Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2020 | Oct. 12, 2020 | |
Cover [Abstract] | ||
Entity Registrant Name | BIOPLUS LIFE CORP. | |
Entity Central Index Key | 0001746214 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2020 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | No | |
Entity Interactive Data Current | No | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business Flag | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 362,905,561 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2020 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and bank balances | $ 334,162 | $ 210,740 |
Account receivables | 553,917 | 308,688 |
Income tax receivables | 55,446 | 7,675 |
Amount due from related parties | 30,282 | 19,771 |
Amount due from directors | 5,821 | |
Inventories | 357,526 | 303,954 |
Other receivables, deposits and prepayments | 39,174 | 133,060 |
Total current assets | 1,370,507 | 989,709 |
Non-current assets: | ||
Property, plant and equipment, net | 2,222,182 | 2,217,247 |
Total non-current assets | 2,222,182 | 2,217,247 |
TOTAL ASSETS | 3,592,689 | 3,206,956 |
Current liabilities: | ||
Account payables | 210,968 | 48,298 |
Obligation under finance lease | 31,632 | 33,343 |
Bank borrowings | 39,129 | 195,027 |
Other payables and accrued liabilities | 510,723 | 494,045 |
Provision for taxation | 3,604 | 3,604 |
Bank overdraft | 72,173 | |
Amount due to directors | 4,569 | 8,489 |
Total current liabilities | 872,798 | 782,806 |
Non-current liabilities: | ||
Obligation under finance lease | 82,739 | 92,133 |
Bank borrowings | 550,660 | 553,144 |
Deferred taxation | 41,954 | 42,631 |
Total non-current liabilities | 675,353 | 687,908 |
TOTAL LIABILITIES | 1,548,151 | 1,470,714 |
Stockholders' equity: | ||
Common stock, par value $0.0001: 362,905,561 and 359,305,561 shares issued and outstanding as of September 30, 2020 and December 31 2019, respectively. | 36,291 | 35,931 |
Additional paid up share capital | 1,998,870 | 1,998,870 |
Accumulated profit/(loss) | 99,379 | (216,550) |
Other comprehensive loss | (90,002) | (82,009) |
Total stockholders' equity | 2,044,538 | 1,736,242 |
TOTAL LIABILITIES AND STOCKHOLDERS EQUITY | $ 3,592,689 | $ 3,206,956 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares issued | 362,905,561 | 359,305,561 |
Common stock, shares outstanding | 362,905,561 | 359,305,561 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income/ (Loss) (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Income Statement [Abstract] | ||||
Revenues, net | $ 989,461 | $ 446,437 | $ 2,449,661 | $ 1,201,326 |
Cost of revenues | (588,637) | (210,313) | (1,422,514) | (614,299) |
Gross profit | 400,824 | 236,124 | 1,027,147 | 587,027 |
Other income | 592 | 285 | 2,192 | 3,400 |
Operating expenses: | ||||
General and operating expenses | (281,687) | (188,020) | (721,176) | (559,247) |
Finance cost | (8,137) | (9,738) | (24,913) | |
Total expenses | (281,687) | (196,157) | (730,914) | (584,160) |
Profit from operations | 119,729 | 40,252 | 298,425 | 6,267 |
Gain on disposal of subsidiary | 17,505 | 17,505 | 1,099 | |
Income tax expense | ||||
NET PROFIT | 137,234 | 40,252 | 315,930 | 7,366 |
Other comprehensive income/(loss): | ||||
- Foreign currency translation gain/(loss) | 60,146 | (15,699) | (7,993) | (17,100) |
TOTAL COMPREHENSIVE INCOME/(LOSS) | $ 197,380 | $ 24,553 | $ 307,937 | $ (9,734) |
Earnings per share | $ 0 | $ 0 | $ 0 | $ 0 |
Weighted average number of common shares outstanding -Basic and diluted | 362,905,561 | 358,787,945 | 362,905,561 | 358,787,945 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Stockholders' Equity - USD ($) | Common Stock [Member] | Additional Paid Up Share Capital [Member] | Accumulated Profit /(Loss) [Member] | Accumulated Other Comprehensive Loss [Member] | Total |
Balance at Dec. 31, 2018 | $ 35,931 | $ 1,998,870 | $ (123,358) | $ (114,711) | $ 1,796,732 |
Balance, shares at Dec. 31, 2018 | 359,305,561 | ||||
Common stock issued | |||||
Net profit (loss) | (93,192) | (93,192) | |||
Foreign currency translation gain | 32,702 | 32,702 | |||
Balance at Dec. 31, 2019 | $ 35,931 | 1,998,870 | (216,550) | (82,009) | 1,736,242 |
Balance, shares at Dec. 31, 2019 | 359,305,561 | ||||
Common stock issued | $ 360 | 360 | |||
Common stock issued, shares | 3,600,000 | ||||
Net profit (loss) | 8,219 | 8,219 | |||
Foreign currency translation gain | (87,070) | (87,070) | |||
Balance at Mar. 31, 2020 | $ 36,291 | 1,998,870 | (208,331) | (169,079) | 1,657,751 |
Balance, shares at Mar. 31, 2020 | 362,905,561 | ||||
Balance at Dec. 31, 2019 | $ 35,931 | 1,998,870 | (216,550) | (82,009) | 1,736,242 |
Balance, shares at Dec. 31, 2019 | 359,305,561 | ||||
Common stock issued | 360 | ||||
Net profit (loss) | 315,930 | ||||
Foreign currency translation gain | (7,993) | ||||
Balance at Sep. 30, 2020 | $ 36,291 | 1,998,870 | 99,379 | (90,002) | 2,044,538 |
Balance, shares at Sep. 30, 2020 | 362,905,561 | ||||
Balance at Mar. 31, 2020 | $ 36,291 | 1,998,870 | (208,331) | (169,079) | 1,657,751 |
Balance, shares at Mar. 31, 2020 | 362,905,561 | ||||
Net profit (loss) | 170,476 | 170,476 | |||
Foreign currency translation gain | 18,931 | 18,931 | |||
Balance at Jun. 30, 2020 | $ 36,291 | 1,998,870 | (37,855) | (150,148) | 1,847,158 |
Balance, shares at Jun. 30, 2020 | 362,905,561 | ||||
Net profit (loss) | 137,234 | 137,234 | |||
Foreign currency translation gain | 60,146 | 60,146 | |||
Balance at Sep. 30, 2020 | $ 36,291 | $ 1,998,870 | $ 99,379 | $ (90,002) | $ 2,044,538 |
Balance, shares at Sep. 30, 2020 | 362,905,561 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Cash flows from operating activities: | ||
Net profit | $ 315,928 | $ 7,366 |
Adjustments to reconcile net profit/(loss) to net cash used in operating activities: | ||
Depreciation of property, plant and equipment | 93,429 | 82,857 |
Interest expenses | 9,738 | 24,912 |
Bad debt written off | 23,092 | |
Operating profit before working capital changes | 442,187 | 115,135 |
Changes in operating assets and liabilities: | ||
Inventories | (57,768) | 141,160 |
Account receivables | (253,739) | 204,680 |
Other receivables, deposits and prepayments | 74,029 | (12,290) |
Amount due from related parties | (10,708) | (69,699) |
Amount due from directors | 2,063 | (2,725) |
Account payable | 161,677 | (212,063) |
Other payables and accrued liabilities | 22,477 | (187,355) |
Cash generated from/ (used in) operating activities | 380,218 | (23,157) |
Tax refunded | 1,942 | |
Tax paid | (47,378) | (34,845) |
Net cash generated from/(used in) operating activities | 332,840 | (56,060) |
Cash flows from investing activities: | ||
Purchase of property, plant and equipment | (133,810) | (33,692) |
Net cash used in investing activities | (133,810) | (33,692) |
Cash flows from financing activities: | ||
Proceed from issued shares | 360 | |
Interest expenses | (9,738) | (24,912) |
Repayment of term loan borrowing | (7,155) | (28,574) |
Repayment of hire purchase borrowing | (9,015) | (18,108) |
Net cash used in financing activities | (25,548) | (71,594) |
Foreign currency translation adjustment | 19,287 | 6,522 |
NET CHANGE IN CASH AND CASH EQUIVALENTS | 173,842 | (154,824) |
CASH AND CASH EQUIVALENTS, BEGINNING OF FINANCIAL PERIOD | 69,220 | 255,554 |
CASH AND CASH EQUIVALENTS, END OF FINANCIAL PERIOD | 261,989 | 100,730 |
CASH AND CASH EQUIVALENTS INFORMATION | ||
Cash and bank balance | 334,162 | 100,730 |
Bank overdraft | (72,173) | |
Cash and cash equivalents, end of financial period | $ 261,989 | $ 100,730 |
Organization and Business Backg
Organization and Business Background | 9 Months Ended |
Sep. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Business Background | NOTE 1- ORGANIZATION AND BUSINESS BACKGROUND Bioplus Life Corp., a Nevada corporation (“the Company”) was incorporated under the laws of the State of Nevada on April 13, 2017. For purposes of financial statements presentation, Bioplus Life Corp. and its subsidiaries are herein referred to as “the Company” or “We”. We have historically conducted our business through Bio Life Neutraceuticals Sdn Bhd, a private limited liability company, incorporated in Malaysia. Bioplus Life Corp. (US), incorporated in United State of Nevada, is an investment holding company with 100% equity interest in Bioplus Life Corp. (Labuan), a company incorporated in Labuan, which subsequent hold 100% equity interest in Bioplus Life International Holdings Limited, a company incorporated in Hong Kong, which subsequent hold 99.8% equity interest in Bio Life Holdings Berhad, a company incorporated in Malaysia, which subsequent hold 100% equity interest in Bio Life Neutraceuticals Sdn Bhd. On December 31, 2017, Bioplus Life Corp was organized to be holding company parent to, and succeed to the operations of, Bioplus Life Corp. (Labuan), Bioplus Life International Holdings Ltd, Bio Life Holdings Berhad and Bio Life Neutraceuticals Sdn Bhd. This transaction was accounted for as a transaction among entities under common control and the assets, liabilities, revenues, and expenses, and as if the transfer occurred at the beginning of the period. Prior periods have been retrospectively adjusted to furnish comparative information. The Company, through its subsidiaries, supplies high quality health products. Details of the Company’s subsidiaries: No Company Name Place/Date of Incorporation Particulars of Issued Capital Principal Activities 1 Bioplus Life Corp. (Labuan) Malaysia, Labuan May 19, 2017 100 shares of Investment Holding 2 Bioplus Life International Holdings Ltd. (A) Hong Kong June 20, 2017 1 shares of ordinary shares Investment Holding 3 Bio Life Holdings Berhad Malaysia May 19, 2016 107,992 shares of ordinary shares of RM1 each Investment Holding 4 Bio Life Neutraceuticals Sdn Bhd Malaysia, Selangor August 27, 2009 5,456,207 shares of ordinary shares of RM1 each Trading of Consumer Products 5 Bio Life Neutraceuticals (Shenzhen) Pty Ltd. (B) Shenzhen October 27, 2017 500,000 shares of ordinary shares of RMB1 each Trading of Healthy Supplement and Cosmetics (A) Bioplus Life International Holdings Ltd. was officially disposed off by the Group on August 5, 2020 at a consideration of RMB 5,000. The transfer results in gain on disposal of subsidiary of USD 17,505 as disclosed in Note 13 in Consolidated Statements of Operations and Comprehensive Income/(Loss). (B) Bio Life Neutraceuticals (Shenzhen) Pty Ltd. was being officially de-registered in Shenzhen on September 4, 2020. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES ● Basis of presentation These accompanying financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“US GAAP”). ● Basis of consolidation In this Quarterly Report, “the Company,” “us” or “we” refer to the consolidated entity, including its subsidiaries and affiliates. The terms refer only to the publicly held holding company, The Bioplus Life Corporation, excluding its subsidiaries and affiliates. Furthermore, in which the Company has a variable interest have been consolidated where the Company is the primary beneficiary. All intercompany transactions and balances have been eliminated in consolidation. ● Use of estimates In preparing these 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 represent cash on hand, demand deposits placed with banks or other financial institutions and all highly liquid investments with an original maturity of three months or less as of the purchase date of such investments. ● Property, plant and equipment Property and plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses, if any. Depreciation is calculated on the straight-line basis to write off the cost over the following expected useful lives of the assets concerned. The principal annual rates used are as follows: Categories Principal Annual Rates/Expected Useful Life Computer hardware 20 % Furniture & fittings 10 % Handphone 20 % Landscape 20 % Leasehold land and building 99 years Machinery 10 % Motor vehicle 20 % Office equipment 10 % Renovation 20 % Signboard 10 % Tools and equipment 10 % Kitchen utensils 10% Fully depreciated plant and equipment are retained in the financial statements until they are no longer in use. ● 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 Consolidated Statements of Operations and Comprehensive Income. ● Revenue recognition Revenues are recognized when control of the promised goods or services are transferred to a customer, in an amount that reflects the consideration that the Company expects to receive in exchange for those goods or services. The Company applies the following five steps in order to determine the appropriate amount of revenue to be recognized as it fulfills its obligations under each of its agreements: ● identify the contract with a customer; ● identify the performance obligations in the contract; ● determine the transaction price; ● allocate the transaction price to performance obligations in the contract; and ● recognize revenue as the performance obligation is satisfied. ● Cost of revenues 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. ● Comprehensive income ASC Topic 220, “ Comprehensive Income ● Income tax expense Income taxes are determined in accordance with the provisions of ASC Topic 740, “ Income Taxes ASC 740 prescribes a comprehensive model for how companies should recognize, measure, present, and disclosed in their financial statements uncertain tax positions taken or expected to be taken on a tax return. Under ASC 740, tax positions must initially be recognized in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions must initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts. The Company conducts major businesses in Malaysia and is subject to tax in their own jurisdictions. As a result of its business activities, the Company will file separate tax returns that are subject to examination by the foreign tax authorities. ● 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 statement of operations. The functional currency of the Company is the United States Dollars (“US$”) and the accompanying financial statements have been expressed in US$. In addition, the Company maintains its books and record in a local currency, Malaysian Ringgit (“MYR” or “RM”), 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 the local currency of the Company into US$1 has been made at the following exchange rates for the respective period: As of and for the nine months ended September 30, 2020 2019 Period-end MYR: US$1 exchange rate 4.1585 4.1349 Period average MYR: US$1 exchange rate 4.2038 4.1870 Period-end US$1: RMB exchange rate 0.1473 0.1454 Period average US$1: RMB exchange rate 0.1446 0.1471 ● 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, trade receivable, deposits and other receivables, amount due to related parties and other payables approximate at their fair values because of the short-term nature of these financial instruments. The Company also follows the guidance of the ASC Topic 820-10, “ Fair Value Measurements and Disclosures ● Level 1 ● Level 2 ● Level 3 As of September 30, 2020, and December 31, 2019, the Company did not have any nonfinancial assets and liabilities that are recognized or disclosed at fair value in the financial statements, at least annually, on a recurring basis, nor did the Company have any assets or liabilities measured at fair value on a non-recurring basis. ● Recent accounting pronouncements Management has considered all recent accounting pronouncements issued since the last audit of our financial statements. The Company’s management believes that these recent pronouncements will not have a material effect on the Company’s financial statements. |
Amount Due from Related Parties
Amount Due from Related Parties | 9 Months Ended |
Sep. 30, 2020 | |
Related Party Transactions [Abstract] | |
Amount Due from Related Parties | 3. AMOUNT DUE FROM RELATED PARTIES The amounts are unsecured, bear no interest and are payable on demand. |
Inventories
Inventories | 9 Months Ended |
Sep. 30, 2020 | |
Inventory Disclosure [Abstract] | |
Inventories | 4. INVENTORIES As of September 30, 2020 December 31, 2019 Raw material $ 302,918 $ 245,877 Packing Material 27,294 23,858 Finished goods 27,314 34,219 Total inventories $ 357,526 $ 303,954 |
Other Receivables, Deposits and
Other Receivables, Deposits and Prepayments | 9 Months Ended |
Sep. 30, 2020 | |
Other Receivables Deposits And Prepayments | |
Other Receivables, Deposits and Prepayments | 5. OTHER RECEIVABLES, DEPOSITS AND PREPAYMENTS As of September 30, 2020 December 31, 2019 Other receivables $ 12,970 $ 9,981 Deposits 5.1 19,394 63,308 Prepayments 5.2 6,810 59,771 $ 39,174 $ 133,060 5.1 The deposits of $ 19,394 (2019: $ 63,308) representing deposits paid for rental of hostels and various utilities. 5.2 The prepayments of $ 6,810 (2019: $ 59,771) representing advanced payments made to suppliers for purchase of manufacturing materials. |
Property, Plant and Equipment,
Property, Plant and Equipment, Net | 9 Months Ended |
Sep. 30, 2020 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment, Net | 6. PROPERTY, PLANT AND EQUIPMENT, NET Property, plant and equipment consisted of the following: As of September 30, 2020 December 31, 2019 Computer hardware $ 40,430 $ 32,814 Furniture & fittings 112,198 106,945 Handphone 3,724 3,514 Landscape 3,691 3,475 Leasehold land and building 1,875,962 1,872,476 Machinery 175,677 119,413 Motor vehicle 243,630 243,630 Office equipment 59,123 52,725 Renovation 142,099 92,646 Signboard 5,470 4,648 Tools and equipment 6,930 4,348 Kitchen utensils 1,740 - $ 2,670,674 $ 2,536,634 (Less): Accumulated depreciation (412,814 ) (315,762 ) Add/(Less): Foreign translation difference (35,678 ) (3,625 ) Property, plant and equipment, net $ 2,222,182 $ 2,217,247 Depreciation expense for the period ended September 30, 2020 and September 30, 2019 were $93, 429 and $82,857, respectively. As of September 30, 2020, and December 31, 2019 the Company acquired motor vehicles under finance leases with carrying value of $101,385 and $129,925 respectively. The leasehold land and building with carrying amount of $1,786,756 and $1,797,002 as of September 30, 2020 and December 31, 2019, respectively have been charged to licensed bank to secure banking facilities granted to the Company. |
Obligation Under Finance Lease
Obligation Under Finance Lease | 9 Months Ended |
Sep. 30, 2020 | |
Leases [Abstract] | |
Obligation Under Finance Lease | 7. OBLIGATION UNDER FINANCE LEASE The Company purchased motor vehicles under finance lease agreements with the effective interest rate of 2.48% - 4.31% per annum (2019: 5.22% per annum), with principal and interest payable monthly. The obligation under the finance leases are as follows: As of September 30, 2020 December 31, 2019 Present value of hire purchase liabilities: $ $ Not later than one year 31,632 33,343 Later than one year but not later than two years 32,097 32,496 Later than two years but not later than five years 50,642 59,637 114,371 125,476 As Of September 30, 2020 December 31, 2019 Analyzed as: $ $ Current portion 31,632 33,343 Non-current portion 82,739 92,133 114,371 125,476 |
Bank Borrowings
Bank Borrowings | 9 Months Ended |
Sep. 30, 2020 | |
Debt Disclosure [Abstract] | |
Bank Borrowings | 8. BANK BORROWINGS As of September 30, 2020 December 31, 2019 Secured: - $ $ Bank overdraft 72,173 141,520 Term loan 589,789 606,651 661,962 748,171 As of September 30, 2020 December 31, 2019 Analyzed as: $ $ Current portion 111,302 195,027 Non-current portion 550,660 553,144 $ 661,962 $ 748,171 The bank overdraft of the Company is secured by way of the following: a. A Facilities Agreement for US$377,277 (MYR579,171); b. Master Facility Agreement. c. Joint and Several Guarantee to be executed by the subsidiary directors of Bio Life Neutraceuticals Sdn Bhd. Interested charged on the bank overdraft is 4% (2019: 4%) above the bank base lending rate per annum. The term loan of the Company is secured by way of the following: a. A Facilities Agreement for US$1,705,086 (MYR2,842,719); b. Master Facility Agreement. c. Joint and Several Guarantee to be executed by the subsidiary directors of Bio Life Neutraceuticals Sdn Bhd. The term loan is payable by 240 monthly installments of US$4,492 (MYR18,248) each including interest, commencing from Oct 10, 2016 and subject to interest at 4% per annum flat. |
Other Payables and Accrued Liab
Other Payables and Accrued Liabilities | 9 Months Ended |
Sep. 30, 2020 | |
Payables and Accruals [Abstract] | |
Other Payables and Accrued Liabilities | 9. OTHER PAYABLES AND ACCRUED LIABILITIES As of September 30, 2020 December 31, 2019 Other payables generated from: $ $ Local 5,262 41,645 Foreign, representing: Malaysia - - Common outstanding from non-trade payable 36,562 37,110 Common outstanding from third parties 827 1,004 China - - Common outstanding from third parties 147 861 $ 42,798 $ 80,620 Accrued other expenses Local Foreign, representing: Malaysia Payroll 23,640 18,550 Payroll deduction 8,961 7,873 Professional Fee 1,619 11,499 Commission 37,255 43,563 Expenses 787 1,157 $ 72,262 $ 82,642 Hong Kong - - Deposit received from customers 285,663 226,783 Share subscription receipts in advance 110,000 104,000 $ 510,723 $ 494,045 |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 10. INCOME TAXES Nine months ended 2020 2019 Tax jurisdictions from: Local $ (58,232 ) $ (36,326 ) Foreign, representing: Malaysia 392,990 47,020 Hong Kong (17,775 ) (1,859 ) China (1,054 ) (1,469 ) Profit/(Loss) before income tax $ 315,929 $ 7,366 The provision for income taxes consisted of the following: Nine months ended 2020 2019 Tax expense - Current Local $ - $ - Foreign, representing: Malaysia - - Hong Kong - - Tax expense – Prior year Foreign, representing: Malaysia - - Deferred Local - - Foreign, representing: Malaysia - - Hong Kong - - $ - $ - The effective tax rate in the periods presented is the result of the mix of income earned in various tax jurisdictions that apply a broad range of income tax rates. The Company has subsidiaries that operate in various countries: United States, Hong Kong and Malaysia that are subject to taxes in the jurisdictions in which they operate, as follows: United States of America The Company is registered in the State of Nevada and is subject to the tax laws of the United States of America. As of September 30, 2020, the operations in the United States of America incurred $461,206 of cumulative net operating losses which can be carried forward to offset future taxable income. The net operating loss carry forwards begin to expire in 2039, if unutilized. The Company has provided for a full valuation allowance of $4,896 against the deferred tax assets on the expected future tax benefits from the net operating loss carry forwards as the management believes it is more likely than not that these assets will not be realized in the future. Malaysia Bio Life Holdings Berhad (“BLHB”) and Bio Life Neutraceuticals Sdn Bhd (“BLNSB”) are subject to the Malaysia Corporate Tax Laws at a tax rate of 24% on the assessable income for its tax year. Hong Kong Bioplus Life International Holdings Ltd is subject to Hong Kong Profits Tax, which is charged at the statutory income tax rate of 16.5% on its assessable income. China Bio Life Neutraceuticals (Shenzhen) Pty Ltd. is registered in the Shen Zhen and is subject to the China Corporate Tax, which is charged at the statutory income tax rate of 25% on its assessable income. |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 2020 | |
Equity [Abstract] | |
Stockholders' Equity | 11. STOCKHOLDERS’ EQUITY During the year, the Company has issued the following common stock: As of September 30, 2020 December 31, 2019 Issued and fully paid: $ $ At the beginning of the period 2,034,801 2,034,801 Issued during the period 360 - At the end of the period $ 2,035,161 $ 2,034,801 As of September 30, 2020, and December 31, 2019, Bioplus Life Corp has an issued and outstanding common share of 362,905,561 and 359,305,561 respectively. |
Concentration of Risk
Concentration of Risk | 9 Months Ended |
Sep. 30, 2020 | |
Risks and Uncertainties [Abstract] | |
Concentration of Risk | 12. CONCENTRATION OF RISK (a) Major Customers For the three months ended September 30, 2020 and 2019, the customers who accounted for 10% or more of the Company’s revenues and its accounts receivable at period-end are presented as follows: Revenues Percentage of revenues 2020 2019 2020 2019 Customer A $ - $ 55,257 - 12 % Customer B 152,423 53,979 15 % 12 % Customer C 369,623 - 37 % - $ 522,046 $ 109,236 52 % 24 % For the nine months ended September 30, 2020 and 2019, the customers who accounted for 10% or more of the Company’s revenues and its accounts receivable at period-end are presented as follows: Revenues Percentage of revenues 2020 2019 2020 2019 Customer A $ 138,771 $ 153,195 5 % 12 % Customer B 964,146 49,515 39 % 4 % $ 1,102,917 $ 202,710 44 % 16 % (b) Major Suppliers For the three months ended September 30, 2020 and 2019, there was no supplier who accounted for 10% or more of the Company’s purchases nor with significant outstanding payables. Revenues Percentage of revenues 2020 2019 2020 2019 Supplier A $ 352,297 $ 93,455 64 % 88 % Supplier B 99,328 - 18 % - Supplier C 65,418 - 12 % - $ 517,043 $ 93,455 94 % 88 % For the nine months ended September 30, 2020 and 2019, there was no supplier who accounted for 10% or more of the Company’s purchases nor with significant outstanding payables. Revenues Percentage of revenues 2020 2019 2020 2019 Supplier A $ 633,555 $ 267,081 58 % 88 % Supplier B 250,203 16,308 23 % 5 % $ 883,758 $ 283,389 81 % 93 % |
Other Income
Other Income | 9 Months Ended |
Sep. 30, 2020 | |
Other Income and Expenses [Abstract] | |
Other Income | 13. OTHER INCOME Nine months ended 2020 2019 Other income $ 192 $ 77 Realized gain on foreign exchange 1,999 3,323 $ 2,191 $ 3,400 Gain on disposal of subsidiary $ 17,505 $ 1,099 |
Foreign Currency Exchange Rate
Foreign Currency Exchange Rate | 9 Months Ended |
Sep. 30, 2020 | |
Foreign Currency [Abstract] | |
Foreign Currency Exchange Rate | 14. FOREIGN CURRENCY EXCHANGE RATE The Company cannot guarantee that the current exchange rate will remain stable, therefore there is a possibility that the Company could post the same amount of income for two comparable periods and because of the fluctuating exchange rate post higher or lower income depending on exchange rate converted into US$ at the end of the financial period. The exchange rate could fluctuate depending on changes in political and economic environments without notice. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | 15. SUBSEQUENT EVENTS In accordance with ASC Topic 855, “Subsequent Events”, which establishes general standards of accounting for and disclosure of events that occur after the balance sheet date but before financial statements are issued, the Company has evaluated all events or transactions that occurred after September 30, 2020 up through the date November 18, 2020 was the Company presented these audited consolidated financial statements. |
Significant Events
Significant Events | 9 Months Ended |
Sep. 30, 2020 | |
Significant Events | |
Significant Events | 16. SIGNIFICANT EVENTS During the fiscal year, the World Health Organization (WHO) declared the Coronavirus (COVID-19) outbreak to be a pandemic, which has caused severe global social and economic disruptions and uncertainties, including markets where the Company operates. The Company considers this outbreak as non-adjusting-events. The consequences brought about by Covid-19 continue to evolve and whilst the Company actively monitoring and managing its operations to respond to these changes, the Company does not consider it practicable to provide any quantitative estimate on the potential impact it may have on the Company. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation | ● Basis of presentation These accompanying 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 In this Quarterly Report, “the Company,” “us” or “we” refer to the consolidated entity, including its subsidiaries and affiliates. The terms refer only to the publicly held holding company, The Bioplus Life Corporation, excluding its subsidiaries and affiliates. Furthermore, in which the Company has a variable interest have been consolidated where the Company is the primary beneficiary. All intercompany transactions and balances have been eliminated in consolidation. |
Use of Estimates | ● Use of estimates In preparing these 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 represent cash on hand, demand deposits placed with banks or other financial institutions and all highly liquid investments with an original maturity of three months or less as of the purchase date of such investments. |
Property, Plant and Equipment | ● Property, plant and equipment Property and plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses, if any. Depreciation is calculated on the straight-line basis to write off the cost over the following expected useful lives of the assets concerned. The principal annual rates used are as follows: Categories Principal Annual Rates/Expected Useful Life Computer hardware 20 % Furniture & fittings 10 % Handphone 20 % Landscape 20 % Leasehold land and building 99 years Machinery 10 % Motor vehicle 20 % Office equipment 10 % Renovation 20 % Signboard 10 % Tools and equipment 10 % Kitchen utensils 10% Fully depreciated plant and equipment are retained in the financial statements until they are no longer in use. |
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 Consolidated Statements of Operations and Comprehensive Income. |
Revenue Recognition | ● Revenue recognition Revenues are recognized when control of the promised goods or services are transferred to a customer, in an amount that reflects the consideration that the Company expects to receive in exchange for those goods or services. The Company applies the following five steps in order to determine the appropriate amount of revenue to be recognized as it fulfills its obligations under each of its agreements: ● identify the contract with a customer; ● identify the performance obligations in the contract; ● determine the transaction price; ● allocate the transaction price to performance obligations in the contract; and ● recognize revenue as the performance obligation is satisfied. |
Cost of Revenues | ● Cost of revenues 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. |
Comprehensive Income | ● Comprehensive income ASC Topic 220, “ Comprehensive Income |
Income Tax Expense | ● Income tax expense Income taxes are determined in accordance with the provisions of ASC Topic 740, “ Income Taxes ASC 740 prescribes a comprehensive model for how companies should recognize, measure, present, and disclosed in their financial statements uncertain tax positions taken or expected to be taken on a tax return. Under ASC 740, tax positions must initially be recognized in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions must initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts. The Company conducts major businesses in Malaysia and is subject to tax in their own jurisdictions. As a result of its business activities, the Company will file separate tax returns that are subject to examination by the foreign tax authorities. |
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 statement of operations. The functional currency of the Company is the United States Dollars (“US$”) and the accompanying financial statements have been expressed in US$. In addition, the Company maintains its books and record in a local currency, Malaysian Ringgit (“MYR” or “RM”), 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 the local currency of the Company into US$1 has been made at the following exchange rates for the respective period: As of and for the nine months ended September 30, 2020 2019 Period-end MYR: US$1 exchange rate 4.1585 4.1349 Period average MYR: US$1 exchange rate 4.2038 4.1870 Period-end US$1: RMB exchange rate 0.1473 0.1454 Period average US$1: RMB exchange rate 0.1446 0.1471 |
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, trade receivable, deposits and other receivables, amount due to related parties and other payables approximate at their fair values because of the short-term nature of these financial instruments. The Company also follows the guidance of the ASC Topic 820-10, “ Fair Value Measurements and Disclosures ● Level 1 ● Level 2 ● Level 3 As of September 30, 2020, and December 31, 2019, the Company did not have any nonfinancial assets and liabilities that are recognized or disclosed at fair value in the financial statements, at least annually, on a recurring basis, nor did the Company have any assets or liabilities measured at fair value on a non-recurring basis. |
Recent Accounting Pronouncements | ● Recent accounting pronouncements Management has considered all recent accounting pronouncements issued since the last audit of our financial statements. The Company’s management believes that these recent pronouncements will not have a material effect on the Company’s financial statements. |
Organization and Business Bac_2
Organization and Business Background (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Subsidiaries Details | The Company, through its subsidiaries, supplies high quality health products. Details of the Company’s subsidiaries: No Company Name Place/Date of Incorporation Particulars of Issued Capital Principal Activities 1 Bioplus Life Corp. (Labuan) Malaysia, Labuan May 19, 2017 100 shares of Investment Holding 2 Bioplus Life International Holdings Ltd. (A) Hong Kong June 20, 2017 1 shares of ordinary shares Investment Holding 3 Bio Life Holdings Berhad Malaysia May 19, 2016 107,992 shares of ordinary shares of RM1 each Investment Holding 4 Bio Life Neutraceuticals Sdn Bhd Malaysia, Selangor August 27, 2009 5,456,207 shares of ordinary shares of RM1 each Trading of Consumer Products 5 Bio Life Neutraceuticals (Shenzhen) Pty Ltd. (B) Shenzhen October 27, 2017 500,000 shares of ordinary shares of RMB1 each Trading of Healthy Supplement and Cosmetics (A) Bioplus Life International Holdings Ltd. was officially disposed off by the Group on August 5, 2020 at a consideration of RMB 5,000. The transfer results in gain on disposal of subsidiary of USD 17,505 as disclosed in Note 13 in Consolidated Statements of Operations and Comprehensive Income/(Loss). (B) Bio Life Neutraceuticals (Shenzhen) Pty Ltd. was being officially de-registered in Shenzhen on September 4, 2020. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
Schedule of Property Plant and Equipment, Principal Annual Rates/Expected Useful Life | The principal annual rates used are as follows: Categories Principal Annual Rates/Expected Useful Life Computer hardware 20 % Furniture & fittings 10 % Handphone 20 % Landscape 20 % Leasehold land and building 99 years Machinery 10 % Motor vehicle 20 % Office equipment 10 % Renovation 20 % Signboard 10 % Tools and equipment 10 % Kitchen utensils 10% |
Schedule of Exchange Rates | Translation of amounts from the local currency of the Company into US$1 has been made at the following exchange rates for the respective period: As of and for the nine months ended September 30, 2020 2019 Period-end MYR: US$1 exchange rate 4.1585 4.1349 Period average MYR: US$1 exchange rate 4.2038 4.1870 Period-end US$1: RMB exchange rate 0.1473 0.1454 Period average US$1: RMB exchange rate 0.1446 0.1471 |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | As of September 30, 2020 December 31, 2019 Raw material $ 302,918 $ 245,877 Packing Material 27,294 23,858 Finished goods 27,314 34,219 Total inventories $ 357,526 $ 303,954 |
Other Receivables, Deposits a_2
Other Receivables, Deposits and Prepayments (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Other Receivables Deposits And Prepayments | |
Summary of Other Receivables, Deposits and Prepayments | As of September 30, 2020 December 31, 2019 Other receivables $ 12,970 $ 9,981 Deposits 5.1 19,394 63,308 Prepayments 5.2 6,810 59,771 $ 39,174 $ 133,060 5.1 The deposits of $ 19,394 (2019: $ 63,308) representing deposits paid for rental of hostels and various utilities. 5.2 The prepayments of $ 6,810 (2019: $ 59,771) representing advanced payments made to suppliers for purchase of manufacturing materials. |
Property, Plant and Equipment_2
Property, Plant and Equipment, Net (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | Property, plant and equipment consisted of the following: As of September 30, 2020 December 31, 2019 Computer hardware $ 40,430 $ 32,814 Furniture & fittings 112,198 106,945 Handphone 3,724 3,514 Landscape 3,691 3,475 Leasehold land and building 1,875,962 1,872,476 Machinery 175,677 119,413 Motor vehicle 243,630 243,630 Office equipment 59,123 52,725 Renovation 142,099 92,646 Signboard 5,470 4,648 Tools and equipment 6,930 4,348 Kitchen utensils 1,740 - $ 2,670,674 $ 2,536,634 (Less): Accumulated depreciation (412,814 ) (315,762 ) Add/(Less): Foreign translation difference (35,678 ) (3,625 ) Property, plant and equipment, net $ 2,222,182 $ 2,217,247 |
Obligation Under Finance Lease
Obligation Under Finance Lease (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Leases [Abstract] | |
Schedule of Obligation Under Finance Lease | The obligation under the finance leases are as follows: As of September 30, 2020 December 31, 2019 Present value of hire purchase liabilities: $ $ Not later than one year 31,632 33,343 Later than one year but not later than two years 32,097 32,496 Later than two years but not later than five years 50,642 59,637 114,371 125,476 As Of September 30, 2020 December 31, 2019 Analyzed as: $ $ Current portion 31,632 33,343 Non-current portion 82,739 92,133 114,371 125,476 |
Bank Borrowings (Tables)
Bank Borrowings (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Bank Borrowings | As of September 30, 2020 December 31, 2019 Secured: - $ $ Bank overdraft 72,173 141,520 Term loan 589,789 606,651 661,962 748,171 As of September 30, 2020 December 31, 2019 Analyzed as: $ $ Current portion 111,302 195,027 Non-current portion 550,660 553,144 $ 661,962 $ 748,171 |
Other Payables and Accrued Li_2
Other Payables and Accrued Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Payables and Accruals [Abstract] | |
Schedule of Other Payables and Accrued Liabilities | As of September 30, 2020 December 31, 2019 Other payables generated from: $ $ Local 5,262 41,645 Foreign, representing: Malaysia - - Common outstanding from non-trade payable 36,562 37,110 Common outstanding from third parties 827 1,004 China - - Common outstanding from third parties 147 861 $ 42,798 $ 80,620 Accrued other expenses Local Foreign, representing: Malaysia Payroll 23,640 18,550 Payroll deduction 8,961 7,873 Professional Fee 1,619 11,499 Commission 37,255 43,563 Expenses 787 1,157 $ 72,262 $ 82,642 Hong Kong - - Deposit received from customers 285,663 226,783 Share subscription receipts in advance 110,000 104,000 $ 510,723 $ 494,045 |
Income Taxes (Tables)
Income Taxes (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
Schedule of Profit or Loss Before Income Tax | Nine months ended 2020 2019 Tax jurisdictions from: Local $ (58,232 ) $ (36,326 ) Foreign, representing: Malaysia 392,990 47,020 Hong Kong (17,775 ) (1,859 ) China (1,054 ) (1,469 ) Profit/(Loss) before income tax $ 315,929 $ 7,366 |
Schedule of Provision for Income Tax | The provision for income taxes consisted of the following: Nine months ended 2020 2019 Tax expense - Current Local $ - $ - Foreign, representing: Malaysia - - Hong Kong - - Tax expense – Prior year Foreign, representing: Malaysia - - Deferred Local - - Foreign, representing: Malaysia - - Hong Kong - - $ - $ - |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Equity [Abstract] | |
Schedule of Stockholders' Equity | As of September 30, 2020 December 31, 2019 Issued and fully paid: $ $ At the beginning of the period 2,034,801 2,034,801 Issued during the period 360 - At the end of the period $ 2,035,161 $ 2,034,801 |
Concentration of Risk (Tables)
Concentration of Risk (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Risks and Uncertainties [Abstract] | |
Schedules of Concentration of Risk by Major Customer and Major Suppliers | (a) Major Customers For the three months ended September 30, 2020 and 2019, the customers who accounted for 10% or more of the Company’s revenues and its accounts receivable at period-end are presented as follows: Revenues Percentage of revenues 2020 2019 2020 2019 Customer A $ - $ 55,257 - 12 % Customer B 152,423 53,979 15 % 12 % Customer C 369,623 - 37 % - $ 522,046 $ 109,236 52 % 24 % For the nine months ended September 30, 2020 and 2019, the customers who accounted for 10% or more of the Company’s revenues and its accounts receivable at period-end are presented as follows: Revenues Percentage of revenues 2020 2019 2020 2019 Customer A $ 138,771 $ 153,195 5 % 12 % Customer B 964,146 49,515 39 % 4 % $ 1,102,917 $ 202,710 44 % 16 % (b) Major Suppliers For the three months ended September 30, 2020 and 2019, there was no supplier who accounted for 10% or more of the Company’s purchases nor with significant outstanding payables. Revenues Percentage of revenues 2020 2019 2020 2019 Supplier A $ 352,297 $ 93,455 64 % 88 % Supplier B 99,328 - 18 % - Supplier C 65,418 - 12 % - $ 517,043 $ 93,455 94 % 88 % For the nine months ended September 30, 2020 and 2019, there was no supplier who accounted for 10% or more of the Company’s purchases nor with significant outstanding payables. Revenues Percentage of revenues 2020 2019 2020 2019 Supplier A $ 633,555 $ 267,081 58 % 88 % Supplier B 250,203 16,308 23 % 5 % $ 883,758 $ 283,389 81 % 93 % |
Other Income (Tables)
Other Income (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Income | Nine months ended 2020 2019 Other income $ 192 $ 77 Realized gain on foreign exchange 1,999 3,323 $ 2,191 $ 3,400 Gain on disposal of subsidiary $ 17,505 $ 1,099 |
Organization and Business Bac_3
Organization and Business Background (Details Narrative) | Apr. 13, 2017 |
Bio Life Neutraceuticals Sdn Bhd [Member] | |
Equity interest, percentage | 100.00% |
Hong Kong [Member] | Bioplus Life International Holdings Limited [Member] | |
Equity interest, percentage | 100.00% |
Bioplus Life Corp. (Labuan) [Member] | |
Equity interest, percentage | 100.00% |
Bio Life Holdings Berhad [Member] | Malaysia [Member] | |
Equity interest, percentage | 99.80% |
Organization and Business Bac_4
Organization and Business Background - Schedule of Subsidiaries Details (Details) - $ / shares | 9 Months Ended | ||
Sep. 30, 2020 | Dec. 31, 2019 | ||
Ordinary shares, issued | 362,905,561 | 359,305,561 | |
Bioplus Life Corp. (Labuan) [Member] | |||
Place of incorporation | Malaysia, Labuan | ||
Date of incorporation | May 19, 2017 | ||
Ordinary shares, issued | 100 | ||
Ordinary shares, per share | $ 1 | ||
Principal activities | Investment Holding | ||
Bioplus Life International Holdings Ltd. [Member] | |||
Place of incorporation | [1] | Hong Kong | |
Date of incorporation | [1] | Jun. 20, 2017 | |
Ordinary shares, issued | [1] | 1 | |
Principal activities | [1] | Investment Holding | |
Bioplus Life International Holdings Limited [Member] | HK [Member] | |||
Ordinary shares, per share | [1] | $ 1 | |
Bio Life Holdings Berhad [Member] | |||
Place of incorporation | Malaysia | ||
Date of incorporation | May 19, 2016 | ||
Ordinary shares, issued | 107,992 | ||
Principal activities | Investment Holding | ||
Bio Life Holdings Berhad [Member] | RM [Member] | |||
Ordinary shares, per share | $ 1 | ||
Bio Life Neutraceuticals Sdn Bhd [Member] | |||
Place of incorporation | Malaysia, Selangor | ||
Date of incorporation | Aug. 27, 2009 | ||
Ordinary shares, issued | 5,456,207 | ||
Principal activities | Trading of Consumer Products | ||
Bio Life Neutraceuticals Sdn Bhd [Member] | RM [Member] | |||
Ordinary shares, per share | $ 1 | ||
Bio Life Neutraceuticals (Shenzhen) Pty Ltd. (Labuan) [Member] | |||
Place of incorporation | [2] | Shenzhen | |
Date of incorporation | [2] | Oct. 27, 2017 | |
Ordinary shares, issued | [2] | 500,000 | |
Principal activities | [2] | Trading of Healthy Supplement and Cosmetics | |
Bio Life Neutraceuticals (Shenzhen) Pty Ltd. (Labuan) [Member] | RMB [Member] | |||
Ordinary shares, per share | [2] | $ 1 | |
[1] | Bioplus Life International Holdings Ltd. was officially disposed off by the Group on August 5, 2020 at a consideration of RMB 5,000. The transfer results in gain on disposal of subsidiary of USD 17,505 as disclosed in Note 13 in Consolidated Statements of Operations and Comprehensive Income/(Loss). | ||
[2] | Bio Life Neutraceuticals (Shenzhen) Pty Ltd. was being officially de-registered in Shenzhen on September 4, 2020. |
Organization and Business Bac_5
Organization and Business Background - Schedule of Subsidiaries Details (Details) (Parenthetical) | Aug. 05, 2020CNY (¥) | Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) |
Gain on disposal of subsidiary | $ 17,505 | $ 17,505 | $ 1,099 | ||
Bioplus Life International Holdings Ltd. [Member] | |||||
Gain on disposal of subsidiary | $ 17,505 | ||||
Bioplus Life International Holdings Ltd. [Member] | RMB [Member] | |||||
Consideration from disposal of subsidiary | ¥ | ¥ 5,000 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details Narrative) | 9 Months Ended |
Sep. 30, 2020USD ($) | |
Accounting Policies [Abstract] | |
Currency translation conversion | $ 1 |
Income tax likelihood, description | Tax positions must initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts. |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Schedule of Property Plant and Equipment, Principal Annual Rates/Expected Useful Life (Details) | 9 Months Ended |
Sep. 30, 2020 | |
Computer Hardware [Member] | |
Principal annual rates | 20.00% |
Furniture & Fittings [Member] | |
Principal annual rates | 10.00% |
Handphone [Member] | |
Principal annual rates | 20.00% |
Landscape [Member] | |
Principal annual rates | 20.00% |
Leasehold Land and Building [Member] | |
Expected useful life | 99 years |
Machinery [Member] | |
Principal annual rates | 10.00% |
Motor Vehicle [Member] | |
Principal annual rates | 20.00% |
Office Equipment [Member] | |
Principal annual rates | 10.00% |
Renovation [Member] | |
Principal annual rates | 20.00% |
Signboard [Member] | |
Principal annual rates | 10.00% |
Tools and Equipment [Member] | |
Principal annual rates | 10.00% |
Kitchen Utensils [Member] | |
Principal annual rates | 10.00% |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Schedule of Exchange Rates (Details) | Sep. 30, 2020 | Sep. 30, 2019 |
Period-End MYR [Member] | ||
Exchange rates | 4.1585 | 4.1349 |
Period Average MYR [Member] | ||
Exchange rates | 4.2038 | 4.1870 |
Period-End RMB [Member] | ||
Exchange rates | 0.1473 | 0.1454 |
Period Average RMB [Member] | ||
Exchange rates | 0.1446 | 0.1471 |
Inventories - Schedule of Inven
Inventories - Schedule of Inventories (Details) - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 |
Inventory Disclosure [Abstract] | ||
Raw material | $ 302,918 | $ 245,877 |
Packing Material | 27,294 | 23,858 |
Finished goods | 27,314 | 34,219 |
Total inventories | $ 357,526 | $ 303,954 |
Other Receivables, Deposits a_3
Other Receivables, Deposits and Prepayments - Summary of Other Receivables, Deposits and Prepayments (Details) - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 | |
Other Receivables Deposits And Prepayments | |||
Other receivables | $ 12,970 | $ 9,981 | |
Deposits | [1] | 19,394 | 63,308 |
Prepayments | [2] | 6,810 | 59,771 |
Other receivables, deposits and prepayments | $ 39,174 | $ 133,060 | |
[1] | The deposits of $ 19,394 (2019: $ 63,308) representing deposits paid for rental of hostels and various utilities. | ||
[2] | The prepayments of $ 6,810 (2019: $ 59,771) representing advanced payments made to suppliers for purchase of manufacturing materials. |
Other Receivables, Deposits a_4
Other Receivables, Deposits and Prepayments - Summary of Other Receivables, Deposits and Prepayments (Details) (Parenthetical) - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 | |
Other Receivables Deposits And Prepayments | |||
Deposits | [1] | $ 19,394 | $ 63,308 |
Prepayments | $ 6,810 | $ 59,771 | |
[1] | The deposits of $ 19,394 (2019: $ 63,308) representing deposits paid for rental of hostels and various utilities. |
Property, Plant and Equipment_3
Property, Plant and Equipment, Net (Details Narrative) - USD ($) | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Depreciation expense | $ 93,429 | $ 82,857 | |
Property, plant and equipment | 2,670,674 | $ 2,536,634 | |
Motor Vehicle [Member] | |||
Property, plant and equipment | 243,630 | 243,630 | |
Motor Vehicle [Member] | Finance Leases Agreement [Member] | |||
Property, plant and equipment | 101,385 | 129,925 | |
Leasehold Land and Building [Member] | |||
Property, plant and equipment | $ 1,875,962 | $ 1,872,476 |
Property, Plant and Equipment_4
Property, Plant and Equipment, Net - Schedule of Property, Plant and Equipment (Details) - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 |
Property, plant and equipment | $ 2,670,674 | $ 2,536,634 |
(Less): Accumulated depreciation | (412,814) | (315,762) |
Add/(Less): Foreign translation difference | (35,678) | (3,625) |
Property, plant and equipment, net | 2,222,182 | 2,217,247 |
Computer Hardware [Member] | ||
Property, plant and equipment | 40,430 | 32,814 |
Furniture & Fittings [Member] | ||
Property, plant and equipment | 112,198 | 106,945 |
Handphone [Member] | ||
Property, plant and equipment | 3,724 | 3,514 |
Landscape [Member] | ||
Property, plant and equipment | 3,691 | 3,475 |
Leasehold Land and Building [Member] | ||
Property, plant and equipment | 1,875,962 | 1,872,476 |
Machinery [Member] | ||
Property, plant and equipment | 175,677 | 119,413 |
Motor Vehicle [Member] | ||
Property, plant and equipment | 243,630 | 243,630 |
Office Equipment [Member] | ||
Property, plant and equipment | 59,123 | 52,725 |
Renovation [Member] | ||
Property, plant and equipment | 142,099 | 92,646 |
Signboard [Member] | ||
Property, plant and equipment | 5,470 | 4,648 |
Tools and Equipment [Member] | ||
Property, plant and equipment | 6,930 | 4,348 |
Kitchen Utensils [Member] | ||
Property, plant and equipment | $ 1,740 |
Obligation Under Finance Leas_2
Obligation Under Finance Lease (Details Narrative) - Motor Vehicle [Member] - Finance Leases Agreement [Member] | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Dec. 31, 2019 | |
Effective interest rate | 522.00% | |
Minimum [Member] | ||
Effective interest rate | 248.00% | |
Maximum [Member] | ||
Effective interest rate | 431.00% |
Obligation Under Finance Leas_3
Obligation Under Finance Lease - Schedule of Obligation Under Finance Lease (Details) - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 |
Leases [Abstract] | ||
Present value of hire purchase liabilities: Not later than one year | $ 31,632 | $ 33,343 |
Present value of hire purchase liabilities: Later than one year but not later than two years | 32,097 | 32,496 |
Present value of hire purchase liabilities: Later than two years but not later than five years | 50,642 | 59,637 |
Present value of hire purchase liabilities | 114,371 | 125,476 |
Current portion | 31,632 | 33,343 |
Non-current portion | 82,739 | 92,133 |
Lease liability | $ 114,371 | $ 125,476 |
Bank Borrowings (Details Narrat
Bank Borrowings (Details Narrative) - Facilities Agreement [Member] | Oct. 10, 2016USD ($) | Oct. 10, 2016MYR (RM) | Sep. 30, 2020USD ($) | Sep. 30, 2020MYR (RM) | Sep. 30, 2019 |
Bank Overdraft [Member] | |||||
Secured facility | $ | $ 377,277 | ||||
Secured facility, description | Master Facility Agreement. Joint and Several Guarantee to be executed by the subsidiary directors of Bio Life Neutraceuticals Sdn Bhd. | ||||
Secured facility, interest rate | 4.00% | 4.00% | 4.00% | ||
Bank Overdraft [Member] | RM [Member] | |||||
Secured facility | RM | RM 579,171 | ||||
Term Loan [Member] | |||||
Secured facility | $ | $ 1,705,086 | ||||
Secured facility, description | Master Facility Agreement. Joint and Several Guarantee to be executed by the subsidiary directors of Bio Life Neutraceuticals Sdn Bhd. | ||||
Secured facility, interest rate | 4.00% | 4.00% | |||
Secured facility, term | The term loan is payable by 240 monthly installments | The term loan is payable by 240 monthly installments | |||
Secured facility, payment | $ | $ 4,492 | ||||
Term Loan [Member] | RM [Member] | |||||
Secured facility | RM | RM 2,842,719 | ||||
Secured facility, payment | RM | RM 18,248 |
Bank Borrowings - Schedule of B
Bank Borrowings - Schedule of Bank Borrowings (Details) - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 |
Bank Borrowings | $ 661,962 | $ 748,171 |
Current portion | 39,129 | 195,027 |
Non-current portion | 550,660 | 553,144 |
Bank Overdraft [Member] | ||
Bank Borrowings | 72,173 | 141,520 |
Term Loan [Member] | ||
Bank Borrowings | $ 589,789 | $ 606,651 |
Other Payables and Accrued Li_3
Other Payables and Accrued Liabilities - Schedule of Other Payables and Accrued Liabilities (Details) - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 |
Common outstanding from third parties | $ 42,798 | $ 80,620 |
Share subscription receipts in advance | 110,000 | 104,000 |
Other payables and accrued liabilities | 510,723 | 494,045 |
Malaysia [Member] | ||
Accrued expenses - Balance bring forward | ||
Accrued expenses - payroll | 23,640 | 18,550 |
Accrued expenses - payroll deduction | 8,961 | 7,873 |
Accrued expenses - professional fee | 1,619 | 11,499 |
Accrued expenses - Commission | 37,255 | 43,563 |
Accrued expenses - expense | 787 | 1,157 |
Accrued expenses | 72,262 | 82,642 |
China [Member] | ||
Common outstanding from third parties | 147 | 861 |
Third Party [Member] | ||
Other payables generated from Local | 5,262 | 41,645 |
Accrued other expenses | ||
Third Party [Member] | Malaysia [Member] | ||
Other payables from non-trade payable | 36,562 | 37,110 |
Common outstanding from third parties | 827 | 1,004 |
Third Party [Member] | Hong Kong [Member] | ||
Deposits received from customers | $ 285,663 | $ 226,783 |
Income Taxes (Details Narrative
Income Taxes (Details Narrative) | 9 Months Ended |
Sep. 30, 2020USD ($) | |
United States of America [Member] | |
Cumulative net operating loss | $ 461,206 |
Net operating loss carryforward expiration | Begin to expire in 2039 |
Valuation allowance | $ 4,896 |
Malaysia [Member] | |
Income tax rate, percentage | 24.00% |
Hong Kong [Member] | |
Income tax rate, percentage | 16.50% |
China [Member] | |
Income tax rate, percentage | 25.00% |
Income Taxes - Schedule of Prof
Income Taxes - Schedule of Profit or Loss Before Income Tax (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Tax jurisdictions from: Local | $ (58,232) | $ (36,326) |
Profit/(Loss) before income tax | 315,929 | 7,366 |
Malaysia [Member] | ||
Tax jurisdictions from: Foreign, representing | 392,990 | 47,020 |
Hong Kong [Member] | ||
Tax jurisdictions from: Foreign, representing | (17,775) | (1,859) |
China [Member] | ||
Tax jurisdictions from: Foreign, representing | $ (1,054) | $ (1,469) |
Income Taxes - Schedule of Prov
Income Taxes - Schedule of Provision for Income Tax (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Tax expense - Current Local | ||||
Deferred Local | ||||
Provision for income taxes | ||||
Malaysia [Member] | ||||
Tax expense - Current Foreign, representing | ||||
Tax expense - Prior year Foreign, representing | ||||
Deferred Foreign, representing | ||||
Hong Kong [Member] | ||||
Tax expense - Current Foreign, representing | ||||
Deferred Foreign, representing |
Stockholders' Equity (Details N
Stockholders' Equity (Details Narrative) - shares | Sep. 30, 2020 | Dec. 31, 2019 |
Equity [Abstract] | ||
Common stock, shares issued | 362,905,561 | 359,305,561 |
Common stock, shares outstanding | 362,905,561 | 359,305,561 |
Stockholders' Equity - Schedule
Stockholders' Equity - Schedule of Stockholders' Equity (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Sep. 30, 2020 | Dec. 31, 2019 | |
Equity [Abstract] | |||
At the beginning of the period | $ 2,034,801 | $ 2,034,801 | $ 2,034,801 |
Issued during the period | $ 360 | 360 | |
At the end of the period | $ 2,035,161 | $ 2,034,801 |
Concentration of Risk - Schedul
Concentration of Risk - Schedules of Concentration of Risk by Major Customer and Major Suppliers (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Revenues and Its Accounts Receivable [Member] | Major Customers [Member] | ||||
Revenues | $ 522,046 | $ 109,236 | $ 1,102,917 | $ 202,710 |
Percentage of revenues | 52.00% | 24.00% | 44.00% | 16.00% |
Revenues and Its Accounts Receivable [Member] | Major Customers [Member] | Customer A [Member] | ||||
Revenues | $ 55,257 | $ 138,771 | $ 153,195 | |
Percentage of revenues | 12.00% | 5.00% | 12.00% | |
Revenues and Its Accounts Receivable [Member] | Major Customers [Member] | Customer B [Member] | ||||
Revenues | $ 152,423 | $ 53,979 | $ 964,146 | $ 49,515 |
Percentage of revenues | 15.00% | 12.00% | 39.00% | 4.00% |
Revenues and Its Accounts Receivable [Member] | Major Customers [Member] | Customer C [Member] | ||||
Revenues | $ 369,623 | |||
Percentage of revenues | 37.00% | |||
Outstanding Payables [Member] | Major Suppliers [Member] | ||||
Revenues | $ 517,043 | $ 93,455 | $ 883,758 | $ 283,389 |
Percentage of revenues | 94.00% | 88.00% | 81.00% | 93.00% |
Outstanding Payables [Member] | Major Suppliers [Member] | Customer A [Member] | ||||
Revenues | $ 352,297 | $ 93,455 | $ 633,555 | $ 267,081 |
Percentage of revenues | 64.00% | 88.00% | 58.00% | 88.00% |
Outstanding Payables [Member] | Major Suppliers [Member] | Customer B [Member] | ||||
Revenues | $ 99,328 | $ 250,203 | $ 16,308 | |
Percentage of revenues | 18.00% | 23.00% | 5.00% | |
Outstanding Payables [Member] | Major Suppliers [Member] | Customer C [Member] | ||||
Revenues | $ 65,418 | |||
Percentage of revenues | 12.00% |
Other Income - Schedule of Othe
Other Income - Schedule of Other Income (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Other Income and Expenses [Abstract] | ||
Other income | $ 192 | $ 77 |
Realized gain on foreign exchange | 1,999 | 3,323 |
Other income | 2,191 | 3,400 |
Gain on disposal of subsidiary | $ 17,505 | $ 1,099 |