Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2017 | Nov. 19, 2018 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | Medico International Inc. | |
Entity Central Index Key | 1,658,432 | |
Trading Symbol | mddt | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 3,697,000 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2017 | |
Entity Emerging Growth Company | true | |
Entity Small Business | true | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q2 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 |
Current Assets | ||
Prepaid expenses and deposits | $ 250 | |
Assets from discontinued operations | 2,077,131 | |
Total Current Assets | 2,077,381 | |
TOTAL ASSETS | 2,077,381 | |
Current Liabilities | ||
Accounts payable | 37,619 | 17,123 |
Due to related parties | 417,336 | 406,947 |
Liabilities from discontinued operations | 1,913,095 | |
Total Current Liabilities | 454,955 | 2,337,165 |
TOTAL LIABILITIES | 454,955 | 2,337,165 |
STOCKHOLDERS' DEFICIT | ||
Common stock, $0.001 par value; 500,000,000 shares authorized, 3,697,000 shares issued and outstanding | 3,697 | 3,697 |
Additional paid-in capital | 867,424 | 867,424 |
Accumulated deficit | (1,326,076) | (1,161,700) |
Accumulated other comprehensive gain | 30,795 | |
TOTAL STOCKHOLDERS' DEFICIT | (454,955) | (259,784) |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | $ 2,077,381 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Jun. 30, 2017 | Dec. 31, 2016 |
STOCKHOLDERS' DEFICIT | ||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued | 3,697,000 | 3,697,000 |
Common stock, shares, outstanding | 3,697,000 | 3,697,000 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Consolidated Statements Of Operations And Comprehensive Loss | ||||
REVENUE | ||||
OPERATING EXPENSES | ||||
General and administrative | 183 | 96 | 2,830 | 96 |
Professional fees | 22,211 | 20,830 | 28,305 | 73,924 |
Total Operating Expenses | 22,394 | 20,926 | 31,135 | 74,020 |
LOSS FROM OPERATIONS | (22,394) | (20,926) | (31,135) | (74,020) |
LOSS BEFORE INCOME TAXES | (22,394) | (20,926) | (31,135) | (74,020) |
Provision for income taxes | ||||
LOSS FROM CONTINUING OPERATION | (22,394) | (20,926) | (31,135) | (74,020) |
DISCONTNUED OPERATIONS | ||||
Gain (Loss) from discontinued operations | 52,399 | (8,618) | (55,803) | (154,588) |
Loss on disposal of subsidiaries | (77,438) | (77,438) | ||
LOSS FROM DISCONTINUED OPERATIONS, NET OF TAX BENEFITS | (25,039) | (8,618) | (133,241) | (154,588) |
NET LOSS | (47,433) | (29,544) | (164,376) | (228,608) |
OTHER COMPREHENSIVE GAIN (LOSS) | ||||
Foreign currency translation adjustments | 37,587 | 3,779 | 37,086 | 37,543 |
TOTAL COMPREHENSIVE LOSS | $ (9,846) | $ (25,765) | $ (127,290) | $ (191,065) |
Basic and Diluted Loss per Common Share | $ (0.02) | $ (0.01) | $ (0.04) | $ (0.06) |
Basic and Diluted Weighted Average Common Shares Outstanding | 3,000,000 | 3,697,000 | 3,697,000 | 3,593,599 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss | $ (164,376) | $ (228,608) |
Adjustments to reconcile net loss to net cash from operating activities: | ||
Bad debt | 6,566 | |
Depreciation | 216,279 | 250,411 |
Loss on disposal of subsidiaries | 14,606 | |
Changes in operating assets and liabilities: | ||
Accounts receivable | (738,576) | (200,444) |
Other receivables | 69,000 | |
Prepaid expenses and deposits | (10,604) | (256,634) |
Inventory | 117,357 | (6,181) |
Accounts payable | 532,370 | 23,445 |
Accrued and other payables | (71,957) | 25,888 |
Deferred revenue | (6,428) | |
Net cash used in operating activities | (104,763) | (323,123) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchases of property and equipment | (22,647) | (20,147) |
Sales of property and equipment | 3,158 | |
Sales of investment in subsidiary | (359,066) | |
Net cash used in investing activities | (378,555) | (20,147) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Issuance of shares | 697,000 | |
Proceeds from loans payable | 630,432 | |
Repayment of loans payable | (70,047) | |
Loans from related parties | 10,389 | |
Repayment of due to related parties | (179,072) | (330,103) |
Repayment of capital lease obligations | (210,197) | (101,718) |
Net cash provided by financing activities | 181,505 | 265,179 |
Effects on changes in foreign exchange rate | 14,059 | (8,491) |
Net increase in cash and cash equivalents | (287,754) | (86,582) |
Cash and cash equivalents - beginning of period | 287,754 | 316,603 |
Cash and cash equivalents - end of period | 230,021 | |
Supplemental Cash Flow Disclosures | ||
Cash paid for interest | 4,245 | |
Cash paid for income taxes |
Nature of Operations
Nature of Operations | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Note 1 - Nature of Operations | Medico International Inc. (the “Company” or “Medico”), a Nevada corporation, was formed by the owners and principals of Smile More Holdings Pte. Ltd., a Singaporean corporation (“Smile Central”), for the purpose of acting as the holding company for Smile Central and penetrating the U.S. financial markets. Smile Central owns six (6) dental clinics operating in Singapore. Smile Central’s operations were launched in January 2014 with three (3) clinics and in 2015, an additional two (2) clinics were opened. In 2016, one (1) additional dental clinic was opened. On September 19, 2015, the Company issued a total of 3,000,000 shares of common stock pursuant to the Share Exchange Agreement entered into among Medico, Eminent Healthcare Pte. Ltd. and Multi Care Pte. Ltd. Pursuant to the Share Exchange Agreement, the Company agreed to issue 3,000,000 shares of its common stock in exchange for all of the issued and outstanding shares of capital stock of Smile Central, 30% of which was owned by Eminent Healthcare Pte. Ltd. and 70% of which was owned by Multi Care Pte. Ltd. The Company’s CFO, Liew Min Hin, owns 100% of Eminent Healthcare Pte. Ltd. The shares were issued pursuant to Section 4(2) of the Securities Act of 1993 On June 5, 2017, the Company sold of all of the issued and outstanding ordinary shares of the Company’s 100% wholly-owned subsidiary, Smile More Holdings Pte. Ltd., a Singaporean corporation. The Company is currently reviewing and revising its future business plans. To date, the Company has not yet identified its future business plans. Financial Statements Presented The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles (“U.S. GAAP”) for interim financial information and with the instructions for Form 10-Q and Article 210 8-03 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included. All such adjustments are of a normal recurring nature. Operating results for the six months ended June 30, 2017, are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2017. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2016 as filed with the Securities and Exchange Commission on June 19, 2017. Certain reclassifications have been made to the prior period’s consolidated financial statements to conform to the current period’s presentation. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Note 2 - Summary of Significant Accounting Policies | Basis of Presentation The consolidated financial statements have been prepared in accordance with U.S. GAAP on the accrual basis of accounting. The consolidated financials consist of Medico International Inc. and its 7 subsidiaries, Smile Central Dental Group (the “Group”) consists of five entities under common control: Smile Central Dental Aljunied Ptd Ld.; Smile Central Dental Hougang Ptd Ltd.; Smile Central Dental Hougang Central Pte Ltd; Smile Central Dental Jurong Ptd Ltd.; Smile Central Dental Toa Payoh Ptd Ltd.; Smile More Holdings Ptd Ltd. and, Smile Central Dental Centre Pte Ltd. All significant inter-company accounts and transactions have been eliminated in consolidation. Functional Currency The Company's functional currency is the Singapore Dollar and reporting currency is the U.S. dollar. All transactions initiated in Singapore Dollars are translated into U.S. dollars in accordance with Accounting Standards Codification (“ASC”) 830-30, "Translation of Financial Statements," as follows: i) Assets and liabilities at the rate of exchange in effect at the balance sheet date. ii) Equity at historical rates. iii) Revenue and expense items at the average rate of exchange prevailing during the period. Adjustments arising from such translations are included in accumulated other comprehensive gain in stockholders’ deficit. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the balance sheet and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from these estimates. Fair Value of Financial Instruments Estimates The Company’s financial instruments including accounts receivable, accounts payable, accrued and other payables and due to related parties are carried at cost, which approximates fair value due to the short-term maturity of these instruments. The recorded value of the Company’s long-term debt approximates its fair value as it bears interest at a floating rate. Concentrations of Credit Risk Financial instruments that potentially subject the Company to a significant concentration of credit risk include cash. At times, the Company maintains deposits in federally insured financial institutions in excess of federally insured limits. Management monitors the credit rating and concentration of risk with these financial institutions on a continuing basis to mitigate risk. Taxes Collected and Remitted to Governmental Authorities The Company reports taxes collected from customers, which are primarily goods and service tax, on a net basis. Revenue Recognition Revenues are recognized when services are rendered, amounts are reliably measurable, and collectability is assured. Revenue is presented, net of goods and services tax, rebates and discounts. Recent Accounting Pronouncements In September 2017, the FASB has issued Accounting Standards Update (ASU) No. 2017-13, “Revenue Recognition (Topic 605), Revenue from Contracts with Customers (Topic 606), Leases (Topic 840), and Leases (Topic 842): Amendments to SEC Paragraphs Pursuant to the Staff Announcement at the July 20, 2017 EITF Meeting and Rescission of Prior SEC Staff Announcements and Observer Comments.” The amendments in ASU No. 2017-13 amends the early adoption date option for certain companies related to the adoption of ASU No. 2014-09 and ASU No. 2016-02. Both of the below entities may still adopt using the public company adoption guidance in the related ASUs, as amended. The effective date is the same as the effective date and transition requirements for the amendments for ASU 2014-09 and ASU 2016-02. In May 2014, the FASB issued some accounting standards update which modifies the requirements for identifying, allocating, and recognizing revenue related to the achievement of performance conditions under contracts with customers. This update also requires additional disclosure related to the nature, amount, timing, and uncertainty of revenue that is recognized under contracts with customers. This guidance is effective for fiscal and interim periods beginning after December 15, 2017 and is required to be applied retrospectively to all revenue arrangements. The adoption of this guidance is not expected to have a significant impact on the Company’s consolidated financial statements. The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and does not believe the future adoption of any such pronouncements may be expected to cause a material impact on our financial statements. |
Going Concern
Going Concern | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Note 3 - Going Concern | These consolidated financial statements have been prepared on a going concern basis which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business for the foreseeable future. As of June 30, 2017, the Company has an accumulated deficit of $1,326,076 since inception and has a working capital deficiency of $454,955. On June 5, 2017, the Company sold of all of the issued and outstanding ordinary shares of the Company’s 100% wholly-owned subsidiary, Smile More Holdings Pte. Ltd., a Singaporean corporation. Management's plans include raising capital through the equity markets to fund operations and eventually, generating profit through new business ventures, yet to be identified by management; however, there can be no assurance that the Company will be successful in such activities. These consolidated financial statements do not include any adjustments relating to the recovery of the recorded assets or the classifications of the liabilities that might be necessary should the Company be unable to continue as a going concern. |
Disposal of Subsidiaries
Disposal of Subsidiaries | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Note 4 - Disposal of Subsidiaries | On June 5, 2017, the Company closed the transactions under the Share Exchange Agreement (“ Share Exchange Agreement”) by and between the Company, Eminent Healthcare Pte. Ltd., a Singaporean corporation, Multi Care Pte. Ltd., a Singaporean corporation, and Targeted Solutions Global Limited, a United Kingdom Private limited company, for the sale of all of the issued and outstanding ordinary shares of the Company’s 100% wholly-owned subsidiary, Smile More Holdings Pte. Ltd., a Singaporean corporation (the “Stock Purchase”). Prior to the closing of the Stock Purchase, Eminent Healthcare Pte. Ltd. and Multi Care Pte. Ltd. were the Company’s majority shareholders. Liew Min Hin, the Company’s former Chief Financial Officer and former member of the Board of Directors, owns 100% of Eminent Healthcare Pte. Ltd., and is the father of Dr. Daniel Liew, the Company’s former Chief Executive Officer and former member of the Board of Directors. Pursuant to the share exchange agreement, the Company transferred all of the subsidiary shares to the purchaser and released the Subsidiary from the intra-Company loan of $965,866. During the six months ended June 30, 2017, the Company recorded a loss on disposal of $77,438. The Company has no continuing involvement in the operations of Smile More Holdings. The disposal of Smile more Holdings qualified as a discontinued operation of the Company and accordingly, the Company has excluded results of Smile More Holdings’ operations from its Statements of Operations and Comprehensive Loss to present this business in discontinued operations. The following table shows the results of operations of Smile More Holdings for the three and six months ended June 30, 2017 and 2016 which are included in the loss from discontinued operations: Three Months Ended June 30, 2017 2016 Dental Service Revenue, net $ 1,330,804 $ 1,761,664 Cost of Services 864,375 1,399,846 Gross profit 466,429 361,818 General and administrative 107,197 97,181 Professional fees 1,894 44,539 Rental 219,162 184,640 Staff costs 135,270 20,583 Depreciation 36,883 48,435 Operating loss (33,977 ) (33,560 ) Other income 93,439 26,984 Interest expense (5,747 ) (2,042 ) Income benefit (1,316 ) - Loss from discontinued operations, net of tax $ 52,399 $ (8,618 ) Six Months Ended June 30, 2017 2016 Dental Service Revenue, net $ 3,065,719 $ 3,135,218 Cost of Services 2,057,063 2,595,566 Gross profit 1,008,656 539,652 General and administrative 259,937 132,726 Professional fees 28,154 88,118 Rental 429,677 375,755 Staff costs 334,347 49,536 Depreciation 94,294 92,392 Operating loss (137,753 ) (198,875 ) Other income 95,164 48,532 Interest expense (14,530 ) (4,245 ) Income benefit 1,316 - Loss from discontinued operations, net of tax $ (55,803 ) $ (154,588 ) The following table shows the carrying amounts of the major classes of assets and liabilities associated with Smile More Holdings as of the June 5, 2017. June 5, 2017 Cash and cash equivalents $ 359,066 Accounts receivable 1,175,394 Prepaid expenses and deposits 247,086 Supplies 100,177 Property and equipment, net 887,360 Accounts payable (1,168,613 ) Accrued and other payables (122,958 ) Due to related parties (597,259 ) Loans payable (565,938 ) Capital lease obligations (168,996 ) Net assets and liabilities 145,319 Accumulated other comprehensive loss (67,881 ) Loss on disposal $ 77,438 The following table summarizes the carrying amounts of the assets and liabilities from discontinued operations, June 30, December 31, 2017 2016 Assets held for sale Cash and cash equivalents $ - $ 287,754 Accounts receivable - 416,658 Prepaid expenses and deposits - 222,084 Inventory - 113,229 Property and equipment, net - 1,037,656 Total assets held for sale $ - $ 2,077,381 Liabilities held for sale Accounts payable $ - $ 616,124 Accrued and other payables - 186,894 Due to related parties - 743,369 Deferred revenue - 2,454 Capital lease obligations - current - 187,171 Capital lease obligations - 177,083 Total liabilities held for sale $ - $ 1,913,095 |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Note 5 - Related Party Transactions | In support of the Company's efforts and cash requirements, it may rely on advances from related parties until such time that the Company can support its operations or attains adequate financing through sales of its equity or traditional debt financing. There is no formal written commitment for continued support by shareholders or directors. Amounts represent advances or amounts paid in satisfaction of liabilities. The advances were considered temporary in nature and were not formalized by a promissory note. During the six months ended June 30, 2017, the Company repaid a net amount of $179,072 to reduce advances and loans from various officers. As of June 30, 2017 and December 31, 2016, the Company was obligated to its officers for unsecured, non-interest bearing demand loans with balances totaling $417,336 and $406,947, respectively. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2017 | |
Summary Of Significant Accounting Policies | |
Basis of Presentation | The consolidated financial statements have been prepared in accordance with U.S. GAAP on the accrual basis of accounting. The consolidated financials consist of Medico International Inc. and its 7 subsidiaries, Smile Central Dental Group (the “Group”) consists of five entities under common control: Smile Central Dental Aljunied Ptd Ld.; Smile Central Dental Hougang Ptd Ltd.; Smile Central Dental Hougang Central Pte Ltd; Smile Central Dental Jurong Ptd Ltd.; Smile Central Dental Toa Payoh Ptd Ltd.; Smile More Holdings Ptd Ltd. and, Smile Central Dental Centre Pte Ltd. All significant inter-company accounts and transactions have been eliminated in consolidation. |
Functional Currency | The Company's functional currency is the Singapore Dollar and reporting currency is the U.S. dollar. All transactions initiated in Singapore Dollars are translated into U.S. dollars in accordance with Accounting Standards Codification (“ASC”) 830-30, "Translation of Financial Statements," as follows: i) Assets and liabilities at the rate of exchange in effect at the balance sheet date. ii) Equity at historical rates. iii) Revenue and expense items at the average rate of exchange prevailing during the period. Adjustments arising from such translations are included in accumulated other comprehensive gain in stockholders’ deficit. |
Use of Estimates | The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the balance sheet and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from these estimates. |
Fair Value of Financial Instruments Estimates | The Company’s financial instruments including accounts receivable, accounts payable, accrued and other payables and due to related parties are carried at cost, which approximates fair value due to the short-term maturity of these instruments. The recorded value of the Company’s long-term debt approximates its fair value as it bears interest at a floating rate. |
Concentrations of Credit Risk | Financial instruments that potentially subject the Company to a significant concentration of credit risk include cash. At times, the Company maintains deposits in federally insured financial institutions in excess of federally insured limits. Management monitors the credit rating and concentration of risk with these financial institutions on a continuing basis to mitigate risk. |
Taxes Collected and Remitted to Governmental Authorities | The Company reports taxes collected from customers, which are primarily goods and service tax, on a net basis. |
Revenue Recognition | Revenues are recognized when services are rendered, amounts are reliably measurable, and collectability is assured. Revenue is presented, net of goods and services tax, rebates and discounts. |
Recent Accounting Pronouncements | In September 2017, the FASB has issued Accounting Standards Update (ASU) No. 2017-13, “Revenue Recognition (Topic 605), Revenue from Contracts with Customers (Topic 606), Leases (Topic 840), and Leases (Topic 842): Amendments to SEC Paragraphs Pursuant to the Staff Announcement at the July 20, 2017 EITF Meeting and Rescission of Prior SEC Staff Announcements and Observer Comments.” The amendments in ASU No. 2017-13 amends the early adoption date option for certain companies related to the adoption of ASU No. 2014-09 and ASU No. 2016-02. Both of the below entities may still adopt using the public company adoption guidance in the related ASUs, as amended. The effective date is the same as the effective date and transition requirements for the amendments for ASU 2014-09 and ASU 2016-02. In May 2014, the FASB issued some accounting standards update which modifies the requirements for identifying, allocating, and recognizing revenue related to the achievement of performance conditions under contracts with customers. This update also requires additional disclosure related to the nature, amount, timing, and uncertainty of revenue that is recognized under contracts with customers. This guidance is effective for fiscal and interim periods beginning after December 15, 2017 and is required to be applied retrospectively to all revenue arrangements. The adoption of this guidance is not expected to have a significant impact on the Company’s consolidated financial statements. The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and does not believe the future adoption of any such pronouncements may be expected to cause a material impact on our financial statements. |
Disposal of Subsidiaries (Table
Disposal of Subsidiaries (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Disposal Of Subsidiaries | |
Summary of results of operations | Three Months Ended June 30, 2017 2016 Dental Service Revenue, net $ 1,330,804 $ 1,761,664 Cost of Services 864,375 1,399,846 Gross profit 466,429 361,818 General and administrative 107,197 97,181 Professional fees 1,894 44,539 Rental 219,162 184,640 Staff costs 135,270 20,583 Depreciation 36,883 48,435 Operating loss (33,977 ) (33,560 ) Other income 93,439 26,984 Interest expense (5,747 ) (2,042 ) Income benefit (1,316 ) - Loss from discontinued operations, net of tax $ 52,399 $ (8,618 ) Six Months Ended June 30, 2017 2016 Dental Service Revenue, net $ 3,065,719 $ 3,135,218 Cost of Services 2,057,063 2,595,566 Gross profit 1,008,656 539,652 General and administrative 259,937 132,726 Professional fees 28,154 88,118 Rental 429,677 375,755 Staff costs 334,347 49,536 Depreciation 94,294 92,392 Operating loss (137,753 ) (198,875 ) Other income 95,164 48,532 Interest expense (14,530 ) (4,245 ) Income benefit 1,316 - Loss from discontinued operations, net of tax $ (55,803 ) $ (154,588 ) |
Summary of carrying amounts of the major classes of assets and liabilities | June 5, 2017 Cash and cash equivalents $ 359,066 Accounts receivable 1,175,394 Prepaid expenses and deposits 247,086 Supplies 100,177 Property and equipment, net 887,360 Accounts payable (1,168,613 ) Accrued and other payables (122,958 ) Due to related parties (597,259 ) Loans payable (565,938 ) Capital lease obligations (168,996 ) Net assets and liabilities 145,319 Accumulated other comprehensive loss (67,881 ) Loss on disposal $ 77,438 June 30, December 31, 2017 2016 Assets held for sale Cash and cash equivalents $ - $ 287,754 Accounts receivable - 416,658 Prepaid expenses and deposits - 222,084 Inventory - 113,229 Property and equipment, net - 1,037,656 Total assets held for sale $ - $ 2,077,381 Liabilities held for sale Accounts payable $ - $ 616,124 Accrued and other payables - 186,894 Due to related parties - 743,369 Deferred revenue - 2,454 Capital lease obligations - current - 187,171 Capital lease obligations - 177,083 Total liabilities held for sale $ - $ 1,913,095 |
Nature of Operations (Details N
Nature of Operations (Details Narrative) - shares | 1 Months Ended | ||
Sep. 19, 2015 | Jun. 05, 2017 | Jun. 05, 2015 | |
Eminent Healthcare Pte Ltd Member | Liew Min Hin [Member] | |||
Nature Of Operations [Line Items] | |||
Ownership percentage | 100.00% | 100.00% | |
Eminent Healthcare Pte Ltd Member | Share Exchange Agreement Member | |||
Nature Of Operations [Line Items] | |||
Ownership percentage | 30.00% | ||
Smile More Holdings Pte Ltd Member | |||
Nature Of Operations [Line Items] | |||
sold Issued and outstanding shares percentage | 100.00% | ||
Smile More Holdings Pte Ltd Member | Share Exchange Agreement Member | |||
Nature Of Operations [Line Items] | |||
Number of common stock issued | 3,000,000 | ||
Multi Care Pte Ltd Member | Share Exchange Agreement Member | |||
Nature Of Operations [Line Items] | |||
Ownership percentage | 70.00% |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details Narrative | 6 Months Ended |
Jun. 30, 2017SubsidiaryEntity | |
Summary Of Significant Accounting Policies Details Narrative | |
Number of subsidiaries | Subsidiary | 7 |
Number of entities under common control of Smile Central Dental Group | Entity | 5 |
Going Concern (Details Narrativ
Going Concern (Details Narrative) - USD ($) | Jun. 30, 2017 | Jun. 05, 2017 | Dec. 31, 2016 |
Accumulated deficit | $ (1,326,076) | $ (1,161,700) | |
Working capital deficiency | $ (454,955) | ||
Smile More Holdings Pte Ltd Member | |||
Sold Issued and outstanding shares percentage | 100.00% |
Disposal of Subsidiaries (Detai
Disposal of Subsidiaries (Details) - Smile More Holdings Pte Ltd Member - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Dental Service Revenue, net | $ 1,330,804 | $ 1,761,664 | $ 3,065,719 | $ 3,135,218 |
Cost of Services | 864,375 | 1,399,846 | 2,057,063 | 2,595,566 |
Gross profit | 466,429 | 361,818 | 1,008,656 | 539,652 |
General and administrative | 107,197 | 97,181 | 259,937 | 132,726 |
Professional fees | 1,894 | 44,539 | 28,154 | 88,118 |
Rental | 219,162 | 184,640 | 429,677 | 375,755 |
Staff costs | 135,270 | 20,583 | 334,347 | 49,536 |
Depreciation | 36,883 | 48,435 | 94,294 | 92,392 |
Operating loss | (33,977) | (33,560) | (137,753) | (198,875) |
Other income | 93,439 | 26,984 | 95,164 | 48,532 |
Interest expense | (5,747) | (2,042) | (14,530) | (4,245) |
Income benefit | (1,316) | 1,316 | ||
Loss from discontinued operations, net of tax | $ 52,399 | $ (8,618) | $ (55,803) | $ (154,588) |
Disposal of Subsidiaries (Det_2
Disposal of Subsidiaries (Details 1) - USD ($) | Jun. 30, 2017 | Jun. 05, 2017 | Dec. 31, 2016 |
Loss on disposal | $ 77,438 | ||
Smile More Holdings Pte Ltd Member | |||
Cash and cash equivalents | $ 359,066 | $ 287,754 | |
Accounts receivable | 1,175,394 | 416,658 | |
Prepaid expenses and deposits | 247,086 | 222,084 | |
Supplies | 100,177 | 113,229 | |
Property and equipment, net | 887,360 | 1,037,656 | |
Accounts payable | (1,168,613) | 616,124 | |
Accrued and other payables | (122,958) | 186,894 | |
Due to related parties | (597,259) | 743,369 | |
Loans payable | (565,938) | ||
Capital lease obligations | (168,996) | $ 187,171 | |
Net assets and liabilities | 145,319 | ||
Accumulated other comprehensive loss | (67,881) | ||
Loss on disposal | $ 77,438 |
Disposal of Subsidiaries (Det_3
Disposal of Subsidiaries (Details 2) - Smile More Holdings Pte Ltd Member - USD ($) | Jun. 30, 2017 | Jun. 05, 2017 | Dec. 31, 2016 |
Assets held for sale | |||
Cash and cash equivalents | $ 359,066 | $ 287,754 | |
Accounts receivable | 1,175,394 | 416,658 | |
Prepaid expenses and deposits | 247,086 | 222,084 | |
Inventory | 100,177 | 113,229 | |
Property and equipment, net | 887,360 | 1,037,656 | |
Total assets held for sale | 2,077,381 | ||
Liabilities held for sale | |||
Accounts payable | (1,168,613) | 616,124 | |
Accrued and other payables | (122,958) | 186,894 | |
Due to related parties | (597,259) | 743,369 | |
Deferred revenue | 2,454 | ||
Capital lease obligations - current | $ (168,996) | 187,171 | |
Capital lease obligations | 177,083 | ||
Total liabilities held for sale | $ 1,913,095 |
Disposal of Subsidiaries (Det_4
Disposal of Subsidiaries (Details Narrative) - USD ($) | Jun. 30, 2017 | Jun. 05, 2017 | Sep. 19, 2015 | Jun. 05, 2015 |
Loss on disposal | $ 77,438 | |||
Share Exchange Agreement Member | ||||
Intra-Company loan | $ 965,866 | |||
Smile More Holdings Pte Ltd Member | ||||
Sold Issued and outstanding shares percentage | 100.00% | |||
Loss on disposal | $ 77,438 | |||
Eminent Healthcare Pte Ltd Member | Share Exchange Agreement Member | ||||
Ownership percentage | 30.00% | |||
Eminent Healthcare Pte Ltd Member | Liew Min Hin [Member] | ||||
Ownership percentage | 100.00% | 100.00% |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - USD ($) | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Repayment of due to related parties | $ 179,072 | $ 330,103 | |
Due to related parties | 417,336 | $ 406,947 | |
Various Officers [Member] | |||
Repayment of due to related parties | 179,072 | ||
Officers [Member] | |||
Due to related parties | $ 417,336 | $ 406,947 |