Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Jun. 30, 2019 | Sep. 11, 2019 | Dec. 31, 2018 | |
Document And Entity Information | |||
Entity Registrant Name | Agape ATP Corp | ||
Entity Central Index Key | 0001713210 | ||
Document Type | 10-K/A | ||
Document Period End Date | Jun. 30, 2019 | ||
Amendment Flag | true | ||
Amendment Description | This Amendment No. 1 ("Amendment No. 1") to the Annual Report on Form 10-K of Agape ATP Corporation. (the "Company") for the fiscal year ended June 30, 2019 as filed with the Securities and Exchange Commission (the "SEC") on September 13, 2019 (the "2019 Annual Report"), is being filed to amend and restate the Company's 2019 Annual Report. | ||
Current Fiscal Year End Date | --06-30 | ||
Entity a Well-known Seasoned Issuer | No | ||
Entity a Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business Flag | false | ||
Entity Emerging Growth Company | true | ||
Entity Ex Transition Period | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 954,450,200 | ||
Entity Common Stock, Shares Outstanding | 376,275,500 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2019 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Jun. 30, 2019 | Jun. 30, 2018 |
NON-CURRENT ASSETS | ||
Investment in investee company | $ 832,335 | |
Investment in marketable securities | 134,166 | 500,000 |
Investment in non-marketable securities | 726,119 | |
Total Non-Current Assets | 860,285 | 1,332,335 |
CURRENT ASSETS | ||
Cash and cash equivalents | 2,857,587 | 3,531,255 |
Trade receivables | 511,610 | |
Prepayments and deposits | 498,335 | 264,941 |
Amount due from a related party | 2,210 | |
Total Current Assets | 3,869,742 | 3,796,196 |
TOTAL ASSETS | 4,730,027 | 5,128,531 |
STOCKHOLDERS' EQUITY | ||
Preferred stock, $0.0001 par value; 200,000,000 shares authorized; None issued and outstanding | ||
Common Stock, par value $0.0001; 1,000,000,000 shares authorized, 376,275,500 and 376,275,500 issued and outstanding as of June 30, 2019 and June 30, 2018 | 37,628 | 37,628 |
Additional paid in capital | 5,293,082 | 5,293,082 |
Accumulated other comprehensive losses | (79) | (1,293) |
Accumulated losses | (750,278) | (230,636) |
TOTAL STOCKHOLDERS' EQUITY | 4,580,353 | 5,098,781 |
CURRENT LIABILITIES | ||
Trade payables | 35,145 | |
Other payables and accrued liabilities | 110,591 | 19,749 |
Income tax provision | 5,334 | |
Amount due to a director | 3,938 | 3,922 |
Amount due to a related party | 745 | |
Total Current Liabilities | 149,674 | 29,750 |
TOTAL LIABILITIES | 149,674 | 29,750 |
TOTAL STOCKHOLDERS' EQUITY AND LIABILITIES | $ 4,730,027 | $ 5,128,531 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2019 | Jun. 30, 2018 |
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 | 376,275,500 |
Common stock, shares outstanding | 376,275,500 | 376,275,500 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Loss - USD ($) | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Income Statement [Abstract] | ||
REVENUE | $ 1,546,057 | $ 487,005 |
COST OF REVENUE | (1,436,705) | (441,409) |
GROSS PROFIT | 109,352 | 45,596 |
OTHER INCOME | 86,078 | 139,301 |
SELLING, GENERAL AND ADMINISTRATIVE AND OPERATING EXPENSES | (607,356) | (279,682) |
LOSS BEFORE RESULTS OF INVESTEE COMPANY | (411,926) | (94,785) |
SHARE OF RESULTS OF INVESTEE COMPANY | (124,225) | (30,155) |
GAIN ON DEEMED DISPOSAL OF SHARES IN INVESTEE COMPANY | 16,509 | |
LOSS BEFORE INCOME TAX | (519,642) | (124,940) |
TAXATION | (5,334) | |
NET LOSS | (519,642) | (130,274) |
Other comprehensive income/(loss): | ||
- Foreign currency translation adjustment | 1,214 | (1,293) |
TOTAL COMPREHENSIVE LOSS | $ (518,428) | $ (131,567) |
Net loss per share- Basic and diluted | $ 0 | $ 0 |
Weighted average number of common shares outstanding - Basic and diluted | 376,275,500 | 373,017,955 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Losses [Member] | Accumulated Losses [Member] | Total |
Balance at Jun. 30, 2017 | $ 37,135 | $ 2,367,875 | $ (100,362) | $ 2,304,648 | |
Balance, shares at Jun. 30, 2017 | 371,350,000 | ||||
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) | |||
Net loss | (130,274) | (130,274) | |||
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 | ||||
Foreign currency translation adjustment | 1,214 | 1,214 | |||
Net loss | (519,642) | (519,642) | |||
Balance at Jun. 30, 2019 | $ 37,628 | $ 5,293,082 | $ (79) | $ (750,278) | $ 4,580,353 |
Balance, shares at Jun. 30, 2019 | 376,275,500 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - $ / shares | Apr. 16, 2018 | Mar. 09, 2018 |
Adam, Network 1 and Damon [Member] | ||
Shares issued price per share | $ 0.0001 | |
IPO [Member] | ||
Shares issued price per share | $ 1 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (519,642) | $ (130,274) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Share of result of investee company | 124,225 | 30,155 |
Gain on deemed disposal of shares in investee company | (16,509) | |
Impairment in cost of investments | 366,834 | |
Taxation | 5,334 | |
Changes in operating assets and liabilities: | ||
Trade receivables | (511,610) | |
Prepayments and deposits | (233,394) | (264,941) |
Amount due from a related party | (2,210) | |
Trade payables | 35,145 | |
Other payables and accrued liabilities | 90,097 | 11,749 |
Net cash used in operating activities | (667,064) | (347,977) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Investment in investee company | (862,490) | |
Investment in financial assets | (2,500) | (500,000) |
Net cash used in investing activities | (2,500) | (1,362,490) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Increase in share capital | 493 | |
Proceed from sale of common stock | 2,925,207 | |
Amount due to a related party | 745 | |
Amount due to a director | (5,318) | 3,822 |
Net cash (used in) / provided by financing activities | (5,318) | 2,930,267 |
Effect of exchange rate changes on cash and cash equivalents | 1,214 | (1,293) |
Net change in cash and cash equivalents | (673,668) | 1,218,507 |
Cash and cash equivalents, beginning of year | 3,531,255 | 2,312,748 |
CASH AND CASH EQUIVALENTS, END OF YEAR | 2,857,587 | 3,531,255 |
SUPPLEMENTAL CASH FLOWS INFORMATION | ||
Income taxes paid | ||
Interest paid |
Organization and Business Backg
Organization and Business Background | 12 Months Ended |
Jun. 30, 2019 | |
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 involved 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. Details of the Company’s subsidiaries: Subsidiary Place and Particulars of Principal Proportional of interest and voting power held 1. Agape ATP Corporation Labuan, 100 shares of ordinary share of US$1 each Investment holding 100 % 2. Agape ATP International Holding Limited Hong Kong, 1,000,000 shares of ordinary share of HK$1 each Health and wellness products and health solution advisory services 100 % Business Overview Agape ATP Corporation is a company that develops and provides health solution advisory services to our clients. We primarily focus our efforts on attracting customers in Malaysia. Our advisory services center on the “ATP Zeta Health Program”, which is a health program designed to effectively prevent diseases caused by polluted environments, unhealthy dietary intake and unhealthy lifestyles, and promotion of health. The program aims to promote improved health and longevity in our clients through a combination of modern medicine, proper nutrition and advice from skilled nutritionists and/or 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. As a strong advocator of “beauty from within”, our program shall emphasize 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. 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. The ten products that comprise the ATP Zeta Super Health Program are ATP1s Survivor Select, ATP2 Energized Mineral Concentrate, ATP3 Ionized Cal-Mag, ATP4 Omega Blend, ATP5 BetaMaxx, AGN-Vege Fruit Fiber, AGP1-Iron, YFA-Young Formula, Mitogize and ORYC-Organic Youth Care Cleansing Bar. At present, our products are mainly sold 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 the country. All of the products in the ATP Zeta Super Health Program have obtained the appropriate authorizations. As part of a continuous effort to increase market share of the health and wellness industry that is growing at an exponential rate, we will also evaluate adding additional products to the ATP Zeta Super Health Program; and considering the potential of the synergies between the health and beauty sectors, we will further involve ourselves in the topical approach of skin and hair regime. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Jun. 30, 2019 | |
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. 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. Realized gains and losses on the sale of securities are based on the average cost of all the units of a particular security held at the time of sale. Investment in non-marketable securities Investments in non-marketable equity securities (non-current) are stated at cost less any significant decline in fair value assessed to be other than temporary. Realized gains and losses on the sale of securities are based on the average cost of all the units of a particular security held at the time of sale. 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. Accounts receivable Accounts receivable are recorded at the invoiced amount less an allowance for any uncollectible accounts and do not bear interest, which are due on demand. Management reviews the adequacy of the allowance for doubtful accounts on an ongoing basis, using historical collection trends and aging of receivables. Management also periodically evaluates individual customer’s financial condition, credit history, and the current economic conditions to make adjustments in the allowance when it is considered necessary. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. 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 supplies of healthy food products 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. Cost of revenue Cost of revenue includes the purchase cost of manufactured goods for sale to customers It excludes purchasing and receiving costs, inspection costs, warehousing costs, internal transfer costs and other costs of distribution network in cost of revenues. Selling, general, administrative and operating expenses Selling, general, administrative and operating expenses are primarily comprised of rental of office premises, licensing and professional fees. 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$. The Company’s subsidiary in Labuan maintains its books and record in United States Dollars (“US$”) albeit its functional currency being the primary currency of the economic environment in which the entity operates is the Malaysian Ringgit (“MYR”). The Company’s subsidiary in Hong Kong maintains its books and record in Hong Kong Dollars (“HK$”), similar to itss functional currency. In general, for consolidation purposes, assets and liabilities of its subsidiaries whose functional currency is not US$ are translated into US$, in accordance with ASC Topic 830-30, “ Translation of Financial Statement” Translation of foreign currencies into US$1 have been made at the following exchange rates for the respective periods: As of and for the year ended June 30, 2019 2018 Period-end MYR : US$1 exchange rate 4.13 4.03 Period-average MYR : US$1 exchange rate 4.13 4.21 Period-end HKD : US$1 exchange rate 7.81 - Period-average HKD : US$1 exchange rate 7.84 - Period-end AUD : US$1 exchange rate 1.42 - Period-average AUD : US$1 exchange rate 1.42 - 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 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. In September 2017, the FASB has issued ASU No. 2017-13, Revenue Recognition Revenue from Contracts with Customers Leases In February 2018, the FASB has issued ASU No. 2018-02, Income Statement-Reporting Comprehensive Income (Topic 220), which allows a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act. Consequently, the amendments eliminate the stranded tax effects resulting from the Tax Cuts and Jobs Act and will improve the usefulness of information in financial statement. The amendments in this ASU are effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. The Company has analyzed the consequences of such adoption and has not determined the effect of this standard on its ongoing financial reporting. In August 2018, the FASB has issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements of Fair Value Measurement. This amendment modifies the disclosure requirements on fair value measurements in Topic 820, Fair Value Measurement, based on the concepts in the Concepts Statement, including the consideration of costs and benefits, with the primary purpose to improve the effectiveness of disclosures in the notes to financial statements by facilitating clear communication of the information required by US GAAP. The amendments in this update are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. |
Investment in Marketable Securi
Investment in Marketable Securities | 12 Months Ended |
Jun. 30, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment in Marketable Securities | 3. INVESTMENT IN MARKETABLE SECURITIES (i) On May 17, 2018, the Company purchased common stocks in Greenpro Capital Corp. for $500,000 at purchase price of $6 per share. (ii) On October 16, 2018, the Company purchased common stocks in Greenpro Capital Corp. for $1,000 at purchase price of $0.03 per share. As of As of Cost of investment $ 501,000 $ 500,000 Less: Impairment in cost of investment (366,834 ) - Investment in marketable securities $ 134,166 $ 500,000 |
Investment In Non-Marketable Se
Investment In Non-Marketable Securities | 12 Months Ended |
Jun. 30, 2019 | |
Investment In Non-marketable Securities | |
Investment In Non-Marketable Securities | 4. INVESTMENT IN NON-MARKETABLE SECURITIES The Company invested in Unreserved Sdn Bhd with the investment amount of $863,592 (MYR3,500,000), approximated 20% of equity interest of Unreserved Sdn Bhd and is accounted for under the equity method of accounting. On March 10, 2019 Unreserved Sdn Bhd issued additional common stock for working capital. As the Company did not subscribe for the additional common stock, the Company’s equity interest in investee company was diluted from 20.0% to 17.86%. Effective March 10, 2019, the Company discontinued equity accounting on the investee company. The Company also ceased control over the operations of the investee company on the same date. Accordingly, investment in investee company was reclassified to investment in non-marketable securities. Unreserved Sdn Bhd is incorporated in Malaysia with 2,500,000 ordinary shares authorized, issued and outstanding. Mr Lim Hun Soon David Lim and Ms Aniza Helina Akmi Karim are the directors of Unreserved Sdn Bhd. Mr How Kok Choong was a director of the company from April 30,2018 to March 27, 2019. On April 3, 2019, the Company purchased 5% of 300,000,000 or 15,000,000 common stocks in Phoenix Plus Corp. for $1,500 at purchase price of $0.0001 per share. Unreserved Sdn Bhd As of As of Cost of investment $ 832,335 $ 862,490 Less: share of result of investee company (124,225 ) (30,155 ) Add: gain on deemed disposal of shares in investee company 16,509 - Investment in investee company $ 724,619 $ 832,335 Reclassify to investment in non-marketable securities (724,619 ) - Investment in investee company $ - 832,335 Investment in non-marketable securities $ 724,619 $ - Phoenix Plus Corporation Cost of investment $ 1,500 $ - Total investment in non-marketable securities $ 726,119 $ - |
Cash and Cash Equivalents
Cash and Cash Equivalents | 12 Months Ended |
Jun. 30, 2019 | |
Cash and Cash Equivalents [Abstract] | |
Cash and Cash Equivalents | 5. CASH AND CASH EQUIVALENTS As at June 30, 2019, the Company recorded $2,857,587 of cash and cash equivalents (June 30,2018: $3,531,255), which consists $353,214 of cash on hand (June 30,2018: $1,046,706) and $2,504,373 (June 30,2018: $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 ranges between 2.95% to 3.25% per annum (June 30,2018: 2.95%). |
Trade Receivables
Trade Receivables | 12 Months Ended |
Jun. 30, 2019 | |
Receivables [Abstract] | |
Trade Receivables | 6. TRADE RECEIVABLES As of June 30, As of June 30, 2019 2018 Trade receivables $ 511,610 $ - Total trade receivables $ 511,610 $ - |
Prepayments and Deposits
Prepayments and Deposits | 12 Months Ended |
Jun. 30, 2019 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Prepayments and Deposits | 7. PREPAYMENTS AND DEPOSITS As of June 30, As of June 30, 2019 2018 Prepaid expenses $ 21,081 $ 11,018 Deposits to supplier 477,254 253,923 Total prepaid expenses and deposits $ 498,335 $ 264,941 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Jun. 30, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 8. RELATED PARTY TRANSACTIONS Twelve Months Ended June 30, 2019 2018 2019 2018 Revenue Accounts Receivable, Trade Agape S.E.A. Sdn Bhd $ 1,524,596 $ 487,005 $ 511, 610 $ - Agape Superior Living Pty Ltd $ 21,461 $ - $ - $ - Professional fee Accounts Payable, Non-trade Greenpro Capital Corp. $ 12,000 $ 214,883 $ - $ - Company Secretary fee Accounts Payable, Non-trade Greenpro Capital Corp. $ 3,282 $ 292 $ - $ - License fee Accounts Payable, Non-trade Greenpro Capital Corp. $ 1,509 $ - $ - $ - Incorporation fee Accounts Payable, Non-trade Greenpro Capital Corp. $ - $ 1,419 $ - $ - Expenses paid on behalf Accounts Payable, Non-trade Agape Superior Living Sdn Bhd $ - $ 745 $ - $ 745 Expenses paid on behalf Accounts Payable, Non-trade Agape ATP (Asia) Limited $ 2,210 $ - $ 2,210 $ - Twelve Months Ended June 30, 2019 2018 2019 2018 Sundry Purchases Accounts Payable, Non-trade Agape Superior Living Pty Ltd $ 35,145 $ - $ 35,145 $ - Related parties Relationships Agape S.E.A. Sdn Bhd Mr How Kok Choong, the CEO and director of the Company is also the sole shareholder and director of Agape S.E.A. Sdn Bhd Agape Superior Living Pty Ltd Mr How Kok Choong, the CEO and director of the Company is a 51% shareholder and a director of Agape Superior Living Pty Ltd Agape Superior Living Sdn Bhd Mr How Kok Choong, the CEO and director of the Company is also the sole shareholder and director of Agape Superior Living Sdn Bhd Greenpro Capital Corp. Greenpro Capital Corp., through its wholly owned subsidiaries (collectively “Greenpro”), is a 4.7% shareholder in 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. Mr How Kok Choong, the CEO and director of the Company is also the director of Greenpro Capital Corp. Agape ATP (Asia) Limited Mr How Kok Choong, the CEO and director of the Company is also the sole shareholder and director of Agape ATP (Asia) Limited. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Jun. 30, 2019 | |
Equity [Abstract] | |
Stockholders Equity | 9. STOCKHOLDERS’ EQUITY As of June 30, 2019, and 2018, there were 376,275,500 and 376,275,500 of common stocks issued and outstanding respectively. There was no common stock issued and outstanding from the IPO as of June 30, 2019. There were no stock options, warrants or other potentially dilutive securities outstanding as of June 30, 2019. |
Other Payables and Accrued Liab
Other Payables and Accrued Liabilities | 12 Months Ended |
Jun. 30, 2019 | |
Other Liabilities Disclosure [Abstract] | |
Other Payables and Accrued Liabilities | 10. OTHER PAYABLES AND ACCRUED LIABILITIES As of June 30, As of June 30, 2019 2018 Accrued audit fees 20,000 19,000 Accrued professional fees - 749 Deposit received from customer 78,231 - Others 12,360 - Total payables and accrued liabilities $ 110,591 $ 19,749 |
Income Taxes
Income Taxes | 12 Months Ended |
Jun. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 11. INCOME TAXES For the year ended June 30, 2019 and year ended June 30, 2018, the local (United States) and foreign components of loss before income taxes were comprised of the following: For the year ended For the year ended Tax jurisdictions from: - Local $ (76,309 ) $ (261,918 ) - Foreign, representing Labuan (2,777 ) 134,806 Hong Kong (440,556 ) 2,172 Loss before income tax $ (519,642 ) $ (124,940 ) The provision for income taxes consisted of the following: For the year ended For the year ended 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, 2019, the operations in the United States of America incurred $438,426 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, 2019 and June 30, 2018 are $92,069 and $76,045 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. 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 derived from Hong Kong. Business income derived outside the Special Administrative Region is not subject to Hong Kong Profits Tax. The following table sets forth the significant components of the aggregate deferred tax assets of the Company as of June 30, 2019 and 2018: For the year ended For the year ended Deferred tax assets: Net operating loss carry forwards -United States of America 92,069 76,045 -Hong Kong - - Less: valuation allowance (92,069 ) (76,045 ) Deferred tax asset - - |
Amount Due to a Director
Amount Due to a Director | 12 Months Ended |
Jun. 30, 2019 | |
Related Party Transactions [Abstract] | |
Amount Due to a Director | 12. AMOUNT DUE TO A DIRECTOR As of June 30, 2019, a director of the Company advanced $3,938 to the Company, which is unsecured, interest-free with no fixed repayment term, for working capital purpose. Imputed interest is considered insignificant. |
Concentrations of Risks
Concentrations of Risks | 12 Months Ended |
Jun. 30, 2019 | |
Risks and Uncertainties [Abstract] | |
Concentrations of Risks | 13. CONCENTRATIONS OF RISKS (a) Major customers For the year ended June 30, 2019, 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, 2019 As of Revenue Percentage of revenue Accounts Customer A $ 1,524,596 99 % $ 511,610 Total: $ 1,524,596 99 % $ 511,610 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 Revenue Percentage of revenue Accounts Customer A $ 487,005 100 % $ - Total: $ 487,005 100 % $ - (b) Major vendors For the year ended June 30, 2019, 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, 2019 As of Purchases Percentage of purchases Accounts payable Vendor A 1,016,983 71 % - Vendor B 370,056 26 % - Total: $ 1,387,039 97 % $ - 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 Purchases Percentage of purchases Accounts payable Vendor A 441,409 100 % - Total: $ 441,409 100 % $ - (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, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | 15. SUBSEQUENT EVENTS In accordance with ASC Topic 855, “ Subsequent Events |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Jun. 30, 2019 | |
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. |
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. Realized gains and losses on the sale of securities are based on the average cost of all the units of a particular security held at the time of sale. |
Investment in Non-marketable Securities | Investment in non-marketable securities Investments in non-marketable equity securities (non-current) are stated at cost less any significant decline in fair value assessed to be other than temporary. Realized gains and losses on the sale of securities are based on the average cost of all the units of a particular security held at the time of sale. |
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. |
Accounts Receivable | Accounts receivable Accounts receivable are recorded at the invoiced amount less an allowance for any uncollectible accounts and do not bear interest, which are due on demand. Management reviews the adequacy of the allowance for doubtful accounts on an ongoing basis, using historical collection trends and aging of receivables. Management also periodically evaluates individual customer’s financial condition, credit history, and the current economic conditions to make adjustments in the allowance when it is considered necessary. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. |
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 supplies of healthy food products 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. |
Cost of Revenue | Cost of revenue Cost of revenue includes the purchase cost of manufactured goods for sale to customers It excludes purchasing and receiving costs, inspection costs, warehousing costs, internal transfer costs and other costs of distribution network in cost of revenues. |
Selling, General, Administrative and Operating Expenses | Selling, general, administrative and operating expenses Selling, general, administrative and operating expenses are primarily comprised of rental of office premises, licensing and professional fees. |
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$”) and the accompanying financial statements have been expressed in US$. The Company’s subsidiary in Labuan maintains its books and record in United States Dollars (“US$”) albeit its functional currency being the primary currency of the economic environment in which the entity operates is the Malaysian Ringgit (“MYR”). The Company’s subsidiary in Hong Kong maintains its books and record in Hong Kong Dollars (“HK$”), similar to itss functional currency. 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 foreign currencies into US$1 have been made at the following exchange rates for the respective periods: As of and for the year ended June 30, 2019 2018 Period-end MYR : US$1 exchange rate 4.13 4.03 Period-average MYR : US$1 exchange rate 4.13 4.21 Period-end HKD : US$1 exchange rate 7.81 - Period-average HKD : US$1 exchange rate 7.84 - Period-end AUD : US$1 exchange rate 1.42 - Period-average AUD : US$1 exchange rate 1.42 - |
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 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. In September 2017, the FASB has issued ASU No. 2017-13, Revenue Recognition Revenue from Contracts with Customers Leases In February 2018, the FASB has issued ASU No. 2018-02, Income Statement-Reporting Comprehensive Income (Topic 220), which allows a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act. Consequently, the amendments eliminate the stranded tax effects resulting from the Tax Cuts and Jobs Act and will improve the usefulness of information in financial statement. The amendments in this ASU are effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. The Company has analyzed the consequences of such adoption and has not determined the effect of this standard on its ongoing financial reporting. In August 2018, the FASB has issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements of Fair Value Measurement. This amendment modifies the disclosure requirements on fair value measurements in Topic 820, Fair Value Measurement, based on the concepts in the Concepts Statement, including the consideration of costs and benefits, with the primary purpose to improve the effectiveness of disclosures in the notes to financial statements by facilitating clear communication of the information required by US GAAP. The amendments in this update are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. |
Organization and Business Bac_2
Organization and Business Background (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Schedule of Subsidiaries and Associates | Details of the Company’s subsidiaries: Subsidiary Place and Particulars of Principal Proportional of interest and voting power held 1. Agape ATP Corporation Labuan, 100 shares of ordinary share of US$1 each Investment holding 100 % 2. Agape ATP International Holding Limited Hong Kong, 1,000,000 shares of ordinary share of HK$1 each Health and wellness products and health solution advisory services 100 % |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Schedule of Translation Exchange Rates | Translation of foreign currencies into US$1 have been made at the following exchange rates for the respective periods: As of and for the year ended June 30, 2019 2018 Period-end MYR : US$1 exchange rate 4.13 4.03 Period-average MYR : US$1 exchange rate 4.13 4.21 Period-end HKD : US$1 exchange rate 7.81 - Period-average HKD : US$1 exchange rate 7.84 - Period-end AUD : US$1 exchange rate 1.42 - Period-average AUD : US$1 exchange rate 1.42 - |
Investment in Marketable Secu_2
Investment in Marketable Securities (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Investment in Marketable Securities | As of As of Cost of investment $ 501,000 $ 500,000 Less: Impairment in cost of investment (366,834 ) - Investment in marketable securities $ 134,166 $ 500,000 |
Investment In Non-Marketable _2
Investment In Non-Marketable Securities (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Investment In Non-marketable Securities | |
Schedule of Investment in Non Marketable Securities | Unreserved Sdn Bhd As of As of Cost of investment $ 832,335 $ 862,490 Less: share of result of investee company (124,225 ) (30,155 ) Add: gain on deemed disposal of shares in investee company 16,509 - Investment in investee company $ 724,619 $ 832,335 Reclassify to investment in non-marketable securities (724,619 ) - Investment in investee company $ - 832,335 Investment in non-marketable securities $ 724,619 $ - Phoenix Plus Corporation Cost of investment $ 1,500 $ - Total investment in non-marketable securities $ 726,119 $ - |
Trade Receivables (Tables)
Trade Receivables (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Receivables [Abstract] | |
Schedule of Trade Receivables | As of June 30, As of June 30, 2019 2018 Trade receivables $ 511,610 $ - Total trade receivables $ 511,610 $ - |
Prepayments and Deposits (Table
Prepayments and Deposits (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of Prepaid Expenses and Deposits | As of June 30, As of June 30, 2019 2018 Prepaid expenses $ 21,081 $ 11,018 Deposits to supplier 477,254 253,923 Total prepaid expenses and deposits $ 498,335 $ 264,941 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | Twelve Months Ended June 30, 2019 2018 2019 2018 Revenue Accounts Receivable, Trade Agape S.E.A. Sdn Bhd $ 1,524,596 $ 487,005 $ 511, 610 $ - Agape Superior Living Pty Ltd $ 21,461 $ - $ - $ - Professional fee Accounts Payable, Non-trade Greenpro Capital Corp. $ 12,000 $ 214,883 $ - $ - Company Secretary fee Accounts Payable, Non-trade Greenpro Capital Corp. $ 3,282 $ 292 $ - $ - License fee Accounts Payable, Non-trade Greenpro Capital Corp. $ 1,509 $ - $ - $ - Incorporation fee Accounts Payable, Non-trade Greenpro Capital Corp. $ - $ 1,419 $ - $ - Expenses paid on behalf Accounts Payable, Non-trade Agape Superior Living Sdn Bhd $ - $ 745 $ - $ 745 Expenses paid on behalf Accounts Payable, Non-trade Agape ATP (Asia) Limited $ 2,210 $ - $ 2,210 $ - Twelve Months Ended June 30, 2019 2018 2019 2018 Sundry Purchases Accounts Payable, Non-trade Agape Superior Living Pty Ltd $ 35,145 $ - $ 35,145 $ - |
Schedule of Related Parties Relationships | Related parties Relationships Agape S.E.A. Sdn Bhd Mr How Kok Choong, the CEO and director of the Company is also the sole shareholder and director of Agape S.E.A. Sdn Bhd Agape Superior Living Pty Ltd Mr How Kok Choong, the CEO and director of the Company is a 51% shareholder and a director of Agape Superior Living Pty Ltd Agape Superior Living Sdn Bhd Mr How Kok Choong, the CEO and director of the Company is also the sole shareholder and director of Agape Superior Living Sdn Bhd Greenpro Capital Corp. Greenpro Capital Corp., through its wholly owned subsidiaries (collectively “Greenpro”), is a 4.7% shareholder in 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. Mr How Kok Choong, the CEO and director of the Company is also the director of Greenpro Capital Corp. Agape ATP (Asia) Limited Mr How Kok Choong, the CEO and director of the Company is also the sole shareholder and director of Agape ATP (Asia) Limited. |
Other Payables and Accrued Li_2
Other Payables and Accrued Liabilities (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of Other Payables and Accrued Liabilities | As of June 30, As of June 30, 2019 2018 Accrued audit fees 20,000 19,000 Accrued professional fees - 749 Deposit received from customer 78,231 - Others 12,360 - Total payables and accrued liabilities $ 110,591 $ 19,749 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income/(Loss) Before Income Tax | For the year ended For the year ended Tax jurisdictions from: - Local $ (76,309 ) $ (261,918 ) - Foreign, representing Labuan (2,777 ) 134,806 Hong Kong (440,556 ) 2,172 Loss before income tax $ (519,642 ) $ (124,940 ) |
Schedule of Provision for Income Tax | The provision for income taxes consisted of the following: For the year ended For the year ended 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, 2019 and 2018: For the year ended For the year ended Deferred tax assets: Net operating loss carry forwards -United States of America 92,069 76,045 -Hong Kong - - Less: valuation allowance (92,069 ) (76,045 ) Deferred tax asset - - |
Concentrations of Risks (Tables
Concentrations of Risks (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Risks and Uncertainties [Abstract] | |
Schedule of Concentrations of Risks | (a) Major customers For the year ended June 30, 2019, 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, 2019 As of Revenue Percentage of revenue Accounts Customer A $ 1,524,596 99 % $ 511,610 Total: $ 1,524,596 99 % $ 511,610 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 Revenue Percentage of revenue Accounts Customer A $ 487,005 100 % $ - Total: $ 487,005 100 % $ - (b) Major vendors For the year ended June 30, 2019, 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, 2019 As of Purchases Percentage of purchases Accounts payable Vendor A 1,016,983 71 % - Vendor B 370,056 26 % - Total: $ 1,387,039 97 % $ - 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 Purchases Percentage of purchases Accounts payable Vendor A 441,409 100 % - Total: $ 441,409 100 % $ - |
Organization and Business Bac_3
Organization and Business Background (Details Narrative) | Jun. 30, 2019 |
Agape ATP International Holding Limited [Member] | |
Ownership percentage | 100.00% |
Organization and Business Bac_4
Organization and Business Background - Schedule of Subsidiaries and Associates (Details) | 12 Months Ended |
Jun. 30, 2019 | |
Subsidiary Company [Member] | |
Subsidiary company name | Agape ATP Corporation |
Place and date of incorporation | Labuan, March 6, 2017 |
Particulars of issued capital | 100 shares 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] | |
Subsidiary company name | Agape ATP International Holding Limited |
Place and date of incorporation | Hong Kong, June 1, 2017 |
Particulars of issued capital | 1,000,000 shares of ordinary share of HK$1 each |
Principal activities | Health and wellness products and health solution advisory services |
Proportional of ownership interest and voting power held | 100.00% |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details Narrative) | 12 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Income tax examination, likelihood of unfavorable settlement | Greater than 50% |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Schedule of Translation Exchange Rates (Details) | Jun. 30, 2019 | Jun. 30, 2018 |
Period-end MYR [Member] | ||
Foreign Currency Exchange Rate, Translation | 0.0413 | 0.0403 |
Period-average MYR [Member] | ||
Foreign Currency Exchange Rate, Translation | 0.0413 | 0.0421 |
Period-end HKD [Member] | ||
Foreign Currency Exchange Rate, Translation | 0.0781 | |
Period-average HKD [Member] | ||
Foreign Currency Exchange Rate, Translation | 0.0784 | |
Period-end AUD [Member] | ||
Foreign Currency Exchange Rate, Translation | 0.0142 | |
Period-average AUD [Member] | ||
Foreign Currency Exchange Rate, Translation | 0.0142 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Schedule of Translation Exchange Rates (Details) (Parenthetical) - USD ($) | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
MYR Currency [Member] | ||
Exchange rate | $ 1 | $ 1 |
HKD Currency [Member] | ||
Exchange rate | 1 | 1 |
AUD Currency [Member] | ||
Exchange rate | $ 1 | $ 1 |
Investment in Marketable Secu_3
Investment in Marketable Securities (Details Narrative) - USD ($) | Jun. 30, 2019 | Oct. 16, 2018 | Jun. 30, 2018 | May 17, 2018 |
Investment amount | $ 832,335 | |||
Greenpro Capital Corp. [Member] | ||||
Investment amount | $ 1,000 | $ 500,000 | ||
Purchased price per shares | $ 0.03 | $ 6 |
Investment in Marketable Secu_4
Investment in Marketable Securities - Schedule of Investment in Marketable Securities (Details) - USD ($) | Jun. 30, 2019 | Jun. 30, 2018 |
Investment in marketable securities | $ 134,166 | $ 500,000 |
Greenpro Capital Corp. [Member] | ||
Cost of investment | 501,000 | 500,000 |
Less: Impairment in cost of investment | (366,834) | |
Investment in marketable securities | $ 134,166 | $ 500,000 |
Investment in Non-Marketable _3
Investment in Non-Marketable Securities (Details Narrative) | Jun. 30, 2019USD ($)shares | Jun. 30, 2019MYR (RM)shares | Apr. 03, 2019USD ($)$ / sharesshares | Jun. 30, 2018USD ($)shares |
Ordinary shares authorized | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | |
Ordinary shares issued | 376,275,500 | 376,275,500 | 376,275,500 | |
Ordinary shares outstanding | 376,275,500 | 376,275,500 | 376,275,500 | |
Phoenix Plus Corporation [Member] | ||||
Investment amount | $ | $ 1,500 | $ 1,500 | ||
Equity interest percentage | 5.00% | |||
Shares purchased during period | 300,000,000 | |||
Share purchased price per share | $ / shares | $ 0.0001 | |||
Phoenix Plus Corporation [Member] | Common Stock [Member] | ||||
Shares purchased during period | 15,000,000 | |||
Maximum [Member] | ||||
Equity interest percentage | 20.00% | 20.00% | ||
Minimum [Member] | ||||
Equity interest percentage | 17.86% | 17.86% | ||
Director [Member] | ||||
Investment amount | $ | $ 863,592 | |||
Equity interest percentage | 20.00% | 20.00% | ||
Ordinary shares authorized | 2,500,000 | 2,500,000 | ||
Ordinary shares issued | 2,500,000 | 2,500,000 | ||
Ordinary shares outstanding | 2,500,000 | 2,500,000 | ||
Director [Member] | MYR Currency [Member] | ||||
Investment amount | RM | RM 3,500,000 |
Investment in Non-Marketable _4
Investment in Non-Marketable Securities - Schedule of Investment in Non Marketable Securities (Details) - USD ($) | Jun. 30, 2019 | Apr. 03, 2019 | Jun. 30, 2018 |
Investment in investee company | $ 832,335 | ||
Investment in non-marketable securities | 726,119 | ||
Phoenix Plus Corporation [Member] | |||
Cost of investment | 1,500 | $ 1,500 | |
Directors of Unreserved Investments [Member] | |||
Cost of investment | 832,335 | 862,490 | |
Less: share of result of investee company | (124,225) | (30,155) | |
Add: gain on deemed disposal of shares in investee company | 16,509 | ||
Investment in investee company | 724,619 | 832,335 | |
Reclassify to investment in non-marketable securities | (724,619) | ||
Investment in investee company | 832,335 | ||
Investment in non-marketable securities | $ 724,619 |
Cash and Cash Equivalents (Deta
Cash and Cash Equivalents (Details Narrative) - USD ($) | Jun. 30, 2019 | Jun. 30, 2018 |
Cash and cash equivalents | $ 2,857,587 | $ 3,531,255 |
Cash on hand | 353,214 | 1,046,706 |
Time deposits | $ 2,504,373 | $ 2,484,549 |
Percentage of Interest rate for time deposits | 2.95% | |
Minimum [Member] | ||
Percentage of Interest rate for time deposits | 2.95% | |
Maximum [Member] | ||
Percentage of Interest rate for time deposits | 3.25% |
Trade Receivables - Schedule of
Trade Receivables - Schedule of Trade Receivables (Details) - USD ($) | Jun. 30, 2019 | Jun. 30, 2018 |
Total trade receivables | $ 511,610 | |
Trade Receivable [Member] | ||
Total trade receivables | $ 511,610 |
Prepayments and Deposits - Sche
Prepayments and Deposits - Schedule of Prepaid Expenses and Deposits (Details) - USD ($) | Jun. 30, 2019 | Jun. 30, 2018 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Prepaid expenses | $ 21,081 | $ 11,018 |
Deposits to supplier | 477,254 | 253,923 |
Total prepaid expenses and deposits | $ 498,335 | $ 264,941 |
Related Party Transactions - Sc
Related Party Transactions - Schedule of Related Party Transactions (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Revenue | $ 1,546,057 | $ 487,005 |
Accounts Receivable, Trade | 511,610 | |
Agape S.E.A. Sdn Bhd [Member] | ||
Revenue | 1,524,596 | 487,005 |
Accounts Receivable, Trade | 511,610 | |
Agape Superior Living Pty Ltd [Member] | ||
Revenue | 21,461 | |
Sundry Purchases | 35,145 | |
Accounts Receivable, Trade | ||
Accounts Payable, Non-trade | 35,145 | |
Greenpro Capital Corporation [Member] | ||
Professional Fee | 12,000 | 214,883 |
Company Secretary Fee | 3,282 | 292 |
License fee | 1,509 | |
Incorporation fee | 1,419 | |
Accounts Payable, Non-trade | ||
Agape Superior Living Sdn Bhd [Member] | ||
Expenses paid on behalf | 745 | |
Accounts Payable, Non-trade | 745 | |
Agape ATP (Asia) Limited [Member] | ||
Expenses paid on behalf | 2,210 | |
Accounts Payable, Non-trade | $ 2,210 |
Related Party Transactions - _2
Related Party Transactions - Schedule of Related Parties Relationships (Details) | 12 Months Ended |
Jun. 30, 2019 | |
Agape S.E.A. Sdn Bhd [Member] | |
Related parties relationship, description | Mr How Kok Choong, the CEO and director of the Company is also the sole shareholder and director of Agape S.E.A. Sdn Bhd |
Agape Superior Living Pty Ltd [Member] | |
Related parties relationship, description | Mr How Kok Choong, the CEO and director of the Company is a 51% shareholder and a director of Agape Superior Living Pty Ltd |
Agape Superior Living Sdn Bhd [Member] | |
Related parties relationship, description | Mr How Kok Choong, the CEO and director of the Company is also the sole shareholder and director of Agape Superior Living Sdn Bhd |
Greenpro Capital Corporation [Member] | |
Related parties relationship, description | Greenpro Capital Corp., through its wholly owned subsidiaries (collectively 'Greenpro'), is a 4.7% shareholder in 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. Mr How Kok Choong, the CEO and director of the Company is also the director of Greenpro Capital Corp. |
Agape ATP (Asia) Limited [Member] | |
Related parties relationship, description | Mr How Kok Choong, the CEO and director of the Company is also the sole shareholder and director of Agape ATP (Asia) Limited. |
Stockholders' Equity (Details N
Stockholders' Equity (Details Narrative) - shares | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Common stock, issued | 376,275,500 | 376,275,500 |
Common stock, outstanding | 376,275,500 | 376,275,500 |
Warrants [Member] | ||
Potentially dilutive securities outstanding | ||
Stock Options [Member] | ||
Potentially dilutive securities outstanding | ||
Other [Member] | ||
Potentially dilutive securities outstanding | ||
Initial Public Offering [Member] | ||
Common stock, issued | ||
Common stock, outstanding |
Other Payables and Accrued Li_3
Other Payables and Accrued Liabilities - Schedule of Other Payables and Accrued Liabilities (Details) - USD ($) | Jun. 30, 2019 | Jun. 30, 2018 |
Other Liabilities Disclosure [Abstract] | ||
Accrued audit fees | $ 20,000 | $ 19,000 |
Accrued professional fees | 749 | |
Deposit received from customer | 78,231 | |
Others | 12,360 | |
Total payables and accrued liabilities | $ 110,591 | $ 19,749 |
Income Taxes (Details Narrative
Income Taxes (Details Narrative) - USD ($) | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
United States of America [Member] | ||
Cumulative net operating loss | $ 438,426 | |
Operating loss carryforwards expire year | 2038 | |
Valuation allowance | $ 92,069 | $ 76,045 |
Labuan [Member] | ||
Tax percentage | 3.00% | |
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, 2019 | Jun. 30, 2018 | |
Local | $ (76,309) | $ (261,918) |
Loss before income tax | (519,642) | (124,940) |
Labuan [Member] | ||
Foreign | (2,777) | 134,806 |
Hong Kong [Member] | ||
Foreign | $ (440,556) | $ 2,172 |
Income Taxes - Schedule of Prov
Income Taxes - Schedule of Provision for Income Tax (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
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, 2019 | Jun. 30, 2018 |
Less: valuation allowance | $ (92,069) | $ (76,045) |
Deferred tax asset | ||
United States of America [Member] | ||
Net operating loss carry forwards | 92,069 | 76,045 |
Hong Kong [Member] | ||
Net operating loss carry forwards |
Amount Due to a Director (Detai
Amount Due to a Director (Details Narrative) - USD ($) | Jun. 30, 2019 | Jun. 30, 2018 |
Amount due to a director | $ 3,938 | $ 3,922 |
Director [Member] | ||
Amount due to a director | $ 3,938 |
Concentrations of Risks (Detail
Concentrations of Risks (Details Narrative) | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Customer [Member] | ||
Concentrations of risk percentage | 10.00% | 10.00% |
Vendor [Member] | ||
Concentrations of risk percentage | 10.00% | 10.00% |
Concentrations of Risks - Sched
Concentrations of Risks - Schedule of Concentrations of Risks (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Revenue | $ 1,546,057 | $ 487,005 |
Purchase | 1,436,705 | 441,409 |
Accounts payable | 35,145 | |
Accounts Payable [Member] | ||
Accounts payable | ||
Sales Revenue, Net [Member] | ||
Revenue | $ 1,524,596 | $ 487,005 |
Concentrations of risk percentage | 99.00% | 100.00% |
Sales Revenue, Net [Member] | Customer A [Member] | ||
Revenue | $ 1,524,596 | $ 487,005 |
Concentrations of risk percentage | 99.00% | 100.00% |
Accounts Receivable [Member] | ||
Accounts receivable | $ 511,610 | |
Accounts Receivable [Member] | Customer A [Member] | ||
Accounts receivable | $ 511,610 | |
Cost of Sales [Member] | ||
Concentrations of risk percentage | 97.00% | 100.00% |
Purchase | $ 1,387,039 | $ 441,409 |
Cost of Sales [Member] | Vendor A [Member] | ||
Concentrations of risk percentage | 71.00% | 100.00% |
Purchase | $ 1,016,983 | $ 441,409 |
Cost of Sales [Member] | Vendor B [Member] | ||
Concentrations of risk percentage | 26.00% | |
Purchase | $ 370,056 |