Note 5 - PROJECT ADVANCE	6 Months Ended
Jun. 30, 2024
Notes
Note 5 - PROJECT ADVANCE	Note 5-PROJECT ADVANCE QRB entered into a Software License Agreement (the “Riverse Agreement”) with Riverse Technology SDN BHD ( “Riverse”), a company incorporated and registered in Malaysia. Pursuant to the Agreement, Riverse would supply to QRB a customized “Digital Financing Solutions” System Platform and maintenance services for a total consideration of $1,220,000 payable in five tranches: 1. $152,500 due within 14 days after the effective date of the agreement; 2. $152,500 due within 14 days after the completion of post implementation and acceptance test; 3. $305,000 due within 14 days after the first-year anniversary of the acceptance; 4. $305,000 due within 14 days after the second-year anniversary of the acceptance; 5. $305,000 due within 14 days after the third-year anniversary of the acceptance. Pursuant to the Riverse Agreement, Richwood Ventures Berhad, a related party, made the first payment of $152,500, plus service tax of $9,150, totaling $161,650 (RM 768,160.80) on behalf of QRB in November 2023, as also disclosed in Note 10 (5). The amount of RM 768,160.80 was presented as $167,344 due to the change of currency exchange rate on December 31, 2023. In January 2024, Richwood Ventures Berhad made the second payment of $152,500, plus service tax of $9,150, totaling $161,650 (RM 758,746.75) on behalf of QRB, as also disclosed in Note 10 (5). As of June 30, 2024, the total project advance amount of RM 1,527,107.55 was presented as $323,838, due to the fluctuation of currency exchange rate.

Note 5 - PROJECT ADVANCE

6 Months Ended

Jun. 30, 2024

Note 5-PROJECT ADVANCE

QRB entered into a Software License Agreement (the “Riverse Agreement”) with Riverse Technology SDN BHD ( “Riverse”), a company incorporated and registered in Malaysia. Pursuant to the Agreement, Riverse would supply to QRB a customized “Digital Financing Solutions” System Platform and maintenance services for a total consideration of $1,220,000 payable in five tranches: 1. $152,500 due within 14 days after the effective date of the agreement; 2. $152,500 due within 14 days after the completion of post implementation and acceptance test; 3. $305,000 due within 14 days after the first-year anniversary of the acceptance; 4. $305,000 due within 14 days after the second-year anniversary of the acceptance; 5. $305,000 due within 14 days after the third-year anniversary of the acceptance.

Pursuant to the Riverse Agreement, Richwood Ventures Berhad, a related party, made the first payment of $152,500, plus service tax of $9,150, totaling $161,650 (RM 768,160.80) on behalf of QRB in November 2023, as also disclosed in Note 10 (5). The amount of RM 768,160.80 was presented as $167,344 due to the change of currency exchange rate on December 31, 2023.

In January 2024, Richwood Ventures Berhad made the second payment of $152,500, plus service tax of $9,150, totaling $161,650 (RM 758,746.75) on behalf of QRB, as also disclosed in Note 10 (5). As of June 30, 2024, the total project advance amount of RM 1,527,107.55 was presented as $323,838, due to the fluctuation of currency exchange rate.

QMIS TBS Capital Group Corp. 10-Q