Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2022 | May 11, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Mar. 31, 2022 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2022 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 333-252500 | |
Entity Registrant Name | YCQH AGRICULTURAL TECHNOLOGY CO. LTD | |
Entity Central Index Key | 0001794276 | |
Entity Tax Identification Number | 61-1948707 | |
Entity Incorporation, State or Country Code | NV | |
Entity Address, Address Line One | No. 1408, North District, Libao Building | |
Entity Address, Address Line Two | Kehua North Road No. 62 | |
Entity Address, Address Line Three | Wuhou District, Chengdu | |
Entity Address, City or Town | Sichuan Province | |
Entity Address, Country | CN | |
Entity Address, Postal Zip Code | 610042. | |
City Area Code | +86 | |
Local Phone Number | 13981161812 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Elected Not To Use the Extended Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 101,400,000 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Current assets | ||
Cash and cash equivalents | $ 20,074 | $ 33,038 |
Inventories | 77,694 | 85,321 |
Prepayment, deposits and other receivables | 6,131 | 3,139 |
Total current assets | 103,899 | 121,498 |
Non-current Assets | ||
Right-of-use assets, net | 11,072 | 15,243 |
Total non-current assets | 11,072 | 15,243 |
TOTAL ASSETS | 114,971 | 136,741 |
Current liabilities | ||
Other payables and accrued liabilities | 18,559 | 24,815 |
Amount due to a director | 249,641 | 235,517 |
Lease liability – current portion | 11,072 | 15,243 |
Total current liabilities | 279,272 | 275,575 |
TOTAL LIABILITIES | 279,272 | 275,575 |
STOCKHOLDERS’ DEFICIT | ||
Common stock, $ 0.0001 par value; 800,000,000 shares authorized; 101,400,000 shares and 101,400,000 shares of common stock issued and outstanding as of March 31, 2022 and December 31, 2021, respectively | 10,140 | 10,140 |
Additional paid-in capital | 148,860 | 148,860 |
Accumulated other comprehensive income | 17,978 | 17,703 |
Accumulated deficit | (341,279) | (315,537) |
TOTAL STOCKHOLDERS’ DEFICIT | (164,301) | (138,834) |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 114,971 | $ 136,741 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Mar. 31, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 200,000,000 | 200,000,000 |
Preferred stock, shares Issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 800,000,000 | 800,000,000 |
Common stock, shares issued | 101,400,000 | 101,400,000 |
Common stock, shares outstanding | 101,400,000 | 101,400,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Income Statement [Abstract] | ||
REVENUE | $ 13,962 | $ 19,236 |
COST OF REVENUE | (7,819) | (10,254) |
GROSS PROFIT | 6,143 | 8,982 |
GENERAL AND ADMINISTRATIVE EXPENSES | (31,888) | (35,944) |
LOSS FROM OPERATION BEFORE INCOME TAX | (25,745) | (26,962) |
OTHER INCOME | 3 | 18 |
LOSS BEFORE INCOME TAX | (25,742) | (26,944) |
INCOME TAX EXPENSES | ||
NET LOSS | (25,742) | (26,944) |
Other comprehensive income/(loss): | ||
- Foreign currency translation adjustment | 275 | (473) |
TOTAL COMPREHENSIVE LOSS | $ (25,467) | $ (27,417) |
NET LOSS PER SHARE, BASIC AND DILUTED | $ 0 | $ 0 |
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING, BASIC AND DILUTED | 101,400,000 | 90,000,000 |
Condensed Consolidated Statem_2
Condensed Consolidated Statement of Shareholders' Equity (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Beginning balance, value at Dec. 31, 2020 | $ 9,000 | $ 36,000 | $ (93,429) | $ 13,730 | $ (34,699) |
Beginning balance, shares at Dec. 31, 2020 | 90,000,000 | ||||
Net loss for the period | (26,944) | (26,944) | |||
Foreign currency translation | (473) | (473) | |||
Ending balance, value at Mar. 31, 2021 | $ 9,000 | 36,000 | (120,373) | 13,257 | (62,116) |
Ending balance, shares at Mar. 31, 2021 | 90,000,000 | ||||
Beginning balance, value at Dec. 31, 2021 | $ 10,140 | 148,860 | (315,537) | 17,703 | (138,834) |
Beginning balance, shares at Dec. 31, 2021 | 101,400,000 | ||||
Net loss for the period | (25,742) | (25,742) | |||
Foreign currency translation | 275 | 275 | |||
Ending balance, value at Mar. 31, 2022 | $ 10,140 | $ 148,860 | $ (341,279) | $ 17,978 | $ (164,301) |
Ending balance, shares at Mar. 31, 2022 | 101,400,000 |
Condensed Consolidated Statem_3
Condensed Consolidated Statement of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (25,742) | $ (26,944) |
Adjustments to reconcile net profit to net cash used in operating activities: | ||
Amortization | 4,208 | 3,921 |
Changes in operating assets and liabilities: | ||
Inventories | 7,819 | 10,254 |
Prepayment, deposits and other receivables | (2,985) | (111) |
Other payables and accrued liabilities | (6,256) | (3,600) |
Change in lease liability | (4,208) | (3,921) |
Net cash used in operating activities | (27,164) | (20,401) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Amount due to director | 14,202 | 15,645 |
Net cash provided by financing activities | 14,202 | 15,645 |
Effect of exchange rate changes on cash and cash equivalents | (2) | (54) |
Net decrease in cash and cash equivalents | (12,964) | (4,810) |
Cash and cash equivalents, beginning of year | 33,038 | 84,541 |
CASH AND CASH EQUIVALENTS, END OF YEAR | 20,074 | 79,731 |
SUPPLEMENTAL CASH FLOWS INFORMATION | ||
Cash paid for income taxes | ||
Cash paid for interest paid |
ORGANIZATION AND BUSINESS BACKG
ORGANIZATION AND BUSINESS BACKGROUND | 3 Months Ended |
Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION AND BUSINESS BACKGROUND | 1. ORGANIZATION AND BUSINESS BACKGROUND YCQH Agricultural Technology Co. Ltd., was incorporated on October 15, 2019 under the laws of the State of Nevada of which Ms. Wang Min was appointed the President, Secretary, Treasurer and sole director of our board. The Company primarily operates in bio-carbon-based fertilizer (“BCBF”) trading business, including wholesaling and retailing to customer mainly based in People Republic of China, sourcing directly from producers in China. The Company do not maintain and operate any production and manufacturing of BCBF facility or machine and equipment. Company name Place/date of incorporation Principal activities YCQH Holding Limited Seychelles / October 11, 2019 Investment holding YCQH Agricultural Technology Co. Limited Hong Kong / October 10, 2019 Investment holding YCWB Agricultural Technology Co. Limited (“YCWB”) SiChuan Province, China /December 10, 2019 Operates in bio-carbon-based fertilizer trading business SCQC Agriculture Co. Limited SiChuan Province, China /November 1, 2019(acquired on June 15, 2020) Operates in bio-carbon-based fertilizer trading business On December 16, 2019, the Company acquire YCQH Holding Limited, a company incorporated in Republic of Seychelles. In the same day YCQH Seychelles acquire YCQH Agricultural Technology Co. Limited, a company incorporated in Hong Kong. On December 10, 2019, the YCQH HK incorporate YCWB Agricultural Technology Co. Limited, a wholly foreign owned enterprise, in SiChuan Province, China, with Ms. Wang Min as the legal representative. On June 15, 2020, the Company through subsidiary YCWB Agricultural Technology Co. Limited acquired SCQC Agriculture Co. Limited, a company incorporated in SiChuan Province, China for a consideration of CNY 1,169,996 165,605 1,168,554 165,401 The Company’s executive office is located at No. 1408, North District, Libao Building, Kehua North Road No. 62, Wuhou District, Chengdu, Sichuan Province, China 610042. |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 3 Months Ended |
Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
BASIS OF PRESENTATION | 2. BASIS OF PRESENTATION The accompanying consolidated financial statements of the Company are prepared pursuant to the rules and regulations of the U.S. Securities and Exchanges Commission (“SEC”) and in conformity with generally accepted accounting principles in the U.S. (“US GAAP”). All material inter-company accounts and transactions have been eliminated in consolidation. The Company has adopted December 31 as its fiscal year end. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Use of estimates The preparation of the consolidated financial statements in conformity with US 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 consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Management makes these estimates using the best information available at the time the estimates are made; however actual results could differ materially from those estimates. Cash and Cash Equivalents Cash and cash equivalents are carried at cost and 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. Under the PRC Foreign Exchange Control Regulations and Administration of Settlement, Sales and Payment of Foreign Exchange Regulations, the Company is permitted to exchange Chinese Renminbi for foreign currencies through banks that are authorized to conduct foreign exchange business. Accounts Receivable Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of accounts receivable. The Company extends credit to its customers in the normal course of business and generally does not require collateral. The Company’s credit terms are dependent upon the segment, and the customer. The Company assesses the probability of collection from each customer at the outset of the arrangement based on a number of factors, including the customer’s payment history and its current creditworthiness. If in management’s judgment collection is not probable, the Company does not record revenue until the uncertainty is removed. Management performs ongoing credit evaluations, and the Company maintains an allowance for potential credit losses based upon its loss history and its aging analysis. The allowance for doubtful accounts is the Company’s best estimate of the amount of credit losses in existing accounts receivable. Management reviews the allowance for doubtful accounts each reporting period based on a detailed analysis of trade receivables. In the analysis, management primarily considers the age of the customer’s receivable, and also considers the creditworthiness of the customer, the economic conditions of the customer’s industry, general economic conditions and trends, and the business relationship and history with its customers, among other factors. If any of these factors change, the Company may also change its original estimates, which could impact the level of the Company’s future allowance for doubtful accounts. If judgments regarding the collectability of receivables were incorrect, adjustments to the allowance may be required, which would reduce profitability. Accounts Receivable are recognized and carried at the original invoice amount less an allowance for any uncollectible amounts. An estimate for doubtful accounts receivable is made when collection of the full amount is no longer probable. Bad debts are written off as identified. No allowance for doubtful accounts was made for the three months ended March 31, 2022 and 2021. Lease The Company adopted the ASU No. 2016-02, on October 15, 2019 (date of inception). The Company leases office space for fixed periods pre-emptive extension options. The Company recognizes lease payments for its short-term lease on a straight-line basis over the lease term. As of March 31, 2022, the Company have one In determining the present value of the unpaid lease payments, ASC 842 requires a lessee to discount its unpaid lease payments using the interest rate implicit in the lease or, if that rate cannot be readily determined, its incremental borrowing rate. As most of the Company leases do not provide an implicit rate, the Company uses its incremental borrowing rate as the discount rate for the lease. The Company incremental borrowing rate is estimated to approximate the interest rate on a collateralized basis with similar terms and payments. Revenue Recognition Revenue is generated through sale of goods, primarily Bio-Carbon-Based-Fertilizer (“BCBF”). Revenue is recognized when a customer obtains control of promised goods or services and is recognized in an amount that reflects the consideration that the Company expects to receive in exchange for those goods or services. In addition, the standard requires disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The amount of revenue that is recorded reflects the consideration that the Company expects to receive in exchange for those goods and services. The Company applies the following five-step model in order to determine this amount: (i) identification of the promised goods and services in the contract; (ii) determination of whether the promised goods and services are performance obligations, including whether they are distinct in the context of the contract; (iii) measurement of the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations; and (v) recognition of revenue when (or as) the Company satisfies each performance obligation. The Company adopted ASU 2014-09, Revenue from Contracts with Customers (Topic 606). Under Topic 606, the Company records revenue when persuasive evidence of an arrangement exists, delivery has occurred, the fee is fixed or determinable and collectability is probable. The Company records revenue from the sale of product upon shipment or delivery of the products to the customer. Shipping, Storage and Handling costs Costs for shipping, storage and handling activities, including those activities that occur subsequent to transfer of control to the customer, are recorded as general and administrative expense and are expensed as incurred. The Company accrues costs for shipping, storage and handling activities that occur after control of the promised good has transferred to the customer. Earnings Per Share The Company reports earnings per share in accordance with ASC 260 “Earnings Per Share”, which requires presentation of basic and diluted earnings per share in conjunction with the disclosure of the methodology used in computing such earnings per share. Basic earnings per share excludes dilution and is computed by dividing income available to common stockholders by the weighted average common shares outstanding during the period. Diluted earnings per share takes into account the potential dilution that could occur if securities or other contracts to issue common stock were exercised and converted into common stock. Further, if the number of common shares outstanding increases as a result of a stock dividend or stock split or decreases as a result of a reverse stock split, the computations of a basic and diluted earnings per share shall be adjusted retroactively for all periods presented to reflect that change in capital structure. The Company’s basic earnings per share is computed by dividing the net income available to holders by the weighted average number of the Company’s ordinary shares outstanding. Diluted earnings per share reflects the amount of net income available to each ordinary share outstanding during the period plus the number of additional shares that would have been outstanding if potentially dilutive securities had been issued. Inventories Inventories consist of finished goods and are stated at the lower of cost or net realizable value using the first-in first-out method. Net realizable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and the estimated costs necessary to make the sale. The Company reviews its inventories regularly for possible obsolete goods and establishes reserves when determined necessary. 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. Income Taxes The Company accounts for income taxes using the asset and liability method prescribed by ASC 740 “Income Taxes”. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial reporting and tax bases of assets and liabilities using enacted tax rates that will be in effect in the years in which the differences are expected to reverse. The Company records a valuation allowance to offset deferred tax assets if based on the weight of available evidence, it is more-likely-than-not that some portion, or all, of the deferred tax assets will not be realized. The effect on deferred taxes of a change in tax rates is recognized as income or loss in the period that includes the enactment date. New U.S. federal tax legislation, commonly referred to as the Tax Cuts and Jobs Act (the “U.S. Tax Reform”), was signed into law on December 22, 2017. The U.S. Tax Reform modified the U.S. Internal Revenue Code by, among other things, reducing the statutory U.S. federal corporate income tax rate from 35 21 Foreign Currency 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 statements of operations. The reporting currency of the Company is United States Dollars (“US$”). The Company’s subsidiary in Seychelles, Hong Kong and PRC which functional currencies are United States Dollars (“US$”), Hong Kong Dollars (“HK$”) and Chinese Renminbi (“CNY¥”) respectively. In general, for consolidation purposes, assets and liabilities of its subsidiary whose functional currency is not the US$ are translated into US$, in accordance with ASC Topic 830-30, “Translation of Financial Statement”, using the exchange rate on the balance sheet date. Revenues and expenses are translated at average rates prevailing during the period. The gains and losses resulting from translation of financial statements of foreign subsidiary are recorded as a separate component of accumulated other comprehensive income within the statement of stockholders’ equity. Translation of amounts from the local currencies of the Company into US$ has been made at the following exchange rates for the respective periods: SCHEDULE OF FOREIGN CURRENCIES TRANSLATION For the three March 31, 2022 For the three March 31, 2021 Period-end HK$ : US$1 exchange rate 7.75 7.75 Period-end CNY¥ : US$1 exchange rate 6.34 6.55 Period-average HK$ : US$1 exchange rate 7.75 7.75 Period-average CNY¥ : US$1 exchange rate 6.34 6.49 Fair Value Measurement Accounting Standards Codification (“ASC”) 820 “Fair Value Measurements and Disclosures”, which defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. The statement clarifies that the exchange price is the price in an orderly transaction between market participants to sell the asset or transfer the liability in the market in which the reporting entity would transact for the asset or liability, that is, the principal or most advantageous market for the asset or liability. It also emphasizes that fair value is a market-based measurement, not an entity-specific measurement, and that market participant assumptions include assumptions about risk and effect of a restriction on the sale or use of an asset. This ASC establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are described below: Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2: Quoted prices in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability; and Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity). Recently issued accounting pronouncements In June 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments (Topic 326). ASU 2016-13 requires entities to use a forward-looking approach based on current expected credit losses (“CECL”) to estimate credit losses on certain types of financial instruments, including trade receivables. This may result in the earlier recognition of allowances for losses. ASU 2016-13 is effective for the Company beginning January 1, 2023, and early adoption is permitted. The Company reviews new accounting standards as issued. Management has not identified any other new standards that it believes will have a significant impact on the Company’s consolidated financial statements. Economic and political risks Substantially all the Company’s services are conducted in the People’s Republic of China (“PRC”), of which operations in the PRC are subject to special considerations and significant risks not typically associated with companies in rest of the world. These include risks associated with, among others, the political, economic and legal environment and foreign currency exchange. The Company’s results may be adversely affected by changes in the political conditions in the PRC, and by changes in governmental policies with respect to laws and regulations, anti-inflationary measures, currency conversion, remittances abroad, and rates and methods of taxation. COVID-19 Uncertainty An outbreak of respiratory illness caused by the novel coronavirus, commonly referred as “COVID-19” emerged in late 2019 and has spread globally. The COVID-19 is considered to be highly contagious and poses a serious public health threat. The World Health Organization labelled the COVID-19 outbreak as a pandemic on March 11, 2020, given its threat beyond a public health emergency of international concern the organization had declared on January 30, 2020. The epidemic has resulted in social-distancing restrictions, travel restrictions, and the temporary closure of stores and facilities. The negative impacts of the COVID-19 outbreak on our business may include, but not strictly be limited to: - The uncertain economic conditions may refrain clients from engaging our services. - The operations of businesses in most industries have been, and could continue to be, negatively impacted by the epidemic, which may in turn adversely impact their business performance. We are unable to accurately predict the impact that the COVID-19 will have due to various uncertainties, including the ultimate geographic spread of the virus, the severity of the disease, the duration of the outbreak globally, and effectiveness of the actions that may be taken by governmental authorities. Additionally, it is possible that we may face similar difficulties from future events, such as this, should there be at any point another global pandemic. As of the current date, we do not believe that we have been directly impacted by Covid-19. However, economies throughout the world have been impacted significantly in a vast number of ways, and we cannot state with any level of certainty to what extent we may have been indirectly impacted by market conditions as a result of the pandemic and/or if the pandemic has forestalled, in any capacity, our growth to date. |
GOING CONCERN UNCERTAINTIES
GOING CONCERN UNCERTAINTIES | 3 Months Ended |
Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
GOING CONCERN UNCERTAINTIES | 4. GOING CONCERN UNCERTAINTIES The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. The Company suffered a loss of $ 25,742 341,279 175,373 The Company’s cash position may not be significant enough to support the Company’s daily operations. While the Company believes in the viability of its strategy and in its ability to raise additional funds, there can be no assurances to that effect. The Company’s ability to continue as a going concern is dependent upon its ability to improve profitability and the ability to acquire funding through public offering. If funding from public offering is insufficient, then the Company shall rely on the financial support from its controlling shareholder. These and other factors raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that financial statements are issued. These financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result in the Company not being able to continue as a going concern. |
INVENTORIES
INVENTORIES | 3 Months Ended |
Mar. 31, 2022 | |
Inventory Disclosure [Abstract] | |
INVENTORIES | 5. INVENTORIES As of March 31, 2022 and December 31, 2021, the Company inventories consist of following: SCHEDULE OF INVENTORIES As of As of Finished goods $ 77,694 $ 85,321 Total inventories $ 77,694 $ 85,321 No inventories allowance has been provided for the three months ended March 31, 2022. |
PREPAYMENT, DEPOSITS AND OTHER
PREPAYMENT, DEPOSITS AND OTHER RECEIVABLES | 3 Months Ended |
Mar. 31, 2022 | |
Prepayment Deposits And Other Receivables | |
PREPAYMENT, DEPOSITS AND OTHER RECEIVABLES | 6. PREPAYMENT, DEPOSITS AND OTHER RECEIVABLES As of March 31, 2022 and December 31, 2021, prepayment, deposits and other receivables consist of following: SCHEDULE OF PREPAYMENT, DEPOSITS AND OTHER RECEIVABLES As of March 31, 2022 As of December 31, 2021 Deposits for Hong Kong Company Secretary $ 13 $ 13 Employee advances 1,023 617 Rental prepayment 2,515 2,509 Prepaid transfer agent fee and OTCIQ renewal 2,580 - Total prepayment, deposits and other receivables $ 6,131 $ 3,139 |
OTHER PAYABLES AND ACCRUED LIAB
OTHER PAYABLES AND ACCRUED LIABILITIES | 3 Months Ended |
Mar. 31, 2022 | |
Payables and Accruals [Abstract] | |
OTHER PAYABLES AND ACCRUED LIABILITIES | 7. OTHER PAYABLES AND ACCRUED LIABILITIES As of March 31, 2022 and December 31, 2021, the Company other payables and accrued liabilities consist of following: SCHEDULE OF OTHER PAYABLES AND ACCRUED LIABILITIES As of March 31, 2022 As of December 31, 2021 Other payables $ 414 $ 70 Accrued audit fee 4,645 16,645 Accrued professional fee 13,500 8,100 Total other payables and accrued liabilities $ 18,559 $ 24,815 |
AMOUNT DUE TO A DIRECTOR
AMOUNT DUE TO A DIRECTOR | 3 Months Ended |
Mar. 31, 2022 | |
Related Party Transactions [Abstract] | |
AMOUNT DUE TO A DIRECTOR | 8. AMOUNT DUE TO A DIRECTOR SCHEDULE OF RELATED PARTY TRANSACTION As of March 31, 2022 As of December 31, 2021 Amount due to a director $ 249,641 $ 235,517 For the period ended March 31, 2022, our director, Ms. Wang Min, has further advanced expenses on behalf of the Company for a total of $ 14,124 As of March 31, 2022, the Company has an outstanding payable to director of $ 249,641 |
SHAREHOLDERS_ EQUITY
SHAREHOLDERS’ EQUITY | 3 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
SHAREHOLDERS’ EQUITY | 9. SHAREHOLDERS’ EQUITY As of March 31, 2022 and December 31, 2021, the Company has 101,400,000 101,400,000 During the three months ended March 31, 2022, the Company has not issued any shares. The Company has 800,000,000 200,000,000 no |
LEASE RIGHT-OF-USE ASSET AND LE
LEASE RIGHT-OF-USE ASSET AND LEASE LIABILITIES | 3 Months Ended |
Mar. 31, 2022 | |
Lease Right-of-use Asset And Lease Liabilities | |
LEASE RIGHT-OF-USE ASSET AND LEASE LIABILITIES | 10. LEASE RIGHT-OF-USE ASSET AND LEASE LIABILITIES On November 11, 2020, the management of the Company through indirect wholly owned subsidiary SCQC Agriculture Co. Limited enter into a tenancy agreement to rent an office with an area of approximate 133 9,200 1,450 two years The initial recognition of operating lease right and lease liability as follows: SCHEDULE OF OPERATING LEASE RIGHT AND LEASE LIABILITY Right-of-use assets, net as of December 31, 2020 $ 30,699 Less: amortization (16,088 ) Foreign exchange translation 632 Right-of-use assets, net as of December 31, 2021 15,243 Lease liability as of December 31, 2020 $ 30,699 Add: imputed interest 1,064 Less: principal repayment (17,152 ) Foreign exchange translation 632 Lease liability as of December 31, 2021 $ 15,243 As of March 31, 2022, operating lease right-of-use assets as follows: SCHEDULE OF SUPPLEMENTAL BALANCE SHEET INFORMATION RELATED TO LEASES Right-of-use assets, net as of December 31, 2021 $ 15,243 Amortization for the period ended March 31, 2022 (4,208 ) Foreign exchange translation 37 Right-of-use assets, net as of March 31, 2022 $ 11,072 As of March 31, 2022, operating lease liability as follows: Lease liability as of December 31, 2021 $ 15,243 Add: imputed interest for the period ended March 31, 2022 148 Less: gross repayment for the period ended March 31, 2022 (4,355 ) Foreign exchange translation 36 Lease liability as of March 31, 2022 $ 11,072 Lease liability current portion $ 11,072 Lease liability non-current portion $ - Maturities of the loan for each of the five years and thereafter are as follows: 2022 $ 11,072 Other information: SCHEDULE OF COMPONENTS OF LEASE EXPENSE Three months ended March 31 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flow to operating lease $ 4,355 Remaining lease term for operating lease (years) 0.64 Weighted average discount rate for operating lease 4.75 % |
CONCENTRATION OF RISK
CONCENTRATION OF RISK | 3 Months Ended |
Mar. 31, 2022 | |
Risks and Uncertainties [Abstract] | |
CONCENTRATION OF RISK | 11. CONCENTRATION OF RISK Customer Concentration For the three months ended March 31, 2022, the Company generated total revenue of $ 13,962 19,236 SCHEDULE OF CONCENTRATION OF RISK For the three months ended March 31 2022 2021 2022 2021 2022 2021 Revenues Percentage of revenues Accounts Customer A $ 3,080 $ - 22 % - % $ - $ - Customer B 1,758 - 13 - - - Customer C 9,124 10,992 65 57 - - Customer D - 2,748 - 14 - - Customer E - 5,496 - 29 - - Total $ 13,962 $ 19,236 100 % 100 % $ $ Vendor Concentration For the three months ended March 31, 2022 and 2021, the Company incurred cost of revenue of $ 7,819 10,254 . SCHEDULE OF SINGLE VENDOR For the three months ended March 31 2022 2021 2022 2021 2022 2021 Cost of revenue Percentage of Cost of revenue Accounts Vendor A $ 7,819 $ 10,254 100 % 100 % $ - $ - Total $ 7,819 $ 10,254 100 % 100 % $ $ |
INCOME TAXES
INCOME TAXES | 3 Months Ended |
Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | 12. INCOME TAXES The Company being a United States entity is subjected to the United States federal income tax at 21 YCQH Holding Limited was incorporated in the Republic of Seychelles and, under the laws of Seychelles, is not subject to income taxes. YCQH Agricultural Technology Co. Limited was incorporated in Hong Kong and is subject to Hong Kong income tax at a tax rate of 16.5 2 258,000 8.25 16.5 YCWB Agricultural Technology Co. Limited and SCQC Agriculture Co. Limited were incorporated in the PRC and with the company income tax rate of 25 3 5,000,000 1 Effective and Statutory Rate Reconciliation 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 following table summarizes a reconciliation of the Company’s income taxes expenses: SCHEDULE OF EFFECTIVE INCOME TAX RATE RECONCILIATION 2022 2021 For the three months ended March 31 2022 2021 Computed expected benefits 25 % 25 % Effect of foreign tax rate difference (2 )% (2 )% Tax losses not recognized (23 )% (23 )% Effective income tax rate - % - % 2022 2021 For the three months ended March 31 2022 2021 PRC statutory tax rate 25 % 25 % Computed expected benefits (6,436 ) (6,736 ) Effect of foreign tax rate difference 507 494 Tax losses not recognized 5,929 6,242 Income tax expense - - The following table sets forth the significant components of the aggregate deferred tax assets of the Company as of March 31, 2022: SCHEDULE OF DEFERRED TAX ASSETS As of March 31, 2022 As of December 31, 2021 Deferred tax assets: Net operating loss carry forwards - United States of America $ 44,099 $ 41,489 - Hong Kong 438 433 - People Republic China 30,551 27,238 Operating loss carry forward Less: valuation allowance (75,088 ) (69,195 ) Deferred tax assets $ - $ - Management believes that it is more likely than not that the deferred tax assets will not be fully realizable in the future. Accordingly, the Company provided for a full valuation allowance against its deferred tax assets of $ 75,088 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Mar. 31, 2022 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | 13. 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 March 31, 2022 up through the date the Company issued the financial statements. No subsequent events have occurred that would require recognition or disclosure in the financial statements. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Use of estimates | Use of estimates The preparation of the consolidated financial statements in conformity with US 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 consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Management makes these estimates using the best information available at the time the estimates are made; however actual results could differ materially from those estimates. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents are carried at cost and 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. Under the PRC Foreign Exchange Control Regulations and Administration of Settlement, Sales and Payment of Foreign Exchange Regulations, the Company is permitted to exchange Chinese Renminbi for foreign currencies through banks that are authorized to conduct foreign exchange business. |
Accounts Receivable | Accounts Receivable Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of accounts receivable. The Company extends credit to its customers in the normal course of business and generally does not require collateral. The Company’s credit terms are dependent upon the segment, and the customer. The Company assesses the probability of collection from each customer at the outset of the arrangement based on a number of factors, including the customer’s payment history and its current creditworthiness. If in management’s judgment collection is not probable, the Company does not record revenue until the uncertainty is removed. Management performs ongoing credit evaluations, and the Company maintains an allowance for potential credit losses based upon its loss history and its aging analysis. The allowance for doubtful accounts is the Company’s best estimate of the amount of credit losses in existing accounts receivable. Management reviews the allowance for doubtful accounts each reporting period based on a detailed analysis of trade receivables. In the analysis, management primarily considers the age of the customer’s receivable, and also considers the creditworthiness of the customer, the economic conditions of the customer’s industry, general economic conditions and trends, and the business relationship and history with its customers, among other factors. If any of these factors change, the Company may also change its original estimates, which could impact the level of the Company’s future allowance for doubtful accounts. If judgments regarding the collectability of receivables were incorrect, adjustments to the allowance may be required, which would reduce profitability. Accounts Receivable are recognized and carried at the original invoice amount less an allowance for any uncollectible amounts. An estimate for doubtful accounts receivable is made when collection of the full amount is no longer probable. Bad debts are written off as identified. No allowance for doubtful accounts was made for the three months ended March 31, 2022 and 2021. |
Lease | Lease The Company adopted the ASU No. 2016-02, on October 15, 2019 (date of inception). The Company leases office space for fixed periods pre-emptive extension options. The Company recognizes lease payments for its short-term lease on a straight-line basis over the lease term. As of March 31, 2022, the Company have one In determining the present value of the unpaid lease payments, ASC 842 requires a lessee to discount its unpaid lease payments using the interest rate implicit in the lease or, if that rate cannot be readily determined, its incremental borrowing rate. As most of the Company leases do not provide an implicit rate, the Company uses its incremental borrowing rate as the discount rate for the lease. The Company incremental borrowing rate is estimated to approximate the interest rate on a collateralized basis with similar terms and payments. |
Revenue Recognition | Revenue Recognition Revenue is generated through sale of goods, primarily Bio-Carbon-Based-Fertilizer (“BCBF”). Revenue is recognized when a customer obtains control of promised goods or services and is recognized in an amount that reflects the consideration that the Company expects to receive in exchange for those goods or services. In addition, the standard requires disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The amount of revenue that is recorded reflects the consideration that the Company expects to receive in exchange for those goods and services. The Company applies the following five-step model in order to determine this amount: (i) identification of the promised goods and services in the contract; (ii) determination of whether the promised goods and services are performance obligations, including whether they are distinct in the context of the contract; (iii) measurement of the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations; and (v) recognition of revenue when (or as) the Company satisfies each performance obligation. The Company adopted ASU 2014-09, Revenue from Contracts with Customers (Topic 606). Under Topic 606, the Company records revenue when persuasive evidence of an arrangement exists, delivery has occurred, the fee is fixed or determinable and collectability is probable. The Company records revenue from the sale of product upon shipment or delivery of the products to the customer. |
Shipping, Storage and Handling costs | Shipping, Storage and Handling costs Costs for shipping, storage and handling activities, including those activities that occur subsequent to transfer of control to the customer, are recorded as general and administrative expense and are expensed as incurred. The Company accrues costs for shipping, storage and handling activities that occur after control of the promised good has transferred to the customer. |
Earnings Per Share | Earnings Per Share The Company reports earnings per share in accordance with ASC 260 “Earnings Per Share”, which requires presentation of basic and diluted earnings per share in conjunction with the disclosure of the methodology used in computing such earnings per share. Basic earnings per share excludes dilution and is computed by dividing income available to common stockholders by the weighted average common shares outstanding during the period. Diluted earnings per share takes into account the potential dilution that could occur if securities or other contracts to issue common stock were exercised and converted into common stock. Further, if the number of common shares outstanding increases as a result of a stock dividend or stock split or decreases as a result of a reverse stock split, the computations of a basic and diluted earnings per share shall be adjusted retroactively for all periods presented to reflect that change in capital structure. The Company’s basic earnings per share is computed by dividing the net income available to holders by the weighted average number of the Company’s ordinary shares outstanding. Diluted earnings per share reflects the amount of net income available to each ordinary share outstanding during the period plus the number of additional shares that would have been outstanding if potentially dilutive securities had been issued. |
Inventories | Inventories Inventories consist of finished goods and are stated at the lower of cost or net realizable value using the first-in first-out method. Net realizable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and the estimated costs necessary to make the sale. The Company reviews its inventories regularly for possible obsolete goods and establishes reserves when determined necessary. |
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. |
Income Taxes | Income Taxes The Company accounts for income taxes using the asset and liability method prescribed by ASC 740 “Income Taxes”. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial reporting and tax bases of assets and liabilities using enacted tax rates that will be in effect in the years in which the differences are expected to reverse. The Company records a valuation allowance to offset deferred tax assets if based on the weight of available evidence, it is more-likely-than-not that some portion, or all, of the deferred tax assets will not be realized. The effect on deferred taxes of a change in tax rates is recognized as income or loss in the period that includes the enactment date. New U.S. federal tax legislation, commonly referred to as the Tax Cuts and Jobs Act (the “U.S. Tax Reform”), was signed into law on December 22, 2017. The U.S. Tax Reform modified the U.S. Internal Revenue Code by, among other things, reducing the statutory U.S. federal corporate income tax rate from 35 21 |
Foreign Currency Translation | Foreign Currency 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 statements of operations. The reporting currency of the Company is United States Dollars (“US$”). The Company’s subsidiary in Seychelles, Hong Kong and PRC which functional currencies are United States Dollars (“US$”), Hong Kong Dollars (“HK$”) and Chinese Renminbi (“CNY¥”) respectively. In general, for consolidation purposes, assets and liabilities of its subsidiary whose functional currency is not the US$ are translated into US$, in accordance with ASC Topic 830-30, “Translation of Financial Statement”, using the exchange rate on the balance sheet date. Revenues and expenses are translated at average rates prevailing during the period. The gains and losses resulting from translation of financial statements of foreign subsidiary are recorded as a separate component of accumulated other comprehensive income within the statement of stockholders’ equity. Translation of amounts from the local currencies of the Company into US$ has been made at the following exchange rates for the respective periods: SCHEDULE OF FOREIGN CURRENCIES TRANSLATION For the three March 31, 2022 For the three March 31, 2021 Period-end HK$ : US$1 exchange rate 7.75 7.75 Period-end CNY¥ : US$1 exchange rate 6.34 6.55 Period-average HK$ : US$1 exchange rate 7.75 7.75 Period-average CNY¥ : US$1 exchange rate 6.34 6.49 |
Fair Value Measurement | Fair Value Measurement Accounting Standards Codification (“ASC”) 820 “Fair Value Measurements and Disclosures”, which defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. The statement clarifies that the exchange price is the price in an orderly transaction between market participants to sell the asset or transfer the liability in the market in which the reporting entity would transact for the asset or liability, that is, the principal or most advantageous market for the asset or liability. It also emphasizes that fair value is a market-based measurement, not an entity-specific measurement, and that market participant assumptions include assumptions about risk and effect of a restriction on the sale or use of an asset. This ASC establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are described below: Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2: Quoted prices in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability; and Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity). |
Recently issued accounting pronouncements | Recently issued accounting pronouncements In June 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments (Topic 326). ASU 2016-13 requires entities to use a forward-looking approach based on current expected credit losses (“CECL”) to estimate credit losses on certain types of financial instruments, including trade receivables. This may result in the earlier recognition of allowances for losses. ASU 2016-13 is effective for the Company beginning January 1, 2023, and early adoption is permitted. The Company reviews new accounting standards as issued. Management has not identified any other new standards that it believes will have a significant impact on the Company’s consolidated financial statements. |
Economic and political risks | Economic and political risks Substantially all the Company’s services are conducted in the People’s Republic of China (“PRC”), of which operations in the PRC are subject to special considerations and significant risks not typically associated with companies in rest of the world. These include risks associated with, among others, the political, economic and legal environment and foreign currency exchange. The Company’s results may be adversely affected by changes in the political conditions in the PRC, and by changes in governmental policies with respect to laws and regulations, anti-inflationary measures, currency conversion, remittances abroad, and rates and methods of taxation. |
COVID-19 Uncertainty | COVID-19 Uncertainty An outbreak of respiratory illness caused by the novel coronavirus, commonly referred as “COVID-19” emerged in late 2019 and has spread globally. The COVID-19 is considered to be highly contagious and poses a serious public health threat. The World Health Organization labelled the COVID-19 outbreak as a pandemic on March 11, 2020, given its threat beyond a public health emergency of international concern the organization had declared on January 30, 2020. The epidemic has resulted in social-distancing restrictions, travel restrictions, and the temporary closure of stores and facilities. The negative impacts of the COVID-19 outbreak on our business may include, but not strictly be limited to: - The uncertain economic conditions may refrain clients from engaging our services. - The operations of businesses in most industries have been, and could continue to be, negatively impacted by the epidemic, which may in turn adversely impact their business performance. We are unable to accurately predict the impact that the COVID-19 will have due to various uncertainties, including the ultimate geographic spread of the virus, the severity of the disease, the duration of the outbreak globally, and effectiveness of the actions that may be taken by governmental authorities. Additionally, it is possible that we may face similar difficulties from future events, such as this, should there be at any point another global pandemic. As of the current date, we do not believe that we have been directly impacted by Covid-19. However, economies throughout the world have been impacted significantly in a vast number of ways, and we cannot state with any level of certainty to what extent we may have been indirectly impacted by market conditions as a result of the pandemic and/or if the pandemic has forestalled, in any capacity, our growth to date. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
SCHEDULE OF FOREIGN CURRENCIES TRANSLATION | Translation of amounts from the local currencies of the Company into US$ has been made at the following exchange rates for the respective periods: SCHEDULE OF FOREIGN CURRENCIES TRANSLATION For the three March 31, 2022 For the three March 31, 2021 Period-end HK$ : US$1 exchange rate 7.75 7.75 Period-end CNY¥ : US$1 exchange rate 6.34 6.55 Period-average HK$ : US$1 exchange rate 7.75 7.75 Period-average CNY¥ : US$1 exchange rate 6.34 6.49 |
INVENTORIES (Tables)
INVENTORIES (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Inventory Disclosure [Abstract] | |
SCHEDULE OF INVENTORIES | As of March 31, 2022 and December 31, 2021, the Company inventories consist of following: SCHEDULE OF INVENTORIES As of As of Finished goods $ 77,694 $ 85,321 Total inventories $ 77,694 $ 85,321 |
PREPAYMENT, DEPOSITS AND OTHE_2
PREPAYMENT, DEPOSITS AND OTHER RECEIVABLES (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Prepayment Deposits And Other Receivables | |
SCHEDULE OF PREPAYMENT, DEPOSITS AND OTHER RECEIVABLES | As of March 31, 2022 and December 31, 2021, prepayment, deposits and other receivables consist of following: SCHEDULE OF PREPAYMENT, DEPOSITS AND OTHER RECEIVABLES As of March 31, 2022 As of December 31, 2021 Deposits for Hong Kong Company Secretary $ 13 $ 13 Employee advances 1,023 617 Rental prepayment 2,515 2,509 Prepaid transfer agent fee and OTCIQ renewal 2,580 - Total prepayment, deposits and other receivables $ 6,131 $ 3,139 |
OTHER PAYABLES AND ACCRUED LI_2
OTHER PAYABLES AND ACCRUED LIABILITIES (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Payables and Accruals [Abstract] | |
SCHEDULE OF OTHER PAYABLES AND ACCRUED LIABILITIES | As of March 31, 2022 and December 31, 2021, the Company other payables and accrued liabilities consist of following: SCHEDULE OF OTHER PAYABLES AND ACCRUED LIABILITIES As of March 31, 2022 As of December 31, 2021 Other payables $ 414 $ 70 Accrued audit fee 4,645 16,645 Accrued professional fee 13,500 8,100 Total other payables and accrued liabilities $ 18,559 $ 24,815 |
AMOUNT DUE TO A DIRECTOR (Table
AMOUNT DUE TO A DIRECTOR (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Related Party Transactions [Abstract] | |
SCHEDULE OF RELATED PARTY TRANSACTION | SCHEDULE OF RELATED PARTY TRANSACTION As of March 31, 2022 As of December 31, 2021 Amount due to a director $ 249,641 $ 235,517 |
LEASE RIGHT-OF-USE ASSET AND _2
LEASE RIGHT-OF-USE ASSET AND LEASE LIABILITIES (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Lease Right-of-use Asset And Lease Liabilities | |
SCHEDULE OF OPERATING LEASE RIGHT AND LEASE LIABILITY | The initial recognition of operating lease right and lease liability as follows: SCHEDULE OF OPERATING LEASE RIGHT AND LEASE LIABILITY Right-of-use assets, net as of December 31, 2020 $ 30,699 Less: amortization (16,088 ) Foreign exchange translation 632 Right-of-use assets, net as of December 31, 2021 15,243 Lease liability as of December 31, 2020 $ 30,699 Add: imputed interest 1,064 Less: principal repayment (17,152 ) Foreign exchange translation 632 Lease liability as of December 31, 2021 $ 15,243 |
SCHEDULE OF SUPPLEMENTAL BALANCE SHEET INFORMATION RELATED TO LEASES | As of March 31, 2022, operating lease right-of-use assets as follows: SCHEDULE OF SUPPLEMENTAL BALANCE SHEET INFORMATION RELATED TO LEASES Right-of-use assets, net as of December 31, 2021 $ 15,243 Amortization for the period ended March 31, 2022 (4,208 ) Foreign exchange translation 37 Right-of-use assets, net as of March 31, 2022 $ 11,072 As of March 31, 2022, operating lease liability as follows: Lease liability as of December 31, 2021 $ 15,243 Add: imputed interest for the period ended March 31, 2022 148 Less: gross repayment for the period ended March 31, 2022 (4,355 ) Foreign exchange translation 36 Lease liability as of March 31, 2022 $ 11,072 Lease liability current portion $ 11,072 Lease liability non-current portion $ - Maturities of the loan for each of the five years and thereafter are as follows: 2022 $ 11,072 |
SCHEDULE OF COMPONENTS OF LEASE EXPENSE | Other information: SCHEDULE OF COMPONENTS OF LEASE EXPENSE Three months ended March 31 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flow to operating lease $ 4,355 Remaining lease term for operating lease (years) 0.64 Weighted average discount rate for operating lease 4.75 % |
CONCENTRATION OF RISK (Tables)
CONCENTRATION OF RISK (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Risks and Uncertainties [Abstract] | |
SCHEDULE OF CONCENTRATION OF RISK | SCHEDULE OF CONCENTRATION OF RISK For the three months ended March 31 2022 2021 2022 2021 2022 2021 Revenues Percentage of revenues Accounts Customer A $ 3,080 $ - 22 % - % $ - $ - Customer B 1,758 - 13 - - - Customer C 9,124 10,992 65 57 - - Customer D - 2,748 - 14 - - Customer E - 5,496 - 29 - - Total $ 13,962 $ 19,236 100 % 100 % $ $ |
SCHEDULE OF SINGLE VENDOR | SCHEDULE OF SINGLE VENDOR For the three months ended March 31 2022 2021 2022 2021 2022 2021 Cost of revenue Percentage of Cost of revenue Accounts Vendor A $ 7,819 $ 10,254 100 % 100 % $ - $ - Total $ 7,819 $ 10,254 100 % 100 % $ $ |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
SCHEDULE OF EFFECTIVE INCOME TAX RATE RECONCILIATION | The following table summarizes a reconciliation of the Company’s income taxes expenses: SCHEDULE OF EFFECTIVE INCOME TAX RATE RECONCILIATION 2022 2021 For the three months ended March 31 2022 2021 Computed expected benefits 25 % 25 % Effect of foreign tax rate difference (2 )% (2 )% Tax losses not recognized (23 )% (23 )% Effective income tax rate - % - % 2022 2021 For the three months ended March 31 2022 2021 PRC statutory tax rate 25 % 25 % Computed expected benefits (6,436 ) (6,736 ) Effect of foreign tax rate difference 507 494 Tax losses not recognized 5,929 6,242 Income tax expense - - |
SCHEDULE OF DEFERRED TAX ASSETS | The following table sets forth the significant components of the aggregate deferred tax assets of the Company as of March 31, 2022: SCHEDULE OF DEFERRED TAX ASSETS As of March 31, 2022 As of December 31, 2021 Deferred tax assets: Net operating loss carry forwards - United States of America $ 44,099 $ 41,489 - Hong Kong 438 433 - People Republic China 30,551 27,238 Operating loss carry forward Less: valuation allowance (75,088 ) (69,195 ) Deferred tax assets $ - $ - |
ORGANIZATION AND BUSINESS BAC_2
ORGANIZATION AND BUSINESS BACKGROUND (Details Narrative) - Jun. 15, 2020 - SCQC Agriculture Co Limited [Member] | USD ($) | CNY (¥) | CNY (¥) |
Restructuring Cost and Reserve [Line Items] | |||
Fair value of consideration paid | $ 165,605 | ¥ 1,169,996 | |
Total net book value | $ 165,401 | ¥ 1,168,554 |
SCHEDULE OF FOREIGN CURRENCIES
SCHEDULE OF FOREIGN CURRENCIES TRANSLATION (Details) | Mar. 31, 2022 | Mar. 31, 2021 |
Period-end HK$ : US$1 exchange rate [Member] | ||
Trading Activity, Gains and Losses, Net [Line Items] | ||
Foreign currency exchange rate, translation | 7.75 | 7.75 |
Period-end CNYUS165; : US$1 exchange rate [Member] | ||
Trading Activity, Gains and Losses, Net [Line Items] | ||
Foreign currency exchange rate, translation | 6.34 | 6.55 |
Period-Average HK$ : US$1 Exchange Rate [Member] | ||
Trading Activity, Gains and Losses, Net [Line Items] | ||
Foreign currency exchange rate, translation | 7.75 | 7.75 |
Period-average CNYUS165; : US$1 exchange rate [Member] | ||
Trading Activity, Gains and Losses, Net [Line Items] | ||
Foreign currency exchange rate, translation | 6.34 | 6.49 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - Lease | Dec. 22, 2017 | Mar. 31, 2022 | Mar. 31, 2021 |
Property, Plant and Equipment [Line Items] | |||
Number of operating lease | 1 | ||
Income tax rate | 25.00% | 25.00% | |
Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Income tax rate | 35.00% | ||
Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Income tax rate | 21.00% |
GOING CONCERN UNCERTAINTIES (De
GOING CONCERN UNCERTAINTIES (Details Narrative) - USD ($) | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Net loss | $ 25,742 | $ 26,944 | |
Accumulated deficit | 341,279 | $ 315,537 | |
Working capital deficit | $ 175,373 |
SCHEDULE OF INVENTORIES (Detail
SCHEDULE OF INVENTORIES (Details) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Inventory Disclosure [Abstract] | ||
Finished goods | $ 77,694 | $ 85,321 |
Total inventories | $ 77,694 | $ 85,321 |
SCHEDULE OF PREPAYMENT, DEPOSIT
SCHEDULE OF PREPAYMENT, DEPOSITS AND OTHER RECEIVABLES (Details) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Prepayment Deposits And Other Receivables | ||
Deposits for Hong Kong Company Secretary | $ 13 | $ 13 |
Employee advances | 1,023 | 617 |
Rental prepayment | 2,515 | 2,509 |
Prepaid transfer agent fee and OTCIQ renewal | 2,580 | |
Total prepayment, deposits and other receivables | $ 6,131 | $ 3,139 |
SCHEDULE OF OTHER PAYABLES AND
SCHEDULE OF OTHER PAYABLES AND ACCRUED LIABILITIES (Details) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Payables and Accruals [Abstract] | ||
Other payables | $ 414 | $ 70 |
Accrued audit fee | 4,645 | 16,645 |
Accrued professional fee | 13,500 | 8,100 |
Total other payables and accrued liabilities | $ 18,559 | $ 24,815 |
SCHEDULE OF RELATED PARTY TRANS
SCHEDULE OF RELATED PARTY TRANSACTION (Details) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Related Party Transactions [Abstract] | ||
Amount due to a director | $ 249,641 | $ 235,517 |
AMOUNT DUE TO A DIRECTOR (Detai
AMOUNT DUE TO A DIRECTOR (Details Narrative) - USD ($) | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | |||
Proceeds from related party | $ 14,202 | $ 15,645 | |
Due to related parties | 249,641 | $ 235,517 | |
Ms Wang Min [Member] | |||
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | |||
Proceeds from related party | 14,124 | ||
Due to related parties | $ 249,641 |
SHAREHOLDERS_ EQUITY (Details N
SHAREHOLDERS’ EQUITY (Details Narrative) - shares | Mar. 31, 2022 | Dec. 31, 2021 |
Equity [Abstract] | ||
Common stock, shares issued | 101,400,000 | 101,400,000 |
Common stock, shares outstanding | 101,400,000 | 101,400,000 |
Common stock, shares authorized | 800,000,000 | 800,000,000 |
Preferred stock, shares authorized | 200,000,000 | 200,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
SCHEDULE OF OPERATING LEASE RIG
SCHEDULE OF OPERATING LEASE RIGHT AND LEASE LIABILITY (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Lease Right-of-use Asset And Lease Liabilities | ||
Right-of-use assets, beginning balance | $ 15,243 | $ 30,699 |
Amortization | (4,208) | (16,088) |
Foreign exchange translation | 37 | 632 |
Lease liability, ending balance | 11,072 | 15,243 |
Lease liability, beginning balance | 15,243 | 30,699 |
Add: imputed interest | 148 | 1,064 |
Less: principal repayment | (4,355) | (17,152) |
Foreign exchange translation | $ 36 | $ 632 |
SCHEDULE OF SUPPLEMENTAL BALANC
SCHEDULE OF SUPPLEMENTAL BALANCE SHEET INFORMATION RELATED TO LEASES (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Lease Right-of-use Asset And Lease Liabilities | ||
Right-of-use assets, beginning balance | $ 15,243 | $ 30,699 |
Amortization | (4,208) | (16,088) |
Foreign exchange translation | 37 | 632 |
Lease liability, ending balance | 11,072 | 15,243 |
Lease liability, beginning balance | 15,243 | 30,699 |
Add: imputed interest | 148 | 1,064 |
Less: gross repayment | (4,355) | (17,152) |
Foreign exchange translation | 36 | 632 |
Lease liability, ending balance | 11,072 | 15,243 |
Lease liability current portion | 11,072 | $ 15,243 |
Lease liability - non-current portion | ||
2022 | $ 11,072 |
SCHEDULE OF COMPONENTS OF LEASE
SCHEDULE OF COMPONENTS OF LEASE EXPENSE (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Lease Right-of-use Asset And Lease Liabilities | ||
Operating cash flow to operating lease | $ 4,355 | $ 17,152 |
Remaining lease term for operating lease (years) | 7 months 20 days | |
Weighted average discount rate for operating lease | 4.75% |
LEASE RIGHT-OF-USE ASSET AND _3
LEASE RIGHT-OF-USE ASSET AND LEASE LIABILITIES (Details Narrative) - Tenancy Agreement [Member] - SCQC Agriculture Co Limited [Member] | Nov. 11, 2020USD ($)m² | Nov. 11, 2020CNY (¥)m² |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Area of land | 133 | 133 |
Payments for rent | $ 1,450 | ¥ 9,200 |
Lease term | 2 years | 2 years |
SCHEDULE OF CONCENTRATION OF RI
SCHEDULE OF CONCENTRATION OF RISK (Details) - Revenue Benchmark [Member] - Product Concentration Risk [Member] - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Concentration Risk [Line Items] | ||
Concentration Risk, Percentage | 100.00% | 100.00% |
Customer A [Member] | ||
Concentration Risk [Line Items] | ||
Revenues | $ 3,080 | |
Concentration Risk, Percentage | 22.00% | |
Increase (Decrease) in Accounts Receivable | ||
Customer B [Member] | ||
Concentration Risk [Line Items] | ||
Revenues | $ 1,758 | |
Concentration Risk, Percentage | 13.00% | |
Increase (Decrease) in Accounts Receivable | ||
Customer C [Member] | ||
Concentration Risk [Line Items] | ||
Revenues | $ 9,124 | $ 10,992 |
Concentration Risk, Percentage | 65.00% | 57.00% |
Increase (Decrease) in Accounts Receivable | ||
Customer D [Member] | ||
Concentration Risk [Line Items] | ||
Revenues | $ 2,748 | |
Concentration Risk, Percentage | 14.00% | |
Increase (Decrease) in Accounts Receivable | ||
Customer E [Member] | ||
Concentration Risk [Line Items] | ||
Revenues | $ 5,496 | |
Concentration Risk, Percentage | 29.00% | |
Increase (Decrease) in Accounts Receivable | ||
Customers [Member] | ||
Concentration Risk [Line Items] | ||
Revenues | $ 13,962 | $ 19,236 |
Concentration Risk, Percentage | 100.00% | 100.00% |
Increase (Decrease) in Accounts Receivable |
SCHEDULE OF SINGLE VENDOR (Deta
SCHEDULE OF SINGLE VENDOR (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Concentration Risk [Line Items] | ||
Cost of revenues | $ 7,819 | $ 10,254 |
Product Concentration Risk [Member] | Revenue Benchmark [Member] | ||
Concentration Risk [Line Items] | ||
Cost of revenues | $ 7,819 | $ 10,254 |
Percentage of cost of revenue | 100.00% | 100.00% |
Accounts payable trade | ||
Product Concentration Risk [Member] | Vendor A [Member] | Revenue Benchmark [Member] | ||
Concentration Risk [Line Items] | ||
Cost of revenues | $ 7,819 | $ 10,254 |
Percentage of cost of revenue | 100.00% | 100.00% |
Accounts payable trade |
CONCENTRATION OF RISK (Details
CONCENTRATION OF RISK (Details Narrative) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Concentration Risk [Line Items] | ||
Cost of Revenue | $ 7,819 | $ 10,254 |
Revenue Benchmark [Member] | Product Concentration Risk [Member] | ||
Concentration Risk [Line Items] | ||
Cost of Revenue | 7,819 | 10,254 |
Revenue Benchmark [Member] | Product Concentration Risk [Member] | Three Customers [Member] | ||
Concentration Risk [Line Items] | ||
Total Revenue | $ 13,962 | $ 19,236 |
SCHEDULE OF EFFECTIVE INCOME TA
SCHEDULE OF EFFECTIVE INCOME TAX RATE RECONCILIATION (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | ||
Computed expected benefits | 25.00% | 25.00% |
Effect of foreign tax rate difference | (2.00%) | (2.00%) |
Tax losses not recognized | (23.00%) | (23.00%) |
Effective income tax rate | ||
PRC statutory tax rate | 25.00% | 25.00% |
Computed expected benefits | $ (6,436) | $ (6,736) |
Effect of foreign tax rate difference | 507 | 494 |
Tax losses not recognized | 5,929 | 6,242 |
Income tax expense |
SCHEDULE OF DEFERRED TAX ASSETS
SCHEDULE OF DEFERRED TAX ASSETS (Details) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Less: valuation allowance | $ (75,088) | $ (69,195) |
Deferred tax assets | ||
UNITED STATES | ||
Operating loss carry forward | 44,099 | 41,489 |
HONG KONG | ||
Operating loss carry forward | 438 | 433 |
CHINA | ||
Operating loss carry forward | $ 30,551 | $ 27,238 |
INCOME TAXES (Details Narrative
INCOME TAXES (Details Narrative) $ in Millions | 3 Months Ended | ||||
Mar. 31, 2022USD ($) | Mar. 31, 2022CNY (¥) | Mar. 31, 2022HKD ($) | Mar. 31, 2021 | Dec. 31, 2021USD ($) | |
Current tax rate | 25.00% | 25.00% | 25.00% | 25.00% | |
Hong kong income tax | 2.00% | 2.00% | 2.00% | 2.00% | |
Income tax amount | $ 258,000 | $ 2 | |||
Income tax rate | |||||
Hong kong income tax | 3.00% | 3.00% | 3.00% | ||
Deferred tax assets, valuation allowance | $ | $ 75,088 | $ 69,195 | |||
SCQC Agriculture Co Limited [Member] | |||||
Income tax rate | 25.00% | 25.00% | 25.00% | ||
YCWB [Member] | |||||
VAT earned | 1.00% | 1.00% | 1.00% | ||
UNITED STATES | |||||
Current tax rate | 21.00% | 21.00% | 21.00% | ||
HONG KONG | |||||
Current tax rate | 8.25% | 8.25% | 8.25% | ||
Hong kong income tax | 16.50% | 16.50% | 16.50% | ||
PRC [Member] | |||||
PRC revenue | ¥ | ¥ 5,000,000 |