Cover
Cover - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Mar. 31, 2021 | Jun. 30, 2020 | |
Cover [Abstract] | |||
Document Type | 10-K/A | ||
Amendment Flag | true | ||
Amendment Description | This Amendment No. 1 (“Amendment No. 1”) to the Annual Report on Form 10-K of DSwiss Inc., (the “Company”) for the fiscal year ended December 31, 2020 as filed with the Securities and Exchange Commission (the “SEC”) on March 31, 2021 (the “2020 Annual Report”), is being filed to replace the Report of Independent Registered Public Accounting Firm included in the Form 10-K with an additional paragraph in the Report. | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2020 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity File Number | 333-208083 | ||
Entity Registrant Name | DSwiss, Inc. | ||
Entity Central Index Key | 0001652561 | ||
Entity Tax Identification Number | 47-4215595 | ||
Entity Incorporation, State or Country Code | NV | ||
Entity Address, Address Line One | Unit 18-11, 18-12 & 18-01, Tower A, Vertical Business Suite | ||
Entity Address, Address Line Two | Avenue 3, Bangsar South | ||
Entity Address, Address Line Three | No.8 Jalan Kerinchi | ||
Entity Address, City or Town | Kuala Lumpur | ||
Entity Address, Country | MY | ||
Entity Address, Postal Zip Code | 59200 | ||
City Area Code | (603) | ||
Local Phone Number | 2770-4032 | ||
Title of 12(b) Security | Common Stock, $.0001 par value | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | No | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | true | ||
Elected Not To Use the Extended Transition Period | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 0 | ||
Entity Common Stock, Shares Outstanding | 206,904,600 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 158,004 | $ 48,353 |
Accounts receivable | 9,146 | 8,342 |
Other receivables, prepaid expenses and deposit | 33,604 | 124,380 |
Income tax receivables | 434 | 1,301 |
Inventories | 37,995 | 17,199 |
Total current assets | 239,183 | 199,575 |
NON-CURRENT ASSETS | ||
Property and equipment, net | 51,953 | 66,963 |
Intangible assets, net | 5,565 | 6,575 |
Operating lease right-of-use assets, net | 47,653 | 92,883 |
Total non-current assets | 105,171 | 166,421 |
TOTAL ASSETS | 344,354 | 365,996 |
CURRENT LIABILITIES | ||
Accounts payable | 1,213 | 458 |
Other payables and accrued liabilities | 166,900 | 202,399 |
Finance lease liability | 9,876 | 8,075 |
Amount due to a director | 155,437 | 125,834 |
Operating lease liability | 48,114 | 45,120 |
Total current liabilities | 381,540 | 381,886 |
NON-CURRENT LIABILITIES | ||
Finance lease liability | 32,318 | 41,373 |
Operating lease liability | 47,179 | |
Total non-current liabilities | 32,318 | 88,552 |
TOTAL LIABILITIES | 413,858 | 470,438 |
STOCKHOLDERS’ EQUITY | ||
Preferred stock, $0.0001 par value, 200,000,000 shares authorized, None issued and outstanding | ||
Common stock, $0.0001 par value, 600,000,000 shares authorized, 206,904,600 shares issued and outstanding as of December 31, 2020 and 2019 respectively | 20,690 | 20,690 |
Additional paid-in capital | 1,395,426 | 1,395,426 |
Accumulated other comprehensive losses | (28,177) | (34,564) |
Accumulated deficit | (1,483,170) | (1,490,845) |
TOTAL DSWISS, INC. STOCKHOLDERS’ EQUITY | (95,231) | (109,293) |
NON-CONTROLLING INTEREST | 25,727 | 4,851 |
TOTAL STOCKHOLDERS’ EQUITY | (69,504) | (104,442) |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 344,354 | $ 365,996 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 200,000,000 | 200,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 600,000,000 | 600,000,000 |
Common stock, shares issued | 206,904,600 | 206,904,600 |
Common stock, shares outstanding | 206,904,600 | 206,904,600 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Profit/ (Loss) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Income Statement [Abstract] | ||
REVENUE | $ 1,347,718 | $ 273,659 |
COST OF REVENUE | (980,243) | (181,925) |
GROSS PROFIT | 367,475 | 91,734 |
OTHER INCOME | 104,976 | 63,592 |
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES | (287,995) | (242,157) |
OPERATING EXPENSES | (1,216) | (94,769) |
FINANCE COST | (2,806) | (2,450) |
LEASE EXPENSES | (45,312) | (48,069) |
OTHER OPERATING INCOME/EXPENSES | (56,315) | |
LOSS ON LIQUIDATION | (105,077) | (7,029) |
PROFIT/(LOSS) BEFORE INCOME TAX | 30,045 | (295,463) |
INCOME TAXES PROVISION | (2,865) | |
NET PROFIT/(LOSS) | 27,180 | (295,463) |
Non-Controlling Interests | (19,505) | 9,565 |
Other comprehensive profit/(loss): | ||
- Foreign exchange adjustment profit/loss | 6,387 | (13,070) |
COMPREHENSIVE PROFIT/(LOSS) | $ 14,062 | $ (298,968) |
Net profit/(loss) per share- Basic and diluted | $ 0 | $ 0 |
Weighted average number of common shares outstanding - Basic and diluted | 206,904,600 | 206,904,600 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - 12 months ended Dec. 31, 2020 - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Comprehensive Income [Member] | Retained Earnings [Member] | Noncontrolling Interest [Member] | Total |
Beginning balance, value at Dec. 31, 2019 | $ 20,690 | $ 1,395,426 | $ (34,564) | $ (1,490,845) | $ 4,851 | $ (104,442) |
Balance, shares at Dec. 31, 2019 | 206,904,600 | |||||
Foreign currency translation adjustment | 6,387 | 1,371 | 7,758 | |||
Net gain | 7,675 | 19,505 | 27,180 | |||
Ending balance, value at Dec. 31, 2020 | $ 20,690 | $ 1,395,426 | $ (28,177) | $ (1,483,170) | $ 25,727 | $ (69,504) |
Balance, shares at Dec. 31, 2020 | 206,904,600 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Profit/(loss) before tax | $ 30,045 | $ (295,463) |
Adjustments to reconcile net loss to net cash generated from/(used in) operating activities: | ||
Depreciation and amortization | 62,579 | 62,663 |
Bad debts expense | 19,073 | |
Waiver of debts | (38) | |
Amortization for intangible assets | 1,040 | 2,867 |
Unrealised gain | 1,014 | |
Write off accounts receivable | 560 | |
Written off fixed asset | 441 | 8,839 |
Trademark written-off | 478 | |
Loss on liquidation | 105,077 | 7,029 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (638) | 3,420 |
Accounts payable | 745 | (27,424) |
Inventories | (20,454) | (2,062) |
Other payables and accrued liabilities | (175,208) | 149,424 |
Prepaid expenses and deposits | 96,002 | (63,477) |
Reduction in lease liability | (46,014) | (43,699) |
Cash generated from/(used in) operating activities | 55,189 | (178,370) |
Taxation refunded/(paid) | 3,724 | (1,301) |
Net cash generated from/(used in) operating activities | 58,913 | (179,671) |
CASH FLOWS FROM INVESTING ACTIVITY: | ||
Purchase of property and equipment | (2,045) | (2,082) |
Net cash used in investing activity | (2,045) | (2,082) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Advance from directors | 113,378 | 85,358 |
Repayment of finance lease | (8,235) | (6,883) |
Net cash provided by financing activities | 105,143 | 78,475 |
Effect of exchange rate changes on cash and cash equivalents | (52,360) | (37,123) |
Net change in cash and cash equivalents | 109,651 | (103,278) |
Cash and cash equivalents, beginning of year | 48,353 | 188,754 |
CASH AND CASH EQUIVALENTS, END OF YEAR | 158,004 | 48,353 |
SUPPLEMENTAL CASH FLOWS INFORMATION | ||
Income taxes (refunded)/paid | (3,724) | 1,301 |
Interest paid | $ 2,806 | $ 7,484 |
ORGANIZATION AND BUSINESS BACKG
ORGANIZATION AND BUSINESS BACKGROUND | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
ORGANIZATION AND BUSINESS BACKGROUND | 1. ORGANIZATION AND BUSINESS BACKGROUND DSwiss, Inc., a Nevada corporation (“the Company”) was incorporated under the laws of the State of Nevada on May 28, 2015. DSwiss, Inc. operates through its wholly owned subsidiary, DSwiss Holding Limited, a Company organized under the laws of Seychelles. The principal activity of the Company and its subsidiaries is to supply high-quality health and beauty products, including beverages to assist in weight management, anti-aging creams, and products designed to improve the overall health system in our body. We have historically conducted our business through DSwiss Sdn Bhd, a private limited liability company, incorporated in Malaysia. DSwiss Holding Limited, incorporated in Seychelles, is an investment holding company with 100 100 We have invested in DSwiss Biotech Sdn Bhd, a Company incorporated in Malaysia, and owned 40 The Company, through its subsidiaries and its variable interest entities (“VIEs”), mainly supplies high quality beauty products. Details of the Company’s subsidiaries: SCHEDULE OF VARIABLE INTEREST ENTITY Company name Place and date of incorporation Particulars of issued capital Principal activities Proportional of ownership interest and voting power held 1. DSwiss Holding Limited Seychelles, May 28, 2015 1 share of ordinary share of US$1 each Investment holding 100 % 2. DSwiss (HK) Limited Hong Kong, May 28, 2015 1 share of ordinary share of HK$1 each Supply of beauty products 100 3. DSwiss Sdn Bhd Malaysia, March 10, 2011 2 share of ordinary share of RM 1 each Supply of beauty products 100 4. DSwiss Biotech Sdn Bhd (1) Malaysia, March 17, 2016 250,000 shares of ordinary share of RM 1 each Supply of biotech products 40 5. DSwiss International Trading (Shenzhen) Limited 德瑞絲國際貿易(深圳)有限公司 (2) PRC, June 21, 2016 413,392 shares of ordinary share of RMB 1 each Trading Beauty products 100 % (1) Based on the contractual arrangements between the Company and other investors, the Company has the power to direct the relevant activities of this entity unilaterally, and hence the Company has control over this entity. (2) DSwiss International Trading (Shenzhen) Limited was being officially de-registered on November 9, 2020. DSWISS, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019 (Currency expressed in United States Dollars (“US$”), except for number of shares) Business Overview DSwiss is a premier biotech-nutraceutical company, supplying high-quality health and beauty products, including beverages to assist in weight management, anti-aging creams, and products designed to improve the overall health system in our bodies. Since our establishment, our growth has been tremendous in Malaysia. From a mere selection of two (2) products, the company had expanded to twenty-three (23) products in 2020. With the strong leadership of our company’s Chief Executive Officer; Vincent Leong, our products are now consumed around the world, such as Malaysia, Singapore, Indonesia, Hong Kong, Taiwan, Macau, and China. To date, we had expanded across Asia regions through the support of our distributors and determined to expand our geographical presence to markets that we have yet to explore. At DSwiss, research and development are an ongoing effort whose purpose is to ensure our products on the forefront of quality and effectiveness. Equipped with state-of-the-art machinery, our innovative research and development team are constantly exploring new development and product lines that will enable us to provide the highest quality standard and remain competitive in the industry. In 2020, DSwiss has utilized food-grade bioflavonoids technology in its sanitiser product series and has helped address the risk of a lack of sanitiser products in Malaysia amid the coronavirus pandemic. With the team’s enormous efforts on product research and development, DSwiss has also successfully developed the functional Omega oil blend, mineral supplements such as calcium, magnesium and iron and antibacterial skincare product series. DSwiss is actively embarking on its journey to continue excel in functional food industry and expand into health supplement industry. DSwiss’s products are certified and approved by the Ministry of Health (“MOH”) Malaysia. Due to the stringent requirements from MOH Malaysia, we strive to upkeep the highest possible standard in our products to provide assurance and continuous commitment to providing quality products. In 2020, DSwiss has fulfilled its last year future plan and ventured to supplying medical consumables in order to reduce the risk of a global shortage amid the coronavirus pandemic. |
GOING CONCERN UNCERTAINTIES
GOING CONCERN UNCERTAINTIES | 12 Months Ended |
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
GOING CONCERN UNCERTAINTIES | 2. GOING CONCERN UNCERTAINTIES The accompanying financial statements have been prepared using the going concern basis of accounting, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. As of December 31, 2020, the Company suffered an accumulated deficit of $ 1,483,170 142,357 These and other factors raise substantial doubt about the Company’s ability to continue as a going concern. These financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result in the Company not being able to continue as a going concern. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The accompanying consolidated financial statements reflect the application of certain significant accounting policies as described in this note and elsewhere in the accompanying consolidated financial statements and notes. Basis of presentation These accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“US GAAP”). Basis of consolidation The condensed consolidated financial statements include the accounts of the Company and its subsidiaries in which the Company is the primary beneficiary. All inter-company accounts and transactions have been eliminated upon consolidation. DSWISS, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019 (Currency expressed in United States Dollars (“US$”), except for number of shares) Use of estimates In preparing these consolidated financial statements, management makes estimates and assumptions that affect the reported amounts of assets and liabilities in the balance sheets, and revenues and expenses during the periods reported. Actual results may differ from these estimates. Cash and cash equivalents Cash and cash equivalents are carried at cost and represent cash on hand, time deposits placed with banks or other financial institutions and all highly liquid investments with an original maturity of six months or less as of the purchase date of such investments. Property and equipment Property and equipment are stated at cost less accumulated depreciation and impairment. Depreciation of plant, equipment and software are calculated on the straight-line method over their estimated useful lives or lease terms generally as follows: SUMMARY OF PROPERTY AND EQUIPMENT USEFUL LIFE Classification Estimated useful lives Computer and software 5 Furniture and Fittings 5 Office equipment 10 Motor vehicle 5 Intangible assets Intangible assets are stated at cost less accumulated amortization. Intangible assets represented the registration costs of trademarks in Malaysia and Hong Kong which are amortized on a straight-line basis over a useful life of ten years The Company follows ASC Topic 350 in accounting for intangible assets, which requires impairment losses to be recorded when indicators of impairment are present and the undiscounted cash flows estimated to be generated by the assets are less than the assets’ carrying amounts. There were no Leases The company determines if an arrangement is a lease at inception. Operating leases are included in operating in operating lease right-of-use (“ROU”) as assets, operating lease non-current liabilities, and operating lease current liabilities in our consolidated balance sheet. Finance leases are property and equipment, other current liabilities, and other non-current liabilities in the consolidated balance sheet. ROU assets represent the right to use an asset for the lease term and lease liability represent the obligation to make lease payment arising from the lease. Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over lease term. As most of the leases doesn’t provide an implicit rate. The company generally use the incremental borrowing rate on the estimated rate of interest for collateralized borrowing over a similar term of the lease payments at commencement date. The operating ROU asset also includes any lease payments made and exclude lease incentives. Lease expense for lease payment is recognized on a straight -line basis over lease term. The Company adopted Public Bank Berhad’s base rate lending rate as a reference for discount rate. Leases that transfer substantially all the rewards and risks of ownership to the lessee, other than legal title, are accounted for as finance leases. Substantially all of the risks or benefits of ownership are deemed to have been transferred if any one of the four criteria is met: (i) transfer of ownership to the lessee at the end of the lease term, (ii) the lease containing a bargain purchase option, (iii) the lease term exceeding 75% of the estimated economic life of the leased asset, (iv) the present value of the minimum lease payments exceeding 90% of the fair value. Inventories Inventories consisting of products available for sell, are stated at the lower of cost or market value. Cost of inventory is determined using the first-in, first-out (FIFO) method. Inventory reserve is recorded to write down the cost of inventory to the estimated market value due to slow-moving merchandise and damaged goods, which is dependent upon factors such as historical and forecasted consumer demand, and promotional environment. The Company takes ownership, risks and rewards of the products purchased. Write downs are recorded in cost of revenues in the Condensed Consolidated Statements of Operations and Comprehensive Income. DSWISS, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019 (Currency expressed in United States Dollars (“US$”), except for number of shares) Revenue recognition The Company follows the guidance of Accounting Standards Codification (ASC) 606, Revenue from Contracts Revenue from trading of retail goods is recognized when title and risk of loss are transferred and there are no continuing obligations to the customer. Title and the risks and rewards of ownership transfer to and accepted by the customer when the products are collected by the customer at the Company’s office. Revenue is recorded net of sales discounts, returns, allowances, and other adjustments that are based upon management’s best estimates and historical experience and are provided for in the same period as the related revenues are recorded. The Company mainly derives its revenue from the sale of healthy food products. Generally, the Company recognizes revenue when products are sold and accepted by the customers and there are no continuing obligations to the customer. Cost of revenue Cost of revenue includes the purchase cost of retail goods for re-sale to customers and packing materials (such as boxes). It excludes purchasing and receiving costs, inspection costs, warehousing costs, internal transfer costs and other costs of distribution network in cost of revenues. Shipping and handling fees Shipping and handling fees, if billed to customers, are included in revenue. Shipping and handling fees associated with inbound and outbound freight are expensed as incurred and included in selling and distribution expenses. Selling and distribution expenses Selling and distribution expenses are primarily comprised of travelling and accommodation, transportation fees such as petrol, toll and parking and shipping and handling fees. Income taxes The provision of income taxes is determined in accordance with the provisions of ASC Topic 740, “Income Taxes” (“ASC 740”). Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted income tax rates expected to apply to taxable income in the periods in which those temporary differences are expected to be recovered or settled. Any effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. ASC 740 prescribes a comprehensive model for how companies should recognize, measure, present, and disclose in their financial statements uncertain tax positions taken or expected to be taken on a tax return. Under ASC 740, tax positions must initially be recognized in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions must initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50% The Company conducts much of its businesses activities in Hong Kong and is subject to tax in this jurisdiction. As a result of its business activities, the Company will file separate tax returns that are subject to examination by the foreign tax authorities. Net profit per share The Company calculates net profit per share in accordance with ASC Topic 260 “ Earnings per share DSWISS, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019 (Currency expressed in United States Dollars (“US$”), except for number of shares) Foreign currencies translation Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded in the Condensed Consolidated Statements of Operations and Comprehensive Income The reporting currency of the Company is United States Dollars (“US$”) and the accompanying financial statements have been expressed in US$. In addition, the Company’s subsidiaries and VIEs in Malaysia, Hong Kong, China and Thailand maintains their books and record in their local currency, Ringgits Malaysia (“MYR”), Hong Kong Dollars (“HK$”), Chinese Renminbi (“RMB”) and Thai Baht (“THB”) respectively, which is functional currency as being the primary currency of the economic environment in which the entity operates. In general, for consolidation purposes, assets and liabilities of its subsidiaries whose functional currency is not US$ are translated into US$, in accordance with ASC Topic 830-30, “ Translation of Financial Statement” Translation of amounts from MYR into US$1, HK$ into US$1, RMB into US$1 and THB into US$1 has been made at the following exchange rates for the respective periods: SCHEDULE OF FOREIGN CURRENCIES TRANSLATION As of and for the year ended December 31, 2020 2019 Year-end MYR : US$1 exchange rate 4.02 4.09 Year-average MYR : US$1 exchange rate 4.08 4.15 Year-end HK$ : US$1 exchange rate 7.75 7.79 Year-average HK$ : US$1 exchange rate 7.75 7.81 Year-end RMB : US$1 exchange rate 6.54 6.96 Year-average RMB : US$1 exchange rate 6.90 7.01 Related parties Parties, which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Companies are also considered to be related if they are subject to common control or common significant influence. Fair value of financial instruments: The carrying value of the Company’s financial instruments: cash and cash equivalents, subscription receivables, prepayment and deposits, accounts payable, and other payables and accrued liabilities approximate at their fair values because of the short-term nature of these financial instruments. DSWISS, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019 (Currency expressed in United States Dollars (“US$”), except for number of shares) The Company also follows the guidance of the ASC Topic 820-10, “ Fair Value Measurements and Disclosures Level 1: Observable inputs such as quoted prices in active markets; Level 2: Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and Level 3: Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. Fair value estimates are made at a specific point in time based on relevant market information about the financial instrument. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and, therefore, cannot be determined with precision. Changes in assumptions could significantly affect the estimates. Recent accounting pronouncements FASB issues various Accounting Standards Updates relating to the treatment and recording of certain accounting transactions. On June 10, 2014, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) No. 2014-10, Development Stage Entities Consolidation The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and do not believe the future adoption of any such pronouncements may be expected to cause a material impact on its financial condition or the results of its operations. DSWISS, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019 (Currency expressed in United States Dollars (“US$”), except for number of shares) |
VIE STRUCTURE AND ARRANGEMENTS
VIE STRUCTURE AND ARRANGEMENTS | 12 Months Ended |
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
VIE STRUCTURE AND ARRANGEMENTS | 4. VIE STRUCTURE AND ARRANGEMENTS On June 27, 2016, DSwiss (HK) Limited (“DSHK”) entered into a Management Services Agreement (the “Management Services Agreement I”) which entitles DSHK to substantially entitled to all of the economic benefits of DSwiss Biotech Sdn Bhd (“DSBT”) in consideration of services provided by DSHK to DSBT. Pursuant to the Management Services Agreement I, DSHK has the exclusive right to provide to DSBT management, financial and other services related to the operation of DSBT’s business, and DSBT is required to take all commercially reasonable efforts to permit and facilitate the provision of the services provided by DSHK. As compensation for providing the services, DSHK is entitled to receive a fee from DSBT, upon demand, equal to 100 The Management Services Agreement I also provides DSHK, or its designee, with a right of first refusal to acquire all or any portion of the equity of DSBT upon any proposal by the sole shareholder of DSBT to transfer such equity. In addition, at the sole discretion of DSHK, DSBT is obligated to transfer to DSHK, or its designee, any part or all of the business, personnel, assets and operations of DSBT which may be lawfully conducted, employed, owned or operated by DSHK, including: (a) business opportunities presented to, or available to DSBT may be pursued and contracted for in the name of DSHK rather than DSBT, and at its discretion, DSHK may employ the resources of DSBT to secure such opportunities; (b) any tangible or intangible property of DSBT, any contractual rights, any personnel, and any other items or things of value held by DSBT may be transferred to DSHK at book value; (c) real property, personal or intangible property, personnel, services, equipment, supplies and any other items useful for the conduct of the business may be obtained by DSHK by acquisition, lease, license or otherwise, and made available to DSBT on terms to be determined by agreement between DSHK and DSBT; (d) contracts entered into in the name of DSBT may be transferred to DSHK, or the work under such contracts may be subcontracted, in whole or in part, to DSHK, on terms to be determined by agreement between DSHK and DSBT; and (e) any changes to, or any expansion or contraction of, the business may be carried out in the exercise of the sole discretion of DSHK, and in the name of and at the expense of, DSHK; provided, however, that none of the foregoing may cause or have the effect of terminating (without being substantially replaced under the name of DSHK) or adversely affecting any license, permit or regulatory status of DSBT. In addition, DSHK entered into certain agreements with Jervey Choon, (the “DSBT shareholder”), including (i) a Call Option Agreement allowing DSHK to acquire the shares of DSBT as permitted by Malaysia laws; (ii) a Shareholders’ Voting Rights Proxy Agreement that provides DSHK with the voting rights of the DSBT; and (ii) an Equity Pledge Agreement that pledges the shares in DSBT. This VIE structure provides DSHK, a wholly-owned subsidiary of DSwiss Holding Limited, which is the wholly-owned subsidiary of DSwiss Inc, with control over the operations and benefits of DSBT without having a direct equity ownership in DSBT. |
STOCKHOLDERS_ EQUITY
STOCKHOLDERS’ EQUITY | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
STOCKHOLDERS’ EQUITY | 5. STOCKHOLDERS’ EQUITY As of December 31, 2020 and 2019, the Company had a total of 206,904,600 no DSWISS, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019 (Currency expressed in United States Dollars (“US$”), except for number of shares) |
PROPERTY AND EQUIPMENT
PROPERTY AND EQUIPMENT | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY AND EQUIPMENT | 6. PROPERTY AND EQUIPMENT SCHEDULE OF PLANT AND EQUIPMENT As of December 31, As of December 31, 2020 2019 Computer and software $ 96,508 $ 92,462 Furniture and fittings 6,144 6,144 Office equipment 11,113 9,646 Motor vehicle 79,054 79,054 Total property and equipment 192,819 $ 187,306 Accumulated depreciation (138,371 ) (119,720 ) Effect of translation exchange (2,495 ) (623 ) Property and equipment, net $ 51,953 $ 66,963 Depreciation expense for the year ended December 31, 2020 and December 31, 2019 were $ 18,651 19,571 |
INTANGIBLE ASSETS
INTANGIBLE ASSETS | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
INTANGIBLE ASSETS | 7. INTANGIBLE ASSETS SCHEDULE OF INTANGIBLE ASSETS As of December 31, As of December 31, 2020 2019 Trademarks $ 12,077 $ 12,077 Amortization (6,101 ) (5,061 ) Effect of translation exchange (411 ) (441 ) Intangible assets, net $ 5,565 $ 6,575 Amortization for the year ended December 31, 2020 and December 31, 2019 were $ 1,040 2,867 |
PREPAID EXPENSES AND DEPOSITS
PREPAID EXPENSES AND DEPOSITS | 12 Months Ended |
Dec. 31, 2020 | |
Prepaid Expenses And Deposits | |
PREPAID EXPENSES AND DEPOSITS | 8. PREPAID EXPENSES AND DEPOSITS SCHEDULE OF PREPAID EXPENSES AND DEPOSITS As of December 31, As of December 31, 2020 2019 Prepaid expenses $ 1,470 $ 6,629 Deposits 32,134 117,711 Total prepaid expenses and deposits $ 33,604 $ 124,380 |
INVENTORIES
INVENTORIES | 12 Months Ended |
Dec. 31, 2020 | |
Inventory Disclosure [Abstract] | |
INVENTORIES | 9. INVENTORIES SCHEDULE OF INVENTORIES As of December 31, As of December 31, 2020 2019 Finished goods, at cost $ 37,995 $ 17,199 Total inventories $ 37,995 $ 17,199 |
OTHER PAYABLES AND ACCRUED LIAB
OTHER PAYABLES AND ACCRUED LIABILITIES | 12 Months Ended |
Dec. 31, 2020 | |
Payables and Accruals [Abstract] | |
OTHER PAYABLES AND ACCRUED LIABILITIES | 10. OTHER PAYABLES AND ACCRUED LIABILITIES SCHEDULE OF OTHER PAYABLES AND ACCRUED LIABILITIES As of December 31, As of December 31, 2020 2019 Other payables $ 123,408 $ 168,876 Accrued audit fees 18,831 19,873 Accrued other expenses 20,911 10,787 Accrued professional fees 3,750 2,863 Total payables and accrued liabilities $ 166,900 $ 202,399 |
FINANCE LEASE LIABILITY
FINANCE LEASE LIABILITY | 12 Months Ended |
Dec. 31, 2020 | |
Finance Lease Liability | |
FINANCE LEASE LIABILITY | 11. FINANCE LEASE LIABILITY The Company purchased a motor vehicle under a finance lease agreement with the effective interest rate of 4.16 SCHEDULE OF OBLIGATION UNDER FINANCE LEASE As of December 31, As of December 31, 2020 2019 Finance lease $ 46,490 $ 55,721 Less: interest expense (4,296 ) (6,273 ) Net present value of finance lease 42,194 49,448 Current portion 9,876 8,075 Non-current portion 32,318 41,373 Total $ 42,194 $ 49,448 As of December 31, 2020, the maturities of the finance lease for each of the years are as follows: SCHEDULE OF MATURITIES OF FINANCE LEASE 2021 9,876 2022 8,738 2023 9,139 2024 9,540 2025 4,901 Total $ 42,194 |
AMOUNT DUE TO A DIRECTOR
AMOUNT DUE TO A DIRECTOR | 12 Months Ended |
Dec. 31, 2020 | |
Amount Due To Director | |
AMOUNT DUE TO A DIRECTOR | 12. AMOUNT DUE TO A DIRECTOR As of December 31, 2020, and December 31, 2019, a director of the Company advanced $ 155,437 125,834 DSWISS, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019 (Currency expressed in United States Dollars (“US$”), except for number of shares) |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | 13. INCOME TAXES For the year ended December 31, 2020 and year ended December 31, 2019, the local (United States) and foreign components of profit/(loss) before income taxes were comprised of the following: SCHEDULE OF COMPONENTS OF INCOME LOSS BEFORE INCOME TAXES For the year ended For the year ended Tax jurisdictions from: - Local $ (53,451 ) $ (43,726 ) - Foreign, representing Seychelles (1,593 ) (1,896 ) Hong Kong (112,301 ) (111,395 ) Malaysia 90,757 (123,237 ) PRC 106,633 (21,251 ) Thailand - 6,042 Profit/(Loss) before income tax $ 30,045 $ (295,463 ) The provision for income taxes consisted of the following: SCHEDULE OF PROVISION FOR INCOME TAXES For the year ended For the year ended Current: - Local $ - $ - - Foreign (2,865 ) - Deferred: - Local - - - Foreign - - Income tax expense $ (2,865 ) $ - The following table sets forth the significant components of the aggregate deferred tax assets of the Company for the period ended December 31, 2020 and 2019. SCHEDULE OF DEFERRED INCOME TAX ASSETS For the year ended December 31, 2020 For the year ended December 31, 2019 Deferred tax assets: Net operating loss carry forwards -United States of America $ (80,965 ) $ (69,741 ) -Seychelles $ - - -Hong Kong $ (102,665 ) $ (84,136 ) -Malaysia $ (80,358 ) $ (100,905 ) -PRC $ (26,214 ) $ (29,164 ) -Thailand $ - $ - Net operating loss carry forwards (290,202 ) (283,946 ) Less: valuation allowance $ 290,202 $ 283,946 Deferred tax assets $ - $ - The effective tax rate in the periods presented is the result of the mix of income earned in various tax jurisdictions that apply a broad range of income tax rates. The Company and its subsidiary that operate in various countries: United States, Seychelles, Hong Kong, Malaysia, PRC and Thailand that are subject to taxes in the jurisdictions in which they operate, as follows: DSWISS, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019 (Currency expressed in United States Dollars (“US$”), except for number of shares) United States of America The Company is registered in the State of Nevada and is subject to the tax laws of the United States of America. As of 31 December, 2020, the operations in the United States of America incurred $ 385,549 21 The net operating loss carry forwards begin to expire in 2038, if unutilized. 80,965 Seychelles Under the current laws of the Seychelles, DSwiss Holding Limited is registered as an international business company which governs by the International Business Companies Act of Seychelles and there is no income tax charged in Seychelles. Hong Kong DSwiss (HK) Limited is subject to Hong Kong Profits Tax, which is charged at the statutory income tax rate of 16.5 622,215 16.5 102,665 Malaysia DSwiss Sdn Bhd and DSwiss Biotech Sdn Bhd are subject to Malaysia Corporate Tax, which is charged at the statutory income tax rate range from 17 24 472,694 17 80,358 The PRC DSwiss International Trading (Shenzhen) Limited is operating in the PRC subject to the Corporate Income Tax governed by the Income Tax Law of the People’s Republic of China with a unified statutory income tax rate of 25 104,856 25 26,214 DSWISS, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019 (Currency expressed in United States Dollars (“US$”), except for number of shares) |
CONCENTRATIONS OF RISKS
CONCENTRATIONS OF RISKS | 12 Months Ended |
Dec. 31, 2020 | |
Risks and Uncertainties [Abstract] | |
CONCENTRATIONS OF RISKS | 14. CONCENTRATIONS OF RISKS (a) Major customers SCHEDULE OF CONCENTRATIONS OF RISKS For the year ended December 31, 2020 and 2019, the customers who accounted for 10% or more of the Company’s revenues and its accounts receivable balance at year-end are presented as follows: For the year ended December 31 2020 2019 2020 2019 2020 2019 Revenues Percentage of Revenues Accounts Receivable, Trade Customer A $ 247,327 $ 40,096 18 % 15 % $ - $ - Customer B $ 553,704 $ 133,543 39 % 50 % $ - $ - $ 801,031 $ 173,639 57 % 65 % $ - $ - (b) Major vendors For the year ended December 31, 2020 and 2019, the vendors who accounted for 10% or more of the Company’s purchases and its accounts payable balance at year-end are presented as follows: For the year ended December 31 2020 2019 2020 2019 2020 2019 Purchases Percentage of Purchases Account Payable, Trade Vendor A $ 129,759 $ - 13 % - % $ - $ - Vendor B $ 209,458 $ - 21 % - % $ - $ - Vendor C $ 151,715 $ - 15 % - % $ - $ - Vendor D $ - $ 92,165 - % 55 % $ - $ - Vendor E $ 107,807 $ - 11 % - $ - $ - $ 598,739 $ 92,165 60 % 55 % $ - $ - (c) Credit risk Financial instruments that are potentially subject to credit risk consist principally of accounts receivable. The Company believes the concentration of credit risk in its trade receivables is substantially mitigated by its ongoing credit evaluation process and relatively short collection terms. The Company does not generally require collateral from customers. The Company evaluates the need for an allowance for doubtful accounts based upon factors surrounding the credit risk of specific customers, historical trends and other information. (d) Exchange rate risk The Company cannot guarantee that the current exchange rate will remain steady; therefore, there is a possibility that the Company could post the same amount of profit for two comparable periods and because of the fluctuating exchange rate actually post higher or lower profit depending on exchange rate of MYR, HK$ and RMB converted to US$ on that date. The exchange rate could fluctuate depending on changes in political and economic environments without notice. |
LEASE RIGHT-OF-USE ASSET AND LE
LEASE RIGHT-OF-USE ASSET AND LEASE LIABILITIES | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
LEASE RIGHT-OF-USE ASSET AND LEASE LIABILITIES | 15. LEASE RIGHT-OF-USE ASSET AND LEASE LIABILITIES The Company officially adopted ASC 842 for the period on and after January 1, 2019 as permitted by ASU 2016-02. ASC 842 originally required all entities to use a “modified retrospective” transition approach that is intended to maximize comparability and be less complex than a full retrospective approach. On July 30, 2018, the FASB issued ASU 2018-11 to provide entities with relief from the costs of implementing certain aspects of the new leasing standard, ASU 2016-02 of which permits entities may elect not to recast the comparative periods presented when transitioning to ASC 842. As permitted by ASU 2018-11, the Company elect not to recast comparative periods, thusly. As of January 1, 2019, the Company recognized approximately US$ 136,308 4.47 A single lease cost is recognized over the lease term on a generally straight-line basis. All cash payments of operating lease cost are classified within operating activities in the statement of cash flows. DSWISS, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019 (Currency expressed in United States Dollars (“US$”), except for number of shares) The initial recognition of operating lease right and lease liability as follow: As of December 31, 2020, operating lease right of use asset as follow: SCHEDULE OF OPERATING LEASE RIGHT OF USE ASSET Year ended December 31, 2020 2019 As of January 1 $ 136,308 $ 136,308 Accumulated amortization (88,404 ) (43,092 ) Effect of translation exchange (251 ) (333 ) Balance as of December 31 $ 47,653 $ 92,883 As of December 31, 2020, operating lease liability as follow: SCHEDULE OF OPERATING LEASE LIABILITY Initial recognition as of January 1, 2020 $ 92,299 Less: gross repayment (47,269 ) Add: imputed interest 2,974 Effect of translation exchange 110 Balance as of December 31, 2020 $ 48,114 Lease liability current portion $ 48,114 For the year ended December 31, 2020 and 2019, the amortization of the operating lease right of use asset are $ 45,312 43,092 Maturities of operating lease obligation as follow: SCHEDULE OF MATURITIES OF OPERATING LEASE OBLIGATION Year ending December 31, 2021 48,114 Total $ 48,114 Other information: SCHEDULE OF OPERATING LEASE OTHER INFORMATION 2020 2019 Year ended December 31, 2020 2019 (unaudited) (unaudited) Cash paid for amounts included in the measurement of lease liabilities: - Operating cash flow from operating lease $ 45,312 $ 43,092 Right-of-use assets obtained in exchange for operating lease liabilities 48,114 92,883 Remaining lease term for operating lease (years) 1 2 Weighted average discount rate for operating lease 4.47 % 4.47 % For the year ended December 31, 2020 and 2019, lease expenses were $ 46,094 44,009 DSWISS, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019 (Currency expressed in United States Dollars (“US$”), except for number of shares) |
LOSS OF LIQUIDATION
LOSS OF LIQUIDATION | 12 Months Ended |
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
LOSS OF LIQUIDATION | 16. LOSS OF LIQUIDATION SUMMARY OF LOSS OF LIQUIDATION Year ended 2020 (unaudited) Valuation of DSwiss International Trading (ShenZhen) Limited - Share Capital $ 108,572 - Retained Loss b/f (115,641 ) - Current Net profit 7,167 Net Asset of DSwiss International Trading (ShenZhen) Limited 98 Goodwill (if any) - Net Value of DSwiss International Trading (ShenZhen) Limited - Apportionment for Shareholding (100%) 1.00 Disposal loss on Investment 105,079 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | 17. RELATED PARTY TRANSACTIONS Related party transaction amounted of $ 15,700 13,816 The related party transaction for the year ended December 31, 2019 was amounted to $ 153,328 39,942 The related party transaction is generally transacted in an arm-length basis at the current market value in the normal course of business. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2020 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | 18. SUBSEQUENT EVENTS In accordance with ASC Topic 855, “ Subsequent Events |
SIGNIFICANT EVENTS
SIGNIFICANT EVENTS | 12 Months Ended |
Dec. 31, 2020 | |
Significant Events | |
SIGNIFICANT EVENTS | 19. SIGNIFICANT EVENTS During the fiscal year, the World Health Organization declared the Coronavirus (COVID-19) outbreak to be a pandemic, which has caused severe global social and economic disruptions and uncertainties, including markets where the Company operates. The Company considers this outbreak as non-adjusting-events. The consequences brought about by Covid-19 continue to evolve and whilst the Company actively monitoring and managing its operations to respond to these changes, the Company does not consider it practicable to provide any quantitative estimate on the potential impact it may have on the Company. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of presentation | Basis of presentation These accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“US GAAP”). |
Basis of consolidation | Basis of consolidation The condensed consolidated financial statements include the accounts of the Company and its subsidiaries in which the Company is the primary beneficiary. All inter-company accounts and transactions have been eliminated upon consolidation. DSWISS, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019 (Currency expressed in United States Dollars (“US$”), except for number of shares) |
Use of estimates | Use of estimates In preparing these consolidated financial statements, management makes estimates and assumptions that affect the reported amounts of assets and liabilities in the balance sheets, and revenues and expenses during the periods reported. Actual results may differ from these estimates. |
Cash and cash equivalents | Cash and cash equivalents Cash and cash equivalents are carried at cost and represent cash on hand, time deposits placed with banks or other financial institutions and all highly liquid investments with an original maturity of six months or less as of the purchase date of such investments. |
Property and equipment | Property and equipment Property and equipment are stated at cost less accumulated depreciation and impairment. Depreciation of plant, equipment and software are calculated on the straight-line method over their estimated useful lives or lease terms generally as follows: SUMMARY OF PROPERTY AND EQUIPMENT USEFUL LIFE Classification Estimated useful lives Computer and software 5 Furniture and Fittings 5 Office equipment 10 Motor vehicle 5 |
Intangible assets | Intangible assets Intangible assets are stated at cost less accumulated amortization. Intangible assets represented the registration costs of trademarks in Malaysia and Hong Kong which are amortized on a straight-line basis over a useful life of ten years The Company follows ASC Topic 350 in accounting for intangible assets, which requires impairment losses to be recorded when indicators of impairment are present and the undiscounted cash flows estimated to be generated by the assets are less than the assets’ carrying amounts. There were no |
Leases | Leases The company determines if an arrangement is a lease at inception. Operating leases are included in operating in operating lease right-of-use (“ROU”) as assets, operating lease non-current liabilities, and operating lease current liabilities in our consolidated balance sheet. Finance leases are property and equipment, other current liabilities, and other non-current liabilities in the consolidated balance sheet. ROU assets represent the right to use an asset for the lease term and lease liability represent the obligation to make lease payment arising from the lease. Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over lease term. As most of the leases doesn’t provide an implicit rate. The company generally use the incremental borrowing rate on the estimated rate of interest for collateralized borrowing over a similar term of the lease payments at commencement date. The operating ROU asset also includes any lease payments made and exclude lease incentives. Lease expense for lease payment is recognized on a straight -line basis over lease term. The Company adopted Public Bank Berhad’s base rate lending rate as a reference for discount rate. Leases that transfer substantially all the rewards and risks of ownership to the lessee, other than legal title, are accounted for as finance leases. Substantially all of the risks or benefits of ownership are deemed to have been transferred if any one of the four criteria is met: (i) transfer of ownership to the lessee at the end of the lease term, (ii) the lease containing a bargain purchase option, (iii) the lease term exceeding 75% of the estimated economic life of the leased asset, (iv) the present value of the minimum lease payments exceeding 90% of the fair value. |
Inventories | Inventories Inventories consisting of products available for sell, are stated at the lower of cost or market value. Cost of inventory is determined using the first-in, first-out (FIFO) method. Inventory reserve is recorded to write down the cost of inventory to the estimated market value due to slow-moving merchandise and damaged goods, which is dependent upon factors such as historical and forecasted consumer demand, and promotional environment. The Company takes ownership, risks and rewards of the products purchased. Write downs are recorded in cost of revenues in the Condensed Consolidated Statements of Operations and Comprehensive Income. DSWISS, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019 (Currency expressed in United States Dollars (“US$”), except for number of shares) |
Revenue recognition | Revenue recognition The Company follows the guidance of Accounting Standards Codification (ASC) 606, Revenue from Contracts Revenue from trading of retail goods is recognized when title and risk of loss are transferred and there are no continuing obligations to the customer. Title and the risks and rewards of ownership transfer to and accepted by the customer when the products are collected by the customer at the Company’s office. Revenue is recorded net of sales discounts, returns, allowances, and other adjustments that are based upon management’s best estimates and historical experience and are provided for in the same period as the related revenues are recorded. The Company mainly derives its revenue from the sale of healthy food products. Generally, the Company recognizes revenue when products are sold and accepted by the customers and there are no continuing obligations to the customer. |
Cost of revenue | Cost of revenue Cost of revenue includes the purchase cost of retail goods for re-sale to customers and packing materials (such as boxes). It excludes purchasing and receiving costs, inspection costs, warehousing costs, internal transfer costs and other costs of distribution network in cost of revenues. |
Shipping and handling fees | Shipping and handling fees Shipping and handling fees, if billed to customers, are included in revenue. Shipping and handling fees associated with inbound and outbound freight are expensed as incurred and included in selling and distribution expenses. |
Selling and distribution expenses | Selling and distribution expenses Selling and distribution expenses are primarily comprised of travelling and accommodation, transportation fees such as petrol, toll and parking and shipping and handling fees. |
Income taxes | Income taxes The provision of income taxes is determined in accordance with the provisions of ASC Topic 740, “Income Taxes” (“ASC 740”). Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted income tax rates expected to apply to taxable income in the periods in which those temporary differences are expected to be recovered or settled. Any effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. ASC 740 prescribes a comprehensive model for how companies should recognize, measure, present, and disclose in their financial statements uncertain tax positions taken or expected to be taken on a tax return. Under ASC 740, tax positions must initially be recognized in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions must initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50% The Company conducts much of its businesses activities in Hong Kong and is subject to tax in this jurisdiction. As a result of its business activities, the Company will file separate tax returns that are subject to examination by the foreign tax authorities. |
Net profit per share | Net profit per share The Company calculates net profit per share in accordance with ASC Topic 260 “ Earnings per share DSWISS, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019 (Currency expressed in United States Dollars (“US$”), except for number of shares) |
Foreign currencies translation | Foreign currencies translation Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded in the Condensed Consolidated Statements of Operations and Comprehensive Income The reporting currency of the Company is United States Dollars (“US$”) and the accompanying financial statements have been expressed in US$. In addition, the Company’s subsidiaries and VIEs in Malaysia, Hong Kong, China and Thailand maintains their books and record in their local currency, Ringgits Malaysia (“MYR”), Hong Kong Dollars (“HK$”), Chinese Renminbi (“RMB”) and Thai Baht (“THB”) respectively, which is functional currency as being the primary currency of the economic environment in which the entity operates. In general, for consolidation purposes, assets and liabilities of its subsidiaries whose functional currency is not US$ are translated into US$, in accordance with ASC Topic 830-30, “ Translation of Financial Statement” Translation of amounts from MYR into US$1, HK$ into US$1, RMB into US$1 and THB into US$1 has been made at the following exchange rates for the respective periods: SCHEDULE OF FOREIGN CURRENCIES TRANSLATION As of and for the year ended December 31, 2020 2019 Year-end MYR : US$1 exchange rate 4.02 4.09 Year-average MYR : US$1 exchange rate 4.08 4.15 Year-end HK$ : US$1 exchange rate 7.75 7.79 Year-average HK$ : US$1 exchange rate 7.75 7.81 Year-end RMB : US$1 exchange rate 6.54 6.96 Year-average RMB : US$1 exchange rate 6.90 7.01 |
Related parties | Related parties Parties, which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Companies are also considered to be related if they are subject to common control or common significant influence. |
Fair value of financial instruments: | Fair value of financial instruments: The carrying value of the Company’s financial instruments: cash and cash equivalents, subscription receivables, prepayment and deposits, accounts payable, and other payables and accrued liabilities approximate at their fair values because of the short-term nature of these financial instruments. DSWISS, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019 (Currency expressed in United States Dollars (“US$”), except for number of shares) The Company also follows the guidance of the ASC Topic 820-10, “ Fair Value Measurements and Disclosures Level 1: Observable inputs such as quoted prices in active markets; Level 2: Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and Level 3: Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. Fair value estimates are made at a specific point in time based on relevant market information about the financial instrument. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and, therefore, cannot be determined with precision. Changes in assumptions could significantly affect the estimates. |
Recent accounting pronouncements | Recent accounting pronouncements FASB issues various Accounting Standards Updates relating to the treatment and recording of certain accounting transactions. On June 10, 2014, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) No. 2014-10, Development Stage Entities Consolidation The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and do not believe the future adoption of any such pronouncements may be expected to cause a material impact on its financial condition or the results of its operations. |
ORGANIZATION AND BUSINESS BAC_2
ORGANIZATION AND BUSINESS BACKGROUND (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
SCHEDULE OF VARIABLE INTEREST ENTITY | The Company, through its subsidiaries and its variable interest entities (“VIEs”), mainly supplies high quality beauty products. Details of the Company’s subsidiaries: SCHEDULE OF VARIABLE INTEREST ENTITY Company name Place and date of incorporation Particulars of issued capital Principal activities Proportional of ownership interest and voting power held 1. DSwiss Holding Limited Seychelles, May 28, 2015 1 share of ordinary share of US$1 each Investment holding 100 % 2. DSwiss (HK) Limited Hong Kong, May 28, 2015 1 share of ordinary share of HK$1 each Supply of beauty products 100 3. DSwiss Sdn Bhd Malaysia, March 10, 2011 2 share of ordinary share of RM 1 each Supply of beauty products 100 4. DSwiss Biotech Sdn Bhd (1) Malaysia, March 17, 2016 250,000 shares of ordinary share of RM 1 each Supply of biotech products 40 5. DSwiss International Trading (Shenzhen) Limited 德瑞絲國際貿易(深圳)有限公司 (2) PRC, June 21, 2016 413,392 shares of ordinary share of RMB 1 each Trading Beauty products 100 % (1) Based on the contractual arrangements between the Company and other investors, the Company has the power to direct the relevant activities of this entity unilaterally, and hence the Company has control over this entity. (2) DSwiss International Trading (Shenzhen) Limited was being officially de-registered on November 9, 2020. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
SUMMARY OF PROPERTY AND EQUIPMENT USEFUL LIFE | SUMMARY OF PROPERTY AND EQUIPMENT USEFUL LIFE Classification Estimated useful lives Computer and software 5 Furniture and Fittings 5 Office equipment 10 Motor vehicle 5 |
SCHEDULE OF FOREIGN CURRENCIES TRANSLATION | Translation of amounts from MYR into US$1, HK$ into US$1, RMB into US$1 and THB into US$1 has been made at the following exchange rates for the respective periods: SCHEDULE OF FOREIGN CURRENCIES TRANSLATION As of and for the year ended December 31, 2020 2019 Year-end MYR : US$1 exchange rate 4.02 4.09 Year-average MYR : US$1 exchange rate 4.08 4.15 Year-end HK$ : US$1 exchange rate 7.75 7.79 Year-average HK$ : US$1 exchange rate 7.75 7.81 Year-end RMB : US$1 exchange rate 6.54 6.96 Year-average RMB : US$1 exchange rate 6.90 7.01 |
PROPERTY AND EQUIPMENT (Tables)
PROPERTY AND EQUIPMENT (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
SCHEDULE OF PLANT AND EQUIPMENT | SCHEDULE OF PLANT AND EQUIPMENT As of December 31, As of December 31, 2020 2019 Computer and software $ 96,508 $ 92,462 Furniture and fittings 6,144 6,144 Office equipment 11,113 9,646 Motor vehicle 79,054 79,054 Total property and equipment 192,819 $ 187,306 Accumulated depreciation (138,371 ) (119,720 ) Effect of translation exchange (2,495 ) (623 ) Property and equipment, net $ 51,953 $ 66,963 |
INTANGIBLE ASSETS (Tables)
INTANGIBLE ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
SCHEDULE OF INTANGIBLE ASSETS | SCHEDULE OF INTANGIBLE ASSETS As of December 31, As of December 31, 2020 2019 Trademarks $ 12,077 $ 12,077 Amortization (6,101 ) (5,061 ) Effect of translation exchange (411 ) (441 ) Intangible assets, net $ 5,565 $ 6,575 |
PREPAID EXPENSES AND DEPOSITS (
PREPAID EXPENSES AND DEPOSITS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Prepaid Expenses And Deposits | |
SCHEDULE OF PREPAID EXPENSES AND DEPOSITS | SCHEDULE OF PREPAID EXPENSES AND DEPOSITS As of December 31, As of December 31, 2020 2019 Prepaid expenses $ 1,470 $ 6,629 Deposits 32,134 117,711 Total prepaid expenses and deposits $ 33,604 $ 124,380 |
INVENTORIES (Tables)
INVENTORIES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Inventory Disclosure [Abstract] | |
SCHEDULE OF INVENTORIES | SCHEDULE OF INVENTORIES As of December 31, As of December 31, 2020 2019 Finished goods, at cost $ 37,995 $ 17,199 Total inventories $ 37,995 $ 17,199 |
OTHER PAYABLES AND ACCRUED LI_2
OTHER PAYABLES AND ACCRUED LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Payables and Accruals [Abstract] | |
SCHEDULE OF OTHER PAYABLES AND ACCRUED LIABILITIES | SCHEDULE OF OTHER PAYABLES AND ACCRUED LIABILITIES As of December 31, As of December 31, 2020 2019 Other payables $ 123,408 $ 168,876 Accrued audit fees 18,831 19,873 Accrued other expenses 20,911 10,787 Accrued professional fees 3,750 2,863 Total payables and accrued liabilities $ 166,900 $ 202,399 |
FINANCE LEASE LIABILITY (Tables
FINANCE LEASE LIABILITY (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Finance Lease Liability | |
SCHEDULE OF OBLIGATION UNDER FINANCE LEASE | SCHEDULE OF OBLIGATION UNDER FINANCE LEASE As of December 31, As of December 31, 2020 2019 Finance lease $ 46,490 $ 55,721 Less: interest expense (4,296 ) (6,273 ) Net present value of finance lease 42,194 49,448 Current portion 9,876 8,075 Non-current portion 32,318 41,373 Total $ 42,194 $ 49,448 |
SCHEDULE OF MATURITIES OF FINANCE LEASE | As of December 31, 2020, the maturities of the finance lease for each of the years are as follows: SCHEDULE OF MATURITIES OF FINANCE LEASE 2021 9,876 2022 8,738 2023 9,139 2024 9,540 2025 4,901 Total $ 42,194 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
SCHEDULE OF COMPONENTS OF INCOME LOSS BEFORE INCOME TAXES | For the year ended December 31, 2020 and year ended December 31, 2019, the local (United States) and foreign components of profit/(loss) before income taxes were comprised of the following: SCHEDULE OF COMPONENTS OF INCOME LOSS BEFORE INCOME TAXES For the year ended For the year ended Tax jurisdictions from: - Local $ (53,451 ) $ (43,726 ) - Foreign, representing Seychelles (1,593 ) (1,896 ) Hong Kong (112,301 ) (111,395 ) Malaysia 90,757 (123,237 ) PRC 106,633 (21,251 ) Thailand - 6,042 Profit/(Loss) before income tax $ 30,045 $ (295,463 ) |
SCHEDULE OF PROVISION FOR INCOME TAXES | The provision for income taxes consisted of the following: SCHEDULE OF PROVISION FOR INCOME TAXES For the year ended For the year ended Current: - Local $ - $ - - Foreign (2,865 ) - Deferred: - Local - - - Foreign - - Income tax expense $ (2,865 ) $ - |
SCHEDULE OF DEFERRED INCOME TAX ASSETS | The following table sets forth the significant components of the aggregate deferred tax assets of the Company for the period ended December 31, 2020 and 2019. SCHEDULE OF DEFERRED INCOME TAX ASSETS For the year ended December 31, 2020 For the year ended December 31, 2019 Deferred tax assets: Net operating loss carry forwards -United States of America $ (80,965 ) $ (69,741 ) -Seychelles $ - - -Hong Kong $ (102,665 ) $ (84,136 ) -Malaysia $ (80,358 ) $ (100,905 ) -PRC $ (26,214 ) $ (29,164 ) -Thailand $ - $ - Net operating loss carry forwards (290,202 ) (283,946 ) Less: valuation allowance $ 290,202 $ 283,946 Deferred tax assets $ - $ - |
CONCENTRATIONS OF RISKS (Tables
CONCENTRATIONS OF RISKS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Risks and Uncertainties [Abstract] | |
SCHEDULE OF CONCENTRATIONS OF RISKS | (a) Major customers SCHEDULE OF CONCENTRATIONS OF RISKS For the year ended December 31, 2020 and 2019, the customers who accounted for 10% or more of the Company’s revenues and its accounts receivable balance at year-end are presented as follows: For the year ended December 31 2020 2019 2020 2019 2020 2019 Revenues Percentage of Revenues Accounts Receivable, Trade Customer A $ 247,327 $ 40,096 18 % 15 % $ - $ - Customer B $ 553,704 $ 133,543 39 % 50 % $ - $ - $ 801,031 $ 173,639 57 % 65 % $ - $ - (b) Major vendors For the year ended December 31, 2020 and 2019, the vendors who accounted for 10% or more of the Company’s purchases and its accounts payable balance at year-end are presented as follows: For the year ended December 31 2020 2019 2020 2019 2020 2019 Purchases Percentage of Purchases Account Payable, Trade Vendor A $ 129,759 $ - 13 % - % $ - $ - Vendor B $ 209,458 $ - 21 % - % $ - $ - Vendor C $ 151,715 $ - 15 % - % $ - $ - Vendor D $ - $ 92,165 - % 55 % $ - $ - Vendor E $ 107,807 $ - 11 % - $ - $ - $ 598,739 $ 92,165 60 % 55 % $ - $ - |
LEASE RIGHT-OF-USE ASSET AND _2
LEASE RIGHT-OF-USE ASSET AND LEASE LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
SCHEDULE OF OPERATING LEASE RIGHT OF USE ASSET | As of December 31, 2020, operating lease right of use asset as follow: SCHEDULE OF OPERATING LEASE RIGHT OF USE ASSET Year ended December 31, 2020 2019 As of January 1 $ 136,308 $ 136,308 Accumulated amortization (88,404 ) (43,092 ) Effect of translation exchange (251 ) (333 ) Balance as of December 31 $ 47,653 $ 92,883 |
SCHEDULE OF OPERATING LEASE LIABILITY | As of December 31, 2020, operating lease liability as follow: SCHEDULE OF OPERATING LEASE LIABILITY Initial recognition as of January 1, 2020 $ 92,299 Less: gross repayment (47,269 ) Add: imputed interest 2,974 Effect of translation exchange 110 Balance as of December 31, 2020 $ 48,114 Lease liability current portion $ 48,114 |
SCHEDULE OF MATURITIES OF OPERATING LEASE OBLIGATION | Maturities of operating lease obligation as follow: SCHEDULE OF MATURITIES OF OPERATING LEASE OBLIGATION Year ending December 31, 2021 48,114 Total $ 48,114 |
SCHEDULE OF OPERATING LEASE OTHER INFORMATION | Other information: SCHEDULE OF OPERATING LEASE OTHER INFORMATION 2020 2019 Year ended December 31, 2020 2019 (unaudited) (unaudited) Cash paid for amounts included in the measurement of lease liabilities: - Operating cash flow from operating lease $ 45,312 $ 43,092 Right-of-use assets obtained in exchange for operating lease liabilities 48,114 92,883 Remaining lease term for operating lease (years) 1 2 Weighted average discount rate for operating lease 4.47 % 4.47 % |
LOSS OF LIQUIDATION (Tables)
LOSS OF LIQUIDATION (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
SUMMARY OF LOSS OF LIQUIDATION | SUMMARY OF LOSS OF LIQUIDATION Year ended 2020 (unaudited) Valuation of DSwiss International Trading (ShenZhen) Limited - Share Capital $ 108,572 - Retained Loss b/f (115,641 ) - Current Net profit 7,167 Net Asset of DSwiss International Trading (ShenZhen) Limited 98 Goodwill (if any) - Net Value of DSwiss International Trading (ShenZhen) Limited - Apportionment for Shareholding (100%) 1.00 Disposal loss on Investment 105,079 |
SCHEDULE OF VARIABLE INTEREST E
SCHEDULE OF VARIABLE INTEREST ENTITY (Details) | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2021 | Dec. 31, 2020 | ||
DSwiss Holding Limited [Member] | |||
Entity Listings [Line Items] | |||
Company name | DSwiss Holding Limited | ||
Place and date of incorporation | Seychelles, May 28, 2015 | ||
Particulars of issued capital | 1 share of ordinary share of US$1 each | ||
Principal activities | Investment holding | ||
Proportional of ownership interest and voting power held | 100.00% | ||
DSwiss (HK) Limited [Member] | |||
Entity Listings [Line Items] | |||
Company name | DSwiss (HK) Limited | ||
Place and date of incorporation | Hong Kong, May 28, 2015 | ||
Particulars of issued capital | 1 share of ordinary share of HK$1 each | ||
Principal activities | Supply of beauty products | ||
Proportional of ownership interest and voting power held | 100.00% | ||
DSwiss Sdn Bhd [Member] | |||
Entity Listings [Line Items] | |||
Company name | DSwiss Sdn Bhd | ||
Place and date of incorporation | Malaysia, March 10, 2011 | ||
Particulars of issued capital | 2 share of ordinary share of RM 1 each | ||
Principal activities | Supply of beauty products | ||
Proportional of ownership interest and voting power held | 100.00% | ||
DSwiss Biotech Sdn Bhd [Member] | |||
Entity Listings [Line Items] | |||
Company name | [1] | DSwiss Biotech Sdn Bhd (1) | |
Place and date of incorporation | [1] | Malaysia, March 17, 2016 | |
Particulars of issued capital | [1] | 250,000 shares of ordinary share of RM 1 each | |
Principal activities | [1] | Supply of biotech products | |
Proportional of ownership interest and voting power held | [1] | 40.00% | |
DSwiss International Trading (Shenzhen) Limited [Member] | |||
Entity Listings [Line Items] | |||
Company name | [2] | DSwiss International Trading (Shenzhen) Limited 德瑞絲國際貿易(深圳)有限公司 (2) | |
Place and date of incorporation | [2] | PRC, June 21, 2016 | |
Particulars of issued capital | [2] | 413,392 shares of ordinary share of RMB 1 each | |
Principal activities | [2] | Trading Beauty products | |
Proportional of ownership interest and voting power held | [2] | 100.00% | |
[1] | Based on the contractual arrangements between the Company and other investors, the Company has the power to direct the relevant activities of this entity unilaterally, and hence the Company has control over this entity. | ||
[2] | DSwiss International Trading (Shenzhen) Limited was being officially de-registered on November 9, 2020. |
ORGANIZATION AND BUSINESS BAC_3
ORGANIZATION AND BUSINESS BACKGROUND (Details Narrative) | Dec. 31, 2020 |
Business Acquisition [Line Items] | |
Equity ownership interest rate percentage | 1.00% |
DSwiss Biotech Sdn, Bhd [Member] | MALAYSIA | |
Business Acquisition [Line Items] | |
Equity ownership interest rate percentage | 40.00% |
DSwiss Holding Limited [Member] | DSwiss (HK) Limited [Member] | HONG KONG | |
Business Acquisition [Line Items] | |
Equity ownership interest rate percentage | 100.00% |
DSwiss Holding Limited [Member] | DSwiss Sdn Bhd [Member] | MALAYSIA | |
Business Acquisition [Line Items] | |
Equity ownership interest rate percentage | 100.00% |
GOING CONCERN UNCERTAINTIES (De
GOING CONCERN UNCERTAINTIES (Details Narrative) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Accumulated deficit | $ 1,483,170 | $ 1,490,845 |
Current liabilities | $ 142,357 |
SUMMARY OF PROPERTY AND EQUIPME
SUMMARY OF PROPERTY AND EQUIPMENT USEFUL LIFE (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Computer and Software [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment estimated useful lives | 5 years |
Furniture and Fixtures [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment estimated useful lives | 5 years |
Office Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment estimated useful lives | 10 years |
Motor Vehicle [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment estimated useful lives | 5 years |
SCHEDULE OF FOREIGN CURRENCIES
SCHEDULE OF FOREIGN CURRENCIES TRANSLATION (Details) | Dec. 31, 2020 | Dec. 31, 2019 |
Year-End RM [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Foreign currency exchange rate, translation | 4.02 | 4.09 |
Year-Average RM [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Foreign currency exchange rate, translation | 4.08 | 4.15 |
Year-End HK [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Foreign currency exchange rate, translation | 7.75 | 7.79 |
Year-Average HK [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Foreign currency exchange rate, translation | 7.75 | 7.81 |
Year-End RMB [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Foreign currency exchange rate, translation | 6.54 | 6.96 |
Year-Average RMB [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Foreign currency exchange rate, translation | 6.90 | 7.01 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Accounting Policies [Abstract] | |
Intangible asset, useful life | 10 years |
Impairment losses | $ 0 |
Finance lease, description | Substantially all of the risks or benefits of ownership are deemed to have been transferred if any one of the four criteria is met: (i) transfer of ownership to the lessee at the end of the lease term, (ii) the lease containing a bargain purchase option, (iii) the lease term exceeding 75% of the estimated economic life of the leased asset, (iv) the present value of the minimum lease payments exceeding 90% of the fair value. |
Income tax benefit likelihood description | greater than 50% |
VIE STRUCTURE AND ARRANGEMENTS
VIE STRUCTURE AND ARRANGEMENTS (Details Narrative) | Jun. 27, 2016 |
Management Services Agreement I [Member] | DSwiss (HK) Limited [Member] | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |
Percentage of annual net profit to be received as fee | 100.00% |
STOCKHOLDERS_ EQUITY (Details N
STOCKHOLDERS’ EQUITY (Details Narrative) - shares | Dec. 31, 2020 | Dec. 31, 2019 |
Equity [Abstract] | ||
Common stock outstanding | 206,904,600 | 206,904,600 |
Common stock issued | 206,904,600 | 206,904,600 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
SCHEDULE OF PLANT AND EQUIPMENT
SCHEDULE OF PLANT AND EQUIPMENT (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | $ 192,819 | $ 187,306 |
Accumulated depreciation | (138,371) | (119,720) |
Effect of translation exchange | (2,495) | (623) |
Property and equipment, net | 51,953 | 66,963 |
Computer and Software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 96,508 | 92,462 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 6,144 | 6,144 |
Office Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 11,113 | 9,646 |
Motor Vehicles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | $ 79,054 | $ 79,054 |
PROPERTY AND EQUIPMENT (Details
PROPERTY AND EQUIPMENT (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation expense | $ 18,651 | $ 19,571 |
SCHEDULE OF INTANGIBLE ASSETS (
SCHEDULE OF INTANGIBLE ASSETS (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Trademarks | $ 12,077 | $ 12,077 |
Amortization | (6,101) | (5,061) |
Effect of translation exchange | (411) | (441) |
Intangible assets, net | $ 5,565 | $ 6,575 |
INTANGIBLE ASSETS (Details Narr
INTANGIBLE ASSETS (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Amortization of intangible assets | $ 1,040 | $ 2,867 |
SCHEDULE OF PREPAID EXPENSES AN
SCHEDULE OF PREPAID EXPENSES AND DEPOSITS (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Prepaid Expenses And Deposits | ||
Prepaid expenses | $ 1,470 | $ 6,629 |
Deposits | 32,134 | 117,711 |
Total prepaid expenses and deposits | $ 33,604 | $ 124,380 |
SCHEDULE OF INVENTORIES (Detail
SCHEDULE OF INVENTORIES (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Inventory Disclosure [Abstract] | ||
Finished goods, at cost | $ 37,995 | $ 17,199 |
Total inventories | $ 37,995 | $ 17,199 |
SCHEDULE OF OTHER PAYABLES AND
SCHEDULE OF OTHER PAYABLES AND ACCRUED LIABILITIES (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Payables and Accruals [Abstract] | ||
Other payables | $ 123,408 | $ 168,876 |
Accrued audit fees | 18,831 | 19,873 |
Accrued other expenses | 20,911 | 10,787 |
Accrued professional fees | 3,750 | 2,863 |
Total payables and accrued liabilities | $ 166,900 | $ 202,399 |
SCHEDULE OF OBLIGATION UNDER FI
SCHEDULE OF OBLIGATION UNDER FINANCE LEASE (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Finance Lease Liability | ||
Finance lease | $ 46,490 | $ 55,721 |
Less: interest expense | (4,296) | (6,273) |
Total | 42,194 | 49,448 |
Current portion | 9,876 | 8,075 |
Non-current portion | $ 32,318 | $ 41,373 |
SCHEDULE OF MATURITIES OF FINAN
SCHEDULE OF MATURITIES OF FINANCE LEASE (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Finance Lease Liability | ||
2021 | $ 9,876 | |
2022 | 8,738 | |
2023 | 9,139 | |
2024 | 9,540 | |
2025 | 4,901 | |
Total | $ 42,194 | $ 49,448 |
FINANCE LEASE LIABILITY (Detail
FINANCE LEASE LIABILITY (Details Narrative) | 12 Months Ended |
Dec. 31, 2020 | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |
Finance lease, description | Substantially all of the risks or benefits of ownership are deemed to have been transferred if any one of the four criteria is met: (i) transfer of ownership to the lessee at the end of the lease term, (ii) the lease containing a bargain purchase option, (iii) the lease term exceeding 75% of the estimated economic life of the leased asset, (iv) the present value of the minimum lease payments exceeding 90% of the fair value. |
Finance Lease Agreement [Member] | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |
Finance lease, description | the effective interest rate of 4.16% per annum, due through June, 2025, with principal and interest payable monthly. |
Finance lease liability effective interest rate | 4.16% |
AMOUNT DUE TO A DIRECTOR (Detai
AMOUNT DUE TO A DIRECTOR (Details Narrative) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Amount Due To Director | ||
Amount due to director | $ 155,437 | $ 125,834 |
SCHEDULE OF COMPONENTS OF INCOM
SCHEDULE OF COMPONENTS OF INCOME LOSS BEFORE INCOME TAXES (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
- Local | $ (53,451) | $ (43,726) |
Profit/(Loss) before income tax | 30,045 | (295,463) |
SEYCHELLES | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Thailand | (1,593) | (1,896) |
HONG KONG | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Thailand | (112,301) | (111,395) |
MALAYSIA | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Thailand | 90,757 | (123,237) |
People's Republic of China (PRC) [Member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Thailand | 106,633 | (21,251) |
THAILAND | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Thailand | $ 6,042 |
SCHEDULE OF PROVISION FOR INCOM
SCHEDULE OF PROVISION FOR INCOME TAXES (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | ||
Current: Local | ||
Current: Foreign | (2,865) | |
Deferred: Local | ||
Deferred: Foreign | ||
Income tax expense | $ (2,865) |
SCHEDULE OF DEFERRED INCOME TAX
SCHEDULE OF DEFERRED INCOME TAX ASSETS (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Operating Loss Carryforwards [Line Items] | ||
Net operating loss carry forwards | $ (290,202) | $ (283,946) |
Less: valuation allowance | 290,202 | 283,946 |
Deferred tax assets | ||
United States of America [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Net operating loss carry forwards | (80,965) | (69,741) |
SEYCHELLES | ||
Operating Loss Carryforwards [Line Items] | ||
Net operating loss carry forwards | ||
HONG KONG | ||
Operating Loss Carryforwards [Line Items] | ||
Net operating loss carry forwards | (102,665) | (84,136) |
MALAYSIA | ||
Operating Loss Carryforwards [Line Items] | ||
Net operating loss carry forwards | (80,358) | (100,905) |
People's Republic of China (PRC) [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Net operating loss carry forwards | (26,214) | (29,164) |
THAILAND | ||
Operating Loss Carryforwards [Line Items] | ||
Net operating loss carry forwards |
INCOME TAXES (Details Narrative
INCOME TAXES (Details Narrative) | 12 Months Ended |
Dec. 31, 2020USD ($) | |
United States of America [Member] | |
Operating Loss Carryforwards [Line Items] | |
Cumulative net operating losses | $ 385,549 |
Income tax rate | 21.00% |
Net operating loss carryforwards expire | The net operating loss carry forwards begin to expire in 2038, if unutilized. |
Valuation allowance | $ 80,965 |
Hong Kong [Member] | DSwiss (HK) Limited [Member] | |
Operating Loss Carryforwards [Line Items] | |
Cumulative net operating losses | $ 622,215 |
Income tax rate | 16.50% |
Valuation allowance | $ 102,665 |
Percentage of statutory income rate | 16.50% |
Malaysia [Member] | DSwiss Sdn Bhd and DSwiss Biotech Sdn Bhd [Member] | |
Operating Loss Carryforwards [Line Items] | |
Cumulative net operating losses | $ 472,694 |
Valuation allowance | $ 80,358 |
Percentage of statutory income rate | 17.00% |
Malaysia [Member] | DSwiss Sdn Bhd and DSwiss Biotech Sdn Bhd [Member] | Minimum [Member] | |
Operating Loss Carryforwards [Line Items] | |
Percentage of statutory income rate | 17.00% |
Malaysia [Member] | DSwiss Sdn Bhd and DSwiss Biotech Sdn Bhd [Member] | Maximum [Member] | |
Operating Loss Carryforwards [Line Items] | |
Percentage of statutory income rate | 24.00% |
PRC [Member] | DSwiss International Trading (Shenzhen) Limited [Member] | |
Operating Loss Carryforwards [Line Items] | |
Cumulative net operating losses | $ 104,856 |
Income tax rate | 25.00% |
Valuation allowance | $ 26,214 |
Percentage of statutory income rate | 25.00% |
SCHEDULE OF CONCENTRATIONS OF R
SCHEDULE OF CONCENTRATIONS OF RISKS (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Concentration Risk [Line Items] | ||
Revenues | $ 1,347,718 | $ 273,659 |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | ||
Concentration Risk [Line Items] | ||
Revenues | 801,031 | 173,639 |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Customer A [Member] | ||
Concentration Risk [Line Items] | ||
Revenues | $ 247,327 | $ 40,096 |
Percentage of revenues | 18.00% | 15.00% |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Customer B [Member] | ||
Concentration Risk [Line Items] | ||
Revenues | $ 553,704 | $ 133,543 |
Percentage of revenues | 39.00% | 50.00% |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Two Customers [Member] | ||
Concentration Risk [Line Items] | ||
Percentage of revenues | 57.00% | 65.00% |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer A [Member] | ||
Concentration Risk [Line Items] | ||
Accounts Receivable, after Allowance for Credit Loss | ||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer B [Member] | ||
Concentration Risk [Line Items] | ||
Accounts Receivable, after Allowance for Credit Loss | ||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Two Customers [Member] | ||
Concentration Risk [Line Items] | ||
Accounts Receivable, after Allowance for Credit Loss | ||
Cost of Goods and Service Benchmark [Member] | Supplier Concentration Risk [Member] | ||
Concentration Risk [Line Items] | ||
Purchase | $ 598,739 | $ 92,165 |
Cost of Goods and Service Benchmark [Member] | Supplier Concentration Risk [Member] | Vendor A [Member] | ||
Concentration Risk [Line Items] | ||
Percentage of revenues | 13.00% | |
Purchase | $ 129,759 | |
Account Payable, trade | ||
Cost of Goods and Service Benchmark [Member] | Supplier Concentration Risk [Member] | Vendor B [Member] | ||
Concentration Risk [Line Items] | ||
Percentage of revenues | 21.00% | |
Purchase | $ 209,458 | |
Account Payable, trade | ||
Cost of Goods and Service Benchmark [Member] | Supplier Concentration Risk [Member] | Vendor C [Member] | ||
Concentration Risk [Line Items] | ||
Percentage of revenues | 15.00% | |
Purchase | $ 151,715 | |
Account Payable, trade | ||
Cost of Goods and Service Benchmark [Member] | Supplier Concentration Risk [Member] | Vendor D [Member] | ||
Concentration Risk [Line Items] | ||
Percentage of revenues | 55.00% | |
Purchase | $ 92,165 | |
Account Payable, trade | ||
Cost of Goods and Service Benchmark [Member] | Supplier Concentration Risk [Member] | Vendor E [Member] | ||
Concentration Risk [Line Items] | ||
Percentage of revenues | 11.00% | |
Purchase | $ 107,807 | |
Account Payable, trade | ||
Cost of Goods and Service Benchmark [Member] | Supplier Concentration Risk [Member] | Five Vendors [Member] | ||
Concentration Risk [Line Items] | ||
Percentage of revenues | 60.00% | 55.00% |
Account Payable, trade |
SCHEDULE OF OPERATING LEASE RIG
SCHEDULE OF OPERATING LEASE RIGHT OF USE ASSET (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | ||
As of January 1 | $ 136,308 | |
As of January 1 | 92,883 | $ 136,308 |
Accumulated amortization | (88,404) | (43,092) |
Effect of translation exchange | (251) | (333) |
Balance as of December 31 | 47,653 | 136,308 |
Balance as of December 31 | $ 47,653 | $ 92,883 |
SCHEDULE OF OPERATING LEASE LIA
SCHEDULE OF OPERATING LEASE LIABILITY (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | ||
Initial recognition as of January 1, 2020 | $ 92,299 | |
Less: gross repayment | (47,269) | |
Add: imputed interest | 2,974 | |
Effect of translation exchange | 110 | |
Balance as of December 31, 2020 | 48,114 | |
Lease liability current portion | $ 48,114 | $ 45,120 |
SCHEDULE OF MATURITIES OF OPERA
SCHEDULE OF MATURITIES OF OPERATING LEASE OBLIGATION (Details) | Dec. 31, 2020USD ($) |
Leases [Abstract] | |
December 31, 2021 | $ 48,114 |
Total | $ 48,114 |
SCHEDULE OF OPERATING LEASE OTH
SCHEDULE OF OPERATING LEASE OTHER INFORMATION (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | ||
Operating cash flow from operating lease | $ 45,312 | $ 43,092 |
Right-of-use assets obtained in exchange for operating lease liabilities | $ 48,114 | $ 92,883 |
Remaining lease term for operating lease (years) | 1 year | 2 years |
Weighted average discount rate for operating lease | 4.47% | 4.47% |
LEASE RIGHT-OF-USE ASSET AND _3
LEASE RIGHT-OF-USE ASSET AND LEASE LIABILITIES (Details Narrative) - USD ($) | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Jan. 02, 2019 | Dec. 31, 2018 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Operating Lease, Liability | $ 48,114 | $ 92,299 | ||
Lease asset- right of use | 47,653 | 92,883 | $ 136,308 | |
Amortization of operating lease right use of assets | 88,404 | 43,092 | ||
Lease expenses | 45,312 | 48,069 | ||
Accounting Standards Update 2016-02 [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Operating Lease, Liability | $ 136,308 | |||
Lease asset- right of use | $ 136,308 | |||
Discount rate of lease payment | 4.47% | |||
Amortization of operating lease right use of assets | 45,312 | 43,092 | ||
Lease expenses | $ 46,094 | $ 44,009 |
SUMMARY OF LOSS OF LIQUIDATION
SUMMARY OF LOSS OF LIQUIDATION (Details) | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Valuation of DSwiss International Trading (ShenZhen) Limited - Share Capital | $ 108,572 |
Valuation of DSwiss International Trading (ShenZhen) Limited - Retained Loss b/f | (115,641) |
Valuation of DSwiss International Trading (ShenZhen) Limited - Current Net profit | 7,167 |
Net Asset of DSwiss International Trading (ShenZhen) Limited | 98 |
Goodwill (if any) | |
Net Value of DSwiss International Trading (ShenZhen) Limited | |
Apportionment for Shareholding (100%) | 1.00% |
Disposal loss on Investment | $ 105,079 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Greenpro Venture Capital Limited [Member] | ||
Related Party Transaction [Line Items] | ||
Related party transaction during the period | $ 15,700 | $ 13,816 |
Agape ATP International Holding Limited [Member] | ||
Related Party Transaction [Line Items] | ||
Related party transaction during the period | 153,328 | |
Agape Superior Living Sdn Bhd [Member] | ||
Related Party Transaction [Line Items] | ||
Related party transaction during the period | $ 39,942 |