Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Apr. 09, 2019 | Jun. 30, 2018 | |
Document And Entity Information | |||
Entity Registrant Name | United Royale Holdings Corp. | ||
Entity Central Index Key | 0001652842 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2018 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well Known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business Flag | true | ||
Entity Emerging Growth Company | true | ||
Entity Ex Transition Period | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 0 | ||
Entity Common Stock, Shares Outstanding | 141,965,520 | ||
Trading Symbol | URYL | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2018 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
CURRENT ASSETS | ||
Cash and cash equivalents (including $6,394 of restricted cash at December 31, 2018) | $ 261,930 | $ 448,684 |
Prepaid expenses | 13,931 | 2,066 |
TOTAL CURRENT ASSETS | 275,861 | 450,750 |
NON-CURRENT ASSETS | ||
Biological assets | 28,697 | 33,723 |
Plant and equipment, net | 3,468 | 4,976 |
TOTAL ASSETS | 308,026 | 489,449 |
CURRENT LIABILITIES | ||
Accrued liabilities | 27,790 | 18,596 |
Due to Director | 66,355 | 66,038 |
TOTAL CURRENT LIABILITIES | 94,145 | 84,634 |
TOTAL LIABILITIES | 94,145 | 84,634 |
STOCKHOLDERS' EQUITY | ||
Preferred stock - Par value $0.0001;Authorized: 200,000,000 None issued and outstanding | ||
Common stock - Par value $ 0.0001; Authorized: 600,000,000 Issued and outstanding: 141,965,520 shares as of December 31, 2018 and as of December 31, 2017 respectively | 14,197 | 14,197 |
Additional paid-in capital | 650,712 | 643,448 |
Accumulated other comprehensive loss | (460) | (739) |
Accumulated deficit | (450,568) | (252,091) |
TOTAL STOCKHOLDERS' EQUITY | 213,881 | 404,815 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 308,026 | $ 489,449 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Restricted cash | $ 6,394 | |
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 200,000,000 | 200,000,000 |
Preferred stock, shares issued | ||
Preferred stock, shares outstanding | ||
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 600,000,000 | 600,000,000 |
Common stock, shares issued | 141,965,520 | 141,965,520 |
Common stock, shares outstanding | 141,965,520 | 141,965,520 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Income Statement [Abstract] | ||
REVENUE | $ 12,500 | |
COST OF REVENUE | (10,000) | |
GROSS PROFIT | 2,500 | |
OPERATING EXPENSES: | ||
General and administrative | (198,914) | (58,711) |
LOSS FROM OPERATIONS | (198,914) | (56,211) |
Other income (expense), net | 437 | (147) |
LOSS BEFORE INCOME TAX | (198,477) | (56,357) |
INCOME TAX EXPENSE | ||
NET LOSS | (198,477) | (56,357) |
Foreign currency translation income (loss) | 279 | (788) |
Comprehensive loss | $ (198,198) | $ (57,145) |
NET LOSS PER SHARE, BASIC AND DILUTED | $ 0 | $ 0 |
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING, BASIC AND DILUTED | 141,965,520 | 198,677,849 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) | Common Stock [Member] | Additional Paid-In Capital [Member] | Accumulated Other Comprehensive Loss [Member] | Accumulated Deficit [Member] | Total |
Balance at Dec. 31, 2016 | $ 20,197 | $ 637,448 | $ 49 | $ (195,734) | $ 461,960 |
Balance, shares at Dec. 31, 2016 | 201,965,520 | ||||
Share cancellation | $ (6,000) | 6,000 | |||
Share cancellation, shares | (60,000,000) | ||||
Net Loss for the year | (788) | (56,357) | (56,357) | ||
Balance at Dec. 31, 2017 | $ 14,197 | 643,448 | (739) | (252,091) | 404,815 |
Balance, shares at Dec. 31, 2017 | 141,965,520 | ||||
Waiver of director's loan | 7,264 | 7,264 | |||
Net Loss for the year | 279 | (198,477) | (198,477) | ||
Balance at Dec. 31, 2018 | $ 14,197 | $ 650,712 | $ 460 | $ (450,568) | $ 213,881 |
Balance, shares at Dec. 31, 2018 | 141,965,520 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (198,477) | $ (56,357) |
Adjustments to reconcile net loss to net cash used in operating activities | ||
Impairment on biological assets | 18,109 | |
Depreciation expenses | 1,479 | 749 |
Changes in operating assets and liabilities: | ||
Decrease in accrued liabilities | 9,194 | 14,995 |
Decrease (Increase) in prepayment | (11,865) | (2,026) |
Net cash flows used in operating activities | (181,560) | (42,640) |
CASH FLOWS USED IN INVESTING ACTIVITIES: | ||
Purchase of biological assets | (14,042) | (31,911) |
Purchase of plant and equipment | (5,631) | |
Net cash flows used in investing activities | (14,042) | (37,542) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Debt forgiveness from director | 7,426 | |
Increase in advance from directors | 317 | 53,746 |
Net cash flows provided by financing activities | 7,743 | 53,746 |
Effect of exchange rate changes in cash and cash equivalents | 1,105 | 72 |
Net changes in cash and cash equivalents and restricted cash | (186,754) | (26,364) |
Cash and cash equivalents, beginning of period | 448,684 | 475,048 |
CASH AND CASH EQUIVALENTS, END OF YEAR/PERIOD | 261,930 | 448,684 |
SUPPLEMENTAL CASH FLOWS INFORMATION | ||
Income taxes paid | ||
Interest paid | ||
Noncash financing and investing activities: | ||
Debt forgiveness from director | $ 7,426 |
Organization and Business Backg
Organization and Business Background | 12 Months Ended |
Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Business Background | 1. ORGANIZATION AND BUSINESS BACKGROUND United Royale Holdings Corp., formerly known as Bosy Holdings Corp. (“the Company”, “we”, “us” or “our”) was incorporated in the State of Nevada on June 23, 2015. We intend to offer planting and cultivation services to land owners in regards to the planting and cultivation of Aquilaria Subintegra & Aquilaria Sinensis trees. We also intend to provide services relating to the extraction of Agarwood from such trees through a process known as “inoculation.” On September 30, 2018, the Company and Mr. Chen Zheru, representing the sole shareholder of IV Enterprises Development Limited, a Seychelles corporation (“IVED”), entered into a Sale and Purchase Agreement, pursuant to which the Company acquired 100% (one hundred percent) of the shareholding of IVED. IVED provides tree nurseries, including planting, cultivation and inoculation services through its wholly-owned subsidiary, Oudh Tech Sdn Bhd, in Malaysia. The acquisition is completed on September 30, 2018. Mr. Chen Zheru is the common director and major shareholder of the Company and IVED. As a result of this common ownership and in accordance with the FASB Accounting Standards Codification Section 805 “Business Combination”, the transaction is being treated as a combination between entities under common control. The recognized assets and liabilities were transferred at their carrying amounts at the date of the transaction. The equity accounts of the combining entities are combined. Further, the companies will be combined retrospectively for prior year comparative information as if the transaction had occurred on January 1, 2017. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
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 year ended December 31, 2018, the Company incurred a net loss of $198,477 and used cash in operating activities of $181,560. These factors raise substantial doubt about the Company’s ability to continue as a going concern within one year of the date that the financial statements are issued. The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. 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 financial statements are prepared in accordance with generally accepted accounting principles in the United States of America (“US GAAP”). The accompanying financial statements include the accounts of the Company and its wholly-owned subsidiaries. Intercompany transactions and balances were eliminated in consolidation. Below is the organization chart of the Group. Use of estimates Management uses estimates and assumptions in preparing these financial statements in accordance with US GAAP. Those estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities in the balance sheet, and the reported revenue and expenses during the periods reported. Actual results may differ from these estimates. Cash, cash equivalents, and restricted cash Cash and cash equivalents are carried at cost and represent cash on hand, demand deposits placed with banks or other financial institutions and all highly liquid investments with an original maturity of three months or less as of the purchase date of such investments. Restricted cash represents cash restricted by Hang Seng Bank as the bank account was forced to close on October 5, 2018, and this amount of cash was held by Hang Seng Bank . The reason for forced closure was a long period dormant without account activity. Our deposit is currently deposit in HSBC Hong Kong and Hang Seng Bank, and there is a Deposit Protection Scheme protects our eligible deposits held with bank in Hong Kong which is members of the Scheme. The scheme will pay us a compensation up to a limit of HKD500,000, which is equivalent to $64,102, if HSBC Hong Kong fails. 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: Classification Useful Life Computer and Software 3 years Equipment 10 years The Company purchased 2 computers at the end of June 2017, and the computers has been subject to depreciation since the utilization in July 2017. Expenditures for maintenance and repairs will be expensed as incurred. Biological Assets Biological Assets of the Company comprise of agarwood sapling and plantation cost of agarwood. Pursuant to ASC 905-360-25-2, biological Assets are planted and brought to production by the Company or on a contract basis. Saplings are usually purchased as nursery stock and transplanted into the farmland in the desired pattern. Cost of biological assets consists of accumulated planation development costs incurred from commencement of planting of seedlings up to maturity of the crop cultivated. Capitalization of planation development and other operating costs ceases upon commencement of commercial harvesting, which range from 7 to 9 years. Net proceeds from sales of products before commercial production begins shall be applied to the capitalized cost of the plants, trees, or vines. Biological Assets is measured using average cost, and is measured at the lower of cost and net realizable value. When evidence exists that the net realizable value of biological Assets is lower than its cost, the difference shall be recognized as a loss in earnings in the period in which it occurs. Impairment loss may be required, for example, due to damage, physical deterioration, obsolescence, changes in price levels, or other causes. Pursuant to ASC 905-360-35-4, when production in commercial quantities begins, the accumulated costs shall be depreciated over the estimated useful life of the particular farmland. 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 statements of operations. The reporting currency of the Company is the United States Dollars (“US$”) and the accompanying financial statements have been expressed in US$. Hong Kong Dollars (“HK$”), which is the respective functional currencies for the Company as the deposit is currently kept in HSBC Hong Kong. In addition, the Company’s subsidiaries maintain their books and records in their respective local currency, which consists of the Hong Kong Dollars (“HK$”) and Malaysian Ringgit (“MYR”), which is also the respective functional currency of the subsidiaries. In general, for consolidation purposes, assets and liabilities of its subsidiaries whose functional currency is not the US$ are translated into US$ using the exchange rate on the balance sheet date. Revenues and expenses are translated at average rates prevailing during the period. The gains and losses resulting from translation of financial statements of a foreign subsidiary are recorded as a separate component of accumulated other comprehensive loss within equity. Translation of amounts from the local currencies of the Company into US$ has been made at the following exchange rates for the respective periods: As of and for the year ended December 31, 2018 2017 Period-end MYR : US$1 exchange rate 4.13 4.05 Period-average MYR : US$1 exchange rate 4.04 4.28 Period-end / average HK$ : US$1 exchange rate 7.75 7.75 Revenue recognition In accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 606, “Revenue From Contracts With Customers”, the Company recognizes revenue from sales of goods and services when the following five following steps are carried out: (1) Identify the contract; (2) Identify the performance obligations; (3) Determine the transaction price; (4) Allocate the transaction price; (5) Recognize revenue. For the year ended December 31, 2018, the Company had no revenue recorded, as a result, there was no effect on revenue by adopting ASC 606 starting from January 1, 2018. Income taxes The Company accounts for income taxes using the asset and liability method. The asset and liability method requires recognition of deferred tax assets and liabilities for expected future tax consequences of temporary differences that currently exist between tax bases and financial reporting bases of the Company’s assets and liabilities. Deferred income tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which these temporary differences are expected to be recovered or settled. The 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. A valuation allowance is provided on deferred taxes if it is determined that it is more likely than not that the asset will not be realized. The Company recognizes penalties and interest accrued related to income tax liabilities in the provision for income taxes in its Consolidated Statements of Income. Significant management judgment is required to determine the amount of benefit to be recognized in relation to an uncertain tax position. The Company uses a two-step process to evaluate tax positions. The first step requires an entity to determine whether it is more likely than not (greater than 50% chance) that the tax position will be sustained. The second step requires an entity to recognize in the financial statements the benefit of a tax position that meets the more-likely-than-not recognition criterion. The amounts ultimately paid upon resolution of issues raised by taxing authorities may differ materially from the amounts accrued and may materially impact the financial statements of the Company in future periods. Fair value of financial instruments The carrying value of the Company’s financial instruments: cash and cash equivalents, prepayments, amount due to a director and accrued liabilities approximate at their fair values because of the short-term nature of these financial instruments. The Company follows the guidance of the ASC Topic 820-10, “Fair Value Measurements and Disclosures” (“ASC 820-10”), with respect to financial assets and liabilities that are measured at fair value. ASC 820-10 establishes a three-tier fair value hierarchy that prioritizes the inputs used in measuring fair value as follows: ● Level 1 : Observable inputs such as quoted prices in active markets; ● Level 2 : Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and ● Level 3 : Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions Recent accounting pronouncements In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606) (ASU 2014-09), which amends the existing accounting standards for revenue recognition. In August 2015, the FASB issued ASU No. 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date, which delays the effective date of ASU 2014-09 by one year. The FASB also agreed to allow entities to choose to adopt the standard as of the original effective date. In March 2016, the FASB issued Accounting Standards Update No. 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net) (ASU 2016-08) which clarifies the implementation guidance on principal versus agent considerations. The guidance includes indicators to assist an entity in determining whether it controls a specified good or service before it is transferred to the customers. The new standard further requires new disclosures about contracts with customers, including the significant judgments the company has made when applying the guidance. We adopted the new standard effective January 1, 2018, using the modified retrospective transition method. We finalized our analysis and the adoption of this guidance did not have a material impact on our consolidated financial statements and our internal controls over financial reporting as we did not have revenue since inception. In November 2016, the FASB issued Accounting Standards Update No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash (ASU 2016-18), which requires companies to include amounts generally described as restricted cash and restricted cash equivalents in cash and cash equivalents when reconciling beginning-of-period and end-of-period total amounts shown on the statement of cash flows. We adopted the new standard effective January 1, 2018, and do not expect the standard to have a material impact on our financial statements. In January 2017, the FASB issued Accounting Standards Update No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business (ASU 2017-01), which revises the definition of a business and provides new guidance in evaluating when a set of transferred assets and activities is a business. We adopted the new standard effective January 1, 2018 on a prospective basis. The new standard did not have a material impact on our consolidated financial statements. In February 2016, the FASB issued Accounting Standards Update No. 2016-02, Leases (Topic 842) (ASU 2016-02), as amended, which generally requires lessees to recognize operating and financing lease liabilities and corresponding right-of-use assets on the balance sheet and to provide enhanced disclosures surrounding the amount, timing and uncertainty of cash flows arising from leasing arrangements. We will adopt the new standard effective January 1, 2019 on a modified retrospective basis and will not restate comparative periods. We will elect the package of practical expedients permitted under the transition guidance, which allows us to carryforward our historical lease classification, our assessment on whether a contract is or contains a lease, and our initial direct costs for any leases that exist prior to adoption of the new standard. We will also elect to combine lease and non-lease components and to keep leases with an initial term of 12 months or less off the balance sheet and recognize the associated lease payments in the consolidated statements of income on a straight-line basis over the lease term. We do not expect the new standard to have a material impact on our remaining consolidated financial statements. The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and do not believe the future adoption of any such pronouncements may be expected to cause a material impact on its financial condition or the results of its operations. |
Prepaid Expenses
Prepaid Expenses | 12 Months Ended |
Dec. 31, 2018 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Prepaid Expenses | 3. PREPAID EXPENSES The prepaid expenses as of December 31, 2018 included OTCQB annual fee of $12,000, and deposit of $1,931 in transfer agent and farm maintenance service provider, while the prepaid expenses as of December 31, 2017 only included the retainer of $425 kept in the transfer agent’s account, prepaid services fee of $ 900, and deposit of $741. |
Plant and Equipment
Plant and Equipment | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Plant and Equipment | 4. PLANT AND EQUIPMENT As of December 31, 2018 As of December 31, 2017 Computer and Software $ 3,878 $ 3,878 Equipment 1,816 1,852 5,694 5,730 Less: Accumulated Depreciation (2,226 ) (754 ) Plant and equipment, net $ 3,468 $ 4,976 The Company acquired a computer as equipment and a software at $3,731 and $147 respectively in 2017, and the accumulated depreciation as of December 31, 2018 and December 31, 2017 were $1,939 and $646, which constituted a net book value of $1,939 and 3,232 respectively. The Company acquired Engine Pump at MYR7,500 in 2017. The accumulated depreciations as of December 31, 2018 and December 31, 2017 were $288 and $108, which constituted a net book value of $1,529 and 2,498 respectively. The depreciation expense for 2018 and 2017 were $1,472 and $754 respectively. |
Biological Assets
Biological Assets | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Biological Assets | 5. BIOLOGICAL ASSETS Biological Assets of the Company comprise of agarwood sapling and plantation cost of agarwood. The Company acquired the agarwood sapling at MYR98,800 (approximately $24,395) in 2017. The accumulated planation development costs incurred from commencement of planting of seedlings up to December 31, 2018 and December 31, 2017 were $13,083 and $9,328 respectively. An impairment test was carried on December 31, 2018, we wrote off $18,109 of biological assets as a result. The reason for impairment loss was the natural immortality of the agarwood trees. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 5. INCOME TAXES The income (loss) before income taxes of the Company for the years ended December 31, 2018 and 2017 were comprised of the following: For the years ended December 31, 2018 2017 Tax jurisdictions from: – Local $ (178,973 ) $ (42,650 ) – Foreign, representing: Malaysia (18,307 ) (12,767 ) Hong Kong (98 ) (40 ) Other (primarily nontaxable jurisdictions) (1,100 ) (900 ) Loss before income taxes $ (198,198 ) $ (56,357 ) Provision for income taxes consisted of the following: For the years ended December 31, 2018 2017 Current: – Local $ - $ - – Foreign: Hong Kong - - The PRC - - Deferred: – Local - - – Foreign - - $ - $ - 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. During the periods presented, the Company has a number of subsidiaries that operates in different countries and is subject to tax in the jurisdictions in which its subsidiaries operate, as follows: United States of America The Tax Act reduces the U.S. statutory corporate tax rate from 35% to 21% for our tax years beginning in 2018, which resulted in the re-measurement of the federal portion of our deferred tax assets as of December 31, 2017 from the 35% to 21% tax rate. The Company (URYL) is registered in the State of Nevada and is subject to United States of America tax law. As of December 31, 2018, the operations in the United States of America incurred $414,420 of cumulative net operating losses (NOL’s) which can be carried forward to offset future taxable income. The NOL carryforwards begin to expire in 2038, if unutilized. The Company has provided for a full valuation allowance of approximately $87,028 against the deferred tax assets on the expected future tax benefits from the net operating loss carryforwards as the management believes it is more likely than not that these assets will not be realized in the future. Hong Kong Bosy Holdings (HK) Limited operating in Hong Kong are subject to the Hong Kong Profits Tax at the statutory income tax rate of 16.5% on its assessable income for its tax year. For the year ended December 31, 2018 and 2017, subsidiary in Hong Kong incurred an aggregate operating loss of $940 and $842 respectively. The cumulative operating losses can be carried forward to offset future taxable income. The Company has provided for a full valuation allowance against the deferred tax assets of $155 on the expected future tax benefits from the net operating loss carryforwards as the management believes it is more likely than not that these assets will not be realized in the future. Malaysia Oudh Tech Sdn Bhd is subject to the Malaysia Corporate Tax Laws at a progressive income tax rate starting from 20% on the assessable income for its tax year. For the years ended December 31, 2018 and 2017, Oudh Tech Sdn Bhd incurred an aggregate operating loss of $18,307 and $12,767, respectively, which can be carried forward indefinitely to offset its taxable income. As of December 31, 2018, the operations in Malaysia incurred $31,698 of cumulative net operating losses which can be carried forward to offset future taxable income. The net operating loss can be carried forward indefinitely. The Company has provided for a full valuation allowance against the deferred tax assets of $6,340 on the expected future tax benefits from the net operating loss carryforwards as the management believes it is more likely than not that these assets will not be realized in the future. The following table sets forth the significant components of the aggregate deferred tax assets of the Company as of December 31, 2018 and December 31, 2017: As of As of December 31, 2018 December 31, 2017 Deferred tax assets: Goodwill and intangibles $ - $ - Net operating loss carryforwards – United States of America 87,028 49,444 – Hong Kong 155 139 – Malaysia 6,340 2,678 93,523 52,261 Less: valuation allowance (93,523 ) (52,261 ) Deferred tax assets $ - $ - Management believes that it is more likely than not that the deferred tax assets will not be fully realizable in the future. Accordingly, the Company provided for a full valuation allowance against its deferred tax assets of $93,523 as of December 31, 2018. For the year ended December 31, 2018, the valuation allowance increased by $41,262, primarily relating to the increase in salary commitment. The Company had not filed its tax returns since its inception as of December 31, 2017 and the management had filed the previous outstanding tax returns during 2018. |
Amount Due to Director
Amount Due to Director | 12 Months Ended |
Dec. 31, 2018 | |
Related Party Transactions [Abstract] | |
Amount Due to Director | 7. AMOUNT DUE TO DIRECTOR As of December 31, 2018 and 2017, our director has loaned to the Company $66,355 and $66,038, respectively. This loan is unsecured, non-interest bearing and due on demand. During 2018, our director, Teoh Kooi Sooi waived $7,426 in Oudh Tech Sdn Bhd, a wholly owned subsidiary acquired on September 30, 2018, as contribution and recorded in additional paid in capital. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Stockholders' Equity | 8. STOCKHOLDERS EQUITY On December 12, 2017, a related company which is controlled by Mr. Chen Zheru cancelled its 60,000,000 shares of common stock. On September 30, 2018, our CEO, Mr. Teoh Kooi Sooi, waived $7,426 in Oudh Tech Sdn Bhd, a wholly owned subsidiary acquired on September 30, 2018, as contribution and recorded in additional paid in capital. As of December 31, 2018 and 2017, there are 141,965,520 shares of common stock issued and outstanding. There were no stock options, warrants or other potentially dilutive securities outstanding as of December 31, 2018. |
Salary Commitment
Salary Commitment | 12 Months Ended |
Dec. 31, 2018 | |
Compensation Related Costs [Abstract] | |
Salary Commitment | 9. SALARY COMMITMENT On December 1, 2017, Our Chief Executive Officer, Mr. Teoh and our director, Mr. Chen entered into the employment contract with the Company. Mr. Teoh was paid at $5,000 per month and Mr. Chen was paid at $500 per month, both salary were paid in wire transfer. On the same day, the Company employed one more accountant at $800 per month. Mr. Chen was resigned on November 30, 2018. In addition, on December 1, 2018, our director, Mr. Li Gongming entered into the employment contract with the Company. Mr. Li was paid at $5,000 per month in form of wire transfer. |
Concentrations of Risk
Concentrations of Risk | 12 Months Ended |
Dec. 31, 2018 | |
Risks and Uncertainties [Abstract] | |
Concentrations of Risk | 10. CONCENTRATIONS OF RISK The Company is exposed to the following concentrations of risk: (a) Major customer For the years ended December 31, 2018 and 2017, the customer who accounted for 10% or more of the Company’s purchases and its outstanding payable balance at period-end is presented as follows: 2018 2017 2018 2017 2018 2017 Revenues Percentage of revenues Accounts receivable, trade Customer A $ - 12,500 - % 100 % $ - - $ - 12,500 - % 100 % $ - - (b) Major vendor For the years ended December 31, 2018 and 2017, the vendor who accounted for 10% or more of the Company’s purchases and its outstanding payable balance at period-end is presented as follows: 2018 2017 2018 2017 2018 2017 Purchase Percentage of purchases Accounts payable, trade Vendor A $ - 10,000 - % 100 % $ - - $ - 10,000 - % 100 % $ - - Our CEO, Mr. Teoh, was the director of Vendor A previously. He resigned from Vendor A on January 25, 2017, while the sale was generated in June 2017. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
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 year ended December 31, 2018, the Company incurred a net loss of $198,477 and used cash in operating activities of $181,560. These factors raise substantial doubt about the Company’s ability to continue as a going concern within one year of the date that the financial statements are issued. The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. 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 financial statements are prepared in accordance with generally accepted accounting principles in the United States of America (“US GAAP”). The accompanying financial statements include the accounts of the Company and its wholly-owned subsidiaries. Intercompany transactions and balances were eliminated in consolidation. Below is the organization chart of the Group. |
Use of Estimates | Use of estimates Management uses estimates and assumptions in preparing these financial statements in accordance with US GAAP. Those estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities in the balance sheet, and the reported revenue and expenses during the periods reported. Actual results may differ from these estimates. |
Cash, Cash Equivalents, and Restricted Cash | Cash, cash equivalents, and restricted cash Cash and cash equivalents are carried at cost and represent cash on hand, demand deposits placed with banks or other financial institutions and all highly liquid investments with an original maturity of three months or less as of the purchase date of such investments. Restricted cash represents cash restricted by Hang Seng Bank as the bank account was forced to close on October 5, 2018, and this amount of cash was held by Hang Seng Bank . The reason for forced closure was a long period dormant without account activity. Our deposit is currently deposit in HSBC Hong Kong and Hang Seng Bank, and there is a Deposit Protection Scheme protects our eligible deposits held with bank in Hong Kong which is members of the Scheme. The scheme will pay us a compensation up to a limit of HKD500,000, which is equivalent to $64,102, if HSBC Hong Kong fails. |
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: Classification Useful Life Computer and Software 3 years Equipment 10 years The Company purchased 2 computers at the end of June 2017, and the computers has been subject to depreciation since the utilization in July 2017. Expenditures for maintenance and repairs will be expensed as incurred. |
Biological Assets | Biological Assets Biological Assets of the Company comprise of agarwood sapling and plantation cost of agarwood. Pursuant to ASC 905-360-25-2, biological Assets are planted and brought to production by the Company or on a contract basis. Saplings are usually purchased as nursery stock and transplanted into the farmland in the desired pattern. Cost of biological assets consists of accumulated planation development costs incurred from commencement of planting of seedlings up to maturity of the crop cultivated. Capitalization of planation development and other operating costs ceases upon commencement of commercial harvesting, which range from 7 to 9 years. Net proceeds from sales of products before commercial production begins shall be applied to the capitalized cost of the plants, trees, or vines. Biological Assets is measured using average cost, and is measured at the lower of cost and net realizable value. When evidence exists that the net realizable value of biological Assets is lower than its cost, the difference shall be recognized as a loss in earnings in the period in which it occurs. Impairment loss may be required, for example, due to damage, physical deterioration, obsolescence, changes in price levels, or other causes. Pursuant to ASC 905-360-35-4, when production in commercial quantities begins, the accumulated costs shall be depreciated over the estimated useful life of the particular farmland. |
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 statements of operations. The reporting currency of the Company is the United States Dollars (“US$”) and the accompanying financial statements have been expressed in US$. Hong Kong Dollars (“HK$”), which is the respective functional currencies for the Company as the deposit is currently kept in HSBC Hong Kong. In addition, the Company’s subsidiaries maintain their books and records in their respective local currency, which consists of the Hong Kong Dollars (“HK$”) and Malaysian Ringgit (“MYR”), which is also the respective functional currency of the subsidiaries. In general, for consolidation purposes, assets and liabilities of its subsidiaries whose functional currency is not the US$ are translated into US$ using the exchange rate on the balance sheet date. Revenues and expenses are translated at average rates prevailing during the period. The gains and losses resulting from translation of financial statements of a foreign subsidiary are recorded as a separate component of accumulated other comprehensive loss within equity. Translation of amounts from the local currencies of the Company into US$ has been made at the following exchange rates for the respective periods: As of and for the year ended December 31, 2018 2017 Period-end MYR : US$1 exchange rate 4.13 4.05 Period-average MYR : US$1 exchange rate 4.04 4.28 Period-end / average HK$ : US$1 exchange rate 7.75 7.75 |
Revenue Recognition | Revenue recognition In accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 606, “Revenue From Contracts With Customers”, the Company recognizes revenue from sales of goods and services when the following five following steps are carried out: (1) Identify the contract; (2) Identify the performance obligations; (3) Determine the transaction price; (4) Allocate the transaction price; (5) Recognize revenue. For the year ended December 31, 2018, the Company had no revenue recorded, as a result, there was no effect on revenue by adopting ASC 606 starting from January 1, 2018. |
Income Taxes | Income taxes The Company accounts for income taxes using the asset and liability method. The asset and liability method requires recognition of deferred tax assets and liabilities for expected future tax consequences of temporary differences that currently exist between tax bases and financial reporting bases of the Company’s assets and liabilities. Deferred income tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which these temporary differences are expected to be recovered or settled. The 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. A valuation allowance is provided on deferred taxes if it is determined that it is more likely than not that the asset will not be realized. The Company recognizes penalties and interest accrued related to income tax liabilities in the provision for income taxes in its Consolidated Statements of Income. Significant management judgment is required to determine the amount of benefit to be recognized in relation to an uncertain tax position. The Company uses a two-step process to evaluate tax positions. The first step requires an entity to determine whether it is more likely than not (greater than 50% chance) that the tax position will be sustained. The second step requires an entity to recognize in the financial statements the benefit of a tax position that meets the more-likely-than-not recognition criterion. The amounts ultimately paid upon resolution of issues raised by taxing authorities may differ materially from the amounts accrued and may materially impact the financial statements of the Company in future periods. |
Fair Value of Financial Instruments | Fair value of financial instruments The carrying value of the Company’s financial instruments: cash and cash equivalents, prepayments, amount due to a director and accrued liabilities approximate at their fair values because of the short-term nature of these financial instruments. The Company follows the guidance of the ASC Topic 820-10, “Fair Value Measurements and Disclosures” (“ASC 820-10”), with respect to financial assets and liabilities that are measured at fair value. ASC 820-10 establishes a three-tier fair value hierarchy that prioritizes the inputs used in measuring fair value as follows: ● Level 1 : Observable inputs such as quoted prices in active markets; ● Level 2 : Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and ● Level 3 : Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions |
Recent Accounting Pronouncements | Recent accounting pronouncements In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606) (ASU 2014-09), which amends the existing accounting standards for revenue recognition. In August 2015, the FASB issued ASU No. 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date, which delays the effective date of ASU 2014-09 by one year. The FASB also agreed to allow entities to choose to adopt the standard as of the original effective date. In March 2016, the FASB issued Accounting Standards Update No. 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net) (ASU 2016-08) which clarifies the implementation guidance on principal versus agent considerations. The guidance includes indicators to assist an entity in determining whether it controls a specified good or service before it is transferred to the customers. The new standard further requires new disclosures about contracts with customers, including the significant judgments the company has made when applying the guidance. We adopted the new standard effective January 1, 2018, using the modified retrospective transition method. We finalized our analysis and the adoption of this guidance did not have a material impact on our consolidated financial statements and our internal controls over financial reporting as we did not have revenue since inception. In November 2016, the FASB issued Accounting Standards Update No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash (ASU 2016-18), which requires companies to include amounts generally described as restricted cash and restricted cash equivalents in cash and cash equivalents when reconciling beginning-of-period and end-of-period total amounts shown on the statement of cash flows. We adopted the new standard effective January 1, 2018, and do not expect the standard to have a material impact on our financial statements. In January 2017, the FASB issued Accounting Standards Update No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business (ASU 2017-01), which revises the definition of a business and provides new guidance in evaluating when a set of transferred assets and activities is a business. We adopted the new standard effective January 1, 2018 on a prospective basis. The new standard did not have a material impact on our consolidated financial statements. In February 2016, the FASB issued Accounting Standards Update No. 2016-02, Leases (Topic 842) (ASU 2016-02), as amended, which generally requires lessees to recognize operating and financing lease liabilities and corresponding right-of-use assets on the balance sheet and to provide enhanced disclosures surrounding the amount, timing and uncertainty of cash flows arising from leasing arrangements. We will adopt the new standard effective January 1, 2019 on a modified retrospective basis and will not restate comparative periods. We will elect the package of practical expedients permitted under the transition guidance, which allows us to carryforward our historical lease classification, our assessment on whether a contract is or contains a lease, and our initial direct costs for any leases that exist prior to adoption of the new standard. We will also elect to combine lease and non-lease components and to keep leases with an initial term of 12 months or less off the balance sheet and recognize the associated lease payments in the consolidated statements of income on a straight-line basis over the lease term. We do not expect the new standard to have a material impact on our remaining consolidated financial statements. The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and do not believe the future adoption of any such pronouncements may be expected to cause a material impact on its financial condition or the results of its operations. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Schedule of Estimated Useful Lives of Plant and Equipment | Depreciation of plant, equipment and software are calculated on the straight-line method over their estimated useful lives or lease terms generally as follows: Classification Useful Life Computer and Software 3 years Equipment 10 years |
Schedule of Foreign Currency Translation | Translation of amounts from the local currencies of the Company into US$ has been made at the following exchange rates for the respective periods: As of and for the year ended December 31, 2018 2017 Period-end MYR : US$1 exchange rate 4.13 4.05 Period-average MYR : US$1 exchange rate 4.04 4.28 Period-end / average HK$ : US$1 exchange rate 7.75 7.75 |
Plant and Equipment (Tables)
Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Plant and Equipment, Net | As of December 31, 2018 As of December 31, 2017 Computer and Software $ 3,878 $ 3,878 Equipment 1,816 1,852 5,694 5,730 Less: Accumulated Depreciation (2,226 ) (754 ) Plant and equipment, net $ 3,468 $ 4,976 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income (Loss) Before Income Taxes | The income (loss) before income taxes of the Company for the years ended December 31, 2018 and 2017 were comprised of the following: For the years ended December 31, 2018 2017 Tax jurisdictions from: – Local $ (178,973 ) $ (42,650 ) – Foreign, representing: Malaysia (18,307 ) (12,767 ) Hong Kong (98 ) (40 ) Other (primarily nontaxable jurisdictions) (1,100 ) (900 ) Loss before income taxes $ (198,198 ) $ (56,357 ) |
Schedule of Provision for Income Taxes | Provision for income taxes consisted of the following: For the years ended December 31, 2018 2017 Current: – Local $ - $ - – Foreign: Hong Kong - - The PRC - - Deferred: – Local - - – Foreign - - $ - $ - |
Schedule of Significant Components of Aggregate Deferred Tax Assets | The following table sets forth the significant components of the aggregate deferred tax assets of the Company as of December 31, 2018 and December 31, 2017: As of As of December 31, 2018 December 31, 2017 Deferred tax assets: Goodwill and intangibles $ - $ - Net operating loss carryforwards – United States of America 87,028 49,444 – Hong Kong 155 139 – Malaysia 6,340 2,678 93,523 52,261 Less: valuation allowance (93,523 ) (52,261 ) Deferred tax assets $ - $ - |
Concentrations of Risk (Tables)
Concentrations of Risk (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Risks and Uncertainties [Abstract] | |
Schedule of Concentrations of Risk | (a) Major customer For the years ended December 31, 2018 and 2017, the customer who accounted for 10% or more of the Company’s purchases and its outstanding payable balance at period-end is presented as follows: 2018 2017 2018 2017 2018 2017 Revenues Percentage of revenues Accounts receivable, trade Customer A $ - 12,500 - % 100 % $ - - $ - 12,500 - % 100 % $ - - (b) Major vendor For the years ended December 31, 2018 and 2017, the vendor who accounted for 10% or more of the Company’s purchases and its outstanding payable balance at period-end is presented as follows: 2018 2017 2018 2017 2018 2017 Purchase Percentage of purchases Accounts payable, trade Vendor A $ - 10,000 - % 100 % $ - - $ - 10,000 - % 100 % $ - - |
Organization and Business Bac_2
Organization and Business Background (Details Narrative) | Dec. 31, 2018 |
Mr. Chen Zheru [Member] | |
Acquisition percentage | 100.00% |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Net loss | $ (198,477) | $ (56,357) |
Cash in operating activities | (181,560) | (42,640) |
Cash and cash equivalents | $ 261,930 | $ 448,684 |
Tax benefit likelihood percentage, description | The first step requires an entity to determine whether it is more likely than not (greater than 50% chance) that the tax position will be sustained. | |
HSBC Hong Kong [Member] | ||
Cash and cash equivalents | $ 64,102 | |
Maximum [Member] | ||
Commercial harveting term of biological assets | 9 years | |
Minimum [Member] | ||
Commercial harveting term of biological assets | 7 years | |
HKD [Member] | Maximum [Member] | ||
Cash and cash equivalents | $ 500,000 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Schedule of Estimated Useful Lives of Plant and Equipment (Details) | 12 Months Ended |
Dec. 31, 2018 | |
Computer and Software [Member] | |
Plant and equipment useful life | 3 years |
Equipment [Member] | |
Plant and equipment useful life | 10 years |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Schedule of Foreign Currency Translation (Details) | Dec. 31, 2018 | Dec. 31, 2017 |
Period End MYR [Member] | ||
Foreign Currency Exchange Rate, Translation | 4.13 | 4.05 |
Period Average MYR [Member] | ||
Foreign Currency Exchange Rate, Translation | 4.04 | 4.28 |
Period End Average HK [Member] | ||
Foreign Currency Exchange Rate, Translation | 7.75 | 7.75 |
Prepaid Expenses (Details Narra
Prepaid Expenses (Details Narrative) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Deposit | $ 1,931 | $ 741 |
Annual Fee [Member] | ||
Prepaid expenses | $ 12,000 | |
Retainers Fee [Member] | ||
Prepaid expenses | 425 | |
Prepaid Services Fee [Member] | ||
Prepaid expenses | $ 900 |
Plant and Equipment (Details Na
Plant and Equipment (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Acquired a computer as equipment and a software | $ 5,631 | |
Accumulated depreciation | 2,226 | 754 |
Plant and equipment, net | 3,468 | 4,976 |
Depreciation expense | 1,479 | 749 |
Computer Equipment [Member] | ||
Acquired a computer as equipment and a software | 3,731 | |
Software [Member] | ||
Acquired a computer as equipment and a software | 147 | |
Engine Pump [Member] | ||
Accumulated depreciation | 288 | 108 |
Business acquisition, net | $ 1,529 | 2,498 |
Engine Pump [Member] | MYR [Member] | ||
Business acquisition | $ 7,500 |
Plant and Equipment - Schedule
Plant and Equipment - Schedule of Plant and Equipment, Net (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Property and equipment, gross | $ 5,694 | $ 5,730 |
Accumulated Depreciation | (2,226) | (754) |
Plant and equipment, net | 3,468 | 4,976 |
Computer and Software [Member] | ||
Property and equipment, gross | 3,878 | 3,878 |
Equipment [Member] | ||
Property and equipment, gross | $ 1,816 | $ 1,852 |
Biological Assets (Details Narr
Biological Assets (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Development costs | $ 13,083 | $ 9,328 |
Impairment on biological assets | $ 18,109 | |
Agarwood Sapling [Member] | ||
Business acquisition | 24,395 | |
Agarwood Sapling [Member] | MYR [Member] | ||
Business acquisition | $ 98,800 |
Income Taxes (Details Narrative
Income Taxes (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
IncomeTaxDisclosureLineItems [Line Items] | ||
Statutory income tax rate | 24.00% | |
Deferred tax assets, valuation allowance | $ 93,523 | $ 52,261 |
Net change in valuation allowance | $ 41,262 | |
United States of America [Member] | ||
IncomeTaxDisclosureLineItems [Line Items] | ||
Statutory income tax rate | 21.00% | 35.00% |
Operating loss carryforwards, net | $ 414,420 | |
Operating loss carryforwards expiration year | 2038 | |
Deferred tax assets, valuation allowance | $ 87,028 | |
HONG KONG [Member] | LIABILITIES AND STOCKHOLDERS' EQUITY | Inland Revenue, Hong Kong [Member] | ||
IncomeTaxDisclosureLineItems [Line Items] | ||
Statutory income tax rate | 16.50% | |
Operating loss carryforwards, net | $ 940 | $ 842 |
Deferred tax assets, valuation allowance | 155 | |
MALAYSIA [Member] | ||
IncomeTaxDisclosureLineItems [Line Items] | ||
Operating loss carryforwards, net | 31,698 | |
Deferred tax assets, valuation allowance | $ 6,340 | |
MALAYSIA [Member] | Oudh Tech Sdn Bhd [Member] | ||
IncomeTaxDisclosureLineItems [Line Items] | ||
Statutory income tax rate | 20.00% | |
Operating loss carryforwards, net | $ 18,307 | $ 12,767 |
Income Taxes - Schedule of Inco
Income Taxes - Schedule of Income (Loss) Before Income Taxes (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
IncomeTaxDisclosureLineItems [Line Items] | ||
Loss before income taxes - Local | $ (178,973) | $ (42,650) |
Loss before income taxes | (198,198) | (56,357) |
MALAYSIA [Member] | ||
IncomeTaxDisclosureLineItems [Line Items] | ||
Loss before income taxes - Foreign | (18,307) | (12,767) |
HONG KONG [Member] | ||
IncomeTaxDisclosureLineItems [Line Items] | ||
Loss before income taxes - Foreign | (98) | (40) |
Other (Primarily Nontaxable Jurisdictions) [Member] | ||
IncomeTaxDisclosureLineItems [Line Items] | ||
Loss before income taxes - Foreign | $ (1,100) | $ (900) |
Income Taxes - Schedule of Prov
Income Taxes - Schedule of Provision for Income Taxes (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
IncomeTaxDisclosureLineItems [Line Items] | ||
Provision for income taxes, Current - Local | ||
Provision for income taxes, Deferred - Local | ||
Provision for income taxes, Deferred - Foreign | ||
Provision for income taxes | ||
HONG KONG [Member] | ||
IncomeTaxDisclosureLineItems [Line Items] | ||
Provision for income taxes, Current - Foreign | ||
The PRC [Member] | ||
IncomeTaxDisclosureLineItems [Line Items] | ||
Provision for income taxes, Current - Foreign |
Income Taxes - Schedule of Sign
Income Taxes - Schedule of Significant Components of Aggregate Deferred Tax Assets (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
IncomeTaxDisclosureLineItems [Line Items] | ||
Goodwill and intangibles | ||
Deferred tax assets, gross | 93,523 | 52,261 |
Less: valuation allowance | (93,523) | (52,261) |
Deferred tax assets | ||
United States of America [Member] | ||
IncomeTaxDisclosureLineItems [Line Items] | ||
Net operating loss carryforwards | 87,028 | 49,444 |
Less: valuation allowance | (87,028) | |
HONG KONG [Member] | ||
IncomeTaxDisclosureLineItems [Line Items] | ||
Net operating loss carryforwards | 155 | 139 |
MALAYSIA [Member] | ||
IncomeTaxDisclosureLineItems [Line Items] | ||
Net operating loss carryforwards | 6,340 | $ 2,678 |
Less: valuation allowance | $ (6,340) |
Amount Due to Director (Details
Amount Due to Director (Details Narrative) - USD ($) | Sep. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 |
Due to Director | $ 66,355 | $ 66,038 | |
Debt forgiveness | 7,426 | ||
Mr. Teoh Kooi Sooi [Member] | |||
Debt forgiveness | $ 7,426 | $ 7,426 |
Stockholders Equity (Details Na
Stockholders Equity (Details Narrative) - USD ($) | Sep. 30, 2018 | Dec. 12, 2017 | Sep. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 |
Debt forgiveness | $ 7,426 | ||||
Common stock, shares issued | 141,965,520 | 141,965,520 | 141,965,520 | 141,965,520 | |
Common stock, shares outstanding | 141,965,520 | 141,965,520 | 141,965,520 | 141,965,520 | |
Stock Options [Member] | |||||
Dilutive securities outstanding | |||||
Warrants [Member] | |||||
Dilutive securities outstanding | |||||
Other Potentially Dilutive Securities [Member] | |||||
Dilutive securities outstanding | |||||
Mr. Chen Zheru [Member] | |||||
Share cancellation | 60,000,000 | ||||
Mr. Teoh Kooi Sooi [Member] | |||||
Debt forgiveness | $ 7,426 | $ 7,426 |
Salary Commitment (Details Narr
Salary Commitment (Details Narrative) | Dec. 01, 2017USD ($) |
Mr. Teoh [Member] | |
Employee compensation per month | $ 5,000 |
Mr. Chen [Member] | |
Employee compensation per month | 500 |
Accountant [Member] | |
Employee compensation per month | $ 800 |
Concentrations of Risk - Schedu
Concentrations of Risk - Schedule of Concentrations of Risk (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Revenues | $ 12,500 | |
Purchase | 10,000 | |
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | ||
Revenues | $ 12,500 | |
Concentration Risk, Percentage | 100.00% | |
Customer Concentration Risk [Member] | Accounts Receivable, trade [Member] | ||
Accounts receivable, trade | ||
Supplier Concentration Risk [Member] | Cost of Goods, Total [Member] | ||
Concentration Risk, Percentage | 100.00% | |
Purchase | $ 10,000 | |
Supplier Concentration Risk [Member] | Accounts Payable, trade [Member] | ||
Accounts payable, trade | ||
Customer A [Member] | Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | ||
Revenues | $ 12,500 | |
Concentration Risk, Percentage | 100.00% | |
Customer A [Member] | Customer Concentration Risk [Member] | Accounts Receivable, trade [Member] | ||
Accounts receivable, trade | ||
Vendor A [Member] | Supplier Concentration Risk [Member] | Cost of Goods, Total [Member] | ||
Concentration Risk, Percentage | 100.00% | |
Purchase | $ 10,000 | |
Vendor A [Member] | Supplier Concentration Risk [Member] | Accounts Payable, trade [Member] | ||
Accounts payable, trade |