| SEGMENT REPORTING |
17.
SEGMENT REPORTING
ASC
280, “Segment Reporting” establishes standards for reporting information about operating segments on a basis consistent with
the Company’s internal organization structure as well as information about services categories, business segments and major customers
in financial statements. The Company has three reportable segments based on business unit, Payment Processing (Fintech),
Regulatory Technology (RegTech) and Robotic Process Automation (RPA) businesses and two reportable segments based on country, Malaysia
and Non-Malaysia.
The
Company adopted the ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures”, which expands
annual and interim disclosure requirements for reportable segments, primarily through enhanced disclosures about significant segment
expenses.
In
accordance with the “Segment Reporting” Topic of the ASC, the Company’s chief operating decision maker has been identified
as the Chief Executive Officer and President, who reviews operating results to make decisions about allocating resources and assessing
performance for the entire Company. Existing guidance, which is based on a management approach to segment reporting, establishes requirements
to report selected segment information quarterly and to report annually entity-wide disclosures about products and services, major customers,
and the countries in which the entity holds material assets and reports revenue. All material operating units qualify for aggregation
under “Segment Reporting” due to their similar customer base and similarities in economic characteristics; nature of products
and services; and procurement, manufacturing and distribution processes.
| | |
For the Three Months Ended and As
of March 31, 2026 | |
| By Business Unit | |
Fintech | | |
Regtech | | |
RPA | | |
Total | |
| Revenue | |
$ | 575,630 | | |
$ | 570,405 | | |
$ | 129,487 | | |
$ | 1,275,522 | |
| | |
| | | |
| | | |
| | | |
| | |
| Cost of revenue | |
| (319,372 | ) | |
| (439,109 | ) | |
| (176,275 | ) | |
| (934,756 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Gross profit | |
$ | 256,258 | | |
$ | 131,296 | | |
$ | (46,788 | ) | |
$ | 340,766 | |
| | |
| | | |
| | | |
| | | |
| | |
| Share of loss from operation of associate | |
| - | | |
| (74 | ) | |
| - | | |
| (74 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Selling, general and administrative expenses and other income | |
| (144,751 | ) | |
| (236,582 | ) | |
| (124,517 | ) | |
| (505,850 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Income/(loss) from operations | |
$ | 111,507 | | |
$ | (105,360 | ) | |
$ | (171,305 | ) | |
$ | (165,158 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Total assets | |
$ | 1,379,070 | | |
$ | 2,253,965 | | |
$ | 1,186,297 | | |
$ | 4,819,332 | |
| Capital expenditure | |
$ | 33 | | |
$ | 53 | | |
$ | 28 | | |
$ | 114 | |
| | |
For the Three Months Ended and As
of March 31, 2026 | |
| By Country | |
Malaysia | | |
Non-Malaysia | | |
Total | |
| Revenue | |
$ | 1,275,522 | | |
$ | - | | |
$ | 1,275,522 | |
| | |
| | | |
| | | |
| | |
| Cost of revenue | |
| (934,756 | ) | |
| - | | |
| (934,756 | ) |
| | |
| | | |
| | | |
| | |
| Gross profit | |
$ | 340,766 | | |
$ | - | | |
$ | 340,766 | |
| | |
| | | |
| | | |
| | |
| Share of loss from operation of associate | |
| (74 | ) | |
| - | | |
| (74 | ) |
| | |
| | | |
| | | |
| | |
| Selling, general and administrative expenses and other income | |
| (406,400 | ) | |
| (99,450 | ) | |
| (505,850 | ) |
| | |
| | | |
| | | |
| | |
| Loss from operations | |
$ | (65,708 | ) | |
$ | (99,450 | ) | |
$ | (165,158 | ) |
| | |
| | | |
| | | |
| | |
| Total assets | |
$ | 4,794,768 | | |
$ | 24,564 | | |
$ | 4,819,332 | |
| Capital expenditure | |
$ | 114 | | |
$ | - | | |
$ | 114 | |
| | |
For the Three Months Ended and As of March 31, 2025 | |
| By Business Unit | |
Fintech | | |
Regtech | | |
RPA | | |
Total | |
| Revenue | |
$ | 157,413 | | |
$ | 402,601 | | |
$ | 61,165 | | |
$ | 621,179 | |
| | |
| | | |
| | | |
| | | |
| | |
| Cost of revenue | |
| (196,674 | ) | |
| (290,298 | ) | |
| (141,120 | ) | |
| (628,092 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Gross loss | |
$ | (39,261 | ) | |
$ | 112,303 | | |
$ | (79,955 | ) | |
$ | (6,913 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Share of loss from operation of associate | |
| - | | |
| (1 | ) | |
| - | | |
| (1 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Selling, general and administrative expenses and other income | |
| (124,038 | ) | |
| (238,721 | ) | |
| (119,790 | ) | |
| (482,549 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Loss from operations | |
$ | (163,299 | ) | |
$ | (126,419 | ) | |
$ | (199,745 | ) | |
$ | (489,463 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Total assets | |
$ | 1,004,608 | | |
$ | 1,933,441 | | |
$ | 970,202 | | |
$ | 3,908,251 | |
| Capital expenditure | |
$ | 4,179 | | |
$ | 8,043 | | |
$ | 4,036 | | |
$ | 16,258 | |
| | |
For the Three Months Ended and As of March 31, 2025 | |
| By Country | |
Malaysia | | |
Non-Malaysia | | |
Total | |
| Revenue | |
$ | 621,179 | | |
$ | - | | |
$ | 621,179 | |
| | |
| | | |
| | | |
| | |
| Cost of revenue | |
| (628,092 | ) | |
| - | | |
| (628,092 | ) |
| | |
| | | |
| | | |
| | |
| Gross loss | |
$ | (6,913 | ) | |
$ | - | | |
$ | (6,913 | ) |
| | |
| | | |
| | | |
| | |
| Share of loss from operation of associate | |
| (1 | ) | |
| - | | |
| (1 | ) |
| | |
| | | |
| | | |
| | |
| Selling, general and administrative expenses and other income | |
| (364,643 | ) | |
| (117,906 | ) | |
| (482,549 | ) |
| | |
| | | |
| | | |
| | |
| Loss from operations | |
$ | (371,557 | ) | |
$ | (117,906 | ) | |
$ | (489,463 | ) |
| | |
| | | |
| | | |
| | |
| Total assets | |
$ | 3,876,424 | | |
$ | 31,827 | | |
$ | 3,908,251 | |
| Capital expenditure | |
$ | 16,258 | | |
$ | - | | |
$ | 16,258 | |
|