Washington, D.C. 20549
Indicate by check mark if the registrant is a well-known seasoned
issuer, as defined in Rule 405 of the Securities Act. ☐ Yes
☒
No
Indicate by check mark if the registrant is not required
to file reports pursuant to Section 13 or Section 15(d) of the Act. ☐ Yes
☒
No
Indicate by check mark whether the registrant (1) has filed
all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter period
that the registrant was required to file such reports), and (2) has been subject to such filing requirement for the past 90 days.
☒
Yes ☐ No
Indicate by check mark whether the registrant has submitted
electronically and posted on its corporate Website, if any, every Interactive Data File required to be submitted and posted pursuant
to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the
registrant was required to submit and post such files). ☐ Yes
☒
No
Indicate by check mark if disclosure of delinquent filers pursuant
to Item 405 of Regulation S-K (§229.405 of this chapter) is not contained herein, and will not be contained, to the best of
the registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form
10-K or any amendment to this Form10-K □ 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 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 Exchange Act). ☐ Yes
☒
No.
The aggregate market value of voting stock
held by non-affiliates of the registrant as of June 30, 2017 was approximately $3,003,181 (based upon a closing price of $2.39
per share, as reported on OTC Markets). As of December 31, 2017, there were 3,583,175 shares of the registrant’s common stock
outstanding.
List hereunder the following documents
if incorporated by reference and the Part of the Form 10-K (e.g., Part I, Part II, etc.) into which the document is incorporated:
(1) Any annual report to security holders; (2) Any proxy or information statement; and (3) Any prospectus filed pursuant to Rule
424(b) or (c) under the Securities Act of 1933.
This Amendment No. 2 to the Annual Report on Form 10-K is being made to restate the 2017 Consolidated
Financial Statements to
correct various misstatements. Also, the Item 1 of Part I and Items 5, 7 and 14 of Part II are
revised. No other changes have been made to the Form 10-K, as originally filed on May 17, 2018.
The information contained in this Report
includes some statements that are not purely historical and that are “forward-looking statements” within the meaning
of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”), and as such, may involve risks and uncertainties. These forward-looking
statements relate to, among other things, expectations of the business environment in which we operate, perceived opportunities
in the market and statements regarding our mission and vision. In addition, any statements that refer to projections, forecasts
or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements.
You can generally identify forward-looking statements as statements containing the words “anticipates,” “believes,”
“continue,” “could,” “estimates,” “expects,” “intends,” “may,”
“might,” “plans,” “possible,” “potential,” “predicts,” “projects,”
“seeks,” “should,” “will,” “would” and similar expressions, or the negatives of
such terms, but the absence of these words does not mean that a statement is not forward-looking.
Forward-looking statements involve risks
and uncertainties that could cause actual results or outcomes to differ materially from those expressed in the forward-looking
statements. The forward-looking statements contained herein are based on various assumptions, many of which are based, in turn,
upon further assumptions. Our expectations, beliefs and forward-looking statements are expressed in good faith on the basis of
management’s views and assumptions as of the time the statements are made, but there can be no assurance that management’s
expectations, beliefs or projections will result or be achieved or accomplished. We disclaim any obligation to update forward-looking
statements to reflect events or circumstances after the date hereof.
Note: There was a 1-for-100 reverse stock split of the Company’s
common stock effective on June 8, 2017.
NOTES TO THE
CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2017
AND 2016
(Currency expressed in United States
Dollars (“US$”), except for number of shares)
Note 1. Nature of Operations
IGS Capital Group Limited ("IGS",
or "the Company", or "we", or "us"), formerly known as Sancon Resources Recovery, Inc., is registered
in the State of Nevada.
On April 26, 2017, the Company filed a
certificate of amendment to its articles of incorporation with the Secretary of State of the State of Nevada (the “Amendment”)
changing the Company’s name from “Sancon Resources Recovery, Inc.” to “IGS Capital Group Limited”.
The name change became effective with FINRA on June 8, 2017.
On April 26, 2017, the Company filed a
certificate of change with the Secretary of State of Nevada to effectuate a reverse stock split (the “Stock Split”)
of its issued and outstanding shares of common stock on a 1-for-100 basis. The number of its authorized shares of common stock
will remain at 500,000,000 shares, par value $0.001. The Stock Split became effective with FINRA on June 8, 2017 (the “Effective
Date”). As of that date, every 100 shares of issued and outstanding common stock were converted into one share of common
stock. No fractional shares will be issued in connection with the Stock Split. Instead, any fractional shares will be rounded
up to the next whole share and a holder of record of old common stock on the Effective Date who would otherwise be entitled to
a fraction of a share will, in lieu thereof, be issued one whole share.
On June 21, 2017, the Company purchased
all of the issued and outstanding capital stock of Speed Power Holdings Co. Ltd., a Hong Kong company (“Speed Power”)
from the major shareholder of the Company, Pontoon Boat Inc. for a purchase price of HK$100 and Speed Power became a wholly-owned
subsidiary of the Company.
On or about June 29, 2017, the Company’s
shares of common stock began trading on the OTCQB Marketplace under the symbol “IGSC” to reflect the Company’s
new name.
On August
22, 2017, the Company and Tan Kok Beng (the “Seller”), entered into a Sale and Purchase Agreement (the "Agreement").
The Seller is the owner of all of the issued and outstanding capital stock (the “Stock”) of IGS Mart SDN BHD, a Malaysia
company (“IGS Mart”). Pursuant to the Agreement, the Company purchased the Stock from the Seller for a purchase price
of US$60,000. On completion of the transaction on September 16, 2017, IGS Mart became a wholly-owned subsidiary of the Company.
IGS Mart is a company incorporated in Malaysia
on June 2, 2017. It currently operates one convenient store named Like Mart at G-3A Tiara Mutiara 139, Jalan Puchong, 58200 Kuala
Lumpur, Malaysia. IGS Mart intends to open an additional 5 convenient stores in Malaysia over the next 15 months. Although there
is no assurance of success, the Company believes that there is a good opportunity for expansion of many more outlets after the
brand is established.
Description of subsidiaries
|
Name
|
|
Place of incorporation and kind of legal
entity
|
|
Principal activities and place of operation
|
|
Particulars of
issued/registered share capital
|
|
Effective interest held
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Speed Power Holdings Co. Ltd.
|
|
Hong Kong
|
|
Corporate administration
|
|
100 ordinary shares for HK$100
|
|
|
100%
|
|
|
IGS Mart SDN BHD
|
|
Malaysia
|
|
Operation of convenient store
|
|
100 ordinary shares for MYR100
|
|
|
100%
|
|
Note 2. Restatement of Previously
Issued Consolidated Financial Statements
The Company has restated its audited consolidated
financial statements for the year ended December 31, 2017 for the matters described below.
During the quarter ended 31 March 2018,
the Company discovered that the investment in a subsidiary were incorrectly omitted from its accounting records. The consolidated
financial statements for the year ended December 31, 2017 have been restated to correct this error.
The effects of these restatement adjustments
on (i) the Company’s Consolidated Balance Sheet at December 31, 2017, (ii) the Company’s Consolidated Statements of
Operation for the year ended December 31, 2017, (iii) the Company’s Consolidated Statements of Stockholders’ Equity
for the year ended December 31, 2017 and (iv) the Company’s Consolidated Statement of Cash Flows for the year ended December
31, 2017 are presented below:
The following table presents the Consolidated
Statement of Operations as previously reported, restatement adjustments and the consolidated statement of operations as restated
for the year ended December 31, 2017:
|
|
|
|
|
|
Adjustment
|
|
|
|
|
|
|
|
As Previously Reported
|
|
|
Written off of goodwill
|
|
|
Post-acquisition of a subsidiary
|
|
|
As Restated
|
|
|
|
|
US$
|
|
|
US$
|
|
|
US$
|
|
|
US$
|
|
|
Written off of goodwill
|
|
|
75,948
|
|
|
|
3,011
|
|
|
|
–
|
|
|
|
78,959
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating loss
|
|
|
(272,225
|
)
|
|
|
(3,011
|
)
|
|
|
–
|
|
|
|
(275,236
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income
|
|
|
27,810
|
|
|
|
–
|
|
|
|
87,929
|
|
|
|
115,739
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
|
(247,265
|
)
|
|
|
(3,011
|
)
|
|
|
87,929
|
|
|
|
(162,347
|
)
|
The following table presents the Consolidated
Balance Sheet as previously reported, restatement adjustments and the consolidated statement of balance sheet as restated as at
December 31, 2017:
|
|
|
|
|
|
Adjustment
|
|
|
|
|
|
|
|
As Previously Reported
|
|
|
Written off of share option reserves
|
|
|
Written off of goodwill
|
|
|
Post-acquisition of a subsidiary
|
|
|
As Restated
|
|
|
|
|
US$
|
|
|
US$
|
|
|
US$
|
|
|
US$
|
|
|
US$
|
|
|
Cash and cash equivalents
|
|
|
13,224
|
|
|
|
–
|
|
|
|
–
|
|
|
|
315,195
|
|
|
|
328,419
|
|
|
Due from related parties
|
|
|
414,499
|
|
|
|
–
|
|
|
|
–
|
|
|
|
(298,778
|
)
|
|
|
115,721
|
|
|
Other receivables
|
|
|
4,361
|
|
|
|
–
|
|
|
|
–
|
|
|
|
(13
|
)
|
|
|
4,348
|
|
|
Deposit for potential investment
|
|
|
–
|
|
|
|
–
|
|
|
|
–
|
|
|
|
348,718
|
|
|
|
348,718
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
|
502,981
|
|
|
|
–
|
|
|
|
–
|
|
|
|
365,122
|
|
|
|
868,103
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Due to related parties
|
|
|
84,780
|
|
|
|
–
|
|
|
|
–
|
|
|
|
42,865
|
|
|
|
127,645
|
|
|
Common stock to be subscribed
|
|
|
–
|
|
|
|
–
|
|
|
|
–
|
|
|
|
326,354
|
|
|
|
326,354
|
|
|
Share option reserves
|
|
|
89,015
|
|
|
|
(89,015
|
)
|
|
|
–
|
|
|
|
–
|
|
|
|
–
|
|
|
Accumulated losses
|
|
|
(1,466,551
|
)
|
|
|
–
|
|
|
|
(3,011
|
)
|
|
|
87,929
|
|
|
|
(1,381,633
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and stockholders’ equity
|
|
|
502,981
|
|
|
|
(89,015
|
)
|
|
|
(3,011
|
)
|
|
|
457,148
|
|
|
|
868,103
|
|
Note
3. Summary
of Significant Accounting Policies
Basis of Presentation
These accompanying consolidated financial
statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S.
GAAP”).
Use of Estimates
These consolidated financial statements
are prepared in accordance with accounting principles accepted generally in the USA. These principles require management to use
its best judgment in determining estimates and assumptions that: affect the reported amounts of assets and liabilities; 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. Management makes its best estimate of the ultimate outcome for such items based on historical trends
and other information available when the financial statements are prepared. Changes in estimates are recognized in accordance with
the relevant accounting rules, typically in the period when new information becomes available to management. Actual results in
the future could differ from the estimates made in the prior and current periods.
Basis of Consolidation
The consolidated financial statements include
the financial statements of the Company and its subsidiaries. All significant inter-company balances and transactions within the
Company have been eliminated upon consolidation.
Net Loss Per Share
The Company calculates net loss per share
in accordance with ASC Topic 260, “Earnings per Share.” Basic income per share is computed by dividing the net income
by the weighted-average number of common shares outstanding during the period. Diluted income per share is computed similar to
basic income per share except that the denominator is increased to include the number of additional common shares that would have
been outstanding if the potential common stock equivalents had been issued and if the additional common shares were dilutive.
Fair Value of Financial Instruments
The Company’s financial instruments
consist primarily of accounts payable and accrued expenses. The carrying amounts of such financial instruments approximate their
respective estimated fair value due to the short-term maturities and approximate market interest rates of these instruments.
Management believes, based on the current
market prices or interest rates for similar debt instruments, the fair value of short-term bank borrowings and note payable approximate
the carrying amount.
The Company also follows the guidance of
the ASC Topic 820-10, “Fair Value Measurements and Disclosures” (“ASC 820-10”), with respect to financial
assets and liabilities that are measured at fair value. ASC 820-10 establishes a three-tier fair value hierarchy that prioritizes
the inputs used in measuring fair value as follows:
|
•
|
Level 1
: Inputs are based upon unadjusted quoted prices for identical instruments traded in active markets;
|
|
•
|
Level 2 :
Inputs are based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques (e.g. Black-Scholes Option-Pricing model) for which all significant inputs are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Where applicable, these models project future cash flows and discount the future amounts to a present value using market-based observable inputs; and
|
|
•
|
Level 3
: Inputs are generally unobservable and typically reflect management’s estimates of assumptions that market participants would use in pricing the asset or liability. The fair values are therefore determined using model-based techniques, including option pricing models and discounted cash flow models.
|
Fair value estimates are made at a specific
point in time based on relevant market information about the financial instrument. These estimates are subjective in nature and
involve uncertainties and matters of significant judgment and, therefore, cannot be determined with precision. Changes in assumptions
could significantly affect the estimates.
Cash and Cash Equivalent
Cash and cash equivalents consist primarily
of cash in readily available checking and saving accounts. Cash equivalents consist of highly liquid investments that are readily
convertible to cash and that mature within three months or less from the date of purchase. The carrying amounts approximate fair
value due to the short maturities of these instruments.
Inventories
Inventories are
stated at the lower of cost or market value (net realizable value), cost being determined on a weighted average method. The
Company provides inventory allowances based on excess and obsolete inventories determined principally by customer demand. As
of December 31, 2017, the Company did not record an allowance for obsolete inventories, nor have there been any
write-offs.
Property, Plant and Equipment
Property, plant and equipment are stated
at cost less accumulated depreciation and accumulated impairment losses, if any. Depreciation is calculated on the straight-line
basis over the following expected useful lives from the date on which they become fully operational and after taking into account
their estimated residual values:
|
|
|
|
|
Expected useful life
|
|
Leasehold improvement
|
|
|
|
10 years
|
|
Furniture, fixture and equipment
|
|
|
|
10 years
|
|
Computer and software
|
|
|
|
10 years
|
Expenditure for repairs and maintenance
is expensed as incurred. When assets have retired or sold, the cost and related accumulated depreciation are removed from the accounts
and any resulting gain or loss is recognized in the results of operations.
Depreciation expenses for the years ended
December 31, 2017 and 2016 was $2,877 and $0, respectively.
Impairment of long-lived assets
In accordance with the provisions of ASC
Topic 360, “Impairment or Disposal of Long-Lived Assets”, all long-lived assets such as property, plant and equipment
held and used by the Company are reviewed for impairment whenever events or changes in circumstances indicate that the carrying
amount of an asset may not be recoverable. Recoverability of assets to be held and used is evaluated by a comparison of the carrying
amount of an asset to its estimated future undiscounted cash flows expected to be generated by the asset. If such assets are considered
to be impaired, the impairment to be recognized is measured by the amount by which the carrying amounts of the assets exceed the
fair value of the assets. There has been no impairment charge for the year ended December 31, 2017.
Revenue
The Company recognizes its revenue in accordance
with the ASC Topic 605, “Revenue Recognition”. Revenue is recognized when persuasive evidence of an arrangement exists,
delivery has occurred, the sales price is fixed or determinable, and collectability is reasonably assured. The recognition of revenues
involves certain management judgments. The amount and timing of our revenues could be materially different for any period if management
made different judgments or utilized different estimates.
Revenue is measured at the fair value of
the consideration received or receivable, net of discounts and taxes applicable to the revenue.
Cost of revenue
Cost of revenue consists primarily of purchase
of stock which are directly attributable to the operation of convenient store.
Income Taxes
Income taxes are determined in accordance with the provisions
of ASC Topic 740, “Income Taxes” (“ASC 740”). Under this method, deferred tax assets and liabilities are
recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing
assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted income tax
rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled.
Any effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes
the enactment date.
ASC 740 prescribes a comprehensive model for how companies should
recognize, measure, present, and disclose in their financial statements uncertain tax positions taken or expected to be taken on
a tax return. Under ASC 740, tax positions must initially be recognized in the financial statements when it is more likely than
not the position will be sustained upon examination by the tax authorities. Such tax positions must initially and subsequently
be measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement
with the tax authority assuming full knowledge of the position and relevant facts.
For the years ended December 31, 2017 and
2016, the Company did not have any interest and penalties associated with tax positions. As of December 31, 2017 and 2016, the
Company did not have any significant unrecognized uncertain tax positions.
Foreign currencies translation
The accompanying consolidated
financial statements are presented in U.S. dollars ("USD"). The Company's wholly owned subsidiary (
Speed
Power’s) functional currency is the Hong Kong Dollar (“HKD”).
The Company's wholly owned subsidiary
(IGS Mart’s) functional currency is the Malaysian Ringgit (“MYR”). The financial statements are translated
into USD in accordance with Codification ASC 830, “Foreign Currency Matters”. All assets and liabilities were
translated at the current exchange rate, at respective balance sheet dates, shareholders' equity is translated at the
historical rates and income statement items are translated at the average exchange rate for the reporting periods. The
resulting translation adjustments are reported as other comprehensive income and accumulated other comprehensive income in
the shareholders' equity in accordance with Codification ASC 220, “Comprehensive Income”.
Translation gains and losses that arise
from exchange rate fluctuations from transactions denominated in a currency other than the functional currency are translated into
USD at the rate on the date of the transaction and included in the results of operations as incurred. There were no material transaction
gains or losses in the periods presented.
Translation of amounts from the local currency
of the Company into US$1 has been made at the following exchange rates for the respective periods:
|
|
|
As of and for the year ended December 31,
|
|
|
|
|
2017
|
|
|
2016
|
|
|
Year-end MYR : US$1 exchange rate
|
|
|
3.9746
|
|
|
|
–
|
|
|
Year-end HKD: US$1 exchange rate
|
|
|
7.8
|
|
|
|
–
|
|
|
Year-average MYR : US$1 exchange rate
|
|
|
3.9746
|
|
|
|
–
|
|
|
Year-average HKD: US$1 exchange rate
|
|
|
7.8
|
|
|
|
–
|
|
Related parties
Parties, which can be a corporation or individual, are
considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant
influence over the other party in making financial and operating decisions. Companies are also considered to be related if they
are subject to common control or common significant influence.
Recent pronouncements
In May 2014, the Financial Accounting Standards
Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers. The standard provides companies with a single model for accounting for revenue arising from contracts with customers and supersedes
current revenue recognition guidance, including industry-specific revenue guidance. The core principle of the model is to recognize
revenue when control of the goods or services transfers to the customer, as opposed to recognizing revenue when the risks and rewards
transfer to the customer under the existing revenue guidance. The guidance permits companies to either apply the requirements retrospectively
to all prior periods presented, or apply the requirements in the year of adoption, through a cumulative adjustment. In August 2015,
the FASB issued ASU 2015-14, Deferral of the Effective Date, which defers the required adoption date of ASU 2014-09 by one year.
As a result of the deferred effective date, ASU 2014-09 will be effective for the Company in its first quarter of fiscal 2018.
Early adoption is permitted but not before the original effective date of the new standard of the first quarter of fiscal 2017.
The following ASUs were subsequently issued by the FASB to clarify the implementation guidance in some areas and add practical
expedients: In March 2016, ASU 2016-08, Revenue from Contracts with Customers: Principal versus Agent Considerations; in April
2016, ASU 2016-10, Revenue from Contracts with Customers: Identifying Performance Obligations and Licensing; in May 2016, ASU 2016-12,
Revenue from Contracts with Customers: Narrow Scope Improvements and Practical Expedients; and in December 2016, ASU 2016-20, Technical
Corrections and Improvements to Revenue from Contracts with Customers. The Company’s is currently finalizing its evaluation
of standard product sales arrangements and has identified an adoption impact related to revenue from certain distributor agreements
which was deferred until the period in which the distributor sells through the inventory to the end customer. In connection with
the adoption of ASU 2014-09, the Company will change the recognition of sales to these distributors whereby revenue will be estimated
and recognized in the period in which the Company transfers control of the product to the distributor; the adoption impact is not
expected to be material. Other than this impact, the Company has not identified any expected impact on the timing and measurement
of revenue for standard product sales arrangements from the adoption of the standard and the Company is currently formalizing its
final conclusions.
In February 2016, the FASB issued ASU No.
2016-02, Leases. The standard requires that a lessee recognize the assets and liabilities that arise from operating leases. A
lessee should recognize in its balance sheet a liability to make lease payments (the lease liability) and a right-of-use asset
representing its right to use the underlying asset for the lease term. For leases with a term of 12 months or less, a lessee is
permitted to make an accounting policy election by class of underlying asset not to recognize lease assets and lease liabilities.
In transition, lessees and lessors are required to recognize and measure leases at the beginning of the earliest period presented
using a modified retrospective approach. The guidance in ASU 2016-02 is effective for annual and interim reporting periods beginning
after December 15, 2018.
In March 2016, the FASB issued ASU No.
2016-09, Improvements to Employee Share-Based Payment Accounting, which changes the accounting for employee share-based payments,
including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification in
the statement of cash flows. Under the new guidance, excess tax benefits associated with share-based payment awards will be recognized
in the income statement when the awards vest or settle, rather than in stockholders’ equity. In addition, it will increase
the number of shares an employer can withhold to cover income taxes on share-based payment awards and still qualify for the exemption
to liability classification. The guidance was effective for the Company in the first quarter of 2017.
In November 2016, the FASB issued ASU No.
2016-18, Statement of Cash Flows - Restricted Cash, which requires entities to show the changes in the total of cash, cash equivalents,
restricted cash and restricted cash equivalents in the statement of cash flows. The guidance will be effective for the Company
in its first quarter of fiscal 2018. Early adoption is permitted, including adoption in an interim period, but any adjustments
must be reflected as of the beginning of the fiscal year that includes that interim period. The new standard must be adopted retrospectively.
In January 2017, the FASB issued ASU No.
2017-04, Intangibles - Goodwill and Other, which eliminates step two of the quantitative goodwill impairment test. Step two required
determination of the implied fair value of a reporting unit, and then a comparison of this implied fair value with the carrying
amount of goodwill for the reporting unit, in order to determine any goodwill impairment. Under the new guidance, an entity is
only required to complete a one-step quantitative test, by comparing the fair value of a reporting unit with its carrying amount,
and any goodwill impairment charge is determined by the amount by which the carrying amount exceeds the reporting unit’s
fair value. However, the loss should not exceed the total amount of goodwill allocated to the reporting unit. The standard is effective
for the Company in the first quarter of 2020, with early adoption permitted as of January 1, 2017, and is to be applied on a prospective
basis.
In March 2017, the FASB issued ASU No.
2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost, which changes how
employers that sponsor defined benefit pension or other postretirement benefit plans present the net periodic benefit cost in the
statement of operations. The new guidance requires entities to report the service cost component in the same line item or items
as other compensation costs. The other components of net benefit cost are required to be presented in the statement of operations
separately from the service cost component and outside the subtotal of loss from operations. ASU 2017-07 also provides that only
the service cost component is eligible for capitalization. The standard is effective for the Company in the first quarter of 2018,
with adoption to be applied on a retrospective basis.
In May 2017, the FASB issued ASU No. 2017-09,
Compensation-Stock Compensation: Scope of Modification Accounting, which provides clarification on when modification accounting
should be used for changes to the terms or conditions of a share-based payment award. This ASU does not change the accounting for
modifications but clarifies that modification accounting guidance should only be applied if there is a change to the value, vesting
conditions or award classification and would not be required if the changes are considered non-substantive. The amendments of this
ASU are effective for the Company in the first quarter of 2018, with early adoption permitted.
In August 2017, the FASB issued ASU No.
2017-12, Derivatives and Hedging - Targeted Improvements to Accounting for Hedging Activities, which modifies the presentation
and disclosure of hedging results. Further, it provides partial relief on the timing of certain aspects of hedge documentation
and eliminates the requirement to recognize hedge ineffectiveness separately in income. The amendments in this ASU are effective
for the Company in the first quarter of 2019.
In November 2017, the FASB has issued ASU
No. 2017-14, Income Statement—Reporting Comprehensive Income (Topic 220), Revenue Recognition (Topic 605), and Revenue from
Contracts with Customers (Topic 606). ASU 2017-14 includes amendments to certain SEC paragraphs within the FASB Accounting Standards
Codification (Codification). ASU 2017-14 amends the Codification to incorporate the following previously issued guidance from the
SEC. ‘The amendments in ASU No. 2017-14 amends the Codification to incorporate SEC Staff Accounting Bulletin (SAB) No. 116
and SEC Interpretive Release on Vaccines for Federal Government Stockpiles (SEC Release No. 33-10403) that bring existing SEC staff
guidance into conformity with the FASB’s adoption of and amendments to ASC Topic 606, Revenue from Contracts with Customers.
In September 2017, the FASB has issued
ASU No. 2017-13, Revenue Recognition (Topic 605), Revenue from Contracts with Customers (Topic 606), Leases (Topic 840), and Leases
(Topic 842): Amendments to SEC Paragraphs Pursuant to the Staff Announcement at the July 20, 2017 EITF Meeting and Rescission of
Prior SEC Staff Announcements and Observer Comments.” The amendments in ASU No. 2017-13 amends the early adoption date option
for certain companies related to the adoption of ASU No. 2014-09 and ASU No. 2016-02. Both of the below entities may still adopt
using the public company adoption guidance in the related ASUs, as amended. The effective date is the same as the effective date
and transition requirements for the amendments for ASU 2014-09 and ASU 2016-02.
Other accounting standards that have been
issued or proposed by the FASB or other standards-setting bodies that do not require adoption until a future date are not expected
to have a material impact on the Company’s consolidated financial statements upon adoption.
Note 4. Business Combination
On June 22, 2017, the Company acquired
100% of the share capital of Speed Power Holdings Co. Ltd. for a consideration of $13.
The following table summarizes the consideration
paid for Speed Power Holdings Co. Ltd., the fair value of assets acquired and liabilities assumed at the acquisition date.
|
At June 22, 2017
|
|
US$
|
|
|
|
|
|
|
|
Total purchase price for the acquisition
|
|
|
13
|
|
|
|
|
|
|
|
|
Less: Recognized amounts of identifiable assets acquired and liabilities assumed
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
135
|
|
|
Trade and other payables
|
|
|
(3,133
|
)
|
|
|
|
|
|
|
|
Total identifiable net liabilities
|
|
|
(2,998
|
)
|
|
|
|
|
|
|
|
Goodwill
|
|
|
3,011
|
|
The goodwill was fully written-off during
the year.
On August 23, 2017, the Company acquired
100% of the share capital of IGS Mart SDN. BHD. for a consideration of $60,000.
The following table summarizes the consideration
paid for IGS Mart SDN. BHD., the fair value of assets acquired and liabilities assumed at the acquisition date.
|
At August 23, 2017
|
|
US$
|
|
|
|
|
|
|
|
Total purchase price for the acquisition
|
|
|
60,000
|
|
|
|
|
|
|
|
|
Less: Recognized amounts of identifiable assets acquired and liabilities assumed
|
|
|
|
|
|
|
|
|
|
|
|
Property, plant and equipment
|
|
|
38,128
|
|
|
Inventories
|
|
|
28,771
|
|
|
Trade and other receivables
|
|
|
15,440
|
|
|
Cash and cash equivalents
|
|
|
20,699
|
|
|
Trade and other payables
|
|
|
(118,986
|
)
|
|
|
|
|
|
|
|
Total identifiable net liabilities
|
|
|
(15,948
|
)
|
|
|
|
|
|
|
|
Goodwill
|
|
|
75,948
|
|
The goodwill was fully written-off during
the year.
Note 5. Property, Plant and Equipment
Property, plant and equipment is summarized
as following:
|
|
|
As at
|
|
|
|
|
December 31,
2017
|
|
|
December 31,
2016
|
|
|
Cost
|
|
|
|
|
|
|
|
|
|
Leasehold improvement
|
|
$
|
12,673
|
|
|
$
|
–
|
|
|
Furniture, fixture and equipment
|
|
|
28,691
|
|
|
|
–
|
|
|
Computer and software
|
|
|
6,395
|
|
|
|
–
|
|
|
|
|
|
47,759
|
|
|
|
–
|
|
|
Less:
|
|
|
|
|
|
|
|
|
|
Accumulated depreciation
|
|
|
(2,877
|
)
|
|
|
–
|
|
|
Balance at end of year
|
|
$
|
44,882
|
|
|
$
|
–
|
|
Note 6. Related Party Transactions
As of December 31, 2017, the Company
owed $42,865 and $84,780 to a director and a related company, $115,721 from related companies
respectively.
As of December 31, 2016, the Company owed
$17,400 and $82,737 to a director and a shareholder respectively. Imputed interests on related parties’ loans are not significant.
During the year ended December 31,
2017, the director, Kok Seng Yeap, Eddy advanced $25,465 to the Company.
On May 4, 2016, (i) 42,582,858 shares
of our common stock, valued at $138,000 were issued in lieu of cash compensation for director and secretarial services from March
13, 2014 through June 30, 2016; and (ii) 9,288,400 shares of our common stock, valued at $23,221 were issued in lieu of cash compensation
for accounting services from December 22, 2013 through June 30, 2016.
Note 7. Stockholders’
equity
Common stock
The Company has the authority to issue 500,000,000 shares of
common stock, $0.001 par value. The total number of shares of the Company’s common stock outstanding as of December 31, 2017
and December 31, 2016 are 3,583,175 and 1,050,913, respectively.
On May 4, 2016, (i) 42,582,858 shares of
our common stock, valued at $138,000 were issued in lieu of cash compensation for director and secretarial services from March
13, 2014 through June 30, 2016; and (ii) 9,288,400 shares of our common stock, valued at $23,221 were issued in lieu of cash compensation
for accounting services from December 22, 2013 through June 30, 2016.
On May 8, 2017, 1,823,200 new shares issued at a market value
of $0.02 or a total value of $36,464 and 100,000 new shares issued at a market value of $0.03 or a total value of $3,000. The total
number of shares issued and outstanding increased from 105,091,254 to 107,014,454.
On May
22, 2017, 340,000 new
shares issued at a market value of $0.02 or a total value of $6,800 and 1,992,541 new shares issued at a market value of $0.01
or total value of $19,925. The total number of shares issued and outstanding increased from 107,014,454 to 109,346,995.
On April 26, 2017, the Company filed a certificate of change
with the Secretary of State of Nevada to effectuate a reverse stock split (the “Stock Split”) of its issued and outstanding
shares of common stock on a 1-for-100 basis. The number of its authorized shares of common stock will remain at 500,000,000 shares,
par value $0.001. The Stock Split became effective with FINRA on June 8, 2017 (the “Effective Date”). As of that date,
every 100 shares of issued and outstanding common stock were converted into one share of common stock. No fractional shares
will be issued in connection with the Stock Split. Instead, any fractional shares will be rounded up to the next whole share and
a holder of record of old common stock on the Effective Date who would otherwise be entitled to a fraction of a share will, in
lieu thereof, be issued one whole share. 2,500 fractional shares were resulted from the Stock Split.
On June 29, 2017, 2,145,815 new shares issued at a market value
of $0.1 or a total value of $214,581. The total number of shares issued and outstanding increase from 1,094,500 to 3,242,815.
On July 10, 2017, 234,000 new shares issued at a market value
of $0.1 or a total value of $23,400. The total number of shares issued and outstanding increased from 3,242,815 shares to 3,476,815
shares.
On July 20, 2017, 23,366 new shares issued
at a market value of $1.195 or a total value of $27,922 and 1,257 new shares issued at a market value of $1.59 or total value of
$1,999 and 3,485 new shares issued at a market value of $2.1 or a total value of $7,319 and 46,595 new shares issued at a market
value of $2.39 or a total value of $111,362. The total number of shares issued and outstanding increased from 3,476,815 shares
to 3,551,518 shares.
On August 1, 2017, 1,440 new shares issued at a market value
of $1.25 or a total value of $1,800 and 11,390 new shares issued at a market value of $2.5 or a total value of $28,475. The total
number of shares issued and outstanding increased from 3,551,518 shares to 3,564,348 shares.
On September 22, 2017, 10,579 new shares
issued at a market value of $2.8 or a total value of $29,621. The total number of shares issued and outstanding increased from
3,564,348 shares to 3,574,927 shares.
On November 1, 2017, 8,248 new shares issued
at a market value of $1.25 or a total value of $10,310. The total number of shares issued and outstanding increased from 3,574,927
shares to 3,583,175 shares.
These issuance of common shares is for
the settlement of liability due to related parties.
For the new issuance of shares, please
refer to Item 5. UNREGISTERED SALES OF EQUITY SECURITIES of PART II. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER
MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES.
Stock options
On December 5, 2012, the Company entered
into a settlement agreement with Dragon Wings for the settlement of the claim by Dragon Wings. In consideration of IGS’s
agreement to make the payments in the form of common shares and share options listed in the settlement agreement. The Company would
give the option to Dragon Wings to purchase 6,000,000 common shares; the option may be exercised by Dragon Wings in whole or in
part, at any time within 5 years from the date of this settlement agreement with the exercise price at US$0.01 per share, with
dilution protection and subject to share split adjustment.
|
|
|
As at
|
|
|
|
|
December 31,
2017
|
|
|
December 31,
2016
|
|
|
|
|
|
|
|
|
|
|
Loan settled by share option
|
|
$
|
–
|
|
|
$
|
149,015
|
|
|
Par value of the common shares
|
|
|
–
|
|
|
|
60,000
|
|
|
Fair value of share option
|
|
$
|
–
|
|
|
$
|
89,015
|
|
Note 8. Income Taxes
For the years ended December 31, 2017 and
2016, the local (“United States of America”) and foreign components of loss before income taxes were comprised of the
following:
|
|
|
Years ended December 31,
|
|
|
|
|
2017
|
|
|
2016
|
|
|
Tax jurisdiction from:
|
|
|
|
|
|
|
|
|
|
- Local
|
|
$
|
(125,963
|
)
|
|
$
|
(84,413
|
)
|
|
- Foreign
|
|
|
(36,384
|
)
|
|
|
–
|
|
|
Loss before income taxes
|
|
$
|
(162,347
|
)
|
|
$
|
(84,413
|
)
|
The provision for income taxes consisted
of the following:
|
|
|
Years ended December 31,
|
|
|
|
|
2017
|
|
|
2016
|
|
|
Current:
|
|
|
|
|
|
|
|
|
|
- Local
|
|
$
|
–
|
|
|
$
|
–
|
|
|
- Foreign
|
|
|
–
|
|
|
|
–
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred:
|
|
|
|
|
|
|
|
|
|
- Local
|
|
|
–
|
|
|
|
–
|
|
|
- Foreign
|
|
|
2,850
|
|
|
|
–
|
|
|
Income tax expense
|
|
$
|
2,850
|
|
|
$
|
–
|
|
The effective tax rate in the years presented is the result
of the mix of income earned in various tax jurisdictions that apply a broad range of income tax rate. The Company operates in various
countries: United States of America and the Malaysia that are subject to taxes in the jurisdictions in which they operate, as follows:
United States of America
On December 22, 2017, the United States
enacted the Tax Cuts and Jobs Act (the “Act”) resulting in significant modifications to existing law. The Company has
completed the accounting for the effects of the Act during the quarter ended December 31, 2017. The Company’s financial statements
for the year ended December 31, 2017 reflect certain effects of the Act which includes a reduction in the corporate tax rate from
34% to 21% as well as other changes.
As of December 31, 2017, the Company in
the United States of America had approximately $8,167,419 in net operating loss carry forwards available to offset future taxable
income. Federal net operating losses can generally be carried forward 20 years. The Tax Reform Act of 1986 limits the use of net
operating loss and tax credit carry forwards in certain situations when changes occur in the stock ownership of a company. In the
event the Company has a change in ownership, utilization of carry forwards could be restricted. The deferred tax assets for the
United States entity at December 31, 2017 consists mainly of net operating loss carry forwards and were fully reserved as the management
believes it is more likely than not that these assets will not be realized in the future.
The following table sets forth the significant
components of the net deferred tax assets for operation in the United States of America as of December 31, 2017 and 2016.
|
|
|
As at
|
|
|
|
|
December 31,
2017
|
|
|
December 31,
2016
|
|
|
|
|
|
|
|
|
|
|
Net Operating Loss Carry Forwards
|
|
$
|
8,167,419
|
|
|
$
|
8,084,031
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Deferred Tax Assets – current rate
|
|
|
1,715,158
|
|
|
|
2,748,570
|
|
|
Total Deferred Tax Assets – effect of change in statutory rate
|
|
|
1,061,764
|
|
|
|
–
|
|
|
Less: Valuation Allowance
|
|
|
(2,776,922
|
)
|
|
|
(2,748,570
|
)
|
|
Net Deferred Tax Assets
|
|
$
|
–
|
|
|
$
|
–
|
|
The Company has U.S. federal net operating
loss carry forwards that if unused could expire in varying amounts in the years through 2020 to 2026. However, as a result of the
acquisition, the amount of net operating loss carry forward available to be utilized in reduction of future taxable income was
reduced pursuant to the change in control provisions of Section 382 of the Internal Revenue Code.
A 100% valuation allowance has been established
as a reserve against the deferred tax assets arising from the net operating losses and other net temporary differences since it
cannot, at this time, be considered more likely than not that their benefit will be realized in the future.
Hong Kong
The Company’s subsidiaries operating
in Hong Kong are subject to the Hong Kong Profits Tax at a standard income tax rate of 16.5% on the assessable income arising in
Hong Kong during its tax year. No provision for Hong Kong profits tax has been made because the Company did not generate any assessable
profit arising in Hong Kong during the year.
Malaysia
The Company’s subsidiary operating
in Malaysia subject to the Malaysia Corporate Tax Laws at a tax rate of 24% on the assessable income for its tax year. Any unutilized
losses can be carried forward indefinitely to be utilized against income from any business source.
As of December 31, 2017 and 2016, there
were deferred tax liabilities of $2,850 and $0 to be recognized, respectively.
As of December 31, 2017, the Company does
not have any unrecognized tax benefits and no corresponding interest or penalties. The Company's policy is to record interest and
penalties as income tax expense.
Note 9. Commitments and contingencies
From time to time the Company may become
a party to litigation matters involving claims against the Company. Management believes that it is adequately insured for its operations
and there are no current matters that would have a material effect on the Company's financial position or results of operations.
Note 10. Subsequent events
In accordance with ASC Topic 855, “Subsequent
Events”, which establishes general standards of accounting for and disclosure of events that occur after the balance sheet
date but before financial statements are issued, the Company has evaluated all events or transactions that occurred after December
31, 2017, up through the date the Company issued the unaudited condensed financial statements. During the period, the Company did
not have any material recognizable subsequent events, except for the below transaction:
On January 3, 2018, the Board of Directors of the Company approved
the subscription of the Company’s shares with details as follows were tabled.
|
No.
|
Name of Applicant
|
Number of shares
|
Price (USD)
|
Date of Application
|
|
1
|
KANG BOK HEE
|
869
|
1,000.00
|
January 2, 2018
|
|
2
|
KANG DALYONG
|
5,217
|
6,000.00
|
January 2, 2018
|
|
3
|
KANG LEEMAN
|
869
|
1,000.00
|
January 2, 2018
|
|
4
|
KANG MYUNGJI
|
434
|
500.00
|
January 2, 2018
|
|
5
|
KIM CHONAM
|
869
|
1,000.00
|
January 2, 2018
|
|
6
|
KIM EUNSOOK
|
1,739
|
2,000.00
|
January 2, 2018
|
|
7
|
KIM JEONGHEE
|
2,495
|
2,870.00
|
January 2, 2018
|
|
8
|
KIM KYONG AE
|
1,739
|
2,000.00
|
January 2, 2018
|
|
9
|
KIM KYUNG WON
|
1,722
|
1,980.00
|
January 2, 2018
|
|
10
|
KIM MYOUNGSOOK
|
869
|
1,000.00
|
January 2, 2018
|
|
11
|
KIM YOUNGSEOK
|
2,608
|
3,000.00
|
January 2, 2018
|
|
12
|
KIM YUNJA
|
2,608
|
3,000.00
|
January 2, 2018
|
|
13
|
KIM YONGHYEON
|
869
|
1,000.00
|
January 2, 2018
|
|
14
|
KWAK TAE JONG
|
2,608
|
3,000.00
|
January 2, 2018
|
|
15
|
LEE MYUNGSUK
|
4,348
|
5,000.00
|
January 2, 2018
|
|
16
|
LEE OKRYEON
|
2,608
|
3,000.00
|
January 2, 2018
|
|
17
|
LEE SOON JA
|
1,626
|
1,870.00
|
January 2, 2018
|
|
18
|
LEE SUKYEON
|
4,348
|
5,000.00
|
January 2, 2018
|
|
19
|
LEE SUNGSIM
|
17,391
|
20,000.00
|
January 2, 2018
|
|
20
|
LEE SUNGSIM
|
1,739
|
2,000.00
|
January 2, 2018
|
|
21
|
KIM DOHUI
|
869
|
1,000.00
|
January 2, 2018
|
|
22
|
PARK JONGBUM
|
8,695
|
10,000.00
|
January 2, 2018
|
|
23
|
SEO WONYONG
|
6,087
|
7,000.00
|
January 2, 2018
|
|
24
|
KAM YOUNGHEE
|
2,608
|
3,000.00
|
January 2, 2018
|
|
25
|
BAE SOOKHEE
|
2,608
|
3,000.00
|
January 2, 2018
|
|
26
|
CHOI SEOYOON
|
1,626
|
1,870.00
|
January 2, 2018
|
|
27
|
CHOI YUNSEO
|
869
|
1,000.00
|
January 2, 2018
|
|
28
|
CHOO KWANGSENG
|
869
|
1,000.00
|
January 2, 2018
|
|
29
|
HA INSU
|
2,608
|
3,000.00
|
January 2, 2018
|
|
30
|
HWANG BYUNGGU
|
2,608
|
3,000.00
|
January 2, 2018
|
|
31
|
JEONG JEONGIM
|
1,739
|
2,000.00
|
January 2, 2018
|
|
32
|
JOO HYUNJU
|
2,608
|
3,000.00
|
January 2, 2018
|
|
33
|
MOON DALSOON
|
869
|
1,000.00
|
January 2, 2018
|
|
34
|
NAM OKSOOK
|
2,608
|
3,000.00
|
January 2, 2018
|
|
35
|
PARK MISUK
|
2,608
|
3,000.00
|
January 2, 2018
|
|
36
|
PARK SUNGJOON
|
2,608
|
3,000.00
|
January 2, 2018
|
|
37
|
SON BOGYEONG
|
1,739
|
2,000.00
|
January 2, 2018
|
|
38
|
SONG KI WOONG
|
1,304
|
1,500.00
|
January 2, 2018
|
|
39
|
YANG TAE SOO
|
1,626
|
1,870.00
|
January 2, 2018
|
|
40
|
YU HYERI
|
869
|
1,000.00
|
January 2, 2018
|
|
41
|
JEONG INSOOK
|
1,739
|
1,000.00
|
January 2, 2018
|
|
42
|
OH YONGMAN
|
2,608
|
1,500.00
|
January 2, 2018
|
|
43
|
PONTOON BOAT INC
|
1,121,750
|
448,700.00
|
January 2, 2018
|
On March 21, 2018, the Board of Directors
of the Company approved the subscription of the Company’s shares with details as follows were tabled.
|
No.
|
Name of Applicant
|
Number of shares
|
Price (USD)
|
Date of Application
|
|
1
|
PONTOON BOAT INC
|
705,127
|
211,538.00
|
March 21, 2018
|
On March 27, 2018, the Board of Directors
of the Company approved the subscription of the Company’s shares with details as follows were tabled.
|
No.
|
Name of Applicant
|
Number of shares
|
Price (USD)
|
Date of Application
|
|
1
|
PONTOON BOAT INC
|
32,000,000
|
9,600.00
|
March 27, 2018
|
|
2
|
KHALID BIN HASHIM
|
35,000
|
10.50
|
March 27, 2018
|
|
3
|
JULIA BINTI MOSIOL
|
7,000
|
2.10
|
March 27, 2018
|
|
4
|
ROHAYA BINTI BAKAR
|
7,467
|
2.24
|
March 27, 2018
|
|
5
|
ASMAH BINTI ATOU
|
7,000
|
2.10
|
March 27, 2018
|
|
6
|
RITA SARID
|
14,000
|
4.20
|
March 27, 2018
|
|
7
|
SULAIMAN MADAHIN
|
14,000
|
4.20
|
March 27, 2018
|
|
8
|
KAMARUZAMAN BIN ISMAIL
|
9,333
|
2.80
|
March 27, 2018
|
|
9
|
ANBAZAGAN SAMUEL
|
35,000
|
10.50
|
March 27, 2018
|
|
10
|
PAMELA BINTI BENJAMIN
|
21,000
|
6.30
|
March 27, 2018
|
|
11
|
MD JALAL BIN JAAFAR
|
35,000
|
10.50
|
March 27, 2018
|
|
12
|
JAMAKIYAH BINTI MAJID
|
9,333
|
2.80
|
March 27, 2018
|
|
13
|
RUSTINA SING
|
11,667
|
3.50
|
March 27, 2018
|
|
14
|
TAN TOH NGUANG
|
490,000
|
147.00
|
March 27, 2018
|
|
15
|
JOHN OMPUK
|
9,333
|
2.80
|
March 27, 2018
|
|
16
|
MOGAN ARWANANTHAN
|
151,993
|
45.60
|
March 27, 2018
|
|
17
|
AZMI BIN HASSIM
|
28,000
|
8.40
|
March 27, 2018
|
|
18
|
AZMAN BIN AMBIR
|
35,000
|
10.50
|
March 27, 2018
|
|
19
|
HASRINAH BINTI MOHD GULLAM
|
18,667
|
5.60
|
March 27, 2018
|
|
20
|
IBRISHAM BIN ZAKARIA
|
70,000
|
21.00
|
March 27, 2018
|
|
21
|
MOHD LASA BIN ABDUL
|
7,000
|
2.10
|
March 27, 2018
|
|
22
|
MUHAMMAD AZIM BIN BANI AMIN
|
7,000
|
2.10
|
March 27, 2018
|
|
23
|
MOHD RUSHDI BIN YUSOF
|
7,000
|
2.10
|
March 27, 2018
|
|
24
|
SHIM SHOO FAH
|
23,333
|
7.00
|
March 27, 2018
|
|
25
|
AMINUDDIN BIN HAJI MUHAMMAD SAID
|
23,333
|
7.00
|
March 27, 2018
|
|
26
|
SHIM SHOO FAH
|
70,000
|
21.00
|
March 27, 2018
|
|
27
|
AMINUDDIN BIN HAJI MUHAMMAD SAID
|
46,667
|
14.00
|
March 27, 2018
|
|
28
|
KIANCHONG BIN JAILANI
|
14,000
|
4.20
|
March 27, 2018
|
|
29
|
FATIMAH BINTI MUHAMAD
|
35,000
|
10.50
|
March 27, 2018
|
|
30
|
MAT HARUN BIN AB MANAF
|
35,000
|
10.50
|
March 27, 2018
|
|
31
|
TAY BOON HUA
|
46,667
|
14.00
|
March 27, 2018
|
|
32
|
KEE POH SOON
|
46,667
|
14.00
|
March 27, 2018
|
|
33
|
PAVITHIRAN DEVADASAN
|
7,000
|
2.10
|
March 27, 2018
|
|
34
|
RUSTINA SING
|
18,667
|
5.60
|
March 27, 2018
|
|
35
|
ZAINUDDIN BIN YAACOB
|
14,000
|
4.20
|
March 27, 2018
|
|
36
|
ANBAZAGAN SAMUEL
|
35,000
|
10.50
|
March 27, 2018
|
|
37
|
OTHMAN BIN AHMAN
|
7,000
|
2.10
|
March 27, 2018
|
|
38
|
ROSLINA BINTI AMALUDDIN
|
7,000
|
2.10
|
March 27, 2018
|
|
39
|
SITI SAUDAH BINTI SYED MUDAN
|
14,000
|
4.20
|
March 27, 2018
|
|
40
|
FAZIAH BINTI SELAMAT
|
7,000
|
2.10
|
March 27, 2018
|
|
41
|
ROHAYAH BINTI MOHD
|
14,000
|
4.20
|
March 27, 2018
|
|
42
|
FAZUAH BINTI HAJI ABD RAHIM
|
14,000
|
4.20
|
March 27, 2018
|
|
43
|
MOHD FIRDAUS BIN MANSOR
|
7,000
|
2.10
|
March 27, 2018
|
|
44
|
AMIR BIN SHAIDIN
|
7,000
|
2.10
|
March 27, 2018
|
|
45
|
SHANDON BIN ABD WAHAB
|
7,000
|
2.10
|
March 27, 2018
|
|
46
|
HASIAH BINTI ABD RAHIM
|
7,000
|
2.10
|
March 27, 2018
|
|
47
|
PAIZAH BINTI BOKHARI
|
7,000
|
2.10
|
March 27, 2018
|
|
48
|
HERMES GEORGE
|
30,333
|
9.10
|
March 27, 2018
|
|
49
|
CHE SALIM BIN SAID
|
21,000
|
6.30
|
March 27, 2018
|
|
50
|
YA ACUB BIN DOLLAH
|
7,000
|
2.10
|
March 27, 2018
|
|
51
|
SHIM SHOO FAH
|
35,000
|
10.50
|
March 27, 2018
|
|
52
|
SHIM SHOO FAH
|
23,333
|
7.00
|
March 27, 2018
|
|
53
|
AMINUDDIN BIN HAJI MUHAMMAD SAID
|
70,000
|
21.00
|
March 27, 2018
|
|
54
|
NG KOK CHONG
|
23,333
|
7.00
|
March 27, 2018
|
|
55
|
LIM WEI CHING
|
116,667
|
35.00
|
March 27, 2018
|
|
56
|
ONG LEE CHIA
|
46,667
|
14.00
|
March 27, 2018
|
|
57
|
TAY BOON HUA
|
133,333
|
40.00
|
March 27, 2018
|
|
58
|
KEE POH SOON
|
133,333
|
40.00
|
March 27, 2018
|
|
59
|
NG KOK CHONG
|
16,667
|
5.00
|
March 27, 2018
|
|
60
|
LIM WEI CHING
|
83,333
|
25.00
|
March 27, 2018
|
|
61
|
ONG LEE CHIA
|
33,333
|
10.00
|
March 27, 2018
|
On April 9, 2018, the Board of Directors
of the Company approved the subscription of the Company’s shares with details as follows were tabled.
|
No.
|
Name of Applicant
|
Number of shares
|
Price (USD)
|
Date of Application
|
|
1
|
GLOBAL ASSET TRUSTEE (MALAYSIA) BERHAD
|
10,000
|
5,000.00
|
April 6, 2018
|
According to the issuance of total 36,263,283
shares of common stock, the total number of share outstanding increased from 3,583,175 shares to 39,846,458 shares.
