| Accounting Policies, by Policy (Policies) | 6 Months Ended | 12 Months Ended |
| Jun. 30, 2024 | Dec. 31, 2023 |
| Summary of Significant Accounting Policies [Abstract] | | |
| Principles of consolidation and basis of preparation | Principles of consolidation and basis of preparation The accompanying consolidated
financial statements reflect the accounts of the Company and all of its subsidiaries in which a controlling interest is maintained. All
inter-company balances and transactions have been eliminated in consolidation. Management has prepared
the accompanying consolidated financial statements and these notes in accordance with accounting principles generally accepted in the
United States of America (“U.S. GAAP”). The Company maintains its general ledger and journals with the accrual
method accounting. | Principles of consolidation
and basis of preparation The
accompanying consolidated financial statements reflect the accounts of the Company and all of its subsidiaries in which a controlling
interest is maintained. All inter-company balances and transactions have been eliminated in consolidation. Management
has prepared the accompanying consolidated financial statements and these notes in accordance with accounting principles generally accepted
in the United States of America (“U.S. GAAP”). The Company maintains its general ledger and journals with the accrual
method accounting. |
| Use of estimates | Use of estimates The preparation of the
consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the
reported amounts of assets and liabilities and disclosures of contingent assets and liabilities as of the date of the consolidated financial
statements and the reported amounts of revenues and expenses during the periods presented. Significant estimates required to be made
by management include, but are not limited to, contingent tax liability for Kyrgyzstan. Actual results could differ from those estimates,
and as such, differences may be material to the consolidated financial statements. | Use of estimates The
preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions
that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities as of the date of the
consolidated financial statements and the reported amounts of revenues and expenses during the periods presented. Significant estimates
required to be made by management include, but are not limited to, contingent tax liability for Kyrgyzstan. Actual results could differ
from those estimates, and as such, differences may be material to the consolidated financial statements. |
| Foreign currency translation | Foreign currency translation The accompanying consolidated
financial statements are presented in United States dollar (“$”), which is the reporting currency of the Company. The
functional currency of the Company and its subsidiaries, FFPGS (HK) Limited and Well Image Limited, are Hong Kong dollar (“HK$”).
Med Holdings and FFC use Thai baht (“THB”) as their functional currencies. First Fertility Phnom Penh Limited uses Cambodian
riel (“KHR”) as its functional currency and First Fertility Bishkek LLC uses United States dollar (“USD”)
as its functional currency. Assets and liabilities
denominated in currencies other than the reporting currency are translated into the reporting currency at the rates of exchange prevailing
at the balance sheet date. Translation gains and losses are recognized in the consolidated statements of operations and comprehensive
income as other comprehensive income or loss. Transactions in currencies
other than the reporting currency are measured and recorded in the reporting currency at the exchange rate prevailing on the transaction
date. The cumulative gain or loss from foreign currency transactions is reflected in the consolidated statements of operations and comprehensive
income as other income (other expenses). The value of foreign
currencies including, the HK$, THB, KHR and RMB, may fluctuate against the United States dollar. Any significant variations of the
aforementioned currencies relative to the United States dollar may materially affect the Company’s financial condition in
terms of reporting in USD. The following table outlines the currency exchange rates that were used in preparing the accompanying
consolidated financial statements:
June 30, June 30, December 31,
Period-end $:
HK$ 7.8000 7.8000 7.8000
Period average $:
HK$ 7.8000 7.8000 7.8000
Period-end $:
THB 36.8454 35.3081 34.2265
Period average $:
THB 34.4021 34.3864 34.7867
Period-end $:
KHR 4,112.3016 4,132.8226 4,080.0304
Period average $:
KHR 4,075.4046 4,058.1179 4,105.4181
Period-end $:
RMB 7.2674 6.4586 7.0971
Period average $:
RMB 7.2142 6.4077 7.0835 | Foreign currency
translation The
accompanying consolidated financial statements are presented in United States dollar (“$”), which is the reporting currency
of the Company. The functional currency of the Company and its subsidiaries, FFPGS (HK) Limited and Well Image Limited, are Hong Kong
dollar (“HK$”). Med Holdings and FFC use Thai baht (“THB”) as their functional currencies. First Fertility Phnom
Penh Limited uses Cambodian riel (“KHR”) as its functional currency and First Fertility Bishkek LLC uses United States
dollar (“USD”) as its functional currency. Assets
and liabilities denominated in currencies other than the reporting currency are translated into the reporting currency at the rates of
exchange prevailing at the balance sheet date. Translation gains and losses are recognized in the consolidated statements of operations
and comprehensive income as other comprehensive income or loss. Transactions
in currencies other than the reporting currency are measured and recorded in the reporting currency at the exchange rate prevailing on
the transaction date. The cumulative gain or loss from foreign currency transactions is reflected in the consolidated statements of operations
and comprehensive income as other income (other expenses). The
value of foreign currencies including, the HK$, THB, KHR and RMB, may fluctuate against the United States dollar. Any significant
variations of the aforementioned currencies relative to the United States dollar may materially affect the Company’s financial
condition in terms of reporting in USD. The following table outlines the currency exchange rates that were used in preparing the
accompanying consolidated financial statements:
2023 2022 2021
Period-end $: HK$ 7.8000 7.8000 7.8000
Period average $: HK$ 7.8000 7.8000 7.8000
Period-end $: THB 34.2265 34.6153 33.1964
Period average $: THB 34.7867 35.1428 32.1003
Period-end $: KHR 4,080.0304 4,114.3335 4,068.9577
Period average $: KHR 4,105.4181 4,083.7043 4,065.8164
Period-end $: RMB 7.0971 6.9091 6.3551
Period average $: RMB 7.0835 6.4569 6.4368 |
| Cash and cash equivalents | Cash and cash equivalents Cash and cash equivalents
include cash on hand, deposits held at call with financial institutions, other short-term deposits with original maturities of three months
or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. | Cash and cash equivalents Cash
and cash equivalents include cash on hand, deposits held at call with financial institutions, other short-term deposits with original
maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant
risk of changes in value. |
| Deposits, prepayment, other receivables and deferred IPO cost, net | Deposits, prepayment, other receivables
and deferred IPO cost, net Deposits, prepayment,
other receivables and deferred Initial Public Offering (“IPO”) cost, net primarily include deposits paid to suppliers, prepaid
expenses, the prepaid professional fee which meets the definition of deferred IPO cost, and other deposits. Deferred IPO costs consist
of underwriting, legal, accounting and other expenses incurred through the balance sheet date that are directly related to the Initial
Public Offering and that were charged to shareholders’ equity upon the completion of the Initial Public Offering. | Deposits, prepayment,
other receivables and deferred IPO cost, net Deposits,
prepayment, other receivables and deferred Initial Public Offering (“IPO”) cost, net primarily include deposits paid to suppliers,
prepaid expenses, the prepaid professional fee which meets the definition of deferred IPO cost, and other deposits. Deferred
IPO costs consist of underwriting, legal, accounting and other expenses incurred through the balance sheet date that are directly related
to the Initial Public Offering and that were charged to shareholders’ equity upon the completion of the Initial Public Offering. |
| Plant and equipment, net | Plant and equipment, net Plant and equipment are
stated at cost less accumulated depreciation. Depreciation is provided over their estimated useful lives, using the straight-line method.
The Company typically applies a salvage value of 0%. The estimated useful lives of the plan and equipment are as follows:
Furniture
and fixtures 3 – 5 years
Leasehold
improvements the lesser of useful life or term of lease
Medical
instruments 3 – 10 years
Motor
vehicle 3 – 5 years
Office
equipment 3 – 5 years The cost and related
accumulated depreciation of assets sold or otherwise retired are eliminated from the accounts, and any gain or loss are included in the
Company’s results of operations. The costs of maintenance and repairs are expensed as incurred. Significant renewals and betterments
that extend the useful life of an assets are capitalized. | Plant and equipment,
net Plant
and equipment are stated at cost less accumulated depreciation. Depreciation is provided over their estimated useful lives, using the
straight-line method. The Company typically applies a salvage value of 0%. The estimated useful lives of the plan and equipment
are as follows:
Furniture
and fixtures 3 – 5 years
Leasehold
improvements the lesser of useful life or term of lease
Medical
instruments 3 – 10 years
Motor
vehicle 3 – 5 years
Office
equipment 3 – 5 years The
cost and related accumulated depreciation of assets sold or otherwise retired are eliminated from the accounts, and any gain or loss
are included in the Company’s results of operations. The costs of maintenance and repairs are expensed as incurred. Significant
renewals and betterments that extend the useful life of an assets are capitalized. |
| Impairment of long-lived assets | Impairment of long-lived assets The Company evaluates
the long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of assets may
not be recoverable. Impairment may become obsolete from a difference in the industry, introduction of new technologies, or if the Company
has inadequate working capital to utilize the long-lived assets to generate adequate profits. Impairment is present if the carrying
amount of an asset is less than its expected future undiscounted cash flows. If an asset is considered
impaired, a loss is recognized based on the amount by which the carrying amount exceeds the fair market value of the asset. Assets to
be disposed of are reported lower the carrying amount or fair value less cost to sell. | Impairment of long-lived assets The
Company evaluates the long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount
of assets may not be recoverable. Impairment may become obsolete from a difference in the industry, introduction of new technologies,
or if the Company has inadequate working capital to utilize the long-lived assets to generate adequate profits. Impairment is present
if the carrying amount of an asset is less than its expected future undiscounted cash flows. If
an asset is considered impaired, a loss is recognized based on the amount by which the carrying amount exceeds the fair market value
of the asset. Assets to be disposed of are reported lower the carrying amount or fair value less cost to sell. |
| Inventories | Inventories Inventories are stated
at the lower of cost and net realizable value. Costs are determined on a first-in, first-out basis. Net realizable value is based
on the estimated selling prices less any estimated costs to be incurred to completion and disposal. A provision for excess and obsolete
inventory will be made based primarily on forecasts of product demand. The excess balance determined by this analysis becomes the basis
for excess inventory charge and the written-down value of the inventory becomes its cost. Written-down inventory would not
be reversed if market conditions improve. | Inventories Inventories
are stated at the lower of cost and net realizable value. Costs are determined on a first-in, first-out basis. Net realizable value
is based on the estimated selling prices less any estimated costs to be incurred to completion and disposal. A provision for excess and
obsolete inventory will be made based primarily on forecasts of product demand. The excess balance determined by this analysis becomes
the basis for excess inventory charge and the written-down value of the inventory becomes its cost. Written-down inventory
would not be reversed if market conditions improve. |
| Other borrowings | Other borrowings Other borrowings are
recognized initially at fair value, net of debt issuance costs incurred. Other borrowings are subsequently stated at amortized cost;
any difference between the proceeds (net of debt issuance costs) and the redemption value is recognized in the consolidated statements
of operations over the period of the borrowings using the effective interest method. | Other borrowings Other
borrowings are recognized initially at fair value, net of debt issuance costs incurred. Other borrowings are subsequently stated at amortized
cost; any difference between the proceeds (net of debt issuance costs) and the redemption value is recognized in the consolidated statements
of operations over the period of the borrowings using the effective interest method. |
| Ordinary shares | Ordinary shares The Company’s ordinary
shares are stated at par value of $0.01 per ordinary share. The difference between the consideration received, net of issuance cost,
and the par value is recorded in additional paid-in capital. | Ordinary shares The
Company’s ordinary shares are stated at par value of $0.01 per ordinary share. The difference between the consideration received,
net of issuance cost, and the par value is recorded in additional paid-in capital. |
| Revenue recognition | Revenue recognition The Company adopted ASC
Topic 606, Revenue from Contracts with Customers, and all subsequent ASUs that modified ASC 606 on April 1, 2017 using
the full retrospective method which requires the Company to present the financial statements for all periods as if Topic 606 had
been applied to all prior periods. The Company derives revenue principally from provision of In vitro fertilization (“IVF”)
treatment and surrogacy and ancillary caring services. Revenue from contracts with customers is recognized using the following five steps:
(1) identify its contracts
with customers;
(2) identify its performance
obligations under those contracts;
(3) determine the transaction
prices of those contracts;
(4) allocate the transaction
prices to its performance obligations in those contracts; and
(5) recognize revenue when
each performance obligation under those contracts is satisfied. Revenue is recognized when promised services are transferred to the
client in an amount that reflects the consideration expected in exchange for those services. The Company enters into
service agreements with its customers that outline the rights, responsibilities, and obligations of each party. The agreements also identify
the scope of services, service fees, and payment terms. Agreements are acknowledged and signed by both parties. All the contracts have
commercial substance, and it is probable that the Company will collect considerations from its customers for service component. The Company derives its
revenues from two sources: (1) revenue from IVF treatment, and (2) revenue from surrogacy and ancillary caring services. Revenue from IVF treatment In vitro fertilization
(“IVF”) treatment is an assisted reproductive technique where eggs and sperm are collected and fertilized in laboratory to
become embryo. Fertilized embryo is then implanted to the customer or a surrogate mother. IVF treatment involves the performance of a
series of medical treatment and procedures that are not separately distinct and only brings benefits to customer when embryo is successfully
implanted, therefore revenue from IVF treatment is recognized at a point in time when it is completed in clinic. The completion of this
treatment is evidenced by a written IVF report indicating successful embryo implantation. The Company collects payment from customer
in advance for IVF treatment. The amount of revenue recognized from contract liabilities to the Company’s result of operations
can be found in Note 8 below. Revenue from surrogacy and ancillary
caring services The Company provides
surrogacy and ancillary caring services solely in Kyrgyzstan. Embryo from blood parents is implanted to surrogate mother contracted by
the Company. During pregnancy period, the Company provides ancillary caring services including regular body check and provision of vitamins,
supplements and medicines to surrogate mothers. The key performance obligation is identified as a single performance obligation where
a baby is born, therefore revenue from surrogacy and ancillary caring services is recognized at a point in time when surrogate mother
gives birth. The Company collects approximately 40% of contract sum upfront, and remaining contract sum is collected in installments
across pregnancy period of surrogate mother. The amount of revenue recognized from contract liabilities to the Company’s result
of operations can be found in Note 8 below. Contract related assets
and liabilities are classified as current assets and current liabilities. Significant balance sheet accounts related to the revenue cycle
are as follows: Account receivables, net Accounts receivable,
net are stated at the original amount less an allowance for expected credit loss on such receivables. The allowance for expected credit
loss is estimated based upon the Company’s assessment of various factors including historical experience, the age of the accounts
receivable balances, current general economic conditions, future expectations and customer specific quantitative and qualitative factors
that may affect the Company’s customers’ ability to pay. An allowance is also made when there is objective evidence for the
Company to reasonably estimate the amount of probable loss. Contract liabilities Contract liabilities
represent considerations received from customers in advance of satisfying the Company’s performance obligations under the contract.
These amounts are expected to be earned within 12 months and are classified as current liabilities. Expected credit loss ASU No. 2016-13,
Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments requires
entities to use a current lifetime expected credit loss methodology to measure impairments of certain financial assets. Using this methodology
will result in earlier recognition of losses than under the current incurred loss approach, which requires waiting to recognize a loss
until it is probable of having been incurred. There are other provisions within the standard that affect how impairments of other financial
assets may be recorded and presented, and that expand disclosures. Expected credit losses are probability-weighted estimates of
credit losses. Credit losses are measured at the present value of all cash shortfalls (i.e., the difference between the cash flows due
to the entity in accordance with the contract and the cash flows that the Company expects to receive). ECLs are discounted at the effective
interest rate of the financial asset. Retirement benefits Retirement benefits in
the form of mandatory government-sponsored defined contribution plans are charged to either expense as incurred or allocated to
wages as part of cost of revenues. Segment information Operating segments are
identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief
operating decision maker (the “CODM”), or decision making group, in making decisions on how to allocate resources and assess
performance. The Company operates and manages in one operating segment. The Company defines its CODM as Mr. Siu Wing Fund Alfred,
the Company’s Chief Executive Officer. Since the Company operates in one operating segment, all required financial segment information
can be found in the consolidated financial statements. The long-lived assets and revenue from external customers as of June 30,
2024 and 2023 by geographical area are presented in Note 13. Leases The Company measured
the lease in accordance to ASU 2016-02, “Leases” (Topic 842). Lease terms used to calculate the present value of
lease payments generally do not include any options to extend, renew, or terminate the lease, as the Company does not have reasonable
certainty at lease inception that these options will be exercised. The Company generally considers the economic life of its operating
lease ROU assets to be comparable to the useful life of similar owned assets. The Company has elected the short-term lease exception,
therefore operating lease ROU assets and liabilities do not include leases with a lease term of twelve As of June 30, 2024
and December 31, 2023, there were $272,474 and $ 283,847 million right of use (“ROU”) assets and $313,393 and $326,107
lease liabilities based on the present value of the future minimum rental payments of leases, respectively. The Company’s management
believes that using an incremental borrowing rate of the minimum loan rate and the Hong Kong Dollar Best Lending Rate (“BLR”)
minus 0.125% was the most indicative rate of the Company’s borrowing cost for the calculation of the present value of the
lease payments; the rate used by the Company was 6.6% and 5.0% respectively. Income Taxes The Company recognizes
deferred income tax assets or liabilities for expected future tax consequences of events recognized in the consolidated financial statements
or tax returns. Under this method, deferred income tax assets and liabilities are determined based on the differences between the financial
reporting and income tax bases of assets and liabilities and are measured using the income tax rates that will be in effect when the
differences are expected to reverse. Valuation allowances are provided when it is more likely than not that a deferred tax asset is not
realizable or recoverable in the future. The Company determines
that the tax position is more likely than not to be sustained and records the largest amount of benefit that is more likely than not
to be realized when the tax position is settled. the Company recognizes interest and penalties, if any, related to uncertain tax positions
in income tax expense. Comprehensive Income The Company presents
comprehensive income in accordance with ASC Topic 220, Comprehensive Income Earnings per share The Company computes
earnings per share (“EPS”) following ASC Topic 260, “Earnings per share”. Basic EPS is measured as the income
or loss available to common shareholders divided by the weighted average common shares outstanding for the period. Diluted EPS presents
the dilutive effect on a per-share basis from the potential conversion of convertible securities or the exercise of options and
or warrants; the dilutive impacts of potentially convertible securities are calculated using the as-if method; the potentially dilutive
effect of options or warranties are computed using the treasury stock method. Potentially anti-dilutive securities (i.e., those
that increase income per share or decrease loss per share) are excluded from diluted EPS calculation. There were no potentially dilutive
securities that were in-the-money that were outstanding during the six months ended June 30, 2024 and 2023. Related parties The Company adopted ASC 850,
Related Party Disclosures, for the identification of related parties and disclosure of related party transactions. Commitments and contingencies In the normal course
of business, the Company is subject to contingencies, including legal proceedings and claims arising out of the business that relate
to a wide range of matters, such as government investigations and tax matters. The Company recognizes its liability for such contingency
if it determines it is probable that a loss has occurred and a reasonable estimate of the loss can be made. The Company may consider
many factors in making these assessments including historical and the specific facts and circumstances of each matter. Non-controlling interests Non-controlling interests
are presented as a separate component of equity on the consolidated balance sheets and net (loss) income and other comprehensive loss
are attributed to controlling and non-controlling interests respectively. Concentration of risks Concentration of credit risk Financial instruments
that potentially expose us to concentrations of credit risk consist primarily of cash and cash equivalents and account receivable. The
Company places cash and cash equivalents with financial institutions with high credit ratings and quality. Accounts receivable primarily
comprise of amounts receivable from the service customers. The Company conducts credit evaluations of customers, and generally does not
require collateral or other security from its customers. The Company establishes an allowance for doubtful accounts primarily based upon
the factors surrounding the credit risk of specific customers. Concentration of customers As of June 30, 2024
and December 31, 2023, one and two customers which individually contributed more than 10% of trade receivable, accounted for 15% and
96.3% of the Company’s trade receivable respectively. None of the customers
contributed more than 10% of revenue for six months ended June 30, 2024 and 2023. Concentration of suppliers As of June 30, 2024
and December 31, 2023, one and four suppliers which individually contributed more than 10% of trade payable, accounted for 13.6% and
30.6% of the Company’s trade payable respectively. For the six months ended
June 30, 2024 and 2023, one and one vendors which contributed more than 10% of total purchases of the Company, accounted for 15.3% and
21.5% of the Company’s total purchases respectively. Financial instruments The Company’s financial
instruments, including cash and cash equivalents, accounts receivables, net, deposits, other receivables and deferred IPO cost, net,
loan to A SPAC I, accounts payables, accrued liabilities and other payables, and due from (to) shareholders, have carrying amounts that
approximate their fair values due to their short maturities. ASC Topic 820, “Fair Value Measurements and Disclosures”
requires disclosing the fair value of financial instruments held by the Company. ASC Topic 825, “Financial Instruments”
defines fair value and establishes a three-level valuation hierarchy for disclosures of fair value measurement that enhances disclosure
requirements for fair value measures. The carrying amounts reported in the consolidated balance sheets for cash and cash equivalents,
accounts and other receivables, accounts and other payables, accrued liabilities and amounts due from (to) related parties each qualify
as financial instruments and are a reasonable estimate of their fair values because of the short period between the origination of such
instruments and their expected realization and their current market rate of interest. The three levels of valuation hierarchy are defined
as follows:
● Level 1 — inputs
to the valuation methodology used quoted prices for identical assets or liabilities in active markets.
● Level 2 — inputs
to the valuation methodology include quoted prices for similar assets and liabilities in active markets and information that are
observable for the asset or liability, either directly or indirectly, for substantially the financial instrument’s full term
● Level 3 — inputs
to the valuation methodology are unobservable and significant to the fair value measurement. The Company analyzes
all financial instruments with features of both liabilities and equity under ASC 480, “Distinguishing Liabilities from Equity”
and ASC 815. | Revenue recognition The
Company adopted ASC Topic 606, Revenue from Contracts with Customers, and all subsequent ASUs that modified ASC 606 on April 1,
2017 using the full retrospective method which requires the Company to present the financial statements for all periods as if Topic 606
had been applied to all prior periods. The Company derives revenue principally from provision of In vitro fertilization (“IVF”)
treatment and surrogacy and ancillary caring services. Revenue from contracts with customers is recognized using the following five steps:
(1) identify
its contracts with customers;
(2) identify
its performance obligations under those contracts;
(3) determine
the transaction prices of those contracts;
(4) allocate
the transaction prices to its performance obligations in those contracts; and
(5) recognize
revenue when each performance obligation under those contracts is satisfied. Revenue is recognized
when promised services are transferred to the client in an amount that reflects the consideration
expected in exchange for those services. The
Company enters into service agreements with its customers that outline the rights, responsibilities, and obligations of each party. The
agreements also identify the scope of services, service fees, and payment terms. Agreements are acknowledged and signed by both parties.
All the contracts have commercial substance, and it is probable that the Company will collect considerations from its customers for service
component. The
Company derives its revenues from two sources: (1) revenue from IVF treatment, and (2) revenue from surrogacy and ancillary
caring services. Revenue from
IVF treatment In
vitro fertilization (“IVF”) treatment is an assisted reproductive technique where eggs and sperm are collected and fertilized
in laboratory to become embryo. Fertilized embryo is then implanted to the customer or a surrogate mother. IVF treatment involves the
performance of a series of medical treatment and procedures that are not separately distinct and only brings benefits to customer when
embryo is successfully implanted, therefore revenue from IVF treatment is recognized at a point in time when it is completed in clinic.
The completion of this treatment is evidenced by a written IVF report indicating successful embryo implantation. The Company collects
payment from customer in advance for IVF treatment. The amount of revenue recognized from contract liabilities to the Company’s
result of operations can be found in Note 8 below. Revenue from
surrogacy and ancillary caring services The
Company provides surrogacy and ancillary caring services solely in Kyrgyzstan. Embryo from blood parents is implanted to surrogate mother
contracted by the Company. During pregnancy period, the Company provides ancillary caring services including regular body check and provision
of vitamins, supplements and medicines to surrogate mothers. The key performance obligation is identified as a single performance obligation
where a baby is born, therefore revenue from surrogacy and ancillary caring services is recognized at a point in time when surrogate
mother gives birth. The Company collects approximately 40% of contract sum upfront, and remaining contract sum is collected in installments
across pregnancy period of surrogate mother. The amount of revenue recognized from contract liabilities to the Company’s result
of operations can be found in Note 8 below. Contract
related assets and liabilities are classified as current assets and current liabilities. Significant balance sheet accounts related to
the revenue cycle are as follows: Account receivables,
net Accounts
receivable, net are stated at the original amount less an allowance for expected credit loss on such receivables. The allowance for expected
credit loss is estimated based upon the Company’s assessment of various factors including historical experience, the age of the
accounts receivable balances, current general economic conditions, future expectations and customer specific quantitative and qualitative
factors that may affect the Company’s customers’ ability to pay. An allowance is also made when there is objective evidence
for the Company to reasonably estimate the amount of probable loss. Contract liabilities Contract
liabilities represent considerations received from customers in advance of satisfying the Company’s performance obligations under
the contract. These amounts are expected to be earned within 12 months and are classified as current liabilities. Expected
credit loss ASU
No. 2016-13, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments
requires entities to use a current lifetime expected credit loss methodology to measure impairments of certain financial assets. Using
this methodology will result in earlier recognition of losses than under the current incurred loss approach, which requires waiting to
recognize a loss until it is probable of having been incurred. There are other provisions within the standard that affect how impairments
of other financial assets may be recorded and presented, and that expand disclosures. Expected credit losses are probability-weighted estimates
of credit losses. Credit losses are measured at the present value of all cash shortfalls (i.e., the difference between the cash flows
due to the entity in accordance with the contract and the cash flows that the Company expects to receive). ECLs are discounted at the
effective interest rate of the financial asset. Retirement benefits Retirement
benefits in the form of mandatory government-sponsored defined contribution plans are charged to either expense as incurred or allocated
to wages as part of cost of revenues. Segment information Operating
segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation
by the chief operating decision maker (the “CODM”), or decision making group, in making decisions on how to allocate resources
and assess performance. The Company operates and manages in one operating segment. The Company defines its CODM as Mr. Siu Wing
Fund Alfred, the Company’s Chief Executive Officer. Since the Company operates in one operating segment, all required financial
segment information can be found in the consolidated financial statements. The long-lived assets and revenue from external customers
as of December 31, 2023, 2022 and 2021 by geographical area are presented in Note 13. Leases The
Company measured the lease in accordance to ASU 2016-02, “Leases” (Topic 842). Lease terms used to calculate the
present value of lease payments generally do not include any options to extend, renew, or terminate the lease, as the Company does not
have reasonable certainty at lease inception that these options will be exercised. The Company generally considers the economic life
of its operating lease ROU assets to be comparable to the useful life of similar owned assets. The Company has elected the short-term lease
exception, therefore operating lease ROU assets and liabilities do not include leases with a lease term of twelve As
of December 31, 2023 and 2022, there were $283,847 and $383,670 million right of use (“ROU”) assets and $326,107
and $426,838 lease liabilities based on the present value of the future minimum rental payments of leases, respectively. The Company’s
management believes that using an incremental borrowing rate of the minimum loan rate and the Hong Kong Dollar Best Lending Rate
(“BLR”) minus 0.125% was the most indicative rate of the Company’s borrowing cost for the calculation of the present
value of the lease payments; the rate used by the Company was 6.6% and 5.0% respectively. Income Taxes The
Company recognizes deferred income tax assets or liabilities for expected future tax consequences of events recognized in the consolidated
financial statements or tax returns. Under this method, deferred income tax assets and liabilities are determined based on the differences
between the financial reporting and income tax bases of assets and liabilities and are measured using the income tax rates that will
be in effect when the differences are expected to reverse. Valuation allowances are provided when it is more likely than not that a deferred
tax asset is not realizable or recoverable in the future. The
Company determines that the tax position is more likely than not to be sustained and records the largest amount of benefit that is more
likely than not to be realized when the tax position is settled. the Company recognizes interest and penalties, if any, related to uncertain
tax positions in income tax expense. Comprehensive Income The
Company presents comprehensive income in accordance with ASC Topic 220, Comprehensive Income Earnings per share The
Company computes earnings per share (“EPS”) following ASC Topic 260, “Earnings per share”. Basic EPS is
measured as the income or loss available to common shareholders divided by the weighted average common shares outstanding for the period.
Diluted EPS presents the dilutive effect on a per-share basis from the potential conversion of convertible securities or the exercise
of options and or warrants; the dilutive impacts of potentially convertible securities are calculated using the as-if method; the
potentially dilutive effect of options or warranties are computed using the treasury stock method. Potentially anti-dilutive securities
(i.e., those that increase income per share or decrease loss per share) are excluded from diluted EPS calculation. There were no potentially
dilutive securities that were in-the-money that were outstanding during the years ended December 31, 2023, 2022 and 2021. Related parties The
Company adopted ASC 850, Related Party Disclosures, for the identification of related parties and disclosure of related party transactions. Commitments and
contingencies In
the normal course of business, the Company is subject to contingencies, including legal proceedings and claims arising out of the business
that relate to a wide range of matters, such as government investigations and tax matters. The Company recognizes its liability for such
contingency if it determines it is probable that a loss has occurred and a reasonable estimate of the loss can be made. The Company may
consider many factors in making these assessments including historical and the specific facts and circumstances of each matter. Non-controlling interests Non-controlling interests
are presented as a separate component of equity on the consolidated balance sheets and net (loss) income and other comprehensive loss
are attributed to controlling and non-controlling interests respectively. Concentration of
risks Concentration of
credit risk Financial
instruments that potentially expose us to concentrations of credit risk consist primarily of cash and cash equivalents and account receivable.
The Company places cash and cash equivalents with financial institutions with high credit ratings and quality. Accounts
receivable primarily comprise of amounts receivable from the service customers. The Company conducts credit evaluations of customers,
and generally does not require collateral or other security from its customers. The Company establishes an allowance for doubtful accounts
primarily based upon the factors surrounding the credit risk of specific customers. Concentration of
customers As
of December 31, 2023 and 2022, two and Nil customers which individually contributed more than 10% of trade receivable, accounted
for 96.3% and Nil None
of the customers contributed more than 10% of revenue for years ended December 31, 2023, 2022 and 2021. Concentration
of suppliers As
of December 31, 2023 and 2022, one and four suppliers which individually contributed more than 10% of trade payable, accounted for
30.6% and 69.8% of the Company’s trade payable respectively. For
the year ended December 31, 2023, 2022 and 2021, Nil, two and two vendors which contributed more than 10% of total purchases of
the Company, accounted for Nil Financial instruments The
Company’s financial instruments, including cash and cash equivalents, accounts receivables, net, deposits, other receivables and
deferred IPO cost, net, loan to A SPAC I, accounts payables, accrued liabilities and other payables, and due from (to) shareholders,
have carrying amounts that approximate their fair values due to their short maturities. ASC Topic 820, “Fair Value Measurements
and Disclosures” requires disclosing the fair value of financial instruments held by the Company. ASC Topic 825, “Financial
Instruments” defines fair value and establishes a three-level valuation hierarchy for disclosures of fair value measurement
that enhances disclosure requirements for fair value measures. The carrying amounts reported in the consolidated balance sheets for cash
and cash equivalents, accounts and other receivables, accounts and other payables, accrued liabilities and amounts due from (to) related
parties each qualify as financial instruments and are a reasonable estimate of their fair values because of the short period between
the origination of such instruments and their expected realization and their current market rate of interest. The three levels of valuation
hierarchy are defined as follows:
● Level
1 — inputs to the valuation methodology used quoted prices for identical
assets or liabilities in active markets.
● Level
2 — inputs to the valuation methodology include quoted prices for similar
assets and liabilities in active markets and information that are observable for the asset
or liability, either directly or indirectly, for substantially the financial instrument’s
full term
● Level
3 — inputs to the valuation methodology are unobservable and significant
to the fair value measurement. The
Company analyzes all financial instruments with features of both liabilities and equity under ASC 480, “Distinguishing Liabilities
from Equity” and ASC 815. |
| Retirement benefits | Retirement benefits Retirement benefits in
the form of mandatory government-sponsored defined contribution plans are charged to either expense as incurred or allocated to
wages as part of cost of revenues. | Retirement benefits Retirement
benefits in the form of mandatory government-sponsored defined contribution plans are charged to either expense as incurred or allocated
to wages as part of cost of revenues. |
| Segment information | Segment information Operating segments are
identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief
operating decision maker (the “CODM”), or decision making group, in making decisions on how to allocate resources and assess
performance. The Company operates and manages in one operating segment. The Company defines its CODM as Mr. Siu Wing Fund Alfred,
the Company’s Chief Executive Officer. Since the Company operates in one operating segment, all required financial segment information
can be found in the consolidated financial statements. The long-lived assets and revenue from external customers as of June 30,
2024 and 2023 by geographical area are presented in Note 13. | Segment information Operating
segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation
by the chief operating decision maker (the “CODM”), or decision making group, in making decisions on how to allocate resources
and assess performance. The Company operates and manages in one operating segment. The Company defines its CODM as Mr. Siu Wing
Fund Alfred, the Company’s Chief Executive Officer. Since the Company operates in one operating segment, all required financial
segment information can be found in the consolidated financial statements. The long-lived assets and revenue from external customers
as of December 31, 2023, 2022 and 2021 by geographical area are presented in Note 13. |
| Leases | Leases The Company measured
the lease in accordance to ASU 2016-02, “Leases” (Topic 842). Lease terms used to calculate the present value of
lease payments generally do not include any options to extend, renew, or terminate the lease, as the Company does not have reasonable
certainty at lease inception that these options will be exercised. The Company generally considers the economic life of its operating
lease ROU assets to be comparable to the useful life of similar owned assets. The Company has elected the short-term lease exception,
therefore operating lease ROU assets and liabilities do not include leases with a lease term of twelve As of June 30, 2024
and December 31, 2023, there were $272,474 and $ 283,847 million right of use (“ROU”) assets and $313,393 and $326,107
lease liabilities based on the present value of the future minimum rental payments of leases, respectively. The Company’s management
believes that using an incremental borrowing rate of the minimum loan rate and the Hong Kong Dollar Best Lending Rate (“BLR”)
minus 0.125% was the most indicative rate of the Company’s borrowing cost for the calculation of the present value of the
lease payments; the rate used by the Company was 6.6% and 5.0% respectively. | Leases The
Company measured the lease in accordance to ASU 2016-02, “Leases” (Topic 842). Lease terms used to calculate the
present value of lease payments generally do not include any options to extend, renew, or terminate the lease, as the Company does not
have reasonable certainty at lease inception that these options will be exercised. The Company generally considers the economic life
of its operating lease ROU assets to be comparable to the useful life of similar owned assets. The Company has elected the short-term lease
exception, therefore operating lease ROU assets and liabilities do not include leases with a lease term of twelve As
of December 31, 2023 and 2022, there were $283,847 and $383,670 million right of use (“ROU”) assets and $326,107
and $426,838 lease liabilities based on the present value of the future minimum rental payments of leases, respectively. The Company’s
management believes that using an incremental borrowing rate of the minimum loan rate and the Hong Kong Dollar Best Lending Rate
(“BLR”) minus 0.125% was the most indicative rate of the Company’s borrowing cost for the calculation of the present
value of the lease payments; the rate used by the Company was 6.6% and 5.0% respectively. |
| Income Taxes | Income Taxes The Company recognizes
deferred income tax assets or liabilities for expected future tax consequences of events recognized in the consolidated financial statements
or tax returns. Under this method, deferred income tax assets and liabilities are determined based on the differences between the financial
reporting and income tax bases of assets and liabilities and are measured using the income tax rates that will be in effect when the
differences are expected to reverse. Valuation allowances are provided when it is more likely than not that a deferred tax asset is not
realizable or recoverable in the future. The Company determines
that the tax position is more likely than not to be sustained and records the largest amount of benefit that is more likely than not
to be realized when the tax position is settled. the Company recognizes interest and penalties, if any, related to uncertain tax positions
in income tax expense. | Income Taxes The
Company recognizes deferred income tax assets or liabilities for expected future tax consequences of events recognized in the consolidated
financial statements or tax returns. Under this method, deferred income tax assets and liabilities are determined based on the differences
between the financial reporting and income tax bases of assets and liabilities and are measured using the income tax rates that will
be in effect when the differences are expected to reverse. Valuation allowances are provided when it is more likely than not that a deferred
tax asset is not realizable or recoverable in the future. The
Company determines that the tax position is more likely than not to be sustained and records the largest amount of benefit that is more
likely than not to be realized when the tax position is settled. the Company recognizes interest and penalties, if any, related to uncertain
tax positions in income tax expense. |
| Comprehensive Income | Comprehensive Income The Company presents
comprehensive income in accordance with ASC Topic 220, Comprehensive Income | Comprehensive Income The
Company presents comprehensive income in accordance with ASC Topic 220, Comprehensive Income |
| Earnings Per Share | Earnings per share The Company computes
earnings per share (“EPS”) following ASC Topic 260, “Earnings per share”. Basic EPS is measured as the income
or loss available to common shareholders divided by the weighted average common shares outstanding for the period. Diluted EPS presents
the dilutive effect on a per-share basis from the potential conversion of convertible securities or the exercise of options and
or warrants; the dilutive impacts of potentially convertible securities are calculated using the as-if method; the potentially dilutive
effect of options or warranties are computed using the treasury stock method. Potentially anti-dilutive securities (i.e., those
that increase income per share or decrease loss per share) are excluded from diluted EPS calculation. There were no potentially dilutive
securities that were in-the-money that were outstanding during the six months ended June 30, 2024 and 2023. | Earnings per share The
Company computes earnings per share (“EPS”) following ASC Topic 260, “Earnings per share”. Basic EPS is
measured as the income or loss available to common shareholders divided by the weighted average common shares outstanding for the period.
Diluted EPS presents the dilutive effect on a per-share basis from the potential conversion of convertible securities or the exercise
of options and or warrants; the dilutive impacts of potentially convertible securities are calculated using the as-if method; the
potentially dilutive effect of options or warranties are computed using the treasury stock method. Potentially anti-dilutive securities
(i.e., those that increase income per share or decrease loss per share) are excluded from diluted EPS calculation. There were no potentially
dilutive securities that were in-the-money that were outstanding during the years ended December 31, 2023, 2022 and 2021. |
| Related parties | Related parties The Company adopted ASC 850,
Related Party Disclosures, for the identification of related parties and disclosure of related party transactions. | Related parties The
Company adopted ASC 850, Related Party Disclosures, for the identification of related parties and disclosure of related party transactions. |
| Commitments and contingencies | Commitments and contingencies In the normal course
of business, the Company is subject to contingencies, including legal proceedings and claims arising out of the business that relate
to a wide range of matters, such as government investigations and tax matters. The Company recognizes its liability for such contingency
if it determines it is probable that a loss has occurred and a reasonable estimate of the loss can be made. The Company may consider
many factors in making these assessments including historical and the specific facts and circumstances of each matter. | Commitments and
contingencies In
the normal course of business, the Company is subject to contingencies, including legal proceedings and claims arising out of the business
that relate to a wide range of matters, such as government investigations and tax matters. The Company recognizes its liability for such
contingency if it determines it is probable that a loss has occurred and a reasonable estimate of the loss can be made. The Company may
consider many factors in making these assessments including historical and the specific facts and circumstances of each matter. |
| Non-controlling interests | Non-controlling interests Non-controlling interests
are presented as a separate component of equity on the consolidated balance sheets and net (loss) income and other comprehensive loss
are attributed to controlling and non-controlling interests respectively. | Non-controlling interests Non-controlling interests
are presented as a separate component of equity on the consolidated balance sheets and net (loss) income and other comprehensive loss
are attributed to controlling and non-controlling interests respectively. |
| Concentration of risks | Concentration of risks Concentration of credit risk Financial instruments
that potentially expose us to concentrations of credit risk consist primarily of cash and cash equivalents and account receivable. The
Company places cash and cash equivalents with financial institutions with high credit ratings and quality. Accounts receivable primarily
comprise of amounts receivable from the service customers. The Company conducts credit evaluations of customers, and generally does not
require collateral or other security from its customers. The Company establishes an allowance for doubtful accounts primarily based upon
the factors surrounding the credit risk of specific customers. Concentration of customers As of June 30, 2024
and December 31, 2023, one and two customers which individually contributed more than 10% of trade receivable, accounted for 15% and
96.3% of the Company’s trade receivable respectively. None of the customers
contributed more than 10% of revenue for six months ended June 30, 2024 and 2023. Concentration of suppliers As of June 30, 2024
and December 31, 2023, one and four suppliers which individually contributed more than 10% of trade payable, accounted for 13.6% and
30.6% of the Company’s trade payable respectively. For the six months ended
June 30, 2024 and 2023, one and one vendors which contributed more than 10% of total purchases of the Company, accounted for 15.3% and
21.5% of the Company’s total purchases respectively. | Concentration of
risks Concentration of
credit risk Financial
instruments that potentially expose us to concentrations of credit risk consist primarily of cash and cash equivalents and account receivable.
The Company places cash and cash equivalents with financial institutions with high credit ratings and quality. Accounts
receivable primarily comprise of amounts receivable from the service customers. The Company conducts credit evaluations of customers,
and generally does not require collateral or other security from its customers. The Company establishes an allowance for doubtful accounts
primarily based upon the factors surrounding the credit risk of specific customers. Concentration of
customers As
of December 31, 2023 and 2022, two and Nil customers which individually contributed more than 10% of trade receivable, accounted
for 96.3% and Nil None
of the customers contributed more than 10% of revenue for years ended December 31, 2023, 2022 and 2021. Concentration
of suppliers As
of December 31, 2023 and 2022, one and four suppliers which individually contributed more than 10% of trade payable, accounted for
30.6% and 69.8% of the Company’s trade payable respectively. For
the year ended December 31, 2023, 2022 and 2021, Nil, two and two vendors which contributed more than 10% of total purchases of
the Company, accounted for Nil |
| Financial instruments | Financial instruments The Company’s financial
instruments, including cash and cash equivalents, accounts receivables, net, deposits, other receivables and deferred IPO cost, net,
loan to A SPAC I, accounts payables, accrued liabilities and other payables, and due from (to) shareholders, have carrying amounts that
approximate their fair values due to their short maturities. ASC Topic 820, “Fair Value Measurements and Disclosures”
requires disclosing the fair value of financial instruments held by the Company. ASC Topic 825, “Financial Instruments”
defines fair value and establishes a three-level valuation hierarchy for disclosures of fair value measurement that enhances disclosure
requirements for fair value measures. The carrying amounts reported in the consolidated balance sheets for cash and cash equivalents,
accounts and other receivables, accounts and other payables, accrued liabilities and amounts due from (to) related parties each qualify
as financial instruments and are a reasonable estimate of their fair values because of the short period between the origination of such
instruments and their expected realization and their current market rate of interest. The three levels of valuation hierarchy are defined
as follows:
● Level 1 — inputs
to the valuation methodology used quoted prices for identical assets or liabilities in active markets.
● Level 2 — inputs
to the valuation methodology include quoted prices for similar assets and liabilities in active markets and information that are
observable for the asset or liability, either directly or indirectly, for substantially the financial instrument’s full term
● Level 3 — inputs
to the valuation methodology are unobservable and significant to the fair value measurement. The Company analyzes
all financial instruments with features of both liabilities and equity under ASC 480, “Distinguishing Liabilities from Equity”
and ASC 815. | Financial instruments The
Company’s financial instruments, including cash and cash equivalents, accounts receivables, net, deposits, other receivables and
deferred IPO cost, net, loan to A SPAC I, accounts payables, accrued liabilities and other payables, and due from (to) shareholders,
have carrying amounts that approximate their fair values due to their short maturities. ASC Topic 820, “Fair Value Measurements
and Disclosures” requires disclosing the fair value of financial instruments held by the Company. ASC Topic 825, “Financial
Instruments” defines fair value and establishes a three-level valuation hierarchy for disclosures of fair value measurement
that enhances disclosure requirements for fair value measures. The carrying amounts reported in the consolidated balance sheets for cash
and cash equivalents, accounts and other receivables, accounts and other payables, accrued liabilities and amounts due from (to) related
parties each qualify as financial instruments and are a reasonable estimate of their fair values because of the short period between
the origination of such instruments and their expected realization and their current market rate of interest. The three levels of valuation
hierarchy are defined as follows:
● Level
1 — inputs to the valuation methodology used quoted prices for identical
assets or liabilities in active markets.
● Level
2 — inputs to the valuation methodology include quoted prices for similar
assets and liabilities in active markets and information that are observable for the asset
or liability, either directly or indirectly, for substantially the financial instrument’s
full term
● Level
3 — inputs to the valuation methodology are unobservable and significant
to the fair value measurement. The
Company analyzes all financial instruments with features of both liabilities and equity under ASC 480, “Distinguishing Liabilities
from Equity” and ASC 815. |
| Recent accounting pronouncements adopted | Recent accounting pronouncements adopted In April 2019, the FASB
issued ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments-Credit Losses, Topic 815, Derivatives and Hedging,
and Topic 825, Financial Instruments, which amends and clarifies several provisions of Topic 326. In May 2019, the FASB issued ASU 2019-05,
Financial Instruments-Credit Losses (Topic 326) Targeted Transition Relief, which amends Topic 326 to allow the fair value option to
be elected for certain financial instruments upon adoption. ASU 2019-10 extended the effective date of ASU 2016-13 until December 15,
2022. This standard replaces the incurred loss methodology with an expected loss methodology that is referred to as the current expected
credit loss (“CECL”) methodology. CECL requires an estimate of credit losses for the remaining estimated life of the financial
asset using historical experience, current conditions, and reasonable and supportable forecasts and generally applies to financial assets
measured at amortized cost, including loan receivables and held-to-maturity debt securities, and some off-balance sheet credit exposures
such as unfunded commitments to extend credit. Financial assets measured at amortized cost will be presented at the net amount expected
to be collected by using an allowance for expected credit losses. The Company already adopted the new standard and the Company recognizes
the full impact of the new standard in these consolidated balance sheets and makes related disclosures. | Recent accounting
pronouncements adopted In
April 2019, the FASB issued ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments-Credit Losses, Topic 815, Derivatives
and Hedging, and Topic 825, Financial Instruments, which amends and clarifies several provisions of Topic 326. In May 2019, the FASB
issued ASU 2019-05, Financial Instruments-Credit Losses (Topic 326) Targeted Transition Relief, which amends Topic 326 to allow the fair
value option to be elected for certain financial instruments upon adoption. ASU 2019-10 extended the effective date of ASU 2016-13 until
December 15, 2022. This standard replaces the incurred loss methodology with an expected loss methodology that is referred to as the
current expected credit loss (“CECL”) methodology. CECL requires an estimate of credit losses for the remaining estimated
life of the financial asset using historical experience, current conditions, and reasonable and supportable forecasts and generally applies
to financial assets measured at amortized cost, including loan receivables and held-to-maturity debt securities, and some off-balance
sheet credit exposures such as unfunded commitments to extend credit. Financial assets measured at amortized cost will be presented at
the net amount expected to be collected by using an allowance for expected credit losses. The Company already adopted the new standard
and the Company recognizes the full impact of the new standard in these consolidated balance sheets and makes related disclosures. |
| Recent accounting pronouncements not yet adopted | Recent accounting pronouncements not yet adopted In November 2023, the
FASB issued ASU 2023-07, “Segment Reporting (Topic 280)” (“ASU 2023-07”). The amendments in ASU 2023-07 improve
financial reporting by requiring disclosure of incremental segment information on an annual and interim basis for all public entities
to enable investors to develop more decision useful financial analyses. Topic 280 requires a public entity to report a measure of segment
profit or loss that the chief operating decision maker (CODM) uses to assess segment performance and make decisions about allocating
resources. Topic 280 also requires other specified segment items and amounts, such as depreciation, amortization, and depletion expense,
to be disclosed under certain circumstances. The amendments in ASU 202307 do not change or remove those disclosure requirements. The
amendments in ASU 2023-07 also do not change how a public entity identifies its operating segments, aggregates those operating segments,
or applies the quantitative thresholds to determine its reportable segments. The amendments in ASU 2023-07 are effective for years beginning
after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, adopted retrospectively. Management
considers that the guidance does not have a significant impact on the disclosures set out in these consolidated financial statements. In December 2023, FASB
issued Accounting Standards Update (“ASU”) 2023-09, “Income Taxes (Topic 740)” (“ASU 2023-09”). The
amendments in ASU 2023-09 address investor requests for more transparency about income tax information through improvements to income
tax disclosures primarily related to the rate reconciliation and income taxes paid information. One of the amendments in ASU 2023-09
includes disclosure of, on an annual basis, a tabular rate reconciliation of (i) the reported income tax expense (or benefit) from continuing
operations, to (ii) the product of the income (or loss) from continuing operations before income taxes and the applicable statutory federal
income tax rate of the jurisdiction of domicile using specific categories, including separate disclosure for any reconciling items within
certain categories that are equal to or greater than a specified quantitative threshold of 5%. ASU 2023-09 also requires disclosure of,
on an annual basis, the year to date amount of income taxes paid (net of refunds received) disaggregated by federal, state, and foreign
jurisdictions, including additional disaggregated information on income taxes paid (net of refunds received) to an individual jurisdiction
equal to or greater than 5% of total income taxes paid (net of refunds received). The amendments in ASU2023-09 are effective for annual
periods beginning after December 15, 2024, and should be applied prospectively. The Company is currently evaluating the impact of the
update on the Company’s consolidated financial statements and related disclosures. Save for elsewhere disclosed,
the Company does not believe other recently issued but not yet effective accounting standards, if currently adopted, would have a material
effect on the Company’s consolidated balance sheet, statement of operations and comprehensive income (loss) and statement of cash
flows. | Recent accounting
pronouncements not yet adopted In
November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280)” (“ASU 2023-07”). The amendments in
ASU 2023-07 improve financial reporting by requiring disclosure of incremental segment information on an annual and interim basis for
all public entities to enable investors to develop more decision useful financial analyses. Topic 280 requires a public entity to report
a measure of segment profit or loss that the chief operating decision maker (CODM) uses to assess segment performance and make decisions
about allocating resources. Topic 280 also requires other specified segment items and amounts, such as depreciation, amortization, and
depletion expense, to be disclosed under certain circumstances. The amendments in ASU 202307 do not change or remove those disclosure
requirements. The amendments in ASU 2023-07 also do not change how a public entity identifies its operating segments, aggregates those
operating segments, or applies the quantitative thresholds to determine its reportable segments. The amendments in ASU 2023-07 are effective
for years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, adopted retrospectively.
Management considers that the guidance does not have a significant impact on the disclosures set out in these consolidated financial
statements. In
December 2023, FASB issued Accounting Standards Update (“ASU”) 2023-09, “Income Taxes (Topic 740)” (“ASU
2023-09”). The amendments in ASU 2023-09 address investor requests for more transparency about income tax information through improvements
to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. One of the amendments in ASU
2023-09 includes disclosure of, on an annual basis, a tabular rate reconciliation of (i) the reported income tax expense (or benefit)
from continuing operations, to (ii) the product of the income (or loss) from continuing operations before income taxes and the applicable
statutory federal income tax rate of the jurisdiction of domicile using specific categories, including separate disclosure for any reconciling
items within certain categories that are equal to or greater than a specified quantitative threshold of 5%. ASU 2023-09 also requires
disclosure of, on an annual basis, the year to date amount of income taxes paid (net of refunds received) disaggregated by federal, state,
and foreign jurisdictions, including additional disaggregated information on income taxes paid (net of refunds received) to an individual
jurisdiction equal to or greater than 5% of total income taxes paid (net of refunds received). The amendments in ASU2023-09 are effective
for annual periods beginning after December 15, 2024, and should be applied prospectively. The Company is currently evaluating the impact
of the update on the Company’s consolidated financial statements and related disclosures. Save
for elsewhere disclosed, the Company does not believe other recently issued but not yet effective accounting standards, if currently
adopted, would have a material effect on the Company’s consolidated balance sheet, statement of operations and comprehensive income
(loss) and statement of cash flows. |
