayments and other receivables | 1,249 | 1,249 |
Cash and cash equivalents | 1,016,116 | 1,013,147 |
Total Current Assets | 1,017,365 | 1,020,396 |
TOTAL ASSETS | 1,017,365 | 1,020,396 |
CURRENT LIABILITIES | ||
Accounts payable | 4,200 | 4,200 |
Other payables and accrued liabilities | 7,800 | 8,149 |
Total Current Liabilities | 12,000 | 12,349 |
TOTAL LIABILITIES | 12,000 | 12,349 |
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, 73,319,800 shares issued and outstanding as of November 30, 2021 and 2020 | 7,332 | 7,332 |
Additional paid in capital | 1,413,268 | 1,413,268 |
Accumulated other comprehensive profit | ||
Accumulated deficit | (415,235) | (412,553) |
TOTAL STOCKHOLDERS’ EQUITY | 1,005,365 | 1,008,047 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 1,017,365 | $ 1,020,396 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Nov. 30, 2021 | Aug. 31, 2021 | Nov. 30, 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 | 0 | 0 | |
Preferred stock, outstanding | 0 | 0 | |
Common stock, par value | $ 0.0001 | $ 0.0001 | |
Common stock, authorized | 600,000,000 | 600,000,000 | |
Common stock, issued | 73,319,800 | 73,319,800 | |
Common stock, outstanding | 73,319,800 | 73,319,800 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Losses (Unaudited) - USD ($) | 3 Months Ended | |
Nov. 30, 2021 | Nov. 30, 2020 | |
Income Statement [Abstract] | ||
REVENUE | $ 28,000 | |
COST OF REVENUE | (19,600) | |
GROSS PROFIT | 8,400 | |
OTHER INCOME | 16 | 10 |
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES | (2,698) | (5,290) |
(LOSS)/ PROFIT BEFORE INCOME TAX | (2,682) | 3,120 |
INCOME TAX PROVISION | ||
NET (LOSS)/ PROFIT | (2,682) | 3,120 |
OTHER COMPREHENSIVE LOSS | ||
TOTAL COMPREHENSIVE (LOSS)/ PROFIT | $ (2,682) | $ 3,120 |
Net profit/(loss) per share, basic and diluted: | $ 0 | $ 0 |
Weighted average number of common shares outstanding – Basic and diluted | 73,319,800 | 66,525,931 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Changes in Equity (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Merger Reserve [Member] | Retained Earnings [Member] | Total |
Balance, value at Aug. 31, 2020 | $ 7,248 | $ 576,052 | $ (74,773) | $ 508,527 | |
Balance, shares at Aug. 31, 2020 | 72,482,500 | ||||
Share issued in initial public offering completed on August 4, 2021 at $1.00 per share | $ 84 | 837,216 | 837,300 | ||
Shares issued in private placement completed on August 14, 2020 at $0.20 per share, shares | 837,000 | ||||
Net loss for the period | (337,780) | (337,780) | |||
Balance, value at Aug. 31, 2021 | $ 7,332 | 1,413,268 | (412,553) | 1,008,047 | |
Balance, shares at Aug. 31, 2021 | 73,319,800 | ||||
Net loss for the period | (2,682) | (2,682) | |||
Balance, value at Nov. 30, 2021 | $ 7,332 | $ 1,413,268 | $ (415,235) | $ 1,005,365 | |
Balance, shares at Nov. 30, 2021 | 73,319,800 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Changes in Equity (Unaudited) (Parenthetical) | Aug. 04, 2021$ / shares |
Statement of Stockholders' Equity [Abstract] | |
Shares issued, price per share | $ 1 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | 12 Months Ended | |
Nov. 30, 2021 | Nov. 30, 2020 | Aug. 31, 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net loss | $ (2,682) | $ 3,120 | $ (337,780) |
Adjustments to reconcile net loss to net cash used in operating activities: | |||
Accounts receivable | 6,000 | (5,000) | |
Accounts payable | 3,500 | ||
Other payables and accrued liabilities | (349) | 912 | |
Net cash generated from operating activities | 2,969 | 2,532 | |
Net increase in cash and cash equivalents | 2,969 | 2,532 | |
Cash and cash equivalents, beginning of period | 1,013,147 | 514,231 | 514,231 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 1,016,116 | 516,763 | $ 1,013,147 |
SUPPLEMENTAL CASH FLOWS INFORMATION | |||
Income taxes paid | |||
Interest paid |
DESCRIPTION OF BUSINESS AND ORG
DESCRIPTION OF BUSINESS AND ORGANIZATION | 3 Months Ended |
Nov. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
DESCRIPTION OF BUSINESS AND ORGANIZATION | 1. DESCRIPTION OF BUSINESS AND ORGANIZATION 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 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 $1 HKD Details of the Company’s subsidiary: SCHEDULE OF SUBSIDIARIES Company name Place and date of incorporation Particulars of Principal activities Proportional of ownership interest and voting power held 1. AsiaFIN Holdings Corp. Labuan / July 15, 2019 1 1 Investment holding and consulting services pertaining to market studies and financial solutions. 100 % 2. AsiaFIN Holdings Limited Hong Kong/ 1 1 Consultancy Services on market studies and financial solutions. 100 % ASIAFIN HOLDINGS CORP NOTES TO CONDENSED FINANCIAL STATEMENTS FOR THE THREE MONTHS ENDED NOVEMBER 30, 2021 (Currency expressed in United States Dollars (“US$”), except for number of shares) (UNAUDITED) |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Nov. 30, 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 for three months ended November 30, 2021 and November 30, 2020 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. 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. ASIAFIN HOLDINGS CORP NOTES TO CONDENSED FINANCIAL STATEMENTS FOR THE THREE MONTHS ENDED NOVEMBER 30, 2021 (Currency expressed in United States Dollars (“US$”), except for number of shares) (UNAUDITED) Income taxes The provision of income taxes is determined in accordance with the provisions of ASC Topic 740, “Income Taxes” (“ASC 740”). Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted income tax rates expected to apply to taxable income in the periods in which those temporary differences are expected to be recovered or settled. Any effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. ASC 740 prescribes a comprehensive model for how companies should recognize, measure, present, and disclose in their financial statements uncertain tax positions taken or expected to be taken on a tax return. Under ASC 740, tax positions must initially be recognized in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions must initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts. ASIAFIN HOLDINGS CORP NOTES TO CONDENSED FINANCIAL STATEMENTS FOR THE THREE MONTHS ENDED NOVEMBER 30, 2021 (Currency expressed in United States Dollars (“US$”), except for number of shares) (UNAUDITED) Net loss per share The Company calculates net loss per share in accordance with ASC Topic 260 “Earnings per share”. Basic loss per share is computed by dividing the net loss by the weighted average number of common shares outstanding during the period. Diluted loss per share is computed similar to basic loss per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common stock equivalents had been issued and if the additional common shares were dilutive. Foreign currencies translation The reporting 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: SCHEDULE OF FOREIGN EXCHANGE RATE As of and for the period ended November 30, 2021 As of and for the period ended August 31, 2021 Period-end RM : US$1 exchange rate 4.20 4.22 Period-average RM : US$1 exchange rate 4.17 4.12 Period-end HK$: US$1 exchange rate 7.80 7.78 Period-average HK$ : US$1 exchange rate 7.78 7.76 Related parties Parties, which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Companies are also considered to be related if they are subject to common control or common significant influence. ASIAFIN HOLDINGS CORP NOTES TO CONDENSED FINANCIAL STATEMENTS FOR THE THREE MONTHS ENDED NOVEMBER 30, 2021 (Currency expressed in United States Dollars (“US$”), except for number of shares) (UNAUDITED) 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. ASIAFIN HOLDINGS CORP NOTES TO CONDENSED FINANCIAL STATEMENTS FOR THE THREE MONTHS ENDED NOVEMBER 30, 2021 (Currency expressed in United States Dollars (“US$”), except for number of shares) (UNAUDITED) |
COMMON STOCK
COMMON STOCK | 3 Months Ended |
Nov. 30, 2021 | |
Equity [Abstract] | |
COMMON STOCK | 3. COMMON STOCK Between the period April 27, 2021 to July 30, 2021, the Company issued 837,300 1.00 As of November 30, 2021, AsiaFIN Holdings Corp. has an issued and outstanding common share of 73,319,800 |
CASH AND CASH EQUIVALENTS
CASH AND CASH EQUIVALENTS | 3 Months Ended |
Nov. 30, 2021 | |
Cash and Cash Equivalents [Abstract] | |
CASH AND CASH EQUIVALENTS | 4. CASH AND CASH EQUIVALENTS As of November 30, 2021, the Company recorded cash and cash equivalents of $ 1,016,116 |
ACCOUNTS RECEIVABLE
ACCOUNTS RECEIVABLE | 3 Months Ended |
Nov. 30, 2021 | |
Receivables [Abstract] | |
ACCOUNTS RECEIVABLE | 5. ACCOUNTS RECEIVABLE Accounts receivable consisted of the following as of November 30, 2021 and August 31, 2021. SCHEDULE OF ACCOUNTS RECEIVABLE As of As of August 31, 2021 Accounts receivable $ - $ 6,000 Total accounts receivable $ - $ 6,000 As of November 30, 2021 and August 31, 2021, the amount of $ 0 6,000 ASIAFIN HOLDINGS CORP NOTES TO CONDENSED FINANCIAL STATEMENTS FOR THE THREE MONTHS ENDED NOVEMBER 30, 2021 (Currency expressed in United States Dollars (“US$”), except for number of shares) (UNAUDITED) |
DEPOSITS PAID, PREPAYMENTS AND
DEPOSITS PAID, PREPAYMENTS AND OTHER RECEIVABLES | 3 Months Ended |
Nov. 30, 2021 | |
Deposits Paid Prepayments And Other Receivables | |
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 November 30, 2021 and August 31, 2021. SCHEDULE OF DEPOSITS PAID, PREPAYMENTS AND OTHER RECEIVABLES As of As of August 31, 2021 Other receivables $ 1,249 $ 1,249 Total deposits paid, prepayments and other receivables $ 1,249 $ 1,249 As of November 30, 2021 and August 31, 2021, there are the same amounts of $ 1,249 |
ACCOUNTS PAYABLE
ACCOUNTS PAYABLE | 3 Months Ended |
Nov. 30, 2021 | |
Payables and Accruals [Abstract] | |
ACCOUNTS PAYABLE | 7. ACCOUNTS PAYABLE Accounts payable consisted of the following as of November 30, 2021 and August 31, 2021. SCHEDULE OF ACCOUNTS PAYABLE As of As of August 31, 2021 Accounts payable $ 4,200 $ 4,200 Total accounts payable $ 4,200 $ 4,200 |
OTHER PAYABLES AND ACCRUED LIAB
OTHER PAYABLES AND ACCRUED LIABILITIES | 3 Months Ended |
Nov. 30, 2021 | |
Other Payables And Accrued Liabilities | |
OTHER PAYABLES AND ACCRUED LIABILITIES | 8. OTHER PAYABLES AND ACCRUED LIABILITIES Other payables and accrued liabilities consisted of the following as at November 30, 2021 and August 31, 2021. SCHEDULE OF OTHER PAYABLES AND ACCRUED LIABILITIES As of As of August 31, 2021 Accrued audit fees 7,500 7,500 Other payables 300 649 Total other payables and accrued liabilities $ 7,800 $ 8,149 ASIAFIN HOLDINGS CORP NOTES TO CONDENSED FINANCIAL STATEMENTS FOR THE THREE MONTHS ENDED NOVEMBER 30, 2021 (Currency expressed in United States Dollars (“US$”), except for number of shares) (UNAUDITED) |
INCOME TAXES
INCOME TAXES | 3 Months Ended |
Nov. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | 9. INCOME TAXES For the period/year November 30, 2021 and August 31, 2021, the local (United States) and foreign components of loss before income taxes were comprised of the following: SCHEDULE OF COMPONENTS OF LOSS BEFORE INCOME TAXES Three months ended Three months ended Tax jurisdictions from: - Local $ (150 ) $ (5,142 ) - Foreign, representing Labuan (52 ) (1 ) Hong Kong (2,480 ) 8,263 Loss before income tax $ (2,682 ) $ 3,120 The provision for income taxes consisted of the following: SCHEDULE OF PROVISION FOR INCOME TAXES Three months ended Three 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: The Company is registered in the State of Nevada and is subject to the tax laws of the United States of America. As of November 30, 2021, the operations in the United States of America incurred $ 422,391 88,702 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 Hong Kong AsiaFIN Holdings Corp. is subject to Hong Kong Profits Tax, which is charged at the statutory income tax rate of 16.5 The following table sets forth the significant components of the aggregate deferred tax assets of the Company as of November 30, 2021 and August 31, 2021: SCHEDULE OF COMPONENTS OF AGGREGATE DEFERRED TAX ASSETS Three months ended Three months ended Deferred tax assets: Net operating loss carry forwards -United States of America $ 88,072 $ 19,040 Net operating loss carry forwards - United States of America $ 88,072 $ 19,040 -Labuan - - -Hong Kong - - Net operating loss carry forwards - Foreign - - Gross deferred tax assets $ 88,072 $ 19,040 Less: valuation allowance - - Deferred tax assets $ 88,072 $ 19,040 ASIAFIN HOLDINGS CORP NOTES TO CONDENSED FINANCIAL STATEMENTS FOR THE THREE MONTHS ENDED NOVEMBER 30, 2021 (Currency expressed in United States Dollars (“US$”), except for number of shares) (UNAUDITED) |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 3 Months Ended |
Nov. 30, 2021 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | 10. RELATED PARTY TRANSACTIONS SCHEDULE OF RELATED PARTY TRANSACTIONS Three months ended Three months ended Insite MY Systems Sdn Bhd 1 -Revenue $ - $ (13,000 ) GLS IT Solutions Sdn Bhd 1 -Revenue $ - $ (15,000 ) 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. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Nov. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | 11. COMMITMENTS AND CONTINGENCIES As of November 30, 2021, the Company has no commitments or contingencies involved. |
CONCENTRATIONS OF RISK
CONCENTRATIONS OF RISK | 3 Months Ended |
Nov. 30, 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 November 30, 2021 and 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: SCHEDULE OF CONCENTRATION OF RISK As of As of November 30, 2020 As of As of November 30, 2020 As of As of November 30, 2020 Revenues Percentage of Accounts receivable Customer A $ - $ 13,000 - % 46 % $ - 8,000 Customer B $ - $ 15,000 - % 54 % $ - 15,000 $ - $ 28,000 - % 100 % $ - 23,000 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 November 30, 2021 and 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: SCHEDULE OF CONCENTRATION OF RISK As of As of November 30, 2020 As of As of November 20, 2020 As of As of November 30, 2020 Purchases Percentage of Accounts payable Vendor A $ - $ 9,100 - % 46 % $ - 5,600 Vendor B $ - $ 10,500 - % 54 % $ 4,200 10,500 $ - $ 19,600 - % 100 % $ 4,200 16,100 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 (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 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 | 3 Months Ended |
Nov. 30, 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 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 | 3 Months Ended |
Nov. 30, 2021 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | 14. SUBSEQUENT EVENTS The Company has evaluated subsequent events that occurred after November 30, 2021 up through the date of January 13, 2022, 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) | 3 Months Ended |
Nov. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of presentation | Basis of presentation The consolidated financial statements for AsiaFIN Holdings Corp. and its subsidiaries for three months ended November 30, 2021 and November 30, 2020 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. |
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. ASIAFIN HOLDINGS CORP NOTES TO CONDENSED FINANCIAL STATEMENTS FOR THE THREE MONTHS ENDED NOVEMBER 30, 2021 (Currency expressed in United States Dollars (“US$”), except for number of shares) (UNAUDITED) |
Income taxes | Income taxes The provision of income taxes is determined in accordance with the provisions of ASC Topic 740, “Income Taxes” (“ASC 740”). Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted income tax rates expected to apply to taxable income in the periods in which those temporary differences are expected to be recovered or settled. Any effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. ASC 740 prescribes a comprehensive model for how companies should recognize, measure, present, and disclose in their financial statements uncertain tax positions taken or expected to be taken on a tax return. Under ASC 740, tax positions must initially be recognized in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions must initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts. ASIAFIN HOLDINGS CORP NOTES TO CONDENSED FINANCIAL STATEMENTS FOR THE THREE MONTHS ENDED NOVEMBER 30, 2021 (Currency expressed in United States Dollars (“US$”), except for number of shares) (UNAUDITED) |
Net loss per share | Net loss per share The Company calculates net loss per share in accordance with ASC Topic 260 “Earnings per share”. Basic loss per share is computed by dividing the net loss by the weighted average number of common shares outstanding during the period. Diluted loss per share is computed similar to basic loss per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common stock equivalents had been issued and if the additional common shares were dilutive. |
Foreign currencies translation | Foreign currencies translation The reporting 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: SCHEDULE OF FOREIGN EXCHANGE RATE As of and for the period ended November 30, 2021 As of and for the period ended August 31, 2021 Period-end RM : US$1 exchange rate 4.20 4.22 Period-average RM : US$1 exchange rate 4.17 4.12 Period-end HK$: US$1 exchange rate 7.80 7.78 Period-average HK$ : US$1 exchange rate 7.78 7.76 |
Related parties | Related parties Parties, which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Companies are also considered to be related if they are subject to common control or common significant influence. ASIAFIN HOLDINGS CORP NOTES TO CONDENSED FINANCIAL STATEMENTS FOR THE THREE MONTHS ENDED NOVEMBER 30, 2021 (Currency expressed in United States Dollars (“US$”), except for number of shares) (UNAUDITED) |
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) | 3 Months Ended |
Nov. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
SCHEDULE OF SUBSIDIARIES | Details of the Company’s subsidiary: SCHEDULE OF SUBSIDIARIES Company name Place and date of incorporation Particulars of Principal activities Proportional of ownership interest and voting power held 1. AsiaFIN Holdings Corp. Labuan / July 15, 2019 1 1 Investment holding and consulting services pertaining to market studies and financial solutions. 100 % 2. AsiaFIN Holdings Limited Hong Kong/ 1 1 Consultancy Services on market studies and financial solutions. 100 % |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 3 Months Ended |
Nov. 30, 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: SCHEDULE OF FOREIGN EXCHANGE RATE As of and for the period ended November 30, 2021 As of and for the period ended August 31, 2021 Period-end RM : US$1 exchange rate 4.20 4.22 Period-average RM : US$1 exchange rate 4.17 4.12 Period-end HK$: US$1 exchange rate 7.80 7.78 Period-average HK$ : US$1 exchange rate 7.78 7.76 |
ACCOUNTS RECEIVABLE (Tables)
ACCOUNTS RECEIVABLE (Tables) | 3 Months Ended |
Nov. 30, 2021 | |
Receivables [Abstract] | |
SCHEDULE OF ACCOUNTS RECEIVABLE | Accounts receivable consisted of the following as of November 30, 2021 and August 31, 2021. SCHEDULE OF ACCOUNTS RECEIVABLE As of As of August 31, 2021 Accounts receivable $ - $ 6,000 Total accounts receivable $ - $ 6,000 |
DEPOSITS PAID, PREPAYMENTS AN_2
DEPOSITS PAID, PREPAYMENTS AND OTHER RECEIVABLES (Tables) | 3 Months Ended |
Nov. 30, 2021 | |
Deposits Paid Prepayments And Other Receivables | |
SCHEDULE OF DEPOSITS PAID, PREPAYMENTS AND OTHER RECEIVABLES | Deposits paid, prepayments and other receivables consisted of the following as of November 30, 2021 and August 31, 2021. SCHEDULE OF DEPOSITS PAID, PREPAYMENTS AND OTHER RECEIVABLES As of As of August 31, 2021 Other receivables $ 1,249 $ 1,249 Total deposits paid, prepayments and other receivables $ 1,249 $ 1,249 |
ACCOUNTS PAYABLE (Tables)
ACCOUNTS PAYABLE (Tables) | 3 Months Ended |
Nov. 30, 2021 | |
Payables and Accruals [Abstract] | |
SCHEDULE OF ACCOUNTS PAYABLE | Accounts payable consisted of the following as of November 30, 2021 and August 31, 2021. SCHEDULE OF ACCOUNTS PAYABLE As of As of August 31, 2021 Accounts payable $ 4,200 $ 4,200 Total accounts payable $ 4,200 $ 4,200 |
OTHER PAYABLES AND ACCRUED LI_2
OTHER PAYABLES AND ACCRUED LIABILITIES (Tables) | 3 Months Ended |
Nov. 30, 2021 | |
Other Payables And Accrued Liabilities | |
SCHEDULE OF OTHER PAYABLES AND ACCRUED LIABILITIES | Other payables and accrued liabilities consisted of the following as at November 30, 2021 and August 31, 2021. SCHEDULE OF OTHER PAYABLES AND ACCRUED LIABILITIES As of As of August 31, 2021 Accrued audit fees 7,500 7,500 Other payables 300 649 Total other payables and accrued liabilities $ 7,800 $ 8,149 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 3 Months Ended |
Nov. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
SCHEDULE OF COMPONENTS OF LOSS BEFORE INCOME TAXES | For the period/year November 30, 2021 and August 31, 2021, the local (United States) and foreign components of loss before income taxes were comprised of the following: SCHEDULE OF COMPONENTS OF LOSS BEFORE INCOME TAXES Three months ended Three months ended Tax jurisdictions from: - Local $ (150 ) $ (5,142 ) - Foreign, representing Labuan (52 ) (1 ) Hong Kong (2,480 ) 8,263 Loss before income tax $ (2,682 ) $ 3,120 |
SCHEDULE OF PROVISION FOR INCOME TAXES | The provision for income taxes consisted of the following: SCHEDULE OF PROVISION FOR INCOME TAXES Three months ended Three 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 November 30, 2021 and August 31, 2021: SCHEDULE OF COMPONENTS OF AGGREGATE DEFERRED TAX ASSETS Three months ended Three months ended Deferred tax assets: Net operating loss carry forwards -United States of America $ 88,072 $ 19,040 Net operating loss carry forwards - United States of America $ 88,072 $ 19,040 -Labuan - - -Hong Kong - - Net operating loss carry forwards - Foreign - - Gross deferred tax assets $ 88,072 $ 19,040 Less: valuation allowance - - Deferred tax assets $ 88,072 $ 19,040 |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 3 Months Ended |
Nov. 30, 2021 | |
Related Party Transactions [Abstract] | |
SCHEDULE OF RELATED PARTY TRANSACTIONS | SCHEDULE OF RELATED PARTY TRANSACTIONS Three months ended Three months ended Insite MY Systems Sdn Bhd 1 -Revenue $ - $ (13,000 ) GLS IT Solutions Sdn Bhd 1 -Revenue $ - $ (15,000 ) 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. |
CONCENTRATIONS OF RISK (Tables)
CONCENTRATIONS OF RISK (Tables) | 3 Months Ended |
Nov. 30, 2021 | |
Customer Concentration Risk [Member] | |
Concentration Risk [Line Items] | |
SCHEDULE OF CONCENTRATION OF RISK | For the period/year ended November 30, 2021 and 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: SCHEDULE OF CONCENTRATION OF RISK As of As of November 30, 2020 As of As of November 30, 2020 As of As of November 30, 2020 Revenues Percentage of Accounts receivable Customer A $ - $ 13,000 - % 46 % $ - 8,000 Customer B $ - $ 15,000 - % 54 % $ - 15,000 $ - $ 28,000 - % 100 % $ - 23,000 |
Supplier Concentration Risk [Member] | |
Concentration Risk [Line Items] | |
SCHEDULE OF CONCENTRATION OF RISK | For the period/year ended November 30, 2021 and 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: SCHEDULE OF CONCENTRATION OF RISK As of As of November 30, 2020 As of As of November 20, 2020 As of As of November 30, 2020 Purchases Percentage of Accounts payable Vendor A $ - $ 9,100 - % 46 % $ - 5,600 Vendor B $ - $ 10,500 - % 54 % $ 4,200 10,500 $ - $ 19,600 - % 100 % $ 4,200 16,100 |
SCHEDULE OF SUBSIDIARIES (Detai
SCHEDULE OF SUBSIDIARIES (Details) - $ / shares | 3 Months Ended | |
Nov. 30, 2021 | Nov. 30, 2020 | |
Restructuring Cost and Reserve [Line Items] | ||
Common stock, issued | 73,319,800 | 73,319,800 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
AsiaFIN Holdings Corp (Malaysia) [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
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. | |
Proportional of ownership interest and voting power held, percentage | 100.00% | |
AsiaFIN Holdings Limited (Hong Kong) [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Place/date of incorporation | Hong Kong/ July 5, 2019 | |
Common stock, issued | 1 | |
Common stock, par value | $ 1 | |
Principal activities | Consultancy Services on market studies and financial solutions. | |
Proportional of ownership interest and voting power held, percentage | 100.00% |
DESCRIPTION OF BUSINESS AND O_3
DESCRIPTION OF BUSINESS AND ORGANIZATION (Details Narrative) | Dec. 23, 2019 | Dec. 18, 2019 |
AsiaFIN Holdings Limited (Hong Kong) [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Percentage of equity interests acquired | 100.00% | |
AsiaFIN Holdings Corp (Malaysia) [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Percentage of equity interests acquired | 100.00% |
SCHEDULE OF FOREIGN EXCHANGE RA
SCHEDULE OF FOREIGN EXCHANGE RATE (Details) | Nov. 30, 2021 | Aug. 31, 2021 |
Period-end RM [Member] | ||
Exchange rate | 4.20 | 4.22 |
Period-average RM [Member] | ||
Exchange rate | 4.17 | 4.12 |
Period-end HK [Member] | ||
Exchange rate | 7.80 | 7.78 |
Period-average HK [Member] | ||
Exchange rate | 7.78 | 7.76 |
COMMON STOCK (Details Narrative
COMMON STOCK (Details Narrative) - $ / shares | 3 Months Ended | |||
Jul. 30, 2021 | Nov. 30, 2021 | Aug. 04, 2021 | Nov. 30, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Shares issued price per share | $ 1 | |||
Common stock, issued | 73,319,800 | 73,319,800 | ||
Common stock, outstanding | 73,319,800 | 73,319,800 | ||
Common Stock [Member] | 87 Non-US Residents [Member] | IPO [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Number of shares issued during period, shares | 837,300 | |||
Shares issued price per share | $ 1 |
CASH AND CASH EQUIVALENTS (Deta
CASH AND CASH EQUIVALENTS (Details Narrative) - USD ($) | Nov. 30, 2021 | Aug. 31, 2021 |
Cash and Cash Equivalents [Abstract] | ||
Cash and cash equivalents | $ 1,016,116 | $ 1,013,147 |
SCHEDULE OF ACCOUNTS RECEIVABLE
SCHEDULE OF ACCOUNTS RECEIVABLE (Details) - USD ($) | Nov. 30, 2021 | Aug. 31, 2021 |
Receivables [Abstract] | ||
Accounts receivable | $ 0 | $ 6,000 |
Total accounts receivable | $ 6,000 |
ACCOUNTS RECEIVABLE (Details Na
ACCOUNTS RECEIVABLE (Details Narrative) - USD ($) | Nov. 30, 2021 | Aug. 31, 2021 |
Receivables [Abstract] | ||
Accounts receivable related party | $ 0 | $ 6,000 |
SCHEDULE OF DEPOSITS PAID, PREP
SCHEDULE OF DEPOSITS PAID, PREPAYMENTS AND OTHER RECEIVABLES (Details) - USD ($) | Nov. 30, 2021 | Aug. 31, 2021 |
Deposits Paid Prepayments And Other Receivables | ||
Other receivables | $ 1,249 | $ 1,249 |
Total deposits paid, prepayments and other receivables | $ 1,249 | $ 1,249 |
DEPOSITS PAID, PREPAYMENTS AN_3
DEPOSITS PAID, PREPAYMENTS AND OTHER RECEIVABLES (Details Narrative) - USD ($) | Nov. 30, 2021 | Aug. 31, 2021 |
Deposits Paid Prepayments And Other Receivables | ||
Other receivable | $ 1,249 | $ 1,249 |
SCHEDULE OF ACCOUNTS PAYABLE (D
SCHEDULE OF ACCOUNTS PAYABLE (Details) - USD ($) | Nov. 30, 2021 | Aug. 31, 2021 |
Payables and Accruals [Abstract] | ||
Accounts payable | $ 4,200 | $ 4,200 |
Total accounts payable | $ 4,200 | $ 4,200 |
SCHEDULE OF OTHER PAYABLES AND
SCHEDULE OF OTHER PAYABLES AND ACCRUED LIABILITIES (Details) - USD ($) | Nov. 30, 2021 | Aug. 31, 2021 |
Other Payables And Accrued Liabilities | ||
Accrued audit fees | $ 7,500 | $ 7,500 |
Other payables | 300 | 649 |
Total other payables and accrued liabilities | $ 7,800 | $ 8,149 |
SCHEDULE OF COMPONENTS OF LOSS
SCHEDULE OF COMPONENTS OF LOSS BEFORE INCOME TAXES (Details) - USD ($) | 3 Months Ended | |
Nov. 30, 2021 | Nov. 30, 2020 | |
Loss before income tax | $ (2,682) | $ 3,120 |
UNITED STATES | ||
Loss before income tax | (150) | (5,142) |
Labuan [Member] | ||
Loss before income tax | (52) | (1) |
HONG KONG | ||
Loss before income tax | $ (2,480) | $ 8,263 |
SCHEDULE OF PROVISION FOR INCOM
SCHEDULE OF PROVISION FOR INCOME TAXES (Details) - USD ($) | 3 Months Ended | |
Nov. 30, 2021 | Nov. 30, 2020 | |
Current: | ||
- Local | ||
- Foreign | ||
Deferred: | ||
-Local | ||
-Foreign | ||
Income tax expense |
SCHEDULE OF COMPONENTS OF AGGRE
SCHEDULE OF COMPONENTS OF AGGREGATE DEFERRED TAX ASSETS (Details) - USD ($) | Nov. 30, 2021 | Nov. 30, 2020 |
Gross deferred tax assets | $ 88,072 | $ 19,040 |
Less: valuation allowance | ||
Deferred tax assets | 88,072 | 19,040 |
UNITED STATES | ||
Net operating loss carry forwards - United States of America | 88,072 | 19,040 |
Labuan [Member] | ||
Net operating loss carry forwards - Foreign | ||
HONG KONG | ||
Net operating loss carry forwards - Foreign |
INCOME TAXES (Details Narrative
INCOME TAXES (Details Narrative) | 3 Months Ended |
Nov. 30, 2021USD ($) | |
Cumulative net operating losses | $ 422,391 |
Valuation allowance | $ 88,702 |
Labuan [Member] | |
Statutory income rate | 3.00% |
HONG KONG | |
Statutory income rate | 16.50% |
SCHEDULE OF RELATED PARTY TRANS
SCHEDULE OF RELATED PARTY TRANSACTIONS (Details) - USD ($) | 3 Months Ended | ||
Nov. 30, 2021 | Nov. 30, 2020 | ||
Insite MY Systems Sdn Bhd [Member] | |||
Related Party Transaction [Line Items] | |||
Revenue | [1] | $ (13,000) | |
GLS IT Solutions Sdn Bhd [Member] | |||
Related Party Transaction [Line Items] | |||
Revenue | [1] | $ (15,000) | |
[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. |
SCHEDULE OF CONCENTRATION OF RI
SCHEDULE OF CONCENTRATION OF RISK (Details) - USD ($) | 3 Months Ended | ||
Nov. 30, 2021 | Nov. 30, 2020 | Aug. 31, 2021 | |
Concentration Risk [Line Items] | |||
Revenues | $ 28,000 | ||
Accounts receivable | $ 6,000 | ||
Accounts payable | 4,200 | $ 4,200 | |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Revenues | $ 28,000 | ||
Percentage of concentration | 100.00% | ||
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Customer A [Member] | |||
Concentration Risk [Line Items] | |||
Revenues | $ 13,000 | ||
Percentage of concentration | 46.00% | ||
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Customer B [Member] | |||
Concentration Risk [Line Items] | |||
Revenues | $ 15,000 | ||
Percentage of concentration | 54.00% | ||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Accounts receivable | $ 23,000 | ||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer A [Member] | |||
Concentration Risk [Line Items] | |||
Accounts receivable | 8,000 | ||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer B [Member] | |||
Concentration Risk [Line Items] | |||
Accounts receivable | $ 15,000 | ||
Cost of Goods and Service, Product and Service Benchmark [Member] | Supplier Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Percentage of concentration | 100.00% | ||
Purchases | $ 19,600 | ||
Cost of Goods and Service, Product and Service Benchmark [Member] | Supplier Concentration Risk [Member] | Vendor A [Member] | |||
Concentration Risk [Line Items] | |||
Percentage of concentration | 46.00% | ||
Purchases | $ 9,100 | ||
Cost of Goods and Service, Product and Service Benchmark [Member] | Supplier Concentration Risk [Member] | Vendor B [Member] | |||
Concentration Risk [Line Items] | |||
Percentage of concentration | 54.00% | ||
Purchases | $ 10,500 | ||
Accounts Payable [Member] | Supplier Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Accounts payable | 4,200 | 16,100 | |
Accounts Payable [Member] | Supplier Concentration Risk [Member] | Vendor A [Member] | |||
Concentration Risk [Line Items] | |||
Accounts payable | 5,600 | ||
Accounts Payable [Member] | Supplier Concentration Risk [Member] | Vendor B [Member] | |||
Concentration Risk [Line Items] | |||
Accounts payable | $ 4,200 | $ 10,500 |