Cover
Cover | 6 Months Ended |
Jun. 30, 2024 $ / shares shares | |
Cover [Abstract] | |
Document Type | 10-Q |
Amendment Flag | false |
Document Quarterly Report | true |
Document Transition Report | false |
Document Period End Date | Jun. 30, 2024 |
Document Fiscal Period Focus | Q2 |
Document Fiscal Year Focus | 2024 |
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 | shares | 206,904,585 |
Entity Listing, Par Value Per Share | $ / shares | $ 0.0001 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 | |
CURRENT ASSETS | |||
Cash and cash equivalents (including $213,507 of time deposits as of June 30, 2024) | $ 458,293 | $ 249,110 | |
Accounts receivable | 38,222 | 36,148 | |
Other receivables, prepaid expenses and deposit | 27,922 | 24,532 | |
Tax recoverable | 299 | ||
Inventories | 5,376 | 6,872 | |
Total Current Assets | 529,813 | 316,961 | |
NON-CURRENT ASSETS | |||
Plant and equipment, net | 39,649 | 48,105 | |
Intangible assets, net | 1,910 | 2,427 | |
Total Non-Current Assets | 41,559 | 50,532 | |
TOTAL ASSETS | 571,372 | [1] | 367,493 |
CURRENT LIABILITIES | |||
Accounts payable | 86,999 | 99,360 | |
Other payables and accrued liabilities (including $2,250 and $3,000 of general and administrative expenses payable to a related party as of June 30, 2024 and December 31, 2023 respectively) | 205,810 | 174,714 | |
Finance lease liability | 12,491 | 21,039 | |
Tax payable | 3,947 | ||
Total Current Liabilities | 309,247 | 295,113 | |
NON- CURRENT LIABILITY | |||
Finance lease liability | 15,532 | 15,965 | |
Total non-current liability | 15,532 | 15,965 | |
TOTAL LIABILITIES | 324,779 | 311,078 | |
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 June 30, 2024 and December 31, 2023 respectively | 20,690 | 20,690 | |
Additional paid-in capital | 1,395,426 | 1,395,426 | |
Accumulated other comprehensive income | 41,819 | 50,452 | |
Accumulated deficit | (1,211,342) | (1,410,153) | |
TOTAL STOCKHOLDERS’ EQUITY | 246,593 | 56,415 | |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 571,372 | $ 367,493 | |
[1]Revenues and costs are attributed to countries based on the location of customers. |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 |
Defined Benefit Plan Disclosure [Line Items] | ||
Time deposits | $ 213,507 | |
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 |
Related Party [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
General and administrative expenses payable | $ 2,250 | $ 3,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |||
Income Statement [Abstract] | ||||||
REVENUE (including $1,316 and $3,736 of revenue from a related party for the three months ended June 30, 2024 and 2023, respectively, and $3,875 and $45,150 of revenue from a related party for the six months ended June 30, 2024 and 2023, respectively) | $ 579,367 | $ 355,274 | $ 1,050,744 | [1] | $ 621,195 | [1] |
COST OF REVENUE | (447,182) | (263,561) | (648,674) | [1] | (447,498) | [1] |
GROSS PROFIT | 132,185 | 91,713 | 402,070 | 173,697 | ||
OTHER INCOME | 3,533 | 1,574 | 5,685 | 3,078 | ||
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES (including $3,700 and $1,500 of general and administrative expenses to a related party for the three months ended June 30, 2024 and 2023, respectively, and 5,200 and $3,000 of general and administrative expenses to a related party for the six months ended June 30, 2024 and 2023, respectively) | (109,628) | (93,259) | (203,171) | (181,058) | ||
OPERATING EXPENSES | (258) | (380) | (587) | (794) | ||
FINANCE COST | (301) | (817) | (643) | (1,868) | ||
LEASE EXPENSES | (10,670) | (21,646) | ||||
PROFIT/(LOSS) BEFORE INCOME TAX | 25,531 | (11,839) | 203,354 | [1] | (28,591) | [1] |
TAXATION | (4,385) | (164) | (4,543) | (335) | ||
NET PROFIT/(LOSS) | 21,146 | (12,003) | 198,811 | (28,926) | ||
Other comprehensive (loss)/income | ||||||
- Foreign currency translation adjustment | (9,522) | (11,054) | (8,633) | 31,852 | ||
TOTAL COMPREHENSIVE INCOME/(LOSS) | $ 11,624 | $ (23,057) | $ 190,178 | $ 2,926 | ||
NET INCOME/(LOSS) PER SHARE - BASIC | $ 0.0001 | $ (0.0001) | $ 0.001 | $ (0.0001) | ||
NET INCOME/(LOSS) PER SHARE - DILUTED | $ 0.0001 | $ (0.0001) | $ 0.001 | $ (0.0001) | ||
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 Operations and Comprehensive Income (Unaudited) (Parenthetical) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Income Statement [Abstract] | ||||
Revenue related party | $ 1,316 | $ 3,736 | $ 3,875 | $ 45,150 |
Revenue, Related Party [Extensible Enumeration] | Related Party [Member] | Related Party [Member] | Related Party [Member] | Related Party [Member] |
General and administrative expenses related party | $ 3,700 | $ 1,500 | $ 5,200 | $ 3,000 |
Selling, General, and Administrative Expenses, Related Party [Extensible Enumeration] | Related Party [Member] | Related Party [Member] | Related Party [Member] | Related Party [Member] |
Condensed Consolidated Statem_3
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, 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 | 31,852 | 31,852 | ||||
Net Profit (loss) | (28,926) | (28,926) | ||||
Changes in ownership interests in an associate | (36,616) | (11,883) | (48,499) | |||
Balance at Jun. 30, 2023 | $ 20,690 | 1,395,426 | 26,006 | (1,389,544) | 52,578 | |
Balance, shares at Jun. 30, 2023 | 206,904,585 | |||||
Balance at Dec. 31, 2023 | $ 20,690 | 1,395,426 | 50,452 | (1,410,153) | 56,415 | |
Balance, shares at Dec. 31, 2023 | 206,904,585 | |||||
Foreign currency translation adjustment | (8,633) | (8,633) | ||||
Net Profit (loss) | 198,811 | 198,811 | ||||
Balance at Jun. 30, 2024 | $ 20,690 | $ 1,395,426 | $ 41,819 | $ (1,211,342) | $ 246,593 | |
Balance, shares at Jun. 30, 2024 | 206,904,600 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Profit/(Loss) after income tax | $ 198,811 | $ (28,926) |
Adjustments to reconcile net profit/(loss) to net cash generated from/(used in) operating activities: | ||
Depreciation and amortization | 6,856 | 36,022 |
Amortization for intangible assets | 516 | 514 |
Changes in operating assets and liabilities: | ||
Accounts payable | (23,756) | 20,150 |
Accounts receivable | 11,785 | (70,535) |
Other payables and accrued liabilities | 33,908 | (11,582) |
Inventories | 1,309 | 2,700 |
Other receivables, prepaid expenses and deposits | (4,056) | 1,243 |
Tax payable | 4,240 | |
Reduction in lease liability | (20,786) | |
Net cash generated from/(used in) operating activities | 229,613 | (71,200) |
CASH FLOWS FROM INVESTING ACTIVITY: | ||
Disposal of plant and equipment | 276 | |
Net cash generated from investing activity | 276 | |
CASH FLOWS FROM FINANCING ACTIVITY: | ||
Repayment of finance lease | (7,978) | (7,727) |
Net cash used in financing activity | (7,978) | (7,727) |
Effect of exchange rate changes on cash and cash equivalent | (12,728) | (21,799) |
Net increase/(decrease) in cash and cash equivalents | 209,183 | (100,726) |
Cash and cash equivalents, beginning of period | 249,110 | 214,269 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 458,293 | 113,543 |
SUPPLEMENTAL CASH FLOWS INFORMATION | ||
Income taxes paid | (317) | (335) |
Interest paid | $ (643) | $ (1,868) |
DESCRIPTION OF BUSINESS AND ORG
DESCRIPTION OF BUSINESS AND ORGANIZATION | 6 Months Ended |
Jun. 30, 2024 | |
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 June 30, 2024 and 2023 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, 2023. 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 June 30, 2024 and 2023 presented are not necessarily indicative of the results to be expected for the full year. The December 31, 2023 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, 2023. 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 DETAILS OF SUBSIDIARIES Company name Place and date of incorporation Particulars of issued capital Principal activities Proportional of ownership interest and voting power held 1. DSwiss Holding Limited Seychelles May 28, 2015 1 share of ordinary share of US$1 each Investment holding 100 % 2. DSwiss (HK) Limited Hong Kong May 28, 2015 1 share of ordinary share of HK$1 each Supply of beauty products 100 % 3. DSwiss Sdn Bhd Malaysia March 10, 2011 2 shares of ordinary share of RM 1 each Supply of beauty products 100 % 4. DSwiss Biotech Sdn Bhd Malaysia March 17, 2016 250,000 shares of ordinary share of RM 1 each Supply of biotech products 100 % DSWISS, INC. NOTES TO CONDENSED FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED JUNE 30, 2024 (Currency expressed in United States Dollars (“US$”), except for number of shares) (UNAUDITED) |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 2024 | |
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 June 30, 2024, the Company suffered an accumulated deficit of $ 1,211,342 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. 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. Shipping and handling fees are expensed as incurred for the six months ended June 30, 2024 were $ 215 6 DSWISS, INC. NOTES TO CONDENSED FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED JUNE 30, 2024 (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 PLANT AND EQUIPMENT USEFUL LIVES Classification Estimated useful lives Computer and software 5 Furniture and fittings 5 Office equipment 10 Motor vehicle 5 Intangible assets Intangible assets are stated at cost less accumulated amortization. Intangible assets represented the registration costs of trademarks in Hong Kong, 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 business activities in Malaysia 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 SIX MONTHS ENDED JUNE 30, 2024 (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 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 six months ended 2024 2023 Period-end RM : US$1 exchange rate 4.72 4.67 Period-average RM : US$1 exchange rate 4.73 4.45 Period-end HK$ : US$1 exchange rate 7.81 7.84 Period-average HK$ : US$1 exchange rate 7.82 7.84 DSWISS, INC. NOTES TO CONDENSED FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED JUNE 30, 2024 (Currency expressed in United States Dollars (“US$”), 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 Issued Accounting Standards The Company reviews new accounting standards as issued. Management has not identified any other new standards that it believes will have a significant impact on the Company’s financial statements. |
STOCKHOLDERS_ EQUITY
STOCKHOLDERS’ EQUITY | 6 Months Ended |
Jun. 30, 2024 | |
Equity [Abstract] | |
STOCKHOLDERS’ EQUITY | 3. STOCKHOLDERS’ EQUITY As of June 30, 2024, the Company had a total of 206,904,585 no |
PLANT AND EQUIPMENT
PLANT AND EQUIPMENT | 6 Months Ended |
Jun. 30, 2024 | |
Property, Plant and Equipment [Abstract] | |
PLANT AND EQUIPMENT | 4. PLANT AND EQUIPMENT SCHEDULE OF PLANT AND EQUIPMENT June 30, 2024 December 31, 2023 Computer and software $ 101,431 $ 102,064 Furniture and fittings 6,144 6,144 Office equipment 21,525 21,525 Motor vehicle 135,868 135,868 Total plant and equipment $ 264,968 $ 265,601 Accumulated depreciation (212,097 ) (205,600 ) Effect of translation exchange (13,222 ) (11,896 ) Plant and equipment, net $ 39,649 $ 48,105 Depreciation expense for the three months and six months ended June 30, 2024 were $ 3,419 6,856 Depreciation expense for the three months and six months ended June 30, 2023 were $ 6,839 14,376 |
INTANGIBLE ASSETS
INTANGIBLE ASSETS | 6 Months Ended |
Jun. 30, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
INTANGIBLE ASSETS | 5. INTANGIBLE ASSETS SCHEDULE OF INTANGIBLE ASSETS June 30, 2024 December 31, 2023 Trademarks $ 12,077 $ 12,077 Amortization (9,710 ) (9,194 ) Effect of translation exchange (457 ) (456 ) Intangible assets, net $ 1,910 $ 2,427 Amortization for the three months and six months ended June 30, 2024 was $ 258 516 Amortization for the three months and six months ended June 30, 2023 was $ 257 514 |
OTHER RECEIVABLES, PREPAID EXPE
OTHER RECEIVABLES, PREPAID EXPENSES AND DEPOSITS | 6 Months Ended |
Jun. 30, 2024 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
OTHER RECEIVABLES, PREPAID EXPENSES AND DEPOSITS | 6. OTHER RECEIVABLES, PREPAID EXPENSES AND DEPOSITS SCHEDULE OF OTHER RECEIVABLES, PREPAID EXPENSES AND DEPOSITS June 30, 2024 December 31, 2023 Other receivables $ 10,481 $ 5,460 Prepaid expenses 765 1,932 Deposits 16,676 17,140 Total other receivables, prepaid expenses and deposits $ 27,922 $ 24,532 |
INVENTORIES
INVENTORIES | 6 Months Ended |
Jun. 30, 2024 | |
Inventory Disclosure [Abstract] | |
INVENTORIES | 7. INVENTORIES SCHEDULE OF INVENTORIES June 30, 2024 December 31, 2023 Finished goods, at cost $ 5,376 $ 6,872 Total inventories $ 5,376 $ 6,872 |
OTHER PAYABLES AND ACCRUED LIAB
OTHER PAYABLES AND ACCRUED LIABILITIES | 6 Months Ended |
Jun. 30, 2024 | |
Payables and Accruals [Abstract] | |
OTHER PAYABLES AND ACCRUED LIABILITIES | 8. OTHER PAYABLES AND ACCRUED LIABILITIES SCHEDULE OF OTHER PAYABLE AND ACCRUED LIABILITIES June 30, 2024 December 31, 2023 Other payables $ 154,336 $ 114,964 Accrued audit fees 19,836 30,207 Accrued other expenses 20,683 15,222 Accrued professional fees 10,955 14,321 Total other payables and accrued liabilities $ 205,810 $ 174,714 DSWISS, INC. NOTES TO CONDENSED FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED JUNE 30, 2024 (Currency expressed in United States Dollars (“US$”), except for number of shares) (UNAUDITED) |
FINANCE LEASE LIABILITY
FINANCE LEASE LIABILITY | 6 Months Ended |
Jun. 30, 2024 | |
Finance Lease Liability | |
FINANCE LEASE LIABILITY | 9. 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 June 30, As of December 31, Finance lease $ 29,141 $ 38,817 Less: interest expense (1,118 ) (1,813 ) Net present value of finance lease 28,023 37,004 Current portion 12,491 21,039 Non-current portion 15,532 15,965 Total $ 28,023 $ 37,004 As of June 30, 2024 the maturities of the finance lease for each of the years are as follows: SCHEDULE OF MATURITIES OF FINANCE LEASE 2024 8,142 2025 12,312 2026 7,569 Total $ 28,023 DSWISS, INC. NOTES TO CONDENSED FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED JUNE 30, 2024 (Currency expressed in United States Dollars (“US$”), except for number of shares) (UNAUDITED) |
INCOME TAXES
INCOME TAXES | 6 Months Ended |
Jun. 30, 2024 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | 10. INCOME TAXES For the six months ended June 30, 2024 and 2023, the local (United States) and foreign components of profit/(loss) before income taxes were comprised of the following: SCHEDULE OF COMPONENTS OF PROFIT/(LOSS) BEFORE INCOME TAXES For the six months ended June 30, 2024 For the six months ended June 30, 2023 Tax jurisdictions from: - Local $ (24,937 ) $ (35,199 ) - Foreign, representing Seychelles (11,261 ) (3,178 ) Hong Kong (2,003 ) (3,540 ) Malaysia 241,555 13,326 Profit/(Loss) before income tax $ 203,354 $ (28,591 ) The provision for income taxes consisted of the following: SCHEDULE OF PROVISION FOR INCOME TAXES For the six months ended June 30, 2024 For the six months ended June 30, 2023 Current: - Local $ - $ - - Foreign (4,543 ) (335 ) Deferred: - Local - - - Foreign - - Income tax expense $ (4,543 ) $ (335 ) 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 June 30, 2024, the operations in the United States of America incurred $ 549,062 21 115,303 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 16.5 636,809 16.5 105,073 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 29,392 |
CONCENTRATIONS OF RISK
CONCENTRATIONS OF RISK | 6 Months Ended |
Jun. 30, 2024 | |
Risks and Uncertainties [Abstract] | |
CONCENTRATIONS OF RISK | 11. CONCENTRATIONS OF RISK The Company is exposed to the following concentrations of risk: (a) Major customers For three months ended June 30, 2024 and 2023, 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: SCHEDULE OF CONCENTRATION OF RISK 2024 2023 2024 2023 2024 2023 Revenue Percentage of revenue Accounts receivable Customer A $ 72,239 $ 91,754 12 % 25 % $ 27,983 $ 30,849 Customer B $ - $ 50,196 - % 14 % $ - $ 27,475 Customer C $ 236,038 $ 85,002 41 % 24 % $ - $ - Customer D $ 117,114 $ - 20 % - % $ - $ - $ 425,391 $ 226,952 73 % 63 % $ 27,983 $ 58,324 For six months ended June 30, 2024 and 2023, 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: 2024 2023 2024 2023 2024 2023 Revenues Percentage of revenues Accounts receivable Customer A $ - $ 63,861 - % 10 % $ - $ - Customer B $ 116,635 $ 127,102 11 % 20 % $ 27,983 $ 30,849 Customer C $ - $ 100,392 - % 16 % $ - $ 27,475 Customer D $ 475,037 $ 147,848 45 % 24 % $ - $ - Customer E $ 139,865 $ - 13 % - % $ - $ - $ 731,537 $ 439,203 69 % 70 % $ 27,983 $ 58,324 (b) Major vendors For three months ended June 30, 2024 and 2023, 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: 2024 2023 2024 2023 2024 2023 Purchase Percentage of purchase Accounts payable Vendor A $ - $ 51,367 - % 19 % $ - $ - Vendor B $ 183,896 $ 75,546 41 % 29 % $ 14,352 $ 3,722 Vendor C $ - $ 71,478 - % 27 % $ - $ 38,604 Vendor D $ 104,290 $ - 23 % - % $ 32,472 $ - $ 288,186 $ 198,391 64 % 75 % $ 46,824 $ 42,326 For six months ended June 30, 2024 and 2023, 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: 2024 2023 2024 2023 2024 2023 Purchase Percentage of purchases Accounts payable Vendor A $ 66,951 $ 74,870 10 % 17 % $ 10,280 $ - Vendor B $ 263,617 $ 166,206 41 % 37 % $ 14,352 $ 3,722 Vendor C $ - $ 95,572 - % 21 % $ - $ 38,604 Vendor D $ 122,335 $ - 19 % - % $ 32,472 $ - $ 452,903 $ 336,648 70 % 75 % $ 57,104 $ 42,326 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. |
LEASE RIGHT-OF-USE ASSET AND LE
LEASE RIGHT-OF-USE ASSET AND LEASE LIABILITIES | 6 Months Ended |
Jun. 30, 2024 | |
Lease Right-of-use Asset And Lease Liabilities | |
LEASE RIGHT-OF-USE ASSET AND LEASE LIABILITIES | 12. 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 As of December 31, 2023, the tenancy agreement had expired, a new and fresh tenancy agreement for renewal term has yet to be executed. The lease on premises had continued on a month- to-month basis which is terminable by the end of each month. 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 initial recognition of operating lease right and lease liability as follow: As of June 30, 2024 and December 31, 2023, operating lease right of use asset as follow: SCHEDULE OF OPERATING LEASE RIGHT OF USE ASSETS As of June 30, As of December 31, As of beginning of the period/year $ - $ 44,548 Accumulated amortization - (43,099 ) Effect of translation exchange - (1,449 ) Balance as of end of the period/year $ - $ - As of June 30, 2024 and December 31, 2023, the amortization of the operating lease right of use asset are $ 0 43,099 DSWISS, INC. NOTES TO CONDENSED FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED JUNE 30, 2024 (Currency expressed in United States Dollars (“US$”), except for number of shares) (UNAUDITED) As of June 30, 2024, operating lease liability as follow: SCHEDULE OF OPERATING LEASE LIABILITY As of January 1, 2024 $ - Less: gross repayment - Add: imputed interest - Effect of translation exchange - Balance as of June 30, 2024 $ - Less: lease liability current portion - Lease liability non-current portion $ - Maturities of operating lease obligation as follow: SCHEDULE OF MATURITIES OF OPERATING LEASE OBLIGATION Year ending December 31, 2024 - Total $ - Other information: SCHEDULE OF OPERATING LEASE OTHER INFORMATION As of June 30, As of December 31, (unaudited) (audited) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flow from operating lease $ - $ 42,862 Right-of-use assets obtained in exchange for operating lease liabilities - - Remaining lease term for operating lease (years) - - Weighted average discount rate for operating lease - 5.40 % As of June 30, 2024 and December 31, 2023, lease expenses were $ 0 43,099 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 6 Months Ended |
Jun. 30, 2024 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | 13. RELATED PARTY TRANSACTIONS For the period ended June 30, 2024 and 2023, the Company has the following transactions with related party: SCHEDULE OF RELATED PARTY TRANSACTION For the period ended June 30, 2024 (Unaudited) For the period ended June 30, 2023 (Unaudited) Professional Fees: - Related party A $ 5,230 $ 6,700 Sales - Related party B $ 3,875 $ 45,150 Total $ 9,075 $ 48,150 The related party A, is a wholly owned subsidiary of a 7.33 The related party B’s director 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 | 6 Months Ended |
Jun. 30, 2024 | |
Segment Reporting [Abstract] | |
SEGMENTED INFORMATION | 14. 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 SIX MONTHS ENDED JUNE 30, 2024 (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 BY GEOGRAPHY 0 Nevada * Seychelles * Hong Kong * Malaysia * Total * For the period ended June 30, 2024 Nevada Seychelles Hong Kong Malaysia Total Revenues $ - $ - $ - $ 1,050,744 $ 1,050,744 Cost of revenues - - - (648,674 ) (648,674 ) Depreciation and amortization - - - (6,856 ) (6,856 ) Net (loss)/profit before taxation (24,937 ) (11,261 ) (2,003 ) 241,555 203,354 Total assets $ 14,992 $ 13,554 $ 23,973 $ 518,853 $ 571,372 Nevada * Seychelles * Hong Kong * Malaysia * Total * For the period ended June 30, 2023 Nevada Seychelles Hong Kong Malaysia Total Revenues $ - $ - $ - $ 621,195 $ 621,195 Cost of revenues - - - (447,498 ) (447,498 ) Depreciation and amortization - - (514 ) (36,022 ) (36,536 ) Net (loss)/profit before taxation (35,199 ) (3,178 ) (3,540 ) 13,326 (28,591 ) Total assets $ 14,274 $ 21,998 $ 13,209 $ 254,314 $ 303,795 * Revenues and costs are attributed to countries based on the location of customers. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Jun. 30, 2024 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | 15. SUBSEQUENT EVENTS In accordance with ASC Topic 855, “ Subsequent Events |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Jun. 30, 2024 | |
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 June 30, 2024, the Company suffered an accumulated deficit of $ 1,211,342 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. |
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. Shipping and handling fees are expensed as incurred for the six months ended June 30, 2024 were $ 215 6 |
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 PLANT AND EQUIPMENT USEFUL LIVES Classification Estimated useful lives Computer and software 5 Furniture and fittings 5 Office equipment 10 Motor vehicle 5 |
Intangible assets | Intangible assets Intangible assets are stated at cost less accumulated amortization. Intangible assets represented the registration costs of trademarks in Hong Kong, 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 business activities in Malaysia 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 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 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 six months ended 2024 2023 Period-end RM : US$1 exchange rate 4.72 4.67 Period-average RM : US$1 exchange rate 4.73 4.45 Period-end HK$ : US$1 exchange rate 7.81 7.84 Period-average HK$ : US$1 exchange rate 7.82 7.84 |
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 Issued Accounting Standards | Recently Issued Accounting Standards The Company reviews new accounting standards as issued. Management has not identified any other new standards that it believes will have a significant impact on the Company’s financial statements. |
DESCRIPTION OF BUSINESS AND O_2
DESCRIPTION OF BUSINESS AND ORGANIZATION (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
SCHEDULE OF DETAILS OF SUBSIDIARIES | The Company, through its subsidiaries, mainly supplies high quality beauty products. Details of the Company’s subsidiaries: SCHEDULE OF DETAILS OF SUBSIDIARIES Company name Place and date of incorporation Particulars of issued capital Principal activities Proportional of ownership interest and voting power held 1. DSwiss Holding Limited Seychelles May 28, 2015 1 share of ordinary share of US$1 each Investment holding 100 % 2. DSwiss (HK) Limited Hong Kong May 28, 2015 1 share of ordinary share of HK$1 each Supply of beauty products 100 % 3. DSwiss Sdn Bhd Malaysia March 10, 2011 2 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) | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
SCHEDULE OF PLANT AND EQUIPMENT USEFUL LIVES | 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 PLANT AND EQUIPMENT USEFUL LIVES 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 six months ended 2024 2023 Period-end RM : US$1 exchange rate 4.72 4.67 Period-average RM : US$1 exchange rate 4.73 4.45 Period-end HK$ : US$1 exchange rate 7.81 7.84 Period-average HK$ : US$1 exchange rate 7.82 7.84 |
PLANT AND EQUIPMENT (Tables)
PLANT AND EQUIPMENT (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Property, Plant and Equipment [Abstract] | |
SCHEDULE OF PLANT AND EQUIPMENT | SCHEDULE OF PLANT AND EQUIPMENT June 30, 2024 December 31, 2023 Computer and software $ 101,431 $ 102,064 Furniture and fittings 6,144 6,144 Office equipment 21,525 21,525 Motor vehicle 135,868 135,868 Total plant and equipment $ 264,968 $ 265,601 Accumulated depreciation (212,097 ) (205,600 ) Effect of translation exchange (13,222 ) (11,896 ) Plant and equipment, net $ 39,649 $ 48,105 |
INTANGIBLE ASSETS (Tables)
INTANGIBLE ASSETS (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
SCHEDULE OF INTANGIBLE ASSETS | SCHEDULE OF INTANGIBLE ASSETS June 30, 2024 December 31, 2023 Trademarks $ 12,077 $ 12,077 Amortization (9,710 ) (9,194 ) Effect of translation exchange (457 ) (456 ) Intangible assets, net $ 1,910 $ 2,427 |
OTHER RECEIVABLES, PREPAID EX_2
OTHER RECEIVABLES, PREPAID EXPENSES AND DEPOSITS (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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 June 30, 2024 December 31, 2023 Other receivables $ 10,481 $ 5,460 Prepaid expenses 765 1,932 Deposits 16,676 17,140 Total other receivables, prepaid expenses and deposits $ 27,922 $ 24,532 |
INVENTORIES (Tables)
INVENTORIES (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Inventory Disclosure [Abstract] | |
SCHEDULE OF INVENTORIES | SCHEDULE OF INVENTORIES June 30, 2024 December 31, 2023 Finished goods, at cost $ 5,376 $ 6,872 Total inventories $ 5,376 $ 6,872 |
OTHER PAYABLES AND ACCRUED LI_2
OTHER PAYABLES AND ACCRUED LIABILITIES (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Payables and Accruals [Abstract] | |
SCHEDULE OF OTHER PAYABLE AND ACCRUED LIABILITIES | SCHEDULE OF OTHER PAYABLE AND ACCRUED LIABILITIES June 30, 2024 December 31, 2023 Other payables $ 154,336 $ 114,964 Accrued audit fees 19,836 30,207 Accrued other expenses 20,683 15,222 Accrued professional fees 10,955 14,321 Total other payables and accrued liabilities $ 205,810 $ 174,714 |
FINANCE LEASE LIABILITY (Tables
FINANCE LEASE LIABILITY (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Finance Lease Liability | |
SCHEDULE OF OBLIGATION UNDER FINANCE LEASE | SCHEDULE OF OBLIGATION UNDER FINANCE LEASE As of June 30, As of December 31, Finance lease $ 29,141 $ 38,817 Less: interest expense (1,118 ) (1,813 ) Net present value of finance lease 28,023 37,004 Current portion 12,491 21,039 Non-current portion 15,532 15,965 Total $ 28,023 $ 37,004 |
SCHEDULE OF MATURITIES OF FINANCE LEASE | As of June 30, 2024 the maturities of the finance lease for each of the years are as follows: SCHEDULE OF MATURITIES OF FINANCE LEASE 2024 8,142 2025 12,312 2026 7,569 Total $ 28,023 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Income Tax Disclosure [Abstract] | |
SCHEDULE OF COMPONENTS OF PROFIT/(LOSS) BEFORE INCOME TAXES | For the six months ended June 30, 2024 and 2023, the local (United States) and foreign components of profit/(loss) before income taxes were comprised of the following: SCHEDULE OF COMPONENTS OF PROFIT/(LOSS) BEFORE INCOME TAXES For the six months ended June 30, 2024 For the six months ended June 30, 2023 Tax jurisdictions from: - Local $ (24,937 ) $ (35,199 ) - Foreign, representing Seychelles (11,261 ) (3,178 ) Hong Kong (2,003 ) (3,540 ) Malaysia 241,555 13,326 Profit/(Loss) before income tax $ 203,354 $ (28,591 ) |
SCHEDULE OF PROVISION FOR INCOME TAXES | The provision for income taxes consisted of the following: SCHEDULE OF PROVISION FOR INCOME TAXES For the six months ended June 30, 2024 For the six months ended June 30, 2023 Current: - Local $ - $ - - Foreign (4,543 ) (335 ) Deferred: - Local - - - Foreign - - Income tax expense $ (4,543 ) $ (335 ) |
CONCENTRATIONS OF RISK (Tables)
CONCENTRATIONS OF RISK (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Risks and Uncertainties [Abstract] | |
SCHEDULE OF CONCENTRATION OF RISK | (a) Major customers For three months ended June 30, 2024 and 2023, 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: SCHEDULE OF CONCENTRATION OF RISK 2024 2023 2024 2023 2024 2023 Revenue Percentage of revenue Accounts receivable Customer A $ 72,239 $ 91,754 12 % 25 % $ 27,983 $ 30,849 Customer B $ - $ 50,196 - % 14 % $ - $ 27,475 Customer C $ 236,038 $ 85,002 41 % 24 % $ - $ - Customer D $ 117,114 $ - 20 % - % $ - $ - $ 425,391 $ 226,952 73 % 63 % $ 27,983 $ 58,324 For six months ended June 30, 2024 and 2023, 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: 2024 2023 2024 2023 2024 2023 Revenues Percentage of revenues Accounts receivable Customer A $ - $ 63,861 - % 10 % $ - $ - Customer B $ 116,635 $ 127,102 11 % 20 % $ 27,983 $ 30,849 Customer C $ - $ 100,392 - % 16 % $ - $ 27,475 Customer D $ 475,037 $ 147,848 45 % 24 % $ - $ - Customer E $ 139,865 $ - 13 % - % $ - $ - $ 731,537 $ 439,203 69 % 70 % $ 27,983 $ 58,324 (b) Major vendors For three months ended June 30, 2024 and 2023, 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: 2024 2023 2024 2023 2024 2023 Purchase Percentage of purchase Accounts payable Vendor A $ - $ 51,367 - % 19 % $ - $ - Vendor B $ 183,896 $ 75,546 41 % 29 % $ 14,352 $ 3,722 Vendor C $ - $ 71,478 - % 27 % $ - $ 38,604 Vendor D $ 104,290 $ - 23 % - % $ 32,472 $ - $ 288,186 $ 198,391 64 % 75 % $ 46,824 $ 42,326 For six months ended June 30, 2024 and 2023, 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: 2024 2023 2024 2023 2024 2023 Purchase Percentage of purchases Accounts payable Vendor A $ 66,951 $ 74,870 10 % 17 % $ 10,280 $ - Vendor B $ 263,617 $ 166,206 41 % 37 % $ 14,352 $ 3,722 Vendor C $ - $ 95,572 - % 21 % $ - $ 38,604 Vendor D $ 122,335 $ - 19 % - % $ 32,472 $ - $ 452,903 $ 336,648 70 % 75 % $ 57,104 $ 42,326 |
LEASE RIGHT-OF-USE ASSET AND _2
LEASE RIGHT-OF-USE ASSET AND LEASE LIABILITIES (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Lease Right-of-use Asset And Lease Liabilities | |
SCHEDULE OF OPERATING LEASE RIGHT OF USE ASSETS | As of June 30, 2024 and December 31, 2023, operating lease right of use asset as follow: SCHEDULE OF OPERATING LEASE RIGHT OF USE ASSETS As of June 30, As of December 31, As of beginning of the period/year $ - $ 44,548 Accumulated amortization - (43,099 ) Effect of translation exchange - (1,449 ) Balance as of end of the period/year $ - $ - |
SCHEDULE OF OPERATING LEASE LIABILITY | As of June 30, 2024, operating lease liability as follow: SCHEDULE OF OPERATING LEASE LIABILITY As of January 1, 2024 $ - Less: gross repayment - Add: imputed interest - Effect of translation exchange - Balance as of June 30, 2024 $ - Less: lease liability current portion - 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, 2024 - Total $ - |
SCHEDULE OF OPERATING LEASE OTHER INFORMATION | Other information: SCHEDULE OF OPERATING LEASE OTHER INFORMATION As of June 30, As of December 31, (unaudited) (audited) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flow from operating lease $ - $ 42,862 Right-of-use assets obtained in exchange for operating lease liabilities - - Remaining lease term for operating lease (years) - - Weighted average discount rate for operating lease - 5.40 % |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Related Party Transactions [Abstract] | |
SCHEDULE OF RELATED PARTY TRANSACTION | For the period ended June 30, 2024 and 2023, the Company has the following transactions with related party: SCHEDULE OF RELATED PARTY TRANSACTION For the period ended June 30, 2024 (Unaudited) For the period ended June 30, 2023 (Unaudited) Professional Fees: - Related party A $ 5,230 $ 6,700 Sales - Related party B $ 3,875 $ 45,150 Total $ 9,075 $ 48,150 |
SEGMENTED INFORMATION (Tables)
SEGMENTED INFORMATION (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Segment Reporting [Abstract] | |
SCHEDULE OF REPORTING SEGMENTS BY GEOGRAPHY | 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 BY GEOGRAPHY 0 Nevada * Seychelles * Hong Kong * Malaysia * Total * For the period ended June 30, 2024 Nevada Seychelles Hong Kong Malaysia Total Revenues $ - $ - $ - $ 1,050,744 $ 1,050,744 Cost of revenues - - - (648,674 ) (648,674 ) Depreciation and amortization - - - (6,856 ) (6,856 ) Net (loss)/profit before taxation (24,937 ) (11,261 ) (2,003 ) 241,555 203,354 Total assets $ 14,992 $ 13,554 $ 23,973 $ 518,853 $ 571,372 Nevada * Seychelles * Hong Kong * Malaysia * Total * For the period ended June 30, 2023 Nevada Seychelles Hong Kong Malaysia Total Revenues $ - $ - $ - $ 621,195 $ 621,195 Cost of revenues - - - (447,498 ) (447,498 ) Depreciation and amortization - - (514 ) (36,022 ) (36,536 ) Net (loss)/profit before taxation (35,199 ) (3,178 ) (3,540 ) 13,326 (28,591 ) Total assets $ 14,274 $ 21,998 $ 13,209 $ 254,314 $ 303,795 * Revenues and costs are attributed to countries based on the location of customers. |
SCHEDULE OF DETAILS OF SUBSIDIA
SCHEDULE OF DETAILS OF SUBSIDIARIES (Details) | 6 Months Ended |
Jun. 30, 2024 | |
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$1 each |
Principal activities | Supply of beauty products |
Proportional of ownership interest and voting power held | 100% |
DSwiss Sdn Bhd [Member] | |
Company name | DSwiss Sdn Bhd |
Place of incorporation | Malaysia |
Date of incorporation | Mar. 10, 2011 |
Particulars of issued capital | 2 shares of ordinary share of RM 1 each |
Principal activities | Supply of beauty products |
Proportional of ownership interest and voting power held | 100% |
DSwiss Biotech Sdn Bhd [Member] | |
Company name | DSwiss Biotech Sdn Bhd |
Place of incorporation | Malaysia |
Date of incorporation | Mar. 17, 2016 |
Particulars of issued capital | 250,000 shares of ordinary share of RM 1 each |
Principal activities | Supply of biotech products |
Proportional of ownership interest and voting power held | 100% |
DESCRIPTION OF BUSINESS AND O_3
DESCRIPTION OF BUSINESS AND ORGANIZATION (Details Narrative) - USD ($) | Jan. 18, 2023 | Jun. 30, 2024 |
DSwiss (HK) Limited [Member] | ||
Equity ownership interest rate percentage | 100% | |
DSwiss Sdn Bhd [Member] | ||
Equity ownership interest rate percentage | 100% | |
DSwiss Biotech Sdn Bhd [Member] | ||
Equity ownership interest rate percentage | 100% | |
DSwiss Biotech Sdn Bhd [Member] | DSwiss (HK) Limited [Member] | ||
Equity ownership interest rate percentage | 60% | |
Number of shares acquired | 150,000 | |
Consideration price | $ 1 | |
DSwiss Biotech Sdn Bhd [Member] | MALAYSIA | ||
Equity ownership interest rate percentage | 40% |
SCHEDULE OF PLANT AND EQUIPMENT
SCHEDULE OF PLANT AND EQUIPMENT USEFUL LIVES (Details) | Jun. 30, 2024 |
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) | Jun. 30, 2024 | Jun. 30, 2023 |
Period-end RM : US$1 exchange rate [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Foreign currency exchange rate, translation | 4.72 | 4.67 |
Period-average RM : US$1 exchange rate [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Foreign currency exchange rate, translation | 4.73 | 4.45 |
Period-end HK$ : US$1 exchange rate [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Foreign currency exchange rate, translation | 7.81 | 7.84 |
Period-average HK$ : US$1 exchange rate [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Foreign currency exchange rate, translation | 7.82 | 7.84 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 USD ($) Segment | Jun. 30, 2023 USD ($) | Jun. 30, 2024 USD ($) | Jun. 30, 2023 USD ($) | Dec. 31, 2023 USD ($) | |
Product Information [Line Items] | |||||
Accumulated deficit | $ 1,211,342 | $ 1,211,342 | $ 1,410,153 | ||
Shipping and handling fees | $ 109,628 | $ 93,259 | $ 203,171 | $ 181,058 | |
Intangible asset, useful life | 10 years | 10 years | |||
Impairment loss | $ 0 | ||||
Income tax likelihood description | greater than 50% | ||||
Number of reportable segments | Segment | 3 | ||||
Shipping and Handling [Member] | |||||
Product Information [Line Items] | |||||
Shipping and handling fees | $ 215 | $ 6 |
STOCKHOLDERS_ EQUITY (Details N
STOCKHOLDERS’ EQUITY (Details Narrative) - shares | Jun. 30, 2024 | Dec. 31, 2023 |
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 EQUIPME_2
SCHEDULE OF PLANT AND EQUIPMENT (Details) - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 |
Property, Plant and Equipment [Line Items] | ||
Total plant and equipment | $ 264,968 | $ 265,601 |
Accumulated depreciation | (212,097) | (205,600) |
Effect of translation exchange | (13,222) | (11,896) |
Plant and equipment, net | 39,649 | 48,105 |
Computer and Software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total plant and equipment | 101,431 | 102,064 |
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 | 21,525 | 21,525 |
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 | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Property, Plant and Equipment [Abstract] | ||||
Depreciation expense | $ 3,419 | $ 6,839 | $ 6,856 | $ 14,376 |
SCHEDULE OF INTANGIBLE ASSETS (
SCHEDULE OF INTANGIBLE ASSETS (Details) - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Trademarks | $ 12,077 | $ 12,077 |
Amortization | (9,710) | (9,194) |
Effect of translation exchange | (457) | (456) |
Intangible assets, net | $ 1,910 | $ 2,427 |
INTANGIBLE ASSETS (Details Narr
INTANGIBLE ASSETS (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Amortization of intangible assets | $ 258 | $ 257 | $ 516 | $ 514 |
SCHEDULE OF OTHER RECEIVABLES,
SCHEDULE OF OTHER RECEIVABLES, PREPAID EXPENSES AND DEPOSITS (Details) - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Other receivables | $ 10,481 | $ 5,460 |
Prepaid expenses | 765 | 1,932 |
Deposits | 16,676 | 17,140 |
Total other receivables, prepaid expenses and deposits | $ 27,922 | $ 24,532 |
SCHEDULE OF INVENTORIES (Detail
SCHEDULE OF INVENTORIES (Details) - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 |
Inventory Disclosure [Abstract] | ||
Finished goods, at cost | $ 5,376 | $ 6,872 |
Total inventories | $ 5,376 | $ 6,872 |
SCHEDULE OF OTHER PAYABLE AND A
SCHEDULE OF OTHER PAYABLE AND ACCRUED LIABILITIES (Details) - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 |
Payables and Accruals [Abstract] | ||
Other payables | $ 154,336 | $ 114,964 |
Accrued audit fees | 19,836 | 30,207 |
Accrued other expenses | 20,683 | 15,222 |
Accrued professional fees | 10,955 | 14,321 |
Total other payables and accrued liabilities | $ 205,810 | $ 174,714 |
SCHEDULE OF OBLIGATION UNDER FI
SCHEDULE OF OBLIGATION UNDER FINANCE LEASE (Details) - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 |
Finance Lease Liability | ||
Finance lease | $ 29,141 | $ 38,817 |
Less: interest expense | (1,118) | (1,813) |
Total | 28,023 | 37,004 |
Current portion | 12,491 | 21,039 |
Non-current portion | $ 15,532 | $ 15,965 |
SCHEDULE OF MATURITIES OF FINAN
SCHEDULE OF MATURITIES OF FINANCE LEASE (Details) - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 |
Finance Lease Liability | ||
2024 | $ 8,142 | |
2025 | 12,312 | |
2026 | 7,569 | |
Total | $ 28,023 | $ 37,004 |
FINANCE LEASE LIABILITY (Detail
FINANCE LEASE LIABILITY (Details Narrative) | 6 Months Ended |
Jun. 30, 2024 | |
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 PROFI
SCHEDULE OF COMPONENTS OF PROFIT/(LOSS) BEFORE INCOME TAXES (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | ||||
Profit/(Loss) before income tax | $ 25,531 | $ (11,839) | $ 203,354 | [1] | $ (28,591) | [1] | |
UNITED STATES | |||||||
Profit/(Loss) before income tax | (24,937) | (35,199) | |||||
SEYCHELLES | |||||||
Profit/(Loss) before income tax | [1] | (11,261) | (3,178) | ||||
HONG KONG | |||||||
Profit/(Loss) before income tax | [1] | (2,003) | (3,540) | ||||
MALAYSIA | |||||||
Profit/(Loss) before income tax | [1] | $ 241,555 | $ 13,326 | ||||
[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 | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Current: | ||||
- Local | ||||
- Foreign | (4,543) | (335) | ||
Deferred: | ||||
- Local | ||||
- Foreign | ||||
Income tax expense | $ (4,385) | $ (164) | $ (4,543) | $ (335) |
INCOME TAXES (Details Narrative
INCOME TAXES (Details Narrative) | 6 Months Ended |
Jun. 30, 2024 USD ($) | |
UNITED STATES | |
Effective Income Tax Rate Reconciliation [Line Items] | |
Cumulative net operating losses | $ 549,062 |
Income tax, rate | 21% |
Valuation allowance | $ 115,303 |
HONG KONG | DSwiss (HK) Limited [Member] | |
Effective Income Tax Rate Reconciliation [Line Items] | |
Cumulative net operating losses | $ 636,809 |
Income tax, rate | 16.50% |
Valuation allowance | $ 105,073 |
Statutory income tax, rate | 16.50% |
MALAYSIA | DSwiss Sdn Bhd and DSwiss Biotech Sdn Bhd [Member] | |
Effective Income Tax Rate Reconciliation [Line Items] | |
Cumulative net operating losses | $ 29,392 |
MALAYSIA | DSwiss Sdn Bhd and DSwiss Biotech Sdn Bhd [Member] | Minimum [Member] | |
Effective Income Tax Rate Reconciliation [Line Items] | |
Statutory income tax, rate | 15% |
MALAYSIA | DSwiss Sdn Bhd and DSwiss Biotech Sdn Bhd [Member] | Maximum [Member] | |
Effective Income Tax Rate Reconciliation [Line Items] | |
Statutory income tax, rate | 24% |
SCHEDULE OF CONCENTRATION OF RI
SCHEDULE OF CONCENTRATION OF RISK (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |||
Concentration Risk [Line Items] | |||||||
Revenues | $ 579,367 | $ 355,274 | $ 1,050,744 | [1] | $ 621,195 | [1] | |
Accounts payable | 86,999 | 86,999 | $ 99,360 | ||||
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Customer A [Member] | |||||||
Concentration Risk [Line Items] | |||||||
Revenues | $ 72,239 | $ 91,754 | $ 63,861 | ||||
Concentration risk, percentage | 12% | 25% | 10% | ||||
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Customer B [Member] | |||||||
Concentration Risk [Line Items] | |||||||
Revenues | $ 50,196 | $ 116,635 | $ 127,102 | ||||
Concentration risk, percentage | 14% | 11% | 20% | ||||
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Customer C [Member] | |||||||
Concentration Risk [Line Items] | |||||||
Revenues | $ 236,038 | $ 85,002 | $ 100,392 | ||||
Concentration risk, percentage | 41% | 24% | 16% | ||||
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Customer D [Member] | |||||||
Concentration Risk [Line Items] | |||||||
Revenues | $ 117,114 | $ 475,037 | $ 147,848 | ||||
Concentration risk, percentage | 20% | 45% | 24% | ||||
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Customers [Member] | |||||||
Concentration Risk [Line Items] | |||||||
Revenues | $ 425,391 | $ 226,952 | $ 731,537 | $ 439,203 | |||
Concentration risk, percentage | 73% | 63% | 69% | 70% | |||
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Customer E [Member] | |||||||
Concentration Risk [Line Items] | |||||||
Revenues | $ 139,865 | ||||||
Concentration risk, percentage | 13% | ||||||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer A [Member] | Reported For Three Months [Member] | |||||||
Concentration Risk [Line Items] | |||||||
Accounts receivable | $ 27,983 | $ 30,849 | $ 27,983 | $ 30,849 | |||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer A [Member] | Reported For Six Months [Member] | |||||||
Concentration Risk [Line Items] | |||||||
Accounts receivable | |||||||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer B [Member] | Reported For Three Months [Member] | |||||||
Concentration Risk [Line Items] | |||||||
Accounts receivable | 27,475 | 27,475 | |||||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer B [Member] | Reported For Six Months [Member] | |||||||
Concentration Risk [Line Items] | |||||||
Accounts receivable | 27,983 | 30,849 | 27,983 | 30,849 | |||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer C [Member] | Reported For Three Months [Member] | |||||||
Concentration Risk [Line Items] | |||||||
Accounts receivable | |||||||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer C [Member] | Reported For Six Months [Member] | |||||||
Concentration Risk [Line Items] | |||||||
Accounts receivable | 27,475 | 27,475 | |||||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer D [Member] | Reported For Three Months [Member] | |||||||
Concentration Risk [Line Items] | |||||||
Accounts receivable | |||||||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer D [Member] | Reported For Six Months [Member] | |||||||
Concentration Risk [Line Items] | |||||||
Accounts receivable | |||||||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customers [Member] | Reported For Three Months [Member] | |||||||
Concentration Risk [Line Items] | |||||||
Accounts receivable | 27,983 | 58,324 | 27,983 | 58,324 | |||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customers [Member] | Reported For Six Months [Member] | |||||||
Concentration Risk [Line Items] | |||||||
Accounts receivable | 27,983 | 58,324 | 27,983 | 58,324 | |||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer E [Member] | Reported For Six Months [Member] | |||||||
Concentration Risk [Line Items] | |||||||
Accounts receivable | |||||||
Cost of Goods and Service Benchmark [Member] | Supplier Concentration Risk [Member] | Vendor A [Member] | |||||||
Concentration Risk [Line Items] | |||||||
Concentration risk, percentage | 19% | 10% | 17% | ||||
Purchase | $ 51,367 | $ 66,951 | $ 74,870 | ||||
Cost of Goods and Service Benchmark [Member] | Supplier Concentration Risk [Member] | Vendor B [Member] | |||||||
Concentration Risk [Line Items] | |||||||
Concentration risk, percentage | 41% | 29% | 41% | 37% | |||
Purchase | $ 183,896 | $ 75,546 | $ 263,617 | $ 166,206 | |||
Cost of Goods and Service Benchmark [Member] | Supplier Concentration Risk [Member] | Vendor C [Member] | |||||||
Concentration Risk [Line Items] | |||||||
Concentration risk, percentage | 27% | 21% | |||||
Purchase | $ 71,478 | $ 95,572 | |||||
Cost of Goods and Service Benchmark [Member] | Supplier Concentration Risk [Member] | Vendor D [Member] | |||||||
Concentration Risk [Line Items] | |||||||
Concentration risk, percentage | 23% | 19% | |||||
Purchase | $ 104,290 | $ 122,335 | |||||
Cost of Goods and Service Benchmark [Member] | Supplier Concentration Risk [Member] | Vendors [Member] | |||||||
Concentration Risk [Line Items] | |||||||
Concentration risk, percentage | 64% | 75% | 70% | 75% | |||
Purchase | $ 288,186 | $ 198,391 | $ 452,903 | $ 336,648 | |||
Accounts Payable [Member] | Supplier Concentration Risk [Member] | Vendor A [Member] | Reported For Three Months [Member] | |||||||
Concentration Risk [Line Items] | |||||||
Accounts payable | |||||||
Accounts Payable [Member] | Supplier Concentration Risk [Member] | Vendor A [Member] | Reported For Six Months [Member] | |||||||
Concentration Risk [Line Items] | |||||||
Accounts payable | 10,280 | 10,280 | |||||
Accounts Payable [Member] | Supplier Concentration Risk [Member] | Vendor B [Member] | Reported For Three Months [Member] | |||||||
Concentration Risk [Line Items] | |||||||
Accounts payable | 14,352 | 3,722 | 14,352 | 3,722 | |||
Accounts Payable [Member] | Supplier Concentration Risk [Member] | Vendor B [Member] | Reported For Six Months [Member] | |||||||
Concentration Risk [Line Items] | |||||||
Accounts payable | 14,352 | 3,722 | 14,352 | 3,722 | |||
Accounts Payable [Member] | Supplier Concentration Risk [Member] | Vendor C [Member] | Reported For Three Months [Member] | |||||||
Concentration Risk [Line Items] | |||||||
Accounts payable | 38,604 | 38,604 | |||||
Accounts Payable [Member] | Supplier Concentration Risk [Member] | Vendor C [Member] | Reported For Six Months [Member] | |||||||
Concentration Risk [Line Items] | |||||||
Accounts payable | 38,604 | 38,604 | |||||
Accounts Payable [Member] | Supplier Concentration Risk [Member] | Vendor D [Member] | Reported For Three Months [Member] | |||||||
Concentration Risk [Line Items] | |||||||
Accounts payable | 32,472 | 32,472 | |||||
Accounts Payable [Member] | Supplier Concentration Risk [Member] | Vendor D [Member] | Reported For Six Months [Member] | |||||||
Concentration Risk [Line Items] | |||||||
Accounts payable | 32,472 | 32,472 | |||||
Accounts Payable [Member] | Supplier Concentration Risk [Member] | Vendors [Member] | Reported For Three Months [Member] | |||||||
Concentration Risk [Line Items] | |||||||
Accounts payable | 46,824 | 42,326 | 46,824 | 42,326 | |||
Accounts Payable [Member] | Supplier Concentration Risk [Member] | Vendors [Member] | Reported For Six Months [Member] | |||||||
Concentration Risk [Line Items] | |||||||
Accounts payable | $ 57,104 | $ 42,326 | $ 57,104 | $ 42,326 | |||
[1]Revenues and costs are attributed to countries based on the location of customers. |
SCHEDULE OF OPERATING LEASE RIG
SCHEDULE OF OPERATING LEASE RIGHT OF USE ASSETS (Details) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 | Dec. 31, 2023 | |
Lease Right-of-use Asset And Lease Liabilities | ||
Operating lease right of use asset, beginning | $ 44,548 | |
Accumulated amortization | (43,099) | |
Effect of translation exchange | (1,449) | |
Operating lease right of use asset, ending |
SCHEDULE OF OPERATING LEASE LIA
SCHEDULE OF OPERATING LEASE LIABILITY (Details) | 6 Months Ended |
Jun. 30, 2024 USD ($) | |
Lease Right-of-use Asset And Lease Liabilities | |
Operating lease liability, beginning | |
Less: gross repayment | |
Add: imputed interest | |
Effect of translation exchange | |
Operating lease liability, ending | |
Less: lease liability current portion | |
Lease liability non-current portion |
SCHEDULE OF MATURITIES OF OPERA
SCHEDULE OF MATURITIES OF OPERATING LEASE OBLIGATION (Details) | Jun. 30, 2024 USD ($) |
Lease Right-of-use Asset And Lease Liabilities | |
December 31, 2024 | |
Total |
SCHEDULE OF OPERATING LEASE OTH
SCHEDULE OF OPERATING LEASE OTHER INFORMATION (Details) - USD ($) | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2024 | Dec. 31, 2023 | Jan. 01, 2022 | |
Lease Right-of-use Asset And Lease Liabilities | |||
Operating cash flow from operating lease | $ 42,862 | ||
Right-of-use assets obtained in exchange for operating lease liabilities | |||
Remaining lease term for operating lease (years) | 0 years | 0 years | |
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 ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Lease Right-of-use Asset And Lease Liabilities | |||||||
Operating lease liability | $ 92,606 | ||||||
Lease asset- right of use | $ 44,548 | $ 92,606 | |||||
Discount rate of lease payment | 5.40% | 5.40% | |||||
Amortization of operating lease right of use asset | $ 43,099 | ||||||
Lease expenses | $ 10,670 | $ 21,646 | $ 43,099 |
SCHEDULE OF RELATED PARTY TRANS
SCHEDULE OF RELATED PARTY TRANSACTION (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Related Party Transaction [Line Items] | ||||
Sales | $ 1,316 | $ 3,736 | $ 3,875 | $ 45,150 |
Total | 9,075 | 48,150 | ||
Related Party A [Member] | ||||
Related Party Transaction [Line Items] | ||||
Professional Fees | 5,230 | 6,700 | ||
Related Party B [Member] | ||||
Related Party Transaction [Line Items] | ||||
Sales | $ 3,875 | $ 45,150 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) | Jun. 30, 2024 |
Related Party A [Member] | |
Ownership percentage | 7.33% |
SCHEDULE OF REPORTING SEGMENTS
SCHEDULE OF REPORTING SEGMENTS BY GEOGRAPHY (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||||||||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | ||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||
Revenues | $ 579,367 | $ 355,274 | $ 1,050,744 | [1] | $ 621,195 | [1] | ||||
Cost of revenues | (447,182) | (263,561) | (648,674) | [1] | (447,498) | [1] | ||||
Depreciation and amortization | [1] | (6,856) | (36,536) | |||||||
Net (loss)/profit before taxation | 25,531 | (11,839) | 203,354 | [1] | (28,591) | [1] | ||||
Total assets | 571,372 | [1] | 303,795 | [1] | 571,372 | [1] | 303,795 | [1] | $ 367,493 | |
NEVADA | ||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||
Revenues | [1] | |||||||||
Cost of revenues | [1] | |||||||||
Depreciation and amortization | [1] | |||||||||
Net (loss)/profit before taxation | [1] | (24,937) | (35,199) | |||||||
Total assets | [1] | 14,992 | 14,274 | 14,992 | 14,274 | |||||
SEYCHELLES | ||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||
Revenues | [1] | |||||||||
Cost of revenues | [1] | |||||||||
Depreciation and amortization | [1] | |||||||||
Net (loss)/profit before taxation | [1] | (11,261) | (3,178) | |||||||
Total assets | [1] | 13,554 | 21,998 | 13,554 | 21,998 | |||||
HONG KONG | ||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||
Revenues | [1] | |||||||||
Cost of revenues | [1] | |||||||||
Depreciation and amortization | [1] | (514) | ||||||||
Net (loss)/profit before taxation | [1] | (2,003) | (3,540) | |||||||
Total assets | [1] | 23,973 | 13,209 | 23,973 | 13,209 | |||||
MALAYSIA | ||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||
Revenues | [1] | 1,050,744 | 621,195 | |||||||
Cost of revenues | [1] | (648,674) | (447,498) | |||||||
Depreciation and amortization | [1] | (6,856) | (36,022) | |||||||
Net (loss)/profit before taxation | [1] | 241,555 | 13,326 | |||||||
Total assets | [1] | $ 518,853 | $ 254,314 | $ 518,853 | $ 254,314 | |||||
[1]Revenues and costs are attributed to countries based on the location of customers. |