Cover
Cover - $ / shares | 6 Months Ended | |
Jun. 30, 2024 | Aug. 13, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jun. 30, 2024 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2024 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 001-41835 | |
Entity Registrant Name | AGAPE ATP CORPORATION | |
Entity Central Index Key | 0001713210 | |
Entity Tax Identification Number | 36-4838886 | |
Entity Incorporation, State or Country Code | NV | |
Entity Address, Address Line One | 1705 - 1708, Level 17, Tower 2, Faber Tower | |
Entity Address, Address Line Two | Jalan Desa Bahagia | |
Entity Address, Address Line Three | Taman Desa | |
Entity Address, City or Town | Kuala Lumpur | |
Entity Address, Country | MY | |
Entity Address, Postal Zip Code | 58100 | |
City Area Code | (60) | |
Local Phone Number | 192230099 | |
Title of 12(b) Security | Common Stock, $0.0001 par value | |
Trading Symbol | ATPC | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 76,975,183 | |
Entity Listing, Par Value Per Share | $ 0.0001 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 |
CURRENT ASSETS | ||
Cash and cash equivalents (Included $1,700 and $122 in the consolidated VIE that can be used only to settle obligations of the consolidated VIE as of June 30, 2024 and December 31, 2023, respectively.) | $ 3,160,984 | $ 4,832,460 |
Accounts receivable, net | 41,659 | 55,458 |
Inventories | 53,443 | 47,907 |
Prepaid taxes (Included $0 and $1,670 in the consolidated VIE that can be used only to settle obligations of the consolidated VIE as of June 30, 2024 and December 31, 2023, respectively.) | 25,415 | 21,993 |
Prepayments and deposits, net (Included $28 and $7 in the consolidated VIE that can be used only to settle obligations of the consolidated VIE as of June 30, 2024 and December 31, 2023, respectively.) | 540,821 | 215,806 |
Total Current Assets | 3,828,274 | 5,185,152 |
NON-CURRENT ASSETS | ||
Property and equipment, net | 53,990 | 77,858 |
Intangible assets, net | 14,640 | 17,458 |
Finance lease assets | 75,543 | 86,335 |
Operating right-of-use assets | 281,256 | 357,301 |
Investment in marketable securities | 14,698 | 20,171 |
Deferred tax assets | 219 | |
Total Non-Current Assets | 440,127 | 559,342 |
TOTAL ASSETS | 4,268,401 | 5,744,494 |
CURRENT LIABILITIES | ||
Customer deposits | 86,204 | 101,575 |
Operating lease liabilities, current | 139,633 | 138,548 |
Other payables and accrued liabilities ($1,384 and $899 are included in the consolidated VIE that are without recourse to the credit of Agape ATP Corporation as of June 30, 2024 and December 31, 2023, respectively.) | 507,055 | 726,061 |
Finance lease liabilities, current | 8,236 | 7,075 |
Income tax payable | 16,292 | |
Total Current Liabilities | 810,363 | 1,071,538 |
NON-CURRENT LIABILITIES | ||
Operating lease liabilities, non-current | 143,012 | 219,530 |
Finance lease liabilities, non-current | 66,475 | 72,563 |
Total Non-Current Liabilities | 209,487 | 292,093 |
TOTAL LIABILITIES | 1,019,850 | 1,363,631 |
COMMITMENTS AND CONTINGENCIES (Note 19) | ||
STOCKHOLDERS’ EQUITY | ||
Preferred stock, $0.0001 par value; 200,000,000 shares authorized; Nil issued and outstanding | ||
Common Stock, par value $0.0001; 1,000,000,000 shares authorized, 76,975,183 and 77,102,012 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively. | 7,698 | 7,711 |
Additional paid in capital | 11,385,409 | 11,378,743 |
Treasury Stock, par value $0.0001; 0 and 135,300 shares as of June 30, 2024 and December 31, 2023, respectively. | (14) | |
Accumulated deficit | (8,199,977) | (7,047,571) |
Accumulated other comprehensive income | 26,887 | 30,215 |
TOTAL AGAPE ATP CORPORATION STOCKHOLDERS’ EQUITY | 3,220,017 | 4,369,084 |
NON-CONTROLLING INTERESTS | 28,534 | 11,779 |
TOTAL EQUITY | 3,248,551 | 4,380,863 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | 4,268,401 | 5,744,494 |
Nonrelated Party [Member] | ||
CURRENT ASSETS | ||
Amount due from related parties | 1,895 | 435 |
CURRENT LIABILITIES | ||
Accounts payable | 27,244 | 55,585 |
Related Party [Member] | ||
CURRENT ASSETS | ||
Amount due from related parties | 4,057 | 11,093 |
CURRENT LIABILITIES | ||
Accounts payable | 25,217 | 34,848 |
Other payable – related parties ($159 and $0 are included in the consolidated VIE that are without recourse to the credit of Agape ATP Corporation as of June 30, 2024 and December 31, 2023, respectively.) | $ 482 | $ 7,846 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 |
Cash | $ 3,160,984 | $ 4,832,460 |
Prepaid taxes | 25,415 | 21,993 |
Prepayment and deposits | 540,821 | 215,806 |
Other payables and accrued liabilities | $ 507,055 | $ 726,061 |
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 200,000,000 | 200,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 1,000,000,000 | 1,000,000,000 |
Common stock, shares issued | 76,975,183 | 77,102,012 |
Common stock, shares outstanding | 76,975,183 | 77,102,012 |
Treasury stock, par value | $ 0.0001 | $ 0.0001 |
Treasury stock, shares | 0 | 135,300 |
Related Party [Member] | ||
Other payables - related parties | $ 482 | $ 7,846 |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Cash | 1,700 | 122 |
Prepaid taxes | 0 | 1,670 |
Prepayment and deposits | 28 | 7 |
Other payables and accrued liabilities | 1,384 | 899 |
Other payables - related parties | 159 | |
Variable Interest Entity, Primary Beneficiary [Member] | Related Party [Member] | ||
Other payables - related parties | $ 159 | $ 0 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Income Statement [Abstract] | ||||
REVENUE | $ 313,039 | $ 303,935 | $ 631,682 | $ 684,703 |
COST OF REVENUE | (119,478) | (107,931) | (234,701) | (236,289) |
GROSS PROFIT | 193,561 | 196,004 | 396,981 | 448,414 |
SELLING | (38,008) | (64,126) | (88,356) | (140,224) |
COMMISSION | (7,335) | (21,942) | (16,679) | (55,884) |
GENERAL AND ADMINISTRATIVE | (601,803) | (469,469) | (1,469,070) | (1,065,723) |
TOTAL OPERATING EXPENSES | (647,146) | (555,537) | (1,574,105) | (1,261,831) |
LOSS FROM OPERATIONS | (453,585) | (359,533) | (1,177,124) | (813,417) |
OTHER INCOME (EXPENSES) | ||||
Other income, net | 18,355 | 4,134 | 22,497 | 12,500 |
Interest income | 19,332 | 1,634 | 42,141 | 4,817 |
Unrealized holding (loss) gain on marketable securities | (6,639) | 3,790 | (5,466) | 8,710 |
Gain on disposal of property and equipment | 1,787 | 1,787 | ||
Exchange gain (loss), net | 62 | (33,700) | (780) | (34,576) |
TOTAL OTHER INCOME (EXPENSES), NET | 31,110 | (22,355) | 58,392 | (6,762) |
LOSS BEFORE INCOME TAXES | (422,475) | (381,888) | (1,118,732) | (820,179) |
INCOME TAX (EXPENSE) CREDIT | (9,840) | 2,439 | (16,678) | 6,655 |
NET LOSS | (432,315) | (379,449) | (1,135,410) | (813,524) |
LESS: NET INCOME (LOSS) ATTRIBUTABLE TO NON-CONTROLLING INTERESTS | 10,384 | (4,763) | 16,997 | (12,998) |
NET LOSS ATTRIBUTABLE TO AGAPE ATP CORPORATION | (442,699) | (374,686) | (1,152,407) | (800,526) |
NET LOSS | (432,315) | (379,449) | (1,135,410) | (813,524) |
OTHER COMPREHENSIVE (LOSS) INCOME | ||||
Foreign currency translation adjustment | (1,777) | 269 | (3,328) | 2,346 |
TOTAL COMPREHENSIVE LOSS | (434,092) | (379,180) | (1,138,738) | (811,178) |
Less: Comprehensive income (loss) attributable to non-controlling interests | 10,444 | (5,401) | 16,755 | (13,619) |
COMPREHENSIVE LOSS ATTRIBUTABLE TO AGAPE ATP CORPORATION | $ (444,536) | $ (373,779) | $ (1,155,493) | $ (797,559) |
LOSS PER SHARE - basic | $ (0.01) | $ 0 | $ (0.01) | $ (0.01) |
LOSS PER SHARE - diluted | $ (0.01) | $ 0 | $ (0.01) | $ (0.01) |
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - basic | 76,969,691 | 75,452,012 | 76,968,201 | 75,452,012 |
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - diluted | 76,969,691 | 75,452,012 | 76,968,201 | 75,452,012 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) | Common Stock [Member] | Treasury Stock, Common [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Noncontrolling Interest [Member] | Total |
Balance at Dec. 31, 2022 | $ 7,545 | $ 6,470,716 | $ (4,945,586) | $ 9,266 | $ 20,513 | $ 1,562,454 | |
Balance, shares at Dec. 31, 2022 | 75,452,012 | ||||||
Net loss | (425,840) | (8,235) | (434,075) | ||||
Foreign currency translation adjustment | 2,077 | 17 | 2,094 | ||||
Balance at Mar. 31, 2023 | $ 7,545 | 6,470,716 | (5,371,426) | 11,343 | 12,295 | 1,130,473 | |
Balance, shares at Mar. 31, 2023 | 75,452,012 | ||||||
Balance at Dec. 31, 2022 | $ 7,545 | 6,470,716 | (4,945,586) | 9,266 | 20,513 | 1,562,454 | |
Balance, shares at Dec. 31, 2022 | 75,452,012 | ||||||
Net loss | (813,524) | ||||||
Balance at Jun. 30, 2023 | $ 7,545 | 6,470,716 | (5,746,112) | 11,612 | 6,893 | 750,654 | |
Balance, shares at Jun. 30, 2023 | 75,452,012 | ||||||
Balance at Dec. 31, 2022 | $ 7,545 | 6,470,716 | (4,945,586) | 9,266 | 20,513 | 1,562,454 | |
Balance, shares at Dec. 31, 2022 | 75,452,012 | ||||||
Balance at Dec. 31, 2023 | $ 7,711 | $ (14) | 11,378,743 | (7,047,571) | 30,215 | 11,779 | 4,380,863 |
Balance, shares at Dec. 31, 2023 | 77,102,012 | (135,300) | |||||
Balance at Mar. 31, 2023 | $ 7,545 | 6,470,716 | (5,371,426) | 11,343 | 12,295 | 1,130,473 | |
Balance, shares at Mar. 31, 2023 | 75,452,012 | ||||||
Net loss | (374,686) | (4,763) | (379,449) | ||||
Foreign currency translation adjustment | 269 | (639) | (370) | ||||
Balance at Jun. 30, 2023 | $ 7,545 | 6,470,716 | (5,746,112) | 11,612 | 6,893 | 750,654 | |
Balance, shares at Jun. 30, 2023 | 75,452,012 | ||||||
Balance at Dec. 31, 2023 | $ 7,711 | $ (14) | 11,378,743 | (7,047,571) | 30,215 | 11,779 | 4,380,863 |
Balance, shares at Dec. 31, 2023 | 77,102,012 | (135,300) | |||||
Net loss | (709,707) | 6,613 | (703,094) | ||||
Foreign currency translation adjustment | (1,551) | (302) | (1,853) | ||||
Redemption of shares | $ (14) | $ 14 | |||||
Redemption of shares, shares | (135,300) | 135,300 | |||||
Balance at Mar. 31, 2024 | $ 7,697 | 11,378,743 | (7,757,278) | 28,664 | 18,090 | 3,675,916 | |
Balance, shares at Mar. 31, 2024 | 76,966,712 | ||||||
Balance at Dec. 31, 2023 | $ 7,711 | $ (14) | 11,378,743 | (7,047,571) | 30,215 | 11,779 | 4,380,863 |
Balance, shares at Dec. 31, 2023 | 77,102,012 | (135,300) | |||||
Net loss | (1,135,410) | ||||||
Balance at Jun. 30, 2024 | $ 7,698 | 11,385,409 | (8,199,977) | 26,887 | 28,534 | 3,248,551 | |
Balance, shares at Jun. 30, 2024 | 76,975,183 | ||||||
Balance at Mar. 31, 2024 | $ 7,697 | 11,378,743 | (7,757,278) | 28,664 | 18,090 | 3,675,916 | |
Balance, shares at Mar. 31, 2024 | 76,966,712 | ||||||
Net loss | (442,699) | 10,384 | (432,315) | ||||
Foreign currency translation adjustment | (1,777) | 60 | (1,717) | ||||
Share based compensation | $ 1 | 6,666 | 6,667 | ||||
Share based compensation, shares | 8,471 | ||||||
Balance at Jun. 30, 2024 | $ 7,698 | $ 11,385,409 | $ (8,199,977) | $ 26,887 | $ 28,534 | $ 3,248,551 | |
Balance, shares at Jun. 30, 2024 | 76,975,183 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (1,135,410) | $ (813,524) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation of property and equipment | 25,328 | 36,177 |
Amortization of intangible assets | 2,355 | 3,087 |
Amortization of finance lease assets | 8,519 | |
Amortization of operating right-of-use assets | 66,509 | 78,333 |
Unrealized holding loss (gain) on marketable securities | 5,466 | (8,710) |
Deferred tax provision (benefit) | 212 | (6,655) |
Provision for credit losses | 16,960 | |
Changes in operating assets and liabilities: | ||
Accounts receivables | 12,312 | (2,751) |
Amount due from related parties | 6,723 | (209) |
Inventories | (6,747) | (23,013) |
Prepaid taxes | (3,979) | 238,064 |
Prepayments and deposits | (344,434) | 80,651 |
Other receivables | (1,470) | |
Accounts payable | (26,796) | 24,608 |
Accounts payable – related parties | (8,692) | (4,758) |
Customer deposits | (12,683) | (31,655) |
Operating lease liabilities | (65,880) | (79,551) |
Other payables and accrued liabilities | (203,392) | (228,812) |
Other payables – related parties | (7,132) | (3,457) |
Income tax payable | 16,231 | |
Net cash used in operating activities | (1,656,000) | (742,175) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchase of equipment | (3,567) | (6,499) |
Net cash used in investing activities | (3,567) | (6,499) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Deferred offering costs | (22,861) | |
Payment of finance lease liabilities | (2,847) | |
Net cash used in financing activities | (2,847) | (22,861) |
EFFECT OF EXCHANGE RATE ON CASH AND CASH EQUIVALENTS | (9,062) | (13,141) |
DECREASE IN CASH AND CASH EQUIVALENTS | (1,671,476) | (784,676) |
CASH AND CASH EQUIVALENTS, beginning of period | 4,832,460 | 1,438,430 |
CASH AND CASH EQUIVALENTS, end of period | 3,160,984 | 653,754 |
SUPPLEMENTAL CASH FLOWS INFORMATION | ||
Income taxes paid | 5,599 | 20,849 |
Refund of prepaid taxes | 1,620 | 258,913 |
SUPPLEMENTAL NON-CASH FLOWS INFORMATION | ||
Increase in right-of-use assets and lease liabilities due to lease renewal | $ 283,220 |
ORGANIZATION AND BUSINESS BACKG
ORGANIZATION AND BUSINESS BACKGROUND | 6 Months Ended |
Jun. 30, 2024 | |
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 subsidiaries, namely, Agape ATP Corporation (“AATP LB”), a company incorporated in Labuan, Malaysia, and Agape Superior Living Sdn. Bhd. (“ASL”), a company incorporated in Malaysia. Agape ATP Corporation, incorporated in Labuan, Malaysia, is an investment holding company with 100 On May 8, 2020, the Company entered into a Share Exchange Agreement with Mr. How Kok Choong, CEO and director of the Company to acquire 9,590,596 99.99 Agape Superior Living Sdn. Bhd. is a limited company incorporated on August 8, 2003, under the laws of Malaysia. On September 11, 2020, the Company incorporated Wellness ATP International Holdings Sdn. Bhd. (“WATP”), a wholly owned subsidiary under the laws of Malaysia, to pursue the business of promoting wellness and wellbeing lifestyle of the community by providing services that includes online editorials, programs, events and campaigns on how to achieve positive wellness and lifestyle. On July 4, 2024, the entity changed its name to Cedar ATPC Sdn. Bhd. (“CEDAR”). On November 11, 2021, Agape ATP Corporation (Labuan) formed an entity, DSY Wellness International Sdn. Bhd. (“DSY Wellness”) with an independent third party which Agape ATP Corporation (Labuan) owns 60 . The Company and its subsidiaries are principally engaged in the Health and Wellness Industry. The principal activity of the Company is to supply high-quality health and wellness products, including supplements to assist in cell metabolism, detoxification, blood circulation, anti-aging and products designed to improve the overall health system of the human body and various wellness programs. The accompanying consolidated financial statements reflect the activities of the Company, AATP LB, AATP HK, CEDAR, ASL, DSY Wellness, ATPC Green Energy (“AGE”), OIE ATPC Exim (“ATPC Exim”) and its variable interest entity (“VIE”), Agape S.E.A. Sdn. Bhd. (“SEA”) (See Note 4). The Company is positioning itself for sustainable growth by diversifying its operations into the domain of renewable energy. This initiative is founded upon our commitment to environmental responsibility, long-term value creation, and proactive adaptation to global energy trends. On January 3, 2024, the Company formed an equity method investment entity, OIE ATPC Holdings (M) Sdn. Bhd. with Oriental Industries Enterprise (M) Sdn. Bhd. (“OIE”), which the Company and OIE each own 50 50 On January 8, 2024, OIE ATPC Holdings (M) Sdn. Bhd. formed a wholly own entity, OIE ATPC Exim (M) Sdn. Bhd (“ATPC Exim”). However, the Company had decided not to proceed with the continued development of OIE ATPC Exim (M) Sdn. Bhd. There is no impact to the Group’s operation. Details of the Company’s subsidiaries: SCHEDULE OF 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, 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$1 each Wholesaling of health and wellness products; and health solution advisory services 100 % 3. Agape Superior Living Sdn. Bhd. Malaysia, 9,590,598 shares of ordinary share of RM1 each Health and wellness products and health solution advisory services via network marketing 99.99 % 4. Agape S.E.A. Sdn. Bhd. Malaysia, 2 shares of ordinary share of RM1 each VIE of Agape Superior Living Sdn. Bhd. VIE 5. Cedar ATPC Sdn. Bhd. (formerly known as Wellness ATP International Holdings Sdn. Bhd. Malaysia, 100 shares of ordinary share of RM1 each The promotion of wellness and wellbeing lifestyle of the community by providing services that includes online editorials, programs, events and campaigns 100 % 6. DSY Wellness International Sdn. Bhd. Malaysia, 1,000 shares of ordinary share of RM1 each Provision of complementary health therapies 60 % 7. ATPC Green Energy Sdn. Bhd. (Formerly known as OIE ATPC Holdings (M) Sdn. Bhd.) Malaysia, 1,000 shares of ordinary share of RM1 each Renewable energy 100 % 8. OIE ATPC Exim (M) Sdn. Bhd. Malaysia, 1,000 shares of ordinary share of RM1 each Renewable energy 100 % AGAPE ATP CORPORATION NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Currency expressed in United States Dollars (“US$”), except for number of shares) 1. ORGANIZATION AND BUSINESS BACKGROUND (Continued) Business Overview Agape ATP Corporation is a company that provides health and wellness products and health solution advisory services to our clients. The Company primarily focus its efforts on attracting customers in Malaysia. Its 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. In order to strengthen the Company’s supply chain, on May 8, 2020, the Company has successfully acquired approximately 99.99 Via ASL, the Company offers three series of programs which consist of different services and products: ATP Zeta Health Program, ÉNERGÉTIQUE and BEAUNIQUE. The ATP Zeta Health Program is a health program designed to promote health and general wellbeing designed to prevent health diseases caused by polluted environments, unhealthy dietary intake and unhealthy lifestyles. The program aims to promote improved health and longevity through a combination of modern health supplements, proper nutrition and advice from skilled dieticians as well as trained members and distributors. The ÉNERGÉTIQUE series aims to provide a total dermal solution for a healthy skin beginning from the cellular level. The series is comprised of the Energy Mask series, Hyaluronic Acid Serum and Mousse Facial Cleanser. The BEAUNIQUE product series focuses on the research of our diet’s impact on modifying gene expressions in order to address genetic variations and deliver a nutrigenomic solution for every individual. The Company deems creating public awareness on wellness and wellbeing lifestyle as essential to enhance the provision of its health solution advisory services; and therefore, incorporated WATP. Upon its establishment, WATP started collaborating with ASL to carry out various wellness programs. To further its reach in the Health and Wellness Industry, on November 11, 2021, Agape ATP Corporation (Labuan) formed an entity, DSY Wellness International Sdn. Bhd. (“DSY Wellness”) with an independent third party which Agape ATP Corporation (Labuan) owns 60 . AGAPE ATP CORPORATION NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Currency expressed in United States Dollars (“US$”), except for number of shares) |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of presentation The accompanying interim unaudited condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The interim unaudited financial information as of June 30, 2024 and for the three and six months ended June 30, 2024 and 2023 have been prepared without audit, pursuant to the rules and regulations of the SEC and pursuant to Regulation S-X. Certain information and footnote disclosures, which are normally included in annual consolidated financial statements prepared in accordance with U. S. GAAP, have been omitted pursuant to those rules and regulations. The interim unaudited financial information should be read in conjunction with the audited financial statements and the notes thereto, included in the Form 10-K for the fiscal year ended December 31, 2023, which was filed with the SEC on April 1, 2024. In the opinion of management, all adjustments (including normal recurring adjustments) necessary to present a fair statement of the Company’s unaudited financial position as of June 30, 2024, its unaudited results of operations for the three and six months ended June 30, 2024 and 2023, and its unaudited cash flows for the six months ended June 30, 2024 and 2023, as applicable, have been made. The unaudited interim results of operations are not necessarily indicative of the operating results for the full fiscal year or any future periods. The unaudited condensed consolidated financial statements include the financial statements of the Company, its subsidiaries and its variable interest entity (“VIE”) over which the Company exercises control and, where applicable, entities for which the Company has a controlling financial interest or is the primary beneficiary. All transactions and balances among the Company, its subsidiaries and its VIE have been eliminated upon consolidation. Principles of consolidation Subsidiaries are those entities in which the Company, directly or indirectly, controls more than one half of the voting power; or has the power to govern the financial and operating policies, to appoint or remove the majority of the members of the board of directors, or to cast a majority of votes at the meeting of directors. A VIE is an entity that has either a total equity investment that is insufficient to permit the entity to finance its activities without additional subordinated financial support, or whose equity investors lack the characteristics of a controlling financial interest, such as through voting rights, right to receive the expected residual returns of the entity or obligation to absorb the expected losses of the entity. The variable interest holder, if any, that has a controlling financial interest in a VIE is deemed to be the primary beneficiary and must consolidate the VIE. As of and for the three and six months ended June 30, 2024, SEA, the only VIE of the Company has no significant operations. Use of estimates The preparation of unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities as of the date of the unaudited condensed consolidated financial statements and the reported amounts of revenues and expenses during the periods presented. Significant accounting estimates reflected in the Company’s unaudited condensed consolidated financial statements include allowance for inventories obsolescence, allowance for credit losses, impairment of long-lived assets and allowance for deferred tax assets. Actual results could differ from these estimates. Cash and cash equivalents Cash and cash equivalents represent cash on hand, time deposits placed with banks or other financial institutions and all highly liquid investments with an original maturity of three months or less. AGAPE ATP CORPORATION NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Currency expressed in United States Dollars (“US$”), except for number of shares) 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Accounts receivable, net Accounts receivable are recorded at the invoiced amount less an allowance for any uncollectible accounts and do not bear interest, which are due on credit term. The carrying value of accounts receivable is reduced by an allowance that reflects the Company’s best estimate of the amounts that will not be collected. An allowance for credit losses is recorded in the period when a loss is probable based on an assessment of collectivity by reviewing accounts receivable on a collective basis where similar characteristics exist, primarily base on similar business line, service or product offerings and on an individual basis when the Company identifies specific customers with known disputes or collectivity issues. In determining the amount of the allowance for credit losses, the Company considers historical collectivity based on past due status, the age of the accounts receivable balances, credit quality of the Company’s customers based on ongoing credit evaluations, current economic conditions, reasonable and supportable forecasts of future economic conditions, and other factors that may affect the Company’s ability to collect from customers. Accounts receivable balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. The Company’s management continues to evaluate the reasonableness of the valuation allowance policy and update it if necessary. As of June 30, 2024 and December 31, 2023, $ 528 542 Inventories Inventories consist of raw materials, work in process and finished goods. Raw materials are valued at cost and work in process are valued at cost of raw materials consumed, both using periodic inventory system in which physical count is performed in monthly basis. Finished goods are valued at the lower of cost or net realizable value using the first-in first-out method. Management reviews inventory on hand for estimated obsolescence or unmarketable items, as compared to future demand requirements and the shelf life of the various products. Based on the review, the Company records inventory write-downs, when necessary, when costs exceed expected net realizable value. For the three and six months ended June 30, 2024 and 2023, the Company did no Prepaid taxes Prepaid taxes include prepaid income taxes that will either be refunded or utilized to offset future income tax . Prepayments and deposits, net Prepayments and deposits are mainly cash deposited or advanced to suppliers for future inventory purchases or service providers for future services. This amount is refundable and bears no interest. For any prepayments and deposits determined by management that such advances will not be in receipts of inventories, services, or refundable, the Company will recognize an allowance account to reserve such balances. Management reviews its prepayments and deposits on a regular basis to determine if the allowance is adequate, and adjusts the allowance when necessary. Delinquent account balances are written-off against allowance for credit losses after management has determined that the likelihood of collection is not probable. The Company’s management continues to evaluate the reasonableness of the allowance policy and update it if necessary. There was no 16,960 0 Property and equipment, net Property and equipment are stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the assets with no residual value. The estimated useful lives are as follows: AGAPE ATP CORPORATION NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Currency expressed in United States Dollars (“US$”), except for number of shares) 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) SCHEDULE OF ESTIMATED USEFUL LIVES OF PROPERTY AND EQUIPMENT Useful Life Computer and office equipment 5 7 Furniture & fixtures 6 7 Leasehold improvements Shorter of the remaining lease terms or the estimated useful lives Vehicle 5 The cost and related accumulated depreciation of assets sold or otherwise retired are eliminated from the accounts and any gain or loss is included in the unaudited condensed consolidated statements of operations and comprehensive loss. Expenditures for maintenance and repairs are charged to earnings as incurred, while additions, renewals and betterments, which are expected to extend the useful life of assets, are capitalized. The Company also re-evaluates the periods of depreciation to determine whether subsequent events and circumstances warrant revised estimates of useful lives. Intangible assets, net Intangible assets, net, are stated at cost, less accumulated amortization. Amortization expense is recognized on the straight-line basis over the estimated useful lives of the assets as follows: SCHEDULE OF ESTIMATED USEFUL LIVES OF INTANGIBLE ASSETS, NET Classification Useful Life Computer software 5 Impairment for long-lived assets Long-lived assets, including property and equipment, and intangible assets with finite lives are reviewed for impairment whenever events or changes in circumstances (such as a significant adverse change to market conditions that will impact the future use of the assets) indicate that the carrying value of an asset may not be recoverable. The Company assesses the recoverability of the assets based on the undiscounted future cash flows the assets are expected to generate and recognize an impairment loss when estimated undiscounted future cash flows expected to result from the use of the asset plus net proceeds expected from disposition of the asset, if any, are less than the carrying value of the asset. If an impairment is identified, the Company would reduce the carrying amount of the asset to its estimated fair value based on a discounted cash flows approach or, when available and appropriate, to comparable market values. As of June 30, 2024 and December 31, 2023, no Investment in marketable equity securities The Company follows the provisions of ASU 2016-01, Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities . AGAPE ATP CORPORATION NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Currency expressed in United States Dollars (“US$”), except for number of shares) 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Customer deposits Customer deposits represent amounts advanced by customers on product orders and unapplied unexpired coupons. Customer deposits are reduced when the related sale is recognized in accordance with the Company’s revenue recognition policy. Revenue recognition On July 1, 2019, the Company adopted Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (ASC Topic 606). The core principle underlying the revenue recognition of this ASU allows the Company to recognize - revenue that represents the transfer of goods and services to customers in an amount that reflects the consideration to which the Company expects to be entitled in such exchange. This will require the Company to identify contractual performance obligations and determine whether revenue should be recognized at a point in time or over time, based on when control of goods and services transfers to a customer. The Company’s revenue streams are recognized at a point in time for the Company’s sale of health and wellness products. The ASU requires the use of a five-step model to recognize revenue from customer contracts. The five-step model requires that the Company (i) identify the contract with the customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, including variable consideration to the extent that it is probable that a significant future reversal will not occur, (iv) allocate the transaction price to the respective performance obligations in the contract, and (v) recognize revenue when (or as) the Company satisfies the performance obligation. The Company accounts for a contract with a customer when the contract is committed in writing, the rights of the parties, including payment terms, are identified, the contract has commercial substance and consideration is probable of substantially collection. AGAPE ATP CORPORATION NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Currency expressed in United States Dollars (“US$”), except for number of shares) 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Sales of Health and Wellness products - Performance obligations satisfied at a point in time The Company derives its revenues from sales contracts with its customers with revenues being recognized when control of the health and wellness products are transferred to its customer at the Company’s office or shipment of the goods. The revenue is recorded net of estimated discounts and return allowances. Products are given 60 days for returns or exchanges from the date of purchase. Historically, there were insignificant sales returns. Under the Company’s network marketing business, the Company issues product coupons to members and distributors when these customers made purchases above certain thresholds set by the Company. Depending on the type of product coupons issued, the coupons carry varying values and can be used by the customers for reduction in the transaction price of product purchases within the coupon validity period. The value of the product coupons issued is recorded as a reduction of the Company’s revenue account upon issuance; the corresponding amount credited to the customer deposits account. Amounts in customer deposits will be reversed when the coupons are used. The Company’s coupons have a validity period of between six and twelve months. If the Company’s customers did not utilize the coupons after the validity period, the Company would recognize the forfeiture of the originated sales value of the coupons as net revenues. For the three months ended June 30, 2024 and 2023, the Company recognized $ 171 6,422 2,388 28,872 The Company had contracts for the sales of health and wellness products amounting to $ 12,171 Sales of products for the provision of complementary health therapies Products for the provision of complementary health therapies are predominantly Chinese herbs in different forms, processed or otherwise, for prescriptions for treating non-communicable diseases. The Company based on the health screening test report to prescribe the products for the provision of complementary health therapies, the Company deliver the products to the customers during the consultations. For the three months ended June 30, 2024 and 2023, revenues from products for the provision of complementary health therapies were $ 230,536 154,411 461,166 330,968 Provision of Health and Wellness services - Performance obligations satisfied at a point in time The Company carries out its Wellness program, where the Company’s products are bundled with health screening test. The health screening test is considered as separate performance obligations. The promises to deliver the health screening test report is separately identifiable, which is evidenced by the fact that the Company provides separate services of delivering the health screening test report. The Company based on the health screening test contracts with customers, establishes the selling price for the health screening test and place order to the health screening center. The Company obtains control of the test report before they are delivered to the customers. The Company analyze the test report, provides consultations to the customers, bundle it with the Company’s products and services depending on the customer’s needs. The Company derives its revenues from sales contracts with its customers with revenues being recognized when the test reports are completed and delivered to its customers during the consultation session in person. For the three months ended June 30, 2024 and 2023, revenues from health and wellness services were $ 53,257 58,862 104,191 124,214 AGAPE ATP CORPORATION NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Currency expressed in United States Dollars (“US$”), except for number of shares) 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Disaggregated information of revenues by products are as follows: SCHEDULE OF DISAGGREGATED INFORMATION OF REVENUES 2024 2023 2024 2023 For the three months ended For the six months ended June 30, June 30, 2024 2023 2024 2023 Survivor Select $ - $ - $ - $ 28,210 Ionized Cal-Mag - 37,221 374 84,802 Omega Blend - - - 22,471 Beta Maxx - - - 21,206 Iron - 9,929 - 21,617 Trim+ - 3,702 - 9,587 LIVO 5 23,577 21,812 54,375 21,812 Soy Protein Isolate Powder 3,078 - 6,324 - Mix Soy Protein Isolate Powder with Black Sesame 2,591 - 5,252 - Others – Products for the provision of complementary health therapies 230,536 154,411 461,166 330,968 Others - 17,998 - 19,816 Total revenues - products 259,782 245,073 527,491 560,489 Health and Wellness services 53,257 58,862 104,191 124,214 Total revenues - products and services $ 313,039 $ 303,935 $ 631,682 $ 684,703 Cost of revenue Cost of revenue comprised freight-in, the purchase cost of manufactured goods for sale to customers and purchase cost of products and services for the provision of complementary health therapies. For the three and six months ended June 30, 2024, cost of revenue were $ 119,478 234,701 107,931 236,289 Shipping and handling Shipping and handling charges amounted to $ 794 1,131 1,761 2,656 Advertising costs Advertising costs amounted to $ 4,979 19,694 no AGAPE ATP CORPORATION NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Currency expressed in United States Dollars (“US$”), except for number of shares) 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Commission expenses As with all companies in the network marketing industry, the Company’s sales channel is external to the Company. The Company’s “external sales force” is stratified into two levels based on priority recruitment. First, there are sales distributors. Second, all members recruited by a sales distributor, directly or indirectly, are referred to as “sales network members”. The Company pays commission to every sales distributor based on purchases made by its sales network members which includes the independent direct sales members. Top performing distributors with their own physical stores may also become stockists of the Company, whereby they enjoy benefits such as maintaining a certain amount of the Company’s inventory on their store premises. The stockists shall account to the Company for all products sales from their store premises as monitored through the Company’s centralized stock tracking system. The Company pays a separate commission to stockists based on revenue generated from the stockists’ physical stores. Commission expenses amounted to $ 7,335 21,942 16,679 55,884 Selling expenses The Company’s selling expenses typically comprise salaries and benefits expenses, credit card processing fees and promotional expenses. Selling expenses amounted to $ 38,008 64,126 88,356 140,224 General and administrative expenses (“G&A expenses”) The Company’s G&A expenses typically comprise of salaries and benefits expenses, rental expenses, professional expenses, depreciation expenses and provision for credit losses. G&A expenses amounted to $ 601,803 469,469 1,469,070 1,065,723 Defined contribution plan The full-time employees of the Company are entitled to the government mandated defined contribution plan. The Company is required to accrue and pay for these benefits based on certain percentages of the employees’ respective salaries, subject to certain ceilings, in accordance with the relevant government regulations, and make cash contributions to the government mandated defined contribution plan . Total expenses for the plans were $ 25,329 35,759 55,415 79,472 The related contribution plans include: - Social Security Organization (“SOSCO”) – 1.75% based on employee’s monthly salary capped of RM 5,000 - Employees Provident Fund (“EPF”) – based on employee’s monthly salary, 13% for employee earning RM5,000 and below; and 12% for employee earning RM5,001 and above - Employment Insurance System (“EIS”) – 0.2% based on employee’s monthly salary capped of RM 5,000 - Human Resource Development Fund (“HRDF”) – 1% based on employee’s monthly salary Income taxes The Company accounts for income taxes in accordance with U.S. GAAP for income taxes. The charge for taxation is based on the results for the fiscal year as adjusted for items, which are non-assessable or disallowed. It is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date. Deferred taxes is accounted for using the asset and liability method in respect of temporary differences arising from differences between the carrying amount of assets and liabilities in the consolidated financial statements and the corresponding tax basis used in the computation of assessable tax profit. In principle, deferred tax liabilities are recognized for all taxable temporary differences. Deferred tax assets are recognized to the extent that it is probable that taxable profit will be available against which deductible temporary differences can be utilized. Deferred tax is calculated using tax rates that are expected to apply to the period when the asset is realized or the liability is settled. AGAPE ATP CORPORATION NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Currency expressed in United States Dollars (“US$”), except for number of shares) 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Deferred tax is charged or credited in the income statement, except when it is related to items credited or charged directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Current income taxes are provided for in accordance with the laws of the relevant taxing authorities. An uncertain tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination No The Company conducts much of its business activities in Hong Kong and Malaysia and is subject to tax in each of these jurisdictions. As a result of its business activities, the Company will file separate tax returns that are subject to examination by the foreign tax authorities. Comprehensive income (loss) Comprehensive income (loss) consists of two components, net income (loss) and other comprehensive income (loss). Net income (loss) refers to revenue, expenses, gains and losses that under GAAP are recorded as an element of stockholders’ equity. Other comprehensive income (loss) consists of a foreign currency translation adjustment resulting from the Company not using the U.S. dollar as its functional currencies. Non-controlling interest Non-controlling interest consists of 40% of the equity interests of DSY Wellness held by an individual and approximately 0.01% (3 ordinary shares out of 9,590,599 shares) of the equity interests of ASL held by three individuals Earnings (loss) per share The Company computes earnings (loss) per share (“EPS”) in accordance with ASC 260, “Earnings per Share”. ASC 260 requires companies to present basic and diluted EPS. Basic EPS is measured as net income (loss) divided by the weighted average ordinary share outstanding for the period. Diluted EPS presents the dilutive effect on a per share basis of the potential common stocks (e.g., convertible securities, options and warrants) as if they had been converted at the beginning of the periods presented, or issuance date, if later. Potential common stocks that have an anti-dilutive effect (i.e., those that increase income per share or decrease loss per share) are excluded from the calculation of diluted EPS . For the three and six months ended June 30, 2024 and 2023, there were no AGAPE ATP CORPORATION NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Currency expressed in United States Dollars (“US$”), except for number of shares) 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Foreign currencies translation and transaction 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 consolidated statements of operations and comprehensive loss. 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$”) albeit its functional currency being the primary currency of the economic environment in which the entity operates, which is the Malaysian Ringgit (“MYR” or “RM”). The Company’s subsidiary in Hong Kong maintains its books and record in Hong Kong Dollars (“HK$”), similar to its functional currency. The Company’s subsidiary and VIE in Malaysia conducts its businesses and maintains its books and record in the local currency, Malaysian Ringgit (“MYR” or “RM”), as its 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: SCHEDULE OF FOREIGN CURRENCIES TRANSLATION EXCHANGE RATES June 30, 2024 December 31, 2023 As of June 30, 2024 December 31, 2023 Period-end MYR : US$1 exchange rate 4.72 4.59 Period-end HKD : US$1 exchange rate 7.81 7.81 Foreign currency exchange rate, translation 7.81 7.81 2024 2023 2024 2023 For the three months ended June 30, For the six months ended June 30, 2024 2023 2024 2023 Period-average MYR : US$1 exchange rate 4.73 4.58 4.73 4.48 Period-average HKD : US$1 exchange rate 7.82 7.84 7.82 7.84 Foreign currency exchange rate period average 7.82 7.84 7.82 7.84 AGAPE ATP CORPORATION NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Currency expressed in United States Dollars (“US$”), except for number of shares) 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) 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 accounting standard regarding fair value of financial instruments and related fair value measurements defines financial instruments and requires disclosure of the fair value of financial instruments held by the Company. The accounting standards define fair value, establish a three-level valuation hierarchy for disclosures of fair value measurement and enhance disclosure requirements for fair value measures. The three levels are defined as follow: ● Level 1 inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. ● Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the assets or liability, either directly or indirectly, for substantially the full term of the financial instruments. ● Level 3 inputs to the valuation methodology are unobservable and significant to the fair value. Financial instruments included in current assets and current liabilities are reported in the consolidated balance sheets at face value or cost, which approximate fair value because of the short period of time between the origination of such instruments and their expected realization and their current market rates of interest. Leases The Company adopted ASU 2016-02, “Leases” (Topic 842), and elected the practical expedients that does not require the Company to reassess: (1) whether any expired or existing contracts are, or contain, leases, (2) lease classification for any expired or existing leases and (3) initial direct costs for any expired or existing leases. For lease terms of twelve months or fewer, a lessee is permitted to make an accounting policy election not to recognize lease assets and liabilities. The Company also adopts the practical expedient that allows lessees to treat the lease and non-lease components of a lease as a single lease component. Some of the Company’s leases include one or more options to renew, which is typically at the Company’s sole discretion. The Company regularly evaluates the renewal options, and, when it is reasonably certain of exercise, it will include the renewal period in its lease term. New lease modifications result in re-measurement of the right of use (“ROU”) assets and lease liabilities. Operating ROU assets and lease liabilities are recognized at the commencement date, based on the present value of lease payments over the lease term. Since the implicit rate for the Company’s leases is not readily determinable, the Company use its incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. The incremental borrowing rate is the rate of interest that the Company would have to pay to borrow, on a collateralized basis, an amount equal to the lease payments, in a similar economic environment and over a similar term. AGAPE ATP CORPORATION NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Currency expressed in United States Dollars (“US$”), except for number of shares) 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Lease terms used to calculate the present value of lease payments generally do not include any options to extend, renew, or terminate the lease, as the Company does not have reasonable certainty at lease inception that these options will be exercised. The Company generally considers the economic life of its operating lease ROU assets to be comparable to the useful life of similar owned assets. The Company has elected the short-term lease exception, therefore operating lease ROU assets and liabilities do not include leases with a lease term of twelve months or less. Its leases generally do not provide a residual guarantee. The operating lease ROU asset also excludes lease incentives. Lease expense is recognized on a straight-line basis over the lease term. The Company reviews the impairment of its ROU assets consistent with the approach applied for its other long-lived assets. The Company reviews the recoverability of its long-lived assets when events or changes in circumstances occur that indicate that the carrying value of the asset may not be recoverable. The assessment of possible impairment is based on its ability to recover the carrying value of the asset from the expected undiscounted future pre-tax cash flows of the related operations. The Company has elected to include the carrying amount of operating lease liabilities in any tested asset group and includes the associated operating lease payments in the undiscounted future pre-tax cash flows. Derivative financial instruments Derivative financial instruments consist of financial instruments that contain a notional amount and one or more underlying variables such as interest rate, security price, variable conversion rate or other variables, require no initial new investment and permit net settlement. The derivative financial instruments may be free-standing or embedded in other financial instruments. The Company evaluates |
ACQUISITION OF OIE ATPC HOLDING
ACQUISITION OF OIE ATPC HOLDINGS (M) SDN. BHD. | 6 Months Ended |
Jun. 30, 2024 | |
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] | |
ACQUISITION OF OIE ATPC HOLDINGS (M) SDN. BHD. | 3. ACQUISITION OF OIE ATPC HOLDINGS (M) SDN. BHD. On January 3, 2024, the Company together with Oriental Industries Enterprise (M) Sdn. Bhd. (“OIE”) formed an equity method investment entity, OIE ATPC Holdings (M) Sdn. Bhd. (“OIE ATPC”) in which the Company and OIE each owns 50 108 50 107 On January 8, 2024, ATPC Green Energy (“AGE”) formed a wholly own entity, OIE ATPC Exim (M) Sdn. Bhd. (“ATPC Exim”). As both AGE and ATPC Exim are newly formed, the Company considered the cost of investment is the fair value of the assets acquired. |
VARIABLE INTEREST ENTITY (_VIE_
VARIABLE INTEREST ENTITY (“VIE”) | 6 Months Ended |
Jun. 30, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
VARIABLE INTEREST ENTITY (“VIE”) | 4. VARIABLE INTEREST ENTITY (“VIE”) SEA is a trading company incorporated on March 4, 2004, under the laws of Malaysia. SEA provided majority of ASL’s purchases. The income generated was insufficient to finance its activities and 100 a. The power to direct the activities of the VIE that most significantly impact the VIE’s economic performance; and b. The obligation to absorb losses of the VIE that could potentially be significant to the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE . Accordingly, the accounts of SEA is consolidated in the accompanying financial statements. AGAPE ATP CORPORATION NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Currency expressed in United States Dollars (“US$”), except for number of shares) 4. VARIABLE INTEREST ENTITY (“VIE”) (Continued) The carrying amount of the VIE’s assets and liabilities were as follows: SCHEDULE OF VARIABLE INTEREST ENTITY June 30, 2024 December 31, 2023 As of June 30, 2024 December 31, 2023 Current assets $ 1,728 $ 1,799 Current liabilities (1,543 ) (899 ) Net asset $ 185 $ 900 June 30, 2024 December 31, 2023 As of June 30, 2024 December 31, 2023 Current assets: Cash $ 1,700 $ 122 Prepayment and deposits 28 7 Prepaid taxes - 1,670 Total current assets $ 1,728 $ 1,799 Current liabilities: Other payables – related parties $ 159 $ - Other payables and accrued liabilities 1,384 899 Total current liabilities $ 1,543 $ 899 Net asset $ 185 $ 900 The summarized operating results of the VIE’s are as follows: 2024 2023 2024 2023 For the three months ended For the six months ended June 30, 2024 2023 2024 2023 Operating revenues $ - $ - $ - $ - Gross profit $ - $ - $ - $ - Loss from operations $ (425 ) $ (81 ) $ (689 ) $ (359 ) Net loss $ (425 ) $ (81 ) $ (689 ) $ (359 ) AGAPE ATP CORPORATION NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Currency expressed in United States Dollars (“US$”), except for number of shares) |
CASH AND CASH EQUIVALENTS
CASH AND CASH EQUIVALENTS | 6 Months Ended |
Jun. 30, 2024 | |
Cash and Cash Equivalents [Abstract] | |
CASH AND CASH EQUIVALENTS | 5. CASH AND CASH EQUIVALENTS As of June 30, 2024 and December 31, 2023 the Company has $ 3,160,984 4,832,460 , respectively, of cash and cash equivalents, which consists of $ 420,887 510,019 , respectively, of cash and cash in banks and $ 2,740,097 4,322,441 , respectively, of time deposits placed with banks or other financial institutions and are all highly liquid investments with an original maturity of three months or less. The effective interest rate for the time deposits ranged between 2.52 2.55 1.22 1.88 2,943,089 4,630,476 of these balances are not covered by deposit insurance, respectively. |
ACCOUNTS RECEIVABLE, NET
ACCOUNTS RECEIVABLE, NET | 6 Months Ended |
Jun. 30, 2024 | |
Receivables [Abstract] | |
ACCOUNTS RECEIVABLE, NET | 6. ACCOUNTS RECEIVABLE , NET SCHEDULE OF ACCOUNTS RECEIVABLES June 30, 2024 December 31, 2023 As of June 30, 2024 December 31, 2023 Accounts receivable $ 42,187 $ 56,000 Allowance for credit losses (528 ) (542 ) Total accounts receivable, net $ 41,659 $ 55,458 Movements of allowance for credit losses are as follows: SCHEDULE OF ALLOWANCE FOR CREDIT LOSSES June 30, 2024 December 31, 2023 As of June 30, 2024 December 31, 2023 Beginning balance $ 542 $ - Addition - 546 Exchange rate effect (14 ) (4 ) Ending balance $ 528 $ 542 |
INVENTORIES
INVENTORIES | 6 Months Ended |
Jun. 30, 2024 | |
Inventory Disclosure [Abstract] | |
INVENTORIES | 7. INVENTORIES Inventories consist of the following: SCHEDULE OF INVENTORIES June 30, 2024 December 31, 2023 As of June 30, 2024 December 31, 2023 Raw materials 566 - Work in process 529 - Finished goods 52,348 47,907 Total inventories $ 53,443 $ 47,907 There were no |
PREPAYMENTS AND DEPOSITS, NET
PREPAYMENTS AND DEPOSITS, NET | 6 Months Ended |
Jun. 30, 2024 | |
Prepayments And Deposits Net | |
PREPAYMENTS AND DEPOSITS, NET | 8. PREPAYMENTS AND DEPOSITS , NET SCHEDULE OF PREPAID EXPENSES AND DEPOSITS June 30, 2024 December 31, 2023 As of June 30, 2024 December 31, 2023 Prepaid expenses $ 464,433 $ 123,809 Deposits to suppliers 93,348 91,997 Subtotal 557,781 215,806 Allowance for credit losses – Prepaid expenses (16,960 ) - Total prepayments and deposits, net $ 540,821 $ 215,806 AGAPE ATP CORPORATION NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Currency expressed in United States Dollars (“US$”), except for number of shares) 8. PREPAYMENTS AND DEPOSITS , NET Movements of allowance for credit losses are as follows: SCHEDULE OF CHANGES IN ALLOWANCE FOR CREDIT LOSSES For the For the Beginning balance $ - $ - Addition 16,960 - Ending balance $ 16,960 $ - |
PROPERTY AND EQUIPMENT, NET
PROPERTY AND EQUIPMENT, NET | 6 Months Ended |
Jun. 30, 2024 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY AND EQUIPMENT, NET | 9. PROPERTY AND EQUIPMENT, NET Property and equipment, net consist of the following: SCHEDULE OF PROPERTY AND EQUIPMENT, NET June 30, 2024 December 31, 2023 As of June 30, 2024 December 31, 2023 Computer and office equipment $ 90,407 $ 91,947 Furniture & fixtures 111,007 111,164 Motor vehicle 87,398 89,729 Leasehold improvements 179,370 184,155 Subtotal 468,182 476,995 Less: accumulated depreciation (414,192 ) (399,137 ) Total property and equipment, net $ 53,990 $ 77,858 Depreciation expense for the three months ended June 30, 2024 and 2023 amounted to $ 12,725 18,124 25,328 36,177 |
INTANGIBLE ASSETS, NET
INTANGIBLE ASSETS, NET | 6 Months Ended |
Jun. 30, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
INTANGIBLE ASSETS, NET | 10. INTANGIBLE ASSETS, NET Intangible assets, net, consist of the following: SCHEDULE OF INTANGIBLE ASSETS, NET June 30, 2024 December 31, 2023 As of June 30, 2024 December 31, 2023 Computer software $ 51,716 $ 53,095 Less: accumulated amortization (37,076 ) (35,637 ) Total intangible assets, net $ 14,640 $ 17,458 Amortization expense for the three months ended June 30, 2024 and 2023 amounted to $ 1,178 1,506 2,355 3,087 AGAPE ATP CORPORATION NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Currency expressed in United States Dollars (“US$”), except for number of shares) |
INVESTMENT IN MARKETABLE SECURI
INVESTMENT IN MARKETABLE SECURITIES | 6 Months Ended |
Jun. 30, 2024 | |
Investment In Marketable Securities | |
INVESTMENT IN MARKETABLE SECURITIES | 11. INVESTMENT IN MARKETABLE SECURITIES (i) On May 17, 2018, the Company purchased 83,333 500,000 6 (ii) On July 30, 2018, the Company disposed 20 125 6.2613 (iii) On October 16, 2018, the Company purchased 33,333 1,000 0.03 (iv) On July 19, 2022, Greenpro Capital Corp. filed a certificate of change with the Secretary of State of Nevada to effect a reverse split of the company’s common stock at the ratio of 10-for-1 effective July 28, 2022. Under the reverse stock split, each 10 pre-split share of common stock outstanding will automatically combine into 1 new share of common stock of the company 116,646 116,646 (v) On November 3, 2020, the Company received dividend of 6,667 76,671 11.50 (vi) On December 9, 2020, the Company received dividend of 16,663 83,315 5 (vii) On September 27, 2021, the Company received dividend of 11,665 18,874 1.62 (viii) On April 3, 2019, the Company purchased a 5 15,000,000 1,500 0.0001 100 57,500 1,500 SCHEDULE OF INVESTMENT IN MARKETABLE SECURITIES June 30, 2024 December 31, 2023 As of June 30, 2024 December 31, 2023 Fair value of investment in marketable securities at the beginning of period / year $ 20,171 $ 16,687 Unrealized holding (loss) gain (5,466 ) 3,493 Exchange rate effect (7 ) (9 ) Fair value of investment in marketable securities at the end of period / year $ 14,698 $ 20,171 AGAPE ATP CORPORATION NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Currency expressed in United States Dollars (“US$”), except for number of shares) |
CUSTOMER DEPOSITS
CUSTOMER DEPOSITS | 6 Months Ended |
Jun. 30, 2024 | |
Customer Deposits | |
CUSTOMER DEPOSITS | 12. CUSTOMER DEPOSITS SCHEDULE OF CUSTOMER DEPOSITS June 30, 2024 December 31, 2023 As of June 30, 2024 December 31, 2023 Customer deposits – Non Refundable $ 85,775 $ 100,540 Unexpired product coupons 429 1,035 Total customer deposits $ 86,204 $ 101,575 Customer deposits represent amounts advanced by customers on product orders and unexpired product coupons issued to the Company’s members and distributors of its network marketing business. |
OTHER PAYABLES AND ACCRUED LIAB
OTHER PAYABLES AND ACCRUED LIABILITIES | 6 Months Ended |
Jun. 30, 2024 | |
Other Liabilities Disclosure [Abstract] | |
OTHER PAYABLES AND ACCRUED LIABILITIES | 13. OTHER PAYABLES AND ACCRUED LIABILITIES SCHEDULE OF OTHER PAYABLES AND ACCRUED LIABILITIES As of June 30, 2024 December 31, 2023 Professional fees $ 160,142 $ 348,664 Promotion expenses 46,748 47,995 Payroll 22,946 26,104 Amounts held in eWallets 165,104 185,137 Tax penalty 75,000 75,000 Others 37,115 43,161 Total other payables and accrued liabilities $ 507,055 $ 726,061 The Company requires all members and distributors of its network marketing business to maintain an electronic wallet (eWallet) account with the Company. The eWallet is primarily for the crediting of any commission payment that falls below RM 100 100 100 AGAPE ATP CORPORATION NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Currency expressed in United States Dollars (“US$”), except for number of shares) |
RELATED PARTY BALANCES AND TRAN
RELATED PARTY BALANCES AND TRANSACTIONS | 6 Months Ended |
Jun. 30, 2024 | |
Related Party Transactions [Abstract] | |
RELATED PARTY BALANCES AND TRANSACTIONS | 14. RELATED PARTY BALANCES AND TRANSACTIONS Related party balances Amount due from related parties SCHEDULE OF RELATED PARTIES As of Name of Related Party Relationship Nature June 30, 2024 December 31, 2023 TH3 Holdings Sdn Bhd (“TH3”) Mr. How Kok Choong, the CEO and director of the Company is also a director of TH3 Prepayment of IT expenses $ 4,057 $ 2,922 SY Welltech Sdn Bhd (“Welltech”) (formerly known as DSY Beauty Sdn Bhd) The directors and shareholders of Welltech are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd Deposits for products purchases - 8,171 Total amount due from related parties $ 4,057 $ 11,093 Accounts payable – related parties As of Name of Related Party Relationship Nature June 30, 2024 December 31, 2023 CTA Nutriceuticals (Asia) Sdn Bhd (“CTA”) The directors and shareholders of CTA are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY International Wellness Sdn Bhd Purchases of products for the provision of complementary health therapies $ 25,141 $ 30,439 SY Welltech Sdn Bhd (“Welltech”) (formerly known as DSY Beauty Sdn Bhd) The directors and shareholders of Welltech are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd Purchases of beauty products 76 54 Mr. Chew Yi Zheng Mr. Chew Yi Zheng is the member of the immediate family of Mr. Yap Foo Ching (Steve Yap), the director of DSY Wellness International Sdn Bhd Render therapy and health consultation to customer - 4,355 Total account payable – related parties $ 25,217 $ 34,848 AGAPE ATP CORPORATION NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Currency expressed in United States Dollars (“US$”), except for number of shares) 14. RELATED PARTY BALANCES AND TRANSACTIONS (Continued) Related party balances Other payable - related parties As of Name of Related Party Relationship Nature June 30, 2024 December 31, 2023 CTA Nutriceuticals (Asia) Sdn Bhd (“CTA”) The directors and shareholders of CTA are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY International Wellness Sdn Bhd Purchase of products for general use 168 570 SY Welltech Sdn Bhd (“Welltech”) (formerly known as DSY Beauty Sdn Bhd) The directors and shareholders of DSY Beauty are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd Purchase of products for general use 135 535 Mr. Yap Foo Ching (Steve Yap) Mr. Yap Foo Ching, the director of the DSY Wellness International Sdn Bhd Payment on behalf by Mr. Yap - 6,534 Mr. How Kok Choong Mr. How Kok Choong, the CEO and director of the Company Commission expense 179 207 Total other payable – related parties $ 482 $ 7,846 Related party transactions Purchases For the three months ended June 30, Name of Related Party Relationship Nature 2024 2023 CTA Nutriceuticals (Asia) Sdn Bhd (“CTA”) The directors and shareholders of CTA are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY International Wellness Sdn Bhd Purchases of products for the provision of complementary health therapies $ 80,504 $ 55,614 SY Welltech Sdn Bhd (“Welltech”) (formerly known as DSY Beauty Sdn Bhd) The directors and shareholders of Welltech are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd Purchases of beauty products 819 212 Total purchases $ 81,323 $ 55,826 AGAPE ATP CORPORATION NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Currency expressed in United States Dollars (“US$”), except for number of shares) 14. RELATED PARTY BALANCES AND TRANSACTIONS (Continued) Purchases Related party transactions For the six months ended June 30, Name of Related Party Relationship Nature 2024 2023 CTA Nutriceuticals (Asia) Sdn Bhd (“CTA”) The directors and shareholders of CTA are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY International Wellness Sdn Bhd Purchases of products for the provision of complementary health therapies $ 161,807 $ 116,269 SY Welltech Sdn Bhd (“Welltech”) (formerly known as DSY Beauty Sdn Bhd) The directors and shareholders of Welltech are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd Purchases of beauty products 16,624 17,761 Total purchases $ 178,431 $ 134,030 Other purchases For the three months ended June 30, Name of Related Party Relationship Nature 2024 2023 CTA Nutriceuticals (Asia) Sdn Bhd (“CTA”) The directors and shareholders of CTA are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY International Wellness Sdn Bhd Purchase of products for general use $ 795 $ 1,291 SY Welltech Sdn Bhd (“Welltech”) (formerly known as DSY Beauty Sdn Bhd) The directors and shareholders of Welltech are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd Purchase of products for general use 402 1,151 DSY Wellness and Longevity Center Sdn Bhd (“DSYWLC”) Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd is also a director of DSYWLC Purchase of products for general use - 212 Total other purchases $ 1,197 $ 2,654 AGAPE ATP CORPORATION NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Currency expressed in United States Dollars (“US$”), except for number of shares) 14. RELATED PARTY BALANCES AND TRANSACTIONS (Continued) Related party transactions Other purchases For the six months ended June 30, Name of Related Party Relationship Nature 2024 2023 CTA Nutriceuticals (Asia) Sdn Bhd (“CTA”) The directors and shareholders of CTA are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY International Wellness Sdn Bhd Purchase of products for general use $ 1,734 $ 2,233 SY Welltech Sdn Bhd (“Welltech”) (formerly known as DSY Beauty Sdn Bhd) The directors and shareholders of Welltech are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd Purchase of products for general use 2,595 3,407 DSY Wellness and Longevity Center Sdn Bhd (“DSYWLC”) Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd is also a director of DSYWLC Purchase of products for general use - 280 Total other purchases $ 4,329 $ 5,920 Commission For the three months ended June 30, Name of Related Party Relationship Nature 2024 2023 Mr. How Kok Choong Mr. How Kok Choong, the CEO and director of the Company Commission expense $ 619 $ 1,626 Total commission $ 619 $ 1,626 AGAPE ATP CORPORATION NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Currency expressed in United States Dollars (“US$”), except for number of shares) 14. RELATED PARTY BALANCES AND TRANSACTIONS (Continued) Related party transactions Commission For the six months ended June 30, Name of Related Party Relationship Nature 2024 2023 Mr. How Kok Choong Mr. How Kok Choong, the CEO and director of the Company Commission expense $ 1,351 $ 3,538 Total commission $ 1,351 $ 3,538 Other income For the three months ended June 30, Name of Related Party Relationship Nature 2024 2023 Ando Design Sdn Bhd (“Ando”) Mr. How Kok Choong, the CEO and director of the Company is also a director of Ando Rental income $ 634 $ 670 Redboy Picture Sdn Bhd (“Redboy”) Mr. How Kok Choong, the CEO and director of the Company is also a director of Redboy Rental income - 2,010 TH3 Holdings Sdn Bhd (“TH3”) Mr. How Kok Choong, the CEO and director of the Company is also a director of TH3 Rental income 190 67 Total other income $ 824 $ 2,747 Other income For the six months ended June 30, Name of Related Party Relationship Nature 2024 2023 Ando Design Sdn Bhd (“Ando”) Mr. How Kok Choong, the CEO and director of the Company is also a director of Ando Rental income $ 1,268 $ 1,340 Redboy Picture Sdn Bhd (“Redboy”) Mr. How Kok Choong, the CEO and director of the Company is also a director of Redboy Rental income - 4,021 TH3 Holdings Sdn Bhd (“TH3”) Mr. How Kok Choong, the CEO and director of the Company is also a director of TH3 Rental income 380 67 Total other income $ 1,648 $ 5,428 AGAPE ATP CORPORATION NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Currency expressed in United States Dollars (“US$”), except for number of shares) 14. RELATED PARTY BALANCES AND TRANSACTIONS (Continued) Related party transactions Other expenses For the three months ended June 30, Name of Related Party Relationship Nature 2024 2023 TH3 Holdings Sdn Bhd (“TH3”) Mr. How Kok Choong, the CEO and director of the Company is also a director of TH3 IT support services fee $ 14,574 $ 13,647 DSY Wellness and Longevity Center Sdn Bhd (“DSYWLC”) Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd is also a director of DSYWLC Office rental expense 7,606 8,254 Ando Design Sdn Bhd (“Ando”) Mr. How Kok Choong, the CEO and director of the Company is also a director of Ando Office furniture & fittings and improvements 1,708 - Total other expenses $ 23,888 $ 21,901 Other expenses For the six months ended June 30, Name of Related Party Relationship Nature 2024 2023 TH3 Holdings Sdn Bhd (“TH3”) Mr. How Kok Choong, the CEO and director of the Company is also a director of TH3 IT support services fee $ 28,666 $ 27,718 SY Welltech Sdn Bhd (“Welltech”) (formerly known as DSY Beauty Sdn Bhd) The directors and shareholders of Welltech are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd Purchases of products for general use 5 - DSY Wellness and Longevity Center Sdn Bhd (“DSYWLC”) Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd is also a director of DSYWLC Office rental expense 15,213 16,363 Ando Design Sdn Bhd (“Ando”) Mr. How Kok Choong, the CEO and director of the Company is also a director of Ando Office furniture & fittings and improvements 1,708 - Total other expenses $ 45,592 $ 44,081 AGAPE ATP CORPORATION NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Currency expressed in United States Dollars (“US$”), except for number of shares) |
STOCKHOLDERS_ EQUITY
STOCKHOLDERS’ EQUITY | 6 Months Ended |
Jun. 30, 2024 | |
Equity [Abstract] | |
STOCKHOLDERS’ EQUITY | 15. STOCKHOLDERS’ EQUITY Preferred stock As of June 30, 2024 and December 31, 2023, there were 200,000,000 none Common stock As of June 30, 2024 and December 31, 2023, there were 1,000,000,000 76,975,183 77,102,012 Share-based compensation The Company has share-based compensation to the executive director. The share-based compensation expense is recorded in general and administrative expenses. The value of the share is $ 5,000 As of June 30, 2024 and December 31, 2023, there were 8,471 0 Treasury Stock On January 26, 2024, the Company redeemed 135,300 0.0001 0 135,300 Warrants On October 10, 2023, the Company entered into an underwriting agreement with Network 1 Financial Securities, Inc., as underwriter named thereof, in connection with its initial public offering (“IPO”) of 1,650,000 0.0001 4.00 115,500 4.40 The warrants are classified as equity instruments, the contracts are initially measured at fair value and no subsequent measurement is needed for equity instruments. The Company uses Black-Scholes Model to calculate the fair value of the warrant. As of October 13, 2023 (the “Grant Date”) the warrant was valued at $ 38,580 SCHEDULE OF SHARE-BASED COMPENSATION ARRANGEMENTS BY SHARE-BASED PAYMENT AWARD As of October 13, 2023 Risk-free interest rate 4.65 % Expected volatility 49 % Expected life (in years) 5 Expected dividend yield 0.00 % Fair value of warrants $ 38,580 As of June 30, 2024, there were 115,500 AGAPE ATP CORPORATION NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Currency expressed in United States Dollars (“US$”), except for number of shares) |
NON-CONTROLLING INTEREST
NON-CONTROLLING INTEREST | 6 Months Ended |
Jun. 30, 2024 | |
Noncontrolling Interest [Abstract] | |
NON-CONTROLLING INTEREST | 16. NON-CONTROLLING INTEREST The Company’s non-controlling interest consists of the following: SCHEDULE OF NON CONTROLLING INTEREST June 30, 2024 December 31, 2023 As of June 30, 2024 December 31, 2023 DSY Wellness: Paid-in capital $ 97 $ 97 Retained earnings 29,430 12,434 Accumulated other comprehensive (loss) income (993 ) (752 ) Noncontrolling interest gross 28,534 11,779 ASL - - Total $ 28,534 $ 11,779 |
INCOME TAXES (EXPENSES) CREDIT
INCOME TAXES (EXPENSES) CREDIT | 6 Months Ended |
Jun. 30, 2024 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES (EXPENSES) CREDIT | 17. INCOME TAXES (EXPENSES) CREDIT The United States and foreign components of income (loss) before income taxes were comprised of the following: SCHEDULE OF COMPONENTS OF INCOME/(LOSS) BEFORE INCOME TAX 2024 2023 2024 2023 For the three months ended For the six months ended 2024 2023 2024 2023 Tax jurisdictions from: Local – United States $ (300,452 ) $ (142,912 ) $ (828,077 ) $ (310,697 ) Foreign – Malaysia (114,614 ) (241,867 ) (291,139 ) (516,152 ) Foreign – Hong Kong (7,409 ) 2,891 484 6,670 Foreign – Tax Jurisdictions (7,409 ) 2,891 484 6,670 Loss before income tax $ (422,475 ) $ (381,888 ) $ (1,118,732 ) $ (820,179 ) Income tax (expense) credit consisted of the following: SCHEDULE OF PROVISION FOR INCOME TAX 2024 2023 2024 2023 For the three months ended For the six months ended 2024 2023 2024 2023 Current: - Local $ - $ - $ - $ - - Foreign (9,840 ) - (16,678 ) - Deferred: - Local - - - - - Foreign - 2,439 - 6,655 Income tax (expense) credit $ (9,840 ) $ 2,439 $ (16,678 ) $ 6,655 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 subsidiaries operate in various countries: United States, Malaysia (including Labuan) and Hong Kong that are subject to taxes in the jurisdictions in which they operate, as follows: AGAPE ATP CORPORATION NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Currency expressed in United States Dollars (“US$”), except for number of shares) 17. INCOME TAXES (EXPENSES) CREDIT (Continued) United States of America Agape ATP Corporation was incorporated in the State of Nevada and is subject to the tax laws of the United States of America with a corporate tax rate of 21 21 In addition, the Tax Cuts and Jobs Act imposed a global intangible low-taxed income (“GILTI”) tax, which is a tax on certain off-shore earnings at an effective rate of 10.5% for tax years (50% deduction of the current enacted tax rate of 21%) with a partial offset for 80% foreign tax credits. If the foreign tax rate is 13.125% or higher, there will be no U.S. corporate tax after the 80% foreign tax credits are applied For the three and six months ended June 30, 2024 and 2023, the Company’s foreign subsidiaries did not generate any income that are subject to Subpart F tax and GILTI tax. As of June 30, 2024 and December 31, 2023, the operations in the United States of America incurred approximately $ 2,921,000 2,093,000 613,000 440,000 Malaysia Agape ATP Corporation, Agape Superior Living Sdn Bhd, Agape S.E.A Sdn Bhd, Cedar ATPC Sdn Bhd., DSY Wellness International Sdn. Bhd., ATPC Green Energy Sdn Bhd and OIE ATPC Exim (M) Sdn Bhd. are governed by the income taxes laws of Malaysia and the income taxes provision in respect of operations in Malaysia is calculated at the applicable tax rates on the taxable income for the periods based on existing legislation, interpretations and practices in respect thereof. Under the Income Tax Act of Malaysia, enterprises incorporated in Malaysia are usually subject to a unified 24 The tax rate for small and medium sized companies (generally companies incorporated in Malaysia with paid-in capital of RM 2,500,000 or less) is 15 17 24 As of June 30, 2024 and December 31, 2023, the operations in Malaysia incurred approximately $ 2,986,000 2,796,000 731,000 812,000 1,146,000 297,000 717,000 670,000 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 AGAPE ATP CORPORATION NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Currency expressed in United States Dollars (“US$”), except for number of shares) 17. INCOME TAXES (EXPENSES) CREDIT (Continued) The following table sets forth the significant components of the aggregate deferred tax assets of the Company: SCHEDULE OF DEFERRED TAX ASSETS June 30, 2024 December 31, 2023 As of June 30, 2024 December 31, 2023 Deferred tax assets: Net operating loss carry forwards in U.S. $ 613,388 $ 439,492 Net operating loss carry forwards in Malaysia 716,885 664,105 Unabsorbed capital allowance carry forward in Malaysia 9,930 5,577 Less: valuation allowance (1,340,203 ) (1,108,955 ) Deferred tax assets, net $ - $ 219 Uncertain tax positions The Company evaluates each uncertain tax position (including the potential application of interest and penalties) based on the technical merits, and measure the unrecognized benefits associated with the tax positions. As of June 30, 2024 and December 31, 2023, the Company did not have any significant unrecognized uncertain tax positions. The Company did not incur any interest and penalties tax for the three and six months ended June 30, 2024 and 2023. |
CONCENTRATIONS OF RISKS
CONCENTRATIONS OF RISKS | 6 Months Ended |
Jun. 30, 2024 | |
Risks and Uncertainties [Abstract] | |
CONCENTRATIONS OF RISKS | 18. CONCENTRATIONS OF RISKS (a) Major customers For the three months ended June 30, 2024 and 2023, no customer accounted for 10 10 As of June 30, 2024, six individual customers accounted for approximately 20.1 40.2 (b) Major vendors For the three months ended June 30, 2024, two vendors accounted for approximately 70.0 23.1 43.1 27.5 26.0 For the six months ended June 30, 2024, two vendors accounted for approximately 67.0 20.5 47.2 26.5 13.6 As of June 30, 2024, two vendors accounted for approximately 51.2 47.9 61.8 35.4 CTA Nutriceuticals (Asia) Sdn Bhd, a related company, accounted for approximately 47.9 35.4 AGAPE ATP CORPORATION NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Currency expressed in United States Dollars (“US$”), except for number of shares) 18. CONCENTRATIONS OF RISKS (Continued) (c) Commission Expenses to Sales Distributors and Stockists One sales distributor accounted for 19.8 12.8 For the six months ended June 30, 2024, one sales distributor accounted for 19.8 13.4 (d) Credit risk Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash. As of June 30, 2024 and December 31, 2023, $ 3,146,013 4,817,213 2,943,089 4,630,476 Financial instruments that are potentially subject to credit risk consist principally of accounts receivable. The Company believes the concentration of credit risk in its account receivable is substantially mitigated by its ongoing credit evaluation process and relatively short collection terms. The Company does not generally require collateral from customers. The Company evaluates the need for an allowance for credit loss based upon factors surrounding the credit risk of specific customers, historical trends and other information. Historically, the Company did not have any bad debt on its account receivable. (e) 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 and HK$ converted to US$ on that date. The exchange rate could fluctuate depending on changes in political and economic environments without notice. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 6 Months Ended |
Jun. 30, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | 19. COMMITMENTS AND CONTINGENCIES Lease commitments On June 1, 2023, upon the expiry of the two-years lease for its office space, the Company entered into a new three-years lease with the same landlord who had earlier leased the same office space to the Company since April 1, 2020 283,220 5.5 AGAPE ATP CORPORATION NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Currency expressed in United States Dollars (“US$”), except for number of shares) On September 1, 2023, upon the expiry of the two-years lease for its office space and sales training center, the Company entered into a new three-years lease with the same landlord who had earlier leased the same office space and sales training center to the Company since April 1, 2020 126,093 5.5 On October 1, 2023, upon the expiry of the two-years lease for an apartment to serve as staff accommodation, the Company entered into a new two-years lease with the same landlord who had earlier leased the same apartment to the Company since October 1, 2023 8,940 5.5 On December 18, 2023, the Company leased non-commercial vehicle as lessee under finance leases with 5 78,824 8.63 SCHEDULE OF LEASE COST Components of Leases For the three months ended For the six months ended 2024 2023 2024 2023 Operating lease cost $ 37,581 $ 39,033 $ 75,100 $ 79,665 Amortization of finance lease asset 4,263 - 8,519 - Interest on finance lease liabilities 1,574 - 2,639 - Components of leases As of June 30, 2024 As of December 31, 2023 Weighted average remaining lease term (years) Operating lease 1.99 2.48 Finance lease 4.58 5.00 Weighted average discount rate Operating lease 5.5 % 5.5 % Finance lease 8.6 % 8.6 % AGAPE ATP CORPORATION NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Currency expressed in United States Dollars (“US$”), except for number of shares) 19. COMMITMENTS AND CONTINGENCIES (Continued) The five-year maturity of the Company’s operating lease liabilities is as follow: SCHEDULE OF LEASE COMMITMENTS Twelve Months Ending June 30, Operating lease liabilities Finance lease liabilities 2025 $ 151,401 $ 14,135 2026 139,633 14,135 2027 7,575 14,135 2028 - 14,135 Thereafter - 39,133 Total lease payments 298,609 95,673 Less: interest (15,964 ) (20,962 ) Present value of lease liabilities $ 282,645 $ 74,711 The Company also leases one office and operation center, and one shophouse with an expiring term of twelve months or less, which were classified as operation leases. Since the lease terms for these leases were twelve months or less, a lessee is permitted to elect not to recognize lease assets and liabilities. The Company has elected not to recognize lease assets and liabilities on these leases. As of June 30, 2024, the Company’s commitment for minimum lease payment under these operating leases within the next twelve months were $ 17,773 Short term lease cost for the three months ended June 30, 2024 and 2023 was $ 10,911 9,695 21,762 19,770 Contingencies Legal From time to time, the Company is party to certain legal proceedings, as well as certain asserted and un-asserted claims. Amounts accrued, as well as the total amount of reasonably possible losses with respect to such matters, individually and in the aggregate, are not deemed to be material to the consolidated financial statements. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Jun. 30, 2024 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | 20. SUBSEQUENT EVENTS The Company has evaluated subsequent events through the date of issuance of this unaudited condensed consolidated financial statements, and did not identify any events with material financial impact on the Company’s unaudited condensed consolidated financial statements. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
Basis of presentation | Basis of presentation The accompanying interim unaudited condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The interim unaudited financial information as of June 30, 2024 and for the three and six months ended June 30, 2024 and 2023 have been prepared without audit, pursuant to the rules and regulations of the SEC and pursuant to Regulation S-X. Certain information and footnote disclosures, which are normally included in annual consolidated financial statements prepared in accordance with U. S. GAAP, have been omitted pursuant to those rules and regulations. The interim unaudited financial information should be read in conjunction with the audited financial statements and the notes thereto, included in the Form 10-K for the fiscal year ended December 31, 2023, which was filed with the SEC on April 1, 2024. In the opinion of management, all adjustments (including normal recurring adjustments) necessary to present a fair statement of the Company’s unaudited financial position as of June 30, 2024, its unaudited results of operations for the three and six months ended June 30, 2024 and 2023, and its unaudited cash flows for the six months ended June 30, 2024 and 2023, as applicable, have been made. The unaudited interim results of operations are not necessarily indicative of the operating results for the full fiscal year or any future periods. The unaudited condensed consolidated financial statements include the financial statements of the Company, its subsidiaries and its variable interest entity (“VIE”) over which the Company exercises control and, where applicable, entities for which the Company has a controlling financial interest or is the primary beneficiary. All transactions and balances among the Company, its subsidiaries and its VIE have been eliminated upon consolidation. |
Principles of consolidation | Principles of consolidation Subsidiaries are those entities in which the Company, directly or indirectly, controls more than one half of the voting power; or has the power to govern the financial and operating policies, to appoint or remove the majority of the members of the board of directors, or to cast a majority of votes at the meeting of directors. A VIE is an entity that has either a total equity investment that is insufficient to permit the entity to finance its activities without additional subordinated financial support, or whose equity investors lack the characteristics of a controlling financial interest, such as through voting rights, right to receive the expected residual returns of the entity or obligation to absorb the expected losses of the entity. The variable interest holder, if any, that has a controlling financial interest in a VIE is deemed to be the primary beneficiary and must consolidate the VIE. As of and for the three and six months ended June 30, 2024, SEA, the only VIE of the Company has no significant operations. |
Use of estimates | Use of estimates The preparation of unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities as of the date of the unaudited condensed consolidated financial statements and the reported amounts of revenues and expenses during the periods presented. Significant accounting estimates reflected in the Company’s unaudited condensed consolidated financial statements include allowance for inventories obsolescence, allowance for credit losses, impairment of long-lived assets and allowance for deferred tax assets. Actual results could differ from these estimates. |
Cash and cash equivalents | Cash and cash equivalents Cash and cash equivalents represent cash on hand, time deposits placed with banks or other financial institutions and all highly liquid investments with an original maturity of three months or less. AGAPE ATP CORPORATION NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Currency expressed in United States Dollars (“US$”), except for number of shares) 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) |
Accounts receivable, net | Accounts receivable, net Accounts receivable are recorded at the invoiced amount less an allowance for any uncollectible accounts and do not bear interest, which are due on credit term. The carrying value of accounts receivable is reduced by an allowance that reflects the Company’s best estimate of the amounts that will not be collected. An allowance for credit losses is recorded in the period when a loss is probable based on an assessment of collectivity by reviewing accounts receivable on a collective basis where similar characteristics exist, primarily base on similar business line, service or product offerings and on an individual basis when the Company identifies specific customers with known disputes or collectivity issues. In determining the amount of the allowance for credit losses, the Company considers historical collectivity based on past due status, the age of the accounts receivable balances, credit quality of the Company’s customers based on ongoing credit evaluations, current economic conditions, reasonable and supportable forecasts of future economic conditions, and other factors that may affect the Company’s ability to collect from customers. Accounts receivable balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. The Company’s management continues to evaluate the reasonableness of the valuation allowance policy and update it if necessary. As of June 30, 2024 and December 31, 2023, $ 528 542 |
Inventories | Inventories Inventories consist of raw materials, work in process and finished goods. Raw materials are valued at cost and work in process are valued at cost of raw materials consumed, both using periodic inventory system in which physical count is performed in monthly basis. Finished goods are valued at the lower of cost or net realizable value using the first-in first-out method. Management reviews inventory on hand for estimated obsolescence or unmarketable items, as compared to future demand requirements and the shelf life of the various products. Based on the review, the Company records inventory write-downs, when necessary, when costs exceed expected net realizable value. For the three and six months ended June 30, 2024 and 2023, the Company did no |
Prepaid taxes | Prepaid taxes Prepaid taxes include prepaid income taxes that will either be refunded or utilized to offset future income tax . |
Prepayments and deposits, net | Prepayments and deposits, net Prepayments and deposits are mainly cash deposited or advanced to suppliers for future inventory purchases or service providers for future services. This amount is refundable and bears no interest. For any prepayments and deposits determined by management that such advances will not be in receipts of inventories, services, or refundable, the Company will recognize an allowance account to reserve such balances. Management reviews its prepayments and deposits on a regular basis to determine if the allowance is adequate, and adjusts the allowance when necessary. Delinquent account balances are written-off against allowance for credit losses after management has determined that the likelihood of collection is not probable. The Company’s management continues to evaluate the reasonableness of the allowance policy and update it if necessary. There was no 16,960 0 |
Property and equipment, net | Property and equipment, net Property and equipment are stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the assets with no residual value. The estimated useful lives are as follows: AGAPE ATP CORPORATION NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Currency expressed in United States Dollars (“US$”), except for number of shares) 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) SCHEDULE OF ESTIMATED USEFUL LIVES OF PROPERTY AND EQUIPMENT Useful Life Computer and office equipment 5 7 Furniture & fixtures 6 7 Leasehold improvements Shorter of the remaining lease terms or the estimated useful lives Vehicle 5 The cost and related accumulated depreciation of assets sold or otherwise retired are eliminated from the accounts and any gain or loss is included in the unaudited condensed consolidated statements of operations and comprehensive loss. Expenditures for maintenance and repairs are charged to earnings as incurred, while additions, renewals and betterments, which are expected to extend the useful life of assets, are capitalized. The Company also re-evaluates the periods of depreciation to determine whether subsequent events and circumstances warrant revised estimates of useful lives. |
Intangible assets, net | Intangible assets, net Intangible assets, net, are stated at cost, less accumulated amortization. Amortization expense is recognized on the straight-line basis over the estimated useful lives of the assets as follows: SCHEDULE OF ESTIMATED USEFUL LIVES OF INTANGIBLE ASSETS, NET Classification Useful Life Computer software 5 |
Impairment for long-lived assets | Impairment for long-lived assets Long-lived assets, including property and equipment, and intangible assets with finite lives are reviewed for impairment whenever events or changes in circumstances (such as a significant adverse change to market conditions that will impact the future use of the assets) indicate that the carrying value of an asset may not be recoverable. The Company assesses the recoverability of the assets based on the undiscounted future cash flows the assets are expected to generate and recognize an impairment loss when estimated undiscounted future cash flows expected to result from the use of the asset plus net proceeds expected from disposition of the asset, if any, are less than the carrying value of the asset. If an impairment is identified, the Company would reduce the carrying amount of the asset to its estimated fair value based on a discounted cash flows approach or, when available and appropriate, to comparable market values. As of June 30, 2024 and December 31, 2023, no |
Investment in marketable equity securities | Investment in marketable equity securities The Company follows the provisions of ASU 2016-01, Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities . AGAPE ATP CORPORATION NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Currency expressed in United States Dollars (“US$”), except for number of shares) 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) |
Customer deposits | Customer deposits Customer deposits represent amounts advanced by customers on product orders and unapplied unexpired coupons. Customer deposits are reduced when the related sale is recognized in accordance with the Company’s revenue recognition policy. |
Revenue recognition | Revenue recognition On July 1, 2019, the Company adopted Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (ASC Topic 606). The core principle underlying the revenue recognition of this ASU allows the Company to recognize - revenue that represents the transfer of goods and services to customers in an amount that reflects the consideration to which the Company expects to be entitled in such exchange. This will require the Company to identify contractual performance obligations and determine whether revenue should be recognized at a point in time or over time, based on when control of goods and services transfers to a customer. The Company’s revenue streams are recognized at a point in time for the Company’s sale of health and wellness products. The ASU requires the use of a five-step model to recognize revenue from customer contracts. The five-step model requires that the Company (i) identify the contract with the customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, including variable consideration to the extent that it is probable that a significant future reversal will not occur, (iv) allocate the transaction price to the respective performance obligations in the contract, and (v) recognize revenue when (or as) the Company satisfies the performance obligation. The Company accounts for a contract with a customer when the contract is committed in writing, the rights of the parties, including payment terms, are identified, the contract has commercial substance and consideration is probable of substantially collection. AGAPE ATP CORPORATION NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Currency expressed in United States Dollars (“US$”), except for number of shares) 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Sales of Health and Wellness products - Performance obligations satisfied at a point in time The Company derives its revenues from sales contracts with its customers with revenues being recognized when control of the health and wellness products are transferred to its customer at the Company’s office or shipment of the goods. The revenue is recorded net of estimated discounts and return allowances. Products are given 60 days for returns or exchanges from the date of purchase. Historically, there were insignificant sales returns. Under the Company’s network marketing business, the Company issues product coupons to members and distributors when these customers made purchases above certain thresholds set by the Company. Depending on the type of product coupons issued, the coupons carry varying values and can be used by the customers for reduction in the transaction price of product purchases within the coupon validity period. The value of the product coupons issued is recorded as a reduction of the Company’s revenue account upon issuance; the corresponding amount credited to the customer deposits account. Amounts in customer deposits will be reversed when the coupons are used. The Company’s coupons have a validity period of between six and twelve months. If the Company’s customers did not utilize the coupons after the validity period, the Company would recognize the forfeiture of the originated sales value of the coupons as net revenues. For the three months ended June 30, 2024 and 2023, the Company recognized $ 171 6,422 2,388 28,872 The Company had contracts for the sales of health and wellness products amounting to $ 12,171 Sales of products for the provision of complementary health therapies Products for the provision of complementary health therapies are predominantly Chinese herbs in different forms, processed or otherwise, for prescriptions for treating non-communicable diseases. The Company based on the health screening test report to prescribe the products for the provision of complementary health therapies, the Company deliver the products to the customers during the consultations. For the three months ended June 30, 2024 and 2023, revenues from products for the provision of complementary health therapies were $ 230,536 154,411 461,166 330,968 Provision of Health and Wellness services - Performance obligations satisfied at a point in time The Company carries out its Wellness program, where the Company’s products are bundled with health screening test. The health screening test is considered as separate performance obligations. The promises to deliver the health screening test report is separately identifiable, which is evidenced by the fact that the Company provides separate services of delivering the health screening test report. The Company based on the health screening test contracts with customers, establishes the selling price for the health screening test and place order to the health screening center. The Company obtains control of the test report before they are delivered to the customers. The Company analyze the test report, provides consultations to the customers, bundle it with the Company’s products and services depending on the customer’s needs. The Company derives its revenues from sales contracts with its customers with revenues being recognized when the test reports are completed and delivered to its customers during the consultation session in person. For the three months ended June 30, 2024 and 2023, revenues from health and wellness services were $ 53,257 58,862 104,191 124,214 AGAPE ATP CORPORATION NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Currency expressed in United States Dollars (“US$”), except for number of shares) 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Disaggregated information of revenues by products are as follows: SCHEDULE OF DISAGGREGATED INFORMATION OF REVENUES 2024 2023 2024 2023 For the three months ended For the six months ended June 30, June 30, 2024 2023 2024 2023 Survivor Select $ - $ - $ - $ 28,210 Ionized Cal-Mag - 37,221 374 84,802 Omega Blend - - - 22,471 Beta Maxx - - - 21,206 Iron - 9,929 - 21,617 Trim+ - 3,702 - 9,587 LIVO 5 23,577 21,812 54,375 21,812 Soy Protein Isolate Powder 3,078 - 6,324 - Mix Soy Protein Isolate Powder with Black Sesame 2,591 - 5,252 - Others – Products for the provision of complementary health therapies 230,536 154,411 461,166 330,968 Others - 17,998 - 19,816 Total revenues - products 259,782 245,073 527,491 560,489 Health and Wellness services 53,257 58,862 104,191 124,214 Total revenues - products and services $ 313,039 $ 303,935 $ 631,682 $ 684,703 |
Cost of revenue | Cost of revenue Cost of revenue comprised freight-in, the purchase cost of manufactured goods for sale to customers and purchase cost of products and services for the provision of complementary health therapies. For the three and six months ended June 30, 2024, cost of revenue were $ 119,478 234,701 107,931 236,289 |
Shipping and handling | Shipping and handling Shipping and handling charges amounted to $ 794 1,131 1,761 2,656 |
Advertising costs | Advertising costs Advertising costs amounted to $ 4,979 19,694 no AGAPE ATP CORPORATION NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Currency expressed in United States Dollars (“US$”), except for number of shares) 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) |
Commission expenses | Commission expenses As with all companies in the network marketing industry, the Company’s sales channel is external to the Company. The Company’s “external sales force” is stratified into two levels based on priority recruitment. First, there are sales distributors. Second, all members recruited by a sales distributor, directly or indirectly, are referred to as “sales network members”. The Company pays commission to every sales distributor based on purchases made by its sales network members which includes the independent direct sales members. Top performing distributors with their own physical stores may also become stockists of the Company, whereby they enjoy benefits such as maintaining a certain amount of the Company’s inventory on their store premises. The stockists shall account to the Company for all products sales from their store premises as monitored through the Company’s centralized stock tracking system. The Company pays a separate commission to stockists based on revenue generated from the stockists’ physical stores. Commission expenses amounted to $ 7,335 21,942 16,679 55,884 |
Selling expenses | Selling expenses The Company’s selling expenses typically comprise salaries and benefits expenses, credit card processing fees and promotional expenses. Selling expenses amounted to $ 38,008 64,126 88,356 140,224 |
General and administrative expenses (“G&A expenses”) | General and administrative expenses (“G&A expenses”) The Company’s G&A expenses typically comprise of salaries and benefits expenses, rental expenses, professional expenses, depreciation expenses and provision for credit losses. G&A expenses amounted to $ 601,803 469,469 1,469,070 1,065,723 |
Defined contribution plan | Defined contribution plan The full-time employees of the Company are entitled to the government mandated defined contribution plan. The Company is required to accrue and pay for these benefits based on certain percentages of the employees’ respective salaries, subject to certain ceilings, in accordance with the relevant government regulations, and make cash contributions to the government mandated defined contribution plan . Total expenses for the plans were $ 25,329 35,759 55,415 79,472 The related contribution plans include: - Social Security Organization (“SOSCO”) – 1.75% based on employee’s monthly salary capped of RM 5,000 - Employees Provident Fund (“EPF”) – based on employee’s monthly salary, 13% for employee earning RM5,000 and below; and 12% for employee earning RM5,001 and above - Employment Insurance System (“EIS”) – 0.2% based on employee’s monthly salary capped of RM 5,000 - Human Resource Development Fund (“HRDF”) – 1% based on employee’s monthly salary |
Income taxes | Income taxes The Company accounts for income taxes in accordance with U.S. GAAP for income taxes. The charge for taxation is based on the results for the fiscal year as adjusted for items, which are non-assessable or disallowed. It is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date. Deferred taxes is accounted for using the asset and liability method in respect of temporary differences arising from differences between the carrying amount of assets and liabilities in the consolidated financial statements and the corresponding tax basis used in the computation of assessable tax profit. In principle, deferred tax liabilities are recognized for all taxable temporary differences. Deferred tax assets are recognized to the extent that it is probable that taxable profit will be available against which deductible temporary differences can be utilized. Deferred tax is calculated using tax rates that are expected to apply to the period when the asset is realized or the liability is settled. AGAPE ATP CORPORATION NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Currency expressed in United States Dollars (“US$”), except for number of shares) 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Deferred tax is charged or credited in the income statement, except when it is related to items credited or charged directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Current income taxes are provided for in accordance with the laws of the relevant taxing authorities. An uncertain tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination No The Company conducts much of its business activities in Hong Kong and Malaysia and is subject to tax in each of these jurisdictions. As a result of its business activities, the Company will file separate tax returns that are subject to examination by the foreign tax authorities. |
Comprehensive income (loss) | Comprehensive income (loss) Comprehensive income (loss) consists of two components, net income (loss) and other comprehensive income (loss). Net income (loss) refers to revenue, expenses, gains and losses that under GAAP are recorded as an element of stockholders’ equity. Other comprehensive income (loss) consists of a foreign currency translation adjustment resulting from the Company not using the U.S. dollar as its functional currencies. |
Non-controlling interest | Non-controlling interest Non-controlling interest consists of 40% of the equity interests of DSY Wellness held by an individual and approximately 0.01% (3 ordinary shares out of 9,590,599 shares) of the equity interests of ASL held by three individuals |
Earnings (loss) per share | Earnings (loss) per share The Company computes earnings (loss) per share (“EPS”) in accordance with ASC 260, “Earnings per Share”. ASC 260 requires companies to present basic and diluted EPS. Basic EPS is measured as net income (loss) divided by the weighted average ordinary share outstanding for the period. Diluted EPS presents the dilutive effect on a per share basis of the potential common stocks (e.g., convertible securities, options and warrants) as if they had been converted at the beginning of the periods presented, or issuance date, if later. Potential common stocks that have an anti-dilutive effect (i.e., those that increase income per share or decrease loss per share) are excluded from the calculation of diluted EPS . For the three and six months ended June 30, 2024 and 2023, there were no AGAPE ATP CORPORATION NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Currency expressed in United States Dollars (“US$”), except for number of shares) 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) |
Foreign currencies translation and transaction | Foreign currencies translation and transaction 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 consolidated statements of operations and comprehensive loss. 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$”) albeit its functional currency being the primary currency of the economic environment in which the entity operates, which is the Malaysian Ringgit (“MYR” or “RM”). The Company’s subsidiary in Hong Kong maintains its books and record in Hong Kong Dollars (“HK$”), similar to its functional currency. The Company’s subsidiary and VIE in Malaysia conducts its businesses and maintains its books and record in the local currency, Malaysian Ringgit (“MYR” or “RM”), as its 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: SCHEDULE OF FOREIGN CURRENCIES TRANSLATION EXCHANGE RATES June 30, 2024 December 31, 2023 As of June 30, 2024 December 31, 2023 Period-end MYR : US$1 exchange rate 4.72 4.59 Period-end HKD : US$1 exchange rate 7.81 7.81 Foreign currency exchange rate, translation 7.81 7.81 2024 2023 2024 2023 For the three months ended June 30, For the six months ended June 30, 2024 2023 2024 2023 Period-average MYR : US$1 exchange rate 4.73 4.58 4.73 4.48 Period-average HKD : US$1 exchange rate 7.82 7.84 7.82 7.84 Foreign currency exchange rate period average 7.82 7.84 7.82 7.84 AGAPE ATP CORPORATION NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Currency expressed in United States Dollars (“US$”), except for number of shares) 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) |
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 accounting standard regarding fair value of financial instruments and related fair value measurements defines financial instruments and requires disclosure of the fair value of financial instruments held by the Company. The accounting standards define fair value, establish a three-level valuation hierarchy for disclosures of fair value measurement and enhance disclosure requirements for fair value measures. The three levels are defined as follow: ● Level 1 inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. ● Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the assets or liability, either directly or indirectly, for substantially the full term of the financial instruments. ● Level 3 inputs to the valuation methodology are unobservable and significant to the fair value. Financial instruments included in current assets and current liabilities are reported in the consolidated balance sheets at face value or cost, which approximate fair value because of the short period of time between the origination of such instruments and their expected realization and their current market rates of interest. |
Leases | Leases The Company adopted ASU 2016-02, “Leases” (Topic 842), and elected the practical expedients that does not require the Company to reassess: (1) whether any expired or existing contracts are, or contain, leases, (2) lease classification for any expired or existing leases and (3) initial direct costs for any expired or existing leases. For lease terms of twelve months or fewer, a lessee is permitted to make an accounting policy election not to recognize lease assets and liabilities. The Company also adopts the practical expedient that allows lessees to treat the lease and non-lease components of a lease as a single lease component. Some of the Company’s leases include one or more options to renew, which is typically at the Company’s sole discretion. The Company regularly evaluates the renewal options, and, when it is reasonably certain of exercise, it will include the renewal period in its lease term. New lease modifications result in re-measurement of the right of use (“ROU”) assets and lease liabilities. Operating ROU assets and lease liabilities are recognized at the commencement date, based on the present value of lease payments over the lease term. Since the implicit rate for the Company’s leases is not readily determinable, the Company use its incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. The incremental borrowing rate is the rate of interest that the Company would have to pay to borrow, on a collateralized basis, an amount equal to the lease payments, in a similar economic environment and over a similar term. AGAPE ATP CORPORATION NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Currency expressed in United States Dollars (“US$”), except for number of shares) 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Lease terms used to calculate the present value of lease payments generally do not include any options to extend, renew, or terminate the lease, as the Company does not have reasonable certainty at lease inception that these options will be exercised. The Company generally considers the economic life of its operating lease ROU assets to be comparable to the useful life of similar owned assets. The Company has elected the short-term lease exception, therefore operating lease ROU assets and liabilities do not include leases with a lease term of twelve months or less. Its leases generally do not provide a residual guarantee. The operating lease ROU asset also excludes lease incentives. Lease expense is recognized on a straight-line basis over the lease term. The Company reviews the impairment of its ROU assets consistent with the approach applied for its other long-lived assets. The Company reviews the recoverability of its long-lived assets when events or changes in circumstances occur that indicate that the carrying value of the asset may not be recoverable. The assessment of possible impairment is based on its ability to recover the carrying value of the asset from the expected undiscounted future pre-tax cash flows of the related operations. The Company has elected to include the carrying amount of operating lease liabilities in any tested asset group and includes the associated operating lease payments in the undiscounted future pre-tax cash flows. |
Derivative financial instruments | Derivative financial instruments Derivative financial instruments consist of financial instruments that contain a notional amount and one or more underlying variables such as interest rate, security price, variable conversion rate or other variables, require no initial new investment and permit net settlement. The derivative financial instruments may be free-standing or embedded in other financial instruments. The Company evaluates its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives. The Company based on the terms of the warrant agreement to determine the warrants as equity instruments or derivative liabilities. The Company follows the provision of ASC 815, Derivatives and Hedging for derivative financial instruments that are classified as equity instruments, the contracts are initially measured at fair value and no subsequent measurement is required for equity instruments. The Company uses Black-Scholes Model to calculate the fair value of the warrant. |
Recent accounting pronouncements | Recent accounting pronouncements The Company has reviewed all recently issued, but not yet effective, considers the applicability and impact of all accounting standards updates (“ASUs”). Management periodically reviews new accounting standards that are issued. In November 2023, the FASB issued ASU 2023-07 “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures”. The ASU 2023-07 is intended to improve reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses. The ASU 2023-07 is effective for annual reporting periods beginning after December 15, 2023 and interim periods in fiscal years beginning after December 15, 2024. Early adoption is permitted. The ASU No. 2023-07 is not expected to have a significant impact on its unaudited condensed consolidated financial statements In December 2023, the FASB issued ASU 2023-09 “Income Taxes (Topic 740): Improvements to Income Tax Disclosures”. The ASU 2023-09 requires companies to disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than 5 percent of the amount computed by multiplying pretax income or loss by the applicable statutory income tax rate). The ASU 2023-09 is effective for annual reporting periods beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact of this ASU may have on its unaudited condensed consolidated financial statements. AGAPE ATP CORPORATION NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Currency expressed in United States Dollars (“US$”), except for number of shares) In March 2024, the FASB issued ASU 2024-01 “Compensation – Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards”. The ASU clarify how an entity determines whether a profits interest or similar award is within the scope of Accounting Standards Codification (“ASC”) 718, Compensation – Stock Compensation, by adding illustrative guidance. The guidance in ASU 2024-01 is effective for annual reporting periods beginning after December 15, 2024, and can be applied either retrospectively to all prior periods presented in the consolidated financial statements or prospectively to profits interest and similar awards granted or modified on or after the date at which the entity first applies the amendments. Early adoption is permitted. The adoption of ASU 2024-01 is not expected to have any impact on the Company’s consolidated financial statements. In March 2024, the FASB issued ASU 2024-02 “Codification Improvements – Amendments to Remove References to the Concepts Statements”. The amendments apply to all reporting entities within the scope of the affected accounting guidance, but in most instances the references removed are extraneous and not required to understand or apply the guidance. Generally, the amendments in ASU 2024-02 are not intended to result in significant accounting changes for most entities. The amendments in this update are effective for annual reporting periods beginning after December 15, 2024 and are not expected to have a significant impact on our financial statements. |
Recently adopted Accounting Pronouncements | Recently adopted Accounting Pronouncements In March 2023, the FASB issued ASU No. 2023-01 “Leases (Topic 842) Common Control Arrangements”. This ASU provides guidance in ASC Topic 842 that Leasehold improvements associated with common control leases should be (i) amortized by the lessee over the useful life of the leasehold improvements to the common control group, regardless of the lease term, as long as the lessee controls the use of the underlying asset through a lease, and (ii) accounted for as a transfer between entities under common control through an adjustment to equity if and when the lessee no longer controls the use of the underlying asset. The ASU 2023-01 is effective for reporting periods beginning after December 15, 2023. The adoption of this accounting standard has no material impact on the unaudited condensed consolidated financial statements for the six months ended and as at June 30, 2024. Except for the above-mentioned pronouncements, there are no new recent issued accounting standards that will have a material impact on the unaudited condensed consolidated financial position, statements of operations and cash flows. |
ORGANIZATION AND BUSINESS BAC_2
ORGANIZATION AND BUSINESS BACKGROUND (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
SCHEDULE OF SUBSIDIARIES AND ASSOCIATES | Details of the Company’s subsidiaries: SCHEDULE OF 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, 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 Wholesaling of health and wellness products; and health solution advisory services 100 % 3. Agape Superior Living Sdn. Bhd. Malaysia, 9,590,598 shares of ordinary share of RM1 each Health and wellness products and health solution advisory services via network marketing 99.99 % 4. Agape S.E.A. Sdn. Bhd. Malaysia, 2 shares of ordinary share of RM1 each VIE of Agape Superior Living Sdn. Bhd. VIE 5. Cedar ATPC Sdn. Bhd. (formerly known as Wellness ATP International Holdings Sdn. Bhd. Malaysia, 100 shares of ordinary share of RM1 each The promotion of wellness and wellbeing lifestyle of the community by providing services that includes online editorials, programs, events and campaigns 100 % 6. DSY Wellness International Sdn. Bhd. Malaysia, 1,000 shares of ordinary share of RM1 each Provision of complementary health therapies 60 % 7. ATPC Green Energy Sdn. Bhd. (Formerly known as OIE ATPC Holdings (M) Sdn. Bhd.) Malaysia, 1,000 shares of ordinary share of RM1 each Renewable energy 100 % 8. OIE ATPC Exim (M) Sdn. Bhd. Malaysia, 1,000 shares of ordinary share of RM1 each Renewable energy 100 % |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
SCHEDULE OF ESTIMATED USEFUL LIVES OF PROPERTY AND EQUIPMENT | SCHEDULE OF ESTIMATED USEFUL LIVES OF PROPERTY AND EQUIPMENT Useful Life Computer and office equipment 5 7 Furniture & fixtures 6 7 Leasehold improvements Shorter of the remaining lease terms or the estimated useful lives Vehicle 5 |
SCHEDULE OF ESTIMATED USEFUL LIVES OF INTANGIBLE ASSETS, NET | Intangible assets, net, are stated at cost, less accumulated amortization. Amortization expense is recognized on the straight-line basis over the estimated useful lives of the assets as follows: SCHEDULE OF ESTIMATED USEFUL LIVES OF INTANGIBLE ASSETS, NET Classification Useful Life Computer software 5 |
SCHEDULE OF DISAGGREGATED INFORMATION OF REVENUES | Disaggregated information of revenues by products are as follows: SCHEDULE OF DISAGGREGATED INFORMATION OF REVENUES 2024 2023 2024 2023 For the three months ended For the six months ended June 30, June 30, 2024 2023 2024 2023 Survivor Select $ - $ - $ - $ 28,210 Ionized Cal-Mag - 37,221 374 84,802 Omega Blend - - - 22,471 Beta Maxx - - - 21,206 Iron - 9,929 - 21,617 Trim+ - 3,702 - 9,587 LIVO 5 23,577 21,812 54,375 21,812 Soy Protein Isolate Powder 3,078 - 6,324 - Mix Soy Protein Isolate Powder with Black Sesame 2,591 - 5,252 - Others – Products for the provision of complementary health therapies 230,536 154,411 461,166 330,968 Others - 17,998 - 19,816 Total revenues - products 259,782 245,073 527,491 560,489 Health and Wellness services 53,257 58,862 104,191 124,214 Total revenues - products and services $ 313,039 $ 303,935 $ 631,682 $ 684,703 |
SCHEDULE OF FOREIGN CURRENCIES TRANSLATION EXCHANGE RATES | Translation of foreign currencies into US$1 have been made at the following exchange rates for the respective periods: SCHEDULE OF FOREIGN CURRENCIES TRANSLATION EXCHANGE RATES June 30, 2024 December 31, 2023 As of June 30, 2024 December 31, 2023 Period-end MYR : US$1 exchange rate 4.72 4.59 Period-end HKD : US$1 exchange rate 7.81 7.81 Foreign currency exchange rate, translation 7.81 7.81 2024 2023 2024 2023 For the three months ended June 30, For the six months ended June 30, 2024 2023 2024 2023 Period-average MYR : US$1 exchange rate 4.73 4.58 4.73 4.48 Period-average HKD : US$1 exchange rate 7.82 7.84 7.82 7.84 Foreign currency exchange rate period average 7.82 7.84 7.82 7.84 |
VARIABLE INTEREST ENTITY (_VI_2
VARIABLE INTEREST ENTITY (“VIE”) (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
SCHEDULE OF VARIABLE INTEREST ENTITY | The carrying amount of the VIE’s assets and liabilities were as follows: SCHEDULE OF VARIABLE INTEREST ENTITY June 30, 2024 December 31, 2023 As of June 30, 2024 December 31, 2023 Current assets $ 1,728 $ 1,799 Current liabilities (1,543 ) (899 ) Net asset $ 185 $ 900 June 30, 2024 December 31, 2023 As of June 30, 2024 December 31, 2023 Current assets: Cash $ 1,700 $ 122 Prepayment and deposits 28 7 Prepaid taxes - 1,670 Total current assets $ 1,728 $ 1,799 Current liabilities: Other payables – related parties $ 159 $ - Other payables and accrued liabilities 1,384 899 Total current liabilities $ 1,543 $ 899 Net asset $ 185 $ 900 The summarized operating results of the VIE’s are as follows: 2024 2023 2024 2023 For the three months ended For the six months ended June 30, 2024 2023 2024 2023 Operating revenues $ - $ - $ - $ - Gross profit $ - $ - $ - $ - Loss from operations $ (425 ) $ (81 ) $ (689 ) $ (359 ) Net loss $ (425 ) $ (81 ) $ (689 ) $ (359 ) |
ACCOUNTS RECEIVABLE, NET (Table
ACCOUNTS RECEIVABLE, NET (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Receivables [Abstract] | |
SCHEDULE OF ACCOUNTS RECEIVABLES | SCHEDULE OF ACCOUNTS RECEIVABLES June 30, 2024 December 31, 2023 As of June 30, 2024 December 31, 2023 Accounts receivable $ 42,187 $ 56,000 Allowance for credit losses (528 ) (542 ) Total accounts receivable, net $ 41,659 $ 55,458 |
SCHEDULE OF ALLOWANCE FOR CREDIT LOSSES | Movements of allowance for credit losses are as follows: SCHEDULE OF ALLOWANCE FOR CREDIT LOSSES June 30, 2024 December 31, 2023 As of June 30, 2024 December 31, 2023 Beginning balance $ 542 $ - Addition - 546 Exchange rate effect (14 ) (4 ) Ending balance $ 528 $ 542 |
INVENTORIES (Tables)
INVENTORIES (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Inventory Disclosure [Abstract] | |
SCHEDULE OF INVENTORIES | Inventories consist of the following: SCHEDULE OF INVENTORIES June 30, 2024 December 31, 2023 As of June 30, 2024 December 31, 2023 Raw materials 566 - Work in process 529 - Finished goods 52,348 47,907 Total inventories $ 53,443 $ 47,907 |
PREPAYMENTS AND DEPOSITS, NET (
PREPAYMENTS AND DEPOSITS, NET (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Prepayments And Deposits Net | |
SCHEDULE OF PREPAID EXPENSES AND DEPOSITS | SCHEDULE OF PREPAID EXPENSES AND DEPOSITS June 30, 2024 December 31, 2023 As of June 30, 2024 December 31, 2023 Prepaid expenses $ 464,433 $ 123,809 Deposits to suppliers 93,348 91,997 Subtotal 557,781 215,806 Allowance for credit losses – Prepaid expenses (16,960 ) - Total prepayments and deposits, net $ 540,821 $ 215,806 |
SCHEDULE OF CHANGES IN ALLOWANCE FOR CREDIT LOSSES | Movements of allowance for credit losses are as follows: SCHEDULE OF CHANGES IN ALLOWANCE FOR CREDIT LOSSES For the For the Beginning balance $ - $ - Addition 16,960 - Ending balance $ 16,960 $ - |
PROPERTY AND EQUIPMENT, NET (Ta
PROPERTY AND EQUIPMENT, NET (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Property, Plant and Equipment [Abstract] | |
SCHEDULE OF PROPERTY AND EQUIPMENT, NET | Property and equipment, net consist of the following: SCHEDULE OF PROPERTY AND EQUIPMENT, NET June 30, 2024 December 31, 2023 As of June 30, 2024 December 31, 2023 Computer and office equipment $ 90,407 $ 91,947 Furniture & fixtures 111,007 111,164 Motor vehicle 87,398 89,729 Leasehold improvements 179,370 184,155 Subtotal 468,182 476,995 Less: accumulated depreciation (414,192 ) (399,137 ) Total property and equipment, net $ 53,990 $ 77,858 |
INTANGIBLE ASSETS, NET (Tables)
INTANGIBLE ASSETS, NET (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
SCHEDULE OF INTANGIBLE ASSETS, NET | Intangible assets, net, consist of the following: SCHEDULE OF INTANGIBLE ASSETS, NET June 30, 2024 December 31, 2023 As of June 30, 2024 December 31, 2023 Computer software $ 51,716 $ 53,095 Less: accumulated amortization (37,076 ) (35,637 ) Total intangible assets, net $ 14,640 $ 17,458 |
INVESTMENT IN MARKETABLE SECU_2
INVESTMENT IN MARKETABLE SECURITIES (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Investment In Marketable Securities | |
SCHEDULE OF INVESTMENT IN MARKETABLE SECURITIES | SCHEDULE OF INVESTMENT IN MARKETABLE SECURITIES June 30, 2024 December 31, 2023 As of June 30, 2024 December 31, 2023 Fair value of investment in marketable securities at the beginning of period / year $ 20,171 $ 16,687 Unrealized holding (loss) gain (5,466 ) 3,493 Exchange rate effect (7 ) (9 ) Fair value of investment in marketable securities at the end of period / year $ 14,698 $ 20,171 |
CUSTOMER DEPOSITS (Tables)
CUSTOMER DEPOSITS (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Customer Deposits | |
SCHEDULE OF CUSTOMER DEPOSITS | SCHEDULE OF CUSTOMER DEPOSITS June 30, 2024 December 31, 2023 As of June 30, 2024 December 31, 2023 Customer deposits – Non Refundable $ 85,775 $ 100,540 Unexpired product coupons 429 1,035 Total customer deposits $ 86,204 $ 101,575 |
OTHER PAYABLES AND ACCRUED LI_2
OTHER PAYABLES AND ACCRUED LIABILITIES (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Other Liabilities Disclosure [Abstract] | |
SCHEDULE OF OTHER PAYABLES AND ACCRUED LIABILITIES | SCHEDULE OF OTHER PAYABLES AND ACCRUED LIABILITIES As of June 30, 2024 December 31, 2023 Professional fees $ 160,142 $ 348,664 Promotion expenses 46,748 47,995 Payroll 22,946 26,104 Amounts held in eWallets 165,104 185,137 Tax penalty 75,000 75,000 Others 37,115 43,161 Total other payables and accrued liabilities $ 507,055 $ 726,061 |
RELATED PARTY BALANCES AND TR_2
RELATED PARTY BALANCES AND TRANSACTIONS (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Related Party Transactions [Abstract] | |
SCHEDULE OF RELATED PARTIES | SCHEDULE OF RELATED PARTIES As of Name of Related Party Relationship Nature June 30, 2024 December 31, 2023 TH3 Holdings Sdn Bhd (“TH3”) Mr. How Kok Choong, the CEO and director of the Company is also a director of TH3 Prepayment of IT expenses $ 4,057 $ 2,922 SY Welltech Sdn Bhd (“Welltech”) (formerly known as DSY Beauty Sdn Bhd) The directors and shareholders of Welltech are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd Deposits for products purchases - 8,171 Total amount due from related parties $ 4,057 $ 11,093 Accounts payable – related parties As of Name of Related Party Relationship Nature June 30, 2024 December 31, 2023 CTA Nutriceuticals (Asia) Sdn Bhd (“CTA”) The directors and shareholders of CTA are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY International Wellness Sdn Bhd Purchases of products for the provision of complementary health therapies $ 25,141 $ 30,439 SY Welltech Sdn Bhd (“Welltech”) (formerly known as DSY Beauty Sdn Bhd) The directors and shareholders of Welltech are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd Purchases of beauty products 76 54 Mr. Chew Yi Zheng Mr. Chew Yi Zheng is the member of the immediate family of Mr. Yap Foo Ching (Steve Yap), the director of DSY Wellness International Sdn Bhd Render therapy and health consultation to customer - 4,355 Total account payable – related parties $ 25,217 $ 34,848 AGAPE ATP CORPORATION NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Currency expressed in United States Dollars (“US$”), except for number of shares) 14. RELATED PARTY BALANCES AND TRANSACTIONS (Continued) Related party balances Other payable - related parties As of Name of Related Party Relationship Nature June 30, 2024 December 31, 2023 CTA Nutriceuticals (Asia) Sdn Bhd (“CTA”) The directors and shareholders of CTA are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY International Wellness Sdn Bhd Purchase of products for general use 168 570 SY Welltech Sdn Bhd (“Welltech”) (formerly known as DSY Beauty Sdn Bhd) The directors and shareholders of DSY Beauty are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd Purchase of products for general use 135 535 Mr. Yap Foo Ching (Steve Yap) Mr. Yap Foo Ching, the director of the DSY Wellness International Sdn Bhd Payment on behalf by Mr. Yap - 6,534 Mr. How Kok Choong Mr. How Kok Choong, the CEO and director of the Company Commission expense 179 207 Total other payable – related parties $ 482 $ 7,846 Related party transactions Purchases For the three months ended June 30, Name of Related Party Relationship Nature 2024 2023 CTA Nutriceuticals (Asia) Sdn Bhd (“CTA”) The directors and shareholders of CTA are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY International Wellness Sdn Bhd Purchases of products for the provision of complementary health therapies $ 80,504 $ 55,614 SY Welltech Sdn Bhd (“Welltech”) (formerly known as DSY Beauty Sdn Bhd) The directors and shareholders of Welltech are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd Purchases of beauty products 819 212 Total purchases $ 81,323 $ 55,826 AGAPE ATP CORPORATION NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Currency expressed in United States Dollars (“US$”), except for number of shares) 14. RELATED PARTY BALANCES AND TRANSACTIONS (Continued) Purchases Related party transactions For the six months ended June 30, Name of Related Party Relationship Nature 2024 2023 CTA Nutriceuticals (Asia) Sdn Bhd (“CTA”) The directors and shareholders of CTA are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY International Wellness Sdn Bhd Purchases of products for the provision of complementary health therapies $ 161,807 $ 116,269 SY Welltech Sdn Bhd (“Welltech”) (formerly known as DSY Beauty Sdn Bhd) The directors and shareholders of Welltech are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd Purchases of beauty products 16,624 17,761 Total purchases $ 178,431 $ 134,030 Other purchases For the three months ended June 30, Name of Related Party Relationship Nature 2024 2023 CTA Nutriceuticals (Asia) Sdn Bhd (“CTA”) The directors and shareholders of CTA are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY International Wellness Sdn Bhd Purchase of products for general use $ 795 $ 1,291 SY Welltech Sdn Bhd (“Welltech”) (formerly known as DSY Beauty Sdn Bhd) The directors and shareholders of Welltech are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd Purchase of products for general use 402 1,151 DSY Wellness and Longevity Center Sdn Bhd (“DSYWLC”) Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd is also a director of DSYWLC Purchase of products for general use - 212 Total other purchases $ 1,197 $ 2,654 AGAPE ATP CORPORATION NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Currency expressed in United States Dollars (“US$”), except for number of shares) 14. RELATED PARTY BALANCES AND TRANSACTIONS (Continued) Related party transactions Other purchases For the six months ended June 30, Name of Related Party Relationship Nature 2024 2023 CTA Nutriceuticals (Asia) Sdn Bhd (“CTA”) The directors and shareholders of CTA are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY International Wellness Sdn Bhd Purchase of products for general use $ 1,734 $ 2,233 SY Welltech Sdn Bhd (“Welltech”) (formerly known as DSY Beauty Sdn Bhd) The directors and shareholders of Welltech are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd Purchase of products for general use 2,595 3,407 DSY Wellness and Longevity Center Sdn Bhd (“DSYWLC”) Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd is also a director of DSYWLC Purchase of products for general use - 280 Total other purchases $ 4,329 $ 5,920 Commission For the three months ended June 30, Name of Related Party Relationship Nature 2024 2023 Mr. How Kok Choong Mr. How Kok Choong, the CEO and director of the Company Commission expense $ 619 $ 1,626 Total commission $ 619 $ 1,626 AGAPE ATP CORPORATION NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Currency expressed in United States Dollars (“US$”), except for number of shares) 14. RELATED PARTY BALANCES AND TRANSACTIONS (Continued) Related party transactions Commission For the six months ended June 30, Name of Related Party Relationship Nature 2024 2023 Mr. How Kok Choong Mr. How Kok Choong, the CEO and director of the Company Commission expense $ 1,351 $ 3,538 Total commission $ 1,351 $ 3,538 Other income For the three months ended June 30, Name of Related Party Relationship Nature 2024 2023 Ando Design Sdn Bhd (“Ando”) Mr. How Kok Choong, the CEO and director of the Company is also a director of Ando Rental income $ 634 $ 670 Redboy Picture Sdn Bhd (“Redboy”) Mr. How Kok Choong, the CEO and director of the Company is also a director of Redboy Rental income - 2,010 TH3 Holdings Sdn Bhd (“TH3”) Mr. How Kok Choong, the CEO and director of the Company is also a director of TH3 Rental income 190 67 Total other income $ 824 $ 2,747 Other income For the six months ended June 30, Name of Related Party Relationship Nature 2024 2023 Ando Design Sdn Bhd (“Ando”) Mr. How Kok Choong, the CEO and director of the Company is also a director of Ando Rental income $ 1,268 $ 1,340 Redboy Picture Sdn Bhd (“Redboy”) Mr. How Kok Choong, the CEO and director of the Company is also a director of Redboy Rental income - 4,021 TH3 Holdings Sdn Bhd (“TH3”) Mr. How Kok Choong, the CEO and director of the Company is also a director of TH3 Rental income 380 67 Total other income $ 1,648 $ 5,428 AGAPE ATP CORPORATION NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Currency expressed in United States Dollars (“US$”), except for number of shares) 14. RELATED PARTY BALANCES AND TRANSACTIONS (Continued) Related party transactions Other expenses For the three months ended June 30, Name of Related Party Relationship Nature 2024 2023 TH3 Holdings Sdn Bhd (“TH3”) Mr. How Kok Choong, the CEO and director of the Company is also a director of TH3 IT support services fee $ 14,574 $ 13,647 DSY Wellness and Longevity Center Sdn Bhd (“DSYWLC”) Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd is also a director of DSYWLC Office rental expense 7,606 8,254 Ando Design Sdn Bhd (“Ando”) Mr. How Kok Choong, the CEO and director of the Company is also a director of Ando Office furniture & fittings and improvements 1,708 - Total other expenses $ 23,888 $ 21,901 Other expenses For the six months ended June 30, Name of Related Party Relationship Nature 2024 2023 TH3 Holdings Sdn Bhd (“TH3”) Mr. How Kok Choong, the CEO and director of the Company is also a director of TH3 IT support services fee $ 28,666 $ 27,718 SY Welltech Sdn Bhd (“Welltech”) (formerly known as DSY Beauty Sdn Bhd) The directors and shareholders of Welltech are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd Purchases of products for general use 5 - DSY Wellness and Longevity Center Sdn Bhd (“DSYWLC”) Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd is also a director of DSYWLC Office rental expense 15,213 16,363 Ando Design Sdn Bhd (“Ando”) Mr. How Kok Choong, the CEO and director of the Company is also a director of Ando Office furniture & fittings and improvements 1,708 - Total other expenses $ 45,592 $ 44,081 |
STOCKHOLDERS_ EQUITY (Tables)
STOCKHOLDERS’ EQUITY (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Equity [Abstract] | |
SCHEDULE OF SHARE-BASED COMPENSATION ARRANGEMENTS BY SHARE-BASED PAYMENT AWARD | SCHEDULE OF SHARE-BASED COMPENSATION ARRANGEMENTS BY SHARE-BASED PAYMENT AWARD As of October 13, 2023 Risk-free interest rate 4.65 % Expected volatility 49 % Expected life (in years) 5 Expected dividend yield 0.00 % Fair value of warrants $ 38,580 |
NON-CONTROLLING INTEREST (Table
NON-CONTROLLING INTEREST (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Noncontrolling Interest [Abstract] | |
SCHEDULE OF NON CONTROLLING INTEREST | The Company’s non-controlling interest consists of the following: SCHEDULE OF NON CONTROLLING INTEREST June 30, 2024 December 31, 2023 As of June 30, 2024 December 31, 2023 DSY Wellness: Paid-in capital $ 97 $ 97 Retained earnings 29,430 12,434 Accumulated other comprehensive (loss) income (993 ) (752 ) Noncontrolling interest gross 28,534 11,779 ASL - - Total $ 28,534 $ 11,779 |
INCOME TAXES (EXPENSES) CREDIT
INCOME TAXES (EXPENSES) CREDIT (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Income Tax Disclosure [Abstract] | |
SCHEDULE OF COMPONENTS OF INCOME/(LOSS) BEFORE INCOME TAX | The United States and foreign components of income (loss) before income taxes were comprised of the following: SCHEDULE OF COMPONENTS OF INCOME/(LOSS) BEFORE INCOME TAX 2024 2023 2024 2023 For the three months ended For the six months ended 2024 2023 2024 2023 Tax jurisdictions from: Local – United States $ (300,452 ) $ (142,912 ) $ (828,077 ) $ (310,697 ) Foreign – Malaysia (114,614 ) (241,867 ) (291,139 ) (516,152 ) Foreign – Hong Kong (7,409 ) 2,891 484 6,670 Foreign – Tax Jurisdictions (7,409 ) 2,891 484 6,670 Loss before income tax $ (422,475 ) $ (381,888 ) $ (1,118,732 ) $ (820,179 ) |
SCHEDULE OF PROVISION FOR INCOME TAX | Income tax (expense) credit consisted of the following: SCHEDULE OF PROVISION FOR INCOME TAX 2024 2023 2024 2023 For the three months ended For the six months ended 2024 2023 2024 2023 Current: - Local $ - $ - $ - $ - - Foreign (9,840 ) - (16,678 ) - Deferred: - Local - - - - - Foreign - 2,439 - 6,655 Income tax (expense) credit $ (9,840 ) $ 2,439 $ (16,678 ) $ 6,655 |
SCHEDULE OF DEFERRED TAX ASSETS | The following table sets forth the significant components of the aggregate deferred tax assets of the Company: SCHEDULE OF DEFERRED TAX ASSETS June 30, 2024 December 31, 2023 As of June 30, 2024 December 31, 2023 Deferred tax assets: Net operating loss carry forwards in U.S. $ 613,388 $ 439,492 Net operating loss carry forwards in Malaysia 716,885 664,105 Unabsorbed capital allowance carry forward in Malaysia 9,930 5,577 Less: valuation allowance (1,340,203 ) (1,108,955 ) Deferred tax assets, net $ - $ 219 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
SCHEDULE OF LEASE COST | SCHEDULE OF LEASE COST Components of Leases For the three months ended For the six months ended 2024 2023 2024 2023 Operating lease cost $ 37,581 $ 39,033 $ 75,100 $ 79,665 Amortization of finance lease asset 4,263 - 8,519 - Interest on finance lease liabilities 1,574 - 2,639 - Components of leases As of June 30, 2024 As of December 31, 2023 Weighted average remaining lease term (years) Operating lease 1.99 2.48 Finance lease 4.58 5.00 Weighted average discount rate Operating lease 5.5 % 5.5 % Finance lease 8.6 % 8.6 % |
SCHEDULE OF LEASE COMMITMENTS | The five-year maturity of the Company’s operating lease liabilities is as follow: SCHEDULE OF LEASE COMMITMENTS Twelve Months Ending June 30, Operating lease liabilities Finance lease liabilities 2025 $ 151,401 $ 14,135 2026 139,633 14,135 2027 7,575 14,135 2028 - 14,135 Thereafter - 39,133 Total lease payments 298,609 95,673 Less: interest (15,964 ) (20,962 ) Present value of lease liabilities $ 282,645 $ 74,711 |
SCHEDULE OF SUBSIDIARIES AND AS
SCHEDULE OF SUBSIDIARIES AND ASSOCIATES (Details) | 6 Months Ended | ||
Jun. 30, 2024 | Nov. 11, 2021 | May 08, 2020 | |
Agape ATP Corporation Labuan [Member] | |||
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% | ||
Agape ATP International Holding Limited [Member] | |||
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 | Wholesaling of health and wellness products; and health solution advisory services | ||
Proportional of ownership interest and voting power held | 100% | 60% | |
Agape Superior Living Sdn. Bhd., [Member] | |||
Place and date of incorporation | Malaysia, August 8, 2003 | ||
Particulars of issued capital | 9,590,598 shares of ordinary share of RM1 each | ||
Principal activities | Health and wellness products and health solution advisory services via network marketing | ||
Proportional of ownership interest and voting power held | 99.99% | 99.99% | |
Agape S.E.A. Sdn. Bhd. [Member] | |||
Place and date of incorporation | Malaysia, March 4, 2004 | ||
Particulars of issued capital | 2 shares of ordinary share of RM1 each | ||
Principal activities | VIE of Agape Superior Living Sdn. Bhd. | ||
Cedar ATPC Sdn. Bhd. (formerly known as Wellness ATP International Holdings Sdn. Bhd. [Member] | |||
Place and date of incorporation | Malaysia, September 11, 2020 | ||
Particulars of issued capital | 100 shares of ordinary share of RM1 each | ||
Principal activities | The promotion of wellness and wellbeing lifestyle of the community by providing services that includes online editorials, programs, events and campaigns | ||
Proportional of ownership interest and voting power held | 100% | ||
DSY Wellness International Sdn. Bhd. [Member] | |||
Place and date of incorporation | Malaysia, November 11, 2021 | ||
Particulars of issued capital | 1,000 shares of ordinary share of RM1 each | ||
Principal activities | Provision of complementary health therapies | ||
Proportional of ownership interest and voting power held | 60% | 60% | |
ATPC Green Energy Sdn. Bhd. (Formerly known as OIE ATPC Holdings (M) Sdn. Bhd.) [Member] | |||
Place and date of incorporation | Malaysia, March 14, 2024 | ||
Particulars of issued capital | 1,000 shares of ordinary share of RM1 each | ||
Principal activities | Renewable energy | ||
Proportional of ownership interest and voting power held | 100% | ||
OIE ATPC Exim (M) Sdn Bhd [Member] | |||
Place and date of incorporation | Malaysia, March 14, 2024 | ||
Particulars of issued capital | 1,000 shares of ordinary share of RM1 each | ||
Principal activities | Renewable energy | ||
Proportional of ownership interest and voting power held | 100% |
ORGANIZATION AND BUSINESS BAC_3
ORGANIZATION AND BUSINESS BACKGROUND (Details Narrative) - shares | May 08, 2020 | Jun. 30, 2024 | Mar. 14, 2024 | Jan. 03, 2024 | Nov. 11, 2021 |
Share Exchange Agreement [Member] | Mr.How Kok Choong [Member] | |||||
Stock issued during period acquisitions, shares | 9,590,596 | ||||
Agape ATP Corporation Labuan [Member] | |||||
Ownership interest percentage | 100% | ||||
Agape Superior Living Sdn. Bhd., [Member] | |||||
Ownership interest percentage | 99.99% | 99.99% | |||
DSY Wellness International Sdn. Bhd. [Member] | |||||
Ownership interest percentage | 60% | 60% | |||
OIE ATPC Holdings (M) Sdn Bhd [Member] | |||||
Ownership interest percentage | 50% | 50% | |||
Agape ATP International Holding Limited [Member] | |||||
Ownership interest percentage | 100% | 60% |
SCHEDULE OF ESTIMATED USEFUL LI
SCHEDULE OF ESTIMATED USEFUL LIVES OF PROPERTY AND EQUIPMENT (Details) | Jun. 30, 2024 |
Computer and Office Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated Useful Life of Property and Equipment | 5 years |
Computer and Office Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated Useful Life of Property and Equipment | 7 years |
Furniture and Fixtures [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated Useful Life of Property and Equipment | 6 years |
Furniture and Fixtures [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated Useful Life of Property and Equipment | 7 years |
Leasehold Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant, and Equipment, Useful Life, Term, Description [Extensible Enumeration] | Useful Life, Shorter of Lease Term or Asset Utility [Member] |
Vehicles [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated Useful Life of Property and Equipment | 5 years |
SCHEDULE OF ESTIMATED USEFUL _2
SCHEDULE OF ESTIMATED USEFUL LIVES OF INTANGIBLE ASSETS, NET (Details) | Jun. 30, 2024 |
Computer Software, Intangible Asset [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated useful life of intangible assets | 5 years |
SCHEDULE OF DISAGGREGATED INFOR
SCHEDULE OF DISAGGREGATED INFORMATION OF REVENUES (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Product Information [Line Items] | ||||
Total revenues - products and services | $ 313,039 | $ 303,935 | $ 631,682 | $ 684,703 |
Survivor Select [Member] | ||||
Product Information [Line Items] | ||||
Total revenues - products and services | 28,210 | |||
Ionized Cal-Mag [Member] | ||||
Product Information [Line Items] | ||||
Total revenues - products and services | 37,221 | 374 | 84,802 | |
Omega Blend [Member] | ||||
Product Information [Line Items] | ||||
Total revenues - products and services | 22,471 | |||
BetaMaxx [Member] | ||||
Product Information [Line Items] | ||||
Total revenues - products and services | 21,206 | |||
Iron [Member] | ||||
Product Information [Line Items] | ||||
Total revenues - products and services | 9,929 | 21,617 | ||
Trim+ [Member] | ||||
Product Information [Line Items] | ||||
Total revenues - products and services | 3,702 | 9,587 | ||
LIVO5 [Member] | ||||
Product Information [Line Items] | ||||
Total revenues - products and services | 23,577 | 21,812 | 54,375 | 21,812 |
Soy Protein Isolate Powder [Member] | ||||
Product Information [Line Items] | ||||
Total revenues - products and services | 3,078 | 6,324 | ||
Mix Soy Protein Isolate Powder with Black Sesame [Member] | ||||
Product Information [Line Items] | ||||
Total revenues - products and services | 2,591 | 5,252 | ||
Product Health Therapies [Member] | ||||
Product Information [Line Items] | ||||
Total revenues - products and services | 230,536 | 154,411 | 461,166 | 330,968 |
Others [Member] | ||||
Product Information [Line Items] | ||||
Total revenues - products and services | 17,998 | 19,816 | ||
Product [Member] | ||||
Product Information [Line Items] | ||||
Total revenues - products and services | 259,782 | 245,073 | 527,491 | 560,489 |
Health and Wellness Services [Member] | ||||
Product Information [Line Items] | ||||
Total revenues - products and services | $ 53,257 | $ 58,862 | $ 104,191 | $ 124,214 |
SCHEDULE OF FOREIGN CURRENCIES
SCHEDULE OF FOREIGN CURRENCIES TRANSLATION EXCHANGE RATES (Details) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Period-end MYR [Member] | |||||
Debt Instrument [Line Items] | |||||
Foreign currency exchange rate, translation | 4.72 | 4.72 | 4.59 | ||
Period-end HKD [Member] | |||||
Debt Instrument [Line Items] | |||||
Foreign currency exchange rate, translation | 7.81 | 7.81 | 7.81 | ||
Period-average MYR [Member] | |||||
Debt Instrument [Line Items] | |||||
Foreign currency exchange rate period average | 4.73 | 4.58 | 4.73 | 4.48 | |
Period-average HKD [Member] | |||||
Debt Instrument [Line Items] | |||||
Foreign currency exchange rate period average | 7.82 | 7.84 | 7.82 | 7.84 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Product Information [Line Items] | ||||||
Accounts receivable, allowance for credit loss | $ 528 | $ 528 | $ 542 | |||
Inventory write-down or write-off | 0 | $ 0 | 0 | $ 0 | ||
Prepayments and deposits allowance for credit loss write offs | 0 | 0 | 0 | 0 | ||
Prepayments and deposits allowance for credit loss | 16,960 | 16,960 | 0 | |||
Impairment of long-lived assets recognized | 0 | 0 | ||||
Forfeited coupon income | 171 | 6,422 | 2,388 | 28,872 | ||
Contract liability | 86,204 | 86,204 | $ 101,575 | |||
Revenues | 313,039 | 303,935 | 631,682 | 684,703 | ||
Revenues | 313,039 | 303,935 | 631,682 | 684,703 | ||
Cost of revenue | 119,478 | 107,931 | 234,701 | 236,289 | ||
Commission expenses | 7,335 | 21,942 | 16,679 | 55,884 | ||
Selling expenses | 38,008 | 64,126 | 88,356 | 140,224 | ||
General and administrative expenses | 601,803 | 469,469 | 1,469,070 | 1,065,723 | ||
Defined contribution plan expense | 25,329 | 35,759 | $ 55,415 | 79,472 | ||
Income tax description | greater than 50% likely of being realized on examination | |||||
Income tax examination, penalties and interest expense | $ 0 | $ 0 | $ 0 | $ 0 | ||
Noncontrolling interest, description | Non-controlling interest consists of 40% of the equity interests of DSY Wellness held by an individual and approximately 0.01% (3 ordinary shares out of 9,590,599 shares) of the equity interests of ASL held by three individuals | |||||
Potentially dilutive securities outstanding | 0 | 0 | 0 | 0 | ||
Social Security Organization [Member] | ||||||
Product Information [Line Items] | ||||||
Defined contribution plan, description | 1.75% based on employee’s monthly salary capped of RM 5,000 | |||||
Employees Provident Fund [Member] | ||||||
Product Information [Line Items] | ||||||
Defined contribution plan, description | based on employee’s monthly salary, 13% for employee earning RM5,000 and below; and 12% for employee earning RM5,001 and above | |||||
Employment Insurance System [Member] | ||||||
Product Information [Line Items] | ||||||
Defined contribution plan, description | 0.2% based on employee’s monthly salary capped of RM 5,000 | |||||
Human Resource Development Fund [Member] | ||||||
Product Information [Line Items] | ||||||
Defined contribution plan, description | 1% based on employee’s monthly salary | |||||
Selling and Marketing Expense [Member] | ||||||
Product Information [Line Items] | ||||||
Shipping and handling charges | $ 794 | $ 1,131 | $ 1,761 | $ 2,656 | ||
Advertising costs | 4,979 | 0 | 19,694 | 0 | ||
Health and Wellness Services [Member] | ||||||
Product Information [Line Items] | ||||||
Contract liability | 12,171 | 12,171 | ||||
Revenues | 53,257 | 58,862 | 104,191 | 124,214 | ||
Revenues | 53,257 | 58,862 | 104,191 | 124,214 | ||
Product Health Therapies [Member] | ||||||
Product Information [Line Items] | ||||||
Revenues | $ 230,536 | $ 154,411 | $ 461,166 | $ 330,968 |
ACQUISITION OF OIE ATPC HOLDI_2
ACQUISITION OF OIE ATPC HOLDINGS (M) SDN. BHD. (Details Narrative) - OIE ATPC Holdings [Member] - OIE [Member] - USD ($) | Mar. 14, 2024 | Jan. 03, 2024 |
Ownership percentage | 50% | 50% |
Aggregate cost | $ 107 | $ 108 |
SCHEDULE OF VARIABLE INTEREST E
SCHEDULE OF VARIABLE INTEREST ENTITY (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||||
Total current assets | $ 3,828,274 | $ 3,828,274 | $ 5,185,152 | ||
Current liabilities | (810,363) | (810,363) | (1,071,538) | ||
Net asset | 3,220,017 | 3,220,017 | 4,369,084 | ||
Cash | 3,160,984 | 3,160,984 | 4,832,460 | ||
Prepayment and deposits | 540,821 | 540,821 | 215,806 | ||
Prepaid taxes | 25,415 | 25,415 | 21,993 | ||
Other payables and accrued liabilities | 507,055 | 507,055 | 726,061 | ||
Total current liabilities | 810,363 | 810,363 | 1,071,538 | ||
Operating revenues | 313,039 | $ 303,935 | 631,682 | $ 684,703 | |
Gross profit | 193,561 | 196,004 | 396,981 | 448,414 | |
Loss from operations | (453,585) | (359,533) | (1,177,124) | (813,417) | |
Net loss | (442,699) | (374,686) | (1,152,407) | (800,526) | |
Variable Interest Entity, Primary Beneficiary [Member] | |||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||||
Total current assets | 1,728 | 1,728 | 1,799 | ||
Current liabilities | (1,543) | (1,543) | (899) | ||
Net asset | 185 | 185 | 900 | ||
Cash | 1,700 | 1,700 | 122 | ||
Prepayment and deposits | 28 | 28 | 7 | ||
Prepaid taxes | 0 | 0 | 1,670 | ||
Other payables – related parties | 159 | 159 | |||
Other payables and accrued liabilities | 1,384 | 1,384 | 899 | ||
Total current liabilities | 1,543 | 1,543 | $ 899 | ||
Operating revenues | |||||
Gross profit | |||||
Loss from operations | (425) | (81) | (689) | (359) | |
Net loss | $ (425) | $ (81) | $ (689) | $ (359) |
VARIABLE INTEREST ENTITY (_VI_3
VARIABLE INTEREST ENTITY (“VIE”) (Details Narrative) - Agape Superior Living Sdn. Bhd., [Member] | Jun. 30, 2024 | May 08, 2020 |
Ownership interest percentage | 99.99% | 99.99% |
Agape S.E.A. Sdn. Bhd. [Member] | ||
Ownership interest percentage | 100% |
CASH AND CASH EQUIVALENTS (Deta
CASH AND CASH EQUIVALENTS (Details Narrative) - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 | Jun. 30, 2023 |
Cash and cash equivalents | $ 3,160,984 | $ 4,832,460 | |
Cash and cash in banks | 420,887 | 510,019 | |
Time deposits | 2,740,097 | 4,322,441 | |
Time deposits uninsured | $ 2,943,089 | $ 4,630,476 | |
Minimum [Member] | |||
Percentage of interest rate for time deposits | 2.52% | 1.22% | |
Maximum [Member] | |||
Percentage of interest rate for time deposits | 2.55% | 1.88% |
SCHEDULE OF ACCOUNTS RECEIVABLE
SCHEDULE OF ACCOUNTS RECEIVABLES (Details) - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 | Dec. 31, 2022 |
Receivables [Abstract] | |||
Accounts receivable | $ 42,187 | $ 56,000 | |
Allowance for credit losses | (528) | (542) | |
Total accounts receivable, net | $ 41,659 | $ 55,458 |
SCHEDULE OF ALLOWANCE FOR CREDI
SCHEDULE OF ALLOWANCE FOR CREDIT LOSSES (Details) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 | Dec. 31, 2023 | |
Receivables [Abstract] | ||
Beginning balance | $ 542 | |
Addition | 546 | |
Exchange rate effect | (14) | (4) |
Ending balance | $ 528 | $ 542 |
SCHEDULE OF INVENTORIES (Detail
SCHEDULE OF INVENTORIES (Details) - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 566 | |
Work in process | 529 | |
Finished goods | 52,348 | 47,907 |
Total inventories | $ 53,443 | $ 47,907 |
INVENTORIES (Details Narrative)
INVENTORIES (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Inventory Disclosure [Abstract] | ||||
Inventory write-down or write-off | $ 0 | $ 0 | $ 0 | $ 0 |
SCHEDULE OF PREPAID EXPENSES AN
SCHEDULE OF PREPAID EXPENSES AND DEPOSITS (Details) - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 |
Prepayments And Deposits Net | ||
Prepaid expenses | $ 464,433 | $ 123,809 |
Deposits to suppliers | 93,348 | 91,997 |
Subtotal | 557,781 | 215,806 |
Allowance for credit losses – Prepaid expenses | (16,960) | |
Total prepayments and deposits, net | $ 540,821 | $ 215,806 |
SCHEDULE OF CHANGES IN ALLOWANC
SCHEDULE OF CHANGES IN ALLOWANCE FOR CREDIT LOSSES (Details) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 | Dec. 31, 2023 | |
Prepayments And Deposits Net | ||
Beginning balance | ||
Addition | 16,960 | |
Ending balance | $ 16,960 |
SCHEDULE OF PROPERTY AND EQUIPM
SCHEDULE OF PROPERTY AND EQUIPMENT, NET (Details) - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 |
Property, Plant and Equipment [Line Items] | ||
Subtotal | $ 468,182 | $ 476,995 |
Less: accumulated depreciation | (414,192) | (399,137) |
Total property and equipment, net | 53,990 | 77,858 |
Computer and Office Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Subtotal | 90,407 | 91,947 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Subtotal | 111,007 | 111,164 |
Vehicles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Subtotal | 87,398 | 89,729 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Subtotal | $ 179,370 | $ 184,155 |
PROPERTY AND EQUIPMENT, NET (De
PROPERTY AND EQUIPMENT, NET (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Property, Plant and Equipment [Abstract] | ||||
Depreciation | $ 12,725 | $ 18,124 | $ 25,328 | $ 36,177 |
SCHEDULE OF INTANGIBLE ASSETS,
SCHEDULE OF INTANGIBLE ASSETS, NET (Details) - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Computer software | $ 51,716 | $ 53,095 |
Less: accumulated amortization | (37,076) | (35,637) |
Total intangible assets, net | $ 14,640 | $ 17,458 |
INTANGIBLE ASSETS, NET (Details
INTANGIBLE ASSETS, NET (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Amortization expense | $ 1,178 | $ 1,506 | $ 2,355 | $ 3,087 |
SCHEDULE OF INVESTMENT IN MARKE
SCHEDULE OF INVESTMENT IN MARKETABLE SECURITIES (Details) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 | Dec. 31, 2023 | |
Investment In Marketable Securities | ||
Fair value of investment in marketable securities at the beginning of period / year | $ 20,171 | $ 16,687 |
Unrealized holding (loss) gain | (5,466) | 3,493 |
Exchange rate effect | (7) | (9) |
Fair value of investment in marketable securities at the end of period / year | $ 14,698 | $ 20,171 |
INVESTMENT IN MARKETABLE SECU_3
INVESTMENT IN MARKETABLE SECURITIES (Details Narrative) - USD ($) | 26 Months Ended | |||||||||||
Jul. 19, 2022 | Sep. 27, 2021 | Dec. 09, 2020 | Nov. 03, 2020 | Apr. 03, 2019 | Oct. 16, 2018 | Jul. 30, 2018 | May 17, 2018 | Jul. 16, 2024 | Jun. 30, 2024 | Dec. 31, 2023 | Jul. 28, 2022 | |
Phoenix Plus Corporation [Member] | ||||||||||||
Shares purchased, shares | 15,000,000 | |||||||||||
Shares purchased, value | $ 1,500 | |||||||||||
Shares purchased, price per share | $ 0.0001 | |||||||||||
Percentage of stock purchased | 5% | |||||||||||
Investments | $ 1,500 | $ 1,500 | ||||||||||
Phoenix Plus Corporation [Member] | Minimum [Member] | ||||||||||||
Shares traded | 100 | |||||||||||
Phoenix Plus Corporation [Member] | Maximum [Member] | ||||||||||||
Shares traded | 57,500 | |||||||||||
Greenpro Capital Corp. [Member] | ||||||||||||
Shares purchased, shares | 33,333 | 83,333 | ||||||||||
Shares purchased, value | $ 1,000 | $ 500,000 | ||||||||||
Shares purchased, price per share | $ 0.03 | $ 6 | ||||||||||
Investment owned, balance shares | 20 | 116,646 | ||||||||||
Shares disposed, value | $ 125 | |||||||||||
Shares disposed, price per share | $ 6.2613 | |||||||||||
Reverse stock split, description | effect a reverse split of the company’s common stock at the ratio of 10-for-1 effective July 28, 2022. Under the reverse stock split, each 10 pre-split share of common stock outstanding will automatically combine into 1 new share of common stock of the company | |||||||||||
DSwiss Inc. [Member] | ||||||||||||
Common stock received as dividend, shares | 16,663 | 6,667 | ||||||||||
Dividend amount | $ 83,315 | $ 76,671 | ||||||||||
Dividend share price per share | $ 5 | $ 11.50 | ||||||||||
SEATech Ventures Corp. [Member] | ||||||||||||
Common stock received as dividend, shares | 11,665 | |||||||||||
Dividend amount | $ 18,874 | |||||||||||
Dividend share price per share | $ 1.62 |
SCHEDULE OF CUSTOMER DEPOSITS (
SCHEDULE OF CUSTOMER DEPOSITS (Details) - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 |
Customer Deposits | ||
Customer deposits – Non Refundable | $ 85,775 | $ 100,540 |
Unexpired product coupons | 429 | 1,035 |
Total customer deposits | $ 86,204 | $ 101,575 |
SCHEDULE OF OTHER PAYABLES AND
SCHEDULE OF OTHER PAYABLES AND ACCRUED LIABILITIES (Details) - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 |
Other Liabilities Disclosure [Abstract] | ||
Professional fees | $ 160,142 | $ 348,664 |
Promotion expenses | 46,748 | 47,995 |
Payroll | 22,946 | 26,104 |
Amounts held in eWallets | 165,104 | 185,137 |
Tax penalty | 75,000 | 75,000 |
Others | 37,115 | 43,161 |
Total other payables and accrued liabilities | $ 507,055 | $ 726,061 |
OTHER PAYABLES AND ACCRUED LI_3
OTHER PAYABLES AND ACCRUED LIABILITIES (Details Narrative) | 6 Months Ended |
Jun. 30, 2024 MYR (RM) | |
Commission payments descriptions | The eWallet is primarily for the crediting of any commission payment that falls below RM100 (or $22.20) |
Comission payable | RM 100 |
Commission payable, threshold | 100 |
Maximum [Member] | |
Commission payable, threshold | RM 100 |
SCHEDULE OF RELATED PARTIES (De
SCHEDULE OF RELATED PARTIES (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Related Party Transaction [Line Items] | |||||
Total purchases | $ 81,323 | $ 55,826 | $ 178,431 | $ 134,030 | |
Total other purchases | 1,197 | 2,654 | 4,329 | 5,920 | |
Total commission | 7,335 | 21,942 | 16,679 | 55,884 | |
Office rental expense | 824 | 2,747 | 1,648 | 5,428 | |
Total other expenses | 23,888 | 21,901 | $ 45,592 | 44,081 | |
TH3 Technology Sdn Bhd [Member] | |||||
Related Party Transaction [Line Items] | |||||
Relationship | Mr. How Kok Choong, the CEO and director of the Company is also a director of TH3 | Mr. How Kok Choong, the CEO and director of the Company is also a director of TH3 | |||
Nature | Prepayment of IT expenses | Prepayment of IT expenses | |||
Total amount due from related parties | 4,057 | $ 4,057 | $ 2,922 | ||
DSY Beauty Sdn Bhd [Member] | |||||
Related Party Transaction [Line Items] | |||||
Relationship | The directors and shareholders of Welltech are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd | The directors and shareholders of Welltech are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd | |||
Nature | Deposits for products purchases | Deposits for products purchases | |||
Total amount due from related parties | $ 8,171 | ||||
Related Party [Member] | |||||
Related Party Transaction [Line Items] | |||||
Total amount due from related parties | 4,057 | 4,057 | 11,093 | ||
Total account payable, related parties | 25,217 | 25,217 | 34,848 | ||
Total other payable, related parties | 482 | $ 482 | $ 7,846 | ||
CTA Nutriceuticals Sdn Bhd [Member] | |||||
Related Party Transaction [Line Items] | |||||
Relationship | The directors and shareholders of CTA are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY International Wellness Sdn Bhd | The directors and shareholders of CTA are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY International Wellness Sdn Bhd | |||
Nature | Purchases of products for the provision of complementary health therapies | Purchases of products for the provision of complementary health therapies | |||
Total account payable, related parties | 25,141 | $ 25,141 | $ 30,439 | ||
DSY Beauty Sdn Bhd [Member] | |||||
Related Party Transaction [Line Items] | |||||
Relationship | The directors and shareholders of Welltech are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd | The directors and shareholders of Welltech are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd | |||
Nature | Purchases of beauty products | Purchases of beauty products | |||
Total account payable, related parties | 76 | $ 76 | $ 54 | ||
DSY Wellness International Sdn. Bhd. [Member] | |||||
Related Party Transaction [Line Items] | |||||
Relationship | Mr. Chew Yi Zheng is the member of the immediate family of Mr. Yap Foo Ching (Steve Yap), the director of DSY Wellness International Sdn Bhd | Mr. Chew Yi Zheng is the member of the immediate family of Mr. Yap Foo Ching (Steve Yap), the director of DSY Wellness International Sdn Bhd | |||
Nature | Render therapy and health consultation to customer | Render therapy and health consultation to customer | |||
Total account payable, related parties | $ 4,355 | ||||
CTA Nutriceuticals Asia Sdn Bhd [Member] | |||||
Related Party Transaction [Line Items] | |||||
Relationship | The directors and shareholders of CTA are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY International Wellness Sdn Bhd | The directors and shareholders of CTA are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY International Wellness Sdn Bhd | |||
Nature | Purchase of products for general use | Purchase of products for general use | |||
Total other payable, related parties | 168 | $ 168 | $ 570 | ||
DSY Beauty Sdn Bhd Two [Member] | |||||
Related Party Transaction [Line Items] | |||||
Relationship | The directors and shareholders of DSY Beauty are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd | The directors and shareholders of DSY Beauty are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd | |||
Nature | Purchase of products for general use | Purchase of products for general use | |||
Total other payable, related parties | 135 | $ 135 | $ 535 | ||
Yap Foo Ching [Member] | |||||
Related Party Transaction [Line Items] | |||||
Relationship | Mr. Yap Foo Ching, the director of the DSY Wellness International Sdn Bhd | Mr. Yap Foo Ching, the director of the DSY Wellness International Sdn Bhd | |||
Nature | Payment on behalf by Mr. Yap | Payment on behalf by Mr. Yap | |||
Total other payable, related parties | $ 6,534 | ||||
How Kok Choong [Member] | |||||
Related Party Transaction [Line Items] | |||||
Relationship | Mr. How Kok Choong, the CEO and director of the Company | Mr. How Kok Choong, the CEO and director of the Company | |||
Nature | Commission expense | Commission expense | |||
Total other payable, related parties | 179 | $ 179 | $ 207 | ||
Total commission | $ 619 | $ 1,626 | $ 1,351 | $ 3,538 | |
CTA Nutriceuticals Sdn Bhd One [Member] | |||||
Related Party Transaction [Line Items] | |||||
Relationship | The directors and shareholders of CTA are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY International Wellness Sdn Bhd | The directors and shareholders of CTA are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY International Wellness Sdn Bhd | The directors and shareholders of CTA are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY International Wellness Sdn Bhd | The directors and shareholders of CTA are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY International Wellness Sdn Bhd | |
Nature | Purchases of products for the provision of complementary health therapies | Purchases of products for the provision of complementary health therapies | Purchases of products for the provision of complementary health therapies | Purchases of products for the provision of complementary health therapies | |
Total purchases | $ 80,504 | $ 55,614 | $ 161,807 | $ 116,269 | |
DSY Beauty Sdn Bhd Three [Member] | |||||
Related Party Transaction [Line Items] | |||||
Relationship | The directors and shareholders of Welltech are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd | The directors and shareholders of Welltech are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd | The directors and shareholders of Welltech are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd | The directors and shareholders of Welltech are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd | |
Nature | Purchases of beauty products | Purchases of beauty products | Purchases of beauty products | Purchases of beauty products | |
Total purchases | $ 819 | $ 212 | $ 16,624 | $ 17,761 | |
CTA Nutriceuticals Asia Sdn Bhd One [Member] | |||||
Related Party Transaction [Line Items] | |||||
Relationship | The directors and shareholders of CTA are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY International Wellness Sdn Bhd | The directors and shareholders of CTA are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY International Wellness Sdn Bhd | The directors and shareholders of CTA are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY International Wellness Sdn Bhd | The directors and shareholders of CTA are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY International Wellness Sdn Bhd | |
Nature | Purchase of products for general use | Purchase of products for general use | Purchase of products for general use | Purchase of products for general use | |
Total other purchases | $ 795 | $ 1,291 | $ 1,734 | $ 2,233 | |
DSY Beauty Sdn Bhd Four [Member] | |||||
Related Party Transaction [Line Items] | |||||
Relationship | The directors and shareholders of Welltech are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd | The directors and shareholders of Welltech are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd | The directors and shareholders of Welltech are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd | The directors and shareholders of Welltech are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd | |
Nature | Purchase of products for general use | Purchase of products for general use | Purchase of products for general use | Purchase of products for general use | |
Total other purchases | $ 402 | $ 1,151 | $ 2,595 | $ 3,407 | |
DSY Wellnessand Longevity Center Sdn Bhd Dsywlc Four [Member] | |||||
Related Party Transaction [Line Items] | |||||
Relationship | Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd is also a director of DSYWLC | Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd is also a director of DSYWLC | Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd is also a director of DSYWLC | Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd is also a director of DSYWLC | |
Nature | Purchase of products for general use | Purchase of products for general use | Purchase of products for general use | Purchase of products for general use | |
Total other purchases | $ 212 | $ 280 | |||
How Kok Choong One [Member] | |||||
Related Party Transaction [Line Items] | |||||
Relationship | Mr. How Kok Choong, the CEO and director of the Company | Mr. How Kok Choong, the CEO and director of the Company | Mr. How Kok Choong, the CEO and director of the Company | Mr. How Kok Choong, the CEO and director of the Company | |
Nature | Commission expense | Commission expense | Commission expense | Commission expense | |
Total commission | $ 619 | $ 1,626 | $ 1,351 | $ 3,538 | |
Ando Design Sdn Bhd [Member] | |||||
Related Party Transaction [Line Items] | |||||
Relationship | Mr. How Kok Choong, the CEO and director of the Company is also a director of Ando | Mr. How Kok Choong, the CEO and director of the Company is also a director of Ando | Mr. How Kok Choong, the CEO and director of the Company is also a director of Ando | Mr. How Kok Choong, the CEO and director of the Company is also a director of Ando | |
Nature | Rental income | Rental income | Rental income | Rental income | |
Office rental expense | $ 634 | $ 670 | $ 1,268 | $ 1,340 | |
Redboy Picture Sdn Bhd [Member] | |||||
Related Party Transaction [Line Items] | |||||
Relationship | Mr. How Kok Choong, the CEO and director of the Company is also a director of Redboy | Mr. How Kok Choong, the CEO and director of the Company is also a director of Redboy | Mr. How Kok Choong, the CEO and director of the Company is also a director of Redboy | Mr. How Kok Choong, the CEO and director of the Company is also a director of Redboy | |
Nature | Rental income | Rental income | Rental income | Rental income | |
Office rental expense | $ 2,010 | $ 4,021 | |||
TH3 Technology Sdn Bhd One [Member] | |||||
Related Party Transaction [Line Items] | |||||
Relationship | Mr. How Kok Choong, the CEO and director of the Company is also a director of TH3 | Mr. How Kok Choong, the CEO and director of the Company is also a director of TH3 | Mr. How Kok Choong, the CEO and director of the Company is also a director of TH3 | Mr. How Kok Choong, the CEO and director of the Company is also a director of TH3 | |
Nature | Rental income | Rental income | Rental income | Rental income | |
Office rental expense | $ 190 | $ 67 | $ 380 | $ 67 | |
TH3 Technology Sdn Bhd Two [Member] | |||||
Related Party Transaction [Line Items] | |||||
Relationship | Mr. How Kok Choong, the CEO and director of the Company is also a director of TH3 | Mr. How Kok Choong, the CEO and director of the Company is also a director of TH3 | Mr. How Kok Choong, the CEO and director of the Company is also a director of TH3 | Mr. How Kok Choong, the CEO and director of the Company is also a director of TH3 | |
Nature | IT support services fee | IT support services fee | IT support services fee | IT support services fee | |
Total other expenses | $ 14,574 | $ 13,647 | $ 28,666 | $ 27,718 | |
DSY Wellness & Longevity Center Sdn Bhd (DSYWLC) [Member] | |||||
Related Party Transaction [Line Items] | |||||
Relationship | Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd is also a director of DSYWLC | Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd is also a director of DSYWLC | Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd is also a director of DSYWLC | Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd is also a director of DSYWLC | |
Nature | Office rental expense | Office rental expense | Office rental expense | Office rental expense | |
Total other expenses | $ 7,606 | $ 8,254 | $ 15,213 | $ 16,363 | |
Ando Design Sdn Bhd One [Member] | |||||
Related Party Transaction [Line Items] | |||||
Relationship | Mr. How Kok Choong, the CEO and director of the Company is also a director of Ando | Mr. How Kok Choong, the CEO and director of the Company is also a director of Ando | Mr. How Kok Choong, the CEO and director of the Company is also a director of Ando | Mr. How Kok Choong, the CEO and director of the Company is also a director of Ando | |
Nature | Office furniture & fittings and improvements | Office furniture & fittings and improvements | Office furniture & fittings and improvements | Office furniture & fittings and improvements | |
Total other expenses | $ 1,708 | $ 1,708 | |||
SY Welltech Sdn Bhd [Member] | |||||
Related Party Transaction [Line Items] | |||||
Relationship | The directors and shareholders of Welltech are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd | The directors and shareholders of Welltech are related parties to Mr. Yap Foo Ching (Steve Yap), a director of DSY Wellness International Sdn Bhd | |||
Nature | Purchases of products for general use | Purchases of products for general use | |||
Total other expenses | $ 5 |
SCHEDULE OF SHARE-BASED COMPENS
SCHEDULE OF SHARE-BASED COMPENSATION ARRANGEMENTS BY SHARE-BASED PAYMENT AWARD (Details) | Oct. 13, 2023 USD ($) |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Warrant fair value | $ 38,580 |
Warrant [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Risk-free interest rate | 4.65% |
Expected volatility | 49% |
Expected life (in years) | 5 years |
Expected dividend yield | 0% |
Warrant fair value | $ 38,580 |
STOCKHOLDERS_ EQUITY (Details N
STOCKHOLDERS’ EQUITY (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jan. 26, 2024 | Oct. 13, 2023 | Oct. 10, 2023 | Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2024 | Dec. 31, 2023 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Preferred stock, shares authorized | 200,000,000 | 200,000,000 | 200,000,000 | ||||
Preferred stock, shares issued | 0 | 0 | 0 | ||||
Preferred stock, shares outstanding | 0 | 0 | 0 | ||||
Common stock, shares authorized | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | ||||
Common stock, shares issued | 76,975,183 | 76,975,183 | 77,102,012 | ||||
Common stock, shares outstanding | 76,975,183 | 76,975,183 | 77,102,012 | ||||
Share based compensation | $ 6,667 | ||||||
Tresury stock redeemed | 135,300 | ||||||
Tresury stock, par value | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||
Tresury stock, shares | 0 | 0 | 135,300 | ||||
Common stock, par value | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||||
Warrant fair value | $ 38,580 | ||||||
Warrant outstanding | 115,500 | 115,500 | |||||
Common Stock [Member] | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Issuance of shares | $ 1,650,000 | ||||||
Share based compensation | $ 1 | ||||||
Tresury stock redeemed | (135,300) | ||||||
Common stock, par value | $ 0.0001 | ||||||
Share price | $ 4.40 | $ 4 | |||||
Warrants to purchase shares | 115,500 | ||||||
Executive Director [Member] | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Issuance of shares | $ 5,000 | ||||||
Share based compensation | $ 8,471 | $ 0 |
SCHEDULE OF NON CONTROLLING INT
SCHEDULE OF NON CONTROLLING INTEREST (Details) - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 |
Noncontrolling Interest [Abstract] | ||
Paid-in capital | $ 97 | $ 97 |
Retained earnings | 29,430 | 12,434 |
Accumulated other comprehensive (loss) income | (993) | (752) |
Noncontrolling interest gross | 28,534 | 11,779 |
ASL | ||
Total | $ 28,534 | $ 11,779 |
SCHEDULE OF COMPONENTS OF INCOM
SCHEDULE OF COMPONENTS OF INCOME/(LOSS) BEFORE INCOME TAX (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Loss before income tax | $ (422,475) | $ (381,888) | $ (1,118,732) | $ (820,179) |
UNITED STATES | ||||
Local – United States | (300,452) | (142,912) | (828,077) | (310,697) |
MALAYSIA | ||||
Foreign – Tax Jurisdictions | (114,614) | (241,867) | (291,139) | (516,152) |
HONG KONG | ||||
Foreign – Tax Jurisdictions | $ (7,409) | $ 2,891 | $ 484 | $ 6,670 |
SCHEDULE OF PROVISION FOR INCOM
SCHEDULE OF PROVISION FOR INCOME TAX (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Current: | ||||
- Local | ||||
- Foreign | (9,840) | (16,678) | ||
Deferred: | ||||
- Local | ||||
- Foreign | 2,439 | 6,655 | ||
Income tax (expense) credit | $ (9,840) | $ 2,439 | $ (16,678) | $ 6,655 |
SCHEDULE OF DEFERRED TAX ASSETS
SCHEDULE OF DEFERRED TAX ASSETS (Details) - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 |
Income Tax Disclosure [Abstract] | ||
Net operating loss carry forwards in U.S. | $ 613,388 | $ 439,492 |
Net operating loss carry forwards in Malaysia | 716,885 | 664,105 |
Unabsorbed capital allowance carry forward in Malaysia | 9,930 | 5,577 |
Less: valuation allowance | (1,340,203) | (1,108,955) |
Deferred tax assets, net | $ 219 |
INCOME TAXES (EXPENSES) CREDI_2
INCOME TAXES (EXPENSES) CREDIT (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Effective Income Tax Rate Reconciliation [Line Items] | |||||
Tax rate description | In addition, the Tax Cuts and Jobs Act imposed a global intangible low-taxed income (“GILTI”) tax, which is a tax on certain off-shore earnings at an effective rate of 10.5% for tax years (50% deduction of the current enacted tax rate of 21%) with a partial offset for 80% foreign tax credits. If the foreign tax rate is 13.125% or higher, there will be no U.S. corporate tax after the 80% foreign tax credits are applied | ||||
Deferred tax valuation allowance | $ 1,340,203 | $ 1,340,203 | $ 1,108,955 | ||
2031 [Member] | |||||
Effective Income Tax Rate Reconciliation [Line Items] | |||||
Operating loss carryforwards | 731,000 | 731,000 | |||
2032 [Member] | |||||
Effective Income Tax Rate Reconciliation [Line Items] | |||||
Operating loss carryforwards | 812,000 | 812,000 | |||
2033 [Member] | |||||
Effective Income Tax Rate Reconciliation [Line Items] | |||||
Operating loss carryforwards | 1,146,000 | 1,146,000 | |||
2034 [Member] | |||||
Effective Income Tax Rate Reconciliation [Line Items] | |||||
Operating loss carryforwards | 297,000 | 297,000 | |||
UNITED STATES | |||||
Effective Income Tax Rate Reconciliation [Line Items] | |||||
Operating loss carryforwards | 2,921,000 | 2,921,000 | 2,093,000 | ||
Deferred tax valuation allowance | 613,000 | $ 613,000 | 440,000 | ||
MALAYSIA | |||||
Effective Income Tax Rate Reconciliation [Line Items] | |||||
Tax percentage | 24% | ||||
Operating loss carryforwards | 2,986,000 | $ 2,986,000 | 2,796,000 | ||
Deferred tax valuation allowance | $ 717,000 | $ 717,000 | $ 670,000 | ||
Income tax examination, description | The tax rate for small and medium sized companies (generally companies incorporated in Malaysia with paid-in capital of RM 2,500,000 or less) is 15% for the first RM 150,000 (or approximately $37,500), 17% for the subsequent RM 150,000 to RM 600,000 (or approximately $37,500 to $150,000) and 24% for the remaining balance for three and six months ended June 30, 2024 and 2023 | ||||
MALAYSIA | Remaining [Member] | |||||
Effective Income Tax Rate Reconciliation [Line Items] | |||||
Tax percentage | 24% | 24% | 24% | 24% | |
MALAYSIA | First RM [Member] | |||||
Effective Income Tax Rate Reconciliation [Line Items] | |||||
Tax percentage | 15% | 15% | 15% | ||
MALAYSIA | First RM [Member] | Fifteen Percentage For First [Member] | |||||
Effective Income Tax Rate Reconciliation [Line Items] | |||||
Tax percentage | 15% | ||||
MALAYSIA | Subsequent RM [Member] | |||||
Effective Income Tax Rate Reconciliation [Line Items] | |||||
Tax percentage | 17% | 17% | 17% | ||
MALAYSIA | Subsequent RM [Member] | Seventeen Percentage for Subsequent [Member] | |||||
Effective Income Tax Rate Reconciliation [Line Items] | |||||
Tax percentage | 17% | ||||
HONG KONG | |||||
Effective Income Tax Rate Reconciliation [Line Items] | |||||
Tax percentage | 16.50% | ||||
State and Local Jurisdiction [Member] | |||||
Effective Income Tax Rate Reconciliation [Line Items] | |||||
Tax percentage | 21% | ||||
Foreign Tax Jurisdiction [Member] | |||||
Effective Income Tax Rate Reconciliation [Line Items] | |||||
Tax percentage | 21% |
CONCENTRATIONS OF RISKS (Detail
CONCENTRATIONS OF RISKS (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Concentration Risk [Line Items] | |||||
Deposits | $ 3,146,013 | $ 3,146,013 | $ 4,817,213 | ||
Deposit for insurance | $ 2,943,089 | $ 2,943,089 | $ 4,630,476 | ||
Cost of Goods and Service Benchmark [Member] | Supplier Concentration Risk [Member] | Vendor Two [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentrations of risk percentage | 23.10% | 27.50% | 20.50% | 26.50% | |
Cost of Goods and Service Benchmark [Member] | Supplier Concentration Risk [Member] | Vendor One [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentrations of risk percentage | 43.10% | 47.20% | |||
Cost of Goods and Service Benchmark [Member] | Supplier Concentration Risk [Member] | Vendor Three [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentrations of risk percentage | 26% | 13.60% | |||
Cost of Goods and Service Benchmark [Member] | Supplier Concentration Risk [Member] | One Sales Distributor [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentrations of risk percentage | 19.80% | 12.80% | 19.80% | 13.40% | |
Accounts Payable [Member] | Supplier Concentration Risk [Member] | Vendor Two [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentrations of risk percentage | 47.90% | 35.40% | |||
Accounts Payable [Member] | Supplier Concentration Risk [Member] | Vendor One [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentrations of risk percentage | 51.20% | 61.80% | |||
Accounts Payable [Member] | Supplier Concentration Risk [Member] | Vendor [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentrations of risk percentage | 47.90% | 35.40% | |||
No Customer [Member] | Revenue from Contract with Customer Benchmark [Member] | Customer Concentration Risk [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentrations of risk percentage | 10% | 10% | 10% | 10% | |
Six Individual Customers [Member] | Accounts Receivable [Member] | Customer Concentration Risk [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentrations of risk percentage | 20.10% | 40.20% | |||
Vendor One [Member] | Cost of Goods and Service Benchmark [Member] | Supplier Concentration Risk [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentrations of risk percentage | 70% | 67% |
SCHEDULE OF LEASE COST (Details
SCHEDULE OF LEASE COST (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||||||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | Dec. 18, 2023 | Oct. 01, 2023 | Sep. 01, 2023 | Jun. 01, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |||||||||
Operating lease cost | $ 37,581 | $ 39,033 | $ 75,100 | $ 79,665 | |||||
Amortization of finance lease asset | 4,263 | 8,519 | |||||||
Interest on finance lease liabilities | $ 1,574 | $ 2,639 | |||||||
Weighted average remaining lease term (years) - Operating lease | 1 year 11 months 26 days | 1 year 11 months 26 days | 2 years 5 months 23 days | ||||||
Weighted average remaining lease term (years) - Finance lease | 4 years 6 months 29 days | 4 years 6 months 29 days | 5 years | ||||||
Weighted average discount rate - Operating lease | 5.50% | 5.50% | 5.50% | 5.50% | 5.50% | 5.50% | |||
Weighted average discount rate - Finance lease | 8.60% | 8.60% | 8.60% | 8.63% |
SCHEDULE OF LEASE COMMITMENTS (
SCHEDULE OF LEASE COMMITMENTS (Details) - USD ($) | Jun. 30, 2024 | Dec. 18, 2023 |
Lessee, Operating Lease, Liability, to be Paid, Fiscal Year Maturity [Abstract] | ||
Operating lease liabilities - 2025 | $ 151,401 | |
Operating lease liabilities - 2026 | 139,633 | |
Operating lease liabilities - 2027 | 7,575 | |
Operating lease liabilities - 2028 | ||
Operating lease liabilities - Thereafter | ||
Operating lease liabilities - Total lease payments | 298,609 | |
Operating lease liabilities - Less: interest | (15,964) | |
Present value of operating lease liabilities | 282,645 | |
Finance Lease, Liability, to be Paid, Fiscal Year Maturity [Abstract] | ||
Finance lease liabilities - 2025 | 14,135 | |
Finance lease liabilities - 2026 | 14,135 | |
Finance lease liabilities - 2027 | 14,135 | |
Finance lease liabilities - 2028 | 14,135 | |
Finance lease liabilities - Thereafter | 39,133 | |
Finance lease liabilities - Total lease payments | 95,673 | |
Finance lease liabilities - Less: interest | (20,962) | |
Present value of finance lease liabilities | $ 74,711 | $ 78,824 |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | |||||||
Oct. 01, 2023 | Sep. 01, 2023 | Jun. 01, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | Dec. 18, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |||||||||
Lease option to extend | upon the expiry of the two-years lease for an apartment to serve as staff accommodation, the Company entered into a new two-years lease with the same landlord who had earlier leased the same apartment to the Company since October 1, 2023 | upon the expiry of the two-years lease for its office space and sales training center, the Company entered into a new three-years lease with the same landlord who had earlier leased the same office space and sales training center to the Company since April 1, 2020 | upon the expiry of the two-years lease for its office space, the Company entered into a new three-years lease with the same landlord who had earlier leased the same office space to the Company since April 1, 2020 | ||||||
Operating right-of-use assets | $ 8,940 | $ 126,093 | $ 283,220 | $ 281,256 | $ 281,256 | $ 357,301 | |||
Operating lease effective interest rate | 5.50% | 5.50% | 5.50% | 5.50% | 5.50% | 5.50% | |||
Lease term | 5 years | ||||||||
Finance lease liabilities | $ 74,711 | $ 74,711 | $ 78,824 | ||||||
Finance lease effective interest rate | 8.60% | 8.60% | 8.60% | 8.63% | |||||
Operating lease payments | $ 17,773 | ||||||||
Short term lease cost | $ 10,911 | $ 9,695 | $ 21,762 | $ 19,770 |