Omphalos (OMPS) 10-Q 29 Jun 20 2020 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2020	Jun. 15, 2020
Document and Entity Information [Abstract]
Entity Registrant Name	OMPHALOS, CORP
Entity Central Index Key	0001103640
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2020
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		115,063,760
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Interactive Data Current	Yes
Entity Shell Company	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Current Assets
Cash and cash equivalents	$ 10,197	$ 4,596
Accounts receivable, net	6,415	3,268
Inventory, net	63,780	64,358
Prepaid and other current assets	19,928	23,684
Total current assets	100,320	95,906
Leasehold Improvements and Equipment, net	378	453
Operating lease right-of-use assets	47,129	56,127
Intangible assets, net	9,094	10,011
Deposits	2,819	2,844
Total Assets	159,740	165,341
Current Liabilities
Accounts payable	18,202	20,915
Accrued salaries and bonus	8,937	11,924
Accrued expenses	33,709	31,659
Due to related parties	915,423	881,527
Loan from shareholders - current portion	165,500	167,000
Operating lease liability - current portion	28,268	31,436
Total current liabilities	1,170,039	1,144,461
Non-current Liabilities
Loan from shareholders, less current portion	827,500	835,000
Operating lease liability, less current portion	18,861	24,691
Total liabilities	2,016,400	2,004,152
Stockholders' deficit
Common stock, $0.0001 par value, 120,000,000 shares authorized, 115,063,760 shares issued and outstanding as of March 31, 2020 and December 31, 2019	11,507	11,507
Additional paid-in capital	124,023	124,023
Accumulated other comprehensive income	490,060	472,669
Accumulated deficit	(2,482,250)	(2,447,010)
Total stockholders' deficit	(1,856,660)	(1,838,811)
Total Liabilities and Stockholders' Deficit	$ 159,740	$ 165,341

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Common Stock, Par Value Per Share	$ 0.0001	$ 0.0001
Common Stock, Shares Authorized	120,000,000	120,000,000
Common Stock, Shares, Issued	115,063,760	115,063,760
Common Stock, Shares, Outstanding	115,063,760	115,063,760

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Statement of Operations [Abstract]
Sales, net	$ 9,267	$ 1,020
Cost of sales	2,460	5,282
Gross profit	6,807	(4,262)
Selling, general and administrative expenses	35,938	63,818
Loss from operations	(29,131)	(68,080)
Other income (expenses)
Rent income	1,402
Interest expense	(7,470)	(7,300)
Gain (loss) on foreign currency exchange	(41)	118
Total other income (expenses)	(6,109)	(7,182)
Loss before provision for income taxes	(35,240)	(75,262)
Provision for income taxes	0	0
Net loss	$ (35,240)	$ (75,262)
Weighted average number of common shares:
Basic and diluted	115,063,760	115,063,760
Net loss per share:
Basic and diluted	$ 0	$ 0
Other Comprehensive Loss:
Net loss	$ (35,240)	$ (75,262)
Foreign currency translation adjustment, net of tax	17,391	13,486
Comprehensive Loss	$ (17,849)	$ (61,776)

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGE IN STOCKHOLDERS' EQUITY (DEFICIT) - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficits [Member]	Comprehensive Income [Member]	Total
Beginning Balance at Dec. 31, 2018	$ 11,507	$ 124,023	$ (2,220,140)	$ 516,668	$ (1,567,942)
Beginning Balance (Shares) at Dec. 31, 2018	115,063,760
Translation adjustment				13,486	13,486
Net loss			(75,262)		(75,262)
Ending Balance at Mar. 31, 2019	$ 11,507	124,023	(2,295,402)	530,154	(1,629,718)
Ending Balance (Shares) at Mar. 31, 2019	115,063,760
Beginning Balance at Dec. 31, 2019	$ 11,507	124,023	(2,447,010)	472,669	(1,838,811)
Beginning Balance (Shares) at Dec. 31, 2019	115,063,760
Translation adjustment				17,391	17,391
Net loss			(35,240)		(35,240)
Ending Balance at Mar. 31, 2020	$ 11,507	$ 124,023	$ (2,482,250)	$ 490,060	$ (1,856,660)
Ending Balance (Shares) at Mar. 31, 2020	115,063,760

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Cash flows from operating activities
Net loss	$ (35,240)	$ (75,262)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Amortization and depreciation	900	1,467
Changes in assets and liabilities:
Increase in accounts receivable	(3,187)	11,027
Increase in inventory	0	(65,645)
Decrease in prepaid and other assets	3,554	13,352
(Decrease) increase in accounts payable	(2,533)	51,020
(Decrease) increase in accrued expenses	(548)	346
Increase in due to related parties	42,706	12,800
Net cash provided by (used in) operating activities	5,652	(50,895)
Effect of exchange rate changes on cash and cash equivalents	(51)	5,682
Net increase (decrease) in cash and cash equivalents	5,601	(45,213)
Cash and cash equivalents
Beginning	4,596	55,499
Ending	10,197	10,286
Cash paid during the year for:
Interest expense	0	4,867
Income tax	$ 0	$ 0

ORGANIZATION AND SUMMARY OF SIG

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Text Block]	1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation Organization 100% Effective April 18, 2008 Soyodo entered into an Agreement and Plan of Merger (the "Merger Agreement") with Omphalos, Corp., a Nevada corporation. Pursuant to the Merger Agreement, Soyodo was merged with and into the surviving corporation, Omphalos Corp. The certificate of incorporation and bylaws of the surviving corporation became the certificate of incorporation and bylaws of the Company, and the directors and officers of Soyodo became the members of the board of directors and officers of the Company. Following the execution of the Merger Agreement, the Company filed a Certificate of Merger with the Secretary of State of Delaware and Nevada. Omphalos, Corp was incorporated on April 15, 2008 under the laws of the state of Nevada. The main purpose of the merger is to change the company's name to Omphalos, Corp. Basis of Consolidation condensed consolidated financial statements include the accounts of Omphalos Corp. and its wholly owned subsidiaries. All significant intercompany accounts and transactions are eliminated. Going Concern- $2,482,250 and $2,447,010 as of March 31, 2020 and December 31, 2019, respectively . The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. This basis of accounting contemplates the recovery of the Company's assets and the satisfaction of liabilities in the normal course of business. This presentation presumes funds will be available to finance ongoing research and development, operations and capital expenditures and permit the realization of assets and the payment of liabilities in the normal course of operations for the foreseeable future. There can be no assurances that there will be adequate financing available to the Company, and the consolidated 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 from the outcome of this uncertainty. The Company has taken certain restructuring steps to provide the necessary capital to continue its operations. These steps included: (1) Tightly budgeting and controlling all expenses; (2) Expanding product lines and recruiting a strong sales team to significantly increase sales revenue and profit in 2020; (3) The Company plans to continue actively seeking additional funding opportunities to improve and expand upon its product lines. Use of Estimates Cash and Cash Equivalents Accounts Receivable Inventory and is net of an allowance for slow-moving inventory of $410,775 and $414,498 at March 31, 2020 and Property and Equipment Furniture and fixtures 3 years Machinery and equipment 3 to 5 years Leasehold improvements 55 years Expenditures for major renewals and betterment that extend the useful lives of property and equipment are capitalized. Expenditures for repairs and maintenance are charged to expense as incurred. When property and equipment are retired or otherwise disposed of, the asset and accumulated depreciation are removed from the accounts and the resulting profit or loss is reflected in the statement of income for the period. The accumulated depreciation was $96,943 and $97,751 at March 31, 2020 and December 31, 2019, respectively. Depreciation expense was $71 and $657 for the three months ended March 31, 2020 and 2019, respectively. Impairment of Long-Lived Assets Intangible Assets Revenue Recognition Pursuant to ASC 606, the Company recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration that the Company expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that the Company determines is within the scope of ASC 606, the Company performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the Company satisfies a performance obligation. The Company only applies the five-step model to contracts when it is probable that the Company will collect the consideration the Company is entitled to in exchange for the goods or services the Company transfers to the customers. At inception of the contract, once the contract is determined to be within the scope of ASC 606, the Company assesses the goods or services promised within each contract, determines those that are performance obligations, and assesses whether each promised good or service is distinct. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied. Merchandise Sales: Trade discount and allowances Product returns: To date, product allowance and returns have been minimal and, based on its experience, the Company believes that returns of its products will continue to be minimal. The following tables provide details of revenue by major products and by geography. Revenue by Major Products For the Three Months Ended March 31, 2020 2019 Machine Parts $ 9,267 $ 1,020 Total $ 9,267 $ 1,020 Revenue by Geography For the Three Months Ended March 31, 2020 2019 Asia Pacific $ 9,267 $ 1,020 Total $ 9,267 $ 1,020 Leases - The Company adopted FASB Accounting Standards Codification, Topic 842, Leases ("ASC 842") using the modified retrospective approach, electing the practical expedient that allows the Company not to restate its comparative periods prior to the adoption of the standard on January 1, 2019. As such, the disclosures required under ASC 842 are not presented for periods before the date of adoption. For the comparative periods prior to adoption, the Company presented the disclosures which were required under ASC 840. The Company applied the following practical expedients in the transition to the new standard and allowed under ASC 842: Practical Description Reassessment of expired or existing contracts The Company elected not to reassess, at the application date, whether any expired or existing contracts contained leases, the lease classification for any expired or existing leases, and the accounting for initial direct costs for any existing leases. Use of hindsight The Company elected to use hindsight in determining the lease term (that is, when considering options to extend or terminate the lease and to purchase the underlying asset) and in assessing impairment of right-to-use assets. Reassessment of existing or expired land easements The Company elected not to evaluate existing or expired land easements that were not previously accounted for as leases under ASC 840, as allowed under the transition practical expedient. Going forward, new or modified land easements will be evaluated under ASU No. 2016-02. Separation of lease and non- lease components Lease agreements that contain both lease and non-lease components are generally accounted for separately. Short-term lease recognition exemption The Company also elected the short-term lease recognition exemption and will not recognize ROU assets or lease liabilities for leases with a term less than 12 months. The new leasing standard requires recognition of leases on the consolidated balance sheets as right-of-use ("ROU") assets and lease liabilities. ROU assets represent the Company's right to use underlying assets for the lease terms and lease liabilities represent the Company's obligation to make lease payments arising from the leases. Operating lease ROU assets and operating lease liabilities are recognized based on the present value and future minimum lease payments over the lease term at commencement date. The Company's future minimum based payments used to determine the Company's lease liabilities mainly include minimum based rent payments. As most of Company's leases do not provide an implicit rate, the Company uses its estimated incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The Company recognized lease liabilities, with corresponding ROU assets, based on the present value of unpaid lease payments for existing operating leases longer than twelve months as of January 1, 2019. The ROU assets were adjusted per ASC 842 transition guidance for existing lease-related balances of accrued and prepaid rent, unamortized lease incentives provided by lessors, and restructuring liabilities. The adoption of ASC 842 had a substantial impact on the Company's consolidated balance sheets. The most significant impact was the recognition of the operating lease right-of-use assets and the liability for operating leases. Accordingly, adoption of this standard resulted in the recognition of operating lease right-of-use assets of $85,704 and operating lease liabilities of $85,704 comprised of $33,019 of current operating lease liabilities and $52,685 of non-current operating lease liabilities on the condensed consolidated balance sheet as of January 1, 2019. The adoption of ASC 842 did not result in a cumulative-effect adjustment to the opening balance of accumulated deficit. In addition, the adoption of the standard did not have a material impact on the Company's results of operations or cash flows. Operating lease cost is recognized as a single lease cost on a straight-line basis over the lease term and is recorded in Selling, general and administrative expenses. Variable lease payments for common area maintenance, property taxes and other operating expenses are recognized as expense in the period when the changes in facts and circumstances on which the variable lease payments are based occur. Research and Development Expenses Fair Value Measurements • Level 1 - Inputs are quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Valuation of these instruments does not require a high degree of judgment as the valuations are based on quoted prices in active markets that are readily and regularly available. • Level 2 - Inputs other than quoted prices in active markets that are either directly or indirectly observable as of the measurement date, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. • Level 3 - Valuations based on inputs that are unobservable and not corroborated by market data. The fair value for such assets and liabilities is generally determined using pricing models, discounted cash flow methodologies, or similar techniques that incorporate the assumptions a market participant would use in pricing the asset or liability. The carrying values of certain assets and liabilities of the Company, such as cash and cash equivalents, accounts receivable, inventory, prepaid expenses, accounts payable, accrued liabilities, and due to related parties, approximate to fair value due to their relatively short maturities. The carrying amounts of the Company's long-term debt approximate to their fair value because of the short maturity and/or interest rates which are comparable to those currently available to the Company on obligations with similar terms. Statement of Cash Flows Income Taxes Loss Per Share Comprehensive Income (Loss) Foreign-currency Transactions Translation Adjustment Reclassifications Recently Issued Accounting Pronouncements - In December 2019, the FASB issued ASU No. 2019-12, Simplifying the Accounting for Income Taxes, as part of its initiative to reduce complexity in accounting standards. The amendments in the ASU are effective for fiscal years beginning after December 15, 2020, including interim periods therein. Early adoption of the standard is permitted, including adoption in interim or annual periods for which financial statements have not yet been issued. The Company is currently evaluating the effect, if any, that the ASU will have on its consolidated financial statements.

LEASE

LEASE	3 Months Ended
	Mar. 31, 2020
Leases [Abstract]
LEASE [Text Block]	2. LEASE The Company has no finance leases. The Company's leases primarily include office and warehouse facility spaces and copy machine under various operating lease arrangements. The Company's operating leases have remaining lease terms of up to two years. Balance sheet information related to the Company's leases is presented below: March 31, 2020 Operating Leases Operating lease ROU assets $ 47,129 Operating lease liability, current portion 28,268 Operating lease liability, less current portion 18,861 Total operating lease liabilities $ 47,129 The following provides details of the Company's lease expenses: Three Months Ended March 31, 2020 Operating lease expenses $ 8,679 $ 8,679 Other information related to leases is presented below: Three Months Ended March 31, 2020 Cash Paid For Amounts Included In Measurement of Liabilities: Operating cash flows from operating leases 8,679 Weighted Average Remaining Lease Term: Operating leases 1.42 years Weighted Average Discount Rate: Operating leases 1.28% The minimum future annual payments under non-cancellable leases during the next five years and thereafter, at rates now in force, are as follows: Operating leases 2020 (excluding the three months ended March 31, 2020) $ 23,050 2021 22,766 2022 1,793 2023 — 2024 — Total future minimum lease payments, undiscounted 47,609 Less: Imputed interest (480 ) Present value of future minimum lease payments $ 47,129

RELATED-PARTY TRANSACTIONS

RELATED-PARTY TRANSACTIONS	3 Months Ended
	Mar. 31, 2020
Related Party Transactions [Abstract]
RELATED-PARTY TRANSACTIONS [Text Block]	3. RELATED-PARTY TRANSACTIONS Operating Leases The Company leases its facility from a shareholder under an operating lease agreement which expires on January 31, 2019. On January 31, 2019, the lease term was extended for another three years, which expires on January 31, 2022. The monthly base rent is approximately $1,859. Rent expense under this lease agreement amounted to approximately $5,577 and $5,451 for the three months ended March 31, 2020 and 2019, respectively. Loan from related party On July 26, 2013, the Company entered into a loan agreement bearing interest at a fixed rate at 3% per annum with its shareholder to advance NT$5,000,000, equivalent $165,500 for working capital purpose. The term of the loan started from July 30, 2013 with maturity date on July 29, 2015. On July 31, 2015, the loan with the same amount of NT$5,000,000, equivalent $165,500, and the same fixed interest rate of 3% per annum was extended for another two years starting from August 1, 2015 with maturity date on July 31, 2017. On August 1, 2017, the loan with the same amount of NT$5,000,000, equivalent $165,500, and the same fixed interest rate of 3% per annum was extended for another three years starting from August 1, 2017 with maturity date on July 31, 2020. On December 31, 2013, the Company entered into another loan agreement bearing interest at a fixed rate at 3% per annum with its officer and shareholder to advance NT$5,000,000, equivalent $165,500 for working capital purpose. The term of the loan started from January 1, 2014 with maturity date on December 31, 2015. On December 31, 2015, the loan with the same amount of NT$5,000,000, equivalent $165,500, and the same fixed interest rate of 3% per annum was extended for another two years starting from January 1, 2016 with maturity date on December 31, 2018. On January 1, 2019, the loan with the same amount of NT$5,000,000, equivalent approximately $165,500, and the same fixed interest rate of 3% per annum was extended for another three years starting from January 1, 2019 with maturity date on December 31, 2021. On July 5, 2015, the Company entered into another loan agreement bearing interest at a fixed rate at 3% per annum with its shareholder to advance NT$10,000,000, equivalent $331,000, for working capital purpose. The term of the loan started from July 1, 2015 with maturity date on June 30, 2018. On July 1, 2018, the loan with the same amount of NT$10,000,000, equivalent $331,000, and the same fixed interest rate of 3% per annum was extended for another three years starting from July 1, 2018 with maturity date on June 30, 2021. On July 1, 2016, the Company entered into another loan agreement bearing interest at a fixed rate at 3% per annum with its shareholder to advance NT$10,000,000, equivalent $331,000, for working capital purpose. The term of the loan started from July 1, 2016 with maturity date on June 30, 2019. On July 1, 2019, the loan with the same amount of NT$10,000,000, equivalent $331,000, and the same fixed interest rate of 3% per annum was extended for another three years starting from July 1, 2019 with maturity date on June 30, 2022. As of March 31, 2020 and December 31, 2019, there were $993,000 and $1,002,000 advances outstanding, of which $165,500 and $167,000 was presented under current liabilities, respectively. Interest expense was $7,470 and $7,300 for the three months ended March 31, 2020 and 2019, respectively. Advances from related party As of March 31, 2020 and December 31, 2019, there were $915,423 and $881,527 advances outstanding, respectively. The outstanding balance bears no interest and is due upon request.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Mar. 31, 2020
Subsequent Events [Abstract]
SUBSEQUENT EVENTS [Text Block]	4 . SUBSEQUENT EVENTS Management has evaluated subsequent events through the date which the financial statements are available to be issued. All subsequent events requiring recognition as of March 31, 2020 have been incorporated into these financial statements and there are no additional subsequent events that require disclosure in accordance with FASB ASC Topic 855, "Subsequent Events."

ORGANIZATION AND SUMMARY OF S_2

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation [Policy Text Block]	Basis of Presentation
Organization [Policy Text Block]	Organization 100% Effective April 18, 2008 Soyodo entered into an Agreement and Plan of Merger (the "Merger Agreement") with Omphalos, Corp., a Nevada corporation. Pursuant to the Merger Agreement, Soyodo was merged with and into the surviving corporation, Omphalos Corp. The certificate of incorporation and bylaws of the surviving corporation became the certificate of incorporation and bylaws of the Company, and the directors and officers of Soyodo became the members of the board of directors and officers of the Company. Following the execution of the Merger Agreement, the Company filed a Certificate of Merger with the Secretary of State of Delaware and Nevada. Omphalos, Corp was incorporated on April 15, 2008 under the laws of the state of Nevada. The main purpose of the merger is to change the company's name to Omphalos, Corp.
Basis of Consolidation [Policy Text Block]	Basis of Consolidation condensed consolidated financial statements include the accounts of Omphalos Corp. and its wholly owned subsidiaries. All significant intercompany accounts and transactions are eliminated.
Going Concern [Policy Text Block]	Going Concern- $2,482,250 and $2,447,010 as of March 31, 2020 and December 31, 2019, respectively . The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. This basis of accounting contemplates the recovery of the Company's assets and the satisfaction of liabilities in the normal course of business. This presentation presumes funds will be available to finance ongoing research and development, operations and capital expenditures and permit the realization of assets and the payment of liabilities in the normal course of operations for the foreseeable future. There can be no assurances that there will be adequate financing available to the Company, and the consolidated 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 from the outcome of this uncertainty. The Company has taken certain restructuring steps to provide the necessary capital to continue its operations. These steps included: (1) Tightly budgeting and controlling all expenses; (2) Expanding product lines and recruiting a strong sales team to significantly increase sales revenue and profit in 2020; (3) The Company plans to continue actively seeking additional funding opportunities to improve and expand upon its product lines.
Use of Estimates [Policy Text Block]	Use of Estimates
Cash and Cash Equivalents [Policy Text Block]	Cash and Cash Equivalents
Accounts Receivable [Policy Text Block]	Accounts Receivable
Inventory [Policy Text Block]	Inventory and is net of an allowance for slow-moving inventory of $410,775 and $414,498 at March 31, 2020 and
Property and Equipment [Policy Text Block]	Property and Equipment Furniture and fixtures 3 years Machinery and equipment 3 to 5 years Leasehold improvements 55 years Expenditures for major renewals and betterment that extend the useful lives of property and equipment are capitalized. Expenditures for repairs and maintenance are charged to expense as incurred. When property and equipment are retired or otherwise disposed of, the asset and accumulated depreciation are removed from the accounts and the resulting profit or loss is reflected in the statement of income for the period. The accumulated depreciation was $96,943 and $97,751 at March 31, 2020 and December 31, 2019, respectively. Depreciation expense was $71 and $657 for the three months ended March 31, 2020 and 2019, respectively.
Impairment of Long-Lived [Policy Text Block]	Impairment of Long-Lived Assets
Intangible Assets [Policy Text Block]	Intangible Assets
Revenue Recognition [Policy Text Block]	Revenue Recognition Pursuant to ASC 606, the Company recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration that the Company expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that the Company determines is within the scope of ASC 606, the Company performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the Company satisfies a performance obligation. The Company only applies the five-step model to contracts when it is probable that the Company will collect the consideration the Company is entitled to in exchange for the goods or services the Company transfers to the customers. At inception of the contract, once the contract is determined to be within the scope of ASC 606, the Company assesses the goods or services promised within each contract, determines those that are performance obligations, and assesses whether each promised good or service is distinct. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied. Merchandise Sales: Trade discount and allowances Product returns: To date, product allowance and returns have been minimal and, based on its experience, the Company believes that returns of its products will continue to be minimal. The following tables provide details of revenue by major products and by geography. Revenue by Major Products For the Three Months Ended March 31, 2020 2019 Machine Parts $ 9,267 $ 1,020 Total $ 9,267 $ 1,020 Revenue by Geography For the Three Months Ended March 31, 2020 2019 Asia Pacific $ 9,267 $ 1,020 Total $ 9,267 $ 1,020
Leases [Policy Text Block]	Leases - The Company adopted FASB Accounting Standards Codification, Topic 842, Leases ("ASC 842") using the modified retrospective approach, electing the practical expedient that allows the Company not to restate its comparative periods prior to the adoption of the standard on January 1, 2019. As such, the disclosures required under ASC 842 are not presented for periods before the date of adoption. For the comparative periods prior to adoption, the Company presented the disclosures which were required under ASC 840. The Company applied the following practical expedients in the transition to the new standard and allowed under ASC 842: Practical Description Reassessment of expired or existing contracts The Company elected not to reassess, at the application date, whether any expired or existing contracts contained leases, the lease classification for any expired or existing leases, and the accounting for initial direct costs for any existing leases. Use of hindsight The Company elected to use hindsight in determining the lease term (that is, when considering options to extend or terminate the lease and to purchase the underlying asset) and in assessing impairment of right-to-use assets. Reassessment of existing or expired land easements The Company elected not to evaluate existing or expired land easements that were not previously accounted for as leases under ASC 840, as allowed under the transition practical expedient. Going forward, new or modified land easements will be evaluated under ASU No. 2016-02. Separation of lease and non- lease components Lease agreements that contain both lease and non-lease components are generally accounted for separately. Short-term lease recognition exemption The Company also elected the short-term lease recognition exemption and will not recognize ROU assets or lease liabilities for leases with a term less than 12 months. The new leasing standard requires recognition of leases on the consolidated balance sheets as right-of-use ("ROU") assets and lease liabilities. ROU assets represent the Company's right to use underlying assets for the lease terms and lease liabilities represent the Company's obligation to make lease payments arising from the leases. Operating lease ROU assets and operating lease liabilities are recognized based on the present value and future minimum lease payments over the lease term at commencement date. The Company's future minimum based payments used to determine the Company's lease liabilities mainly include minimum based rent payments. As most of Company's leases do not provide an implicit rate, the Company uses its estimated incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The Company recognized lease liabilities, with corresponding ROU assets, based on the present value of unpaid lease payments for existing operating leases longer than twelve months as of January 1, 2019. The ROU assets were adjusted per ASC 842 transition guidance for existing lease-related balances of accrued and prepaid rent, unamortized lease incentives provided by lessors, and restructuring liabilities. The adoption of ASC 842 had a substantial impact on the Company's consolidated balance sheets. The most significant impact was the recognition of the operating lease right-of-use assets and the liability for operating leases. Accordingly, adoption of this standard resulted in the recognition of operating lease right-of-use assets of $85,704 and operating lease liabilities of $85,704 comprised of $33,019 of current operating lease liabilities and $52,685 of non-current operating lease liabilities on the condensed consolidated balance sheet as of January 1, 2019. The adoption of ASC 842 did not result in a cumulative-effect adjustment to the opening balance of accumulated deficit. In addition, the adoption of the standard did not have a material impact on the Company's results of operations or cash flows. Operating lease cost is recognized as a single lease cost on a straight-line basis over the lease term and is recorded in Selling, general and administrative expenses. Variable lease payments for common area maintenance, property taxes and other operating expenses are recognized as expense in the period when the changes in facts and circumstances on which the variable lease payments are based occur.
Research and Development Expenses [Policy Text Block]	Research and Development Expenses
Fair Value Measurements [Policy Text Block]	Fair Value Measurements • Level 1 - Inputs are quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Valuation of these instruments does not require a high degree of judgment as the valuations are based on quoted prices in active markets that are readily and regularly available. • Level 2 - Inputs other than quoted prices in active markets that are either directly or indirectly observable as of the measurement date, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. • Level 3 - Valuations based on inputs that are unobservable and not corroborated by market data. The fair value for such assets and liabilities is generally determined using pricing models, discounted cash flow methodologies, or similar techniques that incorporate the assumptions a market participant would use in pricing the asset or liability. The carrying values of certain assets and liabilities of the Company, such as cash and cash equivalents, accounts receivable, inventory, prepaid expenses, accounts payable, accrued liabilities, and due to related parties, approximate to fair value due to their relatively short maturities. The carrying amounts of the Company's long-term debt approximate to their fair value because of the short maturity and/or interest rates which are comparable to those currently available to the Company on obligations with similar terms.
Statement of Cash Flows [Policy Text Block]	Statement of Cash Flows
Income Taxes [Policy Text Block]	Income Taxes
Loss Per Share [Policy Text Block]	Loss Per Share
Comprehensive Income [Policy Text Block]	Comprehensive Income (Loss)
Foreign-currency Transactions [Policy Text Block]	Foreign-currency Transactions
Translation Adjustment [Policy Text Block]	Translation Adjustment
Reclassifications [Policy Text Block]	Reclassifications
Recently Issued Accounting Pronouncements [Policy Text Block]	Recently Issued Accounting Pronouncements - In December 2019, the FASB issued ASU No. 2019-12, Simplifying the Accounting for Income Taxes, as part of its initiative to reduce complexity in accounting standards. The amendments in the ASU are effective for fiscal years beginning after December 15, 2020, including interim periods therein. Early adoption of the standard is permitted, including adoption in interim or annual periods for which financial statements have not yet been issued. The Company is currently evaluating the effect, if any, that the ASU will have on its consolidated financial statements.

ORGANIZATION AND SUMMARY OF S_3

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	3 Months Ended
	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Depreciation Computed on Straight-Line Method Over Estimated Useful Life [Table Text Block]	Furniture and fixtures 3 years Machinery and equipment 3 to 5 years Leasehold improvements 55 years
Schedule of Revenue by Major Products [Table Text Block]	Revenue by Major Products For the Three Months Ended March 31, 2020 2019 Machine Parts $ 9,267 $ 1,020 Total $ 9,267 $ 1,020
Schedule Of Revenue By Geography [Table Text Block]	Revenue by Geography For the Three Months Ended March 31, 2020 2019 Asia Pacific $ 9,267 $ 1,020 Total $ 9,267 $ 1,020

LEASE (Tables)

LEASE (Tables)	3 Months Ended
	Mar. 31, 2020
Leases [Abstract]
Schedule of operating leases [Table Text Block]	March 31, 2020 Operating Leases Operating lease ROU assets $ 47,129 Operating lease liability, current portion 28,268 Operating lease liability, less current portion 18,861 Total operating lease liabilities $ 47,129
Schedule of lease expenses [Table Text Block]	Three Months Ended March 31, 2020 Operating lease expenses $ 8,679 $ 8,679
Schedule of other information related to leases [Table Text Block]	Three Months Ended March 31, 2020 Cash Paid For Amounts Included In Measurement of Liabilities: Operating cash flows from operating leases 8,679 Weighted Average Remaining Lease Term: Operating leases 1.42 years Weighted Average Discount Rate: Operating leases 1.28%
Schedule of minimum future annual payments under non-cancellable leases [Table Text Block]	Operating leases 2020 (excluding the three months ended March 31, 2020) $ 23,050 2021 22,766 2022 1,793 2023 — 2024 — Total future minimum lease payments, undiscounted 47,609 Less: Imputed interest (480 ) Present value of future minimum lease payments $ 47,129

ORGANIZATION AND SUMMARY OF S_4

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019	Jan. 01, 2019
Accumulated deficit	$ 2,482,250		$ 2,447,010
Allowance for slow-moving inventory	410,775		414,498
Accumulated depreciation	96,943		97,751
Depreciation	71	$ 657
Accumulated amortization	41,397		40,938
Amortization of intangible assets	829	$ 810
Operating lease right-of-use assets	47,129		56,127
Operating leases liabilities	47,129
Operating lease liability - current portion	28,268		31,436
Operating lease liability - non current portion	$ 18,861		$ 24,691
Adoption of ASC 842 [Member]
Operating lease right-of-use assets				$ 85,704
Operating leases liabilities				85,704
Operating lease liability - current portion				33,019
Operating lease liability - non current portion				$ 52,685
Omphalos Corp. (Taiwan) [Member]
Ownership Percentage	100.00%

RELATED-PARTY TRANSACTIONS (Nar

RELATED-PARTY TRANSACTIONS (Narrative) (Details)	Jul. 01, 2019TWD ($)	Jul. 01, 2019USD ($)	Jan. 02, 2019TWD ($)	Jan. 02, 2019USD ($)	Jul. 01, 2018TWD ($)	Jul. 01, 2018USD ($)	Aug. 01, 2017TWD ($)	Aug. 01, 2017USD ($)	Jul. 01, 2016TWD ($)	Jul. 01, 2016USD ($)	Jul. 05, 2015TWD ($)	Jul. 05, 2015USD ($)	Dec. 31, 2015TWD ($)	Dec. 31, 2015USD ($)	Jul. 31, 2015TWD ($)	Jul. 31, 2015USD ($)	Dec. 31, 2013TWD ($)	Dec. 31, 2013USD ($)	Jul. 26, 2013TWD ($)	Jul. 26, 2013USD ($)	Mar. 31, 2020USD ($)	Mar. 31, 2019USD ($)	Dec. 31, 2019USD ($)
Debt Instrument, Interest Rate, Stated Percentage	3.00%	3.00%	3.00%	3.00%	3.00%	3.00%	3.00%	3.00%	3.00%	3.00%	3.00%	3.00%	3.00%	3.00%	3.00%	3.00%	3.00%	3.00%	3.00%	3.00%
Proceeds from Loan from shareholders	$ 10,000,000	$ 331,000	$ 5,000,000	$ 165,500	$ 10,000,000	$ 331,000	$ 5,000,000	$ 165,500	$ 10,000,000	$ 331,000	$ 10,000,000	$ 331,000	$ 5,000,000	$ 165,500	$ 5,000,000	$ 165,500	$ 5,000,000	$ 165,500	$ 5,000,000	$ 165,500
Loan from shareholders																					$ 993,000		$ 1,002,000
Loan from shareholders, current portion																					165,500		167,000
Interest Expense, Related Party																					7,470	$ 7,300
Due to related parties																					915,423		$ 881,527
Shareholder [Member]
Operating Leases, Rent Expense, Minimum Rentals																					1,859
Operating Leases, Rent Expense																					$ 5,577	$ 5,451

ORGANIZATION AND SUMMARY OF S_5

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of depreciation Computed on Straight-Line Method Over Estimated Useful Life (Details)	3 Months Ended
	Mar. 31, 2020
Furniture and fixtures [Member]
Property, Plant and Equipment, Useful Life	3 years
Machinery and equipment [Member] | Minimum [Member]
Property, Plant and Equipment, Useful Life	3 years
Machinery and equipment [Member] | Maximum [Member]
Property, Plant and Equipment, Useful Life	5 years
Leasehold improvements [Member]
Property, Plant and Equipment, Useful Life	55 years

ORGANIZATION AND SUMMARY OF S_6

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of revenue by major products (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenue	$ 9,267	$ 1,020
Machine Parts [Member]
Revenue	$ 9,267	$ 1,020

ORGANIZATION AND SUMMARY OF S_7

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of revenue by geography (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenue	$ 9,267	$ 1,020
Asia Pacific [Member]
Revenue	$ 9,267	$ 1,020

LEASE - Schedule of operating l

LEASE - Schedule of operating leases (Details) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Operating Leases [Abstract]
Operating lease ROU assets	$ 47,129	$ 56,127
Operating lease liability - current portion	28,268	31,436
Operating lease liability, less current portion	18,861	$ 24,691
Operating Lease, Liability, Total	$ 47,129

LEASE - Schedule of lease expen

LEASE - Schedule of lease expenses (Details)	3 Months Ended
	Mar. 31, 2020USD ($)
Leases [Abstract]
Operating lease expenses	$ 8,679

LEASE - Schedule of other infor

LEASE - Schedule of other information related to leases (Details)	3 Months Ended
	Mar. 31, 2020USD ($)
Leases [Abstract]
Cash Paid For Amounts Included In Measurement of Liabilities: Operating cash flows from operating leases	$ 8,679
Weighted Average Remaining Lease Term: Operating leases	1 year 5 months 1 day
Weighted Average Discount Rate: Operating leases	1.28%

LEASE - Schedule of minimum fut

LEASE - Schedule of minimum future annual payments under non-cancellable leases (Details)	Mar. 31, 2020USD ($)
Leases [Abstract]
2020	$ 23,050
2021	22,766
2022	1,793
2023	0
2024	0
Total future minimum lease payments, undiscounted	47,609
Less: Imputed interest	(480)
Present value of future minimum lease payments	$ 47,129