Cover
Cover - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Jun. 30, 2022 | |
Cover [Abstract] | ||
Document Type | 10-K | |
Amendment Flag | false | |
Document Annual Report | true | |
Document Transition Report | false | |
Document Period End Date | Dec. 31, 2022 | |
Document Fiscal Period Focus | FY | |
Document Fiscal Year Focus | 2022 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 333-208083 | |
Entity Registrant Name | DSwiss, Inc. | |
Entity Central Index Key | 0001652561 | |
Entity Tax Identification Number | 47-4215595 | |
Entity Incorporation, State or Country Code | NV | |
Entity Address, Address Line One | Unit 18-11, 18-12 & 18-01, Tower A, Vertical Business Suite | |
Entity Address, Address Line Two | Avenue 3, Bangsar South | |
Entity Address, Address Line Three | No.8 Jalan Kerinchi | |
Entity Address, City or Town | Kuala Lumpur | |
Entity Address, Country | MY | |
Entity Address, Postal Zip Code | 59200 | |
City Area Code | 603 | |
Local Phone Number | 2770-4032 | |
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 | true | |
Entity Emerging Growth Company | true | |
Elected Not To Use the Extended Transition Period | false | |
Entity Shell Company | false | |
Entity Public Float | $ 0 | |
Entity Common Stock, Shares Outstanding | 206,904,585 | |
Auditor Name | JP CENTURION & PARTNERS PLT | |
Auditor Firm ID | 6723 | |
Auditor Location | Kuala Lumpur, Malaysia |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 | |
CURRENT ASSETS | |||
Cash and cash equivalents | $ 214,269 | $ 234,546 | |
Accounts receivable | 17,492 | 2,053 | |
Other receivables, prepaid expenses, and deposit | 21,749 | 53,693 | |
Tax recoverable | 745 | 814 | |
Inventories | 7,483 | 17,131 | |
Total current assets | 261,738 | 308,237 | |
NON-CURRENT ASSETS | |||
Property and equipment, net | 72,179 | 92,970 | |
Intangible assets, net | 3,459 | 4,498 | |
Operating lease right-of-use assets, net | 44,548 | 92,606 | |
Total non-current assets | 120,186 | 190,074 | |
TOTAL ASSETS | [1] | 381,924 | 498,311 |
CURRENT LIABILITIES | |||
Accounts payable | 29,539 | 10,901 | |
Other payables and accrued liabilities | 154,710 | 205,359 | |
Finance lease liability | 16,515 | 16,697 | |
Amount due to a director | 40,509 | ||
Operating lease liability | 44,548 | 45,270 | |
Current tax liabilities | 175 | ||
Total current liabilities | 245,312 | 318,911 | |
NON-CURRENT LIABILITIES | |||
Finance lease liability | 38,461 | 58,055 | |
Operating lease liability | 47,336 | ||
Total non-current liabilities | 38,461 | 105,391 | |
TOTAL LIABILITIES | 283,773 | 424,302 | |
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, 206,904,585 shares and 206,904,585 shares issued and outstanding as of December 31, 2022 and 2021 respectively | 20,690 | 20,690 | |
Additional paid-in capital | 1,395,426 | 1,395,426 | |
Accumulated other comprehensive losses | (5,846) | (32,985) | |
Accumulated deficit | (1,324,002) | (1,309,711) | |
TOTAL DSWISS, INC. STOCKHOLDERS’ EQUITY | 86,268 | 73,420 | |
NON-CONTROLLING INTEREST | 11,883 | 589 | |
TOTAL STOCKHOLDERS’ EQUITY | 98,151 | 74,009 | |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 381,924 | $ 498,311 | |
[1]Revenues and costs are attributed to countries based on the location of customers. |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2022 | Dec. 31, 2021 |
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 | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 600,000,000 | 600,000,000 |
Common stock, shares issued | 206,904,585 | 206,904,585 |
Common stock, shares outstanding | 206,904,585 | 206,904,585 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | ||
Income Statement [Abstract] | |||
REVENUE | [1] | $ 1,849,047 | $ 1,958,655 |
COST OF REVENUE | [1] | (1,404,054) | (1,459,531) |
GROSS PROFIT | 444,993 | 499,124 | |
OTHER INCOME | 4,823 | 8,390 | |
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES | (402,412) | (308,686) | |
OPERATING EXPENSES | (1,303) | (1,464) | |
FINANCE COST | (6,212) | (2,600) | |
LEASE EXPENSES | (42,310) | (44,486) | |
(LOSS)/PROFIT BEFORE INCOME TAX | [1] | (2,421) | 150,278 |
INCOME TAXES PROVISION | (516) | (176) | |
NET (LOSS)/PROFIT | (2,937) | 150,102 | |
Non-Controlling Interests | (11,354) | 23,357 | |
Other comprehensive income/(loss): | |||
- Foreign currency translation adjustment | 27,139 | (4,808) | |
COMPREHENSIVE INCOME | $ 12,848 | $ 168,651 | |
Net (loss)/profit per share- Basic and diluted | $ (0.0001) | $ 0.0008 | |
Weighted average number of common shares outstanding - Basic and diluted | 206,904,585 | 206,904,585 | |
[1]Revenues and costs are attributed to countries based on the location of customers. |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Noncontrolling Interest [Member] | Total |
Beginning balance, value at Dec. 31, 2020 | $ 20,690 | $ 1,395,426 | $ (28,177) | $ (1,483,170) | $ 25,727 | $ (69,504) |
Beginning balance, shares at Dec. 31, 2020 | 206,904,600 | |||||
Shares spinoff adjustment resulted from a stock distribution by a corporate shareholder | ||||||
Beginning balance, shares | (15) | |||||
Foreign currency translation adjustment | (4,808) | (1,781) | (6,589) | |||
Net gain (loss) | 173,459 | (23,357) | 150,102 | |||
Ending balance, value at Dec. 31, 2021 | $ 20,690 | 1,395,426 | (32,985) | (1,309,711) | 589 | 74,009 |
Beginning balance, shares at Dec. 31, 2021 | 206,904,585 | |||||
Foreign currency translation adjustment | 27,139 | (60) | 27,079 | |||
Net gain (loss) | (14,291) | 11,354 | (2,937) | |||
Ending balance, value at Dec. 31, 2022 | $ 20,690 | $ 1,395,426 | $ (5,846) | $ (1,324,002) | $ 11,883 | $ 98,151 |
Beginning balance, shares at Dec. 31, 2022 | 206,904,585 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | ||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
(Loss)/Profit before tax | [1] | $ (2,421) | $ 150,278 |
Adjustments to reconcile net (loss)/profit to net cash generated from operating activities: | |||
Depreciation and amortization | 72,441 | 65,382 | |
Amortization for intangible assets | 1,029 | 1,034 | |
Changes in operating assets and liabilities: | |||
Accounts receivable | (15,551) | 6,848 | |
Accounts payable | 14,702 | 9,819 | |
Inventories | 8,707 | 19,764 | |
Other payables and accrued liabilities | (42,440) | 49,249 | |
Prepaid expenses and deposits | 28,995 | (460) | |
Reduction in lease liability | (42,212) | (46,923) | |
Cash generated from operating activities | 23,250 | 254,991 | |
Taxation paid | (822) | (3,300) | |
Net cash generated from operating activities | 22,428 | 251,691 | |
CASH FLOWS FROM INVESTING ACTIVITY: | |||
Purchase of property and equipment | (14,376) | (62,075) | |
Net cash used in investing activity | (14,376) | (62,075) | |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Repayment to directors | (38,284) | (112,851) | |
Advance to related companies | (398) | ||
Additional of finance lease | 43,535 | ||
Repayment of finance lease | (15,671) | (9,237) | |
Net cash used in financing activities | (53,955) | (78,951) | |
Effect of exchange rate changes on cash and cash equivalents | 25,626 | (34,123) | |
Net change in cash and cash equivalents | (20,277) | 76,542 | |
Cash and cash equivalents, beginning of year | 234,546 | 158,004 | |
CASH AND CASH EQUIVALENTS, END OF YEAR | 214,269 | 234,546 | |
SUPPLEMENTAL CASH FLOWS INFORMATION | |||
Income taxes paid | 141 | 3,300 | |
Interest paid | $ 421 | $ 2,600 | |
[1]Revenues and costs are attributed to countries based on the location of customers. |
ORGANIZATION AND BUSINESS BACKG
ORGANIZATION AND BUSINESS BACKGROUND | 12 Months Ended |
Dec. 31, 2022 | |
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 100 100 We have invested in DSwiss Biotech Sdn Bhd, a Company incorporated in Malaysia, and owned 40 The Company, through its subsidiaries and its variable interest entities (“VIEs”), mainly supplies high quality beauty products. Details of the Company’s subsidiaries: SCHEDULE OF VARIABLE INTEREST ENTITY Company name Place and date of incorporation Particulars of issued capital Principal activities Proportional of ownership interest and voting power held 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$1 each Supply of beauty products 100% 3. DSwiss Sdn Bhd Malaysia March 10, 2011 2 shares of ordinary share of RM 1 each Supply of beauty products 100% 4. DSwiss Biotech Sdn Bhd (1) (2) Malaysia March 17, 2016 250,000 shares of ordinary share of RM 1 each Supply of biotech products 40% (1) Based on the contractual arrangements between the Company and other investors, the Company has the power to direct the relevant activities of this entity unilaterally, and hence the Company has control over this entity. (2) On January 18, 2023, DSwiss (HK) Limited acquired 150,000 60 with consideration of RM 1 DSWISS, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2022 AND 2021 (Currency expressed in United States Dollars (“US$”), except for number of shares) Business Overview One of the leading one-stop ODM/OEM manufacturing companies, DSwiss is a premier biotech nutraceutical firm that offers premium healthcare, skincare, and personal care products. At DSwiss, we procure excellent and precise formulation using the finest natural ingredients, developing effective solutions with alluring favours in a variety of forms. DSwiss addresses a distinct demand in the market for a manufacturer who could ensure the quality of the ingredient sources and offer efficient one-stop service from raw material, product development, manufacturing and packaging. Since our founding, we have experienced tremendous growth in Malaysia. We offer exceptional lifestyle solutions to consumers all over the world thanks to our over 10 years of continuous innovation and work in the health and beauty business. Our company’s Chief Executive Officer, Vincent Leong has led it with a strong hand, and as a result, our products are now consumed around the world, such as Malaysia, Singapore, Indonesia, Hong Kong, Australia, Taiwan, Macau, and China. With the help of our distributors, we have so far extended throughout Asia, and we are adamant about extending our geographic reach into untapped markets. With a team of professionals at the helm, DSwiss is assured of providing the best products and attending client’s needs from consultations to products. To fulfil customer needs, we carry out research and development based on our philosophy of “creating beauty, health, and the ecosystem”. Our cutting-edge research and development team has always been exploring new product lines and integrating the most recent science and technology, which will enable us to produce more evidence-based, high-value added formulations and products and maintain our competitive position in the market. With our extensive years of expertise in the OEM and ODM services industry, we offer comprehensive solutions to our customers. In addition to business consultancy, DSwiss offers useful guidance on current market trends as we all as marketing solutions and support to assist our clients’ business endeavours. Versatility and reliability are evidently the driving principles behind DSwiss, who manufactures products using high-grade ingredients and materials at every stage of research, development, and production. As advocates of natural and high-quality active ingredients, we actively seek for and select the best ingredients, as we are dedicated to adhering to policies under rigorous quality control and assurance criteria, thereby maximizing the safety and efficacy of our products. We dedicate ourselves to maintaining the highest standard in our products in order to provide assurance and a continual commitment to producing high-quality products in accordance with the strict specifications and guidelines specified out by Ministry of Health (“MOH”) Malaysia. Each step of production process has quality control built in and implemented. We guarantee the highest quality product using precise production techniques and specialised equipment, promising ongoing improvements and enhancements based on customer feedback. DSwiss takes pride in offering the best results in customisable solutions for health supplements and beauty product manufacturing. |
GOING CONCERN UNCERTAINTIES
GOING CONCERN UNCERTAINTIES | 12 Months Ended |
Dec. 31, 2022 | |
Going Concern Uncertainties | |
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, 2022, the Company suffered an accumulated deficit of $ 1,324,002 There is no assurance that the Company will able to maintain profitable in the future, which 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, 2022 | |
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. DSWISS, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2022 AND 2021 (Currency expressed in United States Dollars (“US$”), except for number of shares) Use of estimates In preparing these consolidated financial statements, management makes estimates and assumptions that affect the reported amounts of assets and liabilities in the balance sheets, and revenues and expenses during the periods reported. Actual results may differ from these estimates. Cash and cash equivalents Cash and cash equivalents are carried at cost and represent cash on hand, time deposits placed with banks or other financial institutions and all highly liquid investments with an original maturity of six months or less as of the purchase date of such investments. Property and equipment Property and equipment are stated at cost less accumulated depreciation and impairment. Depreciation of plant, equipment and software are calculated on the straight-line method over their estimated useful lives or lease terms generally as follows: SUMMARY OF PROPERTY AND EQUIPMENT USEFUL LIFE Classification Estimated useful lives Computer and software 5 Furniture and Fittings 5 Office equipment 10 Motor vehicle 5 Intangible assets Intangible assets are stated at cost less accumulated amortization. Intangible assets represented the registration costs of trademarks in Malaysia and Hong Kong which are amortized on a straight-line basis over a useful life of ten years The Company follows ASC Topic 350 in accounting for intangible assets, which requires impairment losses to be recorded when indicators of impairment are present and the undiscounted cash flows estimated to be generated by the assets are less than the assets’ carrying amounts. There were no DSWISS, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2022 AND 2021 (Currency expressed in United States Dollars (“US$”), except for number of shares) 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. 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 The Company follows the guidance of Accounting Standards Codification (ASC) 606, Revenue from Contracts 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. The Company mainly derives its revenue from the sale of healthy food products. Generally, the Company recognizes revenue when OEM, Home brand and medical consumables products are sold and accepted by the customers and there are no continuing obligations to the customer. DSWISS, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2022 AND 2021 (Currency expressed in United States Dollars (“US$”), except for number of shares) 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% 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 profit per share The Company calculates net profit per share in accordance with ASC Topic 260 “ Earnings per share DSWISS, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2022 AND 2021 (Currency expressed in United States Dollars (“US$”), except for number of shares) 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 and China maintains their books and record in their local currency, Ringgits Malaysia (“MYR”), Hong Kong Dollars (“HK$”) and Chinese Renminbi (“RMB”) respectively, which is functional currency as being the primary currency of the economic environment in which the entity operates. In general, for consolidation purposes, assets and liabilities of its subsidiaries whose functional currency is not US$ 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: SCHEDULE OF FOREIGN CURRENCIES TRANSLATION As of and for the year ended 2022 2021 Year-end MYR : US$1 exchange rate 4.42 4.17 Year-average MYR : US$1 exchange rate 4.41 4.13 Year-end HK$ : US$1 exchange rate 7.81 7.80 Year-average HK$ : US$1 exchange rate 7.83 7.78 Year-end RMB : US$1 exchange rate 6.92 6.46 Year-average RMB : US$1 exchange rate 6.75 6.45 Related parties Parties, which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Companies are also considered to be related if they are subject to common control or common significant influence. Fair value of financial instruments The carrying value of the Company’s financial instruments: cash and cash equivalents, subscription receivables, prepayment and deposits, accounts payable, and other payables and accrued liabilities approximate at their fair values because of the short-term nature of these financial instruments. DSWISS, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2022 AND 2021 (Currency expressed in United States Dollars (“US$”), except for number of shares) 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 FASB issues various Accounting Standards Updates relating to the treatment and recording of certain accounting transactions. On June 10, 2014, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) No. 2014-10, Development Stage Entities Consolidation The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and do not believe the future adoption of any such pronouncements may be expected to cause a material impact on its financial condition or the results of its operations. In May 2019, the FASB issued ASU 2019-05, which is an update to ASU Update No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which introduced the expected credit losses methodology for the measurement of credit losses on financial assets measured at amortized cost basis, replacing the previous incurred loss methodology. The amendments in Update 2016-13 added Topic 326, Financial Instruments—Credit Losses, and made several consequential amendments to the Codification. The amendments in this Update address those stakeholders’ concerns by providing an option to irrevocably elect the fair value option for certain financial assets previously measured at amortized cost basis. For those entities, the targeted transition relief will increase comparability of financial statement information by providing an option to align measurement methodologies for similar financial assets. Furthermore, the targeted transition relief also may reduce the costs for some entities to comply with the amendments in Update 2016-13 while still providing financial statement users with decision-useful information. In November 2019, the FASB issued ASU No. 2019-10, which to update the effective date of ASU No. 2016-13 for private companies, not-for-profit organizations and certain smaller reporting companies applying for credit losses, leases, and hedging standard. The new effective date for these preparers is for fiscal years beginning after December 15, 2022. ASU 2019-05 is effective for the Company for annual and interim reporting periods beginning January 1, 2023 as the Company is qualified as a smaller reporting company. The Company is currently evaluating the impact ASU 2019-05 may have on its consolidated financial statements. DSWISS, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2022 AND 2021 (Currency expressed in United States Dollars (“US$”), except for number of shares) |
VIE STRUCTURE AND ARRANGEMENTS
VIE STRUCTURE AND ARRANGEMENTS | 12 Months Ended |
Dec. 31, 2022 | |
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 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. On January 18, 2023, DSwiss (HK) Limited acquired 150,000 60 with consideration of RM 1 DSWISS, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2022 AND 2021 (Currency expressed in United States Dollars (“US$”), except for number of shares) |
STOCKHOLDERS_ EQUITY
STOCKHOLDERS’ EQUITY | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
STOCKHOLDERS’ EQUITY | 5. STOCKHOLDERS’ EQUITY As of December 31, 2022 and 2021, the Company had a total of 206,904,585 206,904,585 no |
PROPERTY AND EQUIPMENT
PROPERTY AND EQUIPMENT | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY AND EQUIPMENT | 6. PROPERTY AND EQUIPMENT SCHEDULE OF PLANT AND EQUIPMENT As of December 31, 2022 As of December 31, 2021 Computer and software $ 105,535 $ 102,050 Furniture and fittings 6,144 6,144 Office equipment 21,152 13,126 Motor vehicle 135,868 133,003 Total property and equipment 268,699 $ 254,323 Accumulated depreciation (187,236 ) (157,105 ) Effect of translation exchange (9,284 ) (4,249 ) Property and equipment, net $ 72,179 $ 92,970 Depreciation expense for the year ended December 31, 2022 and December 31, 2021 were $ 30,131 18,734 |
INTANGIBLE ASSETS
INTANGIBLE ASSETS | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
INTANGIBLE ASSETS | 7. INTANGIBLE ASSETS SCHEDULE OF INTANGIBLE ASSETS As of December 31, 2022 As of December 31, 2021 Trademarks $ 12,077 $ 12,077 Amortization (8,164 ) (7,135 ) Effect of translation exchange (454 ) (444 ) Intangible assets, net $ 3,459 $ 4,498 Amortization for the year ended December 31, 2022 and December 31, 2021 were $ 1,029 1,034 |
OTHER RECEIVABLES, PREPAID EXPE
OTHER RECEIVABLES, PREPAID EXPENSES AND DEPOSITS | 12 Months Ended |
Dec. 31, 2022 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
OTHER RECEIVABLES, PREPAID EXPENSES AND DEPOSITS | 8. OTHER RECEIVABLES, PREPAID EXPENSES AND DEPOSITS SCHEDULE OF OTHER RECEIVABLES, PREPAID EXPENSES AND DEPOSITS As of December 31, 2022 As of December 31, 2021 Prepaid expenses $ 2,080 $ 977 Deposits 19,669 52,716 Total other receivables, prepaid expenses and deposits $ 21,749 $ 53,693 |
INVENTORIES
INVENTORIES | 12 Months Ended |
Dec. 31, 2022 | |
Inventory Disclosure [Abstract] | |
INVENTORIES | 9. INVENTORIES SCHEDULE OF INVENTORIES As of December 31, 2022 As of December 31, 2021 Finished goods, at cost $ 7,483 $ 17,131 Total inventories $ 7,483 $ 17,131 DSWISS, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2022 AND 2021 (Currency expressed in United States Dollars (“US$”), except for number of shares) |
OTHER PAYABLES AND ACCRUED LIAB
OTHER PAYABLES AND ACCRUED LIABILITIES | 12 Months Ended |
Dec. 31, 2022 | |
Payables and Accruals [Abstract] | |
OTHER PAYABLES AND ACCRUED LIABILITIES | 10. OTHER PAYABLES AND ACCRUED LIABILITIES SCHEDULE OF OTHER PAYABLES AND ACCRUED LIABILITIES As of December 31, 2022 As of December 31, 2021 Other payables $ 100,385 $ 164,529 Accrued audit fees 20,266 21,342 Accrued other expenses 16,683 14,136 Accrued professional fees 17,376 5,352 Total payables and accrued liabilities $ 154,710 $ 205,359 |
FINANCE LEASE LIABILITIES
FINANCE LEASE LIABILITIES | 12 Months Ended |
Dec. 31, 2022 | |
Finance Lease Liabilities | |
FINANCE LEASE LIABILITIES | 11. FINANCE LEASE LIABILITIES The Company purchased motor vehicles with finance lease. The first finance lease agreement commenced on July 31, 2018 with the effective interest rate of 3.62% per annum, due through June, 2025, with principal and interest payable monthly. The second finance lease agreement commenced on December 3, 2021 with the effective interest rate of 3.70% per annum, due through November, 2026, with principal and interest payable monthly. SCHEDULE OF OBLIGATION UNDER FINANCE LEASE As of December 31, 2022 As of December 31, 2021 Finance leases $ 58,768 $ 81,676 Less: interest expense (3,792 ) (6,924 ) Net present value of finance leases 54,976 74,752 Current portion 16,515 16,697 Non-current portion 38,461 58,055 Total $ 54,976 $ 74,752 As of December 31, 2022, the maturities of the finance leases for each of the years are as follows: SCHEDULE OF MATURITIES OF FINANCE LEASE 2023 16,515 2024 17,222 2025 13,153 2026 8,086 Total $ 54,976 |
AMOUNT DUE TO A DIRECTOR
AMOUNT DUE TO A DIRECTOR | 12 Months Ended |
Dec. 31, 2022 | |
Amount Due To Director | |
AMOUNT DUE TO A DIRECTOR | 12. AMOUNT DUE TO A DIRECTOR As of December 31, 2022 and December 31, 2021, the amount due to director of the Company are $ 0 40,509 DSWISS, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2022 AND 2021 (Currency expressed in United States Dollars (“US$”), except for number of shares) |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | 13. INCOME TAXES For the year ended December 31, 2022 and year ended December 31, 2021, the local (United States) and foreign components of (loss) / profit before income taxes were comprised of the following: SCHEDULE OF COMPONENTS OF INCOME LOSS BEFORE INCOME TAXES For the year ended For the year ended Tax jurisdictions from: - Local $ (43,174 ) $ (43,429 ) - Foreign, representing Seychelles (11,643 ) (1,427 ) Hong Kong (3,951 ) (4,937 ) Malaysia 56,347 200,071 (Loss)/Profit before income tax $ (2,421 ) $ 150,278 The provision for income taxes consisted of the following: SCHEDULE OF PROVISION FOR INCOME TAXES For the year ended For the year ended Current: - Local $ - $ - - Foreign (516 ) (176 ) Deferred: - Local - - - Foreign - - Income tax expense $ (516 ) $ (176 ) The following table sets forth the significant components of the aggregate deferred tax assets of the Company for the year ended December 31, 2022 and 2021. SCHEDULE OF DEFERRED INCOME TAX ASSETS For the year ended For the year ended Deferred tax assets: Net operating loss carry forwards -United States of America $ (99,152 ) $ (90,085 ) -Seychelles - - -Hong Kong (104,132 ) (103,480 ) -Malaysia (36,884 ) (46,376 ) -PRC $ - $ - (240,168 ) (239,941 ) Less: valuation allowance $ 240,168 $ 239,941 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 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, 2022, the operations in the United States of America incurred $ 472,151 21 The net operating loss carry forwards begin to expire in 2038, if unutilized. 99,152 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 16.5 631,103 16.5 104,132 DSWISS, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2022 AND 2021 (Currency expressed in United States Dollars (“US$”), except for number of shares) 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 24 216,968 17 36,884 |
CONCENTRATIONS OF RISKS
CONCENTRATIONS OF RISKS | 12 Months Ended |
Dec. 31, 2022 | |
Risks and Uncertainties [Abstract] | |
CONCENTRATIONS OF RISKS | 14. CONCENTRATIONS OF RISKS (a) Major customers SCHEDULE OF CONCENTRATIONS OF RISKS For the year ended December 31, 2022 and 2021, 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 2022 2021 2022 2021 2022 2021 Revenues Percentage of Revenues Accounts Receivable, Trade Customer A $ 501,470 $ 1,176,280 26 % 60 % $ - $ 87 Customer B $ 386,232 $ 374,555 20 % 19 % $ - $ 122 Customer C $ 221,638 $ - 12 % - % $ - $ - $ 1,109,340 $ 1,550,835 58 % 79 % $ - $ 209 (b) Major vendors For the year ended December 31, 2022 and 2021, 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 2022 2021 2022 2021 2022 2021 Purchases Percentage of Purchases Account Payable, Trade Vendor A $ 477,099 $ 746,964 23 % 51 % $ 1,626 $ - Vendor B $ 331,538 $ - 15 % - % $ - $ - Vendor C $ 221,743 $ - 33 % - % $ 16,759 $ - $ 1,030,380 $ 746,964 71 % 51 % $ 18,385 $ - (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$ and RMB converted to US$ on that date. The exchange rate could fluctuate depending on changes in political and economic environments without notice. DSWISS, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2022 AND 2021 (Currency expressed in United States Dollars (“US$”), except for number of shares) |
LEASE RIGHT-OF-USE ASSET AND LE
LEASE RIGHT-OF-USE ASSET AND LEASE LIABILITIES | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
LEASE RIGHT-OF-USE ASSET AND LEASE LIABILITIES | 15. LEASE RIGHT-OF-USE ASSET AND LEASE LIABILITIES The Company officially adopted ASC 842 for the period on and after January 1, 2019 as permitted by ASU 2016-02. ASC 842 originally required all entities to use a “modified retrospective” transition approach that is intended to maximize comparability and be less complex than a full retrospective approach. On July 30, 2018, the FASB issued ASU 2018-11 to provide entities with relief from the costs of implementing certain aspects of the new leasing standard, ASU 2016-02 of which permits entities may elect not to recast the comparative periods presented when transitioning to ASC 842. As permitted by ASU 2018-11, the Company elect not to recast comparative periods, thusly. As of January 1, 2022, the Company recognized approximately US$ 386,451 5.40 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, 2022, operating lease right of use asset as follow: SCHEDULE OF OPERATING LEASE RIGHT OF USE ASSET Year ended December 31, 2022 2021 As of January 1, $ 92,606 $ 47,653 Add: New Lease commenced on 1 January 2022 - 92,606 Accumulated amortization (42,310 ) (46,571 ) Effect of translation exchange (5,748 ) (1,082 ) Balance as of December 31 $ 44,548 $ 92,606 As of December 31, 2022, operating lease liability as follow: SCHEDULE OF OPERATING LEASE LIABILITY As of January 1, $ 92,606 Less: gross repayment (45,763 ) Add: imputed interest 3,453 Effect of translation exchange (5,748 ) Balance as of December 31, 2022 $ 44,548 Less: lease liability current portion 44,548 Lease liability non-current portion $ - For the year ended December 31, 2022 and 2021, the amortization of the operating lease right of use asset are $ 42,310 44,486 SCHEDULE OF OPERATING LEASE OTHER INFORMATION Year ended December 31, 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: - Operating cash flow from operating lease $ 42,212 $ 44,486 Right-of-use assets obtained in exchange for operating lease liabilities 44,548 45,270 Remaining lease term for operating lease (years) 1 - Weighted average discount rate for operating lease 5.40 % 4.47 % For the year ended December 31, 2022 and 2021, lease expenses were $ 42,310 44,486 DSWISS, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2022 AND 2021 (Currency expressed in United States Dollars (“US$”), except for number of shares) |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2022 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | 16. RELATED PARTY TRANSACTIONS For the years ended December 31, 2022 and December 31, 2021, the Company has the following transactions with related party: SCHEDULE OF RELATED PARTY TRANSACTION For the year ended For the year ended Professional Fees: - Related party A $ 12,226 $ 13,279 Sales - Related party B $ 386,232 $ 374,555 - Related party C - 13,124 - Related party D 24,261 11,607 Total $ 36,487 $ 412,565 The related party A is a wholly owned subsidiary of a 7.33 The related party B’s director and shareholder is the founder of the Company. Founder of the Company The r elated party C’s director and shareholder is the founder of the Company. The related party D’s director is the founder of the Company. The shareholder of related party D is related party C. The related party transaction is generally transacted in an arm-length basis at the current market value in the normal course of business. |
SEGMENTED INFORMATION
SEGMENTED INFORMATION | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting [Abstract] | |
SEGMENTED INFORMATION | 17. SEGMENTED INFORMATION ASC 280, “Segment Reporting” establishes standards for reporting information about operating segments on a basis consistent with the Company’s internal organization structure as well as information about services categories, business segments and major customers in financial statements. In accordance with the “Segment Reporting” Topic of the ASC, the Company’s chief operating decision maker has been identified as the Chief Executive Officer and President, who reviews operating results to make decisions about allocating resources and assessing performance for the entire Company. Existing guidance, which is based on a management approach to segment reporting, establishes requirements to report selected segment information quarterly and to report annually entity-wide disclosures about products and services, major customers, and the countries in which the entity holds material assets and reports revenue. All material operating units qualify for aggregation under “Segment Reporting” due to their similar customer base and similarities in economic characteristics; nature of products and services; and procurement, manufacturing and distribution processes. The Company had no inter-segment sales for the periods presented. Summarized financial information concerning the Company’s reportable segments is shown as below: SCHEDULE OF REPORTABLE SEGMENTS By Geography*: Nevada * Seychelles * Hong Kong * Malaysia * Total * For the year ended December 31, 2022 Nevada Seychelles Hong Kong Malaysia Total Revenue $ - $ - $ - $ 1,849,047 $ 1,849,047 Cost of revenue - - - (1,404,054 ) (1,404,054 ) Depreciation and amortization - - - (72,441 ) (72,441 ) Net (loss) / profit before taxation (43,174 ) (11,643 ) (3,951 ) 56,347 (2,421 ) Total assets $ 27,294 $ 7,056 $ 14,264 $ 333,310 $ 381,924 Nevada * Seychelles * Hong Kong * Malaysia * Total * For the year ended December 31, 2021 Nevada Seychelles Hong Kong Malaysia Total Revenue $ - $ - $ - $ 1,958,655 $ 1,958,655 Cost of revenue - - - (1,459,531 ) (1,459,531 ) Depreciation and amortization - - - (65,382 ) (65,382 ) Net (loss) / profit before taxation (43,429 ) (1,427 ) (4,937 ) 200,071 150,278 Total assets $ 7,366 $ 6,475 $ 16,287 $ 468,183 $ 498,311 * Revenues and costs are attributed to countries based on the location of customers. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2022 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | 18. SUBSEQUENT EVENTS In accordance with ASC Topic 855, “ Subsequent Events On January 18, 2023, DSwiss (HK) Limited acquired 150,000 60 with consideration of RM 1 |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
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. DSWISS, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2022 AND 2021 (Currency expressed in United States Dollars (“US$”), except for number of shares) |
Use of estimates | Use of estimates In preparing these consolidated financial statements, management makes estimates and assumptions that affect the reported amounts of assets and liabilities in the balance sheets, and revenues and expenses during the periods reported. Actual results may differ from these estimates. |
Cash and cash equivalents | Cash and cash equivalents Cash and cash equivalents are carried at cost and represent cash on hand, time deposits placed with banks or other financial institutions and all highly liquid investments with an original maturity of six months or less as of the purchase date of such investments. |
Property and equipment | Property and equipment Property and equipment are stated at cost less accumulated depreciation and impairment. Depreciation of plant, equipment and software are calculated on the straight-line method over their estimated useful lives or lease terms generally as follows: SUMMARY OF PROPERTY AND EQUIPMENT USEFUL LIFE Classification Estimated useful lives Computer and software 5 Furniture and Fittings 5 Office equipment 10 Motor vehicle 5 |
Intangible assets | Intangible assets Intangible assets are stated at cost less accumulated amortization. Intangible assets represented the registration costs of trademarks in Malaysia and Hong Kong which are amortized on a straight-line basis over a useful life of ten years The Company follows ASC Topic 350 in accounting for intangible assets, which requires impairment losses to be recorded when indicators of impairment are present and the undiscounted cash flows estimated to be generated by the assets are less than the assets’ carrying amounts. There were no DSWISS, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2022 AND 2021 (Currency expressed in United States Dollars (“US$”), except for number of shares) |
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. |
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 The Company follows the guidance of Accounting Standards Codification (ASC) 606, Revenue from Contracts 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. The Company mainly derives its revenue from the sale of healthy food products. Generally, the Company recognizes revenue when OEM, Home brand and medical consumables products are sold and accepted by the customers and there are no continuing obligations to the customer. DSWISS, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2022 AND 2021 (Currency expressed in United States Dollars (“US$”), except for number of shares) |
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% 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 profit per share | Net profit per share The Company calculates net profit per share in accordance with ASC Topic 260 “ Earnings per share DSWISS, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2022 AND 2021 (Currency expressed in United States Dollars (“US$”), except for number of shares) |
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 and China maintains their books and record in their local currency, Ringgits Malaysia (“MYR”), Hong Kong Dollars (“HK$”) and Chinese Renminbi (“RMB”) respectively, which is functional currency as being the primary currency of the economic environment in which the entity operates. In general, for consolidation purposes, assets and liabilities of its subsidiaries whose functional currency is not US$ 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: SCHEDULE OF FOREIGN CURRENCIES TRANSLATION As of and for the year ended 2022 2021 Year-end MYR : US$1 exchange rate 4.42 4.17 Year-average MYR : US$1 exchange rate 4.41 4.13 Year-end HK$ : US$1 exchange rate 7.81 7.80 Year-average HK$ : US$1 exchange rate 7.83 7.78 Year-end RMB : US$1 exchange rate 6.92 6.46 Year-average RMB : US$1 exchange rate 6.75 6.45 |
Related parties | Related parties Parties, which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Companies are also considered to be related if they are subject to common control or common significant influence. |
Fair value of financial instruments | Fair value of financial instruments The carrying value of the Company’s financial instruments: cash and cash equivalents, subscription receivables, prepayment and deposits, accounts payable, and other payables and accrued liabilities approximate at their fair values because of the short-term nature of these financial instruments. DSWISS, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2022 AND 2021 (Currency expressed in United States Dollars (“US$”), except for number of shares) 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 FASB issues various Accounting Standards Updates relating to the treatment and recording of certain accounting transactions. On June 10, 2014, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) No. 2014-10, Development Stage Entities Consolidation The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and do not believe the future adoption of any such pronouncements may be expected to cause a material impact on its financial condition or the results of its operations. In May 2019, the FASB issued ASU 2019-05, which is an update to ASU Update No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which introduced the expected credit losses methodology for the measurement of credit losses on financial assets measured at amortized cost basis, replacing the previous incurred loss methodology. The amendments in Update 2016-13 added Topic 326, Financial Instruments—Credit Losses, and made several consequential amendments to the Codification. The amendments in this Update address those stakeholders’ concerns by providing an option to irrevocably elect the fair value option for certain financial assets previously measured at amortized cost basis. For those entities, the targeted transition relief will increase comparability of financial statement information by providing an option to align measurement methodologies for similar financial assets. Furthermore, the targeted transition relief also may reduce the costs for some entities to comply with the amendments in Update 2016-13 while still providing financial statement users with decision-useful information. In November 2019, the FASB issued ASU No. 2019-10, which to update the effective date of ASU No. 2016-13 for private companies, not-for-profit organizations and certain smaller reporting companies applying for credit losses, leases, and hedging standard. The new effective date for these preparers is for fiscal years beginning after December 15, 2022. ASU 2019-05 is effective for the Company for annual and interim reporting periods beginning January 1, 2023 as the Company is qualified as a smaller reporting company. The Company is currently evaluating the impact ASU 2019-05 may have on its consolidated financial statements. |
ORGANIZATION AND BUSINESS BAC_2
ORGANIZATION AND BUSINESS BACKGROUND (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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: SCHEDULE OF VARIABLE INTEREST ENTITY Company name Place and date of incorporation Particulars of issued capital Principal activities Proportional of ownership interest and voting power held 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 March 10, 2011 2 shares of ordinary share of RM 1 each Supply of beauty products 100% 4. DSwiss Biotech Sdn Bhd (1) (2) Malaysia March 17, 2016 250,000 shares of ordinary share of RM 1 each Supply of biotech products 40% (1) Based on the contractual arrangements between the Company and other investors, the Company has the power to direct the relevant activities of this entity unilaterally, and hence the Company has control over this entity. (2) On January 18, 2023, DSwiss (HK) Limited acquired 150,000 60 with consideration of RM 1 |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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: SUMMARY OF PROPERTY AND EQUIPMENT USEFUL LIFE Classification Estimated useful lives Computer and software 5 Furniture and Fittings 5 Office equipment 10 Motor vehicle 5 |
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: SCHEDULE OF FOREIGN CURRENCIES TRANSLATION As of and for the year ended 2022 2021 Year-end MYR : US$1 exchange rate 4.42 4.17 Year-average MYR : US$1 exchange rate 4.41 4.13 Year-end HK$ : US$1 exchange rate 7.81 7.80 Year-average HK$ : US$1 exchange rate 7.83 7.78 Year-end RMB : US$1 exchange rate 6.92 6.46 Year-average RMB : US$1 exchange rate 6.75 6.45 |
PROPERTY AND EQUIPMENT (Tables)
PROPERTY AND EQUIPMENT (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
SCHEDULE OF PLANT AND EQUIPMENT | SCHEDULE OF PLANT AND EQUIPMENT As of December 31, 2022 As of December 31, 2021 Computer and software $ 105,535 $ 102,050 Furniture and fittings 6,144 6,144 Office equipment 21,152 13,126 Motor vehicle 135,868 133,003 Total property and equipment 268,699 $ 254,323 Accumulated depreciation (187,236 ) (157,105 ) Effect of translation exchange (9,284 ) (4,249 ) Property and equipment, net $ 72,179 $ 92,970 |
INTANGIBLE ASSETS (Tables)
INTANGIBLE ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
SCHEDULE OF INTANGIBLE ASSETS | SCHEDULE OF INTANGIBLE ASSETS As of December 31, 2022 As of December 31, 2021 Trademarks $ 12,077 $ 12,077 Amortization (8,164 ) (7,135 ) Effect of translation exchange (454 ) (444 ) Intangible assets, net $ 3,459 $ 4,498 |
OTHER RECEIVABLES, PREPAID EX_2
OTHER RECEIVABLES, PREPAID EXPENSES AND DEPOSITS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
SCHEDULE OF OTHER RECEIVABLES, PREPAID EXPENSES AND DEPOSITS | SCHEDULE OF OTHER RECEIVABLES, PREPAID EXPENSES AND DEPOSITS As of December 31, 2022 As of December 31, 2021 Prepaid expenses $ 2,080 $ 977 Deposits 19,669 52,716 Total other receivables, prepaid expenses and deposits $ 21,749 $ 53,693 |
INVENTORIES (Tables)
INVENTORIES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Inventory Disclosure [Abstract] | |
SCHEDULE OF INVENTORIES | SCHEDULE OF INVENTORIES As of December 31, 2022 As of December 31, 2021 Finished goods, at cost $ 7,483 $ 17,131 Total inventories $ 7,483 $ 17,131 |
OTHER PAYABLES AND ACCRUED LI_2
OTHER PAYABLES AND ACCRUED LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Payables and Accruals [Abstract] | |
SCHEDULE OF OTHER PAYABLES AND ACCRUED LIABILITIES | SCHEDULE OF OTHER PAYABLES AND ACCRUED LIABILITIES As of December 31, 2022 As of December 31, 2021 Other payables $ 100,385 $ 164,529 Accrued audit fees 20,266 21,342 Accrued other expenses 16,683 14,136 Accrued professional fees 17,376 5,352 Total payables and accrued liabilities $ 154,710 $ 205,359 |
FINANCE LEASE LIABILITIES (Tabl
FINANCE LEASE LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Finance Lease Liabilities | |
SCHEDULE OF OBLIGATION UNDER FINANCE LEASE | SCHEDULE OF OBLIGATION UNDER FINANCE LEASE As of December 31, 2022 As of December 31, 2021 Finance leases $ 58,768 $ 81,676 Less: interest expense (3,792 ) (6,924 ) Net present value of finance leases 54,976 74,752 Current portion 16,515 16,697 Non-current portion 38,461 58,055 Total $ 54,976 $ 74,752 |
SCHEDULE OF MATURITIES OF FINANCE LEASE | As of December 31, 2022, the maturities of the finance leases for each of the years are as follows: SCHEDULE OF MATURITIES OF FINANCE LEASE 2023 16,515 2024 17,222 2025 13,153 2026 8,086 Total $ 54,976 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
SCHEDULE OF COMPONENTS OF INCOME LOSS BEFORE INCOME TAXES | For the year ended December 31, 2022 and year ended December 31, 2021, the local (United States) and foreign components of (loss) / profit before income taxes were comprised of the following: SCHEDULE OF COMPONENTS OF INCOME LOSS BEFORE INCOME TAXES For the year ended For the year ended Tax jurisdictions from: - Local $ (43,174 ) $ (43,429 ) - Foreign, representing Seychelles (11,643 ) (1,427 ) Hong Kong (3,951 ) (4,937 ) Malaysia 56,347 200,071 (Loss)/Profit before income tax $ (2,421 ) $ 150,278 |
SCHEDULE OF PROVISION FOR INCOME TAXES | The provision for income taxes consisted of the following: SCHEDULE OF PROVISION FOR INCOME TAXES For the year ended For the year ended Current: - Local $ - $ - - Foreign (516 ) (176 ) Deferred: - Local - - - Foreign - - Income tax expense $ (516 ) $ (176 ) |
SCHEDULE OF DEFERRED INCOME TAX ASSETS | The following table sets forth the significant components of the aggregate deferred tax assets of the Company for the year ended December 31, 2022 and 2021. SCHEDULE OF DEFERRED INCOME TAX ASSETS For the year ended For the year ended Deferred tax assets: Net operating loss carry forwards -United States of America $ (99,152 ) $ (90,085 ) -Seychelles - - -Hong Kong (104,132 ) (103,480 ) -Malaysia (36,884 ) (46,376 ) -PRC $ - $ - (240,168 ) (239,941 ) Less: valuation allowance $ 240,168 $ 239,941 Deferred tax assets $ - $ - |
CONCENTRATIONS OF RISKS (Tables
CONCENTRATIONS OF RISKS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Risks and Uncertainties [Abstract] | |
SCHEDULE OF CONCENTRATIONS OF RISKS | (a) Major customers SCHEDULE OF CONCENTRATIONS OF RISKS For the year ended December 31, 2022 and 2021, 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 2022 2021 2022 2021 2022 2021 Revenues Percentage of Revenues Accounts Receivable, Trade Customer A $ 501,470 $ 1,176,280 26 % 60 % $ - $ 87 Customer B $ 386,232 $ 374,555 20 % 19 % $ - $ 122 Customer C $ 221,638 $ - 12 % - % $ - $ - $ 1,109,340 $ 1,550,835 58 % 79 % $ - $ 209 (b) Major vendors For the year ended December 31, 2022 and 2021, 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 2022 2021 2022 2021 2022 2021 Purchases Percentage of Purchases Account Payable, Trade Vendor A $ 477,099 $ 746,964 23 % 51 % $ 1,626 $ - Vendor B $ 331,538 $ - 15 % - % $ - $ - Vendor C $ 221,743 $ - 33 % - % $ 16,759 $ - $ 1,030,380 $ 746,964 71 % 51 % $ 18,385 $ - |
LEASE RIGHT-OF-USE ASSET AND _2
LEASE RIGHT-OF-USE ASSET AND LEASE LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
SCHEDULE OF OPERATING LEASE RIGHT OF USE ASSET | As of December 31, 2022, operating lease right of use asset as follow: SCHEDULE OF OPERATING LEASE RIGHT OF USE ASSET Year ended December 31, 2022 2021 As of January 1, $ 92,606 $ 47,653 Add: New Lease commenced on 1 January 2022 - 92,606 Accumulated amortization (42,310 ) (46,571 ) Effect of translation exchange (5,748 ) (1,082 ) Balance as of December 31 $ 44,548 $ 92,606 |
SCHEDULE OF OPERATING LEASE LIABILITY | As of December 31, 2022, operating lease liability as follow: SCHEDULE OF OPERATING LEASE LIABILITY As of January 1, $ 92,606 Less: gross repayment (45,763 ) Add: imputed interest 3,453 Effect of translation exchange (5,748 ) Balance as of December 31, 2022 $ 44,548 Less: lease liability current portion 44,548 Lease liability non-current portion $ - |
SCHEDULE OF OPERATING LEASE OTHER INFORMATION | SCHEDULE OF OPERATING LEASE OTHER INFORMATION Year ended December 31, 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: - Operating cash flow from operating lease $ 42,212 $ 44,486 Right-of-use assets obtained in exchange for operating lease liabilities 44,548 45,270 Remaining lease term for operating lease (years) 1 - Weighted average discount rate for operating lease 5.40 % 4.47 % |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Related Party Transactions [Abstract] | |
SCHEDULE OF RELATED PARTY TRANSACTION | For the years ended December 31, 2022 and December 31, 2021, the Company has the following transactions with related party: SCHEDULE OF RELATED PARTY TRANSACTION For the year ended For the year ended Professional Fees: - Related party A $ 12,226 $ 13,279 Sales - Related party B $ 386,232 $ 374,555 - Related party C - 13,124 - Related party D 24,261 11,607 Total $ 36,487 $ 412,565 |
SEGMENTED INFORMATION (Tables)
SEGMENTED INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting [Abstract] | |
SCHEDULE OF REPORTABLE SEGMENTS | The Company had no inter-segment sales for the periods presented. Summarized financial information concerning the Company’s reportable segments is shown as below: SCHEDULE OF REPORTABLE SEGMENTS By Geography*: Nevada * Seychelles * Hong Kong * Malaysia * Total * For the year ended December 31, 2022 Nevada Seychelles Hong Kong Malaysia Total Revenue $ - $ - $ - $ 1,849,047 $ 1,849,047 Cost of revenue - - - (1,404,054 ) (1,404,054 ) Depreciation and amortization - - - (72,441 ) (72,441 ) Net (loss) / profit before taxation (43,174 ) (11,643 ) (3,951 ) 56,347 (2,421 ) Total assets $ 27,294 $ 7,056 $ 14,264 $ 333,310 $ 381,924 Nevada * Seychelles * Hong Kong * Malaysia * Total * For the year ended December 31, 2021 Nevada Seychelles Hong Kong Malaysia Total Revenue $ - $ - $ - $ 1,958,655 $ 1,958,655 Cost of revenue - - - (1,459,531 ) (1,459,531 ) Depreciation and amortization - - - (65,382 ) (65,382 ) Net (loss) / profit before taxation (43,429 ) (1,427 ) (4,937 ) 200,071 150,278 Total assets $ 7,366 $ 6,475 $ 16,287 $ 468,183 $ 498,311 * Revenues and costs are attributed to countries based on the location of customers. |
SCHEDULE OF VARIABLE INTEREST E
SCHEDULE OF VARIABLE INTEREST ENTITY (Details) | 12 Months Ended | |
Dec. 31, 2022 | ||
DSwiss Holding Limited [Member] | ||
Company name | DSwiss Holding Limited | |
Place of incorporation | Seychelles | |
Date of incorporation | 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% | |
DSwiss HK Limited [Member] | ||
Company name | DSwiss (HK) Limited | |
Place of incorporation | Hong Kong | |
Date of incorporation | 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% | |
DSwiss Sdn Bhd [Member] | ||
Company name | DSwiss Sdn Bhd | |
Place of incorporation | Malaysia | |
Date of incorporation | Mar. 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% | |
DSwiss Biotech Sdn Bhd [Member] | ||
Company name | DSwiss Biotech Sdn Bhd | [1],[2] |
Place of incorporation | Malaysia | [1],[2] |
Date of incorporation | Mar. 17, 2016 | [1],[2] |
Particulars of issued capital | 250,000 shares of ordinary share of RM 1 each | [1],[2] |
Principal activities | Supply of biotech products | [1],[2] |
Proportional of ownership interest and voting power held | 40% | [1],[2] |
[1]Based on the contractual arrangements between the Company and other investors, the Company has the power to direct the relevant activities of this entity unilaterally, and hence the Company has control over this entity.[2]On January 18, 2023, DSwiss (HK) Limited acquired 150,000 60 with consideration of RM 1 |
SCHEDULE OF VARIABLE INTEREST_2
SCHEDULE OF VARIABLE INTEREST ENTITY (Details) (Parenthetical) - DSwiss HK Limited [Member] - Subsequent Event [Member] | Jan. 18, 2023 RM / shares shares |
Number of shares, acquired | shares | 150,000 |
Equity ownership interest rate percentage | 60% |
Consideration price per share | RM / shares | RM 1 |
ORGANIZATION AND BUSINESS BAC_3
ORGANIZATION AND BUSINESS BACKGROUND (Details Narrative) | Dec. 31, 2022 |
DSwiss Holding Limited [Member] | HONG KONG | |
Equity ownership interest rate percentage | 100% |
DSwiss Sdn Bhd [Member] | MALAYSIA | |
Equity ownership interest rate percentage | 100% |
DSwiss Biotech Sdn Bhd [Member] | MALAYSIA | |
Equity ownership interest rate percentage | 40% |
GOING CONCERN UNCERTAINTIES (De
GOING CONCERN UNCERTAINTIES (Details Narrative) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Going Concern Uncertainties | ||
Accumulated deficit | $ 1,324,002 | $ 1,309,711 |
SUMMARY OF PROPERTY AND EQUIPME
SUMMARY OF PROPERTY AND EQUIPMENT USEFUL LIFE (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Computer and Software [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, estimated useful lives | 5 years |
Furniture and Fixtures [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 Vehicles [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, estimated useful lives | 5 years |
SCHEDULE OF FOREIGN CURRENCIES
SCHEDULE OF FOREIGN CURRENCIES TRANSLATION (Details) | Dec. 31, 2022 | Dec. 31, 2021 |
Year-end MYR [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Foreign currency exchange rate, translation | 4.42 | 4.17 |
Year-Average MYR [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Foreign currency exchange rate, translation | 4.41 | 4.13 |
Year-end HK [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Foreign currency exchange rate, translation | 7.81 | 7.80 |
Year-Average HK [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Foreign currency exchange rate, translation | 7.83 | 7.78 |
Year-end RMB [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Foreign currency exchange rate, translation | 6.92 | 6.46 |
Year-Avereage RMB [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Foreign currency exchange rate, translation | 6.75 | 6.45 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Accounting Policies [Abstract] | |
Intangible asset, useful life | 10 years |
Impairment loss | $ 0 |
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. |
Largest amount of tax benefit, description | greater than 50% |
VIE STRUCTURE AND ARRANGEMENTS
VIE STRUCTURE AND ARRANGEMENTS (Details Narrative) - RM / shares | Jan. 18, 2023 | Jun. 27, 2016 |
DSwiss HK Limited [Member] | Subsequent Event [Member] | ||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Number of shares, acquired | 150,000 | |
Equity ownership interest rate percentage | 60% | |
Consideration price per share | RM 1 | |
Management Services Agreement I [Member] | DSwiss HK Limited [Member] | ||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Percentage of annual net profit to be received as fee | 100% |
STOCKHOLDERS_ EQUITY (Details N
STOCKHOLDERS’ EQUITY (Details Narrative) - shares | Dec. 31, 2022 | Dec. 31, 2021 |
Equity [Abstract] | ||
Common stock shares issued | 206,904,585 | 206,904,585 |
Common stock shares outstanding | 206,904,585 | 206,904,585 |
Preferred stock shares issued | 0 | 0 |
Preferred stock shares outstanding | 0 | 0 |
SCHEDULE OF PLANT AND EQUIPMENT
SCHEDULE OF PLANT AND EQUIPMENT (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | $ 268,699 | $ 254,323 |
Accumulated depreciation | (187,236) | (157,105) |
Effect of translation exchange | (9,284) | (4,249) |
Property and equipment, net | 72,179 | 92,970 |
Computer and Software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 105,535 | 102,050 |
Furniture and Fixtures [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 | 21,152 | 13,126 |
Motor Vehicles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | $ 135,868 | $ 133,003 |
PROPERTY AND EQUIPMENT (Details
PROPERTY AND EQUIPMENT (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation expense | $ 30,131 | $ 18,734 |
SCHEDULE OF INTANGIBLE ASSETS (
SCHEDULE OF INTANGIBLE ASSETS (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Trademarks | $ 12,077 | $ 12,077 |
Amortization | (8,164) | (7,135) |
Effect of translation exchange | (454) | (444) |
Intangible assets, net | $ 3,459 | $ 4,498 |
INTANGIBLE ASSETS (Details Narr
INTANGIBLE ASSETS (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Amortization of Intangible Assets | $ 1,029 | $ 1,034 |
SCHEDULE OF OTHER RECEIVABLES,
SCHEDULE OF OTHER RECEIVABLES, PREPAID EXPENSES AND DEPOSITS (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Prepaid expenses | $ 2,080 | $ 977 |
Deposits | 19,669 | 52,716 |
Total other receivables, prepaid expenses and deposits | $ 21,749 | $ 53,693 |
SCHEDULE OF INVENTORIES (Detail
SCHEDULE OF INVENTORIES (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Inventory Disclosure [Abstract] | ||
Finished goods, at cost | $ 7,483 | $ 17,131 |
Total inventories | $ 7,483 | $ 17,131 |
SCHEDULE OF OTHER PAYABLES AND
SCHEDULE OF OTHER PAYABLES AND ACCRUED LIABILITIES (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Payables and Accruals [Abstract] | ||
Other payables | $ 100,385 | $ 164,529 |
Accrued audit fees | 20,266 | 21,342 |
Accrued other expenses | 16,683 | 14,136 |
Accrued professional fees | 17,376 | 5,352 |
Total payables and accrued liabilities | $ 154,710 | $ 205,359 |
SCHEDULE OF OBLIGATION UNDER FI
SCHEDULE OF OBLIGATION UNDER FINANCE LEASE (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Finance Lease Liabilities | ||
Finance leases | $ 58,768 | $ 81,676 |
Less: interest expense | (3,792) | (6,924) |
Total | 54,976 | 74,752 |
Current portion | 16,515 | 16,697 |
Non-current portion | $ 38,461 | $ 58,055 |
SCHEDULE OF MATURITIES OF FINAN
SCHEDULE OF MATURITIES OF FINANCE LEASE (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Finance Lease Liabilities | ||
2023 | $ 16,515 | |
2024 | 17,222 | |
2025 | 13,153 | |
2026 | 8,086 | |
Total | $ 54,976 | $ 74,752 |
FINANCE LEASE LIABILITIES (Deta
FINANCE LEASE LIABILITIES (Details Narrative) | 12 Months Ended |
Dec. 31, 2022 | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |
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. |
First Finance Lease Agreement [Member] | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |
Finance lease, description | The first finance lease agreement commenced on July 31, 2018 with the effective interest rate of 3.62% per annum, due through June, 2025, with principal and interest payable monthly. |
Second Finance Lease Agreement [Member] | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |
Finance lease, description | The second finance lease agreement commenced on December 3, 2021 with the effective interest rate of 3.70% per annum, due through November, 2026, with principal and interest payable monthly. |
AMOUNT DUE TO A DIRECTOR (Detai
AMOUNT DUE TO A DIRECTOR (Details Narrative) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Amount Due To Director | ||
Amount due to a director | $ 40,509 |
SCHEDULE OF COMPONENTS OF INCOM
SCHEDULE OF COMPONENTS OF INCOME LOSS BEFORE INCOME TAXES (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | ||
(Loss)/Profit before income tax | [1] | $ (2,421) | $ 150,278 |
UNITED STATES | |||
(Loss)/Profit before income tax | (43,174) | (43,429) | |
SEYCHELLES | |||
(Loss)/Profit before income tax | [1] | (11,643) | (1,427) |
HONG KONG | |||
(Loss)/Profit before income tax | [1] | (3,951) | (4,937) |
MALAYSIA | |||
(Loss)/Profit before income tax | [1] | $ 56,347 | $ 200,071 |
[1]Revenues and costs are attributed to countries based on the location of customers. |
SCHEDULE OF PROVISION FOR INCOM
SCHEDULE OF PROVISION FOR INCOME TAXES (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Current: | ||
- Local | ||
- Foreign | (516) | (176) |
Deferred: | ||
- Local | ||
- Foreign | ||
Income tax expense | $ (516) | $ (176) |
SCHEDULE OF DEFERRED INCOME TAX
SCHEDULE OF DEFERRED INCOME TAX ASSETS (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Operating Loss Carryforwards [Line Items] | ||
Net operating loss carry forwards | $ (240,168) | $ (239,941) |
Less: valuation allowance | 240,168 | 239,941 |
Deferred tax assets | ||
United States of America [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Net operating loss carry forwards | (99,152) | (90,085) |
Seychelles [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Net operating loss carry forwards | ||
Hong Kong [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Net operating loss carry forwards | (104,132) | (103,480) |
Malaysia [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Net operating loss carry forwards | (36,884) | (46,376) |
People's Republic of China (PRC) [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Net operating loss carry forwards |
INCOME TAXES (Details Narrative
INCOME TAXES (Details Narrative) | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
United States of America [Member] | |
Operating Loss Carryforwards [Line Items] | |
Cumulative net operating losses | $ 472,151 |
Income tax rate | 21% |
Net operating loss carryforwards expiration | The net operating loss carry forwards begin to expire in 2038, if unutilized. |
Valuation allowance | $ 99,152 |
Hong Kong [Member] | DSwiss HK Limited [Member] | |
Operating Loss Carryforwards [Line Items] | |
Cumulative net operating losses | $ 631,103 |
Income tax rate | 16.50% |
Valuation allowance | $ 104,132 |
Statutory income tax, rate | 16.50% |
Malaysia [Member] | DSwiss Sdn Bhd and DSwiss Biotech Sdn Bhd [Member] | |
Operating Loss Carryforwards [Line Items] | |
Cumulative net operating losses | $ 216,968 |
Income tax rate | 17% |
Valuation allowance | $ 36,884 |
Malaysia [Member] | DSwiss Sdn Bhd and DSwiss Biotech Sdn Bhd [Member] | Minimum [Member] | |
Operating Loss Carryforwards [Line Items] | |
Statutory income tax, rate | 17% |
Malaysia [Member] | DSwiss Sdn Bhd and DSwiss Biotech Sdn Bhd [Member] | Maximum [Member] | |
Operating Loss Carryforwards [Line Items] | |
Statutory income tax, rate | 24% |
SCHEDULE OF CONCENTRATIONS OF R
SCHEDULE OF CONCENTRATIONS OF RISKS (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | ||
Concentration Risk [Line Items] | |||
Revenues | [1] | $ 1,849,047 | $ 1,958,655 |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Customer A [Member] | |||
Concentration Risk [Line Items] | |||
Revenues | $ 501,470 | $ 1,176,280 | |
Concentration risk, percentage | 26% | 60% | |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Customer B [Member] | |||
Concentration Risk [Line Items] | |||
Revenues | $ 386,232 | $ 374,555 | |
Concentration risk, percentage | 20% | 19% | |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Customer C [Member] | |||
Concentration Risk [Line Items] | |||
Revenues | $ 221,638 | ||
Concentration risk, percentage | 12% | ||
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Customers [Member] | |||
Concentration Risk [Line Items] | |||
Revenues | $ 1,109,340 | $ 1,550,835 | |
Concentration risk, percentage | 58% | 79% | |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer A [Member] | |||
Concentration Risk [Line Items] | |||
Accounts receivable, trade | $ 87 | ||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer B [Member] | |||
Concentration Risk [Line Items] | |||
Accounts receivable, trade | 122 | ||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer C [Member] | |||
Concentration Risk [Line Items] | |||
Accounts receivable, trade | |||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customers [Member] | |||
Concentration Risk [Line Items] | |||
Accounts receivable, trade | $ 209 | ||
Cost of Goods and Service Benchmark [Member] | Supplier Concentration Risk [Member] | Vendor A [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 23% | 51% | |
Purchases | $ 477,099 | $ 746,964 | |
Cost of Goods and Service Benchmark [Member] | Supplier Concentration Risk [Member] | Vendor B [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 15% | ||
Purchases | $ 331,538 | ||
Cost of Goods and Service Benchmark [Member] | Supplier Concentration Risk [Member] | Vendor C [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 33% | ||
Purchases | $ 221,743 | ||
Cost of Goods and Service Benchmark [Member] | Supplier Concentration Risk [Member] | Vendors [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 71% | 51% | |
Purchases | $ 1,030,380 | $ 746,964 | |
Accounts Payable [Member] | Supplier Concentration Risk [Member] | Vendor A [Member] | |||
Concentration Risk [Line Items] | |||
Account Payable, Trade | 1,626 | ||
Accounts Payable [Member] | Supplier Concentration Risk [Member] | Vendor B [Member] | |||
Concentration Risk [Line Items] | |||
Account Payable, Trade | |||
Accounts Payable [Member] | Supplier Concentration Risk [Member] | Vendor C [Member] | |||
Concentration Risk [Line Items] | |||
Account Payable, Trade | 16,759 | ||
Accounts Payable [Member] | Supplier Concentration Risk [Member] | Vendors [Member] | |||
Concentration Risk [Line Items] | |||
Account Payable, Trade | $ 18,385 | ||
[1]Revenues and costs are attributed to countries based on the location of customers. |
SCHEDULE OF OPERATING LEASE RIG
SCHEDULE OF OPERATING LEASE RIGHT OF USE ASSET (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Leases [Abstract] | ||
Operating lease right of use asset | $ 92,606 | $ 47,653 |
New Lease commenced on 1 January 2022 | 92,606 | |
Accumulated amortization | (42,310) | (46,571) |
Effect of translation exchange | (5,748) | (1,082) |
Operating lease right of use asset, ending | $ 44,548 | $ 92,606 |
SCHEDULE OF OPERATING LEASE LIA
SCHEDULE OF OPERATING LEASE LIABILITY (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Leases [Abstract] | ||
Operating lease liability, beginning | $ 92,606 | |
Less: gross repayment | (45,763) | |
Add: imputed interest | 3,453 | |
Effect of translation exchange | (5,748) | |
Operating lease liability, ending | 44,548 | |
Less: lease liability current portion | 44,548 | $ 45,270 |
Lease liability non-current portion | $ 47,336 |
SCHEDULE OF OPERATING LEASE OTH
SCHEDULE OF OPERATING LEASE OTHER INFORMATION (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Leases [Abstract] | ||
Operating cash flow from operating lease | $ 42,212 | $ 44,486 |
Right-of-use assets obtained in exchange for operating lease liabilities | $ 44,548 | $ 45,270 |
Remaining lease term for operating lease (years) | 1 year | |
Weighted average discount rate for operating lease | 5.40% | 4.47% |
LEASE RIGHT-OF-USE ASSET AND _3
LEASE RIGHT-OF-USE ASSET AND LEASE LIABILITIES (Details Narrative) - USD ($) | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Jan. 01, 2022 | Dec. 31, 2020 | |
Lease liability | $ 44,548 | $ 92,606 | ||
Lease asset- right of use | $ 44,548 | $ 92,606 | $ 47,653 | |
Discount rate of lease payment | 5.40% | 4.47% | ||
Amortization of operating lease right of use asset | $ 42,310 | $ 46,571 | ||
Lease expenses | 42,310 | 44,486 | ||
Accounting Standards Update 2016-02 [Member] | ||||
Lease liability | $ 386,451 | |||
Lease asset- right of use | $ 386,451 | |||
Discount rate of lease payment | 5.40% | |||
Amortization of operating lease right of use asset | $ 42,310 | $ 44,486 |
SCHEDULE OF RELATED PARTY TRANS
SCHEDULE OF RELATED PARTY TRANSACTION (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Related Party Transaction [Line Items] | ||
Total | $ 36,487 | $ 412,565 |
Related Party A [Member] | ||
Related Party Transaction [Line Items] | ||
Professional Fees | 12,226 | 13,279 |
Related Party B [Member] | ||
Related Party Transaction [Line Items] | ||
Sales | 386,232 | 374,555 |
Related Party C [Member] | ||
Related Party Transaction [Line Items] | ||
Sales | 13,124 | |
Related Party D [Member] | ||
Related Party Transaction [Line Items] | ||
Sales | $ 24,261 | $ 11,607 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) | Dec. 31, 2022 |
Related Party A [Member] | |
Ownership percentage | 7.33% |
SCHEDULE OF REPORTABLE SEGMENTS
SCHEDULE OF REPORTABLE SEGMENTS (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | [1] | $ 1,849,047 | $ 1,958,655 |
Cost of revenue | [1] | (1,404,054) | (1,459,531) |
Depreciation and amortization | [1] | (72,441) | (65,382) |
Net (loss) / profit before taxation | [1] | (2,421) | 150,278 |
Assets | [1] | 381,924 | 498,311 |
NV [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | [1] | ||
Cost of revenue | [1] | ||
Depreciation and amortization | [1] | ||
Net (loss) / profit before taxation | [1] | (43,174) | (43,429) |
Assets | [1] | 27,294 | 7,366 |
SEYCHELLES | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | [1] | ||
Cost of revenue | [1] | ||
Depreciation and amortization | [1] | ||
Net (loss) / profit before taxation | [1] | (11,643) | (1,427) |
Assets | [1] | 7,056 | 6,475 |
HONG KONG | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | [1] | ||
Cost of revenue | [1] | ||
Depreciation and amortization | [1] | ||
Net (loss) / profit before taxation | [1] | (3,951) | (4,937) |
Assets | [1] | 14,264 | 16,287 |
MALAYSIA | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | [1] | 1,849,047 | 1,958,655 |
Cost of revenue | [1] | (1,404,054) | (1,459,531) |
Depreciation and amortization | [1] | (72,441) | (65,382) |
Net (loss) / profit before taxation | [1] | 56,347 | 200,071 |
Assets | [1] | $ 333,310 | $ 468,183 |
[1]Revenues and costs are attributed to countries based on the location of customers. |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) - DSwiss HK Limited [Member] - Subsequent Event [Member] | Jan. 18, 2023 RM / shares shares |
Subsequent Event [Line Items] | |
Number of shares, acquired | shares | 150,000 |
Equity ownership interest rate percentage | 60% |
Consideration price per share | RM / shares | RM 1 |