Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2019 | Aug. 14, 2019 | |
Cover [Abstract] | ||
Entity Registrant Name | BIOPLUS LIFE CORP. | |
Entity Central Index Key | 0001746214 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2019 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity's Reporting Status Current | Yes | |
Entity Interactive Data Current | No | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business Flag | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 359,305,561 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2019 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and bank balances | $ 158,709 | $ 398,133 |
Account receivables | 215,432 | 363,950 |
Income tax receivables | 7,919 | |
Amount due from stockholders | ||
Amount due from related parties | 30,014 | 31,007 |
Amount due from directors | 1,458 | 3,567 |
Inventories | 356,097 | 443,597 |
Other receivables, deposits and prepayments | 36,524 | 43,749 |
Total current assets | 806,153 | 1,284,003 |
Non-current assets: | ||
Property, plant and equipment, net | 2,144,218 | 2,187,065 |
TOTAL ASSETS | 2,950,371 | 3,471,068 |
Current liabilities: | ||
Account payables | 19,786 | 190,967 |
Obligation under finance lease | 22,876 | 22,895 |
Bank borrowings | 85,886 | 195,490 |
Amount due to related parties | 71,014 | |
Amount due to directors | 5,272 | 8,761 |
Other payables and accrued liabilities | 354,272 | 472,871 |
Provision for taxation | 3,603 | 14,354 |
Total current liabilities | 491,695 | 976,352 |
Non-current liabilities: | ||
Obligation under finance lease | 63,660 | 75,161 |
Bank borrowings | 585,270 | 575,482 |
Deferred taxation | 47,301 | 47,341 |
Total non-current liabilities | 696,231 | 697,984 |
TOTAL LIABILITIES | 1,187,926 | 1,674,336 |
Stockholders' equity: | ||
Common stock, par value $0.0001: 359,305,561 and 359,305,561 share issued and outstanding as of June 30, 2019, and Dec 31, 2018, respectively. | 35,931 | 35,931 |
Additional paid up share capital | 1,998,870 | 1,998,870 |
Accumulated losses | (156,244) | (123,358) |
Other comprehensive losses | (116,112) | (114,711) |
Total stockholders' equity | 1,762,445 | 1,796,732 |
TOTAL LIABILITIES AND STOCKHOLDERS EQUITY | $ 2,950,371 | $ 3,471,068 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares issued | 359,305,561 | 359,305,561 |
Common stock, shares outstanding | 359,305,561 | 359,305,561 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Losses (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Income Statement [Abstract] | ||||
Revenues, net | $ 396,954 | $ 882,026 | $ 754,889 | $ 1,260,544 |
Cost of revenues | (202,047) | (500,631) | (403,986) | (738,141) |
Gross profit | 194,907 | 381,395 | 350,903 | 522,403 |
Other income | 2,580 | (1,754) | 4,214 | (8,379) |
Operating expenses: | ||||
General and operating expenses | (169,814) | (295,367) | (371,227) | (500,347) |
Finance cost | (8,158) | (5,916) | (16,776) | (15,211) |
Total expenses | (177,972) | (301,283) | (388,003) | (515,558) |
Loss/Gain from operations | 18,929 | 78,358 | (32,886) | (1,534) |
Income tax income/(expense) | 0 | 0 | 0 | 0 |
NET LOSS | 18,929 | 78,358 | (32,886) | (1,534) |
Other comprehensive income: | ||||
- Foreign currency translation profit | (26,536) | (22,150) | (1,401) | 82,294 |
COMPREHENSIVE PROFIT | $ (7,607) | $ 56,208 | $ (34,287) | $ 80,760 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid Up Share Capital [Member] | Accumulated Profit/(Loss) [Member] | Accumulated Other Comprehensive Loss [Member] | Total |
Balance at Dec. 31, 2017 | $ 310,576 | $ 1,536,712 | $ (13,014) | $ (3,175) | $ 1,831,099 |
Balance, shares at Dec. 31, 2017 | 358,463,553 | ||||
Issued shares | $ 195 | 584,805 | 585,000 | ||
Issued shares, shares | 1,950,000 | ||||
Elimination | $ (274,840) | (122,647) | (16,017) | (413,504) | |
Elimination, shares | (1,107,992) | ||||
Net loss for the year | (110,344) | (110,344) | |||
Foreign currency translation profit | (95,519) | (95,519) | |||
Balance at Dec. 31, 2018 | $ 35,931 | 1,998,870 | (123,358) | (114,711) | 1,796,732 |
Balance, shares at Dec. 31, 2018 | 359,305,561 | ||||
Net loss for the year | (32,886) | (32,886) | |||
Foreign currency translation profit | (1,401) | (1,401) | |||
Balance at Jun. 30, 2019 | $ 35,931 | $ 1,998,870 | $ (156,244) | $ (116,112) | $ 1,762,445 |
Balance, shares at Jun. 30, 2019 | 359,305,561 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Cash flows from operating activities: | |||||
Net loss | $ 18,929 | $ 78,358 | $ (32,886) | $ (1,534) | $ (110,344) |
Adjustments to reconcile net profit to net cash used in operating activities: | |||||
Depreciation of property, plant and equipment | 55,030 | 43,627 | 93,649 | ||
Loss on disposal of property, plant and equipment | |||||
Interest expenses | 16,777 | 15,211 | |||
Operating profit before working capital changes | 38,921 | 57,304 | |||
Changes in operating assets and liabilities: | |||||
Inventories | 87,501 | (43,665) | |||
Account receivables | 148,519 | (335,385) | |||
Other receivables, deposits and prepayments | 7,225 | 72,251 | |||
Amount due from related parties | (70,022) | 247,280 | |||
Amount due from directors | 78 | 180,383 | |||
Account payable | (171,181) | (16,941) | |||
Other payables and accrued liabilities | (118,599) | 108,172 | |||
Cash generated/(used in) from operating activities | (77,558) | 269,399 | |||
Tax refunded | 1,963 | 15,560 | |||
Tax paid | (20,624) | ||||
Net cash generated/(used in) from operating activities | (96,219) | 284,959 | |||
Cash flows from investing activities: | |||||
Proceed from disposal of property, plant and equipment | |||||
Purchase of property, plant and equipment | (13,731) | (144,921) | |||
Amount due from shareholders | 38,100 | ||||
Net cash used in investing activities | (13,731) | (106,821) | |||
Cash flows from financing activities: | |||||
Proceed from issued shares | 195 | ||||
Interest expenses | (16,776) | (15,211) | |||
Acquisition of term loan | |||||
Acquisition of hire purchase | |||||
Repayment of term loan borrowing | (14,907) | (13,960) | |||
Repayment of hire purchase borrowing | (11,521) | (9,581) | |||
Net cash generated from financing activities | (43,204) | (38,557) | |||
Foreign currency translation adjustment | (1,360) | 81,102 | |||
NET CHANGE IN CASH AND CASH EQUIVALENTS | (154,514) | 220,683 | |||
CASH AND CASH EQUIVALENTS, BEGINNING OF FINANCIAL YEAR | 255,555 | 175,073 | 175,073 | ||
CASH AND CASH EQUIVALENTS, END OF FINANCIAL YEAR | $ 101,041 | $ 395,756 | 101,041 | 395,756 | $ 255,555 |
Cash and bank balance | 158,709 | 598,330 | |||
Bank overdraft | (57,668) | (202,574) | |||
Cash and cash equivalents, end of financial year | $ 101,041 | $ 395,756 |
Organization and Business Backg
Organization and Business Background | 6 Months Ended |
Jun. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Business Background | 1. ORGANIZATION AND BUSINESS BACKGROUND Bioplus Life Corp., a Nevada corporation (“the Company”) was incorporated under the laws of the State of Nevada on April 13, 2017. For purposes of financial statements presentation, Bioplus Life Corp. and its subsidiaries are herein referred to as “the Company” or “We”. We have historically conducted our business through Bio Life Neutraceuticals Sdn Bhd, a private limited liability company, incorporated in Malaysia. Bioplus Life Corp. (US), incorporated in United State of Nevada, is an investment holding company with 100% equity interest in Bioplus Life Corp. (Labuan), a company incorporated in Labuan, which subsequent hold 100% equity interest in Bioplus Life International Holdings Limited, a company incorporated in Hong Kong, which subsequent hold 99.8% equity interest in Bio Life Holdings Berhad, a company incorporated in Malaysia, which subsequent hold 100% equity interest in Bio Life Neutraceuticals Sdn Bhd. On December 31, 2017, Bioplus Life Corp was organized to be holding company parent to, and succeed to the operations of, Bioplus Life Corp. (Labuan), Bioplus Life International Holdings Ltd, Bio Life Holdings Berhad and Bio Life Neutraceuticals Sdn Bhd. This transaction was accounted for as a transaction among entities under common control and the assets, liabilities, revenues, and expenses, and as if the transfer occurred at the beginning of the period. Prior periods have been retrospectively adjusted to furnish comparative information. The Company, through its subsidiaries mainly an investment holding and supplies high quality health products. Details of the Company’s subsidiaries: No Company Name Place/Date of Incorporation Particulars of Issued Capital Principal Activities 1 Bioplus Life Corp. (Labuan) Malaysia, Labuan May 19, 2017 359,305,560 shares of Investment Holding 2 Bioplus Life International Holdings Ltd. Hong Kong June 20, 2017 1 shares of ordinary shares Investment Holding 3 Bio Life Holdings Berhad Malaysia May 19, 2016 107,992 shares of ordinary shares of RM1 each Investment Holding 4 Bio Life Neutraceuticals Sdn Bhd Malaysia, Selangor August 27, 2009 5,456,207 shares of ordinary shares of RM1 each Trading of Consumer Products |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES ● Basis of presentation These accompanying financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“US GAAP”). ● Use of estimates In preparing these financial statements, management makes estimates and assumptions that affect the reported amounts of assets and liabilities in the balance sheets and revenues and expenses during the years reported. Actual results may differ from these estimates. ● Cash and cash equivalents Cash and cash equivalents represent cash on hand, demand deposits placed with banks or other financial institutions and all highly liquid investments with an original maturity of six monthsor less as of the purchase date of such investments. ● Property, plant and equipment Property and plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses, if any. Depreciation is calculated on the straight-line basis to write off the cost over the following expected useful lives of the assets concerned. The principal annual rates used are as follows: Categories Principal Annual Rates/Expected Useful Life Computer hardware 20 % Furniture & fittings 10 % Handphone 20 % Landscape 20 % Leasehold land and building 99 years Machinery 10 % Motor vehicle 20 % Office equipment 10 % Renovation 20 % Signboard 10 % Tools and equipment 10 % Fully depreciated plant and equipment are retained in the financial statements until they are no longer in use. ● Inventories Inventories consisting of products available for sell, are stated at the lower of cost or market value. Cost of inventory is determined using the first-in, first-out (FIFO) method. Inventory reserve is recorded to write down the cost of inventory to the estimated market value due to slow-moving merchandise and damaged goods, which is dependent upon factors such as historical and forecasted consumer demand, and promotional environment. The Company takes ownership, risks and rewards of the products purchased. Write downs are recorded in cost of revenues in the Condensed Statements of Operations and Comprehensive Income. ● Revenue recognition Revenue recognized when it is probable that the economic benefits associated with the transaction will flow to the enterprise and the amount of the revenue can be measured reliably. Revenue is measured at the fair value of consideration received or receivable. a. Sales of goods or rendering of services An entity shall recognize revenue associated with the transaction by reference to the stage of completion of the transaction at the end of the reporting period. The outcome of a transaction can be estimated reliably when all the following conditions are satisfied: - i. The amount of revenue can be measured reliably; ii. It is probable that the economic benefits associated with the transaction will flow to the entity; iii. The stage of completion of the transaction at the end of the reporting period can be measured reliably; and iv. The costs incurred for the transaction and the costs to complete the transaction can be measured reliably. b. Interest income Interest is recognized on receipt basis. ● Cost of revenues Cost of revenue includes the purchase cost of retail goods for re-sale to customers and packing materials (such as boxes). It excludes purchasing and receiving costs, inspection costs, warehousing costs, internal transfer costs and other costs of distribution network in cost of revenues. ● Shipping and handling fees Shipping and handling fees, if billed to customers, are included in revenue. Shipping ang handling fees associated with inbound and outbound freight are expensed as incurred and included in selling and distribution expenses. ● Comprehensive income ASC Topic 220, “ Comprehensive Income ● Income tax expense Income taxes are determined in accordance with the provisions of ASC Topic 740, “ Income Taxes ASC 740 prescribes a comprehensive model for how companies should recognize, measure, present, and disclosed in their financial statements uncertain tax positions taken or expected to be taken on a tax return. Under ASC 740, tax positions must initially be recognized in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions must initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts. The Company conducts major businesses in Malaysia and is subject to tax in their own 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. ● Foreign currencies translation Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded in the statement of operations. The functional currency of the Company is the United States Dollars (“US$”) and the accompanying financial statements have been expressed in US$. In addition, the Company maintains its books and record in a local currency, Malaysian Ringgit (“MYR” or “RM”), which is functional currency as being the primary currency of the economic environment in which the entity operates. In general, for consolidation purposes, assets and liabilities of its subsidiaries whose functional currency is not US$ are translated into US$, in accordance with ASC Topic 830-30, “ Translation of Financial Statement” Translation of amounts from the local currency of the Company into US$1 has been made at the following exchange rates for the respective years: Six months ended June 30, 2019 2018 Year-end MYR : US$1 exchange rate 4.1323 4.0405 Period average MYR : US$1 exchange rate 4.1191 3.9363 Year-end RMB : US$1 exchange rate 0.1457 0.1511 Period average RMB : US$1 exchange rate 0.1473 0.1570 ● Related parties Parties, which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Companies are also considered to be related if they are subject to common control or common significant influence. ● Fair value of financial instruments The carrying value of the Company’s financial instruments: cash and cash equivalents, trade receivable, deposits and other receivables, amount due to related parties and other payables approximate at their fair values because of the short-term nature of these financial instruments. The Company also follows the guidance of the ASC Topic 820-10, “ Fair Value Measurements and Disclosures ● Level 1 ● Level 2 ● Level 3 As of June 30, 2019, and 2018, the Company did not have any nonfinancial assets and liabilities that are recognized or disclosed at fair value in the financial statements, at least annually, on a recurring basis, nor did the Company have any assets or liabilities measured at fair value on a non-recurring basis. ● Recent accounting pronouncements In May 2014, the FASB issued Accounting Standards Update No. 2014-09, “Revenue from Contracts with Customers” (“ASU 2014-09”). ASU 2014-09 supersedes the revenue recognition requirements in “Revenue Recognition (Topic 605)”, and requires entities to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. ASU 2014-09 is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Early adoption is not permitted. In August 2015, the FASB issued an Accounting Standards Update to defer by one year the effective dates of its new revenue recognition standard until annual reporting periods beginning after December 15, 2017 (2018 for calendar-year public entities) and interim periods therein. This adoption will not have a material impact on our financial statements. In June 2014, the FASB issued ASU 2014-15, “Presentation of Financial Statements-Going concern (Subtopic 205-40) which provides guidance to an organization’s management, with principles and definitions that are intended to reduce diversity in the timing and content of disclosures that are commonly provided by organizations today in the financial statement footnotes. This guidance in ASU 2014-15 is effective for annual periods ending after December 15, 2016, and interim periods within annual periods beginning after December 15, 2016. Early application is permitted for annual or interim reporting periods for which the financial statements have not previously been issued. This adoption will not have a material impact on our financial statements. In February 2015, the FASB issued ASU 2015-02 “Consolidation (Topic 810): Amendments to the Consolidation Analysis.” ASU 2015-02 changes the analysis that a reporting entity must perform to determine whether it should consolidate certain types of legal entities. It is effective for annual reporting periods, and interim periods within those years, beginning after December 15, 2015. Early adoption is permitted, including adoption in an interim period. This adoption will not have a material impact on our financial statements. In July 2015, the FASB issued ASU 2015-11, Inventory, which requires an entity to measure inventory within the scope at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. The effective date for the standard is for fiscal years beginning after December 15, 2016. Early adoption is permitted. We will recognize our inventories at cost or net realisable value, whichever lower. In February 2016, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02, Leases (Topic 842). Under the new guidance, lessees will be required recognize the following for all leases (with the exception of short-term leases) at the commencement date: 1) A lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis; and 2) A right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. The new lease guidance simplified the accounting for sale and leaseback transactions primarily because lessees must recognize lease assets and lease liabilities. Lessees will no longer be provided with a source of off-balance sheet financing. The amendments in this ASU are effective for fiscal years beginning after December 15, 2019, including interim periods within those years. The Company is evaluating this ASU and has not determined the effect of this standard on its ongoing financial reporting. In January 2017, the FASB issued Accounting Standards Update No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business (ASU 2017-01), which revises the definition of a business and provides new guidance in evaluating when a set of transferred assets and activities is a business. We will adopt the new standard effective January 1, 2018, on a prospective basis and do not expect the standard to have a material impact on our consolidated financial statements. |
Amount Due from Stockholders
Amount Due from Stockholders | 6 Months Ended |
Jun. 30, 2019 | |
Related Party Transactions [Abstract] | |
Amount Due from Stockholders | 3. AMOUNT DUE FROM STOCKHOLDERS The amounts are unsecured, bear no interest and are payable on demand. |
Amount Due From_(to) Related Pa
Amount Due From/(to) Related Parties | 6 Months Ended |
Jun. 30, 2019 | |
Related Party Transactions [Abstract] | |
Amount Due From/(to) Related Parties | 4. AMOUNT DUE FROM/(TO) RELATED PARTIES The amounts are unsecured, bear no interest and are payable on demand. |
Amount Due from_(to) Directors
Amount Due from/(to) Directors | 6 Months Ended |
Jun. 30, 2019 | |
Related Party Transactions [Abstract] | |
Amount Due from/(to) Directors | 5. AMOUNT DUE FROM/(TO) DIRECTORS The amounts are unsecured, bear no interest and are payable on demand. |
Inventories
Inventories | 6 Months Ended |
Jun. 30, 2019 | |
Inventory Disclosure [Abstract] | |
Inventories | 6. INVENTORIES June 30, 2019 Dec 31, 2018 (Unaudited) (Audited) Finished goods, at cost $ 356,097 $ 443,597 Total inventories 356,097 443,597 |
Other Receivables, Deposits and
Other Receivables, Deposits and Prepayments | 6 Months Ended |
Jun. 30, 2019 | |
Other Receivables Deposits And Prepayments | |
Other Receivables, Deposits and Prepayments | 7. OTHER RECEIVABLES, DEPOSITS AND PREPAYMENTS June 30, 2019 Dec 31, 2018 (Unaudited) (Audited) Other receivables $ 8,182 $ 17,265 Deposits and Prepayment 28,342 26,484 36,524 43,749 |
Property, Plant and Equipment,
Property, Plant and Equipment, Net | 6 Months Ended |
Jun. 30, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment, Net | 8. PROPERTY, PLANT AND EQUIPMENT, NET Property, plant and equipment consisted of the following: June 30, 2019 Dec 31, 2018 (Unaudited) (Audited) Computer hardware $ 36,118 31,541 Furniture & fittings 104,956 104,670 Handphone 3,475 3,538 Landscape 3,437 3,501 Leasehold land and building 1,846,685 1,881,464 Machinery 98,825 93,608 Motor vehicle 197,995 200,945 Office equipment 52,138 52,430 Renovation 91,615 91,670 Signboard 4,596 4,655 Tools and equipment 4,300 4,308 2,444,140 2,472,330 (Less): Accumulated depreciation (299,504) (239,957) (Less): Foreign translation difference (418) (45,308) Property, plant and equipment, net $ 2,144,218 $ 2,187,065 Depreciation expense for the six months ended June 30, 2019 was $55,030. (December 31, 2018: $93,649) As at period ended June 30, 2019, the Company acquired motor vehicle under finance lease with a carrying value of $197,995. (Dec 31, 2018: $200,945) The leasehold land and building with carrying amount of $1,846,685 (December 31, 2018: $1,881,464) have been charged to licensed bank to secure banking facilities granted to the Company. |
Obligation Under Finance Lease
Obligation Under Finance Lease | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Obligation Under Finance Lease | 9. OBLIGATION UNDER FINANCE LEASE The Company purchased motor vehicles under finance leases agreement with the effective interest rate of 5.22% per annum (2018: 5.22% per annum), with principal and interest payable monthly. The obligation under the finance lease is as follows: June 30, 2019 Dec 31, 2018 (Unaudited) (Audited) Present value of hire purchase liabilities: $ $ Not later than one year 22,875 22,895 Later than one year but not later than two years 22,875 22,895 Later than two years but not later than five years 40,786 52,266 86,536 98,056 Analysed as: $ $ Current portion 22,876 22,895 Non-current portion 63,660 75,161 86,536 98,056 |
Bank Borrowings
Bank Borrowings | 6 Months Ended |
Jun. 30, 2019 | |
Debt Disclosure [Abstract] | |
Bank Borrowings | 10. BANK BORROWINGS June 30, 2019 Dec 31, 2018 (Unaudited) (Audited) Secured: - $ $ Bank overdraft 57,668 142,579 Term loan 613,488 628,394 671,156 770,972 Analysed as: $ $ Current portion 85,886 195,490 Non-current portion 585,270 575,482 671,156 770,972 The bank overdraft of the Company is secured by way of the following: a. A Facilities Agreement for US$377,277; b. Master Facility Agreement. c. Joint and Several Guarantee to be executed by the subsidiary directors of Bio Life Neutraceuticals Sdn Bhd. Interested charged on the bank overdraft is 4% (2018: 4%) above the bank base lending rate per annum. The term loan of the Company is secured by way of the following: a. A Facilities Agreement for US$1,705,086; b. Master Facility Agreement. c. Joint and Several Guarantee to be executed by the subsidiary directors of Bio Life Neutraceuticals Sdn Bhd. The term loan is payable by 240 monthly installments of US$4,492 each including interest, commencing from Oct 10, 2016 and subject to interest at 4% per annum flat. |
Other Payables and Accrued Liab
Other Payables and Accrued Liabilities | 6 Months Ended |
Jun. 30, 2019 | |
Payables and Accruals [Abstract] | |
Other Payables and Accrued Liabilities | 11. OTHER PAYBLES AND ACCRUED LIABILITIES June 30, 2019 Dec 31, 2018 (Unaudited) (Audited) Other payables generated from: $ $ Local Common outstanding from non-trade payable 14,855 87,595 Foreign, representing Malaysia Advance payment by payable - 5,249 Common outstanding from non-trade payable 91,551 31,923 Common outstanding from third parties 7,433 622 China Common outstanding from third parties 437 436 Hong Kong - - 114,276 125,825 Accrued other expenses Local - - Foreign, representing Malaysia Payroll 19,394 30,693 Payroll Deduction - 21,208 Professional Fee 483 3,142 Expenses 29,108 53,672 Others 69 China - - Hong Kong - - 49,054 108,715 Deposit received - Foreign, representing Malaysia 190,942 238,331 China - - Hong Kong - - 190,942 238,331 354,272 472,871 Other payable at June 30, 2019 total US$114,276 consisting of US$14,855 generated from local company of common outstanding from third parties. Other payable generated from foreign company representing Malaysia consisting US$91,551 of common outstanding from non-trade payable and US$7,433 of common outstanding from third parties. There is US$437 generated from China of common outstanding from third parties. Other payable at December 31, 2018 total US$125,825 consisting of US$87,595 generated from local company of common outstanding from third parties. Other payable generated from foreign company representing Malaysia consisting of US$5,249 of advance payment by payable, US$31,923 of common outstanding from non-trade payable and US$622 of common outstanding from third parties. There is US$436 generated from China of common outstanding from third parties. All the accrued other expenses generated from foreign company representing Malaysia. Accrued other expenses at June 30, 2019 total US$49,054 consisting of US$19,394 from payroll, US$483 from professional fee, US$29,108 from expenses and US$69 from others. All the accrued other expenses generated from foreign company representing Malaysia. Accrued other expenses at December 31, 2018 total US$108,715 consisting of US$30,693 from payroll, US$21,208 from payroll deduction, US$3,142 from professional fee and US$53,672 from expenses. Deposit received at June 30, 2019 and December 31, 2018 is US$190,942 and US$238,331 respectively. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 12. INCOME TAXES The (loss)/profit before taxes of the Company for the years ended June 30, 2019 and 2018 were comprised of the following: As of June 30, 2019 2018 Tax jurisdictions from: Local (26,069 ) $ (31,214 ) Foreign, representing: Malaysia (48,07 ) 9,162 Hong Kong (997 ) 20,989 China (1,013 ) (471 ) (Loss)/Profit before income tax (32,886 ) $ (1,534 ) The provision for income taxes consisted of the following: As of June 30, 2019 2018 Current Local $ - $ - Foreign, representing: Malaysia - - Hong Kong - - Deferred Local - - Foreign, representing: Malaysia - - Hong Kong - - - - 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 has subsidiaries that operate in various countries: United States, Hong Kong and Malaysia that are subject to taxes in the jurisdictions in which they operate, as follows: United States of America The Company is registered in the State of Nevada and is subject to the tax laws of the United States of America. As of June 30, 2019, the operations in the United States of America incurred $314,471 of cumulative net operating losses which can be carried forward to offset future taxable income. The net operating loss carry forwards begin to expire in 2038, if unutilized. The Company has provided for a full valuation allowance of $66,038 against the deferred tax assets on the expected future tax benefits from the net operating loss carry forwards as the management believes it is more likely than not that these assets will not be realized in the future. Malaysia Bio Life Holdings Berhad (“BLHB”) and Bio Life Neutraceuticals Sdn Bhd (“BLNSB”) are subject to the Malaysia Corporate Tax Laws at a progressive income tax rate starting from 18% to 24% on the assessable income for its tax year. Hong Kong Bioplus Life International Holdings Ltd is subject to Hong Kong Profits Tax, which is charged at the statutory income tax rate of 16.5% on its assessable income. China The Company is registered in the Shen Zhen and is subject to the China Corporate Tax, which is charged at the statutory income tax rate of 25% on its assessable income. |
Other Income
Other Income | 6 Months Ended |
Jun. 30, 2019 | |
Other Income and Expenses [Abstract] | |
Other Income | 13. OTHER INCOME June 30, 2019 June 30, 2018 (Unaudited) (Unaudited) Interest income $ - $ 13 Other income 77 89 Unrealized gain on foreign exchange 802 (8,481 ) Realized gain on foreign exchange 3,335 - 4,214 8,379 |
Related Parties Transactions
Related Parties Transactions | 6 Months Ended |
Jun. 30, 2019 | |
Related Party Transactions [Abstract] | |
Related Parties Transactions | 14. RELATED PARTIES TRANSACTIONS June 30, 2019 June 30, 2018 (Unaudited) (Unaudited) Transaction with company in which a shareholder has substantial financial interest: Sales $ $ Related Party A - 88,042 Purchases Related Party A - 458,837 i. Related party A, Dato’ Chong Khooi You, is the Director of the Company The related party transactions are generally transacted in an arm-length basis at the current market value in the normal course of business. |
Foreign Currency Exchange Rate
Foreign Currency Exchange Rate | 6 Months Ended |
Jun. 30, 2019 | |
Foreign Currency [Abstract] | |
Foreign Currency Exchange Rate | 15. FOREIGN CURRENCY EXCHANGE RATE The Company cannot guarantee that the current exchange rate will remain stable, therefore there is a possibility that the Company could post the same amount of income for two comparable periods and because of the fluctuating exchange rate post higher or lower income depending on exchange rate converted into US$ at the end of the financial year. The exchange rate could fluctuate depending on changes in political and economic environments without notice. |
Subsequent Event
Subsequent Event | 6 Months Ended |
Jun. 30, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Event | 16. SUBSEQUENT EVENT In accordance with ASC Topic 855, “Subsequent Events”, which establishes general standards of accounting for and disclosure of events that occur after the balance sheet date but before financial statements are issued, the Company has evaluated all events or transactions that occurred after June 30, 2019 up through the date the Company presented these audited financial statements. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation | ● Basis of presentation These accompanying financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“US GAAP”). |
Use of Estimates | ● Use of estimates In preparing these financial statements, management makes estimates and assumptions that affect the reported amounts of assets and liabilities in the balance sheets and revenues and expenses during the years reported. Actual results may differ from these estimates. |
Cash and Cash Equivalents | ● Cash and cash equivalents Cash and cash equivalents represent cash on hand, demand deposits placed with banks or other financial institutions and all highly liquid investments with an original maturity of six monthsor less as of the purchase date of such investments. |
Property, Plant and Equipment | ● Property, plant and equipment Property and plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses, if any. Depreciation is calculated on the straight-line basis to write off the cost over the following expected useful lives of the assets concerned. The principal annual rates used are as follows: Categories Principal Annual Rates/Expected Useful Life Computer hardware 20 % Furniture & fittings 10 % Handphone 20 % Landscape 20 % Leasehold land and building 99 years Machinery 10 % Motor vehicle 20 % Office equipment 10 % Renovation 20 % Signboard 10 % Tools and equipment 10 % Fully depreciated plant and equipment are retained in the financial statements until they are no longer in use. |
Inventories | ● Inventories Inventories consisting of products available for sell, are stated at the lower of cost or market value. Cost of inventory is determined using the first-in, first-out (FIFO) method. Inventory reserve is recorded to write down the cost of inventory to the estimated market value due to slow-moving merchandise and damaged goods, which is dependent upon factors such as historical and forecasted consumer demand, and promotional environment. The Company takes ownership, risks and rewards of the products purchased. Write downs are recorded in cost of revenues in the Condensed Statements of Operations and Comprehensive Income. |
Revenue Recognition | ● Revenue recognition Revenue recognized when it is probable that the economic benefits associated with the transaction will flow to the enterprise and the amount of the revenue can be measured reliably. Revenue is measured at the fair value of consideration received or receivable. a. Sales of goods or rendering of services An entity shall recognize revenue associated with the transaction by reference to the stage of completion of the transaction at the end of the reporting period. The outcome of a transaction can be estimated reliably when all the following conditions are satisfied: - i. The amount of revenue can be measured reliably; ii. It is probable that the economic benefits associated with the transaction will flow to the entity; iii. The stage of completion of the transaction at the end of the reporting period can be measured reliably; and iv. The costs incurred for the transaction and the costs to complete the transaction can be measured reliably. b. Interest income Interest is recognized on receipt basis. |
Cost of Revenues | ● Cost of revenues Cost of revenue includes the purchase cost of retail goods for re-sale to customers and packing materials (such as boxes). It excludes purchasing and receiving costs, inspection costs, warehousing costs, internal transfer costs and other costs of distribution network in cost of revenues. |
Shipping and Handling Fees | ● Shipping and handling fees Shipping and handling fees, if billed to customers, are included in revenue. Shipping ang handling fees associated with inbound and outbound freight are expensed as incurred and included in selling and distribution expenses. |
Comprehensive Income | ● Comprehensive income ASC Topic 220, “ Comprehensive Income |
Income Tax Expense | ● Income tax expense Income taxes are determined in accordance with the provisions of ASC Topic 740, “ Income Taxes ASC 740 prescribes a comprehensive model for how companies should recognize, measure, present, and disclosed in their financial statements uncertain tax positions taken or expected to be taken on a tax return. Under ASC 740, tax positions must initially be recognized in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions must initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts. The Company conducts major businesses in Malaysia and is subject to tax in their own 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. |
Foreign Currencies Translation | ● Foreign currencies translation Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded in the statement of operations. The functional currency of the Company is the United States Dollars (“US$”) and the accompanying financial statements have been expressed in US$. In addition, the Company maintains its books and record in a local currency, Malaysian Ringgit (“MYR” or “RM”), which is functional currency as being the primary currency of the economic environment in which the entity operates. In general, for consolidation purposes, assets and liabilities of its subsidiaries whose functional currency is not US$ are translated into US$, in accordance with ASC Topic 830-30, “ Translation of Financial Statement” Translation of amounts from the local currency of the Company into US$1 has been made at the following exchange rates for the respective years: Six months ended June 30, 2019 2018 Year-end MYR : US$1 exchange rate 4.1323 4.0405 Period average MYR : US$1 exchange rate 4.1191 3.9363 Year-end RMB : US$1 exchange rate 0.1457 0.1511 Period average RMB : US$1 exchange rate 0.1473 0.1570 |
Related Parties | ● Related parties Parties, which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Companies are also considered to be related if they are subject to common control or common significant influence. |
Fair Value of Financial Instruments | ● Fair value of financial instruments The carrying value of the Company’s financial instruments: cash and cash equivalents, trade receivable, deposits and other receivables, amount due to related parties and other payables approximate at their fair values because of the short-term nature of these financial instruments. The Company also follows the guidance of the ASC Topic 820-10, “ Fair Value Measurements and Disclosures ● Level 1 ● Level 2 ● Level 3 As of June 30, 2019, and 2018, the Company did not have any nonfinancial assets and liabilities that are recognized or disclosed at fair value in the financial statements, at least annually, on a recurring basis, nor did the Company have any assets or liabilities measured at fair value on a non-recurring basis. |
Recent Accounting Pronouncements | ● Recent accounting pronouncements In May 2014, the FASB issued Accounting Standards Update No. 2014-09, “Revenue from Contracts with Customers” (“ASU 2014-09”). ASU 2014-09 supersedes the revenue recognition requirements in “Revenue Recognition (Topic 605)”, and requires entities to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. ASU 2014-09 is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Early adoption is not permitted. In August 2015, the FASB issued an Accounting Standards Update to defer by one year the effective dates of its new revenue recognition standard until annual reporting periods beginning after December 15, 2017 (2018 for calendar-year public entities) and interim periods therein. This adoption will not have a material impact on our financial statements. In June 2014, the FASB issued ASU 2014-15, “Presentation of Financial Statements-Going concern (Subtopic 205-40) which provides guidance to an organization’s management, with principles and definitions that are intended to reduce diversity in the timing and content of disclosures that are commonly provided by organizations today in the financial statement footnotes. This guidance in ASU 2014-15 is effective for annual periods ending after December 15, 2016, and interim periods within annual periods beginning after December 15, 2016. Early application is permitted for annual or interim reporting periods for which the financial statements have not previously been issued. This adoption will not have a material impact on our financial statements. In February 2015, the FASB issued ASU 2015-02 “Consolidation (Topic 810): Amendments to the Consolidation Analysis.” ASU 2015-02 changes the analysis that a reporting entity must perform to determine whether it should consolidate certain types of legal entities. It is effective for annual reporting periods, and interim periods within those years, beginning after December 15, 2015. Early adoption is permitted, including adoption in an interim period. This adoption will not have a material impact on our financial statements. In July 2015, the FASB issued ASU 2015-11, Inventory, which requires an entity to measure inventory within the scope at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. The effective date for the standard is for fiscal years beginning after December 15, 2016. Early adoption is permitted. We will recognize our inventories at cost or net realisable value, whichever lower. In February 2016, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02, Leases (Topic 842). Under the new guidance, lessees will be required recognize the following for all leases (with the exception of short-term leases) at the commencement date: 1) A lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis; and 2) A right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. The new lease guidance simplified the accounting for sale and leaseback transactions primarily because lessees must recognize lease assets and lease liabilities. Lessees will no longer be provided with a source of off-balance sheet financing. The amendments in this ASU are effective for fiscal years beginning after December 15, 2019, including interim periods within those years. The Company is evaluating this ASU and has not determined the effect of this standard on its ongoing financial reporting. In January 2017, the FASB issued Accounting Standards Update No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business (ASU 2017-01), which revises the definition of a business and provides new guidance in evaluating when a set of transferred assets and activities is a business. We will adopt the new standard effective January 1, 2018, on a prospective basis and do not expect the standard to have a material impact on our consolidated financial statements. |
Organization and Business Bac_2
Organization and Business Background (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Subsidiaries Details | The Company, through its subsidiaries mainly an investment holding and supplies high quality health products. Details of the Company’s subsidiaries: No Company Name Place/Date of Incorporation Particulars of Issued Capital Principal Activities 1 Bioplus Life Corp. (Labuan) Malaysia, Labuan May 19, 2017 359,305,560 shares of Investment Holding 2 Bioplus Life International Holdings Ltd. Hong Kong June 20, 2017 1 shares of ordinary shares Investment Holding 3 Bio Life Holdings Berhad Malaysia May 19, 2016 107,992 shares of ordinary shares of RM1 each Investment Holding 4 Bio Life Neutraceuticals Sdn Bhd Malaysia, Selangor August 27, 2009 5,456,207 shares of ordinary shares of RM1 each Trading of Consumer Products |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Schedule of Property Plant and Equipment, Expected Useful Life | Property and plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses, if any. Depreciation is calculated on the straight-line basis to write off the cost over the following expected useful lives of the assets concerned. The principal annual rates used are as follows: Categories Principal Annual Rates/Expected Useful Life Computer hardware 20 % Furniture & fittings 10 % Handphone 20 % Landscape 20 % Leasehold land and building 99 years Machinery 10 % Motor vehicle 20 % Office equipment 10 % Renovation 20 % Signboard 10 % Tools and equipment 10 % |
Schedule of Exchange Rates | Translation of amounts from the local currency of the Company into US$1 has been made at the following exchange rates for the respective years: Six months ended June 30, 2019 2018 Year-end MYR : US$1 exchange rate 4.1323 4.0405 Period average MYR : US$1 exchange rate 4.1191 3.9363 Year-end RMB : US$1 exchange rate 0.1457 0.1511 Period average RMB : US$1 exchange rate 0.1473 0.1570 |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | June 30, 2019 Dec 31, 2018 (Unaudited) (Audited) Finished goods, at cost $ 356,097 $ 443,597 Total inventories 356,097 443,597 |
Other Receivables, Deposits a_2
Other Receivables, Deposits and Prepayments (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Other Receivables Deposits And Prepayments | |
Summary of Other Receivables, Deposits and Prepayments | June 30, 2019 Dec 31, 2018 (Unaudited) (Audited) Other receivables $ 8,182 $ 17,265 Deposits and Prepayment 28,342 26,484 36,524 43,749 |
Property, Plant and Equipment_2
Property, Plant and Equipment, Net (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | Property, plant and equipment consisted of the following: June 30, 2019 Dec 31, 2018 (Unaudited) (Audited) Computer hardware $ 36,118 31,541 Furniture & fittings 104,956 104,670 Handphone 3,475 3,538 Landscape 3,437 3,501 Leasehold land and building 1,846,685 1,881,464 Machinery 98,825 93,608 Motor vehicle 197,995 200,945 Office equipment 52,138 52,430 Renovation 91,615 91,670 Signboard 4,596 4,655 Tools and equipment 4,300 4,308 2,444,140 2,472,330 (Less): Accumulated depreciation (299,504) (239,957) (Less): Foreign translation difference (418) (45,308) Property, plant and equipment, net $ 2,144,218 $ 2,187,065 |
Obligation Under Finance Lease
Obligation Under Finance Lease (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Schedule of Obligation Under Finance Lease | The obligation under the finance lease is as follows: June 30, 2019 Dec 31, 2018 (Unaudited) (Audited) Present value of hire purchase liabilities: $ $ Not later than one year 22,875 22,895 Later than one year but not later than two years 22,875 22,895 Later than two years but not later than five years 40,786 52,266 86,536 98,056 Analysed as: $ $ Current portion 22,876 22,895 Non-current portion 63,660 75,161 86,536 98,056 |
Bank Borrowings (Tables)
Bank Borrowings (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Bank Borrowings | June 30, 2019 Dec 31, 2018 (Unaudited) (Audited) Secured: - $ $ Bank overdraft 57,668 142,579 Term loan 613,488 628,394 671,156 770,972 Analysed as: $ $ Current portion 85,886 195,490 Non-current portion 585,270 575,482 671,156 770,972 |
Other Payables and Accrued Li_2
Other Payables and Accrued Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Schedule of Other Payables and Accrued Liabilities | June 30, 2019 Dec 31, 2018 (Unaudited) (Audited) Other payables generated from: $ $ Local Common outstanding from non-trade payable 14,855 87,595 Foreign, representing Malaysia Advance payment by payable - 5,249 Common outstanding from non-trade payable 91,551 31,923 Common outstanding from third parties 7,433 622 China Common outstanding from third parties 437 436 Hong Kong - - 114,276 125,825 Accrued other expenses Local - - Foreign, representing Malaysia Payroll 19,394 30,693 Payroll Deduction - 21,208 Professional Fee 483 3,142 Expenses 29,108 53,672 Others 69 China - - Hong Kong - - 49,054 108,715 Deposit received - Foreign, representing Malaysia 190,942 238,331 China - - Hong Kong - - 190,942 238,331 354,272 472,871 |
Income Taxes (Tables)
Income Taxes (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Schedule of Profit or Loss Before Tax | The (loss)/profit before taxes of the Company for the years ended June 30, 2019 and 2018 were comprised of the following: As of June 30, 2019 2018 Tax jurisdictions from: Local (26,069 ) $ (31,214 ) Foreign, representing: Malaysia (48,07 ) 9,162 Hong Kong (997 ) 20,989 China (1,013 ) (471 ) (Loss)/Profit before income tax (32,886 ) $ (1,534 ) |
Schedule of Provision for Income Tax | The provision for income taxes consisted of the following: As of June 30, 2019 2018 Current Local $ - $ - Foreign, representing: Malaysia - - Hong Kong - - Deferred Local - - Foreign, representing: Malaysia - - Hong Kong - - - - |
Other Income (Tables)
Other Income (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Income | June 30, 2019 June 30, 2018 (Unaudited) (Unaudited) Interest income $ - $ 13 Other income 77 89 Unrealized gain on foreign exchange 802 (8,481 ) Realized gain on foreign exchange 3,335 - 4,214 8,379 |
Related Parties Transactions (T
Related Parties Transactions (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Related Party Transactions [Abstract] | |
Schedule of Related Parties Transactions | June 30, 2019 June 30, 2018 (Unaudited) (Unaudited) Transaction with company in which a shareholder has substantial financial interest: Sales $ $ Related Party A - 88,042 Purchases Related Party A - 458,837 i. Related party A, Dato’ Chong Khooi You, is the Director of the Company |
Organization and Business Bac_3
Organization and Business Background (Details Narrative) | Apr. 13, 2017 |
Bioplus Life Corp. (Labuan) [Member] | |
Equity interest, percentage | 100.00% |
Bioplus Life International Holdings Limited [Member] | Hong Kong [Member] | |
Equity interest, percentage | 100.00% |
Bio Life Holdings Berhad [Member] | |
Equity interest, percentage | 99.80% |
Bio Life Neutraceuticals Sdn Bhd [Member] | |
Equity interest, percentage | 100.00% |
Organization and Business Bac_4
Organization and Business Background - Schedule of Subsidiaries Details (Details) - $ / shares | 6 Months Ended | |
Jun. 30, 2019 | Dec. 31, 2018 | |
Ordinary shares, issued | 359,305,561 | 359,305,561 |
Bioplus Life Corp. (Labuan) [Member] | ||
Place of incorporation | Malaysia, Labuan | |
Date of incorporation | May 19, 2017 | |
Ordinary shares, issued | 359,305,560 | |
Ordinary shares, per share | $ 1 | |
Principal activities | Investment Holding | |
Bioplus Life International Holdings Limited [Member] | ||
Place of incorporation | Hong Kong | |
Date of incorporation | Jun. 20, 2017 | |
Ordinary shares, issued | 1 | |
Principal activities | Investment Holding | |
Bioplus Life International Holdings Limited [Member] | HK [Member] | ||
Ordinary shares, per share | $ 1 | |
Bio Life Holdings Berhad [Member] | ||
Place of incorporation | Malaysia | |
Date of incorporation | May 19, 2016 | |
Ordinary shares, issued | 107,992 | |
Principal activities | Investment Holding | |
Bio Life Holdings Berhad [Member] | RM [Member] | ||
Ordinary shares, per share | $ 1 | |
Bio Life Neutraceuticals Sdn Bhd [Member] | ||
Place of incorporation | Malaysia, Selangor | |
Date of incorporation | Aug. 27, 2009 | |
Ordinary shares, issued | 5,456,207 | |
Principal activities | Trading of Consumer Products | |
Bio Life Neutraceuticals Sdn Bhd [Member] | RM [Member] | ||
Ordinary shares, per share | $ 1 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details Narrative) | Jun. 30, 2019USD ($) |
Accounting Policies [Abstract] | |
Currency translation conversion | $ 1 |
Schedule of Property Plant and
Schedule of Property Plant and Equipment Principal Rates and Expected Useful LIfe (Details) | 6 Months Ended |
Jun. 30, 2019 | |
Computer Hardware [Member] | |
Principal annual rates | 20.00% |
Furniture & Fittings [Member] | |
Principal annual rates | 10.00% |
Handphone [Member] | |
Principal annual rates | 20.00% |
Landscape [Member] | |
Principal annual rates | 20.00% |
Leasehold Land and Building [Member] | |
Expected useful life | 99 years |
Machinery [Member] | |
Principal annual rates | 10.00% |
Motor Vehicle [Member] | |
Principal annual rates | 20.00% |
Office Equipment [Member] | |
Principal annual rates | 10.00% |
Renovation [Member] | |
Principal annual rates | 20.00% |
Signboard [Member] | |
Principal annual rates | 10.00% |
Tools and Equipment [Member] | |
Principal annual rates | 10.00% |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Schedule of Exchange Rates (Details) | Jun. 30, 2019 | Jun. 30, 2018 |
Year-End MYR [Member] | ||
Exchange rates | 4.1323 | 4.0405 |
Period Average MYR [Member] | ||
Exchange rates | 4.1191 | 3.9363 |
Year-End RMB [Member] | ||
Exchange rates | 0.1457 | 0.1511 |
Period Average RMB [Member] | ||
Exchange rates | 0.1473 | 0.1570 |
Inventories - Schedule of Inven
Inventories - Schedule of Inventories (Details) - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 |
Inventory Disclosure [Abstract] | ||
Finished goods, at cost | $ 356,097 | $ 443,597 |
Total inventories | $ 356,097 | $ 443,597 |
Other Receivables, Deposits a_3
Other Receivables, Deposits and Prepayments - Summary of Other Receivables, Deposits and Prepayments (Details) - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 |
Other Receivables Deposits And Prepayments - Summary Of Other Receivables Deposits And Prepayments | ||
Other receivables | $ 8,182 | $ 17,265 |
Deposits and Prepayment | 28,342 | 26,484 |
Other receivables, deposits and prepayments | $ 36,524 | $ 43,749 |
Property, Plant and Equipment_3
Property, Plant and Equipment, Net (Details Narrative) - USD ($) | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Depreciation expense | $ 55,030 | $ 43,627 | $ 93,649 |
Property, plant and equipment | 2,444,140 | 2,472,330 | |
Motor Vehicle [Member] | |||
Property, plant and equipment | 197,995 | 200,945 | |
Leasehold Land and Building [Member] | |||
Property, plant and equipment | $ 1,846,685 | $ 1,881,464 | $ 1,881,464 |
Property, Plant and Equipment_4
Property, Plant and Equipment, Net - Schedule of Property, Plant and Equipment (Details) - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 |
Property, plant and equipment | $ 2,444,140 | $ 2,472,330 | |
(Less): Accumulated depreciation | (299,504) | (239,957) | |
(Less): Foreign translation difference | (418) | (45,308) | |
Property, plant and equipment, net | 2,144,218 | 2,187,065 | |
Computer Hardware [Member] | |||
Property, plant and equipment | 36,118 | 31,541 | |
Furniture & Fittings [Member] | |||
Property, plant and equipment | 104,956 | 104,670 | |
Handphone [Member] | |||
Property, plant and equipment | 3,475 | 3,538 | |
Landscape [Member] | |||
Property, plant and equipment | 3,437 | 3,501 | |
Leasehold Land and Building [Member] | |||
Property, plant and equipment | 1,846,685 | 1,881,464 | $ 1,881,464 |
Machinery [Member] | |||
Property, plant and equipment | 98,825 | 93,608 | |
Motor Vehicle [Member] | |||
Property, plant and equipment | 197,995 | 200,945 | |
Office Equipment [Member] | |||
Property, plant and equipment | 52,138 | 52,430 | |
Renovation [Member] | |||
Property, plant and equipment | 91,615 | 91,670 | |
Signboard [Member] | |||
Property, plant and equipment | 4,596 | 4,655 | |
Tools and Equipment [Member] | |||
Property, plant and equipment | $ 4,300 | $ 4,308 |
Obligation Under Finance Leas_2
Obligation Under Finance Lease (Details Narrative) | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Motor Vehicle [Member] | Finance Leases Agreement [Member] | ||
Effective interest rate | 522.00% | 522.00% |
Obligation Under Finance Leas_3
Obligation Under Finance Lease - Schedule of Obligation Under Finance Lease (Details) - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 |
Leases [Abstract] | ||
Present value of hire purchase liabilities: Not later than one year | $ 22,875 | $ 22,895 |
Present value of hire purchase liabilities: Later than one year but not later than two years | 22,875 | 22,895 |
Present value of hire purchase liabilities: Later than two years but not later than five years | 40,786 | 52,266 |
Present value of hire purchase liabilities | 86,536 | 98,056 |
Current portion | 22,876 | 22,895 |
Non-current portion | 63,660 | 75,161 |
Lease liability | $ 86,536 | $ 98,056 |
Bank Borrowings (Details Narrat
Bank Borrowings (Details Narrative) - Facilities Agreement [Member] - USD ($) | Oct. 10, 2016 | Jun. 30, 2019 | Jun. 30, 2018 |
Bank Overdraft [Member] | |||
Secured facility | $ 377,277 | ||
Secured facility, description | Master Facility Agreement. Joint and Several Guarantee to be executed by the subsidiary directors of Bio Life Neutraceuticals Sdn Bhd. | ||
Secured facility, interest rate | 4.00% | 4.00% | |
Term Loan [Member] | |||
Secured facility | $ 1,705,086 | ||
Secured facility, description | Master Facility Agreement. Joint and Several Guarantee to be executed by the subsidiary directors of Bio Life Neutraceuticals Sdn Bhd. | ||
Secured facility, interest rate | 4.00% | ||
Secured facility, term | The term loan is payable by 240 monthly installments | ||
Secured facility, payment | $ 4,492 |
Bank Borrowings - Schedule of B
Bank Borrowings - Schedule of Bank Borrowings (Details) - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 |
Current portion | $ 85,886 | $ 195,490 |
Non-current portion | 585,270 | 575,482 |
Bank Borrowings | 671,156 | 770,972 |
Bank Overdrafts [Member] | ||
Bank Borrowings | 57,668 | 142,579 |
Term Loan [Member] | ||
Bank Borrowings | $ 613,488 | $ 628,394 |
Other Payables and Accrued Li_3
Other Payables and Accrued Liabilities (Details Narrative) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Other payables from non-trade payable | $ 114,276 | $ 125,825 |
Accrued other expenses | 49,054 | 108,715 |
Deposits received | 190,942 | 238,331 |
Malaysia [Member] | ||
Other payables from non-trade payable | 91,551 | 31,923 |
Advance payment by payables | 5,249 | |
Accrued expenses - payroll | 19,394 | 30,693 |
Accrued expenses - professional fees | 483 | 3,142 |
Accrued expenses - expenses | 29,108 | 53,672 |
Accrued expenses - other | 69 | |
Accrued expenses - payroll deductions | 21,208 | |
Third Party [Member] | ||
Other payables from non-trade payable | 14,855 | 87,595 |
Third Party [Member] | Malaysia [Member] | ||
Other payables from non-trade payable | 7,433 | 622 |
Deposits received | 190,942 | 238,331 |
Third Party [Member] | China [Member] | ||
Other payables from non-trade payable | 437 | 436 |
Accrued other expenses | ||
Deposits received |
Other Payables and Accrued Li_4
Other Payables and Accrued Liabilities - Schedule of Other Payables and Accrued Liabilities (Details) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Other payables from non-trade payable | $ 114,276 | $ 125,825 |
Accrued other expenses | 49,054 | 108,715 |
Deposits received | 190,942 | 238,331 |
Other payables and accrued liabilities | 354,272 | 472,871 |
Malaysia [Member] | ||
Other payables from non-trade payable | 91,551 | 31,923 |
Advance payment by payables | 5,249 | |
Accrued expenses - payroll | 19,394 | 30,693 |
Accrued expenses - payroll deduction | 21,208 | |
Accrued expenses - professional fee | 483 | 3,142 |
Accrued expenses - expense | 29,108 | 53,672 |
Accrued expenses - others | 69 | |
Third Party [Member] | ||
Other payables from non-trade payable | 14,855 | 87,595 |
Third Party [Member] | Malaysia [Member] | ||
Other payables from non-trade payable | 7,433 | 622 |
Deposits received | 190,942 | 238,331 |
Third Party [Member] | China [Member] | ||
Other payables from non-trade payable | 437 | 436 |
Accrued other expenses | ||
Deposits received | ||
Third Party [Member] | Hong Kong [Member] | ||
Other payables from non-trade payable | ||
Accrued other expenses | ||
Deposits received |
Income Taxes (Details Narrative
Income Taxes (Details Narrative) | 6 Months Ended |
Jun. 30, 2019USD ($) | |
United States of America [Member] | |
Cumulative net operating loss | $ 314,471 |
Net operating loss carryforward expiration | begin to expire in 2038 |
Valuation allowance | $ 66,038 |
Malaysia [Member] | Minimum [Member] | |
Income tax rate, percentage | 18.00% |
Malaysia [Member] | Maximum [Member] | |
Income tax rate, percentage | 24.00% |
Hong Kong [Member] | |
Income tax rate, percentage | 16.50% |
China [Member] | |
Income tax rate, percentage | 25.00% |
Income Taxes - Schedule of Prof
Income Taxes - Schedule of Profit or Loss Before Tax (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Tax jurisdictions from: Local | $ (26,069) | $ (31,214) |
(Loss)/Profit before income tax | (32,886) | (1,534) |
Malaysia [Member] | ||
Tax jurisdictions from: Foreign, representing | (4,807) | 9,162 |
Hong Kong [Member] | ||
Tax jurisdictions from: Foreign, representing | (997) | 20,989 |
China [Member] | ||
Tax jurisdictions from: Foreign, representing | $ (1,013) | $ (471) |
Income Taxes - Schedule of Prov
Income Taxes - Schedule of Provision for Income Tax (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Current Local | ||||
Deferred Local | ||||
Provision for income taxes | $ 0 | $ 0 | 0 | 0 |
Malaysia [Member] | ||||
Current Foreign, representing | ||||
Deferred Foreign, representing | ||||
Hong Kong [Member] | ||||
Current Foreign, representing | ||||
Deferred Foreign, representing |
Other Income - Schedule of Othe
Other Income - Schedule of Other Income (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Other Income and Expenses [Abstract] | ||||
Interest income | $ 13 | |||
Other income | 77 | 89 | ||
Unrealized gain on foreign exchange | 802 | (8,481) | ||
Realized gain on foreign exchange | 3,335 | |||
Other income | $ 2,580 | $ (1,754) | $ 4,214 | $ (8,379) |
Related Parties Transactions (D
Related Parties Transactions (Details Narrative) | Jun. 30, 2019 |
Related Party B [Member] | |
Ownership percentage | 4.62% |
Related Parties Transactions -
Related Parties Transactions - Schedule of Related Parties Transactions (Details) - Related Party A [Member] - USD ($) | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Sales | $ 88,042 | |
Purchases | $ 458,837 |