Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Apr. 06, 2017 | Jun. 30, 2016 | |
Document And Entity Information | |||
Entity Registrant Name | Vitaxel Group Ltd | ||
Entity Central Index Key | 1,623,590 | ||
Document Type | 10-K | ||
Trading Symbol | VXEL | ||
Document Period End Date | Dec. 31, 2016 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Entity a Well-known Seasoned Issuer | No | ||
Entity a Voluntary Filer | No | ||
Entity's Reporting Status Current | Yes | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Public Float | $ 117,417,351 | ||
Entity Common Stock, Shares Outstanding | 5,408,754,000 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2,016 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 105,432 | $ 303,794 |
Accounts receivable | 1,944 | |
Prepayment | 5,070 | 12,308 |
Amount due from related companies | 27,082 | |
Due from director | 5,427 | |
Inventories | 53,913 | 9,870 |
Other receivables and other assets | 21,978 | 53,324 |
Total Current Assets | 220,846 | 379,296 |
NON-CURRENT ASSETS | ||
Investment in associated companies | ||
Property, plant and equipment, net | 194,669 | 104,857 |
Total Non-Current Assets | 194,669 | 104,857 |
TOTAL ASSETS | 415,515 | 484,153 |
CURRENT LIABILITIES | ||
Amounts due to related companies | 632,239 | 233,100 |
Amounts due to an associated company | 279,219 | |
Commission payables | 115,915 | 537,655 |
Accounts payable | 8,251 | |
Accruals and other payables | 446,487 | 735,143 |
Tax payable | 17,586 | |
Total Current Liabilities | 1,482,111 | 1,523,484 |
NON-CURRENT LIABILITY | ||
Deferred tax liability | ||
TOTAL LIABILITIES | 1,482,111 | 1,523,484 |
STOCKHOLDERS' EQUITY | ||
Common stock par value $0.000001: 99,975,000,000 shares authorized; 5,098,725,000 and 3,999,000,000 shares issued and outstanding, respectively | 5,099 | 3,999 |
Additional paid-in capital | 1,340,504 | 510,448 |
Accumulated deficit | (2,639,138) | (1,733,633) |
Accumulated other comprehensive income | 226,939 | 179,855 |
Total Stockholders' Equity | (1,066,596) | (1,039,331) |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 415,515 | $ 484,153 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (in dollars per share) | $ 0.000001 | $ 0.000001 |
Common stock, authorized | 99,975,000,000 | 99,975,000,000 |
Common stock, issued | 5,098,725,000 | 3,999,000,000 |
Common stock, outstanding | 5,098,725,000 | 3,999,000,000 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE LOSS - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Income Statement [Abstract] | ||
REVENUE | $ 1,865,789 | $ 2,780,021 |
COST OF REVENUE | (1,226,851) | (2,686,232) |
GROSS PROFIT | 638,938 | 93,789 |
OPERATING EXPENSES | ||
Selling expense | (2,152) | (6,319) |
General and administrative expenses | (1,663,937) | (773,501) |
Total Operating Expenses | (1,666,089) | (779,820) |
LOSS FROM OPERATIONS | (1,027,151) | (686,031) |
OTHER INCOME/(EXPENSE), NET | ||
Other Income | 189,501 | |
Other Expense | (42,139) | (39,881) |
Share of loss in an associated company | (25,716) | |
Total Other Income / (Expense), net | 121,646 | (39,881) |
NET LOSS BEFORE TAXES | (905,505) | (725,912) |
Income tax expense | ||
Net loss | (905,505) | (725,912) |
OTHER COMPREHENSIVE (LOSS)/INCOME | ||
Foreign currency translation adjustment | 47,084 | 156,772 |
TOTAL COMPREHENSIVE (LOSS) | $ (858,421) | $ (569,140) |
Weighted average number of common shares outstanding - basic and diluted | 4,936,470,492 | 3,999,000,000 |
Net loss per share - basic and diluted | $ 0 | $ 0 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) | Common Stock | Additional Paid-In Capital | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss) | Total |
Balance, at beginning at Dec. 31, 2014 | $ (1,007,721) | $ 23,083 | $ (984,638) | ||
Balance, at beginning (in shares) at Dec. 31, 2014 | |||||
Issuance of shares | $ 3,999 | 510,448 | 514,447 | ||
Issuance of shares (in shares) | 3,999,000,000 | ||||
Net loss | (725,912) | (725,912) | |||
Foreign currency translation adjustment | 156,772 | 156,772 | |||
Balance, at end at Dec. 31, 2015 | $ 3,999 | 510,448 | (1,733,633) | 179,855 | $ (1,039,331) |
Balance, at end (in shares) at Dec. 31, 2015 | 3,999,000,000 | 3,999,000,000 | |||
Reverse merger recapitalization | $ 1,100 | (1,100) | |||
Reverse merger recapitalization (in shares) | 1,099,725,000 | ||||
Cancellation Debt | 831,156 | 831,156 | |||
Net loss | (905,505) | (905,505) | |||
Foreign currency translation adjustment | 47,084 | 47,084 | |||
Balance, at end at Dec. 31, 2016 | $ 5,099 | $ 1,340,504 | $ (2,639,138) | $ 226,939 | $ (1,066,596) |
Balance, at end (in shares) at Dec. 31, 2016 | 5,098,725,000 | 5,098,725,000 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss | $ (905,505) | $ (725,912) |
Adjustments to reconcile net loss to cash used in operating activities: | ||
Depreciation - property, plant and equipment | 19,165 | 4,962 |
Accounts receivable | (1,944) | |
Prepayment | 7,238 | (12,308) |
Other receivables and other assets | 25,478 | (23,948) |
Inventories | (44,043) | 1,176 |
Advance from related parties | (27,082) | |
Trade creditor | 8,251 | |
Amount due to related parties | 831,156 | 233,100 |
Due from director | 441 | |
Commission payables | (421,740) | 537,655 |
Other payables and accrued expenses | (288,656) | 743,151 |
Tax payable | (17,586) | |
Net cash (used in) generated from operating activities | (814,827) | 757,876 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchase of property, plant and equipment | (108,977) | (84,595) |
Net cash used in investing activities | (108,977) | (84,595) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Capital contribution by shareholders | 23,288 | |
Proceeds from directors | ||
Proceeds from/(Repayments to) stockholders | (578,771) | |
Proceeds from related parties | 678,358 | |
Net cash provided by (used in) financing activities | 678,358 | (555,483) |
EFFECT OF EXCHANGE RATES ON CASH | 47,084 | 156,772 |
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | (198,362) | 274,570 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | 303,794 | 29,224 |
CASH AND CASH EQUIVALENTS AT END OF YEAR | 105,432 | 303,794 |
SUPPLEMENTAL OF CASH FLOW INFORMATION | ||
Cash paid for interest expenses | ||
Cash paid for income tax |
ORGANIZATION AND BUSINESS
ORGANIZATION AND BUSINESS | 12 Months Ended |
Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION AND BUSINESS | 1. ORGANIZATION AND BUSINESS Vitaxel Group Limited (formerly Albero, Corp., the “Company”), incorporated in Nevada, is engaged in direct selling industry and online shopping platform primarily through its operating entities in Malaysia. Vitaxel SDN BHD ("Vitaxel"), was incorporated in Malaysia on August 10, 2012. The Company is primarily engaged in the direct selling industry utilizing a multi-level marketing model with an emphasis on travel, entertainment and lifestyle products and services. Vitaxel Online Mall SDN BHD ("Vionmall"), was incorporated in Malaysia on September 22, 2015. The Company is primarily in developing online shopping platforms geared to Vitaxel and its members and the third-party suppliers of products and services. Vitaxel Singapore PTE. Ltd. (“Vitaxel Singapore”) was incorporated in Singapore on February 16, 2016. REVERSE ACQUISITION On January 18, 2016, the Company completed and closed a share exchange (the “Share Exchange”) under a Share Exchange Agreement (the “Share Exchange Agreement”) of the same date among us, Vitaxel SDN BHD, a Malaysian corporation (“Vitaxel”), the shareholders of Vitaxel, Vitaxel Online Mall SDN BHD, a Malaysian corporation (“Vionmall”) and the shareholders of Vionmall pursuant to which Vitaxel and Vionmall each became wholly owned subsidiaries of ours. In the Share Exchange, all of the outstanding shares of Vitaxel and Vionmall were converted into shares of our Common Stock. In connection with the Share Exchange and pursuant to the Split-Off Agreement, we transferred our pre-Share Exchange assets and liabilities of our former horse breeding business to our pre-Share Exchange majority stockholder, in exchange for the surrender by him and cancellation of 3,000,000 shares of our Common Stock. As a result of the Share Exchange and Split-Off, we discontinued our pre-Share Exchange business and acquired the businesses of Vitaxel and Vionmall, and will continue the existing business operations of Vitaxel and Vionmall as a publicly-traded company under the name Vitaxel Group Limited. In accordance with “reverse acquisition” accounting treatment, our historical financial statements as of period ends, and for periods ended, prior to the acquisition will be replaced with the historical financial statements of Vitaxel and Vionmall prior to the Share Exchange in all future filings with the SEC. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of presentation The accompanying consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). This basis of accounting involves the application of accrual accounting and consequently, revenues and gains are recognized when earned, and expenses and losses are recognized when incurred. The Company’s financial statements are expressed in U.S. dollars. Fiscal year end is December 31. Use of estimates The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect certain reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. Foreign currency translation and transactions The functional currency of the Company is the Malaysian Ringgit (“MYR”) and reporting currency of the Company is United States Dollar “USD”). The financial statements of the Company are translated into USD using the exchange rate as of the balance sheet date for assets and liabilities and average exchange rate for the year for income and expense items. Translation gains and losses are recorded in accumulated other comprehensive income or loss as a component of shareholders' equity. Cash and cash equivalents Cash and cash equivalents consist of cash on hand and highly liquid investments, which are unrestricted from withdrawal or use, and which have original maturities of three months or less when purchased. Accounts receivable Accounts receivable are recognized and carried at original invoiced amount less an allowance for any potential uncollectible amounts. An estimate for doubtful debts is made when collection of the full amount is no longer probable. Bad debts are written off as incurred. The Company generally does not require collateral from its customers. For the year ended December 31, 2016 and 2015, the Company did not write off any accounts receivable as bad debts. Fair value of financial instruments FASB ASC 820, “Fair Value Measurement,” specifies a hierarchy of valuation techniques based upon whether the inputs to those valuation techniques reflect assumptions other market participants would use based upon market data obtained from independent sources (observable inputs). In accordance with ASC 820, the following summarizes the fair value hierarchy: Level 1 Inputs – Unadjusted quoted market prices for identical assets and liabilities in an active market that the Company has the ability to access. Level 2 Inputs – Inputs other than the quoted prices in active markets that are observable either directly or indirectly. Level 3 Inputs – Inputs based on prices or valuation techniques that are both unobservable and significant to the overall fair value measurements. ASC 820 requires the use of observable market data, when available, in making fair value measurements. When inputs used to measure fair value fall within different levels of the hierarchy, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurements. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs. As of December 31, 2016 and 2015, none of the Company’s assets and liabilities was required to be reported at fair value on a recurring basis. Carrying values of non-derivative financial instruments, including cash, accounts receivables, payables and accrued liabilities, approximate their fair values due to the short-term nature of these financial instruments. There were no changes in methods or assumptions during the periods presented. Inventories Inventories are stated at lower of cost or market, with cost determined on a weighted-average method, and not to exceed net realizable value. The Company writes down its inventory balances for obsolete amounts estimated on an individual basis for the finished goods and the raw material items with large amounts, and by a category basis for low value raw material items. Long-term investment On April 20, 2016, the Company invested 959,800 Thai Baht or $27,539 to Vitaxel Corporation Thailand Co., Ltd., a company registered in Thailand, and hold 47.99% shares of it. The long-term investment is accounted using in equity method. Property, plant and equipment, net Property, plant and equipment are carried at cost less accumulated depreciation. Depreciation is calculated on a straight-line basis over the following estimated useful lives: Office equipment 10 years Computer equipment 10 years Furniture and fixtures 10 years Electrical & fitting 10 years Motor vehicle 10 years Software and website 10 years Leasehold improvement 10 years Revenue recognition Product sales − The Company generally recognizes revenue upon delivery and when both the title and risk and rewards pass to the independent members or purchasers of the products. Product sales are recognized net of product returns, discounts and taxes. A reserve for product returns is accrued based on historical experience. There was no deferred revenue accrued as of December 31, 2016 and 2015. Membership fee − The Company recognizes the membership fee revenue over the term of the membership, which is 12 months. The revenue will not be recognized until the 10 days cooling-off period is expired. For the year ended December 31, 2016 and 2015, all membership fees were waived by the Company for promotion purpose. Loyalty program The Company operates loyalty program which allows customer to accumulate redemption points when they purchase products from the Company. The redemption points can be used to purchase a selection of products at discounted price or redeem products. The Company allocates consideration received from the sale of goods to the goods sold and the redemption points issued that are expected to be redeemed. The consideration allocated to the redemptions points issued is measured at fair value of the redemption points. It is recognized as a liability (deferred revenue) in the statement of financial position and recognized as revenue when the points are redeemed, have expired or are no longer expected to be redeemed. The amount of revenue recognized is based on the number of points that have been redeemed, relative to the number expected to redeem. Commission expense Commission expense incurred by the Company is recognized as cost of revenue and as a liability (commission payable in the consolidated balance sheet. Commission expense is not recoverable once recognized and is expensed as incurred Income taxes Current income taxes are provided for in accordance with the laws of the relevant tax authorities. Deferred income taxes are recognized when temporary differences exist between the tax bases of assets and liabilities and their reported amounts in the combined financial statements.Net operating loss carry forwards and credits are applied using enacted statutory tax rates applicable to future years. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more-likely-than-not that a portion of or all of the deferred tax assets will not be realized. The components of the deferred tax assets and liabilities are individually classified as current and non-current based on their characteristics. The impact of an uncertain income tax position on the income tax return is recognized at the largest amount that is more-likely-than-not to be sustained upon audit by the relevant tax authority. An uncertain income tax position will not be recognized if it has less than a 50% likelihood of being sustained. Interest and penalties on income taxes are classified as a component of the provisions for income taxes. The Company did not recognize any income tax due to uncertain tax positions or incur any interest and penalties related to potential underpaid income tax expense as of December 31, 2016 and 2015. Forward Stock split On January 27, 2016, our Board of Directors declared a 1333-for-1 forward stock split of our outstanding common stock, par value $0.000001 per share in the form of a dividend (the “Stock Split”) with a record date of February 8, 2016 (the “Record Date”). On February 22, 2016, Financial Industry Regulatory Authority, Inc. (“FINRA”) notified us of its announcement of the payment date of the Stock Split as February 23, 2016 (the “Payment Date”). On the Payment Date, as a result of the Stock split, each holder of our common stock as of the Record Date received 1332 additional shares of our common stock for each one share owned, rounded up to the nearest whole share. All common stock share amounts referenced in this Annual Report give retroactive effect to the Stock Split. Comprehensive loss Comprehensive loss includes net loss and cumulative foreign currency translation adjustments and is reported in the Combined Statement of Comprehensive Loss. Loss per share The loss per share is computed using the weighted average number of shares outstanding during the fiscal years. For the year ended December 31, 2016 and 2015, there was no dilutive effect due to net loss. Recently issued accounting pronouncements Financial instrument: Leases: Statement of Cash Flows: Company believes that there were no other accounting standards recently issued that had or are expected to have a material impact on our financial position or results of operations. |
GOING CONCERN
GOING CONCERN | 12 Months Ended |
Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
GOING CONCERN | 3. GOING CONCERN These consolidated financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and the discharge of liabilities in the normal course of business for the foreseeable future. For the year ended December 31, 2016, the Company reported a net loss of $905,505 and working capital deficit of $1,261,265. The Company had an accumulated deficit of $2,639,138 as of December 31, 2016 due to the fact that the Company incurred losses during the year ended December 31, 2016. The ability to continue as a going concern is dependent upon the Company generating profitable operations in the future and/or obtaining the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they become due. These combined financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. The Company expects to finance operations primarily through cash flow from revenue and capital contributions from principal shareholders. In the event that we require additional funding to finance the growth of the Company’s current and expected future operations as well as to achieve our strategic objectives, our principal shareholders have indicated the intent and ability to provide additional equity financing. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. The Company’s continuation as a going concern is dependent on our ability to meet obligations as they become due and to obtain additional equity or alternative financing required to fund operations until sufficient sources of recurring revenues can be generated. There can be no assurance that the Company will be successful in its plans described above or in attracting equity or alternative financing on acceptable terms, or if at all. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. |
OTHER RECEIVABLES AND OTHER ASS
OTHER RECEIVABLES AND OTHER ASSETS | 12 Months Ended |
Dec. 31, 2016 | |
Other Receivables And Other Assets | |
OTHER RECEIVABLES AND OTHER ASSETS | 4. OTHER RECEIVABLES AND OTHER ASSETS Other receivables and other assets consist of the following: As of December 31, 2016 As of December 31, 2015 Deposits (1) $ 19,497 $ 45,830 Others (2) 2,481 7,494 $ 21,978 $ 53,324 (1) Deposits represented payments for rental and utilities. (2) Others mainly consists other miscellaneous payments. |
LONG-TERM INVESTMENT
LONG-TERM INVESTMENT | 12 Months Ended |
Dec. 31, 2016 | |
Equity Method Investments and Joint Ventures [Abstract] | |
LONG-TERM INVESTMENT | 5. LONG-TERM INVESTMENT On April 20, 2016, the Company invested 959,800 Thai Baht or $27,539 to Vitaxel Corp. (Thailand) Ltd., a company registered in Thailand, and hold 47.99% shares of it. The long-term investment is accounted using the equity method. Long-term investment consists of the following: As of December 31, 2016 As of December 31, 2015 Long-term investment – In an associated company $ 27,539 $ - Long-term investment – share of loss in investment in an associated company (25,716 ) - Foreign currency translation adjustment (1,823 ) - $ - $ - |
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment, Net [Abstract] | |
PROPERTY, PLANT AND EQUIPMENT, NET | 6. PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment, net consist of the following: As of December 31, 2016 As of December 31, 2015 Office equipment $ 30,476 $ 19,160 Computer equipment 61,516 29,945 Furniture and fittings 7,131 12,238 Electrical & fitting 337 - Motor vehicle 15,315 - Software and website 7,544 - Renovations 98,167 50,166 220,486 111,509 Less: Accumulated depreciation (25,817 ) (6,652 ) Balance at end of year $ 194,669 $ 104,857 Depreciation expenses charged to the statements of operations for the year ended December 31, 2016 and 2015 were $19,165 and $4,962 respectively. |
ACCRUALS AND OTHER PAYABLES
ACCRUALS AND OTHER PAYABLES | 12 Months Ended |
Dec. 31, 2016 | |
Payables and Accruals [Abstract] | |
ACCRUALS AND OTHER PAYABLES | 7. ACCRUALS AND OTHER PAYABLES Accruals and other payables consist of the following: As of December 31, 2016 As of December 31, 2015 Provisions and accruals $ 21,243 $ 594,492 Others 425,244 140,651 Balance at end of year $ 446,487 $ 735,143 |
INCOME TAX
INCOME TAX | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure Text Block [Abstract] | |
INCOME TAX | 8. INCOME TAX Provision for income taxes consisted of the following: For the year ended December 31, 2016 December 31, 2015 Current: Provision for Malaysian income tax $ - $ - Provision for Singaporean income tax Provision for U.S. income tax - - Deferred: Provision for Malaysian income tax - - Provision for Singaporean income tax - - Provision for U.S. income tax - - $ - $ - Malaysia The Company’s two main operating subsidiaries, Vitaxel SDN BHD and Vitaxel Online Mall SDN BHD are companies incorporated in Malaysia. They recorded a loss before income tax of $680,391 and $725,912 for the year ended December 31, 2016 and 2015 respectively. A reconciliation of the provision for income taxes with amounts determined by applying the Malaysian income tax rate of 24% and 25% for the years ended December 31, 2016 and 2015, respectively, to income before income taxes is as follows: For the year ended December 31, 2016 December 31, 2015 Profit (loss) before income tax $ (680,391 ) $ (725,912 ) Permanent difference 680,391 725,912 Taxable income $ - $ - Malaysian income tax rate 24 % 25 % Current tax expenses $ - $ - Less: Valuation allowance - Income tax expenses $ - $ - United States of America Vitaxel Group Limited is a company incorporated in State of Nevada and recorded a loss before income tax of $225,114 and nil for the year ended December 31, 2016 and 2015 respectively. A reconciliation of the provision for income taxes with amounts determined by applying the United States Federal income tax rate of 34% for the years ended December 31, 2016 and 2015, respectively, to income before income taxes is as follows: For the year ended December 31, 2016 December 31, 2015 Profit (loss) before income tax $ (225,114 ) $ - Permanent difference 225,114 - Taxable income $ - $ - Malaysian income tax rate 34 % 34 % Current tax expenses $ - $ - Less: Valuation allowance - Income tax expenses $ - $ - Singapore Vitaxel Singapore PTE. Ltd. is a company incorporated in Singapore and is subject to a statutory income tax rate of 8.5% on corporate profits up to SGD300,000 and 17% above SGD300,000. No provision for income tax is required due to the company not having any income or losses for the years ended December 31, 2016 and 2015. No deferred tax has been provided as there are no material temporary differences arising during the year ended December 31, 2016 and 2015. |
AMOUNT DUE FROM AN ASSOCIATE CO
AMOUNT DUE FROM AN ASSOCIATE COMPANY | 12 Months Ended |
Dec. 31, 2016 | |
Related Party Transactions [Abstract] | |
AMOUNT DUE FROM AN ASSOCIATE COMPANY | 9. AMOUNTS DUE TO AN ASSOCIATED COMPANY As of December 31, 2016 As of December 31, 2015 Amounts due to an associated company Vitaxel Corp.(Thailand) Ltd. $ 279,219 $ - |
RELATED PARTIES TRANSCTIONS
RELATED PARTIES TRANSCTIONS | 12 Months Ended |
Dec. 31, 2016 | |
Related Party Transactions [Abstract] | |
RELATED PARTIES TRANSCTIONS | 10. RELATED PARTY TRANSACTIONS As of December 31, 2016 and 2015, the amount of due from a related party, Beedo SDN BHD, was $22,399 and nil respectively. Beedo SDN BHD was a subsidiary of related company Ho Wah Genting Group SDN BHD from June 25, 2015 to August 12, 2016. As of December 31, 2016 and 2015, the amount of due from director, LIM WEE KIAT, was $1,482 and $5,638 respectively. These amounts were unsecured, interest-free and repayable on demand. As of December 31, 2016 and 2015, the amount due from Leong Yee Ming was $3,945 and $230, respectively. These amounts were unsecured, interest-free and repayable on demand. As of December 31, 2016 and 2015, the amount of due to a related party, Ho Wah Genting Group Sdn Bhd, was $607,918 and $233,100 respectively. The President of the Company, Dato’ Lim Hui Boon, is also the Group President of Ho Wah Genting Sdn Bhd. The amount due to Ho Wah Genting Holiday Sdn Bhd was $8,807 as of December 31, 2016 and $nil as of December 31, 2015. A former director of the Company, Lim Chun Hoo, is also a director of Ho Wah Genting Holiday Sdn Bhd. On March 31, 2017, Lim Chun Hoo resigned from the Company. The amount due to Genting Highlands Taxi Services SDN BHD was $16,234 and $nil respectively as of December 31, 2016 and 2015. A director of the Company, Lim Wee Kiat, is also a director of Genting Highlands Taxi Services SDN BHD. The amount due to the Company’s associated company, Vitaxel Corp. (Thailand) Ltd., was $279,219 as of December 31, 2016 and $nil as of December 31, 2015. The Company recognized an expense of $110,439 and $nil pertaining for event, traveling and accommodation expenses during the year ended December 31, 2016 and 2015, respectively, which was charged to its related company, Ho Wah Genting Holiday Sdn. Bhd. The Company recognized an expense of $20,304 and $nil pertaining to rent during the year ended December 31, 2016 and 2015, respectively, which was paid to its affiliate, Ho Wah Genting Berhad. The operating lease commitment to Ho Wah Genting Berhad as of December 31, 2016 was $40,607. The Company purchased a motor vehicle of $16,601 and $nil pertaining to the year ended December 31, 2016 and 2015, respectively, which was charged by its related company, Genting Highlands Taxi Services Sdn. Bhd. The Company recognized an expense of $74,882 and $nil pertaining for website maintenance expense during the year ended December 31, 2016 and 2015, respectively, which was charged by its related company, Beedo Sdn. Bhd. The Company recognized an income of $172,348 and $nil pertaining for royalties during the year ended December 31, 2016 and 2015 which was paid by its associated company, Vitaxel Corp. (Thailand) Limited. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | 11. COMMITMENTS AND CONTIGENCIES Capital Commitments As of December 31, 2016 and 2015, Company has no capital commitments. Operation Commitments The total future minimum lease payments under the non-cancellable operating lease with respect to the office and the dormitory, as well as hardware trading platform as of December 31, 2016 are payable as follows: Year ending December 31, 2017 85,172 Year ending December 31, 2018 24,618 Total $ 109,790 Rental expense of the Company was $115,826 and $6,445 for the years ended December 31, 2016 and 2015, respectively. |
EARNINGS (LOSS) PER SHARE
EARNINGS (LOSS) PER SHARE | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
EARNINGS (LOSS) PER SHARE | 12. EARNINGS (LOSS) PER SHARE The Company has adopted ASC Topic No. 260, “Earnings Per Share,” The following table sets forth the computation of basic and diluted earnings per share: For the years ended December 31, 2016 December 31, 2015 Net loss applicable to common shares $ (905,505 ) $ (725,912 ) Weighted average common shares outstanding (Basic) 4,936,470,492 3,999,000,000 Weighted average common shares outstanding (Diluted) 4,936,470,492 3,999,000,000 $ (0.00 ) $ (0.00 ) The Company has no potentially dilutive securities, such as options or warrants, currently issued and outstanding. |
SUBSEQUENT EVENT
SUBSEQUENT EVENT | 12 Months Ended |
Dec. 31, 2016 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENT | 13. SUBSEQUENT EVENT The company has evaluated the period after the balance sheet date through the day that the financial statements were issued, and determined that there were no subsequent events or transactions that required recognition or disclosure in the financial statements except the following: On January 15, 2017, the Company was notified by Mr. Lee Wei Boon, a director and named executive officer, that he was resigning as a director and as Chief Financial Officer and Treasurer of the Company, with such resignations being effective on January 15, 2017. On March 31, 2017, Mr. Lim Chun Hoo notified the Company that he was resigning from the Board of Directors of the Company (“Board”), effective immediately. Lim Chun Hoo’s resignation was not due to any matter related to the Company’s operations, policies or practices, his experiences while serving on the Board or any disagreement with the Board or management team. On April 3, 2017, we appointed Ng Kar Woh (“Mr. Ng”), age 37, to serve as the Chief Financial Officer of Vitaxel Group Limited (“Vitaxel” or the “Company”). |
SUMMARY OF SIGNIFICANT ACCOUN20
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Basis of presentation | Basis of presentation The accompanying consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). This basis of accounting involves the application of accrual accounting and consequently, revenues and gains are recognized when earned, and expenses and losses are recognized when incurred. The Company’s financial statements are expressed in U.S. dollars. Fiscal year end is December 31. |
Use of estimates | Use of estimates The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect certain reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. |
Foreign currency translation and transactions | Foreign currency translation and transactions The functional currency of the Company is the Malaysian Ringgit (“MYR”) and reporting currency of the Company is United States Dollar “USD”). The financial statements of the Company are translated into USD using the exchange rate as of the balance sheet date for assets and liabilities and average exchange rate for the year for income and expense items. Translation gains and losses are recorded in accumulated other comprehensive income or loss as a component of shareholders' equity. |
Cash and cash equivalents | Cash and cash equivalents Cash and cash equivalents consist of cash on hand and highly liquid investments, which are unrestricted from withdrawal or use, and which have original maturities of three months or less when purchased. |
Accounts receivable | Accounts receivable Accounts receivable are recognized and carried at original invoiced amount less an allowance for any potential uncollectible amounts. An estimate for doubtful debts is made when collection of the full amount is no longer probable. Bad debts are written off as incurred. The Company generally does not require collateral from its customers. For the year ended December 31, 2016 and 2015, the Company did not write off any accounts receivable as bad debts. |
Fair value of financial instruments | Fair value of financial instruments FASB ASC 820, “Fair Value Measurement,” specifies a hierarchy of valuation techniques based upon whether the inputs to those valuation techniques reflect assumptions other market participants would use based upon market data obtained from independent sources (observable inputs). In accordance with ASC 820, the following summarizes the fair value hierarchy: Level 1 Inputs – Unadjusted quoted market prices for identical assets and liabilities in an active market that the Company has the ability to access. Level 2 Inputs – Inputs other than the quoted prices in active markets that are observable either directly or indirectly. Level 3 Inputs – Inputs based on prices or valuation techniques that are both unobservable and significant to the overall fair value measurements. ASC 820 requires the use of observable market data, when available, in making fair value measurements. When inputs used to measure fair value fall within different levels of the hierarchy, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurements. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs. As of December 31, 2016 and 2015, none of the Company’s assets and liabilities was required to be reported at fair value on a recurring basis. Carrying values of non-derivative financial instruments, including cash, accounts receivables, payables and accrued liabilities, approximate their fair values due to the short-term nature of these financial instruments. There were no changes in methods or assumptions during the periods presented. |
Inventories | Inventories Inventories are stated at lower of cost or market, with cost determined on a weighted-average method, and not to exceed net realizable value. The Company writes down its inventory balances for obsolete amounts estimated on an individual basis for the finished goods and the raw material items with large amounts, and by a category basis for low value raw material items. |
Long-term investment | Long-term investment On April 20, 2016, the Company invested 959,800 Thai Baht or $27,539 to Vitaxel Corporation Thailand Co., Ltd., a company registered in Thailand, and hold 47.99% shares of it. The long-term investment is accounted using in equity method. |
Property, plant and equipment, net | Property, plant and equipment, net Property, plant and equipment are carried at cost less accumulated depreciation. Depreciation is calculated on a straight-line basis over the following estimated useful lives: Office equipment 10 years Computer equipment 10 years Furniture and fixtures 10 years Electrical & fitting 10 years Motor vehicle 10 years Software and website 10 years Leasehold improvement 10 years |
Revenue recognition | Revenue recognition Product sales − The Company generally recognizes revenue upon delivery and when both the title and risk and rewards pass to the independent members or purchasers of the products. Product sales are recognized net of product returns, discounts and taxes. A reserve for product returns is accrued based on historical experience. There was no deferred revenue accrued as of December 31, 2016 and 2015. Membership fee − The Company recognizes the membership fee revenue over the term of the membership, which is 12 months. The revenue will not be recognized until the 10 days cooling-off period is expired. For the year ended December 31, 2016 and 2015, all membership fees were waived by the Company for promotion purpose. |
Loyalty program | Loyalty program The Company operates loyalty program which allows customer to accumulate redemption points when they purchase products from the Company. The redemption points can be used to purchase a selection of products at discounted price or redeem products. The Company allocates consideration received from the sale of goods to the goods sold and the redemption points issued that are expected to be redeemed. The consideration allocated to the redemptions points issued is measured at fair value of the redemption points. It is recognized as a liability (deferred revenue) in the statement of financial position and recognized as revenue when the points are redeemed, have expired or are no longer expected to be redeemed. The amount of revenue recognized is based on the number of points that have been redeemed, relative to the number expected to redeem. |
Commission expense | Commission expense Commission expense incurred by the Company is recognized as cost of revenue and as a liability (commission payable in the consolidated balance sheet. Commission expense is not recoverable once recognized and is expensed as incurred |
Income taxes | Income taxes Current income taxes are provided for in accordance with the laws of the relevant tax authorities. Deferred income taxes are recognized when temporary differences exist between the tax bases of assets and liabilities and their reported amounts in the combined financial statements.Net operating loss carry forwards and credits are applied using enacted statutory tax rates applicable to future years. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more-likely-than-not that a portion of or all of the deferred tax assets will not be realized. The components of the deferred tax assets and liabilities are individually classified as current and non-current based on their characteristics. The impact of an uncertain income tax position on the income tax return is recognized at the largest amount that is more-likely-than-not to be sustained upon audit by the relevant tax authority. An uncertain income tax position will not be recognized if it has less than a 50% likelihood of being sustained. Interest and penalties on income taxes are classified as a component of the provisions for income taxes. The Company did not recognize any income tax due to uncertain tax positions or incur any interest and penalties related to potential underpaid income tax expense as of December 31, 2016 and 2015. |
Forward Stock split | Forward Stock split On January 27, 2016, our Board of Directors declared a 1333-for-1 forward stock split of our outstanding common stock, par value $0.000001 per share in the form of a dividend (the “Stock Split”) with a record date of February 8, 2016 (the “Record Date”). On February 22, 2016, Financial Industry Regulatory Authority, Inc. (“FINRA”) notified us of its announcement of the payment date of the Stock Split as February 23, 2016 (the “Payment Date”). On the Payment Date, as a result of the Stock split, each holder of our common stock as of the Record Date received 1332 additional shares of our common stock for each one share owned, rounded up to the nearest whole share. All common stock share amounts referenced in this Annual Report give retroactive effect to the Stock Split. |
Comprehensive loss | Comprehensive loss Comprehensive loss includes net loss and cumulative foreign currency translation adjustments and is reported in the Combined Statement of Comprehensive Loss. |
Loss per share | Loss per share The loss per share is computed using the weighted average number of shares outstanding during the fiscal years. For the year ended December 31, 2016 and 2015, there was no dilutive effect due to net loss. |
Recently issued accounting pronouncements | Recently issued accounting pronouncements Financial instrument: Leases: Statement of Cash Flows: Company believes that there were no other accounting standards recently issued that had or are expected to have a material impact on our financial position or results of operations. |
SUMMARY OF SIGNIFICANT ACCOUN21
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Schedule of property, plant and equipment estimated useful lives | Depreciation is calculated on a straight-line basis over the following estimated useful lives: Office equipment 10 years Computer equipment 10 years Furniture and fixtures 10 years Electrical & fitting 10 years Motor vehicle 10 years Software and website 10 years Leasehold improvement 10 years |
OTHER RECEIVABLES AND OTHER A22
OTHER RECEIVABLES AND OTHER ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Other Receivables And Other Assets | |
Schedule of other receivables and other assets | Other receivables and other assets consist of the following: As of December 31, 2016 As of December 31, 2015 Deposits (1) $ 19,497 $ 45,830 Others (2) 2,481 7,494 $ 21,978 $ 53,324 (1) Deposits represented payments for rental and utilities. (2) Others mainly consists other miscellaneous payments. |
LONG-TERM INVESTMENT (Tables)
LONG-TERM INVESTMENT (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Schedule of long-term investment | Long-term investment consists of the following: As of December 31, 2016 As of December 31, 2015 Long-term investment – In an associated company $ 27,539 $ - Long-term investment – share of loss in investment in an associated company (25,716 ) - Foreign currency translation adjustment (1,823 ) - $ - $ - |
PROPERTY, PLANT AND EQUIPMENT (
PROPERTY, PLANT AND EQUIPMENT (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment, Net [Abstract] | |
Schedule of property, plant and equipment, net | Property, plant and equipment, net consist of the following: As of December 31, 2016 As of December 31, 2015 Office equipment $ 30,476 $ 19,160 Computer equipment 61,516 29,945 Furniture and fittings 7,131 12,238 Electrical & fitting 337 - Motor vehicle 15,315 - Software and website 7,544 - Renovations 98,167 50,166 220,486 111,509 Less: Accumulated depreciation (25,817 ) (6,652 ) Balance at end of year $ 194,669 $ 104,857 |
ACCRUALS AND OTHER PAYABLES (Ta
ACCRUALS AND OTHER PAYABLES (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Payables and Accruals [Abstract] | |
Schedule of accruals and other payables | Accruals and other payables consist of the following: As of December 31, 2016 As of December 31, 2015 Provisions and accruals $ 21,243 $ 594,492 Others 425,244 140,651 Balance at end of year $ 446,487 $ 735,143 |
INCOME TAX (Tables)
INCOME TAX (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure Text Block [Abstract] | |
Provision for income taxes | Provision for income taxes consisted of the following: For the year ended December 31, 2016 December 31, 2015 Current: Provision for Malaysian income tax $ - $ - Provision for Singaporean income tax Provision for U.S. income tax - - Deferred: Provision for Malaysian income tax - - Provision for Singaporean income tax - - Provision for U.S. income tax - - $ - $ - |
Schedule of Income before Income Tax | A reconciliation of the provision for income taxes with amounts determined by applying the Malaysian income tax rate of 24% and 25% for the years ended December 31, 2016 and 2015, respectively, to income before income taxes is as follows: For the year ended December 31, 2016 December 31, 2015 Profit (loss) before income tax $ (680,391 ) $ (725,912 ) Permanent difference 680,391 725,912 Taxable income $ - $ - Malaysian income tax rate 24 % 25 % Current tax expenses $ - $ - Less: Valuation allowance - Income tax expenses $ - $ - A reconciliation of the provision for income taxes with amounts determined by applying the United States Federal income tax rate of 34% for the years ended December 31, 2016 and 2015, respectively, to income before income taxes is as follows: For the year ended December 31, 2016 December 31, 2015 Profit (loss) before income tax $ (225,114 ) $ - Permanent difference 225,114 - Taxable income $ - $ - Malaysian income tax rate 34 % 34 % Current tax expenses $ - $ - Less: Valuation allowance - Income tax expenses $ - $ - |
AMOUNT DUE FROM AN ASSOCIATE 27
AMOUNT DUE FROM AN ASSOCIATE COMPANY (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Amount Due From Associate Company Tables | |
Schedule of amount due from an associate company | As of December 31, 2016 As of December 31, 2015 Amounts due to an associated company Vitaxel Corp.(Thailand) Ltd. $ 279,219 $ - |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of future minimum lease payments under the non-cancellable operating lease | The total future minimum lease payments under the non-cancellable operating lease with respect to the office and the dormitory, as well as hardware trading platform as of December 31, 2016 are payable as follows: Year ending December 31, 2017 85,172 Year ending December 31, 2018 24,618 Total $ 109,790 |
EARNINGS (LOSS) PER SHARE (Tabl
EARNINGS (LOSS) PER SHARE (Table) | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following table sets forth the computation of basic and diluted earnings per share: For the years ended December 31, 2016 December 31, 2015 Net loss applicable to common shares $ (905,505 ) $ (725,912 ) Weighted average common shares outstanding (Basic) 4,936,470,492 3,999,000,000 Weighted average common shares outstanding (Diluted) 4,936,470,492 3,999,000,000 $ (0.00 ) $ (0.00 ) |
ORGANIZATION AND BUSINESS (Deta
ORGANIZATION AND BUSINESS (Details Narrative) | Jan. 18, 2016shares |
Share Exchange & Split-Off Agreement [Member] | |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |
Number of shares surrender and cancellation | 3,000,000 |
SUMMARY OF SIGNIFICANT ACCOUN31
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) | 12 Months Ended |
Dec. 31, 2016 | |
Office Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | P10Y |
Computer Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | P10Y |
Furniture and Fixtures [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | P10Y |
Electrical And Fitting [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | P10Y |
Motor Vehicle [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | P10Y |
Software and Website [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | P10Y |
Leasehold Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | P10Y |
SUMMARY OF SIGNIFICANT ACCOUN32
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | Feb. 23, 2016 | Jan. 27, 2016 | Dec. 31, 2016 | Apr. 20, 2016 | Dec. 31, 2015 |
Description of uncertain income tax position | An uncertain income tax position will not be recognized if it has less than a 50% likelihood of being sustained. | ||||
Description of forward stock split ratio | 1333-for-1 forward stock split | ||||
Common stock, par value (in dollars per share) | $ 0.000001 | $ 0.000001 | $ 0.000001 | ||
Number of shares issued upon forward stock split | 1,332 | ||||
Vitaxel Corp Thailand, Ltd [Member] | |||||
Long-term investment -cost | $ 27,539 | $ 27,539 | |||
Ownership percentage | 47.99% | ||||
Vitaxel Corp Thailand, Ltd [Member] | Thailand, Baht [Member] | |||||
Long-term investment -cost | $ 959,800 |
GOING CONCERN (Details Narrativ
GOING CONCERN (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Net Loss | $ (905,505) | $ (725,912) |
Working capital deficit | (1,261,265) | |
Accumulated deficit | $ 2,639,138 | $ 1,733,633 |
OTHER RECEIVABLES AND OTHER A34
OTHER RECEIVABLES AND OTHER ASSETS (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 | |
Other Receivables And Other Assets | |||
Deposits | [1] | $ 19,497 | $ 45,830 |
Others | [2] | 2,481 | 7,494 |
Total other receivables and other assets | $ 21,978 | $ 53,324 | |
[1] | Deposits represented payments for rental and utilities. | ||
[2] | Others mainly consists other miscellaneous payments. |
LONG-TERM INVESTMENT (Details)
LONG-TERM INVESTMENT (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Apr. 20, 2016 | |
Long-term investment | |||
Vitaxel Corp Thailand, Ltd [Member] | |||
Long-term investment - In an associated company | 27,539 | $ 27,539 | |
Long-term investment - share of loss in investment in an associated company | (25,716) | ||
Foreign currency translation adjustment | (1,823) | ||
Long-term investment |
LONG-TERM INVESTMENT (Details N
LONG-TERM INVESTMENT (Details Narrative) - Vitaxel Corp Thailand, Ltd [Member] - USD ($) | Dec. 31, 2016 | Apr. 20, 2016 | Dec. 31, 2015 |
Long-term investment -cost | $ 27,539 | $ 27,539 | |
Ownership percentage | 47.99% | ||
Thailand, Baht [Member] | |||
Long-term investment -cost | $ 959,800 |
PROPERTY, PLANT AND EQUIPMENT37
PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Property, Plant and Equipment [Line Items] | ||
Balance at beginning of period/year | $ 220,486 | $ 111,509 |
Less: Accumulated depreciation | (25,817) | (6,652) |
Balance at end of period/year | 194,669 | 104,857 |
Office Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Balance at beginning of period/year | 30,476 | 19,160 |
Computer Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Balance at beginning of period/year | 61,516 | 29,945 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Balance at beginning of period/year | 7,131 | 12,238 |
Electrical and Fitting [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Balance at beginning of period/year | 337 | |
Motor Vehicle [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Balance at beginning of period/year | 15,315 | |
Software and Website [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Balance at beginning of period/year | 7,544 | |
Renovations [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Balance at beginning of period/year | $ 98,167 | $ 50,166 |
PROPERTY, PLANT AND EQUIPMENT38
PROPERTY, PLANT AND EQUIPMENT (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Property, Plant and Equipment, Net [Abstract] | ||
Depreciation expenses | $ 19,165 | $ 4,962 |
ACCRUALS AND OTHER PAYABLES (De
ACCRUALS AND OTHER PAYABLES (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Payables and Accruals [Abstract] | ||
Provisions and accruals | $ 21,243 | $ 594,492 |
Others | 425,244 | 140,651 |
Balance at end of year | $ 446,487 | $ 735,143 |
INCOME TAX (Details)
INCOME TAX (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Current: | ||
Provision for income tax | ||
Deferred: | ||
Provision for income tax | ||
Total Provision for income taxes | ||
Malaysia [Member] | ||
Current: | ||
Provision for income tax | ||
Deferred: | ||
Provision for income tax | ||
Total Provision for income taxes | ||
Singaporean [Member] | ||
Current: | ||
Provision for income tax | ||
Deferred: | ||
Provision for income tax |
INCOME TAX (Details 2)
INCOME TAX (Details 2) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Profit (loss) before income tax | $ (905,505) | $ (725,912) |
Taxable income | ||
Current tax expenses | ||
Income tax expenses | ||
Malaysia [Member] | ||
Profit (loss) before income tax | 680,391 | 725,912 |
Permanent difference | 680,391 | 725,912 |
Taxable income | ||
Malaysian income tax rate | 24.00% | 25.00% |
Current tax expenses | ||
Less: Valuation allowance | ||
Income tax expenses | ||
United States of America [Member] | ||
Profit (loss) before income tax | 225,114 | |
Permanent difference | 225,114 | |
Taxable income | ||
Malaysian income tax rate | 34.00% | 34.00% |
Current tax expenses | ||
Less: Valuation allowance | ||
Income tax expenses |
INCOME TAX (Details Narrative)
INCOME TAX (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Loss before income tax | $ (905,505) | $ (725,912) |
Malaysia [Member] | ||
Loss before income tax | $ 680,391 | $ 725,912 |
Malaysian income tax rate | 24.00% | 25.00% |
United States of America [Member] | ||
Loss before income tax | $ 225,114 | |
Malaysian income tax rate | 34.00% | 34.00% |
Singaporean [Member] | ||
Statutory income tax rate | 0.85% |
AMOUNT DUE FROM AN ASSOCIATE 43
AMOUNT DUE FROM AN ASSOCIATE COMPANY (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Amount due to an associate company | $ 27,082 | |
Vitaxel Corp Thailand, Ltd [Member] | ||
Amount due to an associate company | $ 279,219 |
RELATED PARTIES TRANSCTIONS (De
RELATED PARTIES TRANSCTIONS (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Related Party Transaction [Line Items] | ||
Due to a related party | $ 632,239 | $ 233,100 |
Rent expenses | 115,826 | 6,445 |
Motor vehicle purchased | 108,977 | 84,595 |
Vitaxel Corporation Corp (Thailand) [Member] | ||
Related Party Transaction [Line Items] | ||
Royalties | 172,348 | 0 |
Vitaxel Corp Thailand, Ltd [Member] | ||
Related Party Transaction [Line Items] | ||
Due to a related party | 279,219 | 279,219 |
Ho Wah Genting Holiday Sdn. Bhd [Member] | ||
Related Party Transaction [Line Items] | ||
Due to a related party | 8,807 | 8,807 |
Traveling and accommodation expenses | 110,439 | |
Ho Wah Genting Berhad [Member] | ||
Related Party Transaction [Line Items] | ||
Rent expenses | 20,304 | |
Operating lease commitment | 40,607 | |
Genting Highlands Taxi Services SDN BHD [Member] | ||
Related Party Transaction [Line Items] | ||
Due to a related party | 16,234 | 16,234 |
Motor vehicle purchased | 16,601 | |
Beedo Sdn. Bhd [Member] | ||
Related Party Transaction [Line Items] | ||
Website maintenance expense | 74,882 | |
Ho Wah Genting Group Sdn Bhd [Member] | ||
Related Party Transaction [Line Items] | ||
Due from related party | 22,399 | 22,399 |
Due to a related party | 607,918 | 233,100 |
LIM WEE KIAT [Member] | ||
Related Party Transaction [Line Items] | ||
Due from related party | 1,482 | 5,638 |
LEONG YEE MING [Member] | ||
Related Party Transaction [Line Items] | ||
Due from related party | $ 3,945 | $ 230 |
COMMITMENTS AND CONTINGENCIES45
COMMITMENTS AND CONTINGENCIES (Details) | Dec. 31, 2016USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Year ending December 31, 2017 | $ 85,172 |
Year ending December 31, 2018 | 24,618 |
Total | $ 109,790 |
COMMITMENTS AND CONTINGENCIES46
COMMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Rental expense | $ 115,826 | $ 6,445 |
EARNINGS (LOSS) PER SHARE (Deta
EARNINGS (LOSS) PER SHARE (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Earnings Per Share [Abstract] | ||
Net loss applicable to common shares | $ (905,505) | $ (725,912) |
Weighted average common shares outstanding (Basic) | 4,936,470,492 | 3,999,000,000 |
Weighted average common shares outstanding (Diluted) | 4,936,470,492 | 3,999,000,000 |
Net loss per share - basic and diluted | $ 0 | $ 0 |
SUBSEQUENT EVENT (Details Narra
SUBSEQUENT EVENT (Details Narrative) - Subsequent Event [Member] | Apr. 03, 2017 | Jan. 15, 2017 | Mar. 31, 2017 |
Director [Member] | |||
Subsequent Event, Description | Mr. Lee Wei Boon | ||
Board of Directors [Member] | |||
Subsequent Event, Description | Mr. Lim Chun Hoo | ||
Chief Financial Officer [Member] | |||
Subsequent Event, Description | Ng Kar Woh |