2023 Q4 Form 20-F Financial Statement
#000121390024047264 Filed on May 29, 2024
Income Statement
Concept | 2023 Q4 | 2023 | 2022 Q4 |
---|---|---|---|
Revenue | $16.94M | $16.94M | $8.513M |
YoY Change | 99.03% | 99.03% | |
Cost Of Revenue | $11.56M | $11.56M | $4.310M |
YoY Change | 168.14% | 168.14% | |
Gross Profit | $5.387M | $5.387M | $4.203M |
YoY Change | 28.17% | 28.17% | |
Gross Profit Margin | 31.8% | 31.8% | 49.37% |
Selling, General & Admin | $2.108M | $2.108M | $1.750M |
YoY Change | 20.51% | 11.87% | |
% of Gross Profit | 39.14% | 39.14% | 41.63% |
Research & Development | |||
YoY Change | |||
% of Gross Profit | |||
Depreciation & Amortization | $116.8K | $233.7K | $129.6K |
YoY Change | -9.87% | 34.9% | |
% of Gross Profit | 2.17% | 4.34% | 3.08% |
Operating Expenses | $2.342M | $2.342M | $1.923M |
YoY Change | 21.8% | 24.27% | |
Operating Profit | $3.045M | $3.045M | $2.280M |
YoY Change | 33.54% | 31.34% | |
Interest Expense | |||
YoY Change | |||
% of Operating Profit | |||
Other Income/Expense, Net | |||
YoY Change | |||
Pretax Income | $3.045M | $3.045M | $2.280M |
YoY Change | 33.54% | 33.54% | |
Income Tax | $607.2K | $607.2K | $362.6K |
% Of Pretax Income | 19.94% | 19.94% | 15.9% |
Net Earnings | $2.438M | $2.438M | $1.918M |
YoY Change | 27.13% | 27.13% | |
Net Earnings / Revenue | 14.39% | 14.39% | 22.53% |
Basic Earnings Per Share | $0.09 | ||
Diluted Earnings Per Share | $0.08 | $0.09 | $0.07 |
COMMON SHARES | |||
Basic Shares Outstanding | 27.00M shares | 27.00M shares | |
Diluted Shares Outstanding | 27.00M shares |
Balance Sheet
Concept | 2023 Q4 | 2023 | 2022 Q4 |
---|---|---|---|
SHORT-TERM ASSETS | |||
Cash & Short-Term Investments | $134.4K | $134.4K | |
YoY Change | -38.2% | ||
Cash & Equivalents | $134.4K | $134.4K | $217.4K |
Short-Term Investments | |||
Other Short-Term Assets | $869.5K | $869.5K | |
YoY Change | 48.35% | ||
Inventory | $153.2K | $153.2K | $2.072M |
Prepaid Expenses | $274.4K | ||
Receivables | $5.973M | $5.973M | $33.38K |
Other Receivables | $0.00 | $0.00 | |
Total Short-Term Assets | $7.130M | $7.130M | $2.979M |
YoY Change | 139.32% | 139.32% | |
LONG-TERM ASSETS | |||
Property, Plant & Equipment | $134.5K | $175.0K | $368.2K |
YoY Change | -63.46% | -60.17% | |
Goodwill | |||
YoY Change | |||
Intangibles | |||
YoY Change | |||
Long-Term Investments | |||
YoY Change | |||
Other Assets | $44.25K | $44.25K | |
YoY Change | 222.29% | ||
Total Long-Term Assets | $219.2K | $219.2K | $453.0K |
YoY Change | -51.61% | -51.61% | |
TOTAL ASSETS | |||
Total Short-Term Assets | $7.130M | $7.130M | $2.979M |
Total Long-Term Assets | $219.2K | $219.2K | $453.0K |
Total Assets | $7.349M | $7.349M | $3.432M |
YoY Change | 114.12% | 114.12% | |
SHORT-TERM LIABILITIES | |||
YoY Change | |||
Accounts Payable | $0.00 | $200.6K | |
YoY Change | -100.0% | ||
Accrued Expenses | $466.1K | $466.1K | |
YoY Change | 309.75% | ||
Deferred Revenue | |||
YoY Change | |||
Short-Term Debt | $777.9K | $777.9K | |
YoY Change | |||
Long-Term Debt Due | |||
YoY Change | |||
Total Short-Term Liabilities | $2.396M | $2.396M | $902.6K |
YoY Change | 165.51% | 165.51% | |
LONG-TERM LIABILITIES | |||
Long-Term Debt | $0.00 | $0.00 | |
YoY Change | |||
Other Long-Term Liabilities | $0.00 | $0.00 | |
YoY Change | -100.0% | ||
Total Long-Term Liabilities | $0.00 | $0.00 | |
YoY Change | -100.0% | ||
TOTAL LIABILITIES | |||
Total Short-Term Liabilities | $2.396M | $2.396M | $902.6K |
Total Long-Term Liabilities | $0.00 | $0.00 | |
Total Liabilities | $2.396M | $2.396M | $920.3K |
YoY Change | 160.38% | 160.38% | |
SHAREHOLDERS EQUITY | |||
Retained Earnings | $4.309M | $1.871M | |
YoY Change | 130.32% | ||
Common Stock | $2.700K | $2.700K | |
YoY Change | 0.0% | ||
Preferred Stock | |||
YoY Change | |||
Treasury Stock (at cost) | |||
YoY Change | |||
Treasury Stock Shares | |||
Shareholders Equity | $4.953M | $4.953M | $2.512M |
YoY Change | |||
Total Liabilities & Shareholders Equity | $7.349M | $7.349M | $3.432M |
YoY Change | 114.12% | 114.12% |
Cashflow Statement
Concept | 2023 Q4 | 2023 | 2022 Q4 |
---|---|---|---|
OPERATING ACTIVITIES | |||
Net Income | $2.438M | $2.438M | $1.918M |
YoY Change | 27.13% | 27.13% | |
Depreciation, Depletion And Amortization | $116.8K | $233.7K | $129.6K |
YoY Change | -9.87% | 34.9% | |
Cash From Operating Activities | -$232.1K | -$863.6K | -$97.83K |
YoY Change | 137.29% | -818.12% | |
INVESTING ACTIVITIES | |||
Capital Expenditures | $0.00 | $29.73K | |
YoY Change | -100.0% | ||
Acquisitions | |||
YoY Change | |||
Other Investing Activities | |||
YoY Change | |||
Cash From Investing Activities | $0.00 | -$29.73K | |
YoY Change | -100.0% | ||
FINANCING ACTIVITIES | |||
Cash Dividend Paid | |||
YoY Change | |||
Common Stock Issuance & Retirement, Net | |||
YoY Change | |||
Debt Paid & Issued, Net | |||
YoY Change | |||
Cash From Financing Activities | 185.9K | $780.6K | -64.10K |
YoY Change | -390.03% | 35.3% | |
NET CHANGE | |||
Cash From Operating Activities | -232.1K | -$863.6K | -97.83K |
Cash From Investing Activities | 0.000 | -29.73K | |
Cash From Financing Activities | 185.9K | $780.6K | -64.10K |
Net Change In Cash | -46.23K | -$83.03K | -191.7K |
YoY Change | -75.88% | -138.44% | |
FREE CASH FLOW | |||
Cash From Operating Activities | -$232.1K | -$863.6K | -$97.83K |
Capital Expenditures | $0.00 | $29.73K | |
Free Cash Flow | -$232.1K | -$863.6K | -$127.6K |
YoY Change | 81.98% | 139.29% |
Facts In Submission
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Other Nonrecurring Income
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|
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2023-12-31 | |
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TOP WEALTH GROUP HOLDING LIMITED | |
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Units 714 & 715 | |
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Ordinary shares, par value $0.0001 per share | |
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365238 | usd |
CY2022 | us-gaap |
Increase Decrease In Other Accounts Payable And Accrued Liabilities
IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities
|
23474 | usd |
CY2021 | us-gaap |
Increase Decrease In Other Accounts Payable And Accrued Liabilities
IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities
|
34397 | usd |
CY2023 | us-gaap |
Increase Decrease In Due To Related Parties
IncreaseDecreaseInDueToRelatedParties
|
6045 | usd |
CY2022 | us-gaap |
Increase Decrease In Due To Related Parties
IncreaseDecreaseInDueToRelatedParties
|
-108699 | usd |
CY2021 | us-gaap |
Increase Decrease In Due To Related Parties
IncreaseDecreaseInDueToRelatedParties
|
292878 | usd |
CY2023 | us-gaap |
Increase Decrease In Income Taxes
IncreaseDecreaseInIncomeTaxes
|
621851 | usd |
CY2022 | us-gaap |
Increase Decrease In Income Taxes
IncreaseDecreaseInIncomeTaxes
|
370419 | usd |
CY2023 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-863616 | usd |
CY2022 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
120260 | usd |
CY2021 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
63515 | usd |
CY2022 | us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
481173 | usd |
CY2021 | us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
62723 | usd |
CY2022 | us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-481173 | usd |
CY2021 | us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-62723 | usd |
CY2023 | us-gaap |
Proceeds From Short Term Debt
ProceedsFromShortTermDebt
|
777893 | usd |
CY2023 | twg |
Deemed Capital Reduction On Reorganization
DeemedCapitalReductionOnReorganization
|
10 | usd |
CY2023 | twg |
Proceeds From Pro Rata Share Issuance Deemed As Share Split
ProceedsFromProRataShareIssuanceDeemedAsShareSplit
|
2699 | usd |
CY2022 | us-gaap |
Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlans
|
576912 | usd |
CY2021 | us-gaap |
Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlans
|
12 | usd |
CY2023 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
780582 | usd |
CY2022 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
576912 | usd |
CY2021 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
12 | usd |
CY2023 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
|
-83034 | usd |
CY2022 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
|
215999 | usd |
CY2021 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
|
804 | usd |
CY2022Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
217384 | usd |
CY2021Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
1385 | usd |
CY2020Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
581 | usd |
CY2023Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
134350 | usd |
CY2022Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
217384 | usd |
CY2021Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
1385 | usd |
CY2023Q4 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
134350 | usd |
CY2022Q4 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
217384 | usd |
CY2021Q4 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
1385 | usd |
CY2023 | us-gaap |
Nature Of Operations
NatureOfOperations
|
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><b>1.</b></td><td style="text-align: justify"><b>General information and basis of operation</b></td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.4pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Top Wealth Group Holding Limited is a limited liability company incorporated in incorporated in the Cayman Islands. Top Wealth Group Holding Limited together with its subsidiaries are defined as the “Company”. As of the date of this report, the Company immediate and ultimate parent company is Winwin Development Group Limited (“Winwin”). As of the date of this report, Winwin is 90% owned by Mr. Wong Kim Kwan Kings and 10% owned by Mr. Chong Kin Fai. As of the date of this report, details of the Company and its subsidiaries are as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.4pt; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; border-bottom: Black 1.5pt solid; text-align: left; width: 29%"><span style="font-size: 10pt"><b>Name of entity</b></span></td> <td style="padding-bottom: 1.5pt; text-align: center; width: 1%"><b> </b></td> <td style="border-bottom: Black 1.5pt solid; text-align: center; width: 22%"><span style="font-size: 10pt"><b>Date of incorporation</b></span></td> <td style="padding-bottom: 1.5pt; text-align: center; width: 1%"><b> </b></td> <td style="border-bottom: Black 1.5pt solid; text-align: center; width: 24%"><span style="font-size: 10pt"><b>Holding company </b></span></td> <td style="padding-bottom: 1.5pt; text-align: center; width: 1%"><b> </b></td> <td style="border-bottom: Black 1.5pt solid; text-align: center; width: 22%"><span style="font-size: 10pt"><b>Nature of business</b></span></td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in"><span style="font-size: 10pt">Top Wealth Group Holding Limited</span></td> <td> </td> <td><span style="font-size: 10pt">February 1, 2023</span></td> <td> </td> <td><span style="font-size: 10pt">Winwin Development Group Limited</span></td> <td> </td> <td><span style="font-size: 10pt">Investment holding</span></td></tr> <tr style="vertical-align: top; "> <td style="text-indent: -0.125in; padding-left: 0.125in"><span style="font-size: 10pt">Top Wealth (BVI) Group Limited</span></td> <td> </td> <td><span style="font-size: 10pt">January 18, 2023</span></td> <td> </td> <td><span style="font-size: 10pt">Top Wealth Group Holding Limited</span></td> <td> </td> <td><span style="font-size: 10pt">Investment holding</span></td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in"><span style="font-size: 10pt">Top Wealth Group (International) Limited</span></td> <td> </td> <td><span style="font-size: 10pt">September 22, 2009 </span></td> <td> </td> <td><span style="font-size: 10pt">Top Wealth (BVI) Group Limited</span></td> <td> </td> <td><span style="font-size: 10pt">Trading of caviar</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.4pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">On March 21, 2023, the Company acquired 100% interest in Top Wealth (BVI) Group Limited (“Top Wealth BVI”), a company incorporated in the British Virgin Islands, at a nominal value of US$10 from the shareholders of Winwin. On March 24, 2023, the Company, through Top Wealth BVI, acquired 100% interest in the Top Wealth Group (International) Limited (“Top Wealth International”), a company incorporated and operating in Hong Kong, at a nominal consideration of US$10 from the shareholders of Winwin.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.4pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">On April 28, 2023, 650 ordinary shares were issued at par value.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.4pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">On October 12, 2023, in contemplation of Company’s initial public offering, the Company further issued 26,999,250 ordinary shares in aggregate to its shareholders at par value, on a pro rata basis proportional to the shareholders’ existing equity interests (collectively refers as the “Pro Rata Share Issuance”), which have been treated as share split. After the Pro Rata Share Issuance, 27,000,000 Ordinary Shares are issued and outstanding.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.4pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">As of December 31, 2023, the Company’s shareholders were as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.4pt; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: justify; border-bottom: Black 1.5pt solid"><b>Name of shareholder</b></td><td style="padding-bottom: 1.5pt"><b> </b></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><b>Percentage<br/> of interest</b></td><td style="padding-bottom: 1.5pt"><b> </b></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%; text-align: justify">Winwin Development Group Limited</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">74.67</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify">Beyond Glory Worldwide Limited</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4.40</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Keen Sky Global Limited</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4.93</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify">State Wisdom Holdings Limited</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4.93</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Snow Bear Capital Limited</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3.33</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify">Mercury Universal Investment Limited</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4.54</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Greet Harmony Global Limited</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3.20</td><td style="text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.4pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Top Wealth International have been trading Caviar. During the periods covered in these consolidated financial statements, the control of the entities has remained consistent, with Top Wealth Group Holding Limited always exercising control. Consequently, the combination has been considered as a corporate restructuring (“Reorganization”) of entities under common control. In compliance with ASC 805-50-45-5, the entities under common control are presented on a combined basis for all periods during which they were under common control. The current capital structure is retroactively reflected in prior periods as if it had existed at that time.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The consolidation of Top Wealth Group Holding Limited and its subsidiaries has been accounted for at historical cost and prepared as if the aforementioned transactions had been effective from the beginning of the first period presented in the accompanying consolidated financial statements.</p> | |
CY2023Q1 | us-gaap |
Investment Owned Underlying Face Amount At Market Value
InvestmentOwnedUnderlyingFaceAmountAtMarketValue
|
10 | usd |
CY2023Q1 | us-gaap |
Investment Owned Underlying Face Amount At Market Value
InvestmentOwnedUnderlyingFaceAmountAtMarketValue
|
10 | usd |
CY2023 | us-gaap |
Use Of Estimates
UseOfEstimates
|
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><b>Use of Estimates</b>—The preparation of the consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the recorded amounts of assets, liabilities, shareholders’ equity, revenues and expenses during the reporting period, and the disclosure of contingent liabilities at the date of the consolidated financial statements.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">On an ongoing basis, management reviews its estimates and if deemed appropriate, those estimates are adjusted. The most significant estimates include allowance for uncollectible accounts receivable, inventory valuation, useful lives and impairment for property and equipment, valuation allowance for deferred tax assets, accruals for potential liabilities and contingencies. Actual results could vary from the estimates and assumptions that were used.</p> | |
CY2023 | us-gaap |
Proceeds From Payments For In Interest Bearing Deposits In Banks
ProceedsFromPaymentsForInInterestBearingDepositsInBanks
|
500000 | hkd |
CY2023 | us-gaap |
Proceeds From Payments For In Interest Bearing Deposits In Banks
ProceedsFromPaymentsForInInterestBearingDepositsInBanks
|
64000 | usd |
CY2023Q4 | us-gaap |
Guarantees Fair Value Disclosure
GuaranteesFairValueDisclosure
|
70350 | usd |
CY2023 | twg |
Property Plantand Equipment Useful Life
PropertyPlantandEquipmentUsefulLife
|
Over the lease term | |
CY2023 | us-gaap |
Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
|
0.50 | pure |
CY2023 | us-gaap |
Revenues
Revenues
|
16943287 | usd |
CY2022 | us-gaap |
Revenues
Revenues
|
8512929 | usd |
CY2021 | us-gaap |
Revenues
Revenues
|
19615 | usd |
CY2023Q4 | twg |
Pretax Income
PretaxIncome
|
0.05 | pure |
CY2023Q4 | us-gaap |
Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
|
0.05 | pure |
CY2023Q4 | us-gaap |
Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
|
5972736 | usd |
CY2022Q4 | us-gaap |
Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
|
40248 | usd |
CY2023Q4 | us-gaap |
Accounts Receivable Net
AccountsReceivableNet
|
5972736 | usd |
CY2022Q4 | us-gaap |
Accounts Receivable Net
AccountsReceivableNet
|
40248 | usd |
CY2023Q4 | us-gaap |
Accrued Fees And Other Revenue Receivable
AccruedFeesAndOtherRevenueReceivable
|
5390276 | usd |
CY2023Q4 | us-gaap |
Other Receivables
OtherReceivables
|
5432603 | usd |
CY2023Q4 | us-gaap |
Inventory Gross
InventoryGross
|
153209 | usd |
CY2022Q4 | us-gaap |
Inventory Gross
InventoryGross
|
2071708 | usd |
CY2023Q4 | us-gaap |
Inventory Net
InventoryNet
|
153209 | usd |
CY2022Q4 | us-gaap |
Inventory Net
InventoryNet
|
2071708 | usd |
CY2023Q4 | us-gaap |
Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
|
543896 | usd |
CY2022Q4 | us-gaap |
Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
|
543896 | usd |
CY2023Q4 | us-gaap |
Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
|
409358 | usd |
CY2022Q4 | us-gaap |
Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
|
175699 | usd |
CY2023Q4 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
134538 | usd |
CY2022Q4 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
368197 | usd |
CY2023 | us-gaap |
Other General And Administrative Expense
OtherGeneralAndAdministrativeExpense
|
233659 | usd |
CY2022 | us-gaap |
Other General And Administrative Expense
OtherGeneralAndAdministrativeExpense
|
173215 | usd |
CY2023Q4 | us-gaap |
Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
|
1000000 | usd |
CY2023Q4 | twg |
Line Of Credit Facility Drawn Down Amount
LineOfCreditFacilityDrawnDownAmount
|
429065 | usd |
CY2023 | us-gaap |
Operating Lease Cost
OperatingLeaseCost
|
147539 | usd |
CY2022 | us-gaap |
Operating Lease Cost
OperatingLeaseCost
|
131138 | usd |
CY2023 | twg |
Right Of Use Asset Operating Lease Accumulated Amortisation
RightOfUseAssetOperatingLeaseAccumulatedAmortisation
|
107118 | usd |
CY2022 | twg |
Right Of Use Asset Operating Lease Accumulated Amortisation
RightOfUseAssetOperatingLeaseAccumulatedAmortisation
|
60062 | usd |
CY2023 | us-gaap |
Lease Cost
LeaseCost
|
40421 | usd |
CY2022 | us-gaap |
Lease Cost
LeaseCost
|
71076 | usd |
CY2023 | us-gaap |
Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
|
45992 | usd |
CY2022 | us-gaap |
Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
|
102280 | usd |
CY2023 | us-gaap |
Operating Lease Payments
OperatingLeasePayments
|
79769 | usd |
CY2022 | us-gaap |
Operating Lease Payments
OperatingLeasePayments
|
57128 | usd |
CY2023Q4 | us-gaap |
Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
|
P0Y6M | |
CY2022Q4 | us-gaap |
Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
|
P1Y6M | |
CY2023Q4 | us-gaap |
Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
|
0.05625 | pure |
CY2022Q4 | us-gaap |
Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
|
0.05 | pure |
CY2023Q4 | us-gaap |
Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
|
41141 | usd |
CY2023Q4 | us-gaap |
Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
|
41141 | usd |
CY2023Q4 | us-gaap |
Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
|
720 | usd |
CY2023Q4 | us-gaap |
Operating Lease Liability
OperatingLeaseLiability
|
40421 | usd |
CY2023 | us-gaap |
Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
|
2000000 | hkd |
CY2023 | us-gaap |
Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
|
637676 | usd |
CY2022 | us-gaap |
Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
|
370419 | usd |
CY2023 | us-gaap |
Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
|
-30523 | usd |
CY2022 | us-gaap |
Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
|
-7832 | usd |
CY2021 | us-gaap |
Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
|
-5893 | usd |
CY2023 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
607153 | usd |
CY2022 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
362587 | usd |
CY2021 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
-5893 | usd |
CY2023 | us-gaap |
Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
|
3045248 | usd |
CY2022 | us-gaap |
Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
|
2280358 | usd |
CY2021 | us-gaap |
Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
|
-16888 | usd |
CY2023 | us-gaap |
Income Loss From Subsidiaries Tax Expense Benefit
IncomeLossFromSubsidiariesTaxExpenseBenefit
|
502466 | usd |
CY2022 | us-gaap |
Income Loss From Subsidiaries Tax Expense Benefit
IncomeLossFromSubsidiariesTaxExpenseBenefit
|
376259 | usd |
CY2021 | us-gaap |
Income Loss From Subsidiaries Tax Expense Benefit
IncomeLossFromSubsidiariesTaxExpenseBenefit
|
-2787 | usd |
CY2023 | us-gaap |
Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
|
-21154 | usd |
CY2022 | us-gaap |
Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
|
-21154 | usd |
CY2021 | us-gaap |
Income Tax Reconciliation Tax Contingencies Other
IncomeTaxReconciliationTaxContingenciesOther
|
-3106 | usd |
CY2023 | us-gaap |
Capital Expenditure Discontinued Operations
CapitalExpenditureDiscontinuedOperations
|
153475 | usd |
CY2022 | us-gaap |
Capital Expenditure Discontinued Operations
CapitalExpenditureDiscontinuedOperations
|
8251 | usd |
CY2023 | us-gaap |
Other Tax Expense Benefit
OtherTaxExpenseBenefit
|
-26865 | usd |
CY2023 | us-gaap |
Income Tax Reconciliation Deductions Extraterritorial Income Exclusion
IncomeTaxReconciliationDeductionsExtraterritorialIncomeExclusion
|
769 | usd |
CY2022 | us-gaap |
Income Tax Reconciliation Deductions Extraterritorial Income Exclusion
IncomeTaxReconciliationDeductionsExtraterritorialIncomeExclusion
|
769 | usd |
CY2023 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
607153 | usd |
CY2022 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
362587 | usd |
CY2021 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
-5893 | usd |
CY2023 | us-gaap |
Effective Income Tax Rate Reconciliation Tax Credits
EffectiveIncomeTaxRateReconciliationTaxCredits
|
0.1994 | pure |
CY2022 | us-gaap |
Effective Income Tax Rate Reconciliation Tax Credits
EffectiveIncomeTaxRateReconciliationTaxCredits
|
0.159 | pure |
CY2021 | us-gaap |
Effective Income Tax Rate Reconciliation Tax Credits
EffectiveIncomeTaxRateReconciliationTaxCredits
|
0.149 | pure |
CY2021Q4 | twg |
Deferred Tax Assets Liabilities Beginning
DeferredTaxAssetsLiabilitiesBeginning
|
5893 | usd |
CY2022 | us-gaap |
Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
|
7832 | usd |
CY2022Q4 | twg |
Deferred Tax Assets Liabilities Ending
DeferredTaxAssetsLiabilitiesEnding
|
13725 | usd |
CY2023 | us-gaap |
Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
|
30523 | usd |
CY2023Q4 | twg |
Deferred Tax Assets Liabilities Ending
DeferredTaxAssetsLiabilitiesEnding
|
44248 | usd |
CY2023 | us-gaap |
Payments For Fees
PaymentsForFees
|
1000000 | hkd |
CY2023 | us-gaap |
Payments For Fees
PaymentsForFees
|
128205 | usd |
CY2023 | twg |
Percentage Of Total Number Of Share
PercentageOfTotalNumberOfShare
|
0.04 | pure |
CY2023 | twg |
Exercise Price Discount Rate
ExercisePriceDiscountRate
|
0.50 | pure |
CY2023Q4 | us-gaap |
Taxes Payable Current And Noncurrent
TaxesPayableCurrentAndNoncurrent
|
15825 | usd |
CY2023Q4 | us-gaap |
Common Stock Shares Outstanding
CommonStockSharesOutstanding
|
27000000 | shares |
CY2023Q4 | us-gaap |
Common Stock Shares Issued
CommonStockSharesIssued
|
27000000 | shares |
CY2023 | dei |
Document Accounting Standard
DocumentAccountingStandard
|
U.S. GAAP | |
CY2022Q4 | us-gaap |
Prepaid Expense Current
PrepaidExpenseCurrent
|
usd | |
CY2023Q4 | us-gaap |
Accounts Payable Current
AccountsPayableCurrent
|
usd | |
CY2022Q4 | us-gaap |
Short Term Borrowings
ShortTermBorrowings
|
usd | |
CY2023Q4 | us-gaap |
Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
|
usd | |
CY2023Q4 | us-gaap |
Commitments And Contingencies
CommitmentsAndContingencies
|
usd | |
CY2022Q4 | us-gaap |
Commitments And Contingencies
CommitmentsAndContingencies
|
usd | |
CY2022 | us-gaap |
Other Nonrecurring Income
OtherNonrecurringIncome
|
usd | |
CY2021 | us-gaap |
Other Nonrecurring Income
OtherNonrecurringIncome
|
usd | |
CY2023 | us-gaap |
Selling And Marketing Expense
SellingAndMarketingExpense
|
usd | |
CY2021 | us-gaap |
Selling And Marketing Expense
SellingAndMarketingExpense
|
usd | |
CY2021 | us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
-0.001 | |
CY2022 | us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
0.071 | |
CY2023 | us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
0.090 | |
CY2023 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
27000000 | shares |
CY2022 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
27000000 | shares |
CY2021 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
27000000 | shares |
CY2022 | us-gaap |
Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
|
usd | |
CY2021 | us-gaap |
Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
|
usd | |
CY2021 | us-gaap |
Increase Decrease In Deposit Other Assets
IncreaseDecreaseInDepositOtherAssets
|
usd | |
CY2021 | us-gaap |
Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
|
usd | |
CY2021 | us-gaap |
Increase Decrease In Income Taxes
IncreaseDecreaseInIncomeTaxes
|
usd | |
CY2023 | us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
usd | |
CY2023 | us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
usd | |
CY2022 | us-gaap |
Proceeds From Short Term Debt
ProceedsFromShortTermDebt
|
usd | |
CY2021 | us-gaap |
Proceeds From Short Term Debt
ProceedsFromShortTermDebt
|
usd | |
CY2022 | twg |
Deemed Capital Reduction On Reorganization
DeemedCapitalReductionOnReorganization
|
usd | |
CY2021 | twg |
Deemed Capital Reduction On Reorganization
DeemedCapitalReductionOnReorganization
|
usd | |
CY2022 | twg |
Proceeds From Pro Rata Share Issuance Deemed As Share Split
ProceedsFromProRataShareIssuanceDeemedAsShareSplit
|
usd | |
CY2021 | twg |
Proceeds From Pro Rata Share Issuance Deemed As Share Split
ProceedsFromProRataShareIssuanceDeemedAsShareSplit
|
usd | |
CY2023 | us-gaap |
Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlans
|
usd | |
CY2023Q4 | us-gaap |
Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
|
usd | |
CY2022Q4 | us-gaap |
Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
|
usd | |
CY2023Q4 | us-gaap |
Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
|
usd | |
CY2022Q4 | us-gaap |
Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
|
usd | |
CY2023Q4 | us-gaap |
Inventory Valuation Reserves
InventoryValuationReserves
|
usd | |
CY2022Q4 | us-gaap |
Inventory Valuation Reserves
InventoryValuationReserves
|
usd | |
CY2021 | us-gaap |
Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
|
usd | |
CY2021 | us-gaap |
Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
|
usd | |
CY2023 | us-gaap |
Income Tax Reconciliation Tax Contingencies Other
IncomeTaxReconciliationTaxContingenciesOther
|
usd | |
CY2022 | us-gaap |
Income Tax Reconciliation Tax Contingencies Other
IncomeTaxReconciliationTaxContingenciesOther
|
usd | |
CY2021 | us-gaap |
Capital Expenditure Discontinued Operations
CapitalExpenditureDiscontinuedOperations
|
usd | |
CY2022 | us-gaap |
Other Tax Expense Benefit
OtherTaxExpenseBenefit
|
usd | |
CY2021 | us-gaap |
Other Tax Expense Benefit
OtherTaxExpenseBenefit
|
usd | |
CY2021 | us-gaap |
Income Tax Reconciliation Deductions Extraterritorial Income Exclusion
IncomeTaxReconciliationDeductionsExtraterritorialIncomeExclusion
|
usd | |
CY2023Q4 | us-gaap |
Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
|
usd | |
CY2022Q4 | us-gaap |
Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
|
usd | |
CY2021Q4 | us-gaap |
Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
|
usd | |
CY2022Q4 | us-gaap |
Taxes Payable Current And Noncurrent
TaxesPayableCurrentAndNoncurrent
|
usd | |
CY2021Q4 | us-gaap |
Taxes Payable Current And Noncurrent
TaxesPayableCurrentAndNoncurrent
|
usd | |
CY2023 | dei |
Amendment Flag
AmendmentFlag
|
false | |
CY2023 | dei |
Document Fiscal Period Focus
DocumentFiscalPeriodFocus
|
FY | |
CY2023 | dei |
Entity Address Postal Zip Code
EntityAddressPostalZipCode
|
00000 | |
CY2023 | dei |
Entity Central Index Key
EntityCentralIndexKey
|
0001978057 |