ORGANIZATION AND BUSINESS BACKGROUND

12 Months Ended

Dec. 31, 2019

Accounting Policies [Abstract]

ORGANIZATION AND BUSINESS BACKGROUND

NOTE – 1 ORGANIZATION AND BUSINESS BACKGROUND

VIVIC CORP. (the “Company” or “VIVC”) is a corporation established under the corporation laws in the State of Nevada on February 16, 2017. VIVIC CORP. is in the tourism business. Starting from December 27, 2018, the Company expanded its main business operations to the research and development of yacht manufacturing, tourism, pier, real estate operations and the application of new energy saving technologies.

In the field of yacht manufacturing, the company has developed a series of new energy saving yacht for environmental protection, which can be used in waters with strict environmental protection requirements. In the field of marine tourism, the number of yachts that can be rented has been increased through yacht sharing program system, which can provide services for more customers. In the field of yacht real estate, we are actively developing wharfs. Two wharf projects have reached development intentions with the local government, with a total berth of more than 600.The application of new energy-saving technology has begun trial operation, and market work will be carried out in an all-round way after achieving ideal results.

The Company, through its subsidiaries, mainly engages in the provision of tourism consultancy service in Hong Kong, Macau and The People’s Republic of China.

On August 2, 2019, the Company formed a wholly owned subsidiary namely Vivic Corporation (Guangzhou) Co., Limited in the People’s Republic of China.

On September 19, 2019, the Company approved the change of fiscal year from April 30 to December 31.

On October 15, 2019, the Company completed the acquisition of 100% ownership of Guangzhou Monte Fino Yacht Company Limited in the People’s Republic of China.

On November 22, 2019, the Company formed a wholly owned subsidiary namely Vivic Corporation (Fujian) Co., Limited in the People’s Republic of China.

On January 15, 2020, the Company approved an amendment to the Company’s Certificate of Incorporation (the “Charter”) to file with the Secretary of State of the State of Nevada a Certificate of Amendment to the Charter (the “Charter Amendment”). Pursuant to the Charter Amendment, the Company’s Charter was amended, effective as of January 20, 2020, to effectuate a Four for One (4:1) forward split of the Company’s shares of common stock. This amendment supersedes the amendment filed on November 2, 2019 regarding the same Four for One (4:1) forward split. The number of authorized shares and par value remain unchanged. All share and per share information in this financial statements and footnotes have been retroactively adjusted for the period and years presented, unless otherwise indicated, to give effect to the forward stock split.

Description of subsidiaries

Name	Place of incorporation and kind of legal entity	Principal activities and place of operation	Particulars of issued/ registered share capital	Effective interest held
Vivic Corporation (Hong Kong) Co., Limited	Hong Kong	Investment holding and tourism consultancy service	52,000,000 ordinary shares for HK$2,159,440	75%
Vivic Corporation (Guangzhou) Co., Limited	The People’s Republic of China	Tourism consultancy service	Registered: RMB10,000,000 Paid up: RMB 0	75%
Vivic Corporation (Fujian) Co., Limited	The People’s Republic of China	Tourism consultancy service	Registered: RMB10,000,000 Paid up: RMB 0	75%
Guangzhou Monte Fino Yacht Company Limited	The People’s Republic of China	Tourism consultancy service and provision of yacht service	Registered: RMB10,000,000 Paid up: RMB 2,244,758	100%
Guangzhou Hysoul Yacht Company Limited	The People’s Republic of China	Provision of yacht service	Registered: RMB10,000,000 Paid up: RMB 140,000	100%
Guangzhou Khashing Yacht Company Limited	The People’s Republic of China	Provision of yacht service	Registered: RMB10,000,000 Paid up: RMB 73,000	90%

VIVC and its subsidiaries are hereinafter referred to as (the “Company”).

On October 15, 2019, the Company completed the acquisition of 100% ownership of Guangzhou Monte Fino Yacht Company Limited in the People’s Republic of China.

On August 2, 2019, the Company formed a wholly owned subsidiary namely Vivic Corporation (Guangzhou) Co., Limited in the People’s Republic of China.

On November 22, 2019, the Company formed a wholly owned subsidiary namely Vivic Corporation (Fujian) Co., Limited in the People’s Republic of China.