Description of Business, Organization and Principles of Consolidation

6 Months Ended

Jun. 30, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Description of Business, Organization and Principles of Consolidation

Note 1. Description of Business, Organization and Principles of Consolidation

Description of Business

On September 26, 2019, the Company changed its name from One Horizon Group, Inc. to Touchpoint Group Holdings, Inc. (the "Company"). The Company has the following businesses:

(i) Touchpoint Connect Limited ("Touchpoint") – Touchpoint is a newly formed wholly owned subsidiary that offers a white label product which is a fan engagement platform designed to enhance the fan experience and drive commercial aspects of the sport and entertainment business.

(ii) Love Media House - The Company is in negotiations to sell its interests in Love Media House, Inc. ("Love Media House") and as such, it is considered to be discontinued operations.

(iii) Browning - In February 2020, the Company sold all of its interest in Browning Productions & Entertainment, Inc. ("Browning") and its results for 2019 and through the sale in 2020 are treated as discontinued operations.

(iv) 123 Wish, Inc. – 123Wish, Inc. ("123Wish") is considered dormant. All of its operations have been moved to Touchpoint.

The Company is based in the United States of America and the United Kingdom.

Interim Period Financial Statements

The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States ("GAAP") for interim financial information and with the Securities and Exchange Commission's (the "SEC") instructions. Accordingly, they do not include all the information and footnotes required by GAAP for complete financial statements. The results of operations reflect interim adjustments, all of which are of a normal recurring nature and, in the opinion of management, are necessary for a fair presentation of the results for such interim period. The results reported in these interim condensed consolidated financial statements should not be regarded as necessarily indicative of results that may be expected for the entire year. Certain information and note disclosure normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to the SEC's rules and regulations. These unaudited interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2019, as filed with the SEC on April 24, 2020.

Current Structure of the Company

The Company has the following subsidiaries: 

Subsidiary name	% Owned
● 123Wish, Inc. (considered dormant)		51	%
● One Horizon Hong Kong Ltd		100	%
● Horizon Network Technology Co. Ltd		100	%
● Love Media House, Inc (discontinued operations)		100	%
● Touchpoint Connect Limited		100	%

In addition to the subsidiaries listed above, Suzhou Aishuo Network Information Co., Ltd ("Suzhou Aishuo") is a limited liability company, organized in China and controlled by the Company via various contractual arrangements. Suzhou Aishuo is treated as one of our subsidiaries for financial reporting purposes in accordance with GAAP.

All significant intercompany balances and transactions have been eliminated in consolidation.