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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
☑
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2023
☐
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: 000-53737 |
SUIC WORLDWIDE HOLDINGS LTD. |
(Exact name of registrant as specified in its charter) |
|
Nevada |
47-2148252 |
State
or other jurisdiction of incorporation
or organization |
|
(I.R.S. Employer Identification No. |
|
|
136-20
38th Ave. Unit 3G
Flushing, NY |
11354 |
(Address
of principal executive offices) |
|
|
(Zip
Code) |
Registrant’s telephone number, including
area code (929) 391-2550
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, par value $0.01 per share |
|
|
SUIC |
|
|
OTC |
|
|
|
|
|
|
|
Indicate by checkmark 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 checkmark 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
is a large accelerated filer, an accelerated filer, a non-accelerated filer, 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. ☐
Indicate by check mark whether the registrant is a shell company (as defined
in Rule 12b-2 of the Act). Yes ☐ No ☑
As of September 30, 2023, 3,350,360 shares of the
Company’s common stock, $0.01 par value, were issued and outstanding.
SUIC WORLDWIDE HOLDINGS LTD.
FORM 10-Q
September 30, 2023
INDEX
PART I-- FINANCIAL INFORMATION
Item 1. |
Financial Statements |
3 |
Item 2. |
Management’s Discussion and Analysis of Financial Condition and Results of Operations. |
13 |
Item 3. |
Quantitative and Qualitative Disclosures About Market Risk |
16 |
Item 4. |
Control and Procedures |
16 |
PART II-- OTHER INFORMATION
Item 1. |
Legal Proceedings |
17 |
Item 2. |
Unregistered Sales of Equity Securities and Use of Proceeds |
17 |
Item 3. |
Defaults Upon Senior Securities |
17 |
Item 4. |
Mine Safety Disclosures. |
17 |
Item 5. |
Other Information. |
17 |
Item 6. |
Exhibits |
17 |
SIGNATURES |
18 |
SUIC WORLDWIDE HOLDINGS LTD.
Index to the condensed financial statements
Table of Contents |
Page(s) |
Condensed Balance Sheets at September 30, 2023 (Unaudited) and December 31, 2022 |
F-2 |
Unaudited Condensed Statements of Operations for the Three and Nine Months Ended September 30, 2023 and 2022 |
F-3 |
Unaudited Condensed Statement of Stockholders’ Equity for the Nine Months Ended September 30, 2023 and December 31, 2022. |
F-4 |
Unaudited Condensed Statements of Cash Flows for the Nine Months Ended September 30, 2023 and 2022 |
F-5 |
Notes to the Condensed Financial Statements (Unaudited) |
F-6 - F-10 |
SUIC Worldwide Holdings Ltd.
Interim Condensed Balance Sheet
September 30, 2023
| |
| | | |
| | |
| |
September
30, 2023
(UNAUDITED) | |
December
31, 2022 |
ASSETS | |
| | | |
| | |
CURRENT ASSETS: | |
| | | |
| | |
Cash | |
$ | 10,131 | | |
$ | 16,072 | |
Accounts receivable,
net | |
| 261,799 | | |
| 362,525 | |
Short
Term Investment- Held-for-Trading | |
| 30,000 | | |
| 30,000 | |
Total Current
Assets | |
| 301,930 | | |
| 408,597 | |
Fixed asset-
office equipment laptop | |
| 113 | | |
| 150 | |
Other receivables
-Income From HFT | |
| — | | |
| 9,000 | |
Other interest
receivables -Sinoway International | |
| 10,568 | | |
| 7,202 | |
Other receivables
-SUIC Beneway USA Inc. | |
| 2,000 | | |
| 2,000 | |
Other receivable | |
| 146,078 | | |
| 146,078 | |
Investment
in Midas Touch Technology Co. Ltd | |
| | | |
| | |
Total
Assets | |
$ | 460,689 | | |
$ | 573,028 | |
| |
| | | |
| | |
LIABILITIES
AND STOCKHOLDERS' DEFICIENCY | |
| | | |
| | |
CURRENT LIABILITIES: | |
| | | |
| | |
Credit card payable | |
$ | 6,499 | | |
$ | 1,764 | |
Convertible promissory
notes- other | |
| — | | |
| 287,000 | |
Accrued expenses
and other liabilities | |
| — | | |
| 170,115 | |
Short
term debt | |
| 172,734 | | |
| 172,734 | |
Total
Current Liabilities | |
| 179,233 | | |
| 631,613 | |
Convertible promissory
notes- long-term liabilities | |
| 287,000 | | |
| — | |
Total liabilities | |
| 466,233 | | |
| 631,613 | |
Stockholders’
Deficiency | |
| | | |
| | |
Common stock, $0.001 par value, 394,500,000 shares authorized; 3,350,360 shares issued and outstanding | |
| 33,504 | | |
| 33,504 | |
Additional paid-in
capital | |
| 1,647,731 | | |
| 1,647,731 | |
Accumulated
deficit | |
| (1,686,779 | ) | |
| (1,739,820 | ) |
Total
Stockholders' Deficiency | |
| (5,544 | ) | |
| (58,585 | ) |
Total
Liabilities and Stockholders' Deficiency | |
$ | 460,689 | | |
$ | 573,028 | |
The accompanying notes are an integral part of these
interim condensed financial statements
SUIC Worldwide Holdings Ltd.
Interim Condensed Statements of Operations and
Comprehensive Income
(Unaudited)
| |
| | | |
| | | |
| | | |
| | |
| |
Three
Months Ended September
30, | |
Nine
Months Ended September
30, |
| |
2023 | |
2022 | |
2023 | |
2022 |
Revenue | |
$ | 30,000 | | |
$ | 45,000 | | |
$ | 120,000 | | |
$ | 176,000 | |
Operating Expenses | |
| 23,382 | | |
| 11,701 | | |
| 49,544 | | |
| 142,234 | |
Income (Loss)
from operations | |
| 6,618 | | |
| 33,299 | | |
| 70,456 | | |
| 33,766 | |
| |
| | | |
| | | |
| | | |
| | |
Other income | |
| 4,134 | | |
| 2,821 | | |
| 6,702 | | |
| 18,065 | |
| |
| | | |
| | | |
| | | |
| | |
Other expense: | |
| | | |
| | | |
| | | |
| | |
Expense for
Uncollectible Dividends | |
| — | | |
| — | | |
| (9,000 | ) | |
| — | |
Interest expense - related party | |
| (4,953 | ) | |
| (4,953 | ) | |
| (15,116 | ) | |
| (14,697 | ) |
Interest
expense - credit card | |
| — | | |
| — | | |
| — | | |
| (81 | ) |
| |
| | | |
| | | |
| | | |
| | |
Total other expense: | |
| (4,953 | ) | |
| (4,953 | ) | |
| (24,702 | ) | |
| (14,778 | ) |
| |
| | | |
| | | |
| | | |
| | |
Income (Loss) from continuing
operations before income tax provision | |
| 5,799 | | |
| 31,167 | | |
| 53,042 | | |
| 37,054 | |
Income tax provision | |
| — | | |
| — | | |
| — | | |
| — | |
Income (Loss)
from continuing operations | |
| 5,799 | | |
| 31,167 | | |
| 53,042 | | |
| 37,054 | |
| |
| | | |
| | | |
| | | |
| | |
Loss from discontinued operations, net of
income taxes: | |
| | | |
| | | |
| | | |
| | |
Loss from discontinued operations | |
| — | | |
| — | | |
| — | | |
| — | |
Income tax expense | |
| — | | |
| — | | |
| — | | |
| — | |
Deferred tax benefit | |
| — | | |
| — | | |
| — | | |
| — | |
Net loss from discontinued operations | |
| — | | |
| — | | |
| — | | |
| — | |
| |
| | | |
| | | |
| | | |
| | |
Net Income
(Loss) | |
$ | 5,799 | | |
$ | 31,167 | | |
$ | 53,042 | | |
$ | 37,054 | |
Comprehensive Income (Loss) | |
$ | 5,799 | | |
$ | 31,167 | | |
$ | 53,042 | | |
$ | 37,054 | |
| |
| | | |
| | | |
| | | |
| | |
Earnings (loss) per share | |
| | | |
| | | |
| | | |
| | |
Basic - continuing
operation | |
$ | (0.00 | ) | |
| (0.00 | ) | |
| (0.00 | ) | |
| (0.00 | ) |
- discontinuing operation | |
$ | (0.00 | ) | |
| (0.00 | ) | |
| (0.00 | ) | |
| (0.00 | ) |
Total | |
$ | (0.00 | ) | |
| (0.00 | ) | |
| (0.00 | ) | |
| (0.00 | ) |
Diluted - continuing
operation | |
$ | (0.00 | ) | |
| (0.00 | ) | |
| (0.00 | ) | |
| (0.00 | ) |
- discontinuing operation | |
$ | (0.00 | ) | |
| (0.00 | ) | |
| (0.00 | ) | |
| (0.00 | ) |
Total | |
$ | (0.00 | ) | |
| (0.00 | ) | |
| (0.00 | ) | |
| (0.00 | ) |
| |
| | | |
| | | |
| | | |
| | |
Weighted average shares outstanding | |
| | | |
| | | |
| | | |
| | |
Basic | |
| 20,939,753 | | |
| 33,503,604 | | |
| 20,939,753 | | |
| 33,503,604 | |
Diluted | |
| 307,939,753 | | |
| 320,503,604 | | |
| 307,939,753 | | |
| 320,503,604 | |
The accompanying notes are an
integral part of these interim condensed financial statements
SUIC WORLDWIDE HOLDINGS LTD.
Interim Condensed Statements of Stockholders' Equity
(Deficiency)
(Unaudited)
| |
| |
| |
| |
| |
| |
|
|
|
Common Stock |
|
Additional |
|
|
|
Accumulated |
|
|
|
|
Number of Shares |
|
Amount |
|
Paid-in Capital |
|
Accumulated Deficit |
|
Other Comprehensive |
|
Total |
Balance, December 31, 2022 |
|
|
33,503,604 |
|
|
|
33,504 |
|
|
|
1,647,731 |
|
|
|
(1,739,820 |
) |
|
|
— |
|
|
|
(58,585 |
) |
Net income (loss) from continuing operating |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
42,376 |
|
|
|
— |
|
|
|
42,376 |
|
Balance, March 31, 2023 |
|
|
33,503,604 |
|
|
|
33,504 |
|
|
|
1,647,731 |
|
|
|
(1,697,444 |
) |
|
|
— |
|
|
|
(16,210 |
) |
Net income (loss) from continuing operating |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
4,866 |
|
|
|
— |
|
|
|
4,866 |
|
Balance, June 30, 2023 |
|
|
33,503,604 |
|
|
|
33,504 |
|
|
|
1,647,731 |
|
|
|
(1,692,578 |
) |
|
|
— |
|
|
|
(11,343 |
) |
Net income (loss) from continuing operating |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
5,799 |
|
|
|
— |
|
|
|
5,799 |
|
Balance, September 30, 2023 |
|
|
33,350,360 |
|
|
|
33,504 |
|
|
|
1,647,731 |
|
|
|
(1,686,779 |
) |
|
|
— |
|
|
|
(5,544 |
) |
| |
| |
| |
| |
| |
| |
|
|
|
Common Stock |
|
Additional |
|
|
|
Accumulated |
|
|
|
|
Number of Shares |
|
Amount |
|
Paid-in Capital |
|
Accumulated Deficit |
|
Other Comprehensive |
|
Total |
Balance, December 31, 2021 |
|
|
33,503,604 |
|
|
|
33,504 |
|
|
|
1,647,731 |
|
|
|
(1,737,402 |
) |
|
|
— |
|
|
|
(56,167 |
) |
Net income (loss) from continuing operating |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(4,760 |
) |
|
|
— |
|
|
|
(4,760 |
) |
Balance, March 31, 2022 |
|
|
33,503,604 |
|
|
|
33,504 |
|
|
|
1,647,731 |
|
|
|
(1,742,162 |
) |
|
|
— |
|
|
|
(60,927 |
) |
Net income (loss) from continuing operating |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
10,647 |
|
|
|
— |
|
|
|
10,647 |
|
Balance, June 30, 2022 |
|
|
33,503,604 |
|
|
|
33,504 |
|
|
|
1,647,731 |
|
|
|
(1,731,516 |
) |
|
|
— |
|
|
|
(50,280 |
) |
Net income (loss) from continuing operating |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
31,167 |
|
|
|
— |
|
|
|
31,167 |
|
Balance, September 30, 2022 |
|
|
33,503,604 |
|
|
|
33,504 |
|
|
|
1,647,731 |
|
|
|
(1,700,349 |
) |
|
|
— |
|
|
|
(19,114 |
) |
The accompanying notes are an
integral part of these interim condensed financial statements
SUIC Worldwide Holdings Ltd.
Interim Condensed Statements of Cash Flows
(Unaudited)
| |
| | | |
| | |
| |
Nine
Months Ended September
30, |
| |
2023 | |
2022 |
CASH FLOW FROM
OPERATING ACTIVITIES | |
| | | |
| | |
Net income | |
$ | 53,042 | | |
$ | 37,054 | |
Adjustment to reconcile net loss
to net cash provided by (used in) operating activities: | |
| | | |
| | |
Depreciation | |
| 38 | | |
| 38 | |
Change in operating assets and
liabilities | |
| | | |
| | |
Accounts receivable | |
| 100,726 | | |
| (43,500 | ) |
Other receivables- others | |
| 9,000 | | |
| (12,974 | ) |
Other receivables -Income From
HFT | |
| — | | |
| — | |
Other interest receivables -Sinoway
International | |
| (3,366 | ) | |
| (3,366 | ) |
Credit card payable | |
| 4,735 | | |
| 556 | |
Accrued expenses and other current
liabilities | |
| (170,115 | ) | |
| 6,991 | |
Other payable | |
| — | | |
| — | |
Net cash used in operating activities | |
| (5,940 | ) | |
| (15,201 | ) |
| |
| | | |
| | |
CASH FLOW FROM
INVESTING ACTIVITIES | |
| | | |
| | |
Making loans to others | |
| — | | |
| — | |
Short term investment-Held for
Trading | |
| — | | |
| — | |
Capital expenditure | |
| — | | |
| — | |
Net cash used in investing activities | |
| — | | |
| — | |
| |
| | | |
| | |
CASH FLOW FROM
FINANCING ACTIVITIES | |
| | | |
| | |
Proceeds from non-related party
loan | |
| — | | |
| — | |
Net cash provided by(used in)
financing activities | |
| — | | |
| — | |
| |
| | | |
| | |
Effect of exchange rate changes
on cash | |
| | | |
| | |
| |
| | | |
| | |
INCREASE(DECREASE)
IN CASH | |
| (5,940 | ) | |
| (15,201 | |
Cash
- beginning of year | |
| 16,072 | | |
| 29,850 | |
Cash - end
of period | |
$ | 10,131 | | |
$ | 14,649 | |
| |
| | | |
| | |
Supplement
disclosure information | |
| | | |
| | |
Cash paid for interest | |
| — | | |
| 14,778 | |
Cash paid for interest-discontinued operation | |
| — | | |
| — | |
Cash paid for income taxes | |
| — | | |
| — | |
Cash paid for income taxes-discontinued
operation | |
| — | | |
| — | |
The accompanying notes are an integral part of
these interim condensed financial statements
SUIC Worldwide Holdings Ltd.
Notes to the Financial Statements
September 30, 2022
(Unaudited)
NOTE 1 – ORGANIZATION AND DESCRIPTION OF
BUSINESS
SUIC Worldwide Holdings Ltd (SUIC) is a Nevada corporation
incorporated on August 30, 2006, under the name Gateway Certifications, Inc. On November 16, 2009, our corporate name was changed to American
Jianye Greentech Holdings, Ltd. on February 13, 2014, our corporate name was changed to AJ Greentech Holdings, Ltd. and on July 17, 2017,
our corporate name was changed to Sino United Worldwide Consolidated Ltd. On November 9, 2022, our corporate name was changed to SUIC
Worldwide Holdings Ltd.
From November 2009 until October, 2013, through our
China and Taiwan subsidiaries, we were engaged renewable energy business. From October 2013 until September, 2017, through our Taiwan
subsidiary, we were engaged in the driving record management system (DMS). Both Subsidiaries was spun off through stock transfer and debt
cancellation for the best interest of shareholder.
From 2018 to present, the Company focused in products
and services that adopt IT, cloud computing, mobile payments, Big Data, Blockchain and AI, and other new and exciting business models
that will create revolutionary products and services. On August 7, 2021, the Company has acquired 49% of the registered shares of Midas
Touch Technology Co. Ltd., a digital asset management platform and company registered in the U.K. From 2020 to present, the Company through
promissory notes becomes major creditor and stakeholder in Beneway Holdings Group (its corporate name was changed from Sinoway International
Corp.). As of September 30, 2023, Midas Touch Technology Co. Ltd., doesn’t have any operation and net assets. The company works with
Beneway Holdings Group in several new business ventures with focus on the following fields:
1. Fintech platform: Through its global digital asset
management platform and fintech products, Beneway Holdings Group connects borrower and lenders, comprising of digital wallets, electronic
cards, P2P lenders, suppliers, manufacturers. Building strategic partnerships by bridging the various stakeholders in providing a holistic
financial delivery ecosystem. Three major financial products are Beneway Flash Pay™, Beneway CQ Pay™ and Beneway Unified Procurement™
that help merchants to focus on business and marketing development. The company has signed letters of intent with several entities who
are interested to participate in this business. Please refer to subsequent events.
2. Food Supply Chain Integration: Food Industry Supply
Chain Integration: Beneway Holdings Group is working to promote the processes of integration for bringing reputable and distinguished
overseas food product brands to the United States and globally. Food products are supplied from various origins, including ISO and HACCP-certified
central kitchen food processing & production facilities, and distributed through online and offline smart store equipment systems,
one-stop operation sales services, and facilitated by investments through capital management and mergers & acquisitions for vertical
integration of the supply chain. The company has signed and shared letters of intents with I.Hart Company Limited, and the established
supply chain integration in Taiwan will support Beneway’s food industry integration for product distribution through the US as well
as globally. Please refer to subsequent events.
3. Global Franchise Expansion: With the five established
franchise brands under I.Hart Company Limited and other well-known franchise brands in Asia, Beneway is planning to aggressively achieve
its global franchise goal by fine-tuning the right mix of media-based marketing strategies, including search engine optimization, paid
advertising, leveraging public relations on digital platforms, and maximizing conversion-based metrics through demographic targeting,
geofencing, pay-per-click advertising, social medial publishing and management, hyper-local franchise marketing and much more. To maximize
the growth and performance of the franchise goals, Beneway has identified several nationally-renowned franchise marketing and consulting
companies to launch its franchise campaign nationally.
4. Supply Chain Integration of other industries: Beneway
Holdings Group has identified several other industries for future expansion: medical and healthcare, high-tech digital AI systems, environmental
protections, and energy related production. This will be accomplished through Beneway Holdings Group chief marketing plan, known as “The
Starry Project”, to build extensive networks focused on streamlining the distribution of products and increase the sales and market
shares of the products in all 50 states of America. This will all be facilitated through Beneway’s fintech solutions that allow
for fast financing capabilities for business development, and capital investment dedicated to select mergers and acquisitions in the vertical
integration of our supply chain model.
NOTE 2 – Going Concern
The accompanying consolidated financial statements
have been prepared assuming that the Company will continue as a going concern. The Company had a working capital of $122,698, compare
with Q2 2023 with deficiency of 168,980 because the Company change its intention for the Convertible promissory notes repayment with balance
of 287,000 and re-negotiate the term with creditor to extend the maturity date of the notes over one year. an accumulated deficit of $1,686,779
and stockholders’ deficiency was $5,544
as of September 30, 2023. The Company did not generate positive cash flow from its continuing
operation. This is substantial doubt about the ability of the entity to continue as a going concern within one year after the date that
the financial statements are issued. The financial statements do not include any adjustments that might result from the outcome of this
uncertainty.
The company is seeking for external resource of financing
and develop new business in new field to generate adequate cash flow for purpose of mitigating such unfavorable situation. As discussed
in “NOTE 10 – CONTINGENCY AND COMMITMENT,” the Company plans to have joint venture with other company and cooperation
with other companies in order to attract new investment and expand new business practice.
NOTE 3 – Summary of Significant Accounting
Policies
Basis of presentation
The interim condensed financial statements have been
prepared in accordance with the generally accepted accounting principles in the United States (“U.S. GAAP”).
This basis of accounting involves the application
of accrual accounting and consequently, revenues and gains are recognized when earned, and expenses and losses are recognized when incurred.
The Company’s financial statements are expressed in U.S. dollars.
Certain amounts in last year’s financial
statements have been reclassified to conform to current year presentation. None of these reclassifications had an impact on reported financial
position or cash flows for any of the periods presented.
In the opinion of the Company’s management,
the condensed financial statements reflect all adjustments, which are normal and recurring in nature, necessary for fair financial statement
presentation.
Use of Estimates
The preparation of condensed financial statements
in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date
of the condensed financial statements and the amount of revenues and expenses during the reporting periods. Management makes these estimates
using the best information available at the time the estimates are made. However, actual results could differ materially from those results.
Significant accounting estimates reflected in the Company’s condensed financial statements included the valuation of accounts receivable,
the estimated useful lives of long-term assets, the valuation of short-term investment and the valuation of deferred tax assets.
Cash and cash equivalents
Cash and cash equivalents include cash on hand and
deposits placed with banks or other financial institutions, which are unrestricted as to withdrawal and use and with an original maturity
of three months or less. The Company maintains its cash in bank deposit accounts. Cash accounts are guaranteed by the Federal Deposit
Insurance Corporation up to $250,000. The Company has not experienced any losses in such accounts and believes it is not exposed to any
significant credit risk on such cash.
Accounts Receivable and Allowance for Doubtful
Accounts
Accounts receivable are recorded at the invoiced amount,
net of an allowance for doubtful accounts. The Company follows paragraph 310-10-50-9 of the FASB Accounting Standards Codification to
estimate the allowance for doubtful accounts. The Company performs on-going credit evaluations of its customers and adjusts credit limits
based upon payment history and the customer’s current credit worthiness, as determined by the review of their current credit information;
and determines the allowance for doubtful accounts based on historical write-off experience, customer specific facts and economic conditions.
Outstanding account balances are reviewed individually
for collectability. The allowance for doubtful accounts is the Company’s best estimate of the amount of probable credit losses in
the Company’s existing accounts receivable. Bad debt expense is included in general and administrative expenses, if any. Pursuant
to paragraph 310-10-50-2 of the FASB Accounting Standards Codification account balances are charged off against the allowance after all
means of collection have been exhausted and the potential for recovery is considered remote. The Company has adopted paragraph 310-10-50-6
of the FASB Accounting Standards Codification and determine when receivables are past due or delinquent based on how recently payments
have been received.
Revenue Recognition
The Company’s revenue recognition
policies are in compliance with ASC 606. Revenue is recognized when the promised goods or services are transferred to the customer. The
amount of revenue recognized should equal the total consideration an entity expects to receive in return for the goods or services.
Our revenues are primarily generated
by providing professional services and software products, consulting and other professional services to our clients and are billable to
our clients based on the services provided, or achieved outcomes. Revenues are primarily driven by the total value, scope, and terms of
the consulting contracts. We also engage independent contractors to supplement our revenue-generating professionals on client engagements
as needed.
We adopt a fixed fee billing arrangement
and agree to a pre-established fee in exchange for a predetermined set of professional services. We set the fees based on our estimates
of the costs and timing for completing the engagements. Our quarterly results are impacted principally by the total value, scope, and
terms of our client contracts. Our utilization rate can be affected by seasonal variations in the demand for our services from our clients.
Our income as of 09/30/2023 is from the US.
Our operating expenses include professional
fees, technology costs, software and data hosting expenses, and other office related expenses.
Property and Equipment
Property and equipment are stated at cost, less accumulated
depreciation and amortization. Property and equipment are depreciated using the straight-line method over the estimated useful lives of
the assets. Leasehold and tenant improvements are amortized over the shorter of the lease term or the estimated useful lives of the assets.
The Company periodically reviews assets’ estimated useful lives based upon actual experience and expected future utilization. A
change in useful life is treated as a change in accounting estimate and is applied prospectively.
Upon retirement or disposition of property
and equipment, the cost and accumulated depreciation are removed from the accounts and any resulting gain or loss is reflected in selling,
general and administrative expenses for that period. Major additions and betterments are capitalized to the asset accounts while maintenance
and repairs, which do not improve or extend the lives of assets, are expensed as incurred.
Investments in Non-consolidated Entities
Investments in non-consolidated entities are
accounted for using the equity method or cost basis depending upon the level of ownership and/or the Company's ability to exercise significant
influence over the operating and financial policies of the investee. When the equity method is used, investments are recorded at original
cost and adjusted periodically to recognize the Company's proportionate share of the investees' net income or losses after the date of
investment. When net losses from an investment are accounted for under the equity method exceed its carrying amount, the investment balance
is reduced to zero and additional losses are not provided for. The Company resumes accounting for the investment under the equity method
if the entity subsequently reports net income and the Company's share of that net income exceeds the share of net losses not recognized
during the period the equity method was suspended. Investments are written down only when there is clear evidence that a decline in value
that is other than temporary has occurred.
As ASC 321 stipulated, if the investor has
less than 20% ownership, it is presumed that there is nominal influence or no significant influence over the operating and financing activities
of the investee. The Company holds 10% stock of iDrink, Taiwan, which is a private company without readily determinable fair value.
Thus, the Company carried the investment at cost For each reporting period the Company keep tracking on the qualitative factors in assessing
whether the investment is impaired. As of September 30, 2023, no impairment takes place.
For investment in Midas Touch Technology Co.
Ltd., we have 49% ownership and have significant influence on it, so we adopt equity method to recognize the investment. Due to this company
didn’t have any net assets and operation yet as of September 30, 2023, we account for it as $0.
Fair value measurements
The Company applies the provisions of
ASC Subtopic 820-10, “Fair Value Measurements”, for fair value measurements of financial assets and financial liabilities
and for fair value measurements of non-financial items that are recognized or disclosed at fair value in the financial statements. ASC
820 also establishes a framework for measuring fair value and expands disclosures about fair value measurements.
Fair value is defined as the price that
would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement
date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the
Company considers the principal or most advantageous market in which it would transact and it considers assumptions that market participants
would use when pricing the asset or liability.
ASC 820 establishes a fair value hierarchy
that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value.
ASC 820 establishes three levels of inputs that may be used to measure fair value. The hierarchy gives the highest priority to unadjusted
quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to measurements involving
significant unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows:
Level 1 inputs to the
valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.
Level 2 inputs to the
valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the
assets or liability, either directly or indirectly, for substantially the full term of the financial instruments.
Level 3 inputs to
the valuation methodology are unobservable and significant to the fair value.
Income Taxes
The Company accounts for income taxes in accordance
with ASC 740, Income Taxes, which requires that the Company recognize deferred tax liabilities and assets based on the differences
between the financial statement carrying amounts and the tax basis of assets and liabilities, using enacted tax rates in effect in the
years the differences are expected to reverse. Deferred income tax benefit (expense) results from the change in net deferred tax assets
or deferred tax liabilities. A valuation allowance is recorded when, in the opinion of management, it is more likely than not that some
or all of any deferred tax assets will not be realized.
The Company adopted ASC 740-10-25, Income Taxes- Overall-Recognition,
on January 1, 2007, which provides criteria for the recognition, measurement, presentation and disclosure of uncertain tax position. The
Company must recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be
sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the
financial statements from such a position are measured based on the largest benefit that has a greater than 50% likelihood of being realized
upon ultimate resolution. The Company did not recognize any additional liabilities for uncertain tax positions as a result of the implementation
of ASC 740-10-25.
On December 22, 2017, the Tax Cuts and Jobs Act (the
“Tax Act”) was enacted by the U.S. government which included a wide range of tax reform affecting businesses including the
corporate tax rates, international tax provisions, tax credits and deduction with majority of the tax provision effective after December
31, 2017.
The Coronavirus Aid, Relief and Economy Security (CARES)
Act (“the CARES Act, H.R. 748”) was signed into law on 27 March 2020. The CARES Act temporarily eliminates the 80% taxable
income limitation (as enacted under the Tax Cuts and Jobs Act of 2017) for NOL deductions for 2018-2020 tax years and reinstated NOL carrybacks
for the 2018-2020 tax years. Moreover, the CARES Act also temporarily increases the business interest deduction limitations from 30% to
50% of adjusted taxable income for the 2019 and 2020 taxable year. Lastly, the Tax Act technical correction classifies qualified improvement
property as 15-year recovery period, allowing the bonus depreciation deduction to be claimed for such property retroactively as if it
was included in the Tax Act at the time of enactment.
The Company accounts for an unrecognized tax benefit
from an uncertain tax position only if it is more likely than not that the tax position will be sustained upon examination by the tax
authorities.
Earnings per Share
The Company calculates its basic and diluted earnings
per share in accordance with ASC 260. Basic earnings per share are calculated by dividing net income by the weighted average number of
common shares outstanding for the period. Diluted earnings per share are calculated by adjusting the weighted average outstanding shares
to assume conversion. For the nine months ended September 30, 2023 and 2022, the difference between numbers of basic and diluted shares
of common stock is due to effect of convertible promissory note hypothetical conversion.
On July 3, 2023, the Board of Directors authorized
the submission of a Certificate of Change/Amendment to the Nevada Secretary of State in which the Company sought to affect a reverse split
of its common stock at the rate of 1 for 10 for the purpose of increasing the per share price for the Company’s stock in an effort
to attract future investors who might otherwise shy away from a good company because of its low stock price.
The reverse split of SUIC Worldwide Holdings
Ltd. (the “Company”) common stock at a ratio of 1 for 10, has been declared effective by FINRA with a Daily List Announcement
Date of July 24, 2023, and a Market Effective Date of July 25, 2023. A “D” will be placed on the Company’s ticker symbol
for 20 business days after the Market Effective Date. After 20 business days, the symbol will revert back to the original symbol (SUIC).
Upon the reverse split became effective, the company revised its outstanding shares and recalculated EPS.
Thus, as of September 30, 2023, in consideration of
months fraction factor, the basic weight average shares outstanding is 20,939,753 and diluted weight average shares outstanding is 307,939,753.
Recently Issued Accounting Pronouncements
The SEC has provided in the Bulletin that in situations
where the accounting is incomplete for certain effects of the Tax Act, a measurement period which begins in the reporting period that
includes the enactment of the Tax Act and ends when the entity has obtained, prepared and analyzed the information is needed in order
to complete the accounting requirements. The measurement period shall not exceed one year from enactment.
In June 2016, the FASB issued ASU No. 2016-13, Measurement
of Credit Losses on Financial Instruments, which provides guidance for recognizing credit losses on financial instruments based on
an estimate of current expected credit losses model. The standard was effective for the Company beginning January 1, 2023, and the
adoption of this guidance did not have a significant impact on the consolidated financial statements and related disclosures.
In February 2018, the FASB issued ASU 2018-02, “Income
Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income,”
which allows a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from
the Tax Cuts and Jobs Act. This guidance is effective for all entities for fiscal years, and interim periods within those years, beginning
after December 15, 2018, with early adoption permitted. The amendments in ASU 2018-02 should be applied either in the period of adoption
or retrospectively to each period in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Cuts and
Jobs Act is recognized. The adoption of this guidance is not expected to have a material impact on the Company's Financial Statements
and related disclosures.
Management does not believe that any recently issued,
but not yet effective accounting pronouncements, when adopted, will have a material effect on the accompanying financial statements.
NOTE 4 – Loan Receivable
There was no loan receivable made during the
period. The outstanding balance of loan receivable was $146,078 as of September 30, 2023.
NOTE 5 – Convertible Promissory Note
There was no convertible promissory note made
during the period. The outstanding balance of convertible promissory note was $287,000 as of September 30, 2023.
The Company change its intention for the Convertible
promissory notes repayment with balance of 287,000 and re-negotiate the term with creditor to extend the maturity date of the notes over
one year. Thus, the Company adjust the classification of the note to long-term liability.
NOTE
6 – Cancellation and reconstructing of debt
As of September 30, the Company executed two debt
cancellation with total of 89,231.07.
The first cancellation is, due to fail to meet the
evaluation metric former CEO Yanru Zou voluntary give up his salary balance of $3,000, which result in recognition of other income of
$3,000.
The second cancellation involve reconstruction of debt. On Sept 19 2023,
the Company signed three party agreement with QQ pay and Jenny Skan to transfer the accounts receivable balance $ 95,000 (as fair value)
of QQ pay to Jenny Skan to repaid full amount of interest balance due to Jenny Skan in balance of $86,231.07. For the remaining balance
of $8,768.93, the company decide to collect it back by the end of 2023. Thus, this reconstructing of debt doesn’t recognize any
gain or loss.
NOTE 7 – Income Taxes
As of September 30, 2023, the unused net operating
loss carryover was $977,097. Due to the Company experienced net loss for a long period, so it treats deferred tax asset generated by net
operating loss in a conservative manner. The Company deem the chance of the deferred tax asset being fully realized less than 50%. Thus,
the Company recognized Valuation Allowance for Deferred Asset as full amount of deferred tax asset. The ending balance of Deferred Tax
Asset and its Valuation Allowance are stated as following:
| |
September 30, | |
December 31, |
| |
2023 | |
2022 |
Deferred Tax Asset | |
| 204,567 | | |
| 215,705 | |
| |
| | | |
| | |
Valuation Allowance | |
| (204,567 | ) | |
| (215,705 | ) |
| |
| | | |
| | |
Deferred Tax Asset (Net) | |
$ | — | | |
$ | — | |
A reconciliation of the provision for income taxes
to the Company’s effective income tax rate for is as follows:
| |
| |
|
| |
Nine Months Ended September 30, |
| |
2023 | |
2022 |
Pre-tax income(loss) | |
$ | 53,042 | | |
$ | 37,054 | |
U.S. federal corporate income tax rate | |
| 21 | % | |
| 21 | % |
Expected U.S. income tax expense(credit) | |
| 11,138 | | |
| 7,781 | |
Change of valuation allowance | |
| (11,138 | ) | |
| (7,781 | ) |
Effective tax expense | |
$ | — | | |
$ | — | |
NOTE 8- Concentration of Risks
Concentration of Credit Risk
Financial instruments that potentially expose the
Company to concentrations of credit risk consist primarily of cash and cash equivalents, investment, account receivables, as well as dividend
receivable. The carrying values of the financial instruments approximate their fair values due to their short-term maturities. The Company
places its cash and cash equivalents with financial institutions with high-credit ratings and quality. As of September 30, 2023, there
were no amounts in excess of the FDIC guarantee.
Account receivables primarily comprise of amounts
receivable from the trader customers. With respect to the prepayment to service suppliers, the Company performs on-going credit evaluations
of the financial condition of these suppliers. The Company establishes an allowance for doubtful accounts based upon estimates, factors
surrounding the credit risk of specific service providers and other information.
Concentration of Customers
Due to the Company change its business model and focus
on the high gross profit service in 2023, as of September 30, 2023 the Company only have transaction with East West Development LLC, with
revenue amount of $120,000.
As of September 30, 2023, the Accounts Receivable balance
is $261,799. For which, two client together compose this balance - East West Development LLC with balance of $253,030 , (96.65%) and
QQ Pay Pty Ltd with balance of $8,769 (3.35%).
Concentration of Vendors
As of September 30, 2023, there were no vendors that individually
accounted for greater than 10% of the Company’s total payable and operating expense.
NOTE 9 –Related Party Transactions
From January to September 2023, the
Company incurred $15,116 in loan
interest expense due to SC Kan, who can significantly influence the management or operating policies of the Company. The principal
loan balance due to S.C. Kan, as of September 30, 2023, was $459,734,
consisting of short-term debt $172,734 and
convertible promissory note $287,000. As of
September 30, 2023, the balance of interest from the loans was $86,231 before
fully offset with accounts receivable of $95,000 (FMV) from QQ Pay Pty Ltd. transferring to S.C Kan. Also, the former CEO voluntarily
cancel $3,000 salary balance with the
Company due to fail performance evaluation.
NOTE 10 –SUBSEQUENT EVENTS
Effective Oct 30, 2023, the Board of Directors
(the “Board”) of the Company appointed Mr. Kuo Yu Chieh as Chairman of the Board of Directors.
The Company has evaluated the existence of
significant events subsequent to the balance sheet date through the date the financial statements were issued and has determined that
there were no other subsequent events or transactions which would require recognition or disclosure in the financial statements.
NOTE 11
– CONTINGENCY AND COMMITMENT
On February 7, 2023 to June 7, 2023, the company has
signed joint venture agreements with I.Hart. As stated in the significant terms of agreements, joint venture will set up a new company,
and both company will make cash contribution as paid-in capital for new company, according to their ownership (will be specified in supplementary
contract later). The purpose of the joint venture is for the US market expansion. In addition, two letters of intent with I.Hart Company
was signed with the Company. The First letter of intent is to deploy its cloud-based supply chain financing fintech platform to facilitate
and generate additional cash flow from operation for both companies. The Second letter of intent is to plan the merger and share exchange
between the Company and I.Hart Company, as an external capital resource for the Company..
From February 9, 2023 to February 10, 2023,
the company has signed four letters of intent in total with I.Hart Company, Yuanzhi Branding Corp. Ltd., Taiwan Green Glow International
Ltd, and Awinn Creative Technologies Ltd. to deploy its cloud-based supply chain financing fintech platform and to offer integrated cash
flow solutions. The significant term in all four letters stated that the Company was appointed as key assistant to assist these companies
in entering the lending and financing market. Also, they will build an internationally competitive group through the Company’s investment,
merger and acquisitions or stock exchange.
ITEM 2
- MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS.
This Quarterly Report contains forward-looking statements
within the meaning of the federal securities laws. These include statements about our expectations, beliefs, intentions or strategies
for the future, which we indicate by words or phrases such as "anticipate," "expect," "intend," "plan,"
"will," "we believe," "management believes" and similar language. The forward-looking statements are based
on the current expectations of the Company and are subject to certain risks, uncertainties and assumptions, including those set forth
in the discussion under "Management's Discussion and Analysis of Financial Condition and Results of Operations" in this report.
Actual results may differ materially from results anticipated in these forward-looking statements. We base the forward-looking statements
on information currently available to us, and we assume no obligation to update them.
Investors are also advised to refer to the information
in our previous filings with the Securities and Exchange Commission (SEC), especially on Forms 10-K, 10-Q and 8-K, in which we discuss
in more detail various important factors that could cause actual results to differ from expected or historic results. It is not possible
to foresee or identify all such factors. As such, investors should not consider any list of such factors to be an exhaustive statement
of all risks and uncertainties or potentially inaccurate assumptions.
Overview
SUIC Worldwide Holdings Ltd (SUIC) is a Nevada corporation
incorporated on August 30, 2006, under the name Gateway Certifications, Inc. On November 16, 2009, our corporate name was changed to American
Jianye Greentech Holdings, Ltd. on February 13, 2014, our corporate name was changed to AJ Greentech Holdings, Ltd. and on July 17, 2017,
our corporate name was changed to Sino United Worldwide Consolidated Ltd. On November 9, 2022, our corporate name was changed to SUIC
Worldwide Holdings Ltd.
From November 2009 until October, 2013, through our
China and Taiwan subsidiaries, we were engaged renewable energy business. From October 2013 until September, 2017, through our Taiwan
subsidiary, we were engaged in the driving record management system (DMS). Both Subsidiaries was spun off through stock transfer and debt
cancellation for the best interest of shareholder.
From 2018 to present, the Company focused in products
and services that adopt IT, cloud computing, mobile payments, Big Data, Blockchain and AI, and other new and exciting business models
that will create revolutionary products and services. On August 7, 2021, the Company has acquired 49% of the registered shares of Midas
Touch Technology Co. Ltd., a digital asset management platform and company registered in the U.K. From 2020 to present, the Company through
promissory notes becomes major creditor and stakeholder in Beneway Holdings Group (its corporate name was changed from Sinoway International
Corp.). As of September 30, 2023, Midas Touch Technology Co. Ltd. doesn’t have any operation and net assets. The company works with Beneway
Holdings Group in several new business ventures with focus on the following fields:
1. Fintech platform: Through its global digital asset
management platform and fintech products, Beneway Holdings Group connects borrower and lenders, comprising of digital wallets, electronic
cards, P2P lenders, suppliers, manufacturers. Building strategic partnerships by bridging the various stakeholders in providing a holistic
financial delivery ecosystem. Three major financial products are Beneway Flash Pay™, Beneway CQ Pay™ and Beneway Unified Procurement™
that help merchants to focus on business and marketing development. The company has signed letters of intent with several entities who
are interested to participate in this business. Please refer to subsequent events.
2. Food Supply Chain Integration: Food Industry Supply
Chain Integration: Beneway Holdings Group is working to promote the processes of integration for bringing reputable and distinguished
overseas food product brands to the United States and globally. Food products are supplied from various origins, including ISO and HACCP-certified
central kitchen food processing & production facilities, and distributed through online and offline smart store equipment systems,
one-stop operation sales services, and facilitated by investments through capital management and mergers & acquisitions for vertical
integration of the supply chain. The company has signed and shared letters of intents with I.Hart Company Limited, and the established
supply chain integration in Taiwan will support Beneway’s food industry integration for product distribution through the US as well
as globally. Please refer to subsequent events.
3. Global Franchise Expansion: With the five established
franchise brands under I.Hart Company Limited and other well-known franchise brands in Asia, Beneway is planning to aggressively achieve
its global franchise goal by fine-tuning the right mix of media-based marketing strategies, including search engine optimization, paid
advertising, leveraging public relations on digital platforms, and maximizing conversion-based metrics through demographic targeting,
geofencing, pay-per-click advertising, social medial publishing and management, hyper-local franchise marketing and much more. To maximize
the growth and performance of the franchise goals, Beneway has identified several nationally-renowned franchise marketing and consulting
companies to launch its franchise campaign nationally.
4. Supply Chain Integration of other industries: Beneway Holdings Group
has identified several other industries for future expansion: medical and healthcare, high-tech digital AI systems, environmental protections,
and energy related production. This will be accomplished through Beneway Holdings Group chief marketing plan, known as “The Starry
Project”, to build extensive networks focused on streamlining the distribution of products and increase the sales and market shares
of the products in all 50 states of America. This will all be facilitated through Beneway’s fintech solutions that allow for fast
financing capabilities for business development, and capital investment dedicated to select mergers and acquisitions in the vertical integration
of our supply chain model.
The Company is working new businesses in various fields
through careful review and critical selection of new growth businesses. The Company is working to strengthen our core competencies in
high technology and blockchain related businesses, such as blockchain apps technology, fintech services, professional consultancy for
ICO’s, and other high potential critical blockchain projects.
Results of Operations
Three and Nine Months ended September 30, 2023
and 2022.
Revenue
The Company recognized $30,000 and $45,000 of revenue
during the three months ended September 30, 2023 and 2022, and $120,000 and $176,000 of revenue during nine months ended September 30,
2023 and 2022 respectively. Our revenues were generated from the I.T. management consulting services.
Expenses
Operating expenses were $23,382 and $11,701 for the
three months ended September 30, 2023 and 2022, and $49,544 and $142,234 for the nine months ended September 30, 2023 and 2022, respectively.
The decrease was primarily due to decrease in the cost of services.
The Company write-off uncollectible dividends in full
amount of $9,000 because iDrink Technology Co., Ltd. operating condition becomes inferior, the management deem iDrink unable to payout
the dividends it declared before.
Interest expense
During the three months ended September 30, 2023 and
2022, the Company had interest expense of $4,953 and $4,953 and during the nine months ended September 30, 2023 and 2022, the company
had interest expenses of $15,116 and $14,778, from convertible promissory note respectively.
Net income
As a result of the foregoing, the Company generated
net income (loss) of $5,799 and $31,167 for the three months ended September 30, 2023 and 2022, and $53,042 and $37,054 for the nine months
ended September 30, 2023 and 2022 respectively.
Liquidity and Capital Resources
Liquidity
We have funded our operations to date primarily through
operations, and related party loans and capital contributions. Due to our cumulative deficit in earnings and negative cash flow from operating
activities, there is substantial doubt about the Company’s ability to continue as a going concern. The Company’s management
recognizes that the Company must generate more profitable sales and obtain additional financial resources to continue to develop its operations.
The management and the board of the Company decide to put such plan to agenda.
As of September 30, 2023, we had a working capital
of $122,698 . Our current assets on September 30, 2023 were $301,930. They are consisting of cash of $10,131, accounts receivable of $261,799,
Short Term Investment- Held-for-Trading in iDrink Technology Co. Ltd. $30,000,
Our current liabilities were primarily composed of
credit card payable of $6,499, and short term debt $172,734.
Capital Resources
Our capital resources come from cash flow from operating
activities for the nine months ended September 30, 2023. However, net cash used in operating activities
was $5,940 during the nine months ended September 30, 2023. We didn’t have Net cash used or generated from investing activities
and financing activity for the nine months ended September 30, 2023.
As discussed in NOTE 10 – CONTINGENCY
AND COMMITMENT, we want to have joint venture with other company and cooperation with other companies as a strategy to expand our
scale of operations and obtain other resource of capital:
On February 7, 2023 to June 7, 2023, the company has
signed joint venture agreements with I.Hart. As stated in the significant terms of agreements, joint venture will set up a new company,
and both company will make cash contribution as paid-in capital for new company, according to their ownership (will be specified in supplementary
contract later). The purpose of the joint venture is for the US market expansion. In addition, two letters of intent with I.Hart Company
was signed with the Company. The First letter of intent is to deploy its cloud-based supply chain financing fintech platform to facilitate
and generate additional cash flow from operation for both companies. The Second letter of intent is to plan the merger and share exchange
between the Company and I.Hart Company, as an external capital resource for the Company..
From February 9, 2023 to February 10, 2023, the company
has signed four letters of intent in total with I.Hart Company, Yuanzhi Branding Corp. Ltd., Taiwan Green Glow International Ltd, and
Awinn Creative Technologies Ltd. to deploy its cloud-based supply chain financing fintech platform and to offer integrated cash flow solutions.
The significant term in all four letters stated that the Company was appointed as key assistant to assist these companies in entering
the lending and financing market. Also, they will build an internationally competitive group through the Company’s investment, merger
and acquisitions or stock exchange.
We plan to achieve these commitments in Q4.
Off-Balance Sheet Arrangements
There are no off-balance sheet arrangements that have
or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues, expenses,
results of operations, liquidity, capital expenditures or capital resources.
Inflation
We do not believe our business and operations
have been materially affected by inflation
Critical Accounting Policies and Estimates
This discussion and analysis of our financial condition
and results of operations are based on our financial statements that have been prepared under accounting principle generally accepted
in the United States of America. The preparation of financial statements in conformity with accounting principles generally accepted in
the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities
and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and
expenses during the reporting period. Actual results could differ from those estimates. Also, certain amounts in last year’s financial
statements have been reclassified to conform to the current year presentation.
A summary of significant accounting policies is included
in Note 3 to the condensed financial statements included in this Annual Report. Of these policies, we believe that the following items
are the most critical in preparing our financial statements.
Accounts Receivable and Allowance for Doubtful
Accounts
Accounts receivable are recorded at the invoiced amount,
net of an allowance for doubtful accounts. The Company follows paragraph 310-10-50-9 of the FASB Accounting Standards Codification to
estimate the allowance for doubtful accounts. The Company performs on-going credit evaluations of its customers and adjusts credit limits
based upon payment history and the customer’s current credit worthiness, as determined by the review of their current credit information;
and determines the allowance for doubtful accounts based on historical write-off experience, customer specific facts and economic conditions.
Outstanding account balances are reviewed individually
for collectability. The allowance for doubtful accounts is the Company’s best estimate of the amount of probable credit losses in
the Company’s existing accounts receivable. Bad debt expense is included in general and administrative expenses, if any. Pursuant
to paragraph 310-10-50-2 of the FASB Accounting Standards Codification account balances are charged off against the allowance after all
means of collection have been exhausted and the potential for recovery is considered remote. The Company has adopted paragraph 310-10-50-6
of the FASB Accounting Standards Codification and determine when receivables are past due or delinquent based on how recently payments
have been received.
Inventories
Inventories consists of products purchased and are
valued at the lower of cost or net realizable value. Cost is determined on the weighted average cost method. The Company reduces inventories
for the diminution of value, resulting from product obsolescence, damage or other issues affecting marketability, equal to the difference
between the cost of the inventory and its estimated net realizable value. Factors utilized in the determination of estimated net realizable
value include (i) current sales data and historical return rates, (ii) estimates of future demand, (iii) competitive pricing pressures,
(iv) new product introductions, (v) product expiration dates, and (vi) component and packaging obsolescence.
The Company evaluates its current level of inventories
considering historical sales and other factors and, based on this evaluation, classify inventory markdowns in the income statement as
a component of cost of goods sold pursuant to Paragraph 420-10-S99 of the FASB Accounting Standards Codification to adjust inventories
to net realizable value. These markdowns are estimates, which could vary significantly from actual requirements if future economic conditions,
customer demand or competition differ from expectations.
Revenue Recognition
The Company’s revenue recognition policies are
in compliance with ASC 606. Revenue is recognized when the promised goods or services are transferred to the customer. The amount of revenue
recognized should equal the total consideration an entity expects to receive in return for the goods or services.
Our revenues are primarily generated by providing
professional services and software products, consulting and other professional services to our clients and are billable to our clients
based on the services provided, or achieved outcomes. Revenues are primarily driven by the total value, scope, and terms of the consulting
contracts. We also engage independent contractors to supplement our revenue-generating professionals on client engagements as needed.
We adopt a fixed fee billing arrangement and agree
to a pre-established fee in exchange for a predetermined set of professional services. We set the fees based on our estimates of the costs
and timing for completing the engagements. Our quarterly results are impacted principally by the total value, scope, and terms of our
client contracts. Our utilization rate can be affected by seasonal variations in the demand for our services from our clients.
Our operating expenses include professional fees,
technology costs, software and data hosting expenses, rent and other office related expenses.
Foreign Currency Translation
The Company follows Section 830-10-45 of the FASB
Accounting Standards Codification (“Section 830-10-45”) for foreign currency translation to translate the financial statements
of the foreign subsidiary from the functional currency, generally the local currency, into U.S. Dollars. Section 830-10-45 sets out the
guidance relating to how a reporting entity determines the functional currency of a foreign entity (including of a foreign entity in a
highly inflationary economy), re-measures the books of record (if necessary), and characterizes transaction gains and losses. the assets,
liabilities, and operations of a foreign entity shall be measured using the functional currency of that entity. An entity’s functional
currency is the currency of the primary economic environment in which the entity operates; normally, that is the currency of the environment,
or local currency, in which an entity primarily generates and expends cash.
The functional currency of each foreign subsidiary
is determined based on management’s judgment and involves consideration of all relevant economic facts and circumstances affecting
the subsidiary. Generally, the currency in which the subsidiary transacts a majority of its transactions, including billings, financing,
payroll and other expenditures, would be considered the functional currency, but any dependency upon the parent and the nature of the
subsidiary’s operations must also be considered. If a subsidiary’s functional currency is deemed to be the local currency,
then any gain or loss associated with the translation of that subsidiary’s financial statements is included in accumulated other
comprehensive income. However, if the functional currency is deemed to be the U.S. Dollar, then any gain or loss associated with the re-measurement
of these financial statements from the local currency to the functional currency would be included in the condensed statements of comprehensive
income (loss). If the Company disposes of foreign subsidiaries, then any cumulative translation gains or losses would be recorded into
the condensed statements of comprehensive income (loss). If the Company determines that there has been a change in the functional currency
of a subsidiary to the U.S. Dollar, any translation gains or losses arising after the date of change would be included within the statement
of comprehensive income (loss). Based on an assessment of the factors discussed above, the management of the Company determined the relevant
subsidiaries’ local currencies to be their respective functional currencies.
Item 3. Quantitative and Qualitative Disclosures
About Market Risk.
As a smaller reporting company, we are not required
to provide the information required by this item.
Item 4. Controls and Procedures.
Conclusion Regarding the Effectiveness of Disclosure
Controls and Procedures
We conducted an evaluation of the effectiveness of
the design and operation of our disclosure controls and procedures, as such term is defined under Rule 13a-15(e) promulgated under the
Securities Exchange Act of 1934, as amended (Exchange Act), under the supervision of and with the
participation of our management, which presently comprises of our Mr. Kuo Yu Chieh as Chairman of the Board of Directors effective October
30, 2023, the Chief Executive Officer, Mr. Hank Wang and our Chief Financial Officer Ms. Yanru Zhou. Based upon that evaluation,
the Company’s Chief Executive Officer and Chief Financial Officer concluded that the Company’s disclosure controls and procedures
as of September 30, 2023 were effective to ensure that information required to be disclosed by the Company in the reports that the Company
files or submits under the Exchange Act, is recorded, processed, summarized and reported, within the time periods specified in the SEC’s
rules and forms, and that such information is accumulated and communicated to the Company’s management, including the Company’s
Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.
Changes in Internal Controls over Financial Reporting
There were no changes in our internal control
over financial reporting that occurred during our fiscal quarter ended September 30, 2023 that materially affected, or are reasonably
likely to materially affect our internal control over financial reporting.
PART II — OTHER INFORMATION
Item 1. Legal Proceedings.
To the best knowledge of the officers and directors,
the Company was not a party to any legal proceeding or litigation as of the date of this report.
Item 2. Unregistered Sales of Equity Securities
and Use of Proceeds.
None.
Item 3. Defaults Upon Senior Securities.
None.
Item 4. Mine Safety Disclosures
Not applicable.
Item 5. Other Information.
None.
Item 6. Exhibits.
SUIC Worldwide Holdings Ltd.
In accordance with the requirements of
the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
SIGNATURES
Date: November 10, 2023.
By: /s/ Hank Wang
Hank Wang
Chief Executive Officer
Date: November 10, 2023.
By: /s/ Yanru Zhou
Yanru Zhou
Chief Finance Officer
18
Exhibit 31.1
Certification Pursuant to Section 302 of the Sarbanes-
Oxley Act of 2002
I, Hank Wang, certify that:
1. I have reviewed this quarterly report on Form 10-Q
of SUIC Worldwide Holdings Ltd. (the “Registrant”);
2. Based on my knowledge, this 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 over financial reporting 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 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.
Dated: November 10, 2023.
By: /s/ Hank Wang
Name: Hank Wang
Title: Chief Executive Officer (Principal
Executive Officer)
Exhibit 31.2
Certification Pursuant to Section 302 of the Sarbanes-
Oxley Act of 2002
I, Hank Wang, certify that:
1. I have reviewed this quarterly report on Form 10-Q
of SUIC Worldwide Holdings Ltd. (the “Registrant”);
2. Based on my knowledge, this 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 over financial reporting 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 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.
Dated: November 10, 2023.
By: /s/ Yanru Zhou
Name: Yanru Zhou
Title: Chief Financial Officer (Principal
Executive Officer)
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 Quarter Report of SUIC Worldwide
Holdings Ltd. (the “Registrant”) on Form 10-Q for the period ended September 30, 2023 as filed with the Securities and Exchange
Commission on the date hereof (the “Report”), Hank Wang, as CEO of the Company, hereby certifies, pursuant to 18 U.S.C. Section
1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 that:
(1) The Report fully complies with the requirements
of section 13(a) or 15(d), as applicable 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 results of operations of the Registrant.
Dated: November 10, 2023.
By: /s/ Hank Wang
Name: Hank Wang
Title: Chief Executive Officer (Principal
Executive Officer)
A signed original of this written statement required
by Section 906 has been provided to SUIC Worldwide Holdings Ltd. and will be retained by SUIC Worldwide Holdings Ltd. and furnished to
the Securities and Exchange Commission or its staff.
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 Quarter Report of SUIC Worldwide
Holdings Ltd. (the “Registrant”) on Form 10-Q for the period ended September 30, 2023 as filed with the Securities and Exchange
Commission on the date hereof (the “Report”), Hank Wang, as CEO of the Company, hereby certifies, pursuant to 18 U.S.C. Section
1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 that:
(1) The Report fully complies with the requirements
of section 13(a) or 15(d), as applicable 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 results of operations of the Registrant.
Dated: November 10, 2023.
By: /s/ Yanru Zhou
Name: Yanru Zhou
Title: Chief Financial Officer (Principal
Executive Officer)
A signed original of this written statement required
by Section 906 has been provided to SUIC Worldwide Holdings Ltd. and will be retained by SUIC Worldwide Holdings Ltd. and furnished to
the Securities and Exchange Commission or its staff.
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v3.23.3
Balance Sheet (Unaudited) - USD ($)
|
Sep. 30, 2023 |
Dec. 31, 2022 |
CURRENT ASSETS: |
|
|
Cash |
$ 10,131
|
$ 16,072
|
Accounts receivable, net |
261,799
|
362,525
|
Short Term Investment- Held-for-Trading |
30,000
|
30,000
|
Total Current Assets |
301,930
|
408,597
|
Fixed asset- office equipment laptop |
113
|
150
|
Other receivables -Income From HFT |
|
9,000
|
Other interest receivables -Sinoway International |
10,568
|
7,202
|
Other receivables -SUIC Beneway USA Inc. |
2,000
|
2,000
|
Other receivable |
146,078
|
146,078
|
Total Assets |
460,689
|
573,028
|
CURRENT LIABILITIES: |
|
|
Credit card payable |
6,499
|
1,764
|
Convertible promissory notes- other |
|
287,000
|
Accrued expenses and other liabilities |
|
170,115
|
Short term debt |
172,734
|
172,734
|
Total Current Liabilities |
179,233
|
631,613
|
Convertible promissory notes- long-term liabilities |
287,000
|
|
Total liabilities |
466,233
|
631,613
|
Stockholders’ Deficiency |
|
|
Common stock, $0.001 par value, 394,500,000 shares authorized; 3,350,360 shares issued and outstanding |
33,504
|
33,504
|
Additional paid-in capital |
1,647,731
|
1,647,731
|
Accumulated deficit |
(1,686,779)
|
(1,739,820)
|
Total Stockholders' Deficiency |
(5,544)
|
(58,585)
|
Total Liabilities and Stockholders' Deficiency |
$ 460,689
|
$ 573,028
|
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v3.23.3
Balance Sheet (Unaudited) (Parenthetical) - $ / shares
|
Sep. 30, 2023 |
Dec. 31, 2022 |
Statement of Financial Position [Abstract] |
|
|
Common Stock, Par or Stated Value Per Share |
$ 0.001
|
$ 0.001
|
Common Stock, Shares Authorized |
394,500,000
|
394,500,000
|
Common Stock, Shares, Issued |
3,350,360
|
3,350,360
|
Common Stock, Shares, Outstanding |
3,350,360
|
3,350,360
|
X |
- DefinitionFace amount or stated value per share of common stock.
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v3.23.3
Statements of Operations and Comprehensive Income (Unaudited) - USD ($)
|
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Income Statement [Abstract] |
|
|
|
|
Revenue |
$ 30,000
|
$ 45,000
|
$ 120,000
|
$ 176,000
|
Operating Expenses |
23,382
|
11,701
|
49,544
|
142,234
|
Income (Loss) from operations |
6,618
|
33,299
|
70,456
|
33,766
|
Other income |
4,134
|
2,821
|
6,702
|
18,065
|
Other expense: |
|
|
|
|
Expense for Uncollectible Dividends |
|
|
(9,000)
|
|
Interest expense - related party |
(4,953)
|
(4,953)
|
(15,116)
|
(14,697)
|
Interest expense - credit card |
|
|
|
(81)
|
Total other expense: |
(4,953)
|
(4,953)
|
(24,702)
|
(14,778)
|
Income (Loss) from continuing operations before income tax provision |
5,799
|
31,167
|
53,042
|
37,054
|
Income tax provision |
|
|
|
|
Income (Loss) from continuing operations |
5,799
|
31,167
|
53,042
|
37,054
|
Loss from discontinued operations |
|
|
|
|
Income tax expense |
|
|
|
|
Deferred tax benefit |
|
|
|
|
Net loss from discontinued operations |
|
|
|
|
Net Income (Loss) |
5,799
|
31,167
|
53,042
|
37,054
|
Comprehensive Income (Loss) |
$ 5,799
|
$ 31,167
|
$ 53,042
|
$ 37,054
|
Earnings (loss) per share |
|
|
|
|
Basic - continuing operation |
$ (0.00)
|
$ (0.00)
|
$ (0.00)
|
$ (0.00)
|
- discontinuing operation |
(0.00)
|
(0.00)
|
(0.00)
|
(0.00)
|
Total |
(0.00)
|
(0.00)
|
(0.00)
|
(0.00)
|
Diluted - continuing operation |
$ (0.00)
|
$ (0.00)
|
$ (0.00)
|
$ (0.00)
|
Weighted average shares outstanding |
|
|
|
|
Basic |
20,939,753
|
33,503,604
|
20,939,753
|
33,503,604
|
Diluted |
307,939,753
|
320,503,604
|
307,939,753
|
320,503,604
|
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v3.23.3
Statements of Stockholders' Equity (Deficiency) (Unaudited) - USD ($)
|
Common Stock [Member] |
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
AOCI Attributable to Parent [Member] |
Total |
Beginning balance, value at Dec. 31, 2021 |
$ 33,504
|
$ 1,647,731
|
$ (1,737,402)
|
|
$ (56,167)
|
Shares, Outstanding, Beginning Balance at Dec. 31, 2021 |
33,503,604
|
|
|
|
|
Net income (loss) from continuing operating |
|
|
(4,760)
|
|
(4,760)
|
Ending balance, value at Mar. 31, 2022 |
$ 33,504
|
1,647,731
|
(1,742,162)
|
|
(60,927)
|
Shares, Outstanding, Ending Balance at Mar. 31, 2022 |
33,503,604
|
|
|
|
|
Beginning balance, value at Dec. 31, 2021 |
$ 33,504
|
1,647,731
|
(1,737,402)
|
|
(56,167)
|
Shares, Outstanding, Beginning Balance at Dec. 31, 2021 |
33,503,604
|
|
|
|
|
Net income (loss) from continuing operating |
|
|
|
|
37,054
|
Ending balance, value at Sep. 30, 2022 |
$ 33,504
|
1,647,731
|
(1,700,349)
|
|
(19,114)
|
Shares, Outstanding, Ending Balance at Sep. 30, 2022 |
33,503,604
|
|
|
|
|
Beginning balance, value at Mar. 31, 2022 |
$ 33,504
|
1,647,731
|
(1,742,162)
|
|
(60,927)
|
Shares, Outstanding, Beginning Balance at Mar. 31, 2022 |
33,503,604
|
|
|
|
|
Net income (loss) from continuing operating |
|
|
10,647
|
|
10,647
|
Ending balance, value at Jun. 30, 2022 |
$ 33,504
|
1,647,731
|
(1,731,516)
|
|
(50,280)
|
Shares, Outstanding, Ending Balance at Jun. 30, 2022 |
33,503,604
|
|
|
|
|
Net income (loss) from continuing operating |
|
|
31,167
|
|
31,167
|
Ending balance, value at Sep. 30, 2022 |
$ 33,504
|
1,647,731
|
(1,700,349)
|
|
(19,114)
|
Shares, Outstanding, Ending Balance at Sep. 30, 2022 |
33,503,604
|
|
|
|
|
Beginning balance, value at Dec. 31, 2022 |
$ 33,504
|
1,647,731
|
(1,739,820)
|
|
(58,585)
|
Shares, Outstanding, Beginning Balance at Dec. 31, 2022 |
33,503,604
|
|
|
|
|
Net income (loss) from continuing operating |
|
|
42,376
|
|
42,376
|
Ending balance, value at Mar. 31, 2023 |
$ 33,504
|
1,647,731
|
(1,697,444)
|
|
(16,210)
|
Shares, Outstanding, Ending Balance at Mar. 31, 2023 |
33,503,604
|
|
|
|
|
Beginning balance, value at Dec. 31, 2022 |
$ 33,504
|
1,647,731
|
(1,739,820)
|
|
(58,585)
|
Shares, Outstanding, Beginning Balance at Dec. 31, 2022 |
33,503,604
|
|
|
|
|
Net income (loss) from continuing operating |
|
|
|
|
53,042
|
Ending balance, value at Sep. 30, 2023 |
$ 33,504
|
1,647,731
|
(1,686,779)
|
|
(5,544)
|
Shares, Outstanding, Ending Balance at Sep. 30, 2023 |
33,350,360
|
|
|
|
|
Beginning balance, value at Mar. 31, 2023 |
$ 33,504
|
1,647,731
|
(1,697,444)
|
|
(16,210)
|
Shares, Outstanding, Beginning Balance at Mar. 31, 2023 |
33,503,604
|
|
|
|
|
Net income (loss) from continuing operating |
|
|
4,866
|
|
4,866
|
Ending balance, value at Jun. 30, 2023 |
$ 33,504
|
1,647,731
|
(1,692,578)
|
|
(11,343)
|
Shares, Outstanding, Ending Balance at Jun. 30, 2023 |
33,503,604
|
|
|
|
|
Net income (loss) from continuing operating |
|
|
5,799
|
|
5,799
|
Ending balance, value at Sep. 30, 2023 |
$ 33,504
|
$ 1,647,731
|
$ (1,686,779)
|
|
$ (5,544)
|
Shares, Outstanding, Ending Balance at Sep. 30, 2023 |
33,350,360
|
|
|
|
|
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v3.23.3
Statements of Cash Flows (Unaudited) - USD ($)
|
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
CASH FLOW FROM OPERATING ACTIVITIES |
|
|
Net income |
$ 53,042
|
$ 37,054
|
Adjustment to reconcile net loss to net cash provided by (used in) operating activities: |
|
|
Depreciation |
38
|
38
|
Change in operating assets and liabilities |
|
|
Accounts receivable |
100,726
|
(43,500)
|
Other receivables- others |
9,000
|
(12,974)
|
Other receivables -Income From HFT |
|
|
Other interest receivables -Sinoway International |
(3,366)
|
(3,366)
|
Credit card payable |
4,735
|
556
|
Accrued expenses and other current liabilities |
(170,115)
|
6,991
|
Other payable |
|
|
Net cash used in operating activities |
(5,940)
|
(15,201)
|
CASH FLOW FROM INVESTING ACTIVITIES |
|
|
Making loans to others |
|
|
Short term investment-Held for Trading |
|
|
Capital expenditure |
|
|
Net cash used in investing activities |
|
|
CASH FLOW FROM FINANCING ACTIVITIES |
|
|
Proceeds from non-related party loan |
|
|
Net cash provided by(used in) financing activities |
|
|
INCREASE(DECREASE) IN CASH |
(5,940)
|
(15,201)
|
Cash - beginning of year |
16,072
|
29,850
|
Cash - end of period |
10,131
|
14,649
|
Supplement disclosure information |
|
|
Cash paid for interest |
|
14,778
|
Cash paid for interest-discontinued operation |
|
|
Cash paid for income taxes |
|
|
Cash paid for income taxes-discontinued operation |
|
|
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v3.23.3
NOTE 1 – ORGANIZATION AND DESCRIPTION OF BUSINESS
|
9 Months Ended |
Sep. 30, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
NOTE 1 – ORGANIZATION AND DESCRIPTION OF BUSINESS |
NOTE 1 – ORGANIZATION AND DESCRIPTION OF
BUSINESS
SUIC Worldwide Holdings Ltd (SUIC) is a Nevada corporation
incorporated on August 30, 2006, under the name Gateway Certifications, Inc. On November 16, 2009, our corporate name was changed to American
Jianye Greentech Holdings, Ltd. on February 13, 2014, our corporate name was changed to AJ Greentech Holdings, Ltd. and on July 17, 2017,
our corporate name was changed to Sino United Worldwide Consolidated Ltd. On November 9, 2022, our corporate name was changed to SUIC
Worldwide Holdings Ltd.
From November 2009 until October, 2013, through our
China and Taiwan subsidiaries, we were engaged renewable energy business. From October 2013 until September, 2017, through our Taiwan
subsidiary, we were engaged in the driving record management system (DMS). Both Subsidiaries was spun off through stock transfer and debt
cancellation for the best interest of shareholder.
From 2018 to present, the Company focused in products
and services that adopt IT, cloud computing, mobile payments, Big Data, Blockchain and AI, and other new and exciting business models
that will create revolutionary products and services. On August 7, 2021, the Company has acquired 49% of the registered shares of Midas
Touch Technology Co. Ltd., a digital asset management platform and company registered in the U.K. From 2020 to present, the Company through
promissory notes becomes major creditor and stakeholder in Beneway Holdings Group (its corporate name was changed from Sinoway International
Corp.). As of September 30, 2023, Midas Touch Technology Co. Ltd., doesn’t have any operation and net assets. The company works with
Beneway Holdings Group in several new business ventures with focus on the following fields:
1. Fintech platform: Through its global digital asset
management platform and fintech products, Beneway Holdings Group connects borrower and lenders, comprising of digital wallets, electronic
cards, P2P lenders, suppliers, manufacturers. Building strategic partnerships by bridging the various stakeholders in providing a holistic
financial delivery ecosystem. Three major financial products are Beneway Flash Pay™, Beneway CQ Pay™ and Beneway Unified Procurement™
that help merchants to focus on business and marketing development. The company has signed letters of intent with several entities who
are interested to participate in this business. Please refer to subsequent events.
2. Food Supply Chain Integration: Food Industry Supply
Chain Integration: Beneway Holdings Group is working to promote the processes of integration for bringing reputable and distinguished
overseas food product brands to the United States and globally. Food products are supplied from various origins, including ISO and HACCP-certified
central kitchen food processing & production facilities, and distributed through online and offline smart store equipment systems,
one-stop operation sales services, and facilitated by investments through capital management and mergers & acquisitions for vertical
integration of the supply chain. The company has signed and shared letters of intents with I.Hart Company Limited, and the established
supply chain integration in Taiwan will support Beneway’s food industry integration for product distribution through the US as well
as globally. Please refer to subsequent events.
3. Global Franchise Expansion: With the five established
franchise brands under I.Hart Company Limited and other well-known franchise brands in Asia, Beneway is planning to aggressively achieve
its global franchise goal by fine-tuning the right mix of media-based marketing strategies, including search engine optimization, paid
advertising, leveraging public relations on digital platforms, and maximizing conversion-based metrics through demographic targeting,
geofencing, pay-per-click advertising, social medial publishing and management, hyper-local franchise marketing and much more. To maximize
the growth and performance of the franchise goals, Beneway has identified several nationally-renowned franchise marketing and consulting
companies to launch its franchise campaign nationally.
4. Supply Chain Integration of other industries: Beneway
Holdings Group has identified several other industries for future expansion: medical and healthcare, high-tech digital AI systems, environmental
protections, and energy related production. This will be accomplished through Beneway Holdings Group chief marketing plan, known as “The
Starry Project”, to build extensive networks focused on streamlining the distribution of products and increase the sales and market
shares of the products in all 50 states of America. This will all be facilitated through Beneway’s fintech solutions that allow
for fast financing capabilities for business development, and capital investment dedicated to select mergers and acquisitions in the vertical
integration of our supply chain model.
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v3.23.3
NOTE 2 – Going Concern
|
9 Months Ended |
Sep. 30, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
NOTE 2 – Going Concern |
NOTE 2 – Going Concern
The accompanying consolidated financial statements
have been prepared assuming that the Company will continue as a going concern. The Company had a working capital of $122,698, compare
with Q2 2023 with deficiency of 168,980 because the Company change its intention for the Convertible promissory notes repayment with balance
of 287,000 and re-negotiate the term with creditor to extend the maturity date of the notes over one year. an accumulated deficit of $1,686,779
and stockholders’ deficiency was $5,544
as of September 30, 2023. The Company did not generate positive cash flow from its continuing
operation. This is substantial doubt about the ability of the entity to continue as a going concern within one year after the date that
the financial statements are issued. The financial statements do not include any adjustments that might result from the outcome of this
uncertainty.
The company is seeking for external resource of financing
and develop new business in new field to generate adequate cash flow for purpose of mitigating such unfavorable situation. As discussed
in “NOTE 10 – CONTINGENCY AND COMMITMENT,” the Company plans to have joint venture with other company and cooperation
with other companies in order to attract new investment and expand new business practice.
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v3.23.3
NOTE 3 – Summary of Significant Accounting Policies
|
9 Months Ended |
Sep. 30, 2023 |
Accounting Policies [Abstract] |
|
NOTE 3 – Summary of Significant Accounting Policies |
NOTE 3 – Summary of Significant Accounting
Policies
Basis of presentation
The interim condensed financial statements have been
prepared in accordance with the generally accepted accounting principles in the United States (“U.S. GAAP”).
This basis of accounting involves the application
of accrual accounting and consequently, revenues and gains are recognized when earned, and expenses and losses are recognized when incurred.
The Company’s financial statements are expressed in U.S. dollars.
Certain amounts in last year’s financial
statements have been reclassified to conform to current year presentation. None of these reclassifications had an impact on reported financial
position or cash flows for any of the periods presented.
In the opinion of the Company’s management,
the condensed financial statements reflect all adjustments, which are normal and recurring in nature, necessary for fair financial statement
presentation.
Use of Estimates
The preparation of condensed financial statements
in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date
of the condensed financial statements and the amount of revenues and expenses during the reporting periods. Management makes these estimates
using the best information available at the time the estimates are made. However, actual results could differ materially from those results.
Significant accounting estimates reflected in the Company’s condensed financial statements included the valuation of accounts receivable,
the estimated useful lives of long-term assets, the valuation of short-term investment and the valuation of deferred tax assets.
Cash and cash equivalents
Cash and cash equivalents include cash on hand and
deposits placed with banks or other financial institutions, which are unrestricted as to withdrawal and use and with an original maturity
of three months or less. The Company maintains its cash in bank deposit accounts. Cash accounts are guaranteed by the Federal Deposit
Insurance Corporation up to $250,000. The Company has not experienced any losses in such accounts and believes it is not exposed to any
significant credit risk on such cash.
Accounts Receivable and Allowance for Doubtful
Accounts
Accounts receivable are recorded at the invoiced amount,
net of an allowance for doubtful accounts. The Company follows paragraph 310-10-50-9 of the FASB Accounting Standards Codification to
estimate the allowance for doubtful accounts. The Company performs on-going credit evaluations of its customers and adjusts credit limits
based upon payment history and the customer’s current credit worthiness, as determined by the review of their current credit information;
and determines the allowance for doubtful accounts based on historical write-off experience, customer specific facts and economic conditions.
Outstanding account balances are reviewed individually
for collectability. The allowance for doubtful accounts is the Company’s best estimate of the amount of probable credit losses in
the Company’s existing accounts receivable. Bad debt expense is included in general and administrative expenses, if any. Pursuant
to paragraph 310-10-50-2 of the FASB Accounting Standards Codification account balances are charged off against the allowance after all
means of collection have been exhausted and the potential for recovery is considered remote. The Company has adopted paragraph 310-10-50-6
of the FASB Accounting Standards Codification and determine when receivables are past due or delinquent based on how recently payments
have been received.
Revenue Recognition
The Company’s revenue recognition
policies are in compliance with ASC 606. Revenue is recognized when the promised goods or services are transferred to the customer. The
amount of revenue recognized should equal the total consideration an entity expects to receive in return for the goods or services.
Our revenues are primarily generated
by providing professional services and software products, consulting and other professional services to our clients and are billable to
our clients based on the services provided, or achieved outcomes. Revenues are primarily driven by the total value, scope, and terms of
the consulting contracts. We also engage independent contractors to supplement our revenue-generating professionals on client engagements
as needed.
We adopt a fixed fee billing arrangement
and agree to a pre-established fee in exchange for a predetermined set of professional services. We set the fees based on our estimates
of the costs and timing for completing the engagements. Our quarterly results are impacted principally by the total value, scope, and
terms of our client contracts. Our utilization rate can be affected by seasonal variations in the demand for our services from our clients.
Our income as of 09/30/2023 is from the US.
Our operating expenses include professional
fees, technology costs, software and data hosting expenses, and other office related expenses.
Property and Equipment
Property and equipment are stated at cost, less accumulated
depreciation and amortization. Property and equipment are depreciated using the straight-line method over the estimated useful lives of
the assets. Leasehold and tenant improvements are amortized over the shorter of the lease term or the estimated useful lives of the assets.
The Company periodically reviews assets’ estimated useful lives based upon actual experience and expected future utilization. A
change in useful life is treated as a change in accounting estimate and is applied prospectively.
Upon retirement or disposition of property
and equipment, the cost and accumulated depreciation are removed from the accounts and any resulting gain or loss is reflected in selling,
general and administrative expenses for that period. Major additions and betterments are capitalized to the asset accounts while maintenance
and repairs, which do not improve or extend the lives of assets, are expensed as incurred.
Investments in Non-consolidated Entities
Investments in non-consolidated entities are
accounted for using the equity method or cost basis depending upon the level of ownership and/or the Company's ability to exercise significant
influence over the operating and financial policies of the investee. When the equity method is used, investments are recorded at original
cost and adjusted periodically to recognize the Company's proportionate share of the investees' net income or losses after the date of
investment. When net losses from an investment are accounted for under the equity method exceed its carrying amount, the investment balance
is reduced to zero and additional losses are not provided for. The Company resumes accounting for the investment under the equity method
if the entity subsequently reports net income and the Company's share of that net income exceeds the share of net losses not recognized
during the period the equity method was suspended. Investments are written down only when there is clear evidence that a decline in value
that is other than temporary has occurred.
As ASC 321 stipulated, if the investor has
less than 20% ownership, it is presumed that there is nominal influence or no significant influence over the operating and financing activities
of the investee. The Company holds 10% stock of iDrink, Taiwan, which is a private company without readily determinable fair value.
Thus, the Company carried the investment at cost For each reporting period the Company keep tracking on the qualitative factors in assessing
whether the investment is impaired. As of September 30, 2023, no impairment takes place.
For investment in Midas Touch Technology Co.
Ltd., we have 49% ownership and have significant influence on it, so we adopt equity method to recognize the investment. Due to this company
didn’t have any net assets and operation yet as of September 30, 2023, we account for it as $0.
Fair value measurements
The Company applies the provisions of
ASC Subtopic 820-10, “Fair Value Measurements”, for fair value measurements of financial assets and financial liabilities
and for fair value measurements of non-financial items that are recognized or disclosed at fair value in the financial statements. ASC
820 also establishes a framework for measuring fair value and expands disclosures about fair value measurements.
Fair value is defined as the price that
would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement
date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the
Company considers the principal or most advantageous market in which it would transact and it considers assumptions that market participants
would use when pricing the asset or liability.
ASC 820 establishes a fair value hierarchy
that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value.
ASC 820 establishes three levels of inputs that may be used to measure fair value. The hierarchy gives the highest priority to unadjusted
quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to measurements involving
significant unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows:
Level 1 inputs to the
valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.
Level 2 inputs to the
valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the
assets or liability, either directly or indirectly, for substantially the full term of the financial instruments.
Level 3 inputs to
the valuation methodology are unobservable and significant to the fair value.
Income Taxes
The Company accounts for income taxes in accordance
with ASC 740, Income Taxes, which requires that the Company recognize deferred tax liabilities and assets based on the differences
between the financial statement carrying amounts and the tax basis of assets and liabilities, using enacted tax rates in effect in the
years the differences are expected to reverse. Deferred income tax benefit (expense) results from the change in net deferred tax assets
or deferred tax liabilities. A valuation allowance is recorded when, in the opinion of management, it is more likely than not that some
or all of any deferred tax assets will not be realized.
The Company adopted ASC 740-10-25, Income Taxes- Overall-Recognition,
on January 1, 2007, which provides criteria for the recognition, measurement, presentation and disclosure of uncertain tax position. The
Company must recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be
sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the
financial statements from such a position are measured based on the largest benefit that has a greater than 50% likelihood of being realized
upon ultimate resolution. The Company did not recognize any additional liabilities for uncertain tax positions as a result of the implementation
of ASC 740-10-25.
On December 22, 2017, the Tax Cuts and Jobs Act (the
“Tax Act”) was enacted by the U.S. government which included a wide range of tax reform affecting businesses including the
corporate tax rates, international tax provisions, tax credits and deduction with majority of the tax provision effective after December
31, 2017.
The Coronavirus Aid, Relief and Economy Security (CARES)
Act (“the CARES Act, H.R. 748”) was signed into law on 27 March 2020. The CARES Act temporarily eliminates the 80% taxable
income limitation (as enacted under the Tax Cuts and Jobs Act of 2017) for NOL deductions for 2018-2020 tax years and reinstated NOL carrybacks
for the 2018-2020 tax years. Moreover, the CARES Act also temporarily increases the business interest deduction limitations from 30% to
50% of adjusted taxable income for the 2019 and 2020 taxable year. Lastly, the Tax Act technical correction classifies qualified improvement
property as 15-year recovery period, allowing the bonus depreciation deduction to be claimed for such property retroactively as if it
was included in the Tax Act at the time of enactment.
The Company accounts for an unrecognized tax benefit
from an uncertain tax position only if it is more likely than not that the tax position will be sustained upon examination by the tax
authorities.
Earnings per Share
The Company calculates its basic and diluted earnings
per share in accordance with ASC 260. Basic earnings per share are calculated by dividing net income by the weighted average number of
common shares outstanding for the period. Diluted earnings per share are calculated by adjusting the weighted average outstanding shares
to assume conversion. For the nine months ended September 30, 2023 and 2022, the difference between numbers of basic and diluted shares
of common stock is due to effect of convertible promissory note hypothetical conversion.
On July 3, 2023, the Board of Directors authorized
the submission of a Certificate of Change/Amendment to the Nevada Secretary of State in which the Company sought to affect a reverse split
of its common stock at the rate of 1 for 10 for the purpose of increasing the per share price for the Company’s stock in an effort
to attract future investors who might otherwise shy away from a good company because of its low stock price.
The reverse split of SUIC Worldwide Holdings
Ltd. (the “Company”) common stock at a ratio of 1 for 10, has been declared effective by FINRA with a Daily List Announcement
Date of July 24, 2023, and a Market Effective Date of July 25, 2023. A “D” will be placed on the Company’s ticker symbol
for 20 business days after the Market Effective Date. After 20 business days, the symbol will revert back to the original symbol (SUIC).
Upon the reverse split became effective, the company revised its outstanding shares and recalculated EPS.
Thus, as of September 30, 2023, in consideration of
months fraction factor, the basic weight average shares outstanding is 20,939,753 and diluted weight average shares outstanding is 307,939,753.
Recently Issued Accounting Pronouncements
The SEC has provided in the Bulletin that in situations
where the accounting is incomplete for certain effects of the Tax Act, a measurement period which begins in the reporting period that
includes the enactment of the Tax Act and ends when the entity has obtained, prepared and analyzed the information is needed in order
to complete the accounting requirements. The measurement period shall not exceed one year from enactment.
In June 2016, the FASB issued ASU No. 2016-13, Measurement
of Credit Losses on Financial Instruments, which provides guidance for recognizing credit losses on financial instruments based on
an estimate of current expected credit losses model. The standard was effective for the Company beginning January 1, 2023, and the
adoption of this guidance did not have a significant impact on the consolidated financial statements and related disclosures.
In February 2018, the FASB issued ASU 2018-02, “Income
Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income,”
which allows a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from
the Tax Cuts and Jobs Act. This guidance is effective for all entities for fiscal years, and interim periods within those years, beginning
after December 15, 2018, with early adoption permitted. The amendments in ASU 2018-02 should be applied either in the period of adoption
or retrospectively to each period in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Cuts and
Jobs Act is recognized. The adoption of this guidance is not expected to have a material impact on the Company's Financial Statements
and related disclosures.
Management does not believe that any recently issued,
but not yet effective accounting pronouncements, when adopted, will have a material effect on the accompanying financial statements.
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v3.23.3
NOTE 4 – Loan Receivable
|
9 Months Ended |
Sep. 30, 2023 |
Receivables [Abstract] |
|
NOTE 4 – Loan Receivable |
NOTE 4 – Loan Receivable
There was no loan receivable made during the
period. The outstanding balance of loan receivable was $146,078 as of September 30, 2023.
|
X |
- DefinitionThe entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses.
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v3.23.3
NOTE 5 – Convertible Promissory Note
|
9 Months Ended |
Sep. 30, 2023 |
Debt Disclosure [Abstract] |
|
NOTE 5 – Convertible Promissory Note |
NOTE 5 – Convertible Promissory Note
There was no convertible promissory note made
during the period. The outstanding balance of convertible promissory note was $287,000 as of September 30, 2023.
The Company change its intention for the Convertible
promissory notes repayment with balance of 287,000 and re-negotiate the term with creditor to extend the maturity date of the notes over
one year. Thus, the Company adjust the classification of the note to long-term liability.
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v3.23.3
NOTE 6 – Cancellation and reconstructing of debt
|
9 Months Ended |
Sep. 30, 2023 |
Note 6 Cancellation And Reconstructing Of Debt |
|
NOTE 6 – Cancellation and reconstructing of debt |
NOTE
6 – Cancellation and reconstructing of debt
As of September 30, the Company executed two debt
cancellation with total of 89,231.07.
The first cancellation is, due to fail to meet the
evaluation metric former CEO Yanru Zou voluntary give up his salary balance of $3,000, which result in recognition of other income of
$3,000.
The second cancellation involve reconstruction of debt. On Sept 19 2023,
the Company signed three party agreement with QQ pay and Jenny Skan to transfer the accounts receivable balance $ 95,000 (as fair value)
of QQ pay to Jenny Skan to repaid full amount of interest balance due to Jenny Skan in balance of $86,231.07. For the remaining balance
of $8,768.93, the company decide to collect it back by the end of 2023. Thus, this reconstructing of debt doesn’t recognize any
gain or loss.
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v3.23.3
NOTE 7 – Income Taxes
|
9 Months Ended |
Sep. 30, 2023 |
Income Tax Disclosure [Abstract] |
|
NOTE 7 – Income Taxes |
NOTE 7 – Income Taxes
As of September 30, 2023, the unused net operating
loss carryover was $977,097. Due to the Company experienced net loss for a long period, so it treats deferred tax asset generated by net
operating loss in a conservative manner. The Company deem the chance of the deferred tax asset being fully realized less than 50%. Thus,
the Company recognized Valuation Allowance for Deferred Asset as full amount of deferred tax asset. The ending balance of Deferred Tax
Asset and its Valuation Allowance are stated as following:
| |
September 30, | |
December 31, |
| |
2023 | |
2022 |
Deferred Tax Asset | |
| 204,567 | | |
| 215,705 | |
| |
| | | |
| | |
Valuation Allowance | |
| (204,567 | ) | |
| (215,705 | ) |
| |
| | | |
| | |
Deferred Tax Asset (Net) | |
$ | — | | |
$ | — | |
A reconciliation of the provision for income taxes
to the Company’s effective income tax rate for is as follows:
| |
| |
|
| |
Nine Months Ended September 30, |
| |
2023 | |
2022 |
Pre-tax income(loss) | |
$ | 53,042 | | |
$ | 37,054 | |
U.S. federal corporate income tax rate | |
| 21 | % | |
| 21 | % |
Expected U.S. income tax expense(credit) | |
| 11,138 | | |
| 7,781 | |
Change of valuation allowance | |
| (11,138 | ) | |
| (7,781 | ) |
Effective tax expense | |
$ | — | | |
$ | — | |
|
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- DefinitionAmount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards.
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v3.23.3
NOTE 8- Concentration of Risks
|
9 Months Ended |
Sep. 30, 2023 |
Risks and Uncertainties [Abstract] |
|
NOTE 8- Concentration of Risks |
NOTE 8- Concentration of Risks
Concentration of Credit Risk
Financial instruments that potentially expose the
Company to concentrations of credit risk consist primarily of cash and cash equivalents, investment, account receivables, as well as dividend
receivable. The carrying values of the financial instruments approximate their fair values due to their short-term maturities. The Company
places its cash and cash equivalents with financial institutions with high-credit ratings and quality. As of September 30, 2023, there
were no amounts in excess of the FDIC guarantee.
Account receivables primarily comprise of amounts
receivable from the trader customers. With respect to the prepayment to service suppliers, the Company performs on-going credit evaluations
of the financial condition of these suppliers. The Company establishes an allowance for doubtful accounts based upon estimates, factors
surrounding the credit risk of specific service providers and other information.
Concentration of Customers
Due to the Company change its business model and focus
on the high gross profit service in 2023, as of September 30, 2023 the Company only have transaction with East West Development LLC, with
revenue amount of $120,000.
As of September 30, 2023, the Accounts Receivable balance
is $261,799. For which, two client together compose this balance - East West Development LLC with balance of $253,030 , (96.65%) and
QQ Pay Pty Ltd with balance of $8,769 (3.35%).
Concentration of Vendors
As of September 30, 2023, there were no vendors that individually
accounted for greater than 10% of the Company’s total payable and operating expense.
|
X |
- DefinitionThe entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date.
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v3.23.3
NOTE 9 –Related Party Transactions
|
9 Months Ended |
Sep. 30, 2023 |
Related Party Transactions [Abstract] |
|
NOTE 9 –Related Party Transactions |
NOTE 9 –Related Party Transactions
From January to September 2023, the
Company incurred $15,116 in loan
interest expense due to SC Kan, who can significantly influence the management or operating policies of the Company. The principal
loan balance due to S.C. Kan, as of September 30, 2023, was $459,734,
consisting of short-term debt $172,734 and
convertible promissory note $287,000. As of
September 30, 2023, the balance of interest from the loans was $86,231 before
fully offset with accounts receivable of $95,000 (FMV) from QQ Pay Pty Ltd. transferring to S.C Kan. Also, the former CEO voluntarily
cancel $3,000 salary balance with the
Company due to fail performance evaluation.
|
X |
- DefinitionThe entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
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v3.23.3
NOTE 10 –SUBSEQUENT EVENTS
|
9 Months Ended |
Sep. 30, 2023 |
Subsequent Events [Abstract] |
|
NOTE 10 –SUBSEQUENT EVENTS |
NOTE 10 –SUBSEQUENT EVENTS
Effective Oct 30, 2023, the Board of Directors
(the “Board”) of the Company appointed Mr. Kuo Yu Chieh as Chairman of the Board of Directors.
The Company has evaluated the existence of
significant events subsequent to the balance sheet date through the date the financial statements were issued and has determined that
there were no other subsequent events or transactions which would require recognition or disclosure in the financial statements.
|
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- DefinitionThe entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
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v3.23.3
NOTE 11 – CONTINGENCY AND COMMITMENT
|
9 Months Ended |
Sep. 30, 2023 |
Commitments and Contingencies Disclosure [Abstract] |
|
NOTE 11 – CONTINGENCY AND COMMITMENT |
NOTE 11
– CONTINGENCY AND COMMITMENT
On February 7, 2023 to June 7, 2023, the company has
signed joint venture agreements with I.Hart. As stated in the significant terms of agreements, joint venture will set up a new company,
and both company will make cash contribution as paid-in capital for new company, according to their ownership (will be specified in supplementary
contract later). The purpose of the joint venture is for the US market expansion. In addition, two letters of intent with I.Hart Company
was signed with the Company. The First letter of intent is to deploy its cloud-based supply chain financing fintech platform to facilitate
and generate additional cash flow from operation for both companies. The Second letter of intent is to plan the merger and share exchange
between the Company and I.Hart Company, as an external capital resource for the Company..
From February 9, 2023 to February 10, 2023,
the company has signed four letters of intent in total with I.Hart Company, Yuanzhi Branding Corp. Ltd., Taiwan Green Glow International
Ltd, and Awinn Creative Technologies Ltd. to deploy its cloud-based supply chain financing fintech platform and to offer integrated cash
flow solutions. The significant term in all four letters stated that the Company was appointed as key assistant to assist these companies
in entering the lending and financing market. Also, they will build an internationally competitive group through the Company’s investment,
merger and acquisitions or stock exchange.
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v3.23.3
NOTE 3 – Summary of Significant Accounting Policies (Policies)
|
9 Months Ended |
Sep. 30, 2023 |
Accounting Policies [Abstract] |
|
Basis of presentation |
Basis of presentation
The interim condensed financial statements have been
prepared in accordance with the generally accepted accounting principles in the United States (“U.S. GAAP”).
This basis of accounting involves the application
of accrual accounting and consequently, revenues and gains are recognized when earned, and expenses and losses are recognized when incurred.
The Company’s financial statements are expressed in U.S. dollars.
Certain amounts in last year’s financial
statements have been reclassified to conform to current year presentation. None of these reclassifications had an impact on reported financial
position or cash flows for any of the periods presented.
In the opinion of the Company’s management,
the condensed financial statements reflect all adjustments, which are normal and recurring in nature, necessary for fair financial statement
presentation.
|
Use of Estimates |
Use of Estimates
The preparation of condensed financial statements
in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date
of the condensed financial statements and the amount of revenues and expenses during the reporting periods. Management makes these estimates
using the best information available at the time the estimates are made. However, actual results could differ materially from those results.
Significant accounting estimates reflected in the Company’s condensed financial statements included the valuation of accounts receivable,
the estimated useful lives of long-term assets, the valuation of short-term investment and the valuation of deferred tax assets.
|
Cash and cash equivalents |
Cash and cash equivalents
Cash and cash equivalents include cash on hand and
deposits placed with banks or other financial institutions, which are unrestricted as to withdrawal and use and with an original maturity
of three months or less. The Company maintains its cash in bank deposit accounts. Cash accounts are guaranteed by the Federal Deposit
Insurance Corporation up to $250,000. The Company has not experienced any losses in such accounts and believes it is not exposed to any
significant credit risk on such cash.
|
Accounts Receivable and Allowance for Doubtful Accounts |
Accounts Receivable and Allowance for Doubtful
Accounts
Accounts receivable are recorded at the invoiced amount,
net of an allowance for doubtful accounts. The Company follows paragraph 310-10-50-9 of the FASB Accounting Standards Codification to
estimate the allowance for doubtful accounts. The Company performs on-going credit evaluations of its customers and adjusts credit limits
based upon payment history and the customer’s current credit worthiness, as determined by the review of their current credit information;
and determines the allowance for doubtful accounts based on historical write-off experience, customer specific facts and economic conditions.
Outstanding account balances are reviewed individually
for collectability. The allowance for doubtful accounts is the Company’s best estimate of the amount of probable credit losses in
the Company’s existing accounts receivable. Bad debt expense is included in general and administrative expenses, if any. Pursuant
to paragraph 310-10-50-2 of the FASB Accounting Standards Codification account balances are charged off against the allowance after all
means of collection have been exhausted and the potential for recovery is considered remote. The Company has adopted paragraph 310-10-50-6
of the FASB Accounting Standards Codification and determine when receivables are past due or delinquent based on how recently payments
have been received.
|
Revenue Recognition |
Revenue Recognition
The Company’s revenue recognition
policies are in compliance with ASC 606. Revenue is recognized when the promised goods or services are transferred to the customer. The
amount of revenue recognized should equal the total consideration an entity expects to receive in return for the goods or services.
Our revenues are primarily generated
by providing professional services and software products, consulting and other professional services to our clients and are billable to
our clients based on the services provided, or achieved outcomes. Revenues are primarily driven by the total value, scope, and terms of
the consulting contracts. We also engage independent contractors to supplement our revenue-generating professionals on client engagements
as needed.
We adopt a fixed fee billing arrangement
and agree to a pre-established fee in exchange for a predetermined set of professional services. We set the fees based on our estimates
of the costs and timing for completing the engagements. Our quarterly results are impacted principally by the total value, scope, and
terms of our client contracts. Our utilization rate can be affected by seasonal variations in the demand for our services from our clients.
Our income as of 09/30/2023 is from the US.
Our operating expenses include professional
fees, technology costs, software and data hosting expenses, and other office related expenses.
|
Property and Equipment |
Property and Equipment
Property and equipment are stated at cost, less accumulated
depreciation and amortization. Property and equipment are depreciated using the straight-line method over the estimated useful lives of
the assets. Leasehold and tenant improvements are amortized over the shorter of the lease term or the estimated useful lives of the assets.
The Company periodically reviews assets’ estimated useful lives based upon actual experience and expected future utilization. A
change in useful life is treated as a change in accounting estimate and is applied prospectively.
Upon retirement or disposition of property
and equipment, the cost and accumulated depreciation are removed from the accounts and any resulting gain or loss is reflected in selling,
general and administrative expenses for that period. Major additions and betterments are capitalized to the asset accounts while maintenance
and repairs, which do not improve or extend the lives of assets, are expensed as incurred.
|
Investments in Non-consolidated Entities |
Investments in Non-consolidated Entities
Investments in non-consolidated entities are
accounted for using the equity method or cost basis depending upon the level of ownership and/or the Company's ability to exercise significant
influence over the operating and financial policies of the investee. When the equity method is used, investments are recorded at original
cost and adjusted periodically to recognize the Company's proportionate share of the investees' net income or losses after the date of
investment. When net losses from an investment are accounted for under the equity method exceed its carrying amount, the investment balance
is reduced to zero and additional losses are not provided for. The Company resumes accounting for the investment under the equity method
if the entity subsequently reports net income and the Company's share of that net income exceeds the share of net losses not recognized
during the period the equity method was suspended. Investments are written down only when there is clear evidence that a decline in value
that is other than temporary has occurred.
As ASC 321 stipulated, if the investor has
less than 20% ownership, it is presumed that there is nominal influence or no significant influence over the operating and financing activities
of the investee. The Company holds 10% stock of iDrink, Taiwan, which is a private company without readily determinable fair value.
Thus, the Company carried the investment at cost For each reporting period the Company keep tracking on the qualitative factors in assessing
whether the investment is impaired. As of September 30, 2023, no impairment takes place.
For investment in Midas Touch Technology Co.
Ltd., we have 49% ownership and have significant influence on it, so we adopt equity method to recognize the investment. Due to this company
didn’t have any net assets and operation yet as of September 30, 2023, we account for it as $0.
|
Fair value measurements |
Fair value measurements
The Company applies the provisions of
ASC Subtopic 820-10, “Fair Value Measurements”, for fair value measurements of financial assets and financial liabilities
and for fair value measurements of non-financial items that are recognized or disclosed at fair value in the financial statements. ASC
820 also establishes a framework for measuring fair value and expands disclosures about fair value measurements.
Fair value is defined as the price that
would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement
date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the
Company considers the principal or most advantageous market in which it would transact and it considers assumptions that market participants
would use when pricing the asset or liability.
ASC 820 establishes a fair value hierarchy
that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value.
ASC 820 establishes three levels of inputs that may be used to measure fair value. The hierarchy gives the highest priority to unadjusted
quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to measurements involving
significant unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows:
Level 1 inputs to the
valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.
Level 2 inputs to the
valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the
assets or liability, either directly or indirectly, for substantially the full term of the financial instruments.
Level 3 inputs to
the valuation methodology are unobservable and significant to the fair value.
|
Income Taxes |
Income Taxes
The Company accounts for income taxes in accordance
with ASC 740, Income Taxes, which requires that the Company recognize deferred tax liabilities and assets based on the differences
between the financial statement carrying amounts and the tax basis of assets and liabilities, using enacted tax rates in effect in the
years the differences are expected to reverse. Deferred income tax benefit (expense) results from the change in net deferred tax assets
or deferred tax liabilities. A valuation allowance is recorded when, in the opinion of management, it is more likely than not that some
or all of any deferred tax assets will not be realized.
The Company adopted ASC 740-10-25, Income Taxes- Overall-Recognition,
on January 1, 2007, which provides criteria for the recognition, measurement, presentation and disclosure of uncertain tax position. The
Company must recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be
sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the
financial statements from such a position are measured based on the largest benefit that has a greater than 50% likelihood of being realized
upon ultimate resolution. The Company did not recognize any additional liabilities for uncertain tax positions as a result of the implementation
of ASC 740-10-25.
On December 22, 2017, the Tax Cuts and Jobs Act (the
“Tax Act”) was enacted by the U.S. government which included a wide range of tax reform affecting businesses including the
corporate tax rates, international tax provisions, tax credits and deduction with majority of the tax provision effective after December
31, 2017.
The Coronavirus Aid, Relief and Economy Security (CARES)
Act (“the CARES Act, H.R. 748”) was signed into law on 27 March 2020. The CARES Act temporarily eliminates the 80% taxable
income limitation (as enacted under the Tax Cuts and Jobs Act of 2017) for NOL deductions for 2018-2020 tax years and reinstated NOL carrybacks
for the 2018-2020 tax years. Moreover, the CARES Act also temporarily increases the business interest deduction limitations from 30% to
50% of adjusted taxable income for the 2019 and 2020 taxable year. Lastly, the Tax Act technical correction classifies qualified improvement
property as 15-year recovery period, allowing the bonus depreciation deduction to be claimed for such property retroactively as if it
was included in the Tax Act at the time of enactment.
The Company accounts for an unrecognized tax benefit
from an uncertain tax position only if it is more likely than not that the tax position will be sustained upon examination by the tax
authorities.
|
Earnings per Share |
Earnings per Share
The Company calculates its basic and diluted earnings
per share in accordance with ASC 260. Basic earnings per share are calculated by dividing net income by the weighted average number of
common shares outstanding for the period. Diluted earnings per share are calculated by adjusting the weighted average outstanding shares
to assume conversion. For the nine months ended September 30, 2023 and 2022, the difference between numbers of basic and diluted shares
of common stock is due to effect of convertible promissory note hypothetical conversion.
On July 3, 2023, the Board of Directors authorized
the submission of a Certificate of Change/Amendment to the Nevada Secretary of State in which the Company sought to affect a reverse split
of its common stock at the rate of 1 for 10 for the purpose of increasing the per share price for the Company’s stock in an effort
to attract future investors who might otherwise shy away from a good company because of its low stock price.
The reverse split of SUIC Worldwide Holdings
Ltd. (the “Company”) common stock at a ratio of 1 for 10, has been declared effective by FINRA with a Daily List Announcement
Date of July 24, 2023, and a Market Effective Date of July 25, 2023. A “D” will be placed on the Company’s ticker symbol
for 20 business days after the Market Effective Date. After 20 business days, the symbol will revert back to the original symbol (SUIC).
Upon the reverse split became effective, the company revised its outstanding shares and recalculated EPS.
Thus, as of September 30, 2023, in consideration of
months fraction factor, the basic weight average shares outstanding is 20,939,753 and diluted weight average shares outstanding is 307,939,753.
|
Recently Issued Accounting Pronouncements |
Recently Issued Accounting Pronouncements
The SEC has provided in the Bulletin that in situations
where the accounting is incomplete for certain effects of the Tax Act, a measurement period which begins in the reporting period that
includes the enactment of the Tax Act and ends when the entity has obtained, prepared and analyzed the information is needed in order
to complete the accounting requirements. The measurement period shall not exceed one year from enactment.
In June 2016, the FASB issued ASU No. 2016-13, Measurement
of Credit Losses on Financial Instruments, which provides guidance for recognizing credit losses on financial instruments based on
an estimate of current expected credit losses model. The standard was effective for the Company beginning January 1, 2023, and the
adoption of this guidance did not have a significant impact on the consolidated financial statements and related disclosures.
In February 2018, the FASB issued ASU 2018-02, “Income
Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income,”
which allows a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from
the Tax Cuts and Jobs Act. This guidance is effective for all entities for fiscal years, and interim periods within those years, beginning
after December 15, 2018, with early adoption permitted. The amendments in ASU 2018-02 should be applied either in the period of adoption
or retrospectively to each period in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Cuts and
Jobs Act is recognized. The adoption of this guidance is not expected to have a material impact on the Company's Financial Statements
and related disclosures.
Management does not believe that any recently issued,
but not yet effective accounting pronouncements, when adopted, will have a material effect on the accompanying financial statements.
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v3.23.3
NOTE 7 – Income Taxes (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Income Tax Disclosure [Abstract] |
|
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] |
| |
September 30, | |
December 31, |
| |
2023 | |
2022 |
Deferred Tax Asset | |
| 204,567 | | |
| 215,705 | |
| |
| | | |
| | |
Valuation Allowance | |
| (204,567 | ) | |
| (215,705 | ) |
| |
| | | |
| | |
Deferred Tax Asset (Net) | |
$ | — | | |
$ | — | |
|
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] |
| |
| |
|
| |
Nine Months Ended September 30, |
| |
2023 | |
2022 |
Pre-tax income(loss) | |
$ | 53,042 | | |
$ | 37,054 | |
U.S. federal corporate income tax rate | |
| 21 | % | |
| 21 | % |
Expected U.S. income tax expense(credit) | |
| 11,138 | | |
| 7,781 | |
Change of valuation allowance | |
| (11,138 | ) | |
| (7,781 | ) |
Effective tax expense | |
$ | — | | |
$ | — | |
|
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v3.23.3
NOTE 2 – Going Concern (Details Narrative) - USD ($)
|
Sep. 30, 2023 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Dec. 31, 2022 |
Sep. 30, 2022 |
Jun. 30, 2022 |
Mar. 31, 2022 |
Dec. 31, 2021 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
|
|
|
|
|
|
|
Banking Regulation, Total Capital, Actual |
$ 122,698
|
|
|
|
|
|
|
|
Retained Earnings (Accumulated Deficit) |
(1,686,779)
|
|
|
$ (1,739,820)
|
|
|
|
|
Equity, Attributable to Parent |
$ (5,544)
|
$ (11,343)
|
$ (16,210)
|
$ (58,585)
|
$ (19,114)
|
$ (50,280)
|
$ (60,927)
|
$ (56,167)
|
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v3.23.3
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- DefinitionAmount due from parties in nontrade transactions, classified as other.
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v3.23.3
Reconciliation of provision for income taxes to effective income tax rate (Details) - USD ($)
|
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Income Tax Disclosure [Abstract] |
|
|
|
|
Pre-tax income(loss) |
$ 5,799
|
$ 31,167
|
$ 53,042
|
$ 37,054
|
U.S. federal corporate income tax rate |
|
|
21.00%
|
21.00%
|
Expected U.S. income tax expense(credit) |
|
|
$ 11,138
|
$ 7,781
|
Change of valuation allowance |
|
|
(11,138)
|
(7,781)
|
Effective tax expense |
|
|
|
|
X |
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- DefinitionAmount of operating loss carryforward, before tax effects, available to reduce future taxable income under enacted tax laws.
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v3.23.3
NOTE 9 –Related Party Transactions (Details Narrative) - USD ($)
|
3 Months Ended |
9 Months Ended |
|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2022 |
Related Party Transactions [Abstract] |
|
|
|
|
|
[custom:InterestExpenseRelatedParty1] |
$ 4,953
|
$ 4,953
|
$ 15,116
|
$ 14,697
|
|
Loans Payable |
459,734
|
|
459,734
|
|
|
Short-Term Debt |
172,734
|
|
172,734
|
|
$ 172,734
|
[custom:ConvertibleDebtCurrent1-0] |
287,000
|
|
287,000
|
|
|
Interest Payable, Current |
$ 86,231
|
|
86,231
|
|
|
[custom:CompensationDueToOfficers] |
|
|
$ 3,000
|
|
|
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