RELATED PARTY TRANSACTIONS

12 Months Ended

Dec. 31, 2022

Related Party Transactions [Abstract]

RELATED PARTY TRANSACTIONS

5. RELATED PARTY TRANSACTIONS

Due to Relate Party

The due to related party is summarized below:

Schedule of Due to Related Party
	2022		2021
Due to Logicquest Technology Limited, a company controlled by the Company’s Chief Financial Officer, Cheng Yew Siong	$	—	$	1,050,079

The balance due to Logicquest Technology Limited as of December 31, 2021 represented expenses paid by Logicquest Technology Limited on behalf of the Company. During the year ended December 31, 2022 and 2021, Logicquest Technology Limited paid operating expenses of $82,820 and $79,986, respectively, on behalf of the Company. The balance due to related party is unsecured, does not bear interest and is due on demand.

In June 2022, as described in Note 3 and 4, Tang Chuan Choon, a third party, 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 and December 2022, Logicquest Technology Limited signed agreements with the Company and settled the remaining balances of due to related party of $1,113,773 and $19,126 for $1, respectively. The settlements were account for as transactions under common control and the difference between amount paid and amount settled was recorded in equity.

Below is a summary of the transactions described above.

Schedule of Related Party Transactions
	2022			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	)	$	—
Liabilities settled with Logicquest Technology Limited on December 30, 2022	$	(19,126	)	$	—