We are a Nevada holding company with operations conducted through our subsidiaries based in Singapore and Hong Kong. The Company, through its subsidiaries, is engaged in two business segments: (i) the physical arts and collectibles business, and (ii) the financing/money lending business.
Commentary on our Revenue - an overview
Commentary on DOT Revenue - our key growth driver
Commentary on finance revenue - providing stability to the business
1) Technology services which include IT infrastructure setup, item storage
2) Business development which includes introduction of new artist and sourcing
Comparison of the three months ended June 30, 2022 and June 30, 2021
The following table sets forth certain operational data for the three months ended June 30, 2022, compared to the three months ended June 30, 2021:
Other Income (expense), net. We incurred net other income of ($216,149) and $138,414 for the three months ended June 30, 2022 and 2021, respectively.
Income Tax Expense. Our income tax expense for the three months ended June 30, 2022 and 2021 was $146,113 and $207,873, respectively.
Comparison of the six months ended June 30, 2022 and June 30, 2021
The following table sets forth certain operational data for the six months ended June 30, 2022, compared to the six months ended June 30, 2021:
Other Income (expense), net. We incurred net other income of ($432,484) and $140,712 for the six months ended June 30, 2022 and 2021, respectively.
Income Tax expense. Our income tax expense for the six months ended June 30, 2022 and 2021 was $357,268 and $213,929, respectively.
As of June 30, 2022 and December 31, 2021, we had cash and cash equivalents of $1,772,287 and $1,131,128.
We have never paid dividends on our Common Stock. Our present policy is to apply cash to investments in product development, acquisitions or expansion; consequently, we do not expect to pay dividends on Common Stock in the foreseeable future.
Net cash provided by (used in) operating activities $ 2,992,746 $ (5,120,530 ) Net cash provided by investing activities
Net cash provided by (used in) financing activities $ (2,366,830 ) $ 5,738,557
Net Cash Provided by (Used In) Operating Activities.
We expect to continue to rely on cash generated through financing from our existing shareholders and private placements of our securities, however, to finance our operations and future acquisitions.
Net Cash Provided by (Used in) Investing Activities.
Net Cash Provided By (Used In) Financing Activities.
For the six months ended June 30, 2022, net cash used in financing activities was $2,366,830 consisting of repayment of advance from related parties of $2,947,618; offset by proceeds from loan payables of $580,788.
For the six months ended June 30, 2021, net cash provided by financing activities was $5,738,557 consisting primarily of advances from related parties of $8,141,550; offset by repayment of loan payables of $2,402,993.
(1) Includes all obligations included in "Accrued liabilities and other payables"
and "Accrued consulting and service fee" in current liabilities in the
"Unaudited Condensed Consolidated Balance Sheets" that are contractually
We have no outstanding off-balance sheet guarantees, interest rate swap transactions or foreign currency contracts. We do not engage in trading activities involving non-exchange traded contracts.
Contractual Obligations and Commercial Commitments
We have contractual obligations and commercial commitments as of June 30, 2022.
As of June 30, 2022, the Company had 800,000,000 shares of its common stock to be issued.
Critical Accounting Policies and Estimates
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