BUSINESS COMBINATION

12 Months Ended

Dec. 31, 2019

Business Combinations [Abstract]

BUSINESS COMBINATION

NOTE – 4 BUSINESS COMBINATION

On October 15, 2019, the Company completed the Acquisition of Guangzhou Monte Fino Yacht Company Limited and Subsidiaries (collectively “MF Group”) (the “Acquisition”) for its 100% equity interest. The total consideration of the acquisition is approximately $85,000 in cash.

The purchase price allocation resulted in $299,242 of goodwill, as below:

Acquired assets:	US$
Cash and cash equivalents	$	6,132
Deposits and prepayments		34,207
Other receivables		29,890
Plant and equipment		268,777
		339,006
Less: Assumed liabilities
Accounts payable		(12,152	)
Accrued liabilities and other payables		(66,389	)
Amount due to a director		(459,084	)
Lease liability		(15,623	)
		(553,248	)
Fair value of net assets acquired		(214,242	)
Goodwill recorded		299,242
Cash consideration allocated	$	85,000

The Acquisition was accounted for as a business combination in accordance with ASC 805 “Business Combinations”. The Company has allocated the purchase price consideration based upon the fair value of the identifiable assets acquired and liabilities assumed on the acquisition date. Management of the Company is responsible for determining the fair value of assets acquired, liabilities assumed and intangible assets identified as of the acquisition date and considered a number of factors including valuations from management estimation. Acquisition-related costs incurred for the acquisitions are not material and have been expensed as incurred in general and administrative expense.

The goodwill is fully impaired during the period ended December 31, 2019.

This acquisition transaction is considered as related party transaction, which the director of the Company controlled both companies.