SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

3 Months Ended

Mar. 31, 2021

Schedule of property plant and equipment useful life

Depreciation is computed using the straight-line method over the estimated useful lives of the assets.

	Estimated useful lives
	(years)
Office and computer equipment	5
Software	5
Leasehold improvements	Remaining period of the leases

Schedule of Company's revenues disaggregated by products and services and timing of revenue recognition

	For the three months ended March 31,
Revenue by recognition over time vs point in time	2021		2020
Revenue by recognition over time	$	962	$	—
Revenue by recognition at a point in time		—		—
	$	962	$	—

Schedule of differences between reported amount and reporting currency denominated amount

Translation of amounts from THB into U.S. dollars has been made at the following exchange rates:

Balance sheet items, except for equity accounts
March 31, 2021	THB31.2500 to $1
December 31, 2020	THB30.0200 to $1
Income statement and cash flows items
For the three months ended March 31, 2021	THB30.3093 to $1
For the three months ended March 31, 2020	THB31.2785 to $1

Schedule of earnings per share, basic and diluted

	For the three months ended March 31,
	2021		2020
Net loss attributable to ordinary stockholders of IWEB, Inc.	$	(315,987)	$	(500,685)
Weighted average number of common shares outstanding – basic and diluted		40,306,211		40,220,396
Basic and diluted loss per share	$	(0.01)	$	(0.01)

Digiwork Thailand Co Ltd

Schedule of condensed balance sheet

The following financial information of Digiwork is included in the accompanying condensed consolidated financial statements:

	March 31, 2021		December 31, 2020
ASSETS
Cash at bank and on hand	$	106	$	116
Prepayments and deposits		179		187
Other receivables		2,483		151,236
Property, plant and equipment, net		2,348		3,006
TOTAL ASSETS	$	5,116	$	154,545
LIABILITIES
Accruals	$	4,208	$	4,380
Amount due to a director		464,569		483,604
Amount due to Enigma BVI		849,998		1,000,000
TOTAL LIABILITIES	$	1,318,775	$	1,487,984

Schedule of condensed income statement

	For the three months ended March 31,
	2021		2020
Revenues	$	—	$	—
Net loss	$	33,719	$	152,489

Schedule of condensed cash flow statement

	For the three months ended March 31,
	2021		2020
Net cash used in operating activities	$	(5)	$	(207)
Net cash provided by investing activities		—		112
Net cash provided by financing activities		—		807

OBON Thailand

Schedule of condensed balance sheet

The following financial information of OBON Thailand is included in the accompanying condensed consolidated financial statements:

	March 31, 2021		December 31, 2020
ASSETS
Cash at bank and on hand	$	15,330	$	11,498
Accounts receivable		6,460		5,685
Other receivables		13,083		13,570
Prepayments and deposits		121,920		163,558
Deposits paid for acquisition of property, plant and equipment		307,200		319,787
Property, plant and equipment, net		95,442		105,313
TOTAL ASSETS	$	559,435	$	619,411
LIABILITIES
Accruals	$	138,733	$	60,015
Bank overdrafts		12,098		13,739
Short-term loan		855,968		854,318
Amounts due to fellow subsidiaries		166,666		166,666
TOTAL LIABILITIES	$	1,173,465	$	1,094,738

Schedule of condensed income statement

	For the three months
	ended March 31,
	2021		2020
Revenues	$	962	$	—
Net loss	$	165,854	$	225,914

Schedule of condensed cash flow statement

Net cash provided by (used in) operating activities	$	1,995	$	(79,789)
Net cash used in investing activities		—		(438,928)
Net cash provided by financing activities		2,423		—