XML 17 R3.htm IDEA: XBRL DOCUMENT v3.24.1.u1
Consolidated Balance Sheets - USD ($)
Dec. 31, 2023
Dec. 31, 2022
Current assets:    
Cash and cash equivalents $ 3,628,670 $ 18,930,986
Restricted cash 95,312 72,350
Accounts receivable, net 1,338,170 951,325
Inventories 431,483 310,932
Contract assets 247,368 20,310
Deposits, prepayments and other receivables 2,207,774 2,711,042
Deferred tax assets 149,858
Total current assets 8,098,635 22,996,945
Non-current assets:    
Intangible assets, net 6,081,728 7,458,089
Goodwill 88,197
Plant and equipment, net 686,658 706,038
Right of use assets, net 1,407,956 1,537,670
Total non-current assets 8,264,539 9,701,797
TOTAL ASSETS 16,363,174 32,698,742
Current liabilities:    
Accounts payables 1,690,651 1,296,571
Contract liabilities 1,265,753 1,405,090
Accrued liabilities and other payables 6,866,169 8,325,225
Deferred tax liabilities 69,000 69,000
Operating lease liabilities 563,276 467,938
Loan 21,313 28,164
Total current liabilities 10,486,062 11,614,299
Non-current liabilities    
Operating lease liabilities 847,950 1,073,126
TOTAL LIABILITIES 11,334,012 12,687,425
COMMITMENTS AND CONTINGENCIES
Convertible preferred shares
SHAREHOLDERS’ EQUITY    
Common shares; $0.0001 par value, 95,000,000 shares authorized; 33,262,362 and 27,082,849 shares issued and outstanding as of December 31, 2023 and 2022, respectively 3,326 2,708
Additional paid-in capital 105,603,434 101,427,160
Less: Common shares held in treasury, at cost; 1,111,605 and 0 shares at December 31, 2023 and 2022, respectively (785,525)
Accumulated other comprehensive gain (loss) (242,129) 56,527
Accumulated deficit (99,272,691) (81,138,563)
Total equity attributable to Society Pass Incorporated 5,306,415 20,347,832
Non-controlling interest (277,253) (336,515)
TOTAL EQUITY 5,029,162 20,011,317
TOTAL LIABILITIES AND EQUITY 16,363,174 32,698,742
Series A Shares    
Non-current liabilities    
Convertible preferred shares
Series B Shares    
Non-current liabilities    
Convertible preferred shares
Series B-1 Shares    
Non-current liabilities    
Convertible preferred shares
Series C Shares    
Non-current liabilities    
Convertible preferred shares
Series C-1 Shares    
Non-current liabilities    
Convertible preferred shares
Series X Super Voting Preferred Stock    
SHAREHOLDERS’ EQUITY    
Series X Super Voting Preferred Stock, $0.0001 par value, 3,500 shares designated; 3,500 and 3,500 Series X shares issued and outstanding as of December 31, 2023 and 2022, respectively
Related Party    
Current liabilities:    
Due to related parties [1] $ 9,900 $ 22,311
[1] The amounts represented temporary advances to the Company including related parties (two officers), which were unsecured, interest-free and had no fixed terms of repayments. On September 30, 2021, the Company received the notifications that the outstanding amounts of $72,176 were forgiven by the related parties, the said amount was written off and accounted as capital transaction and therefore credited the additional paid in capital account as of December 31, 2021. The Company’s due to related parties balance was $9,900 and $22,311 as of December 31, 2023 and 2022, respectively.