Form 10-Q SEATech Ventures Corp. For: Mar 31

Get instant alerts when news breaks on your stocks. Claim your 1-week free trial to StreetInsider Premium here.

UNITED
STATES

SECURITIES
AND EXCHANGE COMMISSION

Washington,
D.C. 20549

FORM
10-Q

[X]
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934

For
The Quarterly Period Ended March 31, 2021

[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934

For
the transition period from _______________ to _______________

Commission
File Number 333-230479

SEATECH
VENTURES CORP

(Exact
name of registrant issuer as specified in its charter)

Nevada

61-1882326

(State
or other jurisdiction of

incorporation
or organization)

(I.R.S.
Employer

Identification
No.)

Unit
305-306, 3/F., New East Ocean Centre,
9 Science Museum Road, TST, Hong Kong.

(Address
of principal executive offices, including zip code)

Registrant’s
phone number, including area code +852 83311767

Securities registered pursuant to Section 12(b)
of the Act:

Title of each class:		Trading Symbol(s)		Name of each exchange on which registered:
Common Stock		SEAV		The OTC Market – Pink Sheets

Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days.

YES
[X] NO [ ]

Indicate
by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data
File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (section 232.405 of this chapter) during the preceding
twelve months (or shorter period that the registrant was required to submit and post such files).

YES
[ ] NO [X]

Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting
company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company”
in Rule 12b-2 of the Exchange Act.

Large
Accelerated Filer [ ] Accelerated Filer [ ] Non-accelerated Filer [ ] Smaller reporting company [X]

Emerging
growth company [X]

If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ]

Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes
[ ] No [X]

APPLICABLE
ONLY TO ISSUERS INVOLVED IN BANKRUPTCY

PROCEEDINGS
DURING THE PRECEDING FIVE YEARS:

Indicate
by check mark whether the registrant has fled all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities
Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.

Yes
[ ] No [X]

APPLICABLE
ONLY TO CORPORATE ISSUERS:

Indicate
the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

Class		Outstanding at May 17, 2021
Common Stock, $.0001 par value		92,519,867

TABLE
OF CONTENTS

PART
I FINANCIAL INFORMATION

ITEM
1. UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS:

SEATECH
VENTURES CORP

CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS

SEATECH
VENTURES CORP

CONDENSED
CONSOLIDATED BALANCE SHEETS

AS
OF MARCH 31, 2021 AND DECEMBER 31, 2020

(Currency
expressed in United States Dollars (“US$”), except for number of shares)

	As of			As of
	March 31, 2021 (Unaudited)			December 31, 2020 (Audited)
ASSETS
CURRENT ASSETS
Deposits paid, prepayments and other receivables	$	900		$	1,237
Accounts receivable		–			170,800
Cash and cash equivalents		269,820			281,299

Total current assets		270,720			453,336

NON-CURRENT ASSETS
Investment in other companies	$	2,515		$	1,015

Total non-current assets		2,515			1,015

TOTAL ASSETS	$	273,235		$	454,351

LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable	$	–		$	159,800
Other payables and accrued liabilities		29,177			22,369
Amount due to a director		1,631			1,631
Total current liabilities		30,808			183,800

TOTAL LIABILITIES	$	30,808		$	183,800

STOCKHOLDERS’ EQUITY
Preferred shares, $0.0001 par value; 200,000,000 shares authorized; None issued and outstanding	$	–		$	–
Common stock, $0.0001 par value, 600,000,000 shares authorized, 92,519,867 shares issued and outstanding as of March 31, 2021 and December 31, 2020 respectively		9,252			9,252
Additional paid-in capital		659,958			659,958
Accumulated other comprehensive loss		(122	)		(122	)
Accumulated deficit		(426,661	)		(398,537	)

TOTAL STOCKHOLDERS’ EQUITY		242,427			270,551

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	273,235		$	454,351

See
accompanying notes to consolidated financial statements.

SEATECH
VENTURES CORP

CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSSES

FOR
THE THREE MONTHS ENDED MARCH 31, 2021 and 2020

(Currency
expressed in United States Dollars (“US$”), except for number of shares)

(Unaudited)

	For the period ended March 31, 2021 (Unaudited)			For the period ended March 31, 2020 (Unaudited)
REVENUE	$	2,400		$	–

COST OF REVENUE		(2,400	)		–

GROSS PROFIT		–			–

OTHER INCOME		25			24

SELLING AND DISTRIBUTION EXPENSES		(206	)		(8,235	)

GENERAL AND ADMINISTRATIVE EXPENSES		(27,943	)		(29,724	)

LOSS BEFORE INCOME TAX		(28,124	)	$	(37,935	)

INCOME TAXES PROVISION		–			–

NET LOSS		(28,124	)		(37,935	)

Net Loss attributable to Non-Controlling Interests
Other comprehensive income/(loss):
– Foreign exchange adjustment gain/(loss)		–			–
COMPREHENSIVE LOSS	$	(28,124	)	$	(37,935	)

Net loss per share- Basic and diluted		(0.00	)		(0.00	)

Weighted average number of common shares outstanding – Basic and diluted		92,519,867			92,176,667

See
accompanying notes to condensed consolidated financial statements.

SEATECH
VENTURES CORP

CONDENSED
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

FOR
THE THREE MONTHS ENDED MARCH 31, 2021 and 2020

(Currency
expressed in United States Dollars (“US$”), except for number of shares)

(Unaudited)

Three Months Ended March 31, 2021 (Unaudited)

	COMMON SHARES				ADDITIONAL		ACCUMULATED OTHER
	Number of Shares		Amount		PAID-IN CAPITAL		COMPREHENSIVE LOSS			ACCUMULATED DEFICIT			TOTAL EQUITY
Balance as of December 31, 2020		92,519,867	$	9,252	$	659,958	$	(122	)	$	(398,537	)	$	270,551
Net loss for the period		–		–		–		–			(28,124	)		(28,124	)
Balance as of March 31,2021		92,519,867		9,252		659,958		(122	)		(426,661	)		242,427

Three
Months Ended March 31, 2020 (Unaudited)

	COMMON SHARES				ADDITIONAL		ACCUMULATED OTHER
	Number of Shares		Amount		PAID-IN CAPITAL		COMPREHENSIVE LOSS			ACCUMULATED DEFICIT			TOTAL EQUITY
Balance as of December 31, 2019		92,176,667	$	9,218	$	316,792	$	(122	)	$	(291,351	)	$	34,537
Net loss for the period		–		–		–		–			(37,935	)		(37,935	)
Balance as of March 31, 2020		92,176,667		9,218		316,792		(122	)		(329,286	)		(3,398	)

SEATECH
VENTURES CORP

CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR
THE THREE MONTHS ENDED MARCH 31, 2021 and 2020

(Currency
expressed in United States Dollars (“US$”), except for number of shares)

(Unaudited)

	Three months ended March 31, 2021 (Unaudited)			Three months ended March 31, 2020 (Unaudited)

CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$	(28,124	)	$	(37,935	)
Adjustments to reconcile net loss to net cash used in operating activities:
Changes in operating assets and liabilities:
Accounts receivable		170,800			–
Accounts payable		(159,800	)		–
Deposits paid, prepayments and other receivables		337			–
Other payables and accrued liabilities		6,808			57,329
Net cash (used in)/generated from operating activities	$	(9,979	)	$	19,394

CASH FLOWS FROM INVESTINT ACTIVITY:
Investment in other companies		(1,500	)		–
Net cash used in investing activity	$	(1,500	)	$	–

Net change in cash and cash equivalents		(11,479	)		19,394

Cash and cash equivalents, beginning of period		281,299			339,809
CASH AND CASH EQUIVALENTS, END OF PERIOD	$	269,820		$	359,203

SUPPLEMENTAL CASH FLOWS INFORMATION
Income taxes paid	$	–		$	–
Interest paid	$	–		$	–

See
accompanying notes to condensed consolidated financial statements.

SEATECH
VENTURES CORP

NOTES
TO CONDENSED FINANCIAL STATEMENTS

FOR
THE THREE MONTHS ENDED MARCH 31, 2021

(Currency
expressed in United States Dollars (“US$”), except for number of shares)

(UNAUDITED)

1.
DESCRIPTION OF BUSINESS AND ORGANIZATION

SEATech
Ventures Corp is organized as a Nevada limited liability company, incorporated on April 2, 2018. For purposes of consolidated financial
statement presentation, SEATech Venture Corp and its subsidiary are herein referred to as “the Company” or “we”.

The
Company business of which planned principal operations are to provide business mentoring, nurturing and incubation services relating
to client businesses and corporate development advisory services to entrepreneurs in the broader technology industry, but with a specific
focus on the information and communication technology industry.

On
May 2, 2018, the Company acquired 100{14cc2b5881a050199a960a1a3483042b446231310e72f0dc471a7a1eddd6b0c3} interest in SEATech Ventures Corp, a private limited liability company incorporated in Labuan,
Malaysia.

On
December 21, 2018, SEATech Ventures Corp, the Malaysia Company acquired 100{14cc2b5881a050199a960a1a3483042b446231310e72f0dc471a7a1eddd6b0c3} interest in SEATech Ventures (HK) Limited,
a private limited company incorporated in Hong Kong.

Details
of the Company’s subsidiaries:

	Company name	Place and date of incorporation	Particulars of issued capital	Principal activities

1.	SEATech Ventures Corp	Labuan / March 12, 2018	100 share of ordinary share of US$1 each	Investment holding

2.	SEATech Ventures (HK) Limited	Hong Kong / December 13, 2018	1 ordinary share of HK$1	Business mentoring, nurturing and incubation, and corporate development advisory services

SEATECH
VENTURES CORP

NOTES
TO CONDENSED FINANCIAL STATEMENTS

FOR
THE THREE MONTHS ENDED MARCH 31, 2021

(Currency
expressed in United States Dollars (“US$”), except for number of shares)

(UNAUDITED)

2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis
of presentation

The
consolidated financial statements for SEATech Ventures Corp. and its subsidiaries for the three months ended March 31, 2021 is prepared
in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) and include the accounts
of SEATech Ventures Corp. and its wholly owned subsidiaries, SEATech Ventures Corp. and SEATech Ventures (HK) Limited. Intercompany accounts
and transactions have been eliminated on consolidation. The Company has adopted December 31 as its fiscal year end.

Basis
of consolidation

The
condensed consolidated financial statements include the accounts of the Company and its subsidiaries. All inter-company accounts and
transactions have been eliminated upon consolidation.

Use
of estimates

Management
uses estimates and assumptions in preparing these financial statements in accordance with US GAAP. Those estimates and assumptions affect
the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities in the balance sheets, and the reported
revenue and expenses during the periods reported. Actual results may differ from these estimates.

Cash
and cash equivalents

Cash
and cash equivalents are carried at cost and represent cash on hand, demand deposits placed with banks or other financial institutions
and all highly liquid investments with an original maturity of three months or less as of the purchase date of such investments.

SEATECH
VENTURES CORP

NOTES
TO CONDENSED FINANCIAL STATEMENTS

FOR
THE THREE MONTHS ENDED MARCH 31, 2021

(Currency
expressed in United States Dollars (“US$”), except for number of shares)

(UNAUDITED)

Income
taxes

Income
taxes are determined in accordance with the provisions of ASC Topic 740, “Income Taxes” (“ASC Topic 740”).
Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between
the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities
are measured using enacted income tax rates expected to apply to taxable income in the periods in which those temporary differences are
expected to be recovered or settled. Any effect on deferred tax assets and liabilities of a change in tax rates is recognized in income
in the period that includes the enactment date.

ASC
740 prescribes a comprehensive model for how companies should recognize, measure, present, and disclose in their financial statements
uncertain tax positions taken or expected to be taken on a tax return. Under ASC 740, tax positions must initially be recognized in the
financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax
positions must initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50{14cc2b5881a050199a960a1a3483042b446231310e72f0dc471a7a1eddd6b0c3} likelihood of
being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts.

Going
Concern

The
accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and
the settlement of liabilities and commitments in the normal course of business. As reflected in the accompanying financial statements,
for the period ended March 31, 2021, the Company incurred a net loss of $28,124 and negative operating cash flow of $9,979.
These factors raise substantial doubt about the Company’s ability to continue as a going concern within one year of
the date that the financial statements are issued. The financial statements do not include any adjustments that might be necessary
if the Company is unable to continue as a going concern.

The
Company’s ability to continue as a going concern is dependent upon improving its profitability and the continuing financial support
from its shareholders. Management believes the existing shareholders or external financing will provide the additional cash to meet the
Company’s obligations as they become due. No assurance can be given that any future financing, if needed, will be available or,
if available, that it will be on terms that are satisfactory to the Company. Even if the Company is able to obtain additional financing,
if needed, it may contain undue restrictions on its operations, in the case of debt financing, or cause substantial dilution for its
stockholders, in the case of equity financing.

SEATECH
VENTURES CORP

NOTES
TO CONDENSED FINANCIAL STATEMENTS

FOR
THE THREE MONTHS ENDED MARCH 31, 2021

(Currency
expressed in United States Dollars (“US$”), except for number of shares)

(UNAUDITED)

Net
income/(loss) per share

The
Company calculates net income/(loss) per share in accordance with ASC Topic 260, “Earnings per Share.” Basic income/(loss)
per share is computed by dividing the net income/(loss) by the weighted-average number of common shares outstanding during the period.
Diluted income per share is computed similar to basic income/(loss) per share except that the denominator is increased to include the
number of additional common shares that would have been outstanding if the potential common stock equivalents had been issued and if
the additional common shares were dilutive.

Foreign
currencies translation

The
reporting currency of the Company and its subsidiaries in Labuan and Hong Kong are United States Dollars (“US$”), being the
primary currency of the economic environment in which these entities operate.

Transactions
denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing
at the dates of the transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are translated
into the functional currency using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded
in the statements of operations.

In
general, for consolidation purposes, assets and liabilities of its subsidiary whose functional currency is not the US$ are translated
into US$, in accordance with ASC Topic 830-30, “Translation of Financial Statement”, using the exchange rate on the
balance sheet date. Revenues and expenses are translated at average rates prevailing during the period. The gains and losses resulting
from translation of financial statements of foreign subsidiary are recorded as a separate component of accumulated other comprehensive
income within the statement of stockholders’ equity.

Translation
of amounts from RM into US$1 and HK$ into US$1 has been made at the following exchange rates for the respective periods:

	As of and for the period ended March 31, 2021		As of and for the period ended March 31, 2020

Period-end RM : US$1 exchange rate		4.1427		4.3141
Period-average RM : US$1 exchange rate		4.0636		4.1756
Period-end HK$: US$1 exchange rate		7.7750		7.7508
Period-average HK$ : US$1 exchange rate		7.7573		7.7716

Related
parties

Parties,
which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control
the other party or exercise significant influence over the other party in making financial and operating decisions. Companies are also
considered to be related if they are subject to common control or common significant influence.

SEATECH
VENTURES CORP

NOTES
TO CONDENSED FINANCIAL STATEMENTS

FOR
THE THREE MONTHS ENDED MARCH 31, 2021

(Currency
expressed in United States Dollars (“US$”), except for number of shares)

(UNAUDITED)

Fair
value of financial instruments:

The
carrying value of the Company’s financial instruments: cash and cash equivalents, account receivables, amount due to a director,
and accounts payable and approximate at their fair values because of the short-term nature of these financial instruments.

The
Company also follows the guidance of the ASC Topic 820-10, “Fair Value Measurements and Disclosures” (“ASC 820-10”),
with respect to financial assets and liabilities that are measured at fair value. ASC 820-10 establishes a three-tier fair value hierarchy
that prioritizes the inputs used in measuring fair value as follows:

Level
1: Observable inputs such as quoted prices in active markets;

Level
2: Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and

Level
3: Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions.

Recent
accounting pronouncements

The
Company has reviewed all recently issued, but not yet effective, accounting pronouncements and do not believe the future adoption of
any such pronouncements may be expected to cause a material impact on its financial condition or the results of its operations.

SEATECH
VENTURES CORP

NOTES
TO CONDENSED FINANCIAL STATEMENTS

FOR
THE THREE MONTHS ENDED MARCH 31, 2021

(Currency
expressed in United States Dollars (“US$”), except for number of shares)

(UNAUDITED)

3.
COMMON STOCK

On
April 2, 2018, the founder of the Company, Mr. Chin Chee Seong purchased 100,000 shares of restricted common stock of the Company at
a par value of $0.0001 per share. The monies from this transaction, which totaled $10, went to the Company to be used as initial working
capital.

On
May 14, 2018, the Company issued 20,000,000 shares of restricted common stock to Chin Chee Seong and Seah Kok Wah respectively, with
a par value of $0.0001 per share, for total additional working capital of $4,000.

On
August 7, 2018, the Company issued 10,000,000 shares of restricted common stock to Greenpro Venture Capital Limited with a par value
of $0.0001 per share, for total additional working capital of $1,000.

On
August 8, 2018, the Company issued 30,000,000 shares of restricted common stock to Greenpro Asia Strategic Fund SPC, a company incorporated
in Cayman Islands with a par value of $0.0001 per share, for additional working capital of $3,000.

On
August 27, 2018, the Company issued 10,000,000 shares of restricted common stock to STVC Talent Sdn. Bhd, a company incorporated in Malaysia
with a par value of $0.0001 per share, for additional working capital of $1,000.

On
September 7, 2018, the Company sold shares to 2 shareholders, of whom reside in Malaysia. A total of 750,000 shares of restricted common
stock were sold at a price of $0.10 per share. The total proceeds to the Company amounted to a total of $75,000.

On
September 12, 2018, the Company sold shares to a shareholder, of whom reside in Malaysia. A total of 466,667 shares of restricted common
stock were sold at a price of $0.15 per share. The total proceeds to the Company amounted to a total of $70,000.

In
between September 21, 2018 and November 29, 2018, the Company sold shares to 44 shareholders, of whom reside in Malaysia. A total of
860,000 shares of restricted common stock were sold at a price of $0.20 per share. The total proceeds to the Company amounted to a total
of $172,000.

As
of March 31, 2021, SEATech Ventures Corp has an issued and outstanding common share of 92,519,867.

4.
CASH AND CASH EQUIVALENTS

As
of March 31, 2021, the Company recorded $269,820 of cash and cash equivalents which primarily consists of cash in bank.

5.
INVESTMENT IN OTHER COMPANIES

	As of		As of
	March 31, 2021 (Unaudited)		December 31, 2020 (Audited)
AsiaFIN Holdings Corp.¹		1,015		1,015
Pentaip Technology Inc.²		200		–
Angkasa-X Holdings Corp.³		1,300		–
Total investment in other companies	$	2,515	$	1,015

¹On
December 24, 2019, the company has invested in AsiaFIN Holdings Corp. during the private placement stage. AsiaFIN Holdings Corp is a
company providing business technology solutions to its clients. SEATech Ventures Corp also provides corporate development, mentoring,
and incubation services to AsiaFIN Holdings Corp. The investment in AsiaFIN Holdings Corp. is a strategic investment of the company.

²On
January 11, 2021, the company has invested in Pentaip Technology Inc. during the private placement stage. Pentaip Technology Inc. is
a company providing wealth management services with integration of Artificial Intelligence (AI) by using mathematical algorithms to make
investment decisions with no human supervision. SEATech Ventures Corp also provides corporate development, mentoring, and incubation
services to Pentaip Technology Inc. The investment in Pentaip Technology Inc. is a strategic investment of the company.

³On
February 5, 2021, the company has invested in Angkasa-X Holdings Corp. during the private placement stage. Angkasa-X Holdings Corp is
a company focuses on research and development and commercializes on intellectual property design for communication satellites. SEATech
Ventures Corp also provides corporate development, mentoring, and incubation services to Angkasa-X Holdings Corp. The investment in Angkasa-X
Holdings Corp. is a strategic investment of the company.

6.
OTHER PAYABLES AND ACCRUED LIABILITIES

Other
payables and accrued liabilities consisted of the following as of March 31, 2021 and December 31, 2020:

	As of March 31, 2021 (Unaudited)		As of December 31, 2020 (Audited)
Accrued audit fees	$	10,880	$	10,880
Accrued expenses		4,067		1,309
Accrued professional fees		14,230		10,180
Total payables and accrued liabilities	$	29,177	$	22,369

SEATECH
VENTURES CORP

NOTES
TO CONDENSED FINANCIAL STATEMENTS

FOR
THE THREE MONTHS ENDED MARCH 31, 2021

(Currency
expressed in United States Dollars (“US$”), except for number of shares)

(UNAUDITED)

7.
AMOUNT DUE TO A DIRECTOR

As
of March 31, 2021 and 2020, a director of the Company advanced $1,631, respectively to the Company, which is unsecured, interest-free
with no fixed repayment term, for working capital purpose. Imputed interest is considered insignificant.

As of

March 31, 2021 (Unaudited)

As of

December 31, 2020 (Audited)

Amount due to a director

1,631

Total amount due to a director

1,631

8.
INCOME TAXES

For
the three months ended March 31, 2021 and 2020, the local (United States) and foreign components of income/ (loss) before income taxes
were comprised of the following:

	Three months ended March 31, 2021 (Unaudited)			Three months ended March 31, 2020 (Unaudited)

Tax jurisdictions from:
Local	$	(7,599	)	$	(3,174	)
Foreign, representing
– Seychelles		(14,768	)		(23,688	)
– Hong Kong	$	(5,757	)	$	(11,073	)
Loss before income tax	$	(28,124	)	$	(37,935	)

The
provision for income taxes consisted of the following:

		For the period ended March 31, 2021 (Unaudited)		For the period ended March 31, 2020 (Unaudited)
Current:
– Local		–		–
– Foreign		–		–
Deferred:
– Local		–		–
– Foreign		–		–

Income tax expense	$	–	$	–

The
effective tax rate in the periods presented is the result of the mix of income earned in various tax jurisdictions that apply a broad
range of income tax rates. The Company has subsidiaries that operate in various countries: United States Labuan and Hong Kong that are
subject to taxes in the jurisdictions in which they operate, as follows:

United States of America

The
Company is registered in the State of Nevada and is subject to the tax laws of the United States of America. As of March 31, 2021, the
operations in the United States of America incurred $297,054 of cumulative net operating losses which can be carried forward indefinitely
to offset a maximum of 80{14cc2b5881a050199a960a1a3483042b446231310e72f0dc471a7a1eddd6b0c3} future taxable income. The Company has provided for a full valuation allowance of $62,381 against the deferred
tax assets on the expected future tax benefits from the net operating loss carryforwards as the management believes it is more likely
than not that these assets will not be realized in the future.

Labuan

Under
the current laws of the Labuan, SEATech Ventures Corp is governed under the Labuan Business Activity Act, 1990. The tax charge for such
company is based on 3{14cc2b5881a050199a960a1a3483042b446231310e72f0dc471a7a1eddd6b0c3} of net audited profit.

Hong
Kong

SEATECH
VENTURES CORP is subject to Hong Kong Profits Tax, which is charged at the statutory income tax rate of 16.5{14cc2b5881a050199a960a1a3483042b446231310e72f0dc471a7a1eddd6b0c3} on its assessable income.

SEATECH
VENTURES CORP

NOTES
TO CONDENSED FINANCIAL STATEMENTS

FOR
THE THREE MONTHS ENDED MARCH 31, 2021

(Currency
expressed in United States Dollars (“US$”), except for number of shares)

(UNAUDITED)

9.
COMMITMENTS AND CONTINGENCIES

As
of March 31, 2021, the Company has no commitments or contingencies involved.

10.
RELATED PARTY TRANSACTIONS

For
the period ended March 31, 2021 and 2020, the Company has the following transactions with related party:

	For the period ended March 31, 2021 (Unaudited)		For the period ended March 31, 2020 (Unaudited)
Company Secretary Fees:
– Related party A	$	5,338	$	5,000

Professional Fees:
– Related party A	$	1,800	$	880

Sales
– Related party B	$	2,400	$	–

Total	$	9,538	$	5,880

The
related party A, through its wholly owned subsidiaries is a 42.36{14cc2b5881a050199a960a1a3483042b446231310e72f0dc471a7a1eddd6b0c3} shareholder of the Company. Related
party B represents company where the Company owns 13.80{14cc2b5881a050199a960a1a3483042b446231310e72f0dc471a7a1eddd6b0c3} percentage of the company.

11.
CONCENTRATIONS OF RISKS

(a)
Major customers

For
the period ended March 31, 2021 and 2020, the customers who accounted for 10{14cc2b5881a050199a960a1a3483042b446231310e72f0dc471a7a1eddd6b0c3} or more of the Company’s revenues and its accounts
receivable balance at period-end are presented as follows:

	For the period ended March 31
	2021		2020		2021			2020			2021		2020
	Revenues				Percentage of Revenues						Accounts Receivable, Trade
Customer A	$	2,400	$	–		100	{14cc2b5881a050199a960a1a3483042b446231310e72f0dc471a7a1eddd6b0c3}		–	{14cc2b5881a050199a960a1a3483042b446231310e72f0dc471a7a1eddd6b0c3}	$	–	$	–
	$	2,400	$	–		100	{14cc2b5881a050199a960a1a3483042b446231310e72f0dc471a7a1eddd6b0c3}		–	{14cc2b5881a050199a960a1a3483042b446231310e72f0dc471a7a1eddd6b0c3}	$	–	$	–

(b)
Major vendors

For
the period ended March 31, 2021 and 2020, the vendors who accounted for 10{14cc2b5881a050199a960a1a3483042b446231310e72f0dc471a7a1eddd6b0c3} or more of the Company’s purchases and its accounts
payable balance at period-end are presented as follows:

	For the period ended March 31
	2021		2020		2021			2020			2021		2020
	Purchases				Percentage of Purchases						Accounts Payable, Trade
Vendor A	$	2,400	$	–		100	{14cc2b5881a050199a960a1a3483042b446231310e72f0dc471a7a1eddd6b0c3}		100	{14cc2b5881a050199a960a1a3483042b446231310e72f0dc471a7a1eddd6b0c3}	$	–	$	–
	$	2,400	$	–		100	{14cc2b5881a050199a960a1a3483042b446231310e72f0dc471a7a1eddd6b0c3}		100	{14cc2b5881a050199a960a1a3483042b446231310e72f0dc471a7a1eddd6b0c3}	$	–	$	–

Financial
instruments that are potentially subject to credit risk consists principally of accounts receivable. The Company believes the concentration
of credit risk in its accounts receivable is substantially mitigated by its ongoing credit evaluation process and relatively short collection
terms. The Company does not generally require collateral from customers. The Company evaluates the need for an allowance for doubtful
accounts based upon factors surrounding the credit risk of specific customers, historical trends and other information.

12.
SIGNIFICANT EVENT

During
the fiscal year, the World Health Organization declared the Coronavirus (COVID-19) outbreak to be a pandemic, which has caused severe
global social and economic disruptions and uncertainties, including markets where the Company operates.

The
Company considers this outbreak as non-adjusting-events. The consequences brought about by Covid-19 continue to evolve and whilst the
Company actively monitoring and managing its operations to respond to these changes, the Company does not consider it practicable to
provide any quantitative estimate on the potential impact it may have on the Company.

13.
SUBSEQUENT EVENTS

In
accordance with ASC Topic 855, “Subsequent Events”, which establishes general standards of accounting for and
disclosure of events that occur after the balance sheet date but before financial statements are issued, the Company has evaluated
all subsequent events through the filing date of this Form 10-Q with the SEC, to ensure that this filing includes appropriate
disclosure of events both recognized in the financial statements as of March 31, 2021, and events which occurred subsequently
but were not recognized in the financial statements. During the year, there was no subsequent event that required recognition
or disclosure.

ITEM
2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The
information contained in this quarter report on Form 10-Q is intended to update the information contained in our Form S-1 Amendment No.3,
dated May 30, 2019, for the period ended March 31, 2019 and presumes that readers have access to, and will have read, the “Management’s
Discussion and Analysis of Financial Condition and Results of Operations” and other information contained in such Form S-1. The
following discussion and analysis also should be read together with our consolidated financial statements and the notes to the consolidated
financial statements included elsewhere in this Form 10-Q.

The
following discussion contains certain statements that may be deemed “forward-looking statements” within the meaning of the
Private Securities Litigation Reform Act of 1995. Such statements appear in a number of places in this Report, including, without limitation,
“Management’s Discussion and Analysis of Financial Condition and Results of Operations.” These statements are not guarantees
of future performance and involve risks, uncertainties and requirements that are difficult to predict or are beyond our control. Forward-looking
statements speak only as of the date of this quarterly report. You should not put undue reliance on any forward-looking statements. We
strongly encourage investors to carefully read the factors described in our Form S-1 Amendment No.3, dated May 30, 2019, in the section
entitled “Risk Factors” for a description of certain risks that could, among other things, cause actual results to differ
from these forward-looking statements. We assume no responsibility to update the forward-looking statements contained in this transition
report on Form 10-Q. The following should also be read in conjunction with the unaudited Condensed Consolidated Financial Statements
and notes thereto that appear elsewhere in this report.

Company
Overview

SEATech
Ventures Corp, the US Company, operates through its wholly owned subsidiary, SEATech Ventures Corp, a Labuan Company; which operates
through its wholly owned subsidiary, SEATech Ventures (HK) Limited, a Hong Kong Company; The US, Labuan act solely for holding purposes
whereas all current and future operations in Hong Kong are planned to be carried out via SEATech Ventures (HK) Limited, the Hong Kong
Company. The purpose of the Hong Kong Company is to function as the current regional hub, carrying out the majority of operations of
the Company.

All
of the previous entities share the same exact business plan with the goal of providing business mentoring services, nurturing and incubation
services relating to client businesses and corporate development advisory services to entrepreneurs in the broader technology industry,
but with a specific focus on the information and communication technology industry. We will, at least initially, primarily focus our
efforts on nurturing ICT entrepreneurs in Asia. Our advisory services will center on our “ICT Start-Up Mentorship Program”,
which is designed to assist tech-based entrepreneurs in solving ICT industry pain points caused by technical insufficiencies, inappropriate
financial modelling and weak strategic positioning within a competitive environment.

Results
of Operation

For
the three months ended March 31, 2021 and 2020

Revenues

For
the three months ended March 31, 2021, the Company has generated revenue of $2,400. The revenue generated was the result of corporate
development advisory service rendered by the Company. For the three months ended March 31, 2020, the Company had not generated revenue.

Cost
of Revenue and Gross Margin

For
the three months ended March 31, 2021 and 2020, cost incurred arise in providing corporate development advisory services are $2,400
and $0 respectively. The company has not generated gross profits for the three months ended March 31, 2021 and 2020.

Selling
and marketing expenses

For
the three months ended March 31, 2021 and 2020, we had selling and distribution expenses in the amount of $206 and $8,235, which were
primarily comprised of marketing expenses and expenses incurred for selling of services.

General
and administrative expenses

For
the three months ended March 31, 2021 and 2020, we had general and administrative expenses in the amount of $27,943 and $29,724 which
were primarily comprised of company renewal fee, employee salary, and employee reimbursement.

Net
Loss

For
the three months ended March 31, 2021 and 2020, the Company has incurred a net loss of $28,124 and $37,935. The losses are mainly derived
from the general and administrative expenses.

Liquidity
and Capital Resources

As
of March 31, 2021, we had cash and cash equivalents of $269,820. We had negative operating cash flows due to minimal operating activities,
we expect increased levels of operating activities going forward will result in more significant cash outflows.

We
depend substantially on financing activities to provide us with the liquidity and capital resources we need to meet our working capital
requirements and to make capital investments in connection with ongoing operations.

Cash
Used In Operating Activities

For
the three months ended March 31, 2021 and 2020, net cash used in operating activities were $9,979 and $19,394 respectively, which
were the result of our net loss attributable to selling and marketing costs, and general and administration expenses.

Credit
Facilities

We
do not have any credit facilities or other access to bank credit.

Off-balance
Sheet Arrangements

We
have no significant off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial
condition, changes in our financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital
resources that are material to our stockholders as of March 31, 2021.

Recent
Accounting Pronouncements

The
Company has implemented all new accounting pronouncements that are in effect. These pronouncements did not have any material impact on
the financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting pronouncements
that have been issued that might have a material impact on its financial position or results of operations.

ITEM
3 QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

As
a “smaller reporting company” as defined by Item 10 of Regulation S-K, the Company is not required to provide information
required by this Item.

ITEM
4 CONTROLS AND PROCEDURES

Evaluation
of Disclosure Controls and Procedures:

We
carried out an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Exchange
Act Rules 13a-15(e) and 15d-15(e)) as of March 31, 2021. This evaluation was carried out under the supervision and with the participation
of our Chief Executive Officer and our Chief Investment Officer. Based upon that evaluation, our Chief Executive Officer and Chief Investment
Officer concluded that, as of March 31, 2021, our disclosure controls and procedures were not effective due to the presence of material
weaknesses in internal control over financial reporting.

A
material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is
a reasonable possibility that a material misstatement of the company’s annual or interim financial statements will not be prevented
or detected on a timely basis. Management has identified the following material weaknesses which have caused management to conclude that,
as of March 31, 2021, our disclosure controls and procedures were not effective: (i) inadequate segregation of duties and effective risk
assessment; and (ii) insufficient written policies and procedures for accounting and financial reporting with respect to the requirements
and application of both US GAAP and SEC guidelines.

Changes
in Internal Control over Financial Reporting:

There
were no changes in our internal control over financial reporting during the quarter ended March 31, 2021, that have materially affected,
or are reasonably likely to materially affect, our internal control over financial reporting.

PART
II — OTHER INFORMATION

Item
1. Legal Proceedings

We
know of no materials, active or pending legal proceedings against us, nor are we involved as a plaintiff in any material proceedings
or pending litigation. There are no proceedings in which any of our directors, officers or affiliates, or any beneficial shareholder
are an adverse party or has a material interest adverse to us.

Item
1A. Risk Factors.

We
are a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934 and are not required to provide the information
under this item.

Item
2. Unregistered Sales of Equity Securities and Use of Proceeds

None

Item
3. Defaults Upon Senior Securities

None

Item
4. Mine Safety Disclosures

Not
applicable.

Item
5. Other Information.

None

ITEM
6. Exhibits

*
Filed herewith.

SIGNATURES

Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized.

	SEATech Ventures Corp
	(Name of Registrant)

Date: May 17, 2021
	By:	/s/ CHIN CHEE SEONG
	Title:	Chief Executive Officer, President, Director, Secretary and Treasurer

Date: May 17, 2021	By:	/s/ SEAH KOK WAH
	Title:	Chief Investment Officer, Director

EXHIBIT
31.1

CERTIFICATION

I,
CHIN CHEE SEONG, certify that:

1.
I have reviewed this quarterly report on Form 10-Q of SEATech Ventures Corp (the “Company”) for the quarter ended March 31,
2021;

2.
Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact
necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect
to the period covered by this report;

3.
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this
report;

4.
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act
Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

	a.	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

	b.	Designed such internal control over financial reporting, or caused such internal control to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles.

	c.	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

	d.	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial
reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing
the equivalent functions):

	a.	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

	b.	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Chief
Executive Officer,

President,
Director, Secretary, Treasurer

EXHIBIT
31.2

CERTIFICATION

I,
SEAH KOK WAH, certify that:

1.
I have reviewed this quarterly report on Form 10-Q of SEATech Ventures Corp (the “Company”) for the quarter ended March 31,
2021;

	a.	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

	b.	Designed such internal control over financial reporting, or caused such internal control to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles.

	c.	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

	d.	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

	a.	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

	b.	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 17, 2021	By:	/s/ SEAH KOK WAH
		SEAH KOK WAH
		Chief Investment Officer, Director

EXHIBIT
32.1

CERTIFICATION
PURSUANT TO
18 U.S.C. SECTION 1350,

AS
ADOPTED PURSUANT TO

SECTION
906 OF THE SARBANES-OXLEY ACT OF 2002

In
connection with the Quarterly Report of SEATECH VENTURES CORP (the “Company”) on Form 10-Q for the quarter ended March 31,
2021 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), The undersigned hereby certifies,
pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge
and belief:

(1)
The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)
The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of
the Company.

Date: May 17, 2021	By:	/s/ CHIN CHEE SEONG
		CHIN CHEE SEONG
		Chief Executive Officer,
		President, Director, Secretary, Treasurer

A
signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting
the signature that appears in typed form within the electronic version of this written statement has been provided to the Company and
will be retained by the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff
upon request.

EXHIBIT
32.2

CERTIFICATION
PURSUANT TO
18 U.S.C. SECTION 1350,

AS
ADOPTED PURSUANT TO

SECTION
906 OF THE SARBANES-OXLEY ACT OF 2002

(1)
The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)
The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of
the Company.