DUE TO A RELATED PARTY

9 Months Ended

Sep. 30, 2022

Related Party Transactions [Abstract]

DUE TO A RELATED PARTY

3. DUE TO A RELATED PARTY

The due to a related party is summarized below:

	At September 30, 2022		At December 31, 2021
Expenses paid by Logicquest Technology Limited, a company controlled by the Company’s Chief Financial Officer, Cheng Yew Siong, on behalf of the Company	$	—	$	1,050,079

During the nine months ended September 30, 2022, Logicquest Technology Limited paid operating expenses of $63,694 on behalf of the Company. The amount of due to a related party is unsecured, does not bear interest and is due on demand.

	Nine Months Ended September 30, 2022			Nine Months Ended September 30, 2021
Liabilities assigned to Logicquest Technology Limited on June 26, 2022	$	5,577,937		$	—
Liabilities settled with Logicquest Technology Limited on June 29, 2022	$	(5,577,937	)	$	—
Liabilities settled with Logicquest Technology Limited on September 29, 2022	$	(1,113,773	)	$	—

In June 2022, Tang Chuan Choon signed an agreement with Logicquest Technology Limited, pursuant to which Tang Chuan Choon assigned his receivable from the Company, included in the Company’s balance sheet as note payable and accrued liabilities balances, in the aggregate amount of $5,577,937, to Logicquest Technology Limited, who then signed an agreement with the Company and settled the balances for $1. The transaction was closed as of June 30, 2022. The settlement was account for as a transaction under common control and the difference between amount paid and amount settled was recorded in equity.

In September 2022, Logicquest Technology Limited signed an agreement with the Company and settled the remaining balances of liabilities of $1,113,773 for $1. The transaction was closed as of September 30, 2022. The settlement was account for as a transaction under common control and the difference between amount paid and amount settled was recorded in equity.