Fintech Scion (FINR) 10-Q 12 Aug 22 2022 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2022	Aug. 12, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2022
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2022
Current Fiscal Year End Date	--12-31
Entity File Number	000-55685
Entity Registrant Name	HWGC HOLDINGS LIMITED
Entity Central Index Key	0001623590
Entity Tax Identification Number	30-0803939
Entity Incorporation, State or Country Code	NV
Entity Address, Address Line One	Level 2
Entity Address, Address Line Two	31-33
Entity Address, Address Line Three	Jalan Maharajalela
Entity Address, City or Town	Kuala Lumpur
Entity Address, Country	MY
Entity Address, Postal Zip Code	50150
City Area Code	603
Local Phone Number	2143 – 2889
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		5,408,790

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Current assets
Cash and cash equivalents	$ 11,422	$ 37,033
Amount due from related parties	56,758	49,805
Inventories
Other receivables, prepayments and other current assets	16,940	37,333
Total Current Assets	85,120	124,171
Non-current assets
Right-of-use assets	93,484	34,768
Property and equipment, net	17,874	24,048
Total Non-Current Assets	111,358	58,816
TOTAL ASSETS	196,478	182,987
Current liabilities
Amounts due to related parties	4,254,691	4,267,033
Commission payables	119,652	126,315
Accounts payable	817	78
Accruals and other payables	338,583	342,661
Lease obligation	17,682	30,289
Total Current Liabilities	4,731,425	4,766,376
Non-current liabilities
Lease obligation, net of current portion	76,186	2,576
Total Non-Current Liabilities	76,186	2,576
TOTAL LIABILITIES	4,807,611	4,768,952
STOCKHOLDERS’ EQUITY
Preferred stock par value $0.0001: 25,000,000 shares authorized; and 0 outstanding
Common stock par value $0.0001: 400,000,000 shares authorized; 5,409,310 shares issued and outstanding	5,409	5,409
Additional paid-in capital	4,749,798	4,749,798
Accumulated deficit	(9,754,967)	(9,598,819)
Accumulated other comprehensive income	388,627	257,647
Total Stockholders’ Equity	(4,611,133)	(4,585,965)
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 196,478	$ 182,987

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, authorized	25,000,000	25,000,000
Preferred stock, outstanding	0	0
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, authorized	400,000,000	400,000,000
Common stock, issued	5,409,310	5,409,310
Common stock, outstanding	5,409,310	5,409,310

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Statement [Abstract]
REVENUE	$ 308	$ 4,128	$ 325	$ 4,262
COST OF REVENUE	(281)	(4,008)	(292)	(4,106)
GROSS PROFIT	27	120	33	156
OPERATING EXPENSES
Selling expense				(23)
General and administrative expenses	(188,834)	(107,554)	(315,889)	(229,694)
Total operating expenses	(188,834)	(107,554)	(315,889)	(229,717)
LOSS FROM OPERATIONS	(188,807)	(107,434)	(315,856)	(229,561)
OTHER INCOME/(EXPENSE), NET
Other income	158,670	120,000	165,051	240,000
Other expense	(2,659)	(5,228)	(5,343)	(7,171)
Total Other income / (Expense), net	156,011	114,772	159,708	232,829
Net Income / (Loss)	(32,796)	7,338	(156,148)	3,268
OTHER COMPREHENSIVE INCOME / (LOSS)
Foreign currency translation adjustment	101,325	3,639	130,980	140,154
TOTAL COMPREHENSIVE INCOME (LOSS)	$ 68,529	$ 10,977	$ (25,168)	$ 143,422
Weighted average number of common shares outstanding - basic and diluted	54,087,903	54,087,903	54,087,903	54,087,903
Net Income (Loss) per share - basic and diluted	$ 0	$ 0	$ 0	$ 0

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES
Net (loss) / income	$ (156,148)	$ 3,268
Items not involving cash:
Depreciation and amortization of– property and equipment and right-of-use assets	28,915	31,893
Interest expenses on lease obligation	1,747	905
Changes in operating assets and liabilities
Other receivables, prepayments and other current assets	20,393	6,079
Inventories		122
Accounts Payable	739	(154)
Commission payables	(6,663)	(4,117)
Accrued expense and other payables	(4,078)	(12,653)
Net cash (used in) / provided by operating activities	(115,095)	25,343
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of rights-of-use assets	(21,077)
Disposal of rights-of-use assets	5,379
Net cash used in investing activities	(15,698)
CASH FLOWS FROM FINANCING ACTIVITIES
Payment of principal portion of lease liabilities	(14,354)	(19,793)
Proceeds from / (Repayment to) related parties	120,840	(9,828)
Net cash provided by / (used in) financing activities	106,486	(29,621)
EFFECT OF EXCHANGE RATES ON CASH	(1,304)	(1,323)
NET CHANGE IN CASH AND CASH EQUIVALENTS	(25,611)	(5,601)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	37,033	46,551
CASH AND CASH EQUIVALENTS, END OF PERIOD	11,422	40,950
SUPPLEMENTAL OF CASH FLOW INFORMATION
Cash paid for interest expenses
Cash paid for income tax

ORGANIZATION AND BUSINESS

ORGANIZATION AND BUSINESS	6 Months Ended
	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION AND BUSINESS	1. ORGANIZATION AND BUSINESS HWGC Holdings Limited (“the Company”) formerly known as Vitaxel Group Limited, incorporated in Nevada, is engaged in direct selling industry and online shopping platform primarily through its operating entities in Malaysia. Vitaxel SDN BHD (“VitaxelSB”), was incorporated in Malaysia August 10, 2012 Vitaxel Online Mall SDN BHD (“Vionmall”), was incorporated in Malaysia September 22, 2015

UNAUDITED INTERIM FINANCIAL STA

UNAUDITED INTERIM FINANCIAL STATEMENTS	6 Months Ended
	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
UNAUDITED INTERIM FINANCIAL STATEMENTS	2. UNAUDITED INTERIM FINANCIAL STATEMENTS The accompanying unaudited condensed 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”) for interim financial information under Article 8 of Regulation S-X. They do not include all information and foot notes required by U.S. GAAP for complete financial statements. Except as disclosed herein, there have been no material changes in the information disclosed in the notes to the consolidated financial statement for the year ended December 31, 2021, included in the Company’s Form 10-K filed with the Security and Exchange Commission (“SEC”). The interim unaudited consolidated financial statements should be read in conjunction with those audited consolidated financial statements included in Form 10-K. In the opinion of management, the Company has made all adjustments necessary to present a fair statement of the financial position as of June 30, 2022, results of operations for the six months ended June 30, 2022 and 2021, and cash flows for the six months ended June 30, 2022 and 2021. All significant intercompany transactions and balances are eliminated on consolidation. The results of operations for the six months ended June 30, 2022 are not necessarily indicative of the results of operations for the entire fiscal year. Recently issued accounting pronouncements On March 28, 2022, the FASB issued ASU 2022-01,1 which clarifies the guidance in ASC 8152 on fair value hedge accounting of interest rate risk for portfolios of financial assets. The ASU amends the guidance in ASU 2017-123 that, among other things, established the “last-of-layer” method for making the fair value hedge accounting for these portfolios more accessible by allowing the entities to apply the portfolio layer method to portfolios of all financial assets, including both prepayable and non-prepayable financial assets. ASU 2022-01’s amendments are effective for public business entities, fiscal years beginning after December 15, 2022, and interim periods within those fiscal years. We do not expect the adoption of these amendments to have a material effect on our consolidated financial statements. Other recent accounting pronouncements issued by the FASB (including its Emerging Issues Task Force), the AICPA, and the Securities and Exchange Commission (“SEC”) did not, or are not believed by management, to have a material impact on the Company’s present and future consolidated financial statements.

GOING CONCERN

GOING CONCERN	6 Months Ended
	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
GOING CONCERN	3. GOING CONCERN These unaudited condensed 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 period ended June 30, 2022, the Company reported a net loss of $ 156,148 4,646,305 9,754,967 The continuation of the Company as a going concern is dependent upon improving the profitability and the continuing financial support from its stockholders or other capital sources. Management believes that the continuing financial support from the existing shareholders or external debt financing will provide the additional cash to meet the Company’s obligations as they become due. There is no certainty that further funding will be available as needed. These factors raise substantial doubt about the ability of the Company to continue operating as a going concern. In March 2020, the World Health Organization declared coronavirus COVID-19 a global pandemic. This contagious disease outbreak, which has continued to spread, and any related adverse public health developments, have adversely affected workforces, economies, and financial markets globally, potentially leading to an economic downturn. While the extent of the impact is unknown, the pandemic may hinder the Company’s operation and ability to raise financing and carry out its business plan due to uncertain capital markets, increased government regulations and other unanticipated factors. These unaudited condensed 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 the Company’s ability to continue as a going concern.

OTHER RECEIVABLES, PREPAYMENTS

OTHER RECEIVABLES, PREPAYMENTS AND OTHER CURRENT ASSETS	6 Months Ended
	Jun. 30, 2022
Other Receivables Prepayments And Other Current Assets
OTHER RECEIVABLES, PREPAYMENTS AND OTHER CURRENT ASSETS	4. OTHER RECEIVABLES, PREPAYMENTS AND OTHER CURRENT ASSETS Other receivables, prepayments and other current assets consist of the following: June 30, December 31, Other receivables $ — $ — Deposits (1) 10,676 14,744 Prepayments (2) 6,264 22,589 Total other receivables and other assets Total $ 16,940 $ 37,333 (1) Deposits represented payments for rental and utilities. (2) Prepayments mainly consists of prepayment for insurance and IT related fees.

LEASES

LEASES	6 Months Ended
	Jun. 30, 2022
Leases [Abstract]
LEASES	5. LEASES The Company’s leases consist of operating leases for office space and office equipment, with operating lease for terms between 2 5 3.5 Right-of-use assets consist of the following: As of As of Office space $ 96,232 $ 81,897 Office equipment 6,666 7,038 102,898 88,935 Less: Accumulated amortization (9,414 ) (54,167 ) Balance at end of period/year $ 93,484 $ 34,768 Lease liabilities consist of the following: As of As of Lease payments Office space $ 94,951 $ 29,102 Office equipment 3,338 4,387 Total lease payments 98,289 33,489 Less: discount (4,421 ) (624 ) Lease obligation 93,868 32,865 Less: current obligations (17,682 ) (30,289 ) Lease obligation, net of current portion $ 76,186 $ 2,576

PROPERTY AND EQUIPMENT, NET

PROPERTY AND EQUIPMENT, NET	6 Months Ended
	Jun. 30, 2022
Property, Plant and Equipment [Abstract]
PROPERTY AND EQUIPMENT, NET	6. PROPERTY AND EQUIPMENT, NET Property and equipment, net consist of the following: As of June 30, 2022 As of Office equipment $ 26,480 $ 27,954 Computer equipment 98,452 103,552 Furniture and fittings 7,541 7,961 Software and website 15,401 16,258 147,874 155,725 Less: Accumulated depreciation (130,000 ) (131,677 ) Balance at end of period/year $ 17,874 $ 24,048 Depreciation expenses charged to the statements of operations and comprehensive loss for the six month periods ended June 30, 2022 and 2021 were $ 5,437 2,570 8,490 4,057

ACCRUED EXPENSE AND OTHER PAYAB

ACCRUED EXPENSE AND OTHER PAYABLES	6 Months Ended
	Jun. 30, 2022
Payables and Accruals [Abstract]
ACCRUED EXPENSE AND OTHER PAYABLES	7. ACCRUED EXPENSE AND OTHER PAYABLES Accrued expense and other payables consist of the following: As of As of Provisions and accruals $ 57,506 $ 44,482 Others (1) 281,077 298,179 Balance at end of period/year $ 338,583 $ 342,661 (1) Other payables mainly consist of members allocated redemption points for commissions.

RELATED PARTY BALANCES AND TRAN

RELATED PARTY BALANCES AND TRANSACTIONS	6 Months Ended
	Jun. 30, 2022
Related Party Transactions [Abstract]
RELATED PARTY BALANCES AND TRANSACTIONS	8. RELATED PARTY BALANCES AND TRANSACTIONS Schedule of related party balances and transactions As of As of Amount due from related parties Asia Food People Sdn Bhd (1) $ 3,078 $ 3,252 G2lux Sdn Bhd (2) 44,747 37,099 Ho Wah Genting Berhad (3) 4,168 5,030 Snatch Asia Sdn Bhd (4) 4,765 4,424 Total Amount due from related parties $ 56,758 $ 49,805 Amount due to related parties Ho Wah Genting Group Sdn Bhd (5) $ 860,995 $ 626,308 Dato’ Lim Hui Boon (6) 68,066 71,857 Ho Wah Genting Holding Sdn Bhd (7) 56,721 59,880 Grande Legacy Inc. (8) 3,208,909 3,506,976 HWGG Capital P.L.C. (9) 60,000 2,012 Total Amount due to related parties $ 4,254,691 $ 4,267,033 The related party balances are unsecured, interest-free and repayable on demand. (1) The Chief Executive Officer, Chief Financial Officer Chairman and a director of the Company, Leong Yee Ming, is also a director of Asia Food People Sdn Bhd (“AFP”). The amount due from AFP as at June 30, 2022 and December 31, 2021, were advances made to AFP. (2) The Chief Executive Officer, Chief Financial Officer, Chairman and a director of the Company, Leong Yee Ming, is also a director of G2lux Sdn Bhd (“G2lux”). The amount due from G2lux as at June 30, 2022 and December 31, 2021, were advances made to G2lux. (3) The President of the Company, Dato’ Lim Hui Boon, is also the Group President of Ho Wah Genting Berhad (“HWGB”), a company listed in Bursa Malaysia Main Market. (4) The Chief Executive Officer, Chief Financial Officer and a director of the Company, Leong Yee Ming, is also a director of Snatch Asia Sdn Bhd (“SASB”). The amount due from SASB as at June 30, 2022 and December 31, 2021, were advances made to SASB. (5) The President of the Company, Dato’ Lim Hui Boon, is also the Group President of Ho Wah Genting Group Sdn Berhad (“HWGGSB”). (6) The amount due to the President of the Company, Dato’ Lim Hui Boon, as June 30, 2022 and December 31, 2021, were advances made to the Company. (7) A former director of the Company, Lim Wee Kiat, who is also a son of the President of the Company, is also a director of Ho Wah Genting Holding Sdn Bhd. On February 1, 2022, VitaxelSB, the Company’s subsidiary, entered into a three-year lease arrangement with Ho Wah Genting Holding Sdn Bhd (the “Lease”), pursuant to which the Company is leasing this space for its corporate office. They monthly rent of $3,220 commenced on May 1, 2022. The Lease may be terminated by any party by a three-month advanced written notice. (8) The Chief Executive Officer, Chief Financial Officer, Chairman and a director of the Company, Leong Yee Ming, is also a director of Grande Legacy Inc. (“GL”). The Company recognized management fee income of $ 50,000 240,000 (9) Lim Chun Hoo, a son of the President, Dato’ Lim Hui Boon, is a shareholder and former director of HWGG Capital P.L.C. (10) Payments in form of fees have been made to the following officers of the Company: June 30, June 30, Lim Wee Kiat $ 25,287 $ 26,357 Leong Yee Ming 19,902 20,500 $ 45,189 $ 46,857

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2022
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	9. SUBSEQUENT EVENTS On July 21, 2022, the Company entered into a share exchange agreement (the “HWGG Share Exchange Agreement”) with HWGG Capital P.L.C., a Labuan company (“HWGG Capital”), and all of the shareholders of HWGG Capital (the “Shareholders”). Subject to the closing conditions set forth in the HWGG Share Exchange Agreement, each Shareholder irrevocably agreed to transfer and assign to the Company all HWGG Capital’s shares held by such Shareholders in exchange for an aggregate of 91,666,667 0.0001 Subject to the terms and conditions of the HWGG Share Exchange Agreement, at the closing of the HWGG Transaction, each issued and outstanding share of HWGG Capital shall be exchanged for such number of shares of newly issued shares Common Stock (the “Exchange Shares”) for an aggregate of $ 55,000,000 The consummation of the HWGG Transaction is subject to certain closing conditions, including, among other matters: (a) approval by the Labuan Finance Services Authority of the change in ownership of the Company; (b) the Securities and Exchange Commission (the “SEC”) declaring effective the HWGC Holding’s statement on Form S-4 that will be filed in connection with the registration of the Exchange Shares; (c) the accuracy of the parties’ respective representations and warranties in the HWGG Share Exchange Agreement, subject to specified materiality qualifications; compliance by the parties with their respective pre-closing obligations in the HWGG Share Exchange Agreement in all material respects. On August 9, 2022, the Company entered into another share exchange agreement (the “Fintech Share Exchange Agreement”) with Fintech Scion Limited (“Fintech”), a private limited company incorporated in the United Kingdom, and all of the shareholders of Fintech. Subject to the closing conditions set forth in the Fintech Share Exchange Agreement, each shareholder of Fintech irrevocably agreed to transfer and assign to the Company all Fintech’s shares held by such shareholders in exchange for an aggregate of 101,666,667 0.0001 Subject to the terms and conditions of the Fintech Share Exchange Agreement, at the closing of the Fintech Transaction, each issued and outstanding share of HWGG Capital shall be exchanged for such number of shares of newly issued shares Common Stock (the “Exchange Shares”) for an aggregate of $ 61,000,000 The consummation of the Fintech Transaction is subject to certain closing conditions, including, among other matters: (a) any required notices have been sent to the United Kingdom’s Financial Conduct Authority regarding the change in ownership of Fintech; (b) the SEC declaring effective the registration statement on Form S-4 that will be filed in connection with the registration of the shares of Common Stock to be issued to the shareholders of HWGG Capital in accordance with the terms of the HWGG Share Exchange Agreement; (c) the accuracy of the parties’ respective representations and warranties in the Fintech Share Exchange Agreement, subject to specified materiality qualifications; (d) compliance by the parties with their respective pre-closing obligations in the Share Exchange Agreement in all material respects; and (e) the absence of a Seller Material Adverse Effect (as defined in the Fintech Share Exchange Agreement).

OTHER RECEIVABLES, PREPAYMENT_2

OTHER RECEIVABLES, PREPAYMENTS AND OTHER CURRENT ASSETS (Tables)	6 Months Ended
	Jun. 30, 2022
Other Receivables Prepayments And Other Current Assets
Other receivables, prepayments and other current assets consist of the following:	Other receivables, prepayments and other current assets consist of the following: June 30, December 31, Other receivables $ — $ — Deposits (1) 10,676 14,744 Prepayments (2) 6,264 22,589 Total other receivables and other assets Total $ 16,940 $ 37,333 (1) Deposits represented payments for rental and utilities. (2) Prepayments mainly consists of prepayment for insurance and IT related fees.

LEASES (Tables)

LEASES (Tables)	6 Months Ended
	Jun. 30, 2022
Leases [Abstract]
Right-of-use assets consist of the following:	Right-of-use assets consist of the following: As of As of Office space $ 96,232 $ 81,897 Office equipment 6,666 7,038 102,898 88,935 Less: Accumulated amortization (9,414 ) (54,167 ) Balance at end of period/year $ 93,484 $ 34,768
Lease liabilities consist of the following:	Lease liabilities consist of the following: As of As of Lease payments Office space $ 94,951 $ 29,102 Office equipment 3,338 4,387 Total lease payments 98,289 33,489 Less: discount (4,421 ) (624 ) Lease obligation 93,868 32,865 Less: current obligations (17,682 ) (30,289 ) Lease obligation, net of current portion $ 76,186 $ 2,576

PROPERTY AND EQUIPMENT, NET (Ta

PROPERTY AND EQUIPMENT, NET (Tables)	6 Months Ended
	Jun. 30, 2022
Property, Plant and Equipment [Abstract]
Property and equipment, net consist of the following:	Property and equipment, net consist of the following: As of June 30, 2022 As of Office equipment $ 26,480 $ 27,954 Computer equipment 98,452 103,552 Furniture and fittings 7,541 7,961 Software and website 15,401 16,258 147,874 155,725 Less: Accumulated depreciation (130,000 ) (131,677 ) Balance at end of period/year $ 17,874 $ 24,048

ACCRUED EXPENSE AND OTHER PAY_2

ACCRUED EXPENSE AND OTHER PAYABLES (Tables)	6 Months Ended
	Jun. 30, 2022
Payables and Accruals [Abstract]
Accrued expense and other payables consist of the following:	Accrued expense and other payables consist of the following: As of As of Provisions and accruals $ 57,506 $ 44,482 Others (1) 281,077 298,179 Balance at end of period/year $ 338,583 $ 342,661 (1) Other payables mainly consist of members allocated redemption points for commissions.

RELATED PARTY BALANCES AND TR_2

RELATED PARTY BALANCES AND TRANSACTIONS (Tables)	6 Months Ended
	Jun. 30, 2022
Related Party Transactions [Abstract]
Schedule of related party balances and transactions	Schedule of related party balances and transactions As of As of Amount due from related parties Asia Food People Sdn Bhd (1) $ 3,078 $ 3,252 G2lux Sdn Bhd (2) 44,747 37,099 Ho Wah Genting Berhad (3) 4,168 5,030 Snatch Asia Sdn Bhd (4) 4,765 4,424 Total Amount due from related parties $ 56,758 $ 49,805 Amount due to related parties Ho Wah Genting Group Sdn Bhd (5) $ 860,995 $ 626,308 Dato’ Lim Hui Boon (6) 68,066 71,857 Ho Wah Genting Holding Sdn Bhd (7) 56,721 59,880 Grande Legacy Inc. (8) 3,208,909 3,506,976 HWGG Capital P.L.C. (9) 60,000 2,012 Total Amount due to related parties $ 4,254,691 $ 4,267,033 The related party balances are unsecured, interest-free and repayable on demand. (1) The Chief Executive Officer, Chief Financial Officer Chairman and a director of the Company, Leong Yee Ming, is also a director of Asia Food People Sdn Bhd (“AFP”). The amount due from AFP as at June 30, 2022 and December 31, 2021, were advances made to AFP. (2) The Chief Executive Officer, Chief Financial Officer, Chairman and a director of the Company, Leong Yee Ming, is also a director of G2lux Sdn Bhd (“G2lux”). The amount due from G2lux as at June 30, 2022 and December 31, 2021, were advances made to G2lux. (3) The President of the Company, Dato’ Lim Hui Boon, is also the Group President of Ho Wah Genting Berhad (“HWGB”), a company listed in Bursa Malaysia Main Market. (4) The Chief Executive Officer, Chief Financial Officer and a director of the Company, Leong Yee Ming, is also a director of Snatch Asia Sdn Bhd (“SASB”). The amount due from SASB as at June 30, 2022 and December 31, 2021, were advances made to SASB. (5) The President of the Company, Dato’ Lim Hui Boon, is also the Group President of Ho Wah Genting Group Sdn Berhad (“HWGGSB”). (6) The amount due to the President of the Company, Dato’ Lim Hui Boon, as June 30, 2022 and December 31, 2021, were advances made to the Company. (7) A former director of the Company, Lim Wee Kiat, who is also a son of the President of the Company, is also a director of Ho Wah Genting Holding Sdn Bhd. On February 1, 2022, VitaxelSB, the Company’s subsidiary, entered into a three-year lease arrangement with Ho Wah Genting Holding Sdn Bhd (the “Lease”), pursuant to which the Company is leasing this space for its corporate office. They monthly rent of $3,220 commenced on May 1, 2022. The Lease may be terminated by any party by a three-month advanced written notice. (8) The Chief Executive Officer, Chief Financial Officer, Chairman and a director of the Company, Leong Yee Ming, is also a director of Grande Legacy Inc. (“GL”). The Company recognized management fee income of $ 50,000 240,000 (9) Lim Chun Hoo, a son of the President, Dato’ Lim Hui Boon, is a shareholder and former director of HWGG Capital P.L.C. (10) Payments in form of fees have been made to the following officers of the Company: June 30, June 30, Lim Wee Kiat $ 25,287 $ 26,357 Leong Yee Ming 19,902 20,500 $ 45,189 $ 46,857

ORGANIZATION AND BUSINESS (Deta

ORGANIZATION AND BUSINESS (Details Narrative)	6 Months Ended
	Jun. 30, 2022
Vitaxel Sdn Bhd [Member]
State of incorporation	Malaysia
State of incorporation	Aug. 10, 2012
Vitaxel Online Mall SDN BHD [Member]
State of incorporation	Malaysia
State of incorporation	Sep. 22, 2015

GOING CONCERN (Details Narrativ

GOING CONCERN (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Net income (loss)	$ 32,796	$ (7,338)	$ 156,148	$ (3,268)
Negative working capital			4,646,305
Accumulated deficit	$ 9,754,967		$ 9,754,967		$ 9,598,819

Other receivables, prepayment_3

Other receivables, prepayments and other current assets consist of the following: (Details) - USD ($)		Jun. 30, 2022	Dec. 31, 2021
Other Receivables Prepayments And Other Current Assets
Other receivables
Deposits	[1]	10,676	14,744
Prepayments	[2]	6,264	22,589
Total		$ 16,940	$ 37,333
[1]Deposits represented payments for rental and utilities.[2]Prepayments mainly consists of prepayment for insurance and IT related fees.

Right-of-use assets consist of

Right-of-use assets consist of the following: (Details) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Operating lease right of use asset gross	$ 102,898	$ 88,935
Operating lease right of use asset gross	(9,414)	(54,167)
Right-of-use assets	93,484	34,768
Office Space [Member]
Operating lease right of use asset gross	96,232	81,897
Office Equipment [Member]
Operating lease right of use asset gross	$ 6,666	$ 7,038

Lease liabilities consist of th

Lease liabilities consist of the following: (Details) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Total lease payments	$ 98,289	$ 33,489
Less: discount	(4,421)	(624)
Lease obligation	93,868	32,865
Less: current obligations	(17,682)	(30,289)
Lease obligation, net of current portion	76,186	2,576
Office Space [Member]
Office equipment	94,951	29,102
Office Equipment [Member]
Office equipment	$ 3,338	$ 4,387

LEASES (Details Narrative)

LEASES (Details Narrative)	Jun. 30, 2022	Mar. 31, 2022
Borrowing rate	3.50%
Office Space [Member] | Minimum [Member]
Operating lease term		2 years
Office Space [Member] | Maximum [Member]
Operating lease term	5 years

Property and equipment, net con

Property and equipment, net consist of the following: (Details) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Balance at beginning of period/year	$ 147,874	$ 155,725
Less: Accumulated depreciation	(130,000)	(131,677)
Balance at end of period/year	17,874	24,048
Office Equipment [Member]
Property, Plant and Equipment [Line Items]
Balance at beginning of period/year	26,480	27,954
Computer Equipment [Member]
Property, Plant and Equipment [Line Items]
Balance at beginning of period/year	98,452	103,552
Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Balance at beginning of period/year	7,541	7,961
Software and Software Development Costs [Member]
Property, Plant and Equipment [Line Items]
Balance at beginning of period/year	$ 15,401	$ 16,258

PROPERTY AND EQUIPMENT, NET (De

PROPERTY AND EQUIPMENT, NET (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Property, Plant and Equipment [Abstract]
Depreciation expenses	$ 2,570	$ 4,057	$ 5,437	$ 8,490

Accrued expense and other pay_3

Accrued expense and other payables consist of the following: (Details) - USD ($)		Jun. 30, 2022	Dec. 31, 2021
Payables and Accruals [Abstract]
Provisions and accruals		$ 57,506	$ 44,482
Others	[1]	281,077	298,179
Balance at end of period/year		$ 338,583	$ 342,661
[1]Other payables mainly consist of members allocated redemption points for commissions.

Schedule of related party balan

Schedule of related party balances and transactions (Details) - USD ($)		Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2021
Related Party Transaction [Line Items]
Due from Related Parties		$ 56,758	$ 49,805
Due to Related Parties, Current		4,254,691	4,267,033
Due from Officers or Stockholders, Current		45,189		$ 46,857
Asia Food People Sdn Bhd [Member]
Related Party Transaction [Line Items]
Due from Related Parties	[1]	3,078	3,252
G2lux Sdn Bhd [Member]
Related Party Transaction [Line Items]
Due from Related Parties	[2]	44,747	37,099
Ho Wah Genting Group Sdn Bhd [Member]
Related Party Transaction [Line Items]
Due from Related Parties	[3]	4,168	5,030
Snatch Asia Sdn Bhd [Member]
Related Party Transaction [Line Items]
Due from Related Parties	[4]	4,765	4,424
Ho Wah Genting Group Sdn Bhd [Member]
Related Party Transaction [Line Items]
Due to Related Parties, Current	[5]	860,995	626,308
Dato Lim Hui Boon [Member]
Related Party Transaction [Line Items]
Due to Related Parties, Current	[6]	68,066	71,857
Ho Wah Genting Holding Sdn Bhd [Member]
Related Party Transaction [Line Items]
Due to Related Parties, Current	[7]	56,721	59,880
Grande Legacy Inc [Member]
Related Party Transaction [Line Items]
Due to Related Parties, Current	[8]	3,208,909	3,506,976
Grandelife Inc [Member]
Related Party Transaction [Line Items]
Due to Related Parties, Current	[9]	60,000	$ 2,012
Immediate Family Member of Management or Principal Owner One [Member]
Related Party Transaction [Line Items]
Due from Officers or Stockholders, Current		25,287		26,357
Immediate Family Member of Management or Principal Owner Two [Member]
Related Party Transaction [Line Items]
Due from Officers or Stockholders, Current		$ 19,902		$ 20,500
[1]The Chief Executive Officer, Chief Financial Officer Chairman and a director of the Company, Leong Yee Ming, is also a director of Asia Food People Sdn Bhd (“AFP”). The amount due from AFP as at June 30, 2022 and December 31, 2021, were advances made to AFP.[2]The Chief Executive Officer, Chief Financial Officer, Chairman and a director of the Company, Leong Yee Ming, is also a director of G2lux Sdn Bhd (“G2lux”). The amount due from G2lux as at June 30, 2022 and December 31, 2021, were advances made to G2lux.[3]The President of the Company, Dato’ Lim Hui Boon, is also the Group President of Ho Wah Genting Berhad (“HWGB”), a company listed in Bursa Malaysia Main Market.[4]The Chief Executive Officer, Chief Financial Officer and a director of the Company, Leong Yee Ming, is also a director of Snatch Asia Sdn Bhd (“SASB”). The amount due from SASB as at June 30, 2022 and December 31, 2021, were advances made to SASB.[5]The President of the Company, Dato’ Lim Hui Boon, is also the Group President of Ho Wah Genting Group Sdn Berhad (“HWGGSB”).[6]The amount due to the President of the Company, Dato’ Lim Hui Boon, as June 30, 2022 and December 31, 2021, were advances made to the Company.[7]A former director of the Company, Lim Wee Kiat, who is also a son of the President of the Company, is also a director of Ho Wah Genting Holding Sdn Bhd.[8]The Chief Executive Officer, Chief Financial Officer, Chairman and a director of the Company, Leong Yee Ming, is also a director of Grande Legacy Inc. (“GL”).[9]Lim Chun Hoo, a son of the President, Dato’ Lim Hui Boon, is a shareholder and former director of HWGG Capital P.L.C.

RELATED PARTY BALANCES AND TR_3

RELATED PARTY BALANCES AND TRANSACTIONS (Details Narrative) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Grande Legacy Inc [Member]
Related Party Transaction [Line Items]
Insurance Commissions and Fees	$ 50,000	$ 240,000

SUBSEQUENT EVENTS (Details Narr

SUBSEQUENT EVENTS (Details Narrative) - USD ($)	Aug. 09, 2022	Jul. 21, 2022	Jun. 30, 2022	Dec. 31, 2021
Subsequent Event [Line Items]
Common stock, issued			5,409,310	5,409,310
Common stock, par value (in dollars per share)			$ 0.0001	$ 0.0001
Subsequent Event [Member]
Subsequent Event [Line Items]
Number of exchange shares	$ 61,000,000	$ 55,000,000
Subsequent Event [Member] | Share Exchange Agreement [Member]
Subsequent Event [Line Items]
Common stock, issued	101,666,667	91,666,667
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001