v3.25.2
NOTE 18 - INVESTMENTS IN JOINT VENTURE
 3 Months Ended
Mar. 31, 2025
Notes  
NOTE 18 - INVESTMENTS IN JOINT VENTURE

NOTE 18 - INVESTMENTS IN JOINT VENTURE

 

3G was incorporated in February 2018. The Company entered into a joint venture agreement for 50% of shareholding in 3G. The Company contributed $12,839 (equivalent to HK$100,000) to 3G upon incorporation. The primary activity of 3G is gold trading. The Company accounted for the interest in joint venture using equity method. Since the joint venture has been suffering losses, the interest in joint venture has been fully impaired in prior year. Upon impairment, the Company has shared the operating losses up to the investment cost from joint venture amounted to $12,839.

 

Summarized financial information for joint venture is as follows:

 

Balance Sheets:

 

March 31, 2025

 

December 31, 2024

 

 

 

(unaudited)

 

(audited)

 

Property, plant and equipment, net

 

$

124

 

$

398

 

Other receivables and prepaid

 

 

-

 

 

72

 

Inventory

 

 

143,362

 

 

143,360

 

Cash and cash equivalents

 

 

52,212

 

 

15,225

 

Total assets

 

 

195,698

 

 

159,055

 

 

 

 

 

 

 

 

 

Accrual expense

 

 

-

 

 

(25,405

)

Other payable

 

 

(4,629,015

)

 

(4,526,050

)

Customer deposits and other

 

 

(657,966

)

 

(600,179

)

Total liabilities

 

 

(5,286,981

)

 

(5,151,634

)

 

 

 

 

 

 

 

 

Net liabilities

 

$

(5,091,283

)

$

(4,992,579

) 

 

Statement of Operations:

 

For the three months ended March 31,

 

 

 

2025

 

 

2024

 

Revenue

$

-

 

 

$

-

 

Cost of sale

 

-

 

 

 

-

 

Gross profit

 

-

 

 

 

-

 

Operating expense

 

(40,214

)

 

 

(48,320

)

Depreciation

 

(274

)

 

 

(273

)

Net loss from operations

 

(40,488

)

 

 

(48,593

)

 

 

 

 

 

 

 

 

Other expense:

 

 

 

 

 

 

 

Interest expense, net

 

(57,718

)

 

 

(54,118

)

Net loss

$

(98,206

)

 

$

(102,711

)