SEAV SEATech Ventures Corporation (PK)

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-K

 

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

 

For The Fiscal Year Ended December 31, 2023

 

or

 

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

 

For the transition period from _______________ to _______________

 

Commission File Number 333-230479

 

SEATECH VENTURES CORP.

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

 

Nevada		61-1882326
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

 

11-05 & 11-06, Tower A, Avenue 3 Vertical Business Suite,

Jalan Kerinchi, Bangsar South, 59200 Kuala Lumpur, Malaysia.

(Address of principal executive offices, including zip code)

 

Registrant’s phone number, including area code +603 2242 1288

 

Securities registered pursuant to Section 12(b) of the Securities Exchange Act: None

 

Securities registered pursuant to Section 12(g) of the Securities Exchange Act: None

 

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

 

Yes ☐ No ☒

 

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.

 

Yes ☐ No ☒

 

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

 

Yes ☒ No ☐

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

 

YES ☐ NO ☒

 

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§ 229.405 of this chapter) is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. ☐

 

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

 

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

 

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

 

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

 

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

 

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

 

Yes ☐ No ☒

 

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

 

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock		SEAV		The OTC Market – Pink Sheets

 

The aggregate market value of the Company’s common stock held by non-affiliates computed by reference to the closing bid price of the Company’s common stock, as of the last business day of the registrant’s most recently completed second fiscal quarter:

 

Not Applicable

 

APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY

PROCEEDINGS DURING THE PRECEDING FIVE YEARS:

 

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

 

Not Applicable

 

APPLICABLE ONLY TO CORPORATE REGISTRANTS

 

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

 

Class		Outstanding at May 10, 2024
Common Stock, $.0001 par value		114,351,503

 

 

 

SEATech Ventures Corp.

FORM 10-K

For the Fiscal Year Ended December 31, 2023

Index

 

		Page #
PART I
Item 1.	Business	2
Item 1A.	Risk Factors	11
Item 1B.	Unresolved Staff Comments	11
Item 1C.	Cybersecurity	11
Item 2.	Properties	11
Item 3.	Legal Proceedings	11
Item 4.	Mine Safety Disclosure	11
PART II
Item 5.	Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	12
Item 6.	Selected Financial Data	13
Item 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	13
Item 7A.	Quantitative and Qualitative Disclosures About Market Risk	18
Item 8.	Financial Statements and Supplementary Data	18
Item 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	18
Item 9A.	Controls and Procedures	18
Item 9B.	Other Information	20
PART III
Item 10.	Directors, Executive Officers and Corporate Governance	20
Item 11.	Executive Compensation	25
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	27
Item 13.	Certain Relationships and Related Transactions, and Director Independence	28
Item 14.	Principal Accounting Fees and Services	31
PART IV
Item 15.	Exhibits, Financial Statement Schedules	32
SIGNATURES		33

 

 

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

 

This Annual Report on Form 10-K contains forward-looking statements. These forward-looking statements are not historical facts but rather are based on current expectations, estimates and projections. We may use words such as “anticipate,” “expect,” “intend,” “plan,” “believe,” “foresee,” “estimate” and variations of these words and similar expressions to identify forward-looking statements. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, some of which are beyond our control, are difficult to predict and could cause actual results to differ materially from those expressed or forecasted. These risks and uncertainties include the following:

 

	●	The availability and adequacy of our cash flow to meet our requirements;
	●	Economic, competitive, demographic, business and other conditions in our local and regional markets;
	●	Changes or developments in laws, regulations or taxes in our industry;
	●	Actions taken or omitted to be taken by third parties including our suppliers and competitors, as well as legislative, regulatory, judicial and other governmental authorities;
	●	Competition in our industry;
	●	The loss of or failure to obtain any license or permit necessary or desirable in the operation of our business;
	●	Changes in our business strategy, capital improvements or development plans;
	●	The availability of additional capital to support capital improvements and development; and
	●	Other risks identified in this report and in our other filings with the Securities and Exchange Commission or the SEC.

 

This report should be read completely and with the understanding that actual future results may be materially different from what we expect. The forward looking statements included in this report are made as of the date of this report and should be evaluated with consideration of any changes occurring after the date of this Report. We will not update forward-looking statements even though our situation may change in the future and we assume no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

 

Use of Defined Terms

 

Except as otherwise indicated by the context, references in this Report to:

 

	●	The “Company,” “we,” “us,” “our,” “SEATech” and similar references refer to SEATech Ventures Corp. and its subsidiaries.
	●	“Common Stock” refers to the common stock, par value $.0001, of the Company;
	●	“U.S. dollar,” “$” and “US$” refer to the legal currency of the United States;
	●	“Securities Act” refers to the Securities Act of 1933, as amended; and
	●	“Exchange Act” refers to the Securities Exchange Act of 1934, as amended.

 

 

PART I

 

ITEM 1. BUSINESS

 

Corporate History

 

SEATech Ventures Corp., a Nevada corporation (“the Company”) was incorporated under the laws of the State of Nevada on April 2, 2018.

 

On May 2, 2018, the Company acquired 100% interest in SEATech Ventures Corp., a private limited liability company incorporated in Labuan, Malaysia.

 

On December 21, 2018, SEATech Ventures Corp., the Malaysia Company acquired 100% interest in SEATech Ventures (HK) Limited, a private limited company incorporated in Hong Kong.

 

On October 04, 2021, SEATech Ventures (HK) Limited subscribed 60% of the equity interests in SEATech Bigorange CVC Sdn. Bhd., a private limited company incorporated in Malaysia. The Malaysia Company changed its company name to SEATech CVC Sdn. Bhd. on February 22, 2022. On February 25, 2022, SEATech Ventures (HK) Limited further acquired 40% of the equity interests in SEATech CVC Sdn. Bhd., which in turn owns 100% of the equity interests in the Malaysia company.

 

On January 03, 2022, SEATech Ventures (HK) Limited acquired 1 share, representing 100% equity interest of SEATech Ventures Sdn. Bhd., a Malaysia company, from the Chief Executive Officer, President, Secretary, Treasurer, Director, Mr. Chin Chee Seong, with consideration of MYR 1.

 

The Company, through its subsidiaries, mainly provides incubation and corporate development services to the clients. Details of the Company’s subsidiaries:

 

Company name

Place and date of incorporation

Particulars of issued capital

Principal activities

Proportional of ownership interest and voting power held

1.

SEATech Ventures Corp.

Labuan / March 12, 2018

100 ordinary shares of US$1 each

Investment holding

100

%

2.

SEATech Ventures (HK) Limited

Hong Kong / January 30, 2018

1 ordinary share of HK$1

Business mentoring, nurturing and incubation, and corporate development advisory services

100

%

3.

SEATech CVC Sdn. Bhd. (F.K.A. SEATech Bigorange CVC Sdn. Bhd.)

Malaysia / October 04, 2021

20,000 ordinary shares of MYR1 each

Dormant company

100

%

4.

SEATech Ventures Sdn. Bhd.

Malaysia / May 27, 2021

1 ordinary share of MYR1 each

Provision of corporate advisory services

100

%

 

Business Overview

 

SEATech Group principal activity is to provide business mentoring services, nurturing and incubation services relating to client businesses and corporate development advisory services to entrepreneurs in the broader technology industry, but with a specific focus on the information and communication technology industry. We will primarily focus our efforts on nurturing ICT entrepreneurs in Asia. Our advisory services mainly will center on our “ICT Start-Up Mentorship Program”, which is designed to assist tech-based entrepreneurs in solving ICT industry pain points caused by technical insufficiencies, inappropriate financial modelling and weak strategic positioning within a competitive environment. The program aims to improve the technical exposure of our clients and to improve their sustainability in the ICT industry community through a combination of mentorship programs. Currently, our clients are mainly Malaysia based ICT companies with future prospects in other ASIAN countries.

 

 

Further as part of our expansion plan, on September 20, 2022 Greenpro Capital Corp., a related party (NASDAQ: GRNQ) appointed SEATech Ventures (HK) Limited as a listing sponsor to engage potential token issuers to list on Green-X, the World’s first Shariah-Compliant ESG (environment, social and governance) Digital Asset Exchange (“DAX”) in Labuan, Malaysia. According to global consulting firm BCG, the asset tokenization market will grow 50 times from US$310 billion in this year, to US$16.1 trillion by 2030, driven by demand from a wide range of investors for greater access to private markets (Source: World Economic Forum – Global Agenda Council, BCG Analysis). As a DAX listing sponsor, SEATech Ventures (HK) Limited focus on digital/physical asset-backed companies in the STO (security token offering) listing on Green-X.

 

ICT Industry in Asia

 

The ICT industry in Asia continues to show significant expansion and vitality, especially in the realms of the Internet of Things (IoT) and robotics. This growth is predominantly fueled by major manufacturing sectors in countries like China. The strategic deployment of these technologies address some of Asia’s crucial challenges such as aging populations and labor shortages, as exemplified by Japan’s integration of robotics.

 

Smart city initiatives are becoming increasingly prominent across Asia, spurred by high mobile device penetration. This technological leap allows several Asian countries to skip traditional infrastructural phases and adopt more advanced solutions directly. Despite these advancements, the broad adoption of transformative software solutions remains a considerable challenge that could drive deeper economic impacts if resolved¹.

 

Economically, the influence of IoT is profound, with its expansion in sectors like manufacturing and transportation helping to propel new technology revenues toward the $1 trillion mark annually. Forecasts indicate that emerging technologies such as robotics, drones, AR/VR headsets, and their associated software and services are set to experience substantial growth. Specifically, the IoT market in Asia is expected to reach about $398 billion by 2025, according to a report by GlobalData.

 

The robotics market in Asia is also on a rapid ascent, anticipated to exceed $130 billion by 2025, driven by industrial and service sector applications, according to the International Federation of Robotics. Meanwhile, the AR and VR market in Asia could see revenues hitting $70.8 billion by 2024, driven by increasing demand in gaming, training, and industrial applications.

 

Looking to the future, the next three years are poised to see a dynamic shift as the ICT sector gears up for a new growth surge. Businesses are moving from prototyping to broader deployment of cutting-edge technologies such as augmented reality devices and AI-powered robots. This transition underscores the promising outlook for Asia’s ICT industry, positioning it as a global leader in technology adoption and innovation. This period of robust technological advancement and economic contribution paints a promising future for the ICT sector across Asia.

 

Sources:

IDC Corporate USA: https://www.idc.com/promo/global-ict-spending/regional-markets

GlobalData Report Store: https://www.globaldata.com/data/

 

1. IDC Corporate USA; see the section titled “New Technologies:”

 

ICT Industry – Hong Kong

 

Hong Kong’s role as a leading business center in the Asia region can be evidenced by its advanced telecommunications infrastructure. According to the IMD World Digital Competitiveness Ranking 2022, as published by the IMD World Competitiveness Centre, Hong Kong was ranked third in Asia and ninth in the world.

 

The industry of information and communications in Hong Kong had generated HK$95.6 billion (US$12.3 billion) of value added in 2021, contributing to 3.3% of GDP. In term of industry data, Hong Kong had household broadband penetration rate at 99.5% (as at April 2022). The Hong Kong Internet connection speeds are among the highest in the world, according to the Office of the Communication Authority.

 

The Hong Kong government has implemented various initiatives aimed at promoting the development of the ICT industry. These initiatives encompass funding support, infrastructure development, international collaboration, and workforce training. Specifically outlined in the Smart City Blueprint 2.0, adopted in December 2020, are over 130 initiatives aimed at enhancing public convenience. The objective is to help residents of Hong Kong grasp the advantages that innovation and technology in smart city endeavors will offer in their everyday lives.

 

The Hong Kong government’s Innovation and Technology Fund (ITF) has provided an alternative source of funding for the IT industry to support R&D development, facilitate technology adoption, nurture technology talent, support technology start-ups, and foster an I&T culture. As of end-February 2024, the ITF had approved 68,668 funding applications on projects with a total of HK$ 40.8 billion. Last but not least, Hong Kong has a large pool of skilled ICT professionals, providing services to clients spanning a wide range of businesses. According to 2022 Manpower Survey Report, as of April 2022, 112,425 people (including freelancers) were working in ICT-related fields in Hong Kong, accounting for 2.99% of the labor force.

 

 

Sources:

Hong Kong Trade Development Council:

https://research.hktdc.com/en/article/MzExMTUwMDAy#:~:text=Indeed%2C%20excellence%20in%20the%20telecommunications,3.3%25%20of%20Hong%20Kong’s%20GDP

 

Innovation and Technology Sector Manpower Survey Report:

https://manpower-survey.vtc.edu.hk/f/publication/13887/Manpower%20Survey%20Report%20for%20Innovation%20and%20Technology%20Sector.pdf

 

ICT Industry in ASEAN

 

The IT spending market in Southeast Asia is projected to rise to USD 33.97 trillion between 2021 and 2026, with an accelerated growth rate of 8.4% annually. The hardware segment, driven by increased mobile device usage like smartphones and tablets, will notably contribute to revenue growth. This segment is expected to maintain steady growth due to the rising adoption of VoLTE and 4G standards, prompting consumers to upgrade their phones. In addition, significant investments by telecommunication operators in 4G and 5G infrastructure will further boost growth in the hardware segment of the IT spending market in Southeast Asia².

 

Southeast Asia’s digital economies are set to reach $218 billion in total value of transactions this year, jumping 11% from a year ago despite global macroeconomic headwinds, a new report by Google, Temasek and Bain & Company revealed.

 

In 2023, the digital economy in Southeast Asia generated $100 billion in revenue, growing at a compound annual growth rate (CAGR) of 27% since 2021, which is 1.7 times faster than the growth of gross merchandise value (GMV). E-commerce, travel, transport, and media sectors contributed $70 billion in revenue. Notably, this focus on revenue generation has not compromised consumer engagement or the growth of GMV, which still increased by 11% to $218 billion in 2023. Travel and transport sectors are projected to surpass pre-pandemic levels in 2024, while e-commerce continues to exhibit resilience, driven by heightened competition.

 

Sources:

2. Source: https://www.prnewswire.com/news-releases/it-spending-market-size-in-southeast-asia-to-grow-by-usd-33-97-trillion-hardware-segment-to-be-significant-for-revenue-generation---technavio-301598739.html 

 

 

ICT Industry in Malaysia

 

The Information and Communication Technology (ICT) industry has grown significantly and is expected to grow continuously. The size of the Malaysian ICT market is projected to be USD 25.29 billion in 2024 and is projected to increase at a Compound Annual Growth Rate (CAGR) of 7.57% to USD 39.18 billion by year 2029. The main factor of this rise is the increasing in digitalization among most significant industrial sectors, which also includes the creation and application of 5G technology³.

 

The rapid growth of Malaysia’s ICT industry is supported by programs such as the MyDIGITAL initiative, which is a component of the Malaysia Digital Economy Blueprint. By 2030, this initiative is intended to make Malaysia a high-income, digitally driven country and a leader in the digital economy in the region⁴. Malaysia’s potential as a regional data hub have been enhanced by the government’s Cloud First strategy under MyDIGITAL. To further advance this goal, the Malaysian government’s approach to cybersecurity, data systems integration, and emerging digital technologies is essential. To improve Malaysia’s cybersecurity measures, the government has allocated US$434 million through the launch of the Malaysia Cyber Security Strategy (MCSS). The International Trade Administration states that this strategy emphasizes on the significance of cybersecurity in protecting organizations as they move towards digital platforms⁵.

 

The ICT sector in Malaysia is strategically positioned, offering significant opportunities in smart city technologies. Smart city development in the country harnesses cutting-edge technologies such as 5G, IoT, big data, cloud computing, and AI to enhance services, improve efficiency, and bolster economic productivity while prioritizing sustainability. These advancements not only reshape the ICT landscape but also position Malaysia for a prominent role in the future global economy. Overall, Malaysia’s ICT sector is rapidly evolving, driven by digitalization, government initiatives, and technological progress, making it a vital contributor to the nation’s GDP and socio-economic development.

 

Sources:

3. https://www.mordorintelligence.com/industry-reports/malaysia-ict-market.

4. Source: https://www.pwc.com/my/en/publications/2021/pwc-annual-report-2021/client/national-mydigital-initiative.html

5. Source: https://www.trade.gov/market-intelligence/malaysia-cybersecurity

 

ICT Industry in Indonesia

 

The Indonesia ICT market was valued at US$ 36.90 billion in 2022 and will grow at a compounded annual growth rate (CAGR) of 17.09% to reach a value of US$ 81.21 billion by 2027. The cumulative revenue generation for ICT providers in Indonesia is estimated at US$ 334.96 billion for 2022-2027⁶. Indonesia leads Southeast Asia’s digital economy contribution with the largest share of 42% or $691.8 billion⁷.

 

Indonesia’s ICT industry focuses on their Software-as-a-Service (SaaS) and cloud computing, providing solution such as data analytics, data center management and managed services. Indonesia is at a pivotal point in its digitalization journey. Cloud adoption is primarily focused on making existing business processes more efficient and productive, but this will change over time as SaaS solutions become vital to building new business and innovations. Cloud-based solutions will also be essential to leveraging technologies like AI, which is widely seen as a major driver of future economic growth.

 

Generative AI on the other hand is projected to bring US$4.4 trillion in value to the global economy⁸. By 2025, it is estimated that Indonesia’s digital economy will increase GDP by USD 150 billion. To achieve this, the Indonesian government is carrying out a significant infrastructure development. As part of the digital transformation, the government has launched a number of national initiatives, such as Go Digital Vision 2020, e-smart IKM, and the 100 Smart City Movement.

 

The Telkom Indonesia group of companies announced in July 2022 that it has partnered with Edgecore, a leading provider of network solutions, to open a demonstration lab in Indonesia that will enable open, disaggregated solutions. Edgecore expressed its strong support for open networking by offering to sponsor and participate in the Indonesian demonstration lab. NTT Indonesia also announced the opening of a high-tech data center in Jakarta. To serve the expanding digital economy in Southeast Asia, NTT launched the biggest data center in Indonesia, expanding its hyperscale data center presence there⁹.

 

Sources:

6. Source: https://www.globaldata.com/store/report/indonesia-ict-market-analysis/#:~:text=The%20Indonesia%20ICT%20market%20was,334.96%20billion%20for%202022%2D2027

7. Source: https://www.asiabiztoday.com/2024/01/30/indonesia-leads-se-asias-digital-economy-contribution-with-42-gva-says-unafinancial-study/#:~:text=Indonesia%20accounted%20for%20the%20largest,%25)%20and%20Brunei%20(0.1%25)

8. Source: https://www.techinasia.com/5-reasons-saas-adoption-indonesia-accelerating

9. Source: https://www.mordorintelligence.com/industry-reports/indonesia-ict-market

 

 

ICT Industry in Thailand

 

The Thailand ICT market size was shown to be over $19 billion in 2022 and is expected to grow at a CAGR of more than 14% in the period of 2022 to 2027, eventually reaching over $38 billion by 2027. The ICT market in Thailand is propelled by transitioning businesses from traditional to digital services, government initiatives such as the National Strategy, Digital Park Thailand, National AI Strategy, and Thailand 4.0, increased internet penetration, and other rapid technological advancements¹⁰.

 

The Thailand government are taking actions in boosting the country’s IT sector due to their growing demand for digital transformation. For example, the Thailand’s Board of Investment (BOI) adopted a new Five-Year Investment Promotion Strategy, which targets industries and sectors that promote Thailand’s long-term development¹¹. In 2024, the Thailand BOI announced that the applications for investment promotion in 2023 achieved a 5 year high of 24 billion dollars combined value. This was an increase of 43% compared to the previous year which was led by a large foreign investment in the five priority sectors in the BOI new investment promotion strategy, which was more than half of the combined pledges¹².

 

In 2022, Huawei Technologies planned in investing approximately $23 million USD in building its third data center in Thailand. These infrastructure development projects will further increase the demand for hardware and IT services. Amazon Web Services (AWS) also signed an MOU with the Ministry of Digital Economy and Society of Thailand (MDES) to bring digital transformation into Thailand. AWS plans to invest more than $5 million USD in Thailand over the next 15 years. Besides that, SAP also announced their plans to accelerate cloud transformation for both private and public sectors to increase efficiency, flexibility, and agility. Alibaba Cloud company opened its first data center in Thailand in 2022 to support the Thai government’s National Strategic Plan up to year 2037. Alibaba made announcements on their plans to invest $1 billion USD as this unveils a strategic roadmap for international business at the 2022 Alibaba Cloud Summit¹³.

 

Sources:

10. Source: https://www.globaldata.com/store/report/thailand-enterprise-ict-market-analysis/#:~:text=Thailand%20Enterprise%20ICT%20Market%20Overview,over%20%2438%20billion%20in%202027

11. Source: https://www.boi.go.th/index.php?page=press_releases_detail&topic_id=133546&language=en

12. Source: https://www.prnewswire.com/news-releases/thailand-boi-says-2023-investment-applications-up-43-to-usd-24-billion-as-large-fdi-projects-soar-302058865.html

13. Source: https://www.mordorintelligence.com/industry-reports/thailand-ict-market

 

 

ICT industry in Vietnam

 

A recent industry report projects that Vietnam’s ICT market will continue to grow rapidly in 2024. As the public and private sectors increase their adoption of ICT solutions, the ICT market is predicted to grow by 14% in 2023 to a value of VND 240 trillion Vietnam dong (equivalent to USD 10.2 billion). By 2027, the market is expected to surpass VND 400 trillion Vietnam dong (equivalent to USD 17 billion). The Vietnamese government has recognized information and communications technology (ICT) as a significant industry and socioeconomic growth driver. To enhance operational efficiency and improve governance services, government agencies at all levels are being encouraged to implement advanced ICT solutions¹⁴.

 

The rapid adoption of digital technologies in numerous industries is the main factor driving the Vietnamese market. ICT solutions are being adopted by businesses, government agencies, and educational institutions on a growing scale to modernize operations, boost efficiency, and provide better services. Furthermore, the demand for ICT services, such as digital content and e-commerce, is increasing due to the nation’s increasing internet penetration, which is being driven by inexpensive smartphones and developing infrastructure. Fintech, e-commerce, and edtech innovation is supported by government programs such as the “National Digital Transformation Program” and a vibrant startup ecosystem. Because of Vietnam’s favorable business climate and steady economy, the country is seeing an increase in foreign investments in the ICT sector, which promotes knowledge sharing and technology transfer¹⁵.

 

There are five mobile operators operating in Vietnam: VNPT-Vinaphone, Mobifone, Viettel, Vietnammobile, and Gtel. State-owned enterprises dominate the telecommunications industry. Additionally, there exist three mobile virtual network operators, namely Asim Telecom (Local), Mobicast (Reddi), and Dong Duong Telecom (iTel). The combined market share of the three network operators—VNPT-Vinaphone, Viettel, and Mobifone—is close to 95%. The Ministry of Information and Communications in Vietnam estimates that as of September 2022, there were 127.207 million mobile subscribers. Vietnam is predicted to have 129.2 million subscribers by the end of 2032, with an average annual growth rate of only 0.5% from 2022 to 2032. 89.2% of connections will have 5G capability by 2032. The penetration rate of the Vietnamese mobile market is approximately 128%, indicating a highly saturated market.

 

A recent study also shows that the cybersecurity market in Vietnam will generate USD 215 million in total revenue by 2023, with growth expected to occur at a rate of roughly 15% year in 2022 and 2023. According to World Bank estimates, as Vietnam pursues projects in e-government, the internet of things (IOT), smart cities, financial technology, artificial intelligence, etc., the nation’s digital economy will surpass USD 43 billion by 2025. However, the public and private sectors are facing an increase in cyber threats as a result of the nation’s unprecedented growth and demand for digital services¹⁶.

 

Sources:

14. Source: https://www.trade.gov/country-commercial-guides/vietnam-information-and-communication-technologies

15. Source: https://www.imarcgroup.com/vietnam-ict-market#:~:text=%E2%80%8BVietnam%20ICT%20market%20is,7.74%25%20during%202024%2D2032

16. Source: https://www.trade.gov/country-commercial-guides/vietnam-information-and-communication-technologies

 

ICT industry in Philippines

 

The Philippines ICT market size was valued at US$ 19.42 billion in 2022 and will grow at a compounded annual growth rate (CAGR) of 11.63% to reach a value of US$ 33.65 billion by 2027. The cumulative revenue generation for ICT providers in the Philippines is estimated at US$ 154.18 billion for 2022-2027¹⁷.

 

Business Management International (BMI), a market research firm, projects that by 2025 software sales in the Philippines will total a $95 million USD. Local businesses have also increased their investment in enterprise architecture projects because of pushing for digital transformation. The availability of major security and enhancements for Microsoft Windows 11 was another factor driving the purchases. The Philippines moved up two spots in the 2022 IMD Digital Competitiveness Ranking report, from 58th to 56th, from the previous year¹⁸.

 

As Philippines move towards creating a “Bagong Pilipinas,” the government is implementing more effective methods of delivering public services. Launched in June 2023, the eGovPH App simplifies government procedures and has benefited 964,775 users with its accessibility. By collaborating with 38 government agencies, the DICT seeks to improve collaborative work and break down barriers to innovation. The digital National ID, also known as the PhilSys ID, eTravel for electronic passenger registration, and eLGU for local government services are all available on the app. By implementing the eLGU system’s Business Permit module, 776 LGUs are increasing the accessibility and effectiveness of government services¹⁹.

 

Disaster management has also been given top priority by the DICT thanks to its collaboration with the World Food Programme. Six cutting-edge mobile emergency telecommunication units are part of the Government Emergency Communications System – Mobile Operations Vehicle for Emergencies (GECS-MOVE) project, enhancing disaster response capabilities²⁰.

 

The Philippines’ Department of Information and Communications Technology (DICT) is preparing for a substantial year in 2024 after reaching significant goals in creating an established ICT ecosystem. International attention has been drawn to the nation’s commitment to ICT development and overall growth. The Board of Investments recently recorded its highest-ever investment approvals at Php1.16 trillion (S$31.32 billion), indicating a 59% increase from 2022. A significant portion of this growth has come from the ICT sector, with approvals totaling Php96.16 billion (S$2.60 billion). A P5.6 billion (S$151.2 million) investment from IPS Incorporated, a Japanese telecom company, and a P4 billion (S$108 million) public-private partnership with IPS affiliate, Infinivan, to accelerate the National Broadband Plan deployment are two noteworthy initiatives.

 

Sources:

17. Source: https://www.globaldata.com/store/report/philippines-ict-market-analysis/

18. Source: https://www.trade.gov/country-commercial-guides/philippines-information-and-communications-technology#:~:text=The%20Philippine%20Government%2C%20the%20business,the%20expansion%20of%20e%2Dcommerce

19. Source: https://opengovasia.com/2024/01/08/the-philippines-enhances-digitalisation-efforts-in-2024/

20. Source: https://www.etcluster.org/sites/default/files/documents/20211027_DICT%20GECS%20MOVE%20Factsheet.pdf

 

 

Our Solutions and Services

 

Mentoring

 

We believe that tech-based entrepreneurs are the vital agents of positive and transformational change across every aspect of our society and economy. It is our intention to offer mentoring programs to our clients through which we hope to create a sense of community, wherein our members will be able to grow their companies exponentially through leveraging skillsets and potential capital provided by our organization. Through creating a sense of community, we have the potential to become one of the IT Corporate Venture Capital (CVC) Companies in the ASIA region. Our mentors, for the time being and in the foreseeable future, will comprise of the Company’s officers, whom have extensive experience in the information and computer technology industry. Additionally, our mentors possess, extensive corporate experience, corporate management skills, professional networking, and industry knowledge which are necessary to guide tech-based entrepreneurs to the path of success.

 

The exact details of our mentoring program will be adjusted on a case-by-case basis, but will follow a certain basic structure. Our primary focus will be to provide domain knowledge in delivering ICT-enriched learning experiences and best practices through our years of experience in the ICT and tech-based industry. We intend to provide professional industry-based advice, conduct market analysis, track performance metrics and corporate development advisory on ASIA-wide ICT aspects. The Company intends to conduct feasibility report based on the industry average using comparison of common firms performance within the ICT industry.

 

The feasibility reports cover seven main areas to clearly identify the pain points that entrepreneurs may encounter within the ICT market:

 

- Direction and Strategy

- Team and Execution

- Culture and Brand

- Creativity and Innovation

- Business Modelling

- Sustainability

- Profitability

 

Match-Making & Business Opportunities

 

The strength and ability of ASIA entrepreneurs are evolving and improving; hence our Company’s mission is to assist these entrepreneurs to grow globally. SEATech targets emerging-growth entrepreneurs and assist them to sustain their economic positions in the Asia-Pacific region, as we believe the multilateral business relationship between the countries in these regions has shown a trend of increasing strength which will continue in the future. We intend to identify emerging-growth entrepreneurs, initially, through word of mouth and existing industry contacts of our officers and directors, we may also evaluate the possibility of organizing programs or events in future and to provide a venture pitching platform for tech-based companies seeking venture capital funding. Plans regarding the organizing of events is in the growth stage, and currently we have not taken measures to finalize such plans. Once entrepreneurs are identified, we will create linkages between the ecosystem players within the information and communications technology (ICT) industry and assist in solving critical issue for the continued development of ICT sectors.

 

 

Technology Team

 

It is the Company’s belief that digital products and services are transforming industries, enriching lives, and propelling progress. We strongly believe that our team with years of experience in the ICT industry will be able to reinforce the importance of digitization and incubate promising entrepreneurs in the ICT industry who can shape the country’s future. With the experience of our officers and directors in this industry, we believe that we are able to benefit our members by making recommendations pursuant to the digital economy, conducting market analysis, and tracking digital progress metrics throughout Southeast Asia.

 

Financial and Corporate Advisory Team

 

Growing strong regional entrepreneurs is not our sole aim, we also aspire to build an ICT ecosystem in the region through the tool of securitization that could assist our clients to compete on the world stage. As such, we have entered into a memorandum of understanding with the National ICT Association of Malaysia (PIKOM), and GreenPro Capital Corp (NASDAQ: GRNQ) to enter into a partnership to create greater value for the high-growth emerging companies in the ASIA region. In collaboration with Greenpro, our corporate development advisory services can be flexible arrangement, custom fitted for members and their needs. We provide advisory services to ascertain that our clients are well structured and have clearly delineated funding options available in the capital marketplace.

 

Corporate Program

 

Despite the technological advancements, many small and medium-sized enterprises (SMEs) in ASIA are still low in both technology and skillsets. With our Corporate Programs, we intend to match and enhance performance of ICT entrepreneurs based upon a spectrum of availability, innovation environment, regulatory environment, and digital literacy. It is our intention to create corporate programs through which our community clients may have an opportunity to attend seminars, workshops, promotional events that showcase industry expertise during key cross-countries Southeast Asia events. All such plans remain in development and we have yet to determine a timeline when such programs will become available.

 

Future Plan

 

Marketing

 

We plan to explore tech-based marketplaces and attract IT startup entrepreneurs around ASIA countries through building our corporate image and awareness through corporate seminars, website and pitching events. Further, we had developed a corporate website which will introduce our SEATech Corporate Ventures Program.

 

At this time, we intend for the SEATech Corporate Ventures Program to be comprised of the following:

 

1. Mentorship on Pitching - Participate in SEATech’s corporate accelerator programs which will mentor ICT entrepreneur’s pitching skills and educate their mind-set of current business environment.

 

2. Corporate Event – Opportunity to attend seminars / workshops where they will be provided with professional ICT advisory solutions by our experienced officer and director.

 

3. Roadshow and Fund-Raising Advisory Opportunity to participate in event to provide entrepreneurs with knowledge of options available within the capital market and to enhance their understanding of compliance requirements to respective capital market rules and regulations.

 

4. Matchmaking & Business Opportunities Potential collaborations for local entrepreneurs to meet some of the region’s most innovative start-ups.

 

We market our advisory services through this corporate website and utilize search engine marketing to improve the visibility of our corporate website. At this point in time, our website was in place and accessible at: https://www.seatech-ventures.com/.

 

 

Expansion and Targeted Market

 

For the 2024 financial year, our plan is to recruit at least three managing partners in each country where we operate. We are initially targeting expansion into the Asian market, specifically in Thailand, Indonesia, Singapore, Philippines, Vietnam, Myanmar, Cambodia, Taiwan, China, and Hong Kong. We are seeking senior individuals with extensive experience in the ICT industry who are capable of providing thorough analysis, corporate management advice, and developing business solutions for ICT companies looking to expand. These partners will also be responsible for conducting performance assessments and implementing our new strategic plans and objectives.

 

Over the next 12 months, we plan to expand our team in Malaysia by hiring fifteen to twenty new employees, including accountants, public relations professionals, and ICT business consultants. These additions will help us strengthen our operational capabilities. Additionally, we will be securing office space to support our business activities and to provide a venue for meetings with potential clients.

 

We are also committed to funding our ICT Incubator Program, which will require substantial investment in research, development, and testing. Due to the complex nature of this initiative, we are currently unable to establish a fixed timeline or budget. As our operations evolve, we will consider potential acquisitions and venture opportunities that may complement our existing activities, particularly following our successful listing on the US capital market.

 

This strategic expansion and recruitment effort in Malaysia is part of our broader commitment to enhancing our presence in key markets and reinforcing our service offerings in the ICT sector. By bolstering our team with skilled professionals and establishing a more robust operational base, we aim to improve our competitive edge and responsiveness to market demands.

 

In parallel, our investment in the ICT Incubator Program reflects our dedication to fostering innovation and nurturing new technologies that could lead to groundbreaking developments in the industry. This program will serve as a catalyst for transforming fresh ideas into viable products and services, thereby contributing to the overall growth of the ICT sector.

 

As we move forward, our exploration of potential acquisitions and venture opportunities will be guided by a strategic focus on creating synergies with our current operations. This approach will ensure that any new partnerships or integrations not only align with but also enhance our core business objectives.

 

Competition

 

SEATech focuses on providing mentoring and advisory services to ICT companies in ASIA. The venture capital industry in ASEAN or even the ASIAN region has grown substantially over the years, as more start-ups, especially those with ICT focus, will require mentoring and incubation services in order to move to the next level. Henceforth, the venture capital industry is getting more competitive and SEATech intends to improve its visibility and the provision of its advisory services in order to stand out from the competition. The Company will seek to improve its competency in ICT so as to create a competitive advantage over our existing and/or potential competitors.

 

Customers

 

For the year ended December 31, 2023, the Company has generated $328,340 revenue from customers through the provision of business mentoring, nurturing and incubation services relating to client businesses and corporate development advisory services.

 

Employees

 

As of December 31, 2023, the Company has a total of 3 full-time employees at our headquarter office in Kuala Lumpur, Malaysia. The 3 full-time employees are administrative staffs of the Company.

 

Our Chief Executive Officer, Executive Directors and Chief Financial Officer, have flexible working hours, up to 30 hours per week, but are prepared to devote more time if necessary.

 

Our independent non-executive directors also have flexibility working hours with no time limits, but are prepared to devote more time if necessary.

 

We do not presently have pension, health, annuity, insurance, stock options, profit sharing, or similar benefit plans; however, we may adopt plans in the future. There are presently no personal benefits available to our Officers, Directors or employees.

 

Government Regulation

 

At present, we are subject to the laws and regulations of the jurisdictions in which we operate, which may include business licensing requirements, income taxes and payroll taxes. In general, the development and operation of our business is not subject to special regulatory and supervisory requirements.

 

 

ITEM 1A. RISK FACTORS

 

We are a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934 and are not required to provide the information under this item.

 

ITEM 1B. UNRESOLVED STAFF COMMENTS

 

We are a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934 and are not required to provide the information under this item.

 

ITEM 1C. CYBERSECURITY

 

Risk management and strategy

 

SEATech Ventures Corp. acknowledges the crucial necessity of establishing, executing, and sustaining strong cybersecurity measures to secure our information systems. This is undertaken to uphold the confidentiality, integrity, and accessibility of our data.

 

We plan to strategically incorporate cybersecurity risk management into all our comprehensive risk management framework, fostering a corporate culture that prioritizes cybersecurity at all levels. This integration shall be done in stages so as to guarantee that cybersecurity factors are ingrained in our decision-making processes throughout the organization. We plan to incorporate a risk management team to collaborate closely with the IT department, consistently assessing and mitigating cybersecurity risks in alignment with our business goals and operational requirements.

 

We recognize the intricate and ever-changing nature of cybersecurity threats. To address this, we shall collaborate with external experts, including cybersecurity assessors and consultants. This cooperation shall involve regular audits, threat assessments, and consultations to enhance our security measures. These efforts ensure that our cybersecurity strategies adhere to industry best practices and remain effective in safeguarding our systems.

 

Understanding the potential risks associated with third-party service providers, we shall implement stringent processes to oversee and manage these concerns. We shall conduct thorough security assessments before engaging with any third-party provider and maintain ongoing monitoring to ensure compliance with our cybersecurity standards. This involves quarterly assessments by our management and continuous evaluations by our security engineers. This approach is designed to mitigate the risks of data breaches or other security incidents originating from third-party sources.

 

We have not encountered cybersecurity issues that have significantly impacted our operational performance or financial status.

 

Governance

 

The Board of Directors is fully aware of the vital importance of managing cybersecurity risks. To ensure effective governance in handling these risks, the Board shall implement a strong oversight mechanisms. This reflects our understanding of the significant impact these threats can have on operational integrity and stakeholder confidence.

 

ITEM 2. PROPERTIES

 

We have moved our physical office from 11-05 & 11-06, Tower A, Ave 3 Vertical Business Suite, Jalan Kerinchi, Bangsar South, 59200 Kuala Lumpur, Wilayah Persekutuan Kuala Lumpur, Malaysia to B-23A-02, G-Vestor Tower, Pavilion Embassy, 200, Jalan Ampang, 50450 Kuala Lumpur, Malaysia.

 

ITEM 3. LEGAL PROCEEDINGS

 

From time to time, we may become involved in various lawsuits and legal proceedings which arise in the ordinary course of business. Litigation is subject to inherent uncertainties, and an adverse result in these or other matters may arise from time to time that may harm our business. There are currently no pending legal proceedings or claims that we believe will have a material adverse effect on our business, financial condition or operating results. None of our directors, officers or affiliates is involved in a proceeding adverse to our business or has a material interest adverse to our business.

 

ITEM 4. MINE SAFETY DISCLOSURES

 

Not applicable.

 

 

PART II

 

ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

 

Our common stock is currently quoted on the OTC Pink under the trading symbol “SEAV.”

 

Trading in stocks quoted on the OTC Pink is often thin and is characterized by wide fluctuations in trading prices due to many factors that may have little to do with a company’s operations or business prospects. We cannot assure you that there will be a market for our common stock in the future.

 

For the periods indicated, the following table sets forth the high and low bid prices per share of common stock based on inter-dealer prices, without retail mark-up, mark-down or commission and may not represent actual transactions.

 

Fiscal Year 2023		Highest Bid				Lowest Bid
First Quarter		$	0.16			$	0.02
Second Quarter		$	0.54			$	0.01
Third Quarter		$	0.65			$	0.04
Fourth Quarter		$	0.83			$	0.20

 

Holders

 

As of December 31, 2023, we had 114,351,503 shares of our Common Stock par value, $.0001 issued and outstanding. There were 492 beneficial owners of our Common Stock.

 

Transfer Agent and Registrar

 

The transfer agent for our capital stock is VStock Transfer, LLC, with an address at 18, Lafayette Place, Woodmere, New York 11598 and telephone number is +1 (212) 828-8436.

 

Penny Stock Regulations

 

The Securities and Exchange Commission has adopted regulations which generally define “penny stock” to be an equity security that has a market price of less than $5.00 per share. Our Common Stock, when and if a trading market develops, may fall within the definition of penny stock and be subject to rules that impose additional sales practice requirements on broker-dealers who sell such securities to persons other than established customers and accredited investors (generally those with assets in excess of $1,000,000, or annual incomes exceeding $200,000 individually, or $300,000, together with their spouse).

 

For transactions covered by these rules, the broker-dealer must make a special suitability determination for the purchase of such securities and have received the purchaser’s prior written consent to the transaction. Additionally, for any transaction, other than exempt transactions, involving a penny stock, the rules require the delivery, prior to the transaction, of a risk disclosure document mandated by the Securities and Exchange Commission relating to the penny stock market. The broker-dealer also must disclose the commissions payable to both the broker-dealer and the registered representative, current quotations for the securities and, if the broker-dealer is the sole market-maker, the broker-dealer must disclose this fact and the broker-dealer’s presumed control over the market. Finally, monthly statements must be sent disclosing recent price information for the penny stock held in the account and information on the limited market in penny stocks. Consequently, the “penny stock” rules may restrict the ability of broker-dealers to sell our Common Stock and may affect the ability of investors to sell their Common Stock in the secondary market.

 

In addition to the “penny stock” rules promulgated by the Securities and Exchange Commission, the Financial Industry Regulatory Authority (“FINRA”) has adopted rules that require that in recommending an investment to a customer, a broker-dealer must have reasonable grounds for believing that the investment is suitable for that customer. Prior to recommending speculative low-priced securities to their non-institutional customers, broker-dealers must make reasonable efforts to obtain information about the customer’s financial status, tax status, investment objectives and other information. Under interpretations of these rules, FINRA believes that there is a high probability that speculative low-priced securities will not be suitable for at least some customers. The FINRA requirements make it more difficult for broker-dealers to recommend that their customers buy our common stock, which may limit the investors’ ability to buy and sell our stock.

 

Dividend Policy

 

Any future determination as to the declaration and payment of dividends on shares of our Common Stock will be made at the discretion of our board of directors out of funds legally available for such purpose. We are under no obligations or restrictions to declare or pay dividends on our shares of Common Stock. In addition, we currently have no plans to pay such dividends. Our board of directors currently intends to retain all earnings for use in the business for the foreseeable future.

 

Equity Compensation Plan Information

 

Currently, there is no equity compensation plan in place.

 

Unregistered Sales of Equity Securities

 

Currently, there is no unregistered sales of equity securities.

 

 

Purchases of Equity Securities by the Registrant and Affiliated Purchasers

 

We have not repurchased any shares of our common stock during the fiscal year ended December 31, 2023.

 

ITEM 6. SELECTED FINANCIAL DATA

 

We are a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934 and are not required to provide the information under this item.

 

ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 

The following discussion of our financial condition and results of operations should be read in conjunction with our audited consolidated financial statements and the notes to those financial statements appearing elsewhere in this Report.

 

Certain statements in this Report constitute forward-looking statements. These forward-looking statements include statements, which involve risks and uncertainties, regarding, among other things, (a) our projected sales, profitability, and cash flows, (b) our growth strategy, (c) anticipated trends in our industry, (d) our future financing plans, and (e) our anticipated needs for, and use of, working capital. They are generally identifiable by use of the words “may,” “will,” “should,” “anticipate,” “estimate,” “plan,” “potential,” “project,” “continuing,” “ongoing,” “expects,” “management believes,” “we believe,” “we intend,” or the negative of these words or other variations on these words or comparable terminology. In light of these risks and uncertainties, there can be no assurance that the forward-looking statements contained in this filing will in fact occur. You should not place undue reliance on these forward-looking statements.

 

The forward-looking statements speak only as of the date on which they are made, and, except to the extent required by federal securities laws, we undertake no obligation to update any forward-looking statements to reflect events or circumstances after the date on which the statements are made or to reflect the occurrence of unanticipated events.

 

Overview

 

SEATech Ventures Corp. is a company that operates through its wholly owned subsidiary, SEATech Ventures Corp., a Company registered in Labuan, Malaysia, which in turn owns 100% of SEATech Ventures (HK) Limited, the operating Hong Kong Company which is described below. The purpose of SEATech Ventures Corp. Labuan, Malaysia is to act as a holding company.

 

The purpose of SEATech Ventures (HK) Limited is to become the current regional hub for business activities and to engage in operational functions. SEATech Ventures (HK) Limited owns 100% of SEATech CVC Sdn. Bhd. and SEATech Ventures Sdn. Bhd. respectively, which both companies are in Malaysia, as part of our business development initiative.

 

Currently, our physical office is in B-23A-02, G-Vestor Tower, Pavilion Embassy, 200, Jalan Ampang, 50450 Kuala Lumpur, Malaysia.

 

SEATech Group business activities are mainly providing business mentoring services, nurturing and incubation services relating to client businesses and corporate development advisory services to entrepreneurs in the broader technology industry, but with a specific focus on the information and communication technology industry. We will, focus our efforts on nurturing ICT entrepreneurs in Asia. Our advisory services will center on our “ICT Start-Up Mentorship Program”, which is designed to assist tech-based entrepreneurs in solving ICT industry pain points caused by technical insufficiencies, inappropriate financial modelling and weak strategic positioning Our advisory services aim to improve the technical exposure of our clients and to improve their sustainability in the ICT industry community through a combination of mentorship programs.

 

As part of our expansion plan, on September 20, 2022 Greenpro Capital Corp. (NASDAQ: GRNQ) appointed SEATech Ventures (HK) Limited as a listing sponsor to engage potential token issuers to list on Green-X, the World’s first Shariah-Compliant ESG (environment, social and governance) Digital Asset Exchange (“DAX”) in Labuan, Malaysia. According to global consulting firm BCG, the asset tokenization market will grow 50 times from US$310 billion in this year, to US$16.1 trillion by 2030, driven by demand from a wide range of investors for greater access to private markets (Source: World Economic Forum – Global Agenda Council, BCG Analysis). As a DAX listing sponsor, SEATech Ventures (HK) Limited focus on digital/physical asset-backed companies in the STO (security token offering) listing on Green-X.

 

 

Results of Operations

 

Revenues for the year ended December 31, 2023 and 2022

 

The Company generated revenue of $328,340 and $548,095 for the year ended December 31, 2023 and 2022. The revenue represented income from provision of business mentoring, nurturing and incubation services relating to client businesses and corporate development advisory services. A decrease of revenue was due to lower revenue deal flow during the year ended December 31, 2023.

 

Cost of Revenue and Gross Margin

 

For the year ended December 31, 2023 and 2022, cost incurred in providing corporate development advisory services is $251,700 and $454,053. The decrease of cost of revenue is associated with the decrease in revenue for the year ended December 31, 2023. The Company generates gross profits of $76,640 and $94,042 for the year ended December 31, 2023 and 2022.

 

Selling and Distribution Expenses

 

Selling and distribution expenses for the year ended December 31, 2023 and 2022 amounted to $835 and $7,613 respectively. These expenses comprised expenses on website and website maintenance, marketing and networking event. The decrease of selling and distribution expenses is associated with lesser marketing expenses incurred for the year ended December 31, 2023.

 

General and Administrative Expenses

 

General and administrative expenses for the year ended December 31, 2023 and 2022 amounted to $378,634 and $182,522 respectively. These expenses are comprised of salary, professional fee, compliance fee, office and operation expenses. The increase of general and administrative expenses is mainly due to the provision for credit loss allowance for the year ended December 31, 2023.

 

Other Income

 

The Company recorded an amount of $0 and $1,936 as other income for the year ended December 31, 2023 and 2022 respectively. This income is derived from the foreign exchange gain.

 

Net Loss and Net Loss Margin

 

The net loss was $302,829 for the year ended December 31, 2023 as compared to $94,157 for the year ended December 31, 2022. The increase in net loss of $208,672 was contributed to the higher general and administrative expenses incurred for the year ended December 31, 2023. Taking into the loss for the year ended December 31, 2023, the accumulated loss for the Company has increased from $594,080 to $896,909.

 

Liquidity and Capital Resources

 

As of December 31, 2023, we had cash and cash equivalents of $29,392. We expect increased levels of operations going forward will result in more significant cash flow and in turn working capital.

 

We depend substantially on operating activities to provide us with the liquidity and capital resources we need to meet our working capital requirements and to make capital investments in connection with ongoing operations.

 

Cash Used in Operating Activities

 

For the year ended December 31, 2023 and 2022, net cash used in operating activities was $124,661 and $59,529. The cash used in operating activities was mainly for payment of sales and marketing and general and administrative expenses.

 

 

Cash Provided by Financing Activities

 

For the year ended December 31, 2023, net cash provided by financing activities was $20,000. For the year ended December 31, 2022, net cash provided by financing activities was $0. The financing cash flow performance primarily reflects the share subscription received in advance.

 

Cash (Used in) / Provided by Investing Activities

 

For the financial year ended December 31, 2023, the net cash used in investing activities was $650. For the financial year ended December 31, 2022, the net cash provided by investing activities was $200. The investing cash flow performance primarily reflects the investment in other companies.

 

Credit Facilities

 

We do not have any credit facilities or other access to bank credit.

 

Critical Accounting Policies and 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.

 

 

Accounts receivable

 

Accounts receivable are recorded at the invoiced amount less an allowance for any uncollectible accounts. Management reviews the adequacy of the allowance for doubtful accounts on an ongoing basis, using historical collection trends and aging of receivables. Management also periodically evaluates individual customer’s financial condition, credit history and the current economic conditions to make an adjustment to the allowance when it is considered necessary. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote.

 

Revenue recognition

 

Financial Accounting Standards Board, or FASB, issued ASC 606. The standard is a comprehensive new revenue recognition model that requires revenue to be recognized in a manner to depict the transfer of goods or services to a customer at an amount that reflects the consideration expected to be received in exchange for those goods or services.

 

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 business mentoring, nurturing, incubating and corporate development advisory services to ICT and technology-based companies.

 

Income taxes

 

Income taxes are determined in accordance with the provisions of ASC Topic 740, “Income Taxes” (“ASC Topic 740”). Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted income tax rates expected to apply to taxable income in the 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.

 

 

Foreign currencies translation

 

The reporting currency of the Company and its subsidiaries in Labuan and Hong Kong, are United States Dollars (“US$”), while its subsidiaries in Malaysia, maintains the books and record in Ringgit Malaysia (“MYR”), 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 and the equity accounts are translated at historical rates. 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”, using the exchange rate on the balance sheet date. Revenues and expenses are translated at average rates prevailing during the period. The gains and losses resulting from translation of financial statements of foreign subsidiary are recorded as a separate component of accumulated other comprehensive income within the statement of stockholders’ equity.

 

Translation of amounts from MYR and HK$ into US$1 has been made at the following exchange rates for the respective periods:

 

		As of and for the year ended December 31,
		2023				2022
Year-end MYR : US$1 exchange rate			4.59				4.40
Year-average MYR: US$1 exchange rate			4.56				4.40
Year-end HK$ : US$1 exchange rate			7.81				7.81
Year-average HK$ : US$1 exchange rate			7.83				7.83

 

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.

 

 

Off-Balance Sheet Arrangements

 

The Company has no off-balance sheet arrangements

 

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

 

We are a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934 and are not required to provide the information under this item.

 

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

 

The financial statements required by this item are located in PART IV of this Annual Report.

 

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

 

None.

 

ITEM 9A. CONTROLS AND PROCEDURES

 

Disclosures Control and Procedures

 

 

Our management is responsible for establishing and maintaining adequate internal control over financial reporting. Internal control over financial reporting is defined in Rule 13a-15(f) or 15d-15(f) promulgated under the Exchange Act as a process designed by, or under the supervision of, the company’s principal executive and principal financial officers and effected by the company’s board of directors, management and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally accepted in the United States of America and includes those policies and procedures that:

 

	●	Pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of the company;
	●	Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with accounting principles generally accepted in the United States of America and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and
	●	Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the company’s assets that could have a material effect on the financial statements.

 

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. All internal control systems, no matter how well designed, have inherent limitations. Therefore, even those systems determined to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation. Because of the inherent limitations of internal control, there is a risk that material misstatements may not be prevented or detected on a timely basis by internal control over financial reporting. However, these inherent limitations are known features of the financial reporting process. Therefore, it is possible to design into the process safeguards to reduce, though not eliminate, this risk.

 

As of December 31, 2023, management assessed the effectiveness of our internal control over financial reporting based on the criteria for effective internal control over financial reporting established in Internal Control—Integrated Framework (ICIF-2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”) and SEC guidance on conducting such assessments. Based on such evaluation, the Company’s management concluded that, during the period covered by this Report, internal controls and procedures over were not effective. This was due to deficiencies that existed in the design or operation of our internal controls over financial reporting that adversely affected our internal controls and that may be considered to be material weaknesses.

 

Identified Material Weakness

 

A material weakness in internal control over financial reporting is a control deficiency, or combination of control deficiencies, that results in more than a remote likelihood that a material misstatement of the financial statements will not be prevented or detected.

 

Management identified the following material weakness during its assessment of internal controls over financial reporting as of December 31, 2023.

 

We do not have adequate segregation of duties and effective risk assessment – Lack of segregation of duties and effective risk assessment may cause the Company to face the likelihood of fraud or theft, due to poor oversight, governance and review to detect errors.

 

Accordingly, the Company concluded that these control deficiencies resulted in a reasonable possibility that a material misstatement of the annual or interim financial statements will not be prevented or detected on a timely basis by the company’s internal controls.

 

 

As a result of the material weaknesses described above, management has concluded that the Company did not maintain effective internal control over financial reporting as of December 31, 2023 based on criteria established in in COSO Internal Control - Integrated Framework (ICIF-2013).

 

Management’s Remediation Initiatives

 

In an effort to remediate the identified material weaknesses and other deficiencies and enhance our internal controls, we have initiated, or plan to initiate, the following series of measures:

 

1.	We plan to create a position to segregate duties consistent with control objectives and will increase our personnel resources and technical accounting expertise within the accounting function. The accounting personnel is responsible for reviewing the financing activities, facilitate the approval of the financing, record the information regarding the financing, and submit SEC filing related documents to our legal counsel in order to comply with the filing requirements of SEC.
2.	We intend to add staff members to our management team for making sure that information required to be disclosed in our reports filed and submitted under the Exchange Act is recorded, processed, summarized and reported as and when required and will the staff members will have segregated responsibilities with regard to these responsibilities.

 

We anticipate that these initiatives will be at least partially, if not fully, implemented by the end of fiscal year 2024.

 

Changes in internal controls over financial reporting

 

There was no change in our internal controls over financial reporting that occurred during the period covered by this Report, which has materially affected, or is reasonably likely to materially affect, our internal controls over financial reporting:

 

This annual report does not include an attestation report of the Company’s registered independent public accounting firm regarding internal control over financial reporting. Management’s report was not subject to attestation by the Company’s registered independent public accounting firm pursuant to rules of the Securities and Exchange Commission that permit the Company to provide only management’s report in this Annual Report on Form 10-K.

 

ITEM 9B. OTHER INFORMATION

 

None.

 

PART III

 

ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

 

Our executive officers and directors and their respective ages as of the date hereof are as follows:

 

NAME		AGE		POSITION
Chin Chee Seong		63		Chief Executive Officer, President, Secretary, Treasurer, Director
Seah Kok Wah (1) (6)		56		Director
Tan See Meng (2)		59		Director
Cheah Kok Hoong (6)		57		Independent Non-Executive Director
Louis Ramesh Ruben (3) (6)		46		Independent Non-Executive Director
Tan Hock Chye (4)		64		Chief Financial Officer
Prabodh Kumar A/L Kantilal H. Sheth (5)		61		Chief Financial Officer

 

	(1)	Mr. Seah Kok Wah tendered resignation as Director and member of the Audit Committee, effective on December 13, 2023.
	(2)	Mr. Tan See Meng was appointed as Executive Director, effective on December 14, 2023.
	(3)	Mr. Louis Ramesh Ruben tendered resignation as Independent Non-Executive Director and member of the Audit Committee, effective on December 13, 2023.
	(4)	Mr. Tan Hock Chye tendered resignation, serving a two-month notice period as the Chief Financial Officer, effective on November 1, 2023.
	(5)	Mr. Prabodh Kumar A/L Kantilal H. Sheth was appointed as Chief Financial Officer, effective on December 14, 2023 took over from Mr. Tan Hock Chye. On May 8, 2024, Mr. Prabodh Kumar A/L Kantilal H. Sheth tendered resignation as the Chief Financial Officer.
	(6)	As of January 1, 2023, our Audit Committee comprised three members: Mr. Seah Kok Wah, Mr. Louis Ramesh Ruben and Mr. Cheah Kok Hoong. On December 13, 2023, Mr. Seah Kok Wah and Mr. Louis Ramesh Ruben resigned as member of the Committee.

 

Set forth below is a brief description of the background and business experience of our executive officers and directors for the past five years.

 

 

Mr. Chin Chee Seong – President, Chief Executive Officer, Secretary, Treasurer, Director

 

Mr. Chin Chee Seong achieved a Bachelor Degree with Honours in Electrical, Electronic and Communication Engineering from National University of Malaysia (UKM) in 1985. He was the councilor and past chairman of the National ICT Association of Malaysia (PIKOM). He was appointed as the Honorary Chairman of PIKOM and is currently the Advisor of PIKOM. Additionally, Mr. Chin is also a National Vice President of SME Association of Malaysia, National President of the Malaysia Cross Boarder E-Commerce Association and Deputy Chairman of the Financial and Capital Market Committee of the Chinese Chamber of Commerce & Industry of Kuala Lumpur & Selangor (KLSCCCI).

 

Mr. Chin served as a technical engineer/technical manager of Seniko Sdn. Bhd. from 1985 to 1996. Seniko Sdn. Bhd. is a third-party maintenance company which provides maintenance services relating to technology, computer systems, hardware and software. From 1996 to 2000 he was the General Manager of Telekom Equipment Malaysia, a subsidiary of Telekom Malaysia Bhd. From 2000 to 2006 Mr. Chin served as Chief Executive Officer of JOC Technology, a full-service application service provider. The Company’s services include virtual domain hosting, virtual domain e-mail services, and on-line e-commerce services.

 

From 2007 to present, Mr. Chin has served as the Chief Executive Officer of Gonzo Rosso Malaysia, a wholly owned subsidiary of Japan listed company, Gonzo Rosso K.K., which focused on the online gaming business, specifically operates online games and sells weapons and items used in games. Additionally, from 2014 to 2016, he was a Non-Executive Director of Galasys Plc., a company that provides information technology solutions and management services for the amusement industry which including ticketing management, admission control, theatre ticket management, online e-commerce, membership management, e-commerce, and e-wallet systems. Mr. Chin also served as Independent & Non-Executive Director at M-Mode Bhd, a digital contents and media company that offers contents through the engagement of devices and media, from August 14, 2009 to June 7, 2012.

 

Due to Mr. Chin’s decades of experience in the ICT industry and his seven years of experience in Online Gaming Industry, the board of Directors has determined to elect Mr. Chin to the positions of Chief Executive Officer, President, Secretary, Treasurer, and Director.

 

Mr. Seah Kok Wah – Director

 

Mr. Seah Kok Wah is the current Deputy Chairman of the National ICT Association of Malaysia (PIKOM) and Vice President of the Malaysia Cross Border E-Commerce Association (MCBEA). He is also a board member of The World Information Technology and Services Alliance (WITSA), a leading consortium of ICT industry association members from over 80 global economies. He graduated with a Master’s Degree in Computer Science from California State University, United States of America, in 1996.

 

Mr. Seah began his career in Silicon Valley as a software applications developer for Software Publishing Corporation and Netscape Communications Corporation, from 1994 to 1997. Mr. Seah joined Sun Microsystem Inc., an American company that sold computers, computer components, software, and information technology services and created the Java programming language, the Solaris operating system, ZFS, the Network File System, and SPARC, from 1997 to 2003 and held the position of Sun Professional Services Business Operation & Channels Management of Greater China.

 

Mr. Seah co-founded several companies including Bimbit.com Sdn. Bhd. in 2005, Afor Pte Ltd Singapore in 2002 which floated on the Singapore Stock Exchange in 2008 and subsequently rebranded as “EpiCentre Holdings Ltd”. Mr. Seah Kok Wah was also one of the co-founders of Galasys PLC in 2010 that was floated on the London Stock Exchange in 2014. Galasys PLC provides information technology solutions and management services for the amusement industry as abovementioned. He served as its Chief Executive Officer and Executive Director from 2014 to 2017. Additionally, he has served as Chairman of SCCW Holdings Sdn. Bhd. in 2018 until now.

 

Mr. Seah’s corporate management and strategy experience in the information and computer technology industry has led the Board of Directors to reach the conclusion that he should serve as the Chief Investment Officer and Director of the Company.

 

On October 31, 2022, Mr. Seah resigned as Chief Investment Officer of the Company and subsequently on December 13, 2023, he resigned as Director of the Company.

 

 

Mr. Tan See Meng – Director

 

Mr. Tan See Meng is the Chief Financial Officer of Edubest Resources Sdn Bhd and Just Supply Chain Sdn Bhd.

 

Mr. Tan is a Chartered Accountant of the Malaysian Institute of Accountants (MIA), a fellow member of Association of Chartered Certified Accountants (FCCA).

 

Mr. Tan has more than 20 years of experience in accounting and finance field. He has hands on experience in several corporate exercises such as restructuring exercise, due diligence, merger and acquisitions. During his employment with Edubest Resources Sdn Bhd, he managed the operations in Malaysia with adoption of transfer pricing and the application of tax export incentives, resulting in impressive effective tax rates between 5% to 8% during 2011 to 2013.

 

On December 14, 2023, Mr. Tan was appointed as Executive Director of the Company.

 

Mr. Cheah Kok Hoong – Independent Non-Executive Director

 

Mr. Cheah Kok Hoong is a former Group Chief Executive Director of Hitachi Sunway Information System, better known as Hitachi Sunway, that thrived in providing ICT and digital solutions and services in ASEAN. Mr. Cheah’s career span over 30 years and have garnered experience across various industries including business development, mergers and acquisition, business strategy development, regional expansion, and process engineering across various verticals such as information technology, venture capital, conglomerates, manufacturing, and the service industry. Additionally, he holds various professional positions which includes the IT advisor to the Sunway Group, Director of Powerware Systems, and General Partner of Sun SEA Capital. Mr. Cheah is also the Honorary Chairman of the Malaysia Cross Border E-Commerce Association (MCBEA) since 2019, as well as a Member of the Associated Chinese Chambers of Commerce and Industry of Malaysia (ACCCIM) under the Finance and Capital Market Consultative Committee since 2018. He is currently the Executive Chairman of SteerQuest Sdn Bhd, Managing Director of SQ Digital Vision Group Sdn. Bhd. and the Chief Executive Officer of Cognitive Digital Sdn Bhd. In addition, he is also an Advisor for the Aerospace Engineering Edutech, Angkasa-X Holding.

 

Mr. Cheah also serves as an Industrial Advisory Board (IAB) member on both SoftwareONE and Sunway University, where he is dedicated to his role as the Sunway University Business School’s Adjunct Practice Professor. Furthermore, he is also an IAB member on various boards within Sunway University itself, including the Department of Computing and Information Systems, the School of Science and Technology, specifically the Research Centre for Nano-Materials and Energy Technology. In addition, Mr. Cheah is also an External Industry Committee Member for Master of Business Analytics in the Department of Business Analytics.

 

Mr. Cheah is also an instrumental force that has been driving the growth of the Malaysian ICT industry as he is had also previously served as the Chairman of PIKOM (The National Tech Association of Malaysia) between 2013 to 2015 as well as the Chairman of Human Capital Development, a Chapter within PIKOM. As of today, he is a renowned advisor to PIKOM’s various sectors and initiatives, namely Cybersecurity, Venture Investment, and the World Congress on Information Technology (WCIT). On top of that, he also serves as the Chairman of OM (formerly known as Outsourcing Malaysia) in PIKOM.

 

Mr. Cheah’s past achievements include his induction into the PLC Hall of Fame for his leadership and stewardship in promoting the PLC Leadership programme as part of the National ICT Certification & Standardization Grid (NICS Competence Grid), and the conferment of PIKOM’s CIO Excellence Award for his outstanding leadership in the ICT adoption in Sunway Group.

 

Mr. Cheah holds a Bachelor of Science in Computer Science & Physics from Campbell University, USA and Tunku Abdul Rahman University College, Malaysia, since 1990.

 

Mr. Louis Ramesh Ruben – Independent Non-Executive Director

 

Mr. Louis is a Chartered Accountant of the Malaysian Institute of Accountants (MIA), a fellow member of Association of Chartered Certified Accountants (FCCA), a chartered member of the Institute of Internal Auditors, as well as a Certified Financial Planner. Mr. Louis has over 20 years of experience in accounting, auditing and risk management ranging from large public listed companies to multinational corporations, government agencies as well as SME’s in a spectrum of industries including plantation, property development, manufacturing, trading, IT, shipping, retailing, etc. He started his career at Arthur Andersen, and subsequently moved to BDO. He also has experience in corporate finance with Southern Investment Bank Berhad. Mr. Louis has hands-on experience on other corporate exercises such as due diligence, IPO’s, issuance of bonds, corporate & debt restructuring and investigative audit. His training and advisory experience includes topics on Internal & Statutory Auditing, Public Sector/Government Audits, Value-for-Money Audits, ISQC 1, Risk Management & Internal Controls, Review and Assurance Engagements such as Financial Due Diligence, Forecasts & Projections, Forensic & Fraud Accounting/Auditing, as well as practical application of International Financial Reporting Standards (“IFRS”), Reporting Standards for SMEs (MPERS/PERS) and public sector accounting (MPSAS). He has facilitated training and provided advisory for public accountants across Asia Pacific, multinationals and public sector institutions. Mr. Louis is a certified trainer by the Human Resource Development Fund (HRDF), Ministry of Human Resources Malaysia.

 

 

Mr. Louis graduated from National University of Malaysia with a bachelor’s degree in Accounting. He earned an MBA from the University of Strathclyde, United Kingdom, graduated with a distinction in 2012 and a doctorate from University of Malaya in 2021.

 

On December 13, 2023, Mr. Louis resigned as an Independent Non-Executive Director of the Company.

 

Mr. Tan Hock Chye – Chief Financial Officer

 

Mr. Tan Hock Chye is the National Deputy Treasurer of the SME Association of Malaysia as well as the National Treasurer and Council Member of Malaysia Cross Border E-Commerce Association.

 

Mr. Tan is a Chartered Global Management Accountant of the Association of International Certified Professional Accountants, and a Fellow Member of the Chartered Institute of Management Accountants, United Kingdom, as well as a Chartered Accountant with the Malaysian Institute of Accountants. In 1997, Mr. Tan obtained his Master’s Degree in Business Administration (MBA) from Oklahoma City University, United States of America and he attended Harvard Premier Management Program organized by the Harvard Business School Alumni Club of Malaysia in 2013.

 

Mr. Tan has more than 35 years of extensive working experience in both private and public companies in Papua New Guinea, Singapore and Malaysia. The public companies that he has worked for includes Dataprep Holdings Berhad (Bursa Malaysia) as Chief Financial Officer, Chief Operating Officer and Group Managing Director from 2003 to 2018, United Engineers (M) Berhad (Bursa Malaysia) as Head, Finance and Accounting of Trading Division from 1991 to 1994, Malaysian subsidiary of PZ Cussons plc (London Stock Exchange) as Accounting Manager/Local Agent from 1989 to 1991 and the Malaysian associated company of Chuan Hup Holdings Ltd (Singapore Stock Exchange) as Company Accountant/Secretary from 1986 to 1989. Private Companies that Mr. Tan has worked for includes Wardah Communication Sdn. Bhd. as Chief Business Officer from 2018 to 2019, Ken-Air Holdings Sdn. Bhd. as Financial Controller and Chief Executive Officer from 1994 to 2003 and Word Publishing Co. Pty. Ltd. as Management Accountant and Chief Accountant from 1982 to 1985.

 

On November 1, 2023, Mr. Tan tendered his resignation, serving a two-month notice period as the Chief Financial Officer of the Company.

 

Mr. Prabodh Kumar A/L Kantilal H. Sheth – Chief Financial Officer

 

Mr. Sheth is the current Chief Executive Officer of ICEE International Sdn. Bhd. and Chief Operations Officer of Cognitive Digital Sdn. Bhd. With a solid educational foundation in accounting, he is a Certified Public Accountant (AICPA) from the USA, and was a finance and computer auditor with Arthur Andersen. His subsequent 12 years in software development uniquely positioned him with a deep understanding of merging business processes with software solutions, as well as an appreciation for engineering technologies supporting delivery operations, and web and client-facing applications.

 

On December 14, 2023, Mr. Sheth was appointed as Chief Financial Officer of the Company, took over the role from Mr. Tan Hock Chye.

 

Involvement in Certain Legal Proceedings

 

Our Directors and our Executive officers have not been involved in any of the following events during the past ten years:

 

1.	bankruptcy petition filed by or against any business of which such person was a general partner or executive officer either at the time of the bankruptcy or within two years prior to that time;
2.	any conviction in a criminal proceeding or being subject to a pending criminal proceeding (excluding traffic violations and other minor offenses);
3.	being subject to any order, judgment, or decree, not subsequently reversed, suspended or vacated, of any court of competent jurisdiction, permanently or temporarily enjoining, barring, suspending or otherwise limiting his/her involvement in any type of business, securities or banking activities; or
4.	being found by a court of competent jurisdiction (in a civil action), the Commission or the Commodity Futures Trading Commission to have violated a federal or state securities or commodities law, and the judgment has not been reversed, suspended, or vacated.
5.	Such person was found by a court of competent jurisdiction in a civil action or by the Commission to have violated any Federal or State securities law, and the judgment in such civil action or finding by the Commission has not been subsequently reversed, suspended, or vacated;
6.	Such person was found by a court of competent jurisdiction in a civil action or by the Commodity Futures Trading Commission to have violated any Federal commodities law, and the judgment in such civil action or finding by the Commodity Futures Trading Commission has not been subsequently reversed, suspended or vacated;
7.	Such person was the subject of, or a party to, any Federal or State judicial or administrative order, judgment, decree, or finding, not subsequently reversed, suspended or vacated, relating to an alleged violation of:(i) Any Federal or State securities or commodities law or regulation; or(ii) Any law or regulation respecting financial institutions or insurance companies including, but not limited to, a temporary or permanent injunction, order of disgorgement or restitution, civil money penalty or temporary or permanent cease-and-desist order, or removal or prohibition order; or(iii) Any law or regulation prohibiting mail or wire fraud or fraud in connection with any business entity; or
8.	Such person was the subject of, or a party to, any sanction or order, not subsequently reversed, suspended or vacated, of any self-regulatory organization (as defined in Section 3(a)(26) of the Exchange Act (15 U.S.C. 78c(a)(26))), any registered entity (as defined in Section 1(a)(29) of the Commodity Exchange Act (7 U.S.C. 1(a)(29))), or any equivalent exchange, association, entity or organization that has disciplinary authority over its members or persons associated with a member.

 

  

Independence of Directors

 

The Company currently has an independent non-executive director as member of our Board of Directors.

 

Board Committees

 

Our board of directors has established an Audit Committee and adopted written charters for the committee. Copy of the charter is available on our website and our board of directors may establish other committees as it deems necessary or appropriate from time to time.

 

Audit Committee

 

Our Audit Committee comprised of our director Mr. Seah Kok Wah and our two independent non-executive directors: Mr. Louis Ramesh Ruben and Mr. Cheah Kok Hoong. Mr. Louis is Chair of the Audit Committee and he qualifies as the Audit Committee financial expert as defined in Item 407(d)(5) of Regulation S-K promulgated under the Securities Act.

 

On December 13, 2023, Mr. Seah Kok Wah tendered resignation as Director and member of the Audit Committee. Mr. Louis tendered resignation as independent non-executive director and member of the Audit Committee, effective on December 13, 2023.

 

According to the Audit Committee Charter, the Audit Committee consists of at least three Board members and such members shall constitute at least a majority of the Company’s independent non-executive directors. The Company’s website contains a copy of the Audit Committee Charter. The Audit Committee Charter describes the primary functions of the Audit Committee, including the following:

 

	●	Oversee the Company’s accounting and financial reporting processes;
	●	Oversee audits of the Company’s financial statements;
	●	Discuss policies with respect to risk assessment and risk management, and discuss the Company’s major financial risk exposures and the steps management has taken to monitor and control such exposures;
	●	Review and discuss with management the Company’s audited financial statements and review with management and the Company’s independent registered public accounting firm the Company’s financial statements prior to the filing with the SEC of any report containing such financial statements.
	●	Recommend to the board that the Company’s audited financial statements be included in its annual report on Form 10-K for the last fiscal year;
	●	Meet separately, periodically, with management, with the Company’s internal auditors (or other personnel responsible for the internal audit function) and with the Company’s independent registered public accounting firm;
	●	Be directly responsible for the appointment, compensation, retention and oversight of the work of any independent registered public accounting firm engaged to prepare or issue an audit report for the Company;
	●	Take, or recommend that the board take, appropriate action to oversee and ensure the independence of the Company’s independent registered public accounting firm; and
	●	Review major changes to the Company’s auditing and accounting principles and practices as suggested by the Company’s independent registered public accounting firm, internal auditors or management.

 

Code of Ethics

 

Our board of directors has adopted a code of ethics that applies to all our directors, officers and employees, including our principal executive officer, principal financial officer and principal accounting officer. The code addresses, among other things, honesty and ethical conduct, conflicts of interest, compliance with laws, regulations and policies, including disclosure requirements under the federal securities laws, confidentiality, trading on inside information, and reporting of violations of the code. The code of ethics is available on the Company’s website at https://www.seatech-ventures.com/.

 

Shareholder Proposals

 

Our Company does not have any defined policy or procedural requirements for shareholders to submit recommendations or nominations for Directors. The Board of Directors believes that, given the stage of our development, a specific nominating policy would be premature and of little assistance until our business operations develop to a more advanced level. Our Company does not currently have any specific or minimum criteria for the election of nominees to the Board of Directors and we do not have any specific process or procedure for evaluating such nominees. The Board of Directors will assess all candidates, whether submitted by management or shareholders, and make recommendations for election or appointment.

 

A shareholder who wishes to communicate with our Board of Directors may do so by directing a written request addressed to our President, at the address appearing on the first page of this Information Statement.

 

  

ITEM 11. EXECUTIVE COMPENSATION

 

The following table sets forth information concerning the compensation of our principal executive officer and principal financial officer who served at the end of the year December 31, 2023, for services rendered in all capacities to us.

 

Summary Compensation Table:

 

Name and Principal Position		Period		Salary ($)				Bonus ($)				Stock Awards ($)				Option Awards ($)				Non-Equity Incentive Plan Compensation ($)				Nonqualified Deferred Compensation Earnings ($)				All Other Compensation ($)				Total ($)
Chin Chee Seong, Chief Executive Officer, President, Secretary, Treasurer, Director		For the year ended December 31, 2023			14,669				-				-				-				-				-				-				14,669
		For the year ended December 31, 2022			13,712				-				-				-				-				-				-				13,712
Seah Kok Wah,  Chief Investment Officer, Director (1)		For the year ended December 31, 2023			-				-				-				-				-				-				-				-
		For the year ended December 31, 2022			11,446				-				-				-				-				-				-				11,446
Tan See Meng,  Director (2)		For the year ended December 31, 2023			-				-				-				-				-				-				-				-
		For the year ended December 31, 2022			-				-				-				-				-				-				-				-
Tan Hock Chye,  Chief Financial Officer (3)		For the year ended December 31, 2023			14,669				-				-				-				-				-				-				14,669
		For the year ended December 31, 2022			13,712				-				-				-				-				-				-				13,712
Prabodh Kumar A/L Kantilal H. Sheth, Chief Financial Officer (4)		For the year ended December 31, 2023			-				-				-				-				-				-				-				-
		For the year ended December 31, 2022			-				-				-				-				-				-				-				-

 

	(1)	On October 31, 2022, Mr. Seah Kok Wah resigned as Chief Investment Officer of the Company. On December 13, 2023, Mr. Seah resigned as Director of the Company.
	(2)	5On December 14, 2023, Mr. Tan See Meng was appointed as Executive Director of the Company. As compensation for services as an Executive Director, Mr. Tan shall receive a monthly fee of $500 in cash payable monthly, commencing on January 2, 2024
	(3)	On November 1, 2023, Mr. Tan Hock Chye tendered his resignation, serving a two-month notice period as the Chief Financial Officer of the Company.
	(4)	5On December 14, 2023, Mr. Prabodh Kumar A/L Kantilal H. Sheth was appointed as Chief Financial Officer of the Company. As compensation for services as a Chief Financial Officer, Mr. Sheth shall receive a monthly fee of $1,250 in cash payable monthly, commencing on January 2, 2024.

 

 

Narrative Disclosure to Summary Compensation Table

 

There are no arrangements or plans in which we provide pension, retirement or similar benefits for directors or executive officers. Our directors and executive officers may receive stock options at the discretion of our board of directors in the future. We do not have any material bonus or profit-sharing plans pursuant to which cash or non-cash compensation is or may be paid to our directors or executive officers, except that stock options may be granted at the discretion of our board of directors from time to time. We have no plans or arrangements in respect of remuneration received or that may be received by our executive officers to compensate such officers in the event of termination of employment (as a result of resignation, retirement, change of control) or a change of responsibilities following a change of control.

 

Stock Option Grants

 

We have not granted any stock options to our executive officers since our incorporation.

 

Employment Agreements

 

Our Chief Executive Officer, Chin Chee Seong, signed employment agreement on April 01, 2021 while our Chief Financial Officer, Tan Hock Chye, signed employment agreement on July 01, 2021. On November 1, 2023, Mr. Tan Hock Chye tendered his resignation, serving a two-month notice period as the Chief Financial Officer of the Company. Taking over the role from Mr. Tan Hock Chye, Mr. Prabodh Kumar A/L Kantilal H. Sheth was appointed as Chief Financial Officer and signed employment agreement with our Company on December 14, 2023. On May 8, 2024, Mr. Prabodh Kumar A/L Kantilal H. Sheth tendered resignation as the Chief Financial Officer.

 

Compensation Discussion and Analysis

 

Director Compensation

 

During our fiscal year ended December 31, 2023, we provided monthly compensation to our independent non-executive directors, including Mr. Louis Ramesh Ruben for $500 and Mr. Cheah Kok Hoong for $500 and monthly compensation of $500 to our non-executive director, Mr. Seah Kok Wah. All the non-executive directors are also the members of audit committee. On December 13, 2023, Mr. Louis and Mr. Seah respectively resigned as independent non-executive director and non-executive director of the Company.

 

Executive Compensation Philosophy

 

Our Board of Directors determines the compensation given to our executive officers in their sole determination. Our Board of Directors reserves the right to pay our executive or any future executives a salary, and/or issue them shares of common stock in consideration for services rendered and/or to award incentive bonuses which are linked to our performance, as well as to the individual executive officer’s performance. This package may also include long-term stock-based compensation to certain executives, which is intended to align the performance of our executives with our long-term business strategies. Additionally, while our Board of Directors has not granted any performance base stock options to date, the Board of Directors reserves the right to grant such options in the future, if the Board in its sole determination believes such grants would be in the best interests of the Company.

 

Incentive Bonus

 

The Board of Directors may grant incentive bonuses to our executive officer and/or future executive officers in its sole discretion, if the Board of Directors believes such bonuses are in the Company’s best interest, after analyzing our current business objectives and growth, if any, and the amount of revenue we are able to generate each month, which revenue is a direct result of the actions and ability of such executives.

 

Long-term, Stock Based Compensation

 

In order to attract, retain and motivate executive talent necessary to support the Company’s long-term business strategy we may award our executive and any future executives with long-term, stock-based compensation in the future, at the sole discretion of our Board of Directors, which we do not currently have any immediate plans to award.

 

 

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

 

As of December 31, 2023, the Company has 114,351,503 shares of common stock issued and outstanding, which number of issued and outstanding shares of common stock have been used throughout this report.

 

The following table sets forth, as of December 31, 2023 certain information with regard to the record and beneficial ownership of the Company’s common stock by (i) each person known to the Company to be the record or beneficial owner of more than 5% of the Company’s common stock, (ii) each director of the Company, (iii) each of the named executive officers, and (iv) all executive officers and directors of the Company as a group:

 

Name and Address of Beneficial Owner		Shares of Common Stock Beneficially Owned				Common Stock Voting Percentage Beneficially Owned				Total Voting Percentage Beneficially Owned
Executive Officers and Directors
Chin Chee Seong, Chief Executive Officer, President, Secretary, Treasurer and Director			20,100,000				17.57	%			17.57	%
Seah Kok Wah, Non-Executive Director1			20,005,100				17.49	%			17.49	%
Tan See Meng, Director2			-				-	%			-	%
Cheah Kok Hoong Independent Non-Executive Director			-				-	%			-	%
Louis Ramesh Ruben Independent Non-Executive Director3			400				0.00035	%			0.00035	%
Tan Hock Chye Chief Financial Officer4			1,000,000				0.87	%			0.87	%
Prabodh Kumar A/L Kantilal H. Sheth Chief Financial Officer5			-				-	%			-	%
All of executive officers and director as a group			41,105,500				35.93	%			35.93	%
5% or greater shareholders (excluding officers/directors)
Greenpro Asia Strategic SPC6			29,200,000				25.54	%			25.54	%
STVC Talent Sdn Bhd7			8,081,800				7.07	%			7.07	%

 

¹On December 13, 2023, Mr. Seah Kok Wah tendered his resignation as a Non-Executive Director.

²On December 14, 2023, Mr. Tan See Meng was appointed as Executive Director of the Board of Director.

³On December 13, 2023, Mr. Louis Ramesh Ruben tendered his resignation as an Independent Non-Executive Director.

⁴On November 1, 2023, Mr. Tan Hock Chye tendered his resignation, serving a two-month notice period as the Chief Financial Officer of the Company.

⁵On December 14, 2023, Mr. Prabodh Kumar A/L Kantilal H. Sheth was appointed as Chief Financial Officer of the Company.

⁶Greenpro Asia Strategic SPC- Greenpro Asia Strategic Fund SP is owned and controlled by GC Investment Management Limited.

⁷Mr. Wang Sze Yao @ Wang Ming Way is the sole officer, director and controlling shareholder of STVC Talent Sdn. Bhd.

 

Beneficial ownership has been determined in accordance with Rule 13d-3 under the Exchange Act. Under this rule, certain shares may be deemed to be beneficially owned by more than one person (if, for example, persons share the power to vote or the power to dispose of the shares). In addition, shares are deemed to be beneficially owned by a person if the person has the right to acquire shares (for example, upon exercise of an option or warrant) within 60 days of the date as of which the information is provided. In computing the percentage ownership of any person, the amount of shares is deemed to include the amount of shares beneficially owned by such person by reason of such acquisition rights. As a result, the percentage of outstanding shares of any person as shown in the following table does not necessarily reflect the person’s actual voting power at any particular date.

 

(1)

Beneficial ownership is determined in accordance with the rules of the Securities and Exchange Commission and generally includes voting or investment power with respect to securities. Beneficial ownership also includes shares of stock subject to options and warrants currently exercisable or exercisable within 60 days of the date of this table. In determining the percent of common stock owned by a person or entity as of the date of this Report, (a) the numerator is the number of shares of the class beneficially owned by such person or entity, including shares which may be acquired within 60 days on exercise of warrants or options and conversion of convertible securities, and (b) the denominator is the sum of (i) the total shares of common stock outstanding on as of the date of this Annual Report (114,351,503 shares), and (ii) the total number of shares that the beneficial owner may acquire upon exercise of the derivative securities. Unless otherwise stated, each beneficial owner has sole power to vote and dispose of its shares.

(2)

Based on the total issued and outstanding shares of 114,351,503 as of the date of this Annual Report.

 

 

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, DIRECTOR INDEPENDENCE

 

On April 2, 2018, the Company issued 100,000 shares of restricted common stock, with a par value of $0.0001 per share, to Mr. Chin Chee Seong for initial working capital of $10. Mr. Chin Chee Seong is Chief Executive Officer, President, Secretary, and Treasurer of the Company. He is also a member of our Board of Directors.

 

On April 2, 2018 Mr. Seah Kok Wah was appointed Chief Investment Officer of the Company and was subsequently appointed as Director on March 13, 2019. On October 31, 2022, Mr. Seah resigned as Chief Investment Officer of the Company. On December 13, 2023, Mr. Seah Kok Wah tendered his resignation as a Non-Executive Director of the Company.

 

On May 2, 2018, we, “the Company” acquired 100% of the equity interests in SEATech Ventures Corp (herein referred as the “Malaysia Company”), a company incorporated in Labuan, Malaysia.

 

On December 21, 2018, SEATech Ventures Corp, a Malaysia Company acquired SEATech Ventures (HK) Limited (herein referred as the “Hong Kong Company”), a company incorporated in Hong Kong.

 

On May 14, 2018, the Company issued 20,000,000 shares of restricted common stock to both Mr. Chin Chee Seong and Mr. Seah Kok Wah, with a par value of $0.0001 per share, for total additional working capital of $4,000.

 

On August 7, 2018, the Company issued 10,000,000 shares of restricted common stock to GreenPro Venture Capital Limited, with a par value of $0.0001 per share, for additional working capital of $1,000. GreenPro Venture Capital Limited is owned by GreenPro Capital Corp. The controlling shareholders of GreenPro Capital Corp. are Mr. Lee Chong Kuang and Mr. Loke Che Chan.

 

On August 8, 2018, the Company issued 30,000,000 shares of restricted common stock to GreenPro Asia Strategic SPC, with a par value of $0.0001 per share, for additional working capital of $3,000. GreenPro Asia Strategic SPC- GreenPro Asia Strategic Fund SP is owned and controlled by GC Investment Management Limited.

 

On August 27, 2018, the Company issued 10,000,000 shares of restricted common stock to STVC Talent Sdn. Bhd., with a par value of $0.0001 per share, for additional working capital of $1,000. Mr. Wang Sze Yao @ Wang Ming Way is the sole officer, director and controlling shareholder of STVC Talent Sdn. Bhd.

 

GreenPro Venture Capital Limited is owned by GreenPro Capital Corp. The controlling shareholders of GreenPro Capital Corp. are Lee Chong Kuang and Loke Che Chan.

 

During the period ended December 31, 2018 the Company paid $60,000 to GreenPro Financial Consulting Limited for professional services.

 

For the year ended December 31, 2019, the Company paid $158,720 to GreenPro Financial Consulting Limited for professional services and cost of providing corporate development advisory services to ICT and technology-based companies.

 

For the year ended December 31, 2020, the Company paid $233,400 to GreenPro Financial Consulting Limited for professional services and cost of providing corporate development advisory services to ICT and technology-based companies.

 

For the year ended December 31, 2021, the Company paid $307,700 GreenPro Financial Consulting Limited for professional services and cost of providing corporate development advisory services to ICT and technology-based companies.

 

For the year ended December 31, 2022, the Company incurred $17,150 payable to Asia UBS Global Limited and $1,092 payable to GreenPro Resources Sdn. Bhd. for professional services. The Company also incurred $352,000 to GreenPro Financial Consulting Limited, $8,000 to Asia UBS Global Limited and $6,300 to GreenPro Newfin Academy Sdn. Bhd. for the cost of providing corporate development advisory services to ICT and technology-based companies.

 

For the year ended December 31, 2023, the Company incurred $20,730 payable to Asia UBS Global Limited for professional services and $251,700 to GreenPro Financial Consulting Limited for the cost of providing corporate development advisory services to ICT and technology-based companies.

 

 

RELATED PARTY BALANCES AND TRANSACTIONS

 

Accounts receivable from related parties (Refer Note 4):		As of December 31, 2023 (Audited)				As of December 31, 2022 (Audited)
Accounts receivable, net
- catTHIS Holdings Corp.1 (net of allowance of $ 115,000 as of December 31, 2023)		$	-			$	-
- JOCOM Holdings Corp.1			69,500				120,000
- Celmonze Wellness Corporation2			80,000				-
Total		$	149,500			$	120,000

 

The above related party receivables are trade in nature and subject to normal trade terms.

 

Account payable due to related parties (Refer Note 7):		As of December 31, 2023 (Audited)				As of December 31, 2022 (Audited)
Account payable:
- GreenPro Financial Consulting Limited4		$	324,200			$	96,000

 

The above related party account payable is trade in nature and subject to normal trade terms.

 

Other payables due to related parties (Refer Note 8):
- Mr. Chin Chee Seong (Director and Executive Officer)			8,750				-
- Mr. Tan Hock Chye (Executive Officer)			3,750				-
- Mr. Louis Ramesh Ruben (Director)			2,000				1,000
- Mr. Cheah Kok Hoong (Director)			2,000				1,000
- Mr. Seah Kok Wah (Director)			2,000				-
- Asia UBS Global Limited3			14,500				3,600
Total		$	33,000			$	5,600

 

The above other payables to directors and executive officers represent salary and director fees payable.

 

The above other payable to Asia UBS Global Limited represent payables due for professional fees.

 

		As of				As of
Investment in related parties:		December 31, 2023 (Audited)				December 31, 2022 (Audited)
AsiaFIN Holdings Corp 1			1,015				1,015
Angkasa-X Holdings Corp.1			1,300				1,300
JOCOM Holdings Corp.1			850				850
catTHIS Holdings Corp.1			1,900				1,900
Celmonze Wellness Corporation2			650				-
Total		$	5,715			$	5,065

 

 

For the years ended December 31, 2023 and 2022, the Company has following transactions with related parties:

 

		For the year ended December 31, 2023 (Audited)				For the year ended December 31, 2022 (Audited)
Included in Revenue are the following sales to related parties:
- GreenPro Financial Consulting Limited4		$	11,640			$	-
- AsiaFIN Holdings Corp.1			12,500				-
- JOCOM Holdings Corp.1			-				280,000
- catTHIS Holdings Corp.1			120,000				160,000
-Celmonze Wellness Corporation2			184,200				-
- GreenPro Venture Capital Limited5			-				87,089
Total		$	328,340			$	527,089
Included in Cost of revenue is the following costs incurred from a related party:
- GreenPro Financial Consulting Limited4		$	251,700			$	352,000
-Asia UBS Global Limited3			-				8,000
- GreenPro Newfin Academy Sdn. Bhd.6			-				6,300
		$	251,700			$	366,300
Included in General and administrative are the following expenses to related parties:
Executives’ compensation:
- Mr. Chin Chee Seong (Director and Executive Officer)		$	14,669			$	13,712
- Mr. Tan Hock Chye (Executive Officer)			14,669				13,712
- Mr. Seah Kok Wah (Chief Investment Officer)			-				11,446
Total		$	29,338			$	38,870
Non-executive Directors’ compensation:
- Mr. Louis Ramesh Ruben		$	6,000			$	6,000
- Mr. Cheah Kok Hoong			6,000				6,000
- Mr. Seah Kok Wah			6,000				-
Total		$	18,000				12,000
Company secretary fees:
-Asia UBS Global Limited3		$	9,830			$	8,150
-GreenPro Resources Sdn. Bhd.7			-				1,092
		$	9,830			$	9,242
Professional fees:
- Asia UBS Global Limited3		$	10,900			$	9,000

 

¹As of December 31, 2023, the Company owns 12,26%, 5.68%, 14,76% and 14.99% of interest in AsiaFIN Holdings Corp., Angkasa-X Holdings Corp., JOCOM Holdings Corp. and catTHIS Holdings Corp. respectively.

 

²As of December 31, 2023, the Company invested USD 650 in Celmonze Wellness Corporation during the private placement stage. Subsequently the divestment occurred on February 6, 2024 due to the restructuring of Celmonze Wellness Corporation.

 

³Asia UBS Global Limited is a subsidiary of GreenPro Capital Corp. (GRNQ). GRNQ through its wholly owned subsidiaries, owns 27.55% shareholding in the Company.

 

⁴GreenPro Financial Consulting Limited is a subsidiary of GreenPro Capital Corp. (GRNQ). GRNQ through its wholly owned subsidiaries, owns 27.55% shareholding in the Company.

  

⁵GreenPro Venture Capital Limited is a subsidiary of GreenPro Capital Corp. (GRNQ). GRNQ through its wholly owned subsidiaries, owns 27.55% shareholding in the Company.

 

⁶The major shareholder of GreenPro Newfin Academy Sdn. Bhd. is a shareholder of GreenPro Capital Corp. (GRNQ). GRNQ through its wholly owned subsidiaries, owns 27.55% shareholding in the Company.

 

⁷GreenPro Resources Sdn. Bhd. is a subsidiary of GreenPro Capital Corp. (GRNQ). GRNQ through its wholly owned subsidiaries, owns 27.55% shareholding in the Company.

 

Review, Approval and Ratification of Related Party Transactions

 

Given our small size and limited financial resources, we have not adopted formal policies and procedures for the review, approval or ratification of transactions, such as those described above, with our executive officer(s), Director(s) and significant stockholders. We intend to establish formal policies and procedures in the future, once we have sufficient resources and have appointed additional Directors, so that such transactions will be subject to the review, approval or ratification of our Board of Directors, or an appropriate committee thereof. On a moving forward basis, our Directors will continue to approve any related party transaction.

 

 

ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES

 

Below is the aggregate amount of fees billed for professional services rendered by our principal accountants with respect to our last two fiscal years.

 

		For the Year Ended December 31, 2023				For the Year Ended December 31, 2022
Audit fees		$	25,500			$	12,000
Audit related fees			62,500				7,500
Tax fees			-				-
Total		$	88,000			$	19,500

 

The category of “Audit fees” includes fees for our annual audit, and services rendered in connection with regulatory filings with the SEC, such as the issuance of comfort letters and consents.

 

The category of “Audit-related fees” includes quarterly reviews, employee benefit plan audits, internal control reviews and accounting consultation.

 

All of the professional services rendered by principal accountants for the audit of our annual financial statements that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for last two fiscal years were approved by our board of directors.

 

 

PART IV

 

ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES

 

(a) Financial Statements

 

The following are filed as part of this report:

 

Financial Statements

 

The following financial statements of SEATech Ventures Corp. and Report of Independent Registered Public Accounting Firm are presented in the “F” pages of this Report:

 

		Page
Index		F-1
Report of Independent Registered Public Accounting Firm		F-2 - F-3
Financial Statements
Consolidated Balance Sheets		F-4
Consolidated Statements of Operations		F-5
Consolidated Statements of Stockholders’ (Deficit) Equity		F-6
Consolidated Statements of Cash Flows		F-7
Notes to Consolidated Financial Statements		F-8 – F-19

 

(b) Exhibits

 

The following exhibits are filed or “furnished” herewith:

 

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

 

* Filed herewith.

 

** As filed in the Registrant’s Registration Statement on Form S-1 Amendment No. 2 (File No. 333-230479) on May 30, 2019.

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

	SEATECH VENTURES CORP.
	(Name of Registrant)
Date: May 10, 2024	By:	/s/ CHIN CHEE SEONG
	Title:	Chief Executive Officer,
		President, Director, Secretary and Treasurer

 

Date: May 10, 2024	By:	/s/ TAN SEE MENG
	Title:	Director

 

 

INDEX TO FINANCIAL STATEMENTS

 

		Page
Financial Statements
Report of Independent Registered Public Accounting Firm		F-2 - F-3
Consolidated Balance Sheets		F-4
Consolidated Statements of Operations and Comprehensive Loss		F-5
Consolidated Statements of Changes in Stockholders’ (Deficit) Equity		F-6
Consolidated Statements of Cash Flows		F-7
Notes to Consolidated Financial Statements		F-8 - F-19

 

 

J&S ASSOCIATE PLT   202206000037 (LLP0033395-LCA) & AF002380 (Registered with PCAOB and MIA) B-11-14, Megan Avenue II 12,Jalan Yap Kwan Seng, 50450, Kuala Lumpur, Malaysia

Tel: +603-4813 9469 Email : info@jns-associate.com Website : jns-associate.com

 

 

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

 

The Board of Directors and Stockholders of

SEATECH VENTURES CORP.

 

Opinion on the Financial Statement

 

We have audited the accompanying consolidated balance sheet of SEATech Ventures Corp. and its subsidiaries (the ‘Company’) as of December 31, 2023, and the related consolidated statement of operations and comprehensive loss, consolidated statement of changes in stockholders’ (deficit) equity, and consolidated statement of cash flows for the year ended December 31, 2023, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2023, and the results of its operations and its cash flows for the year ended December 31, 2023, in conformity with accounting principles generally accepted in the United States of America.

 

Substantial Doubt about the Company’s Ability to Continue as a Going Concern

 

The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 2, the Company incurred a net loss of $302,829, suffered an accumulated deficit of $896,909 and negative operating cash flow of $124,661 as of December 31, 2023. These matters raise substantial doubt about the Company’s ability to continue as a going concern. These financial statements do not include any adjustments that that may be necessary to reflect the effects on the recoverability and classification of assets and additional liabilities that may arise if the Company is not able to continue as a going concern.

 

Basis for Opinion

 

These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

 

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.

 

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

 

Critical Audit Matters

 

Critical audit matters are matters arising from the current year audit of the financial statements that were communicated or are required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the financial statements, and (2) involved especially challenging, subjective, or complex judgements. We determined that there are no critical audit matters.

 

/s/ J&S ASSOCIATE PLT

 

Certified Public Accountants

PCAOB No: 6743

 

We have served as the Company’s auditor since 2024.

 

Kuala Lumpur, Malaysia

May 10, 2024

 

 

 

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

 

The Board of Directors and Stockholders of

SEATech Ventures Corp.

11-05 & 11-06, Tower A, Avenue 3 Vertical Business Suite,

Jalan Kerinchi, Bangsar South, 59200 Kuala Lumpur, Malaysia.

 

Opinion on the Financial Statements

 

We have audited the accompanying consolidated balance sheets of SEATech Ventures Corp. (the ‘Company’) as of December 31, 2022, and the related consolidated statements of operations and comprehensive loss, stockholders’ equity, and cash flows for the year ended of December 31, 2022, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2022, and the results of its operations and its cash flows for each of two years in the year ended December 31, 2022, in conformity with accounting principles generally accepted in the United States of America.

 

Basis for Opinion

 

These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

 

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.

 

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

 

Going Concern

 

The financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 2 to the financial statements, the Company had incurred a net loss of $94,157 during the year, had an accumulated deficit of $594,080 and negative operating cash flows of $59,529 as of December 31, 2022. These factors raise substantial doubt about its ability to continue as a going concern. Management’s plans regarding those matters also are described in Note 2. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

 

Critical Audit Matters

 

Critical audit matters are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to those charged with governance that: (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgements. We determined that there are no critical matters.

 

/s/ JP CENTURION & PARTNERS PLT
JP CENTURION & PARTNERS PLT

 

We have served as the Company’s auditor since 2020. 

 

JP Centurion & Partners PLT (PCAOB: 6723)

 

Kuala Lumpur, Malaysia

Date: March 31, 2023

 

 

SEATECH VENTURES CORP.

CONSOLIDATED BALANCE SHEETS

AS OF DECEMBER 31, 2023 AND 2022

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

(Audited)

 

		2023 (Audited)				2022 (Audited)
		As of December 31,
		2023 (Audited)				2022 (Audited)
ASSETS
CURRENT ASSETS
Accounts receivable, net		$	149,500			$	120,000
Deposits paid, prepayments and other receivables			1,017				-
Cash and cash equivalents			29,392				136,193
Total current assets			179,909				256,193
NON-CURRENT ASSETS
Investment in other companies		$	5,715			$	5,065
Total non-current assets			5,715				5,065
TOTAL ASSETS		$	185,624			$	261,258
LIABILITIES AND STOCKHOLDERS’ (DEFICIT) EQUITY
CURRENT LIABILITIES
Account payable		$	324,200			$	96,000
Other payables and accrued liabilities			69,410				57,372
Amount due to a corporate shareholder			-				33,000
Share subscription received in advance			20,000				-
Total current liabilities			413,610				186,372
TOTAL LIABILITIES		$	413,610			$	186,372
STOCKHOLDERS’ (DEFICIT) 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, 114,351,503 and 92,519,843 shares issued and outstanding as of December 31, 2023 and 2022 respectively			11,435				9,252
Additional paid-in capital			657,775				659,958
Accumulated other comprehensive loss			(287	)			(244	)
Accumulated deficit		$	(896,909	)		$	(594,080	)
TOTAL STOCKHOLDERS’ (DEFICIT) EQUITY		$	(227,986	)		$	74,886
TOTAL LIABILITIES AND STOCKHOLDERS’ (DEFICIT) EQUITY		$	185,624			$	261,258

 

See accompanying notes to consolidated financial statements.

 

 

SEATECH VENTURES CORP.

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022

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

(Audited)

 

		For the year ended December 31, 2023 (Audited)				For the year ended December 31, 2022 (Audited)
REVENUE		$	328,340			$	548,095
COST OF REVENUE			(251,700	)			(454,053	)
GROSS PROFIT		$	76,640			$	94,042
OTHER INCOME			-				1,936
SELLING AND DISTRIBUTION EXPENSES			(835	)			(7,613	)
GENERAL AND ADMINISTRATIVE EXPENSES			(378,634	)			(182,522	)
LOSS BEFORE INCOME TAX		$	(302,829	)		$	(94,157	)
INCOME TAXES PROVISION			-				-
NET LOSS			(302,829	)			(94,157	)
OTHER COMPREHENSIVE LOSS
Foreign exchange translation loss			(43	)			(119	)
TOTAL COMPREHENSIVE LOSS		$	(302,872	)		$	(94,276	)
Net loss per share- Basic and diluted (cent)			(0.00	)			(0.09	)
Weighted average number of common shares outstanding - Basic and diluted			97,304,864				92,519,843

 

See accompanying notes to consolidated financial statements.

 

 

SEATECH VENTURES CORP.

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ (DEFICIT) EQUITY

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022

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

(Audited)

 

		COMMON SHARES								ADDITIONAL				ACCUMULATED OTHER								NON-
		Number of Shares				Amount				PAID-IN CAPITAL				COMPREHENSIVE LOSS				ACCUMULATED DEFICIT				CONTROLLING INTEREST				TOTAL EQUITY
Balance as of December 31, 2021			92,519,843			$	9,252			$	659,958			$	(125	)		$	(499,923	)		$	1,658			$	170,820
Step acquisition															-				-				(1,658	)			(1,658	)
Foreign exchange translation loss			-				-				-				(119	)			-				-				(119	)
Net loss			-				-				-				-				(94,157	)			-				(94,157	)
Balance as of December 31, 2022			92,519,843			$	9,252			$	659,958			$	(244	)		$	(594,080	)		$	-			$	74,886
Balance			92,519,843			$	9,252			$	659,958			$	(244	)		$	(594,080	)		$	-			$	74,886
Issuance of shares for acquisition of Just Supply Chain Limited on October 13, 2023			21,831,660				2,183				(2,183	)			-				-				-				-
Foreign exchange translation loss			-				-				-				(43	)			-				-				(43	)
Net loss			-				-				-				-				(302,829	)			-				(302,829	)
Balance as of December 31, 2023			114,351,503			$	11,435			$	657,775			$	(287	)		$	(896,909	)		$	-			$	(227,986	)
Balance			114,351,503			$	11,435			$	657,775			$	(287	)		$	(896,909	)		$	-			$	(227,986)

 

See accompanying notes to consolidated financial statements

 

 

SEATECH VENTURES CORP.

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022

(Currency expressed in United States Dollars (“US$”))

(Audited)

 

		For the year ended December 31, 2023 (Audited)				For the year ended December 31, 2022 (Audited)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss		$	(302,829	)		$	(94,157	)
Adjustments to reconcile net loss to net cash used in operating activities:
Allowance for expected credit loss			115,000				-
Changes in operating assets and liabilities:
Accounts receivable			(144,500	)			(120,000	)
Account payable			228,200				96,000
Deposits paid, prepayments and other receivables			(1,017	)			1,650
Other payables and accrued liabilities			(19,515	)			23,978
Amount due to a corporate shareholder			-				33,000
Net cash used in operating activities			(124,661	)			(59,529	)
CASH FLOW FROM INVESTING ACTIVITIES:
Investment in other companies			(650	)			-
Refund of investment in other companies			-				200
Net cash (used in) / provided by investing activities			(650	)			200
CASH FLOWS FROM FINANCING ACTIVITIES:
Share subscription received in advance			20,000				-
Net cash provided by financing activities			20,000				-
Effect of exchange rate changes on cash and cash equivalents			(1,490	)			3,236
Net change in cash and cash equivalents			(106,801	)			(56,093	)
Cash and cash equivalents, beginning of year			136,193				192,286
CASH AND CASH EQUIVALENTS, END OF YEAR		$	29,392			$	136,193
SUPPLEMENTAL CASH FLOWS INFORMATION
Income taxes paid		$	-			$	-
Interest paid		$	-			$	-

 

See accompanying notes to consolidated financial statements.

 

 

SEATECH VENTURES CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022

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

 

1. ORGANIZATION AND BUSINESS BACKGROUND

 

SEATech Ventures Corp. (“the Company”) was incorporated on April 2, 2018 under the laws of the state of Nevada.

 

The Company, through its subsidiaries, engages in providing business mentoring, nurturing, incubating and corporate development advisory services to ICT and technology-based companies.

 

On May 2, 2018, the Company acquired 100% of the equity interests in SEATech Ventures Corp (herein referred as the “Malaysia Company”), a private limited company incorporated in Labuan, Malaysia.

 

On December 21, 2018, SEATech Ventures Corp, the Malaysia Company acquired SEATech Ventures (HK) Limited (herein referred as the “Hong Kong Company”), a private limited company incorporated in Hong Kong.

 

On October 04, 2021, SEATech Ventures (HK) Limited subscribed 60% of the equity interests in SEATech Bigorange CVC Sdn Bhd, a private limited company incorporated in Malaysia. The Malaysia Company changed its company name to SEATech CVC Sdn. Bhd. on February 22, 2022. On February 25, 2022, SEATech Ventures (HK) Limited further acquired 40% of the equity interests in SEATech CVC Sdn. Bhd., which in turn owns 100% of the equity interests in the Malaysia company.

 

On January 03, 2022, SEATech Ventures (HK) Limited acquired 1 share, representing 100% equity interest of SEATech Ventures Sdn. Bhd., a Malaysia company, from the Chief Executive Officer, President, Secretary, Treasurer and Director, Mr. Chin Chee Seong, with consideration of MYR 1.

 

On October 13, 2023, the Company issued 21,831,660 shares of its restricted common stock at $0.80 per share to the shareholders of Just Supply Chain Limited (“JSCL”), for acquisition of one hundred percent (100%) of the equity of JSCL. As of the date of this filing, the acquisition has been cancelled due to factors that came to light on the valuation of the entity.

 

Details of the Company’s subsidiaries:

 SCHEDULE OF COMPANY SUBSIDIARIES

Company name

Place and date of incorporation

Particulars of issued capital

Principal activities

Proportional of ownership interest and voting power held

1.

SEATech Ventures Corp.

Labuan / March 12, 2018

100 ordinary shares of US$1 each

Investment holding

100

%

2.

SEATech Ventures (HK) Limited

Hong Kong / January 30, 2018

1 ordinary share of HK$1

Business mentoring, nurturing and incubation, and corporate development advisory services

100

%

3.

SEATech CVC Sdn. Bhd. (F.K.A. SEATech Bigorange CVC Sdn. Bhd.)

Malaysia / October 04, 2021

20,000 ordinary shares of MYR1 each

Dormant company

100

%

4.

SEATech Ventures Sdn. Bhd.

Malaysia / May 27, 2021

1 ordinary share of MYR1 each

Provision of corporate advisory services

100

%

 

F-8

 

 

SEATECH VENTURES CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022

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

 

Business Overview

 

SEATech Ventures Corp. is a company providing business mentoring services, nurturing and incubation services relating to client businesses and corporate development advisory services to entrepreneurs in the broader technology industry, but with a specific focus on the information and communication technology industry. We will primarily focus our efforts on nurturing ICT entrepreneurs in Asia. Our advisory services will center on our “ICT Start-Up Mentorship Program”, which is designed to assist tech-based entrepreneurs in solving ICT industry pain points caused by technical insufficiencies, inappropriate financial modelling and weak strategic positioning within a competitive environment. The program aims to improve the technical exposure of our clients and to improve their sustainability in the ICT industry community through a combination of mentorship programs.

 

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 SEATech Ventures Corp. and its subsidiaries for the year ended December 31, 2023 is prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) and include the accounts of SEATech Ventures Corp., its wholly owned subsidiaries, SEATech Ventures Corp., SEATech Ventures (HK) Limited, SEATech CVC Sdn. Bhd. (F.K.A. SEATech Bigorange CVC Sdn. Bhd.) and SEATech Ventures Sdn. Bhd. Intercompany accounts and transactions have been eliminated on consolidation. The Company has adopted December 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.

 

F-9

 

 

SEATECH VENTURES CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022

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

 

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. ASC 606 creates a five-step model that requires entities to exercise judgment when considering the terms of contracts, which includes (1) identifying the contracts or agreements with a customer, (2) identifying our performance obligations in the contract or agreement, (3) determining the transaction price, (4) allocating the transaction price to the separate performance obligations, and (5) recognizing revenue as each performance obligation is satisfied. The Company only applies the five-step model to contracts when it is probable that the Company will collect the consideration it is entitled to in exchange for the services it transfers to its clients.

 

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 business mentoring, nurturing, incubating and corporate development advisory services to ICT and technology-based companies.

 

Cost of revenue

 

Cost of revenue includes the cost of services and product in providing business mentoring, nurturing, incubating and corporate development advisory services.

 

Investments

 

Investments in equity securities

 

The Company accounts for its investments that represent less than 20% ownership, and for which the Company does not have the ability to exercise significant influence, using ASU 2016-01, Financial Instruments – Overall: Recognition and Measurement of Financial Assets and Financial Liabilities. The Company measure investments in equity securities without a readily determinable fair value using a measurement alternative that measures these securities at the cost method minus impairment, if any, plus or minus changes resulting from observable price changes on a non-recurring basis. Gains and losses on these securities are recognized in other income and expenses. At December 31, 2023, the Company had five investments in equity securities with carrying value of $5,715. At December 31, 2022, the Company had four investments in equity securities with carrying value of $5,065 (see Note 6).

 

Accounts receivable

 

Accounts receivable are recorded at the invoiced amount less an allowance for any uncollectible accounts. Management reviews the adequacy of the allowance for doubtful accounts on an ongoing basis, using historical collection trends and aging of receivables. Management also periodically evaluates individual customer’s financial condition, credit history and the current economic conditions to make an adjustment to the allowance when it is considered necessary. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote.

 

Cash and cash equivalents

 

Cash and cash equivalents are carried at cost and represent cash on hand, demand deposits placed with banks or other financial institutions and all highly liquid investments with an original maturity of three months or less as of the purchase date of such investments.

 

Income taxes

 

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 December 31, 2023, the Company incurred a net loss of $302,829, suffered an accumulated deficit of $896,909 and negative operating cash flow of $124,661. 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 Chief Executive Officer cum shareholder. Management believes the existing shareholders or external financing will provide the additional cash to meet the Company’s obligations as they become due. No assurance can be given that any future financing, if needed, will be available or, if available, that it will be on terms that are satisfactory to the Company. Even if the Company is able to obtain additional financing, if needed, it may contain undue restrictions on its operations, in the case of debt financing, or cause substantial dilution for its stockholders, in the case of equity financing.

 

F-10

 

 

SEATECH VENTURES CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022

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

 

Net income/(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, are United States Dollars (“US$”), while its subsidiaries in Malaysia, maintains the books and record in Ringgit Malaysia (“MYR”), 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”, using the exchange rate on the balance sheet date. Revenues and expenses are translated at average rates prevailing during the period. The gains and losses resulting from translation of financial statements of foreign subsidiary are recorded as a separate component of accumulated other comprehensive income within the statement of stockholders’ equity.

 

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 CURRENCIES TRANSLATION EXCHANGE RATE

		As of and for the year ended December 31,
		2023				2022
Year-end RM : US$1 exchange rate			4.59				4.40
Year-average RM : US$1 exchange rate			4.56				4.40
Year-end HK$: US$1 exchange rate			7.81				7.81
Year-average HK$ : US$1 exchange rate			7.83				7.83

 

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.

 

F-11

 

 

SEATECH VENTURES CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022

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

 

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” (“ASC 820-10”), with respect to financial assets and liabilities that are measured at fair value. ASC 820-10 establishes a three-tier fair value hierarchy that prioritizes the inputs used in measuring fair value as follows:

 

	Level 1: Observable inputs such as quoted prices in active markets;
	Level 2: Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and
	Level 3: Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions.

 

Recently adopted Accounting Standards

 

In June 2016, the FASB issued Accounting Standards Update No. 2016-13, Financial Instruments – Credit Losses (Topics 326): Measurement of Credit Losses on Financial Instruments, which introduced the expected credit losses methodology for the measurement of credit losses on financial assets measured at amortized cost basis, replacing the previous incurred loss methodology. In November 2019, the FASB issued ASU 2019-10 highlighted the adoption timeline. For smaller reporting entities, Topic 326 is effective for annual periods beginning after December 15, 2022, including interim period within those fiscal years, of which is effective for the Company on January 1, 2023.

 

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

 

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.

 

F-12

 

 

SEATECH VENTURES CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022

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

 

3. COMMON STOCK

 

On April 2, 2018, the founder of the Company, Mr. Chin Chee Seong 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 May 14, 2018, the Company issued 20,000,000 shares of restricted common stock to Chin Chee Seong and Seah Kok Wah respectively, with a par value of $0.0001 per share, for total additional working capital of $4,000.

 

On August 7, 2018, the Company issued 10,000,000 shares of restricted common stock to Greenpro Venture Capital Limited with a par value of $0.0001 per share, for total additional working capital of $1,000.

 

On August 8, 2018, the Company issued 30,000,000 shares of restricted common stock to Greenpro Asia Strategic Fund SPC, a company incorporated in Cayman Islands with a par value of $0.0001 per share, for additional working capital of $3,000.

 

On August 27, 2018, the Company issued 10,000,000 shares of restricted common stock to STVC Talent Sdn. Bhd., a company incorporated in Malaysia with a par value of $0.0001 per share, for additional working capital of $1,000.

 

On September 7, 2018, the Company sold shares to 2 shareholders, of whom reside in Malaysia. A total of 750,000 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 $75,000.

 

On September 12, 2018, the Company sold shares to a shareholder, of whom reside in Malaysia. A total of 466,667 shares of restricted common stock were sold at a price of $0.15 per share. The total proceeds to the Company amounted to a total of $70,000.

 

In between September 21, 2018 and November 29, 2018, the Company sold shares to 44 shareholders, of whom reside in Malaysia. A total of 860,000 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 $172,000.

 

From June 12, 2019 to May 4, 2020, the company issued 343,200 shares of common stock at a price of $1.00 per share through the Initial Public Offering (IPO) to 70 non-US residents.

 

On October 13, 2023, the Company issued 21,831,660 shares of its restricted common stock at $0.80 per share to 8 shareholders of Just Supply Chain Limited (“JSCL”), for acquisition of one hundred percent (100%) of the equity of JSCL. As of the date of this filing, the acquisition on July 12, 2023 has been cancelled due to factors that came to light on the valuation of the entity

 

As of December 31, 2023, SEATech Ventures Corp. has an issued and outstanding common share of 114,351,503.

 

4. ACCOUNTS RECEIVABLE

 SCHEDULE OF ACCOUNT RECEIVABLE

		As of December 31, 2023 (Audited)				As of December 31, 2022 (Audited)
Accounts receivable, gross		$	264,500			$	120,000
Allowance for expected credit loss			(115,000	)			-
Accounts receivable, net		$	149,500			$	120,000

 

The movement in the allowance for expected credit loss for the years ended December 31, 2023 and December 31, 2022 were as follows:

SCHEDULE OF ALLOWANCE FOR EXPECTED CREDIT LOSSES 

		As of December 31, 2023 (Audited)				As of December 31, 2022 (Audited)
Balance at beginning of the year		$	-			$	-
Additions of allowance			115,000				-
Balance at end of the year		$	115,000			$	-

 

The accounts receivable represents receivable amount from companies where the Company owns equity interest, which are trade in nature and subject to normal trade term.

 

F-13

 

 

SEATECH VENTURES CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022

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

 

5. DEPOSITS PAID, PREPAYMENTS AND OTHER RECEIVABLES

 

Deposits paid, prepayments and other receivables consisted of the following as of December 31, 2023 and December 31, 2022:

 SCHEDULE OF DEPOSITS PAID, PREPAYMENTS AND OTHER RECEIVABLES

		As of				As of
		December 31, 2023 (Audited)				December 31, 2022 (Audited)
Deposits paid			273				-
Other receivables			744				-
Total deposits paid, prepayments and other receivables		$	1,017			$	-

 

6. INVESTMENT IN OTHER COMPANIES

 SCHEDULE OF INVESTMENTS

		As of				As of
		December 31, 2023 (Audited)				December 31, 2022 (Audited)
AsiaFIN Holdings Corp1			1,015				1,015
Angkasa-X Holdings Corp.2			1,300				1,300
JOCOM Holdings Corp.3			850				850
catTHIS Holdings Corp. 4			1,900				1,900
Celmonze Wellness Corporation 5			650				-
Total investment in other companies		$	5,715			$	5,065

 

	1	On December 24, 2019, the Company has invested in AsiaFIN Holdings Corp. during the private placement stage. AsiaFIN Holdings Corp. is a company providing business technology solutions to its clients. SEATech Ventures Corp. also provides corporate development, mentoring, and incubation service to AsiaFIN Holdings Corp. The investment in AsiaFIN Holdings Corp. is a strategic investment of the Company and the Company’s efforts on nurturing and providing collaborating and networking opportunities to ICT entrepreneurs across Asia. The investment is also aligning with the Company’s focus on the ICT industry. As of December 31, 2023, the Company acquired 12.26% interest in AsiaFIN Holdings Corp.
	2	On February 5, 2021, the Company has invested in Angkasa-X Holdings Corp. during the private placement stage. Angkasa-X Holdings Corp. is a company focuses on research and development and commercializes on intellectual property design for communication satellites. SEATech Ventures Corp. also provides corporate development, mentoring, and incubation services to Angkasa-X Holdings Corp. The investment in Angkasa-X Holdings Corp. is a strategic investment of the Company. As of December 31, 2023, the Company acquired 5.68 % interest in Angkasa-X Holdings Corp.
	3	On June 1, 2021, the Company has invested in JOCOM Holdings Corp. during the private placement stage. JOCOM Holdings Corp. is a company focuses on m-commerce (Mobile commerce) platform specialized in online groceries and shopping. SEATech Ventures Corp. also provides corporate development, mentoring, and incubation services to JOCOM Holdings Corp. The investment in JOCOM Holdings Corp. is a strategic investment of the Company. As of December 31, 2023, the Company acquired 14.74% interest in JOCOM Holdings Corp.
	4	On August 30, 2021, the Company has invested in catTHIS Holdings Corp. during the private placement stage. catTHIS Holdings Corp. is a company that providing digital marketing service by using technologies such as mobile application known as “catTHIS App”. catTHIS App serve as a marketing tool which provides free digital catalog management platform that gives its users the ability to upload and share PDF catalogs anywhere and from any device. SEATech Ventures Corp. also provides corporate development, mentoring, and incubation services to catTHIS Holdings Corp. The investment in catTHIS Holdings Corp. is a strategic investment of the company. As of December 31, 2023, the Company acquired 14.99 % interest in catTHIS Holdings Corp.
	5	On March 8, 2023, the Company has invested in Celmonze Wellness Corporation during the private placement stage. Celmonze Wellness Corporation is a company focuses on beauty and wellness services. SEATech Ventures Corp. also provides corporate development, mentoring, and incubation services to Celmonze Wellness Corporation. The investment in Celmonze Wellness Corporation is a strategic investment of the Company. Subsequently on February 6, 2024, the Company withdrew its investment in Celmonze Wellness Corporation and the fund invested was being refunded to the Company.

 

7. ACCOUNT PAYABLE

 

SCHEDULE OF ACCOUNT PAYABLE

		As of December 31, 2023 (Audited)				As of December 31, 2022 (Audited)
Account payable		$	324,200			$	96,000
Total account payable		$	324,200			$	96,000

 

The account payable represents payable to a wholly owned subsidiary of a corporate shareholder which is trade in nature and subject to normal trade term.

 

F-14

 

 

SEATECH VENTURES CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022

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

 

8. OTHER PAYABLES AND ACCRUED LIABILITIES

 

SCHEDULE OF OTHER PAYABLES AND ACCRUED LIABILITIES 

		As of				As of
		December 31, 2023 (Audited)				December 31, 2022 (Audited)
Accrued audit fees		$	34,070			$	19,203
Accrued professional fees1			16,167				1,541
Accrued expenses2			19,173				36,628
Total payables and accrued liabilities		$	69,410			$	57,372

 

1	Accrued professional fees consists of professional fees payable to Asia UBS Global Limited, a related party of the Company.

 

2	Accrued expenses include compensation payable to our directors and officers, amounting to $18,500 and $2,000 as of December 31, 2023 and 2022 respectively.

 

9. AMOUNT DUE TO A CORPORATE SHAREHOLDER

 

The amount due to a corporate shareholder represents amount payable for the refund of sponsorship for events concluded during the financial year, which is unsecured, interest free and payable on demand.

 

10. INCOME TAXES

 

For the year ended December 31, 2023 and year ended December 31, 2022, the local (United States) and foreign components of (loss) / profit before income taxes were comprised of the following:

 

SCHEDULE OF (LOSS)/PROFIT BEFORE INCOME TAXES

		For the year ended December 31, 2023				For the year ended December 31, 2022
Tax jurisdictions from:
- Local		$	(150,570	)		$	(58,780	)
- Foreign, representing
Labuan			(49,016	)			(52,009	)
Hong Kong			(96,581	)			19,165
Malaysia			(6,662	)			(2,533	)
Loss before income tax		$	(302,829	)		$	(94,157	)

 

The provision for income taxes consisted of the following:

 

SCHEDULE OF PROVISION FOR INCOME TAXES

		For the year ended December 31, 2023				For the year ended December 31, 2022
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, Malaysia 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 December 31, 2023, the operations in the United States of America incurred $543,956 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 $435,165 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, SEATech Ventures 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

 

SEATech Ventures Corp. is subject to Hong Kong Profits Tax, which is charged at the statutory income tax rate of 16.5% on its assessable income.

 

Malaysia

 

SEATech CVC Sdn. Bhd. and SEATech Ventures Sdn. Bhd. are subject to Malaysia Corporate Tax, which is charged at the statutory income tax rate range from 15% to 24% on its assessable income.

 

F-15

 

 

SEATECH VENTURES CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022

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

 

11. NET LOSS PER SHARE

 

Basic net loss per share is computed using the weighted average number of common shares outstanding during the year. The following table sets forth the computation of basic and diluted net loss per share for the years ended December 31, 2023 and 2022:

 

SCHEDULE OF COMPUTATION OF BASIC AND DILUTED NET LOSS PER SHARE 

Schedule of computation of net loss per share:		For the year ended December 31, 2023 (Audited)				For the year ended December 31, 2022 (Audited)
Net loss attributable to common shareholders		$	(302,872	)		$	(94,276	)
Weighted average common shares outstanding – Basic and diluted			97,304,864				92,519,843
Net loss per share – Basic and diluted (cent)#		$	(0.00	)		$	(0.09	)

 

# For the year ended December 31, 2023 and 2022, diluted weighted-average common shares outstanding is equal to basic weighted-average common shares, due to the Company’s net loss position. Hence, no common stock equivalents were included in the computation of diluted net loss per share since such inclusion would have been antidilutive.

 

12. COMMITMENTS AND CONTINGENCIES

 

As of December 31, 2023 and 2022, the Company has no commitments or contingencies involved.

 

13. RELATED PARTY BALANCES AND TRANSACTIONS

 

SCHEDULE OF RELATED PARTY BALANCES AND TRANSACTIONS 

Accounts receivable from related parties (Refer Note 4):		As of December 31, 2023 (Audited)				As of December 31, 2022 (Audited)
Accounts receivable, net
- catTHIS Holdings Corp.1 (net of allowance of $ 115,000 as of December 31, 2023)		$	-			$	-
- JOCOM Holdings Corp.1			69,500				120,000
-Celmonze Wellness Corporation2			80,000				-
Total		$	149,500			$	120,000
Accounts receivable from related parties		$	149,500			$	120,000

 

The above related party receivables are trade in nature and subject to normal trade terms.

 

Account payable due to related parties (Refer Note 7):		As of December 31, 2023 (Audited)				As of December 31, 2022 (Audited)
Account payable:
- GreenPro Financial Consulting Limited4		$	324,200			$	96,000
Account payable		$	324,200			$	96,000

 

The above related party account payable is trade in nature and subject to normal trade terms.

 

Other payables due to related parties (Refer Note 8):
- Mr. Chin Chee Seong (Director and Executive Officer)			8,750				-
- Mr. Tan Hock Chye (Executive Officer)			3,750				-
- Mr. Louis Ramesh Ruben (Director)			2,000				1,000
- Mr. Cheah Kok Hoong (Director)			2,000				1,000
- Mr. Seah Kok Wah (Director)			2,000				-
- Asia UBS Global Limited3			14,500				3,600
Total		$	33,000			$	5,600
Other payables due to related parties		$	33,000			$	5,600

 

F-16

 

 

SEATECH VENTURES CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022

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

 

The above other payables to directors and executive officers represent salary and director fees payable.

 

The above other payable to Asia UBS Global Limited represent payables due for professional fees.

 

		As of				As of
Investment in related parties:		December 31, 2023 (Audited)				December 31, 2022 (Audited)
AsiaFIN Holdings Corp 1			1,015				1,015
Angkasa-X Holdings Corp.1			1,300				1,300
JOCOM Holdings Corp.1			850				850
catTHIS Holdings Corp.1			1,900				1,900
Celmonze Wellness Corporation2			650				-
Total		$	5,715			$	5,065
Investment in related parties		$	5,715			$	5,065

 

For the years ended December 31, 2023 and 2022, the Company has following transactions with related parties:

  

		For the year ended December 31, 2023 (Audited)				For the year ended December 31, 2022 (Audited)
Included in Revenue are the following sales to related parties:
- GreenPro Financial Consulting Limited4		$	11,640			$	-
- AsiaFIN Holdings Corp.1			12,500				-
- JOCOM Holdings Corp.1			-				280,000
- catTHIS Holdings Corp.1			120,000				160,000
-Celmonze Wellness Corporation2			184,200				-
- GreenPro Venture Capital Limited5			-				87,089
Total		$	328,340			$	527,089
Revenue		$	328,340			$	527,089
Included in Cost of revenue is the following costs incurred from a related party:
- GreenPro Financial Consulting Limited4		$	251,700			$	352,000
- Asia UBS Global Limited3			-				8,000
- GreenPro Newfin Academy Sdn. Bhd.6			-				6,300
Cost of revenue		$	251,700			$	366,300
Included in General and administrative are the following expenses to related parties:
Executives’ compensation:
- Mr. Chin Chee Seong (Director and Executive Officer)		$	14,669			$	13,712
- Mr. Tan Hock Chye (Executive Officer)			14,669				13,712
- Mr. Seah Kok Wah (Chief Investment Officer)			-				11,446
Total		$	29,338			$	38,870
Executives’ compensation		$	29,338			$	38,870
Non-executive Directors’ compensation:
- Mr. Louis Ramesh Ruben		$	6,000			$	6,000
- Mr. Cheah Kok Hoong			6,000				6,000
- Mr. Seah Kok Wah			6,000				-
Total		$	18,000				12,000
Non-executive Directors’ compensation		$	18,000				12,000
Company secretary fees:
-Asia UBS Global Limited3		$	9,830			$	8,150
-GreenPro Resources Sdn. Bhd.7			-				1,092
		$	9,830			$	9,242
Professional fees:
- Asia UBS Global Limited3		$	10,900			$	9,000
Professional fees		$	10,900			$	9,000

 

1	As of December 31, 2023, the Company owns 12,26%, 5.68%, 14,76% and 14.99% of interest in AsiaFIN Holdings Corp., Angkasa-X Holdings Corp., JOCOM Holdings Corp. and catTHIS Holdings Corp. respectively.

 

2	As of December 31, 2023, the Company invested USD 650 in Celmonze Wellness Corporation during the private placement stage. Subsequently the divestment occurred on February 6, 2024 due to the restructuring of Celmonze Wellness Corporation.

 

3	Asia UBS Global Limited is a subsidiary of GreenPro Capital Corp. (GRNQ). GRNQ through its wholly owned subsidiaries, owns 27.55% shareholding in the Company.

 

4	GreenPro Financial Consulting Limited is a subsidiary of GreenPro Capital Corp. (GRNQ). GRNQ through its wholly owned subsidiaries, owns 27.55% shareholding in the Company.

 

5	GreenPro Venture Capital Limited is a subsidiary of GreenPro Capital Corp. (GRNQ). GRNQ through its wholly owned subsidiaries, owns 27.55% shareholding in the Company.
6	The major shareholder of GreenPro Newfin Academy Sdn. Bhd. is a shareholder of GreenPro Capital Corp. (GRNQ). GRNQ through its wholly owned subsidiaries, owns 27.55% shareholding in the Company.
7	GreenPro Resources Sdn. Bhd. is a subsidiary of GreenPro Capital Corp. (GRNQ). GRNQ through its wholly owned subsidiaries, owns 27.55% shareholding in the Company.

 

F-17

 

 

SEATECH VENTURES CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022

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

 

14. CONCENTRATIONS OF RISKS

 

(a) Major customers

 

For the years ended December 31, 2023 and 2022, 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:

 

SCHEDULE OF CONCENTRATION OF RISK

		For the year ended December 31
		2023				2022				2023				2022				2023				2022
		Revenues								Percentage of Revenues								Accounts Receivable, Trade
Customer A		$	-			$	280,000				-	%			51	%		$	69,500			$	120,000
Customer B		$	120,000			$	160,000				37	%			29	%		$	115,000			$	-
Customer C		$	-			$	87,089				-	%			17	%		$	-				-
Customer D		$	184,200			$	-				56	%			-	%		$	80,000				-
		$	304,200			$	527,089				93	%			97	%		$	264,500			$	120,000

 

(b) Major vendors

 

For the years ended December 31, 2023 and 2022, 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 December 31
		2023				2022				2023				2022				2023				2022
		Purchases								Percentage of Purchases								Account Payable, Trade
Vendor A		$	251,700			$	366,300				100	%			81	%		$	324,200			$	96,000
		$	251,700			$	366,300				100	%			81	%		$	324,200			$	96,000

 

(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 trade 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.

 

15. SEGMENT INFORMATION

 

ASC 280, “Segment Reporting” establishes standards for reporting information about operating segments on a basis consistent with the Company’s internal organization structure as well as information about services categories, business segments and major customers in financial statements. In accordance with the “Segment Reporting” Topic of the ASC, the Company’s chief operating decision maker has been identified as the Chief Executive Officer and President, who reviews operating results to make decisions about allocating resources and assessing performance for the entire Company. Existing guidance, which is based on a management approach to segment reporting, establishes requirements to report selected segment information quarterly and to report annually entity-wide disclosures about products and services, major customers, and the countries in which the entity holds material assets and reports revenue. All material operating units qualify for aggregation under “Segment Reporting” due to their similar customer base and similarities in economic characteristics; nature of products and services; and procurement, manufacturing and distribution processes.

 

F-18

 

 

SEATECH VENTURES CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022

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

 

The Company had no inter-segment sales for the years presented. Summarized financial information concerning the Company’s reportable segments is shown as below:

 

SCHEDULE OF REPORTABLE SEGMENTS

By Geography:

 

		United States				Malaysia				Hong Kong				Total
		For the year ended December 31, 2023
		United States				Malaysia				Hong Kong				Total
Revenues		$	-			$	-			$	328,340			$	328,340
Cost of revenues			-				-				(251,700	)			(251,700	)
Net loss			(150,570	)			(55,678	)			(96,581	)			(302,829	)
Total assets		$	10			$	34,547			$	151,067			$	185,624

 

		United States				Malaysia				Hong Kong				Total
		For the year ended December 31, 2022
		United States				Malaysia				Hong Kong				Total
Revenues		$	-			$	90,230			$	457,865			$	548,095
Cost of revenues			-				(87,753	)			(366,300	)			(454,053	)
Net (loss) / profit			(58,780	)			(54,542	)			19,165				(94,157	)
Total assets		$	10			$	118,329			$	142,919			$	261,258

 

*Revenues and costs are attributed to countries based on the location of customers.

 

16. SIGNIFICANT EVENT

 

Acquisition of Just Supply Chain Limited, a British Virgin Islands company

 

On July 12, 2023, the Company entered into an agreement to acquire 100% of the issued and outstanding shares of Just Supply Chain Limited, a British Virgin Islands company (“JSCL”), from Lee Wai Mun, Tai Kau @ Tai Fah Chong, Wong Tien Erl, Lee Han Cien, Lee Wai Chun, Eik Chu Yew, Wong Po Leng and Tok Kai Weei, at a consideration of $17,465,328 via issuance of common stocks of the Company.

 

The principal activity of JSCL is engaging in online logistic booking platform for customers in Malaysia to book delivery services via the “JustLorry” App available in both Android and Apple IOS devices through its wholly-owned subsidiary, Just Supply Chain Sdn. Bhd. (“JSCSB”), a private limited company in Malaysia.

 

On October 13, 2023, the Company issued 21,831,660 shares of its restricted common stock at $0.80 per share to the 8 shareholders of JSCL for the acquisition of 100% of the equity of JSCL. As of the date of this filing, the acquisition on July 12, 2023 has been cancelled due to factors that came to light on the valuation of the entity.

 

17. SUBSEQUENT EVENTS

 

In accordance with ASC Topic 855, “Subsequent Events”, which establishes general standards of accounting for and disclosure of events that occur after the balance sheet date but before financial statements are issued, the Company has evaluated all subsequent events through the filing date of this Form 10-K with the SEC, to ensure that this filing includes appropriate disclosure of events both recognized in the financial statements as of December 31, 2023, and events which occurred subsequently but were not recognized in the financial statements. During the year, there was no subsequent event that required recognition or disclosure.

 

 

 

EXHIBIT 31.1

 

CERTIFICATION

 

I, CHIN CHEE SEONG, certify that:

 

1. I have reviewed this annual report on Form 10-K of SEATech Ventures Corp (the “Company”) for the year ended December 31, 2023;

 

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

 

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

 

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

 

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

 

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

 

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

 

Date: May 10, 2024	By:	/s/ CHIN CHEE SEONG
		CHIN CHEE SEONG
		Chief Executive Officer, President, Director, Secretary, Treasurer

 

 

 

EXHIBIT 31.2

 

CERTIFICATION

 

I, TAN SEE MENG, certify that:

 

1. I have reviewed this annual report on Form 10-K of SEATech Ventures Corp (the “Company”) for the year ended December 31, 2023;

 

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

 

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

 

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

 

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

 

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

 

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

 

Date: May 10, 2024	By:	/s/ TAN SEE MENG
		TAN SEE MENG
		Director

 

 

 

EXHIBIT 32.1

 

CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

In connection with the Annual Report of SEATech Ventures Corp (the “Company”) on Form 10-K for the year ended December 31, 2023 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), The undersigned hereby certifies, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge and belief:

 

(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

 

Date: May 10, 2024	By:	/s/ CHIN CHEE SEONG
		CHIN CHEE SEONG
		Chief Executive Officer, President, Director, Secretary, Treasurer

 

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

 

 

 

EXHIBIT 32.2

 

CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

In connection with the Annual Report of SEATech Ventures Corp (the “Company”) on Form 10-K for the year ended December 31, 2023 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), The undersigned hereby certifies, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge and belief:

 

(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

 

Date: May 10, 2024	By:	/s/ TAN SEE MENG
		TAN SEE MENG
		Director

 

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

 

 

v3.24.1.1.u2

Cover - USD ($)	12 Months Ended
	Dec. 31, 2023	May 10, 2024	Jun. 30, 2023
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 2023
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2023
Current Fiscal Year End Date	--12-31
Entity File Number	333-230479
Entity Registrant Name	SEATECH VENTURES CORP.
Entity Central Index Key	0001763660
Entity Tax Identification Number	61-1882326
Entity Incorporation, State or Country Code	NV
Entity Address, Address Line One	11-05 & 11-06, Tower A
Entity Address, Address Line Two	Avenue 3 Vertical Business Suite
Entity Address, Address Line Three	Jalan Kerinchi, Bangsar South
Entity Address, City or Town	Kuala Lumpur
Entity Address, Country	MY
Entity Address, Postal Zip Code	59200
City Area Code	+603
Local Phone Number	2242 1288
Title of 12(b) Security	Common Stock
Trading Symbol	SEAV
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	true
Entity Emerging Growth Company	true
Elected Not To Use the Extended Transition Period	false
Entity Shell Company	false
Entity Public Float			$ 0
Entity Common Stock, Shares Outstanding		114,351,503
Document Financial Statement Error Correction [Flag]	false
Auditor Name	JP Centurion & Partners PLT
Auditor Name	6723
Auditor Name	Kuala Lumpur, Malaysia

v3.24.1.1.u2

Consolidated Balance Sheets - USD ($)	Dec. 31, 2023	Dec. 31, 2022
CURRENT ASSETS
Accounts receivable, net	$ 149,500	$ 120,000
Deposits paid, prepayments and other receivables	1,017
Cash and cash equivalents	29,392	136,193
Total current assets	179,909	256,193
NON-CURRENT ASSETS
Investment in other companies	5,715	5,065
Total non-current assets	5,715	5,065
TOTAL ASSETS	185,624	261,258
CURRENT LIABILITIES
Account payable	324,200	96,000
Other payables and accrued liabilities	69,410	57,372
Share subscription received in advance	20,000
Total current liabilities	413,610	186,372
TOTAL LIABILITIES	413,610	186,372
STOCKHOLDERS’ (DEFICIT) 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, 114,351,503 and 92,519,843 shares issued and outstanding as of December 31, 2023 and 2022 respectively	11,435	9,252
Additional paid-in capital	657,775	659,958
Accumulated other comprehensive loss	(287)	(244)
Accumulated deficit	(896,909)	(594,080)
TOTAL STOCKHOLDERS’ (DEFICIT) EQUITY	(227,986)	74,886
TOTAL LIABILITIES AND STOCKHOLDERS’ (DEFICIT) EQUITY	185,624	261,258
Corporate Shareholder [Member]
CURRENT LIABILITIES
Amount due to a corporate shareholder		$ 33,000

v3.24.1.1.u2

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2023	Dec. 31, 2022
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, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	600,000,000	600,000,000
Common stock, shares issued	114,351,503	92,519,843
Common stock, shares, outstanding	114,351,503	92,519,843

v3.24.1.1.u2

Consolidated Statements of Operations and Comprehensive Loss - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Statement [Abstract]
REVENUE	$ 328,340	$ 548,095
COST OF REVENUE	(251,700)	(454,053)
GROSS PROFIT	76,640	94,042
OTHER INCOME		1,936
SELLING AND DISTRIBUTION EXPENSES	(835)	(7,613)
GENERAL AND ADMINISTRATIVE EXPENSES	(378,634)	(182,522)
LOSS BEFORE INCOME TAX	(302,829)	(94,157)
INCOME TAXES PROVISION
NET LOSS	(302,829)	(94,157)
OTHER COMPREHENSIVE LOSS
Foreign exchange translation loss	(43)	(119)
TOTAL COMPREHENSIVE LOSS	$ (302,872)	$ (94,276)
Net loss per share- basic	$ (0.00)	$ (0.09)
Net loss per share- diluted	$ (0.00)	$ (0.09)
Weighted average common shares outstanding, basic	97,304,864	92,519,843
Weighted average number of common shares outstanding - diluted	97,304,864	92,519,843

v3.24.1.1.u2

Consolidated Statements of Changes in Stockholders' (Deficit) Equity - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	AOCI Attributable to Parent [Member]	Retained Earnings [Member]	Noncontrolling Interest [Member]	Total
Balance at Dec. 31, 2021	$ 9,252	$ 659,958	$ (125)	$ (499,923)	$ 1,658	$ 170,820
Balance, shares at Dec. 31, 2021	92,519,843
Step acquisition					(1,658)	(1,658)
Foreign exchange translation loss			(119)			(119)
Net loss				(94,157)		(94,157)
Balance at Dec. 31, 2022	$ 9,252	659,958	(244)	(594,080)		74,886
Balance, shares at Dec. 31, 2022	92,519,843
Foreign exchange translation loss			(43)			(43)
Net loss				(302,829)		(302,829)
Issuance of shares for acquisition of Just Supply Chain Limited on October 13, 2023	$ 2,183	(2,183)
Stock Issued During Period, Shares, Acquisitions	21,831,660
Balance at Dec. 31, 2023	$ 11,435	$ 657,775	$ (287)	$ (896,909)		$ (227,986)
Balance, shares at Dec. 31, 2023	114,351,503

v3.24.1.1.u2

Consolidated Statement of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (302,829)	$ (94,157)
Adjustments to reconcile net loss to net cash used in operating activities:
Allowance for expected credit loss	115,000
Changes in operating assets and liabilities:
Accounts receivable	(144,500)	(120,000)
Account payable	228,200	96,000
Deposits paid, prepayments and other receivables	(1,017)	1,650
Other payables and accrued liabilities	(19,515)	23,978
Amount due to a corporate shareholder		33,000
Net cash used in operating activities	(124,661)	(59,529)
CASH FLOW FROM INVESTING ACTIVITIES:
Investment in other companies	(650)
Refund of investment in other companies		200
Net cash (used in) / provided by investing activities	(650)	200
CASH FLOWS FROM FINANCING ACTIVITIES:
Share subscription received in advance	20,000
Net cash provided by financing activities	20,000
Effect of exchange rate changes on cash and cash equivalents	(1,490)	3,236
Net change in cash and cash equivalents	(106,801)	(56,093)
Cash and cash equivalents, beginning of year	136,193	192,286
CASH AND CASH EQUIVALENTS, END OF YEAR	29,392	136,193
SUPPLEMENTAL CASH FLOWS INFORMATION
Income taxes paid
Interest paid

v3.24.1.1.u2

ORGANIZATION AND BUSINESS BACKGROUND	12 Months Ended
	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION AND BUSINESS BACKGROUND	1. ORGANIZATION AND BUSINESS BACKGROUND   SEATech Ventures Corp. (“the Company”) was incorporated on April 2, 2018 under the laws of the state of Nevada.   The Company, through its subsidiaries, engages in providing business mentoring, nurturing, incubating and corporate development advisory services to ICT and technology-based companies.   On May 2, 2018, the Company acquired 100% of the equity interests in SEATech Ventures Corp (herein referred as the “Malaysia Company”), a private limited company incorporated in Labuan, Malaysia.   On December 21, 2018, SEATech Ventures Corp, the Malaysia Company acquired SEATech Ventures (HK) Limited (herein referred as the “Hong Kong Company”), a private limited company incorporated in Hong Kong.   On October 04, 2021, SEATech Ventures (HK) Limited subscribed 60% of the equity interests in SEATech Bigorange CVC Sdn Bhd, a private limited company incorporated in Malaysia. The Malaysia Company changed its company name to SEATech CVC Sdn. Bhd. on February 22, 2022. On February 25, 2022, SEATech Ventures (HK) Limited further acquired 40% of the equity interests in SEATech CVC Sdn. Bhd., which in turn owns 100% of the equity interests in the Malaysia company.   On January 03, 2022, SEATech Ventures (HK) Limited acquired 1 share, representing 100% equity interest of SEATech Ventures Sdn. Bhd., a Malaysia company, from the Chief Executive Officer, President, Secretary, Treasurer and Director, Mr. Chin Chee Seong, with consideration of MYR 1.   On October 13, 2023, the Company issued 21,831,660 shares of its restricted common stock at $0.80 per share to the shareholders of Just Supply Chain Limited (“JSCL”), for acquisition of one hundred percent (100%) of the equity of JSCL. As of the date of this filing, the acquisition has been cancelled due to factors that came to light on the valuation of the entity.   Details of the Company’s subsidiaries:  SCHEDULE OF COMPANY SUBSIDIARIES     Company name   Place and date of incorporation   Particulars of issued capital   Principal activities   Proportional of ownership interest and voting power held                           1.   SEATech Ventures Corp.   Labuan / March 12, 2018   100 ordinary shares of US$1 each   Investment holding     100 %                           2.   SEATech Ventures (HK) Limited   Hong Kong / January 30, 2018   1 ordinary share of HK$1   Business mentoring, nurturing and incubation, and corporate development advisory services     100 %                           3.   SEATech CVC Sdn. Bhd. (F.K.A. SEATech Bigorange CVC Sdn. Bhd.)   Malaysia / October 04, 2021   20,000 ordinary shares of MYR1 each   Dormant company     100 %                           4.   SEATech Ventures Sdn. Bhd.   Malaysia / May 27, 2021   1 ordinary share of MYR1 each   Provision of corporate advisory services     100 %     SEATECH VENTURES CORP. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022 (Currency expressed in United States Dollars (“US$”), except for number of shares)   Business Overview   SEATech Ventures Corp. is a company providing business mentoring services, nurturing and incubation services relating to client businesses and corporate development advisory services to entrepreneurs in the broader technology industry, but with a specific focus on the information and communication technology industry. We will primarily focus our efforts on nurturing ICT entrepreneurs in Asia. Our advisory services will center on our “ICT Start-Up Mentorship Program”, which is designed to assist tech-based entrepreneurs in solving ICT industry pain points caused by technical insufficiencies, inappropriate financial modelling and weak strategic positioning within a competitive environment. The program aims to improve the technical exposure of our clients and to improve their sustainability in the ICT industry community through a combination of mentorship programs.

v3.24.1.1.u2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2023
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 SEATech Ventures Corp. and its subsidiaries for the year ended December 31, 2023 is prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) and include the accounts of SEATech Ventures Corp., its wholly owned subsidiaries, SEATech Ventures Corp., SEATech Ventures (HK) Limited, SEATech CVC Sdn. Bhd. (F.K.A. SEATech Bigorange CVC Sdn. Bhd.) and SEATech Ventures Sdn. Bhd. Intercompany accounts and transactions have been eliminated on consolidation. The Company has adopted December 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.     SEATECH VENTURES CORP. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022 (Currency expressed in United States Dollars (“US$”), except for number of shares)   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. ASC 606 creates a five-step model that requires entities to exercise judgment when considering the terms of contracts, which includes (1) identifying the contracts or agreements with a customer, (2) identifying our performance obligations in the contract or agreement, (3) determining the transaction price, (4) allocating the transaction price to the separate performance obligations, and (5) recognizing revenue as each performance obligation is satisfied. The Company only applies the five-step model to contracts when it is probable that the Company will collect the consideration it is entitled to in exchange for the services it transfers to its clients.   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 business mentoring, nurturing, incubating and corporate development advisory services to ICT and technology-based companies.   Cost of revenue   Cost of revenue includes the cost of services and product in providing business mentoring, nurturing, incubating and corporate development advisory services.   Investments   Investments in equity securities   The Company accounts for its investments that represent less than 20% ownership, and for which the Company does not have the ability to exercise significant influence, using ASU 2016-01, Financial Instruments – Overall: Recognition and Measurement of Financial Assets and Financial Liabilities. The Company measure investments in equity securities without a readily determinable fair value using a measurement alternative that measures these securities at the cost method minus impairment, if any, plus or minus changes resulting from observable price changes on a non-recurring basis. Gains and losses on these securities are recognized in other income and expenses. At December 31, 2023, the Company had five investments in equity securities with carrying value of $5,715. At December 31, 2022, the Company had four investments in equity securities with carrying value of $5,065 (see Note 6).   Accounts receivable   Accounts receivable are recorded at the invoiced amount less an allowance for any uncollectible accounts. Management reviews the adequacy of the allowance for doubtful accounts on an ongoing basis, using historical collection trends and aging of receivables. Management also periodically evaluates individual customer’s financial condition, credit history and the current economic conditions to make an adjustment to the allowance when it is considered necessary. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote.   Cash and cash equivalents   Cash and cash equivalents are carried at cost and represent cash on hand, demand deposits placed with banks or other financial institutions and all highly liquid investments with an original maturity of three months or less as of the purchase date of such investments.   Income taxes   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 December 31, 2023, the Company incurred a net loss of $302,829, suffered an accumulated deficit of $896,909 and negative operating cash flow of $124,661. These factors raise substantial doubt about the Company’s ability to continue as a going concern within one year of the date that the financial statements are issued. The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.   The Company’s ability to continue as a going concern is dependent upon improving its profitability and the continuing financial support from its Chief Executive Officer cum shareholder. Management believes the existing shareholders or external financing will provide the additional cash to meet the Company’s obligations as they become due. No assurance can be given that any future financing, if needed, will be available or, if available, that it will be on terms that are satisfactory to the Company. Even if the Company is able to obtain additional financing, if needed, it may contain undue restrictions on its operations, in the case of debt financing, or cause substantial dilution for its stockholders, in the case of equity financing.     SEATECH VENTURES CORP. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022 (Currency expressed in United States Dollars (“US$”), except for number of shares)   Net income/(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, are United States Dollars (“US$”), while its subsidiaries in Malaysia, maintains the books and record in Ringgit Malaysia (“MYR”), being the primary currency of the economic environment in which these entities operate.   Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded in the statements of operations.   In general, for consolidation purposes, assets and liabilities of its subsidiary whose functional currency is not the US$ are translated into US$, in accordance with ASC Topic 830-30, “Translation of Financial Statement”, using the exchange rate on the balance sheet date. Revenues and expenses are translated at average rates prevailing during the period. The gains and losses resulting from translation of financial statements of foreign subsidiary are recorded as a separate component of accumulated other comprehensive income within the statement of stockholders’ equity.   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 CURRENCIES TRANSLATION EXCHANGE RATE     As of and for the year ended December 31,       2023     2022                 Year-end RM : US$1 exchange rate     4.59       4.40   Year-average RM : US$1 exchange rate     4.56       4.40   Year-end HK$: US$1 exchange rate     7.81       7.81   Year-average HK$ : US$1 exchange rate     7.83       7.83     Related parties   Parties, which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Companies are also considered to be related if they are subject to common control or common significant influence.     SEATECH VENTURES CORP. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022 (Currency expressed in United States Dollars (“US$”), except for number of shares)   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” (“ASC 820-10”), with respect to financial assets and liabilities that are measured at fair value. ASC 820-10 establishes a three-tier fair value hierarchy that prioritizes the inputs used in measuring fair value as follows:     Level 1: Observable inputs such as quoted prices in active markets;       Level 2: Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and       Level 3: Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions.   Recently adopted Accounting Standards   In June 2016, the FASB issued Accounting Standards Update No. 2016-13, Financial Instruments – Credit Losses (Topics 326): Measurement of Credit Losses on Financial Instruments, which introduced the expected credit losses methodology for the measurement of credit losses on financial assets measured at amortized cost basis, replacing the previous incurred loss methodology. In November 2019, the FASB issued ASU 2019-10 highlighted the adoption timeline. For smaller reporting entities, Topic 326 is effective for annual periods beginning after December 15, 2022, including interim period within those fiscal years, of which is effective for the Company on January 1, 2023.   Credit loss rate is determined by historical collection based on aging schedule, adjusted for current conditions using reasonable and supportable forecast. Based on the aging categorization and the adjusted loss per category, an allowance for credit losses is calculated by multiplying the adjusted loss rate with the amortized cost in the respective age category.   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.     SEATECH VENTURES CORP. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022 (Currency expressed in United States Dollars (“US$”), except for number of shares)

v3.24.1.1.u2

COMMON STOCK	12 Months Ended
	Dec. 31, 2023
Equity [Abstract]
COMMON STOCK	3. COMMON STOCK   On April 2, 2018, the founder of the Company, Mr. Chin Chee Seong 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 May 14, 2018, the Company issued 20,000,000 shares of restricted common stock to Chin Chee Seong and Seah Kok Wah respectively, with a par value of $0.0001 per share, for total additional working capital of $4,000.   On August 7, 2018, the Company issued 10,000,000 shares of restricted common stock to Greenpro Venture Capital Limited with a par value of $0.0001 per share, for total additional working capital of $1,000.   On August 8, 2018, the Company issued 30,000,000 shares of restricted common stock to Greenpro Asia Strategic Fund SPC, a company incorporated in Cayman Islands with a par value of $0.0001 per share, for additional working capital of $3,000.   On August 27, 2018, the Company issued 10,000,000 shares of restricted common stock to STVC Talent Sdn. Bhd., a company incorporated in Malaysia with a par value of $0.0001 per share, for additional working capital of $1,000.   On September 7, 2018, the Company sold shares to 2 shareholders, of whom reside in Malaysia. A total of 750,000 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 $75,000.   On September 12, 2018, the Company sold shares to a shareholder, of whom reside in Malaysia. A total of 466,667 shares of restricted common stock were sold at a price of $0.15 per share. The total proceeds to the Company amounted to a total of $70,000.   In between September 21, 2018 and November 29, 2018, the Company sold shares to 44 shareholders, of whom reside in Malaysia. A total of 860,000 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 $172,000.   From June 12, 2019 to May 4, 2020, the company issued 343,200 shares of common stock at a price of $1.00 per share through the Initial Public Offering (IPO) to 70 non-US residents.   On October 13, 2023, the Company issued 21,831,660 shares of its restricted common stock at $0.80 per share to 8 shareholders of Just Supply Chain Limited (“JSCL”), for acquisition of one hundred percent (100%) of the equity of JSCL. As of the date of this filing, the acquisition on July 12, 2023 has been cancelled due to factors that came to light on the valuation of the entity   As of December 31, 2023, SEATech Ventures Corp. has an issued and outstanding common share of 114,351,503.

v3.24.1.1.u2

ACCOUNTS RECEIVABLE	12 Months Ended
	Dec. 31, 2023
Credit Loss [Abstract]
ACCOUNTS RECEIVABLE	4. ACCOUNTS RECEIVABLE  SCHEDULE OF ACCOUNT RECEIVABLE     As of December 31, 2023 (Audited)     As of December 31, 2022 (Audited)   Accounts receivable, gross   $ 264,500     $ 120,000   Allowance for expected credit loss     (115,000 )     -   Accounts receivable, net   $ 149,500     $ 120,000     The movement in the allowance for expected credit loss for the years ended December 31, 2023 and December 31, 2022 were as follows: SCHEDULE OF ALLOWANCE FOR EXPECTED CREDIT LOSSES      As of December 31, 2023 (Audited)     As of December 31, 2022 (Audited)   Balance at beginning of the year   $ -     $      -   Additions of allowance     115,000       -   Balance at end of the year   $ 115,000     $ -     The accounts receivable represents receivable amount from companies where the Company owns equity interest, which are trade in nature and subject to normal trade term.     SEATECH VENTURES CORP. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022 (Currency expressed in United States Dollars (“US$”), except for number of shares)

v3.24.1.1.u2

DEPOSITS PAID, PREPAYMENTS AND OTHER RECEIVABLES	12 Months Ended
	Dec. 31, 2023
Deposits Paid Prepayments And Other Receivables
DEPOSITS PAID, PREPAYMENTS AND OTHER RECEIVABLES	5. DEPOSITS PAID, PREPAYMENTS AND OTHER RECEIVABLES   Deposits paid, prepayments and other receivables consisted of the following as of December 31, 2023 and December 31, 2022:  SCHEDULE OF DEPOSITS PAID, PREPAYMENTS AND OTHER RECEIVABLES     As of     As of       December 31, 2023 (Audited)     December 31, 2022 (Audited)   Deposits paid     273       -   Other receivables     744       -   Total deposits paid, prepayments and other receivables   $ 1,017     $ -

v3.24.1.1.u2

INVESTMENT IN OTHER COMPANIES	12 Months Ended
	Dec. 31, 2023
Investments, All Other Investments [Abstract]
INVESTMENT IN OTHER COMPANIES	6. INVESTMENT IN OTHER COMPANIES  SCHEDULE OF INVESTMENTS     As of     As of       December 31, 2023 (Audited)     December 31, 2022 (Audited)   AsiaFIN Holdings Corp1     1,015       1,015   Angkasa-X Holdings Corp.2     1,300       1,300   JOCOM Holdings Corp.3     850       850   catTHIS Holdings Corp. 4     1,900       1,900   Celmonze Wellness Corporation 5     650       -   Total investment in other companies   $ 5,715     $ 5,065       1 On December 24, 2019, the Company has invested in AsiaFIN Holdings Corp. during the private placement stage. AsiaFIN Holdings Corp. is a company providing business technology solutions to its clients. SEATech Ventures Corp. also provides corporate development, mentoring, and incubation service to AsiaFIN Holdings Corp. The investment in AsiaFIN Holdings Corp. is a strategic investment of the Company and the Company’s efforts on nurturing and providing collaborating and networking opportunities to ICT entrepreneurs across Asia. The investment is also aligning with the Company’s focus on the ICT industry. As of December 31, 2023, the Company acquired 12.26% interest in AsiaFIN Holdings Corp.         2 On February 5, 2021, the Company has invested in Angkasa-X Holdings Corp. during the private placement stage. Angkasa-X Holdings Corp. is a company focuses on research and development and commercializes on intellectual property design for communication satellites. SEATech Ventures Corp. also provides corporate development, mentoring, and incubation services to Angkasa-X Holdings Corp. The investment in Angkasa-X Holdings Corp. is a strategic investment of the Company. As of December 31, 2023, the Company acquired 5.68 % interest in Angkasa-X Holdings Corp.         3 On June 1, 2021, the Company has invested in JOCOM Holdings Corp. during the private placement stage. JOCOM Holdings Corp. is a company focuses on m-commerce (Mobile commerce) platform specialized in online groceries and shopping. SEATech Ventures Corp. also provides corporate development, mentoring, and incubation services to JOCOM Holdings Corp. The investment in JOCOM Holdings Corp. is a strategic investment of the Company. As of December 31, 2023, the Company acquired 14.74% interest in JOCOM Holdings Corp.         4 On August 30, 2021, the Company has invested in catTHIS Holdings Corp. during the private placement stage. catTHIS Holdings Corp. is a company that providing digital marketing service by using technologies such as mobile application known as “catTHIS App”. catTHIS App serve as a marketing tool which provides free digital catalog management platform that gives its users the ability to upload and share PDF catalogs anywhere and from any device. SEATech Ventures Corp. also provides corporate development, mentoring, and incubation services to catTHIS Holdings Corp. The investment in catTHIS Holdings Corp. is a strategic investment of the company. As of December 31, 2023, the Company acquired 14.99 % interest in catTHIS Holdings Corp.         5 On March 8, 2023, the Company has invested in Celmonze Wellness Corporation during the private placement stage. Celmonze Wellness Corporation is a company focuses on beauty and wellness services. SEATech Ventures Corp. also provides corporate development, mentoring, and incubation services to Celmonze Wellness Corporation. The investment in Celmonze Wellness Corporation is a strategic investment of the Company. Subsequently on February 6, 2024, the Company withdrew its investment in Celmonze Wellness Corporation and the fund invested was being refunded to the Company.

v3.24.1.1.u2

ACCOUNT PAYABLE	12 Months Ended
	Dec. 31, 2023
Payables and Accruals [Abstract]
ACCOUNT PAYABLE	7. ACCOUNT PAYABLE   SCHEDULE OF ACCOUNT PAYABLE     As of December 31, 2023 (Audited)     As of December 31, 2022 (Audited)   Account payable   $ 324,200     $ 96,000   Total account payable   $ 324,200     $ 96,000     The account payable represents payable to a wholly owned subsidiary of a corporate shareholder which is trade in nature and subject to normal trade term.     SEATECH VENTURES CORP. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022 (Currency expressed in United States Dollars (“US$”), except for number of shares)

v3.24.1.1.u2

OTHER PAYABLES AND ACCRUED LIABILITIES	12 Months Ended
	Dec. 31, 2023
Payables and Accruals [Abstract]
OTHER PAYABLES AND ACCRUED LIABILITIES	8. OTHER PAYABLES AND ACCRUED LIABILITIES   SCHEDULE OF OTHER PAYABLES AND ACCRUED LIABILITIES      As of     As of       December 31, 2023 (Audited)     December 31, 2022 (Audited)   Accrued audit fees   $ 34,070      $ 19,203   Accrued professional fees1     16,167       1,541   Accrued expenses2     19,173       36,628   Total payables and accrued liabilities   $ 69,410     $ 57,372     1 Accrued professional fees consists of professional fees payable to Asia UBS Global Limited, a related party of the Company.   2 Accrued expenses include compensation payable to our directors and officers, amounting to $18,500 and $2,000 as of December 31, 2023 and 2022 respectively.

v3.24.1.1.u2

AMOUNT DUE TO A CORPORATE SHAREHOLDER	12 Months Ended
	Dec. 31, 2023
Amount Due To Corporate Shareholder
AMOUNT DUE TO A CORPORATE SHAREHOLDER	9. AMOUNT DUE TO A CORPORATE SHAREHOLDER   The amount due to a corporate shareholder represents amount payable for the refund of sponsorship for events concluded during the financial year, which is unsecured, interest free and payable on demand.

v3.24.1.1.u2

INCOME TAXES	12 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
INCOME TAXES	10. INCOME TAXES   For the year ended December 31, 2023 and year ended December 31, 2022, the local (United States) and foreign components of (loss) / profit before income taxes were comprised of the following:   SCHEDULE OF (LOSS)/PROFIT BEFORE INCOME TAXES     For the year ended December 31, 2023     For the year ended December 31, 2022                 Tax jurisdictions from:                 - Local   $ (150,570 )   $ (58,780 ) - Foreign, representing                 Labuan     (49,016 )     (52,009 ) Hong Kong     (96,581 )     19,165   Malaysia     (6,662 )     (2,533 ) Loss before income tax   $ (302,829 )   $ (94,157 )   The provision for income taxes consisted of the following:   SCHEDULE OF PROVISION FOR INCOME TAXES     For the year ended December 31, 2023     For the year ended December 31, 2022                 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, Malaysia 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 December 31, 2023, the operations in the United States of America incurred $543,956 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 $435,165 against the deferred tax assets on the expected future tax benefits from the net operating loss carryforwards as the management believes it is more likely than not that these assets will not be realized in the future.   Labuan   Under the current laws of the Labuan, SEATech Ventures Corp. is governed under the Labuan Business Activity Act, 1990. The tax charge for such company is based on 3% of its assessable profit.   Hong Kong   SEATech Ventures Corp. is subject to Hong Kong Profits Tax, which is charged at the statutory income tax rate of 16.5% on its assessable income.   Malaysia   SEATech CVC Sdn. Bhd. and SEATech Ventures Sdn. Bhd. are subject to Malaysia Corporate Tax, which is charged at the statutory income tax rate range from 15% to 24% on its assessable income.     SEATECH VENTURES CORP. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022 (Currency expressed in United States Dollars (“US$”), except for number of shares)

v3.24.1.1.u2

NET LOSS PER SHARE	12 Months Ended
	Dec. 31, 2023
Earnings Per Share [Abstract]
NET LOSS PER SHARE	11. NET LOSS PER SHARE   Basic net loss per share is computed using the weighted average number of common shares outstanding during the year. The following table sets forth the computation of basic and diluted net loss per share for the years ended December 31, 2023 and 2022:   SCHEDULE OF COMPUTATION OF BASIC AND DILUTED NET LOSS PER SHARE  Schedule of computation of net loss per share:   For the year ended December 31, 2023 (Audited)     For the year ended December 31, 2022 (Audited)   Net loss attributable to common shareholders   $ (302,872 )   $ (94,276 )                   Weighted average common shares outstanding – Basic and diluted     97,304,864       92,519,843                     Net loss per share – Basic and diluted (cent)#   $ (0.00 )   $ (0.09 )   # For the year ended December 31, 2023 and 2022, diluted weighted-average common shares outstanding is equal to basic weighted-average common shares, due to the Company’s net loss position. Hence, no common stock equivalents were included in the computation of diluted net loss per share since such inclusion would have been antidilutive.

v3.24.1.1.u2

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	12. COMMITMENTS AND CONTINGENCIES   As of December 31, 2023 and 2022, the Company has no commitments or contingencies involved.

v3.24.1.1.u2

RELATED PARTY BALANCES AND TRANSACTIONS	12 Months Ended
	Dec. 31, 2023
Related Party Transactions [Abstract]
RELATED PARTY BALANCES AND TRANSACTIONS	13. RELATED PARTY BALANCES AND TRANSACTIONS   SCHEDULE OF RELATED PARTY BALANCES AND TRANSACTIONS                    Accounts receivable from related parties (Refer Note 4):   As of December 31, 2023 (Audited)     As of December 31, 2022 (Audited)   Accounts receivable, net                 - catTHIS Holdings Corp.1 (net of allowance of $ 115,000 as of December 31, 2023)   $ -     $ -   - JOCOM Holdings Corp.1     69,500       120,000   -Celmonze Wellness Corporation2     80,000       -   Total   $ 149,500     $ 120,000   Accounts receivable from related parties   $ 149,500     $ 120,000     The above related party receivables are trade in nature and subject to normal trade terms.   Account payable due to related parties (Refer Note 7):   As of December 31, 2023 (Audited)     As of December 31, 2022 (Audited)                 Account payable:                 - GreenPro Financial Consulting Limited4   $ 324,200     $ 96,000   Account payable   $ 324,200     $ 96,000     The above related party account payable is trade in nature and subject to normal trade terms.   Other payables due to related parties (Refer Note 8):                                   - Mr. Chin Chee Seong (Director and Executive Officer)     8,750       -   - Mr. Tan Hock Chye (Executive Officer)     3,750       -   - Mr. Louis Ramesh Ruben (Director)     2,000       1,000   - Mr. Cheah Kok Hoong (Director)     2,000       1,000   - Mr. Seah Kok Wah (Director)     2,000       -   - Asia UBS Global Limited3     14,500       3,600   Total   $ 33,000     $ 5,600   Other payables due to related parties   $ 33,000     $ 5,600       SEATECH VENTURES CORP. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022 (Currency expressed in United States Dollars (“US$”), except for number of shares)   The above other payables to directors and executive officers represent salary and director fees payable.   The above other payable to Asia UBS Global Limited represent payables due for professional fees.       As of     As of   Investment in related parties:   December 31, 2023 (Audited)     December 31, 2022 (Audited)   AsiaFIN Holdings Corp 1     1,015       1,015   Angkasa-X Holdings Corp.1     1,300       1,300   JOCOM Holdings Corp.1     850       850   catTHIS Holdings Corp.1     1,900       1,900   Celmonze Wellness Corporation2     650       -   Total   $ 5,715     $ 5,065   Investment in related parties   $ 5,715     $ 5,065     For the years ended December 31, 2023 and 2022, the Company has following transactions with related parties:                          For the year ended December 31, 2023 (Audited)     For the year ended December 31, 2022 (Audited)   Included in Revenue are the following sales to related parties:                 - GreenPro Financial Consulting Limited4   $ 11,640     $ -   - AsiaFIN Holdings Corp.1     12,500       -   - JOCOM Holdings Corp.1     -       280,000   - catTHIS Holdings Corp.1     120,000       160,000   -Celmonze Wellness Corporation2     184,200       -   - GreenPro Venture Capital Limited5     -       87,089   Total   $ 328,340     $ 527,089   Revenue   $ 328,340     $ 527,089                     Included in Cost of revenue is the following costs incurred from a related party:                 - GreenPro Financial Consulting Limited4   $ 251,700     $ 352,000   - Asia UBS Global Limited3     -       8,000   - GreenPro Newfin Academy Sdn. Bhd.6     -       6,300   Cost of revenue   $ 251,700     $ 366,300                     Included in General and administrative are the following expenses to related parties:                                   Executives’ compensation:                 - Mr. Chin Chee Seong (Director and Executive Officer)   $ 14,669     $ 13,712   - Mr. Tan Hock Chye (Executive Officer)     14,669       13,712   - Mr. Seah Kok Wah (Chief Investment Officer)     -       11,446   Total   $ 29,338     $ 38,870   Executives’ compensation   $ 29,338     $ 38,870                     Non-executive Directors’ compensation:                 - Mr. Louis Ramesh Ruben   $ 6,000     $ 6,000   - Mr. Cheah Kok Hoong     6,000       6,000   - Mr. Seah Kok Wah     6,000       -   Total   $ 18,000       12,000   Non-executive Directors’ compensation   $ 18,000       12,000                     Company secretary fees:                 -Asia UBS Global Limited3   $ 9,830     $ 8,150   -GreenPro Resources Sdn. Bhd.7     -       1,092       $ 9,830     $ 9,242                     Professional fees:                 - Asia UBS Global Limited3   $ 10,900     $ 9,000   Professional fees   $ 10,900     $ 9,000     1 As of December 31, 2023, the Company owns 12,26%, 5.68%, 14,76% and 14.99% of interest in AsiaFIN Holdings Corp., Angkasa-X Holdings Corp., JOCOM Holdings Corp. and catTHIS Holdings Corp. respectively.   2 As of December 31, 2023, the Company invested USD 650 in Celmonze Wellness Corporation during the private placement stage. Subsequently the divestment occurred on February 6, 2024 due to the restructuring of Celmonze Wellness Corporation.   3 Asia UBS Global Limited is a subsidiary of GreenPro Capital Corp. (GRNQ). GRNQ through its wholly owned subsidiaries, owns 27.55% shareholding in the Company.   4 GreenPro Financial Consulting Limited is a subsidiary of GreenPro Capital Corp. (GRNQ). GRNQ through its wholly owned subsidiaries, owns 27.55% shareholding in the Company.   5 GreenPro Venture Capital Limited is a subsidiary of GreenPro Capital Corp. (GRNQ). GRNQ through its wholly owned subsidiaries, owns 27.55% shareholding in the Company.   6 The major shareholder of GreenPro Newfin Academy Sdn. Bhd. is a shareholder of GreenPro Capital Corp. (GRNQ). GRNQ through its wholly owned subsidiaries, owns 27.55% shareholding in the Company.     7 GreenPro Resources Sdn. Bhd. is a subsidiary of GreenPro Capital Corp. (GRNQ). GRNQ through its wholly owned subsidiaries, owns 27.55% shareholding in the Company.     SEATECH VENTURES CORP. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022 (Currency expressed in United States Dollars (“US$”), except for number of shares)

v3.24.1.1.u2

CONCENTRATIONS OF RISKS	12 Months Ended
	Dec. 31, 2023
Risks and Uncertainties [Abstract]
CONCENTRATIONS OF RISKS	14. CONCENTRATIONS OF RISKS   (a) Major customers   For the years ended December 31, 2023 and 2022, 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:   SCHEDULE OF CONCENTRATION OF RISK     For the year ended December 31       2023     2022     2023     2022     2023     2022       Revenues     Percentage of Revenues     Accounts Receivable, Trade   Customer A   $ -     $ 280,000       - %     51 %   $ 69,500     $ 120,000   Customer B   $ 120,000     $ 160,000       37 %     29 %   $ 115,000     $ -   Customer C   $ -     $ 87,089       - %     17 %   $ -       -   Customer D   $ 184,200     $ -       56 %     - %   $ 80,000       -       $ 304,200     $ 527,089       93 %     97 %   $ 264,500     $ 120,000     (b) Major vendors   For the years ended December 31, 2023 and 2022, 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 December 31       2023     2022     2023     2022     2023     2022       Purchases     Percentage of Purchases     Account Payable, Trade   Vendor A   $ 251,700     $ 366,300       100 %     81 %   $ 324,200     $ 96,000       $ 251,700     $ 366,300       100 %     81 %   $ 324,200     $ 96,000     (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 trade 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.

v3.24.1.1.u2

SEGMENT INFORMATION	12 Months Ended
	Dec. 31, 2023
Segment Reporting [Abstract]
SEGMENT INFORMATION	15. SEGMENT INFORMATION   ASC 280, “Segment Reporting” establishes standards for reporting information about operating segments on a basis consistent with the Company’s internal organization structure as well as information about services categories, business segments and major customers in financial statements. In accordance with the “Segment Reporting” Topic of the ASC, the Company’s chief operating decision maker has been identified as the Chief Executive Officer and President, who reviews operating results to make decisions about allocating resources and assessing performance for the entire Company. Existing guidance, which is based on a management approach to segment reporting, establishes requirements to report selected segment information quarterly and to report annually entity-wide disclosures about products and services, major customers, and the countries in which the entity holds material assets and reports revenue. All material operating units qualify for aggregation under “Segment Reporting” due to their similar customer base and similarities in economic characteristics; nature of products and services; and procurement, manufacturing and distribution processes.     SEATECH VENTURES CORP. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022 (Currency expressed in United States Dollars (“US$”), except for number of shares)   The Company had no inter-segment sales for the years presented. Summarized financial information concerning the Company’s reportable segments is shown as below:   SCHEDULE OF REPORTABLE SEGMENTS By Geography:       United States     Malaysia     Hong Kong     Total       For the year ended December 31, 2023       United States     Malaysia     Hong Kong     Total                             Revenues   $ -     $ -     $ 328,340     $ 328,340   Cost of revenues     -       -       (251,700 )     (251,700 ) Net loss     (150,570 )     (55,678 )     (96,581 )     (302,829 )                                   Total assets   $ 10     $ 34,547     $ 151,067     $ 185,624         United States     Malaysia     Hong Kong     Total       For the year ended December 31, 2022       United States     Malaysia     Hong Kong     Total                             Revenues   $ -     $ 90,230     $ 457,865     $ 548,095   Cost of revenues     -       (87,753 )     (366,300 )     (454,053 ) Net (loss) / profit     (58,780 )     (54,542 )     19,165       (94,157 )                                   Total assets   $ 10     $ 118,329     $ 142,919     $ 261,258     *Revenues and costs are attributed to countries based on the location of customers.

v3.24.1.1.u2

SIGNIFICANT EVENT	12 Months Ended
	Dec. 31, 2023
Significant Event
SIGNIFICANT EVENT	16. SIGNIFICANT EVENT   Acquisition of Just Supply Chain Limited, a British Virgin Islands company   On July 12, 2023, the Company entered into an agreement to acquire 100% of the issued and outstanding shares of Just Supply Chain Limited, a British Virgin Islands company (“JSCL”), from Lee Wai Mun, Tai Kau @ Tai Fah Chong, Wong Tien Erl, Lee Han Cien, Lee Wai Chun, Eik Chu Yew, Wong Po Leng and Tok Kai Weei, at a consideration of $17,465,328 via issuance of common stocks of the Company.   The principal activity of JSCL is engaging in online logistic booking platform for customers in Malaysia to book delivery services via the “JustLorry” App available in both Android and Apple IOS devices through its wholly-owned subsidiary, Just Supply Chain Sdn. Bhd. (“JSCSB”), a private limited company in Malaysia.   On October 13, 2023, the Company issued 21,831,660 shares of its restricted common stock at $0.80 per share to the 8 shareholders of JSCL for the acquisition of 100% of the equity of JSCL. As of the date of this filing, the acquisition on July 12, 2023 has been cancelled due to factors that came to light on the valuation of the entity.

v3.24.1.1.u2

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2023
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	17. SUBSEQUENT EVENTS   In accordance with ASC Topic 855, “Subsequent Events”, which establishes general standards of accounting for and disclosure of events that occur after the balance sheet date but before financial statements are issued, the Company has evaluated all subsequent events through the filing date of this Form 10-K with the SEC, to ensure that this filing includes appropriate disclosure of events both recognized in the financial statements as of December 31, 2023, and events which occurred subsequently but were not recognized in the financial statements. During the year, there was no subsequent event that required recognition or disclosure.

v3.24.1.1.u2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Basis of presentation	Basis of presentation   The consolidated financial statements for SEATech Ventures Corp. and its subsidiaries for the year ended December 31, 2023 is prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) and include the accounts of SEATech Ventures Corp., its wholly owned subsidiaries, SEATech Ventures Corp., SEATech Ventures (HK) Limited, SEATech CVC Sdn. Bhd. (F.K.A. SEATech Bigorange CVC Sdn. Bhd.) and SEATech Ventures Sdn. Bhd. Intercompany accounts and transactions have been eliminated on consolidation. The Company has adopted December 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.     SEATECH VENTURES CORP. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022 (Currency expressed in United States Dollars (“US$”), except for number of shares)
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. ASC 606 creates a five-step model that requires entities to exercise judgment when considering the terms of contracts, which includes (1) identifying the contracts or agreements with a customer, (2) identifying our performance obligations in the contract or agreement, (3) determining the transaction price, (4) allocating the transaction price to the separate performance obligations, and (5) recognizing revenue as each performance obligation is satisfied. The Company only applies the five-step model to contracts when it is probable that the Company will collect the consideration it is entitled to in exchange for the services it transfers to its clients.   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 business mentoring, nurturing, incubating and corporate development advisory services to ICT and technology-based companies.
Cost of revenue	Cost of revenue   Cost of revenue includes the cost of services and product in providing business mentoring, nurturing, incubating and corporate development advisory services.
Investments	Investments   Investments in equity securities   The Company accounts for its investments that represent less than 20% ownership, and for which the Company does not have the ability to exercise significant influence, using ASU 2016-01, Financial Instruments – Overall: Recognition and Measurement of Financial Assets and Financial Liabilities. The Company measure investments in equity securities without a readily determinable fair value using a measurement alternative that measures these securities at the cost method minus impairment, if any, plus or minus changes resulting from observable price changes on a non-recurring basis. Gains and losses on these securities are recognized in other income and expenses. At December 31, 2023, the Company had five investments in equity securities with carrying value of $5,715. At December 31, 2022, the Company had four investments in equity securities with carrying value of $5,065 (see Note 6).
Accounts receivable	Accounts receivable   Accounts receivable are recorded at the invoiced amount less an allowance for any uncollectible accounts. Management reviews the adequacy of the allowance for doubtful accounts on an ongoing basis, using historical collection trends and aging of receivables. Management also periodically evaluates individual customer’s financial condition, credit history and the current economic conditions to make an adjustment to the allowance when it is considered necessary. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote.
Cash and cash equivalents	Cash and cash equivalents   Cash and cash equivalents are carried at cost and represent cash on hand, demand deposits placed with banks or other financial institutions and all highly liquid investments with an original maturity of three months or less as of the purchase date of such investments.
Income taxes	Income taxes   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 December 31, 2023, the Company incurred a net loss of $302,829, suffered an accumulated deficit of $896,909 and negative operating cash flow of $124,661. These factors raise substantial doubt about the Company’s ability to continue as a going concern within one year of the date that the financial statements are issued. The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.   The Company’s ability to continue as a going concern is dependent upon improving its profitability and the continuing financial support from its Chief Executive Officer cum shareholder. Management believes the existing shareholders or external financing will provide the additional cash to meet the Company’s obligations as they become due. No assurance can be given that any future financing, if needed, will be available or, if available, that it will be on terms that are satisfactory to the Company. Even if the Company is able to obtain additional financing, if needed, it may contain undue restrictions on its operations, in the case of debt financing, or cause substantial dilution for its stockholders, in the case of equity financing.     SEATECH VENTURES CORP. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022 (Currency expressed in United States Dollars (“US$”), except for number of shares)
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”. 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, are United States Dollars (“US$”), while its subsidiaries in Malaysia, maintains the books and record in Ringgit Malaysia (“MYR”), being the primary currency of the economic environment in which these entities operate.   Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded in the statements of operations.   In general, for consolidation purposes, assets and liabilities of its subsidiary whose functional currency is not the US$ are translated into US$, in accordance with ASC Topic 830-30, “Translation of Financial Statement”, using the exchange rate on the balance sheet date. Revenues and expenses are translated at average rates prevailing during the period. The gains and losses resulting from translation of financial statements of foreign subsidiary are recorded as a separate component of accumulated other comprehensive income within the statement of stockholders’ equity.   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 CURRENCIES TRANSLATION EXCHANGE RATE     As of and for the year ended December 31,       2023     2022                 Year-end RM : US$1 exchange rate     4.59       4.40   Year-average RM : US$1 exchange rate     4.56       4.40   Year-end HK$: US$1 exchange rate     7.81       7.81   Year-average HK$ : US$1 exchange rate     7.83       7.83
Related parties	Related parties   Parties, which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Companies are also considered to be related if they are subject to common control or common significant influence.     SEATECH VENTURES CORP. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022 (Currency expressed in United States Dollars (“US$”), except for number of shares)
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” (“ASC 820-10”), with respect to financial assets and liabilities that are measured at fair value. ASC 820-10 establishes a three-tier fair value hierarchy that prioritizes the inputs used in measuring fair value as follows:     Level 1: Observable inputs such as quoted prices in active markets;       Level 2: Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and       Level 3: Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions.
Recently adopted Accounting Standards	Recently adopted Accounting Standards   In June 2016, the FASB issued Accounting Standards Update No. 2016-13, Financial Instruments – Credit Losses (Topics 326): Measurement of Credit Losses on Financial Instruments, which introduced the expected credit losses methodology for the measurement of credit losses on financial assets measured at amortized cost basis, replacing the previous incurred loss methodology. In November 2019, the FASB issued ASU 2019-10 highlighted the adoption timeline. For smaller reporting entities, Topic 326 is effective for annual periods beginning after December 15, 2022, including interim period within those fiscal years, of which is effective for the Company on January 1, 2023.   Credit loss rate is determined by historical collection based on aging schedule, adjusted for current conditions using reasonable and supportable forecast. Based on the aging categorization and the adjusted loss per category, an allowance for credit losses is calculated by multiplying the adjusted loss rate with the amortized cost in the respective age category.
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.

v3.24.1.1.u2

ORGANIZATION AND BUSINESS BACKGROUND (Tables)	12 Months Ended
	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
SCHEDULE OF COMPANY SUBSIDIARIES	Details of the Company’s subsidiaries:  SCHEDULE OF COMPANY SUBSIDIARIES     Company name   Place and date of incorporation   Particulars of issued capital   Principal activities   Proportional of ownership interest and voting power held                           1.   SEATech Ventures Corp.   Labuan / March 12, 2018   100 ordinary shares of US$1 each   Investment holding     100 %                           2.   SEATech Ventures (HK) Limited   Hong Kong / January 30, 2018   1 ordinary share of HK$1   Business mentoring, nurturing and incubation, and corporate development advisory services     100 %                           3.   SEATech CVC Sdn. Bhd. (F.K.A. SEATech Bigorange CVC Sdn. Bhd.)   Malaysia / October 04, 2021   20,000 ordinary shares of MYR1 each   Dormant company     100 %                           4.   SEATech Ventures Sdn. Bhd.   Malaysia / May 27, 2021   1 ordinary share of MYR1 each   Provision of corporate advisory services     100 %

v3.24.1.1.u2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
SCHEDULE OF FOREIGN CURRENCIES TRANSLATION 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 CURRENCIES TRANSLATION EXCHANGE RATE     As of and for the year ended December 31,       2023     2022                 Year-end RM : US$1 exchange rate     4.59       4.40   Year-average RM : US$1 exchange rate     4.56       4.40   Year-end HK$: US$1 exchange rate     7.81       7.81   Year-average HK$ : US$1 exchange rate     7.83       7.83

v3.24.1.1.u2

ACCOUNTS RECEIVABLE (Tables)	12 Months Ended
	Dec. 31, 2023
Credit Loss [Abstract]
SCHEDULE OF ACCOUNT RECEIVABLE	SCHEDULE OF ACCOUNT RECEIVABLE     As of December 31, 2023 (Audited)     As of December 31, 2022 (Audited)   Accounts receivable, gross   $ 264,500     $ 120,000   Allowance for expected credit loss     (115,000 )     -   Accounts receivable, net   $ 149,500     $ 120,000
SCHEDULE OF ALLOWANCE FOR EXPECTED CREDIT LOSSES	The movement in the allowance for expected credit loss for the years ended December 31, 2023 and December 31, 2022 were as follows: SCHEDULE OF ALLOWANCE FOR EXPECTED CREDIT LOSSES      As of December 31, 2023 (Audited)     As of December 31, 2022 (Audited)   Balance at beginning of the year   $ -     $      -   Additions of allowance     115,000       -   Balance at end of the year   $ 115,000     $ -

v3.24.1.1.u2

DEPOSITS PAID, PREPAYMENTS AND OTHER RECEIVABLES (Tables)	12 Months Ended
	Dec. 31, 2023
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 December 31, 2023 and December 31, 2022:  SCHEDULE OF DEPOSITS PAID, PREPAYMENTS AND OTHER RECEIVABLES     As of     As of       December 31, 2023 (Audited)     December 31, 2022 (Audited)   Deposits paid     273       -   Other receivables     744       -   Total deposits paid, prepayments and other receivables   $ 1,017     $ -

v3.24.1.1.u2

INVESTMENT IN OTHER COMPANIES (Tables)	12 Months Ended
	Dec. 31, 2023
Investments, All Other Investments [Abstract]
SCHEDULE OF INVESTMENTS	SCHEDULE OF INVESTMENTS     As of     As of       December 31, 2023 (Audited)     December 31, 2022 (Audited)   AsiaFIN Holdings Corp1     1,015       1,015   Angkasa-X Holdings Corp.2     1,300       1,300   JOCOM Holdings Corp.3     850       850   catTHIS Holdings Corp. 4     1,900       1,900   Celmonze Wellness Corporation 5     650       -   Total investment in other companies   $ 5,715     $ 5,065       1 On December 24, 2019, the Company has invested in AsiaFIN Holdings Corp. during the private placement stage. AsiaFIN Holdings Corp. is a company providing business technology solutions to its clients. SEATech Ventures Corp. also provides corporate development, mentoring, and incubation service to AsiaFIN Holdings Corp. The investment in AsiaFIN Holdings Corp. is a strategic investment of the Company and the Company’s efforts on nurturing and providing collaborating and networking opportunities to ICT entrepreneurs across Asia. The investment is also aligning with the Company’s focus on the ICT industry. As of December 31, 2023, the Company acquired 12.26% interest in AsiaFIN Holdings Corp.         2 On February 5, 2021, the Company has invested in Angkasa-X Holdings Corp. during the private placement stage. Angkasa-X Holdings Corp. is a company focuses on research and development and commercializes on intellectual property design for communication satellites. SEATech Ventures Corp. also provides corporate development, mentoring, and incubation services to Angkasa-X Holdings Corp. The investment in Angkasa-X Holdings Corp. is a strategic investment of the Company. As of December 31, 2023, the Company acquired 5.68 % interest in Angkasa-X Holdings Corp.         3 On June 1, 2021, the Company has invested in JOCOM Holdings Corp. during the private placement stage. JOCOM Holdings Corp. is a company focuses on m-commerce (Mobile commerce) platform specialized in online groceries and shopping. SEATech Ventures Corp. also provides corporate development, mentoring, and incubation services to JOCOM Holdings Corp. The investment in JOCOM Holdings Corp. is a strategic investment of the Company. As of December 31, 2023, the Company acquired 14.74% interest in JOCOM Holdings Corp.         4 On August 30, 2021, the Company has invested in catTHIS Holdings Corp. during the private placement stage. catTHIS Holdings Corp. is a company that providing digital marketing service by using technologies such as mobile application known as “catTHIS App”. catTHIS App serve as a marketing tool which provides free digital catalog management platform that gives its users the ability to upload and share PDF catalogs anywhere and from any device. SEATech Ventures Corp. also provides corporate development, mentoring, and incubation services to catTHIS Holdings Corp. The investment in catTHIS Holdings Corp. is a strategic investment of the company. As of December 31, 2023, the Company acquired 14.99 % interest in catTHIS Holdings Corp.         5 On March 8, 2023, the Company has invested in Celmonze Wellness Corporation during the private placement stage. Celmonze Wellness Corporation is a company focuses on beauty and wellness services. SEATech Ventures Corp. also provides corporate development, mentoring, and incubation services to Celmonze Wellness Corporation. The investment in Celmonze Wellness Corporation is a strategic investment of the Company. Subsequently on February 6, 2024, the Company withdrew its investment in Celmonze Wellness Corporation and the fund invested was being refunded to the Company.

v3.24.1.1.u2

ACCOUNT PAYABLE (Tables)	12 Months Ended
	Dec. 31, 2023
Payables and Accruals [Abstract]
SCHEDULE OF ACCOUNT PAYABLE	SCHEDULE OF ACCOUNT PAYABLE     As of December 31, 2023 (Audited)     As of December 31, 2022 (Audited)   Account payable   $ 324,200     $ 96,000   Total account payable   $ 324,200     $ 96,000

v3.24.1.1.u2

OTHER PAYABLES AND ACCRUED LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 2023
Payables and Accruals [Abstract]
SCHEDULE OF OTHER PAYABLES AND ACCRUED LIABILITIES	SCHEDULE OF OTHER PAYABLES AND ACCRUED LIABILITIES      As of     As of       December 31, 2023 (Audited)     December 31, 2022 (Audited)   Accrued audit fees   $ 34,070      $ 19,203   Accrued professional fees1     16,167       1,541   Accrued expenses2     19,173       36,628   Total payables and accrued liabilities   $ 69,410     $ 57,372     1 Accrued professional fees consists of professional fees payable to Asia UBS Global Limited, a related party of the Company.   2 Accrued expenses include compensation payable to our directors and officers, amounting to $18,500 and $2,000 as of December 31, 2023 and 2022 respectively.

v3.24.1.1.u2

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
SCHEDULE OF (LOSS)/PROFIT BEFORE INCOME TAXES	For the year ended December 31, 2023 and year ended December 31, 2022, the local (United States) and foreign components of (loss) / profit before income taxes were comprised of the following:   SCHEDULE OF (LOSS)/PROFIT BEFORE INCOME TAXES     For the year ended December 31, 2023     For the year ended December 31, 2022                 Tax jurisdictions from:                 - Local   $ (150,570 )   $ (58,780 ) - Foreign, representing                 Labuan     (49,016 )     (52,009 ) Hong Kong     (96,581 )     19,165   Malaysia     (6,662 )     (2,533 ) Loss before income tax   $ (302,829 )   $ (94,157 )
SCHEDULE OF PROVISION FOR INCOME TAXES	The provision for income taxes consisted of the following:   SCHEDULE OF PROVISION FOR INCOME TAXES     For the year ended December 31, 2023     For the year ended December 31, 2022                 Current:                 - Local   $ -     $ -   - Foreign     -       -                     Deferred:                 - Local     -       -   - Foreign     -       -                     Income tax expense   $ -     $ -

v3.24.1.1.u2

NET LOSS PER SHARE (Tables)	12 Months Ended
	Dec. 31, 2023
Earnings Per Share [Abstract]
SCHEDULE OF COMPUTATION OF BASIC AND DILUTED NET LOSS PER SHARE	Basic net loss per share is computed using the weighted average number of common shares outstanding during the year. The following table sets forth the computation of basic and diluted net loss per share for the years ended December 31, 2023 and 2022:   SCHEDULE OF COMPUTATION OF BASIC AND DILUTED NET LOSS PER SHARE  Schedule of computation of net loss per share:   For the year ended December 31, 2023 (Audited)     For the year ended December 31, 2022 (Audited)   Net loss attributable to common shareholders   $ (302,872 )   $ (94,276 )                   Weighted average common shares outstanding – Basic and diluted     97,304,864       92,519,843                     Net loss per share – Basic and diluted (cent)#   $ (0.00 )   $ (0.09 )

v3.24.1.1.u2

RELATED PARTY BALANCES AND TRANSACTIONS (Tables)	12 Months Ended
	Dec. 31, 2023
Related Party Transactions [Abstract]
SCHEDULE OF RELATED PARTY BALANCES AND TRANSACTIONS	SCHEDULE OF RELATED PARTY BALANCES AND TRANSACTIONS                    Accounts receivable from related parties (Refer Note 4):   As of December 31, 2023 (Audited)     As of December 31, 2022 (Audited)   Accounts receivable, net                 - catTHIS Holdings Corp.1 (net of allowance of $ 115,000 as of December 31, 2023)   $ -     $ -   - JOCOM Holdings Corp.1     69,500       120,000   -Celmonze Wellness Corporation2     80,000       -   Total   $ 149,500     $ 120,000   Accounts receivable from related parties   $ 149,500     $ 120,000     The above related party receivables are trade in nature and subject to normal trade terms.   Account payable due to related parties (Refer Note 7):   As of December 31, 2023 (Audited)     As of December 31, 2022 (Audited)                 Account payable:                 - GreenPro Financial Consulting Limited4   $ 324,200     $ 96,000   Account payable   $ 324,200     $ 96,000     The above related party account payable is trade in nature and subject to normal trade terms.   Other payables due to related parties (Refer Note 8):                                   - Mr. Chin Chee Seong (Director and Executive Officer)     8,750       -   - Mr. Tan Hock Chye (Executive Officer)     3,750       -   - Mr. Louis Ramesh Ruben (Director)     2,000       1,000   - Mr. Cheah Kok Hoong (Director)     2,000       1,000   - Mr. Seah Kok Wah (Director)     2,000       -   - Asia UBS Global Limited3     14,500       3,600   Total   $ 33,000     $ 5,600   Other payables due to related parties   $ 33,000     $ 5,600       SEATECH VENTURES CORP. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022 (Currency expressed in United States Dollars (“US$”), except for number of shares)   The above other payables to directors and executive officers represent salary and director fees payable.   The above other payable to Asia UBS Global Limited represent payables due for professional fees.       As of     As of   Investment in related parties:   December 31, 2023 (Audited)     December 31, 2022 (Audited)   AsiaFIN Holdings Corp 1     1,015       1,015   Angkasa-X Holdings Corp.1     1,300       1,300   JOCOM Holdings Corp.1     850       850   catTHIS Holdings Corp.1     1,900       1,900   Celmonze Wellness Corporation2     650       -   Total   $ 5,715     $ 5,065   Investment in related parties   $ 5,715     $ 5,065     For the years ended December 31, 2023 and 2022, the Company has following transactions with related parties:                          For the year ended December 31, 2023 (Audited)     For the year ended December 31, 2022 (Audited)   Included in Revenue are the following sales to related parties:                 - GreenPro Financial Consulting Limited4   $ 11,640     $ -   - AsiaFIN Holdings Corp.1     12,500       -   - JOCOM Holdings Corp.1     -       280,000   - catTHIS Holdings Corp.1     120,000       160,000   -Celmonze Wellness Corporation2     184,200       -   - GreenPro Venture Capital Limited5     -       87,089   Total   $ 328,340     $ 527,089   Revenue   $ 328,340     $ 527,089                     Included in Cost of revenue is the following costs incurred from a related party:                 - GreenPro Financial Consulting Limited4   $ 251,700     $ 352,000   - Asia UBS Global Limited3     -       8,000   - GreenPro Newfin Academy Sdn. Bhd.6     -       6,300   Cost of revenue   $ 251,700     $ 366,300                     Included in General and administrative are the following expenses to related parties:                                   Executives’ compensation:                 - Mr. Chin Chee Seong (Director and Executive Officer)   $ 14,669     $ 13,712   - Mr. Tan Hock Chye (Executive Officer)     14,669       13,712   - Mr. Seah Kok Wah (Chief Investment Officer)     -       11,446   Total   $ 29,338     $ 38,870   Executives’ compensation   $ 29,338     $ 38,870                     Non-executive Directors’ compensation:                 - Mr. Louis Ramesh Ruben   $ 6,000     $ 6,000   - Mr. Cheah Kok Hoong     6,000       6,000   - Mr. Seah Kok Wah     6,000       -   Total   $ 18,000       12,000   Non-executive Directors’ compensation   $ 18,000       12,000                     Company secretary fees:                 -Asia UBS Global Limited3   $ 9,830     $ 8,150   -GreenPro Resources Sdn. Bhd.7     -       1,092       $ 9,830     $ 9,242                     Professional fees:                 - Asia UBS Global Limited3   $ 10,900     $ 9,000   Professional fees   $ 10,900     $ 9,000     1 As of December 31, 2023, the Company owns 12,26%, 5.68%, 14,76% and 14.99% of interest in AsiaFIN Holdings Corp., Angkasa-X Holdings Corp., JOCOM Holdings Corp. and catTHIS Holdings Corp. respectively.   2 As of December 31, 2023, the Company invested USD 650 in Celmonze Wellness Corporation during the private placement stage. Subsequently the divestment occurred on February 6, 2024 due to the restructuring of Celmonze Wellness Corporation.   3 Asia UBS Global Limited is a subsidiary of GreenPro Capital Corp. (GRNQ). GRNQ through its wholly owned subsidiaries, owns 27.55% shareholding in the Company.   4 GreenPro Financial Consulting Limited is a subsidiary of GreenPro Capital Corp. (GRNQ). GRNQ through its wholly owned subsidiaries, owns 27.55% shareholding in the Company.   5 GreenPro Venture Capital Limited is a subsidiary of GreenPro Capital Corp. (GRNQ). GRNQ through its wholly owned subsidiaries, owns 27.55% shareholding in the Company.   6 The major shareholder of GreenPro Newfin Academy Sdn. Bhd. is a shareholder of GreenPro Capital Corp. (GRNQ). GRNQ through its wholly owned subsidiaries, owns 27.55% shareholding in the Company.     7 GreenPro Resources Sdn. Bhd. is a subsidiary of GreenPro Capital Corp. (GRNQ). GRNQ through its wholly owned subsidiaries, owns 27.55% shareholding in the Company.

v3.24.1.1.u2

CONCENTRATIONS OF RISKS (Tables)	12 Months Ended
	Dec. 31, 2023
Risks and Uncertainties [Abstract]
SCHEDULE OF CONCENTRATION OF RISK	For the years ended December 31, 2023 and 2022, 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:   SCHEDULE OF CONCENTRATION OF RISK     For the year ended December 31       2023     2022     2023     2022     2023     2022       Revenues     Percentage of Revenues     Accounts Receivable, Trade   Customer A   $ -     $ 280,000       - %     51 %   $ 69,500     $ 120,000   Customer B   $ 120,000     $ 160,000       37 %     29 %   $ 115,000     $ -   Customer C   $ -     $ 87,089       - %     17 %   $ -       -   Customer D   $ 184,200     $ -       56 %     - %   $ 80,000       -       $ 304,200     $ 527,089       93 %     97 %   $ 264,500     $ 120,000     (b) Major vendors   For the years ended December 31, 2023 and 2022, 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 December 31       2023     2022     2023     2022     2023     2022       Purchases     Percentage of Purchases     Account Payable, Trade   Vendor A   $ 251,700     $ 366,300       100 %     81 %   $ 324,200     $ 96,000       $ 251,700     $ 366,300       100 %     81 %   $ 324,200     $ 96,000

v3.24.1.1.u2

SEGMENT INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2023
Segment Reporting [Abstract]
SCHEDULE OF REPORTABLE SEGMENTS	The Company had no inter-segment sales for the years presented. Summarized financial information concerning the Company’s reportable segments is shown as below:   SCHEDULE OF REPORTABLE SEGMENTS By Geography:       United States     Malaysia     Hong Kong     Total       For the year ended December 31, 2023       United States     Malaysia     Hong Kong     Total                             Revenues   $ -     $ -     $ 328,340     $ 328,340   Cost of revenues     -       -       (251,700 )     (251,700 ) Net loss     (150,570 )     (55,678 )     (96,581 )     (302,829 )                                   Total assets   $ 10     $ 34,547     $ 151,067     $ 185,624         United States     Malaysia     Hong Kong     Total       For the year ended December 31, 2022       United States     Malaysia     Hong Kong     Total                             Revenues   $ -     $ 90,230     $ 457,865     $ 548,095   Cost of revenues     -       (87,753 )     (366,300 )     (454,053 ) Net (loss) / profit     (58,780 )     (54,542 )     19,165       (94,157 )                                   Total assets   $ 10     $ 118,329     $ 142,919     $ 261,258     *Revenues and costs are attributed to countries based on the location of customers.

v3.24.1.1.u2

SCHEDULE OF COMPANY SUBSIDIARIES (Details)	12 Months Ended
	Dec. 31, 2023	Feb. 25, 2022	Jan. 03, 2022	Oct. 04, 2021	May 02, 2018
SEATech Ventures Corp [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Company name	SEATech Ventures Corp.
Place and date of incorporation	Labuan / March 12, 2018
Particulars of issued capital	100 ordinary shares of US$1 each
Principal activities	Investment holding
Ownership interest percentage	100.00%				100.00%
SEATech Ventures (HK) Limited [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Company name	SEATech Ventures (HK) Limited
Place and date of incorporation	Hong Kong / January 30, 2018
Particulars of issued capital	1 ordinary share of HK$1
Principal activities	Business mentoring, nurturing and incubation, and corporate development advisory services
Ownership interest percentage	100.00%	40.00%	100.00%	60.00%
SEATech Bigorange [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Company name	SEATech CVC Sdn. Bhd. (F.K.A. SEATech Bigorange CVC Sdn. Bhd.)
Place and date of incorporation	Malaysia / October 04, 2021
Particulars of issued capital	20,000 ordinary shares of MYR1 each
Principal activities	Dormant company
Ownership interest percentage	100.00%
SEA Tech Ventures Sdn Bhd [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Company name	SEATech Ventures Sdn. Bhd.
Place and date of incorporation	Malaysia / May 27, 2021
Particulars of issued capital	1 ordinary share of MYR1 each
Principal activities	Provision of corporate advisory services
Ownership interest percentage	100.00%

v3.24.1.1.u2

ORGANIZATION AND BUSINESS BACKGROUND (Details Narrative) - $ / shares	Oct. 13, 2023	Dec. 31, 2023	Jul. 12, 2023	Feb. 25, 2022	Jan. 03, 2022	Oct. 04, 2021	May 02, 2018
Just Supply Chain Limited [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Acquisition percentage	100.00%		100.00%
Just Supply Chain Limited [Member] | Restricted Stock [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Issuance of stock, shares	21,831,660
Common stock, price	$ 0.80
SEATech Ventures Corp [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Ownership interest percentage		100.00%					100.00%
SEATech Ventures (HK) Limited [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Ownership interest percentage		100.00%		40.00%	100.00%	60.00%
SEATech CVC Sdn. Bhd., [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Ownership interest percentage				100.00%

v3.24.1.1.u2

SCHEDULE OF FOREIGN CURRENCIES TRANSLATION EXCHANGE RATE (Details)	Dec. 31, 2023	Dec. 31, 2022
Year-end RM [Member]
Offsetting Assets [Line Items]
Foreign currency translation exchange rate	4.59	4.40
Year-average RM [Member]
Offsetting Assets [Line Items]
Foreign currency translation exchange rate	4.56	4.40
Year-end HK [Member]
Offsetting Assets [Line Items]
Foreign currency translation exchange rate	7.81	7.81
Year-average HK [Member]
Offsetting Assets [Line Items]
Foreign currency translation exchange rate	7.83	7.83

v3.24.1.1.u2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Investments in equity securities	$ 5,715	$ 5,065
Net loss	302,829	94,157
Accumulated deficit	896,909	594,080
Net cash used in operating activities	$ 124,661	$ 59,529
Investment in Equity Securities [Member]
Ownership interest, percentage	20.00%

v3.24.1.1.u2

COMMON STOCK (Details Narrative) - USD ($)									2 Months Ended	11 Months Ended
	Oct. 13, 2023	Sep. 12, 2018	Sep. 07, 2018	Aug. 27, 2018	Aug. 08, 2018	Aug. 07, 2018	May 14, 2018	Apr. 02, 2018	Nov. 29, 2018	May 04, 2020	Dec. 31, 2023	Jul. 12, 2023	Dec. 31, 2022
Subsidiary, Sale of Stock [Line Items]
Common stock par value											$ 0.0001		$ 0.0001
Common stock, shares issued											114,351,503		92,519,843
Common stock, shares outstanding											114,351,503		92,519,843
Just Supply Chain Limited [Member]
Subsidiary, Sale of Stock [Line Items]
Acquisition percentage	100.00%											100.00%
70 Non-US Residents [Member] | IPO [Member]
Subsidiary, Sale of Stock [Line Items]
Number of common stock shares issued										343,200
Sale of stock price per share										$ 1.00
Restricted Stock [Member] | Just Supply Chain Limited [Member]
Subsidiary, Sale of Stock [Line Items]
Issuance of stock, shares	21,831,660
Common stock, price	$ 0.80
Restricted Stock [Member] | Mr Chin Chee Seong [Member]
Subsidiary, Sale of Stock [Line Items]
Number of common stock shares sold								100,000
Common stock par value							$ 0.0001	$ 0.0001
Working capital							$ 4,000	$ 10
Number of common stock shares issued							20,000,000
Restricted Stock [Member] | Greenpro Venture Capital Limited [Member]
Subsidiary, Sale of Stock [Line Items]
Common stock par value						$ 0.0001
Working capital						$ 1,000
Number of common stock shares issued						10,000,000
Restricted Stock [Member] | Greenpro Asia Strategic Fund SPC [Member]
Subsidiary, Sale of Stock [Line Items]
Common stock par value					$ 0.0001
Working capital					$ 3,000
Number of common stock shares issued					30,000,000
Restricted Stock [Member] | STVC Talent Sdn. Bhd [Member]
Subsidiary, Sale of Stock [Line Items]
Common stock par value				$ 0.0001
Working capital				$ 1,000
Number of common stock shares issued				10,000,000
Restricted Stock [Member] | 2 Shareholders [Member]
Subsidiary, Sale of Stock [Line Items]
Number of common stock shares sold			750,000
Sale of stock price per share			$ 0.10
Proceeds from issuance of common stock			$ 75,000
Restricted Stock [Member] | Shareholders [Member]
Subsidiary, Sale of Stock [Line Items]
Number of common stock shares sold		466,667
Sale of stock price per share		$ 0.15
Proceeds from issuance of common stock		$ 70,000
Restricted Stock [Member] | 44 Shareholders [Member]
Subsidiary, Sale of Stock [Line Items]
Number of common stock shares sold									860,000
Sale of stock price per share									$ 0.20
Proceeds from issuance of common stock									$ 172,000

v3.24.1.1.u2

SCHEDULE OF ACCOUNT RECEIVABLE (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Credit Loss [Abstract]
Accounts receivable, gross	$ 264,500	$ 120,000
Allowance for expected credit loss	(115,000)
Accounts receivable, net	$ 149,500	$ 120,000

v3.24.1.1.u2

SCHEDULE OF ALLOWANCE FOR EXPECTED CREDIT LOSSES (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Credit Loss [Abstract]
Balance at beginning of the year
Additions of allowance	115,000
Balance at end of the year	$ 115,000

v3.24.1.1.u2

SCHEDULE OF DEPOSITS PAID, PREPAYMENTS AND OTHER RECEIVABLES (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Deposits Paid Prepayments And Other Receivables
Deposits paid	$ 273
Other receivables	744
Total deposits paid, prepayments and other receivables	$ 1,017

v3.24.1.1.u2

SCHEDULE OF INVESTMENTS (Details) - USD ($)		Dec. 31, 2023	Dec. 31, 2022
Total investment in other companies		$ 5,715	$ 5,065
AsiaFIN Holdings Corp [Member]
Total investment in other companies	[1]	1,015	1,015
Angkasa-X Holdings Corp [Member]
Total investment in other companies	[2]	1,300	1,300
JOCOM Holdings Corp [Member]
Total investment in other companies	[3]	850	850
catTHIS Holdings Corp [Member]
Total investment in other companies	[4]	1,900	1,900
Celmonze Wellness Corporation [Member]
Total investment in other companies	[5]	$ 650
[1] On December 24, 2019, the Company has invested in AsiaFIN Holdings Corp. during the private placement stage. AsiaFIN Holdings Corp. is a company providing business technology solutions to its clients. SEATech Ventures Corp. also provides corporate development, mentoring, and incubation service to AsiaFIN Holdings Corp. The investment in AsiaFIN Holdings Corp. is a strategic investment of the Company and the Company’s efforts on nurturing and providing collaborating and networking opportunities to ICT entrepreneurs across Asia. The investment is also aligning with the Company’s focus on the ICT industry. As of December 31, 2023, the Company acquired 12.26% interest in AsiaFIN Holdings Corp. [2] On February 5, 2021, the Company has invested in Angkasa-X Holdings Corp. during the private placement stage. Angkasa-X Holdings Corp. is a company focuses on research and development and commercializes on intellectual property design for communication satellites. SEATech Ventures Corp. also provides corporate development, mentoring, and incubation services to Angkasa-X Holdings Corp. The investment in Angkasa-X Holdings Corp. is a strategic investment of the Company. As of December 31, 2023, the Company acquired 5.68 % interest in Angkasa-X Holdings Corp. [3] On June 1, 2021, the Company has invested in JOCOM Holdings Corp. during the private placement stage. JOCOM Holdings Corp. is a company focuses on m-commerce (Mobile commerce) platform specialized in online groceries and shopping. SEATech Ventures Corp. also provides corporate development, mentoring, and incubation services to JOCOM Holdings Corp. The investment in JOCOM Holdings Corp. is a strategic investment of the Company. As of December 31, 2023, the Company acquired 14.74% interest in JOCOM Holdings Corp. [4] On August 30, 2021, the Company has invested in catTHIS Holdings Corp. during the private placement stage. catTHIS Holdings Corp. is a company that providing digital marketing service by using technologies such as mobile application known as “catTHIS App”. catTHIS App serve as a marketing tool which provides free digital catalog management platform that gives its users the ability to upload and share PDF catalogs anywhere and from any device. SEATech Ventures Corp. also provides corporate development, mentoring, and incubation services to catTHIS Holdings Corp. The investment in catTHIS Holdings Corp. is a strategic investment of the company. As of December 31, 2023, the Company acquired 14.99 % interest in catTHIS Holdings Corp. [5] On March 8, 2023, the Company has invested in Celmonze Wellness Corporation during the private placement stage. Celmonze Wellness Corporation is a company focuses on beauty and wellness services. SEATech Ventures Corp. also provides corporate development, mentoring, and incubation services to Celmonze Wellness Corporation. The investment in Celmonze Wellness Corporation is a strategic investment of the Company. Subsequently on February 6, 2024, the Company withdrew its investment in Celmonze Wellness Corporation and the fund invested was being refunded to the Company.

v3.24.1.1.u2

SCHEDULE OF INVESTMENTS (Details) (Parenthetical)	Dec. 31, 2023
AsiaFIN Holdings Corp [Member]
Ownership interest, percentage	12.26%
Angkasa-X Holdings Corp [Member]
Ownership interest, percentage	5.68%
JOCOM Holdings Corporation [Member]
Ownership interest, percentage	14.74%
catTHIS Holdings Corp [Member]
Ownership interest, percentage	14.99%

v3.24.1.1.u2

SCHEDULE OF ACCOUNT PAYABLE (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Account payable	$ 324,200	$ 96,000
Total account payable	$ 324,200	$ 96,000

v3.24.1.1.u2

SCHEDULE OF OTHER PAYABLES AND ACCRUED LIABILITIES (Details) - USD ($)		Dec. 31, 2023	Dec. 31, 2022
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Accrued audit fees		$ 34,070	$ 19,203
Accrued professional fees	[1]	16,167	1,541
Accrued expenses	[2]	19,173	36,628
Total payables and accrued liabilities		69,410	57,372
Directors And Officers [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Accrued compensation payable		$ 18,500	$ 2,000
[1] Accrued professional fees consists of professional fees payable to Asia UBS Global Limited, a related party of the Company. [2] Accrued expenses include compensation payable to our directors and officers, amounting to $18,500 and $2,000 as of December 31, 2023 and 2022 respectively.

v3.24.1.1.u2

SCHEDULE OF (LOSS)/PROFIT BEFORE INCOME TAXES (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Tax jurisdictions from:
Tax jurisdictions from: Local	$ (150,570)	$ (58,780)
- Foreign, representing
Loss before income tax	(302,829)	(94,157)
Labuan [Member]
- Foreign, representing
Tax jurisdictions from: Foreign, representing	(49,016)	(52,009)
HONG KONG
- Foreign, representing
Tax jurisdictions from: Foreign, representing	(96,581)	19,165
MALAYSIA
- Foreign, representing
Tax jurisdictions from: Foreign, representing	$ (6,662)	$ (2,533)

v3.24.1.1.u2

SCHEDULE OF PROVISION FOR INCOME TAXES (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Current:
- Local
- Foreign
Deferred:
- Local
- Foreign
Income tax expense

v3.24.1.1.u2

INCOME TAXES (Details Narrative)	12 Months Ended
	Dec. 31, 2023 USD ($)
UNITED STATES
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Cumulative net operating losses	$ 543,956
Income tax rate, percentage	80.00%
Valuation allowance	$ 435,165
Labuan [Member]
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Income tax rate, percentage	3.00%
HONG KONG
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Income tax rate, percentage	16.50%
MALAYSIA | Minimum [Member]
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Income tax rate, percentage	15.00%
MALAYSIA | Maximum [Member]
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Income tax rate, percentage	24.00%

v3.24.1.1.u2

SCHEDULE OF COMPUTATION OF BASIC AND DILUTED NET LOSS PER SHARE (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Earnings Per Share [Abstract]
Net loss attributable to common shareholders	$ (302,872)	$ (94,276)
Weighted average common shares outstanding, diluted	97,304,864	92,519,843
Weighted average common shares outstanding, basic	97,304,864	92,519,843
Net loss per share, basic	$ (0.00)	$ (0.09)
Net loss per share, diluted	$ (0.00)	$ (0.09)

v3.24.1.1.u2

COMMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and contingencies	$ 0	$ 0

v3.24.1.1.u2

SCHEDULE OF RELATED PARTY BALANCES AND TRANSACTIONS (Details) - USD ($)		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Accounts receivable from related parties		$ 149,500	$ 120,000
Account payable		324,200	96,000
Other payables due to related parties		33,000	5,600
Investment in other companies		5,715	5,065
Revenue		328,340	527,089
Cost of revenue		251,700	454,053
Executives’ compensation		29,338	38,870
Non-executive Directors’ compensation		18,000	12,000
		9,830	9,242
catTHIS Holdings Corp [Member]
Related Party Transaction [Line Items]
Accounts receivable from related parties	[1]
Net of allowance		115,000
Investment in other companies	[1]	1,900	1,900
Revenue	[1]	120,000	160,000
JOCOM Holdings Corp [Member]
Related Party Transaction [Line Items]
Accounts receivable from related parties	[1]	69,500	120,000
Investment in other companies	[1]	850	850
Revenue	[1]		280,000
Celmonze Wellness Corporation [Member]
Related Party Transaction [Line Items]
Accounts receivable from related parties	[2]	80,000
Investment in other companies	[2]	650
Revenue	[2]	184,200
Green Pro Financial Consulting Limited [Member]
Related Party Transaction [Line Items]
Account payable	[3]	324,200	96,000
Revenue	[3]	11,640
Cost of revenue	[3]	251,700	352,000
Mr Chin Chee Seong [Member]
Related Party Transaction [Line Items]
Other payables due to related parties		8,750
Executives’ compensation		14,669	13,712
Mr Tan Hock Chye [Member]
Related Party Transaction [Line Items]
Other payables due to related parties		3,750
Executives’ compensation		14,669	13,712
Mr Louis Ramesh Ruben [Member]
Related Party Transaction [Line Items]
Other payables due to related parties		2,000	1,000
Non-executive Directors’ compensation		6,000	6,000
Mr Cheah Kok Hoong [Member]
Related Party Transaction [Line Items]
Other payables due to related parties		2,000	1,000
Non-executive Directors’ compensation		6,000	6,000
Mr Seah Kok Wa [Member]
Related Party Transaction [Line Items]
Other payables due to related parties		2,000
Asia UBS Global Limited [Member]
Related Party Transaction [Line Items]
Other payables due to related parties	[4]	14,500	3,600
Cost of revenue	[4]		8,000
	[4]	9,830	8,150
Professional fees	[4]	10,900	9,000
Asia FIN Holdings Corp [Member]
Related Party Transaction [Line Items]
Investment in other companies	[1]	1,015	1,015
Revenue	[1]	12,500
Angkasa-X Holdings Corp [Member]
Related Party Transaction [Line Items]
Investment in other companies	[1]	1,300	1,300
Greenpro Venture Capital Limited [Member]
Related Party Transaction [Line Items]
Revenue	[5]		87,089
Greenpro Venture New fin Academy Sdn Bhd [Member]
Related Party Transaction [Line Items]
Cost of revenue	[6]		6,300
Related Party [Member]
Related Party Transaction [Line Items]
Cost of revenue		251,700	366,300
Mr Seah Kok Wah [Member]
Related Party Transaction [Line Items]
Non-executive Directors’ compensation		6,000
Green Pro Resources Sdn Bhd [Member]
Related Party Transaction [Line Items]
	[7]		$ 1,092
[1] As of December 31, 2023, the Company owns 12,26%, 5.68%, 14,76% and 14.99% of interest in AsiaFIN Holdings Corp., Angkasa-X Holdings Corp., JOCOM Holdings Corp. and catTHIS Holdings Corp. respectively. [2] As of December 31, 2023, the Company invested USD 650 in Celmonze Wellness Corporation during the private placement stage. Subsequently the divestment occurred on February 6, 2024 due to the restructuring of Celmonze Wellness Corporation. [3] GreenPro Financial Consulting Limited is a subsidiary of GreenPro Capital Corp. (GRNQ). GRNQ through its wholly owned subsidiaries, owns 27.55% shareholding in the Company. [4] Asia UBS Global Limited is a subsidiary of GreenPro Capital Corp. (GRNQ). GRNQ through its wholly owned subsidiaries, owns 27.55% shareholding in the Company. [5] GreenPro Venture Capital Limited is a subsidiary of GreenPro Capital Corp. (GRNQ). GRNQ through its wholly owned subsidiaries, owns 27.55% shareholding in the Company. [6] The major shareholder of GreenPro Newfin Academy Sdn. Bhd. is a shareholder of GreenPro Capital Corp. (GRNQ). GRNQ through its wholly owned subsidiaries, owns 27.55% shareholding in the Company. [7] GreenPro Resources Sdn. Bhd. is a subsidiary of GreenPro Capital Corp. (GRNQ). GRNQ through its wholly owned subsidiaries, owns 27.55% shareholding in the Company.

v3.24.1.1.u2

SCHEDULE OF RELATED PARTY BALANCES AND TRANSACTIONS (Details) (Paranthetical)	Dec. 31, 2023
Asia FIN Holdings Corp [Member]
Equity ownership percentage	12.26%
Angkasa-X Holdings Corp [Member]
Equity ownership percentage	5.68%
JOCOM Holdings Corp [Member]
Equity ownership percentage	14.76%
Ca T H I S Holdings Corporation [Member]
Equity ownership percentage	14.99%
Asia UBS Global Limited [Member]
Equity ownership percentage	27.55%
Green Pro Financial Consulting Limited [Member]
Equity ownership percentage	27.55%
Greenpro Venture Capital Limited [Member]
Equity ownership percentage	27.55%
Greenpro Venture New fin Academy Sdn Bhd [Member]
Equity ownership percentage	27.55%
Greenpro Venture Resources Sdn Bhd [Member]
Equity ownership percentage	27.55%

v3.24.1.1.u2

SCHEDULE OF CONCENTRATION OF RISK (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Concentration Risk [Line Items]
Revenues	$ 328,340	$ 548,095
Accounts Receivable, Trade	149,500	120,000
Purchases	251,700	454,053
Account Payable, Trade	324,200	96,000
Customer A [Member] | Revenue Benchmark [Member] | Customer Concentration Risk [Member]
Concentration Risk [Line Items]
Revenues		$ 280,000
Percentage of Revenues		51.00%
Customer A [Member] | Accounts Receivable [Member] | Customer Concentration Risk [Member]
Concentration Risk [Line Items]
Accounts Receivable, Trade	$ 69,500	$ 120,000
Customer B [Member] | Revenue Benchmark [Member] | Customer Concentration Risk [Member]
Concentration Risk [Line Items]
Revenues	$ 120,000	$ 160,000
Percentage of Revenues	37.00%	29.00%
Customer B [Member] | Accounts Receivable [Member] | Customer Concentration Risk [Member]
Concentration Risk [Line Items]
Accounts Receivable, Trade	$ 115,000
Customer C [Member] | Revenue Benchmark [Member] | Customer Concentration Risk [Member]
Concentration Risk [Line Items]
Revenues		$ 87,089
Percentage of Revenues		17.00%
Customer C [Member] | Accounts Receivable [Member] | Customer Concentration Risk [Member]
Concentration Risk [Line Items]
Accounts Receivable, Trade
Customer D [Member] | Revenue Benchmark [Member] | Customer Concentration Risk [Member]
Concentration Risk [Line Items]
Revenues	$ 184,200
Percentage of Revenues	56.00%
Customer D [Member] | Accounts Receivable [Member] | Customer Concentration Risk [Member]
Concentration Risk [Line Items]
Accounts Receivable, Trade	$ 80,000
Customers [Member] | Revenue Benchmark [Member] | Customer Concentration Risk [Member]
Concentration Risk [Line Items]
Revenues	$ 304,200	$ 527,089
Percentage of Revenues	93.00%	97.00%
Customers [Member] | Accounts Receivable [Member] | Customer Concentration Risk [Member]
Concentration Risk [Line Items]
Accounts Receivable, Trade	$ 264,500	$ 120,000
Vendor A [Member] | Purchases [Member] | Supplier Concentration Risk [Member]
Concentration Risk [Line Items]
Percentage of Revenues	100.00%	81.00%
Purchases	$ 251,700	$ 366,300
Vendor A [Member] | Accounts Payable [Member] | Supplier Concentration Risk [Member]
Concentration Risk [Line Items]
Account Payable, Trade	$ 324,200	$ 96,000
Vendor [Member] | Purchases [Member] | Supplier Concentration Risk [Member]
Concentration Risk [Line Items]
Percentage of Revenues	100.00%	81.00%
Purchases	$ 251,700	$ 366,300
Vendor [Member] | Accounts Payable [Member] | Supplier Concentration Risk [Member]
Concentration Risk [Line Items]
Account Payable, Trade	$ 324,200	$ 96,000

v3.24.1.1.u2

SCHEDULE OF REPORTABLE SEGMENTS (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	$ 328,340	$ 548,095
Cost of revenues	(251,700)	(454,053)
Net (loss) / profit	(302,829)	(94,157)
Total assets	185,624	261,258
UNITED STATES
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues
Cost of revenues
Net (loss) / profit	(150,570)	(58,780)
Total assets	10	10
MALAYSIA
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues		90,230
Cost of revenues		(87,753)
Net (loss) / profit	(55,678)	(54,542)
Total assets	34,547	118,329
HONG KONG
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	328,340	457,865
Cost of revenues	(251,700)	(366,300)
Net (loss) / profit	(96,581)	19,165
Total assets	$ 151,067	$ 142,919

v3.24.1.1.u2

SIGNIFICANT EVENT (Details Narrative) - Just Supply Chain Limited [Member] - USD ($)	Oct. 13, 2023	Jul. 12, 2023
Restructuring Cost and Reserve [Line Items]
Acquisition percentage	100.00%	100.00%
Consideration transferred		$ 17,465,328
Restricted Stock [Member]
Restructuring Cost and Reserve [Line Items]
Issuance of stock, shares	21,831,660
Common stock, price	$ 0.80

---