PURCHASE OF METAVERSE INNOVATION LABORATORY (THE “PROJECTS”) |
9 Months Ended |
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Sep. 30, 2024 | |
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] | |
PURCHASE OF METAVERSE INNOVATION LABORATORY (THE “PROJECTS”) | NOTE – 6 PURCHASE OF METAVERSE INNOVATION LABORATORY (THE “PROJECTS”)
On January 10, 2024, the Company issued 2,500,000 total compensation paid to Dr. CHAN as prepaid expenses under other assets on the Company’s balance sheet and expects to expense the prepaid expenses in the first half of 2025 under the matching principle. shares of common stock for a total compensation of $ calculated with the quoted market price on OTC Markets of $0.50 per share as of the date of the agreement to Dr. Kin Fat CHAN, the major shareholder of Metaverse Innovation Laboratory (the “Projects”) with Headquarters in Shenzhen, China, for the purchase and performance of the Projects. The Projects aim to add to the Company’s metaverse prowess and to develop a highly competitive metaverse, and seamlessly amalgamate movies, games, music, online shows, and KOL interaction. However, with the roll in of LWH Consulting on March 28, 2024, the Company expanded our operations to include listing consulting services. The Company identifies potential synergy in a combination between the Projects and V1 Play Limited, a personal company of the Company’s COO Lap Yan CHEUNG. V1 Play Limited is a limited liability company incorporated in Hong Kong that develop and create games based on pixel art on multiple platforms such as mobile app, gaming consoles and augmented, virtual, and mixed reality. The Company expects to commence the restructuring and the listing of the Projects and V1 Play Limited in the first half of 2025 and record income for the listing consulting services provided. Therefore, the Company recorded the $
Dr. CHAN’s professional background includes serving as the assistant to the renowned Hong Kong entrepreneur, Sir Ka-shing LEE. Dr. CHAN has successfully developed a metaverse dedicated to Dunhuang Culture.
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