| SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
| Dec. 31, 2021 |
| 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, 2021 AND 2020 (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
years
Furniture
and Fittings 5
years
Office
equipment 10
years
Motor
vehicle 5
years |
| 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. |
| Revenue recognition | Revenue
recognition The
Company follows the guidance of Accounting Standards Codification (ASC) 606, Revenue from Contracts DSWISS,
INC. NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS FOR
THE YEARS ENDED DECEMBER 31, 2021 AND 2020 (Currency
expressed in United States Dollars (“US$”), except for number of shares) 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 OEM, Home
brand and medical consumables 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, 2021 AND 2020 (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$. In addition, the Company’s subsidiaries and VIEs in Malaysia, Hong Kong and China maintains their books and record in their
local currency, Ringgits Malaysia (“MYR”), Hong Kong Dollars (“HK$”) and Chinese Renminbi (“RMB”)
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,
2021 2020
Year-end MYR : US$1 exchange rate 4.17 4.02
Year-average MYR : US$1 exchange rate 4.13 4.08
Year-end HK$ : US$1 exchange rate 7.80 7.75
Year-average HK$ : US$1 exchange rate 7.78 7.75
Year-end RMB : US$1 exchange rate 6.46 6.54
Year-average RMB : US$1 exchange rate 6.45 6.90 |
| Related parties | Related
parties Parties,
which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control
the other party or exercise significant influence over the other party in making financial and operating decisions. Companies are also
considered to be related if they are subject to common control or common significant influence. |
| Fair value of financial instruments | Fair
value of financial instruments The
carrying value of the Company’s financial instruments: cash and cash equivalents, subscription receivables, prepayment and deposits,
accounts payable, and other payables and accrued liabilities approximate at their fair values because of the short-term nature of these
financial instruments. DSWISS,
INC. NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS FOR
THE YEARS ENDED DECEMBER 31, 2021 AND 2020 (Currency
expressed in United States Dollars (“US$”), 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. |
