UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

For The Quarterly Period Ended ~~September 30, 2021~~March 31, 2022

☐ 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 333-208083

DSwiss, Inc.

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

Nevada		47-4215595
(State or other jurisdiction		(I.R.S. Employer
of incorporation or organization)		Identification No.)

Unit 18-11, 18-12 & 18-01, Tower A, Vertical Business Suite,

Avenue 3, Bangsar South, No.8 Jalan Kerinchi, 59200, Kuala Lumpur, Malaysia

(Address of principal executive offices, including zip code)

Registrant’s phone number, including area code (603) 2770-4032

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		DQWS		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 ☒ 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 ☒

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. (Check one):

Large Accelerated Filer ☐ Accelerated Filer ☐ Non-accelerated Filer☐ Smaller reporting company ☒Emerging growth company ☒

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

Yes ☐ No ☒

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 ~~September 30, 2021~~March 31, 2022
Common Stock, $.0001 par value		~~206,904,600~~206,904,585

TABLE OF CONTENTS

		Page
PART I	FINANCIAL INFORMATION
ITEM 1.	UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS:
	Condensed Consolidated Balance Sheets as of ~~September 30, 2021~~March 31, 2022 and December 31, ~~2020~~2021	F-2
	Condensed Consolidated Statements of Operations and Comprehensive Income for the ~~Nine~~Three Months Ended ~~September 30,~~March 31, 2022 and 2021 ~~and 2020~~	F-3
	Condensed Consolidated Statements of Changes in Stockholders’ Equity for the ~~Nine~~Three Months Ended ~~September 30, 2021~~March 31, 2022	F-4
	Condensed Consolidated Statements of Cash Flows for the ~~Nine~~Three Months Ended ~~September 30,~~March 31, 2022 and 2021 ~~and 2020~~	F-5
	Notes to the Condensed Consolidated Financial Statements	F-6 - ~~F-15~~F-18
ITEM 2.	MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	~~2-6~~2-5
ITEM 3.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	6
ITEM 4.	CONTROLS AND PROCEDURES	6
PART II	OTHER INFORMATION
ITEM 1	LEGAL PROCEEDINGS	7
ITEM 2	UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS	7
ITEM 3	DEFAULTS UPON SENIOR SECURITIES	7
ITEM 4	MINE SAFETY DISCLOSURES	7
ITEM 5	OTHER INFORMATION	7
ITEM 6	EXHIBITS	8
SIGNATURES		9

DSWISS, INC.

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

	Page
Condensed Consolidated Financial Statements

Condensed Consolidated Balance Sheets as of ~~September 30, 2021~~March 31, 2022 and December 31, ~~2020~~2021	F-2
Condensed Consolidated Statements of Operations and Comprehensive Income for the ~~Nine~~Three Months Ended ~~September 30, 2021~~March 31, 2022 and ~~2020~~2021	F-3
Condensed Consolidated Statements of Changes in Stockholders’ Equity for the ~~Nine~~Three Months Ended ~~September 30, 2021~~March 31, 2022	F-4
Condensed Consolidated Statements of Cash Flows for the ~~Nine~~Three Months Ended ~~September 30,~~March 31, 2022 and 2021 ~~and 2020~~	F-5
Notes to the Condensed Consolidated Financial Statements	F-6 - ~~F-15~~F-18

F-1

PART I FINANCIAL INFORMATION

Item 1. Unaudited condensed consolidated financial statements:

DSWISS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

As of ~~September 30, 2021,~~March 31, 2022 and December 31, ~~2020~~2021

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

	September 30, 2021			December 31, 2020			March 31, 2022			December 31, 2021
	Unaudited			Audited			Unaudited			Audited
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	195,032		$	158,004		$	229,083		$	234,546
Accounts receivable		143,397			9,146			112,864			2,053
Other receivable, prepaid expenses and deposit		23,136			33,604
Income tax receivables		714			434
Other receivables, prepaid expenses and deposit								21,914			53,693
Tax recoverable								2,746			814
Inventories		28,792			37,995			18,702			17,131
Total Current Assets		391,071			239,183			385,309			308,237

NON-CURRENT ASSETS
Property and equipment, net	$	40,303		$	51,953
Plant and equipment, net								86,232			92,970
Intangible assets, net		5,022			5,565			4,222			4,498
Operating lease right -of-use, net		11,497			47,653			80,211			92,606
Total Non-Current Assets		56,822			105,171			170,665			190,074

TOTAL ASSETS	$	447,893		$	344,354		$	555,974		$	498,311

LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable	$	35,117		$	1,213		$	18,799		$	10,901
Other payables and accrued liabilities		307,768			164,013			238,827			205,359
Finance lease liability								16,777			16,697
Amount due to a director								40,184			40,509
Operating lease liability		11,772			48,114			44,907			45,270
Amounts due to a director		45,124			155,437
Finance lease liability		8,628			9,876
Current tax liabilities		174			2,887			173			175
Total Current Liabilities		408,583			381,540			359,667			318,911

NON- CURRENT LIABILITIES
Finance lease liability	$	25,775		$	32,318			53,440			58,055
Operating lease liability								35,304			47,336
Total non-current liabilities		25,775			32,318			88,744			105,391

TOTAL LIABILITIES	$	434,358		$	413,858		$	448,411		$	424,302

STOCKHOLDERS’ EQUITY
Preferred stock, $0.0001 par value, 200,000,000 shares authorized, NaN issued and outstanding		-			-			-			-
Common stock, $0.0001 par value, 600,000,000 shares authorized, 206,904,600 and 206,904,600 shares issued and outstanding as of September 30, 2021 and December 31, 2020 respectively	$	20,690		$	20,690
Common stock, $0.0001 par value, 600,000,000 shares authorized, 206,904,585 shares issued and outstanding as of March 31, 2022 and December 31, 2021 respectively							$	20,690		$	20,690
Additional paid-in capital		1,395,426			1,395,426			1,395,426			1,395,426
Accumulated other comprehensive losses		(30,115	)		(28,177	)		(33,682	)		(32,985	)
Accumulated deficit		(1,383,091	)		(1,483,170	)		(1,278,803	)		(1,309,711	)

TOTAL DSWISS, INC. STOCKHOLDERS’ EQUITY	$	2,910		$	(95,231	)	$	103,631		$	73,420
NON-CONTROLLING INTEREST		10,625			25,727			3,932			589
TOTAL STOCKHOLDERS’ EQUITY		13,535			(69,504	)		107,563			74,009

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	447,893		$	344,354		$	555,974		$	498,311

See accompanying notes to condensed consolidated financial statements.

F-2

DSWISS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

AND COMPREHENSIVE INCOME

FOR THE THREE MONTHS ENDED MARCH 31, 2022 AND ~~NINE MONTHS ENDED SEPTEMBER 30,~~ 2021 ~~AND 2020~~

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

(Unaudited)

2021 2020 2021 2020
Three months ended September 30, Nine months ended September 30,
2021 2020 2021 2020
$ $ $ $
REVENUE 729,180 249,705 1,277,102 998,157

COST OF REVENUE (573,129 ) (158,019 ) (970,026 ) (735,351 )

GROSS PROFIT 156,051 91,686 307,076 262,806

OTHER INCOME 884 4,182 6,657 12,973

SELLING, GENERAL AND ADMINISTRATIVE EXPENSES (70,361 ) (57,643 ) (194,495 ) (144,907 )

OPERATING EXPENSES 1 (19,527 ) (695 ) (64,914 )

FINANCE COST (554 ) 1,219 (2,155 ) (1,541 )

OTHER OPERATING EXPENSES (11,190 ) (30,829 ) (32,407 ) (67,444 )

PROFIT / (LOSS) BEFORE INCOME TAX 74,831 (10,912 ) 83,981 (3,027 )

INCOME TAX PROVISION 2,864 - 2,864 -

NET INCOME / (LOSS) 77,695 (10,912 ) 86,845 (3,027 )
Non-Controlling Interest 9,184 2,555 13,234 (6,019 )
Other comprehensive (loss)/income - - - -
Foreign currency translation adjustment (2,764 ) (11,016 ) (1,938 ) 7,836

TOTAL COMPREHENSIVE INCOME / (LOSS) 84,115 (19,374 ) 98,141 (1,211 )

NET INCOME/LOSS PER SHARE – BASIC AND DILUTED (Cent) 0.04 - 0.04 -

WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING – BASIC AND DILUTED 206,904,600 206,904,600 206,904,600 206,904,600
2022 2021
Three months ended March 31,
2022 2021
REVENUE $ 447,637 $ 289,878

COST OF REVENUE (332,375 ) (173,079 )

GROSS PROFIT 115,262 116,799

OTHER INCOME 4,684 1,963

SELLING, GENERAL AND ADMINISTRATIVE EXPENSES (72,339 ) (70,911 )

OPERATING EXPENSES (440 ) (178 )

FINANCE COST (2,029 ) (459 )

LEASE EXPENSES (10,873 ) (14,426 )

OTHER OPERATING EXPENSES - -

PROFIT BEFORE INCOME TAX 34,265 32,788

TAXATION - -

NET PROFIT $ 34,265 32,788
Non-Controlling Interest (3,357 ) (8,924 )
Other comprehensive income/(loss):
- Foreign currency translation adjustment (697 ) 302

Comprehensive profit 30,211 24,166

Net income per share- Basic and diluted 0.0001 0.0001

Weighted average number of common shares outstanding – Basic and diluted 206,904,585 206,904,600

See accompanying notes to condensed consolidated financial statements.

F-3

DSWISS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
FOR THE ~~NINE MONTHS AND~~ THREE MONTHS ENDED ~~SEPTEMBER 30, 2021~~MARCH 31, 2022
(Currency expressed in United States Dollars (“US$”))
~~(Unaudited)~~(unaudited)
Three Months Ended March 31, 2022 (Unaudited)
~~Nine months Ended September 30, 2021 (Unaudited)~~

Number of shares Amount ADDITIONAL
PAID-IN
CAPITAL ACCUMULATED
COMPREHENSIVE
INCOME/(LOSS)
ACCUMULATED
(DEFICIT)
NON-
CONTROLLING INTEREST TOTAL
EQUITY
COMMON SHARES
Number of shares Amount ADDITIONAL
PAID-IN
CAPITAL ACCUMULATED
OTHER
COMPREHENSIVE
LOSS
ACCUMULATED
(DEFICIT)
NON-
CONTROLLING INTEREST TOTAL
EQUITY
Balance as of December 31, 2020
(audited) 206,904,600 20,690 1,395,426 (28,177 ) (1,483,170 ) 25,727 (69,504 )
Foreign currency translation adjustment - - - (1,938 ) - (1,868 ) (3,806 )
Net profit for the period - - - - 100,079 (13,234 ) 86,845
Balance as of September
30, 2021
206,904,600 20,690 1,395,426 (30,115 ) (1,383,091 ) 10,625 13,535

Number of
shares
Amount
PAID-IN
CAPITAL

COMPREHENSIVE
(LOSS)

ACCUMULATED
(DEFICIT)

CONTROLLING
INTEREST

TOTAL
EQUITY

COMMON STOCK ADDITIONAL ACCUMULATED NON-

Number of
shares
Amount
PAID-IN
CAPITAL

COMPREHENSIVE
(LOSS)

ACCUMULATED
(DEFICIT)

CONTROLLING
INTEREST

TOTAL
EQUITY

Balance as of December 31, 2021 (audited) 206,904,585 20,690 1,395,426 (32,985 ) (1,309,711 ) 589 74,009
Foreign currency translation adjustment - - - (697 ) - (14 ) (711 )
Net profit - - - - 30,908 3,357 34,265
Balance as of March 31, 2022 (unaudited) 206,904,585 20,690 1,395,426 (33,682 ) (1,278,803 ) 3,932 107,563

~~Three months Ended September 30, 2021 (Unaudited)~~
Three Months Ended March 31, 2021 (Unaudited)

COMMON SHARES
Number of shares Amount ADDITIONAL
PAID-IN
CAPITAL
ACCUMULATED
OTHER
COMPREHENSIVE
LOSS

ACCUMULATED
(DEFICIT)
NON-
CONTROLLING INTEREST TOTAL
EQUITY
Balance as of June
30, 2021 206,904,600 20,690 1,395,426 (27,351 ) (1,469,970 ) 19,854 (61,351 )
Foreign currency translation adjustment - - - (2,764 ) - (45 ) (2,809 )
Net profit for the period - - - - 86,879 (9,184 ) 77,695
Balance as of September 30, 2021 206,904,600 20,690 1,395,426 (30,115 ) (1,383,091 ) 10,625 13,535
~~Nine months Ended September 30, 2020 (Unaudited)~~
COMMON STOCK ADDITIONAL ACCUMULATED NON-

Number of
shares
Amount
PAID-IN
CAPITAL

COMPREHENSIVE
(LOSS)

ACCUMULATED
(DEFICIT)

CONTROLLING
INTEREST

TOTAL
EQUITY

Balance as of December 31, 2020 (audited) 206,904,600 20,690 1,395,426 (28,177 ) (1,483,170 ) 25,727 (69,504 )
Foreign currency translation adjustment - - - 302 - (353 ) (51 )
Net loss - - - - 23,864 8,924 32,788
Balance as of March 31, 2021 (unaudited) 206,904,600 20,690 1,395,426 (27,875 ) (1,459,306 ) 34,298 (36,767 )

COMMON SHARES
Number of shares Amount ADDITIONAL
PAID-IN
CAPITAL ACCUMULATED
OTHER
COMPREHENSIVE
LOSS
ACCUMULATED
(DEFICIT)
NON-
CONTROLLING INTEREST TOTAL
EQUITY
Balance as of December 31, 2019
206,904,600 20,690 1,395,426 (34,564 ) (1,490,845 ) 4,851 (104,442 )
Foreign currency translation adjustment - - - 7,836 - 587 8,423
Net loss for the period - - - - (9,046 ) 6,019 (3,027 )
Balance as of September
30, 2020
206,904,600 20,690 1,395,426 (26,728 ) (1,499,891 ) 11,457 (99,046 )
~~Three months Ended September 30, 2020 (Unaudited)~~
COMMON SHARES
Number of shares Amount ADDITIONAL
PAID-IN
CAPITAL ACCUMULATED
OTHER
COMPREHENSIVE
LOSS
ACCUMULATED
(DEFICIT)
NON-
CONTROLLING INTEREST TOTAL
EQUITY
Balance as of June
30, 2020 206,904,600 20,690 1,395,426 (15,712 ) (1,491,534 ) 13,675 (77,455 )
Foreign currency translation adjustment - - - (11,016 ) - 337 (10,679 )
Net loss for the period - - - - (8,357 ) (2,555 ) (10,912 )
Balance as of September 30, 2020 206,904,600 20,690 1,395,426 (26,728 ) (1,499,891 ) 11,457 (99,046 )
F-4

DSWISS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE ~~NINE~~THREE MONTHS ENDED ~~SEPTEMBER 30,~~MARCH 31, 2022 AND 2021 ~~AND 2020~~
(Currency expressed in United States Dollars (“US$”), except for number of shares)
(Unaudited)

2021 2020 2022 2021
Nine months ended September 30, Three months ended March 31,
2021 2020 2022 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net profit / (loss) $ 86,845 $ (3,027 )
Adjustments to reconcile net loss to net cash used in operating activities:
Net profit $ 34,265 $ 32,788
Adjustments to reconcile net profit to net cash used in/- operating activities:
Depreciation and amortization 48,469 46,966 18,374 20,793
Amortization for intangible assets 518 780 258 -
Waiver of accounts payable - (20,513 )
Accounts receivable written-off - 20,417
Plant and equipment written-off - 435
Changes in operating assets and liabilities:
Accounts payable 33,949 36,322 3,463 (790 )
Accounts receivable (134,594 ) (21,564 ) (110,828 ) (80,655 )
Other payables and accrued liabilities 161,819 (30,800 ) 62,652 8,839
Lease liabilities (34,537 ) (33,303 )
Inventories 7,777 (16,922 ) (1,709 ) 4,955
Amount due to director (108,233 ) 25,581
Prepayments, deposits & other receivables 3,413 52,615
Cash generated from operations 65,426 56,987
Tax refund (2,690 ) -
Other receivables, prepaid expenses and deposits 3,223 5,810
Reduction in lease liability (11,652 ) (11,828 )
Cash used in operations (1,954 ) (20,088 )
Tax paid (297 ) (340 ) (2,121 ) (107 )

Net cash generated from operating activities 62,439 56,647
Net cash used in operating activities (4,075 ) (20,195 )

CASH FLOWS FROM INVESTING ACTIVITY:
Purchase of property and equipment (4,399 ) (1,984 )
Purchase of plant and equipment (1,495 ) -
Net cash used in investing activity (4,399 ) (1,984 ) (1,495 ) -

CASH FLOWS FROM FINANCING ACTIVITY:
CASH FLOWS FROM FINANCING ACTIVITIES:
Advance from directors - 416
Repayment of finance lease (6,208 ) (5,956 ) (3,935 ) (2,124 )
Net cash used in financing activity (6,208 ) (5,956 )
Net cash used in financing activities (3,935 ) (1,708 )

Effect of exchange rate changes (14,804 ) 7,673
Effect of exchange rate changes on cash and cash equivalent 4,042 (8,673 )

Net increase in cash and cash equivalents 37,028 56,380
Net decrease in cash and cash equivalents (5,463 ) (30,576 )
Cash and cash equivalents, beginning of period 158,004 48,353 234,546 158,004
CASH AND CASH EQUIVALENTS, END OF PERIOD $ 195,032 $ 104,733 $ 229,083 $ 127,428
SUPPLEMENTAL CASH FLOWS INFORMATION
Income taxes paid $ 297 $ 340 $ (2,751 ) $ (540 )
Interest paid $ 2,155 $ 1,541 $ (442 ) $ (459 )
See accompanying notes to condensed consolidated financial statements.

F-5

DSWISS, INC.
NOTES TO CONDENSED FINANCIAL STATEMENTS
FOR THE ~~NINE~~THREE MONTHS ENDED ~~SEPTEMBER 30, 2021~~MARCH 31, 2022
(Currency expressed in United States Dollars (“US$”), except for number of shares)
(UNAUDITED)

1. DESCRIPTION OF BUSINESS AND ORGANIZATION

DSwiss, Inc. is organized as a Nevada limited liability company, incorporated on May 28, 2015. For the purposes of financial statement presentation, DSwiss, Inc. and its subsidiaries are herein referred to as “the Company” or “we”. The principal activity of the Company is premier biotech-nutraceutical, beauty supplies, and ~~its subsidiaries is to supply high quality~~medical consumables supplies. The Company sells medical consumable supplies, food supplements, skincare, and other related beauty products ~~directly to clients through wholly owned subsidiaries.~~ in Malaysia and around the ASEAN region. We are globally recognized Turnkey Private Label Manufacturing Services for nutraceutical and skincare OEM/ODM products.
Our ~~beauty supplies include, but are not limited to, beverages to assist in weight loss, anti-aging cream,~~professionals manage from custom formulation of scientifically proven and ~~products designed to improve the overall health~~naturally effective, sourcing raw materials, production, quality control, stability, and ~~wellness of clients.~~safety test, clinical testing by third-party labs, packaging, and shipping, including import and export.
Our manufacturing facilities which compliant with GMP (Good Manufacturing Practise), FDA (Food Drug Association), HACCP (Hazard Analysis and Critical Control Point), JAKIM HALAL, and Mesti.

The accompanying unaudited condensed consolidated financial statements of DSwiss, Inc. at ~~September 30,~~March 31, 2022 and 2021 ~~and 2020~~ have been prepared in accordance with generally accepted accounting principles (“GAAP”) for interim financial statements, instructions to Form 10-Q, and Regulation S-X. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted. These condensed consolidated financial statements should be read in conjunction with the financial statements and notes thereto included in our annual report on Form 10-K for the year ended December 31, ~~2020.~~2021. In management’s opinion, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair presentation to make our financial statements not misleading have been included. The results of operations for the periods ended ~~September 30,~~March 31, 2022 and 2021 ~~and 2020~~ presented are not necessarily indicative of the results to be expected for the full year. The December 31, ~~2020~~2021 balance sheet has been derived from our audited financial statements included in our annual report on Form 10-K for the year ended December 31, ~~2020.~~2021.

We have historically conducted our business through DSwiss Sdn Bhd, a private limited liability company, incorporated in Malaysia. DSwiss Holding Limited, incorporated in Seychelles, is an investment holding company with ~~100~~100%% equity interest in DSwiss (HK) Limited, a company incorporated in Hong Kong, which subsequent hold ~~100~~100%% equity interest in DSwiss Sdn. Bhd. On August 31, 2015, DSwiss, Inc. was restructured to be the holding company parent to, and succeed to the operations of, DSwiss Holding Limited. The former unit holder of DSwiss Holding Limited became the unit holder of DSwiss, Inc. and DSwiss Holding Limited became a wholly-owned subsidiary of DSwiss, Inc. This transaction was accounted for as a transaction among entities under common control and the assets, liabilities, revenues and expenses of DSwiss Holding Limited were carried over to and combined with DSwiss, Inc. at historical cost, and as if the transfer occurred at the beginning of the period. Prior periods have been retrospectively adjusted for comparative purposes.

We have invested in DSwiss Biotech Sdn Bhd, a Company incorporated in Malaysia, and owned 4040%% equity interest.

The Company, through its subsidiaries and its variable interest entities (“VIEs”), mainly supplies high quality beauty products. Details of the Company’s subsidiaries and associates:
SCHEDULE OF VARIABLE INTEREST ENTITY
Company name Place and date of incorporation Particulars of issued
capital Principal activities Proportional of ownership interest
and voting power
held Company name Place and date
of incorporation Particulars of issued
capital Principal activities Proportional
of ownership interest
and voting power
held

1. DSwiss Holding Limited Seychelles,
May 28, 2015 1 share of ordinary share of US$1 each Investment holding 100 % DSwiss Holding Limited Seychelles, May 28, 2015 1 share of ordinary share of US$1 each Investment holding 100 %

2. DSwiss (HK) Limited Hong Kong,
May 28, 2015 1 share of ordinary share of HK$1 each Supply of medical, health and beauty products 100 % DSwiss (HK) Limited Hong Kong,May 28, 2015 1 share of ordinary share of HK$1 each Supply of beauty products 100 %

3. DSwiss Sdn Bhd Malaysia,
March 10, 2011 2 shares of ordinary share of RM 1 each Supply of medical, health and beauty products 100 % DSwiss Sdn Bhd Malaysia, March 10, 2011 2 shares of ordinary share of RM 1 each Supply of beauty products 100 %

4. DSwiss Biotech Sdn Bhd Malaysia,
March 17, 2016 250,000 shares of ordinary share of RM 1 each Supply of biotech products 40 % DSwiss Biotech Sdn Bhd(1) Malaysia, March 17, 2016 250,000 shares of ordinary share of RM 1 each Supply of biotech products 40 %

(1) Based on the contractual arrangements between the Company and other investors, the Company has the power to direct the relevant activities of these entities unilaterally, and hence the Company has control over these entities.

F-6

DSWISS, INC.
NOTES TO CONDENSED FINANCIAL STATEMENTS
FOR THE ~~NINE~~THREE MONTHS ENDED ~~SEPTEMBER 30, 2021~~MARCH 31, 2022
(Currency expressed in United States Dollars (“US$”), except for number of shares)
(UNAUDITED)

2. ~~GOING CONCERN UNCERTAINTIES~~SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Going Concern

The accompanying financial statements have been prepared ~~using the~~on a going concern basis, ~~of accounting,~~ which contemplates the realization of assets and the ~~satisfaction~~settlement of liabilities and commitments in the normal course of business.
As ~~of September 30, 2021,~~reflected in the accompanying financial statements, for the period ended March 31, 2022, the Company suffered an accumulated deficit of $~~1,383,091~~ 1,278,803and ~~having net current liabilities~~negative operating cash flow of $~~17,512~~4,075~~for period ended September 30, 2021. The continuation of~~. These factors raise substantial doubt about the ~~Company~~Company’s ability to continue as a going concern ~~through September 30, 2021~~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 ~~the~~its profitability and the continuing financial support from its ~~major stockholders.~~shareholders. Management believes the existing ~~major~~ shareholders or external financing will provide the additional cash to meet the Company’s obligations as they become due.
~~These and other factors raise substantial doubt about~~ 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’s ability~~Company. Even if the Company is able to ~~continue as a going concern. These financial statements do not include any adjustments to reflect the possible future effects~~obtain additional financing, if needed, it may contain undue restrictions on ~~the recoverability and classification of assets or the amounts and classification of liabilities that may result~~its operations, in the ~~Company not being able to continue as a going concern.~~case of debt financing, or cause substantial dilution for its stock holders, in the case of equity financing.
3. ~~SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES~~

Basis of presentation

The accompanying condensed consolidated financial statements are prepared in accordance with generally accepted accounting principles in the United States of America (“US GAAP”).

Basis of consolidation

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

Use of estimates

In preparing these consolidated financial statements, management makes estimates and assumptions that affect the reported amounts of assets and liabilities in the balance sheets, and revenues and expenses during the periods reported. Actual results may differ from these estimates.

Revenue recognition

The Company follows the guidance of Accounting Standards Codification (ASC) 606, Revenue from Contracts. ASC 606 creates a five-step model that requires entities to exercise judgment when considering the terms of contracts, which includes (1) identifying the contracts or agreements with a customer, (2) identifying our performance obligations in the contract or agreement, (3) determining the transaction price, (4) allocating the transaction price to the separate performance obligations, and (5) recognizing revenue as each performance obligation is satisfied. The Company only applies the five-step model to contracts when it is probable that the Company will collect the consideration it is entitled to in exchange for the services it transfers to its clients.

Revenue from trading of retail goods is recognized when title and risk of loss are transferred and there are no continuing obligations to the customer. Title and the risks and rewards of ownership transfer to and accepted by the customer when the products are ~~delivered to~~collected by the ~~customers.~~customer at the Company’s office. Revenue is recorded net of sales discounts, returns, allowances, and other adjustments that are based upon management’s best estimates and historical experience and are provided for in the same period as the related revenues are recorded.

The Company mainly derives its revenue from the sale of healthy food products. ~~The Company also provides~~ ~~lab test services as another source of revenue.~~Generally, the Company recognizes revenue when ~~products~~OEM, Home brand and medical consumables product are sold and accepted by the customers and there are no continuing obligations to the customer.

Cost of revenue

Cost of revenue includes the ~~raw material, repacking fees,~~purchase cost of retail goods for re-sale to customers and packing materials ~~and inbound freight charges.~~(such as boxes). It excludes purchasing and receiving costs, inspection costs, warehousing costs, internal transfer costs and other costs of distribution network in cost of revenues.

Shipping and handling fees
Shipping and handling fees, if billed to customers, are included in revenue. Shipping and handling fees associated with inbound and outbound freight are expensed as incurred and included in selling and distribution expenses. Shipping and handling fees are expensed as incurred for the three months ended March 31, 2022 were $29, while for the three months ended March 31, 2021 were $717.

F-7

DSWISS, INC.
NOTES TO CONDENSED FINANCIAL STATEMENTS
FOR THE ~~NINE~~THREE MONTHS ENDED ~~SEPTEMBER 30, 2021~~MARCH 31, 2022
(Currency expressed in United States Dollars (“US$”), except for number of shares)
(UNAUDITED)

Selling and distribution expenses

Selling and distribution expenses are primarily comprised of travelling and accommodation, transportation fees such as petrol, toll and parking and shipping and handling fees.

Cash and cash equivalents

The Company consider all highly liquid instruments with a maturity of three months or less at the time of issuance to be cash equivalent.

Inventories

Inventories consisting of products available for sell, are stated at the lower of cost or market value. Cost of inventory is determined using the first-in, first-out (FIFO) method. Inventory reserve is recorded to write down the cost of inventory to the estimated market value due to slow-moving merchandise and damaged goods, which is dependent upon factors such as historical and forecasted consumer demand, and promotional environment. The Company takes ownership, risks and rewards of the products purchased. Write downs are recorded in cost of revenues in the Condensed Consolidated Statements of Operations and Comprehensive Income.

~~Property~~Plant and equipment

~~Property~~Plant and equipment are stated at cost less accumulated depreciation and impairment. Depreciation of plant, equipment and software are calculated on the straight-line method over their estimated useful lives or lease terms generally as follows:
SUMMARY OF PROPERTY AND EQUIPMENT USEFUL LIFE
Classification Estimated useful lives
Computer and software 5 years
Furniture and fittings 5 years
Office equipment 10 years
Motor vehicle 5 years

Intangible assets

Intangible assets are stated at cost less accumulated amortization. Intangible assets represented the registration costs of trademarks in Malaysia and Hong Kong, ~~China, and Malaysia,~~ which are amortized on a straight-line basis over a useful life of ~~five~~ten years.

The Company follows ASC Topic 350 in accounting for intangible assets, which requires impairment losses to be recorded when indicators of impairment are present and the undiscounted cash flows estimated to be generated by the assets are less than the assets’ carrying amounts. There were no impairment losses recorded on intangible assets for the ~~nine~~three months ended ~~September 30, 2021.~~March 31, 2022.

Leases

Prior to November 1, 2019, the Company accounted for leases under ASC 840, Accounting for ~~Leases.~~Leases. Effective November 1, 2019, the Company adopted the guidance of ASC 842, Leases, which requires an entity to recognize a right-of-use asset and a lease liability for virtually all leases. The implementation of ASC 842 did not have a material impact on the Company’s consolidated financial statements and did not have a significant impact on our liquidity. The Company adopted ASC 842 using a modified retrospective approach. As a result, the comparative financial information has not been updated and the required disclosures prior to the date of adoption have not been updated and continue to be reported under the accounting standards in effect for those ~~periods.~~periods (see Note ~~14)~~10).

Income taxes

~~Income~~The provision of income taxes ~~are~~is determined in accordance with the provisions of ASC Topic 740, “~~Income Taxes~~”“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% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts.

The Company conducts ~~major~~much of its businesses activities in ~~Malaysia. The Company~~Hong Kong and is subject to tax in ~~these jurisdictions.~~this jurisdiction. As a result of its business activities, the Company will file separate tax returns that are subject to examination by the foreign tax ~~authority.~~authorities.

F-8

DSWISS, INC.
NOTES TO CONDENSED FINANCIAL STATEMENTS
FOR THE ~~NINE~~THREE MONTHS ENDED ~~SEPTEMBER 30, 2021~~MARCH 31, 2022
(Currency expressed in United States Dollars (“US$”), except for number of shares)
(UNAUDITED)

Net ~~income~~income/(loss) per share

The Company calculates net ~~income~~income/(loss) per share in accordance with ASC Topic 260, “Earnings per Share.” Basic ~~income~~income/(loss) per share is computed by dividing the net ~~income~~income/(loss) by the weighted-average number of common shares outstanding during the period. Diluted income per share is computed similar to basic ~~income~~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

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 Condensed Consolidated Statements of Operations and Comprehensive Income.

The reporting currency of the Company is United States Dollars (“US$”) and the accompanying financial statements have been expressed in US$. In addition, the Company’s subsidiaries and VIEs in Malaysia and Hong Kong maintains their books and record in their local currency, Ringgits Malaysia (“RM”) and Hong Kong Dollars (“HK$”) respectively, which is functional currency as being the primary currency of the economic environment in which the entity operates.

In general, for consolidation purposes, assets and liabilities of its subsidiaries whose functional currency is not 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 statements of stockholders’ equity.

Translation of amounts from RM into US$1 ~~HK$ into US$1~~ and ~~RMB~~HK$ into US$1 has been made at the following exchange rates for the respective periods:
SCHEDULE OF FOREIGN CURRENCIES TRANSLATION
As of and for the nine months ended
September 30, As of and for the three months ended
March 31,
2021 2020 2022 2021

Period-end RM : US$1 exchange rate 4.19 4.16 4.21 4.14
Period-average RM : US$1 exchange rate 4.12 4.22 4.20 4.07
Period-end HK$ : US$1 exchange rate 7.79 7.75 7.83 7.76
Period-average HK$ : US$1 exchange rate 7.77 7.76 7.81 7.77
Period-end RMB : US$1 exchange rate 6.46 6.79
Period-average RMB : US$1 exchange rate 6.47 6.99

F-9

DSWISS, INC.
NOTES TO CONDENSED FINANCIAL STATEMENTS
FOR THE ~~NINE~~THREE MONTHS ENDED ~~SEPTEMBER 30, 2021~~MARCH 31, 2022
(Currency expressed in United States Dollars (“US$”), except for number of shares)
(UNAUDITED)

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.

Fair value of financial ~~instruments:~~instruments:

The carrying value of the Company’s financial instruments: cash and cash equivalents, ~~trade receivables,~~accounts receivable, deposits, ~~trade~~accounts payable, other payables, and accounts payable 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.

Segment reporting

ASC Topic 280, “Segment Reporting” establishes standards for reporting information about operating segments on a basis consistent with the Company’s internal organization structure as well as information about geographical areas, business segments and major customers in financial statements. For the ~~nine~~three months ended ~~September 30, 2020,~~March 31, 2022, the Company operates in ~~four~~3 reportable operating ~~segments~~segment in Malaysia ~~China~~ and Hong Kong.

Recent accounting pronouncements
FASB issues various Accounting Standards Updates relating to the treatment and recording of certain accounting transactions. On June 10, 2014, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) No. 2014-10, Development Stage Entities (Topic 915) Elimination of Certain Financial Reporting Requirements, including an Amendment to Variable Interest Entities Guidance in Topic 810, Consolidation, which eliminates the concept of a development stage entity (DSE) entirely from current accounting guidance. The Company has elected adoption of this standard, which eliminates the designation of DSEs and the requirement to disclose results of operations and cash flows since inception.

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.

F-10

DSWISS, INC.
NOTES TO CONDENSED FINANCIAL STATEMENTS
FOR THE ~~NINE~~THREE MONTHS ENDED ~~SEPTEMBER 30, 2021~~MARCH 31, 2022
(Currency expressed in United States Dollars (“US$”), except for number of shares)
(UNAUDITED)

4.3. VIE STRUCTURE AND ARRANGEMENTS

On June 27, 2016, DSwiss (HK) Limited (“DSHK”) entered into a Management Services Agreement (the “Management Services Agreement I”) which entitles DSHK to substantially entitled to all of the economic benefits of DSwiss Biotech Sdn Bhd (“DSBT”) in consideration of services provided by DSHK to DSBT. Pursuant to the Management Services Agreement I, DSHK has the exclusive right to provide to DSBT management, financial and other services related to the operation of DSBT’s business, and DSBT is required to take all commercially reasonable efforts to permit and facilitate the provision of the services provided by DSHK. As compensation for providing the services, DSHK is entitled to receive a fee from DSBT, upon demand, equal to ~~100~~100%% of the annual net profits of DSBT during the term of the Management Services Agreement I. DSHK may also request, on ad hoc basis, quarterly payments of the aggregate fee, which payments will be credited against DSBT’s future payment obligations.

The Management Services Agreement I also ~~provide~~provides DSHK, or its designee, with a right of first refusal to acquire all or any portion of the equity of DSBT upon any proposal by the sole shareholder of DSBT to transfer such equity. In addition, at the sole discretion of DSHK, DSBT is obligated to transfer to DSHK, or its designee, any part or all of the business, personnel, assets and operations of DSBT which may be lawfully conducted, employed, owned or operated by DSHK, including:

(a) business opportunities presented to, or available to DSBT may be pursued and contracted for in the name of DSHK rather than DSBT, and at its discretion, DSHK may employ the resources of DSBT to secure such opportunities;

(b) any tangible or intangible property of DSBT, any contractual rights, any personnel, and any other items or things of value held by DSBT may be transferred to DSHK at book value;

(c) real property, personal or intangible property, personnel, services, equipment, supplies and any other items useful for the conduct of the business may be obtained by DSHK by acquisition, lease, license or otherwise, and made available to DSBT on terms to be determined by agreement between DSHK and DSBT;

(d) contracts entered into in the name of DSBT may be transferred to DSHK, or the work under such contracts may be subcontracted, in whole or in part, to DSHK, on terms to be determined by agreement between DSHK and DSBT; and

(e) any changes to, or any expansion or contraction of, the business may be carried out in the exercise of the sole discretion of DSHK, and in the name of and at the expense of, DSHK; provided, however, that none of the foregoing may cause or have the effect of terminating (without being substantially replaced under the name of DSHK) or adversely affecting any license, permit or regulatory status of DSBT.

In addition, DSHK entered into certain agreements with Jervey Choon, (the “DSBT shareholder”), including

(i) a Call Option Agreement allowing DSHK to acquire the shares of DSBT as permitted by Malaysia laws;

(ii) a Shareholders’ Voting Rights Proxy Agreement that provides DSHK with the voting rights of the DSBT; and

(ii) an Equity Pledge Agreement that pledges the shares in DSBT.

This VIE structure provides DSHK, a wholly-owned subsidiary of DSwiss Holding Limited, which is the wholly-owned subsidiary of DSwiss Inc, with control over the operations and benefits of DSBT without having a direct equity ownership in DSBT.

F-11

DSWISS, INC.
NOTES TO CONDENSED FINANCIAL STATEMENTS
FOR THE ~~NINE~~THREE MONTHS ENDED ~~SEPTEMBER 30, 2021~~MARCH 31, 2022
(Currency expressed in United States Dollars (“US$”), except for number of shares)
(UNAUDITED)

5.4. STOCKHOLDERS’ EQUITY

As of ~~September 30, 2021,~~March 31, 2022, the Company had a total of ~~206,904,600~~206,904,585 of its common stock issued and outstanding. There are 0shares of preferred stock issued and outstanding.

6.5. ~~PROPERTY~~PLANT AND EQUIPMENT
SCHEDULE OF PLANT AND EQUIPMENT
September 30, 2021 December 31, 2020
March 31,
2022

December 31,
2021

Computers and software $ 98,757 $ 96,508
Computer and software $ 103,545 $ 102,050
Furniture and fittings 6,144 6,144 6,144 6,144
Office equipment 13,118 11,113 13,126 13,126
Motor vehicles 79,054 79,054
Total property and equipment $ 197,072 $ 192,819
Motor vehicle 133,003 133,003
Total plant and equipment $ 255,818 $ 254,323
Accumulated depreciation (152,627 ) (138,371 ) (164,606 ) (157,105 )
Effect of translation exchange (4,143 ) (2,495 ) (4,980 ) (4,248 )
Property and equipment, net $ 40,303 $ 51,953
Plant and equipment, net $ 86,232 $ 92,970

Depreciation expense for the three months ~~and nine months~~ ended ~~September 30,~~March 31, 2022 and 2021 were $~~4,715~~ ~~and $14,100~~ ~~respectively.~~
~~Depreciation expense for the three months and nine months ended September 30, 2020 were $4,738~~7,501 and $~~13,990~~4,774 respectively.

7.6. INTANGIBLE ASSETS
SCHEDULE OF INTANGIBLE ASSETS
September 30, 2021 December 31, 2020
March 31,
2022

December 31,
2021

Trademarks $ 12,077 $ 12,077 $ 12,077 $ 12,077
Amortization (6,619 ) (6,101 ) (7,393 ) (7,135 )
Effect of translation exchange (436 ) (411 ) (462 ) (444 )
Intangible assets, net $ 5,022 $ 5,565 $ 4,222 $ 4,498

Amortization for the three months ended March 31, 2022 and ~~nine months ended September 30,~~March 31, 2021 ~~was~~were $0 ~~and $518~~ ~~respectively.~~
~~Amortization for the three months and nine months ended September 30, 2020 was $260~~258 and $~~780~~0, respectively.

8.7. OTHER ~~RECEIVABLE,~~RECEIVABLES, PREPAID EXPENSES AND DEPOSITS
SCHEDULE OF OTHER RECEIVABLES, PREPAID EXPENSES AND DEPOSITS
September 30, 2021
December 31, 2020

March 31,
2022

December 31,
2021

Prepaid expenses $ 973 $ 1,470 $ 1,388 $ 977
Deposits 22,163 32,134 20,526 52,716
Total prepaid expenses and deposits $ 23,136 $ 33,604 $ 21,914 $ 53,693
8. INVENTORIES
SCHEDULE OF INVENTORIES

March 31,
2022

December 31,
2021

Finished goods, at cost $ 18,702 $ 17,131
Total inventories $ 18,702 $ 17,131

9. ~~INVENTORIES~~
~~SCHEDULE OF INVENTORIES~~
September 30, 2021 December 31, 2020
Finished goods, at cost $ 28,792 $ 37,995
Total inventories $ 28,792 $ 37,995
~~10.~~ OTHER PAYABLES AND ACCRUED LIABILITIES
SCHEDULE OF OTHER PAYABLES AND ACCRUED LIABILITIES
September 30, 2021 December 31, 2020
Other payables $ 276,480 $ 120,521
Accrued audit fees 12,027 18,831
Accrued other expenses 15,634 20,911
Accrued professional fees 3,627 3,750
Total payables and accrued liabilities $ 307,768 $ 164,013

March 31,
2022

December 31,
2021

Other payables $ 184,025 $ 164,529
Accrued audit fees 25,674 21,342
Accrued other expenses 17,735 14,136
Accrued professional fees 11,393 5,352
Total payables and accrued liabilities $ 238,827 $ 205,359

F-12

DSWISS, INC.
NOTES TO CONDENSED FINANCIAL STATEMENTS
FOR THE ~~NINE~~THREE MONTHS ENDED ~~SEPTEMBER 30, 2021~~MARCH 31, 2022
(Currency expressed in United States Dollars (“US$”), except for number of shares)
(UNAUDITED)
~~11.~~10. FINANCE LEASE LIABILITY

The Company purchased a motor ~~vehicle under a~~vehicles with finance lease. The first finance lease agreement commenced on July 31, 2018 with the effective interest rate of ~~3.73~~%3.62% per annum, due through June, 2025, with principal and interest payable ~~monthly.~~monthly. The second finance lease agreement commenced on December 3, 2021 with the effective interest rate of 3.70% per annum, due through November, 2026, with principal and interest payable monthly. The obligation under the finance lease is as follows:
SCHEDULE OF OBLIGATION UNDER FINANCE LEASE

As of As of As of March 31, As of December 31,
September 30, 2021 December 31, 2020 2022 2021
Finance lease $ 37,285 $ 46,490 $ 76,186 $ 81,676
Less: interest expense (2,882 ) (4,296 ) (5,969 ) (6,924 )
Net present value of finance lease 34,403 42,194 70,217 74,752

Current portion 8,628 9,876 16,777 16,697
Non-current portion 25,775 32,318 53,440 58,055
Total $ 34,403 $ 42,194 $ 70,217 $ 74,752

As of ~~September 30, 2021~~March 31, 2022 the maturities of the finance lease for each of the years are as follows:
SCHEDULE OF MATURITIES OF FINANCE LEASE

2021 2,120
2022 8,728 11,842
2023 9,129 17,306
2024 9,530 18,048
2025 4,896 13,777
2026 9,244
Total $ 34,403 $ 70,217

11. AMOUNT DUE TO A DIRECTOR
As of March 31, 2022 and December 31, 2021, a director of the Company advanced $40,184 and $40,509, respectively to the Company, which is unsecured, interest-free with no fixed repayment term, for working capital purpose.
F-13
DSWISS, INC.
NOTES TO CONDENSED FINANCIAL STATEMENTS
FOR THE THREE MONTHS ENDED MARCH 31, 2022
(Currency expressed in United States Dollars (“US$”), except for number of shares)
(UNAUDITED)
12. INCOME TAXES

For the ~~nine~~three months ended ~~September~~March 2022 and 2021, ~~and 2020,~~ the local (United States) and foreign components of ~~income/(loss)~~profit before income taxes were comprised of the following:
SCHEDULE OF COMPONENTS OF INCOME LOSS BEFORE INCOME TAXES

2021 2020
For the three
months ended
March 31, 2022

For the three
months ended
March 31, 2021

Tax jurisdictions from:
- Local $ (25,073 ) $ (47,122 ) $ (8,742 ) $ (4,024 )
- Foreign, representing
Seychelles (1,427 ) (1,593 ) (453 ) (1,500 )
Hong Kong (4,567 ) (1,879 ) (947 ) (1,841 )
Malaysia 117,912 40,861 44,407 40,153
PRC - 6,706
Profit / (Loss) before income tax $ 86,845 $ (3,027 )

Profit before income tax $ 34,265 $ 32,788

The provision for income taxes consisted of the following:
SCHEDULE OF PROVISION FOR INCOME TAXES
2021 2020
Current:
- Local $ - $ -
- Foreign 2,864 -

Deferred:
- Local - -
- Foreign - -

Income tax expense $ 2,864 $ -
For the three
months ended
March 31, 2022
For the three
months ended
March 31, 2021
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, Seychelles, Hong Kong ~~Malaysia~~ and ~~PRC~~Malaysia 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 ~~September 30, 2021,~~March 31, 2022, the operations in the United States of America incurred $~~410,622~~437,720 of cumulative net operating losses which can be carried forward to offset future taxable income, at the tax rate of 21%. The net operating loss carry forwards begin to expire in 2038, if unutilized. The Company has provided for a full valuation allowance of $~~86,231~~91,921 against the deferred tax assets on the expected future tax benefits from the net operating loss carry forwards as the management believes it is more likely than not that these assets will not be realized in the future.

Seychelles

Under the current laws of the Seychelles, DSwiss Holding Limited is registered as an international business company which governs by the International Business Companies Act of Seychelles and there is no income tax charged in Seychelles.

Hong Kong

DSwiss (HK) Limited is subject to Hong Kong Profits Tax, which is charged at the statutory income tax rate of 16.5% on its assessable income. As of ~~September 30, 2021,~~March 31, 2022, the operations in the Hong Kong incurred $~~626,782~~ 628,099of cumulative net operating losses which can be carried forward to offset future taxable income, at the tax rate of 16.5%. The Company has provided for a full valuation allowance of $~~103,419~~ 103,636against the deferred tax assets on the expected future tax benefits from the net operating loss carry forwards as the management believes it is more likely than not that these assets will not be realized in the future.

Malaysia

DSwiss Sdn Bhd and DSwiss Biotech Sdn Bhd are subject to Malaysia Corporate Tax, which is charged at the statutory income tax rate range from 17% to 24% on its assessable income. As of ~~September 30, 2021,~~March 31, 2022, the operations in the Malaysia incurred $~~354,782~~228,392 of cumulative net operating losses which can be carried forward to offset future taxable income, at the tax rate of 17%. The Company has provided for a full valuation allowance of $~~60,313~~38,826 against the deferred tax assets on the expected future tax benefits from the net operating loss carry forwards as the management believes it is more likely than not that these assets will not be realized in the future.

~~F-13~~F-14

~~DSWISS, INC.~~
DSWISS, INC.
NOTES TO CONDENSED FINANCIAL STATEMENTS
FOR THE ~~NINE~~THREE MONTHS ENDED ~~SEPTEMBER 30, 2021~~MARCH 31, 2022
(Currency expressed in United States Dollars (“US$”), except for number of shares)
(UNAUDITED)
~~(UNAUDITED)~~
13. CONCENTRATIONS OF RISK

The Company is exposed to the following concentrations of risk:
~~SCHEDULE OF CONCENTRATIONS OF RISKS~~
(a) Major customers

For three months ended ~~September 30,~~March 31, 2022 and 2021, ~~and 2020,~~ the customers who accounted for 10% or more of the Company’s revenues and its accounts receivable balance at period-end are presented as follows:
SCHEDULE OF CONCENTRATIONS OF RISKS
2021 2020 2021 2020 2021 2020
Revenues Percentage of
revenues
Accounts
receivable, trade

Customer A $ 448,788 $ 120,988 61 % 49 % $ - -
Customer B $ - $ 64,637 - % 26 % $ - -
Customer C $ - $ - - % - % $ - -
Customer D $ 135,382 $ - 19 % - % $ 72,465 -
$ 584,170 $ 185,625 80 % 75 % $ 72,465 -
~~For nine months ended September 30, 2021 and 2020, the customers who accounted for 10% or more of the Company’s revenues and its accounts receivable balance at period-end are presented as follows:~~
2021 2020 2021 2020 2021 2020 2022 2021 2022 2021 2022 2021
Revenues Percentage of
revenues Accounts
receivable, trade Revenue Percentage of
revenue Accounts receivable

Customer A $ 723,743 $ 293,377 57 % 29 % $ - - $ - $ 34,445 - % 12 % $ - $ 4,639
Customer B $ - $ 120,988 - % 12 % $ - - $ 71,675 $ 173,379 16 % 60 % $ - $ 75,962
Customer C $ - $ 115,068 - % 11 % $ - - $ 101,959 $ 44,513 23 % 15 % $ 50,852 $ -
Customer D $ 267,912 $ - 21 % - $ 72,465 - $ 82,148 $ 100 18 % % $ - $ -
Customer E $ 58,037 $ - 13 % - % $ 36,037 $ -
$ 991,655 $ 529,433 78 % 52 % $ 72,465 - $ 313,819 $ 252,437 70 % 87 % $ 86,619 80,601

(b) Major vendors

For three months ended ~~September 30,~~March 31, 2022 and 2021, ~~and 2020,~~ the vendors who accounted for 10% or more of the Company’s purchases and its accounts payable balance at period-end are presented as follows:

2021 2020 2021 2020 2021 2020
Purchases Percentage of
purchases
Accounts
payable, trade

Vendor A $ - $ 21,309 - % 13 % $ - -
Vendor B $ 252,888 $ 20,480 43 % 13 % $ 15,396 -
Vendor C $ - $ 17,994 - % 11 % $ - -
$ 252,888 $ 59,783 43 % 37 % $ 15,396 -
~~For nine months ended September 30, 2021 and 2020, the vendors who accounted for 10% or more of the Company’s revenues and its accounts receivable balance at period-end are presented as follows:~~
2021 2020 2021 2020 2021 2020 2022 2021 2022 2021 2022 2021
Purchases Percentage of
purchases
Accounts
payable, trade
Purchase Percentage of
purchase Accounts payable

Vendor A $ - $ 207,732 - % 28 % $ - - $ - $ 16,915 - % 10 % $ - -
Vendor B $ 505,129 $ 122,841 53 % 16 % $ 15,396 - $ 104,929 $ 129,422 31 % 77 % $ - -
Vendor C $ - $ 105,953 - % 14 % $ - - $ 57,071 $ - 17 % - % $ - -
Vendor D $ 72,290 $ - 22 % - % $ 6,568 -
$ 505,129 $ 436,526 53 % 58 % $ - -
$ 234,290 $ 146,337 70 % 87 % $ 6,568 -

All vendors are located in Malaysia.

(c) Credit risk

Financial instruments that are potentially subject to credit risk consist principally of accounts receivable. The Company believes the concentration of credit risk in its ~~trade receivables~~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.

(d) Exchange rate risk

The Company cannot guarantee that the current exchange rate will remain stable, therefore there is a possibility that the Company could post the same amount of income for two comparable periods and because of the fluctuating exchange rate actually post higher or lower income depending on exchange rate of RM converted to US$ and HK$ converted into US$ on that date. The exchange rate could fluctuate depending on changes in political and economic environments without notice.

~~F-14~~F-15

DSWISS, INC.
NOTES TO CONDENSED FINANCIAL STATEMENTS
FOR THE ~~NINE~~THREE MONTHS ENDED ~~SEPTEMBER 30, 2021~~MARCH 31, 2022
(Currency expressed in United States Dollars (“US$”), except for number of shares)
(UNAUDITED)
14. LEASE RIGHT-OF-USE ASSET AND LEASE LIABILITIES

The Company officially adopted ASC 842 for the period on and after January 1, 2019 as permitted by ASU 2016-02. ASC 842 originally required all entities to use a “modified retrospective” transition approach that is intended to maximize comparability and be less complex than a full retrospective approach. On July 30, 2018, the FASB issued ASU 2018-11 to provide entities with relief from the costs of implementing certain aspects of the new leasing standard, ASU 2016-02 of which permits entities may elect not to recast the comparative periods presented when transitioning to ASC 842. As permitted by ASU 2018-11, the Company elect not to recast comparative periods, thusly.

As of January 1, ~~2019,~~2022, the Company recognized approximately US$~~136,308~~92,606, lease liability as well as right-of-use asset for all leases (with the exception of short-term leases) at the commencement date. Lease liabilities are measured at present value of the sum of remaining rental payments as of January 1, ~~2019,~~2022, with discounted rate of ~~4.47~~5.4% adopted from Public Bank Berhad’s base lending rate as a reference for discount rate.

A single lease cost is recognized over the lease term on a generally straight-line basis. All cash payments of operating lease cost are classified within operating activities in the statement of cash flows.

The operating lease right and lease liability as follow:

As of ~~September 30,~~March 31, 2022 and December 31, 2021, operating lease right of use asset as follow:
SCHEDULE OF OPERATING LEASE RIGHT OF USE ASSET
Right-Of-Use Assets
As of January 1, 2021 $ 47,653
Amortization for the three months ended March 31, 2021 (11,744 )
Foreign exchange translation (480 )
Balance as of March 31, 2021 $ 35,429
Amortization for the three months ended June 30, 2021 (11,875 )
Foreign exchange translation (500 )
Balance as of June 30, 2021 $ 23,054
Amortization for the three months ended September 30, 2021 (11,366 )
Foreign exchange translation (191 )
Balance as of September 30, 2021 $ 11,497
As of March 31, 2022 As of December 31, 2021
As of beginning of the period/year $ 92,606 $ 47,653
Add: New lease commenced on 1 January 2022 - 92,606
Accumulated amortization (10,873 ) (46,571 )
Effect of translation exchange (1,522 ) (1,082 )
Balance as of end of the period/year $ 80,211 $ 92,606

~~For the three months ended September 30,~~As of March 31, 2022 and December 31, 2021, ~~and 2020,~~ the amortization of the operating lease right of use asset are $~~11,366~~10,873 and $~~11,208~~44,486 respectively.
F-16
DSWISS, INC.
NOTES TO CONDENSED FINANCIAL STATEMENTS
FOR THE THREE MONTHS ENDED MARCH 31, 2022
(Currency expressed in United States Dollars (“US$”), except for number of shares)
(UNAUDITED)

As of ~~September 30, 2021,~~March 31, 2022, operating lease liability as follow:
SCHEDULE OF OPERATING LEASE LIABILITY
Lease Liability
As of January 1, 2021 $ 48,114
Imputed interest 447
Gross repayment (12,241 )
Foreign exchange translation (34 )
Balance as of March 31, 2021 $ 36,286
Imputed interest 311
Gross repayment (12,114 )
Foreign exchange translation (874 )
Balance as of June 30, 2021 $ 23,609
Imputed interest 177
Gross repayment (12,014 )
Foreign exchange translation (1 )
Balance as of September 30, 2021 11,772
Less: lease liability current portion 11,772
As of January 1, 2022 $ 92,606
Less: gross repayment (12,002 )
Add: imputed interest 1,129
Effect of translation exchange (1,522 )
Balance as of March 31, 2022 $ 80,211
Less: lease liability current portion (44,907 )
Lease liability non-current portion $ 35,304

Maturities of operating lease obligation as follow:
SCHEDULE OF MATURITIES OF OPERATING LEASE OBLIGATION
Year ending
December 31, 2021 11,772
December 31, 2022 44,907
December 31, 2023 35,304
Total $ 11,772 $ 80,211

Other information:
SCHEDULE OF OPERATING LEASE ~~OTHER INFORMATION~~COST
Year ended September 30, 2021 Year ended December 31, 2020
(Unaudited) (Unaudited)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flow from operating lease $ 34,369 $ 45,312
Right-of-use assets obtained in exchange for operating lease liabilities 11,497 48,114
Remaining lease term for operating lease (years) 0.25 1
Weighted average discount rate for operating lease 4.47 % 4.47 %
As of March 31, 2022 As of December 31, 2021
(unaudited) (audited)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flow from operating lease $ 10,873 $ 44,486
Right-of-use assets obtained in exchange for operating lease liabilities 44,907 45,270
Remaining lease term for operating lease (years) 2 -
Weighted average discount rate for operating lease 5.4 % 4.47 %

~~Lease expenses were $34,369~~ ~~for the period ended September 30,~~As of March 31, 2022 and December 31, 2021, ~~respectively while~~ lease expenses were $~~45,312~~ 10,873 and $44,486~~for the year ended December 31, 2020.~~ respectively.
15. RELATED PARTY TRANSACTIONS
For the period ended ~~September 30, 2021~~March 31, 2022 the Company has the following transactions with related party:
SCHEDULE OF RELATED PARTY TRANSACTION

For the period ended
September 30,
2021
(Unaudited)

For the period ended
September 30,
2020
(Unaudited)
For the period ended March 31, 2022 (Unaudited) For the period ended March 31, 2021 (Unaudited)
Professional Fees:
- Related party A $ 8,000 $ 15,700 $ 1,500 $ 1,500

Sales
- Related party B $ 267,912 $
-
$ 101,959 $ 44,513
- Related party C 12,953 - 3,504 -
- Related party D 8,364 - - 13,255

Total $ 297,229 $ 15,700 $ 106,963 $ 59,268
The related party A, is a wholly owned subsidiary of a ~~7.33~~7.33%% shareholder of the Company.

The r~~elated~~related party B’s director and shareholder is the founder of the Company.

The r~~elated~~related party C’s director and shareholder is the founder of the Company.

The r~~elated~~related party D’s director is the founder of the Company. The shareholder of related party D is related party C.

The related party transaction is generally transacted in an arm-length basis at the current market value in the normal course of ~~business.~~business.
16. ~~GOING CONCERN~~SEGMENTED INFORMATION

~~As of September 30, 2021,~~ASC 280, “Segment Reporting” establishes standards for reporting information about operating segments on a basis consistent with the ~~Company suffered an accumulated deficit of $1,383,091~~ Company’s internal organization structure as well as information about services categories, business segments and ~~having net current liabilities of $17,512for period ended September 30, 2021. The continuation~~major customers in financial statements. In accordance with the “Segment Reporting” Topic of the ~~Company~~ASC, the Company’s chief operating decision maker has been identified as the Chief Executive Officer and President, who reviews operating results to make decisions about allocating resources and assessing performance for the entire Company. Existing guidance, which is based on a ~~going concern through September 30, 2021 is dependent upon improving the profitability~~management approach to segment reporting, establishes requirements to report selected segment information quarterly and to report annually entity-wide disclosures about products and services, major customers, and the ~~continuing~~countries in which the entity holds material assets and reports revenue. All material operating units qualify for aggregation under “Segment Reporting” due to their similar customer base and similarities in economic characteristics; nature of products and services; and procurement, manufacturing and distribution processes.
F-17
DSWISS, INC.
NOTES TO CONDENSED FINANCIAL STATEMENTS
FOR THE THREE MONTHS ENDED MARCH 31, 2022
(Currency expressed in United States Dollars (“US$”), except for number of shares)
(UNAUDITED)
The Company had no inter-segment sales for the periods presented. Summarized financial ~~support from its major stockholders. Management believes the existing major shareholders or external financing will provide the additional cash to meet~~information concerning the Company’s ~~obligations~~reportable segments is shown as ~~they become due.~~
below:

By Geography*:
SCHEDULE OF REPORTABLE SEGMENTS
^* ^* ^* ^* ^*
For the period ended March 31, 2022
Nevada Seychelles Hong Kong Malaysia Total

Revenues $ - $ - $ - $ 447,637 $ 447,637
Cost of revenues - - - (332,375 ) (332,375 )
Depreciation and amortization - - (258 ) (18,116 ) (18,374 )
Net income before taxation (8,742 ) (453 ) (947 ) 44,407 34,265

Total assets $ 7,204 $ 6,397 $ 15,810 $ 526,563 $ 555,974
^* ^* ^* ^* ^*
For the period ended March 31, 2021
Nevada Seychelles Hong Kong Malaysia Total

Revenues $ - $ - $ - $ 289,878 $ 289,878
Cost of revenues - - - (173,079 ) (173,079 )
Depreciation and amortization - - - (20,793 ) (20,793 )
Net income before taxation (4,024 ) (1,500 ) (1,841 ) 40,153 32,788

Total assets $ 7,366 $ 6,552 $ 13,450 $ 335,466 $ 362,834
* Revenues and costs are attributed to countries based on the location of customers.
17. SUBSEQUENT EVENTS

In accordance with ASC Topic 855, ~~“Subsequent Events”~~“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 events or transactions that occurred after ~~September 30, 2021~~March 31, 2022 up through the date the Company issued the consolidated financial statements.
18. SIGNIFICANT EVENTS

~~During the fiscal year,~~On January 30, 2020, the World Health Organization ~~declared~~(“WHO”) announced a global health emergency because of a new strain of coronavirus originating in Wuhan, China (the “COVID-19 outbreak”) and the ~~Coronavirus (COVID-19)~~risks to the international community as the virus spreads globally beyond its point of origin. In March 2020, the WHO classified the COVID-19 outbreak ~~to be~~as a pandemic, ~~which has caused severe global social and economic disruptions and uncertainties, including markets where~~based on the ~~Company operates.~~rapid increase in exposure globally.

The ~~Company considers this~~full impact of the COVID-19 outbreak ~~as non-adjusting-events. The consequences brought about by Covid-19 continue~~continues to evolve as of the date of this report. As such, it is uncertain as to the full magnitude that the pandemic will have on our financial condition, liquidity, and ~~whilst the Company~~future results of operations. Management is actively monitoring the impact of the global situation on our financial condition, liquidity, operations, suppliers, industry, and ~~managing~~workforce. Given the daily evolution of the COVID-19 outbreak and the global responses to curb its spread, we are not able to estimate the effects of the COVID-19 outbreak on our results of operations, ~~to respond to these changes,~~financial condition, or liquidity for the ~~Company does not consider it practicable to provide any quantitative estimate on the potential impact it may have on the Company.~~period ended March 31, 2022.
~~F-15~~F-18

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 Annual Report on Form 10-K for the year ended December 31, ~~2020~~2021 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 10-K. 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.8, dated July 20, 2016 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

DSwiss, Inc., a Nevada corporation (“the Company”) was incorporated under the laws of the State of Nevada on May 28, 2015. DSwiss Holding Limited owns 100% of DSwiss (HK) Limited, a Hong Kong Company, which owns 100% of DSwiss Sdn Bhd, the operating Malaysia Company of which is described below. In 2016, DSwiss (HK) Limited invested in DSwiss Biotech Sdn Bhd, incorporated in Malaysia, and owned 40% equity interest. DSwiss (HK) Limited also invested in DS Asia Co., Ltd, incorporated in Thailand, and owned 49% equity interest. We have incorporated a new company namely DSwiss International Trading (Shenzhen) Limited in China, with 100% equity interest owned by DSwiss (HK) Limited. On April 5, 2019, DS Asia Co., Ltd was officially deregistered. On Nov, 2020, ~~DSwiss International Trading (Shenzhen) Limited was officially deregistered.~~

~~Our Company~~DSwiss is ~~a beauty supply company formed~~the leading corporation for premier nutraceutical biotechnology in USA, and has gone into Asian countries such as China, Hong Kong, Singapore, Thailand, and Malaysia with ~~the goal of supplying~~our high quality ~~medical,~~functional health supplement, skin care solution, wellness products and private labelled supplies turnkey provider (OEM/ODM). Our unique and innovative patented biotechnology, natural ingredients into products & services that has been proven to give better, faster and visible positive results to the end user including health improvement, slimming, anti-aging and beauty effects.
Currently, we are fulfilling in Talent Development, product research and development, and providing Original Equipment Manufacturer (OEM) and Original Design Manufacturer (ODM) services into functional food and beauty product of which is currently under research and development with Malaysia biotech and research professionals. Our professionals manage from custom formulation of scientifically-proven and naturally-effective, sourcing raw materials, production, quality control, stability and safety test, clinical testing by third-party labs, packaging and shipping including import and export, all licenses needed so customer can concentrate on what they should do. In 2020, with our experience and expertise, we have successfully expanded our client base in OEM/ODM services and developed products and Business-to-business (B2B) DNA genotyping private label services that exceed the clients’ expectation.
DSwiss has continuously expanding through launching health and beauty ~~products directly~~projects to ~~our clients. Our beauty supplies include, but are not limited~~provide premier experiences to ~~beverages~~the customers. DSwiss has shown a solid growth and is set to ~~assist in burning~~advance the biotechnology industry to drive nutraceutical and reducing fat, anti-aging creams, and products designed to improve the overall health and physical appearance of our clients. Currently we supply our products in Malaysia, Singapore, Thailand, Indonesia, Hong Kong and China. However, we have intentions to expand to Myanmar, Macau, Vietnam and Cambodia, and subsequent to that we will make efforts to expand throughout the world a premier biotech-nutraceutical company, supplying high-quality medical, health and beauty products, including beverages to assist in weight management, anti-aging creams, and products designed to improve the overall health system in our body.skincare biotechnology growth.

At this time, we operate exclusively online through our website: http://~~www.dswissbeauty.com/~~
Our Company continuously strives to improve the already high standard of our goods and services through ongoing research and market development. We are going to penetrate into South East Asia markets through the recruitment of distributors and via the social media like Facebook and Instagram. We foresee to spend a substantial amount in marketing and advertising in the coming year. At DSwiss we are determined to bring new products to markets that we have not yet explored.www.dswissbeauty.com.

Products which meet the definition of a ~~medicinal scope~~functional food and cosmetics related products need to be registered or notified with the Drug Control Authority (DCA), Ministry of Health Malaysia. Manufacturing, marketing, importation and the sale of unregistered products is a violation of the Drug Control Regulations and Cosmetics Act 1984 of Malaysia and enforcement action can be taken.
At DSwiss, research and development ~~are~~is an ongoing effort whose purpose is to ensure our products on the forefront of quality and effectiveness. Equipped with ~~state-of-the-art~~state of the art machinery, our innovative research and development team are constantly exploring on new development and product lines that will enable us to provide the highest quality standard and remain competitive in the industry.

DSwiss’s products are certified and approved by the Ministry of Health (“MOH”) Malaysia. Due to the stringent requirements from MOH Malaysia, we strive to upkeep the highest possible standard in our products to provide assurance and as a prove of our continuing commitment to providing quality products.
We always strive to offer products as high quality as possible, and hope that this assurance from an esteemed regulatory body will also serve to prove our continuing commitment to providing quality goods.
DSwiss have own brand Quantum Resonant Magnetic Analyzer which is DSwiss Quantum Resonant Magnetic Analyzer. DSwiss Quantum Resonant Magnetic Analyzer is a Hi-tech innovation project, which is related to medical, bio-informatics, electronic engineering, etc. It is based on quantum medical, and scientifically analyzes the human cell’s weak magnetic field collected by advanced electronic device. The analyzer can work out the customer’s health situation and main problem. According to the checking result, the analyzer can figure out the reasonable treatment recommendation. The quantum resonant magnetic analyzer is the individualized guide of comprehensive healthy consulting and updated healthy sciences, and its characteristics and advantages are comprehensive, non-invasive, practical, simple, quick, economical and easy to popularize. We can see DSwiss Quantum Resonant Magnetic Analyzer can help our customers to more concern about their health and skin condition.
Our expected growth is planned to occur primarily through the implementation of our social media marketing strategy. DSwiss already has a strong relationship with ~~social media~~new retail tech company (eg. Facebook, ~~Instagram and Wechat)~~E-Marketplace). The global presence social media has helped provide to us has been an invaluable resource, and as we continue to expand our business operations and spread our brand awareness, we intend to primarily utilize social media to reach our customers. The benefits of social media are countless, but perhaps the most imperative to our future success is our ability to connect with customers directly, to receive their feedback almost instantaneously. On that note, the feedback we have received from our clients has been overwhelmingly positive, which has helped us to create a robust brand image.

While DSwiss has been focused almost exclusively upon pursuing operations within Asia, we do have plans to expand outward and become a household name across the world. Our strategy to do so going forward is by forming partnerships with local companies in various countries that may be willing to stock our products or promote them to their own customers. We believe that by forging strategic relationships and partnerships we can expand our operations across the globe at a greater pace and with greater certainty than we would if we tried to expand on our own.
Results of Operation

For the Three Months Ended March 31, 2022 and ~~Nine Months Ended September 30, 2021 and September 30, 2020.~~March 31, 2021.

For the three ~~and nine~~ months ended ~~September 30,~~March 31, 2022 and 2021, we realized revenue in the amount of ~~$729,180~~$447,637 and ~~$1,277,102 while for the three and nine months ended September 30, 2020, we realized revenues in the amount of $249,705 and $998,157.~~$289,878 respectively. Our gross profits for the three ~~and nine~~ months ended ~~September 30,~~March 31, 2022 and 2021 were ~~$156,051and $307,076~~$115,262 and $116,799 respectively, which is ~~more~~less than ~~$91,686 and $262,806~~$1,537 for the three ~~and nine~~ months ended ~~September 30, 2020.~~March 31, 2021. We believe that in order to retain and maintain more customers in the future we must increase our marketing efforts and or develop new products.

2

*Our gross margins may not be comparable to those of other entities, since some entities include all the costs related to their distribution network in cost of revenue. Our cost of revenue includes only the purchase cost of products and packing materials, and does not include any allocation of inbound freight charges, purchasing and receiving costs, inspection costs, warehousing costs, internal transfer costs, and the other costs associated with the distribution network.

Our net ~~income~~profit for the three months ended ~~September 30,~~March 31, 2022 and 2021 ~~was $77,695~~were $34,265 and ~~our net income for nine months ended September 30, 2021 was $ 86,845 while the net loss for the three and nine months ended September 30, 2020 were $10,912 and $3,027.~~$32,788 respectively. We attribute this increase in profit due to ~~increase product sales and market share.~~
~~The increases~~decrease in ~~general and administrative expenses are a result of advertising and compliance costs as a public company.~~operating expenses.

Liquidity and Capital Resources

For the ~~nine~~three months ended ~~September 30,~~March 31, 2022 and 2021, we had cash and cash equivalents of ~~$195,032.~~$229,083 and $127,428 respectively. We have positive operating cash ~~flows~~flow and our working capital has been and will continue to be significant. As a result, we have increased our sales resulting an increase in our overall revenue. We need to meet our working capital requirements and to make capital investments in connection with ongoing operations. The Company expects its current capital resources to meet our basic operating requirements for approximately twelve months.

Operating Activities

For the ~~nine~~three months ended ~~September 30, 2021,~~March 31, 2022, net cash ~~generated from~~used in operating activities was ~~$62,439,~~$4,075, compared to net cash ~~generated from~~used in operating activities ~~of $56,647~~was $20,195 in the prior ~~year.~~period. The operating cash flow performance primarily reflects decrease in ~~prepaid expenses~~other payables and ~~deposits compared and increase in account payable~~accrued liabilities to the prior ~~year.~~period.
Investing Activities

For the ~~nine~~three months ended ~~September 30,~~March 31, 2022 and 2021, net cash used in investing activities ~~was $4,399~~were $1,495 and $0 respectively, reflecting the cost in purchase of ~~property,~~ plant and equipment. ~~For the nine months ended September 30, 2020, net cash used in investing activities was $1,984.~~

Financing Activities

For the ~~nine~~three months ended ~~September 30,~~March 31, 2022 and 2021, net cash used ~~for~~in financing activities ~~was $6,208~~were $3,935 and $1,708 respectively resulted from the repayment of finance ~~lease. For the nine months ended September 30, 2020, net cash used for financing activities was $5,956 resulted~~lease and advance from ~~the repayment of finance lease.~~related parties.
3

Capital Expenditures

Our capital expenditures primarily relate to the acquisition of ~~property~~plant and equipment. There ~~is a $4,399~~were $1,495 and $0 used to purchase the computer and software and office equipment for the ~~nine~~three months periods ended ~~September 30, 2021. Our capital expenditure for the nine months periods ended September 30, 2020 was $1,984.~~ March 31, 2022 and 2021 respectively.

Credit Facilities

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

Contractual Obligations, Commitments and Contingencies

We currently have a lease agreement in place with respect to office premises in Malaysia to commence our business operations.

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 ~~September 30, 2021.~~March 31, 2022.

4

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.
Additional Information

VIE STRUCTURE AND ARRANGEMENTS

On June 27, 2016, DSwiss (HK) Limited (“DSHK”) entered into a Management Services Agreement (the “Management Services Agreement I”) which entitles DSHK to substantially entitled to all of the economic benefits of DSwiss Biotech Sdn Bhd (“DSBT”) in consideration of services provided by DSHK to DSBT. Pursuant to the Management Services Agreement I, DSHK has the exclusive right to provide to DSBT management, financial and other services related to the operation of DSBT’s business, and DSBT is required to take all commercially reasonable efforts to permit and facilitate the provision of the services provided by DSHK. As compensation for providing the services, DSHK is entitled to receive a fee from DSBT, upon demand, equal to 100% of the annual net profits of DSBT during the term of the Management Services Agreement I. DSHK may also request ad hoc quarterly payments of the aggregate fee, which payments will be credited against DSBT’s future payment obligations.

The Management Services Agreement I also ~~provide~~provides DSHK, or its designee, with a right of first refusal to acquire all or any portion of the equity of DSBT upon any proposal by the sole shareholder of DSBT to transfer such equity. In addition, at the sole discretion of DSHK, DSBT is obligated to transfer to DSHK, or its designee, any part or all of the business, personnel, assets and operations of DSBT which may be lawfully conducted, employed, owned or operated by DSHK, including:

(a) business opportunities presented to, or available to DSBT may be pursued and contracted for in the name of DSHK rather than DSBT, and at its discretion, DSHK may employ the resources of DSBT to secure such opportunities;

(b) any tangible or intangible property of DSBT, any contractual rights, any personnel, and any other items or things of value held by DSBT may be transferred to DSHK at book value;

(c) real property, personal or intangible property, personnel, services, equipment, supplies and any other items useful for the conduct of the business may be obtained by DSHK by acquisition, lease, license or otherwise, and made available to DSBT on terms to be determined by agreement between DSHK and DSBT;

(d) contracts entered into in the name of DSBT may be transferred to DSHK, or the work under such contracts may be subcontracted, in whole or in part, to DSHK, on terms to be determined by agreement between DSHK and DSBT; and

(e) any changes to, or any expansion or contraction of, the business may be carried out in the exercise of the sole discretion of DSHK, and in the name of and at the expense of, DSHK; provided, however, that none of the foregoing may cause or have the effect of terminating (without being substantially replaced under the name of DSHK) or adversely affecting any license, permit or regulatory status of DSBT.

In addition, DSHK entered into certain agreements with Jervey Choon, (the “DSBT shareholder”), including

(i) a Call Option Agreement allowing DSHK to acquire the shares of DSBT as permitted by Malaysia laws;

(ii) a Shareholders’ Voting Rights Proxy Agreement that provides DSHK with the voting rights of the DSBT; and

(iii) an Equity Pledge Agreement that pledges the shares in DSBT.

This VIE structure provides DSHK, a wholly-owned subsidiary of DSwiss Holding Limited, which is the wholly-owned subsidiary of DSwiss Inc, with control over the operations and benefits of DSBT without having a direct equity ownership in DSBT.

5
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 June 30, 2016. This evaluation was carried out under the supervision and with the participation of our Chief Executive Officer and our Chief Financial Officer. Based upon that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that, as of ~~September 30 2021,~~March 31, 2022, 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 ~~September 30, 2021,~~March 31, 2022, 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 ending ~~September 30, 2021,~~March 31, 2022, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

6
PART II — OTHER INFORMATION

Item 1. Legal Proceedings

We know of no material, 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.

7
ITEM 6. Exhibits

Exhibit No. Description
31.1 Rule 13(a)-14(a)/15(d)-14(a) Certification of principal executive officer*
32.1 Section 1350 Certification of principal executive officer *
101.INS Inline XBRL Instance Document*
101.SCH Inline XBRL Schema Document*
101.CAL Inline XBRL Calculation Linkbase Document*
101.DEF Inline XBRL Definition Linkbase Document*
101.LAB Inline XBRL Label Linkbase Document*
101.PRE Inline XBRL Presentation Linkbase Document*
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

* Filed herewith.

8
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.

DSWISS, INC.
(Name of Registrant)

Date: ~~November 15, 2021~~May 13, 2022

By: /s/ Leong Ming Chia
Title: President, Chief Executive Officer,
Chief Financial Officer, Treasurer, Secretary and Director
(Principal Executive Officer, Principal Financial Officer)

9

	2021			2020			2021			2020
	Three months ended September 30,						Nine months ended September 30,
	2021			2020			2021			2020
	$			$			$			$
REVENUE		729,180			249,705			1,277,102			998,157

COST OF REVENUE		(573,129	)		(158,019	)		(970,026	)		(735,351	)

GROSS PROFIT		156,051			91,686			307,076			262,806

OTHER INCOME		884			4,182			6,657			12,973

SELLING, GENERAL AND ADMINISTRATIVE EXPENSES		(70,361	)		(57,643	)		(194,495	)		(144,907	)

OPERATING EXPENSES		1			(19,527	)		(695	)		(64,914	)

FINANCE COST		(554	)		1,219			(2,155	)		(1,541	)

OTHER OPERATING EXPENSES		(11,190	)		(30,829	)		(32,407	)		(67,444	)

PROFIT / (LOSS) BEFORE INCOME TAX		74,831			(10,912	)		83,981			(3,027	)

INCOME TAX PROVISION		2,864			-			2,864			-

NET INCOME / (LOSS)		77,695			(10,912	)		86,845			(3,027	)
Non-Controlling Interest		9,184			2,555			13,234			(6,019	)
Other comprehensive (loss)/income		-			-			-			-
Foreign currency translation adjustment		(2,764	)		(11,016	)		(1,938	)		7,836

TOTAL COMPREHENSIVE INCOME / (LOSS)		84,115			(19,374	)		98,141			(1,211	)

NET INCOME/LOSS PER SHARE – BASIC AND DILUTED (Cent)		0.04			-			0.04			-

WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING – BASIC AND DILUTED		206,904,600			206,904,600			206,904,600			206,904,600

	2022			2021
	Three months ended March 31,
	2022			2021
REVENUE	$	447,637		$	289,878

COST OF REVENUE		(332,375	)		(173,079	)

GROSS PROFIT		115,262			116,799

OTHER INCOME		4,684			1,963

SELLING, GENERAL AND ADMINISTRATIVE EXPENSES		(72,339	)		(70,911	)

OPERATING EXPENSES		(440	)		(178	)

FINANCE COST		(2,029	)		(459	)

LEASE EXPENSES		(10,873	)		(14,426	)

OTHER OPERATING EXPENSES		-			-

PROFIT BEFORE INCOME TAX		34,265			32,788

TAXATION		-			-

NET PROFIT	$	34,265			32,788
Non-Controlling Interest		(3,357	)		(8,924	)
Other comprehensive income/(loss):
- Foreign currency translation adjustment		(697	)		302

Comprehensive profit		30,211			24,166

Net income per share- Basic and diluted		0.0001			0.0001

Weighted average number of common shares outstanding – Basic and diluted		206,904,585			206,904,600

	Number of shares		Amount		ADDITIONAL PAID-IN CAPITAL		ACCUMULATED COMPREHENSIVE INCOME/(LOSS)			ACCUMULATED (DEFICIT)			NON- CONTROLLING INTEREST			TOTAL EQUITY
	COMMON SHARES
	Number of shares		Amount		ADDITIONAL PAID-IN CAPITAL		ACCUMULATED OTHER COMPREHENSIVE LOSS			ACCUMULATED (DEFICIT)			NON- CONTROLLING INTEREST			TOTAL EQUITY
Balance as of December 31, 2020 (audited)		206,904,600		20,690		1,395,426		(28,177	)		(1,483,170	)		25,727			(69,504	)
Foreign currency translation adjustment		-		-		-		(1,938	)		-			(1,868	)		(3,806	)
Net profit for the period		-		-		-		-			100,079			(13,234	)		86,845
Balance as of September 30, 2021		206,904,600		20,690		1,395,426		(30,115	)		(1,383,091	)		10,625			13,535

	Number of shares		Amount		PAID-IN CAPITAL		COMPREHENSIVE (LOSS)			ACCUMULATED (DEFICIT)			CONTROLLING INTEREST			TOTAL EQUITY
	COMMON STOCK				ADDITIONAL		ACCUMULATED						NON-
	Number of shares		Amount		PAID-IN CAPITAL		COMPREHENSIVE (LOSS)			ACCUMULATED (DEFICIT)			CONTROLLING INTEREST			TOTAL EQUITY
Balance as of December 31, 2021 (audited)		206,904,585		20,690		1,395,426		(32,985	)		(1,309,711	)		589			74,009
Foreign currency translation adjustment		-		-		-		(697	)		-			(14	)		(711	)
Net profit		-		-		-		-			30,908			3,357			34,265
Balance as of March 31, 2022 (unaudited)		206,904,585		20,690		1,395,426		(33,682	)		(1,278,803	)		3,932			107,563

	COMMON SHARES
	Number of shares		Amount		ADDITIONAL PAID-IN CAPITAL		ACCUMULATED OTHER COMPREHENSIVE LOSS			ACCUMULATED (DEFICIT)			NON- CONTROLLING INTEREST		TOTAL EQUITY
Balance as of December 31, 2019		206,904,600		20,690		1,395,426		(34,564	)		(1,490,845	)		4,851		(104,442	)
Foreign currency translation adjustment		-		-		-		7,836			-			587		8,423
Net loss for the period		-		-		-		-			(9,046	)		6,019		(3,027	)
Balance as of September 30, 2020		206,904,600		20,690		1,395,426		(26,728	)		(1,499,891	)		11,457		(99,046	)

Classification	Estimated useful lives
Computer and software		5 years
Furniture and fittings		5 years
Office equipment		10 years
Motor vehicle		5 years

	As of and for the nine months ended September 30,				As of and for the three months ended March 31,
	2021		2020		2022		2021

Period-end RM : US$1 exchange rate		4.19		4.16		4.21		4.14
Period-average RM : US$1 exchange rate		4.12		4.22		4.20		4.07
Period-end HK$ : US$1 exchange rate		7.79		7.75		7.83		7.76
Period-average HK$ : US$1 exchange rate		7.77		7.76		7.81		7.77
Period-end RMB : US$1 exchange rate		6.46		6.79
Period-average RMB : US$1 exchange rate		6.47		6.99

(i)	a Call Option Agreement allowing DSHK to acquire the shares of DSBT as permitted by Malaysia laws;

(ii)	a Shareholders’ Voting Rights Proxy Agreement that provides DSHK with the voting rights of the DSBT; and

(ii)	an Equity Pledge Agreement that pledges the shares in DSBT.

	September 30, 2021			December 31, 2020			March 31, 2022			December 31, 2021
Computers and software	$	98,757		$	96,508
Computer and software							$	103,545		$	102,050
Furniture and fittings		6,144			6,144			6,144			6,144
Office equipment		13,118			11,113			13,126			13,126
Motor vehicles		79,054			79,054
Total property and equipment	$	197,072		$	192,819
Motor vehicle								133,003			133,003
Total plant and equipment							$	255,818		$	254,323
Accumulated depreciation		(152,627	)		(138,371	)		(164,606	)		(157,105	)
Effect of translation exchange		(4,143	)		(2,495	)		(4,980	)		(4,248	)
Property and equipment, net	$	40,303		$	51,953
Plant and equipment, net							$	86,232		$	92,970

	September 30, 2021		December 31, 2020		March 31, 2022		December 31, 2021
Prepaid expenses	$	973	$	1,470	$	1,388	$	977
Deposits		22,163		32,134		20,526		52,716
Total prepaid expenses and deposits	$	23,136	$	33,604	$	21,914	$	53,693

	September 30, 2021		December 31, 2020
Finished goods, at cost	$	28,792	$	37,995
Total inventories	$	28,792	$	37,995

	September 30, 2021		December 31, 2020
Other payables	$	276,480	$	120,521
Accrued audit fees		12,027		18,831
Accrued other expenses		15,634		20,911
Accrued professional fees		3,627		3,750
Total payables and accrued liabilities	$	307,768	$	164,013


	As of			As of			As of March 31,			As of December 31,
	September 30, 2021			December 31, 2020			2022			2021
Finance lease	$	37,285		$	46,490		$	76,186		$	81,676
Less: interest expense		(2,882	)		(4,296	)		(5,969	)		(6,924	)
Net present value of finance lease		34,403			42,194			70,217			74,752

Current portion		8,628			9,876			16,777			16,697
Non-current portion		25,775			32,318			53,440			58,055
Total	$	34,403		$	42,194		$	70,217		$	74,752


2021		2,120
2022		8,728		11,842
2023		9,129		17,306
2024		9,530		18,048
2025		4,896		13,777
2026				9,244
Total	$	34,403	$	70,217


	2021			2020			For the three months ended March 31, 2022			For the three months ended March 31, 2021

Tax jurisdictions from:
- Local	$	(25,073	)	$	(47,122	)	$	(8,742	)	$	(4,024	)
- Foreign, representing
Seychelles		(1,427	)		(1,593	)		(453	)		(1,500	)
Hong Kong		(4,567	)		(1,879	)		(947	)		(1,841	)
Malaysia		117,912			40,861			44,407			40,153
PRC		-			6,706
Profit / (Loss) before income tax	$	86,845		$	(3,027	)

Profit before income tax							$	34,265		$	32,788

	2021		2020
Current:
- Local	$	-	$	-
- Foreign		2,864		-

Deferred:
- Local		-		-
- Foreign		-		-

Income tax expense	$	2,864	$	-

		For the three months ended March 31, 2022		For the three months ended March 31, 2021
Current:
- Local	$	-	$	-
- Foreign		-		-

Deferred:
- Local		-		-
- Foreign		-		-

Income tax expense	$	-	$	-

	2021		2020		2021			2020			2021		2020		2022		2021		2022			2021			2022		2021
	Revenues				Percentage of revenues						Accounts receivable, trade				Revenue				Percentage of revenue						Accounts receivable

Customer A	$	723,743	$	293,377		57	%		29	%	$	-		-	$	-	$	34,445		-	%		12	%	$	-	$	4,639
Customer B	$	-	$	120,988		-	%		12	%	$	-		-	$	71,675	$	173,379		16	%		60	%	$	-	$	75,962
Customer C	$	-	$	115,068		-	%		11	%	$	-		-	$	101,959	$	44,513		23	%		15	%	$	50,852	$	-
Customer D	$	267,912	$	-		21	%		-		$	72,465		-	$	82,148	$	100		18	%			%	$	-	$	-
Customer E															$	58,037	$	-		13	%		-	%	$	36,037	$	-
	$	991,655	$	529,433		78	%		52	%	$	72,465		-	$	313,819	$	252,437		70	%		87	%	$	86,619		80,601

Right-Of-Use Assets
As of January 1, 2021	$	47,653
Amortization for the three months ended March 31, 2021		(11,744	)
Foreign exchange translation		(480	)
Balance as of March 31, 2021	$	35,429
Amortization for the three months ended June 30, 2021		(11,875	)
Foreign exchange translation		(500	)
Balance as of June 30, 2021	$	23,054
Amortization for the three months ended September 30, 2021		(11,366	)
Foreign exchange translation		(191	)
Balance as of September 30, 2021	$	11,497

	As of March 31, 2022			As of December 31, 2021
As of beginning of the period/year	$	92,606		$	47,653
Add: New lease commenced on 1 January 2022		-			92,606
Accumulated amortization		(10,873	)		(46,571	)
Effect of translation exchange		(1,522	)		(1,082	)
Balance as of end of the period/year	$	80,211		$	92,606

Lease Liability
As of January 1, 2021	$	48,114
Imputed interest		447
Gross repayment		(12,241	)
Foreign exchange translation		(34	)
Balance as of March 31, 2021	$	36,286
Imputed interest		311
Gross repayment		(12,114	)
Foreign exchange translation		(874	)
Balance as of June 30, 2021	$	23,609
Imputed interest		177
Gross repayment		(12,014	)
Foreign exchange translation		(1	)
Balance as of September 30, 2021		11,772
Less: lease liability current portion		11,772

As of January 1, 2022	$	92,606
Less: gross repayment		(12,002	)
Add: imputed interest		1,129
Effect of translation exchange		(1,522	)
Balance as of March 31, 2022	$	80,211
Less: lease liability current portion		(44,907	)
Lease liability non-current portion	$	35,304

Year ending
December 31, 2021		11,772
December 31, 2022				44,907
December 31, 2023				35,304
Total	$	11,772	$	80,211

	Year ended September 30, 2021			Year ended December 31, 2020
	(Unaudited)			(Unaudited)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flow from operating lease	$	34,369		$	45,312
Right-of-use assets obtained in exchange for operating lease liabilities		11,497			48,114
Remaining lease term for operating lease (years)		0.25			1
Weighted average discount rate for operating lease		4.47	%		4.47	%

	For the period ended September 30, 2021 (Unaudited)		For the period ended September 30, 2020 (Unaudited)		For the period ended March 31, 2022 (Unaudited)		For the period ended March 31, 2021 (Unaudited)
Professional Fees:
- Related party A	$	8,000	$	15,700	$	1,500	$	1,500

Sales
- Related party B	$	267,912	$	-	$	101,959	$	44,513
- Related party C		12,953		-		3,504		-
- Related party D		8,364		-		-		13,255

Total	$	297,229	$	15,700	$	106,963	$	59,268

		^*			^*			^*			^*			^*
	For the period ended March 31, 2022
	Nevada			Seychelles			Hong Kong			Malaysia			Total

Revenues	$	-		$	-		$	-		$	447,637		$	447,637
Cost of revenues		-			-			-			(332,375	)		(332,375	)
Depreciation and amortization		-			-			(258	)		(18,116	)		(18,374	)
Net income before taxation		(8,742	)		(453	)		(947	)		44,407			34,265

Total assets	$	7,204		$	6,397		$	15,810		$	526,563		$	555,974

		^*			^*			^*			^*			^*
	For the period ended March 31, 2021
	Nevada			Seychelles			Hong Kong			Malaysia			Total

Revenues	$	-		$	-		$	-		$	289,878		$	289,878
Cost of revenues		-			-			-			(173,079	)		(173,079	)
Depreciation and amortization		-			-			-			(20,793	)		(20,793	)
Net income before taxation		(4,024	)		(1,500	)		(1,841	)		40,153			32,788

Total assets	$	7,366		$	6,552		$	13,450		$	335,466		$	362,834

Exhibit No.		Description
31.1		Rule 13(a)-14(a)/15(d)-14(a) Certification of principal executive officer*
32.1		Section 1350 Certification of principal executive officer *
101.INS		Inline XBRL Instance Document*
101.SCH		Inline XBRL Schema Document*
101.CAL		Inline XBRL Calculation Linkbase Document*
101.DEF		Inline XBRL Definition Linkbase Document*
101.LAB		Inline XBRL Label Linkbase Document*
101.PRE		Inline XBRL Presentation Linkbase Document*
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

	DSWISS, INC.
	(Name of Registrant)

Date: ~~November 15, 2021~~May 13, 2022

	By:	*/s/ Leong Ming Chia*
	Title:	President, Chief Executive Officer, Chief Financial Officer, Treasurer, Secretary and Director
		(Principal Executive Officer, Principal Financial Officer)