Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | May 26, 2020 | Jun. 28, 2019 | |
Document And Entity Information | |||
Entity Registrant Name | BIOPLUS LIFE CORP. | ||
Entity Central Index Key | 0001746214 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2019 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
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 Public Float | $ 0 | ||
Entity Common Stock, Shares Outstanding | 362,905,561 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2019 |
Consolidated Balance Sheet
Consolidated Balance Sheet - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and bank balances | $ 210,740 | $ 398,133 |
Account receivables | 308,688 | 363,950 |
Income tax receivables | 7,675 | |
Amount due from related parties | 19,771 | 31,007 |
Amount due from directors | 5,821 | 3,567 |
Inventories | 303,954 | 443,597 |
Other receivables, deposits and prepayments | 133,060 | 43,749 |
Total current assets | 989,709 | 1,284,003 |
Non-current assets: | ||
Property, plant and equipment, net | 2,217,247 | 2,187,065 |
TOTAL ASSETS | 3,206,956 | 3,471,068 |
Current liabilities: | ||
Account payables | 48,298 | 190,967 |
Obligation under finance lease | 33,343 | 22,895 |
Bank borrowings | 195,027 | 195,490 |
Amount due to related parties | 71,014 | |
Other payables and accrued liabilities | 494,045 | 472,871 |
Provision for taxation | 3,604 | 14,354 |
Amount due to directors | 8,489 | 8,761 |
Total current liabilities | 782,806 | 976,352 |
Non-current liabilities: | ||
Obligation under finance lease | 92,133 | 75,161 |
Bank borrowings | 553,144 | 575,482 |
Deferred taxation | 42,631 | 47,341 |
Total non-current liabilities | 687,908 | 697,984 |
TOTAL LIABILITIES | 1,470,714 | 1,674,336 |
Stockholders' equity: | ||
Common stock, par value $0.0001: 359,305,561 and 359,305,561 shares issued and outstanding as of Dec 31, 2019, and Dec 31, 2018, respectively | 35,931 | 35,931 |
Additional paid up share capital | 1,998,870 | 1,998,870 |
Accumulated loss | (216,550) | (123,358) |
Other comprehensive loss | (82,009) | (114,711) |
Total stockholders' equity | 1,736,242 | 1,796,732 |
TOTAL LIABILITIES AND STOCKHOLDERS EQUITY | $ 3,206,956 | $ 3,471,068 |
Consolidated Balance Sheet (Par
Consolidated Balance Sheet (Parenthetical) - $ / shares | Dec. 31, 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 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Profit/ (Loss) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Income Statement [Abstract] | ||
Revenues, net | $ 1,722,209 | $ 2,470,492 |
Cost of revenues | (914,739) | (1,311,646) |
Gross profit | 807,470 | 1,158,846 |
Other income | 21,143 | 3,540 |
Operating expenses: | ||
General and operating expenses | (855,274) | (1,154,532) |
Finance cost | (33,242) | (35,879) |
Total expenses | (888,516) | (1,190,411) |
Loss from operations | (59,903) | (28,025) |
Income tax expense | (33,289) | (82,319) |
NET (LOSS)/ PROFIT | (93,192) | (110,344) |
Other comprehensive expense: | ||
- Foreign currency translation profit/(loss) | 32,702 | (95,519) |
COMPREHENSIVE LOSS | $ (60,490) | $ (205,863) |
Earnings per share | ||
Weighted average number of common shares outstanding -Basic and diluted | 359,305,561 | 358,787,945 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - 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 | $ 35,736 | $ 1,414,065 | $ (13,014) | $ (19,192) | $ 1,417,595 |
Balance, shares at Dec. 31, 2017 | 357,355,561 | ||||
Issued shares | $ 195 | 584,805 | 585,000 | ||
Issued shares, shares | 1,950,000 | ||||
Net loss for the year | (110,344) | (110,344) | |||
Foreign currency translation differences | (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 | (93,192) | (93,192) | |||
Foreign currency translation differences | 32,702 | 32,702 | |||
Balance at Dec. 31, 2019 | $ 35,931 | $ 1,998,870 | $ (216,550) | $ (82,009) | $ 1,736,242 |
Balance, shares at Dec. 31, 2019 | 359,305,561 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Cash flows from operating activities: | ||
Net loss | $ (93,192) | $ (110,344) |
Income tax expense | 33,289 | 82,319 |
Loss from operations | (59,903) | (28,025) |
Adjustments to reconcile net profit to net cash used in operating activities: | ||
Depreciation of property, plant and equipment | 107,216 | 93,649 |
Loss on disposal of property, plant and equipment | ||
Interest expenses | 33,242 | 35,879 |
Operating profit before working capital changes | 80,555 | 101,503 |
Changes in operating assets and liabilities: | ||
Inventories | 139,643 | (410,470) |
Account receivables | 55,262 | (158,865) |
Other receivables, deposits and prepayments | (77,716) | 79,330 |
Amount due from related parties | (59,778) | 246,915 |
Amount due from directors | (2,527) | (219,076) |
Amount due from stockholders | 47,100 | |
Account payable | (142,669) | 78,346 |
Other payables and accrued liabilities | (82,825) | 104,728 |
Cash used in operating activities | (90,055) | (130,489) |
Tax refunded | 1,963 | 11,926 |
Tax paid | (58,753) | (27,890) |
Net cash used in operating activities | (146,845) | (146,453) |
Cash flows from investing activities: | ||
Purchase of property, plant and equipment | (58,557) | (205,276) |
Net cash used in investing activities | (58,557) | (205,276) |
Cash flows from financing activities: | ||
Proceed from issued shares | 585,000 | |
Interest expenses | (33,242) | (35,879) |
Share subscription receipts | 104,000 | |
Acquisition of hire purchase | 40,685 | |
Repayment of term loan borrowing | (21,743) | (39,445) |
Repayment of hire purchase borrowing | (28,193) | (26,519) |
Net cash generated from financing activities | 20,822 | 523,842 |
Foreign currency translation adjustment | (1,754) | (91,632) |
NET CHANGE IN CASH AND CASH EQUIVALENTS | (186,334) | 80,481 |
CASH AND CASH EQUIVALENTS, BEGINNING OF FINANCIAL YEAR | 255,554 | 175,073 |
CASH AND CASH EQUIVALENTS, END OF FINANCIAL YEAR | 69,220 | 255,554 |
CASH AND CASH EQUIVALENTS INFORMATION: | ||
Cash and bank balance | 210,740 | 398,133 |
Bank overdraft | (141,520) | (142,579) |
Cash and cash equivalents, end of financial year | $ 69,220 | $ 255,554 |
Organization and Business Backg
Organization and Business Background | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Business Background | NOTE 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 100 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 Going Concern The Company’s financial statements are prepared using generally accepted accounting principles in the United States of America applicable to a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The continuation of the Company as a going concern is dependent upon the continued financial support from its shareholders and affiliates, the ability of the Company to obtain necessary financing to continue operations, and the attainment of profitable operations. The Company recorded a total comprehensive loss of $60,490 for the year ended December 31, 2019 and recorded an accumulated deficit of $216,550 as of December 31, 2019. Chong Khooi You, President/CEO, a major shareholder of the Company undertakes the financials support for year 2020 if any shortfall in cash flow. In this respect, Company has the ability to continue as a going concern, if the Company is unable to obtain adequate capital. The accompanying financial statements do not include any adjustments to reflect the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 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 three months or 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 and 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: As of and for the year ended December 31, 2019 2018 Year-end MYR : US$1 exchange rate 4.0925 4.1385 Yearly average MYR : US$1 exchange rate 4.1427 4.0352 Year-end US$1 : RMB exchange rate 0.1436 0.1454 Yearly average US$1 : RMB exchange rate 0.1448 0.1514 ● 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 December 31, 2019, and 2018, the Company did not have any non financial 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 Management has considered all recent accounting pronouncements issued since the last audit of our financial statements. The Company’s management believes that these recent pronouncements will not have a material effect on the Company’s financial statements. |
Amount Due From_(To) Related Pa
Amount Due From/(To) Related Parties | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
Amount Due From/(To) Related Parties | 3. 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 | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
Amount Due From/(To) Directors | 4. AMOUNT DUE FROM/(TO) DIRECTORS The amounts are unsecured, bear no interest and are payable on demand. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2019 | |
Inventory Disclosure [Abstract] | |
Inventories | 5. INVENTORIES As at December 31, 2019 2018 Finished goods, at cost $ 303,954 $ 443,597 Total inventories 303,954 443,597 |
Other Receivables, Deposits and
Other Receivables, Deposits and Prepayments | 12 Months Ended |
Dec. 31, 2019 | |
Other Receivables Deposits And Prepayments | |
Other Receivables, Deposits and Prepayments | 6. OTHER RECEIVABLES, DEPOSITS AND PREPAYMENTS As at December 31, 2019 2018 Other receivables $ 9,981 $ 17,265 Deposits 7.1 63,308 14,889 Prepayments 7.2 59,771 11,595 133,060 43,749 7.1 Included in deposits is an amount of $ 48,371 (2018: $ 14,889) representing deposits paid for rental of hostels and various utilities. 7.2 Included in prepayments is an amount of $ 58,705 (2018: $ Nil) representing advanced payments made to suppliers for purchase of manufacturing materials. |
Property, Plant and Equipment,
Property, Plant and Equipment, Net | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment, Net | 7. PROPERTY, PLANT AND EQUIPMENT, NET Property, plant and equipment consisted of the following: As of December 31, 2019 2018 Computer hardware $ 32,814 31,541 Furniture & fittings 106,945 104,670 Handphone 3,514 3,538 Landscape 3,475 3,501 Leasehold land and building 1,872,476 1,881,464 Machinery 119,413 93,608 Motor vehicle 243,630 200,945 Office equipment 52,725 52,430 Renovation 92,646 91,670 Signboard 4,648 4,655 Tools and equipment 4,348 4,308 2,536,634 2,472,330 (Less): Accumulated depreciation (315,762 ) (239,957 ) (Less): Foreign translation difference (3,625 ) (45,308 ) Property, plant and equipment, net $ 2,217,247 $ 2,187,065 Depreciation expense for the year ended December 31, 2019 and December 31, 2018 were $107,216 and $93,649, respectively. As of December 31, 2019, and December 31, 2018 the Company acquired motor vehicles under finance leases with carrying value of $129,925 and $84,170, respectively. The leasehold land and building with carrying amount of $1,797,002 (2017: $1,790,737) have been charged to licensed bank to secure banking facilities granted to the Company. |
Obligation Under Finance Lease
Obligation Under Finance Lease | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Obligation Under Finance Lease | 8. OBLIGATION UNDER FINANCE LEASE The Company purchased motor vehicles under finance lease agreements with the effective interest rate of 2.48% - 4.31% per annum (2018: 5.22% per annum), with principal and interest payable monthly. The obligation under the finance leases are as follows: As at December 31, 2019 2018 Present value of hire purchase liabilities: $ $ Not later than one year 33,343 22,895 Later than one year but not later than two years 32,496 22,895 Later than two years but not later than five years 59,637 52,266 125,476 98,056 Analyzed as: $ $ Current portion 33,343 22,895 Non-current portion 92,133 75,161 125,476 98,056 |
Bank Borrowings
Bank Borrowings | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Bank Borrowings | 9. BANK BORROWINGS As at December 31, 2019 2018 Secured: - $ $ Bank overdraft 141,520 142,579 Term loan 606,651 628,393 748,171 770,972 Analyzed as: $ $ Current portion 195,027 195,490 Non-current portion 553,144 575,482 748,171 770,972 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 | 12 Months Ended |
Dec. 31, 2019 | |
Payables and Accruals [Abstract] | |
Other Payables and Accrued Liabilities | 10. OTHER PAYABLES AND ACCRUED LIABILITIES As at December 31, 2019 2018 Other payables generated from: $ $ Local 41,645 87,595 Foreign, representing: Malaysia Advance payment by payable 19,628 5,249 Common outstanding from non-trade payable 17,482 31,923 Common outstanding from third parties 1,004 622 Common outstanding from third parties 861 436 81,620 125,825 Accrued other expenses Local - Foreign, representing: Malaysia Balance bring forward - Payroll 18,550 30,693 Payroll deduction 7,873 21,208 Professional Fee 11,499 3,142 Commission 43,563 51,890 Expenses 1,157 1,782 82,642 108,715 Hong Kong - Deposit received from customers 226,783 238,331 Share subscription receipts in advance 104,000 - 495,045 472,871 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 11. INCOME TAXES As of December 31, 2019 2018 Tax jurisdictions from: Local $ (114,572 ) $ (183,402 ) Foreign, representing: Malaysia 59,809 138,986 Hong Kong (2,014 ) 20,013 China (3,126 ) (3,622 ) Loss before income tax $ (59,903 ) $ (28,025 ) The provision for income taxes consisted of the following: As of December 31, 2019 2018 Tax expense - Current Local $ - $ - Foreign, representing: Malaysia 33,573 31,376 Hong Kong - 3,602 Tax expense – Prior year Foreign, representing: Malaysia 4,895 - Deferred Local - - Foreign, representing: Malaysia (5,179 ) 47,341 Hong Kong - - 33,289 82,319 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 December 31, 2019, the operations in the United States of America incurred $114,572 (2018: $183,402) 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 2039 (2018: 2038), if unutilized. The Company has provided for a full valuation allowance of $24,060 (2018: $38,515) 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 tax rate of 24% on the assessable income for its tax year. A reconciliation of income (loss) before income taxes to the effective tax rate as follows: As of December 31, 2019 2018 Subsidiaries with operating income before income tax $ 59,809 $ 138,986 Statutory income tax rate 24 % 24 % Income tax at Malaysia statutory income tax rate 14,354 29,436 Tax effect of non-deductible expenses 32,041 45,101 Tax effect on utilization of capital allowance (12,822 ) (29,881 ) Tax effect arise from temporary difference (5,179 ) 34,061 Under provision in prior year 4,895 - Income tax expense 33,289 78,717 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. As of December 31, 2019 2018 Subsidiaries with operating (loss)/income before income tax (2,014 ) 20,013 Income tax at Hong Kong statutory income tax rate 16.5% (332 ) 3,302 Tax effect of non-deductible expenses 332 300 Income tax expenses - 3,602 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. The following table sets forth the significant components of the aggregate deferred tax assets/(liabilities) of the Company as of December 31, 2019: As of December 31, 2019 2018 Deferred tax assets/(liabilities): Net operating loss carry forwards Local 24,060 38,515 Foreign - Malaysia (42,631 ) (47,341 ) - Hong Kong - - (18,571 ) (8,826 ) Less: valuation allowance (24,060 ) (38,515 ) Deferred tax liabilities (42,631 ) (47,341 ) |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Stockholders' Equity | 12. STOCKHOLDERS’ EQUITY During the year, the Company has issued the following ordinary shares: Number of ordinary shares As at December 31, 2019 2018 2019 2018 Units Units USD USD Issued and fully paid: $ $ At the beginning of the year 359,305,561 357,355,561 2,034,801 1,449,801 Issued during the year - 1,950,000 - 585,000 At the end of the year 359,305,561 359,305,561 2,034,801 2,034,801 As of January 1, 2017 , the Company had 1,006,882 ordinary shares issued and fully paid arise from transaction accounted for entities from Malaysia under common control in which the assets, liabilities, revenues and expenses were carried over to and combined at historical cost, and as if the transfer occurred at the beginning of the period. Prior periods have been retrospectively adjusted to furnish comparative information. Pursuant to the Companies Act 2016 in Malaysia, effective from 31 January 2017, the concept of authorized share capital and par value has been abolished. Amount standing to the credit of premium account/capital redemption reserve are transferred to share capital as at that date. Ordinary shares of the Company have no par value During the year ended December 31, 2017, entities from Malaysia under common control have issued 101,110 ordinary shares for additional working capital of $206,481. On April 13, 2017, the Company issued 100,000 shares of restricted common stock, each with a par value of $0.0001 per share, to Mr. Chong Khooi You for initial working capital of $10. On July 20, 2017, the Company issued 280,000,000 shares of restricted common stock to Mr. Chong Khooi You, each with a par value of $0.0001 per share, for additional working capital of $28,000. On August 17, 2017, the Company issued 35,000,000 and 17,500,000 shares of restricted common stock to Greenpro Asia Strategic SPC and Greenpro Venture Capital Limited respectively, each with a par value of $0.0001 per share, for additional working capital of $5,250. On August 21, 2017, the Company issued 17,500,000 shares of restricted common stock to Bio Life Distribution Sdn Bhd, each with a par value of $0.0001 per share, for additional working capital of $1,750. Between September 25, 2017 and October 16, 2017, the Company sold shares to 125 shareholders, all of whom reside in Malaysia. A total of 6,978,561 shares of restricted common stock were sold at a price of $0.01 per share. The total proceeds to the Company amounted to a total of $69,824. From December 4, 2017 to December 5, 2017, the Company sold shares to 6 shareholders, all of whom reside in Malaysia. A total of 277,000 shares of restricted common stock were sold at a price of $0.30 per share. The total proceeds to the Company amounted to a total of $83,100. From January 3, 2018 to May 30, 2018 the Company sold shares to 28 shareholders, all of whom reside in Malaysia. A total of 1,950,000 shares of restricted common stock were sold at a price of $0.30 per share. The total proceeds to the Company amounted to a total of $585,000. As of December 31, 2019, Bioplus Life Corp has an issued and outstanding common share of 359,305,561. |
Other Income
Other Income | 12 Months Ended |
Dec. 31, 2019 | |
Other Income and Expenses [Abstract] | |
Other Income | 13. OTHER INCOME As of December 31, 2019 2018 Interest income $ 21 $ 25 Other income 62 288 Unrealized gain on foreign exchange 7,059 3,227 Gain on disposal of motor vehicles 14,001 - 21,143 3,540 |
Related Parties Transactions
Related Parties Transactions | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
Related Parties Transactions | 14. RELATED PARTIES TRANSACTIONS As of December 31, 2019 2018 Transaction with company in which a shareholder has substantial financial interest: Sales to: $ $ GO3U Trading Sdn. Bhd. 118,259 - Bio Life Solution Sdn. Bhd. - 379,015 D and L Wellness Sdn. Bhd. 72 - Purchases from Bio Life Solution Sdn Bhd. Purchases 412,459 1,346,215 Packaging charges 126,205 - Lab tests 5,770 - i. Related party A, Choong Khooi You, is a third party who is a director of Bio Life Solution Sdn Bhd. 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 | 12 Months Ended |
Dec. 31, 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 Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | 16. SUBSEQUENT EVENTS 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 December 31, 2019 up through the date March 27, 2020 was the Company presented these audited consolidated financial statements. During the period, the Company did not have any material recognizable subsequent events except for issuance of additional 3,600,000 units of common stock representing 0.992% of enlarged issued and outstanding common stock of the Company. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 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 three months or 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 and 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: As of and for the year ended December 31, 2019 2018 Year-end MYR : US$1 exchange rate 4.0925 4.1385 Yearly average MYR : US$1 exchange rate 4.1427 4.0352 Year-end US$1 : RMB exchange rate 0.1436 0.1454 Yearly average US$1 : RMB exchange rate 0.1448 0.1514 |
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 December 31, 2019, and 2018, the Company did not have any non financial 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 Management has considered all recent accounting pronouncements issued since the last audit of our financial statements. The Company’s management believes that these recent pronouncements will not have a material effect on the Company’s financial statements. |
Organization and Business Bac_2
Organization and Business Background (Tables) | 12 Months Ended |
Dec. 31, 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 100 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) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Schedule of Property Plant and Equipment, Principal Annual Rates/Expected Useful Life | 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: As of and for the year ended December 31, 2019 2018 Year-end MYR : US$1 exchange rate 4.0925 4.1385 Yearly average MYR : US$1 exchange rate 4.1427 4.0352 Year-end US$1 : RMB exchange rate 0.1436 0.1454 Yearly average US$1 : RMB exchange rate 0.1448 0.1514 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | As at December 31, 2019 2018 Finished goods, at cost $ 303,954 $ 443,597 Total inventories 303,954 443,597 |
Other Receivables, Deposits a_2
Other Receivables, Deposits and Prepayments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Other Receivables Deposits And Prepayments | |
Summary of Other Receivables, Deposits and Prepayments | As at December 31, 2019 2018 Other receivables $ 9,981 $ 17,265 Deposits 7.1 63,308 14,889 Prepayments 7.2 59,771 11,595 133,060 43,749 7.1 Included in deposits is an amount of $ 48,371 (2018: $ 14,889) representing deposits paid for rental of hostels and various utilities. 7.2 Included in prepayments is an amount of $ 58,705 (2018: $ Nil) representing advanced payments made to suppliers for purchase of manufacturing materials. |
Property, Plant and Equipment_2
Property, Plant and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | Property, plant and equipment consisted of the following: As of December 31, 2019 2018 Computer hardware $ 32,814 31,541 Furniture & fittings 106,945 104,670 Handphone 3,514 3,538 Landscape 3,475 3,501 Leasehold land and building 1,872,476 1,881,464 Machinery 119,413 93,608 Motor vehicle 243,630 200,945 Office equipment 52,725 52,430 Renovation 92,646 91,670 Signboard 4,648 4,655 Tools and equipment 4,348 4,308 2,536,634 2,472,330 (Less): Accumulated depreciation (315,762 ) (239,957 ) (Less): Foreign translation difference (3,625 ) (45,308 ) Property, plant and equipment, net $ 2,217,247 $ 2,187,065 |
Obligation Under Finance Lease
Obligation Under Finance Lease (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Schedule of Obligation Under Finance Lease | The obligation under the finance leases are as follows: As at December 31, 2019 2018 Present value of hire purchase liabilities: $ $ Not later than one year 33,343 22,895 Later than one year but not later than two years 32,496 22,895 Later than two years but not later than five years 59,637 52,266 125,476 98,056 Analyzed as: $ $ Current portion 33,343 22,895 Non-current portion 92,133 75,161 125,476 98,056 |
Bank Borrowings (Tables)
Bank Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Bank Borrowings | As at December 31, 2019 2018 Secured: - $ $ Bank overdraft 141,520 142,579 Term loan 606,651 628,393 748,171 770,972 Analyzed as: $ $ Current portion 195,027 195,490 Non-current portion 553,144 575,482 748,171 770,972 |
Other Payables and Accrued Li_2
Other Payables and Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Payables and Accruals [Abstract] | |
Schedule of Other Payables and Accrued Liabilities | As at December 31, 2019 2018 Other payables generated from: $ $ Local 41,645 87,595 Foreign, representing: Malaysia Advance payment by payable 19,628 5,249 Common outstanding from non-trade payable 17,482 31,923 Common outstanding from third parties 1,004 622 Common outstanding from third parties 861 436 81,620 125,825 Accrued other expenses Local - Foreign, representing: Malaysia Balance bring forward - Payroll 18,550 30,693 Payroll deduction 7,873 21,208 Professional Fee 11,499 3,142 Commission 43,563 51,890 Expenses 1,157 1,782 82,642 108,715 Hong Kong - Deposit received from customers 226,783 238,331 Share subscription receipts in advance 104,000 - 495,045 472,871 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Schedule of Profit or Loss Before Tax | As of December 31, 2019 2018 Tax jurisdictions from: Local $ (114,572 ) $ (183,402 ) Foreign, representing: Malaysia 59,809 138,986 Hong Kong (2,014 ) 20,013 China (3,126 ) (3,622 ) Loss before income tax $ (59,903 ) $ (28,025 ) |
Schedule of Provision for Income Tax | The provision for income taxes consisted of the following: As of December 31, 2019 2018 Tax expense - Current Local $ - $ - Foreign, representing: Malaysia 33,573 31,376 Hong Kong - 3,602 Tax expense – Prior year Foreign, representing: Malaysia 4,895 - Deferred Local - - Foreign, representing: Malaysia (5,179 ) 47,341 Hong Kong - - 33,289 82,319 |
Malaysia [Member] | |
Schedule of Reconciliation of Income (loss) Before Income Taxes | A reconciliation of income (loss) before income taxes to the effective tax rate as follows: As of December 31, 2019 2018 Subsidiaries with operating income before income tax $ 59,809 $ 138,986 Statutory income tax rate 24 % 24 % Income tax at Malaysia statutory income tax rate 14,354 29,436 Tax effect of non-deductible expenses 32,041 45,101 Tax effect on utilization of capital allowance (12,822 ) (29,881 ) Tax effect arise from temporary difference (5,179 ) 34,061 Under provision in prior year 4,895 - Income tax expense 33,289 78,717 |
Hong Kong [Member] | |
Schedule of Reconciliation of Income (loss) Before Income Taxes | 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. As of December 31, 2019 2018 Subsidiaries with operating (loss)/income before income tax (2,014 ) 20,013 Income tax at Hong Kong statutory income tax rate 16.5% (332 ) 3,302 Tax effect of non-deductible expenses 332 300 Income tax expenses - 3,602 |
China [Member] | |
Schedule of Deferred Tax Assets/Liabilities | The following table sets forth the significant components of the aggregate deferred tax assets/(liabilities) of the Company as of December 31, 2019: As of December 31, 2019 2018 Deferred tax assets/(liabilities): Net operating loss carry forwards Local 24,060 38,515 Foreign - Malaysia (42,631 ) (47,341 ) - Hong Kong - - (18,571 ) (8,826 ) Less: valuation allowance (24,060 ) (38,515 ) Deferred tax liabilities (42,631 ) (47,341 ) |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Schedule of Stockholders' Equity | During the year, the Company has issued the following ordinary shares: Number of ordinary shares As at December 31, 2019 2018 2019 2018 Units Units USD USD Issued and fully paid: $ $ At the beginning of the year 359,305,561 357,355,561 2,034,801 1,449,801 Issued during the year - 1,950,000 - 585,000 At the end of the year 359,305,561 359,305,561 2,034,801 2,034,801 |
Other Income (Tables)
Other Income (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Income | As of December 31, 2019 2018 Interest income $ 21 $ 25 Other income 62 288 Unrealized gain on foreign exchange 7,059 3,227 Gain on disposal of motor vehicles 14,001 - 21,143 3,540 |
Related Parties Transactions (T
Related Parties Transactions (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
Schedule of Related Parties Transactions | As of December 31, 2019 2018 Transaction with company in which a shareholder has substantial financial interest: Sales to: $ $ GO3U Trading Sdn. Bhd. 118,259 - Bio Life Solution Sdn. Bhd. - 379,015 D and L Wellness Sdn. Bhd. 72 - Purchases from Bio Life Solution Sdn Bhd. Purchases 412,459 1,346,215 Packaging charges 126,205 - Lab tests 5,770 - i. Related party A, Choong Khooi You, is a third party who is a director of Bio Life Solution Sdn Bhd. |
Organization and Business Bac_3
Organization and Business Background (Details Narrative) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Apr. 13, 2017 | |
Total comprehensive loss | $ (60,490) | $ (205,863) | |
Accumulated deficit | $ (216,550) | $ (123,358) | |
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 | 12 Months Ended | |
Dec. 31, 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 | 100 | |
Ordinary shares, per share | $ 1 | |
Principal activities | Investment Holding | |
Bioplus Life International Holdings Ltd. [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) | Dec. 31, 2019USD ($) |
Accounting Policies [Abstract] | |
Currency translation conversion | $ 1 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Schedule of Property Plant and Equipment, Principal Annual Rates/Expected Useful Life (Details) | 12 Months Ended |
Dec. 31, 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_6
Summary of Significant Accounting Policies - Schedule of Exchange Rates (Details) | Dec. 31, 2019 | Dec. 31, 2018 |
Year-End MYR [Member] | ||
Exchange rates | 4.0925 | 4.1385 |
Yearly Average MYR [Member] | ||
Exchange rates | 4.1427 | 4.0352 |
Year-End RMB [Member] | ||
Exchange rates | 0.1436 | 0.1454 |
Yearly Average RMB [Member] | ||
Exchange rates | 0.1448 | 0.1514 |
Inventories - Schedule of Inven
Inventories - Schedule of Inventories (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Inventory Disclosure [Abstract] | ||
Finished goods, at cost | $ 303,954 | $ 443,597 |
Total inventories | $ 303,954 | $ 443,597 |
Other Receivables, Deposits a_3
Other Receivables, Deposits and Prepayments - Summary of Other Receivables, Deposits and Prepayments (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 | |
Other Receivables Deposits And Prepayments - Summary Of Other Receivables Deposits And Prepayments | |||
Other receivables | $ 9,981 | $ 17,265 | |
Deposits | [1] | 63,308 | 14,889 |
Prepayments | [2] | 59,771 | 11,595 |
Other receivables, deposits and prepayments | $ 133,060 | $ 43,749 | |
[1] | Included in deposits is an amount of $ 48,371 (2018: $ 14,889) representing deposits paid for rental of hostels and various utilities. | ||
[2] | Included in prepayments is an amount of $ 58,705 (2018: $ Nil) representing advanced payments made to suppliers for purchase of manufacturing materials. |
Other Receivables, Deposits a_4
Other Receivables, Deposits and Prepayments - Summary of Other Receivables, Deposits and Prepayments (Details) (Parenthetical) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Other Receivables Deposits And Prepayments - Summary Of Other Receivables Deposits And Prepayments | ||
Deposits | $ 48,371 | $ 14,889 |
Prepayments | $ 58,705 |
Property, Plant and Equipment_3
Property, Plant and Equipment, Net (Details Narrative) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Depreciation expense | $ 107,216 | $ 93,649 | |
Property, plant and equipment | 2,536,634 | 2,472,330 | |
Motor Vehicle [Member] | |||
Property, plant and equipment | 243,630 | 200,945 | |
Leasehold Land and Building [Member] | |||
Property, plant and equipment | $ 1,872,476 | $ 1,881,464 | $ 1,790,737 |
Property, Plant and Equipment_4
Property, Plant and Equipment, Net - Schedule of Property, Plant and Equipment (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Property, plant and equipment | $ 2,536,634 | $ 2,472,330 | |
(Less): Accumulated depreciation | (315,762) | (239,957) | |
(Less): Foreign translation difference | (3,625) | (45,308) | |
Property, plant and equipment, net | 2,217,247 | 2,187,065 | |
Computer Hardware [Member] | |||
Property, plant and equipment | 32,814 | 31,541 | |
Furniture & Fittings [Member] | |||
Property, plant and equipment | 106,945 | 104,670 | |
Handphone [Member] | |||
Property, plant and equipment | 3,514 | 3,538 | |
Landscape [Member] | |||
Property, plant and equipment | 3,475 | 3,501 | |
Leasehold Land and Building [Member] | |||
Property, plant and equipment | 1,872,476 | 1,881,464 | $ 1,790,737 |
Machinery [Member] | |||
Property, plant and equipment | 119,413 | 93,608 | |
Motor Vehicle [Member] | |||
Property, plant and equipment | 243,630 | 200,945 | |
Office Equipment [Member] | |||
Property, plant and equipment | 52,725 | 52,430 | |
Renovation [Member] | |||
Property, plant and equipment | 92,646 | 91,670 | |
Signboard [Member] | |||
Property, plant and equipment | 4,648 | 4,655 | |
Tools and Equipment [Member] | |||
Property, plant and equipment | $ 4,348 | $ 4,308 |
Obligation Under Finance Leas_2
Obligation Under Finance Lease (Details Narrative) - Motor Vehicle [Member] - Finance Leases Agreement [Member] | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Effective interest rate | 5.22% | |
Minimum [Member] | ||
Effective interest rate | 2.48% | |
Maximum [Member] | ||
Effective interest rate | 4.31% |
Obligation Under Finance Leas_3
Obligation Under Finance Lease - Schedule of Obligation Under Finance Lease (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Leases [Abstract] | ||
Present value of hire purchase liabilities: Not later than one year | $ 33,343 | $ 22,895 |
Present value of hire purchase liabilities: Later than one year but not later than two years | 32,496 | 22,895 |
Present value of hire purchase liabilities: Later than two years but not later than five years | 59,637 | 52,266 |
Present value of hire purchase liabilities | 125,476 | 98,056 |
Current portion | 33,343 | 22,895 |
Non-current portion | 92,133 | 75,161 |
Lease liability | $ 125,476 | $ 98,056 |
Bank Borrowings (Details Narrat
Bank Borrowings (Details Narrative) - Facilities Agreement [Member] - USD ($) | Oct. 10, 2016 | Dec. 31, 2019 | Dec. 31, 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 ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Bank Borrowings | $ 748,171 | $ 770,972 |
Current portion | 195,027 | 195,490 |
Non-current portion | 553,144 | 575,482 |
Bank Overdrafts [Member] | ||
Bank Borrowings | 141,520 | 142,579 |
Term Loan [Member] | ||
Bank Borrowings | $ 606,651 | $ 628,393 |
Other Payables and Accrued Li_3
Other Payables and Accrued Liabilities - Schedule of Other Payables and Accrued Liabilities (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Common outstanding from third parties | $ 81,620 | $ 125,825 |
Accrued other expenses | ||
Share subscription receipts in advance | 104,000 | |
Other payables and accrued liabilities | 494,045 | 472,871 |
Malaysia [Member] | ||
Advance payment by payable | 19,628 | 5,249 |
Common outstanding from third parties | 861 | 436 |
Accrued expenses - Balance bring forward | ||
Accrued expenses - payroll | 18,550 | 30,693 |
Accrued expenses - payroll deduction | 7,873 | 21,208 |
Accrued expenses - professional fee | 11,499 | 3,142 |
Accrued expenses - Commission | 43,563 | 51,890 |
Accrued expenses - expense | 1,157 | 1,782 |
Accrued expenses | 82,642 | 108,715 |
Third Party [Member] | ||
Other payables generated from Local | 41,645 | 87,595 |
Third Party [Member] | Malaysia [Member] | ||
Other payables from non-trade payable | 17,482 | 31,923 |
Common outstanding from third parties | 1,004 | 622 |
Deposits received from customers | $ 226,783 | 238,331 |
Third Party [Member] | Hong Kong [Member] | ||
Deposits received from customers |
Income Taxes (Details Narrative
Income Taxes (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
United States of America [Member] | ||
Cumulative net operating loss | $ 114,572 | $ 183,402 |
Net operating loss carryforward expiration | Begin to expire in 2039 | Begin to expire in 2038 |
Valuation allowance | $ 24,060 | $ 38,515 |
Malaysia [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 ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Tax jurisdictions from: Local | $ (114,572) | $ (183,402) |
Loss before income tax | (59,903) | (28,025) |
Malaysia [Member] | ||
Tax jurisdictions from: Foreign, representing | 59,809 | 138,986 |
Hong Kong [Member] | ||
Tax jurisdictions from: Foreign, representing | (2,014) | 20,013 |
China [Member] | ||
Tax jurisdictions from: Foreign, representing | $ (3,126) | $ (3,622) |
Income Taxes - Schedule of Prov
Income Taxes - Schedule of Provision for Income Tax (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Tax expense - Current Local | ||
Deferred Local | ||
Provision for income taxes | (33,289) | (82,319) |
Malaysia [Member] | ||
Tax expense - Current Foreign, representing | 33,573 | 31,376 |
Tax expense - Prior year Foreign, representing | 4,895 | |
Deferred Foreign, representing | (5,179) | 47,341 |
Provision for income taxes | 33,289 | 78,717 |
Hong Kong [Member] | ||
Tax expense - Current Foreign, representing | 3,602 | |
Deferred Foreign, representing | ||
Provision for income taxes | $ 3,602 |
Income Taxes - Schedule of Reco
Income Taxes - Schedule of Reconciliation of Income (loss) Before Income Taxes (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Income tax expenses | $ (33,289) | $ (82,319) |
Malaysia [Member] | ||
Subsidiaries with operating (loss)/income before income tax | $ 59,809 | $ 138,986 |
Statutory income tax rate | 24.00% | 24.00% |
Income tax at statutory income tax rate | $ 14,354 | $ 29,436 |
Tax effect of non-deductible expenses | 32,041 | 45,101 |
Tax effect on utilization of capital allowance | (12,822) | (29,881) |
Tax effect arise from temporary difference | (5,179) | 34,061 |
Under provision in prior year | 4,895 | |
Income tax expenses | 33,289 | 78,717 |
Hong Kong [Member] | ||
Subsidiaries with operating (loss)/income before income tax | $ (2,014) | $ 20,013 |
Statutory income tax rate | 16.50% | 16.50% |
Income tax at statutory income tax rate | $ (332) | $ 3,302 |
Tax effect of non-deductible expenses | 332 | 300 |
Income tax expenses | $ 3,602 |
Income Taxes - Schedule of Re_2
Income Taxes - Schedule of Reconciliation of Income (loss) Before Income Taxes (Details) (Parenthetical) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Hong Kong [Member] | ||
Statutory income tax rate | 16.50% | 16.50% |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Tax Assets/Liabilities (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
China [Member] | ||
Deferred tax assets/(liabilities): Net operating loss carry forwards Local | $ 24,060 | $ 38,515 |
Deferred tax assets/(liabilities): Gross | (18,571) | (8,826) |
Less: valuation allowance | (24,060) | (38,515) |
Deferred tax liabilities | (42,631) | (47,341) |
Malaysia [Member] | ||
Deferred tax assets/(liabilities): Net operating loss carry forwards Foreign | (42,631) | (47,341) |
Hong Kong [Member] | ||
Deferred tax assets/(liabilities): Net operating loss carry forwards Foreign |
Stockholders' Equity (Details N
Stockholders' Equity (Details Narrative) - USD ($) | Dec. 05, 2017 | Aug. 21, 2017 | Aug. 17, 2017 | Jul. 20, 2017 | Apr. 13, 2017 | Oct. 16, 2017 | May 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 02, 2017 |
Common stock, shares issued | 359,305,561 | 359,305,561 | |||||||||
Common stock, par value | $ 0.0001 | $ 0.0001 | |||||||||
Common stock, shares outstanding | 359,305,561 | 359,305,561 | |||||||||
Bio Life Solution Sdn. Bhd. [Member] | |||||||||||
Number of shares issued for restricted common stock, shares | 17,500,000 | ||||||||||
Common stock, par value | $ 0.0001 | ||||||||||
Initial working capital | $ 1,750 | ||||||||||
Greenpro Asia Strategic SPC [Member] | |||||||||||
Number of shares issued for restricted common stock, shares | 35,000,000 | ||||||||||
Common stock, par value | $ 0.0001 | ||||||||||
Initial working capital | $ 5,250 | ||||||||||
Greenpro Venture Capital Limited [Member] | |||||||||||
Number of shares issued for restricted common stock, shares | 17,500,000 | ||||||||||
Common stock, par value | $ 0.0001 | ||||||||||
Initial working capital | $ 5,250 | ||||||||||
Mr. Chong Khooi You [Member] | |||||||||||
Number of shares issued for restricted common stock, shares | 280,000,000 | 100,000 | |||||||||
Common stock, par value | $ 0.0001 | $ 0.0001 | |||||||||
Initial working capital | $ 28,000 | $ 10 | |||||||||
Malaysia [Member] | |||||||||||
Common stock, shares issued | 101,110 | 1,006,882 | |||||||||
Additional working capital | $ 206,481 | ||||||||||
Number of shares issued for restricted common stock, shares | 277,000 | 6,978,561 | 1,950,000 | ||||||||
Number of shares sold | 6 | 125 | 28 | ||||||||
Sale of stock, price per share | $ 0.30 | $ 0.01 | $ 0.30 | ||||||||
Value of shares issued for restricted common stock | $ 83,100 | $ 69,824 | $ 585,000 |
Stockholders' Equity - Schedule
Stockholders' Equity - Schedule of Stockholders' Equity (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Issued during the year | $ 585,000 | |
Ordinary Shares [Member] | ||
Balance, shares | 359,305,561 | 357,355,561 |
Balance | $ 2,034,801 | $ 1,449,801 |
Issued during the year, shares | 1,950,000 | |
Issued during the year | $ 585,000 | |
Balance, shares | 359,305,561 | 359,305,561 |
Balance | $ 2,034,801 | $ 2,034,801 |
Other Income - Schedule of Othe
Other Income - Schedule of Other Income (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Other Income and Expenses [Abstract] | ||
Interest income | $ 21 | $ 25 |
Other income | 62 | 288 |
Unrealized gain on foreign exchange | 7,059 | 3,227 |
Gain on disposal of motor vehicles | 14,001 | |
Other income | $ 21,143 | $ 3,540 |
Related Parties Transactions -
Related Parties Transactions - Schedule of Related Parties Transactions (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
GO3U Trading Sdn. Bhd. [Member] | ||
Sales | $ 118,259 | |
Bio Life Solution Sdn. Bhd. [Member] | ||
Sales | 379,015 | |
D and L Wellness Sdn. Bhd. [Member] | ||
Sales | 72 | |
Purchases [Member] | ||
Purchases | 412,459 | 1,346,215 |
Packaging Charges [Member] | ||
Purchases | 126,205 | |
Lab Tests [Member] | ||
Purchases | $ 5,770 |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) - Subsequent Event [Member] | 3 Months Ended |
Mar. 27, 2020shares | |
Issuance of additional units of common stock | 3,600,000 |
Common stock percentage | 0.992% |