Cover
Cover - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Mar. 28, 2024 | Jun. 30, 2022 | |
Cover [Abstract] | |||
Entity Registrant Name | EOS INC. | ||
Entity Central Index Key | 0001651958 | ||
Document Type | 10-K | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Small Business | true | ||
Entity Shell Company | false | ||
Entity Emerging Growth Company | true | ||
Entity Current Reporting Status | Yes | ||
Document Period End Date | Dec. 31, 2023 | ||
Entity Filer Category | Non-accelerated Filer | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2023 | ||
Entity Ex Transition Period | false | ||
Entity Common Stock, Shares Outstanding | 604,781,560 | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity File Number | 000-55661 | ||
Entity Incorporation, State or Country Code | NV | ||
Entity Tax Identification Number | 30-0873246 | ||
Entity Address, Address Line One | 5F-1, No.5, Qingdao E. Rd. | ||
Entity Address, Address Line Two | Zhongzheng Dist. | ||
Entity Address, City or Town | Taipei City | ||
Entity Address, Country | TW | ||
Entity Address, Postal Zip Code | 100008 | ||
City Area Code | 8862 | ||
Local Phone Number | 2586-8300 | ||
Entity Interactive Data Current | Yes | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Public Float | $ 24,580,140 | ||
Auditor Name | Onestop Assurance PAC | ||
Auditor Firm ID | 6732 | ||
Auditor Location | Singapore | ||
ICFR Auditor Attestation Flag | false | ||
Document Financial Statement Error Correction [Flag] | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Current Assets | ||
Cash and cash equivalents | $ 14,307 | $ 18,169 |
Accounts receivable | 224,590 | 160,253 |
Inventory, net | 79,482 | 46,196 |
Advances to suppliers | 161,179 | 166,594 |
Security deposits | 3,802 | 6,608 |
Prepaid expenses and other current assets | 3,959 | 28,096 |
Total Current Assets | 487,319 | 425,916 |
Non-Current Assets | ||
Property, plant and equipment, net | 5,660 | 4,692 |
Operating lease right of use asset | 4,192 | 115,884 |
Total Non-Current Assets | 9,852 | 120,576 |
Total Assets | 497,171 | 546,492 |
Current Liabilities | ||
Accounts payable | 9,761 | 0 |
Other payable and accrued expenses | 309,103 | 73,352 |
Income taxes payable | 45,318 | 49,074 |
Other current liabilities | 1,000,000 | 750,000 |
Operating lease liabilities - current | 2,818 | 48,231 |
Current portion of long-term loan payables | 53,165 | 68,497 |
Total Current Liabilities | 1,494,230 | 1,266,234 |
Non-Current Liabilities | ||
Long-term loan payables | 65,210 | 116,012 |
Operating lease liabilities - non-current | 1,374 | 80,538 |
Total Non-Current Liabilities | 66,584 | 196,550 |
Total Liabilities | 1,560,814 | 1,462,784 |
Commitments and Contingencies | ||
Shareholders' Deficit | ||
Preferred stock ($0.001 par value, 5,000,000 shares authorized, 1,500,000 shares issued and outstanding as of December 31, 2023 and 2022, respectively) | 1,500 | 1,500 |
Common stock ($0.001 par value; 1,000,000,000 shares authorized, 604,781,560 and 183,781,560 shares issued and outstanding as of December 31, 2023 and 2022, respectively) | 604,781 | 183,781 |
Additional paid in capital | 175,268 | 67,249 |
Deferred stock compensation | (40,674) | (40,674) |
Accumulated loss | (1,802,695) | (1,165,665) |
Accumulated other comprehensive income (loss) | (1,823) | 42,964 |
Total deficit attributable to EOS, Inc. | (1,063,643) | (910,845) |
Non-controlling interest | 0 | (5,447) |
Total Deficit | (1,063,643) | (916,292) |
Total Liabilities and Shareholders' Deficit | 497,171 | 546,492 |
Officer [Member] | ||
Current Liabilities | ||
Other current liabilities | $ 74,065 | $ 277,080 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Dec. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 1,000,000,000 | 1,000,000,000 |
Common stock, shares issued | 604,781,560 | 183,781,560 |
Common stock, shares outstanding | 604,781,560 | 183,781,560 |
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 1,500,000 | 1,500,000 |
Preferred stock, shares outstanding | 1,500,000 | 1,500,000 |
Consolidated Statements of Oper
Consolidated Statements of Operation and Comprehensive Loss - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Income Statement [Abstract] | ||
Net sales | $ 296,852 | $ 652,547 |
Cost of sales | (102,975) | (365,282) |
Gross profit | 193,877 | 287,265 |
Selling, general and administrative expenses | (966,486) | (2,208,876) |
(Loss) from operations | (772,609) | (1,921,611) |
Other income (expense) | ||
Interest expense | (6,859) | (4,512) |
Other income | 147,532 | 3,871 |
Total other income (expense) | 140,673 | (641) |
Loss before income tax provision | (631,936) | (1,922,252) |
Income tax benefits (expenses) | 0 | 10,093 |
Net Loss | (631,936) | (1,912,159) |
Other Comprehensive Loss: | ||
Net loss attributable to non-controlling interests | (4,782) | (41,294) |
Net loss attributable to EOS and subsidiaries | (627,154) | (1,870,865) |
Foreign currency translation adjustment, net of tax | (44,434) | (91,532) |
Comprehensive loss | $ (676,370) | $ (2,003,691) |
Net loss per share: | ||
Basic | $ 0 | $ (0.01) |
Diluted | $ 0 | $ (0.01) |
Weighted average number of common shares: | ||
Basic | 219,639,094 | 182,376,491 |
Diluted | 219,639,094 | 182,376,491 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Deficit - USD ($) | Total | Common Stock | Preferred Stock | Deferred Stock Compensation | Additional Paid-In Capital | Accumulated Loss | Accumulated other Comprehensive Income (Loss) | Deficit attributable to EOS, Inc | Non-Controlling interest |
Balance, shares at Dec. 31, 2021 | 180,065,254 | 1,500,000 | |||||||
Balance, amount at Dec. 31, 2021 | $ 1,086,168 | $ 180,065 | $ 1,500 | $ 0 | $ 29,060 | $ 722,925 | $ 133,056 | $ 1,066,606 | $ 19,562 |
Share issued for compensation, shares | 115,000 | ||||||||
Share issued for compensation, amount | 1,231 | $ 115 | 1,116 | 1,231 | |||||
Deferred compensation expense relating to issuance of restricted common stock, shares | 3,601,306 | ||||||||
Deferred compensation expense relating to issuance of restricted common stock, amount | $ 3,601 | (38,534) | 34,933 | ||||||
Deferred compensation expense relating to issuance of warrant | (2,140) | 2,140 | |||||||
Foreign currency translation adjustment | (91,532) | (90,092) | (90,092) | (1,440) | |||||
Net Income (Loss) | (1,912,159) | (1,888,590) | (1,888,590) | (23,569) | |||||
Balance, shares at Dec. 31, 2022 | 183,781,560 | 1,500,000 | |||||||
Balance, amount at Dec. 31, 2022 | (916,292) | $ 183,781 | $ 1,500 | (40,674) | 67,249 | (1,165,665) | 42,964 | (910,845) | (5,447) |
Share issued for compensation, shares | 21,000,000 | ||||||||
Share issued for compensation, amount | 41,019 | $ 21,000 | 20,019 | 41,019 | |||||
Shares issued at Debt Conversion, shares | 345,000,000 | ||||||||
Shares issued at Debt Conversion, amount | 420,900 | $ 345,000 | 75,900 | 420,900 | |||||
Shares issued at Debt Conversion, shares | 55,000,000 | ||||||||
Shares issued at Debt Conversion, amount | 67,100 | $ 55,000 | 12,100 | 67,100 | |||||
Foreign currency translation adjustment | (44,434) | (44,787) | (44,787) | 353 | |||||
Net Income (Loss) | (631,936) | (627,154) | (627,154) | (4,782) | |||||
Equity transaction within owners | (9,876) | (9,876) | 9,876 | ||||||
Balance, shares at Dec. 31, 2023 | 604,781,560 | 1,500,000 | |||||||
Balance, amount at Dec. 31, 2023 | $ (1,063,643) | $ 604,781 | $ 1,500 | $ (40,674) | $ 175,268 | $ (1,802,695) | $ (1,823) | $ (1,063,643) | $ 0 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Cash flows from operating activities | ||
Net Income (Loss) | $ (631,936) | $ (1,912,159) |
Adjustments to reconcile net income to net cash provided by operating activities | ||
Bad debt expenses | 0 | 272,843 |
Bad debt recovery | (148,452) | 0 |
Depreciation | 833 | 3,257 |
Amortization of right-of-use asset | 32,042 | 26,296 |
Impairments of assets | 27 | 1,060,300 |
Inventories written off | 4,392 | 0 |
Stock based compensation | 41,019 | 1,231 |
Changes in assets and liabilities | ||
Decrease in accounts receivable | 86,463 | 88,021 |
Increase in inventory | (37,754) | (20,006) |
Decrease in advance to suppliers | 5,415 | 89,547 |
Decrease (increase) in security deposits and other assets | 18,140 | (2,721) |
Increase in accounts payable | 9,761 | 0 |
Increase in accrued expenses | 343,189 | 243,517 |
Increase (decrease) in advances from customers | (4,083) | 13,261 |
Decrease in income tax payable | (3,756) | (1,805) |
Decrease in operating lease liabilities | (32,617) | (26,296) |
Net cash used in operating activities | (317,317) | (164,714) |
Cash flows from investing activity | ||
Purchase of equipments | (1,834) | (19,193) |
Net cash used in investing activity | (1,834) | (19,193) |
Cash Flows from financing activities | ||
Repayment to related party | (70,311) | 0 |
Proceeds from related party | 498,180 | 254,835 |
Repayment to borrowings | (66,134) | (74,689) |
Net cash provided by financing activities | 361,735 | 180,146 |
Effect of foreign currency translation on cash and cash equivalents | (46,446) | (2,211) |
Net decrease of cash and cash equivalents | (3,862) | (5,972) |
Cash and cash equivalents | ||
Beginning | 18,169 | 24,141 |
Ending | 14,307 | 18,169 |
Cash paid during the periods for: | ||
Interest | 4,660 | 0 |
Income taxes | 0 | 0 |
Non-cash financing and investing activities: | ||
Related party debt converted to Common stock | 345,000 | |
Related party debt converted to Common stock | 55,000 | |
Compensation expense relating to issuance of restricted common stock | $ 41,019 | |
Deferred compensation expense relating to issuance of restricted common stock | 38,534 | |
Deferred compensation expense relating to issuance of warrant | $ 2,140 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Pay vs Performance Disclosure | ||
Net Income (Loss) | $ (631,936) | $ (1,912,159) |
Insider Trading Arrangements
Insider Trading Arrangements | 12 Months Ended |
Dec. 31, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
NATURE OF OPERATIONS AND SUMMAR
NATURE OF OPERATIONS AND SUMMARY OF ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
NATURE OF OPERATIONS AND SUMMARY OF ACCOUNTING POLICIES | Note 1. NATURE OF OPERATIONS AND SUMMARY OF ACCOUNTING POLICIES Organization EOS Inc. was incorporated on April 3, 2015 in the State of Nevada. The Company’s business plan is to market and distribute skin care products, including masks and serums. On November 18, 2016, the Company set up a wholly-owned subsidiary in Taiwan to assist the Company to promote the business in Taiwan. Emperor Star International Trade Co., Ltd., (“Emperor Star”), was incorporated on November 16, 2015 under the laws of Taiwan. Emperor Star is in the business of marketing and distribution of various products, including nutrition supplements, skin care products, and water purifiers. On May 3, 2017, the Company entered into and closed a Share Purchase and Sale Agreement (the “Purchase Agreement”) with Emperor Star and the shareholder of Emperor Star to acquire all issued and outstanding shares of Emperor Star in consideration of $30,562 in cash. As a result of the Purchase Agreement, Emperor Star became the Company’s wholly owned subsidiary. Upon consummation of the transaction, the Company has assumed the business of Emperor Star and ceased to be a shell company. On September 20, 2018, the Company set up another wholly-owned subsidiary, EOS International Inc. (“EOS(BVI)”), under the laws of British Virgin Islands. EOS(BVI) is in the business of marketing and distribution of various products, including nutrition supplements, skin care products, and water purifiers. On March 1, 2019, EOS(BVI) set up a wholly-owned subsidiary, Shanghai Maosong Co., Ltd (“Maosong”), under the laws of People’s Republic of China. Maosong is in the business of marketing and distribution of various products, including nutrition supplements, skin care products, and water purifiers in China. As of the date of this report, Maosong has a registered capital of USD $100,000, but no capital has actually been paid into Maosong. On June 2, 2020, EOS(BVI) 83.33% owner, and Shanghai Qifan Qiye Management Co., Ltd. (“Qifan”) 16.67% owner of Maosong resolute to change the registered capital of Maosong to RMB 1,200,000,000 (1.2 billion) and that EOS to contribute certain Intellectual Property as registered capital of Shanghai Maosong. Intellectual Property owned by EOS International Inc was valued at RMB 1,000,000,000 (1 billion) and Intellectual Property owned by Qifan was valued at RMB 200,000,000 (200 million). On July 13, 2021, EOS(BVI), MaoSong, and Qifan entered into a Shareholder Agreement where Qifan (i) delegate its 16.67% equity voting rights, powers, or benefits in Maosong to EOS(BVI); (ii) grant EOS(BVI) an irrevocable, unconditional, exclusive option to purchase Maosong’s equity interest; (iii) the right to receive any proceeds from the Maosong’s Equity Interest; (iv) pledge its existing or any prospective Maosong equity interest to EOS Int’l; as a result EOS(BVI) retains 100% control of MaoSong and the 16.67% noncontrolling interest are consolidated. On July 1, 2023, the Company assumes effective control of Emperor Star International Trade Co., Ltd (Emperor Star), a commerce and trade company, through execution of declaration of trust for Emperor Star’s 100% share capital. The primary reason the Company completed the equity transaction within owners is to invest resources, expand the operations and turn Emperor Star into a profitable business. Principles of Consolidation The accompanying consolidated financial statements, including the accounts of EOS Inc. and its wholly owned subsidiaries in Taiwan, British Virgin Islands, and People’s Republic of China, have been prepared in conformity with accounting principles generally accepted in the United States of America. Since the Company and Emperor Star are entities under common control prior to the acquisition of Emperor Star, the transaction is accounted for as a restructuring transaction. All assets and liabilities of Emperor Star were transferred to the Company at their respective carrying amounts on the date of transaction. The Company has recast prior period financial statements to reflect the conveyance of Emperor Star’s common shares as if the restructuring transaction had occurred as of the earliest date of the consolidated financial statements. All material intercompany accounts, transactions, and profits have been eliminated in consolidation. The nature of and effects on earnings per share (EPS) of non-recurring intra-entity transactions involving long-term assets and liabilities is not required to be eliminated and EPS amounts have been recast to include the earnings (or losses) of the transferred net assets. The functional currency of the subsidiaries in Taiwan is the New Taiwan dollars and the subsidiary in People’s Republic of China is the Chinese Yuan, or Renminbi; however, the accompanying consolidated financial statements have been translated and presented in United States Dollars ($). In the accompanying consolidated financial statements and notes, “$”, “US$” and “U.S. dollars” mean United States dollars, “NT$” and “NT dollars” mean New Taiwan dollars, and “RMB” means Chinese Yuan, or Renminbi. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Cash and Cash Equivalents Cash and cash equivalents include cash and all highly liquid instruments with original maturities of three months or less. Accounts Receivable Accounts receivable are stated at carrying value less estimates made for doubtful receivables. Accounts receivable are stated at the historical carrying amount net of allowance for expected credit losses. The Company adopted ASU No. 2016-13, “Financial Instruments — Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments” on January 1, 2023 using a modified retrospective approach. To estimate expected credit losses, the Company has identified the relevant risk characteristics of its customers and the related receivables. The Company considers the past collection experience, current economic conditions, future economic conditions (external data and macroeconomic factors) and changes in the Company’s customer collection trends. The allowance for credit losses and corresponding receivables were written off when they are determined to be uncollectible. Inventory Inventory is stated at the lower of cost and net realizable value. Net realizable value (NRV) is defined as estimated selling prices less costs of completion, disposal, and transportation. Inventory consists mainly of finished goods held for resale. Cost is determined on a weighted average cost method. The Company periodically reviews the age and turnover of its inventory to determine whether any inventory has become obsolete or has declined in value, and incurs a charge to operations for known and anticipated inventory obsolescence. Property and Equipment Property and equipment are carried at cost net of accumulated depreciation. Expenditures that improve the functionality of the related asset or extend the useful life are capitalized. When property and equipment is retired or otherwise disposed of, the related gain or loss is included in operating income. Leasehold improvements are depreciated on the straight-line method over the shorter of the remaining lease term or estimated useful life of the asset. Depreciation is calculated on the straight-line method, including property and equipment under capital leases, generally over five years. Depreciation expense was $ 833 and $ for the years ended December 31, 2023 and 2022, respectively. Impairment loss was $ 27 and $ 17,381 for the years ended December 31, 2023 and 2022, respectively. Impairment of Long-Lived Assets The Company has adopted Accounting Standards Codification subtopic 360-10, Property, Plant and Equipment (“ASC 360-10”). ASC 360-10 requires that long-lived assets and certain identifiable intangibles held and used by the Company be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The Company evaluates its long-lived assets for impairment annually or more often if events and circumstances warrant. Events relating to recoverability may include significant unfavorable changes in business conditions, recurring losses, or a forecasted inability to achieve breakeven operating results over an extended period. The Company evaluates the recoverability of long-lived assets based upon forecasted undiscounted cash flows. Should impairment in value be indicated, the carrying value of intangible assets will be adjusted, based on estimates of future discounted cash flows resulting from the use and ultimate disposition of the asset. ASC 360-10 also requires assets to be disposed of be reported at the lower of the carrying amount or the fair value less costs to sell. Impairment loss on property and equipment was $ 2 7 and $17,381 for the years ended December 31, 2023 and 2022, respectively. Revenue Recognition Pursuant to ASC 606, the Company recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration that the Company expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that the Company determines is within the scope of ASC 606, the Company performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the Company satisfies a performance obligation. The Company only applies the five-step model to contracts when it is probable that the Company will collect the consideration the Company is entitled to in exchange for the goods or services the Company transfers to the customers. At inception of the contract, once the contract is determined to be within the scope of ASC 606, the Company assesses the goods or services promised within each contract, determines those that are performance obligations, and assesses whether each promised good or service is distinct. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied. Merchandise sales: The Company recognizes sales revenues from merchandise sales when customers obtain control of the Company’s products, which typically occurs upon delivery to customer. Merchandise sales revenues are recorded at the sales price, or “transaction price”. Software sales: The Company does not develop the software products on its own. When the Company receives a purchase order from the customer, the Company would engage with the third-party software company to customize and develop the software products. The Company recognizes software revenues upon completion of the installation and testing, and transfer the control of the software products to the customer. Software revenues are recorded at the fixed sales price, or “transaction price”, pursuant to the sales contracts. The Company may also charge the customer maintenance service fees on a straight-line basis over the service period pursuant to the sales contract. The Company concluded that the performance obligation for the maintenance service is distinct. Therefore, such maintenance service revenue can be separated from other elements in the arrangement. Trade discount and allowances: The Company generally does not provide invoice discounts on product sales to its customers for prompt payment. Product returns: The Company generally does not provide customers with the right to return a product for a full or partial refund, a credit, or an exchange for another product. To date, product allowance and returns have been minimal and, based on its experience, the Company believes that returns of its products will continue to be minimal. The following tables provide details of revenue by major products and by geography. Revenue by Major Products For the year ended December 31, 2023: Water purifier machine $ 1,445 Automobile carbon reduction machine - Nutrition supplement 288,468 Software 5,834 Other materials 1,105 Total $ 296,852 For the year ended December 31, 2022: Water purifier machine $ 11,664 Automobile carbon reduction machine 21,283 Nutrition supplement 581,307 Software 35,958 Other materials 2,335 Total $ 652,547 Revenue by Geography For the year ended December 31, 2023: Asia Pacific $ 296,852 Total $ 296,852 For the year ended December 31, 2022: Asia Pacific $ 652,547 T $ 652,547 Leases The Company adopted FASB Accounting Standards Codification, Topic 842, Leases (“ASC 842”) using the modified retrospective approach, electing the practical expedient that allows the Company not to restate its comparative periods prior to the adoption of the standard on January 1, 2019. As such, the disclosures required under ASC 842 are not presented for periods before the date of adoption. For the comparative periods prior to adoption, the Company presented the disclosures which were required under ASC 842. The new leasing standard requires recognition of leases on the consolidated balance sheets as right-of-use (“ROU”) assets and lease liabilities. ROU assets represent the Company’s right to use underlying assets for the lease terms and lease liabilities represent the Company’s obligation to make lease payments arising from the leases. Operating lease ROU assets and operating lease liabilities are recognized based on the present value and future minimum lease payments over the lease term at commencement date. The Company’s future minimum based payments used to determine the Company’s lease liabilities mainly include minimum based rent payments. As most of Company’s leases do not provide an implicit rate, the Company uses its estimated incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. In addition, the adoption of the standard did not have a material impact on the Company’s results of operations or cash flows. Operating lease cost is recognized as a single lease cost on a straight-line basis over the lease term and is recorded in Selling, general and administrative expenses. Variable lease payments for common area maintenance, property taxes and other operating expenses are recognized as expense in the period when the changes in facts and circumstances on which the variable lease payments are based occur. Advertising Costs Advertising costs are expensed at the time such advertising commences. Advertising expenses were $ 112 and $1,966 for the years ended December 31, 2023 and 2022, respectively. Stock-Based Compensation The Company accounts for stock-based compensation in accordance with ASC 718, Compensation-Stock Compensation (“ASC 718”). Under the fair value recognition provisions, stock-based compensation cost is measured at the grant date based on the fair value of the award and is recognized as compensation expense on a straight-line basis over the requisite service period, based on the terms of the awards. The Company calculates the fair value of option grants utilizing the Black-Scholes pricing model and estimates the fair value of the stock based upon the estimated fair value of the common stock. In June 2018, the Financial Accounting Standards Board (“FASB”) issued ASU 2018-07, Compensation - Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting (“ASU 2018-07”). ASU 2018-07 expands the guidance in ASC 718 to include share-based payments for goods and services to non-employees and generally aligns it with the guidance for share-based payments to employees. In accordance with ASU 2018-07, these stock options and warrants issued as compensation for services provided to the Company are accounted for based upon the fair value of the underlying equity instrument. The fair value of the equity instrument is charged directly to compensation expense and additional-paid-in capital over the period during which services are rendered. Post-retirement and Post-employment Benefits The Company’s subsidiaries in Taiwan adopted the government mandated defined contribution plan pursuant to the Taiwan Labor Pension Act (the “Act”). Such labor regulations require that the rate of contribution made by an employer to the Labor Pension Fund per month shall not be less than 6% of the worker’s monthly salaries. Pursuant to the Act, the Company makes monthly contribution equal to 6% of employees’ salaries to the employees’ pension fund. The Company has no legal obligation for the benefits beyond the contributions made. The total amounts for such employee benefits, which were expensed as incurred, were $ 4,676 and $5,233 for the years ended December 31, 2023 and 2022, respectively. Other than the above, the Company does not provide any other post-retirement or post-employment benefits. Fair Value Measurements FASB ASC 820, “Fair Value Measurements” defines fair value for certain financial and non-financial assets and liabilities that are recorded at fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. It requires that an entity measure its financial instruments to base fair value on exit price, maximize the use of observable units and minimize the use of unobservable inputs to determine the exit price. It establishes a hierarchy which prioritizes the inputs to valuation techniques used to measure fair value. This hierarchy increases the consistency and comparability of fair value measurements and related disclosures by maximizing the use of observable inputs and minimizing the use of unobservable inputs by requiring that observable inputs be used when available. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the assets or liabilities based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The hierarchy prioritizes the inputs into three broad levels based on the reliability of the inputs as follows: Level 1 – Inputs are quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Valuation of these instruments does not require a high degree of judgment as the valuations are based on quoted prices in active markets that are readily and regularly available. Level 2 – Inputs other than quoted prices in active markets that are either directly or indirectly observable as of the measurement date, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 – Valuations based on inputs that are unobservable and not corroborated by market data. The fair value for such assets and liabilities is generally determined using pricing models, discounted cash flow methodologies, or similar techniques that incorporate the assumptions a market participant would use in pricing the asset or liability. The carrying values of certain assets and liabilities of the Company, such as cash and cash equivalents, accounts receivable, inventory, advance to suppliers, prepaid expenses, accounts payable, accrued expenses, and due to shareholders, approximate fair value because of to their relatively short maturities. Earnings (Loss) Per Share Basic income (loss) per share is computed by dividing net income (loss) by weighted average number of shares of common stock outstanding during each period. Diluted income (loss) per share is computed by dividing net income (loss) by the weighted average number of shares of common stock, common stock equivalents, and potentially dilutive securities outstanding during each year. Dilutive shares are excluded the exercise price is greater than the average market price and when the Company incurred a net loss as the inclusion of such shares would have an anti-dilutive effect. For the years ended December 31, 2023 and 2022, warrants were excluded as dilutive shares as the Company incurred a net loss. Income Taxes The Company accounts for income taxes in accordance with ASC 740, Income Taxes, which requires that the Company recognize deferred tax liabilities and assets based on the differences between the financial statement carrying amounts and the tax basis of assets and liabilities, using enacted tax rates in effect in the years the differences are expected to reverse. Deferred income tax benefit (expense) results from the change in net deferred tax assets or deferred tax liabilities. A valuation allowance is recorded when, in the opinion of management, it is more likely than not that some or all of any deferred tax assets will not be realized. Foreign-currency Transactions Foreign-currency transactions are recorded in New Taiwan dollars (“NTD”) and Renminbi (“RMB”) at the rates of exchange in effect when the transactions occur. Gains or losses resulting from the application of different foreign exchange rates when cash in foreign currency is converted into New Taiwan dollars and Renminbi, or when foreign-currency receivables or payables are settled, are credited or charged to income in the year of conversion or settlement. On the balance sheet dates, the balances of foreign-currency assets and liabilities are restated at the prevailing exchange rates and the resulting differences are charged to current income except for those foreign currencies denominated investments in shares of stock where such differences are accounted for as translation adjustments under stockholders’ equity. Translation Adjustment The accounts of the Company’s subsidiaries were maintained, and their financial statements were expressed in New Taiwan Dollar (“NTD”) and Chinese Yuan, or Renminbi (“RMB”). Such financial statements were translated into U.S. Dollars (“$” or “USD”) in accordance ASC 830, “Foreign Currency Matters”, with the NTD and RMB as the functional currency. According to the Statement, all assets and liabilities are translated at the current exchange rate, common stock and additional paid-in capital are translated at the historical rates, and income statement items are translated at an average exchange rate for the period. The resulting translation adjustments are reported under accumulated other comprehensive income (loss) as a component of stockholders’ equity. Comprehensive Income (loss) Comprehensive income (loss) includes accumulated foreign currency translation gains and losses. The Company has reported the components of comprehensive income (loss) on its consolidated statements of operations and other comprehensive income (loss). Concentration of Credit Risk Cash and cash equivalents Customers : The Company performs ongoing credit evaluations of its customers’ financial condition and generally requires no collateral. For the year ended December 31, 2023, one customer accounted for more than 10% of the Company’s total revenues. Customer Net sales for year ended December 31, 202 3 % of Total Accounts receivable balance as of December 31, 202 3 % of Total A $ - - % $ - - % B $ - - % $ - - % C $ 275,802 93 % $ 2,231 1 % For the year ended December 31, 2022, three customers accounted for more than 10% of the Company’s total revenues. Customer Net sales for year ended December 31, 2022 % of Total Accounts receivable balance as of December 31, 2022 % of Total A $ 78,993 12 % $ 27,102 17 % B $ 124,556 19 % $ 95,878 60 % C $ 443,528 68 % $ 37,273 23 % Suppliers : The Company’s inventory is purchased from various suppliers. For the year ended December 31, 2023, two supplier s accounted for more than 10% of the Company’s total net purchase: Supplier Net purchase for the year ended December 31, 2023 % of Total¤ Accounts payable balance as of December 31, 2023 % of Total A $ 123,939 88 % $ - - % B $ - - % $ - - % C $ 15,802 11 % $ 9,761 100 % For the year ended December 31, 2022, two suppliers accounted for more than 10% of the Company’s total net purchase: Supplier Net purchase for year ended December 31, 2022 % of Total Accounts payable balance as of December 31, 2022 % of Total A $ 256,664 29 % $ - - % B $ 110,194 69 % $ - - % Recent Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326) - Measurement of Credit Losses on Financial Instruments.” This pronouncement, along with subsequent ASUs issued to clarify provisions of ASU 2016-13, changes the impairment model for most financial assets and will require the use of an “expected loss” model for instruments measured at amortized cost. Under this model, entities will be required to estimate the lifetime expected credit loss on such instruments and record an allowance to offset the amortized cost basis of the financial asset, resulting in a net presentation of the amount expected to be collected on the financial asset. In developing the estimate for lifetime expected credit loss, entities must incorporate historical experience, current conditions, and reasonable and supportable forecasts. This pronouncement is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2019. On November 19, 2019, the FASB issued ASU No. 2019-10, Financial Instruments—Credit Losses (Topic 326), finalized various effective date delays for private companies, not-for-profit organizations, and certain smaller reporting companies applying the credit losses (CECL), the revised effective date was January 2023. The Company ha s adopted this accounting standard in the financial year 2023, this new accounting standard has no significant impact to the Company’s financial statements. In December 2023, the FASB issued ASU No 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”). ASU 2023-09 expands disclosures in the rate reconciliation and requires disclosure of income taxes paid by jurisdiction. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. Management does not believe that any other recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on our condensed financial statements. |
LEASE
LEASE | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
LEASE | Note 2. LEASE As of December 31, 2023, the Company has operating lease agreement for its photocopier with remaining lease terms of 33 months, and office lease with remaining lease terms of 12 months, respectively. The Company terminated the operating lease agreement for its car in November 30, 2023. The termination did not have gains nor losses. The Company does not have any other leases. Leases with an initial term of 12 months or less are not recorded on the balance sheet. The Company accounts for the lease and non-lease components of its leases as a single lease component. Lease expense is recognized on a straight-line basis over the lease term. Operating lease right-of-use assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. The discount rate used to calculate present value is incremental borrowing rate or, if available, the rate implicit in the lease. The Company determines the incremental borrowing rate for each lease based primarily on its lease term in Taiwan which is approximately 2.44%. Operating lease expenses were $ 56,519 The components of lease expense and supplemental cash flow information related to leases for the year ended are as follows: Lease Cost Year ended December 31, 2023 Year ended December 31, 2022 Operating lease cost (i n the Company’s statement of operations) $ 3 4 , 3 4 9 $ 38,947 Other Information Right-of-use assets obtained in exchange for new operating leases liabilities - 72,495 Cash paid for amounts included in the measurement of lease liabilities for the year ended - 38,947 Weighted average remaining lease term – operating leases (in years) 1 . 88 3.00 Average discount rate – operating lease 2.44 % 2.44 % The supplemental balance sheet information related to leases for the period is as follows: December 31, 2023 December 31, 2022 Operating leases Right-of-use assets, net $ 4,192 $ 115,884 Operating lease liabilities $ 4,192 $ 115,884 The future minimum lease payment schedule as follows: For the years ending December 31, 202 4 2,818 202 5 778 202 6 596 Total lease payments 4,192 Less: Interest (211 ) Total 3,981 |
GOING CONCERN
GOING CONCERN | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
GOING CONCERN | NOTE 3 – GOING CONCER N The financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates continuity of operations, realization of assets, and liquidation of liabilities in the normal course of business. As reflected in the financial statements, the Company had net loss for the year ended December 31, 2023, and had negative working capital and accumulated deficit as of December 31, 2023. These factors raise substantial doubt about the Company’s ability to continue as a going concern. The Company’s cash position may not be sufficient to support the Company’s daily operations. Management has financed its operating costs with loans from director and officers. The Company intends to generate sufficient revenue and raise additional funds to support its operations, however there can be no assurances to that effect. The ability of the Company to continue as a going concern is dependent upon the Company’s ability to further generate sufficient revenue and its ability to raise additional funds. The financial statements do not include any adjustments related to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. |
SECURITY DEPOSITS
SECURITY DEPOSITS | 12 Months Ended |
Dec. 31, 2023 | |
Investments, All Other Investments [Abstract] | |
SECURITY DEPOSITS | Note 4. SECURITY DEPOSITS On November 21, 2019, the Company and Shuang Hua International Culture Media Co, Ltd. (“Shuang Hua”), a corporation formed under laws of Taiwan, entered into an exclusive copyright and distribution agreement (the “Agreement”), pursuant to which, subject to the terms and condition therein, Shuang Hua granted the Company an exclusive right to produce, market, distribute and sell the bilingual films and electronic books of which the copyrights are owned by Shuang Hua. In accordance to the agreement, the Company shall pay Shuang Hua a re fundable deposit of in the aggregate amount of $2,894,000, before December 31, 2021. The full deposit amounts have been provided for doubtful debt. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | Note 5. RELATED PARTY TRANSACTIONS Related parties of the Company during the years ended December 31, 2023 and 2022 consist of the following: Name of Related Party Nature of Relationship Yu Cheng Yang Majority Shareholder, Director and Officer of the Company Co-Innovation Group Limited Company under control of Yu Cheng Yang Due to shareholders The Company has advanced funds from its directors and shareholders Yu Cheng Yang for working capital purposes. As of December 31, 2023 and 2022, there were $ and $277,080 advance outstanding, respectively. The Company has agreed that the outstanding balances bear 0% interest rate and are due upon demand after thirty days of written notice by the director and shareholder. On December 5 , 202 3 , the Company issued 345,000,000 shares of Common Stock at fair value $0.00122 to Co-Innovation Group Limited to convert outstanding debt owed to Mr. Yu-Cheng YANG in the amount of $ 420,900. On December 18 , 202 3 , the Company issued 55,000,000 per share to non-employees to convert outstanding debt owed to Mr. Yu-Cheng YANG in the amount of $67,100. During the year , Mr. Yang advanced $ to the Company as working capital, the Company repaid $ to Mr. Yang by cash, $420,900 through debt conversion to himself, and $209,662 by assignment of debts to certain non-employees . Mr. Yang advanced $433,300 to the Company as working capital, and the Company repaid $ to Mr. Yang for the years ended December 31, 2022. |
TERM LOAN
TERM LOAN | 12 Months Ended |
Dec. 31, 2023 | |
Share-based Payment Arrangement [Abstract] | |
TERM LOAN | Note 6. TERM LOAN Loan from First Commercial Bank On September 30, 2020, TWD 3,000,000 (approximately $107,750) term loan was granted to the Company for working capital with repayment period of 60 months. The term loan is subject to an interest charge at 1% per annum for the first 9 months of the term loan; interest charges on the term loan from 10 th th On September 30, 2020, TWD 2,000,000 (approximately $71,833) term loan was granted to the Company for employee salary with repayment period of 3 6 months. The term loan is subject to an interest charge at 1.5% per annum for the first 9 months of the term loan; interest charges on the term loan from 10 th 3 6 th . Loan from Bank of Taiwan On May 7, 2021, TWD 4,000,000 (approximately $143,666) term loan was granted to the Company for employee salary with repayment period of 60 months. The term loan is subject to an interest charge at 1% per annum for the first 8 months of the term loan; interest charges on the term loan from 9 th th On May 7, 2021, TWD 1,000,000 (approximately $35,917) term loan was granted to the Company for employee salary with repayment period of 60 months. The term loan is subject to an interest charge at 1.5% per annum for the first 8 months of the term loan; interest charges on the term loan from 9 th th As of December 31, 2023, the outstanding balance of the term loan is $118,375 is due within one year and classified as short term, and $ is due after one year, and has classified as long term, respectively. As is due within one year and classified as short term, and $116,012 is due after one year, and has classified as long term, respectively. Interest expenses were $ and $4,558 for the years ended December 31, 2023 and 2022, respectively. |
OTHER PAYABLE AND ACCRUED EXPEN
OTHER PAYABLE AND ACCRUED EXPENSES | 12 Months Ended |
Dec. 31, 2023 | |
Payables and Accruals [Abstract] | |
OTHER PAYABLE AND ACCRUED EXPENSES | Note 7 . OTHER PAYABLE AND ACCRUED EXPENSES The supplemental balance sheet information related to Other Payable a nd Accrued Expenses f or the years are as follows: December 31, 2023 December 31, 2022 Accrued s elling, general and administrative expenses $ 166,541 $ 73,352 Payable to a third party from debt conversation 142,562 - $ 309,103 $ 73,352 |
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY | 12 Months Ended |
Dec. 31, 2023 | |
Stockholders' Equity Note [Abstract] | |
STOCKHOLDERS' EQUITY | Note 8 Preferred Stock On July 8, 2021, the board of directors of the Company amended its stock designation and the Company is authorized to issue 5,000,000 shares of Series A Preferred Stock with par value $0.001. Each stock is entitled to 1,000 votes of common stock without dividend rights. On July 8, 2021, the Company issued 1,500,000 shares of Series A Preferred Stock to Co-Innovation Group Limited for proceeds of $1,500, the amount is recorded as a reduction to additional paid-in capital of $1,500. As of December 31, 2023, the Company has 1,500,000 shares of Series A Preferred Stock issued and outstanding. Common Stock On August 11, 2023, the Company issued 21,000,000 shares of freely tradable common stock to various non-employee Consultants inconsideration of the services to be rendered to the Company. The services have all been rendered as of September 30, 2023, and therefore do not need to be deferred. The Management have decided to not elect the definition of fair value as per ASC 718, Compensation - Stock Compensation as it believes it is not a fair representation of the value of the Company's stocks. Therefore, the fair value of the stock is determined based on the fundamental value of the Company and is recorded as stock based compensation. The amount recorded as stock based compensation is $41,019. On December 5 , 202 3 , the Company issued shares of Common Stock at fair value $ to Co-Innovation Group Limited to convert outstanding debt owed to Mr. Yu-Cheng YANG in the amount of $ 420,900. On December 18 , 202 3 , the Company issued 55,000,000 shares of Common Stock at fair value $0.00122 per share to non-employees to convert outstanding debt owed to Mr. Yu-Cheng YANG in the amount of $67,100. On May 19, 2022, the Company issued 3,601,306 shares of restricted common stock to non-employees, the amount is recorded as deferred (unearned) compensation of $38,534, due to the service has not been started. On May 19, 2022, the Company issued 115,000 shares of restricted common stock to non-employees as compensation in the amount of $1,231. As of December 31, 2023, the Company has Warrants On February 3, 2022, the Company granted the issuance of warrants to purchase 200,000 shares of the Company’s common stock at an exercise price of $2 per share with an expiration date of December 22, 2027 to a consultant or its designees as compensation. The warrants were fully vested upon issuance. A summary of warrant activities as follows: Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (Years) Warrants outstanding at December 31, 2022 200,000 $ 2.00 4.98 Granted - - - Exercised - - - Expired - - - Warrants outstanding at December 31, 2023 200,000 $ 2.00 3.98 Warrants exercisable at December 31, 2023 200,000 $ 2.00 3 .98 |
STOCK BASED COMPENSATION
STOCK BASED COMPENSATION | 12 Months Ended |
Dec. 31, 2023 | |
Share-based Payment Arrangement [Abstract] | |
STOCK BASED COMPENSATION | Note 9 F reely T radable C ommon S tock On August 11, 2023, the Company issued 21,000,000 shares common stock to various non-employee consultants as compensation for services rendered. As these services were fully provided by September 30, 2023 , deferral of share based compensation is Level 3 Inputs. The decision to use Level 3 Inputs was driven by management's assessment that Level 1 Inputs, namely the Company’s stock price on the OTC Pink market, do not accurately represent the realizable value for consultants upon liquidation of their shares in this market. Additionally, Level 2 Inputs, which include prices of similarly situated companies on the OTC Pink market, were also deemed unsuitable. This decision was based on the unique circumstances surrounding the Company. Consequently, management elected to use Level 3 Inputs, employing a discounted cash flow model, to more accurately estimate the fair value of the Company's stock granted to the consultants. This resulted in recording the stock-based compensation at an amount of $41,019. This approach reflects a comprehensive assessment of the stock’s fair value, considering the specific context and market conditions relevant to the Company. Restricted Stock On May 19, 2022, the Company issued 3,601,306 shares of restricted common stock to non-employees, the amount is recorded as deferred (unearned) compensation of $38,534, due to the service has not been started. The fair value of the shares was determined based on a contemporaneous valuation report . On May 19, 2022, the Company issued 115,000 shares of restricted common stock to non-employees as compensation in the amount of $1,231. The shares were fully vested upon issuance as there were no other conditions required for the shares to vest. The fair value of the shares was determined based on a contemporaneous valuation report Warrants On February 3, 2022, the Company granted the issuance of warrants to purchase 200,000 shares of the Company’s common stock at an exercise price of $2 per share with an expiration date of December 22, 2027 to a consultant or its designees as compensation. The warrants were fully vested upon issuance as there were no other conditions required for the warrants to vest. In accordance to ASC 815-40, an equity-linked financial instrument can be classified in equity only if it (1) is indexed to the reporting entity’s own stock and (2) meets all other conditions for equity classification. The warrants are classified as equity instruments because a fixed amount of cash is exchanged for a fixed amount of equity. The fair value of the warrants was determined using the Black-Scholes option pricing model which requires the input of subjective assumptions, the expected life of the warrants, and the expected stock price volatility. The assumptions used in calculating the fair value of stock-based awards represent management’s best estimates and involve inherent uncertainties and the application of management’s judgment. As a result, if factors change and management uses different assumptions, stock-based compensation expense could be materially different for future awards. The assumptions used to determine the fair value of the Warrants as follows : Years Ended December 31, 202 3 202 2 Expected life (years) 3 .89 4.89 Risk-free interest rate 0.76 % 0.76 % Expected volatility 329.86 % 329.86 % Dividend yield 0 % 0 % The expected life of the warrants was estimated using the “simplified method,” as the Company has no historical information to develop reasonable expectations about future exercise patterns for its warrant grants. The simplified method is based on the average of the vesting tranches and the contractual life of each grant. The expected life of awards that vest immediately use the contractual maturity since they are vested when issued. For stock price volatility, the Company calculated its expected volatility based on historical closing price of its common stock, par value $0.001 per share. The risk-free interest rate is based on U.S. Treasury notes with a term approximating the expected life of the warrant at the grant-date. Stock based compensation were $ 41,019 and $1,231 for the years ended December 31 , 202 3 and 202 2 , respectively. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | Note 10 The Company has operations in various countries and is subject to tax in the jurisdictions in which they operate, as follows: United States EOS, Inc. is incorporated in the United States of America and is subject to United States federal taxation at tax rate of 21%. No provisions for income taxes have been made as the Company has no taxable income for the period. As of December 31, 2023, the Company had net operating loss carry forwards of $1,314,134 that may be available to reduce future years’ taxable income. Future tax benefits which may arise as a result of these losses have not been recognized in these financial statements as their realization is determined not likely to occur and, accordingly, the Company has recorded a valuation allowance for the deferred tax asset relating to these tax loss carry-forwards. No tax benefit has been realized since a 100% valuation allowance has offset deferred tax asset resulting from the net operating losses. British Virgin Islands EOS International Inc. is incorporated in British Virgin Islands and are not required to pay income tax. Taiwan The subsidiary of EOS Inc. and Emperor Star is incorporated in Taiwan. According to the amendments to the “Taiwan Income Tax Act” enacted by the office of the President of Taiwan on February 7, 2018, statutory income tax rate increased from 17% to 20% and undistributed earning tax decreased from 10% to 5%, effective from January 1, 2018. People’s Republic of China (“PRC”) Under the Enterprise Income Tax (“EIT”) Law of the PRC, the standard EIT rate is 25%. The PRC subsidiary of the Company is subject to PRC income taxes on an entity basis on income arising in or derived from the tax jurisdiction in which they operate. No provision for income taxes have been made as Maosong had no taxable income as of and for the year ended December 31, 2023. Provision for income tax consists of the following: Years Ended December 31, 202 3 202 2 Current income tax (benefit) U.S. $ - $ - Taiwan - (10,093 ) PRC - - Sub total - (10,093 ) Deferred income tax Deferred tax assets for NOL carry-forwards 1 29 , 243 284,605 Valuation allowance (129,243 ) (284,605 ) Other adjustments - (10,093 ) Net changes in deferred income tax (benefit) - - Total income tax provision $ - $ (10,093 ) The Company has an income tax benefit of $10,093 for the years ended December 31, 2022 which was an adjustment of over estimated tax expense from prior year. The reconciliation of income tax rate to the effective income tax rate based on income before income taxes for the years ended December 31, 202 3 and 202 2 are as follows: ` Years Ended December 31, 202 3 202 2 Net loss before income tax (631,936 ) (1,922,252 ) Statutory tax rate 20 % 15 % Income tax provision (129,243 ) (284,605 ) Valuation allowance 1 29 , 24 3 284,605 Other adjustments - (10,093 ) Income tax expenses, net - (10,093 ) Significant components of the Company’s deferred taxes assets as follows: Years Ended December 31, Deferred tax assets: 202 3 202 2 Net operating loss carry-forwards 1 29 , 243 284,605 Less: Valuation allowance (129,243 ) (284,605 ) Deferred tax assets, net - - |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | Note 1 1 Sales Collaboration Agreement On June 1, 2020 ("the contract date"), the Company and Fortune King entered into a sales collaboration agreement (the “Sales Collaboration Agreement”), pursuant to which, Fortune King agreed to a fee of $ 1,500,000 to provide promotion and marketing services for the Company’s products for a period of six years from January 2020 to December 2025 (“Service Period”). Fortune King is obligated to perform such service regardless of whether the Company sells products to Fortune King during the designated period. Both parties agreed that the fee would be paid in 3,000,000 of the company's common stocks ("consideration stock"), and the contract day would be the grant date of the consideration stocks. According to the Supplementary Agreement signed on August 12, 2020 , Fortune King entrusted the Company to assist in the transfer of the 3,000,000 EOS’s stocks (“old shareholders stocks”) to 167 business promoters. The old shareholders stocks were from 11 independent shareholders. The Company further signed the Agreement for Share Transfer and Repayment with the 11 shareholders individually. The Company recognized the marketing expenses quarterly with $ 62,500 per quarter till the end of the Service Period and agreed to repay them in cash or other methods agreed upon by both the Company and the old shareholders for the equivalent value at $0.5 per share. The repayments will be made upon demand from each Shareholder throughout the Service Period. As such the Company recognized these marketing expenses quarterly and other current liabilities to the 11 shareholders. As of December 31, 2023, a nd 2 1,000,000 750,000 As of December 31, 2023 and 2022 the outstanding servi ce commi 500,000 750,000 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2023 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | Note 1 2 Management has evaluated subsequent events through the date which the financial statements are available to be issued. All subsequent events requiring recognition as of December 31, 2023 have been incorporated into these consolidated financial statements and there are no other subsequent events that require disclosure in accordance with FASB ASC Topic 855, “Subsequent Events.” |
NATURE OF OPERATIONS AND SUMM_2
NATURE OF OPERATIONS AND SUMMARY OF ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Organization | Organization EOS Inc. was incorporated on April 3, 2015 in the State of Nevada. The Company’s business plan is to market and distribute skin care products, including masks and serums. On November 18, 2016, the Company set up a wholly-owned subsidiary in Taiwan to assist the Company to promote the business in Taiwan. Emperor Star International Trade Co., Ltd., (“Emperor Star”), was incorporated on November 16, 2015 under the laws of Taiwan. Emperor Star is in the business of marketing and distribution of various products, including nutrition supplements, skin care products, and water purifiers. On May 3, 2017, the Company entered into and closed a Share Purchase and Sale Agreement (the “Purchase Agreement”) with Emperor Star and the shareholder of Emperor Star to acquire all issued and outstanding shares of Emperor Star in consideration of $30,562 in cash. As a result of the Purchase Agreement, Emperor Star became the Company’s wholly owned subsidiary. Upon consummation of the transaction, the Company has assumed the business of Emperor Star and ceased to be a shell company. On September 20, 2018, the Company set up another wholly-owned subsidiary, EOS International Inc. (“EOS(BVI)”), under the laws of British Virgin Islands. EOS(BVI) is in the business of marketing and distribution of various products, including nutrition supplements, skin care products, and water purifiers. On March 1, 2019, EOS(BVI) set up a wholly-owned subsidiary, Shanghai Maosong Co., Ltd (“Maosong”), under the laws of People’s Republic of China. Maosong is in the business of marketing and distribution of various products, including nutrition supplements, skin care products, and water purifiers in China. As of the date of this report, Maosong has a registered capital of USD $100,000, but no capital has actually been paid into Maosong. On June 2, 2020, EOS(BVI) 83.33% owner, and Shanghai Qifan Qiye Management Co., Ltd. (“Qifan”) 16.67% owner of Maosong resolute to change the registered capital of Maosong to RMB 1,200,000,000 (1.2 billion) and that EOS to contribute certain Intellectual Property as registered capital of Shanghai Maosong. Intellectual Property owned by EOS International Inc was valued at RMB 1,000,000,000 (1 billion) and Intellectual Property owned by Qifan was valued at RMB 200,000,000 (200 million). On July 13, 2021, EOS(BVI), MaoSong, and Qifan entered into a Shareholder Agreement where Qifan (i) delegate its 16.67% equity voting rights, powers, or benefits in Maosong to EOS(BVI); (ii) grant EOS(BVI) an irrevocable, unconditional, exclusive option to purchase Maosong’s equity interest; (iii) the right to receive any proceeds from the Maosong’s Equity Interest; (iv) pledge its existing or any prospective Maosong equity interest to EOS Int’l; as a result EOS(BVI) retains 100% control of MaoSong and the 16.67% noncontrolling interest are consolidated. On July 1, 2023, the Company assumes effective control of Emperor Star International Trade Co., Ltd (Emperor Star), a commerce and trade company, through execution of declaration of trust for Emperor Star’s 100% share capital. The primary reason the Company completed the equity transaction within owners is to invest resources, expand the operations and turn Emperor Star into a profitable business. |
Principles of Consolidation | Principles of Consolidation The accompanying consolidated financial statements, including the accounts of EOS Inc. and its wholly owned subsidiaries in Taiwan, British Virgin Islands, and People’s Republic of China, have been prepared in conformity with accounting principles generally accepted in the United States of America. Since the Company and Emperor Star are entities under common control prior to the acquisition of Emperor Star, the transaction is accounted for as a restructuring transaction. All assets and liabilities of Emperor Star were transferred to the Company at their respective carrying amounts on the date of transaction. The Company has recast prior period financial statements to reflect the conveyance of Emperor Star’s common shares as if the restructuring transaction had occurred as of the earliest date of the consolidated financial statements. All material intercompany accounts, transactions, and profits have been eliminated in consolidation. The nature of and effects on earnings per share (EPS) of non-recurring intra-entity transactions involving long-term assets and liabilities is not required to be eliminated and EPS amounts have been recast to include the earnings (or losses) of the transferred net assets. The functional currency of the subsidiaries in Taiwan is the New Taiwan dollars and the subsidiary in People’s Republic of China is the Chinese Yuan, or Renminbi; however, the accompanying consolidated financial statements have been translated and presented in United States Dollars ($). In the accompanying consolidated financial statements and notes, “$”, “US$” and “U.S. dollars” mean United States dollars, “NT$” and “NT dollars” mean New Taiwan dollars, and “RMB” means Chinese Yuan, or Renminbi. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include cash and all highly liquid instruments with original maturities of three months or less. |
Accounts Receivable | Accounts Receivable Accounts receivable are stated at carrying value less estimates made for doubtful receivables. Accounts receivable are stated at the historical carrying amount net of allowance for expected credit losses. The Company adopted ASU No. 2016-13, “Financial Instruments — Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments” on January 1, 2023 using a modified retrospective approach. To estimate expected credit losses, the Company has identified the relevant risk characteristics of its customers and the related receivables. The Company considers the past collection experience, current economic conditions, future economic conditions (external data and macroeconomic factors) and changes in the Company’s customer collection trends. The allowance for credit losses and corresponding receivables were written off when they are determined to be uncollectible. |
Inventory | Inventory Inventory is stated at the lower of cost and net realizable value. Net realizable value (NRV) is defined as estimated selling prices less costs of completion, disposal, and transportation. Inventory consists mainly of finished goods held for resale. Cost is determined on a weighted average cost method. The Company periodically reviews the age and turnover of its inventory to determine whether any inventory has become obsolete or has declined in value, and incurs a charge to operations for known and anticipated inventory obsolescence. |
Property and Equipment | Property and Equipment Property and equipment are carried at cost net of accumulated depreciation. Expenditures that improve the functionality of the related asset or extend the useful life are capitalized. When property and equipment is retired or otherwise disposed of, the related gain or loss is included in operating income. Leasehold improvements are depreciated on the straight-line method over the shorter of the remaining lease term or estimated useful life of the asset. Depreciation is calculated on the straight-line method, including property and equipment under capital leases, generally over five years. Depreciation expense was $ 833 and $ for the years ended December 31, 2023 and 2022, respectively. Impairment loss was $ 27 and $ 17,381 for the years ended December 31, 2023 and 2022, respectively. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets The Company has adopted Accounting Standards Codification subtopic 360-10, Property, Plant and Equipment (“ASC 360-10”). ASC 360-10 requires that long-lived assets and certain identifiable intangibles held and used by the Company be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The Company evaluates its long-lived assets for impairment annually or more often if events and circumstances warrant. Events relating to recoverability may include significant unfavorable changes in business conditions, recurring losses, or a forecasted inability to achieve breakeven operating results over an extended period. The Company evaluates the recoverability of long-lived assets based upon forecasted undiscounted cash flows. Should impairment in value be indicated, the carrying value of intangible assets will be adjusted, based on estimates of future discounted cash flows resulting from the use and ultimate disposition of the asset. ASC 360-10 also requires assets to be disposed of be reported at the lower of the carrying amount or the fair value less costs to sell. Impairment loss on property and equipment was $ 2 7 and $17,381 for the years ended December 31, 2023 and 2022, respectively. |
Revenue Recognition | Revenue Recognition Pursuant to ASC 606, the Company recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration that the Company expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that the Company determines is within the scope of ASC 606, the Company performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the Company satisfies a performance obligation. The Company only applies the five-step model to contracts when it is probable that the Company will collect the consideration the Company is entitled to in exchange for the goods or services the Company transfers to the customers. At inception of the contract, once the contract is determined to be within the scope of ASC 606, the Company assesses the goods or services promised within each contract, determines those that are performance obligations, and assesses whether each promised good or service is distinct. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied. Merchandise sales: The Company recognizes sales revenues from merchandise sales when customers obtain control of the Company’s products, which typically occurs upon delivery to customer. Merchandise sales revenues are recorded at the sales price, or “transaction price”. Software sales: The Company does not develop the software products on its own. When the Company receives a purchase order from the customer, the Company would engage with the third-party software company to customize and develop the software products. The Company recognizes software revenues upon completion of the installation and testing, and transfer the control of the software products to the customer. Software revenues are recorded at the fixed sales price, or “transaction price”, pursuant to the sales contracts. The Company may also charge the customer maintenance service fees on a straight-line basis over the service period pursuant to the sales contract. The Company concluded that the performance obligation for the maintenance service is distinct. Therefore, such maintenance service revenue can be separated from other elements in the arrangement. Trade discount and allowances: The Company generally does not provide invoice discounts on product sales to its customers for prompt payment. Product returns: The Company generally does not provide customers with the right to return a product for a full or partial refund, a credit, or an exchange for another product. To date, product allowance and returns have been minimal and, based on its experience, the Company believes that returns of its products will continue to be minimal. The following tables provide details of revenue by major products and by geography. Revenue by Major Products For the year ended December 31, 2023: Water purifier machine $ 1,445 Automobile carbon reduction machine - Nutrition supplement 288,468 Software 5,834 Other materials 1,105 Total $ 296,852 For the year ended December 31, 2022: Water purifier machine $ 11,664 Automobile carbon reduction machine 21,283 Nutrition supplement 581,307 Software 35,958 Other materials 2,335 Total $ 652,547 Revenue by Geography For the year ended December 31, 2023: Asia Pacific $ 296,852 Total $ 296,852 For the year ended December 31, 2022: Asia Pacific $ 652,547 T $ 652,547 |
Leases | Leases The Company adopted FASB Accounting Standards Codification, Topic 842, Leases (“ASC 842”) using the modified retrospective approach, electing the practical expedient that allows the Company not to restate its comparative periods prior to the adoption of the standard on January 1, 2019. As such, the disclosures required under ASC 842 are not presented for periods before the date of adoption. For the comparative periods prior to adoption, the Company presented the disclosures which were required under ASC 842. The new leasing standard requires recognition of leases on the consolidated balance sheets as right-of-use (“ROU”) assets and lease liabilities. ROU assets represent the Company’s right to use underlying assets for the lease terms and lease liabilities represent the Company’s obligation to make lease payments arising from the leases. Operating lease ROU assets and operating lease liabilities are recognized based on the present value and future minimum lease payments over the lease term at commencement date. The Company’s future minimum based payments used to determine the Company’s lease liabilities mainly include minimum based rent payments. As most of Company’s leases do not provide an implicit rate, the Company uses its estimated incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. In addition, the adoption of the standard did not have a material impact on the Company’s results of operations or cash flows. Operating lease cost is recognized as a single lease cost on a straight-line basis over the lease term and is recorded in Selling, general and administrative expenses. Variable lease payments for common area maintenance, property taxes and other operating expenses are recognized as expense in the period when the changes in facts and circumstances on which the variable lease payments are based occur. |
Advertising costs | Advertising Costs Advertising costs are expensed at the time such advertising commences. Advertising expenses were $ 112 and $1,966 for the years ended December 31, 2023 and 2022, respectively. |
Stock-Based Compensation | Stock-Based Compensation The Company accounts for stock-based compensation in accordance with ASC 718, Compensation-Stock Compensation (“ASC 718”). Under the fair value recognition provisions, stock-based compensation cost is measured at the grant date based on the fair value of the award and is recognized as compensation expense on a straight-line basis over the requisite service period, based on the terms of the awards. The Company calculates the fair value of option grants utilizing the Black-Scholes pricing model and estimates the fair value of the stock based upon the estimated fair value of the common stock. In June 2018, the Financial Accounting Standards Board (“FASB”) issued ASU 2018-07, Compensation - Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting (“ASU 2018-07”). ASU 2018-07 expands the guidance in ASC 718 to include share-based payments for goods and services to non-employees and generally aligns it with the guidance for share-based payments to employees. In accordance with ASU 2018-07, these stock options and warrants issued as compensation for services provided to the Company are accounted for based upon the fair value of the underlying equity instrument. The fair value of the equity instrument is charged directly to compensation expense and additional-paid-in capital over the period during which services are rendered. |
Post retirement and Post employment Benefits | Post-retirement and Post-employment Benefits The Company’s subsidiaries in Taiwan adopted the government mandated defined contribution plan pursuant to the Taiwan Labor Pension Act (the “Act”). Such labor regulations require that the rate of contribution made by an employer to the Labor Pension Fund per month shall not be less than 6% of the worker’s monthly salaries. Pursuant to the Act, the Company makes monthly contribution equal to 6% of employees’ salaries to the employees’ pension fund. The Company has no legal obligation for the benefits beyond the contributions made. The total amounts for such employee benefits, which were expensed as incurred, were $ 4,676 and $5,233 for the years ended December 31, 2023 and 2022, respectively. Other than the above, the Company does not provide any other post-retirement or post-employment benefits. |
Fair Value Measurements | Fair Value Measurements FASB ASC 820, “Fair Value Measurements” defines fair value for certain financial and non-financial assets and liabilities that are recorded at fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. It requires that an entity measure its financial instruments to base fair value on exit price, maximize the use of observable units and minimize the use of unobservable inputs to determine the exit price. It establishes a hierarchy which prioritizes the inputs to valuation techniques used to measure fair value. This hierarchy increases the consistency and comparability of fair value measurements and related disclosures by maximizing the use of observable inputs and minimizing the use of unobservable inputs by requiring that observable inputs be used when available. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the assets or liabilities based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The hierarchy prioritizes the inputs into three broad levels based on the reliability of the inputs as follows: Level 1 – Inputs are quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Valuation of these instruments does not require a high degree of judgment as the valuations are based on quoted prices in active markets that are readily and regularly available. Level 2 – Inputs other than quoted prices in active markets that are either directly or indirectly observable as of the measurement date, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 – Valuations based on inputs that are unobservable and not corroborated by market data. The fair value for such assets and liabilities is generally determined using pricing models, discounted cash flow methodologies, or similar techniques that incorporate the assumptions a market participant would use in pricing the asset or liability. The carrying values of certain assets and liabilities of the Company, such as cash and cash equivalents, accounts receivable, inventory, advance to suppliers, prepaid expenses, accounts payable, accrued expenses, and due to shareholders, approximate fair value because of to their relatively short maturities. |
Earnings (Loss) Per Share | Earnings (Loss) Per Share Basic income (loss) per share is computed by dividing net income (loss) by weighted average number of shares of common stock outstanding during each period. Diluted income (loss) per share is computed by dividing net income (loss) by the weighted average number of shares of common stock, common stock equivalents, and potentially dilutive securities outstanding during each year. Dilutive shares are excluded the exercise price is greater than the average market price and when the Company incurred a net loss as the inclusion of such shares would have an anti-dilutive effect. For the years ended December 31, 2023 and 2022, warrants were excluded as dilutive shares as the Company incurred a net loss. |
Income Taxes | Income Taxes The Company accounts for income taxes in accordance with ASC 740, Income Taxes, which requires that the Company recognize deferred tax liabilities and assets based on the differences between the financial statement carrying amounts and the tax basis of assets and liabilities, using enacted tax rates in effect in the years the differences are expected to reverse. Deferred income tax benefit (expense) results from the change in net deferred tax assets or deferred tax liabilities. A valuation allowance is recorded when, in the opinion of management, it is more likely than not that some or all of any deferred tax assets will not be realized. |
Foreign-currency Transactions | Foreign-currency Transactions Foreign-currency transactions are recorded in New Taiwan dollars (“NTD”) and Renminbi (“RMB”) at the rates of exchange in effect when the transactions occur. Gains or losses resulting from the application of different foreign exchange rates when cash in foreign currency is converted into New Taiwan dollars and Renminbi, or when foreign-currency receivables or payables are settled, are credited or charged to income in the year of conversion or settlement. On the balance sheet dates, the balances of foreign-currency assets and liabilities are restated at the prevailing exchange rates and the resulting differences are charged to current income except for those foreign currencies denominated investments in shares of stock where such differences are accounted for as translation adjustments under stockholders’ equity. |
Translation Adjustment | Translation Adjustment The accounts of the Company’s subsidiaries were maintained, and their financial statements were expressed in New Taiwan Dollar (“NTD”) and Chinese Yuan, or Renminbi (“RMB”). Such financial statements were translated into U.S. Dollars (“$” or “USD”) in accordance ASC 830, “Foreign Currency Matters”, with the NTD and RMB as the functional currency. According to the Statement, all assets and liabilities are translated at the current exchange rate, common stock and additional paid-in capital are translated at the historical rates, and income statement items are translated at an average exchange rate for the period. The resulting translation adjustments are reported under accumulated other comprehensive income (loss) as a component of stockholders’ equity. |
Comprehensive Income (loss) | Comprehensive Income (loss) Comprehensive income (loss) includes accumulated foreign currency translation gains and losses. The Company has reported the components of comprehensive income (loss) on its consolidated statements of operations and other comprehensive income (loss). |
Concentration of Credit Risk | Concentration of Credit Risk Cash and cash equivalents Customers : The Company performs ongoing credit evaluations of its customers’ financial condition and generally requires no collateral. For the year ended December 31, 2023, one customer accounted for more than 10% of the Company’s total revenues. Customer Net sales for year ended December 31, 202 3 % of Total Accounts receivable balance as of December 31, 202 3 % of Total A $ - - % $ - - % B $ - - % $ - - % C $ 275,802 93 % $ 2,231 1 % For the year ended December 31, 2022, three customers accounted for more than 10% of the Company’s total revenues. Customer Net sales for year ended December 31, 2022 % of Total Accounts receivable balance as of December 31, 2022 % of Total A $ 78,993 12 % $ 27,102 17 % B $ 124,556 19 % $ 95,878 60 % C $ 443,528 68 % $ 37,273 23 % Suppliers : The Company’s inventory is purchased from various suppliers. For the year ended December 31, 2023, two supplier s accounted for more than 10% of the Company’s total net purchase: Supplier Net purchase for the year ended December 31, 2023 % of Total¤ Accounts payable balance as of December 31, 2023 % of Total A $ 123,939 88 % $ - - % B $ - - % $ - - % C $ 15,802 11 % $ 9,761 100 % For the year ended December 31, 2022, two suppliers accounted for more than 10% of the Company’s total net purchase: Supplier Net purchase for year ended December 31, 2022 % of Total Accounts payable balance as of December 31, 2022 % of Total A $ 256,664 29 % $ - - % B $ 110,194 69 % $ - - % |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326) - Measurement of Credit Losses on Financial Instruments.” This pronouncement, along with subsequent ASUs issued to clarify provisions of ASU 2016-13, changes the impairment model for most financial assets and will require the use of an “expected loss” model for instruments measured at amortized cost. Under this model, entities will be required to estimate the lifetime expected credit loss on such instruments and record an allowance to offset the amortized cost basis of the financial asset, resulting in a net presentation of the amount expected to be collected on the financial asset. In developing the estimate for lifetime expected credit loss, entities must incorporate historical experience, current conditions, and reasonable and supportable forecasts. This pronouncement is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2019. On November 19, 2019, the FASB issued ASU No. 2019-10, Financial Instruments—Credit Losses (Topic 326), finalized various effective date delays for private companies, not-for-profit organizations, and certain smaller reporting companies applying the credit losses (CECL), the revised effective date was January 2023. The Company ha s adopted this accounting standard in the financial year 2023, this new accounting standard has no significant impact to the Company’s financial statements. In December 2023, the FASB issued ASU No 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”). ASU 2023-09 expands disclosures in the rate reconciliation and requires disclosure of income taxes paid by jurisdiction. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. Management does not believe that any other recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on our condensed financial statements. |
NATURE OF OPERATIONS AND SUMM_3
NATURE OF OPERATIONS AND SUMMARY OF ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Schedule of revenue by major products | Revenue by Major Products For the year ended December 31, 2023: Water purifier machine $ 1,445 Automobile carbon reduction machine - Nutrition supplement 288,468 Software 5,834 Other materials 1,105 Total $ 296,852 For the year ended December 31, 2022: Water purifier machine $ 11,664 Automobile carbon reduction machine 21,283 Nutrition supplement 581,307 Software 35,958 Other materials 2,335 Total $ 652,547 |
Schedule of revenue by geography | Revenue by Geography For the year ended December 31, 2023: Asia Pacific $ 296,852 Total $ 296,852 For the year ended December 31, 2022: Asia Pacific $ 652,547 T $ 652,547 |
Schedule of accounts payable | For the year ended December 31, 2023, two supplier s accounted for more than 10% of the Company’s total net purchase: Supplier Net purchase for the year ended December 31, 2023 % of Total¤ Accounts payable balance as of December 31, 2023 % of Total A $ 123,939 88 % $ - - % B $ - - % $ - - % C $ 15,802 11 % $ 9,761 100 % For the year ended December 31, 2022, two suppliers accounted for more than 10% of the Company’s total net purchase: Supplier Net purchase for year ended December 31, 2022 % of Total Accounts payable balance as of December 31, 2022 % of Total A $ 256,664 29 % $ - - % B $ 110,194 69 % $ - - % |
Schedule of accounts receivable | For the year ended December 31, 2023, one customer accounted for more than 10% of the Company’s total revenues. Customer Net sales for year ended December 31, 202 3 % of Total Accounts receivable balance as of December 31, 202 3 % of Total A $ - - % $ - - % B $ - - % $ - - % C $ 275,802 93 % $ 2,231 1 % For the year ended December 31, 2022, three customers accounted for more than 10% of the Company’s total revenues. Customer Net sales for year ended December 31, 2022 % of Total Accounts receivable balance as of December 31, 2022 % of Total A $ 78,993 12 % $ 27,102 17 % B $ 124,556 19 % $ 95,878 60 % C $ 443,528 68 % $ 37,273 23 % |
OTHER PAYABLE AND ACCRUED EXP_2
OTHER PAYABLE AND ACCRUED EXPENSES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Payables and Accruals [Abstract] | |
Summary of information related to other payable and accrued expenses | The supplemental balance sheet information related to Other Payable a nd Accrued Expenses f or the years are as follows: December 31, 2023 December 31, 2022 Accrued s elling, general and administrative expenses $ 166,541 $ 73,352 Payable to a third party from debt conversation 142,562 - $ 309,103 $ 73,352 |
LEASE (Tables)
LEASE (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Summary of components of lease expense and supplemental cash flow information | The components of lease expense and supplemental cash flow information related to leases for the year ended are as follows: Lease Cost Year ended December 31, 2023 Year ended December 31, 2022 Operating lease cost (i n the Company’s statement of operations) $ 3 4 , 3 4 9 $ 38,947 Other Information Right-of-use assets obtained in exchange for new operating leases liabilities - 72,495 Cash paid for amounts included in the measurement of lease liabilities for the year ended - 38,947 Weighted average remaining lease term – operating leases (in years) 1 . 88 3.00 Average discount rate – operating lease 2.44 % 2.44 % |
Summary of supplemental balance sheet information related to leases | The supplemental balance sheet information related to leases for the period is as follows: December 31, 2023 December 31, 2022 Operating leases Right-of-use assets, net $ 4,192 $ 115,884 Operating lease liabilities $ 4,192 $ 115,884 |
Summary of undiscounted future minimum lease payment | The future minimum lease payment schedule as follows: For the years ending December 31, 202 4 2,818 202 5 778 202 6 596 Total lease payments 4,192 Less: Interest (211 ) Total 3,981 |
STOCKHOLDERS' EQUITY (Tables)
STOCKHOLDERS' EQUITY (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Stockholders' Equity Note [Abstract] | |
Summary of warrant activities | A summary of warrant activities as follows: Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (Years) Warrants outstanding at December 31, 2022 200,000 $ 2.00 4.98 Granted - - - Exercised - - - Expired - - - Warrants outstanding at December 31, 2023 200,000 $ 2.00 3.98 Warrants exercisable at December 31, 2023 200,000 $ 2.00 3 .98 |
STOCK BASED COMPENSATION (Table
STOCK BASED COMPENSATION (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions and Methodology [Abstract] | |
Summary of fair value of the warrants | The assumptions used to determine the fair value of the Warrants as follows : Years Ended December 31, 202 3 202 2 Expected life (years) 3 .89 4.89 Risk-free interest rate 0.76 % 0.76 % Expected volatility 329.86 % 329.86 % Dividend yield 0 % 0 % |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Provision for income tax consists of the following: Years Ended December 31, 202 3 202 2 Current income tax (benefit) U.S. $ - $ - Taiwan - (10,093 ) PRC - - Sub total - (10,093 ) Deferred income tax Deferred tax assets for NOL carry-forwards 1 29 , 243 284,605 Valuation allowance (129,243 ) (284,605 ) Other adjustments - (10,093 ) Net changes in deferred income tax (benefit) - - Total income tax provision $ - $ (10,093 ) |
Schedule of reconciliation of income tax rate | The reconciliation of income tax rate to the effective income tax rate based on income before income taxes for the years ended December 31, 202 3 and 202 2 are as follows: ` Years Ended December 31, 202 3 202 2 Net loss before income tax (631,936 ) (1,922,252 ) Statutory tax rate 20 % 15 % Income tax provision (129,243 ) (284,605 ) Valuation allowance 1 29 , 24 3 284,605 Other adjustments - (10,093 ) Income tax expenses, net - (10,093 ) |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | Significant components of the Company’s deferred taxes assets as follows: Years Ended December 31, Deferred tax assets: 202 3 202 2 Net operating loss carry-forwards 1 29 , 243 284,605 Less: Valuation allowance (129,243 ) (284,605 ) Deferred tax assets, net - - |
NATURE OF OPERATIONS AND SUMM_4
NATURE OF OPERATIONS AND SUMMARY OF ACCOUNTING POLICIES (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Revenue by Major Products | $ 296,852 | $ 652,547 |
Water purifier machine [Member] | ||
Revenue by Major Products | 1,445 | 11,664 |
Automobile carbon reduction machine [Member] | ||
Revenue by Major Products | 21,283 | |
Nutrition supplement [Member] | ||
Revenue by Major Products | 288,468 | 581,307 |
Software [Member] | ||
Revenue by Major Products | 5,834 | 35,958 |
Other materials [Member] | ||
Revenue by Major Products | $ 1,105 | $ 2,335 |
NATURE OF OPERATIONS AND SUMM_5
NATURE OF OPERATIONS AND SUMMARY OF ACCOUNTING POLICIES (Details 1) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Revenue | $ 296,852 | $ 652,547 |
Revenue by geography [Member] | ||
Revenue | 296,852 | 652,547 |
Asia Pacific [Member] | ||
Revenue | $ 296,852 | $ 652,547 |
NATURE OF OPERATIONS AND SUMM_6
NATURE OF OPERATIONS AND SUMMARY OF ACCOUNTING POLICIES (Details 2) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Customer A [Member] | ||
Net sales | $ 0 | $ 78,993 |
Accounts receivable | $ 0 | $ 27,102 |
Total | 0% | 17% |
Customer A [Member] | Revenue Benchmark [Member] | ||
Total | 0% | 12% |
Customer B [Member] | ||
Net sales | $ 0 | $ 124,556 |
Accounts receivable | $ 0 | $ 95,878 |
Total | 0% | 60% |
Customer B [Member] | Revenue Benchmark [Member] | ||
Total | 0% | 19% |
Customer C [Member] | ||
Net sales | $ 275,802 | $ 443,528 |
Accounts receivable | $ 2,231 | $ 37,273 |
Total | 1% | 23% |
Customer C [Member] | Revenue Benchmark [Member] | ||
Total | 93% | 68% |
NATURE OF OPERATIONS AND SUMM_7
NATURE OF OPERATIONS AND SUMMARY OF ACCOUNTING POLICIES (Details 3) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Cost of Goods and Service Benchmark [Member] | Supplier Concentration Risk [Member] | ||
Concentration Risk Threshold Percentage | 10% | 10% |
Supplier B [Member] | ||
Net purchase | $ 0 | $ 110,194 |
Accounts Payable | $ 0 | $ 0 |
Supplier B [Member] | Supplier Concentration Risk [Member] | Accounts Payable and Accrued Liabilities [Member] | ||
Concentration Risk Threshold Percentage | 0% | 0% |
Supplier B [Member] | Cost of Goods and Service Benchmark [Member] | Supplier Concentration Risk [Member] | ||
Concentration Risk Threshold Percentage | 0% | 69% |
Supplier C [Member] | ||
Net purchase | $ 15,802 | |
Accounts Payable | $ 9,761 | |
Supplier C [Member] | Supplier Concentration Risk [Member] | Accounts Payable and Accrued Liabilities [Member] | ||
Concentration Risk Threshold Percentage | 100% | |
Supplier C [Member] | Cost of Goods and Service Benchmark [Member] | Supplier Concentration Risk [Member] | ||
Concentration Risk Threshold Percentage | 11% | |
Supplier A [Member] | ||
Net purchase | $ 123,939 | $ 256,664 |
Accounts Payable | $ 0 | $ 0 |
Supplier A [Member] | Supplier Concentration Risk [Member] | Accounts Payable and Accrued Liabilities [Member] | ||
Concentration Risk Threshold Percentage | 0% | 0% |
Supplier A [Member] | Cost of Goods and Service Benchmark [Member] | Supplier Concentration Risk [Member] | ||
Concentration Risk Threshold Percentage | 88% | 29% |
NATURE OF OPERATIONS AND SUMM_8
NATURE OF OPERATIONS AND SUMMARY OF ACCOUNTING POLICIES (Details Narrative) | 12 Months Ended | |||||||
Jul. 13, 2021 | Jun. 02, 2020 USD ($) | Jun. 02, 2020 CNY (¥) | May 03, 2017 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Jul. 01, 2023 | Mar. 01, 2019 USD ($) | |
Cash consideration to acquire equity interest | $ 30,562 | |||||||
Depreciation expense | $ 833 | $ 3,257 | ||||||
Property, Plant and Equipment, Depreciation Methods | straight-line method | |||||||
Advertising cost | $ 112 | 1,966 | ||||||
Defined contribution plan administrative expense | 4,676 | 5,233 | ||||||
Impairment of Long-Lived Assets to be Disposed of | 27 | 17,381 | ||||||
Cash uninsured amount | $ 0 | $ 0 | ||||||
Emperor Star International Trade Co., Ltd [Member] | ||||||||
Equity method investment, ownership percentage | 100% | |||||||
Shanghai Maosong Co Ltd [Member] | ||||||||
Registered Capital | $ 100,000 | |||||||
Shareholders Agreement [Member] | ||||||||
Concentration Risk Threshold Percentage | 16.67% | |||||||
Line of Credit Facility, Interest Rate During Period | 16.67% | 16.67% | ||||||
Shanghai Maosong Co., Ltd ("Maosong") [Member] | ||||||||
Ownership on intellectual property by related party | $ 1,000,000,000 | ¥ 1,000,000,000 | ||||||
Concentration Risk Threshold Percentage | 16.67% | |||||||
Customers | One Customer [Member] | ||||||||
Concentration Risk Threshold Percentage | 10% | |||||||
Customers | Three Customer [Member] | ||||||||
Concentration Risk Threshold Percentage | 10% | |||||||
Supplier Concentration Risk [Member] | Cost of Goods and Service Benchmark [Member] | ||||||||
Concentration Risk Threshold Percentage | 10% | 10% | ||||||
Shanghai Qifan Qiye Management Co [Member] | ||||||||
Sale of Stock, Percentage of Ownership after Transaction | 83.33% | 83.33% | ||||||
Intellectual property registered | ¥ | ¥ 1,200,000,000 | |||||||
Ownership on intellectual property by related party | ¥ | ¥ 200,000,000 |
LEASE (Details)
LEASE (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Lease, Cost [Abstract] | ||
Operating lease cost (in the Company's statement of operations) | $ 3 | $ 38,947 |
Right-of-use assets obtained in exchange for new operating leases liabilities | 0 | 72,495 |
Cash paid for amounts included in the measurement of lease liabilities for the year ended | $ 0 | $ 38,947 |
Weighted average remaining lease term – operating leases (in years) | 1 year 10 months 17 days | 3 years |
Average discount rate – operating lease | 2.44% | 2.44% |
LEASE (Details 1)
LEASE (Details 1) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Assets and Liabilities, Lessee [Abstract] | ||
Right-of-use assets, net | $ 4,192 | $ 115,884 |
Operating lease liabilities | $ 4,192 | $ 115,884 |
LEASE (Details 2)
LEASE (Details 2) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | ||
2024 | $ 2,818 | |
2025 | 778 | |
2026 | 596 | |
Total lease payments | 4,192 | $ 115,884 |
Less: Interest | (211) | |
Total | $ 3,981 |
LEASE (Details Narrative)
LEASE (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Operating lease expense | $ 56,519 | $ 64,972 |
Lessee, Operating Lease, Discount Rate | 2.44% | |
Car [Member] | ||
Lessee, Operating Lease, Remaining Lease Term | 33 months | |
Office Building [Member] | ||
Lessee, Operating Lease, Remaining Lease Term | 12 months |
SECURITY DEPOSITS (Details Narr
SECURITY DEPOSITS (Details Narrative) | Nov. 21, 2019 USD ($) |
Exclusive copyright and distribution agreement [Member] | Shuang Hua International Culture Media Co, Ltd [Member] | |
Security Deposit | $ 2,894,000 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 12 Months Ended | ||||
Mar. 31, 2024 | Dec. 18, 2023 | Dec. 05, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Due to shareholders | $ 1,000,000 | $ 750,000 | |||
Repayment to a related party | 70,311 | 0 | |||
Shared Issued for Liability Converted, shares | 55,000,000 | ||||
Officer [Member] | |||||
Due to shareholders | 74,065 | 277,080 | |||
Related Party [Member] | Officer [Member] | |||||
Due to shareholders | 74,065 | 277,080 | |||
Mr. Yang [Member] | |||||
Advance for the working capital | 498,180 | 433,300 | |||
Repayment to a related party | $ 70,311 | $ 185,644 | |||
Shared Issued for Liability Converted, shares | 55,000,000 | 345,000,000 | |||
Shared Issued for Liability Converted, amount | $ 67,100 | $ 420,900 | |||
Debt Instrument Convertible Conversion Price | $ 0.00122 | $ 0.00122 | |||
Interest rate | 0% | ||||
Mr. Yang [Member] | Debt [Member] | |||||
Repayment to a related party | $ 420,900 | ||||
Mr. Yang [Member] | Non Employees [Member] | |||||
Repayment to a related party | $ 209,662 |
TERM LOAN (Details Narrative)
TERM LOAN (Details Narrative) - USD ($) | 1 Months Ended | 12 Months Ended | ||
May 07, 2021 | Sep. 30, 2020 | Dec. 31, 2023 | Dec. 31, 2022 | |
Interest Expense | $ 4,660 | $ 4,558 | ||
Short-term loan | 53,165 | 68,497 | ||
Long-term loan | 65,210 | 116,012 | ||
Outstanding balance of term loan | $ 118,375 | $ 184,509 | ||
Term Loan 2 [Member] | Loan from Bank of Taiwan [Member] | ||||
Interest charge | 1.50% | |||
Term loan description | the first 8 months of the term loan; interest charges on the term loan from 9th to 60th is 2% per annum | |||
Notes payble | $ 35,917 | |||
Term Loan 2 [Member] | Loan from First Commercial Bank[Member] | ||||
Interest charge | 1.50% | |||
Term loan description | the first 9 months of the term loan; interest charges on the term loan from 10th to 36th is 1.845% per annum | |||
Notes payble | $ 71,833 | |||
Term Loan 1 [Member] | Loan from Bank of Taiwan [Member] | ||||
Interest charge | 1% | |||
Term loan description | the first 8 months of the term loan; interest charges on the term loan from 9th to 60th is 1.9% per annum | |||
Notes payble | $ 143,666 | |||
Term Loan 1 [Member] | Loan from First Commercial Bank[Member] | ||||
Interest charge | 1% | |||
Term loan description | the first 9 months of the term loan; interest charges on the term loan from 10th to 60th is 3.5% per annum | |||
Notes payble | $ 107,750 |
OTHER PAYABLE AND ACCRUED EXP_3
OTHER PAYABLE AND ACCRUED EXPENSES (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Payables and Accruals [Abstract] | ||
Accrued selling, general and administrative expenses | $ 166,541 | $ 73,352 |
Payable to a third party from debt conversation | 142,562 | 0 |
Other accounts payable and accrued liabilities | $ 309,103 | $ 73,352 |
STOCKHOLDERS' EQUITY (Details)
STOCKHOLDERS' EQUITY (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Class of Warrant or Right [Line Items] | ||
Number of Shares, Beginning balance | 200,000 | |
Number of Shares, Granted | 0 | |
Number of Shares, Exercised | 0 | |
Number of Shares, Expired | 0 | |
Number of Shares, Ending balance | 200,000 | 200,000 |
Number of Shares, Exercisable | 200,000 | |
Weighted Average Exercise Price , Beginning balance | $ 2 | |
Weighted Average Exercise Price ,Granted | $ 0 | |
Weighted Average Exercise Price, Exercised | 0% | |
Weighted Average Exercise Price, Expired | $ 0 | |
Weighted Average Exercise Price , Ending balance | 2 | $ 2 |
Weighted Average Exercise Price, Exercisable | $ 2 | |
Weighted Average Remaining Contractual Term | 3 years 11 months 23 days | 4 years 11 months 23 days |
Weighted Average Remaining Contractual Term , Exercisable | 3 years 11 months 23 days |
STOCKHOLDERS EQUITY (Details Na
STOCKHOLDERS EQUITY (Details Narrative) - USD ($) | 12 Months Ended | |||||||
Dec. 18, 2023 | Dec. 05, 2023 | Aug. 11, 2023 | May 19, 2022 | Feb. 03, 2022 | Jul. 08, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | |
Common stock, shares Authorized | 1,000,000,000 | 1,000,000,000 | ||||||
Preferred Stock par value | $ 0.001 | $ 0.001 | ||||||
Additional paid-in capital | $ 175,268 | $ 67,249 | ||||||
Converted price per share | $ 0.00122 | |||||||
Stock Issued During Period, Value, Conversion of Convertible Securities, Net of Adjustments | $ 67,100 | |||||||
Stock Issued During Period, Shares, Conversion of Convertible Securities | 55,000,000 | |||||||
Share-based payment arrangement, Expense | $ 41,019 | $ 1,231 | ||||||
Preferred stock, shares issued | 1,500,000 | 1,500,000 | ||||||
Preferred stock, shares outstanding | 1,500,000 | 1,500,000 | ||||||
Common stock, shares issued | 604,781,560 | 183,781,560 | ||||||
Common stock, shares outstanding | 604,781,560 | 183,781,560 | ||||||
Stock based compensation | $ 41,019 | $ 41,019 | $ 1,231 | |||||
Restricted Stock [Member] | ||||||||
Share-based payment arrangement, Expense | $ 1,231 | |||||||
Number of shares issued under share-based payment arrangement | 21,000,000 | |||||||
Warrants [Member] | ||||||||
Class of warrant or right, issued during the period | 200,000 | |||||||
Exercise price of warrants or rights | $ 2 | |||||||
Class of warrant or right, date to which warrants or rights exercisable | Dec. 22, 2027 | |||||||
Maximum [Member] | Restricted Stock [Member] | ||||||||
Number of shares issued under share-based payment arrangement | 3,601,306 | |||||||
Minimum [Member] | Restricted Stock [Member] | ||||||||
Number of shares issued under share-based payment arrangement | 115,000 | |||||||
Common Stock [Member] | Maximum [Member] | ||||||||
Stock Issued During Period, Shares, New Issues | 3,601,306 | |||||||
Additional paid-in capital | $ 38,534 | |||||||
Common Stock [Member] | Minimum [Member] | ||||||||
Stock Issued During Period, Shares, New Issues | 115,000 | |||||||
Share-based payment arrangement, Expense | $ 1,231 | |||||||
Co-Innovation Group Limited [Member] | ||||||||
Converted price per share | $ 0.00122 | |||||||
Stock Issued During Period, Value, Conversion of Convertible Securities, Net of Adjustments | $ 420,900 | |||||||
Stock Issued During Period, Shares, Conversion of Convertible Securities | 345,000,000 | |||||||
Series A Preferred Stock [Member] | ||||||||
Common stock, shares Authorized | 5,000,000 | |||||||
Preferred Stock par value | $ 0.001 | |||||||
Stock Issued During Period, Shares, New Issues | 1,500,000 | |||||||
Stock Issued During Period, Value, New Issues | $ 1,500 | |||||||
Additional paid-in capital | $ 1,500 | |||||||
Preferred stock, shares issued | 1,500,000 | |||||||
Preferred stock, shares outstanding | 1,500,000 |
STOCK BASED COMPENSATION (Detai
STOCK BASED COMPENSATION (Details) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions and Methodology [Abstract] | ||
Expected life (years) | 3 years 10 months 20 days | 4 years 10 months 20 days |
Risk-free interest rate | 0.76% | 0.76% |
Expected volatility | 329.86% | 329.86% |
Dividend yield | 0% | 0% |
STOCK BASED COMPENSATION (Det_2
STOCK BASED COMPENSATION (Details Narrative) - USD ($) | 12 Months Ended | ||||
Aug. 11, 2023 | May 19, 2022 | Feb. 03, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||||
Share-based payment arrangement, Expense | $ 41,019 | $ 1,231 | |||
Common stock per value | $ 0.001 | $ 0.001 | |||
Share based compensation | $ 41,019 | $ 41,019 | $ 1,231 | ||
Restricted Stock [Member] | |||||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||||
Number of shares issued under share-based payment arrangement | 21,000,000 | ||||
Deferred (unearned) compensation | $ 38,534 | ||||
Share-based payment arrangement, Expense | $ 1,231 | ||||
Restricted Stock [Member] | Maximum [Member] | |||||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||||
Number of shares issued under share-based payment arrangement | 3,601,306 | ||||
Restricted Stock [Member] | Minimum [Member] | |||||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||||
Number of shares issued under share-based payment arrangement | 115,000 | ||||
Warrants [Member] | |||||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||||
Number of shares available for grant | 200,000 | ||||
Weighted average price of shares purchased | $ 2 | ||||
Share-based compensation arrangement by share-based payment award, Expiration date | Dec. 22, 2027 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Current income tax (benefit) | ||
U.S. | $ 0 | $ 0 |
Taiwan | 0 | (10,093) |
PRC | 0 | 0 |
Sub total | 0 | (10,093) |
Deferred tax assets for NOL carry-forwards | 1 | 284,605 |
Valuation allowance | (129,243) | (284,605) |
Other adjustments | 0 | (10,093) |
Net changes in deferred income tax (benefit) | 0 | 0 |
Total income tax provision | $ 0 | $ (10,093) |
INCOME TAXES (Details 2)
INCOME TAXES (Details 2) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Deferred tax assets: | ||
Net operating loss carry-forwards | $ 1 | $ 284,605 |
Less: Valuation allowance | (129,243) | (284,605) |
Net changes in deferred income tax (benefit) | $ 0 | $ 0 |
INCOME TAXES (Details3)
INCOME TAXES (Details3) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | ||
Net loss before income tax | $ (631,936) | $ (1,922,252) |
Statutory tax rate | 20 | 15 |
Income tax provision | (129,243) | (284,605) |
Valuation allowance | 1 | 284,605 |
Other adjustments | 0 | (10,093) |
Total income tax provision | $ 0 | $ (10,093) |
INCOME TAXES (Details Narrative
INCOME TAXES (Details Narrative) - USD ($) | 1 Months Ended | 12 Months Ended | |
Dec. 29, 2020 | Dec. 31, 2023 | Dec. 31, 2022 | |
Valuation allowance percentage | 100% | ||
Operating loss carry forward | $ 1,314,134 | ||
Standard EIT rate | 25% | ||
Income tax expenses (benefits) | $ 0 | $ (10,093) | |
Taiwan [Member] | |||
Income tax rate description | The subsidiary of EOS Inc. and Emperor Star is incorporated in Taiwan. According to the amendments to the “Taiwan Income Tax Act” enacted by the office of the President of Taiwan on February 7, 2018, statutory income tax rate increased from 17% to 20% and undistributed earning tax decreased from 10% to 5%, effective from January 1, 2018. | ||
Foreign Tax Authority [Member] | |||
Foreign statutory income tax rate | 17% | 20% | |
Decrease in the undistributed earning tax | 10% | 5% | |
Domestic Tax Authority [Member] | |||
Foreign statutory income tax rate | 21% |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($) | 1 Months Ended | 12 Months Ended | |
Jun. 30, 2020 | Dec. 31, 2023 | Dec. 31, 2022 | |
Share-based payment arrangement, expense | $ 41,019 | $ 1,231 | |
Other liabilities current | $ 1,000,000 | 750,000 | |
Share Price | $ 0.5 | ||
Represents information about Fortune King Trading Limited a legal entity. | Outstanding Service Commitment [Member] | |||
Other commitements | $ 500,000 | $ 750,000 | |
Information about sales collaboration agreement [Member] | |||
Number of common stock issued for promotional and marketing service shares | 3,000,000 | ||
Amount of common stock issued for promotional and marketing service | $ 1,500,000 | ||
Selling and Marketing Expense [Member] | Information about sales collaboration agreement [Member] | Represents information about Fortune King Trading Limited a legal entity. | |||
Share-based payment arrangement, expense | $ 62,500 |