Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Mar. 25, 2020 | Jun. 30, 2019 | |
Document And Entity Information | |||
Entity Registrant Name | DSwiss Inc | ||
Entity Central Index Key | 0001652561 | ||
Document Type | 10-K/A | ||
Document Period End Date | Dec. 31, 2019 | ||
Amendment Flag | true | ||
Amendment Description | The sole purpose of this Amendment No. 1 to the Annual Report on Form 10-K for the year ended December 31, 2019 of DSwiss, Inc. (the "Company") filed with the Securities and Exchange Commission on March 30, 2020 (the "Form 10-K") is to furnish Exhibits 101 to the Form 10-K in accordance with Rule 405 of Regulation S-T. No other changes have been made to the Form 10-K. This Amendment No. 1 to the Form 10-K speaks as of the original filing date of the Form 10-K, does not reflect events that may have occurred subsequent to the original filing date, and does not modify or update in any way disclosures made in the original Form 10-K. | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | No | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business Flag | true | ||
Entity Emerging Growth Company | true | ||
Entity Ex Transition Period | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 0 | ||
Entity Common Stock, Shares Outstanding | 206,904,600 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2019 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 48,353 | $ 188,754 |
Accounts receivable | 8,342 | 11,762 |
Other receivables, prepaid expenses and deposit | 124,380 | 60,903 |
Income tax receivables | 1,301 | |
Inventories | 17,199 | 15,137 |
Total current assets | 199,575 | 276,556 |
NON-CURRENT ASSETS | ||
Property and equipment, net | 66,963 | 92,956 |
Intangible assets, net | 6,575 | 9,883 |
Operating lease right-of-use assets, net | 92,883 | |
Total non-current assets | 166,421 | 102,839 |
TOTAL ASSETS | 365,996 | 379,395 |
CURRENT LIABILITIES | ||
Account payable | 458 | 27,882 |
Other payables and accrued liabilities | 202,399 | 52,975 |
Finance lease liability | 8,075 | 7,561 |
Amounts due to a director | 125,834 | 40,476 |
Operating lease liability | 45,120 | |
Total current liabilities | 381,886 | 128,894 |
NON-CURRENT LIABILITIES | ||
Finance lease liability | 41,373 | 48,770 |
Operating lease liability | 47,179 | |
Total non-current liabilities | 88,552 | 48,770 |
TOTAL LIABILITIES | 470,438 | 177,664 |
STOCKHOLDERS' EQUITY | ||
Preferred stock, $0.0001 par value, 200,000,000 shares authorized, None issued and outstanding | ||
Common stock, $0.0001 par value, 600,000,000 shares authorized, 206,904,600 shares issued and outstanding as of December 31, 2019 and 2017 respectively | 20,690 | 20,690 |
Additional paid-in capital | 1,395,426 | 1,395,426 |
Accumulated other comprehensive losses | (34,564) | (21,494) |
Accumulated deficit | (1,490,845) | (1,204,947) |
TOTAL DSWISS, INC. STOCKHOLDERS' EQUITY | (109,293) | 189,675 |
NON-CONTROLLING INTEREST | 4,851 | 12,056 |
TOTAL STOCKHOLDERS' EQUITY | (104,442) | 201,731 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 365,996 | $ 379,395 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 200,000,000 | 200,000,000 |
Preferred stock, shares issued | ||
Preferred stock, shares outstanding | ||
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 600,000,000 | 600,000,000 |
Common stock, shares issued | 206,904,600 | 206,904,600 |
Common stock, shares outstanding | 206,904,600 | 206,904,600 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Loss - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Income Statement [Abstract] | ||
REVENUE | $ 273,659 | $ 220,119 |
COST OF REVENUE | (181,925) | (178,287) |
GROSS PROFIT | 91,734 | 41,832 |
OTHER INCOME | 63,592 | 8,058 |
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES | (242,157) | (236,653) |
OPERATING EXPENSES | (94,769) | (138,137) |
FINANCE COST | (2,450) | |
LEASE EXPENSES | (48,069) | |
OTHER OPERATING EXPENSES | (56,315) | (46,445) |
LOSS ON LIQUIDITY | (7,029) | |
LOSS BEFORE INCOME TAX | (295,463) | (371,345) |
INCOME TAXES PROVISION | ||
NET LOSS | (295,463) | (371,345) |
Non-Controlling Interests | 9,565 | 20,035 |
Other comprehensive loss: | ||
- Foreign exchange adjustment loss | (13,070) | (14,181) |
COMPREHENSIVE LOSS | $ (298,968) | $ (365,491) |
Net loss per share- Basic and diluted | $ 0 | $ 0 |
Weighted average number of common shares outstanding - Basic and diluted | 206,904,600 | 206,904,600 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - 12 months ended Dec. 31, 2019 - USD ($) | Common Stock [Member] | Additional Paid-In Capital [Member] | Accumulated Comprehensive Loss [Member] | Accumulated Losses [Member] | Non-Controlling Interest [Member] | Total |
Balance at Dec. 31, 2018 | $ 20,690 | $ 1,395,426 | $ (21,494) | $ (1,204,947) | $ 12,056 | $ 201,731 |
Balance, shares at Dec. 31, 2018 | 206,904,600 | |||||
Foreign currency translation adjustment | (13,070) | (13,070) | ||||
Net loss | (285,898) | (9,565) | (295,463) | |||
Liquidation of subsidiaries | 2,360 | 2,360 | ||||
Balance at Dec. 31, 2019 | $ 20,690 | $ 1,395,426 | $ (34,564) | $ (1,490,845) | $ 4,851 | $ (104,442) |
Balance, shares at Dec. 31, 2019 | 206,904,600 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (295,463) | $ (371,345) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 62,663 | 24,041 |
Bad debts expense | 19,073 | |
Waiver of debts | (38) | |
Amortization for intangible assets | 2,867 | 777 |
Loss on disposal of property and equipment | 2,726 | |
Write off of asset | 8,839 | |
Trademark written-off | 478 | |
Loss on liquidation | 7,029 | |
Changes in operating assets and liabilities: | ||
Accounts receivable | 3,420 | (2,193) |
Account payable | (27,424) | 24,431 |
Inventories | (2,062) | 4,215 |
Other payables and accrued liabilities | 149,424 | 27,227 |
Prepaid expenses and deposits | (63,477) | 38,778 |
Reduction in lease liability | (43,699) | |
Cash used in operating activities | (178,370) | (251,343) |
Taxation paid | (1,301) | 880 |
Net cash used in operating activities | (179,671) | (250,463) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchase of property and equipment | (2,082) | (83,512) |
Disposal of assets | 19,056 | |
Intangible assets | (474) | |
Net cash used in investing activities | (2,082) | (64,930) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Advance from directors | 85,358 | 669 |
Proceeds from hire purchase finance | 61,078 | |
Repayment of hire purchase | (6,883) | (19,650) |
Net cash provided by financing activities | 78,475 | 42,097 |
Effect of exchange rate changes on cash and cash equivalents | (37,123) | (36,466) |
Net change in cash and cash equivalents | (103,278) | (309,762) |
Cash and cash equivalents, beginning of year | 188,754 | 498,516 |
CASH AND CASH EQUIVALENTS, END OF YEAR | 48,353 | 188,754 |
SUPPLEMENTAL CASH FLOWS INFORMATION | ||
Income taxes paid | 1,301 | |
Interest paid | $ 7,484 | $ 1,920 |
Organization and Business Backg
Organization and Business Background | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Organization and Business Background | 1. ORGANIZATION AND BUSINESS BACKGROUND DSwiss, Inc., a Nevada corporation (“the Company”) was incorporated under the laws of the State of Nevada on May 28, 2015. DSwiss, Inc. operates through its wholly owned subsidiary, DSwiss Holding Limited, a Company organized under the laws of Seychelles. The principal activity of the Company and its subsidiaries is to supply high-quality 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. 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% equity interest in DSwiss (HK) Limited, a company incorporated in Hong Kong, which subsequent hold 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 40% equity interest. We have 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. The Company, through its subsidiaries and its variable interest entities (“VIEs”), mainly supplies high quality beauty products. Details of the Company’s subsidiaries: 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 % 2. 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, 2 share of ordinary share of RM 1 each Supply of beauty products 100 % 4. DSwiss Biotech Sdn Bhd (1) Malaysia, March 17, 2016 250,000 shares of ordinary share of RM 1 each Supply of biotech products 40 % 5. DS Asia Co., Ltd (2) Thailand, April 21, 2016 20,000 shares of ordinary share of THB 25 each Trading Beauty products 49 % 6. DSwiss International Trading (Shenzhen) Limited 德瑞絲國際貿易 深圳 有限公司 PRC, June 21, 2016 413,392 shares of ordinary share of RMB 1 each Trading Beauty products 100 % (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. (2) DS Asia Co., Ltd was being officially de-registered on April 5, 2019. Business Overview DSwiss is a premier biotech-nutraceutical company, supplying high-quality health and beauty products, including beverages to assist in weight management, anti-aging products, and immune system products designed to improve the overall health system in our body. Since our establishment, our growth has been tremendous in Malaysia. From a mere selection of two (2) products, the company had expanded to nine (9) products and two (2) equipments by 2018. With the strong leadership of our company’s Chief Executive Officer; Vincent Leong, our products are now consumed around the world, such Malaysia, Singapore, Indonesia, Hong Kong, Macau, Taiwan and China. To date, we had expanded across ASEAN regions through the support of our distributors and determined to expand our geographical presence to markets that we have yet to explore. At DSwiss, research and development is an ongoing effort whose purpose is to ensure our products on the forefront of quality and effectiveness. Equipped with 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 classified 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 continuous commitment to providing quality products. We recognize the growing trend of social media and because of that, the management had decided to place a higher priority in social media for our marketing strategy. Coupled with the extensive networks we had built since our inception, the nature of our job has become easier and efficient to reach out to our clients. But, perhaps the most imperative to our success is the ability to connect with our customers and receive their feedback directly. From the feedback we received, we are able to understand better of our customer’s demand and make further improvements. As a result, our customers’ base has been growing exponentially and resulted in a robust brand image of our company. Moving forward, we plan to form certain alliances and business partnerships with few selected local companies from various countries. We strongly believe a healthy business relationship is vital for one’s business expansion, and more importantly; growth. While DSwiss has always been focused on pursuing operations within ASEAN, we certainly hope to expand our brand across the world in the future. At the same time, we also expanded to globally recognised Turnkey Private Label Manufacturing Services for nutraceutical, skin care, personal care, eyecare and equipment OEM/ODM products. 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. |
Going Concern Uncertainties
Going Concern Uncertainties | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Going Concern Uncertainties | 2. GOING CONCERN UNCERTAINTIES The accompanying financial statements have been prepared using the going concern basis of accounting, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. As of December 31, 2019, the Company suffered an accumulated deficit of $1,490,845 and continuously incurred a net operating loss of $295,463 for year ended December 31, 2019. The continuation of the Company as a going concern through December 31, 2019 is dependent upon improving the profitability and the continuing financial support from its stockholders. Management believes the existing 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 the Company’s ability to continue as a going concern. These financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result in the Company not being able to continue as a going concern. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The accompanying consolidated financial statements reflect the application of certain significant accounting policies as described in this note and elsewhere in the accompanying consolidated financial statements and notes. Basis of presentation These accompanying consolidated financial statements have been 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. Cash and cash equivalents Cash and cash equivalents are carried at cost and represent cash on hand, time deposits placed with banks or other financial institutions and all highly liquid investments with an original maturity of six months or less as of the purchase date of such investments. Property and equipment Property 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: 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 which are amortized on a straight-line basis over a useful life of 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 year ended December 31, 2019. Leases The company determines if an arrangement is a lease at inception. Operating leases are included in operating in operating lease right-of-use (“ROU”) as assets, operating lease non-current liabilities, and operating lease current liabilities in our consolidated balance sheet. Finance leases are property and equipment, other current liabilities, and other non-current liabilities in the consolidated balance sheet. ROU assets represent the right to use an asset for the lease term and lease liability represent the obligation to make lease payment arising from the lease. Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over lease term. As most of the leases doesn’t provide an implicit rate. The company generally use the incremental borrowing rate on the estimated rate of interest for collateralized borrowing over a similar term of the lease payments at commencement date. The operating ROU asset also includes any lease payments made and exclude lease incentives. Lease expense for lease payment is recognized on a straight -line basis over lease term. The Company adopted Public Bank Berhad’s base rate lending rate as a reference for discount rate. Leases that transfer substantially all the rewards and risks of ownership to the lessee, other than legal title, are accounted for as finance leases. Substantially all of the risks or benefits of ownership are deemed to have been transferred if any one of the four criteria is met: (i) transfer of ownership to the lessee at the end of the lease term, (ii) the lease containing a bargain purchase option, (iii) the lease term exceeding 75% of the estimated economic life of the leased asset, (iv) the present value of the minimum lease payments exceeding 90% of the fair value. At the inception of a finance lease, the Company as the lessee records an asset and an obligation at an amount equal to the present value of the minimum lease payments. The leased asset is amortized over the shorter of the lease term or its estimated useful life if title does not transfer to the Company, while the leased asset is depreciated in accordance with the Company’s depreciation policy if the title is to eventually transfer to the Company. The periodic rent payments made during the lease term are allocated between a reduction in the obligation and interest element using the effective interest method in accordance with the provisions of ASC Topic 835-30, “Imputation of Interest”. 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. Revenue recognition In accordance with ASC Topic 605, “Revenue Recognition”, the Company recognizes revenue from sales of goods when the following four revenue criteria are met: (1) persuasive evidence of an arrangement exists; (2) delivery has occurred; (3) selling price is fixed or determinable; and (4) collectability is reasonably assured. 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 collected by the 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. Based on limited operating history, management estimates that there was no sale return for the period reported. The Company mainly derives its revenue from the sale of healthy food products. Generally, the Company recognizes revenue when products are sold and accepted by the customers and there are no continuing obligations to the customer. Cost of revenue Cost of revenue includes the purchase cost of retail goods for re-sale to customers and packing materials (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. 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. Income taxes The provision of income taxes is determined in accordance with the provisions of ASC Topic 740, “Income Taxes” (“ASC 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 much of its businesses activities in Hong Kong and is subject to tax in 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 authorities. Net loss per share The Company calculates net loss per share in accordance with ASC Topic 260 “ Earnings per share 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$. In addition, the Company’s subsidiaries and VIEs in Malaysia, Hong Kong, China and Thailand maintains their books and record in their local currency, Ringgits Malaysia (“MYR”), Hong Kong Dollars (“HK$”), Chinese Renminbi (“RMB”) and Thai Baht (“THB”) 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” Translation of amounts from MYR into US$1, HK$ into US$1, RMB into US$1 and THB into US$1 has been made at the following exchange rates for the respective periods: As of and for the year ended December 31, 2019 2018 Period-end MYR : US$1 exchange rate 4.09 4.13 Period-average MYR : US$1 exchange rate 4.15 4.17 Period-end HK$ : US$1 exchange rate 7.79 7.83 Period-average HK$ : US$1 exchange rate 7.81 7.83 Period-end RMB : US$1 exchange rate 6.96 6.88 Period-average RMB : US$1 exchange rate 7.01 6.91 Period-end THB : US$1 exchange rate 29.76 32.35 Period-average THB : US$1 exchange rate 30.21 32.74 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: The carrying value of the Company’s financial instruments: cash and cash equivalents, subscription receivables, prepayment and deposits, accounts payable, and other payables and accrued liabilities 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 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. Fair value estimates are made at a specific point in time based on relevant market information about the financial instrument. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and, therefore, cannot be determined with precision. Changes in assumptions could significantly affect the estimates. Recent accounting pronouncements The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and do not believe the future adoption of such any pronouncements may be expected to cause a material impact on its financial condition or the results of its operations, as follow: In February 2016, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02, Leases (Topic 842). Under the new guidance, lessees will be required recognize the following for all leases (with the exception of short-term leases) at the commencement date: 1) A lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis; and 2) A right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. The new lease guidance simplified the accounting for sale and leaseback transactions primarily because lessees must recognize lease assets and lease liabilities. Lessees will no longer be provided with a source of off-balance sheet financing. The amendments in this ASU are effective for fiscal years beginning after December 15, 2019, including interim periods within those years. The Company is evaluating this ASU and has not determined the effect of this standard on its ongoing financial reporting. In September 2017, the FASB has issued ASU No. 2017-13, Revenue Recognition Revenue from Contracts with Customers Leases In August 2018, the FASB has issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements of Fair Value Measurement. This amendment modifies the disclosure requirements on fair value measurements in Topic 820, Fair Value Measurement, based on the concepts in the Concepts Statement, including the consideration of costs and benefits, with the primary purpose to improve the effectiveness of disclosures in the notes to financial statements by facilitating clear communication of the information required by US GAAP. The amendments in this update are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and does 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. |
VIE Structure and Arrangements
VIE Structure and Arrangements | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
VIE Structure and Arrangements | 4. 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, 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 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. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Stockholders' Equity | 5. STOCKHOLDERS’ EQUITY As of December 31, 2019 and 2018, the Company had a total of 206,904,600 of its common stock issued and outstanding. There are no shares of preferred stock issued and outstanding. |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | 6. PROPERTY AND EQUIPMENT As of December 31, As of December 31, 2019 2018 Computer and software $ 92,462 $ 90,931 Furniture and fittings 6,144 6,144 Office equipment 9,646 9,586 Motor vehicle 79,054 79,054 Renovation - 18,843 Total property and equipment 187,306 $ 204,558 Accumulated depreciation (119,720 ) (110,844 ) Effect of translation exchange (623 ) (758 ) Property and equipment, net $ 66,963 $ 92,956 Depreciation expense for the year ended December 31, 2019 and December 31, 2018 were $19,571 and $24,041, respectively. As of December 31, 2019, the company has write-off the renovation with an carrying amount of $8,839. |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | 7. INTANGIBLE ASSETS As of December 31, As of December 31, 2019 2018 Trademarks $ 12,077 $ 12,077 Amortization (5,061 ) (2,194 ) Effect if translation exchange (441 ) - Intangible assets, net $ 6,575 $ 9,883 Amortization for the year ended December 31, 2019 and December 31, 2018 were $2,867 and $777, respectively. |
Prepaid Expenses and Deposits
Prepaid Expenses and Deposits | 12 Months Ended |
Dec. 31, 2019 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Prepaid Expenses and Deposits | 8. PREPAID EXPENSES AND DEPOSITS As of December 31, As of December 31, 2019 2018 Prepaid expenses $ 6,629 $ 5,400 Deposits 117,711 35,353 Other receivables - 20,150 Total prepaid expenses and deposits $ 124,380 $ 60,903 |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2019 | |
Inventory Disclosure [Abstract] | |
Inventories | 9. INVENTORIES As of December 31, As of December 31, 2019 2018 Finished goods, at cost $ 17,199 $ 15,137 Total inventories $ 17,199 $ 15,137 |
Other Payables and Accrued Liab
Other Payables and Accrued Liabilities | 12 Months Ended |
Dec. 31, 2019 | |
Payables and Accruals [Abstract] | |
Other Payables and Accrued Liabilities | 10. OTHER PAYABLES AND ACCRUED LIABILITIES As of December 31, As of December 31, 2019 2018 Other payables $ 168,876 $ 22,368 Accrued audit fees 19,873 16,500 Accrued other expenses 10,787 13,575 Accrued professional fees 2,863 532 Total payables and accrued liabilities $ 202,399 $ 52,975 As at December 31, 2019, included in other payable is an amount of $132,085 to the Agape Superior Living Sdn Bhd. The director of Agape Superior Living Sdn Bhd is a corporate shareholder of our holding company. The amount is unsecured, interest free and is repayable on demand. |
Finance Lease Liability
Finance Lease Liability | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Finance Lease Liability | 11. FINANCE LEASE LIABILITY The Company purchased a motor vehicle under a finance lease agreement with the effective interest rate of 2.38% per annum, due through June, 2025, with principal and interest payable monthly. The obligation under the finance lease is as follows: As of December 31, As of December 31, 2019 2018 Finance lease $ 55,721 $ 64,952 Less: interest expense (6,273 ) (8,621 ) Net present value of finance lease 49,448 56,331 Current portion 8,075 7,561 Non-current portion 41,373 48,770 Total $ 49,448 $ 56,331 As of December 31, 2019, the maturities of the finance lease for each of the years are as follows: 2020 8,075 2021 8,484 2022 8,892 2023 9,159 2024 9,467 2025 5,371 Total $ 49,448 |
Amount Due to a Director
Amount Due to a Director | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
Amount Due to a Director | 12. AMOUNT DUE TO A DIRECTOR As of December 31, 2019, and December 31, 2018, a director of the Company advanced $125,834 and $40,476, respectively to the Company, which is unsecured, interest-free with no fixed repayment term, for working capital purpose. Imputed interest is considered insignificant. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 13. INCOME TAXES For the year ended December 31, 2019 and year ended December 31, 2018, the local (United States) and foreign components of loss before income taxes were comprised of the following: For the year ended For the year ended Tax jurisdictions from: - Local $ (43,726 ) $ (41,825 ) - Foreign, representing Seychelles (1,896 ) (1,775 ) Hong Kong (111,395 ) (125,895 ) Malaysia (123,237 ) (177,895 ) PRC (21,251 ) (23,754 ) Thailand 6,042 (201 ) Loss before income tax $ (295,463 ) $ (371,345 ) The provision for income taxes consisted of the following: For the year ended For the year ended Current: - Local $ - $ - - Foreign - - Deferred: - Local - - - Foreign - - Income tax expense $ - $ - The following table sets forth the significant components of the aggregate deferred tax assets of the Company for the period ended December 31, 2019 and 2018. For the year ended For the year ended Deferred tax assets: Net operating loss carry forwards -United States of America $ (69,741 ) $ (57,366 ) -Seychelles $ - - -Hong Kong $ (84,136 ) $ (65,028 ) -Malaysia $ (100,905 ) $ (78,382 ) -PRC $ (29,164 ) $ (22,601 ) -Thailand $ - $ (2,956 ) (283,946 ) (226,333 ) Less: valuation allowance $ 283,946 $ 226,333 Deferred tax assets $ - $ - 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 and its subsidiary that operate in various countries: United States, Seychelles, Hong Kong, Malaysia, PRC and Thailand 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 31 December, 2019, the operations in the United States of America incurred $332,098 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 $69,741 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 December 31, 2019, the operations in the Hong Kong incurred $509,914 of 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 $84,136 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. 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 December 31, 2019, the operations in the Malaysia incurred $560,586 of cumulative net operating losses which can be carried forward to offset future taxable income, at the tax rate of 18%. The Company has provided for a full valuation allowance of $100,905 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. The PRC DSwiss International Trading (Shenzhen) Limited is operating in the PRC subject to the Corporate Income Tax governed by the Income Tax Law of the People’s Republic of China with a unified statutory income tax rate of 25%. As of December 31, 2019, the operations in the PRC incurred $116,657 of cumulative net operating losses which can be carried forward to offset future taxable income, at the tax rate of 25%. The Company has provided for a full valuation allowance of $29,164 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 |
Concentrations of Risks
Concentrations of Risks | 12 Months Ended |
Dec. 31, 2019 | |
Risks and Uncertainties [Abstract] | |
Concentrations of Risks | 14. CONCENTRATIONS OF RISKS (a) Major customers For the year ended December 31, 2019, the customers who accounted for 10% or more of the Company’s revenues and its accounts receivable balance at year-end are presented as follows: For the year ended December 31 2019 2018 2019 2018 2019 2018 Revenues Percentage of Revenues Accounts Receivable, Trade Customer B $ 40,096 $ 41,561 15 % 19 % $ - $ - Customer C - 93,541 - 43 % - - Customer D - 34,992 - 16 % - - Customer E $ 133,543 $ - 50 % - % $ - $ - $ 173,639 $ 170,024 65 % 77 % $ - $ - (b) Major vendors For the year ended December 31, 2019, the vendors who accounted for 10% or more of the Company’s purchases and its accounts payable balance at year-end are presented as follows: For the year ended December 31 2019 2018 2019 2018 2019 2018 Purchases Percentage of Purchases Account Payable, Trade Vendor A $ - $ 46,501 - % 34 % $ - $ 24,191 Vendor B $ - $ 15,517 - % 11 % $ - $ - Vendor C $ - $ 16,789 - % 12 % $ - $ - Vendor D $ - $ 16,789 - % 12 % $ - $ - Vendor E $ 92,165 $ - 55 % - % $ - $ - $ 92,165 $ 95,146 55 % 69 % $ - $ 24,191 (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 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 steady; therefore, there is a possibility that the Company could post the same amount of profit for two comparable periods and because of the fluctuating exchange rate actually post higher or lower profit depending on exchange rate of MYR, HK$, RMB, and THB converted to US$ on that date. The exchange rate could fluctuate depending on changes in political and economic environments without notice. |
Lease Right-of-Use Asset and Le
Lease Right-of-Use Asset and Lease Liabilities | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Lease Right-of-Use Asset and Lease Liabilities | 15. 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, the Company recognized approximately US$136,308, 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, with discounted rate of 4.47% 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 initial recognition of operating lease right and lease liability as follow: As of December 31, 2019, operating lease right of use asset as follow: Initial recognition as of January 1, 2019 $ 136,308 Accumulated amortization (43,092 ) Effect of translation exchange (333 ) Balance as of December 31, 2019 $ 92,883 As of December 31, 2019, operating lease liability as follow: Initial recognition as of April 1, 2019 $ 136,308 Less: gross repayment (49,025 ) Add: imputed interest 4,977 Effect of translation exchange 39 Balance as of December 31, 2019 $ 92,299 Less: lease liability current portion (45,120 ) Lease liability non-current portion 47,179 For the year ended December 31, 2019, the amortization of the operating lease right of use asset are $43,092. As the Company adopt ASC 842 on and after January 1, 2019, the Company did not incur nor accrued any amortization of operating lease right for the year ended December 31, 2018. Maturities of operating lease obligation as follow: Year ending December 31, 2020 $ 45,120 December 31, 2021 47,179 Total $ 92,299 Other information: Year ended December 31, 2019 2018 (unaudited) (unaudited) Cash paid for amounts included in the measurement of lease liabilities: - Operating cash flow from operating lease $ 43,092 $ - Right-of-use assets obtained in exchange for operating lease liabilities 92,883 Remaining lease term for operating lease (years) 2 - Weighted average discount rate for operating lease 4.47 % - Lease expenses were $44,009 ended December 31, 2019, respectively. As the Company adopt ASC 842 on and after January 1, 2019, the Company did not incur nor accrued any lease expenses for the year ended December 31, 2018. |
Loss of Liquidation
Loss of Liquidation | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Loss of Liquidation | 16. LOSS OF LIQUIDATION Year ended December 31, 2019 (unaudited) Valuation of DS Asia Co., Ltd - Share Capital $ 63,800 - Retained Loss b/f (67,492 ) - Current Net profit 3,296 Net Asset of DS Asia Co., Ltd - Goodwill (if any) - Net Value of DS Asia Co., Ltd - Apportionment for Shareholding (49%) 0.49 Sales Proceed for Disposal of Investment - Investment in VIE (7,029 ) |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 17. RELATED PARTY TRANSACTIONS Related party transaction amounted of $13,816 and $20,456 for the year ended December 31, 2019 and December 31, 2018 respectively for professional services provided by a subsidiary of the holding company of our corporate shareholder, Greenpro Venture Capital Limited. The related party transaction for the year ended December 31, 2019 was amounted to $153,328 and $39,942 for sales of our products to Agape ATP International Holding Limited and Agape Superior Living Sdn Bhd. The director for both Agape ATP International Holding Limited and Agape Superior Living Sdn Bhd is a corporate shareholder of our holding company. The related party transaction is generally transacted in an arm-length basis at the current market value in the normal course of business. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | 18. SUBSEQUENT EVENTS In accordance with ASC Topic 855, “ Subsequent Events up through the date the Company issued the audited consolidated financial statements. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of presentation These accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“US GAAP”). |
Basis of Consolidation | 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 | 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. |
Cash and Cash Equivalents | Cash and cash equivalents Cash and cash equivalents are carried at cost and represent cash on hand, time deposits placed with banks or other financial institutions and all highly liquid investments with an original maturity of six months or less as of the purchase date of such investments. |
Property and Equipment | Property and equipment Property 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: 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 Intangible assets are stated at cost less accumulated amortization. Intangible assets represented the registration costs of trademarks in Malaysia and Hong Kong which are amortized on a straight-line basis over a useful life of 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 year ended December 31, 2019. |
Leases | Leases The company determines if an arrangement is a lease at inception. Operating leases are included in operating in operating lease right-of-use (“ROU”) as assets, operating lease non-current liabilities, and operating lease current liabilities in our consolidated balance sheet. Finance leases are property and equipment, other current liabilities, and other non-current liabilities in the consolidated balance sheet. ROU assets represent the right to use an asset for the lease term and lease liability represent the obligation to make lease payment arising from the lease. Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over lease term. As most of the leases doesn’t provide an implicit rate. The company generally use the incremental borrowing rate on the estimated rate of interest for collateralized borrowing over a similar term of the lease payments at commencement date. The operating ROU asset also includes any lease payments made and exclude lease incentives. Lease expense for lease payment is recognized on a straight -line basis over lease term. The Company adopted Public Bank Berhad’s base rate lending rate as a reference for discount rate. Leases that transfer substantially all the rewards and risks of ownership to the lessee, other than legal title, are accounted for as finance leases. Substantially all of the risks or benefits of ownership are deemed to have been transferred if any one of the four criteria is met: (i) transfer of ownership to the lessee at the end of the lease term, (ii) the lease containing a bargain purchase option, (iii) the lease term exceeding 75% of the estimated economic life of the leased asset, (iv) the present value of the minimum lease payments exceeding 90% of the fair value. At the inception of a finance lease, the Company as the lessee records an asset and an obligation at an amount equal to the present value of the minimum lease payments. The leased asset is amortized over the shorter of the lease term or its estimated useful life if title does not transfer to the Company, while the leased asset is depreciated in accordance with the Company’s depreciation policy if the title is to eventually transfer to the Company. The periodic rent payments made during the lease term are allocated between a reduction in the obligation and interest element using the effective interest method in accordance with the provisions of ASC Topic 835-30, “Imputation of Interest”. |
Inventories | 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. |
Revenue Recognition | Revenue recognition In accordance with ASC Topic 605, “Revenue Recognition”, the Company recognizes revenue from sales of goods when the following four revenue criteria are met: (1) persuasive evidence of an arrangement exists; (2) delivery has occurred; (3) selling price is fixed or determinable; and (4) collectability is reasonably assured. 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 collected by the 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. Based on limited operating history, management estimates that there was no sale return for the period reported. The Company mainly derives its revenue from the sale of healthy food products. Generally, the Company recognizes revenue when products are sold and accepted by the customers and there are no continuing obligations to the customer. |
Cost of Revenue | Cost of revenue Cost of revenue includes the purchase cost of retail goods for re-sale to customers and packing materials (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 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. |
Selling and Distribution Expenses | 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. |
Income Taxes | Income taxes The provision of income taxes is determined in accordance with the provisions of ASC Topic 740, “Income Taxes” (“ASC 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 much of its businesses activities in Hong Kong and is subject to tax in 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 authorities. |
Net Loss Per Share | Net loss per share The Company calculates net loss per share in accordance with ASC Topic 260 “ Earnings per share |
Foreign Currencies Translation | 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$. In addition, the Company’s subsidiaries and VIEs in Malaysia, Hong Kong, China and Thailand maintains their books and record in their local currency, Ringgits Malaysia (“MYR”), Hong Kong Dollars (“HK$”), Chinese Renminbi (“RMB”) and Thai Baht (“THB”) 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” Translation of amounts from MYR into US$1, HK$ into US$1, RMB into US$1 and THB into US$1 has been made at the following exchange rates for the respective periods: As of and for the year ended December 31, 2019 2018 Period-end MYR : US$1 exchange rate 4.09 4.13 Period-average MYR : US$1 exchange rate 4.15 4.17 Period-end HK$ : US$1 exchange rate 7.79 7.83 Period-average HK$ : US$1 exchange rate 7.81 7.83 Period-end RMB : US$1 exchange rate 6.96 6.88 Period-average RMB : US$1 exchange rate 7.01 6.91 Period-end THB : US$1 exchange rate 29.76 32.35 Period-average THB : US$1 exchange rate 30.21 32.74 |
Related Parties | 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 | Fair value of financial instruments: The carrying value of the Company’s financial instruments: cash and cash equivalents, subscription receivables, prepayment and deposits, accounts payable, and other payables and accrued liabilities 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 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. Fair value estimates are made at a specific point in time based on relevant market information about the financial instrument. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and, therefore, cannot be determined with precision. Changes in assumptions could significantly affect the estimates. |
Recent Accounting Pronouncements | Recent accounting pronouncements The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and do not believe the future adoption of such any pronouncements may be expected to cause a material impact on its financial condition or the results of its operations, as follow: In February 2016, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02, Leases (Topic 842). Under the new guidance, lessees will be required recognize the following for all leases (with the exception of short-term leases) at the commencement date: 1) A lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis; and 2) A right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. The new lease guidance simplified the accounting for sale and leaseback transactions primarily because lessees must recognize lease assets and lease liabilities. Lessees will no longer be provided with a source of off-balance sheet financing. The amendments in this ASU are effective for fiscal years beginning after December 15, 2019, including interim periods within those years. The Company is evaluating this ASU and has not determined the effect of this standard on its ongoing financial reporting. In September 2017, the FASB has issued ASU No. 2017-13, Revenue Recognition Revenue from Contracts with Customers Leases In August 2018, the FASB has issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements of Fair Value Measurement. This amendment modifies the disclosure requirements on fair value measurements in Topic 820, Fair Value Measurement, based on the concepts in the Concepts Statement, including the consideration of costs and benefits, with the primary purpose to improve the effectiveness of disclosures in the notes to financial statements by facilitating clear communication of the information required by US GAAP. The amendments in this update are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and does 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. |
Organization and Business Bac_2
Organization and Business Background (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Schedule of Variable Interest Entity | The Company, through its subsidiaries and its variable interest entities (“VIEs”), mainly supplies high quality beauty products. Details of the Company’s subsidiaries: 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 % 2. 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, 2 share of ordinary share of RM 1 each Supply of beauty products 100 % 4. DSwiss Biotech Sdn Bhd (1) Malaysia, March 17, 2016 250,000 shares of ordinary share of RM 1 each Supply of biotech products 40 % 5. DS Asia Co., Ltd (2) Thailand, April 21, 2016 20,000 shares of ordinary share of THB 25 each Trading Beauty products 49 % 6. DSwiss International Trading (Shenzhen) Limited 德瑞絲國際貿易 深圳 有限公司 PRC, June 21, 2016 413,392 shares of ordinary share of RMB 1 each Trading Beauty products 100 % (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. (2) DS Asia Co., Ltd was being officially de-registered on April 5, 2019. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Summary of Property and Equipment Useful Life | Property 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: Classification Estimated useful lives Computer and software 5 years Furniture and Fittings 5 years Office equipment 10 years Motor vehicle 5 years |
Schedule of Foreign Currencies Translation | Translation of amounts from MYR into US$1, HK$ into US$1, RMB into US$1 and THB into US$1 has been made at the following exchange rates for the respective periods: As of and for the year ended December 31, 2019 2018 Period-end MYR : US$1 exchange rate 4.09 4.13 Period-average MYR : US$1 exchange rate 4.15 4.17 Period-end HK$ : US$1 exchange rate 7.79 7.83 Period-average HK$ : US$1 exchange rate 7.81 7.83 Period-end RMB : US$1 exchange rate 6.96 6.88 Period-average RMB : US$1 exchange rate 7.01 6.91 Period-end THB : US$1 exchange rate 29.76 32.35 Period-average THB : US$1 exchange rate 30.21 32.74 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment | As of December 31, As of December 31, 2019 2018 Computer and software $ 92,462 $ 90,931 Furniture and fittings 6,144 6,144 Office equipment 9,646 9,586 Motor vehicle 79,054 79,054 Renovation - 18,843 Total property and equipment 187,306 $ 204,558 Accumulated depreciation (119,720 ) (110,844 ) Effect of translation exchange (623 ) (758 ) Property and equipment, net $ 66,963 $ 92,956 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets | As of December 31, As of December 31, 2019 2018 Trademarks $ 12,077 $ 12,077 Amortization (5,061 ) (2,194 ) Effect if translation exchange (441 ) - Intangible assets, net $ 6,575 $ 9,883 |
Prepaid Expenses and Deposits (
Prepaid Expenses and Deposits (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of Prepaid Expenses and Deposits | As of December 31, As of December 31, 2019 2018 Prepaid expenses $ 6,629 $ 5,400 Deposits 117,711 35,353 Other receivables - 20,150 Total prepaid expenses and deposits $ 124,380 $ 60,903 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | As of December 31, As of December 31, 2019 2018 Finished goods, at cost $ 17,199 $ 15,137 Total inventories $ 17,199 $ 15,137 |
Other Payables and Accrued Li_2
Other Payables and Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Payables and Accruals [Abstract] | |
Schedule of Other Payables and Accrued Liabilities | As of December 31, As of December 31, 2019 2018 Other payables $ 168,876 $ 22,368 Accrued audit fees 19,873 16,500 Accrued other expenses 10,787 13,575 Accrued professional fees 2,863 532 Total payables and accrued liabilities $ 202,399 $ 52,975 |
Finance Lease Liability (Tables
Finance Lease Liability (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Schedule of Obligation Under Finance Lease | The obligation under the finance lease is as follows: As of December 31, As of December 31, 2019 2018 Finance lease $ 55,721 $ 64,952 Less: interest expense (6,273 ) (8,621 ) Net present value of finance lease 49,448 56,331 Current portion 8,075 7,561 Non-current portion 41,373 48,770 Total $ 49,448 $ 56,331 |
Schedule of Maturities of Finance Lease | As of December 31, 2019, the maturities of the finance lease for each of the years are as follows: 2020 8,075 2021 8,484 2022 8,892 2023 9,159 2024 9,467 2025 5,371 Total $ 49,448 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Loss Before Income Taxes | For the year ended December 31, 2019 and year ended December 31, 2018, the local (United States) and foreign components of loss before income taxes were comprised of the following: For the year ended For the year ended Tax jurisdictions from: - Local $ (43,726 ) $ (41,825 ) - Foreign, representing Seychelles (1,896 ) (1,775 ) Hong Kong (111,395 ) (125,895 ) Malaysia (123,237 ) (177,895 ) PRC (21,251 ) (23,754 ) Thailand 6,042 (201 ) Loss before income tax $ (295,463 ) $ (371,345 ) |
Schedule of Provision for Income Taxes | The provision for income taxes consisted of the following: For the year ended For the year ended Current: - Local $ - $ - - Foreign - - Deferred: - Local - - - Foreign - - Income tax expense $ - $ - |
Schedule of Significant Components of Aggregate Deferred Tax Assets | The following table sets forth the significant components of the aggregate deferred tax assets of the Company for the period ended December 31, 2019 and 2018. For the year ended For the year ended Deferred tax assets: Net operating loss carry forwards -United States of America $ (69,741 ) $ (57,366 ) -Seychelles $ - - -Hong Kong $ (84,136 ) $ (65,028 ) -Malaysia $ (100,905 ) $ (78,382 ) -PRC $ (29,164 ) $ (22,601 ) -Thailand $ - $ (2,956 ) (283,946 ) (226,333 ) Less: valuation allowance $ 283,946 $ 226,333 Deferred tax assets $ - $ - |
Concentrations of Risks (Tables
Concentrations of Risks (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Risks and Uncertainties [Abstract] | |
Schedule of Concentrations of Risks | For the year ended December 31, 2019, the customers who accounted for 10% or more of the Company’s revenues and its accounts receivable balance at year-end are presented as follows: For the year ended December 31 2019 2018 2019 2018 2019 2018 Revenues Percentage of Revenues Accounts Receivable, Trade Customer B $ 40,096 $ 41,561 15 % 19 % $ - $ - Customer C - 93,541 - 43 % - - Customer D - 34,992 - 16 % - - Customer E $ 133,543 $ - 50 % - % $ - $ - $ 173,639 $ 170,024 65 % 77 % $ - $ - (b) Major vendors For the year ended December 31, 2019, the vendors who accounted for 10% or more of the Company’s purchases and its accounts payable balance at year-end are presented as follows: For the year ended December 31 2019 2018 2019 2018 2019 2018 Purchases Percentage of Purchases Account Payable, Trade Vendor A $ - $ 46,501 - % 34 % $ - $ 24,191 Vendor B $ - $ 15,517 - % 11 % $ - $ - Vendor C $ - $ 16,789 - % 12 % $ - $ - Vendor D $ - $ 16,789 - % 12 % $ - $ - Vendor E $ 92,165 $ - 55 % - % $ - $ - $ 92,165 $ 95,146 55 % 69 % $ - $ 24,191 |
Lease Right-of-Use Asset and _2
Lease Right-of-Use Asset and Lease Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Schedule of Operating Lease Right of Use Asset | As of December 31, 2019, operating lease right of use asset as follow: Initial recognition as of January 1, 2019 $ 136,308 Accumulated amortization (43,092 ) Effect of translation exchange (333 ) Balance as of December 31, 2019 $ 92,883 |
Schedule of Operating Lease Liability | As of December 31, 2019, operating lease liability as follow: Initial recognition as of April 1, 2019 $ 136,308 Less: gross repayment (49,025 ) Add: imputed interest 4,977 Effect of translation exchange 39 Balance as of December 31, 2019 $ 92,299 Less: lease liability current portion (45,120 ) Lease liability non-current portion 47,179 |
Maturities of operating lease obligation | Maturities of operating lease obligation as follow: Year ending December 31, 2020 $ 45,120 December 31, 2021 47,179 Total $ 92,299 |
Schedule of Operating Lease other Information | Other information: Year ended December 31, 2019 2018 (unaudited) (unaudited) Cash paid for amounts included in the measurement of lease liabilities: - Operating cash flow from operating lease $ 43,092 $ - Right-of-use assets obtained in exchange for operating lease liabilities 92,883 Remaining lease term for operating lease (years) 2 - Weighted average discount rate for operating lease 4.47 % - |
Loss of Liquidation (Tables)
Loss of Liquidation (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary of Loss of Liquidation | Year ended December 31, 2019 (unaudited) Valuation of DS Asia Co., Ltd - Share Capital $ 63,800 - Retained Loss b/f (67,492 ) - Current Net profit 3,296 Net Asset of DS Asia Co., Ltd - Goodwill (if any) - Net Value of DS Asia Co., Ltd - Apportionment for Shareholding (49%) 0.49 Sales Proceed for Disposal of Investment - Investment in VIE (7,029 ) |
Organization and Business Bac_3
Organization and Business Background (Details Narrative) | Dec. 31, 2019 |
DSwiss Biotech Sdn, Bhd [Member] | Malaysia [Member] | |
Equity ownership interest rate percentage | 40.00% |
DS Asia Co., Ltd [Member] | |
Equity ownership interest rate percentage | 49.00% |
DS Asia Co., Ltd [Member] | Thailand [Member] | |
Equity ownership interest rate percentage | 49.00% |
DSwiss International Trading (Shenzhen) Limited [Member] | China [Member] | |
Equity ownership interest rate percentage | 100.00% |
DSwiss Holding Limited [Member] | DSwiss (HK) Limited [Member] | Hong Kong [Member] | |
Equity ownership interest rate percentage | 100.00% |
DSwiss Holding Limited [Member] | DSwiss Sdn Bhd [Member] | Malaysia [Member] | |
Equity ownership interest rate percentage | 100.00% |
Organization and Business Bac_4
Organization and Business Background - Schedule of Variable Interest Entity (Details) | 12 Months Ended | |
Dec. 31, 2019 | ||
DSwiss Holding Limited [Member] | ||
Company name | DSwiss Holding Limited | |
Place and date of incorporation | Seychelles, May 28, 2015 | |
Particulars of issued capital | 1 share of ordinary share of US$1 each | |
Principal activities | Investment holding | |
Proportional of ownership interest and voting power held | 100.00% | |
DSwiss (HK) Limited [Member] | ||
Company name | DSwiss (HK) Limited | |
Place and date of incorporation | Hong Kong, May 28, 2015 | |
Particulars of issued capital | 1 share of ordinary share of HK$1 each | |
Principal activities | Supply of beauty products | |
Proportional of ownership interest and voting power held | 100.00% | |
DSwiss Sdn Bhd [Member] | ||
Company name | DSwiss Sdn Bhd | |
Place and date of incorporation | Malaysia, June 10, 2011 | |
Particulars of issued capital | 2 shares of ordinary share of RM 1 each | |
Principal activities | Supply of beauty products | |
Proportional of ownership interest and voting power held | 100.00% | |
DSwiss Biotech Sdn Bhd [Member] | ||
Company name | DSwiss Biotech Sdn Bhd | [1] |
Place and date of incorporation | Malaysia, March 17, 2016 | |
Particulars of issued capital | 250,000 shares of ordinary share of RM 1 each | |
Principal activities | Supply of biotech products | |
Proportional of ownership interest and voting power held | 40.00% | |
DS Asia Co., Ltd [Member] | ||
Company name | DS Asia Co., Ltd | [1],[2] |
Place and date of incorporation | Thailand, April 27, 2016 | |
Particulars of issued capital | 20,000 shares of ordinary share of THB 25 each | |
Principal activities | Trading Beauty products | |
Proportional of ownership interest and voting power held | 49.00% | |
DSwiss International Trading (Shenzhen) Limited [Member] | ||
Company name | DSwiss International Trading (Shenzhen) Limited | |
Place and date of incorporation | PRC, June 21, 2016 | |
Particulars of issued capital | 413,392 shares of ordinary share of RMB 1 each | |
Principal activities | Trading Beauty products | |
Proportional of ownership interest and voting power held | 100.00% | |
[1] | Based on the contractual arrangements between the Company and other investors, the Company has the power to direct the relevant activities of these entities unilaterally, and hence the Company has control over these entities. | |
[2] | DS Asia Co., Ltd was being officially de-registered on April 5, 2019. |
Going Concern Uncertainties (De
Going Concern Uncertainties (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Accumulated deficit | $ 1,490,845 | $ 1,204,947 |
Net operating loss | $ 295,463 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details Narrative) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Finite-lived intangible asset, useful life | 10 years |
Finance lease, description | Substantially all of the risks or benefits of ownership are deemed to have been transferred if any one of the four criteria is met: (i) transfer of ownership to the lessee at the end of the lease term, (ii) the lease containing a bargain purchase option, (iii) the lease term exceeding 75% of the estimated economic life of the leased asset, (iv) the present value of the minimum lease payments exceeding 90% of the fair value. |
Income tax benefit likelihood description | greater than 50% |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Summary of Property and Equipment Useful Life (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Computer and Software [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment estimated useful lives | 5 years |
Furniture and Fittings [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment estimated useful lives | 5 years |
Office Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment estimated useful lives | 10 years |
Motor Vehicle [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment estimated useful lives | 5 years |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Schedule of Foreign Currencies Translation (Details) | Dec. 31, 2019 | Dec. 31, 2018 |
Period-End RM [Member] | ||
Foreign currency exchange rate, translation | 4.09 | 4.13 |
Period-Average RM [Member] | ||
Foreign currency exchange rate, translation | 4.15 | 4.17 |
Period-End HK [Member] | ||
Foreign currency exchange rate, translation | 7.79 | 7.83 |
Period-Average HK [Member] | ||
Foreign currency exchange rate, translation | 7.81 | 7.83 |
Period-End RMB [Member] | ||
Foreign currency exchange rate, translation | 6.96 | 6.88 |
Period-Average RMB [Member] | ||
Foreign currency exchange rate, translation | 7.01 | 6.91 |
Period-End THB [Member] | ||
Foreign currency exchange rate, translation | 29.76 | 32.35 |
Period-Average THB [Member] | ||
Foreign currency exchange rate, translation | 30.21 | 32.74 |
VIE Structure and Arrangements
VIE Structure and Arrangements (Details Narrative) | Jun. 27, 2016 |
Management Services Agreement I [Member] | DSwiss (HK) Limited [Member] | |
Percentage of annual net profit to be received as fee | 100.00% |
Stockholders' Equity (Details N
Stockholders' Equity (Details Narrative) - shares | Dec. 31, 2019 | Dec. 31, 2018 |
Equity [Abstract] | ||
Common stock issued | 206,904,600 | 206,904,600 |
Common stock outstanding | 206,904,600 | 206,904,600 |
Preferred stock, shares issued | ||
Preferred stock, shares outstanding |
Property and Equipment (Details
Property and Equipment (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation expense | $ 19,571 | $ 24,041 |
Write-off renovation | $ 8,839 |
Property and Equipment - Schedu
Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | $ 187,306 | $ 204,558 |
Accumulated depreciation | (119,720) | (110,844) |
Effect of translation exchange | (623) | (758) |
Property and equipment, net | 66,963 | 92,956 |
Computer and Software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 92,462 | 90,931 |
Furniture and Fittings [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 6,144 | 6,144 |
Office Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 9,646 | 9,586 |
Motor Vehicles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 79,054 | 79,054 |
Renovation [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | $ 18,843 |
Intangible Assets (Details Narr
Intangible Assets (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Amortization of intangible assets | $ 2,867 | $ 777 |
Intangible Assets - Schedule of
Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Trademarks | $ 12,077 | $ 12,077 |
Amortization | (5,061) | (2,194) |
Effect of translation exchange | (441) | |
Intangible assets, net | $ 6,575 | $ 9,883 |
Prepaid Expenses and Deposits -
Prepaid Expenses and Deposits - Schedule of Prepaid Expenses and Deposits (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Prepaid expenses | $ 6,629 | $ 5,400 |
Deposits | 117,711 | 35,353 |
Other receivables | 20,150 | |
Total prepaid expenses and deposits | $ 124,380 | $ 60,903 |
Inventories - Schedule of Inven
Inventories - Schedule of Inventories (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Inventory Disclosure [Abstract] | ||
Finished goods, at cost | $ 17,199 | $ 15,137 |
Total inventories | $ 17,199 | $ 15,137 |
Other Payables and Accrued Li_3
Other Payables and Accrued Liabilities (Details Narrative) | Dec. 31, 2019USD ($) |
Payables and Accruals [Abstract] | |
Other payable | $ 132,085 |
Other Payables and Accrued Li_4
Other Payables and Accrued Liabilities - Schedule of Other Payables and Accrued Liabilities (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Payables and Accruals [Abstract] | ||
Other payables | $ 168,876 | $ 22,368 |
Accrued audit fees | 19,873 | 16,500 |
Accrued other expenses | 10,787 | 13,575 |
Accrued professional fees | 2,863 | 532 |
Total payables and accrued liabilities | $ 202,399 | $ 52,975 |
Finance Lease Liability (Detail
Finance Lease Liability (Details Narrative) | 12 Months Ended |
Dec. 31, 2019 | |
Finance lease, description | Substantially all of the risks or benefits of ownership are deemed to have been transferred if any one of the four criteria is met: (i) transfer of ownership to the lessee at the end of the lease term, (ii) the lease containing a bargain purchase option, (iii) the lease term exceeding 75% of the estimated economic life of the leased asset, (iv) the present value of the minimum lease payments exceeding 90% of the fair value. |
Finance Lease Agreement [Member] | |
Finance lease, effective interest rate percentage | 2.38% |
Finance lease, description | The effective interest rate of 2.38% per annum, due through June, 2025, with principal and interest payable monthly. |
Finance Lease Liability - Sched
Finance Lease Liability - Schedule of Obligation Under Finance Lease (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Leases [Abstract] | ||
Finance lease | $ 55,721 | $ 64,952 |
Less: interest expense | (6,273) | (8,621) |
Net present value of finance lease | 49,448 | 56,331 |
Current portion | 8,075 | 7,561 |
Non-current portion | 41,373 | 48,770 |
Total | $ 49,448 | $ 56,331 |
Finance Lease Liability - Sch_2
Finance Lease Liability - Schedule of Maturities of Finance Lease (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Leases [Abstract] | ||
2020 | $ 8,075 | |
2021 | 8,484 | |
2022 | 8,892 | |
2023 | 9,159 | |
2024 | 9,467 | |
2025 | 5,371 | |
Total | $ 49,448 | $ 56,331 |
Amount Due to a Director (Detai
Amount Due to a Director (Details Narrative) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Related Party Transactions [Abstract] | ||
Advance from a director | $ 125,834 | $ 40,476 |
Income Taxes (Details Narrative
Income Taxes (Details Narrative) | 12 Months Ended |
Dec. 31, 2019USD ($) | |
United States of America [Member] | |
Cumulative net operating losses | $ 332,098 |
Income taxt rate | 21.00% |
Net operating loss carryforwards expire | The net operating loss carry forwards begin to expire in 2038, if unutilized. |
Valuation allowance | $ 69,741 |
Hong Kong [Member] | DSwiss (HK) Limited [Member] | |
Cumulative net operating losses | $ 509,914 |
Income taxt rate | 16.50% |
Valuation allowance | $ 84,136 |
Percentage of statutory income rate | 16.50% |
Malaysia [Member] | DSwiss Sdn Bhd and DSwiss Biotech Sdn Bhd [Member] | |
Cumulative net operating losses | $ 560,586 |
Income taxt rate | 18.00% |
Valuation allowance | $ 100,905 |
Malaysia [Member] | DSwiss Sdn Bhd and DSwiss Biotech Sdn Bhd [Member] | Minimum [Member] | |
Percentage of statutory income rate | 17.00% |
Malaysia [Member] | DSwiss Sdn Bhd and DSwiss Biotech Sdn Bhd [Member] | Maximum [Member] | |
Percentage of statutory income rate | 24.00% |
PRC [Member] | DSwiss International Trading (Shenzhen) Limited [Member] | |
Cumulative net operating losses | $ 116,657 |
Income taxt rate | 25.00% |
Valuation allowance | $ 29,164 |
Percentage of statutory income rate | 25.00% |
Income Taxes - Schedule of Comp
Income Taxes - Schedule of Components of Income Loss Before Income Taxes (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Tax jurisdictions from local | $ (43,726) | $ (41,825) |
Loss before income tax | (295,463) | (371,345) |
Seychelles [Member] | ||
Tax jurisdictions from foreign | (1,896) | (1,775) |
Hong Kong [Member] | ||
Tax jurisdictions from foreign | (111,395) | (125,895) |
Malaysia [Member] | ||
Tax jurisdictions from foreign | (123,237) | (177,895) |
People's Republic of China (PRC) [Member] | ||
Tax jurisdictions from foreign | (21,251) | (23,754) |
Thailand [Member] | ||
Tax jurisdictions from foreign | $ 6,042 | $ (201) |
Income Taxes - Schedule of Prov
Income Taxes - Schedule of Provision for Income Taxes (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | ||
Current: Local | ||
Current: Foreign | ||
Deferred: Local | ||
Deferred: Foreign | ||
Income tax expense |
Income Taxes - Schedule of Sign
Income Taxes - Schedule of Significant Components of Aggregate Deferred Tax Assets (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Net operating loss carry forwards | $ (283,946) | $ (226,333) |
Less: valuation allowance | 283,946 | 226,333 |
Deferred tax assets | ||
United States of America [Member] | ||
Net operating loss carry forwards | (69,741) | (57,366) |
Seychelles [Member] | ||
Net operating loss carry forwards | ||
Hong Kong [Member] | ||
Net operating loss carry forwards | (65,028) | |
Hong Kong [Member] | DSwiss (HK) Limited [Member] | ||
Net operating loss carry forwards | (84,136) | |
Malaysia [Member] | ||
Net operating loss carry forwards | (100,905) | (78,382) |
PRC [Member] | ||
Net operating loss carry forwards | (29,164) | (22,601) |
Thailand [Member] | ||
Net operating loss carry forwards | $ (2,956) |
Concentrations of Risks (Detail
Concentrations of Risks (Details Narrative) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Customers [Member] | ||
Concentration risk percentage | 10.00% | 10.00% |
Vendors [Member] | ||
Concentration risk percentage | 10.00% | 10.00% |
Concentrations of Risks - Sched
Concentrations of Risks - Schedule of Concentrations of Risks (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Revenues | $ 273,659 | $ 220,119 |
Major Customers [Member] | ||
Revenues | $ 173,639 | $ 170,024 |
Percentage of Revenues | 65.00% | 77.00% |
Accounts Receivable, Trade | ||
Major Customers [Member] | Customer B [Member] | ||
Accounts Receivable, Trade | ||
Major Customers [Member] | Customer E [Member] | ||
Accounts Receivable, Trade | ||
Major Customers [Member] | Customer B [Member] | ||
Revenues | $ 40,096 | $ 41,561 |
Percentage of Revenues | 15.00% | 19.00% |
Major Customers [Member] | Customer C [Member] | ||
Revenues | $ 93,541 | |
Percentage of Revenues | 43.00% | |
Major Customers [Member] | Customer D [Member] | ||
Revenues | $ 34,992 | |
Percentage of Revenues | 16.00% | |
Major Customers [Member] | Customer E [Member] | ||
Revenues | $ 133,543 | |
Percentage of Revenues | 50.00% | 0.00% |
Major Vendors [Member] | ||
Purchases | $ 92,165 | $ 95,146 |
Percentage of Purchases | 55.00% | 0.00% |
Accounts Payable, Trade | $ 24,191 | |
Major Vendors [Member] | Vendor A [Member] | ||
Purchases | $ 46,501 | |
Percentage of Purchases | 0.00% | 34.00% |
Accounts Payable, Trade | $ 24,191 | |
Major Vendors [Member] | Vendor B [Member] | ||
Purchases | $ 15,517 | |
Percentage of Purchases | 0.00% | 11.00% |
Major Vendors [Member] | Vendor C [Member] | ||
Purchases | $ 16,789 | |
Percentage of Purchases | 0.00% | 12.00% |
Major Vendors [Member] | Vendor D [Member] | ||
Purchases | $ 16,789 | |
Percentage of Purchases | 0.00% | 12.00% |
Major Vendors [Member] | Vendor E [Member] | ||
Purchases | $ 92,165 | |
Percentage of Purchases | 55.00% | 0.00% |
Accounts Payable, Trade |
Lease Right-of-Use Asset and _3
Lease Right-of-Use Asset and Lease Liabilities (Details Narrative) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2019 | |
Lease Asset- right of use | $ 92,883 | $ 136,308 | |
Lease expenses | 48,069 | ||
ASU 2016-02 [Member] | |||
Lease Asset- right of use | 136,308 | ||
Operating lease liability | $ 136,308 | ||
Discount rate of lease payment | 4.47% | ||
Amortization of operating lease right of use asset | $ 43,092 | ||
Lease expenses | $ 44,009 |
Lease Right-of-Use Asset and _4
Lease Right-of-Use Asset and Lease Liabilities - Schedule of Operating Lease Right of Use Asset (Details) - USD ($) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2019 | Dec. 31, 2019 | |
Leases [Abstract] | ||
Initial recognition | $ 136,308 | |
Accumulated amortization | (8,839) | |
Effect of translation exchange | (39) | (333) |
Balance as of December 31, 2019 | $ 92,883 | $ 92,883 |
Lease Right-of-Use Asset and _5
Lease Right-of-Use Asset and Lease Liabilities - Schedule of Operating Lease Liability (Details) - USD ($) | 9 Months Ended | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |
Leases [Abstract] | |||
Initial recognition | $ 136,308 | ||
Less: gross repayment | (49,025) | ||
Add: imputed interest | 4,977 | ||
Effect of translation exchange | 39 | 333 | |
Balance as of December 31, 2019 | 92,883 | 92,883 | |
Less: lease liability current portion | (45,120) | (45,120) | |
Lease liability non-current portion | $ 47,179 | $ 47,179 |
Lease Right-of-Use Asset and _6
Lease Right-of-Use Asset and Lease Liabilities - Maturities of operating lease obligation (Details) | Dec. 31, 2019USD ($) |
Leases [Abstract] | |
31-Dec-20 | $ 45,120 |
31-Dec-21 | 47,179 |
Total | $ 92,299 |
Lease Right-of-Use Asset and _7
Lease Right-of-Use Asset and Lease Liabilities - Schedule of Operating Lease other Information (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Leases [Abstract] | ||
Operating cash flow from operating lease | $ 43,092 | |
Right-of-use assets obtained in exchange for operating lease liabilities | $ 92,883 | |
Remaining lease term for operating lease (years) | 2 years | 0 years |
Weighted average discount rate for operating lease | 4.47% | 0.00% |
Loss of Liquidation - Summary o
Loss of Liquidation - Summary of Loss of Liquidation (Details) - DS Asia Co., Ltd [Member] | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Valuation of DS Asia Co., Ltd - Share Capital | $ 63,800 |
Valuation of DS Asia Co., Ltd- Retained Loss b/f | (67,492) |
Valuation of DS Asia Co., Ltd- Current Net profit | 3,296 |
Net Asset of DS Asia Co., Ltd | |
Goodwill (if any) | |
Net Value of DS Asia Co., Ltd | |
Apportionment for Shareholding (49%) | 49.00% |
Sales Proceed for Disposal of Investment | |
Investment in Associate | $ (7,029) |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Greenpro Venture Capital Limited [Member] | ||
Related party transactions during the period | $ 13,816 | $ 20,456 |
Agape ATP International Holding Limited [Member] | ||
Related party transactions during the period | 153,328 | |
Agape Superior Living Sdn Bhd [Member] | ||
Related party transactions during the period | $ 39,942 |