6-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of December 2023

Commission File Number: 001-41840

WEBUY GLOBAL LTD

35 Tampines Street 92 Singapore 528880

+65 8859 9762

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F ☒            Form 40-F ☐

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	WEBUY GLOBAL LTD
Date: December 7, 2023	By:	/s/ Bin Xue
	Name:	Bin Xue
	Title:	Chief Executive Officer

1

Exhibit Index

Exhibit No.	Description
99.1	Management’s Discussion and Analysis of Financial Condition and Results of Operations for the Six Months Ended June 30, 2023 and 2022
99.2	Unaudited Interim Condensed Consolidated Financial Statements for the Six Months Ended June 30, 2023 and 2022
99.3	Webuy Global Limited Reports 62% Increase in Revenue to $24.4 Million for the First Half of 2023
101.INS	Inline XBRL Instance Document.
101.SCH	Inline XBRL Taxonomy Extension Schema Document.
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB	Inline XBRL Taxonomy Extension Label Linkbase Document.
101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document.
104	Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

2

EX-99.1

Exhibit 99.1

MANAGEMENT’S DISCUSSION AND ANALYSIS OF

FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the information presented in “Selected Historical Consolidated Financial Data” and our historical consolidated financial statements and the related notes included elsewhere in this prospectus. In addition to historical information, the following discussion contains forward-looking statements, such as statements regarding our expectation for future performance, liquidity and capital resources, that involve risks, uncertainties and assumptions that could cause actual results to differ materially from our expectations. Our actual results may differ materially from those contained in or implied by any forward-looking statements. Factors that could cause such differences include those identified below and those described in “Cautionary Note Regarding Forward-Looking Statements,” “Risk Factors” and “Consolidated Financial Information.” We assume no obligation to update any of these forward-looking statements.

Overview

We are a holding company incorporated as an exempted company under the laws of the Cayman Islands. As a holding company with no material operations of our own, we conduct our substantial operations via our operating subsidiaries in Singapore and Indonesia.

We are an emerging Southeast Asian (“SEA”) community-oriented e-Commerce retailor (“Community E-Commerce Retailor”) with a focus on grocery and travel. Community e-commerce is a deepened extension form of e-commerce, where social media users with mutual interest and like-minded behavior are connected, forming a community group within a network through online medium. Our mission is to make social shopping a new lifestyle for consumers and to empower consumers’ purchases with an efficient cost-saving purchasing model.

Key Factors that Affect Operating Results

We believe the key factors affecting our financial condition and results of operations include the following:

Our Ability to Create Value for Our Users and Generate Revenue

Our ability to create value for our users and generate our revenues from customers is driven by the factors described below:

● Number and volume of transactions completed by our customers for online orders via our Webuy mobile APP. Customers are attracted to our platform by the breadth of personalized deals and the interactive user experience within our community groups. The number and volume of transaction completed by our customers is affected by our ability to continue to enhance and expand our product offerings and improve the user experience. Our growth in revenue derived from online transactions depends on the number and volume of the transactions completed by our customers.  We keep track of the number and volume by our in-house developed business intelligent system, which is capable to synchronize the real time statistical data to our backend dashboard. Transaction volume for the six months ended June 30, 2023 and 2022 were 300,304 and 438,707 orders, respectively. Transaction volume for the years ended December 31, 2022 and 2021 were 1,002,542 and 899,317 orders, respectively. The decrease of 138,403 or 31.5% in the transaction volume for the six months ended June 30, 2023 was caused by our scaling down of grocery sale business in the Singapore market due to low profit margin. The increase of 103,225 or 11.5% in the transaction volume was in line with our increase in revenue for the years ended December 31, 2022.

● Empowering data and technology. Our ability to engage our customers and empower our suppliers and their brands is affected by the breadth and depth of our data insights, such as the accuracy of our customers’ shopping preferences, and our technology capabilities and infrastructure, and our continued ability to develop scalable services and upgrade our platform user experience to adapt to the quickly evolving industry trends and customer preferences.

Our Investment in User Base, Technology, People, and Infrastructure

We have made and will continue to make investments in enhancing and upgrading our platform in order to attract customers and suppliers, enhance user experience and expand the capabilities and scope of our platform. We expect to continue to invest in our technology capabilities and infrastructure, which will lower our margins but deliver overall long-term growth.

Impact of the COVID-19 Pandemic

Beginning with fiscal year 2023, we believe the regulatory measures in response to the pandemic will be relaxed and travel restrictions in most countries will be lifted. Although the COVID-19 pandemic impacted our operations during the years ended December 31, 2022 and 2021, we have also benefited from the pandemic as follows:

● usage of online technology has widened and become more common to the general public of various age groups, people prefer to go online and make purchases from the features Webuy mobile App offers;

● during the pandemic “lockdown” phases, our business operations have carried on without significant disruption as customers preferred to purchase groceries in a handier manner through online; and

● we have taken advantage of the push to digitalization transformation, by providing a platform and channel to meet users daily essential online shopping and payments.

Inflation

We do not believe that inflation has had a material adverse effect on our business as of June 30, 2023 and December 31, 2022, but we will continue to monitor the effects of inflation on our business in future periods.

Supply Chain Disruptions

Although there have been global supply chain disruptions as a result of the COVID-19 pandemic that may have affected the operations of some of our suppliers, these disruptions have not had a material adverse effect on our business as of June 30, 2023 and December 31, 2022, but we will continue to monitor the effects of supply chain disruptions on our business in future periods.

Results of Operations

The following table sets forth certain operational data for the six months ended June 30, 2023 and 2022:

	Periods Ended June 30,
	2023			2022
	USD			USD
Revenues	$	24,400,212		$	15,025,054
Cost of revenues		(23,670,573	)		(13,907,868	)
Gross profit		729,639			1,117,186
Operating expenses
Selling and distribution expenses		(1,320,943	)		(2,095,645	)
General administrative expenses		(3,063,978	)		(2,540,579	)
Share-based compensation		-			(986,727	)
Loss from operations		(3,655,282	)		(4,505,765	)
Other income
Other income		69,243			89,895
Gain on disposal of a subsidiary		-			331,584
Finance costs		(87,945	)		(103,026	)
Total other (expense) income, net		(18,702	)		318,453
Loss before income taxes		(3,673,984	)		(4,187,312	)
Income tax expense		-			-
Net Loss	$	(3,673,984	)	$	(4,187,312	)

2

Revenues

For the six months ended June 30, 2023 and 2022, we derived our revenues primarily from the sales of groceries through our online platform, the Webuy mobile App and from our new business of selling packaged tour which began in 2022.

Our breakdown of revenues in terms revenue stream and geographical locations for the six months ended June 30, 2023 and 2022, respectively, is summarized below:

	Periods Ended June 30,								Change
	2023		%		2022		%		(%)
	USD				USD
Sales of groceries - Singapore	$	5,377,119		22.0	$	9,907,280		65.9		(45.7	)
Sales of groceries - Indonesia		13,656,946		56.0		4,428,116		29.5		208.4
Sales of groceries - Malaysia		-		-		212,932		1.4		(100.0	)
Packaged-tour - Singapore		5,366,147		22.0		476,726		3.2		1,025.6
Total revenues	$	24,400,212		100.0	$	15,025,054		100.0		62.4

Total revenue increased by approximately $9.38 million or 62.4% increase in revenue, totaling $24.4 million for the first half of 2023, compared to the same period last year. The revenue growth was primarily driven by a remarkable 208% increase in sales of groceries in Indonesia through our platform, reaching $13.7 million for the first half of 2023. This achievement follows our re-entry into the market after the cross-border opening in 2022 post-COVID-19. Furthermore, our expanding presence in Indonesia has also resulted in a significant influx of offline bulk purchase orders, underscoring the growing demand for our offerings in the region.

We did not generate any revenue from our Malaysian market due to the disposal and sale of our Malaysian subsidiary to an unrelated party on July 27, 2022.

Our strategy of introducing new travel services has proved highly effective, evidenced by a remarkable 1025.6% surge in revenue. In the initial half of 2022, we generated approximately $0.5 million from our existing services in Singapore. Building on this achievement, in the first half of 2023, our foray into new travel services propelled revenues to approximately $5.4 million, highlighting the extraordinary growth driven by the strength of our strategy.

Cost of revenues

Cost of revenue for the six months ended June 30, 2023 and 2022 was approximately $23.67 million and $13.91 million, respectively, representing an increase of 70.2% as a results of increased groceries sales in Indonesia, as well as cost of revenues incurred from our packaged-tour business. Our cost of revenues consists primarily of changes in inventory, direct labor costs (including salaries and benefits) for employees, sub-contractor fees associated with warehouse operations and packing and handling for grocery sales, and costs for transacting with the principal service providers such as airlines and hotels for our new packaged-tour business. During the six months ended June 30, 2023, we imported large quantities of fresh produce to Indonesia, resulting in a significant increase in the shipping costs.

Our breakdown of cost of revenues for the six months ended June 30, 2023 and 2022, respectively, is summarized below:

	Periods Ended June 30,
	2023		2022
	USD		USD
Changes in inventory	$	16,635,781	$	12,865,707
Direct labor		197,615		203,796
Packing and handling		1,733,386		361,638
Direct costs for packaged-tour		5,103,791		476,727
Total costs of revenue		23,670,573		13,907,868

3

Gross profit

Gross profit for the six months ended June 30, 2023 amounted to approximately $0.73 million as compared to gross profit of approximately $1.12 million for the six months ended June 30, 2022. Gross profit margin was approximately 3.0% and 7.4% for the six months ended June 30, 2023 and 2022, respectively. The decrease in gross profit margin was mainly due to the increased cost of groceries coupled with sales markdown offered by us, which resulted in a lower percentage gross margin as our strategy of providing competitive discounts to attract more users to sign up with our platform. We aim to grow our Indonesia market to achieve economies of scale by increasing our grocery sales and lowering costs.

Operating Expenses

Our operating expenses consist of selling and distribution expenses, general administrative expenses and share-based compensation.

Selling and distribution expenses

Selling and distribution expenses for the six months ended June 30, 2023 and 2022 amounted to approximately $1.32 million and $2.10 million, respectively, representing a decrease of approximately $0.77 million or 37.0%.

The decrease was mainly due to the reduction on marketing and promotion expenses during the six months ended June 30, 2023. We started the Webuy mobile platform promotion campaign in fiscal year 2021 which successfully attracted a satisfactory number of community leaders and customers to sign up as our members. In 2022, we were able to reduce the same expenses while maintaining a steady growth in new membership, and thus we further reduced our marketing and promotion expenses in 2023. In addition, there was a decrease in sales commissions paid to Group Leaders of approximately $0.61 million and a decrease in order fulfilment and distribution related fees of approximately $0.51 million in the six months ended June 30, 2023 which was in line with the decrease in transaction volume. These decreases were offset by an increase in selling and distribution expenses relating to our new packaged-tour business of approximately $0.40 million.

General administrative expenses

General administrative expenses for the six months ended June 30, 2023 and 2022 amounted to approximately $3.06 million and $2.54 million, respectively, representing an increase of approximately $0.52 million or 20.6%. The increase was mainly due to the increase in staff costs as we increased our headcount to expand our business in Indonesia, an increase in amortization of intangible assets of approximately $0.10 million as we acquired new software and application development system of $419,873 in the second half of 2022, an increase in depreciation of right of use asset of approximately $0.17 million for the new lease that we entered on February 28, 2023 for a four-story office and warehouse facility in Singapore.

Share-based compensation expenses

Share-based compensation expenses amounted to approximately $nil and $0.99 million for the six months ended June 30, 2023 and 2022, respectively. On January 1, 2021, we granted 1,642 restricted share units amounting to $3.24 million to employees, with a vesting period of twenty months, these shares were fully vested in August 2022. No shares were granted nor issued during the six months ended June 30, 2023.

Other (expense) Income, net

Other expense amounted to approximately $0.02 million for the six months ended June 30, 2023, compared with other income amounted to approximately $0.32 million for the six months ended June 30, 2022. The decrease was mainly attributable to (1) the decrease in government grants received of approximately $0.03 million due to governments had reduced their subsidies in 2023 when Covid-19 pandemic came to an end. For the six months ended June 30, 2023 and 2022, we received government grant of approximately $0.03 and $0.09 million, respectively; (2) the absence of recorded gain of $0.33 from disposal of Beijing Youmeng IT Co., Ltd. on June 29, 2022; (3) the decrease in the finance costs of approximately $0.02 million which was in line with the decrease in loans borrowed from third parties, total loans payable was $1.61 million as of June 30, 2023, compared with $1.99 million as of June 30, 2022.

4

Income Tax Expense

During the six months ended June 30, 2023, we conducts our businesses in Singapore and Indonesia and is subject to tax in these jurisdictions. As a result of its business activities, we file separate tax returns in these countries that are subject to examination by the foreign tax authorities.

Our income tax expenses for the six months ended June 30, 2023 and 2022 was $nil and $nil, respectively.

Net Loss

During the six months ended June 30, 2023, we incurred a net loss of approximately $3.67 million, as compared to approximately $4.19 million for the six months ended June 30, 2022. The decrease in net loss is primarily attributable to our successful cost-control measures on the operating expenses, in which the total operating expenses decreased by approximately $1.24 million or 22.0%.

Going Concern and Capital Resources

The unaudited interim consolidated financial statements included in this prospectus have been prepared on a going concern basis, which assumes that the Company will be able to continue in operation for the foreseeable future and will be able to realize its assets and discharge its liabilities and commitments in the normal course of business. The Company incurred a net loss of approximately $3.67 million and approximately $4.19 million for the six months ended June 30, 2023 and 2022, respectively. As of June 30, 2023 and 2022, the Company had net cash used in operating activities of approximately $0.88 million and approximately $2.61 million, respectively. The Company had a deficit on total equity of approximately $6.45 million and $2.78 million as of June 30, 2023 and December 31, 2022, respectively. These conditions raise doubt about the Company’s ability to continue as a going concern.

In view of these circumstances, the management of the Company has given consideration to the future liquidity and performance of the Company and its available sources of finance in assessing whether the Company will have sufficient financial resources to continue as a going concern.

To sustain its ability to support the Company’s operating activities, the Company may have to consider supplementing its available sources of funds through the following sources:

● Issuance of additional convertible notes and equity to individual persons and/or corporate entities, from March 1, 2022 through the date of the release of this prospectus, the Company has raised a total of approximately $4.82 million from the issuance of a series of Convertible Loan Notes to various investors, in which Convertible Loan Notes in the aggregate amount of approximately $2.92 million has been converted to shares;

● Other available sources of financing from Singapore banks and other financial institutions; and

● Financial support from the Company’s related party and shareholders.

● On October 19, 2023, the Company completed its initial public offering to receive approximately $13.5 million in net proceeds. On November 3, 2023 and November 21, 2023, the Representative exercised the Over-Allotment Option and the Company received $546,000 and $1,528,800, respectively in net proceeds.

No assurance can be provided that these additional financings will be available on acceptable terms or at all. If management is unable to execute this plan, there would likely be a material adverse effect on the Company’s business. The unaudited interim consolidated financial statements for the six months ended June 30, 2023 and 2022 have been prepared on a going concern basis and do not include any adjustments to reflect the possible future effects on the recoverability and classifications of assets or the amounts and classifications of liabilities that may result from the inability of the Company to continue as a going concern.

5

The following table sets forth a summary of our cash flows for the six months ended June 30, 2023 and 2022 indicated:

	Periods Ended June 30,
	2023			2022
	USD			USD
Net cash used in operating activities	$	(884,672	)	$	(2,608,493	)
Net cash used in investing activities		(564,333	)		(452,093	)
Net cash provided by financing activities		831,606			4,483,035
Net increase/(decrease) in cash and cash equivalents		(617,399	)		1,422,449
Effect of exchange rate changes on balance of cash held in foreign currencies		(9,673	)		42,214
Cash and cash equivalents at the beginning of the period		1,554,464			1,539,348
Cash and cash equivalents at the end of the period		927,392			3,004,011

Cash used in operating activities

For the six months ended June 30, 2023, net cash used in operating activities amounted to approximately $0.88 million primarily resulting from the net loss of approximately $3.67 million, adjusted for non-cash items and changes in working capital. Adjustments for non-cash items consist of the expense items for amortization of intangible assets to approximately $0.23 million, depreciation of leasehold improvements and equipment to approximately $0.08 million. Changes in working capital included increase in inventories of approximately $0.79 million, increase in accounts receivables of approximately $(0.73) million, increase in prepaid expenses and other assets of approximately $(1.79) million, decrease in operating lease liabilities of approximately $(0.11) million, increase in accounts payable of approximately $2.32 million, increase in other current liabilities of approximately $1.72 million and decrease in amount due from/to related parties of approximately $0.02 million.

For the six months ended June 30, 2022, net cash used in operating activities amounted to approximately $2.61 million primarily resulted from the net loss of approximately $4.19 million adjusted for non-cash items and changes in working capital. Adjustments for non-cash items consist of amortization of intangible assets to approximately $0.13 million, depreciation of leasehold improvements and equipment to approximately $0.06 million, gain on disposal of subsidiary to approximately $0.33 million, non-cash lease costs to approximately $0.14 million and share-based compensation of approximately $0.99 million. Changes in working capital mainly included decrease in inventories of approximately $0.17 million, increase in prepaid expenses and other assets of approximately $0.73 million, decrease in operating lease liabilities of approximately $0.14 million, increase in accounts payable of approximately $1.23 million, decrease in deferred revenue of approximately $0.08 million, increase in other current liabilities of approximately $0.16 million and decrease in amount due to a director of approximately $0.01 million.

Cash used in investing activities

For the six months ended June 30, 2023, net cash used in investing activities amounted to approximately $0.56 million due to the purchase of leasehold improvements and equipment.

For the six months ended June 30, 2022, net cash used in investing activities amounted to approximately $0.45 million, which mainly comprised of purchase of leasehold improvements and equipment and intangible assets.

Cash provided by financing activities

For the six months ended June 30, 2023, net cash provided by financing activities amounted to approximately $0.83 million which consists of proceeds from convertibles bonds of approximately $1.29 million and the repayment of loan payables of approximately $(0.46) million.

For the six months ended June 30, 2022, net cash provided by financing activities amounted to approximately $4.48 million which primarily consist of proceeds from convertibles bonds of approximately $2.77 million, proceeds from SAFE Notes of approximately $0.75 million and proceeds from term loan payables of approximately $1.50 million partially offset by repayment of loan payables of approximately $0.54 million.

Commitments and Contingencies

In the normal course of business, we are subject to loss contingencies, such as legal proceedings and claims arising out of our business, that cover a wide range of matters, including, among others, government investigations and tax matters. In accordance with ASC No. 450-20, “Loss Contingencies”, we will record accruals for such loss contingencies when it is probable that a liability has been incurred and the amount of loss can be reasonably estimated. In the opinion of management, there were no pending or threatened claims and litigation as of June 30, 2023 and through the date of the release of this prospectus.

6

Off-Balance Sheet Arrangements

As of June 30, 2023 and December 31, 2022, we have no significant off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in our financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to our shareholders.

Critical Accounting Policies and Estimates

Leases

A lease for which substantially all the benefits and risks incidental to ownership remain with the lessor is classified by the lessee as an operating lease. The Company records the lease expenses on a straight-line basis over the lease term.

The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) assets, operating lease liabilities - current and operating lease liabilities – non-current on the balance sheets. Finance leases are included in leasehold improvements and equipment, loan payable – current and loan payable – non-current in the balance sheets.

Operating lease right-of-use (“ROU”) assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Generally, the implicit rate of interest (“discount rate”) in arrangements is not readily determinable and the Company utilizes its incremental borrowing rate in determining the present value of lease payments. The Company’s incremental borrowing rate is a hypothetical rate based on its understanding of what its credit rating would be. The operating lease ROU asset includes any lease payments made and excludes lease incentives.

Leases with an initial term of 12 months or less are not recorded on the balance sheet. The Company accounts for the lease and non-lease components of its leases as a single lease component. Lease expense is recognized on a straight-line basis over the lease term.

Revenue recognition

The Company adopts Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (ASC Topic 606) for all periods presented. The core principle underlying the revenue recognition of this ASU allows the Company to recognize revenue that represents the transfer of goods and services to customers in an amount that reflects the consideration to which the Company expects to be entitled in such exchange. This will require the Company to identify contractual performance obligations and determine whether revenue should be recognized at a point in time or over time, based on when control of goods and services transfers to a customer.

To achieve that core principle, the Company applies five-step model to recognize revenue from customer contracts. The five-step model requires the Company to (i) identify the contract with the customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, including variable consideration to the extent that it is probable that a significant future reversal will not occur, (iv) allocate the transaction price to the respective performance obligations in the contract, and (v) recognize revenue when (or as) the performance obligation is satisfied.

Product revenues

- Performance obligations satisfied at a point in time

The Company primarily sells goods through group orders directly through the Company’s mobile application. The Company accounts for the revenues generated from sales on a gross basis as the Company is acting as a principal in these transactions and is responsible for fulfilling the promise to provide the specified goods, which the Company has control of the goods and has the ability to direct the use of goods to obtain substantially all the benefits. Revenues are measured based on the amount of consideration that the Company expects to receive reduced by sales return and discount. In making this determination, the Company also assesses whether the Company is primarily obligated, subject to inventory risk, has latitude in establishing prices, or has met several but not all of these indicators in accordance with ASC 606-10-55-36 through 40. The Company recognizes the sales of goods when the control of the specified goods is transferred to customers which is upon delivery of goods to customers. Revenues also exclude any amounts collected on behalf of the third parties, including sales taxes and indirect taxes.

7

The Company sells goods to customers and the revenues are earned from the cash payment made by customers or customers settle their balances with “Assets”. The Company grants “Assets” upon (i) Cash collected from customers via Webuy mobile APP to top up their e-wallet balance; (ii) Refund to customers’ e-wallet due to order cancellation or products returned from customers; (iii) Commissions payable to Group Leaders for the provision of services to the Company. These “Assets” entitle the holders to offset future purchases. As such, “Assets” are initially recognized and recorded as “Advances from customers” upon the grant and when customers have yet placed the purchase orders to create an underlying sales agreement with the Company. The Company uses the term “Assets” to represent the payment procedures and balances of customers’ user accounts on the Company’s Webuy mobile APP platform.

Until “Assets” are used at the time when customers have placed the purchase orders, “Assets” of customers’ user accounts in the Company’s Webuy mobile APP will be reduced; as for the Company’s book-keeping, the Company reclassifies the “Advance from customers” balance to “Deferred revenue”. “Deferred revenue” is a contract liability that the Company is obligated to transfer goods to customers for which the Company has received consideration (or the amount is due) from customers in the form of cash or “Assets”. The balance of “Deferred revenue” represents unfulfilled performance obligations in the sales agreement, i.e. products that have not yet been delivered. Once the related products have been delivered, the amount in “Deferred revenue” account is shifted to a revenue account.

Deferred revenue recognized as revenue during the six months ended June 30, 2023 and 2022 was $990,981 and $484,115.

Packaged-tour revenue

- Performance obligations satisfied at a point in time

Within each contract, the Company identify whether it is principal or agent at the performance obligation level. In arrangements where the Company has substantive control over the service before transferring it to the customer and is primarily responsible for integrating the services into the final deliverables, the Company acts as principal. The Company’s revenue on the sale of packaged-tour is reported as a gross basis, that is, the amounts billed to the customer are recorded as revenues, and amounts paid to travel supplier (such as airlines, hotels, travel buses, etc.) are recorded as cost of revenues. The Company is principal in accordance with ASC paragraphs 606-10-55-36 through 55-40 because the Company controls the packaged-tour including the underlying travel services before the services are transferred to the customer. The control is evidenced by the Company being primarily responsible to its customer and is having a level of discretion in establishing pricing.

The Company operates as a single operating segment including product revenue from the sale of goods, which represent 86% of the Company’s revenues, and sale of packaged tour, which represent 14% of the Company’s revenues. Due to the integrated structure of the Company’s business, the sale of goods revenue and sale of packaged tour revenue are combined with each other. The Company’s chief operating decision maker, its Chief Executive Officer, reviews financial information on an aggregate basis for the purposes of allocating resources and evaluating financial performance. The Company’s primary operations are in Singapore and Indonesia, and it has derived substantially all of its revenue from sales to customers in these jurisdictions.

In accordance with ASC 280-10-50-40, the Company’s disaggregation information of revenues by each product and service or each group of similar product and services type which were recognized based on the nature of performance obligation disclosed above was as follows:

	For the six months ended June 30,
Product/Service Type	2023		Percentage  of Total revenue			2022		Percentage of Total revenue
Food and beverage	$	11,761,196		48	%	$	8,859,482		59	%
Fresh produce		7,053,085		29	%		5,209,224		35	%
Lifestyle and other personal care items		219,784		1	%		479,622		3	%
Packaged-tour		5,366,147		22	%		476,726		3	%
Total	$	24,400,212		100	%	$	15,025,054		100	%

8

Revenues classified by the geographic areas in which the customers were located was as follows:

	For the six months ended June 30,
Country	2023		Percentage of Total revenue			2022		Percentage of Total revenue
Singapore	$	10,743,266		44	%	$	10,384,006		69	%
Indonesia		13,656,946		56	%		4,428,116		30	%
Malaysia		-		-	%		212,932		1	%
Total	$	24,400,212		100	%	$	15,025,054		100	%

During the years ended June 30, 2023 and 2022, all revenues were generated from third parties.

Concentrations and Risks

Concentrations

Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of accounts receivable. The Company conducts credit evaluations of its customers, and generally does not require collateral or other security from them. The Company evaluates its collection experience and long outstanding balances to determine the need for an allowance for doubtful accounts. The Company conducts periodic reviews of the financial condition and payment practices of its customers to minimize collection risk on accounts receivable.

There was no single customer who represented 10% or more of the Company’s total revenue for the six months ended June 30, 2023 and 2022.

There is no single supplier who represented 10% or more of the Company’s total purchases for six months ended June 30, 2023 and 2022.

Details of the supplier which accounted for 10% or more of accounts payable are as follows:

	June 30, 2023		% accounts payable			December 31, 2022		% accounts payable
Company A	$	610,074		7.5	%	$	573,451		10.5	%

Details of the customers which accounted for 10% or more of accounts receivable are as follows:

	June 30, 2023		% accounts receivable			December 31, 2022		% accounts receivable
Company A		602,705		18.4	%		-		0.0	%
Company B		596,667		18.3	%		307,672		12.0	%
Company C		414,036		12.7	%		7,997		0.3	%
Company D		-		0.0			679,226		26.4	%
Company E		-		0.0	%	$	586,103		22.8	%
	$	1,613,408		49.4	%	$	1,580,998		61.5	%

Credit Risk

Credit risk is the potential financial loss to the Company resulting from the failure of a customer or a counterparty to settle its financial and contractual obligations to the Company, as and when they fall due. As the Company does not hold any collateral, the maximum exposure to credit risk is the carrying amounts of trade and other receivables (exclude prepayments) and cash and bank deposits presented on the consolidated balance sheets. The Company has no other financial assets which carry significant exposure to credit risk.

Foreign Currency Risk

The Company operates in multiple markets, which exposes it to the effects of fluctuations in currency exchange rates as it reports its financials and key operational metrics in USD. The Company earns revenue denominated in local currencies of Southeast Asia. The Company generally incur expenses for employee compensation and other operating expenses in the local currencies in the markets in which it operates. Fluctuations in the exchange rates among the various currencies that the Company uses could cause fluctuations in its operational and financial results.

9

EX-99.2

Exhibit 99.2

WEBUY GLOBAL LTD AND SUBSIDIARIES

UNAUDITED INTERIM CONSOLIDATED BALANCE SHEETS

(Amounts expressed in US dollars (“$”) except for numbers of shares and par value)

	June 30,			December 31,
	2023			2022
Assets
Current assets
Cash and cash equivalents	$	927,392		$	1,554,464
Accounts receivable		3,268,834			2,568,183
Inventories		362,926			1,127,133
Prepaid expenses and other assets		3,036,365			1,337,419
Amount due from a related party		11,398			4,119
Total current assets		7,606,915			6,591,318
Leasehold improvements and equipment, net		868,733			423,633
Right of use assets – operating lease		2,348,701			42,712
Intangible assets		698,453			932,999
Total Assets	$	11,522,802		$	7,990,662
Liabilities and Shareholders’ (Deficit) Equity
Current Liabilities
Accounts payable	$	8,171,122		$	5,464,617
Deferred revenue		2,026,900			1,007,494
Other current liabilities		1,952,312			1,728,792
Amount due to a related party		25,047			25,336
Loans payable – current		1,381,760			1,611,069
Convertible notes payable		1,701,600			412,400
Operating lease liability – current		537,463			32,347
Total Current Liabilities		15,796,204			10,282,055
Loans payable – non-current		228,291			473,758
Operating lease liability – non-current		1,943,691			10,598
Total Liabilities	$	17,968,186		$	10,766,411
Commitments and contingencies		-			-
Shareholders’ (Deficit) Equity
Ordinary stock (260,000,000,000 shares authorized, $0.000000385 par value, 48,011,600 shares and 48,011,600* shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively)	$	18		$	18
Additional paid-in capital		15,678,812			15,678,812
Accumulated deficit		(21,947,181	)		(18,337,830	)
Accumulated other comprehensive loss		(71,704	)		(75,641	)
Total Shareholders’ Deficit to shareholders of Webuy Global Ltd		(6,340,055	)		(2,734,641	)
Deficit attributable to non-controlling interests		(105,329	)		(41,108	)
Total Shareholders’ Deficit		(6,445,384	)		(2,775,749	)
Total Liabilities and Shareholders’ Deficit	$	11,522,802		$	7,990,662

* Giving retroactive effect to the share forward split on May 2, 2023.

The accompanying notes are an integral part of these unaudited interim consolidated financial statements.

WEBUY GLOBAL LTD AND SUBSIDIARIES

UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(Amounts expressed in US dollars (“$”) except for numbers of shares)

	Six Months Ended
	June 30,
	2023			2022
Revenues	$	24,400,212		$	15,025,054
Cost of revenues		(23,670,573	)		(13,907,868	)
Gross profit		729,639			1,117,186
Operating expenses
Selling and distribution expenses		(1,320,943	)		(2,095,645	)
General administrative expenses		(3,063,978	)		(2,540,579	)
Share-based compensation		-			(986,727	)
Total operating expenses		(4,384,921	)		(5,622,951	)
Loss from operations		(3,655,282	)		(4,505,765	)
Other (expense) income
Other income		69,243			89,895
Gain on disposal of a subsidiary		-			331,584
Finance costs		(87,945	)		(103,026	)
Total other (expense) income, net		(18,702	)		318,453
Loss before income taxes		(3,673,984	)		(4,187,312	)
Income taxes		-			-
Net loss		(3,673,984	)		(4,187,312	)
Less: Net loss attributable to non-controlling interests		64,633			30,607
Net loss attributable to shareholders of Webuy Global Ltd	$	(3,609,351	)	$	(4,156,705	)
Net loss		(3,673,984	)		(4,187,312	)
Foreign currency translation		4,349			17,961
Comprehensive loss		(3,669,635	)		(4,169,351	)
Less: Comprehensive loss attributable to non-controlling interests		64,221			28,244
Comprehensive loss attributable to shareholders of Webuy Global Ltd	$	(3,605,414	)	$	(4,141,107	)
Basic and diluted loss per ordinary share	$	(0.08	)	$	(0.11	)*
Basic and diluted weighted average number of ordinary shares outstanding		48,011,600			38,402,000	*

* Giving retroactive effect to the share forward split on May 2, 2023.

The accompanying notes are an integral part of these unaudited interim consolidated financial statements.

F-2

WEBUY GLOBAL LTD AND SUBSIDIARIES

UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (DEFICIT)

(Amounts expressed in US dollars (“$”) except for numbers of shares)

	Ordinary Shares										Accumulated
	Number of Shares			Amount ($0.000000385 par)		Additional Paid-in Capital		Accumulated Deficit			Other Comprehensive (loss) Income			Deficit to Ordinary Shareholders			Non- controlling Interests			Total Deficit
Balance as at December 31, 2021		38,402,000	*	$	15	$	10,441,123	$	(11,676,884	)	$	36,112		$	(1,199,634	)	$	(49,979	)	$	(1,249,613	)
Share-based compensation		-			-		986,727		-			-			986,727			-			986,727
Net loss		-			-		-		(4,156,705	)		-			(4,156,705	)		(30,607	)		(4,187,312	)
Foreign currency translation		-			-		-		-			15,598			15,598			2,363			17,961
Balance as at June 30, 2022		38,402,000	*	$	15	$	11,427,850	$	(15,833,589	)	$	51,710		$	(4,354,014	)	$	(78,223	)	$	(4,432,237	)
Balance as at December 31, 2022		48,011,600		$	18	$	15,678,812	$	(18,337,830	)	$	(75,641	)	$	(2,734,641	)	$	(41,108	)	$	(2,775,749	)
Net loss		-			-		-		(3,609,351	)		-			(3,609,351	)		(64,633	)		(3,673,984	)
Foreign currency translation		-			-		-		-			3,937			3,937			412			4,349
Balance as at June 30, 2023		48,011,600		$	18	$	15,678,812	$	(21,947,181	)	$	(71,704	)	$	(6,340,055	)	$	(105,329	)	$	(6,445,384	)

* Giving retroactive effect to the share forward split on May 2, 2023.

The accompanying notes are an integral part of these unaudited interim consolidated financial statements.

F-3

WEBUY GLOBAL LTD AND SUBSIDIARIES

UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS

(Amounts expressed in US dollars (“$”))

	Six Months Ended
	June 30,
	2023			2022
Cash Flows From Operating Activities:
Net loss	$	(3,673,984	)	$	(4,187,312	)
Adjustments to reconcile net loss to net cash used in operating activities:
Amortization of intangible assets		226,406			125,488
Depreciation of leasehold improvements and equipment		83,662			56,066
Gain on disposal of subsidiaries		-			(331,584	)
Leasehold improvements and equipment written off		25,823			-
Share-based compensation		-			986,727
Non-cash lease costs		221,369			136,966
Changes in operating assets and liabilities:
Inventories		786,737			165,564
Accounts receivable		(728,790	)		740
Prepaid expenses and other assets		(1,787,069	)		(727,848	)
Operating lease liability		(107,139	)		(139,437	)
Accounts payable		2,324,683			1,234,317
Deferred revenue		-			(80,545	)
Other current liabilities		1,719,932			163,650
Amount due from/to related parties		23,698			(11,285	)
Net Cash used in Operating Activities		(884,672	)		(2,608,493	)
Cash Flows From Investing Activities:
Purchase of intangible assets		-			(419,873	)
Purchase of leasehold improvements and equipment		(564,333	)		(32,220	)
Net Cash used in Investing Activities		(564,333	)		(452,093	)
Cash Flows From Financing Activities:
Proceeds from issuance of convertible notes		1,289,200			2,770,800
Proceeds from issuance of SAFE note		-			750,000
Proceeds from term loan		-			1,500,000
Repayment of loan payables		(457,594	)		(537,765	)
Net Cash provided by Financing Activities		831,606			4,483,035
Effect of Exchange Rate Changes on Cash		(9,673	)		42,214
Net changes in cash		(627,072	)		1,464,663
Cash at beginning of the period		1,554,464			1,539,348
Cash at end of the period	$	927,392		$	3,004,011
Supplemental Disclosure of Cash Flow Information:
Cash paid for interest	$	126,590		$	103,026
Cash paid for taxes	$	-		$	-

The accompanying notes are an integral part of these unaudited interim consolidated financial statements.

F-4

WEBUY GLOBAL LTD AND SUBSIDIARIES

NOTES TO THE UNAUDITED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2023 AND 2022

(Amounts expressed in US dollars (“$”) except for numbers of shares)

Note 1. Organization, Description of Business and Going Concern

Webuy Global Ltd (“Webuy”) was incorporated on August 29, 2022 in the Cayman Islands as a company limited by shares.

Webuy Global Ltd and subsidiaries (“we”, “our”, “us” or collectively known as the “Company”) is an emerging Southeast Asian (“SEA”) community-oriented e-Commerce retailor (“Community E-Commerce Retailor”) with a focus on grocery and travel. Community e-commerce is a deepened extension form of e-commerce, where social media users with mutual interest and like-minded behavior are connected, forming a community group within a network through online medium. Our mission is to make social shopping a new lifestyle for consumers and to empower consumers’ purchases with an efficient cost-saving purchasing model.

Share Swap Agreement

On August 29, 2022, the Company closed a share swap agreement (the “Share Swap”) between New Retail International Pte Ltd. (“New Retail”), which is a private company with limited liability under Singapore law and its shareholders. Under the Share Swap, the Company acquired 100% of the issued shares of New Retail (being 16,644 shares comprising (a) 8,202 ordinary shares denominated in SGD, (b) 3,440 preference shares denominated in SGD, and (c) 5,002 preference shares denominated in USD in exchange for the allotment and issuance of 16,644 ordinary shares of Webuy. Following the Share Swap, New Retail became a wholly owned subsidiary of the Company and the former shareholders, holders of warrants, convertible notes, and simple agreements for future equity of New Retail held 100% of the equity interests of the Company prior to the Company’s planned initial public offering. As a result of the share forward split, the effective number of ordinary shares of Webuy became 43,274,400.

Reorganization

The Share Swap between Webuy and New Retail is considered as a merger of entities under common control. Under the guidance in ASC 805, for transactions between entities under common control, the assets, liabilities and results of operations, are recognized at their carrying amounts on the date of the Share Swap, which required retrospective combination of Webuy and New Retail for all periods presented. The unaudited interim consolidated financial statements for the six months ended June 30, 2022 have been prepared as if the existing corporate structure had been in existence. This includes a retrospective presentation for all equity related disclosures, including issued shares and earnings per share, which have been revised to reflect the effects of the reorganization as of June 30, 2022.

Corporate Structure

Details of the Company and subsidiaries as of June 30, 2023 are set out below:

Name	Incorporation Date	Percentage of effective ownership			Place of Incorporation	Fiscal Year	Principal Activities
Webuy Global Ltd	August 29, 2022		-		Cayman Islands	December 31	Investment holding
New Retail International Pte Ltd	November 23, 2018		100	%	Singapore	December 31	Community-oriented e-commerce platform
PT Webuy Social Indonesia	May 5, 2020		95	%	Indonesia	December 31	Community-oriented e-commerce platform
The Shopaholic Bear Pte Ltd	April 6, 2021		100	%	Singapore	December 31	Community-oriented e-commerce platform
Bear Bear Pte Ltd	November 2, 2021		100	%	Singapore	December 31	Dormant
Webuy Travel Pte. Ltd.	November 15, 2022		100	%	Singapore	December 31	Sale of packaged-tour
PT Buah Kita Retail	October 23, 2023		100	%	Indonesia	December 31	Retail business
PT Webuy Travel Indonesia	October 23, 2023		70	%	Indonesia	December 31	Sale of packaged-tour

F-5

Going concern

These unaudited interim consolidated financial statements have been prepared on a going concern basis, which assumes that the Company will be able to continue in operation for the foreseeable future and will be able to realize its assets and discharge its liabilities and commitments in the normal course of business. The Company incurred net loss of $3,673,984 and $4,187,312 for the six months ended June 30, 2023 and 2022, respectively. As of June 30, 2023 and 2022, the Company had net cash used in operating activities of $884,672 and $2,608,493, respectively, the Company had a deficit on total equity of $6,445,384 and $2,775,749 as of June 30, 2023 and December 31, 2022, respectively. These conditions raise doubt about the Company’s ability to continue as a going concern.

In view of these circumstances, the management of the Company has given consideration to the future liquidity and performance of the Company and its available sources of finance in assessing whether the Company will have sufficient financial resources to continue as a going concern.

To sustain its ability to support the Company’s operating activities, the Company may have to consider its available sources of funds through the following sources:

● Issuance of additional convertible notes and equity to individual persons and/or corporate entities, from March 1, 2022 through the date of the release of these financial statements, the Company has raised a total of $4,822,400 from the issuance of a series of Convertible Loan Notes to various investors, in which Convertible Loan Notes in the aggregate amount of $2,920,800 has been converted to shares;

● Other available sources of financing from Singapore banks and other financial institutions; and

● Financial support from the Company’s related party and shareholders.

● On October 19, 2023, the Company completed its initial public offering to receive $13,528,942 in net proceeds. On November 3, 2023, the underwriters exercised the Over-Allotment Option and the Company received $546,000 in net proceeds and $1,528,800, respectively in net proceeds. (Note 18)

No assurance can be provided that these additional financings will be available on acceptable terms or at all. If management is unable to execute this plan, there would likely be a material adverse effect on the Company’s business. The unaudited interim consolidated financial statements for the six months ended June 30, 2023 and 2022 have been prepared on a going concern basis and do not include any adjustments to reflect the possible future effects on the recoverability and classifications of assets or the amounts and classifications of liabilities that may result from the inability of the Company to continue as a going concern.

Note 2. Summary of Signification Accounting Policies

The accounting policies applied for the six months ended June 30, 2023 and 2022 are consistent with those of the audited consolidated financial statements for the years ended December 31, 2022 and, 2021, as described in those audited consolidated financial statements, except for the adoption of any new and amended accounting principles generally accepted in the United States of America (“US GAAP”) effective after the year ending December 31, 2022 which are relevant to the preparation of the June 30, 2023 unaudited interim consolidated financial statements.

Basis of presentation and consolidation

The accompanying unaudited interim consolidated financial statements have been prepared in accordance with Article 10 of Regulation S-X. These statements should be read in conjunction with the audited consolidated financial statements for the years ended December 31, 2022 and 2021, which have been prepared in accordance US GAAP. The unaudited interim consolidated financial statements have been prepared on a historical cost basis. In the opinion of management, all adjustments necessary for a fair presentation have been included in the accompanying unaudited interim consolidated financial statements. The results of operations for the six months ended June 30, 2023 are not necessarily indicative of the results that may be expected for the full year ended December 31, 2023.

The unaudited interim consolidated financial statements include the financial statements of the Company and all its majority-owned subsidiaries from the dates they were incorporated. All intercompany balances and transactions have been eliminated in consolidation.

All amounts are presented in United States dollars (“USD”) and have been rounded to the nearest USD. 

F-6

Use of estimates

The preparation of the unaudited interim consolidated financial statements in conformity with US GAAP requires management of the Company to make a number of estimates and assumptions relating to the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates and judgments.

In preparing the interim condensed consolidated financial statements, the significant judgments made by management in applying the Company’s accounting policies and the key sources of estimation uncertainty were the same as those that applied to the consolidated financial statements for the year ended December 31, 2022 and 2021.

Cash and cash equivalents

Cash is carried at cost and represents cash on hand and bank deposits. Cash equivalents consist of funds received from customers, which funds were held at the third-party platform’s fund account, and which are unrestricted and immediately available for withdrawal and use.

Periodically, the Company may carry cash balances at financial institutions more than the respective subsidiaries’ government insured limits in Singapore and Indonesia ranging from approximately $55,000 to $128,000 per institution. The amount in excess of government insurance as of June 30, 2023 and December 31, 2022, was approximately $638,000 and $1,221,685 respectively. The Company has not experienced losses on these accounts and management believes, based upon the quality of the financial institutions, that the credit risk with regard to these deposits is not significant.

Foreign currencies translation and transactions

The reporting currency of the Company is United States Dollar (“USD”) and the accompanying unaudited interim consolidated financial statements have been expressed in “$”. In addition, the Company’s subsidiaries are operating in Singapore, Malaysia, Indonesia and People Republic of China and maintains its books and records in its local currency, Singapore Dollar (“SGD”), Malaysia Ringgit (“MYR”), Indonesia Rupiah (“IDR”) and Chinese Yuan (“CNY”), respectively, which are the functional currency as being the primary currency of the economic environment in which their operations are conducted.

Accounts receivable

Accounts receivable are recorded in accordance with ASC 310, “Receivables.” Accounts receivable are recorded at the invoiced amount and do not bear interest. The allowance for doubtful accounts is the Company’s best estimate of the amount of probable credit losses in its existing accounts receivable and other receivables. The Company determines the allowance based on aging data, historical collection experience, customer specific facts and economic conditions. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. The Company did not have any off-balance-sheet credit exposure relating to its customers, suppliers or others. For the six months ended June 30, 2023 and 2022, the Company did not record any allowances for doubtful accounts against its accounts receivable and other receivables nor did it charge off any such amounts, respectively.

Leases

A lease for which substantially all the benefits and risks incidental to ownership remain with the lessor is classified by the lessee as an operating lease. The Company records the lease expenses on a straight-line basis over the lease term.

The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) assets, operating lease liabilities – current and operating lease liabilities – non-current on the balance sheets. Finance leases are included in leasehold improvements and equipment, loan payable – current and loan payable – non-current in the balance sheets.

F-7

Operating lease right-of-use (“ROU”) assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Generally, the implicit rate of interest (“discount rate”) in arrangements is not readily determinable and the Company utilizes its incremental borrowing rate in determining the present value of lease payments. The Company’s incremental borrowing rate is a hypothetical rate based on its understanding of what its credit rating would be. The operating lease ROU asset includes any lease payments made and excludes lease incentives.

Leases with an initial term of 12 months or less are not recorded on the balance sheet. The Company accounts for the lease and non-lease components of its leases as a single lease component. Lease expense is recognized on a straight-line basis over the lease term.

Accounts payables and other current liabilities

Accounts payable and other current liabilities are liabilities for goods and services provided to the Company prior to the end of the financial year which are unpaid. They are recognized initially at their fair value and subsequently measured at amortized cost using the effective interest method. They are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.

Convertible notes payable

Upon adoption of Accounting Standards Update (“ASU”) 2020-06 on January 1, 2022, the elimination of the beneficial conversion feature (“BCF”) and cash conversion models in ASC 470-20 that requires separate accounting for embedded conversion features in convertible instruments results in the convertible debt instruments being recorded as a single liability (i.e., there is no separation of the conversion feature, and all proceeds are allocated to the convertible debt instruments as a single unit of account). Unless conversion features are derivatives that must be bifurcated from the host contracts in accordance with ASC 815-15 or, in the case of convertible debt, if the instruments are issued with a substantial premium, in the latter case, ASC 470-20-25-13 requires the substantial premium to be attributable to the conversion feature and recorded in additional paid-in capital (APIC).

The Company accounted for these Notes as a single liability-classified instrument measured at amortized cost due to the adoption of ASU 2020-06. ASC Subtopic 470-20 “Debt—Debt with Conversion and Other Options” and ASC subtopic 815-40 “Hedging—Contracts in Entity’s Own Equity”. The Company has presented these Notes in current liabilities in the accompanying balance sheets. On November 27, 2023, these Note bearers signed another agreement with the Company to provide a waiver of the right of conversion of the Note into conversion shares (Note 10).

Revenue recognition

The Company adopts Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (ASC Topic 606) for all periods presented. The core principle underlying the revenue recognition of this ASU allows the Company to recognize revenue that represents the transfer of goods and services to customers in an amount that reflects the consideration to which the Company expects to be entitled in such exchange. This will require the Company to identify contractual performance obligations and determine whether revenue should be recognized at a point in time or over time, based on when control of goods and services transfers to a customer.

To achieve that core principle, the Company applies five-step model to recognize revenue from customer contracts. The five-step model requires the Company to (i) identify the contract with the customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, including variable consideration to the extent that it is probable that a significant future reversal will not occur, (iv) allocate the transaction price to the respective performance obligations in the contract, and (v) recognize revenue when (or as) the performance obligation is satisfied.

F-8

Product revenues

- Performance obligations satisfied at a point in time

The Company primarily sells goods through group orders directly through the Company’s mobile application. The Company accounts for the revenues generated from sales on a gross basis as the Company is acting as a principal in these transactions and is responsible for fulfilling the promise to provide the specified goods, which the Company has control of the goods and has the ability to direct the use of goods to obtain substantially all the benefits. Revenues are measured based on the amount of consideration that the Company expects to receive reduced by sales return and discount. In making this determination, the Company also assesses whether the Company is primarily obligated, subject to inventory risk, has latitude in establishing prices, or has met several but not all of these indicators in accordance with ASC 606-10-55-36 through 40. The Company recognizes the sales of goods when the control of the specified goods is transferred to customers which is upon delivery of goods to customers. Revenues also exclude any amounts collected on behalf of the third parties, including sales taxes and indirect taxes.

The Company sells goods to customers and the revenues are earned from the cash payment made by customers or customers settle their balances with “Assets”. The Company grants “Assets” upon (i) Cash collected from customers via Webuy mobile APP to top up their e-wallet balance; (ii) Refund to customers’ e-wallet due to order cancellation or products returned from customers; (iii) Commissions payable to Group Leaders for the provision of services to the Company. These “Assets” entitle the holders to offset future purchases. As such, “Assets” are initially recognized and recorded as “Advances from customers” upon the grant and when customers have yet placed the purchase orders to create an underlying sales agreement with the Company. The Company uses the term “Assets” to represent the payment procedures and balances of customers’ user accounts on the Company’s Webuy mobile APP platform.

Until “Assets” are used at the time when customers have placed the purchase orders, “Assets” of customers’ user accounts in the Company’s Webuy mobile APP will be reduced; as for the Company’s book-keeping, the Company reclassifies the “Advance from customers” balance to “Deferred revenue”. “Deferred revenue” is a contract liability that the Company is obligated to transfer goods to customers for which the Company has received consideration (or the amount is due) from customers in the form of cash or “Assets”. The balance of “Deferred revenue” represents unfulfilled performance obligations in the sales agreement, i.e. products that have not yet been delivered. Once the related products have been delivered, the amount in “Deferred revenue” account is shifted to a revenue account.

Deferred revenue recognized as revenue during the six months ended June 30, 2023 and 2022 was $990,981 and $484,115.

Packaged-tour revenue

- Performance obligations satisfied at a point in time

Within each contract, the Company identify whether it is principal or agent at the performance obligation level. In arrangements where the Company has substantive control over the service before transferring it to the customer and is primarily responsible for integrating the services into the final deliverables, the Company acts as principal. The Company’s revenue on the sale of packaged-tour is reported as a gross basis, that is, the amounts billed to the customer are recorded as revenues, and amounts paid to travel supplier (such as airlines, hotels, travel buses, etc.) are recorded as cost of revenues. The Company is principal in accordance with ASC paragraphs 606-10-55-36 through 55-40 because the Company controls the packaged-tour including the underlying travel services before the services are transferred to the customer. The control is evidenced by the Company being primarily responsible to its customer and is having a level of discretion in establishing pricing.

The Company operates as a single operating segment including product revenue from the sale of goods, which represent 86% of the Company’s revenues, and sale of packaged tour, which represent 14% of the Company’s revenues. Due to the integrated structure of the Company’s business, the sale of goods revenue and sale of packaged tour revenue are combined with each other. The Company’s chief operating decision maker, its Chief Executive Officer, reviews financial information on an aggregate basis for the purposes of allocating resources and evaluating financial performance. The Company’s primary operations are in Singapore and Indonesia, and it has derived substantially all of its revenue from sales to customers in these jurisdictions.

F-9

In accordance with ASC 280-10-50-40, the Company’s disaggregation information of revenues by each product and service or each group of similar product and service type which were recognized based on the nature of performance obligation disclosed above was as follows:

	For the six months ended June 30,
Product/Service Type	2023		Percentage of Total revenue			2022		Percentage of Total revenue
Food and beverage	$	11,761,196		48	%	$	8,859,482		59	%
Fresh produce		7,053,085		29	%		5,209,224		35	%
Lifestyle and other personal care items		219,784		1	%		479,622		3	%
Packaged-tour		5,366,147		22	%		476,726		3	%
Total	$	24,400,212		100	%	$	15,025,054		100	%

Revenues classified by the geographic areas in which the customers were located was as follows:

	For the six months ended June 30,
Country	2023		Percentage of Total revenue			2022		Percentage of Total revenue
Singapore	$	10,743,266		44	%	$	10,384,006		69	%
Indonesia		13,656,946		56	%		4,428,116		30	%
Malaysia		-		-	%		212,932		1	%
Total	$	24,400,212		100	%	$	15,025,054		100	%

During the years ended June 30, 2023 and 2022, all revenues were generated from third parties.

Cost of revenue

Costs are recognized when incurred. Cost of revenue consists of direct labor, materials, freight charges and other direct costs.

Recent Accounting Pronouncements

In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments. This standard requires a financial asset (or group of financial assets) measured at amortized cost basis to be presented at the net amount expected to be collected. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial asset(s) to present the net carrying value at the amount expected to be collected on the financial asset. This standard is effective for the Company on January 1, 2023.

All new standards and amendments that are effective for annual reporting period commencing January 1, 2023 have been applied by the Company for the six months ended June 30, 2023. The adoption of these new and amended standards did not have material impact on the unaudited interim consolidated financial statements of the Company. A number of new standards and amendments to standards have not come into effect for the year beginning January 1, 2023, and they have not been early adopted by the Company in preparing these unaudited interim consolidated financial statements. None of these new standards and amendments to standards is expected to have a significant effect on the unaudited interim consolidated financial statements of the Company.

Note 3. Prepaid expenses and other assets

At June 30, 2023 and December 31, 2022, prepayment and other current assets consisted of the following:

	June 30,		December 31,
	2023		2022
Prepayment	$	1,427,559	$	418,642
Advance to suppliers		204,329		3,731
Deposits		246,911		123,012
Other receivables		1,157,566		792,034
	$	3,036,365	$	1,337,419

The prepayment includes payments of advertisement expenses, insurance premiums, rental expenses, travel package costs and professional fees. The deposits are mainly related to equipment, office and warehouse refundable security deposit and payment service provider rolling reserves. The other receivables are mainly related to advance to employees and non-trade receivables due from third parties.

F-10

Note 4. Leasehold improvements and Equipment

At June 30, 2023 and December 31, 2022, leasehold improvements and equipment consisted of the following:

	June 30,			December 31,
	2023			2022
Motor Vehicles	$	453,088		$	458,318
Office equipment		21,778			10,892
Furniture and fittings		5,377			5,439
Computer		41,743			42,225
Warehouse equipment		100,160			97,314
Leasehold improvements		575,557			78,675
		1,197,703			692,863
Accumulated depreciation		(328,970	)		(269,230	)
Leasehold improvements and equipment, net of accumulated depreciation	$	868,733		$	423,633

Depreciation expense of leasehold improvements and equipment for the six months ended June 30, 2023 and 2022 were $83,662 and $56,066, respectively.

During the six months ended June 30, 2023 and 2022, the Company purchased assets of $564,333 and $32,220, respectively.

The motor vehicles with a net carrying amount of $300,907 and $325,331 are held under finance lease arrangements as of June 30, 2023 and December 31, 2022, respectively.

Note 5. Right of use assets and operating lease liability

Operating lease

The Company has entered into commercial operating leases for the use of offices and warehouses as lessee. These leases have varying terms, escalation clauses and renewal rights. On February 28, 2023, the Company entered into a new lease agreement for a lease term of five years for a four-story office and warehouse facility in Singapore. The Company is committed to pay a total rental fee of approximately $3.9 million for the full lease term.

Information pertaining to lease amounts recognized in the unaudited interim consolidated financial statements is summarized as follows:

	June 30,			December 31,
	2023			2022
Leasehold buildings	$	3,002,532		$	483,401
Accumulated amortization		(653,831	)		(440,689	)
ROU assets, net of accumulated amortization	$	2,348,701		$	42,712

	June 30,			June 30,
	2023			2022
Lease costs:
Operating lease costs	$	221,369		$	136,966
Short-term lease costs		235,458			155,515
Total lease costs	$	456,827		$	292,481
Supplemental cash flow information:
Operating cash flows from operating leases	$	1,966,360		$	139,437
Right-of-use obtained in exchange for new operating lease liabilities		(2,073,499	)		(66,442	)
Weighted-average remaining lease term (years):
Operating leases		4.75			0.7

F-11

As of June 30, 2023 and December 31, 2022, the weighted-average discount rate for operating leases was 5.0% and 5.0%, respectively.

	Operating leases
Periods Ended June 30,
2024	$	649,205
2025		620,342
2026		565,204
2027		565,204
Thereafter		376,803
Total operating lease payment		2,776,758
Less: Imputed interest		(295,604	)
Present value of operating lease liabilities		2,481,154
Operating lease liabilities – current	$	537,463
Operating lease liabilities – non-current	$	1,943,691

Note 6. Intangible assets

At June 30, 2023 and December 31, 2022, intangible assets consisted of the following:

	June 30,			December 31,
	2023			2022
Software	$	69,817		$	72,421
Application development		1,261,112			1,275,669
		1,330,929			1,348,090
Accumulated amortization		(632,476	)		(415,091	)
Intangible assets, net of accumulated amortization	$	698,453		$	932,999

Based on the carrying value of definite-lived intangible assets as of June 30, 2023, the Company estimates its amortization expense for following years will be as follows: 

	Amortization expense
Periods Ended June 30,
2024	$	404,729
2025		263,266
2026		30,458
Total amortization expense	$	698,453

Amortization expense of intangible assets for the six months ended June 30, 2023 and 2022 were $226,406 and $125,488, respectively.

During the six months ended June 30, 2023 and 2022, the Company acquired intangible assets of $nil and $419,873, respectively.

F-12

Note 7. Other current liabilities

At June 30, 2023 and December 31, 2022, other current liabilities consisted of the following:

	June 30,		December 31,
	2023		2022
Accrued expenses (a)	$	410,349	$	474,033
Advance from customers		501,288		188,069
Other payables (b)		1,040,675		1,066,690
	$	1,952,312	$	1,728,792

(a) Accrued expenses mainly relate to staff-related expenses.

(b) Other payables mainly include outstanding amounts owed to various non-trade vendors and value added tax (“VAT”) payables.

Note 8. Loans payable

At June 30, 2023 and December 31, 2022, loans payable consisted of the following:

	June 30,			December 31,
	2023			2022
Hire purchases - Motor Vehicle	$	262,961		$	286,329
Term loan I		480,461			594,070
Term loan II		704,400			1,028,645
Short-term loan		162,229			175,783
		1,610,051			2,084,827
Less current portion		(1,381,760	)		(1,611,069	)
Long-term loans payable	$	228,291		$	473,758

On August 27, 2020, the Company acquired a motor vehicle pursuant to a hire purchase financing arrangement.

The Company has booked interest expense on the loans of $87,945 and $103,026 for the six months ended June 30, 2023 and 2022, respectively.

On September 23, 2021, the Company entered into an unsecured term loan agreement (“Term loan I”) with a third party and obtained a loan facility in the amount of $1.0 million with a maturity date 30 months from September 24, 2021. The loan bears an interest rate of 6% per annum on the initial facility amount.

On January 6, 2022, the Company entered into an unsecured term loan agreement (“Term loan II”) with a third party and obtained a loan facility in the amount of $1.5 million with a maturity date 24 months from February 19, 2022. The loan bears an interest rate of 6% per annum on the initial facility amount.

On December 12, 2022, the Company entered into a loan agreement (“Short-term loan”) with a third party whereby the Company borrowed $0.2 million with the sole purpose to make payment to the Company’s suppliers in the People’s Republic of China (“PRC”). The loan is unsecured and bears an 0% interest rate. The loan is due in three months from the payment made by the lender on behalf to the Company’s supplier date. On March 13, 2023, the loan was extended to May 30, 2023 with the same terms and conditions. On June 1, 2023, the loan was further extended to December 31, 2023 with the same terms and conditions.

F-13

Hire Purchases

Future minimum lease payments under hire purchases that have initial non-cancellable lease terms in excess of one year as of June 30, 2023 were as follows:

	Finance leases
Periods Ended June 30,
2024	$	54,242
2025		54,242
2026		54,242
2027		54,242
2028		54,242
Thereafter		32,369
	$	303,579
Less: Imputed interest		(40,618	)
Hire purchases liabilities	$	262,961
Hire purchases liabilities – current	$	34,670
Hire purchases liabilities – non-current	$	228,291

Note 9. Related Party Transactions

Amount due from a related party

As of June 30, 2023 and December 31, 2022, the Company recorded amount due from GBuy Global Pte Ltd, a shareholder of the Company of $6,362 and $4,119, respectively, which represents expenses paid on behalf for a related party. The amounts are unsecured, non-interest bearing and due on demand.

As of June 30, 2023 and December 31, 2022, the Company recorded amount due from Webuy Talent Ltd (“Webuy Talent”) of $5,036 and $nil, respectively. Mr. Bin Xue, Chief Executive Officer and Chairman of the Board of Director of the Company is also the director of Webuy Talent. The balance represents expenses paid on behalf for a related party. The amounts are unsecured, non-interest bearing and due on demand.

Amount due to a related party

The transactions amount due to a related party are as of the following:

	June 30, 2023			June 30, 2022
Beginning of the years January 1	$	25,336		$	68,786
Advances for operation and administration expenses		-			13,724
Payments made to a director		-			(25,009	)
Exchange difference		(289	)		-
Periods ended June 30	$	25,047		$	57,501

As of June 30, 2023 and December 31, 2022, the Company recorded amount due to Mr. Bin Xue, Chief Executive Officer and Chairman of the Board of Director of the Company of $25,047 and $25,336. The balance represents business advances from a related party. The amounts are unsecured, non-interest bearing and due on demand.

Note 10. Convertible Notes Payables

During the year ended December 31, 2022, the Company issued a series of Convertible Loan Note (“Note”) in aggregate principal amount of $3,333,200 to various individual investors with identical terms. On August 29, 2022, the Notes in aggregate principal amount of $2,920,800 have been converted to 400 ordinary shares of the Company. As a result of the share forward split, the converted ordinary shares became 1,040,000. As of December 31, 2022, the carrying value of convertible notes payable was the aggregate principal amount of the Notes of $412,400 in connection with the issuance.

During the six months ended June 30, 2023, the Company issued a series of Convertible Loan Note (“Note”) in aggregate principal amount of $1,289,200 to various individual investors with identical terms. None of the Notes have been converted to ordinary shares of the Company. As of June 30, 2023, the carrying value of convertible notes payable was the aggregate principal amount of the Notes of $1,701,600 in connection with the issuance.

F-14

On August 2, 2023, the Company issued a Convertible Loan Note in principal amount of $200,000 to an investor.

These Notes will mature in 12 months to 18 months from the funding date and bear interest at a rate of 10% per annum, to be accrued and payable at the maturity date. The Company is obligated to redeem the loan in cash on the principal amount together with all interest accrued in full on the maturity date in the absence of a public listing or conversion to shares. On October 19, 2023, the Convertible Loan Note bearers signed the lock-up agreements to agree that their Notes will be converted after 180 days from the date of closing of the Initial Public Offering (the “Lock-Up Period”). The anticipated conversion date is April 17, 2024. On November 27, 2023, these Note bearers signed another agreement with the Company to provide a waiver of the right of conversion of the Note into conversion shares. The clause relating to their right of conversion is replaced with a full cash settlement of their Notes bearing interest at the rate of 10% per annum. The settlement shall be made (a) on the date falling six (6) months from October 19, 2023 (“Settlement Date”), and (b) in such manner to be agreed in writing between the Lender and the Borrower on or prior to the Settlement Date.

Note 12. Equity

On May 2, 2023, the shareholders of the Company approved a 1 for 2,600 share forward split of the Company’s authorized and issued ordinary shares whereby every 1 share was split into 2,600 shares. In addition, the par value of each ordinary share decreased from $0.001 to $0.000000385. The financial statements and all share and per share amounts have been retroactively restated to reflect the share forward split. On May 2, 2023, in addition to the share forward split, the shareholders of the Company also approved an increase in the Company’s authorized ordinary shares from 100,000,000 to 260,000,000,000.

Authorized Shares

As of June 30, 2023, the Company has 260,000,000,000 authorized ordinary shares, par value $$0.000000385 per share.

Ordinary Shares

No shares were issued during the six months ended June 30, 2023. As of June 30, 2023, the Company has 48,011,600 ordinary shares issued and outstanding.

Note 13. Disposal of a subsidiary

On June 29, 2022, the Company completed the disposal of its 100% equity interest in Beijing Youmeng IT Co., Ltd. The Company recorded a gain on disposal of $331,584 for the six months ended June 30, 2022. This disposal was not classified as a discontinued operation as Beijing Youmeng IT Co., Ltd was merely a cost centre which did not represent a separate major line of business or geographic area of operations to the Company.

Note 14. Income tax

Income tax expense comprises current and deferred taxes. Current taxes and deferred taxes are recognized in profit or loss except to the extent that it relates to a business combination, or items recognized directly in equity or in other comprehensive loss.

Enterprise income tax

Cayman Islands

The Company is incorporated in the Cayman Islands. Under the current laws of the Cayman Islands, the Company is not subject to income or capital gains taxes. In addition, dividend payments are not subject to withholdings tax in the Cayman Islands.

Singapore

Subsidiaries incorporated in Singapore are subject to the Singapore corporate income tax rate of 17%.

Indonesia

Subsidiaries incorporated in Indonesia are subject to Indonesia corporate income tax rate of 22%.

Malaysia

Subsidiaries incorporated in Malaysia are subject to Malaysia corporate income tax rate of 24%.

F-15

China

Subsidiaries incorporated in China are subject to the China corporate income tax rate of 25%.

Current taxes are the expected tax receivable or payable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax receivable or payable in respect of previous years. Deferred taxes are recognized in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes.

Deferred taxes are not recognized for the following temporary differences: the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit or loss, and differences relating to investments in subsidiaries and jointly controlled entities to the extent that it is probable that they will not reverse in the foreseeable future.

A deferred tax asset is recognized for unused tax losses, tax credits and deductible temporary differences, to the extent that it is probable that future taxable profits will be available against which they can be utilized. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized.

The Company considers positive and negative evidence to determine whether some portion or all of the deferred tax assets will more likely than not be realized. This assessment considers, among other matters, the nature, frequency and severity of recent losses, forecasts of future profitability, the duration of statutory carry forward periods, the Company’s experience with tax attributes expiring unused and tax planning alternatives. Valuation allowances have been established for deferred tax assets based on a more-likely-than-not threshold. The Company’s ability to realize deferred tax assets depends on its ability to generate sufficient taxable income within the carry forward periods provided for in the tax law.

A reconciliation of the expected income tax recovery to the actual income tax recovery is as follows:

	June 30,			June 30,
	2023			2022
Net loss before income taxes	$	(3,673,984	)	$	(4,187,312	)
Income tax expenses attributable to net income at Singapore statutory rate of 17% (*)		(624,577	)		(711,843	)
Effect of different tax rates in other jurisdictions		(54,696	)		(53,909	)
Non-deductible expenses		89,088			193,573
Singapore tax exemption or non-taxable income		(7,981	)		14,886
Unrecognized deferred tax asset		598,166			557,293
Total tax provision	$	-		$	-

^(*) The Company has reconciled to the Singapore corporate income tax rate of 17% to reflect the location of the Company’s operating activities and rather than reconciling to Cayman Islands statutory tax rate of 0%.

The components of the deferred tax assets are as follows:

	June 30,			December 31,
	2023			2022
Tax loss carry forwards	$	2,648,209		$	4,348,685
Deferred tax assets		1,453,207			1,408,101
Valuation allowance		(1,453,207	)		(1,408,101	)
Total deferred tax assets, net	$	-		$	-

According to Singapore Income Tax Act, due to change of ownership in New Retail, the tax losses carry forwards of $13,371,889 and $13,115,752 as of June 30, 2023 and December 31, 2022, respectively, can be used to offset future profit subject to the agreement of the tax authorities and compliance within certain provisions of the Income Tax Act

F-16

Note 15. Government Grants

Under The Wage Credit Scheme (“WCS”) introduced by the Singapore government, the Singapore government will co-fund 40% of wage increases given to Singaporean employees earning a gross monthly wage of up to SGD4,000 (approximately $3,000).

Under The Jobs Support Scheme (“JSS”) introduced by the Singapore government, depending on the business sectors, employers that are entitled to JSS will be subsidized from 10% up to 60% of each employee’s monthly wage as a form of wage support. This is applied to the first SGD4,600(approximately $3,300) actual wages paid per employee.

Under The Jobs Growth Incentive (“JGI”) is a salary support scheme introduced by the Singapore government that provides eligible employers with 15% to 50% salary support for new employees hired between September 2020 to March 2021.

Under enterprise transformation programmes introduced by the Singapore government, eligible employers can receive a one-off SGD10,000 (approximately $7,200) Skills Future Enterprise Credit (“SFEC”) to cover up to 90% of out-of-pocket expenses on qualifying costs for supportable initiatives, over and above the support levels of existing schemes.

During the six months ended June 30, 2023 and 2022, these government grants in aggregate amount of $30,348 and $60,813, respectively were recognized as other income on the Company’s consolidated Statement of Operations when there was reasonable assurance that the Company has complied with the conditions attaching to the grants and the grants were received.

Note 16. Concentrations and Risks

Concentrations

Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of accounts receivable. The Company conducts credit evaluations of its customers, and generally does not require collateral or other security from them. The Company evaluates its collection experience and long outstanding balances to determine the need for an allowance for doubtful accounts. The Company conducts periodic reviews of the financial condition and payment practices of its customers to minimize collection risk on accounts receivable.

There was no single customer who represent 10% or more of the Company’s total revenue for six months ended June 30, 2023 and 2022.

There was no single supplier who represent 10% or more of the Company’s total purchases for six months ended June 30, 2023 and 2022.

Details of the supplier which accounted for 10% or more of accounts payable are as follows:

	June 30, 2023		% accounts payable			December 31, 2022		% accounts payable
Company A	$	610,074		7.5	%	$	573,451		10.5	%

F-17

Details of the customers which accounted for 10% or more of accounts receivable are as follows:

	June 30, 2023		% accounts receivable			December 31, 2022		% accounts receivable
Company A		602,705		18.4	%		-		0.0	%
Company B		596,667		18.3	%		307,672		12.0	%
Company C		414,036		12.7	%		7,997		0.3	%
Company D		-		0.0			679,226		26.4	%
Company E		-		0.0	%	$	586,103		22.8	%
	$	1,613,408		49.4	%	$	1,580,998		61.	%

Credit Risk

Credit risk is the potential financial loss to the Company resulting from the failure of a customer or a counterparty to settle its financial and contractual obligations to the Company, as and when they fall due. As the Company does not hold any collateral, the maximum exposure to credit risk is the carrying amounts of trade and other receivables (exclude prepayments) and cash and bank deposits presented on the consolidated balance sheets. The Company has no other financial assets which carry significant exposure to credit risk.

Foreign Currency Risk

The Company operates in multiple markets, which exposes it to the effects of fluctuations in currency exchange rates as it reports its financials and key operational metrics in USD. The Company earns revenue denominated in local currencies of Southeast Asia. The Company generally incur expenses for employee compensation and other operating expenses in the local currencies in the markets in which it operates. Fluctuations in the exchange rates among the various currencies that the Company uses could cause fluctuations in its operational and financial results.

Note 17. Commitments and Contingencies

In the normal course of business, we are subject to loss contingencies, such as legal proceedings and claims arising out of our business, that cover a wide range of matters, including, among others, government investigations and tax matters. In accordance with ASC No. 450-20, “Loss Contingencies”, we will record accruals for such loss contingencies when it is probable that a liability has been incurred and the amount of loss can be reasonably estimated. In the opinion of management of the Company, there were no pending or threatened claims and litigation as of June 30, 2023 and through the date of the release of these financial statements.

Note 18. Subsequent Events

The Company completed its initial public offering of 3,800,000 ordinary shares at a public offering price of $4.00 per share, for aggregate gross proceeds of approximately $15.2 million, prior to deducting underwriting discounts and other offering expenses. In addition, the Company granted the underwriters a 45-day Over-Allotment Option to purchase up to an additional 570,000 ordinary shares at the initial public offering price, less underwriting discounts. The shares began trading on the Nasdaq Capital Market on October 19, 2023, under the symbol “WBUY.”

On August 2, 2023, the Company entered into a Convertible Loan Note amounting to $0.20 million with an investor.

On October 19, 2023, the Convertible Loan Note bearers signed the lock-up agreements to agree that their Notes will be converted after 180 days from the date of closing of the Initial Public Offering (the “Lock-Up Period”). The anticipated conversion date is April 17, 2024. On November 27, 2023, these Note bearers signed another agreement with the Company to provide a waiver of the right of conversion of the Note into conversion shares. The clause relating to their right of conversion is replaced with a full cash settlement of their Notes bearing interest at the rate of 10% per annum. The settlement shall be made (a) on the date falling six (6) months from October 19, 2023 (“Settlement Date”), and (b) in such manner to be agreed in writing between the Lender and the Borrower on or prior to the Settlement Date. (Note 10)

On November 3, 2023, the Representative exercised the Over-Allotment Option partially to purchase an additional 150,000 ordinary shares (the “November 3 Exercise”), in which the company received $546,000 in net proceeds from the exercise of the Over-Allotment Option. On November 21, 2023, the Representative exercised the Over-Allotment Option in full to purchase the remaining 420,000 ordinary shares (the “November 21 Exercise”), and received $1,528,800 in net proceeds, after deducting underwriting discounts by the Company. The closing of the November 21 Exercise took place on November 24, 2023. 

On November 9, 2023, a third party issued an unsecured promissory note to the Company, pursuant to which the Company lent a principal amount of $2,500,000. The note bears interest at the rate of 3% per month and payable one month from the disbursement of funds by the Company.

The Company incorporated PT Buah Kita Retail and PT Webuy Travel Indonesia on October 23, 2023.

The Company evaluated all events or transactions that occurred subsequent to June 30, 2023, through the date of the release of these financial statements, apart from the subsequent events discussed above, management of the Company has determined that there are no subsequent events that require disclosure or recognition in the financial statements.

F-18

EX-99.3

Exhibit 99.3

Webuy Global Limited Reports 62% Increase in Revenue to $24.4 Million for the First Half of 2023

Achieves over 1000% increase in travel services and
more than 200% increase in sales of groceries in Indonesia

Completes recent IPO for gross proceeds of $15.2 million,
expected to fund accelerated growth across Southeast Asia

Singapore – December 7, 2023 – Webuy Global Ltd (Nasdaq: WBUY) (“Webuy” or the “Company”), a Southeast Asian community e-commerce retailer, today provided a business update and announced interim financial results for the six months ended June 30, 2023 (“1H 2023”).

Vincent Xue Bin, Chief Executive Officer and Co-Founder of Webuy Global stated, “I am pleased to report we achieved a. 62.4% increase in revenue, totaling $24.4 million for the first half of 2023, compared to the same period last year. The revenue growth was primarily driven by a 208% increase in sales of groceries in Indonesia through our platform, reaching $13.7 million for the first half of 2023. This achievement follows our re-entry into the market after the cross-border opening in 2022, post-COVID-19. Furthermore, our expanding presence in Indonesia has also resulted in a significant influx of offline bulk purchase orders, underscoring the growing demand for our offerings in the region.”

“Our strategy of introducing new travel services has proven highly effective, evidenced by a 1026% surge in revenue. In the first half of 2022, we generated approximately $0.5 million from our existing services in Singapore. Building on this achievement, in the first half of 2023, our foray into new travel services propelled revenues to approximately $5.4 million, highlighting the extraordinary growth driven by the success of our strategy. It is also important to note we achieved these results in the first half of the year, which historically has been a slower travel season.”

“We recently completed an initial public offering for aggregate gross proceeds of approximately $15.2 million, with a concurrent listing to the NASDAQ. We believe our listing on a major U.S. exchange provides us increased visibility and the opportunity to attract a broad investor base. We are focused on achieving global reach for our social e-commerce community platform, which currently operates in just Singapore and Indonesia. This financing empowers us to not just grow our e-commerce community platform in Singapore and Indonesia but also strengthen our IT capabilities for data analytics, allowing us to gain deeper insights into our customers and offer them tailored product recommendations. We also continue to make strategic investments aimed at further enhancing the user experience, as well as expanding the capabilities and scope of our platform in order to attract additional customers and suppliers.”

“We remain committed to our mission of transforming the e-commerce model into a community-driven experience for consumers. Specifically, we are bringing greater efficiency to the traditional supply chain process through the elimination of intermediaries. We conduct our “group buy” purchases through both our Webuy mobile app, as well as through various social networking channels, such as WhatsApp, WeChat, as well as our own proprietary app. In each instance, a Group Leader is assigned to each community group, based on geographic location, to place orders on a consolidated bulk purchase basis. We are able to achieve competitive prices for our customers similar to a group purchase and bulk order, without having to undertake bulk purchases individually, through a community-centric approach. Moreover, we are leveraging our growing customer base and brand recognition to expand into other products and services such as tours, travel packages, food delivery services and e-vouchers. Overall, we are highly encouraged by the outlook for business and look forward to announcing additional developments as we focus our foothold within large and underserved Southeast Asian markets.”

Financial Results

Total revenue increased by 62.4% to approximately $24.4 million for the six months ended June 30, 2023 from approximately $15.03 million for the six months ended June 30, 2022. The increase was mainly attributable to the rapid growth of grocery sales in Indonesia. In addition, revenues from selling packaged tours and related products in Singapore, a new business launched in January 2022, was approximately $5.37 million for the six months ended June 30, 2023, compared to $0.48 million for the same period last year.

The gross profit for the first six months of 2023 amounted to approximately $0.73 million, marking a decrease from the approximately $1.12 million gross profit recorded during the same period in 2022. This reduction in gross profit was primarily attributable to the implementation of promotional discounts aimed at enticing more users to join and engage with the platform.

For the six months ending on June 30, 2023, the Company reported a net loss of approximately $3.67 million, an improvement from the net loss of approximately $4.19 million during the same period in 2022. This reduction in net loss was primarily attributable to effective cost-control measures, resulting in a decrease of approximately $1.08 million, or 19.2%, in total operating expenses.

About Webuy Global Ltd

The Company’s mission is to make social shopping a new lifestyle for consumers and to empower consumers’ purchases with an efficient, cost-saving purchasing model. Webuy is committed to developing a community-oriented e-commerce platform in the Southeast Asia region and transforming the e-commerce model into a community-driven experience for consumers.

The Company’s innovative ‘group buy’ business model is set to revolutionize traditional shopping practices, offering substantial cost savings to customers through a community-centric approach. This approach, akin to group purchases and bulk orders, simplifies the process for customers, eliminating the need for individual bulk purchases. Furthermore, the business model streamlines the traditional supply chain by minimizing the involvement of intermediaries, thereby offering a more direct “farm-to-table” supply model. Additional information about the Company is available at http://webuy.global/

Forward-Looking Statements

This press release contains forward-looking statements regarding the Company’s current expectations. These forward-looking statements include, without limitation, references to the Company’s expectations regarding the anticipated use of net proceeds from the offering. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Factors that could cause actual results to differ include, but are not limited to, risks and uncertainties related to the satisfaction of customary closing conditions related to the public offering, or factors that result in changes to the Company’s anticipated use of proceeds. These and other risks and uncertainties are described more fully in the section captioned “Risk Factors” in the Company’s Registration Statement on Form S-1 related to the public offering (SEC File No. File No. 333-271604). Forward-looking statements contained in this announcement are made as of this date, and the Company undertakes no duty to update such information except as required under applicable law.

Contact:

Crescendo Communications, LLC

Tel: 212-671-1020

Email: wbuy@crescendo-ir.com

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Document And Entity Information	6 Months Ended
	Jun. 30, 2023
Document Information Line Items
Entity Registrant Name	WEBUY GLOBAL LTD
Document Type	6-K
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Entity Central Index Key	0001946703
Document Period End Date	Jun. 30, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Entity File Number	001-41840

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Unaudited Interim Consolidated Balance Sheets - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 927,392	$ 1,554,464
Accounts receivable	3,268,834	2,568,183
Inventories	362,926	1,127,133
Prepaid expenses and other assets	3,036,365	1,337,419
Total current assets	7,606,915	6,591,318
Leasehold improvements and equipment, net	868,733	423,633
Right of use assets – operating lease	2,348,701	42,712
Intangible assets	698,453	932,999
Total Assets	11,522,802	7,990,662
Current Liabilities
Accounts payable	8,171,122	5,464,617
Deferred revenue	2,026,900	1,007,494
Other current liabilities	1,952,312	1,728,792
Loans payable – current	1,381,760	1,611,069
Convertible notes payable	1,701,600	412,400
Operating lease liability – current	537,463	32,347
Total Current Liabilities	15,796,204	10,282,055
Loans payable – non-current	228,291	473,758
Operating lease liability – non-current	1,943,691	10,598
Total Liabilities	17,968,186	10,766,411
Commitments and contingencies
Shareholders’ (Deficit) Equity
Ordinary stock (260,000,000,000 shares authorized, $0.000000385 par value, 48,011,600 shares and 48,011,600* shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively)	18	18
Additional paid-in capital	15,678,812	15,678,812
Accumulated deficit	(21,947,181)	(18,337,830)
Accumulated other comprehensive loss	(71,704)	(75,641)
Total Shareholders’ Deficit to shareholders of Webuy Global Ltd	(6,340,055)	(2,734,641)
Deficit attributable to non-controlling interests	(105,329)	(41,108)
Total Shareholders’ Deficit	(6,445,384)	(2,775,749)
Total Liabilities and Shareholders’ Deficit	11,522,802	7,990,662
Related Party
Current assets
Amount due from a related party	11,398	4,119
Current Liabilities
Amount due to a related party	$ 25,047	$ 25,336

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Unaudited Interim Consolidated Balance Sheets (Parentheticals) - $ / shares	Jun. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Ordinary stock, shares authorized	260,000,000,000	260,000,000,000
Ordinary stock, par value (in Dollars per share)	$ 0.000000385	$ 0.000000385
Ordinary stock, shares issued	48,011,600	48,011,600	[1]
Ordinary stock, shares outstanding	48,011,600	48,011,600	[1]

[1] Giving retroactive effect to the share forward split on May 2, 2023.

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Unaudited Interim Consolidated Statements of Operations and Comprehensive Loss - USD ($)	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Income Statement [Abstract]
Revenues	$ 24,400,212	$ 15,025,054
Cost of revenues	(23,670,573)	(13,907,868)
Gross profit	729,639	1,117,186
Operating expenses
Selling and distribution expenses	(1,320,943)	(2,095,645)
General administrative expenses	(3,063,978)	(2,540,579)
Share-based compensation		(986,727)
Total operating expenses	(4,384,921)	(5,622,951)
Loss from operations	(3,655,282)	(4,505,765)
Other (expense) income
Other income	69,243	89,895
Gain on disposal of a subsidiary		331,584
Finance costs	(87,945)	(103,026)
Total other (expense) income, net	(18,702)	318,453
Loss before income taxes	(3,673,984)	(4,187,312)
Income taxes
Net loss	(3,673,984)	(4,187,312)
Less: Net loss attributable to non-controlling interests	64,633	30,607
Net loss attributable to shareholders of Webuy Global Ltd	(3,609,351)	(4,156,705)
Net loss	(3,673,984)	(4,187,312)
Foreign currency translation	4,349	17,961
Comprehensive loss	(3,669,635)	(4,169,351)
Less: Comprehensive loss attributable to non-controlling interests	64,221	28,244
Comprehensive loss attributable to shareholders of Webuy Global Ltd	$ (3,605,414)	$ (4,141,107)
Basic and diluted loss per ordinary share (in Dollars per share)	$ (0.08)	$ (0.11)	[1]
Basic and diluted weighted average number of ordinary shares outstanding (in Shares)	48,011,600	38,402,000	[1]

[1] Giving retroactive effect to the share forward split on May 2, 2023.

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Unaudited Interim Consolidated Statements of Operations and Comprehensive Loss (Parentheticals) - $ / shares	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	[1]
Income Statement [Abstract]
Diluted loss per ordinary share	$ (0.08)	$ (0.11)
Diluted weighted average number of ordinary shares outstanding	48,011,600	38,402,000

[1] Giving retroactive effect to the share forward split on May 2, 2023.

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Unaudited Interim Consolidated Statements of Changes in Shareholders’ Equity (Deficit) - USD ($)		Ordinary shares	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive (loss) Income	Deficit to Ordinary Shareholders	Non- controlling Interests	Total
Balance at Dec. 31, 2021		$ 15	$ 10,441,123	$ (11,676,884)	$ 36,112	$ (1,199,634)	$ (49,979)	$ (1,249,613)
Balance (in Shares) at Dec. 31, 2021	[1]	38,402,000
Share-based compensation			986,727			986,727		986,727
Net loss				(4,156,705)		(4,156,705)	(30,607)	(4,187,312)
Foreign currency translation					15,598	15,598	2,363	17,961
Balance at Jun. 30, 2022		$ 15	11,427,850	(15,833,589)	51,710	(4,354,014)	(78,223)	(4,432,237)
Balance (in Shares) at Jun. 30, 2022	[1]	38,402,000
Balance at Dec. 31, 2022		$ 18	15,678,812	(18,337,830)	(75,641)	(2,734,641)	(41,108)	$ (2,775,749)
Balance (in Shares) at Dec. 31, 2022		48,011,600						48,011,600	[2]
Net loss				(3,609,351)		(3,609,351)	(64,633)	$ (3,673,984)
Foreign currency translation					3,937	3,937	412	4,349
Balance at Jun. 30, 2023		$ 18	$ 15,678,812	$ (21,947,181)	$ (71,704)	$ (6,340,055)	$ (105,329)	$ (6,445,384)
Balance (in Shares) at Jun. 30, 2023		48,011,600						48,011,600

[1] Giving retroactive effect to the share forward split on May 2, 2023.

[2] Giving retroactive effect to the share forward split on May 2, 2023.

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Unaudited Interim Consolidated Statements of Cash Flows - USD ($)	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash Flows From Operating Activities:
Net loss	$ (3,673,984)	$ (4,187,312)
Adjustments to reconcile net loss to net cash used in operating activities:
Amortization of intangible assets	226,406	125,488
Depreciation of leasehold improvements and equipment	83,662	56,066
Gain on disposal of subsidiaries		(331,584)
Leasehold improvements and equipment written off	25,823
Share-based compensation		986,727
Non-cash lease costs	221,369	136,966
Changes in operating assets and liabilities:
Inventories	786,737	165,564
Accounts receivable	(728,790)	740
Prepaid expenses and other assets	(1,787,069)	(727,848)
Operating lease liability	(107,139)	(139,437)
Accounts payable	2,324,683	1,234,317
Deferred revenue		(80,545)
Other current liabilities	1,719,932	163,650
Amount due from/to related parties	23,698	(11,285)
Net Cash used in Operating Activities	(884,672)	(2,608,493)
Cash Flows From Investing Activities:
Purchase of intangible assets		(419,873)
Purchase of leasehold improvements and equipment	(564,333)	(32,220)
Net Cash used in Investing Activities	(564,333)	(452,093)
Cash Flows From Financing Activities:
Proceeds from issuance of convertible notes	1,289,200	2,770,800
Proceeds from issuance of SAFE note		750,000
Proceeds from term loan		1,500,000
Repayment of loan payables	(457,594)	(537,765)
Net Cash provided by Financing Activities	831,606	4,483,035
Effect of Exchange Rate Changes on Cash	(9,673)	42,214
Net changes in cash	(627,072)	1,464,663
Cash at beginning of the period	1,554,464	1,539,348
Cash at end of the period	927,392	3,004,011
Supplemental Disclosure of Cash Flow Information:
Cash paid for interest	126,590	103,026
Cash paid for taxes

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Organization, Description of Business and Going Concern

6 Months Ended

Jun. 30, 2023

Organization, Description of Business and Going Concern [Abstract]

Organization, Description of Business and Going Concern

Note 1. Organization, Description of Business and Going Concern

Webuy Global Ltd (“Webuy”) was incorporated on August 29, 2022 in the Cayman Islands as a company limited by shares.

Webuy Global Ltd and subsidiaries (“we”, “our”, “us” or collectively known as the “Company”) is an emerging Southeast Asian (“SEA”) community-oriented e-Commerce retailor (“Community E-Commerce Retailor”) with a focus on grocery and travel. Community e-commerce is a deepened extension form of e-commerce, where social media users with mutual interest and like-minded behavior are connected, forming a community group within a network through online medium. Our mission is to make social shopping a new lifestyle for consumers and to empower consumers’ purchases with an efficient cost-saving purchasing model.

Share Swap Agreement

On August 29, 2022, the Company closed a share swap agreement (the “Share Swap”) between New Retail International Pte Ltd. (“New Retail”), which is a private company with limited liability under Singapore law and its shareholders. Under the Share Swap, the Company acquired 100% of the issued shares of New Retail (being 16,644 shares comprising (a) 8,202 ordinary shares denominated in SGD, (b) 3,440 preference shares denominated in SGD, and (c) 5,002 preference shares denominated in USD in exchange for the allotment and issuance of 16,644 ordinary shares of Webuy. Following the Share Swap, New Retail became a wholly owned subsidiary of the Company and the former shareholders, holders of warrants, convertible notes, and simple agreements for future equity of New Retail held 100% of the equity interests of the Company prior to the Company’s planned initial public offering. As a result of the share forward split, the effective number of ordinary shares of Webuy became 43,274,400.

Reorganization

The Share Swap between Webuy and New Retail is considered as a merger of entities under common control. Under the guidance in ASC 805, for transactions between entities under common control, the assets, liabilities and results of operations, are recognized at their carrying amounts on the date of the Share Swap, which required retrospective combination of Webuy and New Retail for all periods presented. The unaudited interim consolidated financial statements for the six months ended June 30, 2022 have been prepared as if the existing corporate structure had been in existence. This includes a retrospective presentation for all equity related disclosures, including issued shares and earnings per share, which have been revised to reflect the effects of the reorganization as of June 30, 2022.

Corporate Structure

Details of the Company and subsidiaries as of June 30, 2023 are set out below:

Name	Incorporation Date	Percentage of effective ownership			Place of Incorporation	Fiscal Year	Principal Activities
Webuy Global Ltd	August 29, 2022		-		Cayman Islands	December 31	Investment holding
New Retail International Pte Ltd	November 23, 2018		100	%	Singapore	December 31	Community-oriented e-commerce platform
PT Webuy Social Indonesia	May 5, 2020		95	%	Indonesia	December 31	Community-oriented e-commerce platform
The Shopaholic Bear Pte Ltd	April 6, 2021		100	%	Singapore	December 31	Community-oriented e-commerce platform
Bear Bear Pte Ltd	November 2, 2021		100	%	Singapore	December 31	Dormant
Webuy Travel Pte. Ltd.	November 15, 2022		100	%	Singapore	December 31	Sale of packaged-tour
PT Buah Kita Retail	October 23, 2023		100	%	Indonesia	December 31	Retail business
PT Webuy Travel Indonesia	October 23, 2023		70	%	Indonesia	December 31	Sale of packaged-tour

Going concern

These unaudited interim consolidated financial statements have been prepared on a going concern basis, which assumes that the Company will be able to continue in operation for the foreseeable future and will be able to realize its assets and discharge its liabilities and commitments in the normal course of business. The Company incurred net loss of $3,673,984 and $4,187,312 for the six months ended June 30, 2023 and 2022, respectively. As of June 30, 2023 and 2022, the Company had net cash used in operating activities of $884,672 and $2,608,493, respectively, the Company had a deficit on total equity of $6,445,384 and $2,775,749 as of June 30, 2023 and December 31, 2022, respectively. These conditions raise doubt about the Company’s ability to continue as a going concern.

In view of these circumstances, the management of the Company has given consideration to the future liquidity and performance of the Company and its available sources of finance in assessing whether the Company will have sufficient financial resources to continue as a going concern.

To sustain its ability to support the Company’s operating activities, the Company may have to consider its available sources of funds through the following sources:

● Issuance of additional convertible notes and equity to individual persons and/or corporate entities, from March 1, 2022 through the date of the release of these financial statements, the Company has raised a total of $4,822,400 from the issuance of a series of Convertible Loan Notes to various investors, in which Convertible Loan Notes in the aggregate amount of $2,920,800 has been converted to shares;

● Other available sources of financing from Singapore banks and other financial institutions; and

● Financial support from the Company’s related party and shareholders.

● On October 19, 2023, the Company completed its initial public offering to receive $13,528,942 in net proceeds. On November 3, 2023, the underwriters exercised the Over-Allotment Option and the Company received $546,000 in net proceeds and $1,528,800, respectively in net proceeds. (Note 18)

No assurance can be provided that these additional financings will be available on acceptable terms or at all. If management is unable to execute this plan, there would likely be a material adverse effect on the Company’s business. The unaudited interim consolidated financial statements for the six months ended June 30, 2023 and 2022 have been prepared on a going concern basis and do not include any adjustments to reflect the possible future effects on the recoverability and classifications of assets or the amounts and classifications of liabilities that may result from the inability of the Company to continue as a going concern.

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Summary of Signification Accounting Policies

6 Months Ended

Jun. 30, 2023

Accounting Policies [Abstract]

Summary of Signification Accounting Policies

Note 2. Summary of Signification Accounting Policies

The accounting policies applied for the six months ended June 30, 2023 and 2022 are consistent with those of the audited consolidated financial statements for the years ended December 31, 2022 and, 2021, as described in those audited consolidated financial statements, except for the adoption of any new and amended accounting principles generally accepted in the United States of America (“US GAAP”) effective after the year ending December 31, 2022 which are relevant to the preparation of the June 30, 2023 unaudited interim consolidated financial statements.

Basis of presentation and consolidation

The accompanying unaudited interim consolidated financial statements have been prepared in accordance with Article 10 of Regulation S-X. These statements should be read in conjunction with the audited consolidated financial statements for the years ended December 31, 2022 and 2021, which have been prepared in accordance US GAAP. The unaudited interim consolidated financial statements have been prepared on a historical cost basis. In the opinion of management, all adjustments necessary for a fair presentation have been included in the accompanying unaudited interim consolidated financial statements. The results of operations for the six months ended June 30, 2023 are not necessarily indicative of the results that may be expected for the full year ended December 31, 2023.

The unaudited interim consolidated financial statements include the financial statements of the Company and all its majority-owned subsidiaries from the dates they were incorporated. All intercompany balances and transactions have been eliminated in consolidation.

All amounts are presented in United States dollars (“USD”) and have been rounded to the nearest USD. 

Use of estimates

The preparation of the unaudited interim consolidated financial statements in conformity with US GAAP requires management of the Company to make a number of estimates and assumptions relating to the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates and judgments.

In preparing the interim condensed consolidated financial statements, the significant judgments made by management in applying the Company’s accounting policies and the key sources of estimation uncertainty were the same as those that applied to the consolidated financial statements for the year ended December 31, 2022 and 2021.

Cash and cash equivalents

Cash is carried at cost and represents cash on hand and bank deposits. Cash equivalents consist of funds received from customers, which funds were held at the third-party platform’s fund account, and which are unrestricted and immediately available for withdrawal and use.

Periodically, the Company may carry cash balances at financial institutions more than the respective subsidiaries’ government insured limits in Singapore and Indonesia ranging from approximately $55,000 to $128,000 per institution. The amount in excess of government insurance as of June 30, 2023 and December 31, 2022, was approximately $638,000 and $1,221,685 respectively. The Company has not experienced losses on these accounts and management believes, based upon the quality of the financial institutions, that the credit risk with regard to these deposits is not significant.

Foreign currencies translation and transactions

The reporting currency of the Company is United States Dollar (“USD”) and the accompanying unaudited interim consolidated financial statements have been expressed in “$”. In addition, the Company’s subsidiaries are operating in Singapore, Malaysia, Indonesia and People Republic of China and maintains its books and records in its local currency, Singapore Dollar (“SGD”), Malaysia Ringgit (“MYR”), Indonesia Rupiah (“IDR”) and Chinese Yuan (“CNY”), respectively, which are the functional currency as being the primary currency of the economic environment in which their operations are conducted.

Accounts receivable

Accounts receivable are recorded in accordance with ASC 310, “Receivables.” Accounts receivable are recorded at the invoiced amount and do not bear interest. The allowance for doubtful accounts is the Company’s best estimate of the amount of probable credit losses in its existing accounts receivable and other receivables. The Company determines the allowance based on aging data, historical collection experience, customer specific facts and economic conditions. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. The Company did not have any off-balance-sheet credit exposure relating to its customers, suppliers or others. For the six months ended June 30, 2023 and 2022, the Company did not record any allowances for doubtful accounts against its accounts receivable and other receivables nor did it charge off any such amounts, respectively.

Leases

A lease for which substantially all the benefits and risks incidental to ownership remain with the lessor is classified by the lessee as an operating lease. The Company records the lease expenses on a straight-line basis over the lease term.

The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) assets, operating lease liabilities – current and operating lease liabilities – non-current on the balance sheets. Finance leases are included in leasehold improvements and equipment, loan payable – current and loan payable – non-current in the balance sheets.

Operating lease right-of-use (“ROU”) assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Generally, the implicit rate of interest (“discount rate”) in arrangements is not readily determinable and the Company utilizes its incremental borrowing rate in determining the present value of lease payments. The Company’s incremental borrowing rate is a hypothetical rate based on its understanding of what its credit rating would be. The operating lease ROU asset includes any lease payments made and excludes lease incentives.

Leases with an initial term of 12 months or less are not recorded on the balance sheet. The Company accounts for the lease and non-lease components of its leases as a single lease component. Lease expense is recognized on a straight-line basis over the lease term.

Accounts payables and other current liabilities

Accounts payable and other current liabilities are liabilities for goods and services provided to the Company prior to the end of the financial year which are unpaid. They are recognized initially at their fair value and subsequently measured at amortized cost using the effective interest method. They are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.

Convertible notes payable

Upon adoption of Accounting Standards Update (“ASU”) 2020-06 on January 1, 2022, the elimination of the beneficial conversion feature (“BCF”) and cash conversion models in ASC 470-20 that requires separate accounting for embedded conversion features in convertible instruments results in the convertible debt instruments being recorded as a single liability (i.e., there is no separation of the conversion feature, and all proceeds are allocated to the convertible debt instruments as a single unit of account). Unless conversion features are derivatives that must be bifurcated from the host contracts in accordance with ASC 815-15 or, in the case of convertible debt, if the instruments are issued with a substantial premium, in the latter case, ASC 470-20-25-13 requires the substantial premium to be attributable to the conversion feature and recorded in additional paid-in capital (APIC).

The Company accounted for these Notes as a single liability-classified instrument measured at amortized cost due to the adoption of ASU 2020-06. ASC Subtopic 470-20 “Debt—Debt with Conversion and Other Options” and ASC subtopic 815-40 “Hedging—Contracts in Entity’s Own Equity”. The Company has presented these Notes in current liabilities in the accompanying balance sheets. On November 27, 2023, these Note bearers signed another agreement with the Company to provide a waiver of the right of conversion of the Note into conversion shares (Note 10).

Revenue recognition

The Company adopts Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (ASC Topic 606) for all periods presented. The core principle underlying the revenue recognition of this ASU allows the Company to recognize revenue that represents the transfer of goods and services to customers in an amount that reflects the consideration to which the Company expects to be entitled in such exchange. This will require the Company to identify contractual performance obligations and determine whether revenue should be recognized at a point in time or over time, based on when control of goods and services transfers to a customer.

To achieve that core principle, the Company applies five-step model to recognize revenue from customer contracts. The five-step model requires the Company to (i) identify the contract with the customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, including variable consideration to the extent that it is probable that a significant future reversal will not occur, (iv) allocate the transaction price to the respective performance obligations in the contract, and (v) recognize revenue when (or as) the performance obligation is satisfied.

Product revenues

- Performance obligations satisfied at a point in time

The Company primarily sells goods through group orders directly through the Company’s mobile application. The Company accounts for the revenues generated from sales on a gross basis as the Company is acting as a principal in these transactions and is responsible for fulfilling the promise to provide the specified goods, which the Company has control of the goods and has the ability to direct the use of goods to obtain substantially all the benefits. Revenues are measured based on the amount of consideration that the Company expects to receive reduced by sales return and discount. In making this determination, the Company also assesses whether the Company is primarily obligated, subject to inventory risk, has latitude in establishing prices, or has met several but not all of these indicators in accordance with ASC 606-10-55-36 through 40. The Company recognizes the sales of goods when the control of the specified goods is transferred to customers which is upon delivery of goods to customers. Revenues also exclude any amounts collected on behalf of the third parties, including sales taxes and indirect taxes.

The Company sells goods to customers and the revenues are earned from the cash payment made by customers or customers settle their balances with “Assets”. The Company grants “Assets” upon (i) Cash collected from customers via Webuy mobile APP to top up their e-wallet balance; (ii) Refund to customers’ e-wallet due to order cancellation or products returned from customers; (iii) Commissions payable to Group Leaders for the provision of services to the Company. These “Assets” entitle the holders to offset future purchases. As such, “Assets” are initially recognized and recorded as “Advances from customers” upon the grant and when customers have yet placed the purchase orders to create an underlying sales agreement with the Company. The Company uses the term “Assets” to represent the payment procedures and balances of customers’ user accounts on the Company’s Webuy mobile APP platform.

Until “Assets” are used at the time when customers have placed the purchase orders, “Assets” of customers’ user accounts in the Company’s Webuy mobile APP will be reduced; as for the Company’s book-keeping, the Company reclassifies the “Advance from customers” balance to “Deferred revenue”. “Deferred revenue” is a contract liability that the Company is obligated to transfer goods to customers for which the Company has received consideration (or the amount is due) from customers in the form of cash or “Assets”. The balance of “Deferred revenue” represents unfulfilled performance obligations in the sales agreement, i.e. products that have not yet been delivered. Once the related products have been delivered, the amount in “Deferred revenue” account is shifted to a revenue account.

Deferred revenue recognized as revenue during the six months ended June 30, 2023 and 2022 was $990,981 and $484,115.

Packaged-tour revenue

- Performance obligations satisfied at a point in time

Within each contract, the Company identify whether it is principal or agent at the performance obligation level. In arrangements where the Company has substantive control over the service before transferring it to the customer and is primarily responsible for integrating the services into the final deliverables, the Company acts as principal. The Company’s revenue on the sale of packaged-tour is reported as a gross basis, that is, the amounts billed to the customer are recorded as revenues, and amounts paid to travel supplier (such as airlines, hotels, travel buses, etc.) are recorded as cost of revenues. The Company is principal in accordance with ASC paragraphs 606-10-55-36 through 55-40 because the Company controls the packaged-tour including the underlying travel services before the services are transferred to the customer. The control is evidenced by the Company being primarily responsible to its customer and is having a level of discretion in establishing pricing.

The Company operates as a single operating segment including product revenue from the sale of goods, which represent 86% of the Company’s revenues, and sale of packaged tour, which represent 14% of the Company’s revenues. Due to the integrated structure of the Company’s business, the sale of goods revenue and sale of packaged tour revenue are combined with each other. The Company’s chief operating decision maker, its Chief Executive Officer, reviews financial information on an aggregate basis for the purposes of allocating resources and evaluating financial performance. The Company’s primary operations are in Singapore and Indonesia, and it has derived substantially all of its revenue from sales to customers in these jurisdictions.

In accordance with ASC 280-10-50-40, the Company’s disaggregation information of revenues by each product and service or each group of similar product and service type which were recognized based on the nature of performance obligation disclosed above was as follows:

	For the six months ended June 30,
Product/Service Type	2023		Percentage of Total revenue			2022		Percentage of Total revenue
Food and beverage	$	11,761,196		48	%	$	8,859,482		59	%
Fresh produce		7,053,085		29	%		5,209,224		35	%
Lifestyle and other personal care items		219,784		1	%		479,622		3	%
Packaged-tour		5,366,147		22	%		476,726		3	%
Total	$	24,400,212		100	%	$	15,025,054		100	%

Revenues classified by the geographic areas in which the customers were located was as follows:

	For the six months ended June 30,
Country	2023		Percentage of Total revenue			2022		Percentage of Total revenue
Singapore	$	10,743,266		44	%	$	10,384,006		69	%
Indonesia		13,656,946		56	%		4,428,116		30	%
Malaysia		-		-	%		212,932		1	%
Total	$	24,400,212		100	%	$	15,025,054		100	%

During the years ended June 30, 2023 and 2022, all revenues were generated from third parties.

Cost of revenue

Costs are recognized when incurred. Cost of revenue consists of direct labor, materials, freight charges and other direct costs.

Recent Accounting Pronouncements

In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments. This standard requires a financial asset (or group of financial assets) measured at amortized cost basis to be presented at the net amount expected to be collected. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial asset(s) to present the net carrying value at the amount expected to be collected on the financial asset. This standard is effective for the Company on January 1, 2023.

All new standards and amendments that are effective for annual reporting period commencing January 1, 2023 have been applied by the Company for the six months ended June 30, 2023. The adoption of these new and amended standards did not have material impact on the unaudited interim consolidated financial statements of the Company. A number of new standards and amendments to standards have not come into effect for the year beginning January 1, 2023, and they have not been early adopted by the Company in preparing these unaudited interim consolidated financial statements. None of these new standards and amendments to standards is expected to have a significant effect on the unaudited interim consolidated financial statements of the Company.

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Prepaid Expenses and Other Assets

6 Months Ended

Jun. 30, 2023

Prepaid Expenses and Other Assets [Abstract]

Prepaid expenses and other assets

Note 3. Prepaid expenses and other assets

At June 30, 2023 and December 31, 2022, prepayment and other current assets consisted of the following:

	June 30,		December 31,
	2023		2022
Prepayment	$	1,427,559	$	418,642
Advance to suppliers		204,329		3,731
Deposits		246,911		123,012
Other receivables		1,157,566		792,034
	$	3,036,365	$	1,337,419

The prepayment includes payments of advertisement expenses, insurance premiums, rental expenses, travel package costs and professional fees. The deposits are mainly related to equipment, office and warehouse refundable security deposit and payment service provider rolling reserves. The other receivables are mainly related to advance to employees and non-trade receivables due from third parties.

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Leasehold Improvements and Equipment

6 Months Ended

Jun. 30, 2023

Leasehold Improvements and Equipment [Abstract]

Leasehold improvements and Equipment

Note 4. Leasehold improvements and Equipment

At June 30, 2023 and December 31, 2022, leasehold improvements and equipment consisted of the following:

	June 30,			December 31,
	2023			2022
Motor Vehicles	$	453,088		$	458,318
Office equipment		21,778			10,892
Furniture and fittings		5,377			5,439
Computer		41,743			42,225
Warehouse equipment		100,160			97,314
Leasehold improvements		575,557			78,675
		1,197,703			692,863
Accumulated depreciation		(328,970	)		(269,230	)
Leasehold improvements and equipment, net of accumulated depreciation	$	868,733		$	423,633

Depreciation expense of leasehold improvements and equipment for the six months ended June 30, 2023 and 2022 were $83,662 and $56,066, respectively.

During the six months ended June 30, 2023 and 2022, the Company purchased assets of $564,333 and $32,220, respectively.

The motor vehicles with a net carrying amount of $300,907 and $325,331 are held under finance lease arrangements as of June 30, 2023 and December 31, 2022, respectively.

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Right of Use Assets and Operating Lease Liability

6 Months Ended

Jun. 30, 2023

Right of Use Assets and Operating Lease Liability [Abstract]

Right of use assets and operating lease liability

Note 5. Right of use assets and operating lease liability

Operating lease

The Company has entered into commercial operating leases for the use of offices and warehouses as lessee. These leases have varying terms, escalation clauses and renewal rights. On February 28, 2023, the Company entered into a new lease agreement for a lease term of five years for a four-story office and warehouse facility in Singapore. The Company is committed to pay a total rental fee of approximately $3.9 million for the full lease term.

Information pertaining to lease amounts recognized in the unaudited interim consolidated financial statements is summarized as follows:

	June 30,			December 31,
	2023			2022
Leasehold buildings	$	3,002,532		$	483,401
Accumulated amortization		(653,831	)		(440,689	)
ROU assets, net of accumulated amortization	$	2,348,701		$	42,712

	June 30,			June 30,
	2023			2022
Lease costs:
Operating lease costs	$	221,369		$	136,966
Short-term lease costs		235,458			155,515
Total lease costs	$	456,827		$	292,481
Supplemental cash flow information:
Operating cash flows from operating leases	$	1,966,360		$	139,437
Right-of-use obtained in exchange for new operating lease liabilities		(2,073,499	)		(66,442	)
Weighted-average remaining lease term (years):
Operating leases		4.75			0.7

As of June 30, 2023 and December 31, 2022, the weighted-average discount rate for operating leases was 5.0% and 5.0%, respectively.

	Operating leases
Periods Ended June 30,
2024	$	649,205
2025		620,342
2026		565,204
2027		565,204
Thereafter		376,803
Total operating lease payment		2,776,758
Less: Imputed interest		(295,604	)
Present value of operating lease liabilities		2,481,154
Operating lease liabilities – current	$	537,463
Operating lease liabilities – non-current	$	1,943,691

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Intangible Assets

6 Months Ended

Jun. 30, 2023

Intangible Assets [Abstract]

Intangible assets

Note 6. Intangible assets

At June 30, 2023 and December 31, 2022, intangible assets consisted of the following:

	June 30,			December 31,
	2023			2022
Software	$	69,817		$	72,421
Application development		1,261,112			1,275,669
		1,330,929			1,348,090
Accumulated amortization		(632,476	)		(415,091	)
Intangible assets, net of accumulated amortization	$	698,453		$	932,999

Based on the carrying value of definite-lived intangible assets as of June 30, 2023, the Company estimates its amortization expense for following years will be as follows: 

	Amortization expense
Periods Ended June 30,
2024	$	404,729
2025		263,266
2026		30,458
Total amortization expense	$	698,453

Amortization expense of intangible assets for the six months ended June 30, 2023 and 2022 were $226,406 and $125,488, respectively.

During the six months ended June 30, 2023 and 2022, the Company acquired intangible assets of $nil and $419,873, respectively.

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Other Current Liabilities

6 Months Ended

Jun. 30, 2023

Other Current Liabilities [Abstract]

Other current liabilities

Note 7. Other current liabilities

At June 30, 2023 and December 31, 2022, other current liabilities consisted of the following:

	June 30,		December 31,
	2023		2022
Accrued expenses (a)	$	410,349	$	474,033
Advance from customers		501,288		188,069
Other payables (b)		1,040,675		1,066,690
	$	1,952,312	$	1,728,792

(a) Accrued expenses mainly relate to staff-related expenses.

(b) Other payables mainly include outstanding amounts owed to various non-trade vendors and value added tax (“VAT”) payables.

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Loans Payable

6 Months Ended

Jun. 30, 2023

Loans Payable [Abstract]

Loans payable

Note 8. Loans payable

At June 30, 2023 and December 31, 2022, loans payable consisted of the following:

	June 30,			December 31,
	2023			2022
Hire purchases - Motor Vehicle	$	262,961		$	286,329
Term loan I		480,461			594,070
Term loan II		704,400			1,028,645
Short-term loan		162,229			175,783
		1,610,051			2,084,827
Less current portion		(1,381,760	)		(1,611,069	)
Long-term loans payable	$	228,291		$	473,758

On August 27, 2020, the Company acquired a motor vehicle pursuant to a hire purchase financing arrangement.

The Company has booked interest expense on the loans of $87,945 and $103,026 for the six months ended June 30, 2023 and 2022, respectively.

On September 23, 2021, the Company entered into an unsecured term loan agreement (“Term loan I”) with a third party and obtained a loan facility in the amount of $1.0 million with a maturity date 30 months from September 24, 2021. The loan bears an interest rate of 6% per annum on the initial facility amount.

On January 6, 2022, the Company entered into an unsecured term loan agreement (“Term loan II”) with a third party and obtained a loan facility in the amount of $1.5 million with a maturity date 24 months from February 19, 2022. The loan bears an interest rate of 6% per annum on the initial facility amount.

On December 12, 2022, the Company entered into a loan agreement (“Short-term loan”) with a third party whereby the Company borrowed $0.2 million with the sole purpose to make payment to the Company’s suppliers in the People’s Republic of China (“PRC”). The loan is unsecured and bears an 0% interest rate. The loan is due in three months from the payment made by the lender on behalf to the Company’s supplier date. On March 13, 2023, the loan was extended to May 30, 2023 with the same terms and conditions. On June 1, 2023, the loan was further extended to December 31, 2023 with the same terms and conditions.

Hire Purchases

Future minimum lease payments under hire purchases that have initial non-cancellable lease terms in excess of one year as of June 30, 2023 were as follows:

	Finance leases
Periods Ended June 30,
2024	$	54,242
2025		54,242
2026		54,242
2027		54,242
2028		54,242
Thereafter		32,369
	$	303,579
Less: Imputed interest		(40,618	)
Hire purchases liabilities	$	262,961
Hire purchases liabilities – current	$	34,670
Hire purchases liabilities – non-current	$	228,291

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Related Party Transactions

6 Months Ended

Jun. 30, 2023

Related Party Transactions [Abstract]

Related Party Transactions

Note 9. Related Party Transactions

Amount due from a related party

As of June 30, 2023 and December 31, 2022, the Company recorded amount due from GBuy Global Pte Ltd, a shareholder of the Company of $6,362 and $4,119, respectively, which represents expenses paid on behalf for a related party. The amounts are unsecured, non-interest bearing and due on demand.

As of June 30, 2023 and December 31, 2022, the Company recorded amount due from Webuy Talent Ltd (“Webuy Talent”) of $5,036 and $nil, respectively. Mr. Bin Xue, Chief Executive Officer and Chairman of the Board of Director of the Company is also the director of Webuy Talent. The balance represents expenses paid on behalf for a related party. The amounts are unsecured, non-interest bearing and due on demand.

Amount due to a related party

The transactions amount due to a related party are as of the following:

	June 30, 2023			June 30, 2022
Beginning of the years January 1	$	25,336		$	68,786
Advances for operation and administration expenses		-			13,724
Payments made to a director		-			(25,009	)
Exchange difference		(289	)		-
Periods ended June 30	$	25,047		$	57,501

As of June 30, 2023 and December 31, 2022, the Company recorded amount due to Mr. Bin Xue, Chief Executive Officer and Chairman of the Board of Director of the Company of $25,047 and $25,336. The balance represents business advances from a related party. The amounts are unsecured, non-interest bearing and due on demand.

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Convertible Notes Payables

6 Months Ended

Jun. 30, 2023

Convertible Notes Payables [Abstract]

Convertible Notes Payables

Note 10. Convertible Notes Payables

During the year ended December 31, 2022, the Company issued a series of Convertible Loan Note (“Note”) in aggregate principal amount of $3,333,200 to various individual investors with identical terms. On August 29, 2022, the Notes in aggregate principal amount of $2,920,800 have been converted to 400 ordinary shares of the Company. As a result of the share forward split, the converted ordinary shares became 1,040,000. As of December 31, 2022, the carrying value of convertible notes payable was the aggregate principal amount of the Notes of $412,400 in connection with the issuance.

During the six months ended June 30, 2023, the Company issued a series of Convertible Loan Note (“Note”) in aggregate principal amount of $1,289,200 to various individual investors with identical terms. None of the Notes have been converted to ordinary shares of the Company. As of June 30, 2023, the carrying value of convertible notes payable was the aggregate principal amount of the Notes of $1,701,600 in connection with the issuance.

On August 2, 2023, the Company issued a Convertible Loan Note in principal amount of $200,000 to an investor.

These Notes will mature in 12 months to 18 months from the funding date and bear interest at a rate of 10% per annum, to be accrued and payable at the maturity date. The Company is obligated to redeem the loan in cash on the principal amount together with all interest accrued in full on the maturity date in the absence of a public listing or conversion to shares. On October 19, 2023, the Convertible Loan Note bearers signed the lock-up agreements to agree that their Notes will be converted after 180 days from the date of closing of the Initial Public Offering (the “Lock-Up Period”). The anticipated conversion date is April 17, 2024. On November 27, 2023, these Note bearers signed another agreement with the Company to provide a waiver of the right of conversion of the Note into conversion shares. The clause relating to their right of conversion is replaced with a full cash settlement of their Notes bearing interest at the rate of 10% per annum. The settlement shall be made (a) on the date falling six (6) months from October 19, 2023 (“Settlement Date”), and (b) in such manner to be agreed in writing between the Lender and the Borrower on or prior to the Settlement Date.

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Equity

6 Months Ended

Jun. 30, 2023

Equity [Abstract]

Equity

Note 12. Equity

On May 2, 2023, the shareholders of the Company approved a 1 for 2,600 share forward split of the Company’s authorized and issued ordinary shares whereby every 1 share was split into 2,600 shares. In addition, the par value of each ordinary share decreased from $0.001 to $0.000000385. The financial statements and all share and per share amounts have been retroactively restated to reflect the share forward split. On May 2, 2023, in addition to the share forward split, the shareholders of the Company also approved an increase in the Company’s authorized ordinary shares from 100,000,000 to 260,000,000,000.

Authorized Shares

As of June 30, 2023, the Company has 260,000,000,000 authorized ordinary shares, par value $$0.000000385 per share.

Ordinary Shares

No shares were issued during the six months ended June 30, 2023. As of June 30, 2023, the Company has 48,011,600 ordinary shares issued and outstanding.

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Disposal of a Subsidiary

6 Months Ended

Jun. 30, 2023

Disposal of a Subsidiary [Abstract]

Disposal of a subsidiary

Note 13. Disposal of a subsidiary

On June 29, 2022, the Company completed the disposal of its 100% equity interest in Beijing Youmeng IT Co., Ltd. The Company recorded a gain on disposal of $331,584 for the six months ended June 30, 2022. This disposal was not classified as a discontinued operation as Beijing Youmeng IT Co., Ltd was merely a cost centre which did not represent a separate major line of business or geographic area of operations to the Company.

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Income Tax

6 Months Ended

Jun. 30, 2023

Income Tax [Abstract]

Income tax

Note 14. Income tax

Income tax expense comprises current and deferred taxes. Current taxes and deferred taxes are recognized in profit or loss except to the extent that it relates to a business combination, or items recognized directly in equity or in other comprehensive loss.

Enterprise income tax

Cayman Islands

The Company is incorporated in the Cayman Islands. Under the current laws of the Cayman Islands, the Company is not subject to income or capital gains taxes. In addition, dividend payments are not subject to withholdings tax in the Cayman Islands.

Singapore

Subsidiaries incorporated in Singapore are subject to the Singapore corporate income tax rate of 17%.

Indonesia

Subsidiaries incorporated in Indonesia are subject to Indonesia corporate income tax rate of 22%.

Malaysia

Subsidiaries incorporated in Malaysia are subject to Malaysia corporate income tax rate of 24%.

China

Subsidiaries incorporated in China are subject to the China corporate income tax rate of 25%.

Current taxes are the expected tax receivable or payable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax receivable or payable in respect of previous years. Deferred taxes are recognized in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes.

Deferred taxes are not recognized for the following temporary differences: the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit or loss, and differences relating to investments in subsidiaries and jointly controlled entities to the extent that it is probable that they will not reverse in the foreseeable future.

A deferred tax asset is recognized for unused tax losses, tax credits and deductible temporary differences, to the extent that it is probable that future taxable profits will be available against which they can be utilized. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized.

The Company considers positive and negative evidence to determine whether some portion or all of the deferred tax assets will more likely than not be realized. This assessment considers, among other matters, the nature, frequency and severity of recent losses, forecasts of future profitability, the duration of statutory carry forward periods, the Company’s experience with tax attributes expiring unused and tax planning alternatives. Valuation allowances have been established for deferred tax assets based on a more-likely-than-not threshold. The Company’s ability to realize deferred tax assets depends on its ability to generate sufficient taxable income within the carry forward periods provided for in the tax law.

A reconciliation of the expected income tax recovery to the actual income tax recovery is as follows:

	June 30,			June 30,
	2023			2022
Net loss before income taxes	$	(3,673,984	)	$	(4,187,312	)
Income tax expenses attributable to net income at Singapore statutory rate of 17% (*)		(624,577	)		(711,843	)
Effect of different tax rates in other jurisdictions		(54,696	)		(53,909	)
Non-deductible expenses		89,088			193,573
Singapore tax exemption or non-taxable income		(7,981	)		14,886
Unrecognized deferred tax asset		598,166			557,293
Total tax provision	$	-		$	-

^(*) The Company has reconciled to the Singapore corporate income tax rate of 17% to reflect the location of the Company’s operating activities and rather than reconciling to Cayman Islands statutory tax rate of 0%.

The components of the deferred tax assets are as follows:

	June 30,			December 31,
	2023			2022
Tax loss carry forwards	$	2,648,209		$	4,348,685
Deferred tax assets		1,453,207			1,408,101
Valuation allowance		(1,453,207	)		(1,408,101	)
Total deferred tax assets, net	$	-		$	-

According to Singapore Income Tax Act, due to change of ownership in New Retail, the tax losses carry forwards of $13,371,889 and $13,115,752 as of June 30, 2023 and December 31, 2022, respectively, can be used to offset future profit subject to the agreement of the tax authorities and compliance within certain provisions of the Income Tax Act

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Government Grants

6 Months Ended

Jun. 30, 2023

Government Grants [Abstract]

Government Grants

Note 15. Government Grants

Under The Wage Credit Scheme (“WCS”) introduced by the Singapore government, the Singapore government will co-fund 40% of wage increases given to Singaporean employees earning a gross monthly wage of up to SGD4,000 (approximately $3,000).

Under The Jobs Support Scheme (“JSS”) introduced by the Singapore government, depending on the business sectors, employers that are entitled to JSS will be subsidized from 10% up to 60% of each employee’s monthly wage as a form of wage support. This is applied to the first SGD4,600(approximately $3,300) actual wages paid per employee.

Under The Jobs Growth Incentive (“JGI”) is a salary support scheme introduced by the Singapore government that provides eligible employers with 15% to 50% salary support for new employees hired between September 2020 to March 2021.

Under enterprise transformation programmes introduced by the Singapore government, eligible employers can receive a one-off SGD10,000 (approximately $7,200) Skills Future Enterprise Credit (“SFEC”) to cover up to 90% of out-of-pocket expenses on qualifying costs for supportable initiatives, over and above the support levels of existing schemes.

During the six months ended June 30, 2023 and 2022, these government grants in aggregate amount of $30,348 and $60,813, respectively were recognized as other income on the Company’s consolidated Statement of Operations when there was reasonable assurance that the Company has complied with the conditions attaching to the grants and the grants were received.

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Concentrations and Risks

6 Months Ended

Jun. 30, 2023

Concentrations and Risks [Abstract]

Concentrations and Risks

Note 16. Concentrations and Risks

Concentrations

Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of accounts receivable. The Company conducts credit evaluations of its customers, and generally does not require collateral or other security from them. The Company evaluates its collection experience and long outstanding balances to determine the need for an allowance for doubtful accounts. The Company conducts periodic reviews of the financial condition and payment practices of its customers to minimize collection risk on accounts receivable.

There was no single customer who represent 10% or more of the Company’s total revenue for six months ended June 30, 2023 and 2022.

There was no single supplier who represent 10% or more of the Company’s total purchases for six months ended June 30, 2023 and 2022.

Details of the supplier which accounted for 10% or more of accounts payable are as follows:

	June 30, 2023		% accounts payable			December 31, 2022		% accounts payable
Company A	$	610,074		7.5	%	$	573,451		10.5	%

Details of the customers which accounted for 10% or more of accounts receivable are as follows:

	June 30, 2023		% accounts receivable			December 31, 2022		% accounts receivable
Company A		602,705		18.4	%		-		0.0	%
Company B		596,667		18.3	%		307,672		12.0	%
Company C		414,036		12.7	%		7,997		0.3	%
Company D		-		0.0			679,226		26.4	%
Company E		-		0.0	%	$	586,103		22.8	%
	$	1,613,408		49.4	%	$	1,580,998		61.	%

Credit Risk

Credit risk is the potential financial loss to the Company resulting from the failure of a customer or a counterparty to settle its financial and contractual obligations to the Company, as and when they fall due. As the Company does not hold any collateral, the maximum exposure to credit risk is the carrying amounts of trade and other receivables (exclude prepayments) and cash and bank deposits presented on the consolidated balance sheets. The Company has no other financial assets which carry significant exposure to credit risk.

Foreign Currency Risk

The Company operates in multiple markets, which exposes it to the effects of fluctuations in currency exchange rates as it reports its financials and key operational metrics in USD. The Company earns revenue denominated in local currencies of Southeast Asia. The Company generally incur expenses for employee compensation and other operating expenses in the local currencies in the markets in which it operates. Fluctuations in the exchange rates among the various currencies that the Company uses could cause fluctuations in its operational and financial results.

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Commitments and Contingencies

6 Months Ended

Jun. 30, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 17. Commitments and Contingencies

In the normal course of business, we are subject to loss contingencies, such as legal proceedings and claims arising out of our business, that cover a wide range of matters, including, among others, government investigations and tax matters. In accordance with ASC No. 450-20, “Loss Contingencies”, we will record accruals for such loss contingencies when it is probable that a liability has been incurred and the amount of loss can be reasonably estimated. In the opinion of management of the Company, there were no pending or threatened claims and litigation as of June 30, 2023 and through the date of the release of these financial statements.

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Subsequent Events

6 Months Ended

Jun. 30, 2023

Subsequent Events [Abstract]

Subsequent Events

Note 18. Subsequent Events

The Company completed its initial public offering of 3,800,000 ordinary shares at a public offering price of $4.00 per share, for aggregate gross proceeds of approximately $15.2 million, prior to deducting underwriting discounts and other offering expenses. In addition, the Company granted the underwriters a 45-day Over-Allotment Option to purchase up to an additional 570,000 ordinary shares at the initial public offering price, less underwriting discounts. The shares began trading on the Nasdaq Capital Market on October 19, 2023, under the symbol “WBUY.”

On August 2, 2023, the Company entered into a Convertible Loan Note amounting to $0.20 million with an investor.

On October 19, 2023, the Convertible Loan Note bearers signed the lock-up agreements to agree that their Notes will be converted after 180 days from the date of closing of the Initial Public Offering (the “Lock-Up Period”). The anticipated conversion date is April 17, 2024. On November 27, 2023, these Note bearers signed another agreement with the Company to provide a waiver of the right of conversion of the Note into conversion shares. The clause relating to their right of conversion is replaced with a full cash settlement of their Notes bearing interest at the rate of 10% per annum. The settlement shall be made (a) on the date falling six (6) months from October 19, 2023 (“Settlement Date”), and (b) in such manner to be agreed in writing between the Lender and the Borrower on or prior to the Settlement Date. (Note 10)

On November 3, 2023, the Representative exercised the Over-Allotment Option partially to purchase an additional 150,000 ordinary shares (the “November 3 Exercise”), in which the company received $546,000 in net proceeds from the exercise of the Over-Allotment Option. On November 21, 2023, the Representative exercised the Over-Allotment Option in full to purchase the remaining 420,000 ordinary shares (the “November 21 Exercise”), and received $1,528,800 in net proceeds, after deducting underwriting discounts by the Company. The closing of the November 21 Exercise took place on November 24, 2023. 

On November 9, 2023, a third party issued an unsecured promissory note to the Company, pursuant to which the Company lent a principal amount of $2,500,000. The note bears interest at the rate of 3% per month and payable one month from the disbursement of funds by the Company.

The Company incorporated PT Buah Kita Retail and PT Webuy Travel Indonesia on October 23, 2023.

The Company evaluated all events or transactions that occurred subsequent to June 30, 2023, through the date of the release of these financial statements, apart from the subsequent events discussed above, management of the Company has determined that there are no subsequent events that require disclosure or recognition in the financial statements.

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Accounting Policies, by Policy (Policies)

6 Months Ended

Jun. 30, 2023

Accounting Policies [Abstract]

Basis of presentation and consolidation

Basis of presentation and consolidation

The accompanying unaudited interim consolidated financial statements have been prepared in accordance with Article 10 of Regulation S-X. These statements should be read in conjunction with the audited consolidated financial statements for the years ended December 31, 2022 and 2021, which have been prepared in accordance US GAAP. The unaudited interim consolidated financial statements have been prepared on a historical cost basis. In the opinion of management, all adjustments necessary for a fair presentation have been included in the accompanying unaudited interim consolidated financial statements. The results of operations for the six months ended June 30, 2023 are not necessarily indicative of the results that may be expected for the full year ended December 31, 2023.

The unaudited interim consolidated financial statements include the financial statements of the Company and all its majority-owned subsidiaries from the dates they were incorporated. All intercompany balances and transactions have been eliminated in consolidation.

All amounts are presented in United States dollars (“USD”) and have been rounded to the nearest USD. 

Use of estimates

Use of estimates

The preparation of the unaudited interim consolidated financial statements in conformity with US GAAP requires management of the Company to make a number of estimates and assumptions relating to the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates and judgments.

In preparing the interim condensed consolidated financial statements, the significant judgments made by management in applying the Company’s accounting policies and the key sources of estimation uncertainty were the same as those that applied to the consolidated financial statements for the year ended December 31, 2022 and 2021.

Cash and cash equivalents

Cash and cash equivalents

Cash is carried at cost and represents cash on hand and bank deposits. Cash equivalents consist of funds received from customers, which funds were held at the third-party platform’s fund account, and which are unrestricted and immediately available for withdrawal and use.

Periodically, the Company may carry cash balances at financial institutions more than the respective subsidiaries’ government insured limits in Singapore and Indonesia ranging from approximately $55,000 to $128,000 per institution. The amount in excess of government insurance as of June 30, 2023 and December 31, 2022, was approximately $638,000 and $1,221,685 respectively. The Company has not experienced losses on these accounts and management believes, based upon the quality of the financial institutions, that the credit risk with regard to these deposits is not significant.

Foreign currencies translation and transactions

Foreign currencies translation and transactions

The reporting currency of the Company is United States Dollar (“USD”) and the accompanying unaudited interim consolidated financial statements have been expressed in “$”. In addition, the Company’s subsidiaries are operating in Singapore, Malaysia, Indonesia and People Republic of China and maintains its books and records in its local currency, Singapore Dollar (“SGD”), Malaysia Ringgit (“MYR”), Indonesia Rupiah (“IDR”) and Chinese Yuan (“CNY”), respectively, which are the functional currency as being the primary currency of the economic environment in which their operations are conducted.

Accounts receivable

Accounts receivable

Accounts receivable are recorded in accordance with ASC 310, “Receivables.” Accounts receivable are recorded at the invoiced amount and do not bear interest. The allowance for doubtful accounts is the Company’s best estimate of the amount of probable credit losses in its existing accounts receivable and other receivables. The Company determines the allowance based on aging data, historical collection experience, customer specific facts and economic conditions. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. The Company did not have any off-balance-sheet credit exposure relating to its customers, suppliers or others. For the six months ended June 30, 2023 and 2022, the Company did not record any allowances for doubtful accounts against its accounts receivable and other receivables nor did it charge off any such amounts, respectively.

Leases

Leases

A lease for which substantially all the benefits and risks incidental to ownership remain with the lessor is classified by the lessee as an operating lease. The Company records the lease expenses on a straight-line basis over the lease term.

The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) assets, operating lease liabilities – current and operating lease liabilities – non-current on the balance sheets. Finance leases are included in leasehold improvements and equipment, loan payable – current and loan payable – non-current in the balance sheets.

Operating lease right-of-use (“ROU”) assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Generally, the implicit rate of interest (“discount rate”) in arrangements is not readily determinable and the Company utilizes its incremental borrowing rate in determining the present value of lease payments. The Company’s incremental borrowing rate is a hypothetical rate based on its understanding of what its credit rating would be. The operating lease ROU asset includes any lease payments made and excludes lease incentives.

Leases with an initial term of 12 months or less are not recorded on the balance sheet. The Company accounts for the lease and non-lease components of its leases as a single lease component. Lease expense is recognized on a straight-line basis over the lease term.

Accounts payables and other current liabilities

Accounts payables and other current liabilities

Accounts payable and other current liabilities are liabilities for goods and services provided to the Company prior to the end of the financial year which are unpaid. They are recognized initially at their fair value and subsequently measured at amortized cost using the effective interest method. They are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.

Convertible notes payable

Convertible notes payable

Upon adoption of Accounting Standards Update (“ASU”) 2020-06 on January 1, 2022, the elimination of the beneficial conversion feature (“BCF”) and cash conversion models in ASC 470-20 that requires separate accounting for embedded conversion features in convertible instruments results in the convertible debt instruments being recorded as a single liability (i.e., there is no separation of the conversion feature, and all proceeds are allocated to the convertible debt instruments as a single unit of account). Unless conversion features are derivatives that must be bifurcated from the host contracts in accordance with ASC 815-15 or, in the case of convertible debt, if the instruments are issued with a substantial premium, in the latter case, ASC 470-20-25-13 requires the substantial premium to be attributable to the conversion feature and recorded in additional paid-in capital (APIC).

The Company accounted for these Notes as a single liability-classified instrument measured at amortized cost due to the adoption of ASU 2020-06. ASC Subtopic 470-20 “Debt—Debt with Conversion and Other Options” and ASC subtopic 815-40 “Hedging—Contracts in Entity’s Own Equity”. The Company has presented these Notes in current liabilities in the accompanying balance sheets. On November 27, 2023, these Note bearers signed another agreement with the Company to provide a waiver of the right of conversion of the Note into conversion shares (Note 10).

Revenue recognition

Revenue recognition

The Company adopts Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (ASC Topic 606) for all periods presented. The core principle underlying the revenue recognition of this ASU allows the Company to recognize revenue that represents the transfer of goods and services to customers in an amount that reflects the consideration to which the Company expects to be entitled in such exchange. This will require the Company to identify contractual performance obligations and determine whether revenue should be recognized at a point in time or over time, based on when control of goods and services transfers to a customer.

To achieve that core principle, the Company applies five-step model to recognize revenue from customer contracts. The five-step model requires the Company to (i) identify the contract with the customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, including variable consideration to the extent that it is probable that a significant future reversal will not occur, (iv) allocate the transaction price to the respective performance obligations in the contract, and (v) recognize revenue when (or as) the performance obligation is satisfied.

Product revenues

- Performance obligations satisfied at a point in time

The Company primarily sells goods through group orders directly through the Company’s mobile application. The Company accounts for the revenues generated from sales on a gross basis as the Company is acting as a principal in these transactions and is responsible for fulfilling the promise to provide the specified goods, which the Company has control of the goods and has the ability to direct the use of goods to obtain substantially all the benefits. Revenues are measured based on the amount of consideration that the Company expects to receive reduced by sales return and discount. In making this determination, the Company also assesses whether the Company is primarily obligated, subject to inventory risk, has latitude in establishing prices, or has met several but not all of these indicators in accordance with ASC 606-10-55-36 through 40. The Company recognizes the sales of goods when the control of the specified goods is transferred to customers which is upon delivery of goods to customers. Revenues also exclude any amounts collected on behalf of the third parties, including sales taxes and indirect taxes.

The Company sells goods to customers and the revenues are earned from the cash payment made by customers or customers settle their balances with “Assets”. The Company grants “Assets” upon (i) Cash collected from customers via Webuy mobile APP to top up their e-wallet balance; (ii) Refund to customers’ e-wallet due to order cancellation or products returned from customers; (iii) Commissions payable to Group Leaders for the provision of services to the Company. These “Assets” entitle the holders to offset future purchases. As such, “Assets” are initially recognized and recorded as “Advances from customers” upon the grant and when customers have yet placed the purchase orders to create an underlying sales agreement with the Company. The Company uses the term “Assets” to represent the payment procedures and balances of customers’ user accounts on the Company’s Webuy mobile APP platform.

Until “Assets” are used at the time when customers have placed the purchase orders, “Assets” of customers’ user accounts in the Company’s Webuy mobile APP will be reduced; as for the Company’s book-keeping, the Company reclassifies the “Advance from customers” balance to “Deferred revenue”. “Deferred revenue” is a contract liability that the Company is obligated to transfer goods to customers for which the Company has received consideration (or the amount is due) from customers in the form of cash or “Assets”. The balance of “Deferred revenue” represents unfulfilled performance obligations in the sales agreement, i.e. products that have not yet been delivered. Once the related products have been delivered, the amount in “Deferred revenue” account is shifted to a revenue account.

Deferred revenue recognized as revenue during the six months ended June 30, 2023 and 2022 was $990,981 and $484,115.

Packaged-tour revenue

- Performance obligations satisfied at a point in time

Within each contract, the Company identify whether it is principal or agent at the performance obligation level. In arrangements where the Company has substantive control over the service before transferring it to the customer and is primarily responsible for integrating the services into the final deliverables, the Company acts as principal. The Company’s revenue on the sale of packaged-tour is reported as a gross basis, that is, the amounts billed to the customer are recorded as revenues, and amounts paid to travel supplier (such as airlines, hotels, travel buses, etc.) are recorded as cost of revenues. The Company is principal in accordance with ASC paragraphs 606-10-55-36 through 55-40 because the Company controls the packaged-tour including the underlying travel services before the services are transferred to the customer. The control is evidenced by the Company being primarily responsible to its customer and is having a level of discretion in establishing pricing.

The Company operates as a single operating segment including product revenue from the sale of goods, which represent 86% of the Company’s revenues, and sale of packaged tour, which represent 14% of the Company’s revenues. Due to the integrated structure of the Company’s business, the sale of goods revenue and sale of packaged tour revenue are combined with each other. The Company’s chief operating decision maker, its Chief Executive Officer, reviews financial information on an aggregate basis for the purposes of allocating resources and evaluating financial performance. The Company’s primary operations are in Singapore and Indonesia, and it has derived substantially all of its revenue from sales to customers in these jurisdictions.

In accordance with ASC 280-10-50-40, the Company’s disaggregation information of revenues by each product and service or each group of similar product and service type which were recognized based on the nature of performance obligation disclosed above was as follows:

	For the six months ended June 30,
Product/Service Type	2023		Percentage of Total revenue			2022		Percentage of Total revenue
Food and beverage	$	11,761,196		48	%	$	8,859,482		59	%
Fresh produce		7,053,085		29	%		5,209,224		35	%
Lifestyle and other personal care items		219,784		1	%		479,622		3	%
Packaged-tour		5,366,147		22	%		476,726		3	%
Total	$	24,400,212		100	%	$	15,025,054		100	%

Revenues classified by the geographic areas in which the customers were located was as follows:

	For the six months ended June 30,
Country	2023		Percentage of Total revenue			2022		Percentage of Total revenue
Singapore	$	10,743,266		44	%	$	10,384,006		69	%
Indonesia		13,656,946		56	%		4,428,116		30	%
Malaysia		-		-	%		212,932		1	%
Total	$	24,400,212		100	%	$	15,025,054		100	%

During the years ended June 30, 2023 and 2022, all revenues were generated from third parties.

Cost of revenue

Costs are recognized when incurred. Cost of revenue consists of direct labor, materials, freight charges and other direct costs.

Recent Accounting Pronouncements

Recent Accounting Pronouncements

In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments. This standard requires a financial asset (or group of financial assets) measured at amortized cost basis to be presented at the net amount expected to be collected. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial asset(s) to present the net carrying value at the amount expected to be collected on the financial asset. This standard is effective for the Company on January 1, 2023.

All new standards and amendments that are effective for annual reporting period commencing January 1, 2023 have been applied by the Company for the six months ended June 30, 2023. The adoption of these new and amended standards did not have material impact on the unaudited interim consolidated financial statements of the Company. A number of new standards and amendments to standards have not come into effect for the year beginning January 1, 2023, and they have not been early adopted by the Company in preparing these unaudited interim consolidated financial statements. None of these new standards and amendments to standards is expected to have a significant effect on the unaudited interim consolidated financial statements of the Company.

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Organization, Description of Business and Going Concern (Tables)

6 Months Ended

Jun. 30, 2023

Organization, Description of Business and Going Concern [Abstract]

Schedule of Company and Subsidiaries

Details of the Company and subsidiaries as of June 30, 2023 are set out below:

Name	Incorporation Date	Percentage of effective ownership			Place of Incorporation	Fiscal Year	Principal Activities
Webuy Global Ltd	August 29, 2022		-		Cayman Islands	December 31	Investment holding
New Retail International Pte Ltd	November 23, 2018		100	%	Singapore	December 31	Community-oriented e-commerce platform
PT Webuy Social Indonesia	May 5, 2020		95	%	Indonesia	December 31	Community-oriented e-commerce platform
The Shopaholic Bear Pte Ltd	April 6, 2021		100	%	Singapore	December 31	Community-oriented e-commerce platform
Bear Bear Pte Ltd	November 2, 2021		100	%	Singapore	December 31	Dormant
Webuy Travel Pte. Ltd.	November 15, 2022		100	%	Singapore	December 31	Sale of packaged-tour
PT Buah Kita Retail	October 23, 2023		100	%	Indonesia	December 31	Retail business
PT Webuy Travel Indonesia	October 23, 2023		70	%	Indonesia	December 31	Sale of packaged-tour

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Summary of Signification Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2023

Accounting Policies [Abstract]

Schedule of Disaggregation Information of Revenues

In accordance with ASC 280-10-50-40, the Company’s disaggregation information of revenues by each product and service or each group of similar product and service type which were recognized based on the nature of performance obligation disclosed above was as follows:

	For the six months ended June 30,
Product/Service Type	2023		Percentage of Total revenue			2022		Percentage of Total revenue
Food and beverage	$	11,761,196		48	%	$	8,859,482		59	%
Fresh produce		7,053,085		29	%		5,209,224		35	%
Lifestyle and other personal care items		219,784		1	%		479,622		3	%
Packaged-tour		5,366,147		22	%		476,726		3	%
Total	$	24,400,212		100	%	$	15,025,054		100	%

Schedule of Revenues Classified by the Geographic areas

Revenues classified by the geographic areas in which the customers were located was as follows:

	For the six months ended June 30,
Country	2023		Percentage of Total revenue			2022		Percentage of Total revenue
Singapore	$	10,743,266		44	%	$	10,384,006		69	%
Indonesia		13,656,946		56	%		4,428,116		30	%
Malaysia		-		-	%		212,932		1	%
Total	$	24,400,212		100	%	$	15,025,054		100	%

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Prepaid Expenses and Other Assets (Tables)

6 Months Ended

Jun. 30, 2023

Prepaid Expenses and Other Assets [Abstract]

Schedule of Prepayment and Other Current Assets

At June 30, 2023 and December 31, 2022, prepayment and other current assets consisted of the following:

	June 30,		December 31,
	2023		2022
Prepayment	$	1,427,559	$	418,642
Advance to suppliers		204,329		3,731
Deposits		246,911		123,012
Other receivables		1,157,566		792,034
	$	3,036,365	$	1,337,419

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Leasehold Improvements and Equipment (Tables)

6 Months Ended

Jun. 30, 2023

Leasehold Improvements and Equipment [Abstract]

Schedule of Leasehold Improvements and Equipment

At June 30, 2023 and December 31, 2022, leasehold improvements and equipment consisted of the following:

	June 30,			December 31,
	2023			2022
Motor Vehicles	$	453,088		$	458,318
Office equipment		21,778			10,892
Furniture and fittings		5,377			5,439
Computer		41,743			42,225
Warehouse equipment		100,160			97,314
Leasehold improvements		575,557			78,675
		1,197,703			692,863
Accumulated depreciation		(328,970	)		(269,230	)
Leasehold improvements and equipment, net of accumulated depreciation	$	868,733		$	423,633

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Right of Use Assets and Operating Lease Liability (Tables)

6 Months Ended

Jun. 30, 2023

Right of Use Assets and Operating Lease Liability [Abstract]

Schedule of Information Pertaining to Lease Amounts Recognized

Information pertaining to lease amounts recognized in the unaudited interim consolidated financial statements is summarized as follows:

	June 30,			December 31,
	2023			2022
Leasehold buildings	$	3,002,532		$	483,401
Accumulated amortization		(653,831	)		(440,689	)
ROU assets, net of accumulated amortization	$	2,348,701		$	42,712

Schedule of Operating Lease Costs

	June 30,			June 30,
	2023			2022
Lease costs:
Operating lease costs	$	221,369		$	136,966
Short-term lease costs		235,458			155,515
Total lease costs	$	456,827		$	292,481
Supplemental cash flow information:
Operating cash flows from operating leases	$	1,966,360		$	139,437
Right-of-use obtained in exchange for new operating lease liabilities		(2,073,499	)		(66,442	)
Weighted-average remaining lease term (years):
Operating leases		4.75			0.7

Schedule of Weighted-Average Discount Rate for Operating Leases

As of June 30, 2023 and December 31, 2022, the weighted-average discount rate for operating leases was 5.0% and 5.0%, respectively.

	Operating leases
Periods Ended June 30,
2024	$	649,205
2025		620,342
2026		565,204
2027		565,204
Thereafter		376,803
Total operating lease payment		2,776,758
Less: Imputed interest		(295,604	)
Present value of operating lease liabilities		2,481,154
Operating lease liabilities – current	$	537,463
Operating lease liabilities – non-current	$	1,943,691

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Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2023

Intangible Assets [Abstract]

Schedule of Intangible Assets

At June 30, 2023 and December 31, 2022, intangible assets consisted of the following:

	June 30,			December 31,
	2023			2022
Software	$	69,817		$	72,421
Application development		1,261,112			1,275,669
		1,330,929			1,348,090
Accumulated amortization		(632,476	)		(415,091	)
Intangible assets, net of accumulated amortization	$	698,453		$	932,999

Schedule of Estimates its Amortization Expense

Based on the carrying value of definite-lived intangible assets as of June 30, 2023, the Company estimates its amortization expense for following years will be as follows:

	Amortization expense
Periods Ended June 30,
2024	$	404,729
2025		263,266
2026		30,458
Total amortization expense	$	698,453

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Other Current Liabilities (Tables)

6 Months Ended

Jun. 30, 2023

Other Current Liabilities [Abstract]

Schedule of Other Current Liabilities

At June 30, 2023 and December 31, 2022, other current liabilities consisted of the following:

	June 30,		December 31,
	2023		2022
Accrued expenses (a)	$	410,349	$	474,033
Advance from customers		501,288		188,069
Other payables (b)		1,040,675		1,066,690
	$	1,952,312	$	1,728,792

(a) Accrued expenses mainly relate to staff-related expenses.

(b) Other payables mainly include outstanding amounts owed to various non-trade vendors and value added tax (“VAT”) payables.

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Loans Payable (Tables)

6 Months Ended

Jun. 30, 2023

Loans Payable [Abstract]

Schedule of Loans Payable

At June 30, 2023 and December 31, 2022, loans payable consisted of the following:

	June 30,			December 31,
	2023			2022
Hire purchases - Motor Vehicle	$	262,961		$	286,329
Term loan I		480,461			594,070
Term loan II		704,400			1,028,645
Short-term loan		162,229			175,783
		1,610,051			2,084,827
Less current portion		(1,381,760	)		(1,611,069	)
Long-term loans payable	$	228,291		$	473,758

Schedule of Future Minimum Lease Payments

Future minimum lease payments under hire purchases that have initial non-cancellable lease terms in excess of one year as of June 30, 2023 were as follows:

	Finance leases
Periods Ended June 30,
2024	$	54,242
2025		54,242
2026		54,242
2027		54,242
2028		54,242
Thereafter		32,369
	$	303,579
Less: Imputed interest		(40,618	)
Hire purchases liabilities	$	262,961
Hire purchases liabilities – current	$	34,670
Hire purchases liabilities – non-current	$	228,291

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Related Party Transactions (Tables)

6 Months Ended

Jun. 30, 2023

Related Party Transactions [Abstract]

Schedule of Due to Related Party

The transactions amount due to a related party are as of the following:

	June 30, 2023			June 30, 2022
Beginning of the years January 1	$	25,336		$	68,786
Advances for operation and administration expenses		-			13,724
Payments made to a director		-			(25,009	)
Exchange difference		(289	)		-
Periods ended June 30	$	25,047		$	57,501

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Income Tax (Tables)

6 Months Ended

Jun. 30, 2023

Income Tax [Abstract]

Schedule of Reconciliation of the Expected Income Tax Recovery to the Actual Income Tax Recovery

A reconciliation of the expected income tax recovery to the actual income tax recovery is as follows:

	June 30,			June 30,
	2023			2022
Net loss before income taxes	$	(3,673,984	)	$	(4,187,312	)
Income tax expenses attributable to net income at Singapore statutory rate of 17% (*)		(624,577	)		(711,843	)
Effect of different tax rates in other jurisdictions		(54,696	)		(53,909	)
Non-deductible expenses		89,088			193,573
Singapore tax exemption or non-taxable income		(7,981	)		14,886
Unrecognized deferred tax asset		598,166			557,293
Total tax provision	$	-		$	-

^(*) The Company has reconciled to the Singapore corporate income tax rate of 17% to reflect the location of the Company’s operating activities and rather than reconciling to Cayman Islands statutory tax rate of 0%.

Schedule of Components of the Deferred Tax Assets

The components of the deferred tax assets are as follows:

	June 30,			December 31,
	2023			2022
Tax loss carry forwards	$	2,648,209		$	4,348,685
Deferred tax assets		1,453,207			1,408,101
Valuation allowance		(1,453,207	)		(1,408,101	)
Total deferred tax assets, net	$	-		$	-

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Concentrations and Risks (Tables)

6 Months Ended

Jun. 30, 2023

Concentrations and Risks [Abstract]

Schedule of Concentration Accounts Payable

Details of the supplier which accounted for 10% or more of accounts payable are as follows:

	June 30, 2023		% accounts payable			December 31, 2022		% accounts payable
Company A	$	610,074		7.5	%	$	573,451		10.5	%

Schedule of Concentration Accounts Receivable

Details of the customers which accounted for 10% or more of accounts receivable are as follows:

	June 30, 2023		% accounts receivable			December 31, 2022		% accounts receivable
Company A		602,705		18.4	%		-		0.0	%
Company B		596,667		18.3	%		307,672		12.0	%
Company C		414,036		12.7	%		7,997		0.3	%
Company D		-		0.0			679,226		26.4	%
Company E		-		0.0	%	$	586,103		22.8	%
	$	1,613,408		49.4	%	$	1,580,998		61.	%

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Organization, Description of Business and Going Concern (Details) - USD ($)				1 Months Ended	6 Months Ended
	Nov. 03, 2023	Aug. 29, 2022	Mar. 01, 2022	Oct. 19, 2023	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Organization, Description of Business and Going Concern (Details) [Line Items]
Shares comprise description					(a) 8,202 ordinary shares denominated in SGD, (b) 3,440 preference shares denominated in SGD, and (c) 5,002 preference shares denominated in USD in exchange for the allotment and issuance of 16,644 ordinary shares of Webuy.
Share forward split (in Shares)		43,274,400
Net loss					$ (3,673,984)	$ (4,187,312)
Net cash used in operating activities					(884,672)	(2,608,493)
Total equity deficit					$ (6,445,384)	$ (4,432,237)	$ (2,775,749)	$ (1,249,613)
Issuance of additional convertible notes and equity			$ 4,822,400
Convertible loan notes converted to shares			$ 2,920,800
New Retail International Pte Ltd. [Member]
Organization, Description of Business and Going Concern (Details) [Line Items]
Interest percentage		100.00%
Issued shares (in Shares)		16,644
Forecast [Member]
Organization, Description of Business and Going Concern (Details) [Line Items]
Net proceeds	$ 1,528,800
Forecast [Member] | Initial Public Offering [Member]
Organization, Description of Business and Going Concern (Details) [Line Items]
Net proceeds				$ 13,528,942
Forecast [Member] | Over-Allotment Option [Member]
Organization, Description of Business and Going Concern (Details) [Line Items]
Net proceeds	$ 546,000
Share Swap Agreement [Member] | New Retail International Pte Ltd. [Member]
Organization, Description of Business and Going Concern (Details) [Line Items]
Interest percentage		100.00%

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Organization, Description of Business and Going Concern (Details) - Schedule of Company and Subsidiaries	6 Months Ended
	Jun. 30, 2023
Webuy Global Ltd [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Incorporation Date	Aug. 29, 2022
Percentage of effective ownership
Place of Incorporation	Cayman Islands
Fiscal Year	December 31
Principal Activities	Investment holding
New Retail International Pte Ltd [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Incorporation Date	Nov. 23, 2018
Percentage of effective ownership	100.00%
Place of Incorporation	Singapore
Fiscal Year	December 31
Principal Activities	Community-oriented e-commerce platform
PT Webuy Social Indonesia [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Incorporation Date	May 05, 2020
Percentage of effective ownership	95.00%
Place of Incorporation	Indonesia
Fiscal Year	December 31
Principal Activities	Community-oriented e-commerce platform
The Shopaholic Bear Pte Ltd [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Incorporation Date	Apr. 06, 2021
Percentage of effective ownership	100.00%
Place of Incorporation	Singapore
Fiscal Year	December 31
Principal Activities	Community-oriented e-commerce platform
Bear Bear Pte Ltd [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Incorporation Date	Nov. 02, 2021
Percentage of effective ownership	100.00%
Place of Incorporation	Singapore
Fiscal Year	December 31
Principal Activities	Dormant
Webuy Travel Pte. Ltd. [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Incorporation Date	Nov. 15, 2022
Percentage of effective ownership	100.00%
Place of Incorporation	Singapore
Fiscal Year	December 31
Principal Activities	Sale of packaged-tour
PT Buah Kita Retail [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Incorporation Date	Oct. 23, 2023
Percentage of effective ownership	100.00%
Place of Incorporation	Indonesia
Fiscal Year	December 31
Principal Activities	Retail business
PT Webuy Travel Indonesia [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Incorporation Date	Oct. 23, 2023
Percentage of effective ownership	70.00%
Place of Incorporation	Indonesia
Fiscal Year	December 31
Principal Activities	Sale of packaged-tour

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Summary of Signification Accounting Policies (Details) - USD ($)	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Summary of Signification Accounting Policies [Line Items]
Amount in excess of government insurance	$ 638,000		$ 1,221,685
Deferred revenue recognized	$ 990,981	$ 484,115
Sale of goods percentage	86.00%
Revenues percentage	14.00%
Minimum [Member]
Summary of Signification Accounting Policies [Line Items]
Approximately cash balances	$ 55,000
Maximum [Member]
Summary of Signification Accounting Policies [Line Items]
Approximately cash balances	$ 128,000

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Summary of Signification Accounting Policies (Details) - Schedule of Disaggregation Information of Revenues - USD ($)	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Disaggregation of Revenue [Line Items]
Product/Service Type	$ 24,400,212	$ 15,025,054
Percentage of total revenue	100.00%	100.00%
Food and beverage [Member]
Disaggregation of Revenue [Line Items]
Product/Service Type	$ 11,761,196	$ 8,859,482
Percentage of total revenue	48.00%	59.00%
Fresh produce [Member]
Disaggregation of Revenue [Line Items]
Product/Service Type	$ 7,053,085	$ 5,209,224
Percentage of total revenue	29.00%	35.00%
Lifestyle and other personal care items [Member]
Disaggregation of Revenue [Line Items]
Product/Service Type	$ 219,784	$ 479,622
Percentage of total revenue	1.00%	3.00%
Packaged-tour [Member]
Disaggregation of Revenue [Line Items]
Product/Service Type	$ 5,366,147	$ 476,726
Percentage of total revenue	22.00%	3.00%

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Summary of Signification Accounting Policies (Details) - Schedule of Revenues Classified by the Geographic areas - USD ($)	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Summary of Signification Accounting Policies (Details) - Schedule of Revenues Classified by the Geographic areas [Line Items]
Revenues	$ 24,400,212	$ 15,025,054
Percentage of Total revenue	100.00%	100.00%
Singapore [Member]
Summary of Signification Accounting Policies (Details) - Schedule of Revenues Classified by the Geographic areas [Line Items]
Revenues	$ 10,743,266	$ 10,384,006
Percentage of Total revenue	44.00%	69.00%
Indonesia [Member]
Summary of Signification Accounting Policies (Details) - Schedule of Revenues Classified by the Geographic areas [Line Items]
Revenues	$ 13,656,946	$ 4,428,116
Percentage of Total revenue	56.00%	30.00%
Malaysia [Member]
Summary of Signification Accounting Policies (Details) - Schedule of Revenues Classified by the Geographic areas [Line Items]
Revenues		$ 212,932
Percentage of Total revenue		1.00%

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Prepaid Expenses and Other Assets (Details) - Schedule of Prepayment and Other Current Assets - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Schedule of Prepayment and Other Current Assets [Abstract]
Prepayment	$ 1,427,559	$ 418,642
Advance to suppliers	204,329	3,731
Deposits	246,911	123,012
Other receivables	1,157,566	792,034
Total prepayment and other current assets	$ 3,036,365	$ 1,337,419

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Leasehold Improvements and Equipment (Details) - USD ($)	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Leasehold Improvements and Equipment [Abstract]
Depreciation expense of leasehold improvements	$ 83,662
Equipment		$ 56,066
Purchased assets	564,333	$ 32,220
Net carrying amount	$ 300,907		$ 325,331

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Leasehold Improvements and Equipment (Details) - Schedule of Leasehold Improvements and Equipment - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Leasehold improvements and equipment, gross	$ 1,197,703	$ 692,863
Accumulated depreciation	(328,970)	(269,230)
Leasehold improvements and equipment, net of accumulated depreciation	868,733	423,633
Motor Vehicles [Member]
Property, Plant and Equipment [Line Items]
Leasehold improvements and equipment, gross	453,088	458,318
Office equipment [Member]
Property, Plant and Equipment [Line Items]
Leasehold improvements and equipment, gross	21,778	10,892
Furniture and fittings [Member]
Property, Plant and Equipment [Line Items]
Leasehold improvements and equipment, gross	5,377	5,439
Computer [Member]
Property, Plant and Equipment [Line Items]
Leasehold improvements and equipment, gross	41,743	42,225
Warehouse equipment [Member]
Property, Plant and Equipment [Line Items]
Leasehold improvements and equipment, gross	100,160	97,314
Leasehold improvements [Member]
Property, Plant and Equipment [Line Items]
Leasehold improvements and equipment, gross	$ 575,557	$ 78,675

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Right of Use Assets and Operating Lease Liability (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Right of Use Assets and Operating Lease Liability [Abstract]
Total rental fee (in Dollars)	$ 3.9
Weighted-average discount rate operating leases	5.00%	5.00%

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Right of Use Assets and Operating Lease Liability (Details) - Schedule of Information Pertaining to Lease Amounts Recognized - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Schedule of Information Pertaining To Lease Amounts Recognized [Abstract]
Leasehold buildings	$ 3,002,532	$ 483,401
Accumulated amortization	(653,831)	(440,689)
ROU assets, net of accumulated amortization	$ 2,348,701	$ 42,712

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Right of Use Assets and Operating Lease Liability (Details) - Schedule of Operating Lease Costs - USD ($)	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Schedule of Lease Costs [Abstract]
Operating lease costs	$ 221,369	$ 136,966
Short-term lease costs	235,458	155,515
Total lease costs	456,827	292,481
Supplemental cash flow information:
Operating cash flows from operating leases	1,966,360	139,437
Right-of-use obtained in exchange for new operating lease liabilities	$ (2,073,499)	$ (66,442)
Weighted-average remaining lease term (years):
Operating leases	4 years 9 months	8 months 12 days

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Right of Use Assets and Operating Lease Liability (Details) - Schedule of Weighted-Average Discount Rate for Operating Leases - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Schedule of Operating Leases [Abstract]
2024	$ 649,205
2025	620,342
2026	565,204
2027	565,204
Thereafter	376,803
Total operating lease payment	2,776,758
Less: Imputed interest	(295,604)
Present value of operating lease liabilities	2,481,154
Operating lease liabilities – current	537,463	$ 32,347
Operating lease liabilities – non-current	$ 1,943,691	$ 10,598

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Intangible Assets (Details) - USD ($)	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Intangible Asset [Line Items]
Amortization expense intangible assets	$ 226,406	$ 125,488
Acquired intangible asset		$ 419,873

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Intangible Assets (Details) - Schedule of Intangible Assets - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	$ 1,330,929	$ 1,348,090
Accumulated amortization	(632,476)	(415,091)
Intangible assets, net of accumulated amortization	698,453	932,999
Software [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	69,817	72,421
Application development [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	$ 1,261,112	$ 1,275,669

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Intangible Assets (Details) - Schedule of Estimates its Amortization Expense - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Schedule of Estimates Its Amortization Expense [Abstract]
2024	$ 404,729
2025	263,266
2026	30,458
Total amortization expense	$ 698,453	$ 932,999

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Other Current Liabilities (Details) - Schedule of Other Current Liabilities - USD ($)		Jun. 30, 2023	Dec. 31, 2022
Schedule of Other Current Liabilities [Abstract]
Accrued expenses	[1]	$ 410,349	$ 474,033
Advance from customers		501,288	188,069
Other payables	[2]	1,040,675	1,066,690
Total		$ 1,952,312	$ 1,728,792

[1] Accrued expenses mainly relate to staff-related expenses.

[2] Other payables mainly include outstanding amounts owed to various non-trade vendors and value added tax (“VAT”) payables.

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Loans Payable (Details) - USD ($)				6 Months Ended
	Dec. 12, 2022	Jan. 06, 2022	Sep. 23, 2021	Jun. 30, 2023	Jun. 30, 2022
Loans Payable [Abstract]
Interest expense				$ 87,945	$ 103,026
Loan facility amount	$ 200,000	$ 1,500,000	$ 1,000,000
Interest rate percentage	0.00%	6.00%	6.00%

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Loans Payable (Details) - Schedule of Loans Payable - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Short-term loan, Net	$ 1,610,051	$ 2,084,827
Less current portion	(1,381,760)	(1,611,069)
Long-term loans payable	228,291	473,758
Hire purchases - Motor Vehicle [Member]
Debt Instrument [Line Items]
Short-term loan, Gross	262,961	286,329
Term loan I [Member]
Debt Instrument [Line Items]
Short-term loan, Gross	480,461	594,070
Term loan II [Member]
Debt Instrument [Line Items]
Short-term loan, Gross	704,400	1,028,645
Short-term loan [Member]
Debt Instrument [Line Items]
Short-term loan, Gross	$ 162,229	$ 175,783

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Loans Payable (Details) - Schedule of Future Minimum Lease Payments	Jun. 30, 2023 USD ($)
Schedule of Future Minimum Lease Payments [Abstract]
2024	$ 54,242
2025	54,242
2026	54,242
2027	54,242
2028	54,242
Thereafter	32,369
Total	303,579
Less: Imputed interest	(40,618)
Hire purchases liabilities	262,961
Hire purchases liabilities – current	34,670
Hire purchases liabilities – non-current	$ 228,291

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Related Party Transactions (Details) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Related Party Transactions (Details) [Line Items]
Recorded amount due from shareholder amount	$ 25,047	$ 25,336
GBuy Global Pte Ltd [Member]
Related Party Transactions (Details) [Line Items]
Recorded amount due from shareholder amount	6,362	4,119
Webuy Talent Ltd [Member]
Related Party Transactions (Details) [Line Items]
Recorded amount due from shareholder amount	$ 5,036

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Related Party Transactions (Details) - Schedule of Due to Related Party - USD ($)	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Schedule of Transactions Amount Due to a Related Party [Abstract]
Beginning of the years January 1	$ 25,336	$ 68,786
Advances for operation and administration expenses		13,724
Payments made to a director		(25,009)
Exchange difference	(289)
Periods ended June 30	$ 25,047	$ 57,501

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Convertible Notes Payables (Details) - USD ($)	1 Months Ended		6 Months Ended
	Nov. 27, 2023	Aug. 29, 2022	Jun. 30, 2023	Aug. 02, 2023	Dec. 31, 2022
Convertible Notes Payables (Details) [Line Items]
Aggregate principal amount		$ 2,920,800	$ 1,289,200		$ 3,333,200
Ordinary shares (in Shares)		400
Converted ordinary shares (in Shares)			1,040,000
Convertible interest rate			10.00%
Subsequent Event [Member]
Convertible Notes Payables (Details) [Line Items]
Principal amount				$ 200,000
Forecast [Member]
Convertible Notes Payables (Details) [Line Items]
Convertible interest rate	10.00%
Convertible Notes Payable [Member]
Convertible Notes Payables (Details) [Line Items]
Aggregate principal amount			$ 1,701,600		$ 412,400

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Equity (Details) - $ / shares	May 02, 2023	Jun. 30, 2023	Dec. 31, 2022
Equity (Details) [Line Items]
Stockholders' equity note, stock split	the shareholders of the Company approved a 1 for 2,600 share forward split of the Company’s authorized and issued ordinary shares whereby every 1 share was split into 2,600 shares
Ordinary share, par value (in Dollars per share)		$ 0.000000385
Ordinary shares authorized		260,000,000,000	260,000,000,000
Ordinary shares issued		48,011,600	48,011,600	[1]
Ordinary shares outstanding		48,011,600	48,011,600	[1]
Maximum [Member]
Equity (Details) [Line Items]
Ordinary share, par value (in Dollars per share)	$ 0.001
Ordinary shares authorized	260,000,000,000
Minimum [Member]
Equity (Details) [Line Items]
Ordinary share, par value (in Dollars per share)	$ 0.000000385
Ordinary shares authorized	100,000,000

[1] Giving retroactive effect to the share forward split on May 2, 2023.

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Disposal of a Subsidiary (Details) - USD ($)	6 Months Ended
	Jun. 30, 2022	Jun. 29, 2022
Disposal of a Subsidiary [Abstract]
Equity interest		100.00%
Gain on disposal	$ 331,584

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Income Tax (Details) - USD ($)	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Income Tax [Line Items]
Income tax rate	17.00%
Tax losses carry forwards (in Dollars)	$ 13,371,889	$ 13,115,752
Singapore [Member]
Income Tax [Line Items]
Income tax rate	17.00%
Indonesia [Member]
Income Tax [Line Items]
Income tax rate	22.00%
Malaysia [Member]
Income Tax [Line Items]
Income tax rate	24.00%
China [Member]
Income Tax [Line Items]
Income tax rate	25.00%
Cayman Islands [Member]
Income Tax [Line Items]
Statutory tax rate	0.00%

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Income Tax (Details) - Schedule of Reconciliation of the Expected Income Tax Recovery to the Actual Income Tax Recovery - USD ($)		6 Months Ended
		Jun. 30, 2023	Jun. 30, 2022
Schedule of Reconciliation of the Expected Income Tax Recovery to the Actual Income Tax Recovery [Abstract]
Net loss before income taxes		$ (3,673,984)	$ (4,187,312)
Income tax expenses attributable to net income at Singapore statutory rate of 17%	[1]	(624,577)	(711,843)
Effect of different tax rates in other jurisdictions		(54,696)	(53,909)
Non-deductible expenses		89,088	193,573
Singapore tax exemption or non-taxable income		(7,981)	14,886
Unrecognized deferred tax asset		598,166	557,293
Total tax provision

[1] The Company has reconciled to the Singapore corporate income tax rate of 17% to reflect the location of the Company’s operating activities and rather than reconciling to Cayman Islands statutory tax rate of 0%.

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Income Tax (Details) - Schedule of Reconciliation of the Expected Income Tax Recovery to the Actual Income Tax Recovery (Parentheticals)	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Schedule of Reconciliation of the Expected Income Tax Recovery to the Actual Income Tax Recovery [Abstract]
Statutory rate	17.00%	17.00%

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Income Tax (Details) - Schedule of Components of the Deferred Tax Assets - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Schedule of Components of the Deferred Tax Assets [Abstract]
Tax loss carry forwards	$ 2,648,209	$ 4,348,685
Deferred tax assets	1,453,207	1,408,101
Valuation allowance	(1,453,207)	(1,408,101)
Total deferred tax assets, net

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Government Grants (Details) - USD ($)	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Government Grants (Details) [Line Items]
Government grants in aggregate amount	$ 30,348	$ 60,813
Wage Credit Scheme [Member]
Government Grants (Details) [Line Items]
Description of wage scheme	Under The Wage Credit Scheme (“WCS”) introduced by the Singapore government, the Singapore government will co-fund 40% of wage increases given to Singaporean employees earning a gross monthly wage of up to SGD4,000 (approximately $3,000).
Jobs Support Scheme [Member]
Government Grants (Details) [Line Items]
Description of wage scheme	Under The Jobs Support Scheme (“JSS”) introduced by the Singapore government, depending on the business sectors, employers that are entitled to JSS will be subsidized from 10% up to 60% of each employee’s monthly wage as a form of wage support. This is applied to the first SGD4,600(approximately $3,300) actual wages paid per employee.
Jobs Growth Incentive [Member]
Government Grants (Details) [Line Items]
Description of wage scheme	Under The Jobs Growth Incentive (“JGI”) is a salary support scheme introduced by the Singapore government that provides eligible employers with 15% to 50% salary support for new employees hired between September 2020 to March 2021.
Skills Future Enterprise Credit [Member]
Government Grants (Details) [Line Items]
Description of wage scheme	Under enterprise transformation programmes introduced by the Singapore government, eligible employers can receive a one-off SGD10,000 (approximately $7,200) Skills Future Enterprise Credit (“SFEC”) to cover up to 90% of out-of-pocket expenses on qualifying costs for supportable initiatives, over and above the support levels of existing schemes.

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Concentrations and Risks (Details)	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Revenue [Member] | Customer Concentration Risk [Member] | Other Customer [Member]
Concentrations and Risks (Details) [Line Items]
Concentration risk percentage	10.00%	10.00%
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Other Customer [Member]
Concentrations and Risks (Details) [Line Items]
Concentration risk percentage	10.00%
Supplier [Member] | Purchases [Member] | Supplier Concentration Risk [Member]
Concentrations and Risks (Details) [Line Items]
Concentration risk percentage	10.00%	10.00%
Supplier [Member] | Accounts Payable [Member] | Supplier Concentration Risk [Member]
Concentrations and Risks (Details) [Line Items]
Concentration risk percentage	10.00%

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Concentrations and Risks (Details) - Schedule of Concentration Accounts Payable - Company A [Member] - Sales [Member] - Accounts Payable [Member] - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Concentration Risk [Line Items]
Concentration on accounts payable	$ 610,074	$ 573,451
Concentration on accounts payable percentage	7.50%	10.50%

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Concentrations and Risks (Details) - Schedule of Concentration Accounts Receivable - Accounts Receivable [Member] - Customer Concentration Risk [Member] - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Company A [Member]
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Concentration on sales amount	$ 602,705
Concentration on sales percentage	18.40%	0.00%
Company B [Member]
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Concentration on sales amount	$ 596,667	$ 307,672
Concentration on sales percentage	18.30%	12.00%
Company C [Member]
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Concentration on sales amount	$ 414,036	$ 7,997
Concentration on sales percentage	12.70%	0.30%
Company D [Member]
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Concentration on sales amount		$ 679,226
Concentration on sales percentage	0.00%	26.40%
Company E [Member]
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Concentration on sales amount		$ 586,103
Concentration on sales percentage	0.00%	22.80%
Company's [Member]
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Concentration on sales amount	$ 1,613,408	$ 1,580,998
Concentration on sales percentage	49.40%	61.00%

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Subsequent Events (Details) - USD ($)			6 Months Ended
	Nov. 21, 2023	Nov. 03, 2023	Jun. 30, 2023	Nov. 09, 2023	Oct. 19, 2023	Aug. 02, 2023
Subsequent Events [Line Items]
Gross proceeds			$ 15,200,000
IPO [Member]
Subsequent Events [Line Items]
Ordinary shares (in Shares)			3,800,000
Price per share (in Dollars per share)			$ 4
Over-Allotment Option [Member]
Subsequent Events [Line Items]
Ordinary shares (in Shares)			570,000
Subsequent Event [Member]
Subsequent Events [Line Items]
Convertible loan						$ 200,000
Forecast [Member]
Subsequent Events [Line Items]
Conversion date					Apr. 17, 2024
Bearing interest rate				3.00%	10.00%
Principal amount				$ 2,500,000
Forecast [Member] | Over-Allotment Option [Member]
Subsequent Events [Line Items]
Ordinary shares (in Shares)	420,000	150,000
Net proceeds	$ 1,528,800	$ 546,000