v3.25.1
SEGMENT REPORTING
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
SEGMENT REPORTING

NOTE 16 – SEGMENT REPORTING

 

By assessing the qualitative and quantitative criteria established by ASC Topic 280, “Segment Reporting”, the Company considers itself to be operating in two reportable segments which comprise of marketing services and social commerce. The Company defines its segments as those operations whose results the CODM regularly reviews to analyze performance and allocate resources.

 

The marketing services operating segment reflects the Company’s business of marketing services from clients and social media platforms. The social commerce operating segment reflects the Company’s business of social commerce from customers.

 

The following tables present the results of operations and the financial position of the Company’s operating segments as of and during the years ended December 31, 2024 and 2023:

 

Results of Operations

For the year ended December 31, 2024

 

   Marketing services   Social commerce   Corporate and others   Total 
                 
Revenue   8,114,980    133,128    —    8,248,108 
                     
Cost of revenues   (5,997,406)   (557,519)   —    (6,554,925)
                     
Marketing expenses   (118,779)   —    (369,737)   (488,516)
                     
Share-based compensation   —    —    (946,444)   (946,444)
                     
General and administrative expenses   (2,724,736)   —    (4,438,218)   (7,162,954)
                     
Other expenses, net   (289,490)   —    (98,701)   (388,191)
                     
Loss before income taxes   (1,015,431)   (424,391)   (5,853,100)   (7,292,922)
                     
Provision for income taxes   —    —    —    — 
                     
Net loss   (1,015,431)   (424,391)   (5,853,100)   (7,292,922)

 

Financial Position

As of December 31, 2024

 

   Marketing services   Social commerce   Corporate and others   Total 
                 
Current assets   2,531,282    —    2,233,261    4,764,543 
Non-current assets   2,300,609    —    117,506    2,418,115 
Total assets   4,831,891    —    2,350,767    7,182,658 
                     
Current liabilities   (3,367,033)   —    (2,330,757)   (5,697,790)
Non-current liabilities   (204,950)   —    —    (204,950)
Total liabilities   (3,571,983)   —    (2,330,757)   (5,902,740)
                     
Net assets   1,259,908    —    20,010    1,279,918 

 

 

VS MEDIA HOLDINGS LIMITED AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023

(Stated in US Dollars, except for number of shares)

  

Results of Operations

For the year ended December 31, 2023

 

   Marketing services   Social commerce   Corporate and others   Total 
                 
Revenue   7,991,103    —    —    7,991,103 
                     
Cost of revenues   (6,338,434)   (12,960)   —    (6,351,394)
                     
Marketing expenses   (206,117)   —    (12,778)   (218,895)
                     
Share-based compensation   —    —    (861,551)   (861,551)
                     
General and administrative expenses   (3,048,041)   (383,602)   (3,541,883)   (6,973,526)
                     
Other (expense) income, net   (185,962)   72,561    (66,778)   (180,179)
                     
Loss before income taxes   (1,787,451)   (324,001)   (4,482,990)   (6,594,442)
                     
Provision for income taxes   —    —    —    — 
                     
Net loss   (1,787,451)   (324,001)   (4,482,990)   (6,594,442)

 

Financial Position

As of December 31, 2023

 

   Marketing services   Social commerce   Corporate and others   Total 
                 
Current assets   3,557,743    —    6,433,919    9,991,662 
Non-current assets   53,752    —    37,333    91,085 
Total assets   3,611,495    —    6,471,252    10,082,747 
                     
Current liabilities   (3,451,510)   —    (2,230,098)   (5,681,608)
Non-current liabilities   (208,116)   —    —    (208,116)
Total liabilities   (3,659,626)   —    (2,230,098)   (5,889,724)
                     
Net (liabilities) assets   (48,131)   —    4,241,154    4,193,023 

 

 

VS MEDIA HOLDINGS LIMITED AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023

(Stated in US Dollars, except for number of shares)

 

Geographical information

          
   For the years ended December 31, 
Revenue from external customers:  2024   2023  
HK SAR  $5,134,573   $5,441,765  
Taiwan   3,113,535    2,549,338  
Revenue from external customers  $8,248,108   $7,991,103  

 

The revenue information above is based on the locations where the revenue originated.

 

All the Company’s long-lived assets, which consist of plant and equipment, net and operating leases right-of-use assets, are located in Taiwan. Hence, no analysis by geographical area of long-lived asset information is provided.