Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Jun. 30, 2018 | Sep. 27, 2018 | Dec. 31, 2017 | |
Document And Entity Information | |||
Entity Registrant Name | Agape ATP Corp | ||
Entity Central Index Key | 1,713,210 | ||
Document Type | 10-K | ||
Document Period End Date | Jun. 30, 2018 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --06-30 | ||
Entity a Well-known Seasoned Issuer | No | ||
Entity a Voluntary Filer | No | ||
Entity's Current Reporting Status | Yes | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Public Float | $ 0 | ||
Entity Common Stock, Shares Outstanding | 376,275,500 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2,018 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Jun. 30, 2018 | Jun. 30, 2017 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 3,531,255 | $ 2,312,748 |
Prepayments and deposits | 264,941 | |
Total current assets | 3,796,196 | 2,312,748 |
NON-CURRENT ASSETS | ||
Investment in investee company | 832,335 | |
Investment in marketable securities | 500,000 | |
Total non-current assets | 1,332,335 | |
TOTAL ASSETS | 5,128,531 | 2,312,748 |
CURRENT LIABILITIES | ||
Other payables and accrued liabilities | 19,749 | 8,000 |
Amounts due to a related party | 745 | |
Amounts due to a director | 3,922 | 100 |
Provision for income tax | 5,334 | |
Total current liabilities | 29,750 | 8,100 |
TOTAL LIABILITIES | 29,750 | 8,100 |
STOCKHOLDERS' EQUITY | ||
Preferred stock, $0.0001 par value, 200,000,000 shares authorized, None issued and outstanding | ||
Common stock, $0.0001 par value, 1,000,000,000 shares authorized, 376,275,500 and 371,350,000 shares issued and outstanding as of June 30, 2018 and 2017 respectively | 37,628 | 37,135 |
Additional paid-in capital | 5,293,082 | 2,367,875 |
Accumulated other comprehensive losses | (1,293) | |
Accumulated deficit | (230,636) | (100,362) |
TOTAL STOCKHOLDERS' EQUITY | 5,098,781 | 2,304,648 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 5,128,531 | $ 2,312,748 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2018 | Jun. 30, 2017 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 200,000,000 | 200,000,000 |
Preferred stock, shares issued | ||
Preferred stock, shares outstanding | ||
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 1,000,000,000 | 1,000,000,000 |
Common stock, shares issued | 376,275,500 | 371,350,000 |
Common stock, shares outstanding | 376,275,500 | 371,350,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Loss - USD ($) | 12 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Income Statement [Abstract] | ||
REVENUE | $ 487,005 | |
COST OF REVENUE | (441,409) | |
GROSS PROFIT | 45,596 | |
REALISED GAIN ON FOREIGN EXCHANGE | 1,698 | |
UNREALISED GAIN ON FOREIGN EXCHANGE | 134,392 | |
OTHER INCOME | 3,211 | |
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES | (265,682) | (75,362) |
OPERATING EXPENSES | (14,000) | |
LOSS BEFORE INCOME TAX | (94,785) | (75,362) |
SHARE OF RESULT OF INVESTEE COMPANY | (30,155) | |
LOSS BEFORE INCOME TAX INCLUDING SHARE OF RESULT OF INVESTEE COMPANY | (124,940) | |
INCOME TAXES PROVISION | (5,334) | |
NET LOSS | (130,274) | (75,362) |
Other comprehensive income/(loss): | ||
- Foreign currency translation adjustment | (1,293) | |
TOTAL COMPREHENSIVE LOSS | $ (131,567) | $ (75,362) |
Net loss per share- Basic and diluted | $ 0 | $ 0 |
Weighted average number of common shares outstanding - Basic and diluted | 373,017,955 | 80,860,137 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) | Common Stock [Member] | Additional Paid-In Capital [Member] | Accumulated Comprehensive Income / (Loss) [Member] | Accumulated Surplus / (Deficit) [Member] | Total |
Balance at Jun. 30, 2016 | $ 10 | $ (25,000) | $ (24,990) | ||
Balance, shares at Jun. 30, 2016 | 100,000 | ||||
Issuance of share capital - founder's shares | $ 35,000 | 35,000 | |||
Issuance of share capital - founder's shares, shares | 350,000,000 | ||||
Share issued in private placement completed on May 03, 2017 at $0.05 per share | $ 140 | 69,860 | 70,000 | ||
Share issued in private placement completed on May 03, 2017 at $0.05 per share, shares | 1,400,000 | ||||
Share issued in private placement completed on June 01, 2017 at $0.10 per share | $ 1,740 | 1,738,260 | 1,740,000 | ||
Share issued in private placement completed on June 01, 2017 at $0.10 per share, shares | 17,400,000 | ||||
Share issued in private placement completed on June 28, 2017 at $0.20 per share | $ 210 | 419,790 | 420,000 | ||
Share issued in private placement completed on June 28, 2017 at $0.20 per share, shares | 2,100,000 | ||||
Share issued in private placement completed on June 29, 2017 at $0.40 per share | $ 35 | 139,965 | 140,000 | ||
Share issued in private placement completed on June 29, 2017 at $0.40 per share, shares | 350,000 | ||||
Net loss | (75,362) | (75,362) | |||
Foreign currency translation adjustment | |||||
Balance at Jun. 30, 2017 | $ 37,135 | 2,367,875 | (100,362) | 2,304,648 | |
Balance, shares at Jun. 30, 2017 | 371,350,000 | ||||
Net loss | (130,274) | (130,274) | |||
IPO completed on March 9, 2018 at $1.00 per share | $ 293 | 2,925,207 | 2,925,500 | ||
IPO completed on March 9, 2018 at $1.00 per share, shares | 2,925,500 | ||||
Share issued to Adam, Network 1 and Damon completed on April 16, 2018 at $0.0001 per share | $ 200 | 200 | |||
Share issued to Adam, Network 1 and Damon completed on April 16, 2018 at $0.0001 per share, shares | 2,000,000 | ||||
Foreign currency translation adjustment | (1,293) | (1,293) | |||
Balance at Jun. 30, 2018 | $ 37,628 | $ 5,293,082 | $ (1,293) | $ (230,636) | $ 5,098,781 |
Balance, shares at Jun. 30, 2018 | 376,275,500 |
Consolidated Statements of Cha6
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - $ / shares | Apr. 16, 2018 | Mar. 09, 2018 | Jun. 29, 2017 | Jun. 28, 2017 | Jun. 01, 2017 | May 03, 2017 |
Adam, Network 1 and Damon [Member] | ||||||
Shares issued price per share | $ 0.0001 | |||||
Private Placement [Member] | ||||||
Shares issued price per share | $ 0.40 | $ 0.20 | $ 0.10 | $ 0.05 | ||
IPO [Member] | ||||||
Shares issued price per share | $ 1 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) | 12 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (130,274) | $ (75,362) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Share of result of investee company | 30,155 | |
Changes in operating assets and liabilities: | ||
Prepayments and deposits | (264,941) | (24,900) |
Other payables and accrued liabilities | 11,749 | |
Provision for income tax | 5,334 | |
Cash used in operating activities | (347,977) | (100,262) |
Taxation refund | ||
Taxation paid | ||
Net cash used in operating activities | (347,977) | (100,262) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Investment in investee company | (862,490) | |
Investment in financial assets | (500,000) | |
Net cash used in investing activities | (1,362,490) | |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Increase in share capital | 493 | 37,125 |
Proceed from sale of common stock | 2,925,207 | 2,367,875 |
Amount due to a related party | 745 | 8,000 |
Amount due to a director | 3,822 | |
Net cash provided by financing activities | 2,930,267 | 2,413,000 |
Effect of exchange rate changes on cash and cash equivalents | (1,293) | |
Net change in cash and cash equivalents | 1,218,507 | 2,312,738 |
Cash and cash equivalents, beginning of year | 2,312,748 | 10 |
CASH AND CASH EQUIVALENTS, END OF YEAR | 3,531,255 | 2,312,748 |
SUPPLEMENTAL CASH FLOWS INFORMATION | ||
Income taxes paid | ||
Interest paid |
Organization and Business Backg
Organization and Business Background | 12 Months Ended |
Jun. 30, 2018 | |
Accounting Policies [Abstract] | |
Organization and Business Background | 1. ORGANIZATION AND BUSINESS BACKGROUND Agape ATP Corporation, a Nevada corporation (“the Company”) was incorporated under the laws of the State of Nevada on June 1, 2016. Agape ATP Corporation operates through its wholly owned subsidiary, Agape ATP Corporation, a Company organized in Labuan, Malaysia. Agape ATP Corporation, incorporated in Labuan, Malaysia, is an investment holding company with 100% equity interest in Agape ATP International Holding Limited, a company incorporated in Hong Kong. The Company and its subsidiaries are engaged in providing services in the Health and Wellness Industry. The principal activity of the Company and its subsidiaries is to supply high-quality health and wellness products, including supplement to assist in cell metabolism, detoxification, blood circulation, anti-aging and products designed to improve the overall health system in our body. The Company, through its subsidiaries, mainly supplies high quality beauty products. Details of the Company’s subsidiaries and associates: Subsidiary company name Place and date of incorporation Particulars of issued capital Principal activities Proportional of ownership interest and voting power held 1. Agape ATP Corporation Labuan, March 6, 2017 1 share of ordinary share of US$1 each Investment holding 100 % 2. Agape ATP International Holding Limited Hong Kong, June 1, 2017 1 share of ordinary share of HK$1 each Health and wellness products and health solution advisory services 100 % Associate company name Place and date of incorporation Particulars of issued capital Principal activities Proportional of ownership interest and voting power held 1. Unreserved Sdn Bhd Malaysia, August 25, 2008 500,000 shares of ordinary share of RM7 each Magazines publication and advertising 20 % (1) Based on the contractual arrangements between the Company and other investors, the Company has the power to direct the relevant activities of these entities unilaterally, and hence the Company has control over these entities. Business Overview Agape ATP Corporation is a company which plans to develop and provide health solution advisory services to our future clients. We will, at least initially, primarily focus our efforts on attracting customers in Malaysia. Our advisory services will center on the “ATP Zeta Health Program”, which is a health program designed to assist in the elimination of various diseases caused by polluted environments, unhealthy dietary intake and unhealthy lifestyles. The program aims to promote improved health and longevity in our clients through a combination of modern medicine, proper nutrition and advice from skilled dieticians. At its core, the ATP Zeta Super Health Program is focused upon biological energy, Adenosine Triphosphate (ATP), at the cellular level. The stimulation of ATP production at the cellular level can increase the metabolism and service to promote and maintain normal and healthy functioning of the body’s systems. Our program emphasizes nutrient absorption through the membrane ion channel to provide complete and balanced nutrients to improve cell health. Thus, ATP Zeta Super Health Program provides ionized and high zeta potential (high bioavailability) nutrients to enhance the absorption at the cellular level. The ATP Zeta Super Health Program consists of ten products. None of these products are owned or produced by Agape ATP Corporation, nor do we have any agreements or arrangements with the third-party manufacturers of these products. In the event that any of these products are no longer produced, or are otherwise unavailable, we may have to devote significant effort to identifying and obtaining comparable replacement products. We will also evaluate adding additional products to the ATP Zeta Super Health Program as operations continue, but we have no plans to do so at present. We plan to acquire products from third party manufacturers located in Australia, the United States, Germany and Malaysia. We do not have any existing contracts or agreements with any third party manufacturers. All products are acquired from unrelated third parties and rebranded by the Company. The Company plans to market and sell all products in Malaysia, and due to the contents and combination of the main ingredients in the products they are categorized as health food rather than medicines or drugs. As such, all products require authorization from the Food and Quality Division of Ministry of Health according to the Food Act of 1983 and Food Regulation 1985 in order to be sold in Malaysia. All of the products in the ATP Zeta Super Health Program have obtained the appropriate authorizations. Our health solution advisory services are mainly based on combining these ten products in order to eliminate the clients’ diseases. The combination of these ten products may vary based upon the disease(s) of each client. Our salespeople, who we have yet to hire, will meet with prospective clients at their homes, public locations, or at office space which has not yet been obtained. Our salespeople will evaluate the condition of clients and based upon their health issues, will recommend a combination of the ten products that comprise the ATP Zeta Super Health Program. Agape ATP Corporation will purchase the products that make up the ATP Zeta Super Health Program from their manufacturers and will then directly sell these products to our future clients based upon their health conditions. Exact pricing for these advisory services have not been determined at this point in time, but will be based upon the cost of acquiring inventory. At present, we do not have storage space for any acquired inventory. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Jun. 30, 2018 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The accompanying consolidated financial statements reflect the application of certain significant accounting policies as described in this note and elsewhere in the accompanying consolidated financial statements and notes. Basis of presentation These accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“US GAAP”). Basis of consolidation The condensed consolidated financial statements include the accounts of the Company and its subsidiaries in which the Company is the primary beneficiary. All inter-company accounts and transactions have been eliminated upon consolidation. Use of estimates In preparing these consolidated financial statements, management makes estimates and assumptions that affect the reported amounts of assets and liabilities in the balance sheets, and revenues and expenses during the periods reported. Actual results may differ from these estimates. Cash and cash equivalents Cash and cash equivalents are carried at cost and represent cash on hand, time deposits placed with banks or other financial institutions and all highly liquid investments with an original maturity of six months or less as of the purchase date of such investments. Investment in investee company The Company evaluates investment in investee company as it holds an equity interest based on the amount of control it exercises over the operations of the investee, exposure to losses in excess of its investment, the ability to significantly influence the investee and whether the Company is the primary beneficiary of the investee. Investment in marketable securities Marketable securities included in marketable securities (current) and other investments (non-current) are stated at the lower of cost or market in the aggregate. Other marketable securities included in marketable securities (current) are stated at the lower of cost or market in the aggregate and investments other than marketable equity securities in other investments (non-current) are stated at cost less any significant decline in fair value assessed to be other than temporary. Revenue recognition In accordance with ASC Topic 605, “Revenue Recognition”, the Company recognizes revenue from sales of goods when the following four revenue criteria are met: (1) persuasive evidence of an arrangement exists; (2) delivery has occurred; (3) selling price is fixed or determinable; and (4) collectability is reasonably assured. Revenue from trading of retail goods is recognized when title and risk of loss are transferred and there are no continuing obligations to the customer. Title and the risks and rewards of ownership transfer to and accepted by the customer when the products are collected by the customer at the Company’s office. Revenue is recorded net of sales discounts, returns, allowances, and other adjustments that are based upon management’s best estimates and historical experience and are provided for in the same period as the related revenues are recorded. Based on limited operating history, management estimates that there was no sale return for the period reported. The Company mainly derives its revenue from the sale of healthy food products. Generally, the Company recognizes revenue when products are sold and accepted by the customers and there are no continuing obligations to the customer. Cost of revenue Cost of revenue includes the purchase cost of retail goods for re-sale to customers and packing materials (such as boxes). It excludes purchasing and receiving costs, inspection costs, warehousing costs, internal transfer costs and other costs of distribution network in cost of revenues. Selling and distribution expenses Selling and distribution expenses are primarily comprised of travelling and accommodation, transportation fees such as petrol, toll and parking. Income taxes The provision of income taxes is determined in accordance with the provisions of ASC Topic 740, “Income Taxes” (“ASC 740”). Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted income tax rates expected to apply to taxable income in the periods in which those temporary differences are expected to be recovered or settled. Any effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. ASC 740 prescribes a comprehensive model for how companies should recognize, measure, present, and disclose in their financial statements uncertain tax positions taken or expected to be taken on a tax return. Under ASC 740, tax positions must initially be recognized in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions must initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts. The Company conducts much of its businesses activities in Hong Kong and is subject to tax in this jurisdiction. As a result of its business activities, the Company will file separate tax returns that are subject to examination by the foreign tax authorities. Net loss per share The Company calculates net loss per share in accordance with ASC Topic 260 “ Earnings per share Foreign currencies translation Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded in the Condensed Consolidated Statements of Operations and Comprehensive Income The reporting currency of the Company is United States Dollars (“US$”) and the accompanying financial statements have been expressed in US$. In addition, the Company’s subsidiaries in Labuan and Hong Kong maintains their books and record in United States Dollars (“US$”), Hong Kong Dollars (“HK$”) and Malaysian Ringgit (“MYR”) respectively, which is functional currency as being the primary currency of the economic environment in which the entity operates. In general, for consolidation purposes, assets and liabilities of its subsidiaries whose functional currency is not US$ are translated into US$, in accordance with ASC Topic 830-30, “ Translation of Financial Statement” Translation of amounts from MYR into US$1 have been made at the following exchange rates for the respective periods: As of and for the year ended June 30, 2018 2017 Period-end MYR : US$1 exchange rate 4.03 4.38 Period-average MYR : US$1 exchange rate 4.21 4.43 Related parties Parties, which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Companies are also considered to be related if they are subject to common control or common significant influence. Fair value of financial instruments: The carrying value of the Company’s financial instruments: cash and cash equivalents, subscription receivables, prepayment and deposits, accounts payable, and other payables and accrued liabilities approximate at their fair values because of the short-term nature of these financial instruments. The Company also follows the guidance of the ASC Topic 820-10, “ Fair Value Measurements and Disclosures Level 1: Observable inputs such as quoted prices in active markets; Level 2: Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and Level 3: Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. Fair value estimates are made at a specific point in time based on relevant market information about the financial instrument. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and, therefore, cannot be determined with precision. Changes in assumptions could significantly affect the estimates. Recent accounting pronouncements The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and do not believe the future adoption of such any pronouncements may be expected to cause a material impact on its financial condition or the results of its operations, as follow: In May 2014, the FASB issued Accounting Standards Update No. 2014-09, “Revenue from Contracts with Customers” (“ASU 2014-09”). ASU 2014-09 supersedes the revenue recognition requirements in “Revenue Recognition (Topic 605)”, and requires entities to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. ASU 2014-09 is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Early adoption is not permitted. In August 2015, the FASB issued an Accounting Standards Update to defer by one year the effective dates of its new revenue recognition standard until annual reporting periods beginning after December 15, 2017 (2018 for calendar-year public entities) and interim periods therein. Management is currently assessing the impact of the adoption of ASU 2014-09 and has not determined the effect of the standard on our ongoing financial reporting. In February 2016, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02, Leases (Topic 842). Under the new guidance, lessees will be required recognize the following for all leases (with the exception of short-term leases) at the commencement date: 1) A lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis; and 2) A right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. The new lease guidance simplified the accounting for sale and leaseback transactions primarily because lessees must recognize lease assets and lease liabilities. Lessees will no longer be provided with a source of off-balance sheet financing. The amendments in this ASU are effective for fiscal years beginning after December 15, 2019, including interim periods within those years. The Company is evaluating this ASU and has not determined the effect of this standard on its ongoing financial reporting. In September 2017, the FASB has issued ASU No. 2017-13, Revenue Recognition Revenue from Contracts with Customers Leases In January 2017, the FASB issued ASU No. 2017-01 , “Business Combinations (Topic 805): Clarifying the Definition of a Business”, which clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. This amendment was effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. The adoption of ASU No. 2017-01 did not have a material impact on the Company’s financial position, results of operations and liquidity. The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and does 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. |
Stockholders_ Equity
Stockholders’ Equity | 12 Months Ended |
Jun. 30, 2018 | |
Equity [Abstract] | |
Stockholders' Equity | 3. STOCKHOLDERS’ EQUITY On June 1, 2016, the founder of the Company, Mr. How Kok Choong purchased 100,000 shares of restricted common stock of the Company at a par value of $0.0001 per share for the Company’s initial working capital. On April 10, 2017, the Company issued 245,000,000 and 70,000,000 shares of restricted common stock to How Kok Choong and HKC Holdings Sdn Bhd respectively, each with a par value of $0.0001 per share, for total additional working capital of $31,500. On April 13, 2017, the Company issued 17,500,000 shares of restricted common stock to Greenpro Asia Strategic Fund SPC, with a par value of $0.0001 per share, for additional working capital of $1,750. On April 14, 2017, the Company issued 17,500,000 shares of restricted common stock to Greenpro Venture Capital Limited, with a par value of $0.0001 per share, for additional working capital of $1,750. On May 3, 2017, the Company sold shares to 2 shareholders, of whom reside in Malaysia. A total of 1,400,000 shares of restricted common stock were sold at a price of $0.05 per share. The total proceeds to the Company amounted to a total of $70,000. In between May 8, 2017 and May 25, 2017, the Company sold shares to 67 shareholders, of whom reside in Malaysia. A total of 17,400,000 shares of restricted common stock were sold at a price of $0.1 per share. The total proceeds to the Company amounted to a total of $1,740,000. In between June 6, 2017 and June 23, 2017, the Company sold shares to 19 shareholders, of whom reside in Malaysia. A total of 2,100,000 shares of restricted common stock were sold at a price of $0.2 per share. The total proceeds to the Company amounted to a total of $420,000. On June 26, 2017, the Company sold shares to 7 shareholders of whom reside in Malaysia. A total of 350,000 shares of restricted common stock were sold at a price of $0.4 per share. The total proceeds to the Company amounted to a total of $140,000. In between November 25, 2017 and March 31, 2018, the Company sold shares to 298 shareholders, of whom reside in Malaysia. A total of 2,925,500 shares of IPO stock were sold at a price of $1.00 per share. The total proceeds to the Company amounted to a total of $2,925,500. On April 16, 2018, the Company sold shares to Adam, Network 1 and Damon, of whom reside in United States. A total of 2,000,000 of restricted common stock were sold at a price of $0.0001 per share. The total proceeds to the Company amounted to a total of $200. As of June 30, 2018 and 2017, there were 376,275,500 and 371,350,000 of common stocks issued and outstanding respectively. |
Cash and Cash Equivalents
Cash and Cash Equivalents | 12 Months Ended |
Jun. 30, 2018 | |
Cash and Cash Equivalents [Abstract] | |
Cash and Cash Equivalents | 4. CASH AND CASH EQUIVALENTS As at June 30, 2018, the Company recorded $3,531,255 of cash and cash equivalents which consists $1,046,706 of cash on hand and $2,484,549 of time deposits placed with banks or other financial institutions and all highly liquid investments with an original maturity of six months or less as of the purchase date of such investments. The effective interest rate for the time deposits is 2.95% per annum. |
Prepayments and Deposits
Prepayments and Deposits | 12 Months Ended |
Jun. 30, 2018 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Prepayments and Deposits | 5. PREPAYMENTS AND DEPOSITS As of June 30, As of June 30, 2018 2017 Prepaid expenses $ 264,941 $ - Total prepaid expenses and deposits $ 264,941 $ - |
Investment in Investee Company
Investment in Investee Company | 12 Months Ended |
Jun. 30, 2018 | |
Investments Schedule [Abstract] | |
Investment in Investee Company | 6. INVESTMENT IN INVESTEE COMPANY The Company invested in Unreserved Sdn Bhd with investment amount of $862,490 (MYR3,500,000), approximated 20% of equity interest of Unreserved Sdn Bhd and is accounted for under the equity method of accounting. The investment is stated at cost plus profit share in the investee company as at June 30, 2018. Unreserved Sdn Bhd is incorporated in Malaysia with 2,500,000 ordinary shares authorized, issued and outstanding. Mr Lim Hun Soon David Lim, Ms Aniza Helina Akmi Karim, and Mr How Kok Choong are the directors of Unreserved Sdn Bhd. Mr How Kok Choong is the common director of Unreserved Sdn Bhd and the Company. As of June 30, As of June 30, 2018 2017 Cost of investment 862,490 - Less: impairment loss - - Less: share of result of investee company (30,155 ) - Investment in investee company $ 832,335 $ - |
Investment in Marketable Securi
Investment in Marketable Securities | 12 Months Ended |
Jun. 30, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment in Marketable Securities | 7. INVESTMENT IN MARKETABLE SECURITIES At May 17, 2018, the Company had an investment in Greenpro Capital Corp. of $500,000. The Company purchased the shares of Greenpro Capital Corp. at a price of $6 per share. |
Other Payables and Accrued Liab
Other Payables and Accrued Liabilities | 12 Months Ended |
Jun. 30, 2018 | |
Other Liabilities Disclosure [Abstract] | |
Other Payables and Accrued Liabilities | 8. OTHER PAYABLES AND ACCRUED LIABILITIES As of June 30, As of June 30, 2018 2017 Accrued audit fees 19,000 8,000 Accrued professional fees 749 - Total payables and accrued liabilities $ 19,749 $ - |
Related Party Transaction
Related Party Transaction | 12 Months Ended |
Jun. 30, 2018 | |
Related Party Transactions [Abstract] | |
Related Party Transaction | 9. RELATED PARTY TRANSACTION As at June 30, 2018, the Company owed an amount of $745 to a related party, Agape Superior Living Sdn Bhd. Mr How Kok Choong is the director of Agape Superior Living Sdn Bhd. Hence, Mr How Kok Choong is the common director of Agape Superior Living Sdn Bhd and the Company. Greenpro Capital Corp., through its wholly owned subsidiaries (collectively “Greenpro”), is a 4.7% shareholder in the Company, and provides services to the Company. Greenpro Venture Capital Limited is owned by Greenpro Capital Corp. The controlling shareholders of Greenpro Capital Corp. are Mr. Lee Chong Kuang and Mr. Loke Che Chan. During the year ended June 30, 2018 and period ended June 30, 2017, the Company incurred incorporation fees of $1,419 and professional fees of $214,000. Mr.How Kok Choong is the director of Greenpro Capital Corp. Hence, Mr. How Kok Choong is the common director of Greenpro Capital Corp. and the Company. For the year ended June 30, 2018, the Company earned revenue of $487,005 from its only customer, Agape S.E.A. Sdn Bhd. Mr. How Kok Choong is the director of Agape S.E.A. Sdn Bhd. Hence, Mr. How Kok Choong is the common director of Agape S.E.A. Sdn Bhd and the Company. At May 17, 2018, the Company had an investment in Greenpro Capital Corp. of $500,000. The Company purchased the shares of Greenpro Capital Corp. at a price of $6 per share. |
Amount Due to a Director
Amount Due to a Director | 12 Months Ended |
Jun. 30, 2018 | |
Related Party Transactions [Abstract] | |
Amount Due to a Director | 10. AMOUNT DUE TO A DIRECTOR As of June 30, 2018, a director of the Company advanced $3,922 to the Company, which is unsecured, interest-free with no fixed repayment term, for working capital purpose. Imputed interest is considered insignificant. |
Income Taxes
Income Taxes | 12 Months Ended |
Jun. 30, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 11. INCOME TAXES For the year ended June 30, 2018 and year ended June 30, 2017, the local (United States) and foreign components of loss before income taxes were comprised of the following: For the year ended June 30, 2018 For the year ended June 30, 2017 Tax jurisdictions from: - Local $ (261,918 ) $ (75,200 ) - Foreign, representing Labuan 134,806 (162 ) Hong Kong 2,172 - Loss before income tax $ (124,940 ) $ (75,362 ) The provision for income taxes consisted of the following: For the year ended June 30, 2018 For the year ended June 30, 2017 Current: - Local $ - $ - - Foreign 5,334 - Deferred: - Local - - - Foreign - - Income tax expense $ 5,334 $ - The effective tax rate in the periods presented is the result of the mix of income earned in various tax jurisdictions that apply a broad range of income tax rates. The Company and its subsidiary that operate in various countries: United States, Labuan and Hong Kong that are subject to taxes in the jurisdictions in which they operate, as follows: United States of America Agape ATP Corporation is registered in the State of Nevada and is subject to the tax laws of the United States of America. As of June 30, 2018, the operations in the United States of America incurred $362,118 of cumulative net operating losses which can be carried forward to offset future taxable income. The net operating loss carry forwards begin to expire in 2038, if unutilized. The tax valuation allowance for June 30, 2018 and June 30, 2017 are $76,045 and $35,070 respectively. Labuan Under the current laws of the Labuan, Agape ATP Corporation is governed under the Labuan Business Activity Act, 1990. The tax charge for such company is based on 3% of net audited profit or at a fixed rate of RM20,000. Hong Kong Agape ATP International Holding (HK) Limited is subject to Hong Kong Profits Tax, which is charged at the statutory income rate of 16.5% on its assessable income. The following table sets forth the significant components of the aggregate deferred tax assets of the Company as of June 30, 2018 and June 30, 2017: The following table sets forth the significant components of the aggregate deferred tax assets of the Company as of June 30, 2018 and 2017: For the year ended June 30, 2018 For the year ended June 30, 2017 Deferred tax assets: Net operating loss carry forwards -United States of America 76,045 35,070 -Hong Kong - - Less: valuation allowance (76,045 ) (35,070 ) Deferred tax asset - - |
Concentrations of Risks
Concentrations of Risks | 12 Months Ended |
Jun. 30, 2018 | |
Risks and Uncertainties [Abstract] | |
Concentrations of Risks | 12. CONCENTRATIONS OF RISKS (a) Major customers For the year ended June 30, 2018, the customers who accounted for 10% or more of the Company’s revenues and its account receivables balance at year-end are presented as follows: For the year ended June 30, 2018 As of June 30, 2018 Revenue Percentage of revenue Accounts receivable Customer A $ 487,005 100 % $ - Total: $ 487,005 100 % $ - For the year ended June 30, 2017, there was no customer who accounted for 10% or more of the Company’s revenues with no account receivables balance at year end. (b) Major vendors For the year ended June 30, 2018, the vendors who accounted for 10% or more of the Company’s purchases and its account payables balance at year-end are presented as follows: For the year ended June 30, 2018 As of June 30, 2018 Purchases Percentage of purchases Accounts payable Vendor A 441,409 100 % - Total: $ 441,409 100 % $ - For the year ended June 30, 2017, there was no vendor who accounted for 10% or more of the Company’s purchases with no account payables balance at year end. (c) Credit risk Financial instruments that are potentially subject to credit risk consist principally of accounts receivable. The Company believes the concentration of credit risk in its trade receivables is substantially mitigated by its ongoing credit evaluation process and relatively short collection terms. The Company does not generally require collateral from customers. The Company evaluates the need for an allowance for doubtful accounts based upon factors surrounding the credit risk of specific customers, historical trends and other information. (d) Exchange rate risk The Company cannot guarantee that the current exchange rate will remain steady; therefore, there is a possibility that the Company could post the same amount of profit for two comparable periods and because of the fluctuating exchange rate actually post higher or lower profit depending on exchange rate of RM$ converted to US$ on that date. The exchange rate could fluctuate depending on changes in political and economic environments without notice. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Jun. 30, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | 13. SUBSEQUENT EVENTS In accordance with ASC Topic 855, “ Subsequent Events |
Summary of Significant Accoun21
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Jun. 30, 2018 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of presentation These accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“US GAAP”). |
Basis of Consolidation | Basis of consolidation The condensed consolidated financial statements include the accounts of the Company and its subsidiaries in which the Company is the primary beneficiary. All inter-company accounts and transactions have been eliminated upon consolidation. |
Use of Estimates | Use of estimates In preparing these consolidated financial statements, management makes estimates and assumptions that affect the reported amounts of assets and liabilities in the balance sheets, and revenues and expenses during the periods reported. Actual results may differ from these estimates. |
Cash and Cash Equivalents | Cash and cash equivalents Cash and cash equivalents are carried at cost and represent cash on hand, time deposits placed with banks or other financial institutions and all highly liquid investments with an original maturity of six months or less as of the purchase date of such investments. |
Investment in Investee Company | Investment in investee company The Company evaluates investment in investee company as it holds an equity interest based on the amount of control it exercises over the operations of the investee, exposure to losses in excess of its investment, the ability to significantly influence the investee and whether the Company is the primary beneficiary of the investee. |
Investment in Marketable Securities | Investment in marketable securities Marketable securities included in marketable securities (current) and other investments (non-current) are stated at the lower of cost or market in the aggregate. Other marketable securities included in marketable securities (current) are stated at the lower of cost or market in the aggregate and investments other than marketable equity securities in other investments (non-current) are stated at cost less any significant decline in fair value assessed to be other than temporary. |
Revenue Recognition | Revenue recognition In accordance with ASC Topic 605, “Revenue Recognition”, the Company recognizes revenue from sales of goods when the following four revenue criteria are met: (1) persuasive evidence of an arrangement exists; (2) delivery has occurred; (3) selling price is fixed or determinable; and (4) collectability is reasonably assured. Revenue from trading of retail goods is recognized when title and risk of loss are transferred and there are no continuing obligations to the customer. Title and the risks and rewards of ownership transfer to and accepted by the customer when the products are collected by the customer at the Company’s office. Revenue is recorded net of sales discounts, returns, allowances, and other adjustments that are based upon management’s best estimates and historical experience and are provided for in the same period as the related revenues are recorded. Based on limited operating history, management estimates that there was no sale return for the period reported. The Company mainly derives its revenue from the sale of healthy food products. Generally, the Company recognizes revenue when products are sold and accepted by the customers and there are no continuing obligations to the customer. |
Cost of Revenue | Cost of revenue Cost of revenue includes the purchase cost of retail goods for re-sale to customers and packing materials (such as boxes). It excludes purchasing and receiving costs, inspection costs, warehousing costs, internal transfer costs and other costs of distribution network in cost of revenues. |
Selling and Distribution Expenses | Selling and distribution expenses Selling and distribution expenses are primarily comprised of travelling and accommodation, transportation fees such as petrol, toll and parking. |
Income Taxes | Income taxes The provision of income taxes is determined in accordance with the provisions of ASC Topic 740, “Income Taxes” (“ASC 740”). Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted income tax rates expected to apply to taxable income in the periods in which those temporary differences are expected to be recovered or settled. Any effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. ASC 740 prescribes a comprehensive model for how companies should recognize, measure, present, and disclose in their financial statements uncertain tax positions taken or expected to be taken on a tax return. Under ASC 740, tax positions must initially be recognized in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions must initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts. The Company conducts much of its businesses activities in Hong Kong and is subject to tax in this jurisdiction. As a result of its business activities, the Company will file separate tax returns that are subject to examination by the foreign tax authorities. |
Net Loss Per Share | Net loss per share The Company calculates net loss per share in accordance with ASC Topic 260 “ Earnings per share |
Foreign Currencies Translation | Foreign currencies translation Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded in the Condensed Consolidated Statements of Operations and Comprehensive Income The reporting currency of the Company is United States Dollars (“US$”) and the accompanying financial statements have been expressed in US$. In addition, the Company’s subsidiaries in Labuan and Hong Kong maintains their books and record in United States Dollars (“US$”), Hong Kong Dollars (“HK$”) and Malaysian Ringgit (“MYR”) respectively, which is functional currency as being the primary currency of the economic environment in which the entity operates. In general, for consolidation purposes, assets and liabilities of its subsidiaries whose functional currency is not US$ are translated into US$, in accordance with ASC Topic 830-30, “ Translation of Financial Statement” Translation of amounts from MYR into US$1 have been made at the following exchange rates for the respective periods: As of and for the year ended June 30, 2018 2017 Period-end MYR : US$1 exchange rate 4.03 4.38 Period-average MYR : US$1 exchange rate 4.21 4.43 |
Related Parties | Related parties Parties, which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Companies are also considered to be related if they are subject to common control or common significant influence. |
Fair Value of Financial Instruments | Fair value of financial instruments: The carrying value of the Company’s financial instruments: cash and cash equivalents, subscription receivables, prepayment and deposits, accounts payable, and other payables and accrued liabilities approximate at their fair values because of the short-term nature of these financial instruments. The Company also follows the guidance of the ASC Topic 820-10, “ Fair Value Measurements and Disclosures Level 1: Observable inputs such as quoted prices in active markets; Level 2: Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and Level 3: Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. Fair value estimates are made at a specific point in time based on relevant market information about the financial instrument. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and, therefore, cannot be determined with precision. Changes in assumptions could significantly affect the estimates. |
Recent Accounting Pronouncements | Recent accounting pronouncements The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and do not believe the future adoption of such any pronouncements may be expected to cause a material impact on its financial condition or the results of its operations, as follow: In May 2014, the FASB issued Accounting Standards Update No. 2014-09, “Revenue from Contracts with Customers” (“ASU 2014-09”). ASU 2014-09 supersedes the revenue recognition requirements in “Revenue Recognition (Topic 605)”, and requires entities to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. ASU 2014-09 is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Early adoption is not permitted. In August 2015, the FASB issued an Accounting Standards Update to defer by one year the effective dates of its new revenue recognition standard until annual reporting periods beginning after December 15, 2017 (2018 for calendar-year public entities) and interim periods therein. Management is currently assessing the impact of the adoption of ASU 2014-09 and has not determined the effect of the standard on our ongoing financial reporting. In February 2016, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02, Leases (Topic 842). Under the new guidance, lessees will be required recognize the following for all leases (with the exception of short-term leases) at the commencement date: 1) A lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis; and 2) A right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. The new lease guidance simplified the accounting for sale and leaseback transactions primarily because lessees must recognize lease assets and lease liabilities. Lessees will no longer be provided with a source of off-balance sheet financing. The amendments in this ASU are effective for fiscal years beginning after December 15, 2019, including interim periods within those years. The Company is evaluating this ASU and has not determined the effect of this standard on its ongoing financial reporting. In September 2017, the FASB has issued ASU No. 2017-13, Revenue Recognition Revenue from Contracts with Customers Leases In January 2017, the FASB issued ASU No. 2017-01 , “Business Combinations (Topic 805): Clarifying the Definition of a Business”, which clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. This amendment was effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. The adoption of ASU No. 2017-01 did not have a material impact on the Company’s financial position, results of operations and liquidity. The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and does 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. |
Organization and Business Bac22
Organization and Business Background (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Accounting Policies [Abstract] | |
Schedule of Subsidiaries and Associates | Details of the Company’s subsidiaries and associates: Subsidiary company name Place and date of incorporation Particulars of issued capital Principal activities Proportional of ownership interest and voting power held 1. Agape ATP Corporation Labuan, March 6, 2017 1 share of ordinary share of US$1 each Investment holding 100 % 2. Agape ATP International Holding Limited Hong Kong, June 1, 2017 1 share of ordinary share of HK$1 each Health and wellness products and health solution advisory services 100 % Associate company name Place and date of incorporation Particulars of issued capital Principal activities Proportional of ownership interest and voting power held 1. Unreserved Sdn Bhd Malaysia, August 25, 2008 500,000 shares of ordinary share of RM7 each Magazines publication and advertising 20 % |
Summary of Significant Accoun23
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Accounting Policies [Abstract] | |
Schedule of Translation Exchange Rates | Translation of amounts from MYR into US$1 have been made at the following exchange rates for the respective periods: As of and for the year ended June 30, 2018 2017 Period-end MYR : US$1 exchange rate 4.03 4.38 Period-average MYR : US$1 exchange rate 4.21 4.43 |
Prepayments and Deposits (Table
Prepayments and Deposits (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of Prepaid Expenses and Deposits | As of June 30, As of June 30, 2018 2017 Prepaid expenses $ 264,941 $ - Total prepaid expenses and deposits $ 264,941 $ - |
Investment in Investee Company
Investment in Investee Company (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Investments Schedule [Abstract] | |
Schedule of Investments | As of June 30, As of June 30, 2018 2017 Cost of investment 862,490 - Less: impairment loss - - Less: share of result of investee company (30,155 ) - Investment in investee company $ 832,335 $ - |
Other Payables and Accrued Li26
Other Payables and Accrued Liabilities (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of Other Payables and Accrued Liabilities | As of June 30, As of June 30, 2018 2017 Accrued audit fees 19,000 8,000 Accrued professional fees 749 - Total payables and accrued liabilities $ 19,749 $ - |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income/(Loss) Before Income Tax | For the year ended June 30, 2018 and year ended June 30, 2017, the local (United States) and foreign components of loss before income taxes were comprised of the following: For the year ended June 30, 2018 For the year ended June 30, 2017 Tax jurisdictions from: - Local $ (261,918 ) $ (75,200 ) - Foreign, representing Labuan 134,806 (162 ) Hong Kong 2,172 - Loss before income tax $ (124,940 ) $ (75,362 ) |
Schedule of Provision for Income Tax | The provision for income taxes consisted of the following: For the year ended June 30, 2018 For the year ended June 30, 2017 Current: - Local $ - $ - - Foreign 5,334 - Deferred: - Local - - - Foreign - - Income tax expense $ 5,334 $ - |
Schedule of Deferred Tax Assets | The following table sets forth the significant components of the aggregate deferred tax assets of the Company as of June 30, 2018 and 2017: For the year ended June 30, 2018 For the year ended June 30, 2017 Deferred tax assets: Net operating loss carry forwards -United States of America 76,045 35,070 -Hong Kong - - Less: valuation allowance (76,045 ) (35,070 ) Deferred tax asset - - |
Concentrations of Risks (Tables
Concentrations of Risks (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Risks and Uncertainties [Abstract] | |
Schedule of Concentrations of Risks | (a) Major customers For the year ended June 30, 2018, the customers who accounted for 10% or more of the Company’s revenues and its account receivables balance at year-end are presented as follows: For the year ended June 30, 2018 As of June 30, 2018 Revenue Percentage of revenue Accounts receivable Customer A $ 487,005 100 % $ - Total: $ 487,005 100 % $ - For the year ended June 30, 2017, there was no customer who accounted for 10% or more of the Company’s revenues with no account receivables balance at year end. (b) Major vendors For the year ended June 30, 2018, the vendors who accounted for 10% or more of the Company’s purchases and its account payables balance at year-end are presented as follows: For the year ended June 30, 2018 As of June 30, 2018 Purchases Percentage of purchases Accounts payable Vendor A 441,409 100 % - Total: $ 441,409 100 % $ - For the year ended June 30, 2017, there was no vendor who accounted for 10% or more of the Company’s purchases with no account payables balance at year end. |
Organization and Business Bac29
Organization and Business Background (Details Narrative) | Jun. 30, 2018 |
Ownership percentage | 4.70% |
Agape ATP International Holding Limited [Member] | |
Ownership percentage | 100.00% |
Organization and Business Bac30
Organization and Business Background - Schedule of Subsidiaries and Associates (Details) | 12 Months Ended |
Jun. 30, 2018 | |
Proportional of ownership interest and voting power held | 4.70% |
Subsidiary Company [Member] | |
Company name | Agape ATP Corporation |
Place and date of incorporation | Labuan, March 6, 2017 |
Particulars of issued capital | 1 share of ordinary share of US$1 each |
Principal activities | Investment holding |
Proportional of ownership interest and voting power held | 100.00% |
Subsidiary Company One [Member] | |
Company name | Agape ATP International Holding Limited |
Place and date of incorporation | Hong Kong, June 1, 2017 |
Particulars of issued capital | 1 share of ordinary share of HK$1 each |
Principal activities | Health and wellness products and health solution advisory services |
Proportional of ownership interest and voting power held | 100.00% |
Associate Company [Member] | Unreserved Sdn Bhd [Member] | |
Company name | Unreserved Sdn Bhd |
Place and date of incorporation | Malaysia, August 25, 2008 |
Particulars of issued capital | 500,000 shares of ordinary share of RM7 each |
Principal activities | Magazines publication and advertising |
Proportional of ownership interest and voting power held | 20.00% |
Summary of Significant Accoun31
Summary of Significant Accounting Policies - Schedule of Translation Exchange Rates (Details) - MYR [Member] | Jun. 30, 2018 | Jun. 30, 2017 |
Period-end MYR : US$1 exchange rate | 4.03 | 4.38 |
Period-average MYR : US$1 exchange rate | 4.21 | 4.43 |
Summary of Significant Accoun32
Summary of Significant Accounting Policies - Schedule of Translation Exchange Rates (Details) (Parenthetical) - USD ($) | 12 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
MYR [Member] | ||
Exchange rate | $ 1 | $ 1 |
Stockholders_ Equity (Details N
Stockholders’ Equity (Details Narrative) | Apr. 16, 2018USD ($)$ / sharesshares | Jun. 26, 2017USD ($)Integer$ / sharesshares | May 03, 2017USD ($)Integer$ / sharesshares | Apr. 14, 2017USD ($)$ / sharesshares | Apr. 13, 2017USD ($)$ / sharesshares | Apr. 10, 2017USD ($)$ / sharesshares | Jun. 01, 2016$ / sharesshares | Jun. 23, 2017USD ($)Integer$ / sharesshares | May 25, 2017USD ($)Integer$ / sharesshares | Mar. 31, 2018USD ($)Integer$ / sharesshares | Jun. 30, 2018USD ($)$ / sharesshares | Jun. 30, 2017USD ($)$ / sharesshares |
Common stock par value | $ / shares | $ 0.0001 | $ 0.0001 | ||||||||||
Proceeds from issuance of common stock | $ | $ 2,925,207 | $ 2,367,875 | ||||||||||
Common stock issued | 376,275,500 | 371,350,000 | ||||||||||
Common stock outstanding | 376,275,500 | 371,350,000 | ||||||||||
Malaysia [Member] | ||||||||||||
Number of shareholders | Integer | 7 | 2 | 19 | 67 | ||||||||
Number of restricted common stock shares sold | 350,000 | 1,400,000 | 2,100,000 | 17,400,000 | ||||||||
Sale of stock price per share | $ / shares | $ 0.4 | $ 0.05 | $ 0.2 | $ 0.1 | ||||||||
Proceeds from issuance of common stock | $ | $ 140,000 | $ 70,000 | $ 420,000 | $ 1,740,000 | ||||||||
Malaysia [Member] | IPO [Member] | ||||||||||||
Number of shareholders | Integer | 298 | |||||||||||
Number of restricted common stock shares sold | 2,925,500 | |||||||||||
Sale of stock price per share | $ / shares | $ 1 | |||||||||||
Proceeds from issuance of common stock | $ | $ 2,925,500 | |||||||||||
Greenpro Venture Capital Limited [Member] | ||||||||||||
Number of restricted common stock shares issued, shares | 17,500,000 | |||||||||||
Common stock par value | $ / shares | $ 0.0001 | |||||||||||
Working capital | $ | $ 1,750 | |||||||||||
Greenpro Asia Strategic Fund SPC [Member] | ||||||||||||
Number of restricted common stock shares issued, shares | 17,500,000 | |||||||||||
Common stock par value | $ / shares | $ 0.0001 | |||||||||||
Working capital | $ | $ 1,750 | |||||||||||
Adam, Network 1 and Damon [Member] | United States [Member] | ||||||||||||
Number of restricted common stock shares sold | 2,000,000 | |||||||||||
Sale of stock price per share | $ / shares | $ 0.0001 | |||||||||||
Proceeds from issuance of common stock | $ | $ 200 | |||||||||||
HKC Holdings Sdn Bhd [Member] | ||||||||||||
Number of restricted common stock shares issued, shares | 70,000,000 | |||||||||||
Common stock par value | $ / shares | $ 0.0001 | |||||||||||
Working capital | $ | $ 31,500 | |||||||||||
Mr. How Kok Choong [Member] | ||||||||||||
Number of restricted common stock shares issued, shares | 245,000,000 | 100,000 | ||||||||||
Common stock par value | $ / shares | $ 0.0001 | $ 0.0001 | ||||||||||
Working capital | $ | $ 31,500 |
Cash and Cash Equivalents (Deta
Cash and Cash Equivalents (Details Narrative) - USD ($) | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 |
Cash and Cash Equivalents [Abstract] | |||
Cash and cash equivalents | $ 3,531,255 | $ 2,312,748 | $ 10 |
Cash on hand | 1,046,706 | ||
Time deposits | $ 2,484,549 | ||
Interest rate | 2.95% |
Prepayments and Deposits - Sche
Prepayments and Deposits - Schedule of Prepaid Expenses and Deposits (Details) - USD ($) | Jun. 30, 2018 | Jun. 30, 2017 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Prepaid expenses | $ 264,941 | |
Total prepaid expenses and deposits | $ 264,941 |
Investment in Investee Compan36
Investment in Investee Company (Details Narrative) - USD ($) | Jun. 30, 2018 | May 17, 2018 | Jun. 30, 2017 |
Investment amount | $ 832,335 | $ 500,000 | |
Equity interest percentage | 4.70% | ||
Ordinary shares authorized | 1,000,000,000 | 1,000,000,000 | |
Ordinary shares issued | 376,275,500 | 371,350,000 | |
Ordinary shares outstanding | 376,275,500 | 371,350,000 | |
Director [Member] | |||
Investment amount | $ 862,490 | ||
Equity interest percentage | 20.00% | ||
Ordinary shares authorized | 2,500,000 | ||
Ordinary shares issued | 2,500,000 | ||
Ordinary shares outstanding | 2,500,000 | ||
Director [Member] | MYR [Member] | |||
Investment amount | $ 3,500,000 |
Investment in Investee Compan37
Investment in Investee Company - Schedule of Investments (Details) - USD ($) | Jun. 30, 2018 | May 17, 2018 | Jun. 30, 2017 |
Investments Schedule [Abstract] | |||
Cost of investment | $ 862,490 | ||
Less: impairment loss | |||
Less: share of result of investee company | (30,155) | ||
Investment in investee company | $ 832,335 | $ 500,000 |
Investment in Marketable Secu38
Investment in Marketable Securities (Details Narrative) - USD ($) | Jun. 30, 2018 | May 17, 2018 | Jun. 30, 2017 |
Investment amount | $ 832,335 | $ 500,000 | |
Purchased price per shares | $ 6 | ||
Greenpro Capital Corp. [Member] | |||
Investment amount | $ 500,000 | ||
Purchased price per shares | $ 6 |
Other Payables and Accrued Li39
Other Payables and Accrued Liabilities - Schedule of Other Payables and Accrued Liabilities (Details) - USD ($) | Jun. 30, 2018 | Jun. 30, 2017 |
Other Liabilities Disclosure [Abstract] | ||
Accrued audit fees | $ 19,000 | $ 8,000 |
Accrued professional fees | 749 | |
Total payables and accrued liabilities | $ 19,749 | $ 8,000 |
Related Party Transaction (Deta
Related Party Transaction (Details Narrative) - USD ($) | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | May 17, 2018 | |
Related Party Transactions [Abstract] | |||
Amounts due to a related party | $ 745 | ||
Ownership percentage | 4.70% | ||
Incurred incorporation fees | $ 1,419 | 1,419 | |
Professional fees | 214,000 | 214,000 | |
Revenue | 487,005 | ||
Investment | $ 832,335 | $ 500,000 | |
Share price per share | $ 6 |
Amount Due to a Director (Detai
Amount Due to a Director (Details Narrative) - USD ($) | Jun. 30, 2018 | Jun. 30, 2017 |
Due to related party | $ 3,922 | $ 100 |
Director [Member] | ||
Due to related party | $ 3,827 |
Income Taxes (Details Narrative
Income Taxes (Details Narrative) - USD ($) | 12 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
United States of America [Member] | ||
Cumulative net operating loss | $ 362,118 | |
Operating loss carryforwards expire year | 2,038 | |
Valuation allowance | $ 76,045 | $ 35,070 |
Labuan [Member] | ||
Tax percentage | 3.00% | |
Labuan [Member] | MYR [Member] | ||
Fixed rate of foreign income tax amount | $ 20,000 | |
Hong Kong [Member] | ||
Statutory income tax rate | 16.50% |
Income Taxes - Schedule of Comp
Income Taxes - Schedule of Components of Income/(Loss) Before Income Tax (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Local | $ (261,918) | $ (75,200) |
Loss before income tax | (94,785) | (75,362) |
Labuan [Member] | ||
Foreign | 134,806 | (162) |
Hong Kong [Member] | ||
Foreign | $ 2,172 |
Income Taxes - Schedule of Prov
Income Taxes - Schedule of Provision for Income Tax (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Income Tax Disclosure [Abstract] | ||
Current, Local | ||
Current, Foreign | 5,334 | |
Deferred, Local | ||
Deferred, Foreign | ||
Income tax expense | $ 5,334 |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Tax Assets (Details) - USD ($) | Jun. 30, 2018 | Jun. 30, 2017 |
Less: valuation allowance | $ (76,045) | $ (35,070) |
Deferred tax asset | ||
United States of America [Member] | ||
Net operating loss carryforwards | 76,045 | 35,070 |
Hong Kong [Member] | ||
Net operating loss carryforwards |
Concentrations of Risks - Sched
Concentrations of Risks - Schedule of Concentrations of Risk (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Revenues | $ 487,005 | |
Purchase | 441,409 | |
Accounts Payable [Member] | ||
Accounts payable, trade | ||
Vendor A [Member] | Accounts Payable [Member] | ||
Accounts payable, trade | ||
Sales Revenue, Net [Member] | ||
Revenues | $ 487,005 | |
Concentrations of risk percentage | 100.00% | |
Sales Revenue, Net [Member] | Customer A [Member] | ||
Revenues | $ 487,005 | |
Concentrations of risk percentage | 100.00% | |
Accounts Receivable [Member] | ||
Accounts receivable, trade | ||
Accounts Receivable [Member] | Customer A [Member] | ||
Accounts receivable, trade | ||
Cost of Sales [Member] | ||
Concentrations of risk percentage | 100.00% | |
Purchase | $ 441,409 | |
Cost of Sales [Member] | Vendor A [Member] | ||
Concentrations of risk percentage | 100.00% | |
Purchase | $ 441,409 |
Concentrations of Risks - Sch47
Concentrations of Risks - Schedule of Concentrations of Risk (Details) (Parenthetical) | 12 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Customer [Member] | ||
Concentrations of risk percentage | 10.00% | 10.00% |
Vendor [Member] | ||
Concentrations of risk percentage | 10.00% | 10.00% |