Cover
Cover | 9 Months Ended |
Sep. 30, 2023 shares | |
Cover [Abstract] | |
Document Type | 10-Q |
Amendment Flag | false |
Document Quarterly Report | true |
Document Transition Report | false |
Document Period End Date | Sep. 30, 2023 |
Document Fiscal Period Focus | Q3 |
Document Fiscal Year Focus | 2023 |
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 | true |
Elected Not To Use the Extended Transition Period | false |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding | 206,904,585 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 | |
CURRENT ASSETS | |||
Cash and cash equivalents | $ 288,932 | $ 214,269 | |
Accounts receivable | 37,240 | 17,492 | |
Other receivables, prepaid expenses and deposit | 19,218 | 21,749 | |
Tax recoverable | 293 | 745 | |
Inventories | 8,143 | 7,483 | |
Total Current Assets | 353,826 | 261,738 | |
NON-CURRENT ASSETS | |||
Plant and equipment, net | 50,588 | 72,179 | |
Intangible assets, net | 2,677 | 3,459 | |
Operating lease right -of-use, net | 10,686 | 44,548 | |
Total Non-Current Assets | 63,951 | 120,186 | |
TOTAL ASSETS | 417,777 | [1] | 381,924 |
CURRENT LIABILITIES | |||
Accounts payable | 102,646 | 29,539 | |
Other payables and accrued liabilities | 169,281 | 154,710 | |
Finance lease liability | 3,945 | 16,515 | |
Operating lease liability | 10,686 | 44,548 | |
Total Current Liabilities | 286,558 | 245,312 | |
NON- CURRENT LIABILITIES | |||
Finance lease liability | 36,170 | 38,461 | |
Total non-current liabilities | 36,170 | 38,461 | |
TOTAL LIABILITIES | 322,728 | 283,773 | |
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, 206,904,585 shares issued and outstanding as of September 30, 2023 and December 31, 2022 respectively | 20,690 | 20,690 | |
Additional paid-in capital | 1,395,426 | 1,395,426 | |
Accumulated other comprehensive income/(loss) | 23,481 | (5,846) | |
Accumulated deficit | (1,344,548) | (1,324,002) | |
TOTAL DSWISS, INC. STOCKHOLDERS’ EQUITY | 95,049 | 86,268 | |
NON-CONTROLLING INTEREST | 11,883 | ||
TOTAL STOCKHOLDERS’ EQUITY | 95,049 | 98,151 | |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 417,777 | $ 381,924 | |
[1]Revenues and costs are attributed to countries based on the location of customers. |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 200,000,000 | 200,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 600,000,000 | 600,000,000 |
Common stock, shares issued | 206,904,585 | 206,904,585 |
Common stock, shares outstanding | 206,904,585 | 206,904,585 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |||
Income Statement [Abstract] | ||||||
REVENUE | $ 425,569 | $ 426,591 | $ 1,046,764 | [1] | $ 1,613,823 | [1] |
COST OF REVENUE | (281,010) | (193,969) | (728,508) | [1] | (1,189,356) | [1] |
GROSS PROFIT | 144,559 | 232,622 | 318,256 | 424,467 | ||
OTHER INCOME | 1,384 | 4,462 | 3,410 | |||
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES | (89,202) | (97,457) | (270,260) | (251,716) | ||
OPERATING EXPENSES | (258) | (257) | (1,052) | (1,045) | ||
FINANCE COST | (622) | (1,377) | (2,490) | (5,021) | ||
LEASE EXPENSES | (10,703) | (10,381) | (32,349) | (31,818) | ||
PROFIT BEFORE INCOME TAX | 45,158 | 123,150 | 16,567 | [1] | 138,277 | [1] |
TAXATION | (162) | (349) | (497) | (349) | ||
NET PROFIT | 44,996 | 122,801 | 16,070 | 137,928 | ||
Non-Controlling Interest | 5,112 | 10,036 | ||||
Other comprehensive (loss)/income | ||||||
- Foreign currency translation adjustment | (2,525) | (10,430) | 29,327 | (15,454) | ||
TOTAL COMPREHENSIVE INCOME | $ 42,471 | $ 117,483 | $ 45,397 | $ 132,510 | ||
Net (loss)/ income per share, basic | $ 0.0002 | $ 0.0006 | $ 0.0002 | $ 0.0006 | ||
Net (loss)/ income per share, diluted | $ 0.0002 | $ 0.0006 | $ 0.0002 | $ 0.0006 | ||
Weighted average number of common shares outstanding, basic | 206,904,585 | 206,904,585 | 206,904,585 | 206,904,585 | ||
Weighted average number of common shares outstanding, diluted | 206,904,585 | 206,904,585 | 206,904,585 | 206,904,585 | ||
[1]Revenues and costs are attributed to countries based on the location of customers. |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Noncontrolling Interest [Member] | Total |
Balance at Dec. 31, 2021 | $ 20,690 | $ 1,395,426 | $ (32,985) | $ (1,309,711) | $ 589 | $ 74,009 |
Balance, shares at Dec. 31, 2021 | 206,904,585 | |||||
Foreign currency translation adjustment | (15,454) | 574 | (14,880) | |||
Net profit/(loss) | 147,964 | (10,036) | 137,928 | |||
Balance at Sep. 30, 2022 | $ 20,690 | 1,395,426 | (48,439) | (1,161,747) | (8,873) | 197,057 |
Balance, shares at Sep. 30, 2022 | 206,904,585 | |||||
Balance at Dec. 31, 2022 | $ 20,690 | 1,395,426 | (5,846) | (1,324,002) | 11,883 | 98,151 |
Balance, shares at Dec. 31, 2022 | 206,904,585 | |||||
Foreign currency translation adjustment | 29,327 | 29,327 | ||||
Changes in ownership interests in an associate | (36,616) | (11,883) | (48,499) | |||
Net profit/(loss) | 16,070 | 16,070 | ||||
Balance at Sep. 30, 2023 | $ 20,690 | $ 1,395,426 | $ 23,481 | $ (1,344,548) | $ 95,049 | |
Balance, shares at Sep. 30, 2023 | 206,904,585 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | ||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net profit before income tax | [1] | $ 16,567 | $ 138,277 |
Adjustments to reconcile net profit to net cash generated from operating activities: | |||
Depreciation and amortization | 50,650 | 54,674 | |
Amortization for intangible assets | 772 | 772 | |
Changes in operating assets and liabilities: | |||
Accounts payable | 30,140 | 12,064 | |
Accounts receivable | 23,937 | (47,955) | |
Other payables and accrued liabilities | 20,476 | (115,925) | |
Inventories | (1,105) | 6,352 | |
Other receivables, prepaid expenses and deposits | 1,235 | 24,469 | |
Lease liabilities | (31,209) | (29,930) | |
Amount due to director | (36,439) | ||
Cash generated from operations | 111,463 | 6,359 | |
Tax paid | (74) | (491) | |
Net cash generated from operating activities | 111,389 | 5,868 | |
CASH FLOWS FROM INVESTING ACTIVITY: | |||
Purchase of plant and equipment | (364) | (8,220) | |
Net cash used in investing activity | (364) | (8,220) | |
CASH FLOWS FROM FINANCING ACTIVITY: | |||
Repayment of finance lease | (11,586) | (11,091) | |
Net cash used in financing activity | (11,586) | (11,091) | |
Effect of exchange rate changes on cash and cash equivalent | (24,776) | (30,687) | |
Net increase/(decrease) in cash and cash equivalents | 74,663 | (44,130) | |
Cash and cash equivalents, beginning of period | 214,269 | 234,546 | |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 288,932 | 190,416 | |
SUPPLEMENTAL CASH FLOWS INFORMATION | |||
Income taxes paid | (74) | (491) | |
Interest paid | $ (410) | $ (425) | |
[1]Revenues and costs are attributed to countries based on the location of customers. |
DESCRIPTION OF BUSINESS AND ORG
DESCRIPTION OF BUSINESS AND ORGANIZATION | 9 Months Ended |
Sep. 30, 2023 | |
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 is premier biotech-nutraceutical, beauty supplies, and medical consumables supplies. The Company sells medical consumable supplies, food supplements, skincare, and other related beauty products in Malaysia and around the ASEAN region. We are globally recognized Turnkey Private Label Manufacturing Services for nutraceutical and skincare OEM/ODM products. Our professionals manage from custom formulation of scientifically proven and naturally effective, sourcing raw materials, production, quality control, stability, and safety test, clinical testing by third-party labs, packaging, and shipping, including import and export. Our manufacturing facilities which compliant with GMP (Good Manufacturing Practise), FDA (Food Drug Association), HACCP (Hazard Analysis and Critical Control Point), JAKIM HALAL, and Mesti. The accompanying unaudited condensed consolidated financial statements of DSwiss, Inc. at September 30, 2023 and 2022 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, 2022. 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, 2023 and 2022 presented are not necessarily indicative of the results to be expected for the full year. The December 31, 2022 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, 2022. 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 40 150,000 60 1 The Company, through its subsidiaries, mainly supplies high quality beauty products. Details of the Company’s subsidiaries: SCHEDULE OF VARIABLE INTEREST ENTITY Company name Place and date Particulars of issued Principal activities Proportional 1. DSwiss Holding Limited Seychelles May 28, 2015 1 share of ordinary share of US$1 each Investment holding 100 % 2. DSwiss (HK) Limited Hong Kong May 28, 2015 1 share of ordinary share of HK$1 each Supply of beauty products 100 % 3. DSwiss Sdn Bhd Malaysia March 10, 2011 2 shares of ordinary share of RM 1 each Supply of beauty products 100 % 4. DSwiss Biotech Sdn Bhd Malaysia March 17, 2016 250,000 shares of ordinary share of RM 1 each Supply of biotech products 100 % DSWISS, INC. NOTES TO CONDENSED FINANCIAL STATEMENTS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2023 (Currency expressed in United States Dollars (“US$”), except for number of shares) (UNAUDITED) |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Going Concern The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. As reflected in the accompanying financial statements, for the period ended September 30, 2023, the Company suffered an accumulated deficit of $ 1,344,548 The Company’s ability to continue as a going concern is dependent upon improving its profitability and the continuing financial support from its shareholders. Management believes the existing shareholders or external financing will provide the additional cash to meet the Company’s obligations as they become due. No assurance can be given that any future financing, if needed, will be available or, if available, that it will be on terms that are satisfactory to the Company. Even if the Company is able to obtain additional financing, if needed, it may contain undue restrictions on its operations, in the case of debt financing, or cause substantial dilution for its stock holders, in the case of equity financing. 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 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 product are sold and accepted by the customers and there are no continuing obligations to the customer. Cost of revenue Cost of revenue includes the purchase cost of retail goods for re-sale to customers and packing materials (such as boxes). It excludes purchasing and receiving costs, inspection costs, warehousing costs, internal transfer costs and other costs of distribution network in cost of revenues. DSWISS, INC. NOTES TO CONDENSED FINANCIAL STATEMENTS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2023 (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. Plant and equipment Plant 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: SCHEDULE OF PROPERTY AND EQUIPMENT USEFUL LIFE Classification Estimated useful lives Computer and software 5 Furniture and fittings 5 Office equipment 10 Motor vehicle 5 Intangible assets Intangible assets are stated at cost less accumulated amortization. Intangible assets represented the registration costs of trademarks in Malaysia and Hong Kong, which are amortized on a straight-line basis over a useful life of ten years The Company follows ASC Topic 350 in accounting for intangible assets, which requires impairment losses to be recorded when indicators of impairment are present and the undiscounted cash flows estimated to be generated by the assets are less than the assets’ carrying amounts. There were no Leases Prior to November 1, 2019, the Company accounted for leases under ASC 840, Accounting for Leases Leases, 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. DSWISS, INC. NOTES TO CONDENSED FINANCIAL STATEMENTS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2023 (Currency expressed in United States Dollars (“US$”), except for number of shares) (UNAUDITED) Net income/(loss) per share The Company calculates net income/(loss) 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$1 and HK$ 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 September 30, 2023 2022 Period-end RM : US$1 exchange rate 4.70 4.64 Period-average RM : US$1 exchange rate 4.53 4.36 Period-end HK$ : US$1 exchange rate 7.83 7.85 Period-average HK$ : US$1 exchange rate 7.84 7.84 DSWISS, INC. NOTES TO CONDENSED FINANCIAL STATEMENTS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2023 (Currency expressed in United States Dollars (“US$”), 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, accounts receivable, deposits, accounts 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 three Recently Adopted Accounting Standards In June 2016, the FASB issued Accounting Standards Update No. 2016-13, Financial Instruments – Credit Losses (Topics 326): Measurement of Credit Losses on Financial Instruments, which introduced the expected credit losses methodology for the measurement of credit losses on financial assets measured at amortized cost basis, replacing the previous incurred loss methodology. In November 2019, the FASB issued ASU 2019-10 highlighted the adoption timeline. For smaller reporting entities, Topic 326 is effective for annual periods beginning after December 15, 2022, including interim period within those fiscal years, of which is effective for the Company on January 1, 2023 as the Company is qualified as a smaller reporting company. The adoption of this standard did not have a material impact on the Company’s consolidated financial statements. Credit loss rate is determined by historical collection based on aging schedule, adjusted for current conditions using reasonable and supportable forecast. Based on the aging categorization and the adjusted loss per category, an allowance for credit losses is calculated by multiplying the adjusted loss rate with the amortized cost in the respective age category. Recently Issued Accounting Standard The Company reviews new accounting standards as issued. Management has not identified any other new standards that is believes will have a significant impact on the Company’s financial statements. DSWISS, INC. NOTES TO CONDENSED FINANCIAL STATEMENTS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2023 (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, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
VIE STRUCTURE AND ARRANGEMENTS | 3. VIE STRUCTURE AND ARRANGEMENTS On June 27, 2016, DSwiss (HK) Limited (“DSHK”) entered into a Management Services Agreement (the “Management Services Agreement I”) which entitles DSHK to substantially entitled to all of the economic benefits of DSwiss Biotech Sdn Bhd (“DSBT”) in consideration of services provided by DSHK to DSBT. Pursuant to the Management Services Agreement I, DSHK has the exclusive right to provide to DSBT management, financial and other services related to the operation of DSBT’s business, and DSBT is required to take all commercially reasonable efforts to permit and facilitate the provision of the services provided by DSHK. As compensation for providing the services, DSHK is entitled to receive a fee from DSBT, upon demand, equal to 100 The Management Services Agreement I also provides DSHK, or its designee, with a right of first refusal to acquire all or any portion of the equity of DSBT upon any proposal by the sole shareholder of DSBT to transfer such equity. In addition, at the sole discretion of DSHK, DSBT is obligated to transfer to DSHK, or its designee, any part or all of the business, personnel, assets and operations of DSBT which may be lawfully conducted, employed, owned or operated by DSHK, including: (a) business opportunities presented to, or available to DSBT may be pursued and contracted for in the name of DSHK rather than DSBT, and at its discretion, DSHK may employ the resources of DSBT to secure such opportunities; (b) any tangible or intangible property of DSBT, any contractual rights, any personnel, and any other items or things of value held by DSBT may be transferred to DSHK at book value; (c) real property, personal or intangible property, personnel, services, equipment, supplies and any other items useful for the conduct of the business may be obtained by DSHK by acquisition, lease, license or otherwise, and made available to DSBT on terms to be determined by agreement between DSHK and DSBT; (d) contracts entered into in the name of DSBT may be transferred to DSHK, or the work under such contracts may be subcontracted, in whole or in part, to DSHK, on terms to be determined by agreement between DSHK and DSBT; and (e) any changes to, or any expansion or contraction of, the business may be carried out in the exercise of the sole discretion of DSHK, and in the name of and at the expense of, DSHK; provided, however, that none of the foregoing may cause or have the effect of terminating (without being substantially replaced under the name of DSHK) or adversely affecting any license, permit or regulatory status of DSBT. In addition, DSHK entered into certain agreements with Jervey Choon, (the “DSBT shareholder”), including (i) a Call Option Agreement allowing DSHK to acquire the shares of DSBT as permitted by Malaysia laws; (ii) a Shareholders’ Voting Rights Proxy Agreement that provides DSHK with the voting rights of the DSBT; and (ii) an Equity Pledge Agreement that pledges the shares in DSBT. This VIE structure provides DSHK, a wholly-owned subsidiary of DSwiss Holding Limited, which is the wholly-owned subsidiary of DSwiss Inc, with control over the operations and benefits of DSBT without having a direct equity ownership in DSBT. On January 18, 2023, DSwiss (HK) Limited acquired 150,000 60 1 DSWISS, INC. NOTES TO CONDENSED FINANCIAL STATEMENTS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2023 (Currency expressed in United States Dollars (“US$”), except for number of shares) (UNAUDITED) |
STOCKHOLDERS_ EQUITY
STOCKHOLDERS’ EQUITY | 9 Months Ended |
Sep. 30, 2023 | |
Equity [Abstract] | |
STOCKHOLDERS’ EQUITY | 4. STOCKHOLDERS’ EQUITY As of September 30, 2023, the Company had a total of 206,904,585 no |
PLANT AND EQUIPMENT
PLANT AND EQUIPMENT | 9 Months Ended |
Sep. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
PLANT AND EQUIPMENT | 5. PLANT AND EQUIPMENT SCHEDULE OF PLANT AND EQUIPMENT September 30, 2023 December 31, 2022 Computer and software $ 105,535 $ 105,535 Furniture and fittings 6,144 6,144 Office equipment 21,516 21,152 Motor vehicle 135,868 135,868 Total plant and equipment $ 269,063 $ 268,699 Accumulated depreciation (205,538 ) (187,236 ) Effect of translation exchange (12,937 ) (9,284 ) Plant and equipment, net $ 50,588 $ 72,179 Depreciation expense for the three months and nine months ended September 30, 2023 were $ 3,926 18,302 Depreciation expense for the three months and nine months ended September 30, 2022 were $ 7,164 22,856 |
INTANGIBLE ASSETS
INTANGIBLE ASSETS | 9 Months Ended |
Sep. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
INTANGIBLE ASSETS | 6. INTANGIBLE ASSETS SCHEDULE OF INTANGIBLE ASSETS September 30, 2023 December 31, 2022 Trademarks $ 12,077 $ 12,077 Amortization (8,936 ) (8,164 ) Effect of translation exchange (464 ) (454 ) Intangible assets, net $ 2,677 $ 3,459 Amortization for the three months and nine months ended September 30, 2023 was $ 258 772 Amortization for the three months and nine months ended September 30, 2022 was $ 257 772 |
OTHER RECEIVABLES, PREPAID EXPE
OTHER RECEIVABLES, PREPAID EXPENSES AND DEPOSITS | 9 Months Ended |
Sep. 30, 2023 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
OTHER RECEIVABLES, PREPAID EXPENSES AND DEPOSITS | 7. OTHER RECEIVABLES, PREPAID EXPENSES AND DEPOSITS SCHEDULE OF OTHER RECEIVABLES, PREPAID EXPENSES AND DEPOSITS September 30, 2023 December 31, 2022 Other receivables $ 66 $ - Prepaid expenses 655 2,080 Deposits 18,497 19,669 Total prepaid expenses and deposits $ 19,218 $ 21,749 |
INVENTORIES
INVENTORIES | 9 Months Ended |
Sep. 30, 2023 | |
Inventory Disclosure [Abstract] | |
INVENTORIES | 8. INVENTORIES SCHEDULE OF INVENTORIES September 30, 2023 December 31, 2022 Finished goods, at cost $ 8,143 $ 7,483 Total inventories $ 8,143 $ 7,483 |
OTHER PAYABLES AND ACCRUED LIAB
OTHER PAYABLES AND ACCRUED LIABILITIES | 9 Months Ended |
Sep. 30, 2023 | |
Payables and Accruals [Abstract] | |
OTHER PAYABLES AND ACCRUED LIABILITIES | 9. OTHER PAYABLES AND ACCRUED LIABILITIES SCHEDULE OF OTHER PAYABLE AND ACCRUED LIABILITIES September 30, 2023 December 31, 2022 Other payables $ 104,755 $ 100,385 Accrued audit fees 36,862 20,266 Accrued other expenses 13,383 16,683 Accrued professional fees 14,281 17,376 Total payables and accrued liabilities $ 169,281 $ 154,710 DSWISS, INC. NOTES TO CONDENSED FINANCIAL STATEMENTS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2023 (Currency expressed in United States Dollars (“US$”), except for number of shares) (UNAUDITED) |
FINANCE LEASE LIABILITY
FINANCE LEASE LIABILITY | 9 Months Ended |
Sep. 30, 2023 | |
Finance Lease Liability | |
FINANCE LEASE LIABILITY | 10. FINANCE LEASE LIABILITY The Company purchased motor vehicles with finance lease. The first finance lease agreement commenced on July 31, 2018 with the effective interest rate of 3.62% per annum, due through June, 2025, with principal and interest payable monthly The second finance lease agreement commenced on December 3, 2021 with the effective interest rate of 3.70% per annum, due through November, 2026, with principal and interest payable monthly SCHEDULE OF OBLIGATION UNDER FINANCE LEASE As of As of Finance lease $ 42,273 $ 58,768 Less: interest expense (2,158 ) (3,792 ) Net present value of finance lease 40,115 54,976 Current portion 3,945 16,515 Non-current portion 36,170 38,461 Total $ 40,115 $ 54,976 As of September 30, 2023 the maturities of the finance lease for each of the years are as follows: SCHEDULE OF MATURITIES OF FINANCE LEASE 2023 3,945 2024 16,197 2025 12,369 2026 7,604 Total $ 40,115 DSWISS, INC. NOTES TO CONDENSED FINANCIAL STATEMENTS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2023 (Currency expressed in United States Dollars (“US$”), except for number of shares) (UNAUDITED) |
INCOME TAXES
INCOME TAXES | 9 Months Ended |
Sep. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | 11. INCOME TAXES For the nine months ended September 30, 2023 and 2022, the local (United States) and foreign components of profit before income taxes were comprised of the following: SCHEDULE OF COMPONENTS OF INCOME LOSS BEFORE INCOME TAXES For the nine For the nine Tax jurisdictions from: - Local $ (53,487 ) $ (30,867 ) - Foreign, representing Seychelles (6,454 ) (2,543 ) Hong Kong (4,816 ) (3,055 ) Malaysia 81,324 174,742 Profit before income tax $ 16,567 $ 138,277 The provision for income taxes consisted of the following: SCHEDULE OF PROVISION FOR INCOME TAXES For the nine For the nine Current: - Local $ - $ - - Foreign (497 ) (349 ) Deferred: - Local - - - Foreign - - Income tax expense $ (497 ) $ (349 ) 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 and Malaysia 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, 2023, the operations in the United States of America incurred $ 525,638 21 The net operating loss carry forwards begin to expire in 2038, if unutilized 110,384 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 16.5 635,919 16.5 104,927 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 15 24 136,141 15 20,421 DSWISS, INC. NOTES TO CONDENSED FINANCIAL STATEMENTS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2023 (Currency expressed in United States Dollars (“US$”), except for number of shares) (UNAUDITED) |
CONCENTRATIONS OF RISK
CONCENTRATIONS OF RISK | 9 Months Ended |
Sep. 30, 2023 | |
Risks and Uncertainties [Abstract] | |
CONCENTRATIONS OF RISK | 12. CONCENTRATIONS OF RISK The Company is exposed to the following concentrations of risk: (a) Major customers SCHEDULE OF CONCENTRATION OF RISK For three months ended September 30, 2023 and 2022, 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: 2023 2022 2023 2022 2023 2022 Revenue Percentage of revenue Accounts receivable Customer A $ 62,284 $ - 14 % - % $ - $ - Customer B $ - $ 96,968 - % 22 % $ - $ - Customer C $ 74,508 $ 105,004 17 % 23 % $ 15,335 $ 40,729 Customer D $ 98,487 $ 55,323 23 % 12 % $ 16,613 $ - Customer E $ 142,344 $ - 33 % - % $ - $ - $ 377,623 $ 257,295 87 % 57 % $ 31,948 $ 40,729 For nine months ended September 30, 2023 and 2022, 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: 2023 2022 2023 2022 2023 2022 Revenues Percentage of revenues Accounts receivable, trade Customer A $ 125,478 $ - 12 % - % $ - $ - Customer B $ - $ 506,241 - % 31 % $ - $ - Customer C $ 200,283 $ 355,854 19 % 22 % $ 15,335 $ 40,729 Customer D $ 197,831 $ 165,491 19 % 10 % $ 16,613 $ - Customer E $ 288,649 $ - 28 % - % $ - $ - $ 812,241 $ 1,027,586 78 % 63 % $ 31,948 $ 40,729 (b) Major vendors For three months ended September 30, 2023 and 2022, 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: 2023 2022 2023 2022 2023 2022 Purchase Percentage of purchase Accounts payable Vendor A $ 45,004 $ 44,229 17 % 22 % $ 10,303 $ 3,910 Vendor B $ 147,361 $ 71,890 56 % 35 % $ 54,633 $ - Vendor C $ - $ 24,337 - % 12 % $ 15,761 $ 14,981 Vendor D $ - $ 28,449 - % 14 % $ - $ - $ 192,365 $ 168,905 73 % 83 % $ 80,697 $ 18,891 For nine months ended September 30, 2023 and 2022, 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: 2023 2022 2023 2022 2023 2022 Purchase Percentage of purchases Accounts payable, trade Vendor A $ 119,092 $ 444,392 16 % 38 % $ 10,303 $ 3,910 Vendor B $ 311,832 $ 255,687 43 % 22 % $ 54,633 $ - Vendor C $ 118,417 $ 182,350 16 % 15 % $ 15,761 $ 14,981 $ 549,341 $ 882,429 75 % 75 % $ 80,697 $ 18,891 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 accounts receivable 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, 2023 (Currency expressed in United States Dollars (“US$”), except for number of shares) (UNAUDITED) |
LEASE RIGHT-OF-USE ASSET AND LE
LEASE RIGHT-OF-USE ASSET AND LEASE LIABILITIES | 9 Months Ended |
Sep. 30, 2023 | |
Leases [Abstract] | |
LEASE RIGHT-OF-USE ASSET AND LEASE LIABILITIES | 13. LEASE RIGHT-OF-USE ASSET AND LEASE LIABILITIES The Company officially adopted ASC 842 for the period on and after January 1, 2019 as permitted by ASU 2016-02. ASC 842 originally required all entities to use a “modified retrospective” transition approach that is intended to maximize comparability and be less complex than a full retrospective approach. On July 30, 2018, the FASB issued ASU 2018-11 to provide entities with relief from the costs of implementing certain aspects of the new leasing standard, ASU 2016-02 of which permits entities may elect not to recast the comparative periods presented when transitioning to ASC 842. As permitted by ASU 2018-11, the Company elect not to recast comparative periods, thusly. As of January 1, 2022, the Company recognized approximately US$ 92,606 5.4 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, 2023 and December 31, 2022, operating lease right of use asset as follow: SCHEDULE OF OPERATION LEASE RIGHT OF USE ASSETS As of As of As of beginning of the period/year $ 44,548 $ 92,606 Accumulated amortization (32,349 ) (42,310 ) Effect of translation exchange (1,513 ) (5,748 ) Balance as of end of the period/year $ 10,686 $ 44,548 As of September 30, 2023 and December 31, 2022, the amortization of the operating lease right of use asset are $ 32,349 42,310 DSWISS, INC. NOTES TO CONDENSED FINANCIAL STATEMENTS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2023 (Currency expressed in United States Dollars (“US$”), except for number of shares) (UNAUDITED) As of September 30, 2023, operating lease liability as follow: SCHEDULE OF OPERATING LEASE LIABILITY As of January 1, 2023 $ 44,548 Less: gross repayment (33,379 ) Add: imputed interest 1,030 Effect of translation exchange (1,513 ) Balance as of September 30, 2023 $ 10,686 Less: lease liability current portion (10,686 ) Lease liability non-current portion $ - Maturities of operating lease obligation as follow: SCHEDULE OF MATURITIES OF OPERATING LEASE OBLIGATION Year ending December 31, 2023 10,686 Total $ 10,686 Other information: SCHEDULE OF OPERATING LEASE OTHER INFORMATION As of As of (unaudited) (audited) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flow from operating lease $ 31,209 $ 42,212 Right-of-use assets obtained in exchange for operating lease liabilities 10,686 44,548 Remaining lease term for operating lease (years) 0.25 1 Weighted average discount rate for operating lease 5.4 % 5.4 % As of September 30, 2023 and December 31, 2022, lease expenses were $ 32,349 42,310 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 9 Months Ended |
Sep. 30, 2023 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | 14. RELATED PARTY TRANSACTIONS For the period ended September 30, 2023 the Company has the following transactions with related party: SCHEDULE OF RELATED PARTY TRANSACTION For the period ended For the period ended (Unaudited) (Unaudited) Professional Fees: - Related party A $ 6,700 $ 6,700 Sales - Related party B $ 200,283 $ 355,854 - Related party C 46,700 4,478 Total $ 253,683 $ 367,032 The related party A, is a wholly owned subsidiary of a 7.33 The related party B’s director and shareholder is the founder of the Company. Founder of the Company resigned as director of company B on October 02, 2022 and is no longer a shareholder of company B. The related party C’s director and shareholder is the founder of the Company. The related party transaction is generally transacted in an arm-length basis at the current market value in the normal course of business. |
SEGMENTED INFORMATION
SEGMENTED INFORMATION | 9 Months Ended |
Sep. 30, 2023 | |
Segment Reporting [Abstract] | |
SEGMENTED INFORMATION | 15. SEGMENTED INFORMATION ASC 280, “Segment Reporting” establishes standards for reporting information about operating segments on a basis consistent with the Company’s internal organization structure as well as information about services categories, business segments and major customers in financial statements. In accordance with the “Segment Reporting” Topic of the ASC, the Company’s chief operating decision maker has been identified as the Chief Executive Officer and President, who reviews operating results to make decisions about allocating resources and assessing performance for the entire Company. Existing guidance, which is based on a management approach to segment reporting, establishes requirements to report selected segment information quarterly and to report annually entity-wide disclosures about products and services, major customers, and the countries in which the entity holds material assets and reports revenue. All material operating units qualify for aggregation under “Segment Reporting” due to their similar customer base and similarities in economic characteristics; nature of products and services; and procurement, manufacturing and distribution processes. DSWISS, INC. NOTES TO CONDENSED FINANCIAL STATEMENTS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2023 (Currency expressed in United States Dollars (“US$”), except for number of shares) (UNAUDITED) The Company had no inter-segment sales for the periods presented. Summarized financial information concerning the Company’s reportable segments is shown as below: By Geography*: SCHEDULE OF REPORTING SEGMENTS Nevada * Seychelles * Hong Kong * Malaysia * Total * For the period ended September 30, 2023 Nevada Seychelles Hong Kong Malaysia Total Revenue $ - $ - $ - $ 1,046,764 $ 1,046,764 Cost of revenue - - - (728,508 ) (728,508 ) Depreciation and amortization - - (772 ) (50,650 ) (51,422 ) Net (loss)/profit before taxation (53,487 ) (6,454 ) (4,816 ) 81,324 16,567 Total assets $ 11,522 $ 19,098 $ 11,305 $ 375,852 $ 417,777 Nevada * Seychelles * Hong Kong * Malaysia * Total * For the period ended September 30, 2022 Nevada Seychelles Hong Kong Malaysia Total Revenue $ - $ - $ - $ 1,613,823 $ 1,613,823 Cost of revenue - - - (1,189,356 ) (1,189,356 ) Depreciation and amortization - - (772 ) (54,674 ) (55,446 ) Net (loss)/profit before taxation (30,867 ) (2,543 ) (3,055 ) 174,742 138,277 Total assets $ 27,186 $ 7,056 $ 14,448 $ 351,821 $ 400,511 * Revenues and costs are attributed to countries based on the location of customers. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
Sep. 30, 2023 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | 16. SUBSEQUENT EVENTS In accordance with ASC Topic 855, “ Subsequent Events |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Going Concern | Going Concern The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. As reflected in the accompanying financial statements, for the period ended September 30, 2023, the Company suffered an accumulated deficit of $ 1,344,548 The Company’s ability to continue as a going concern is dependent upon improving its profitability and the continuing financial support from its shareholders. Management believes the existing shareholders or external financing will provide the additional cash to meet the Company’s obligations as they become due. No assurance can be given that any future financing, if needed, will be available or, if available, that it will be on terms that are satisfactory to the Company. Even if the Company is able to obtain additional financing, if needed, it may contain undue restrictions on its operations, in the case of debt financing, or cause substantial dilution for its stock holders, in the case of equity financing. |
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 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 product 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. DSWISS, INC. NOTES TO CONDENSED FINANCIAL STATEMENTS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2023 (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. |
Plant and equipment | Plant and equipment Plant 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: SCHEDULE OF PROPERTY AND EQUIPMENT USEFUL LIFE Classification Estimated useful lives Computer and software 5 Furniture and fittings 5 Office equipment 10 Motor vehicle 5 |
Intangible assets | Intangible assets Intangible assets are stated at cost less accumulated amortization. Intangible assets represented the registration costs of trademarks in Malaysia and Hong Kong, which are amortized on a straight-line basis over a useful life of ten years The Company follows ASC Topic 350 in accounting for intangible assets, which requires impairment losses to be recorded when indicators of impairment are present and the undiscounted cash flows estimated to be generated by the assets are less than the assets’ carrying amounts. There were no |
Leases | Leases Prior to November 1, 2019, the Company accounted for leases under ASC 840, Accounting for Leases Leases, |
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. DSWISS, INC. NOTES TO CONDENSED FINANCIAL STATEMENTS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2023 (Currency expressed in United States Dollars (“US$”), except for number of shares) (UNAUDITED) |
Net income/(loss) per share | Net income/(loss) per share The Company calculates net income/(loss) 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$1 and HK$ 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 September 30, 2023 2022 Period-end RM : US$1 exchange rate 4.70 4.64 Period-average RM : US$1 exchange rate 4.53 4.36 Period-end HK$ : US$1 exchange rate 7.83 7.85 Period-average HK$ : US$1 exchange rate 7.84 7.84 DSWISS, INC. NOTES TO CONDENSED FINANCIAL STATEMENTS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2023 (Currency expressed in United States Dollars (“US$”), 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, accounts receivable, deposits, accounts 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 three |
Recently Adopted Accounting Standards | Recently Adopted Accounting Standards In June 2016, the FASB issued Accounting Standards Update No. 2016-13, Financial Instruments – Credit Losses (Topics 326): Measurement of Credit Losses on Financial Instruments, which introduced the expected credit losses methodology for the measurement of credit losses on financial assets measured at amortized cost basis, replacing the previous incurred loss methodology. In November 2019, the FASB issued ASU 2019-10 highlighted the adoption timeline. For smaller reporting entities, Topic 326 is effective for annual periods beginning after December 15, 2022, including interim period within those fiscal years, of which is effective for the Company on January 1, 2023 as the Company is qualified as a smaller reporting company. The adoption of this standard did not have a material impact on the Company’s consolidated financial statements. Credit loss rate is determined by historical collection based on aging schedule, adjusted for current conditions using reasonable and supportable forecast. Based on the aging categorization and the adjusted loss per category, an allowance for credit losses is calculated by multiplying the adjusted loss rate with the amortized cost in the respective age category. |
Recently Issued Accounting Standard | Recently Issued Accounting Standard The Company reviews new accounting standards as issued. Management has not identified any other new standards that is believes will have a significant impact on the Company’s financial statements. |
DESCRIPTION OF BUSINESS AND O_2
DESCRIPTION OF BUSINESS AND ORGANIZATION (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
SCHEDULE OF VARIABLE INTEREST ENTITY | The Company, through its subsidiaries, mainly supplies high quality beauty products. Details of the Company’s subsidiaries: SCHEDULE OF VARIABLE INTEREST ENTITY Company name Place and date Particulars of issued Principal activities Proportional 1. DSwiss Holding Limited Seychelles May 28, 2015 1 share of ordinary share of US$1 each Investment holding 100 % 2. DSwiss (HK) Limited Hong Kong May 28, 2015 1 share of ordinary share of HK$1 each Supply of beauty products 100 % 3. DSwiss Sdn Bhd Malaysia March 10, 2011 2 shares of ordinary share of RM 1 each Supply of beauty products 100 % 4. DSwiss Biotech Sdn Bhd Malaysia March 17, 2016 250,000 shares of ordinary share of RM 1 each Supply of biotech products 100 % |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
SCHEDULE OF PROPERTY AND EQUIPMENT USEFUL LIFE | Plant 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: SCHEDULE 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$1 and HK$ 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 September 30, 2023 2022 Period-end RM : US$1 exchange rate 4.70 4.64 Period-average RM : US$1 exchange rate 4.53 4.36 Period-end HK$ : US$1 exchange rate 7.83 7.85 Period-average HK$ : US$1 exchange rate 7.84 7.84 |
PLANT AND EQUIPMENT (Tables)
PLANT AND EQUIPMENT (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
SCHEDULE OF PLANT AND EQUIPMENT | SCHEDULE OF PLANT AND EQUIPMENT September 30, 2023 December 31, 2022 Computer and software $ 105,535 $ 105,535 Furniture and fittings 6,144 6,144 Office equipment 21,516 21,152 Motor vehicle 135,868 135,868 Total plant and equipment $ 269,063 $ 268,699 Accumulated depreciation (205,538 ) (187,236 ) Effect of translation exchange (12,937 ) (9,284 ) Plant and equipment, net $ 50,588 $ 72,179 |
INTANGIBLE ASSETS (Tables)
INTANGIBLE ASSETS (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
SCHEDULE OF INTANGIBLE ASSETS | SCHEDULE OF INTANGIBLE ASSETS September 30, 2023 December 31, 2022 Trademarks $ 12,077 $ 12,077 Amortization (8,936 ) (8,164 ) Effect of translation exchange (464 ) (454 ) Intangible assets, net $ 2,677 $ 3,459 |
OTHER RECEIVABLES, PREPAID EX_2
OTHER RECEIVABLES, PREPAID EXPENSES AND DEPOSITS (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
SCHEDULE OF OTHER RECEIVABLES, PREPAID EXPENSES AND DEPOSITS | SCHEDULE OF OTHER RECEIVABLES, PREPAID EXPENSES AND DEPOSITS September 30, 2023 December 31, 2022 Other receivables $ 66 $ - Prepaid expenses 655 2,080 Deposits 18,497 19,669 Total prepaid expenses and deposits $ 19,218 $ 21,749 |
INVENTORIES (Tables)
INVENTORIES (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Inventory Disclosure [Abstract] | |
SCHEDULE OF INVENTORIES | SCHEDULE OF INVENTORIES September 30, 2023 December 31, 2022 Finished goods, at cost $ 8,143 $ 7,483 Total inventories $ 8,143 $ 7,483 |
OTHER PAYABLES AND ACCRUED LI_2
OTHER PAYABLES AND ACCRUED LIABILITIES (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Payables and Accruals [Abstract] | |
SCHEDULE OF OTHER PAYABLE AND ACCRUED LIABILITIES | SCHEDULE OF OTHER PAYABLE AND ACCRUED LIABILITIES September 30, 2023 December 31, 2022 Other payables $ 104,755 $ 100,385 Accrued audit fees 36,862 20,266 Accrued other expenses 13,383 16,683 Accrued professional fees 14,281 17,376 Total payables and accrued liabilities $ 169,281 $ 154,710 |
FINANCE LEASE LIABILITY (Tables
FINANCE LEASE LIABILITY (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Finance Lease Liability | |
SCHEDULE OF OBLIGATION UNDER FINANCE LEASE | SCHEDULE OF OBLIGATION UNDER FINANCE LEASE As of As of Finance lease $ 42,273 $ 58,768 Less: interest expense (2,158 ) (3,792 ) Net present value of finance lease 40,115 54,976 Current portion 3,945 16,515 Non-current portion 36,170 38,461 Total $ 40,115 $ 54,976 |
SCHEDULE OF MATURITIES OF FINANCE LEASE | As of September 30, 2023 the maturities of the finance lease for each of the years are as follows: SCHEDULE OF MATURITIES OF FINANCE LEASE 2023 3,945 2024 16,197 2025 12,369 2026 7,604 Total $ 40,115 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
SCHEDULE OF COMPONENTS OF INCOME LOSS BEFORE INCOME TAXES | For the nine months ended September 30, 2023 and 2022, the local (United States) and foreign components of profit before income taxes were comprised of the following: SCHEDULE OF COMPONENTS OF INCOME LOSS BEFORE INCOME TAXES For the nine For the nine Tax jurisdictions from: - Local $ (53,487 ) $ (30,867 ) - Foreign, representing Seychelles (6,454 ) (2,543 ) Hong Kong (4,816 ) (3,055 ) Malaysia 81,324 174,742 Profit before income tax $ 16,567 $ 138,277 |
SCHEDULE OF PROVISION FOR INCOME TAXES | The provision for income taxes consisted of the following: SCHEDULE OF PROVISION FOR INCOME TAXES For the nine For the nine Current: - Local $ - $ - - Foreign (497 ) (349 ) Deferred: - Local - - - Foreign - - Income tax expense $ (497 ) $ (349 ) |
CONCENTRATIONS OF RISK (Tables)
CONCENTRATIONS OF RISK (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Risks and Uncertainties [Abstract] | |
SCHEDULE OF CONCENTRATION OF RISK | (a) Major customers SCHEDULE OF CONCENTRATION OF RISK For three months ended September 30, 2023 and 2022, 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: 2023 2022 2023 2022 2023 2022 Revenue Percentage of revenue Accounts receivable Customer A $ 62,284 $ - 14 % - % $ - $ - Customer B $ - $ 96,968 - % 22 % $ - $ - Customer C $ 74,508 $ 105,004 17 % 23 % $ 15,335 $ 40,729 Customer D $ 98,487 $ 55,323 23 % 12 % $ 16,613 $ - Customer E $ 142,344 $ - 33 % - % $ - $ - $ 377,623 $ 257,295 87 % 57 % $ 31,948 $ 40,729 For nine months ended September 30, 2023 and 2022, 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: 2023 2022 2023 2022 2023 2022 Revenues Percentage of revenues Accounts receivable, trade Customer A $ 125,478 $ - 12 % - % $ - $ - Customer B $ - $ 506,241 - % 31 % $ - $ - Customer C $ 200,283 $ 355,854 19 % 22 % $ 15,335 $ 40,729 Customer D $ 197,831 $ 165,491 19 % 10 % $ 16,613 $ - Customer E $ 288,649 $ - 28 % - % $ - $ - $ 812,241 $ 1,027,586 78 % 63 % $ 31,948 $ 40,729 (b) Major vendors For three months ended September 30, 2023 and 2022, 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: 2023 2022 2023 2022 2023 2022 Purchase Percentage of purchase Accounts payable Vendor A $ 45,004 $ 44,229 17 % 22 % $ 10,303 $ 3,910 Vendor B $ 147,361 $ 71,890 56 % 35 % $ 54,633 $ - Vendor C $ - $ 24,337 - % 12 % $ 15,761 $ 14,981 Vendor D $ - $ 28,449 - % 14 % $ - $ - $ 192,365 $ 168,905 73 % 83 % $ 80,697 $ 18,891 For nine months ended September 30, 2023 and 2022, 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: 2023 2022 2023 2022 2023 2022 Purchase Percentage of purchases Accounts payable, trade Vendor A $ 119,092 $ 444,392 16 % 38 % $ 10,303 $ 3,910 Vendor B $ 311,832 $ 255,687 43 % 22 % $ 54,633 $ - Vendor C $ 118,417 $ 182,350 16 % 15 % $ 15,761 $ 14,981 $ 549,341 $ 882,429 75 % 75 % $ 80,697 $ 18,891 |
LEASE RIGHT-OF-USE ASSET AND _2
LEASE RIGHT-OF-USE ASSET AND LEASE LIABILITIES (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Leases [Abstract] | |
SCHEDULE OF OPERATION LEASE RIGHT OF USE ASSETS | As of September 30, 2023 and December 31, 2022, operating lease right of use asset as follow: SCHEDULE OF OPERATION LEASE RIGHT OF USE ASSETS As of As of As of beginning of the period/year $ 44,548 $ 92,606 Accumulated amortization (32,349 ) (42,310 ) Effect of translation exchange (1,513 ) (5,748 ) Balance as of end of the period/year $ 10,686 $ 44,548 |
SCHEDULE OF OPERATING LEASE LIABILITY | As of September 30, 2023, operating lease liability as follow: SCHEDULE OF OPERATING LEASE LIABILITY As of January 1, 2023 $ 44,548 Less: gross repayment (33,379 ) Add: imputed interest 1,030 Effect of translation exchange (1,513 ) Balance as of September 30, 2023 $ 10,686 Less: lease liability current portion (10,686 ) Lease liability non-current portion $ - |
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, 2023 10,686 Total $ 10,686 |
SCHEDULE OF OPERATING LEASE OTHER INFORMATION | Other information: SCHEDULE OF OPERATING LEASE OTHER INFORMATION As of As of (unaudited) (audited) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flow from operating lease $ 31,209 $ 42,212 Right-of-use assets obtained in exchange for operating lease liabilities 10,686 44,548 Remaining lease term for operating lease (years) 0.25 1 Weighted average discount rate for operating lease 5.4 % 5.4 % |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Related Party Transactions [Abstract] | |
SCHEDULE OF RELATED PARTY TRANSACTION | For the period ended September 30, 2023 the Company has the following transactions with related party: SCHEDULE OF RELATED PARTY TRANSACTION For the period ended For the period ended (Unaudited) (Unaudited) Professional Fees: - Related party A $ 6,700 $ 6,700 Sales - Related party B $ 200,283 $ 355,854 - Related party C 46,700 4,478 Total $ 253,683 $ 367,032 |
SEGMENTED INFORMATION (Tables)
SEGMENTED INFORMATION (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Segment Reporting [Abstract] | |
SCHEDULE OF REPORTING SEGMENTS | The Company had no inter-segment sales for the periods presented. Summarized financial information concerning the Company’s reportable segments is shown as below: By Geography*: SCHEDULE OF REPORTING SEGMENTS Nevada * Seychelles * Hong Kong * Malaysia * Total * For the period ended September 30, 2023 Nevada Seychelles Hong Kong Malaysia Total Revenue $ - $ - $ - $ 1,046,764 $ 1,046,764 Cost of revenue - - - (728,508 ) (728,508 ) Depreciation and amortization - - (772 ) (50,650 ) (51,422 ) Net (loss)/profit before taxation (53,487 ) (6,454 ) (4,816 ) 81,324 16,567 Total assets $ 11,522 $ 19,098 $ 11,305 $ 375,852 $ 417,777 Nevada * Seychelles * Hong Kong * Malaysia * Total * For the period ended September 30, 2022 Nevada Seychelles Hong Kong Malaysia Total Revenue $ - $ - $ - $ 1,613,823 $ 1,613,823 Cost of revenue - - - (1,189,356 ) (1,189,356 ) Depreciation and amortization - - (772 ) (54,674 ) (55,446 ) Net (loss)/profit before taxation (30,867 ) (2,543 ) (3,055 ) 174,742 138,277 Total assets $ 27,186 $ 7,056 $ 14,448 $ 351,821 $ 400,511 * Revenues and costs are attributed to countries based on the location of customers. |
SCHEDULE OF VARIABLE INTEREST E
SCHEDULE OF VARIABLE INTEREST ENTITY (Details) | 9 Months Ended |
Sep. 30, 2023 | |
DSwiss Holding Limited [Member] | |
Company name | DSwiss Holding Limited |
Place of incorporation | Seychelles |
Date of incorporation | 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% |
DSwiss HK Limited [Member] | |
Company name | DSwiss (HK) Limited |
Place of incorporation | Hong Kong |
Date of incorporation | May 28, 2015 |
Particulars of issued capital | 1 share of ordinary share of HK$1 each |
Principal activities | Supply of beauty products |
Proportional of ownership interest and voting power held | 100% |
DSwiss Sdn Bhd [Member] | |
Company name | DSwiss Sdn Bhd |
Place of incorporation | Malaysia |
Date of incorporation | Mar. 10, 2011 |
Particulars of issued capital | 2 shares of ordinary share of RM 1 each |
Principal activities | Supply of beauty products |
Proportional of ownership interest and voting power held | 100% |
DSwiss Biotech Sdn Bhd [Member] | |
Company name | DSwiss Biotech Sdn Bhd |
Place of incorporation | Malaysia |
Date of incorporation | Mar. 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 | 100% |
DESCRIPTION OF BUSINESS AND O_3
DESCRIPTION OF BUSINESS AND ORGANIZATION (Details Narrative) - RM / shares | Jan. 18, 2023 | Sep. 30, 2023 |
DSwiss HK Limited [Member] | ||
Consideration price per share | RM 1 | |
DSwiss Holding Limited [Member] | HONG KONG | ||
Equity ownership interest rate percentage | 100% | |
DSwiss Sdn Bhd [Member] | MALAYSIA | ||
Equity ownership interest rate percentage | 100% | |
DSwiss Biotech Sdn Bhd [Member] | HONG KONG | ||
Equity ownership interest rate percentage | 60% | |
Stock issued during period, shares, new issues | 1,500 | |
DSwiss Biotech Sdn Bhd [Member] | MALAYSIA | ||
Equity ownership interest rate percentage | 40% |
SCHEDULE OF PROPERTY AND EQUIPM
SCHEDULE OF PROPERTY AND EQUIPMENT USEFUL LIFE (Details) | Sep. 30, 2023 |
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 Vehicles [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, 2023 | Sep. 30, 2022 |
Period End RM [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Foreign currency exchange rate, translation | 4.70 | 4.64 |
Period Average RM [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Foreign currency exchange rate, translation | 4.53 | 4.36 |
Period-end HK [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Foreign currency exchange rate, translation | 7.83 | 7.85 |
Period Average HK [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Foreign currency exchange rate, translation | 7.84 | 7.84 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) | 9 Months Ended | |
Sep. 30, 2023 USD ($) Integer | Dec. 31, 2022 USD ($) | |
Accounting Policies [Abstract] | ||
Accumulated deficit | $ 1,344,548 | $ 1,324,002 |
Intangible asset, useful life | 10 years | |
Impairment loss | $ 0 | |
Largest amount of tax benefit, description | greater than 50% | |
Number of reportable operating segment | Integer | 3 |
VIE STRUCTURE AND ARRANGEMENTS
VIE STRUCTURE AND ARRANGEMENTS (Details Narrative) - RM / shares | Jan. 18, 2023 | Jun. 27, 2016 |
DSwiss HK Limited [Member] | ||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Number of shares, acquired | 150,000 | |
Equity ownership interest rate percentage | 60% | |
Consideration price per share | RM 1 | |
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% |
STOCKHOLDERS_ EQUITY (Details N
STOCKHOLDERS’ EQUITY (Details Narrative) - shares | Sep. 30, 2023 | Dec. 31, 2022 |
Equity [Abstract] | ||
Common stock shares issued | 206,904,585 | 206,904,585 |
Common stock shares outstanding | 206,904,585 | 206,904,585 |
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, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Total plant and equipment | $ 269,063 | $ 268,699 |
Accumulated depreciation | (205,538) | (187,236) |
Effect of translation exchange | (12,937) | (9,284) |
Plant and equipment, net | 50,588 | 72,179 |
Computer and Software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total plant and equipment | 105,535 | 105,535 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total plant and equipment | 6,144 | 6,144 |
Office Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total plant and equipment | 21,516 | 21,152 |
Motor Vehicles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total plant and equipment | $ 135,868 | $ 135,868 |
PLANT AND EQUIPMENT (Details Na
PLANT AND EQUIPMENT (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Property, Plant and Equipment [Abstract] | ||||
Depreciation expense | $ 3,926 | $ 18,302 | $ 7,164 | $ 22,856 |
SCHEDULE OF INTANGIBLE ASSETS (
SCHEDULE OF INTANGIBLE ASSETS (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Trademarks | $ 12,077 | $ 12,077 |
Amortization | (8,936) | (8,164) |
Effect of translation exchange | (464) | (454) |
Intangible assets, net | $ 2,677 | $ 3,459 |
INTANGIBLE ASSETS (Details Narr
INTANGIBLE ASSETS (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Amortization of intangible assets | $ 258 | $ 257 | $ 772 | $ 772 |
SCHEDULE OF OTHER RECEIVABLES,
SCHEDULE OF OTHER RECEIVABLES, PREPAID EXPENSES AND DEPOSITS (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Other receivables | $ 66 | |
Prepaid expenses | 655 | 2,080 |
Deposits | 18,497 | 19,669 |
Total prepaid expenses and deposits | $ 19,218 | $ 21,749 |
SCHEDULE OF INVENTORIES (Detail
SCHEDULE OF INVENTORIES (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Inventory Disclosure [Abstract] | ||
Finished goods, at cost | $ 8,143 | $ 7,483 |
Total inventories | $ 8,143 | $ 7,483 |
SCHEDULE OF OTHER PAYABLE AND A
SCHEDULE OF OTHER PAYABLE AND ACCRUED LIABILITIES (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Payables and Accruals [Abstract] | ||
Other payables | $ 104,755 | $ 100,385 |
Accrued audit fees | 36,862 | 20,266 |
Accrued other expenses | 13,383 | 16,683 |
Accrued professional fees | 14,281 | 17,376 |
Total payables and accrued liabilities | $ 169,281 | $ 154,710 |
SCHEDULE OF OBLIGATION UNDER FI
SCHEDULE OF OBLIGATION UNDER FINANCE LEASE (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Finance Lease Liability | ||
Finance lease | $ 42,273 | $ 58,768 |
Less: interest expense | (2,158) | (3,792) |
Total | 40,115 | 54,976 |
Current portion | 3,945 | 16,515 |
Non-current portion | $ 36,170 | $ 38,461 |
SCHEDULE OF MATURITIES OF FINAN
SCHEDULE OF MATURITIES OF FINANCE LEASE (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Finance Lease Liability | ||
2023 | $ 3,945 | |
2024 | 16,197 | |
2025 | 12,369 | |
2026 | 7,604 | |
Total | $ 40,115 | $ 54,976 |
FINANCE LEASE LIABILITY (Detail
FINANCE LEASE LIABILITY (Details Narrative) | 9 Months Ended |
Sep. 30, 2023 | |
First Finance Lease Agreement [Member] | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |
Finance lease, description | The first finance lease agreement commenced on July 31, 2018 with the effective interest rate of 3.62% per annum, due through June, 2025, with principal and interest payable monthly |
Second Finance Lease Agreement [Member] | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |
Finance lease, description | The second finance lease agreement commenced on December 3, 2021 with the effective interest rate of 3.70% per annum, due through November, 2026, with principal and interest payable monthly |
SCHEDULE OF COMPONENTS OF INCOM
SCHEDULE OF COMPONENTS OF INCOME LOSS BEFORE INCOME TAXES (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | ||||
Profit before income tax | $ 45,158 | $ 123,150 | $ 16,567 | [1] | $ 138,277 | [1] | |
UNITED STATES | |||||||
Profit before income tax | (53,487) | (30,867) | |||||
SEYCHELLES | |||||||
Profit before income tax | [1] | (6,454) | (2,543) | ||||
HONG KONG | |||||||
Profit before income tax | [1] | (4,816) | (3,055) | ||||
MALAYSIA | |||||||
Profit before income tax | [1] | $ 81,324 | $ 174,742 | ||||
[1]Revenues and costs are attributed to countries based on the location of customers. |
SCHEDULE OF PROVISION FOR INCOM
SCHEDULE OF PROVISION FOR INCOME TAXES (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Current: | ||||
- Local | ||||
- Foreign | (497) | (349) | ||
Deferred: | ||||
- Local | ||||
- Foreign | ||||
Income tax expense | $ (162) | $ (349) | $ (497) | $ (349) |
INCOME TAXES (Details Narrative
INCOME TAXES (Details Narrative) | 9 Months Ended |
Sep. 30, 2023 USD ($) | |
United States of America [Member] | |
Operating Loss Carryforwards [Line Items] | |
Cumulative net operating losses | $ 525,638 |
Income tax rate | 21% |
Net operating loss carryforwards expiration | The net operating loss carry forwards begin to expire in 2038, if unutilized |
Valuation allowance | $ 110,384 |
Hong Kong [Member] | DSwiss HK Limited [Member] | |
Operating Loss Carryforwards [Line Items] | |
Cumulative net operating losses | $ 635,919 |
Income tax rate | 16.50% |
Valuation allowance | $ 104,927 |
Statutory income tax, rate | 16.50% |
Malaysia [Member] | DSwiss Sdn Bhd and DSwiss Biotech Sdn Bhd [Member] | |
Operating Loss Carryforwards [Line Items] | |
Cumulative net operating losses | $ 136,141 |
Income tax rate | 15% |
Valuation allowance | $ 20,421 |
Malaysia [Member] | DSwiss Sdn Bhd and DSwiss Biotech Sdn Bhd [Member] | Minimum [Member] | |
Operating Loss Carryforwards [Line Items] | |
Statutory income tax, rate | 15% |
Malaysia [Member] | DSwiss Sdn Bhd and DSwiss Biotech Sdn Bhd [Member] | Maximum [Member] | |
Operating Loss Carryforwards [Line Items] | |
Statutory income tax, rate | 24% |
SCHEDULE OF CONCENTRATION OF RI
SCHEDULE OF CONCENTRATION OF RISK (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |||
Concentration Risk [Line Items] | ||||||
Revenues | $ 425,569 | $ 426,591 | $ 1,046,764 | [1] | $ 1,613,823 | [1] |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Customer A [Member] | ||||||
Concentration Risk [Line Items] | ||||||
Revenues | $ 62,284 | $ 125,478 | ||||
Concentration risk, percentage | 14% | 12% | ||||
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Customer B [Member] | ||||||
Concentration Risk [Line Items] | ||||||
Revenues | $ 96,968 | $ 506,241 | ||||
Concentration risk, percentage | 22% | 31% | ||||
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Customer C [Member] | ||||||
Concentration Risk [Line Items] | ||||||
Revenues | $ 74,508 | $ 105,004 | $ 200,283 | $ 355,854 | ||
Concentration risk, percentage | 17% | 23% | 19% | 22% | ||
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Customer D [Member] | ||||||
Concentration Risk [Line Items] | ||||||
Revenues | $ 98,487 | $ 55,323 | $ 197,831 | $ 165,491 | ||
Concentration risk, percentage | 23% | 12% | 19% | 10% | ||
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Customer E [Member] | ||||||
Concentration Risk [Line Items] | ||||||
Revenues | $ 142,344 | $ 288,649 | ||||
Concentration risk, percentage | 33% | 28% | ||||
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Customers [Member] | ||||||
Concentration Risk [Line Items] | ||||||
Revenues | $ 377,623 | $ 257,295 | $ 812,241 | $ 1,027,586 | ||
Concentration risk, percentage | 87% | 57% | 78% | 63% | ||
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 | 15,335 | 40,729 | 15,335 | 40,729 | ||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer D [Member] | ||||||
Concentration Risk [Line Items] | ||||||
Accounts receivable, trade | 16,613 | 16,613 | ||||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer E [Member] | ||||||
Concentration Risk [Line Items] | ||||||
Accounts receivable, trade | ||||||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customers [Member] | ||||||
Concentration Risk [Line Items] | ||||||
Accounts receivable, trade | $ 31,948 | $ 40,729 | $ 31,948 | $ 40,729 | ||
Cost of Goods and Service Benchmark [Member] | Supplier Concentration Risk [Member] | Vendor A [Member] | ||||||
Concentration Risk [Line Items] | ||||||
Concentration risk, percentage | 17% | 22% | 16% | 38% | ||
Purchase | $ 45,004 | $ 44,229 | $ 119,092 | $ 444,392 | ||
Cost of Goods and Service Benchmark [Member] | Supplier Concentration Risk [Member] | Vendor B [Member] | ||||||
Concentration Risk [Line Items] | ||||||
Concentration risk, percentage | 56% | 35% | 43% | 22% | ||
Purchase | $ 147,361 | $ 71,890 | $ 311,832 | $ 255,687 | ||
Cost of Goods and Service Benchmark [Member] | Supplier Concentration Risk [Member] | Vendor C [Member] | ||||||
Concentration Risk [Line Items] | ||||||
Concentration risk, percentage | 12% | 16% | 15% | |||
Purchase | $ 24,337 | $ 118,417 | $ 182,350 | |||
Cost of Goods and Service Benchmark [Member] | Supplier Concentration Risk [Member] | Vendor D [Member] | ||||||
Concentration Risk [Line Items] | ||||||
Concentration risk, percentage | 14% | |||||
Purchase | $ 28,449 | |||||
Cost of Goods and Service Benchmark [Member] | Supplier Concentration Risk [Member] | Vendors [Member] | ||||||
Concentration Risk [Line Items] | ||||||
Concentration risk, percentage | 73% | 83% | 75% | 75% | ||
Purchase | $ 192,365 | $ 168,905 | $ 549,341 | $ 882,429 | ||
Accounts Payable [Member] | Supplier Concentration Risk [Member] | Vendor A [Member] | ||||||
Concentration Risk [Line Items] | ||||||
Accounts payable, trade | 10,303 | 3,910 | 10,303 | 3,910 | ||
Accounts Payable [Member] | Supplier Concentration Risk [Member] | Vendor B [Member] | ||||||
Concentration Risk [Line Items] | ||||||
Accounts payable, trade | 54,633 | 54,633 | ||||
Accounts Payable [Member] | Supplier Concentration Risk [Member] | Vendor C [Member] | ||||||
Concentration Risk [Line Items] | ||||||
Accounts payable, trade | 15,761 | 14,981 | 15,761 | 14,981 | ||
Accounts Payable [Member] | Supplier Concentration Risk [Member] | Vendor D [Member] | ||||||
Concentration Risk [Line Items] | ||||||
Accounts payable, trade | ||||||
Accounts Payable [Member] | Supplier Concentration Risk [Member] | Vendors [Member] | ||||||
Concentration Risk [Line Items] | ||||||
Accounts payable, trade | $ 80,697 | $ 18,891 | $ 80,697 | $ 18,891 | ||
[1]Revenues and costs are attributed to countries based on the location of customers. |
SCHEDULE OF OPERATION LEASE RIG
SCHEDULE OF OPERATION LEASE RIGHT OF USE ASSETS (Details) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Leases [Abstract] | ||
Operating lease right of use asset | $ 44,548 | $ 92,606 |
Accumulated amortization | (32,349) | (42,310) |
Effect of translation exchange | (1,513) | (5,748) |
Operating lease right of use asset, ending | $ 10,686 | $ 44,548 |
SCHEDULE OF OPERATING LEASE LIA
SCHEDULE OF OPERATING LEASE LIABILITY (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2023 | Dec. 31, 2022 | |
Leases [Abstract] | ||
Operating lease liability, beginning | $ 44,548 | |
Less: gross repayment | (33,379) | |
Add: imputed interest | 1,030 | |
Effect of translation exchange | (1,513) | |
Operating lease liability, ending | 10,686 | |
Less: lease liability current portion | (10,686) | $ (44,548) |
Lease liability non-current portion |
SCHEDULE OF MATURITIES OF OPERA
SCHEDULE OF MATURITIES OF OPERATING LEASE OBLIGATION (Details) | Sep. 30, 2023 USD ($) |
Leases [Abstract] | |
December 31, 2023 | $ 10,686 |
Total | $ 10,686 |
SCHEDULE OF OPERATING LEASE OTH
SCHEDULE OF OPERATING LEASE OTHER INFORMATION (Details) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Leases [Abstract] | ||
Operating cash flow from operating lease | $ 31,209 | $ 42,212 |
Right-of-use assets obtained in exchange for operating lease liabilities | $ 10,686 | $ 44,548 |
Remaining lease term for operating lease (years) | 3 months | 1 year |
Weighted average discount rate for operating lease | 5.40% | 5.40% |
LEASE RIGHT-OF-USE ASSET AND _3
LEASE RIGHT-OF-USE ASSET AND LEASE LIABILITIES (Details Narrative) - USD ($) | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | Dec. 31, 2021 | |
Lease asset- right of use | $ 10,686 | $ 44,548 | $ 92,606 | |
Discount rate of lease payment | 5.40% | 5.40% | ||
Operating lease right of use asset, amortization | $ 32,349 | $ 42,310 | ||
Lease expenses | 32,349 | 42,310 | ||
Accounting Standards Update 2016-02 [Member] | ||||
Lease asset- right of use | $ 92,606 | |||
Discount rate of lease payment | 5.40% | |||
Operating lease right of use asset, amortization | $ 32,349 | $ 42,310 |
SCHEDULE OF RELATED PARTY TRANS
SCHEDULE OF RELATED PARTY TRANSACTION (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Related Party Transaction [Line Items] | ||
Total | $ 253,683 | $ 367,032 |
Related Party A [Member] | ||
Related Party Transaction [Line Items] | ||
Professional Fees | 6,700 | 6,700 |
Related Party B [Member] | ||
Related Party Transaction [Line Items] | ||
Sales | 200,283 | 355,854 |
Related Party C [Member] | ||
Related Party Transaction [Line Items] | ||
Sales | $ 46,700 | $ 4,478 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) | Sep. 30, 2023 |
Related Party A [Member] | |
Ownership percentage | 7.33% |
SCHEDULE OF REPORTING SEGMENTS
SCHEDULE OF REPORTING SEGMENTS (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||||||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | ||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||
Revenue | $ 425,569 | $ 426,591 | $ 1,046,764 | [1] | $ 1,613,823 | [1] | ||||
Cost of revenue | (281,010) | (193,969) | (728,508) | [1] | (1,189,356) | [1] | ||||
Depreciation and amortization | [1] | (51,422) | (55,446) | |||||||
Net (loss)/profit before taxation | 45,158 | 123,150 | 16,567 | [1] | 138,277 | [1] | ||||
Total assets | 417,777 | [1] | 400,511 | [1] | 417,777 | [1] | 400,511 | [1] | $ 381,924 | |
NV [Member] | ||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||
Revenue | [1] | |||||||||
Cost of revenue | [1] | |||||||||
Depreciation and amortization | [1] | |||||||||
Net (loss)/profit before taxation | [1] | (53,487) | (30,867) | |||||||
Total assets | [1] | 11,522 | 27,186 | 11,522 | 27,186 | |||||
SEYCHELLES | ||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||
Revenue | [1] | |||||||||
Cost of revenue | [1] | |||||||||
Depreciation and amortization | [1] | |||||||||
Net (loss)/profit before taxation | [1] | (6,454) | (2,543) | |||||||
Total assets | [1] | 19,098 | 7,056 | 19,098 | 7,056 | |||||
HONG KONG | ||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||
Revenue | [1] | |||||||||
Cost of revenue | [1] | |||||||||
Depreciation and amortization | [1] | (772) | (772) | |||||||
Net (loss)/profit before taxation | [1] | (4,816) | (3,055) | |||||||
Total assets | [1] | 11,305 | 14,448 | 11,305 | 14,448 | |||||
MALAYSIA | ||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||
Revenue | [1] | 1,046,764 | 1,613,823 | |||||||
Cost of revenue | [1] | (728,508) | (1,189,356) | |||||||
Depreciation and amortization | [1] | (50,650) | (54,674) | |||||||
Net (loss)/profit before taxation | [1] | 81,324 | 174,742 | |||||||
Total assets | [1] | $ 375,852 | $ 351,821 | $ 375,852 | $ 351,821 | |||||
[1]Revenues and costs are attributed to countries based on the location of customers. |