Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2019 | Nov. 12, 2019 | |
Document And Entity Information | ||
Entity Registrant Name | United Royale Holdings Corp. | |
Entity Central Index Key | 0001652842 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2019 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | No | |
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 Common Stock, Shares Outstanding | 141,965,520 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2019 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Sep. 30, 2019 | Dec. 31, 2018 |
CURRENT ASSETS | ||
Cash and cash equivalents (Nil at September 30, 2019; including $6,394 of restricted cash at December 31, 2018) | $ 62,178 | $ 261,930 |
Prepaid expenses | 14,025 | 13,931 |
TOTAL CURRENT ASSETS | 76,203 | 275,861 |
NON-CURRENT ASSETS | ||
Plant and equipment, net | 2,342 | 3,468 |
Biological assets | 36,011 | 28,697 |
Operating lease right-of-use assets, net | 19,859 | |
TOTAL ASSETS | 134,415 | 308,026 |
CURRENT LIABILITIES | ||
Accrued liabilities | 6,874 | 27,790 |
Due to director | 78,149 | 66,355 |
Operating lease liabilities, current portion | 3,094 | |
TOTAL CURRENT LIABILITIES | 88,117 | 94,145 |
NON-CURRENT LIABILITIES | ||
Operating lease liabilities, net of current portion | 16,765 | |
TOTAL LIABILITIES | 104,882 | 94,145 |
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 September 30, 2019 and December 31, 2018 | 14,197 | 14,197 |
Additional paid-in capital | 650,712 | 650,712 |
Accumulated other comprehensive loss | (333) | (460) |
Accumulated deficit | (635,043) | (450,568) |
TOTAL STOCKHOLDERS' EQUITY | 29,533 | 213,881 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 134,415 | $ 308,026 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) | Sep. 30, 2019 | Dec. 31, 2018 |
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 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | [1] | ||
Income Statement [Abstract] | ||||||
REVENUE | [1] | |||||
COST OF REVENUE | [1] | |||||
GROSS PROFIT | [1] | |||||
OPERATING EXPENSES: | ||||||
General and administrative | (67,730) | (39,058) | [1] | (184,824) | (114,347) | |
LOSS FROM OPERATIONS | (67,730) | (39,058) | [1] | (184,824) | (114,347) | |
OTHER EXPENSE | ||||||
Other income (expense), net | 1 | (14) | [1] | 349 | 46 | |
LOSS BEFORE INCOME TAX | (67,729) | (39,072) | [1] | (184,475) | (114,301) | |
INCOME TAX EXPENSE | [1] | |||||
NET LOSS | (67,729) | (39,072) | (184,475) | (114,301) | ||
Other comprehensive loss: | ||||||
- Foreign currency translation income (loss) | 156 | 345 | [1] | 128 | 313 | |
COMPREHENSIVE LOSS | $ (67,573) | $ (38,727) | [1] | $ (184,347) | $ (113,998) | |
NET LOSS PER SHARE, BASIC AND DILUTED | $ 0 | $ 0 | [1] | $ 0 | $ 0 | |
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING, BASIC AND DILUTED | 141,965,520 | 141,965,520 | [1] | 141,965,520 | 141,965,520 | |
[1] | The prior year comparative information has been retrospectively stated due to the common control acquisition on September 30, 2018. |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-In Capital [Member] | Accumulated Other Comprehensive Loss [Member] | Accumulated Deficit [Member] | Total | |
Beginning balance at Dec. 31, 2017 | $ 14,197 | $ 643,448 | $ (739) | $ (252,091) | $ 404,815 | |
Beginning balance, shares at Dec. 31, 2017 | 141,965,520 | |||||
Net loss | (44,580) | (44,580) | ||||
Foreign currency translation | (696) | (696) | ||||
Ending balance at Mar. 31, 2018 | [1] | $ 14,197 | 643,448 | (1,435) | (296,671) | 359,539 |
Ending balance, shares at Mar. 31, 2018 | [1] | 141,965,520 | ||||
Beginning balance at Dec. 31, 2017 | $ 14,197 | 643,448 | (739) | (252,091) | 404,815 | |
Beginning balance, shares at Dec. 31, 2017 | 141,965,520 | |||||
Net loss | [1] | (114,301) | ||||
Ending balance at Sep. 30, 2018 | $ 14,197 | 650,694 | (426) | (366,392) | 298,073 | |
Ending balance, shares at Sep. 30, 2018 | 141,965,520 | |||||
Beginning balance at Mar. 31, 2018 | [1] | $ 14,197 | 643,448 | (1,435) | (296,671) | 359,539 |
Beginning balance, shares at Mar. 31, 2018 | [1] | 141,965,520 | ||||
Net loss | (30,649) | (30,649) | ||||
Foreign currency translation | 663 | 663 | ||||
Ending balance at Jun. 30, 2018 | [1] | $ 14,197 | 643,448 | (772) | (327,320) | 329,553 |
Ending balance, shares at Jun. 30, 2018 | [1] | 141,965,520 | ||||
Net loss | (39,072) | (39,072) | ||||
Foreign currency translation | 346 | 346 | ||||
Capital Contribution | 7,246 | 7,246 | ||||
Ending balance at Sep. 30, 2018 | $ 14,197 | 650,694 | (426) | (366,392) | 298,073 | |
Ending balance, shares at Sep. 30, 2018 | 141,965,520 | |||||
Beginning balance at Dec. 31, 2018 | $ 14,197 | 650,712 | (460) | (450,568) | 213,881 | |
Beginning balance, shares at Dec. 31, 2018 | 141,965,520 | |||||
Net loss | (50,187) | (50,187) | ||||
Foreign currency translation | (119) | (119) | ||||
Ending balance at Mar. 31, 2019 | $ 14,197 | 650,712 | (579) | (500,755) | 163,575 | |
Ending balance, shares at Mar. 31, 2019 | 141,965,520 | |||||
Beginning balance at Dec. 31, 2018 | $ 14,197 | 650,712 | (460) | (450,568) | 213,881 | |
Beginning balance, shares at Dec. 31, 2018 | 141,965,520 | |||||
Net loss | (184,475) | |||||
Ending balance at Sep. 30, 2019 | $ 14,197 | 650,712 | (333) | (635,043) | 29,533 | |
Ending balance, shares at Sep. 30, 2019 | 141,965,520 | |||||
Beginning balance at Mar. 31, 2019 | $ 14,197 | 650,712 | (579) | (500,755) | 163,575 | |
Beginning balance, shares at Mar. 31, 2019 | 141,965,520 | |||||
Net loss | (66,559) | (66,559) | ||||
Foreign currency translation | 90 | 90 | ||||
Ending balance at Jun. 30, 2019 | $ 14,197 | 650,712 | (489) | (567,314) | 97,106 | |
Ending balance, shares at Jun. 30, 2019 | 141,965,520 | |||||
Net loss | (67,729) | (67,729) | ||||
Foreign currency translation | 156 | 156 | ||||
Ending balance at Sep. 30, 2019 | $ 14,197 | $ 650,712 | $ (333) | $ (635,043) | $ 29,533 | |
Ending balance, shares at Sep. 30, 2019 | 141,965,520 | |||||
[1] | The prior year comparative information has been retrospectively stated due to the common control acquisition on September 30, 2018. |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | ||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net loss | $ (184,475) | $ (114,301) | [1] |
Adjustments to reconcile net loss to net cash used in operating activities | |||
Depreciation and amortization expenses | 2,597 | 1,211 | [1] |
Increase in lease liabilities | (1,491) | ||
Changes in operating assets and liabilities: | |||
Decrease in accrued liabilities | (20,892) | (2,614) | [1] |
Increase in prepaid expenses | (104) | (1,159) | [1] |
Net cash flows used in operating activities | (204,365) | (116,863) | [1] |
CASH FLOWS USED IN INVESTING ACTIVITIES: | |||
Purchase of biological assets | (8,076) | (9,557) | |
Purchase of plant and equipment | (68) | ||
Net cash flows used in investing activities | (8,076) | (9,625) | [1] |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Capital Contribution | 7,247 | ||
Advance from directors | 12,734 | 16,918 | [1] |
Net cash provided by financing activities | 12,734 | 24,165 | [1] |
Effect of exchange rate changes in cash and cash equivalents | (45) | 313 | [1] |
Net changes in cash and cash equivalents | (199,752) | (102,010) | [1] |
Cash and cash equivalents, beginning of period | 261,930 | 448,684 | [1] |
CASH AND CASH EQUIVALENTS, END OF YEAR/PERIOD | 62,178 | 346,674 | |
SUPPLEMENTAL CASH FLOWS INFORMATION | |||
Income taxes paid | [1] | ||
Interest paid | [1] | ||
SUPPLEMENTAL NON-CASH INVESTING AND FINANCING ACTIVITIES | |||
Initial recognition of operating lease right-of-use assets and operating lease obligations upon adoption of ASC Topic 842 | $ 21,330 | [1] | |
[1] | The prior year comparative information has been retrospectively stated due to the common control acquisition on September 30, 2018. |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | 1. BASIS OF PRESENTATION The accompanying unaudited condensed consolidated financial statements have been prepared by management in accordance with both accounting principles generally accepted in the United States (“GAAP”), and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Certain information and note disclosures normally included in audited financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to those rules and regulations, although the Company believes that the disclosures made are adequate to make the information not misleading. In the opinion of management, the balance sheet as of September 30, 2019 which has been derived from unaudited financial statements and these unaudited condensed consolidated financial statements reflect all normal and recurring adjustments considered necessary to state fairly the results for the periods presented. The results for the period ended September 30, 2019 are not necessarily indicative of the results to be expected for the entire fiscal year ending December 31, 2019 or for any future period. These unaudited condensed consolidated financial statements and notes thereto should be read in conjunction with the Management’s Discussion and the audited financial statements and notes thereto included in the Form 10-K for the year ended December 31, 2018. |
Description of Business and Org
Description of Business and Organization | 9 Months Ended |
Sep. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business and Organization | 2. DESCRIPTION OF BUSINESS AND ORGANIZATION 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” |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 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. 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. During the nine months ended September 30, 2019, the Company incurred a net loss of $184,475 and used cash in operations of $204,365. 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. In addition, the Company’s independent registered public accounting firm, in its report on the Company’s December 31, 2018 financial statements, has expressed substantial doubt about the Company’s ability to continue as a going concern. 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. Despite the amount of funds that we have raised, 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 stockholders, in the case of equity financing. Cash and cash equivalents 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. On February 25, 2019, our management went to Hang Seng Bank in person to withdraw the money and deposited in HSBC Hong Kong respectively. Our deposit is currently deposit in HSBC Hong Kong, 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 statement 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$”) and Malaysian Ringgit (“MYR”), which is also the respective functional currency of the subsidiaries. Translation of amounts from the local currencies of the Company into US$ has been made at the following exchange rates for the respective periods: As of and for the nine months ended 2019 2018 Period-end MYR : US$1 exchange rate 4.19 4.14 Period-average MYR : US$1 exchange rate 4.13 3.99 Period-end / average HK$ : 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 nine months ended September 30, 2019, 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 Lease Prior to January 1, 2019, the Company had not entered into formal lease agreement and the Company accounted for leases under ASC 840, Accounting for Leases. Effective July 1, 2019, the Company adopted the guidance of ASC 842, Leases, which requires an entity to recognize a right-of-use asset and a lease liability for virtually all leases. The implementation of ASC 842 did not have a material impact on the Company’s consolidated financial statements and did not have a significant impact on our liquidity or on our compliance with our financial covenants associated with our loans. The Company adopted ASC 842 using a modified retrospective approach. As a result, the comparative financial information has not been updated and the required disclosures prior to the date of adoption have not been updated and continue to be reported under the accounting standards in effect for those periods. The adoption of ASC 842 on January 1, 2019 resulted in the recognition of operating lease right-of-use assets of $21,330, lease liabilities for operating leases of $21,330, and a zero cumulative-effect adjustment to accumulated deficit. See Note 8 for further information regarding the impact of the adoption of ASC 842 on the Company’s financial statements. 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 will not have a material impact on our consolidated financial statements and our internal controls over financial reporting. 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. There is no material impact on our remaining consolidated financial statements after applying this standard. 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 | 9 Months Ended |
Sep. 30, 2019 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Prepaid Expenses | 4. PREPAID EXPENSES The prepaid expenses as of September 30, 2019 included OTCQB annual fee of $3,000, deposit of $3,899 in transfer agent, deposit of $6,410 in the consulting service provider and $716 in our farmland provider, while the prepaid expenses as of December 31, 2018 included OTCQB annual fee of $12,000, deposit of $1,205 in the transfer agent and deposit of $726 in our farmland provider. |
Plant and Equipment, Net
Plant and Equipment, Net | 9 Months Ended |
Sep. 30, 2019 | |
Property, Plant and Equipment [Abstract] | |
Plant and Equipment, Net | 5. PLANT AND EQUIPMENT, NET As of As of (Unaudited) Computer and Software $ 3,878 $ 3,878 Equipment 1,791 1,816 5,669 5,694 Less: Accumulated Depreciation (3,327 ) (2,226 ) Plant and equipment, net $ 2,342 $ 3,468 The Company acquired computers and a software at $3,878 in 2017, and the accumulated depreciations as of September 30, 2019 and December 31, 2018 were $2,909 and $1,939 respectively. The Company acquired Engine Pump at $1,791 in 2017. The accumulated depreciations as of September 30, 2019 and December 31, 2018 were $418 and $287 respectively. The depreciation expense for September 30, 2019 and 2018 were $1,106 and $1,211 respectively. |
Biological Assets
Biological Assets | 9 Months Ended |
Sep. 30, 2019 | |
Property, Plant and Equipment [Abstract] | |
Biological Assets | 6. 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 $23,587) in 2017. The accumulated planation development costs incurred from commencement of planting of seedlings up to September 30, 2019 and December 31, 2018 were $36,011 and $28,697 respectively. |
Amount Due to Director
Amount Due to Director | 9 Months Ended |
Sep. 30, 2019 | |
Related Party Transactions [Abstract] | |
Amount Due to Director | 7. AMOUNT DUE TO DIRECTOR As of September 30, 2019, and December 31, 2018, our directors has loaned to the Company $78,149 and $66,355 as working capital, respectively. This loan is unsecured, non-interest bearing and due on demand. We performed the calculation of imputed interest and believed the imputed interest is not significant when compare to our balance sheet size and total expense, and as a result, we didn’t capture this figure into our financial statements. |
Operating Lease
Operating Lease | 9 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Operating Lease | 8. OPEARTING LEASE The Company has operating lease agreements for a farmland with remaining lease terms of 6 years. The Company does not have any other leases. The Company accounts for the lease and non-lease components of its leases as a single lease component. Lease expense is recognized on a straight-line basis over the lease term. Operating lease right-of-use (“ROU”) assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Generally the implicit rate of interest in arrangements is not readily determinable and the Company utilizes its incremental borrowing rate in determining the present value of lease payments. The Company’s incremental borrowing rate is a hypothetical rate based on its understanding of what its credit rating would be. The operating lease ROU asset includes any lease payments made and excludes lease incentives. This standard did not have a significant impact on our liquidity. The components of lease expense and supplemental cash flow information related to leases for the period are as follows: Nine Months ended September 30, 2019 (Unaudited) Lease Cost Operating lease cost (included in general and administrative expenses in the $ 2,177 Other Information Cash paid for amounts included in the measurement of lease liabilities for the nine months ended September 30, 2019 $ 2,177 Remaining lease term – operating lease (in years) 5.5 Discount rate – operating lease 6.65 % As of (Unaudited) Operating lease Right-of-use assets, net $ 19,859 Operating lease liabilities – current portion 3,094 Operating lease liabilities – non-current portion 16,765 Total operating lease liabilities $ 19,859 Maturity of the Company’s lease liabilities are as follows: Year Ending Operating Lease 2019 (remaining 3 months) $ 1,074 2020 4,297 2021 4,297 2022 4,297 2023 4,297 2024 4,297 2025 (first 3 months of the fiscal year) 1,076 Total lease payments $ 23,635 Less: Present value discount (3,776 ) Present value of lease liabilities $ 19,859 Lease expenses were $1,088 and $2,177 during the three and nine months ended September 30, 2019, respectively, and there was no rent incurred during the three and nine months ended September 30, 2018, respectively. |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 2019 | |
Equity [Abstract] | |
Stockholders' Equity | 9. STOCKHOLDERS’ EQUITY As of September 30, 2019, and December 31, 2018, there were 141,965,520 and 141,965,520 shares of common stock issued and outstanding respectively. There were no stock options, warrants or other potentially dilutive securities outstanding as of September 30, 2019. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
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. |
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. During the nine months ended September 30, 2019, the Company incurred a net loss of $184,475 and used cash in operations of $204,365. 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. In addition, the Company’s independent registered public accounting firm, in its report on the Company’s December 31, 2018 financial statements, has expressed substantial doubt about the Company’s ability to continue as a going concern. 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. Despite the amount of funds that we have raised, 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 stockholders, in the case of equity financing. |
Cash and Cash Equivalents | Cash and cash equivalents 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. On February 25, 2019, our management went to Hang Seng Bank in person to withdraw the money and deposited in HSBC Hong Kong respectively. Our deposit is currently deposit in HSBC Hong Kong, 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 statement 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$”) and Malaysian Ringgit (“MYR”), which is also the respective functional currency of the subsidiaries. Translation of amounts from the local currencies of the Company into US$ has been made at the following exchange rates for the respective periods: As of and for the nine months ended 2019 2018 Period-end MYR : US$1 exchange rate 4.19 4.14 Period-average MYR : US$1 exchange rate 4.13 3.99 Period-end / average HK$ : 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 nine months ended September 30, 2019, 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 |
Lease | Lease Prior to January 1, 2019, the Company had not entered into formal lease agreement and the Company accounted for leases under ASC 840, Accounting for Leases. Effective July 1, 2019, the Company adopted the guidance of ASC 842, Leases, which requires an entity to recognize a right-of-use asset and a lease liability for virtually all leases. The implementation of ASC 842 did not have a material impact on the Company’s consolidated financial statements and did not have a significant impact on our liquidity or on our compliance with our financial covenants associated with our loans. The Company adopted ASC 842 using a modified retrospective approach. As a result, the comparative financial information has not been updated and the required disclosures prior to the date of adoption have not been updated and continue to be reported under the accounting standards in effect for those periods. The adoption of ASC 842 on January 1, 2019 resulted in the recognition of operating lease right-of-use assets of $21,330, lease liabilities for operating leases of $21,330, and a zero cumulative-effect adjustment to accumulated deficit. See Note 8 for further information regarding the impact of the adoption of ASC 842 on the Company’s financial statements. |
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 will not have a material impact on our consolidated financial statements and our internal controls over financial reporting. 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. There is no material impact on our remaining consolidated financial statements after applying this standard. 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) | 9 Months Ended |
Sep. 30, 2019 | |
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 nine months ended 2019 2018 Period-end MYR : US$1 exchange rate 4.19 4.14 Period-average MYR : US$1 exchange rate 4.13 3.99 Period-end / average HK$ : US$1 exchange rate 7.75 7.75 |
Plant and Equipment, Net (Table
Plant and Equipment, Net (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Plant and Equipment, Net | As of As of (Unaudited) Computer and Software $ 3,878 $ 3,878 Equipment 1,791 1,816 5,669 5,694 Less: Accumulated Depreciation (3,327 ) (2,226 ) Plant and equipment, net $ 2,342 $ 3,468 |
Operating Lease (Tables)
Operating Lease (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Schedule of Components of Lease Expense and Supplemental Cash Flow Information Related to Leases | The components of lease expense and supplemental cash flow information related to leases for the period are as follows: Nine Months ended September 30, 2019 (Unaudited) Lease Cost Operating lease cost (included in general and administrative expenses in the $ 2,177 Other Information Cash paid for amounts included in the measurement of lease liabilities for the nine months ended September 30, 2019 $ 2,177 Remaining lease term – operating lease (in years) 5.5 Discount rate – operating lease 6.65 % |
Schedule of Operating Lease | As of (Unaudited) Operating lease Right-of-use assets, net $ 19,859 Operating lease liabilities – current portion 3,094 Operating lease liabilities – non-current portion 16,765 Total operating lease liabilities $ 19,859 |
Schedule of Maturity of Lease Liabilities | Maturity of the Company’s lease liabilities are as follows: Year Ending Operating Lease 2019 (remaining 3 months) $ 1,074 2020 4,297 2021 4,297 2022 4,297 2023 4,297 2024 4,297 2025 (first 3 months of the fiscal year) 1,076 Total lease payments $ 23,635 Less: Present value discount (3,776 ) Present value of lease liabilities $ 19,859 |
Description of Business and O_2
Description of Business and Organization (Details Narrative) | Sep. 30, 2018 |
Mr. Chen Zheru [Member] | |
Acquisition percentage | 100.00% |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details Narrative) | 3 Months Ended | 9 Months Ended | ||||||||||
Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | [1] | Sep. 30, 2019HKD ($) | Jan. 02, 2019USD ($) | Dec. 31, 2018USD ($) | |
Net loss | $ (67,729) | $ (66,559) | $ (50,187) | $ (39,072) | $ (30,649) | $ (44,580) | $ (184,475) | $ (114,301) | ||||
Net cash flows used in operating activities | $ (204,365) | $ (116,863) | ||||||||||
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. | |||||||||||
Operating lease right-of-use assets | 19,859 | $ 19,859 | ||||||||||
Operating lease liability | 19,859 | $ 19,859 | ||||||||||
ASC 842 [Member] | ||||||||||||
Operating lease right-of-use assets | $ 21,330 | |||||||||||
Operating lease liability | $ 21,330 | |||||||||||
Maximum [Member] | ||||||||||||
Commercial harvesting term of biological assets | 9 years | |||||||||||
Maximum [Member] | HKD Currency [Member] | ||||||||||||
Compensation balance, amount | $ 500,000 | |||||||||||
Minimum [Member] | ||||||||||||
Commercial harvesting term of biological assets | 7 years | |||||||||||
HSBC Hong Kong [Member] | ||||||||||||
Compensation balance, description | Our deposit is currently deposit in HSBC Hong Kong, 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. | |||||||||||
Compensation balance, amount | $ 64,102 | $ 64,102 | ||||||||||
[1] | The prior year comparative information has been retrospectively stated due to the common control acquisition on September 30, 2018. |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Schedule of Estimated Useful Lives of Plant and Equipment (Details) | 9 Months Ended |
Sep. 30, 2019 | |
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) | Sep. 30, 2019 | Sep. 30, 2018 |
Period-End MYR [Member] | ||
Foreign Currency Exchange Rate, Translation | 4.19 | 4.14 |
Period-Average MYR [Member] | ||
Foreign Currency Exchange Rate, Translation | 4.13 | 3.99 |
Period-end / Average HK [Member] | ||
Foreign Currency Exchange Rate, Translation | 7.75 | 7.75 |
Prepaid Expenses (Details Narra
Prepaid Expenses (Details Narrative) - USD ($) | Sep. 30, 2019 | Dec. 31, 2018 |
Transfer Agent [Member] | ||
Deposit | $ 3,899 | $ 1,205 |
Consulting Service Provider [Member] | ||
Deposit | 6,410 | |
Farmland Provider [Member] | ||
Deposit | 716 | 726 |
OTCQB Annual Fee [Member] | ||
Prepaid expenses | $ 3,000 | $ 12,000 |
Plant and Equipment, Net (Detai
Plant and Equipment, Net (Details Narrative) - USD ($) | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | |
Payments to acquire plant and equipment | $ 68 | |||
Accumulated depreciation | 3,327 | $ 2,226 | ||
Depreciation expense | 1,106 | $ 1,211 | ||
Computer Equipment [Member] | ||||
Payments to acquire plant and equipment | $ 3,878 | |||
Property, Plant and Equipment [Member] | ||||
Accumulated depreciation | 2,909 | 1,939 | ||
Engine Pump [Member] | ||||
Payments to acquire plant and equipment | $ 1,791 | |||
Accumulated depreciation | $ 418 | $ 287 |
Plant and Equipment, Net - Sche
Plant and Equipment, Net - Schedule of Plant and Equipment, Net (Details) - USD ($) | Sep. 30, 2019 | Dec. 31, 2018 |
Property and equipment, gross | $ 5,669 | $ 5,694 |
Less: Accumulated Depreciation | (3,327) | (2,226) |
Plant and equipment, net | 2,342 | 3,468 |
Computer and Software [Member] | ||
Property and equipment, gross | 3,878 | 3,878 |
Equipment [Member] | ||
Property and equipment, gross | $ 1,791 | $ 1,816 |
Biological Assets (Details Narr
Biological Assets (Details Narrative) | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2017MYR (RM) | |
Accumulated planation development costs | $ 36,011 | $ 28,697 | ||
Agarwood Sapling [Member] | ||||
Payment to acquire biological assets | $ 23,587 | |||
Agarwood Sapling [Member] | MYR [Member] | ||||
Payment to acquire biological assets | RM | RM 98,800 |
Amount Due to Director (Details
Amount Due to Director (Details Narrative) - USD ($) | Sep. 30, 2019 | Dec. 31, 2018 |
Related Party Transactions [Abstract] | ||
Due to Director | $ 78,149 | $ 66,355 |
Operating Lease (Details Narrat
Operating Lease (Details Narrative) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2019USD ($) | Sep. 30, 2019USD ($) | |
Leases [Abstract] | ||
lease expiration | 6 years | 6 years |
Lease expense | $ 1,088 | $ 2,177 |
Operating Lease - Schedule of C
Operating Lease - Schedule of Components of Lease Expense and Supplemental Cash Flow Information Related to Leases (Details) | 9 Months Ended |
Sep. 30, 2019USD ($) | |
Leases [Abstract] | |
Operating lease cost (included in general and administrative expenses in the Company's unaudited condensed statement of operations) | $ 2,177 |
Cash paid for amounts included in the measurement of lease liabilities for the nine months ended September 30, 2019 | $ 2,177 |
Remaining lease term - operating lease (in years) | 5 years 6 months |
Discount rate - operating lease | 6.65% |
Operating Lease - Schedule of O
Operating Lease - Schedule of Operating Lease (Details) - USD ($) | Sep. 30, 2019 | Dec. 31, 2018 |
Leases [Abstract] | ||
Right-of-use assets, net | $ 19,859 | |
Operating lease liabilities - current portion | 3,094 | |
Operating lease liabilities - non-current portion | 16,765 | |
Total operating lease liabilities | $ 19,859 |
Operating Lease - Schedule of M
Operating Lease - Schedule of Maturity of Lease Liabilities (Details) | Sep. 30, 2019USD ($) |
Leases [Abstract] | |
2019 (remaining 3 months) | $ 1,074 |
2020 | 4,297 |
2021 | 4,297 |
2022 | 4,297 |
2023 | 4,297 |
2024 | 4,297 |
2025 (first 3 months of the fiscal year) | 1,076 |
Total lease payments | 23,635 |
Less: Present value discount | (3,776) |
Present value of lease liabilities | $ 19,859 |
Stockholders' Equity (Details N
Stockholders' Equity (Details Narrative) - shares | 9 Months Ended | |
Sep. 30, 2019 | Dec. 31, 2018 | |
Common stock, shares issued | 141,965,520 | 141,965,520 |
Common stock, shares outstanding | 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 |