Cover
Cover | 9 Months Ended |
Sep. 30, 2021shares | |
Cover [Abstract] | |
Document Type | 10-Q |
Amendment Flag | false |
Document Quarterly Report | true |
Document Transition Report | false |
Document Period End Date | Sep. 30, 2021 |
Document Fiscal Period Focus | Q3 |
Document Fiscal Year Focus | 2021 |
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 |
Trading Symbol | DQWS |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | No |
Entity Filer Category | Non-accelerated Filer |
Entity Small Business | true |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding | 206,904,600 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 195,032 | $ 158,004 |
Accounts receivable | 143,397 | 9,146 |
Other receivable, prepaid expenses and deposit | 23,136 | 33,604 |
Income tax receivables | 714 | 434 |
Inventories | 28,792 | 37,995 |
Total Current Assets | 391,071 | 239,183 |
NON-CURRENT ASSETS | ||
Property and equipment, net | 40,303 | 51,953 |
Intangible assets, net | 5,022 | 5,565 |
Operating lease right -of-use, net | 11,497 | 47,653 |
Total Non-Current Assets | 56,822 | 105,171 |
TOTAL ASSETS | 447,893 | 344,354 |
CURRENT LIABILITIES | ||
Accounts payable | 35,117 | 1,213 |
Other payables and accrued liabilities | 307,768 | 164,013 |
Operating lease liability | 11,772 | 48,114 |
Amounts due to a director | 45,124 | 155,437 |
Finance lease liability | 8,628 | 9,876 |
Current tax liabilities | 174 | 2,887 |
Total Current Liabilities | 408,583 | 381,540 |
NON- CURRENT LIABILITIES | ||
Finance lease liability | 25,775 | 32,318 |
Total non-current liabilities | 25,775 | 32,318 |
TOTAL LIABILITIES | 434,358 | 413,858 |
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 and 206,904,600 shares issued and outstanding as of September 30, 2021 and December 31, 2020 respectively | 20,690 | 20,690 |
Additional paid-in capital | 1,395,426 | 1,395,426 |
Accumulated other comprehensive losses | (30,115) | (28,177) |
Accumulated deficit | (1,383,091) | (1,483,170) |
TOTAL DSWISS, INC. STOCKHOLDERS’ EQUITY | 2,910 | (95,231) |
NON-CONTROLLING INTEREST | 10,625 | 25,727 |
TOTAL STOCKHOLDERS’ EQUITY | 13,535 | (69,504) |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 447,893 | $ 344,354 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2021 | Dec. 31, 2020 |
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 or Stated Value Per Share | $ 0.0001 | |
Common Stock, Shares Authorized | 600,000,000 | |
Common Stock, Shares, Outstanding | 206,904,600 | 206,904,600 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Income Statement [Abstract] | ||||
REVENUE | $ 729,180 | $ 249,705 | $ 1,277,102 | $ 998,157 |
COST OF REVENUE | (573,129) | (158,019) | (970,026) | (735,351) |
GROSS PROFIT | 156,051 | 91,686 | 307,076 | 262,806 |
OTHER INCOME | 884 | 4,182 | 6,657 | 12,973 |
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES | (70,361) | (57,643) | (194,495) | (144,907) |
OPERATING EXPENSES | 1 | (19,527) | (695) | (64,914) |
FINANCE COST | (554) | 1,219 | (2,155) | (1,541) |
OTHER OPERATING EXPENSES | (11,190) | (30,829) | (32,407) | (67,444) |
PROFIT / (LOSS) BEFORE INCOME TAX | 74,831 | (10,912) | 83,981 | (3,027) |
INCOME TAX PROVISION | 2,864 | 2,864 | ||
NET INCOME / (LOSS) | 77,695 | (10,912) | 86,845 | (3,027) |
Non-Controlling Interest | 9,184 | 2,555 | 13,234 | (6,019) |
Other comprehensive (loss)/income | ||||
Foreign currency translation adjustment | (2,764) | (11,016) | (1,938) | 7,836 |
TOTAL COMPREHENSIVE INCOME / (LOSS) | $ 84,115 | $ (19,374) | $ 98,141 | $ (1,211) |
NET INCOME/LOSS PER SHARE – BASIC AND DILUTED (Cent) | $ 0.04 | $ 0.04 | ||
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING – BASIC AND DILUTED | 206,904,600 | 206,904,600 | 206,904,600 | 206,904,600 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [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) |
Shares, Outstanding, Beginning Balance at Dec. 31, 2019 | 206,904,600 | |||||
Foreign currency translation adjustment | 7,836 | 587 | 8,423 | |||
Net loss for the period | (9,046) | 6,019 | (3,027) | |||
Ending balance, value at Sep. 30, 2020 | $ 20,690 | 1,395,426 | (26,728) | (1,499,891) | 11,457 | (99,046) |
Shares, Outstanding, Ending Balance at Sep. 30, 2020 | 206,904,600 | |||||
Beginning balance, value at Jun. 30, 2020 | $ 20,690 | 1,395,426 | (15,712) | (1,491,534) | 13,675 | (77,455) |
Shares, Outstanding, Beginning Balance at Jun. 30, 2020 | 206,904,600 | |||||
Foreign currency translation adjustment | (11,016) | 337 | (10,679) | |||
Net loss for the period | (8,357) | (2,555) | (10,912) | |||
Ending balance, value at Sep. 30, 2020 | $ 20,690 | 1,395,426 | (26,728) | (1,499,891) | 11,457 | (99,046) |
Shares, Outstanding, Ending Balance at Sep. 30, 2020 | 206,904,600 | |||||
Beginning balance, value at Dec. 31, 2020 | $ 20,690 | 1,395,426 | (28,177) | (1,483,170) | 25,727 | (69,504) |
Shares, Outstanding, Beginning Balance at Dec. 31, 2020 | 206,904,600 | |||||
Foreign currency translation adjustment | (1,938) | (1,868) | (3,806) | |||
Net loss for the period | 100,079 | 13,234 | 86,845 | |||
Ending balance, value at Sep. 30, 2021 | $ 20,690 | 1,395,426 | (30,115) | (1,383,091) | 10,625 | 13,535 |
Shares, Outstanding, Ending Balance at Sep. 30, 2021 | 206,904,600 | |||||
Beginning balance, value at Jun. 30, 2021 | $ 20,690 | 1,395,426 | (27,351) | (1,469,970) | 19,854 | (61,351) |
Shares, Outstanding, Beginning Balance at Jun. 30, 2021 | 206,904,600 | |||||
Foreign currency translation adjustment | (2,764) | (45) | (2,809) | |||
Net loss for the period | 86,879 | (9,184) | 77,695 | |||
Ending balance, value at Sep. 30, 2021 | $ 20,690 | $ 1,395,426 | $ (30,115) | $ (1,383,091) | $ 10,625 | $ 13,535 |
Shares, Outstanding, Ending Balance at Sep. 30, 2021 | 206,904,600 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net profit / (loss) | $ 86,845 | $ (3,027) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 48,469 | 46,966 |
Amortization for intangible assets | 518 | 780 |
Waiver of accounts payable | (20,513) | |
Accounts receivable written-off | 20,417 | |
Plant and equipment written-off | 435 | |
Changes in operating assets and liabilities: | ||
Accounts payable | 33,949 | 36,322 |
Accounts receivable | (134,594) | (21,564) |
Other payables and accrued liabilities | 161,819 | (30,800) |
Lease liabilities | (34,537) | (33,303) |
Inventories | 7,777 | (16,922) |
Amount due to director | (108,233) | 25,581 |
Prepayments, deposits & other receivables | 3,413 | 52,615 |
Cash generated from operations | 65,426 | 56,987 |
Tax refund | (2,690) | |
Tax paid | (297) | (340) |
Net cash generated from operating activities | 62,439 | 56,647 |
CASH FLOWS FROM INVESTING ACTIVITY: | ||
Purchase of property and equipment | (4,399) | (1,984) |
Net cash used in investing activity | (4,399) | (1,984) |
CASH FLOWS FROM FINANCING ACTIVITY: | ||
Repayment of finance lease | (6,208) | (5,956) |
Net cash used in financing activity | (6,208) | (5,956) |
Effect of exchange rate changes | (14,804) | 7,673 |
Net increase in cash and cash equivalents | 37,028 | 56,380 |
Cash and cash equivalents, beginning of period | 158,004 | 48,353 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 195,032 | 104,733 |
SUPPLEMENTAL CASH FLOWS INFORMATION | ||
Income taxes paid | 297 | 340 |
Interest paid | $ 2,155 | $ 1,541 |
DESCRIPTION OF BUSINESS AND ORG
DESCRIPTION OF BUSINESS AND ORGANIZATION | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
DESCRIPTION OF BUSINESS AND ORGANIZATION | 1. DESCRIPTION OF BUSINESS AND ORGANIZATION DSwiss, Inc. is organized as a Nevada limited liability company, incorporated on May 28, 2015. For the purposes of financial statement presentation, DSwiss, Inc. and its subsidiaries are herein referred to as “the Company” or “we”. The principal activity of the Company and its subsidiaries is to supply high quality beauty products directly to clients through wholly owned subsidiaries. Our beauty supplies include, but are not limited to, beverages to assist in weight loss, anti-aging cream, and products designed to improve the overall health and wellness of clients. The accompanying unaudited condensed consolidated financial statements of DSwiss, Inc. at September 30, 2021 and 2020 have been prepared in accordance with generally accepted accounting principles (“GAAP”) for interim financial statements, instructions to Form 10-Q, and Regulation S-X. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted. These condensed consolidated financial statements should be read in conjunction with the financial statements and notes thereto included in our annual report on Form 10-K for the year ended December 31, 2020. In management’s opinion, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair presentation to make our financial statements not misleading have been included. The results of operations for the periods ended September 30, 2021 and 2020 presented are not necessarily indicative of the results to be expected for the full year. The December 31, 2020 balance sheet has been derived from our audited financial statements included in our annual report on Form 10-K for the year ended December 31, 2020. 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 % equity interest. The Company, through its subsidiaries and its variable interest entities (“VIEs”), mainly supplies high quality beauty products. Details of the Company’s subsidiaries and associates: SCHEDULE OF VARIABLE INTEREST ENTITY Company name Place and date of incorporation Particulars of issued Principal activities Proportional of ownership interest 1. DSwiss Holding Limited Seychelles, 1 share of ordinary share of US$1 each Investment holding 100 % 2. DSwiss (HK) Limited Hong Kong, 1 share of ordinary share of HK$1 each Supply of medical, health and beauty products 100 % 3. DSwiss Sdn Bhd Malaysia, 2 shares of ordinary share of RM 1 each Supply of medical, health and beauty products 100 % 4. DSwiss Biotech Sdn Bhd Malaysia, 250,000 shares of ordinary share of RM 1 each Supply of biotech products 40 % (1) Based on the contractual arrangements between the Company and other investors, the Company has the power to direct the relevant activities of these entities unilaterally, and hence the Company has control over these entities. DSWISS, INC. NOTES TO CONDENSED FINANCIAL STATEMENTS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2021 (Currency expressed in United States Dollars (“US$”), except for number of shares) (UNAUDITED) |
GOING CONCERN UNCERTAINTIES
GOING CONCERN UNCERTAINTIES | 9 Months Ended |
Sep. 30, 2021 | |
Going Concern Uncertainties | |
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 September 30, 2021, the Company suffered an accumulated deficit of $ 1,383,091 and having net current liabilities of $ 17,512 for period ended September 30, 2021. The continuation of the Company as a going concern through September 30, 2021 is dependent upon improving the profitability and the continuing financial support from its major stockholders. Management believes the existing major shareholders or external financing will provide the additional cash to meet the Company’s obligations as they become due. 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 | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of presentation The accompanying condensed consolidated financial statements are 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. 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. 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 delivered to the customers. 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. lab test services as another source of revenue. Cost of revenue Cost of revenue includes the raw material, repacking fees, packing materials and inbound freight charges. It excludes purchasing and receiving costs, inspection costs, warehousing costs, internal transfer costs and other costs of distribution network in cost of revenues. DSWISS, INC. NOTES TO CONDENSED FINANCIAL STATEMENTS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2021 (Currency expressed in United States Dollars (“US$”), except for number of shares) (UNAUDITED) 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. Cash and cash equivalents The Company consider all highly liquid instruments with a maturity of three months or less at the time of issuance to be cash equivalent. 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. 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 Hong Kong, China, and Malaysia, which are amortized on a straight-line basis over a useful life of five 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 impairment losses recorded on intangible assets for the nine months ended September 30, 2021. Leases Prior to November 1, 2019, the Company accounted for leases under ASC 840, Accounting for Leases. Effective November 1, 2019, the Company adopted the guidance of ASC 842, Leases, which requires an entity to recognize a right-of-use asset and a lease liability for virtually all leases. The implementation of ASC 842 did not have a material impact on the Company’s consolidated financial statements and did not have a significant impact on our liquidity. The Company adopted ASC 842 using a modified retrospective approach. As a result, the comparative financial information has not been updated and the required disclosures prior to the date of adoption have not been updated and continue to be reported under the accounting standards in effect for those periods. (see Note 14). Income taxes Income taxes are determined in accordance with the provisions of ASC Topic 740, “ Income Taxes 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% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts. The Company conducts major businesses in Malaysia. The Company is subject to tax in these jurisdictions. As a result of its business activities, the Company will file tax returns that are subject to examination by the foreign tax authority. DSWISS, INC. NOTES TO CONDENSED FINANCIAL STATEMENTS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2021 (Currency expressed in United States Dollars (“US$”), except for number of shares) (UNAUDITED) Net income per share The Company calculates net income per share in accordance with ASC Topic 260, “Earnings per Share.” 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 and Hong Kong, maintains their books and record in their local currency, Ringgits Malaysia (“RM”) and Hong Kong Dollars (“HK$”) respectively, which is functional currency as being the primary currency of the economic environment in which the entity operates. In general, for consolidation purposes, assets and liabilities of its subsidiaries whose functional currency is not US$ are translated into US$, in accordance with ASC Topic 830-30, “ Translation of Financial Statement” Translation of amounts from RM into US$1, HK$ into US$1 and RMB 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 nine months ended 2021 2020 Period-end RM : US$1 exchange rate 4.19 4.16 Period-average RM : US$1 exchange rate 4.12 4.22 Period-end HK$ : US$1 exchange rate 7.79 7.75 Period-average HK$ : US$1 exchange rate 7.77 7.76 Period-end RMB : US$1 exchange rate 6.46 6.79 Period-average RMB : US$1 exchange rate 6.47 6.99 DSWISS, INC. NOTES TO CONDENSED FINANCIAL STATEMENTS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2021 (Currency expressed in United States Dollars (“US$”), except for number of shares) (UNAUDITED) 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, trade receivables, deposits, trade payable, other payables, and accounts payable approximate at their fair values because of the short-term nature of these financial instruments. The Company also follows the guidance of the ASC Topic 820-10, “ Fair Value Measurements and Disclosures Level 1 Level 2 Level 3 Segment reporting ASC Topic 280, “ Segment Reporting Recent accounting pronouncements 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 CONDENSED FINANCIAL STATEMENTS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2021 (Currency expressed in United States Dollars (“US$”), except for number of shares) (UNAUDITED) |
VIE STRUCTURE AND ARRANGEMENTS
VIE STRUCTURE AND ARRANGEMENTS | 9 Months Ended |
Sep. 30, 2021 | |
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 provide 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. DSWISS, INC. NOTES TO CONDENSED FINANCIAL STATEMENTS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2021 (Currency expressed in United States Dollars (“US$”), except for number of shares) (UNAUDITED) |
STOCKHOLDERS_ EQUITY
STOCKHOLDERS’ EQUITY | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
STOCKHOLDERS’ EQUITY | 5. STOCKHOLDERS’ EQUITY As of September 30, 2021, the Company had a total of 206,904,600 of its common stock issued and outstanding. There are no shares of preferred stock issued and outstanding. |
PROPERTY AND EQUIPMENT
PROPERTY AND EQUIPMENT | 9 Months Ended |
Sep. 30, 2021 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY AND EQUIPMENT | 6. PROPERTY AND EQUIPMENT SCHEDULE OF PLANT AND EQUIPMENT September 30, 2021 December 31, 2020 Computers and software $ 98,757 $ 96,508 Furniture and fittings 6,144 6,144 Office equipment 13,118 11,113 Motor vehicles 79,054 79,054 Total property and equipment $ 197,072 $ 192,819 Accumulated depreciation (152,627 ) (138,371 ) Effect of translation exchange (4,143 ) (2,495 ) Property and equipment, net $ 40,303 $ 51,953 Depreciation expense for the three months and nine months ended September 30, 2021 were $ 4,715 and $ 14,100 respectively. Depreciation expense for the three months and nine months ended September 30, 2020 were $ 4,738 13,990 |
INTANGIBLE ASSETS
INTANGIBLE ASSETS | 9 Months Ended |
Sep. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
INTANGIBLE ASSETS | 7. INTANGIBLE ASSETS SCHEDULE OF INTANGIBLE ASSETS September 30, 2021 December 31, 2020 Trademarks $ 12,077 $ 12,077 Amortization (6,619 ) (6,101 ) Effect of translation exchange (436 ) (411 ) Intangible assets, net $ 5,022 $ 5,565 Amortization for the three months and nine months ended September 30, 2021 was $ 0 and $ 518 respectively. Amortization for the three months and nine months ended September 30, 2020 was $ 260 780 |
OTHER RECEIVABLE, PREPAID EXPEN
OTHER RECEIVABLE, PREPAID EXPENSES AND DEPOSITS | 9 Months Ended |
Sep. 30, 2021 | |
Other Receivable Prepaid Expenses And Deposits | |
OTHER RECEIVABLE, PREPAID EXPENSES AND DEPOSITS | 8. OTHER RECEIVABLE, PREPAID EXPENSES AND DEPOSITS SCHEDULE OF OTHER RECEIVABLES, PREPAID EXPENSES AND DEPOSITS September 30, 2021 December 31, 2020 Prepaid expenses $ 973 $ 1,470 Deposits 22,163 32,134 Total prepaid expenses and deposits $ 23,136 $ 33,604 |
INVENTORIES
INVENTORIES | 9 Months Ended |
Sep. 30, 2021 | |
Inventory Disclosure [Abstract] | |
INVENTORIES | 9. INVENTORIES SCHEDULE OF INVENTORIES September 30, 2021 December 31, 2020 Finished goods, at cost $ 28,792 $ 37,995 Total inventories $ 28,792 $ 37,995 |
OTHER PAYABLES AND ACCRUED LIAB
OTHER PAYABLES AND ACCRUED LIABILITIES | 9 Months Ended |
Sep. 30, 2021 | |
Payables and Accruals [Abstract] | |
OTHER PAYABLES AND ACCRUED LIABILITIES | 10. OTHER PAYABLES AND ACCRUED LIABILITIES SCHEDULE OF OTHER PAYABLES AND ACCRUED LIABILITIES September 30, 2021 December 31, 2020 Other payables $ 276,480 $ 120,521 Accrued audit fees 12,027 18,831 Accrued other expenses 15,634 20,911 Accrued professional fees 3,627 3,750 Total payables and accrued liabilities $ 307,768 $ 164,013 DSWISS, INC. NOTES TO CONDENSED FINANCIAL STATEMENTS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2021 (Currency expressed in United States Dollars (“US$”), except for number of shares) (UNAUDITED) |
FINANCE LEASE LIABILITY
FINANCE LEASE LIABILITY | 9 Months Ended |
Sep. 30, 2021 | |
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 3.73 % per annum, due through June, 2025, with principal and interest payable monthly. The obligation under the finance lease is as follows: SCHEDULE OF OBLIGATION UNDER FINANCE LEASE As of As of September 30, 2021 December 31, 2020 Finance lease $ 37,285 $ 46,490 Less: interest expense (2,882 ) (4,296 ) Net present value of finance lease 34,403 42,194 Current portion 8,628 9,876 Non-current portion 25,775 32,318 Total $ 34,403 $ 42,194 As of September 30, 2021 the maturities of the finance lease for each of the years are as follows: SCHEDULE OF MATURITIES OF FINANCE LEASE 2021 2,120 2022 8,728 2023 9,129 2024 9,530 2025 4,896 Total $ 34,403 |
INCOME TAXES
INCOME TAXES | 9 Months Ended |
Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | 12. INCOME TAXES For the nine months ended September 2021 and 2020, the local (United States) and foreign components of income/(loss) before income taxes were comprised of the following: SCHEDULE OF COMPONENTS OF INCOME LOSS BEFORE INCOME TAXES 2021 2020 Tax jurisdictions from: - Local $ (25,073 ) $ (47,122 ) - Foreign, representing Seychelles (1,427 ) (1,593 ) Hong Kong (4,567 ) (1,879 ) Malaysia 117,912 40,861 PRC - 6,706 Profit / (Loss) before income tax $ 86,845 $ (3,027 ) The provision for income taxes consisted of the following: SCHEDULE OF PROVISION FOR INCOME TAXES 2021 2020 Current: - Local $ - $ - - Foreign 2,864 - Deferred: - Local - - - Foreign - - Income tax expense $ 2,864 $ - 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 has subsidiaries that operate in various countries: United States, Seychelles, Hong Kong, Malaysia and PRC that are subject to taxes in the jurisdictions in which they operate, as follows: 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 September 30, 2021, the operations in the United States of America incurred $ 410,622 21 The net operating loss carry forwards begin to expire in 2038, if unutilized. 86,231 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 % on its assessable income. As of September 30, 2021, the operations in the Hong Kong incurred $ 626,782 of cumulative net operating losses which can be carried forward to offset future taxable income, at the tax rate of 16.5 %. The Company has provided for a full valuation allowance of $ 103,419 against the deferred tax assets on the expected future tax benefits from the net operating loss carry forwards as the management believes it is more likely than not that these assets will not be realized in the future. 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 24 354,782 17 60,313 DSWISS, INC. NOTES TO CONDENSED FINANCIAL STATEMENTS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2021 (Currency expressed in United States Dollars (“US$”), except for number of shares) (UNAUDITED) |
CONCENTRATIONS OF RISK
CONCENTRATIONS OF RISK | 9 Months Ended |
Sep. 30, 2021 | |
Risks and Uncertainties [Abstract] | |
CONCENTRATIONS OF RISK | 13. CONCENTRATIONS OF RISK The Company is exposed to the following concentrations of risk: SCHEDULE OF CONCENTRATIONS OF RISKS (a) Major customers For three months ended September 30, 2021 and 2020, the customers who accounted for 10% or more of the Company’s revenues and its accounts receivable balance at period-end are presented as follows: 2021 2020 2021 2020 2021 2020 Revenues Percentage of Accounts receivable, trade Customer A $ 448,788 $ 120,988 61 % 49 % $ - - Customer B $ - $ 64,637 - % 26 % $ - - Customer C $ - $ - - % - % $ - - Customer D $ 135,382 $ - 19 % - % $ 72,465 - $ 584,170 $ 185,625 80 % 75 % $ 72,465 - For nine months ended September 30, 2021 and 2020, the customers who accounted for 10% or more of the Company’s revenues and its accounts receivable balance at period-end are presented as follows: 2021 2020 2021 2020 2021 2020 Revenues Percentage of Accounts Customer $ 723,743 $ 293,377 57 % 29 % $ - Customer $ - $ 120,988 - % 12 % $ - - Customer C $ - $ 115,068 - % 11 % $ - - Customer D $ 267,912 $ - 21 % - $ 72,465 - $ 991,655 $ 529,433 78 % 52 % $ 72,465 - (b) Major vendors For three months ended September 30, 2021 and 2020, the vendors who accounted for 10% or more of the Company’s purchases and its accounts payable balance at period-end are presented as follows: 2021 2020 2021 2020 2021 2020 Purchases Percentage of Accounts payable, trade Vendor A $ - $ 21,309 - % 13 % $ - - Vendor B $ 252,888 $ 20,480 43 % 13 % $ 15,396 - Vendor C $ - $ 17,994 - % 11 % $ - - $ 252,888 $ 59,783 43 % 37 % $ 15,396 - For nine months ended September 30, 2021 and 2020, the vendors who accounted for 10% or more of the Company’s revenues and its accounts receivable balance at period-end are presented as follows: 2021 2020 2021 2020 2021 2020 Purchases Percentage of Accounts payable, trade Vendor A $ - $ 207,732 - % 28 % $ - - Vendor B $ 505,129 $ 122,841 53 % 16 % $ 15,396 - Vendor C $ - $ 105,953 - % 14 % $ - - $ 505,129 $ 436,526 53 % 58 % $ - - All vendors are located in Malaysia. (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 stable, therefore there is a possibility that the Company could post the same amount of income for two comparable periods and because of the fluctuating exchange rate actually post higher or lower income depending on exchange rate of RM converted to US$ and HK$ converted into US$ on that date. The exchange rate could fluctuate depending on changes in political and economic environments without notice. DSWISS, INC. NOTES TO CONDENSED FINANCIAL STATEMENTS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2021 (Currency expressed in United States Dollars (“US$”), except for number of shares) (UNAUDITED) |
LEASE RIGHT-OF-USE ASSET AND LE
LEASE RIGHT-OF-USE ASSET AND LEASE LIABILITIES | 9 Months Ended |
Sep. 30, 2021 | |
Lease Right-of-use Asset And Lease Liabilities | |
LEASE RIGHT-OF-USE ASSET AND LEASE LIABILITIES | 14. LEASE RIGHT-OF-USE ASSET AND LEASE LIABILITIES The Company officially adopted ASC 842 for the period on and after January 1, 2019 as permitted by ASU 2016-02. ASC 842 originally required all entities to use a “modified retrospective” transition approach that is intended to maximize comparability and be less complex than a full retrospective approach. On July 30, 2018, the FASB issued ASU 2018-11 to provide entities with relief from the costs of implementing certain aspects of the new leasing standard, ASU 2016-02 of which permits entities may elect not to recast the comparative periods presented when transitioning to ASC 842. As permitted by ASU 2018-11, the Company elect not to recast comparative periods, thusly. As of January 1, 2019, the Company recognized approximately US$ 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. The operating lease right and lease liability as follow: As of September 30, 2021, operating lease right of use asset as follow: SCHEDULE OF OPERATING LEASE RIGHT OF USE ASSET Right-Of-Use Assets As of January 1, 2021 $ 47,653 Amortization for the three months ended March 31, 2021 (11,744 ) Foreign exchange translation (480 ) Balance as of March 31, 2021 $ 35,429 Amortization for the three months ended June 30, 2021 (11,875 ) Foreign exchange translation (500 ) Balance as of June 30, 2021 $ 23,054 Amortization for the three months ended September 30, 2021 (11,366 ) Foreign exchange translation (191 ) Balance as of September 30, 2021 $ 11,497 For the three months ended September 30, 2021 and 2020, the amortization of the operating lease right of use asset are $ 11,366 11,208 As of September 30, 2021, operating lease liability as follow: SCHEDULE OF OPERATING LEASE LIABILITY Lease Liability As of January 1, 2021 $ 48,114 Imputed interest 447 Gross repayment (12,241 ) Foreign exchange translation (34 ) Balance as of March 31, 2021 $ 36,286 Imputed interest 311 Gross repayment (12,114 ) Foreign exchange translation (874 ) Balance as of June 30, 2021 $ 23,609 Imputed interest 177 Gross repayment (12,014 ) Foreign exchange translation (1 ) Balance as of September 30, 2021 11,772 Less: lease liability current portion 11,772 Maturities of operating lease obligation as follow: SCHEDULE OF MATURITIES OF OPERATING LEASE OBLIGATION Year ending December 31, 2021 11,772 Total $ 11,772 Other information: SCHEDULE OF OPERATING LEASE OTHER INFORMATION Year ended September 30, 2021 Year ended December 31, 2020 (Unaudited) (Unaudited) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flow from operating lease $ 34,369 $ 45,312 Right-of-use assets obtained in exchange for operating lease liabilities 11,497 48,114 Remaining lease term for operating lease (years) 0.25 1 Weighted average discount rate for operating lease 4.47 % 4.47 % Lease expenses were $ 34,369 for the period ended September 30, 2021, respectively while lease expenses were $ 45,312 for the year ended December 31, 2020. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 9 Months Ended |
Sep. 30, 2021 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | 15. RELATED PARTY TRANSACTIONS For the period ended September 30, 2021 the Company has the following transactions with related party: SCHEDULE OF RELATED PARTY TRANSACTION For the period ended September 30, 2021 (Unaudited) For the period ended September 30, 2020 (Unaudited) Professional Fees: - Related party A $ 8,000 $ 15,700 Sales - Related party B $ 267,912 $ - Related party C 12,953 - - Related party D 8,364 - Total $ 297,229 $ 15,700 The related party A, is a wholly owned subsidiary of a 7.33 The r elated party B’s director and shareholder is the founder of the Company. The r elated party C’s director and shareholder is the founder of the Company. The r elated party D’s director is the founder of the Company. The shareholder of related party D is related party C. The related party transaction is generally transacted in an arm-length basis at the current market value in the normal course of business. |
GOING CONCERN
GOING CONCERN | 9 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
GOING CONCERN | 16. GOING CONCERN As of September 30, 2021, the Company suffered an accumulated deficit of $ 1,383,091 and having net current liabilities of $ 17,512 for period ended September 30, 2021. The continuation of the Company as a going concern through September 30, 2021 is dependent upon improving the profitability and the continuing financial support from its major stockholders. Management believes the existing major shareholders or external financing will provide the additional cash to meet the Company’s obligations as they become due. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
Sep. 30, 2021 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | 17. SUBSEQUENT EVENTS In accordance with ASC Topic 855, “Subsequent Events”, which establishes general standards of accounting for and disclosure of events that occur after the balance sheet date but before financial statements are issued, the Company has evaluated all events or transactions that occurred after September 30, 2021 up through the date the Company issued the consolidated financial statements. |
SIGNIFICANT EVENTS
SIGNIFICANT EVENTS | 9 Months Ended |
Sep. 30, 2021 | |
Unusual or Infrequent Items, or Both [Abstract] | |
SIGNIFICANT EVENTS | 18. 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) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of presentation | Basis of presentation The accompanying condensed consolidated financial statements are 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. |
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. |
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 delivered to the customers. 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. lab test services as another source of revenue. |
Cost of revenue | Cost of revenue Cost of revenue includes the raw material, repacking fees, packing materials and inbound freight charges. It excludes purchasing and receiving costs, inspection costs, warehousing costs, internal transfer costs and other costs of distribution network in cost of revenues. DSWISS, INC. NOTES TO CONDENSED FINANCIAL STATEMENTS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2021 (Currency expressed in United States Dollars (“US$”), except for number of shares) (UNAUDITED) |
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. |
Cash and cash equivalents | Cash and cash equivalents The Company consider all highly liquid instruments with a maturity of three months or less at the time of issuance to be cash equivalent. |
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. |
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 Hong Kong, China, and Malaysia, which are amortized on a straight-line basis over a useful life of five 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 impairment losses recorded on intangible assets for the nine months ended September 30, 2021. |
Leases | Leases Prior to November 1, 2019, the Company accounted for leases under ASC 840, Accounting for Leases. Effective November 1, 2019, the Company adopted the guidance of ASC 842, Leases, which requires an entity to recognize a right-of-use asset and a lease liability for virtually all leases. The implementation of ASC 842 did not have a material impact on the Company’s consolidated financial statements and did not have a significant impact on our liquidity. The Company adopted ASC 842 using a modified retrospective approach. As a result, the comparative financial information has not been updated and the required disclosures prior to the date of adoption have not been updated and continue to be reported under the accounting standards in effect for those periods. (see Note 14). |
Income taxes | Income taxes Income taxes are determined in accordance with the provisions of ASC Topic 740, “ Income Taxes 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% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts. The Company conducts major businesses in Malaysia. The Company is subject to tax in these jurisdictions. As a result of its business activities, the Company will file tax returns that are subject to examination by the foreign tax authority. DSWISS, INC. NOTES TO CONDENSED FINANCIAL STATEMENTS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2021 (Currency expressed in United States Dollars (“US$”), except for number of shares) (UNAUDITED) |
Net income per share | Net income per share The Company calculates net income per share in accordance with ASC Topic 260, “Earnings per Share.” |
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 and Hong Kong, maintains their books and record in their local currency, Ringgits Malaysia (“RM”) and Hong Kong Dollars (“HK$”) respectively, which is functional currency as being the primary currency of the economic environment in which the entity operates. In general, for consolidation purposes, assets and liabilities of its subsidiaries whose functional currency is not US$ are translated into US$, in accordance with ASC Topic 830-30, “ Translation of Financial Statement” Translation of amounts from RM into US$1, HK$ into US$1 and RMB 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 nine months ended 2021 2020 Period-end RM : US$1 exchange rate 4.19 4.16 Period-average RM : US$1 exchange rate 4.12 4.22 Period-end HK$ : US$1 exchange rate 7.79 7.75 Period-average HK$ : US$1 exchange rate 7.77 7.76 Period-end RMB : US$1 exchange rate 6.46 6.79 Period-average RMB : US$1 exchange rate 6.47 6.99 DSWISS, INC. NOTES TO CONDENSED FINANCIAL STATEMENTS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2021 (Currency expressed in United States Dollars (“US$”), except for number of shares) (UNAUDITED) |
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, trade receivables, deposits, trade payable, other payables, and accounts payable approximate at their fair values because of the short-term nature of these financial instruments. The Company also follows the guidance of the ASC Topic 820-10, “ Fair Value Measurements and Disclosures Level 1 Level 2 Level 3 |
Segment reporting | Segment reporting ASC Topic 280, “ Segment Reporting |
Recent accounting pronouncements | Recent accounting pronouncements 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. |
DESCRIPTION OF BUSINESS AND O_2
DESCRIPTION OF BUSINESS AND ORGANIZATION (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
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 and associates: SCHEDULE OF VARIABLE INTEREST ENTITY Company name Place and date of incorporation Particulars of issued Principal activities Proportional of ownership interest 1. DSwiss Holding Limited Seychelles, 1 share of ordinary share of US$1 each Investment holding 100 % 2. DSwiss (HK) Limited Hong Kong, 1 share of ordinary share of HK$1 each Supply of medical, health and beauty products 100 % 3. DSwiss Sdn Bhd Malaysia, 2 shares of ordinary share of RM 1 each Supply of medical, health and beauty products 100 % 4. DSwiss Biotech Sdn Bhd Malaysia, 250,000 shares of ordinary share of RM 1 each Supply of biotech products 40 % (1) Based on the contractual arrangements between the Company and other investors, the Company has the power to direct the relevant activities of these entities unilaterally, and hence the Company has control over these entities. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
SUMMARY OF PROPERTY AND EQUIPMENT USEFUL LIFE | 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 |
SCHEDULE OF FOREIGN CURRENCIES TRANSLATION | Translation of amounts from RM into US$1, HK$ into US$1 and RMB 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 nine months ended 2021 2020 Period-end RM : US$1 exchange rate 4.19 4.16 Period-average RM : US$1 exchange rate 4.12 4.22 Period-end HK$ : US$1 exchange rate 7.79 7.75 Period-average HK$ : US$1 exchange rate 7.77 7.76 Period-end RMB : US$1 exchange rate 6.46 6.79 Period-average RMB : US$1 exchange rate 6.47 6.99 |
PROPERTY AND EQUIPMENT (Tables)
PROPERTY AND EQUIPMENT (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Property, Plant and Equipment [Abstract] | |
SCHEDULE OF PLANT AND EQUIPMENT | SCHEDULE OF PLANT AND EQUIPMENT September 30, 2021 December 31, 2020 Computers and software $ 98,757 $ 96,508 Furniture and fittings 6,144 6,144 Office equipment 13,118 11,113 Motor vehicles 79,054 79,054 Total property and equipment $ 197,072 $ 192,819 Accumulated depreciation (152,627 ) (138,371 ) Effect of translation exchange (4,143 ) (2,495 ) Property and equipment, net $ 40,303 $ 51,953 |
INTANGIBLE ASSETS (Tables)
INTANGIBLE ASSETS (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
SCHEDULE OF INTANGIBLE ASSETS | SCHEDULE OF INTANGIBLE ASSETS September 30, 2021 December 31, 2020 Trademarks $ 12,077 $ 12,077 Amortization (6,619 ) (6,101 ) Effect of translation exchange (436 ) (411 ) Intangible assets, net $ 5,022 $ 5,565 |
OTHER RECEIVABLE, PREPAID EXP_2
OTHER RECEIVABLE, PREPAID EXPENSES AND DEPOSITS (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Other Receivable Prepaid Expenses And Deposits | |
SCHEDULE OF OTHER RECEIVABLES, PREPAID EXPENSES AND DEPOSITS | SCHEDULE OF OTHER RECEIVABLES, PREPAID EXPENSES AND DEPOSITS September 30, 2021 December 31, 2020 Prepaid expenses $ 973 $ 1,470 Deposits 22,163 32,134 Total prepaid expenses and deposits $ 23,136 $ 33,604 |
INVENTORIES (Tables)
INVENTORIES (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Inventory Disclosure [Abstract] | |
SCHEDULE OF INVENTORIES | SCHEDULE OF INVENTORIES September 30, 2021 December 31, 2020 Finished goods, at cost $ 28,792 $ 37,995 Total inventories $ 28,792 $ 37,995 |
OTHER PAYABLES AND ACCRUED LI_2
OTHER PAYABLES AND ACCRUED LIABILITIES (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Payables and Accruals [Abstract] | |
SCHEDULE OF OTHER PAYABLES AND ACCRUED LIABILITIES | SCHEDULE OF OTHER PAYABLES AND ACCRUED LIABILITIES September 30, 2021 December 31, 2020 Other payables $ 276,480 $ 120,521 Accrued audit fees 12,027 18,831 Accrued other expenses 15,634 20,911 Accrued professional fees 3,627 3,750 Total payables and accrued liabilities $ 307,768 $ 164,013 |
FINANCE LEASE LIABILITY (Tables
FINANCE LEASE LIABILITY (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Finance Lease Liability | |
SCHEDULE OF OBLIGATION UNDER FINANCE LEASE | SCHEDULE OF OBLIGATION UNDER FINANCE LEASE As of As of September 30, 2021 December 31, 2020 Finance lease $ 37,285 $ 46,490 Less: interest expense (2,882 ) (4,296 ) Net present value of finance lease 34,403 42,194 Current portion 8,628 9,876 Non-current portion 25,775 32,318 Total $ 34,403 $ 42,194 |
SCHEDULE OF MATURITIES OF FINANCE LEASE | As of September 30, 2021 the maturities of the finance lease for each of the years are as follows: SCHEDULE OF MATURITIES OF FINANCE LEASE 2021 2,120 2022 8,728 2023 9,129 2024 9,530 2025 4,896 Total $ 34,403 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
SCHEDULE OF COMPONENTS OF INCOME LOSS BEFORE INCOME TAXES | For the nine months ended September 2021 and 2020, the local (United States) and foreign components of income/(loss) before income taxes were comprised of the following: SCHEDULE OF COMPONENTS OF INCOME LOSS BEFORE INCOME TAXES 2021 2020 Tax jurisdictions from: - Local $ (25,073 ) $ (47,122 ) - Foreign, representing Seychelles (1,427 ) (1,593 ) Hong Kong (4,567 ) (1,879 ) Malaysia 117,912 40,861 PRC - 6,706 Profit / (Loss) before income tax $ 86,845 $ (3,027 ) |
SCHEDULE OF PROVISION FOR INCOME TAXES | The provision for income taxes consisted of the following: SCHEDULE OF PROVISION FOR INCOME TAXES 2021 2020 Current: - Local $ - $ - - Foreign 2,864 - Deferred: - Local - - - Foreign - - Income tax expense $ 2,864 $ - |
CONCENTRATIONS OF RISK (Tables)
CONCENTRATIONS OF RISK (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Risks and Uncertainties [Abstract] | |
SCHEDULE OF CONCENTRATIONS OF RISKS | The Company is exposed to the following concentrations of risk: SCHEDULE OF CONCENTRATIONS OF RISKS (a) Major customers For three months ended September 30, 2021 and 2020, the customers who accounted for 10% or more of the Company’s revenues and its accounts receivable balance at period-end are presented as follows: 2021 2020 2021 2020 2021 2020 Revenues Percentage of Accounts receivable, trade Customer A $ 448,788 $ 120,988 61 % 49 % $ - - Customer B $ - $ 64,637 - % 26 % $ - - Customer C $ - $ - - % - % $ - - Customer D $ 135,382 $ - 19 % - % $ 72,465 - $ 584,170 $ 185,625 80 % 75 % $ 72,465 - For nine months ended September 30, 2021 and 2020, the customers who accounted for 10% or more of the Company’s revenues and its accounts receivable balance at period-end are presented as follows: 2021 2020 2021 2020 2021 2020 Revenues Percentage of Accounts Customer $ 723,743 $ 293,377 57 % 29 % $ - Customer $ - $ 120,988 - % 12 % $ - - Customer C $ - $ 115,068 - % 11 % $ - - Customer D $ 267,912 $ - 21 % - $ 72,465 - $ 991,655 $ 529,433 78 % 52 % $ 72,465 - (b) Major vendors For three months ended September 30, 2021 and 2020, the vendors who accounted for 10% or more of the Company’s purchases and its accounts payable balance at period-end are presented as follows: 2021 2020 2021 2020 2021 2020 Purchases Percentage of Accounts payable, trade Vendor A $ - $ 21,309 - % 13 % $ - - Vendor B $ 252,888 $ 20,480 43 % 13 % $ 15,396 - Vendor C $ - $ 17,994 - % 11 % $ - - $ 252,888 $ 59,783 43 % 37 % $ 15,396 - For nine months ended September 30, 2021 and 2020, the vendors who accounted for 10% or more of the Company’s revenues and its accounts receivable balance at period-end are presented as follows: 2021 2020 2021 2020 2021 2020 Purchases Percentage of Accounts payable, trade Vendor A $ - $ 207,732 - % 28 % $ - - Vendor B $ 505,129 $ 122,841 53 % 16 % $ 15,396 - Vendor C $ - $ 105,953 - % 14 % $ - - $ 505,129 $ 436,526 53 % 58 % $ - - |
LEASE RIGHT-OF-USE ASSET AND _2
LEASE RIGHT-OF-USE ASSET AND LEASE LIABILITIES (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Lease Right-of-use Asset And Lease Liabilities | |
SCHEDULE OF OPERATING LEASE RIGHT OF USE ASSET | As of September 30, 2021, operating lease right of use asset as follow: SCHEDULE OF OPERATING LEASE RIGHT OF USE ASSET Right-Of-Use Assets As of January 1, 2021 $ 47,653 Amortization for the three months ended March 31, 2021 (11,744 ) Foreign exchange translation (480 ) Balance as of March 31, 2021 $ 35,429 Amortization for the three months ended June 30, 2021 (11,875 ) Foreign exchange translation (500 ) Balance as of June 30, 2021 $ 23,054 Amortization for the three months ended September 30, 2021 (11,366 ) Foreign exchange translation (191 ) Balance as of September 30, 2021 $ 11,497 |
SCHEDULE OF OPERATING LEASE LIABILITY | As of September 30, 2021, operating lease liability as follow: SCHEDULE OF OPERATING LEASE LIABILITY Lease Liability As of January 1, 2021 $ 48,114 Imputed interest 447 Gross repayment (12,241 ) Foreign exchange translation (34 ) Balance as of March 31, 2021 $ 36,286 Imputed interest 311 Gross repayment (12,114 ) Foreign exchange translation (874 ) Balance as of June 30, 2021 $ 23,609 Imputed interest 177 Gross repayment (12,014 ) Foreign exchange translation (1 ) Balance as of September 30, 2021 11,772 Less: lease liability current portion 11,772 |
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 11,772 Total $ 11,772 |
SCHEDULE OF OPERATING LEASE OTHER INFORMATION | Other information: SCHEDULE OF OPERATING LEASE OTHER INFORMATION Year ended September 30, 2021 Year ended December 31, 2020 (Unaudited) (Unaudited) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flow from operating lease $ 34,369 $ 45,312 Right-of-use assets obtained in exchange for operating lease liabilities 11,497 48,114 Remaining lease term for operating lease (years) 0.25 1 Weighted average discount rate for operating lease 4.47 % 4.47 % |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Related Party Transactions [Abstract] | |
SCHEDULE OF RELATED PARTY TRANSACTION | For the period ended September 30, 2021 the Company has the following transactions with related party: SCHEDULE OF RELATED PARTY TRANSACTION For the period ended September 30, 2021 (Unaudited) For the period ended September 30, 2020 (Unaudited) Professional Fees: - Related party A $ 8,000 $ 15,700 Sales - Related party B $ 267,912 $ - Related party C 12,953 - - Related party D 8,364 - Total $ 297,229 $ 15,700 |
SCHEDULE OF VARIABLE INTEREST E
SCHEDULE OF VARIABLE INTEREST ENTITY (Details) | 9 Months Ended |
Sep. 30, 2021 | |
DSwiss Holding Limited [Member] | |
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] | |
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$1 each |
Principal activities | Supply of medical, health and beauty products |
Proportional of ownership interest and voting power held | 100.00% |
DSwiss Sdn Bhd [Member] | |
Company name | DSwiss Sdn Bhd |
Place and date of incorporation | Malaysia, March 10, 2011 |
Particulars of issued capital | 2 shares of ordinary share of RM 1 each |
Principal activities | Supply of medical, health and beauty products |
Proportional of ownership interest and voting power held | 100.00% |
DSwiss Biotech Sdn Bhd [Member] | |
Company name | DSwiss Biotech Sdn Bhd |
Place and date of incorporation | Malaysia, March 17, 2016 |
Particulars of issued capital | 250,000 shares of ordinary share of RM 1 each |
Principal activities | Supply of biotech products |
Proportional of ownership interest and voting power held | 40.00% |
DESCRIPTION OF BUSINESS AND O_3
DESCRIPTION OF BUSINESS AND ORGANIZATION (Details Narrative) | Sep. 30, 2021 |
MALAYSIA | DSwiss Biotech Sdn, Bhd [Member] | |
Equity ownership interest rate percentage | 40.00% |
DSwiss Holding Limited [Member] | MALAYSIA | DSwiss Sdn Bhd [Member] | |
Equity ownership interest rate percentage | 100.00% |
DSwiss Holding Limited [Member] | HONG KONG | DSwiss (HK) Limited [Member] | |
Equity ownership interest rate percentage | 100.00% |
GOING CONCERN UNCERTAINTIES (De
GOING CONCERN UNCERTAINTIES (Details Narrative) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Going Concern Uncertainties | ||
Accumulated deficit | $ 1,383,091 | $ 1,483,170 |
Net current liabilities | $ 17,512 |
SUMMARY OF PROPERTY AND EQUIPME
SUMMARY OF PROPERTY AND EQUIPMENT USEFUL LIFE (Details) | 9 Months Ended |
Sep. 30, 2021 | |
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) | Sep. 30, 2021 | Sep. 30, 2020 |
Period-end RM [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Foreign currency exchange rate, translation | 4.19 | 4.16 |
Period-Average RM [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Foreign currency exchange rate, translation | 4.12 | 4.22 |
Period-end HK [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Foreign currency exchange rate, translation | 7.79 | 7.75 |
Period-Average HK [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Foreign currency exchange rate, translation | 7.77 | 7.76 |
Period-end RMB [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Foreign currency exchange rate, translation | 6.46 | 6.79 |
Period-Avereage RMB [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Foreign currency exchange rate, translation | 6.47 | 6.99 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Intangible asset, useful life | 5 years |
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 | Sep. 30, 2021 | Dec. 31, 2020 |
Equity [Abstract] | ||
Common stock shares issued | 206,904,600 | |
Common stock shares outstanding | 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 ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | $ 197,072 | $ 192,819 |
Accumulated depreciation | (152,627) | (138,371) |
Effect of translation exchange | 4,143 | 2,495 |
Property and equipment, net | 40,303 | 51,953 |
Computer and Software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 98,757 | 96,508 |
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 | 13,118 | 11,113 |
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 ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Property, Plant and Equipment [Abstract] | ||||
Depreciation | $ 4,715 | $ 4,738 | $ 14,100 | $ 13,990 |
SCHEDULE OF INTANGIBLE ASSETS (
SCHEDULE OF INTANGIBLE ASSETS (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Trademarks | $ 12,077 | $ 12,077 |
Amortization | (6,619) | (6,101) |
Effect of translation exchange | (436) | (411) |
Intangible assets, net | $ 5,022 | $ 5,565 |
INTANGIBLE ASSETS (Details Narr
INTANGIBLE ASSETS (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Amortization of Intangible Assets | $ 0 | $ 260 | $ 518 | $ 780 |
SCHEDULE OF OTHER RECEIVABLES,
SCHEDULE OF OTHER RECEIVABLES, PREPAID EXPENSES AND DEPOSITS (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Other Receivable Prepaid Expenses And Deposits | ||
Prepaid expenses | $ 973 | $ 1,470 |
Deposits | 22,163 | 32,134 |
Total prepaid expenses and deposits | $ 23,136 | $ 33,604 |
SCHEDULE OF INVENTORIES (Detail
SCHEDULE OF INVENTORIES (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Inventory Disclosure [Abstract] | ||
Finished goods, at cost | $ 28,792 | $ 37,995 |
Total inventories | $ 28,792 | $ 37,995 |
SCHEDULE OF OTHER PAYABLES AND
SCHEDULE OF OTHER PAYABLES AND ACCRUED LIABILITIES (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Payables and Accruals [Abstract] | ||
Other payables | $ 276,480 | $ 120,521 |
Accrued audit fees | 12,027 | 18,831 |
Accrued other expenses | 15,634 | 20,911 |
Accrued professional fees | 3,627 | 3,750 |
Total payables and accrued liabilities | $ 307,768 | $ 164,013 |
SCHEDULE OF OBLIGATION UNDER FI
SCHEDULE OF OBLIGATION UNDER FINANCE LEASE (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Finance Lease Liability | ||
Finance lease | $ 37,285 | $ 46,490 |
Less: interest expense | (2,882) | (4,296) |
Total | 34,403 | 42,194 |
Current portion | 8,628 | 9,876 |
Non-current portion | $ 25,775 | $ 32,318 |
SCHEDULE OF MATURITIES OF FINAN
SCHEDULE OF MATURITIES OF FINANCE LEASE (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Finance Lease Liability | ||
2021 | $ 2,120 | |
2022 | 8,728 | |
2023 | 9,129 | |
2024 | 9,530 | |
2025 | 4,896 | |
Total | $ 34,403 | $ 42,194 |
FINANCE LEASE LIABILITY (Detail
FINANCE LEASE LIABILITY (Details Narrative) | 9 Months Ended |
Sep. 30, 2021 | |
Finance Lease Liability | |
Finance lease liability effective interest rate | 3.73% |
SCHEDULE OF COMPONENTS OF INCOM
SCHEDULE OF COMPONENTS OF INCOME LOSS BEFORE INCOME TAXES (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
- Local | $ (25,073) | $ (47,122) |
Profit / (Loss) before income tax | 86,845 | (3,027) |
SEYCHELLES | ||
PRC | (1,427) | (1,593) |
HONG KONG | ||
PRC | (4,567) | (1,879) |
MALAYSIA | ||
PRC | 117,912 | 40,861 |
People's Republic of China (PRC) [Member] | ||
PRC | $ 6,706 |
SCHEDULE OF PROVISION FOR INCOM
SCHEDULE OF PROVISION FOR INCOME TAXES (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Current: | ||||
- Local | ||||
- Foreign | 2,864 | |||
Deferred: | ||||
- Local | ||||
- Foreign | ||||
Income tax expense | $ 2,864 | $ 2,864 |
INCOME TAXES (Details Narrative
INCOME TAXES (Details Narrative) | 9 Months Ended |
Sep. 30, 2021USD ($) | |
United States of America [Member] | |
Operating Loss Carryforwards [Line Items] | |
Cumulative net operating losses | $ 410,622 |
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 | $ 86,231 |
Hong Kong [Member] | DSwiss (HK) Limited [Member] | |
Operating Loss Carryforwards [Line Items] | |
Cumulative net operating losses | $ 626,782 |
Income tax rate | 16.50% |
Valuation allowance | $ 103,419 |
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 | $ 354,782 |
Valuation allowance | $ 60,313 |
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% |
SCHEDULE OF CONCENTRATIONS OF R
SCHEDULE OF CONCENTRATIONS OF RISKS (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Concentration Risk [Line Items] | ||||
Revenues | $ 729,180 | $ 249,705 | $ 1,277,102 | $ 998,157 |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Customer A [Member] | ||||
Concentration Risk [Line Items] | ||||
Revenues | $ 448,788 | $ 120,988 | $ 723,743 | $ 293,377 |
Percentage of revenues | 61.00% | 49.00% | 57.00% | 29.00% |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Customer B [Member] | ||||
Concentration Risk [Line Items] | ||||
Revenues | $ 64,637 | $ 120,988 | ||
Percentage of revenues | 26.00% | 12.00% | ||
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Customer C [Member] | ||||
Concentration Risk [Line Items] | ||||
Revenues | $ 115,068 | |||
Percentage of revenues | 11.00% | |||
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Customer D [Member] | ||||
Concentration Risk [Line Items] | ||||
Revenues | $ 135,382 | $ 267,912 | ||
Percentage of revenues | 19.00% | 21.00% | ||
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Four Customers [Member] | ||||
Concentration Risk [Line Items] | ||||
Revenues | $ 584,170 | $ 185,625 | $ 991,655 | $ 529,433 |
Percentage of revenues | 80.00% | 75.00% | 78.00% | 52.00% |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer A [Member] | ||||
Concentration Risk [Line Items] | ||||
Accounts receivable, trade | ||||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer B [Member] | ||||
Concentration Risk [Line Items] | ||||
Accounts receivable, trade | ||||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer C [Member] | ||||
Concentration Risk [Line Items] | ||||
Accounts receivable, trade | ||||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer D [Member] | ||||
Concentration Risk [Line Items] | ||||
Accounts receivable, trade | 72,465 | 72,465 | ||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Four Customers [Member] | ||||
Concentration Risk [Line Items] | ||||
Accounts receivable, trade | $ 72,465 | $ 72,465 | ||
Cost of Goods and Service Benchmark [Member] | Supplier Concentration Risk [Member] | Vendor A [Member] | ||||
Concentration Risk [Line Items] | ||||
Percentage of revenues | 13.00% | 28.00% | ||
Purchase | $ 21,309 | $ 207,732 | ||
Account Payable, trade | ||||
Cost of Goods and Service Benchmark [Member] | Supplier Concentration Risk [Member] | Vendor B [Member] | ||||
Concentration Risk [Line Items] | ||||
Percentage of revenues | 43.00% | 13.00% | 53.00% | 16.00% |
Purchase | $ 252,888 | $ 20,480 | $ 505,129 | $ 122,841 |
Account Payable, trade | $ 15,396 | $ 15,396 | ||
Cost of Goods and Service Benchmark [Member] | Supplier Concentration Risk [Member] | Vendor C [Member] | ||||
Concentration Risk [Line Items] | ||||
Percentage of revenues | 11.00% | 14.00% | ||
Purchase | $ 17,994 | $ 105,953 | ||
Account Payable, trade | ||||
Cost of Goods and Service Benchmark [Member] | Supplier Concentration Risk [Member] | Three Vendors [Member] | ||||
Concentration Risk [Line Items] | ||||
Percentage of revenues | 43.00% | 37.00% | 53.00% | 58.00% |
Purchase | $ 252,888 | $ 59,783 | $ 505,129 | $ 436,526 |
Account Payable, trade | ||||
Accounts Payable [Member] | Supplier Concentration Risk [Member] | Vendor A [Member] | ||||
Concentration Risk [Line Items] | ||||
Account Payable, trade | ||||
Accounts Payable [Member] | Supplier Concentration Risk [Member] | Vendor B [Member] | ||||
Concentration Risk [Line Items] | ||||
Account Payable, trade | 15,396 | 15,396 | ||
Accounts Payable [Member] | Supplier Concentration Risk [Member] | Vendor C [Member] | ||||
Concentration Risk [Line Items] | ||||
Account Payable, trade | ||||
Accounts Payable [Member] | Supplier Concentration Risk [Member] | Three Vendors [Member] | ||||
Concentration Risk [Line Items] | ||||
Account Payable, trade | $ 15,396 | $ 15,396 |
SCHEDULE OF OPERATING LEASE RIG
SCHEDULE OF OPERATING LEASE RIGHT OF USE ASSET (Details) - USD ($) | 3 Months Ended | ||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | |
Lease Right-of-use Asset And Lease Liabilities | |||
Right-Of-Use Assets, Balance | $ 23,054 | $ 35,429 | $ 47,653 |
Amortization | (11,366) | (11,875) | (11,744) |
Foreign exchange translation | (191) | (500) | (480) |
Right-Of-Use Assets, Balance | $ 11,497 | $ 23,054 | $ 35,429 |
SCHEDULE OF OPERATING LEASE LIA
SCHEDULE OF OPERATING LEASE LIABILITY (Details) - USD ($) | 3 Months Ended | |||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | |
Lease Right-of-use Asset And Lease Liabilities | ||||
Lease Liability, Balance | $ 23,609 | $ 36,286 | $ 48,114 | |
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | 177 | 311 | 447 | |
Operating Lease, Payments | (12,014) | (12,114) | (12,241) | |
Foreign exchange translation | (1) | (874) | (34) | |
Lease Liability, Balance | 11,772 | $ 23,609 | $ 36,286 | |
Less: lease liability current portion | $ 11,772 | $ 48,114 |
SCHEDULE OF MATURITIES OF OPERA
SCHEDULE OF MATURITIES OF OPERATING LEASE OBLIGATION (Details) | Sep. 30, 2021USD ($) |
Lease Right-of-use Asset And Lease Liabilities | |
December 31, 2021 | $ 11,772 |
Total | $ 11,772 |
SCHEDULE OF OPERATING LEASE OTH
SCHEDULE OF OPERATING LEASE OTHER INFORMATION (Details) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Lease Right-of-use Asset And Lease Liabilities | ||
Operating cash flow from operating lease | $ 34,369 | $ 45,312 |
Right-of-use assets obtained in exchange for operating lease liabilities | $ 11,497 | $ 48,114 |
Remaining lease term for operating lease (years) | 3 months | 1 year |
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 ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Dec. 31, 2020 | Jan. 01, 2019 | |
Operating Lease, Liability | $ 11,772 | $ 23,609 | $ 36,286 | $ 11,772 | $ 48,114 | ||
Amortization of the operating lease right of use asset | 11,366 | $ 11,875 | $ 11,744 | ||||
Accounting Standards Update 2016-02 [Member] | |||||||
Operating Lease, Liability | $ 136,308 | ||||||
Discount rate of lease payment | 4.47% | ||||||
Amortization of the operating lease right of use asset | $ 11,366 | $ 11,208 | |||||
Operating Lease, Expense | $ 34,369 | $ 45,312 |
SCHEDULE OF RELATED PARTY TRANS
SCHEDULE OF RELATED PARTY TRANSACTION (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Related Party Transaction [Line Items] | ||
Professional Fees | $ 8,000 | $ 15,700 |
Related Party Transaction, Amounts of Transaction | 297,229 | 15,700 |
Related Party B [Member] | ||
Related Party Transaction [Line Items] | ||
Sales | 267,912 | |
Related Party C [Member] | ||
Related Party Transaction [Line Items] | ||
Sales | 12,953 | |
Related Party D [Member] | ||
Related Party Transaction [Line Items] | ||
Sales | $ 8,364 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) | Sep. 30, 2021 |
Related Party A [Member] | |
Equity method investment ownership percentage | 7.33% |
GOING CONCERN (Details Narrativ
GOING CONCERN (Details Narrative) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Retained Earnings (Accumulated Deficit) | $ 1,383,091 | $ 1,483,170 |
Net current liabilities | $ 17,512 |