Cover
Cover - shares | 9 Months Ended | |
Sep. 30, 2021 | Nov. 17, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Sep. 30, 2021 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2021 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 333-226885 | |
Entity Registrant Name | BIOPLUS LIFE CORPORATION | |
Entity Central Index Key | 0001746214 | |
Entity Tax Identification Number | 30-0987011 | |
Entity Incorporation, State or Country Code | NV | |
Entity Address, Address Line One | No 9 & 10, Jalan P4/8B | |
Entity Address, Address Line Two | Bandar Teknologi Kajang | |
Entity Address, City or Town | Semenyih, Selangor D.E | |
Entity Address, Country | MY | |
Entity Address, Postal Zip Code | 43500 | |
City Area Code | +60 3 | |
Local Phone Number | 8703 2020 | |
Entity Current Reporting Status | No | |
Entity Interactive Data Current | No | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Elected Not To Use the Extended Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 362,272,347 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and bank balances | $ 319,782 | $ 398,974 |
Account receivables | 395,608 | 552,616 |
Amount due from related parties | 34,317 | 28,724 |
Inventories | 423,341 | 374,330 |
Other receivables, deposits and prepayments | 111,206 | 41,680 |
Tax recoverable | 38,948 | |
Total current assets | 1,323,202 | 1,396,324 |
Non-current assets: | ||
Property, plant and equipment, net | 2,205,480 | 2,331,335 |
Operating lease right of use assets, net | 35,938 | 41,527 |
Intangible asset | 681 | |
Total non-current assets | 2,242,099 | 2,372,862 |
TOTAL ASSETS | 3,565,301 | 3,769,186 |
Current liabilities: | ||
Account payables | 337,740 | 364,324 |
Obligation under finance lease | 38,821 | 33,817 |
Bank borrowings | 155,414 | 54,567 |
Operating lease liability | 5,387 | 5,399 |
Other payables and accrued liabilities | 476,862 | 587,923 |
Provision for taxation | 38,675 | |
Amount due to directors | 2,868 | 3,124 |
Total current liabilities | 1,017,092 | 1,087,829 |
Non-current liabilities: | ||
Obligation under finance lease | 71,702 | 81,981 |
Bank borrowings | 516,298 | 561,195 |
Operating lease liability | 30,551 | 36,128 |
Deferred taxation | 19,794 | 20,657 |
Total non-current liabilities | 638,345 | 699,961 |
TOTAL LIABILITIES | 1,655,437 | 1,787,790 |
Stockholders’ equity: | ||
Common stock, par value $0.0001: 362,905,561 and 362,905,561 shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively | 36,291 | 36,291 |
Additional paid in capital | 1,845,237 | 1,986,939 |
Accumulated profit/(loss) | 157,035 | (2,356) |
Accumulated other comprehensive loss | (128,699) | (39,478) |
Total stockholders’ equity | 1,909,864 | 1,981,396 |
TOTAL LIABILITIES AND STOCKHOLDERS EQUITY | $ 3,565,301 | $ 3,769,186 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares issued | 362,905,561 | 362,905,561 |
Commons stock, shares outstanding | 362,905,561 | 362,905,561 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Income Statement [Abstract] | ||||
Revenues, net | $ 596,169 | $ 989,461 | $ 1,877,591 | $ 2,449,661 |
Cost of revenues | (366,366) | (588,637) | (1,006,315) | (1,422,514) |
Gross profit | 229,803 | 400,824 | 871,276 | 1,027,147 |
Other income | 9,810 | 592 | 17,901 | 2,192 |
Operating expenses: | ||||
General and operating expenses | (214,285) | (281,687) | (706,375) | (721,176) |
Finance cost | (7,079) | (23,411) | (9,738) | |
Total expenses | (221,364) | (281,687) | (729,786) | (730,914) |
Profit before income tax | 18,249 | 119,729 | 159,391 | 298,425 |
Gain on disposal of subsidiary | 17,505 | 17,505 | ||
Income tax expense | ||||
NET PROFIT | 18,249 | 137,234 | 159,391 | 315,930 |
Other comprehensive (loss)/income: | ||||
- Foreign currency translation (loss)/gain | (16,809) | 60,146 | (89,221) | (7,993) |
TOTAL COMPREHENSIVE INCOME | $ 1,440 | $ 197,380 | $ 70,170 | $ 307,937 |
Earnings per share | $ 0 | $ 0 | $ 0 | $ 0 |
Weighted average number of common shares outstanding -Basic and diluted | 362,905,561 | 362,905,561 | 362,905,561 | 362,905,561 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Beginning balance, value at Dec. 31, 2019 | $ 35,931 | $ 1,998,870 | $ (216,550) | $ (82,009) | $ 1,736,242 |
Beginning balance, shares at Dec. 31, 2019 | 359,305,561 | ||||
Net profit for the period | 8,219 | 8,219 | |||
Foreign currency translation profit (Loss) | (87,070) | (87,070) | |||
Common stock issued | $ 360 | 360 | |||
Common stock issued, shares | 3,600,000 | ||||
Ending balance, value at Mar. 31, 2020 | $ 36,291 | 1,998,870 | (208,331) | (169,079) | 1,657,751 |
Ending balance, shares at Mar. 31, 2020 | 362,905,561 | ||||
Beginning balance, value at Dec. 31, 2019 | $ 35,931 | 1,998,870 | (216,550) | (82,009) | 1,736,242 |
Beginning balance, shares at Dec. 31, 2019 | 359,305,561 | ||||
Net profit for the period | 315,930 | ||||
Foreign currency translation profit (Loss) | (7,993) | ||||
Ending balance, value at Sep. 30, 2020 | $ 36,291 | 1,998,870 | 99,379 | (90,002) | 2,044,538 |
Ending balance, shares at Sep. 30, 2020 | 362,905,561 | ||||
Beginning balance, value at Dec. 31, 2019 | $ 35,931 | 1,998,870 | (216,550) | (82,009) | 1,736,242 |
Beginning balance, shares at Dec. 31, 2019 | 359,305,561 | ||||
Common stock issued, shares | 3,600,000 | ||||
Ending balance, value at Dec. 31, 2020 | $ 36,291 | 1,986,939 | (2,356) | (39,478) | 1,981,396 |
Ending balance, shares at Dec. 31, 2020 | 362,905,561 | ||||
Beginning balance, value at Mar. 31, 2020 | $ 36,291 | 1,998,870 | (208,331) | (169,079) | 1,657,751 |
Beginning balance, shares at Mar. 31, 2020 | 362,905,561 | ||||
Net profit for the period | 170,476 | 170,476 | |||
Foreign currency translation profit (Loss) | 18,931 | 18,931 | |||
Ending balance, value at Jun. 30, 2020 | $ 36,291 | 1,998,870 | (37,855) | (150,148) | 1,847,158 |
Ending balance, shares at Jun. 30, 2020 | 362,905,561 | ||||
Net profit for the period | 137,234 | 137,234 | |||
Foreign currency translation profit (Loss) | 60,146 | 60,146 | |||
Ending balance, value at Sep. 30, 2020 | $ 36,291 | 1,998,870 | 99,379 | (90,002) | 2,044,538 |
Ending balance, shares at Sep. 30, 2020 | 362,905,561 | ||||
Beginning balance, value at Dec. 31, 2020 | $ 36,291 | 1,986,939 | (2,356) | (39,478) | 1,981,396 |
Beginning balance, shares at Dec. 31, 2020 | 362,905,561 | ||||
Transaction with owners | (46,354) | (46,354) | |||
Net profit for the period | 91,649 | 91,649 | |||
Foreign currency translation profit (Loss) | (74,311) | (74,311) | |||
Ending balance, value at Mar. 31, 2021 | $ 36,291 | 1,940,585 | 89,293 | (113,789) | 1,952,380 |
Ending balance, shares at Mar. 31, 2021 | 362,905,561 | ||||
Beginning balance, value at Dec. 31, 2020 | $ 36,291 | 1,986,939 | (2,356) | (39,478) | 1,981,396 |
Beginning balance, shares at Dec. 31, 2020 | 362,905,561 | ||||
Net profit for the period | 159,391 | ||||
Foreign currency translation profit (Loss) | (89,221) | ||||
Ending balance, value at Sep. 30, 2021 | $ 36,291 | 1,845,237 | 157,035 | (128,699) | 1,909,864 |
Ending balance, shares at Sep. 30, 2021 | 362,905,561 | ||||
Beginning balance, value at Mar. 31, 2021 | $ 36,291 | 1,940,585 | 89,293 | (113,789) | 1,952,380 |
Beginning balance, shares at Mar. 31, 2021 | 362,905,561 | ||||
Transaction with owners | (41,027) | (41,027) | |||
Net profit for the period | 49,493 | 49,493 | |||
Foreign currency translation profit (Loss) | 1,899 | 1,899 | |||
Ending balance, value at Jun. 30, 2021 | $ 36,291 | 1,899,558 | 138,786 | (111,890) | 1,962,745 |
Ending balance, shares at Jun. 30, 2021 | 362,905,561 | ||||
Transaction with owners | (54,321) | (54,321) | |||
Net profit for the period | 18,249 | 18,249 | |||
Foreign currency translation profit (Loss) | (16,809) | (16,809) | |||
Ending balance, value at Sep. 30, 2021 | $ 36,291 | $ 1,845,237 | $ 157,035 | $ (128,699) | $ 1,909,864 |
Ending balance, shares at Sep. 30, 2021 | 362,905,561 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Cash flows from operating activities: | ||
Net profit | $ 159,391 | $ 315,930 |
Adjustments to reconcile net profit to net cash generated from operating activities: | ||
Bad debt written off | 2,631 | 23,092 |
Amortisation of right of use assets | 3,907 | |
Interest expenses | 23,411 | 9,738 |
Depreciation of property, plant and equipment | 102,516 | 93,429 |
Operating profit before working capital changes | 291,856 | 442,189 |
Changes in operating assets and liabilities: | ||
Inventories | (64,652) | (57,768) |
Account receivables | 131,281 | (253,739) |
Other receivables, deposits and prepayments | (71,236) | 74,029 |
Amount due from related parties | (6,793) | (10,708) |
Amount due from directors | (126) | 2,063 |
Account payable | (11,360) | 161,677 |
Other payables and accrued liabilities | (92,679) | 22,477 |
Change in lease liabilities | (4,335) | |
Cash generated from operations | 171,956 | 380,220 |
Tax refunded | 9,711 | |
Tax paid | (85,583) | (47,378) |
Net cash generated from operating activities | 96,084 | 332,842 |
Cash flows from investing activities: | ||
Purchase of investment | (142,199) | |
Purchase of intangible assets | (681) | |
Purchase of property, plant and equipment | (74,755) | (133,810) |
Net cash used in investing activities | (217,635) | (133,810) |
Cash flows from financing activities: | ||
Proceed from issued shares | 360 | |
Interest expenses | (22,923) | (9,738) |
Repayment of term loan borrowing | (21,447) | (7,155) |
Drawdown of hire purchase borrowing | 19,102 | |
Repayment of hire purchase borrowing | (19,539) | (9,015) |
Net cash used in financing activities | (44,807) | (25,548) |
Foreign currency translation adjustment | (15,961) | 19,285 |
NET CHANGE IN CASH AND CASH EQUIVALENTS | (182,319) | 192,769 |
CASH AND CASH EQUIVALENTS, BEGINNING OF FINANCIAL PERIOD | 398,974 | 69,220 |
Cash and cash equivalents, end of financial period | 216,655 | 261,989 |
CASH AND CASH EQUIVALENTS INFORMATION: | ||
Cash and bank balance | 319,782 | 334,162 |
Bank overdraft | $ (103,127) | $ (72,173) |
ORGANIZATION AND BUSINESS BACKG
ORGANIZATION AND BUSINESS BACKGROUND | 9 Months Ended |
Sep. 30, 2021 | |
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 100 100 99.8 100 During the previous financial year, the group disposed off and de-registered its subsidiaries namely Bioplus Life International Holdings Ltd. and Bio Life Neutraceuticals (Shenzhen) Pty Ltd. on August 5, 2020 and September 4, 2020, respectively. The Company, through its subsidiaries mainly an investment holding and supplies high quality health products. Details of the Company’s subsidiaries: SCHEDULE OF SUBSIDIARIES DETAILS No Company Name Place/Date of Incorporation Particulars of Issued Capital Principal Activities 1 Bioplus Life Corp. (Labuan) Malaysia, Labuan May 19, 2017 100 1 Investment Holding 2 Bioplus Life International Holdings Ltd. (1) Hong Kong June 20, 2017 1 of HK$ 1 Investment Holding 3 Bio Life Holdings Berhad Malaysia May 19, 2016 107,992 1 Investment Holding 4 Bio Life Neutraceuticals Sdn Bhd Malaysia, Selangor August 27, 2009 5,456,207 1 Trading of Consumer Products 5 Bio Life Neutraceuticals (Shenzhen) Pty Ltd. (2) Shenzhen October 10, 2017 500,000 1 Trading of Healthy Supplement and Cosmetic Products (1) Bioplus Life International Holdings Ltd. was officially disposed off by the Group on August 5, 2020 at a consideration of USD 17,504 (2) Bio Life Neutraceuticals (Shenzhen) Pty Ltd. was being officially de-registered in Shenzhen on September 4, 2020. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Sep. 30, 2021 | |
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”). ● Basis of consolidation In this Quarterly Report, “the Company,” “us” or “we” refer to the consolidated entity, including its subsidiaries and affiliates. The terms refer only to the publicly held holding company, The Bioplus Life Corporation, excluding its subsidiaries and affiliates. Furthermore, in which the Company has a variable interest have been consolidated where the Company is the primary beneficiary. All intercompany transactions and balances have been eliminated in consolidation. ● 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 periods 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: SCHEDULE OF PROPERTY PLANT AND EQUIPMENT USEFUL LIVES OF THE ASSETS Categories Principal Annual Rates/Expected Useful Life Computer hardware 20 % Furniture & fittings 10 % Handphone 20 % Landscape 20 % Leasehold land and building 99 Machinery 10 % Motor vehicle 20 % Office equipment 10 % Renovation 20 % Signboard 10 % Tools and equipment 10 % Kitchen utensils 10 % Fully depreciated plant and equipment are retained in the financial statements until they are no longer in use. ● Intangible assets Intangible assets are stated at cost less accumulated amortization. Intangible assets represented the registration costs of trademarks, which are amortized on a straight-line basis over a useful life. The Company follows ASC Topic 350 in accounting for intangible assets, which requires impairment losses to be recorded when indicators of impairment are present and the undiscounted cash flows estimated to be generated by the assets are less than the assets’ carrying amounts. There was no impairment losses recorded on intangible assets for the period ended June 30, 2021. ● 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 Consolidated Statements of Operations and Comprehensive Income. ● Revenue recognition Revenues are recognized when control of the promised goods or services are transferred to a customer, in an amount that reflects the consideration that the Company expects to receive in exchange for those goods or services. The Company applies the following five steps in order to determine the appropriate amount of revenue to be recognized as it fulfills its obligations under each of its agreements: ● identify the contract with a customer; ● identify the performance obligations in the contract; ● determine the transaction price; ● allocate the transaction price to performance obligations in the contract; and ● recognize revenue as the performance obligation is satisfied. ● 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 period: SCHEDULE OF EXCHANGE RATES As of and for the nine-month ended September 30, 2021 2020 Period-end MYR: US$1 exchange rate 4.1880 4.1585 Period average MYR: US$1 exchange rate 4.1954 4.2038 Period-end US$1: RMB exchange rate - 0.1473 Period average US$1: RMB exchange rate - 0.1446 Period exchange rate - 0.1446 ● 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 September 30, 2021, and December 31, 2020, 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 issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public Accountants, and the Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company’s present or future financial statements. |
AMOUNT DUE FROM RELATED PARTIES
AMOUNT DUE FROM RELATED PARTIES | 9 Months Ended |
Sep. 30, 2021 | |
Amount Due From Related Parties | |
AMOUNT DUE FROM RELATED PARTIES | 3. AMOUNT DUE FROM RELATED PARTIES The amounts are unsecured, bear no interest and are payable on demand. |
INVENTORIES
INVENTORIES | 9 Months Ended |
Sep. 30, 2021 | |
Inventory Disclosure [Abstract] | |
INVENTORIES | 4. INVENTORIES SCHEDULE OF INVENTORIES As of September 30, 2021 December 31, 2020 Raw material $ 299,493 $ 239,057 Packing Material 87,779 85,562 Finished goods 36,069 49,711 Total inventories $ 423,341 $ 374,330 |
OTHER RECEIVABLES, DEPOSITS AND
OTHER RECEIVABLES, DEPOSITS AND PREPAYMENTS | 9 Months Ended |
Sep. 30, 2021 | |
Other Receivables Deposits And Prepayments | |
OTHER RECEIVABLES, DEPOSITS AND PREPAYMENTS | 5. OTHER RECEIVABLES, DEPOSITS AND PREPAYMENTS SUMMARY OF OTHER RECEIVABLES, DEPOSITS AND PREPAYMENTS As of September 30, 2021 December 31, 2020 Other receivables $ 89,220 $ 22,950 Deposits 5.1 12,817 8,041 Prepayments 9,169 10,689 Total other receivables, deposits and Prepayments 111,206 41,680 5.1 The deposits of $ 7,134 1,557 |
PROPERTY, PLANT AND EQUIPMENT,
PROPERTY, PLANT AND EQUIPMENT, NET | 9 Months Ended |
Sep. 30, 2021 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY, PLANT AND EQUIPMENT, NET | 6. PROPERTY, PLANT AND EQUIPMENT, NET Property, plant and equipment consisted of the following: SCHEDULE OF PROPERTY, PLANT AND EQUIPMENT As of September 30, 2021 December 31, 2020 Computer $ 43,609 $ 42,430 Furniture and fittings 120,998 117,343 Handphone 6,585 5,070 Landscape 3,691 3,691 Leasehold land and building 1,875,962 1,875,962 Machinery 222,173 206,544 Motor vehicle 282,675 243,630 Office equipment 60,227 60,011 Renovation 170,180 159,013 Signboard 7,766 5,470 Tools and equipment 15,847 15,794 Kitchen utensils 2,004 2,004 Property Plant And Equipment, Gross $ 2,811,717 $ 2,736,962 (Less): Accumulated depreciation (552,938 ) (448,829 ) (Less)/Add: Foreign translation difference (53,299 ) 43,202 Property, plant and equipment, net $ 2,205,480 $ 2,331,335 Depreciation expense for the period ended September 30, 2021 and September 30, 2020 were $ 102,516 93,429 As of September 30, 2021, and December 31, 2020 the motor vehicles under finance leases with carrying value of $ 83,962 85,974 The leasehold land and building with carrying amount of $ 1,760,057 1,817,013 |
INTANGIBLE ASSETS, NET
INTANGIBLE ASSETS, NET | 9 Months Ended |
Sep. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
INTANGIBLE ASSETS, NET | 7. INTANGIBLE ASSETS, NET Intangible assets consisted of the following: SCHEDULE OF INTANGIBLE ASSETS September 30, 2021 December 31, 2020 Trademark $ 681 $ - |
OBLIGATION UNDER FINANCE LEASE
OBLIGATION UNDER FINANCE LEASE | 9 Months Ended |
Sep. 30, 2021 | |
Obligation Under Finance Lease | |
OBLIGATION UNDER FINANCE LEASE | 8. OBLIGATION UNDER FINANCE LEASE The Company purchased motor vehicles under finance lease agreements with the effective interest rate of 4.40 5.28 4.40 5.28 SCHEDULE OF OBLIGATION UNDER FINANCE LEASE September 30, 2021 December 31, 2020 As of September 30, 2021 December 31, 2020 Present value of hire purchase liabilities: $ $ Not later than one year 38,821 33,817 Later than one year but not later than two years 36,916 35,535 Later than two years but not later than five years 34,786 46,446 Present Value of Finance Liabilities 110,523 115,798 Analyzed as: $ $ Current portion 38,821 33,817 Non-current portion 71,702 81,981 Lease liability 110,523 115,798 |
BANK BORROWINGS
BANK BORROWINGS | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
BANK BORROWINGS | 9. BANK BORROWINGS SCHEDULE OF BANK BORROWINGS As of September 30, 2021 December 31, 2020 Secured: - $ $ Bank overdraft 103,127 - Term loan 568,585 615,762 Bank Borrowings 671,712 615,762 Analyzed as: $ $ Current portion 155,414 54,567 Non-current portion 516,298 561,195 Bank Borrowings 671,712 615,762 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. d. Leasehold land and building of the subsidiary (Note 6) The term loan is payable by 240 monthly installments of US$ 4,492 4 |
LEASE RIGHT-OF-USE ASSET AND LE
LEASE RIGHT-OF-USE ASSET AND LEASE LIABILITIES | 9 Months Ended |
Sep. 30, 2021 | |
Lease Right-of-use Asset And Lease Liabilities | |
LEASE RIGHT-OF-USE ASSET AND LEASE LIABILITIES | 10. LEASE RIGHT-OF-USE ASSET AND LEASE LIABILITIES The Company officially adopted ASC 842 for the period on and after January 1, 2020 as permitted by ASU 2016-02. ASC 842 originally required all entities to use a “modified retrospective” transition approach that is intended to maximize comparability and be less complex than a full retrospective approach. On July 30, 2018, the FASB issued ASU 2018-11 to provide entities with relief from the costs of implementing certain aspects of the new leasing standard, ASU 2016-02 of which permits entities may elect not to recast the comparative periods presented when transitioning to ASC 842. As permitted by ASU 2018-11, the Company elect not to recast comparative periods, thusly. As of August 7, 2020, the Company recognized approximately US$ 43,692 Initial lease liabilities are measured at present value of the sum of remaining rental payments as of August 1, 2020, with discounted rate of 5.40% adopted from Malayan Banking (Maybank) Berhad’s base lending rate as a reference for discount rate, as this bank is the largest bank and national bank of Malaysia A single lease cost is recognized over the lease term on a generally straight-line basis. All cash payments of operating lease cost are classified within operating activities in the statement of cash flows. SCHEDULE OF OPERATING LEASE RIGHT AND LEASE LIABILITY Right-Of-Use Assets Balance as of December 31, 2020 41,527 Amortization for the nine months ended September 30, 2021 (3,847 ) Foreign translation difference (1,742 ) Balance $ 35,938 For the nine months ended September 30, 2021 and 2020, the amortization of the operating lease right-of-use asset amounted to $ 3,847 NIL Lease Liability Balance as of December 31, 2020 41,527 Imputed interest 1,516 Gross repayment (5,363 ) Foreign exchange translation (1,742 ) Balance as of September 30, 2021 35,938 Lease liability current portion (5,387 ) Lease liability non-current portion $ 30,551 Maturities of operating lease obligation as follow: SCHEDULE OF MATURITIES OF OPERATING LEASE OBLIGATION Year ending December 31, 2021 1,320 December 31, 2022 5,460 December 31, 2023 5,762 December 31, 2024 6,081 December 31, 2025 6,419 December 31, 2026 6,773 December 31, 2027 4,123 Total $ 35,938 SCHEDULE OF MEASUREMENT OF LEASE LIABILITIES Cash paid for amounts included in the measurement of lease liabilities: Operating cash flow to operating lease 5,363 Right-of-use assets obtained in exchange for operating lease 43,692 Remaining lease term for operating lease (years) 5.8 Weighted average discount rate for operating lease $ 5.40 % |
OTHER PAYABLES AND ACCRUED LIAB
OTHER PAYABLES AND ACCRUED LIABILITIES | 9 Months Ended |
Sep. 30, 2021 | |
Payables and Accruals [Abstract] | |
OTHER PAYABLES AND ACCRUED LIABILITIES | 11. OTHER PAYABLES AND ACCRUED LIABILITIES SCHEDULE OF OTHER PAYABLES AND ACCRUED LIABILITIES September 30, 2021 December 31, 2020 As of September 30, 2021 December 31, 2020 Other payables generated from: $ $ Local 29,707 35,286 Foreign, representing: Malaysia Common outstanding from non-trade payable 30,107 99,524 Common outstanding from third parties - 911 Other payables 59,814 135,721 Accrued other expenses Local - 1,750 Foreign, representing: Malaysia Payroll 23,856 63,763 Payroll deduction 10,730 32,044 Professional Fee 3,683 3,243 Commission 12,450 5,137 Expenses 1,362 5,772 Accrued other expenses 52,081 109,959 Deposit received from customers 254,967 230,493 Share subscription receipts in advance 110,000 110,000 Total 476,862 587,923 |
AMOUNT DUE TO DIRECTORS
AMOUNT DUE TO DIRECTORS | 9 Months Ended |
Sep. 30, 2021 | |
Amount Due To Directors | |
AMOUNT DUE TO DIRECTORS | 12. AMOUNT DUE TO DIRECTORS The amounts are unsecured, bear no interest and are payable on demand. |
INCOME TAXES
INCOME TAXES | 9 Months Ended |
Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | 13. INCOME TAXES SCHEDULE OF PROFIT OR LOSS BEFORE INCOME TAX 2021 2020 Nine months ended September 30, 2021 2020 Tax jurisdictions from: Local $ (54,188 ) $ (58,232 ) Foreign, representing: Malaysia 213,579 375,486 Hong Kong - (17,775 ) China - (1,054 ) Foreign, representing - (1,054 ) Profit before income tax $ 159,391 $ 298,425 The provision for income taxes consisted of the following: SCHEDULE OF PROVISION FOR INCOME TAX 2021 2020 Nine months ended September 30, 2021 2020 Tax expense - Current Local $ - $ - Foreign, representing: Malaysia - - Hong Kong - - Foreign - - Tax expense – Prior year Foreign, representing: Malaysia - - Tax expense- Prior year - - Deferred Local - - Foreign, representing: Malaysia - - Foreign - - Income tax (expenses) - - 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 September 30, 2021, the operations in the United States of America incurred $ 587,024 461,206 begin to expire in 2041 123,275 96,853 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% Hong Kong For the comparative quarter, Bioplus Life International Holdings Ltd is subject to Hong Kong Profits Tax, which is charged at the statutory income tax rate of 16.5 China For the comparative quarter, Bio Life Neutraceuticals (Shenzhen) Pty Ltd.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 The following table sets forth the significant components of the aggregate deferred tax assets of the Company as of September 30, 2021and December 31, 2020: SCHEDULE OF DEFERRED TAX ASSETS September 30, 2021 December 31, 2020 As of September 30, 2021 December 31, 2020 Deferred tax assets: $ $ Net operating loss carry forwards Local 123,275 111,896 Foreign - Malaysia (19,794 ) (20,657 ) - China - - - Hong Kong - - Foreign - - Total 103,481 91,239 Less: valuation allowance (123,275 ) (111,896 ) Deferred tax assets $ (19,794 ) $ (20,657 ) |
STOCKHOLDERS_ EQUITY
STOCKHOLDERS’ EQUITY | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
STOCKHOLDERS’ EQUITY | 14. STOCKHOLDERS’ EQUITY During the previous financial year ended December 31, 2020, the Company issued additional 3,600,000 0.992% As of September 30, 2021, Bioplus Life Corp had an issued and outstanding share of common stock of 362,905,561 |
CONCENTRATION OF RISK
CONCENTRATION OF RISK | 9 Months Ended |
Sep. 30, 2021 | |
Risks and Uncertainties [Abstract] | |
CONCENTRATION OF RISK | 15. CONCENTRATION OF RISK (a) Major Customers For the three months ended September 30, 2021 and 2020, the customers who accounted for 10% or more of the Company’s revenues and its accounts receivable at period end are presented as follows: SCHEDULE OF CONCENTRATION RISK BY MAJOR CUSTOMER AND MAJOR SUPPLIERS Revenues Percentage of revenues Account Receivable, Trade 2021 2020 2021 2020 2021 2020 Customer A $ - $ 152,423 $ - $ 15 % $ - $ 44,747 Customer B - 367,506 - 37 % - - Customer C 152,869 - 26 % - - - $ 152,869 $ 519,929 $ 26 % $ 52 % $ - $ 44,747 For the nine months ended September 30, 2021 and 2020, the customers who accounted for 10% or more of the Company’s revenues and its accounts receivable at period-end are presented as follows: Revenues Percentage of revenues Account Receivable, Trade 2021 2020 2021 2020 2021 2020 Customer A $ - $ 972,239 $ - $ 39 % $ - $ - Customer B - 260,229 - 11 % - 93,184 $ - $ 1,232,468 $ - $ 50 % $ - $ 93,184 (b) Major Suppliers For the three months ended September 30, 2021 and 2020, there was no supplier who accounted for 10% or more of the Company’s purchases nor with significant outstanding payables. Purchases Percentage of purchases Account Payable, Trade 2021 2020 2021 2020 2021 2020 Supplier A $ 251,404 $ 362,297 $ 95 % $ 64 % $ 33,625 $ 139,152 Supplier B - 99,328 - 18 % - - Supplier C - 65,418 - 12 % - - $ 251,404 $ 517,043 $ 95 % $ 94 % $ 33,625 $ 139,152 For the nine months ended September 30, 2021 and 2020, there was no supplier who accounted for 10% or more of the Company’s purchases nor with significant outstanding payables. Purchases Percentage of purchases Account Payable, Trade 2021 2020 2021 2020 2021 2020 Supplier A $ 581,042 $ 633,555 $ 75 % $ 57 % $ 125,357 $ 135,320 Supplier B - 250,203 - 23 % - - Supplier C 78,657 - 10 % - 19,664 - $ 659,699 $ 883,758 $ 85 % $ 80 % $ 145,021 $ 135,320 |
OTHER INCOME
OTHER INCOME | 9 Months Ended |
Sep. 30, 2021 | |
Other Income and Expenses [Abstract] | |
OTHER INCOME | 16. OTHER INCOME SCHEDULE OF OTHER INCOME September 30, 2021 September 30, 2020 As of September 30, 2021 September 30, 2020 Other income 14,013 193 Realized gain on foreign exchange 3,888 1,999 Total 17,901 2,192 Gain on disposal of subsidiary - 17,505 |
RELATED PARTIES TRANSACTIONS
RELATED PARTIES TRANSACTIONS | 9 Months Ended |
Sep. 30, 2021 | |
Related Party Transactions [Abstract] | |
RELATED PARTIES TRANSACTIONS | 17. RELATED PARTIES TRANSACTIONS SCHEDULE OF RELATED PARTIES TRANSACTIONS September 30, 2021 September 30, 2020 As of September 30, 2021 September 30, 2020 Transactions with company in which a shareholder has substantial financial interest: Rental Income: Fusion Nutri Sdn. Bhd. $ 5,005 $ - Total Life Renew (M) Sdn. Bhd. 3,575 - Rental Income 8,580 - Chong Khooi You, our sole officer and director and controlling shareholder is a director or controlling equity owner of each of the above companies. The related party transactions are generally transacted in an arm-length basis at the current market value in the normal course of business. |
SEGMENTED INFORMATION
SEGMENTED INFORMATION | 9 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
SEGMENTED INFORMATION | 18. SEGMENTED INFORMATION ASC 280, “Segment Reporting” establishes standards for reporting information about operating segments on a basis consistent with the Company’s internal organization structure as well as information about services categories, business segments and major customers in financial statements. In accordance with the “Segment Reporting” Topic of the ASC, the Company’s chief operating decision maker has been identified as the Chief Executive Officer and President, who reviews operating results to make decisions about allocating resources and assessing performance for the entire Company. Existing guidance, which is based on a management approach to segment reporting, establishes requirements to report selected segment information quarterly and to report annually entity-wide disclosures about products and services, major customers, and the countries in which the entity holds material assets and reports revenue. All material operating units qualify for aggregation under “Segment Reporting” due to their similar customer base and similarities in economic characteristics; nature of products and services; and procurement, manufacturing and distribution processes. The Company had no inter-segment sales for the periods presented. Summarized financial information concerning the Company’s reportable segments is shown as below: SCHEDULE OF SEGMENT REPORTING INFORMATION By Geography*: United States Hong Kong Shenzhen Malaysia Total For the period ended September 30, 2021 United States Hong Kong Shenzhen Malaysia Total Revenues $ - $ - $ - $ 1,877,591 $ 1,877,591 Cost of revenues - - - (1,006,315 ) (1,006,315 ) Depreciation and amortization - - - (106,423 ) (106,423 ) Net (loss)/income before taxation (54,188 ) - - 213,579 159,391 Total assets $ - $ - $ - $ 3,565,301 $ 3,565,301 United States Hong Kong Shenzhen Malaysia Total For the period ended September 30, 2020 United States Hong Kong Shenzhen Malaysia Total Revenues $ - $ - $ - $ 2,449,661 $ 2,449,661 Cost of revenues - - - (1,422,514 ) (1,422,514 ) Depreciation and amortization - - - (93,429 ) (93,429 ) Net (loss)/income before taxation (58,232 ) (17,775 ) (1,054 ) 392,991 315,930 Total assets $ - $ - $ 2,368 $ 3,590,321 $ 3,592,689 |
FOREIGN CURRENCY EXCHANGE RATE
FOREIGN CURRENCY EXCHANGE RATE | 9 Months Ended |
Sep. 30, 2021 | |
Foreign Currency [Abstract] | |
FOREIGN CURRENCY EXCHANGE RATE | 19. 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 period. The exchange rate could fluctuate depending on changes in political and economic environments without notice. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
Sep. 30, 2021 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | 20. 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 September 30, 2021 up through the date November 17, 2022 was the Company presented these unaudited consolidated financial statements. During the period, the Company did not have any material recognizable subsequent events except for subsequent to balance sheet date, the Company issued additional 127,500 0.035% |
SIGNIFICANT EVENTS
SIGNIFICANT EVENTS | 9 Months Ended |
Sep. 30, 2021 | |
Significant Events | |
SIGNIFICANT EVENTS | 21. SIGNIFICANT EVENTS On January 30, 2020, the World Health Organization (“WHO”) announced a global health emergency because of a new strain of coronavirus originating in Wuhan, China (the “COVID-19 outbreak”) and the risks to the international community as the virus spreads globally beyond its point of origin. In March 2020, the WHO classified the COVID-19 outbreak as a pandemic, based on the rapid increase in exposure globally. The full impact of the COVID-19 outbreak continues to evolve as the date of this report. As such, it is uncertain as to the full magnitude that the pandemic will have on our financial condition, liquidity, and future results of operations. Management is actively monitoring the impact of the global situation on our financial condition, liquidity, operations, suppliers, industry, and workforce. Given the daily evolution of the COVID-19 outbreak and the global responses to curb its spread, we are not able to estimate the effects of the COVID-19 outbreak on our results of operations, financial condition, or liquidity for the period ended September 30, 2021. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
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”). |
Basis of consolidation | ● Basis of consolidation In this Quarterly Report, “the Company,” “us” or “we” refer to the consolidated entity, including its subsidiaries and affiliates. The terms refer only to the publicly held holding company, The Bioplus Life Corporation, excluding its subsidiaries and affiliates. Furthermore, in which the Company has a variable interest have been consolidated where the Company is the primary beneficiary. All intercompany transactions and balances have been eliminated in consolidation. |
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 periods 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: SCHEDULE OF PROPERTY PLANT AND EQUIPMENT USEFUL LIVES OF THE ASSETS Categories Principal Annual Rates/Expected Useful Life Computer hardware 20 % Furniture & fittings 10 % Handphone 20 % Landscape 20 % Leasehold land and building 99 Machinery 10 % Motor vehicle 20 % Office equipment 10 % Renovation 20 % Signboard 10 % Tools and equipment 10 % Kitchen utensils 10 % Fully depreciated plant and equipment are retained in the financial statements until they are no longer in use. |
Intangible assets | ● Intangible assets Intangible assets are stated at cost less accumulated amortization. Intangible assets represented the registration costs of trademarks, which are amortized on a straight-line basis over a useful life. The Company follows ASC Topic 350 in accounting for intangible assets, which requires impairment losses to be recorded when indicators of impairment are present and the undiscounted cash flows estimated to be generated by the assets are less than the assets’ carrying amounts. There was no impairment losses recorded on intangible assets for the period ended June 30, 2021. |
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 Consolidated Statements of Operations and Comprehensive Income. |
Revenue recognition | ● Revenue recognition Revenues are recognized when control of the promised goods or services are transferred to a customer, in an amount that reflects the consideration that the Company expects to receive in exchange for those goods or services. The Company applies the following five steps in order to determine the appropriate amount of revenue to be recognized as it fulfills its obligations under each of its agreements: ● identify the contract with a customer; ● identify the performance obligations in the contract; ● determine the transaction price; ● allocate the transaction price to performance obligations in the contract; and ● recognize revenue as the performance obligation is satisfied. |
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 period: SCHEDULE OF EXCHANGE RATES As of and for the nine-month ended September 30, 2021 2020 Period-end MYR: US$1 exchange rate 4.1880 4.1585 Period average MYR: US$1 exchange rate 4.1954 4.2038 Period-end US$1: RMB exchange rate - 0.1473 Period average US$1: RMB exchange rate - 0.1446 Period exchange rate - 0.1446 |
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 September 30, 2021, and December 31, 2020, 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 Recent accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public Accountants, and the Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company’s present or future financial statements. |
ORGANIZATION AND BUSINESS BAC_2
ORGANIZATION AND BUSINESS BACKGROUND (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
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: SCHEDULE OF SUBSIDIARIES DETAILS No Company Name Place/Date of Incorporation Particulars of Issued Capital Principal Activities 1 Bioplus Life Corp. (Labuan) Malaysia, Labuan May 19, 2017 100 1 Investment Holding 2 Bioplus Life International Holdings Ltd. (1) Hong Kong June 20, 2017 1 of HK$ 1 Investment Holding 3 Bio Life Holdings Berhad Malaysia May 19, 2016 107,992 1 Investment Holding 4 Bio Life Neutraceuticals Sdn Bhd Malaysia, Selangor August 27, 2009 5,456,207 1 Trading of Consumer Products 5 Bio Life Neutraceuticals (Shenzhen) Pty Ltd. (2) Shenzhen October 10, 2017 500,000 1 Trading of Healthy Supplement and Cosmetic Products (1) Bioplus Life International Holdings Ltd. was officially disposed off by the Group on August 5, 2020 at a consideration of USD 17,504 (2) Bio Life Neutraceuticals (Shenzhen) Pty Ltd. was being officially de-registered in Shenzhen on September 4, 2020. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
SCHEDULE OF PROPERTY PLANT AND EQUIPMENT USEFUL LIVES OF THE ASSETS | SCHEDULE OF PROPERTY PLANT AND EQUIPMENT USEFUL LIVES OF THE ASSETS Categories Principal Annual Rates/Expected Useful Life Computer hardware 20 % Furniture & fittings 10 % Handphone 20 % Landscape 20 % Leasehold land and building 99 Machinery 10 % Motor vehicle 20 % Office equipment 10 % Renovation 20 % Signboard 10 % Tools and equipment 10 % Kitchen utensils 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 period: SCHEDULE OF EXCHANGE RATES As of and for the nine-month ended September 30, 2021 2020 Period-end MYR: US$1 exchange rate 4.1880 4.1585 Period average MYR: US$1 exchange rate 4.1954 4.2038 Period-end US$1: RMB exchange rate - 0.1473 Period average US$1: RMB exchange rate - 0.1446 Period exchange rate - 0.1446 |
INVENTORIES (Tables)
INVENTORIES (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Inventory Disclosure [Abstract] | |
SCHEDULE OF INVENTORIES | SCHEDULE OF INVENTORIES As of September 30, 2021 December 31, 2020 Raw material $ 299,493 $ 239,057 Packing Material 87,779 85,562 Finished goods 36,069 49,711 Total inventories $ 423,341 $ 374,330 |
OTHER RECEIVABLES, DEPOSITS A_2
OTHER RECEIVABLES, DEPOSITS AND PREPAYMENTS (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Other Receivables Deposits And Prepayments | |
SUMMARY OF OTHER RECEIVABLES, DEPOSITS AND PREPAYMENTS | SUMMARY OF OTHER RECEIVABLES, DEPOSITS AND PREPAYMENTS As of September 30, 2021 December 31, 2020 Other receivables $ 89,220 $ 22,950 Deposits 5.1 12,817 8,041 Prepayments 9,169 10,689 Total other receivables, deposits and Prepayments 111,206 41,680 5.1 The deposits of $ 7,134 1,557 |
PROPERTY, PLANT AND EQUIPMENT_2
PROPERTY, PLANT AND EQUIPMENT, NET (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Property, Plant and Equipment [Abstract] | |
SCHEDULE OF PROPERTY, PLANT AND EQUIPMENT | Property, plant and equipment consisted of the following: SCHEDULE OF PROPERTY, PLANT AND EQUIPMENT As of September 30, 2021 December 31, 2020 Computer $ 43,609 $ 42,430 Furniture and fittings 120,998 117,343 Handphone 6,585 5,070 Landscape 3,691 3,691 Leasehold land and building 1,875,962 1,875,962 Machinery 222,173 206,544 Motor vehicle 282,675 243,630 Office equipment 60,227 60,011 Renovation 170,180 159,013 Signboard 7,766 5,470 Tools and equipment 15,847 15,794 Kitchen utensils 2,004 2,004 Property Plant And Equipment, Gross $ 2,811,717 $ 2,736,962 (Less): Accumulated depreciation (552,938 ) (448,829 ) (Less)/Add: Foreign translation difference (53,299 ) 43,202 Property, plant and equipment, net $ 2,205,480 $ 2,331,335 |
INTANGIBLE ASSETS, NET (Tables)
INTANGIBLE ASSETS, NET (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
SCHEDULE OF INTANGIBLE ASSETS | Intangible assets consisted of the following: SCHEDULE OF INTANGIBLE ASSETS September 30, 2021 December 31, 2020 Trademark $ 681 $ - |
OBLIGATION UNDER FINANCE LEASE
OBLIGATION UNDER FINANCE LEASE (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Obligation Under Finance Lease | |
SCHEDULE OF OBLIGATION UNDER FINANCE LEASE | SCHEDULE OF OBLIGATION UNDER FINANCE LEASE September 30, 2021 December 31, 2020 As of September 30, 2021 December 31, 2020 Present value of hire purchase liabilities: $ $ Not later than one year 38,821 33,817 Later than one year but not later than two years 36,916 35,535 Later than two years but not later than five years 34,786 46,446 Present Value of Finance Liabilities 110,523 115,798 Analyzed as: $ $ Current portion 38,821 33,817 Non-current portion 71,702 81,981 Lease liability 110,523 115,798 |
BANK BORROWINGS (Tables)
BANK BORROWINGS (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
SCHEDULE OF BANK BORROWINGS | SCHEDULE OF BANK BORROWINGS As of September 30, 2021 December 31, 2020 Secured: - $ $ Bank overdraft 103,127 - Term loan 568,585 615,762 Bank Borrowings 671,712 615,762 Analyzed as: $ $ Current portion 155,414 54,567 Non-current portion 516,298 561,195 Bank Borrowings 671,712 615,762 |
LEASE RIGHT-OF-USE ASSET AND _2
LEASE RIGHT-OF-USE ASSET AND LEASE LIABILITIES (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Lease Right-of-use Asset And Lease Liabilities | |
SCHEDULE OF OPERATING LEASE RIGHT AND LEASE LIABILITY | SCHEDULE OF OPERATING LEASE RIGHT AND LEASE LIABILITY Right-Of-Use Assets Balance as of December 31, 2020 41,527 Amortization for the nine months ended September 30, 2021 (3,847 ) Foreign translation difference (1,742 ) Balance $ 35,938 For the nine months ended September 30, 2021 and 2020, the amortization of the operating lease right-of-use asset amounted to $ 3,847 NIL Lease Liability Balance as of December 31, 2020 41,527 Imputed interest 1,516 Gross repayment (5,363 ) Foreign exchange translation (1,742 ) Balance as of September 30, 2021 35,938 Lease liability current portion (5,387 ) Lease liability non-current portion $ 30,551 |
SCHEDULE OF MATURITIES OF OPERATING LEASE OBLIGATION | Maturities of operating lease obligation as follow: SCHEDULE OF MATURITIES OF OPERATING LEASE OBLIGATION Year ending December 31, 2021 1,320 December 31, 2022 5,460 December 31, 2023 5,762 December 31, 2024 6,081 December 31, 2025 6,419 December 31, 2026 6,773 December 31, 2027 4,123 Total $ 35,938 |
SCHEDULE OF MEASUREMENT OF LEASE LIABILITIES | SCHEDULE OF MEASUREMENT OF LEASE LIABILITIES Cash paid for amounts included in the measurement of lease liabilities: Operating cash flow to operating lease 5,363 Right-of-use assets obtained in exchange for operating lease 43,692 Remaining lease term for operating lease (years) 5.8 Weighted average discount rate for operating lease $ 5.40 % |
OTHER PAYABLES AND ACCRUED LI_2
OTHER PAYABLES AND ACCRUED LIABILITIES (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Payables and Accruals [Abstract] | |
SCHEDULE OF OTHER PAYABLES AND ACCRUED LIABILITIES | SCHEDULE OF OTHER PAYABLES AND ACCRUED LIABILITIES September 30, 2021 December 31, 2020 As of September 30, 2021 December 31, 2020 Other payables generated from: $ $ Local 29,707 35,286 Foreign, representing: Malaysia Common outstanding from non-trade payable 30,107 99,524 Common outstanding from third parties - 911 Other payables 59,814 135,721 Accrued other expenses Local - 1,750 Foreign, representing: Malaysia Payroll 23,856 63,763 Payroll deduction 10,730 32,044 Professional Fee 3,683 3,243 Commission 12,450 5,137 Expenses 1,362 5,772 Accrued other expenses 52,081 109,959 Deposit received from customers 254,967 230,493 Share subscription receipts in advance 110,000 110,000 Total 476,862 587,923 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
SCHEDULE OF PROFIT OR LOSS BEFORE INCOME TAX | SCHEDULE OF PROFIT OR LOSS BEFORE INCOME TAX 2021 2020 Nine months ended September 30, 2021 2020 Tax jurisdictions from: Local $ (54,188 ) $ (58,232 ) Foreign, representing: Malaysia 213,579 375,486 Hong Kong - (17,775 ) China - (1,054 ) Foreign, representing - (1,054 ) Profit before income tax $ 159,391 $ 298,425 |
SCHEDULE OF PROVISION FOR INCOME TAX | The provision for income taxes consisted of the following: SCHEDULE OF PROVISION FOR INCOME TAX 2021 2020 Nine months ended September 30, 2021 2020 Tax expense - Current Local $ - $ - Foreign, representing: Malaysia - - Hong Kong - - Foreign - - Tax expense – Prior year Foreign, representing: Malaysia - - Tax expense- Prior year - - Deferred Local - - Foreign, representing: Malaysia - - Foreign - - Income tax (expenses) - - |
SCHEDULE OF DEFERRED TAX ASSETS | The following table sets forth the significant components of the aggregate deferred tax assets of the Company as of September 30, 2021and December 31, 2020: SCHEDULE OF DEFERRED TAX ASSETS September 30, 2021 December 31, 2020 As of September 30, 2021 December 31, 2020 Deferred tax assets: $ $ Net operating loss carry forwards Local 123,275 111,896 Foreign - Malaysia (19,794 ) (20,657 ) - China - - - Hong Kong - - Foreign - - Total 103,481 91,239 Less: valuation allowance (123,275 ) (111,896 ) Deferred tax assets $ (19,794 ) $ (20,657 ) |
CONCENTRATION OF RISK (Tables)
CONCENTRATION OF RISK (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Risks and Uncertainties [Abstract] | |
SCHEDULE OF CONCENTRATION RISK BY MAJOR CUSTOMER AND MAJOR SUPPLIERS | For the three months ended September 30, 2021 and 2020, the customers who accounted for 10% or more of the Company’s revenues and its accounts receivable at period end are presented as follows: SCHEDULE OF CONCENTRATION RISK BY MAJOR CUSTOMER AND MAJOR SUPPLIERS Revenues Percentage of revenues Account Receivable, Trade 2021 2020 2021 2020 2021 2020 Customer A $ - $ 152,423 $ - $ 15 % $ - $ 44,747 Customer B - 367,506 - 37 % - - Customer C 152,869 - 26 % - - - $ 152,869 $ 519,929 $ 26 % $ 52 % $ - $ 44,747 For the nine months ended September 30, 2021 and 2020, the customers who accounted for 10% or more of the Company’s revenues and its accounts receivable at period-end are presented as follows: Revenues Percentage of revenues Account Receivable, Trade 2021 2020 2021 2020 2021 2020 Customer A $ - $ 972,239 $ - $ 39 % $ - $ - Customer B - 260,229 - 11 % - 93,184 $ - $ 1,232,468 $ - $ 50 % $ - $ 93,184 (b) Major Suppliers For the three months ended September 30, 2021 and 2020, there was no supplier who accounted for 10% or more of the Company’s purchases nor with significant outstanding payables. Purchases Percentage of purchases Account Payable, Trade 2021 2020 2021 2020 2021 2020 Supplier A $ 251,404 $ 362,297 $ 95 % $ 64 % $ 33,625 $ 139,152 Supplier B - 99,328 - 18 % - - Supplier C - 65,418 - 12 % - - $ 251,404 $ 517,043 $ 95 % $ 94 % $ 33,625 $ 139,152 For the nine months ended September 30, 2021 and 2020, there was no supplier who accounted for 10% or more of the Company’s purchases nor with significant outstanding payables. Purchases Percentage of purchases Account Payable, Trade 2021 2020 2021 2020 2021 2020 Supplier A $ 581,042 $ 633,555 $ 75 % $ 57 % $ 125,357 $ 135,320 Supplier B - 250,203 - 23 % - - Supplier C 78,657 - 10 % - 19,664 - $ 659,699 $ 883,758 $ 85 % $ 80 % $ 145,021 $ 135,320 |
OTHER INCOME (Tables)
OTHER INCOME (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Other Income and Expenses [Abstract] | |
SCHEDULE OF OTHER INCOME | SCHEDULE OF OTHER INCOME September 30, 2021 September 30, 2020 As of September 30, 2021 September 30, 2020 Other income 14,013 193 Realized gain on foreign exchange 3,888 1,999 Total 17,901 2,192 Gain on disposal of subsidiary - 17,505 |
RELATED PARTIES TRANSACTIONS (T
RELATED PARTIES TRANSACTIONS (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Related Party Transactions [Abstract] | |
SCHEDULE OF RELATED PARTIES TRANSACTIONS | SCHEDULE OF RELATED PARTIES TRANSACTIONS September 30, 2021 September 30, 2020 As of September 30, 2021 September 30, 2020 Transactions with company in which a shareholder has substantial financial interest: Rental Income: Fusion Nutri Sdn. Bhd. $ 5,005 $ - Total Life Renew (M) Sdn. Bhd. 3,575 - Rental Income 8,580 - |
SEGMENTED INFORMATION (Tables)
SEGMENTED INFORMATION (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
SCHEDULE OF SEGMENT REPORTING INFORMATION | The Company had no inter-segment sales for the periods presented. Summarized financial information concerning the Company’s reportable segments is shown as below: SCHEDULE OF SEGMENT REPORTING INFORMATION By Geography*: United States Hong Kong Shenzhen Malaysia Total For the period ended September 30, 2021 United States Hong Kong Shenzhen Malaysia Total Revenues $ - $ - $ - $ 1,877,591 $ 1,877,591 Cost of revenues - - - (1,006,315 ) (1,006,315 ) Depreciation and amortization - - - (106,423 ) (106,423 ) Net (loss)/income before taxation (54,188 ) - - 213,579 159,391 Total assets $ - $ - $ - $ 3,565,301 $ 3,565,301 United States Hong Kong Shenzhen Malaysia Total For the period ended September 30, 2020 United States Hong Kong Shenzhen Malaysia Total Revenues $ - $ - $ - $ 2,449,661 $ 2,449,661 Cost of revenues - - - (1,422,514 ) (1,422,514 ) Depreciation and amortization - - - (93,429 ) (93,429 ) Net (loss)/income before taxation (58,232 ) (17,775 ) (1,054 ) 392,991 315,930 Total assets $ - $ - $ 2,368 $ 3,590,321 $ 3,592,689 |
SCHEDULE OF SUBSIDIARIES DETAIL
SCHEDULE OF SUBSIDIARIES DETAILS (Details) | 9 Months Ended | |||||
Sep. 30, 2021 $ / shares shares | Sep. 30, 2021 $ / shares shares | Sep. 30, 2021 RM / shares shares | Sep. 30, 2021 ¥ / shares shares | Dec. 31, 2020 shares | ||
Ordinary shares, issued | 362,905,561 | 362,905,561 | 362,905,561 | 362,905,561 | 362,905,561 | |
Bioplus Life Corp. (Labuan) [Member] | ||||||
Place of incorporation | Malaysia, Labuan | |||||
Date of incorporation | May 19, 2017 | |||||
Ordinary shares, issued | 100 | 100 | 100 | 100 | ||
Ordinary shares, per share | $ / shares | $ 1 | |||||
Principal activities | Investment Holding | |||||
Bioplus Life International Holdings Ltd. [Member] | ||||||
Place of incorporation | [1] | Hong Kong | ||||
Date of incorporation | [1] | Jun. 20, 2017 | ||||
Ordinary shares, issued | [1] | 1 | 1 | 1 | 1 | |
Ordinary shares, per share | $ / shares | $ 1 | |||||
Principal activities | [1] | Investment Holding | ||||
Bio Life Holdings Berhad [Member] | ||||||
Place of incorporation | Malaysia | |||||
Date of incorporation | May 19, 2016 | |||||
Ordinary shares, issued | 107,992 | 107,992 | 107,992 | 107,992 | ||
Ordinary shares, per share | RM / shares | RM 1 | |||||
Principal activities | Investment Holding | |||||
Bio Life Neutraceuticals Sdn Bhd [Member] | ||||||
Place of incorporation | Malaysia, Selangor | |||||
Date of incorporation | Aug. 27, 2009 | |||||
Ordinary shares, issued | 5,456,207 | 5,456,207 | 5,456,207 | 5,456,207 | ||
Ordinary shares, per share | RM / shares | RM 1 | |||||
Principal activities | Trading of Consumer Products | |||||
Bio Life Neutraceuticals Shenzhen Pty Ltd [Member] | ||||||
Place of incorporation | [2] | Shenzhen | ||||
Date of incorporation | [2] | Oct. 10, 2017 | ||||
Ordinary shares, issued | [2] | 500,000 | 500,000 | 500,000 | 500,000 | |
Ordinary shares, per share | ¥ / shares | [2] | ¥ 1 | ||||
Principal activities | [2] | Trading of Healthy Supplement and Cosmetic Products | ||||
[1]Bioplus Life International Holdings Ltd. was officially disposed off by the Group on August 5, 2020 at a consideration of USD 17,504 |
SCHEDULE OF SUBSIDIARIES DETA_2
SCHEDULE OF SUBSIDIARIES DETAILS (Details)(Parenthetical) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Aug. 05, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Gain on disposal of subsidiary | $ 17,505 | $ 17,505 | |||
Bioplus Life International Holdings Ltd. [Member] | |||||
Gain on disposal of subsidiary | $ 17,504 |
ORGANIZATION AND BUSINESS BAC_3
ORGANIZATION AND BUSINESS BACKGROUND (Details Narrative) | Apr. 13, 2017 |
Bioplus Life Corp. (Labuan) [Member] | |
Equity interest, percentage | 100% |
Bio Life International Holdings Limited [Member] | |
Equity interest, percentage | 100% |
Bio Life Holdings Berhad [Member] | HONG KONG | |
Equity interest, percentage | 99.80% |
Bioplus Life International Holdings Limited [Member] | MALAYSIA | |
Equity interest, percentage | 100% |
SCHEDULE OF PROPERTY PLANT AND
SCHEDULE OF PROPERTY PLANT AND EQUIPMENT USEFUL LIVES OF THE ASSETS (Details) | 9 Months Ended |
Sep. 30, 2021 | |
Computer Hardware [Member] | |
Property, Plant and Equipment [Line Items] | |
Principal annual rates | 20% |
Furniture and Fittings [Member] | |
Property, Plant and Equipment [Line Items] | |
Principal annual rates | 10% |
Handphone [Member] | |
Property, Plant and Equipment [Line Items] | |
Principal annual rates | 20% |
Landscape [Member] | |
Property, Plant and Equipment [Line Items] | |
Principal annual rates | 20% |
Land, Buildings and Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Expected useful life | 99 years |
Machinery [Member] | |
Property, Plant and Equipment [Line Items] | |
Principal annual rates | 10% |
Motor Vehicle [Member] | |
Property, Plant and Equipment [Line Items] | |
Principal annual rates | 20% |
Office Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Principal annual rates | 10% |
Building Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Principal annual rates | 20% |
Signboard [Member] | |
Property, Plant and Equipment [Line Items] | |
Principal annual rates | 10% |
Tools and Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Principal annual rates | 10% |
Kitchen Utensils [Member] | |
Property, Plant and Equipment [Line Items] | |
Principal annual rates | 10% |
SCHEDULE OF EXCHANGE RATES (Det
SCHEDULE OF EXCHANGE RATES (Details) | Sep. 30, 2021 | Sep. 30, 2020 |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Period exchange rate | 0.1446 | |
Period-end MYR: US$1 Exchange Rate [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Period exchange rate | 4.1880 | 4.1585 |
Period average MYR: US$1 Exchange Rate [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Period exchange rate | 4.1954 | 4.2038 |
Period-end US$1: RMB Exchange Rate [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Period exchange rate | 0.1473 | |
Period Average Redminbi [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Period exchange rate | 0.1446 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Income tax likelihood, description | tax positions must initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts |
SCHEDULE OF INVENTORIES (Detail
SCHEDULE OF INVENTORIES (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Inventory Disclosure [Abstract] | ||
Raw material | $ 299,493 | $ 239,057 |
Packing Material | 87,779 | 85,562 |
Finished goods | 36,069 | 49,711 |
Total inventories | $ 423,341 | $ 374,330 |
SUMMARY OF OTHER RECEIVABLES, D
SUMMARY OF OTHER RECEIVABLES, DEPOSITS AND PREPAYMENTS (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Other Receivables Deposits And Prepayments | ||
Other receivables | $ 89,220 | $ 22,950 |
Deposits | 12,817 | 8,041 |
Prepayments | 9,169 | 10,689 |
Total other receivables, deposits and Prepayments | $ 111,206 | $ 41,680 |
SUMMARY OF OTHER RECEIVABLES,_2
SUMMARY OF OTHER RECEIVABLES, DEPOSITS AND PREPAYMENTS (Details) (Parenthetical) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Other Receivables Deposits And Prepayments | ||
Deposits Assets | $ 7,134 | $ 1,557 |
SCHEDULE OF PROPERTY, PLANT AND
SCHEDULE OF PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Line Items] | ||
Kitchen utensils | $ 2,811,717 | $ 2,736,962 |
Property Plant And Equipment, Gross | 2,811,717 | 2,736,962 |
(Less): Accumulated depreciation | (552,938) | (448,829) |
(Less)/Add: Foreign translation difference | (53,299) | 43,202 |
Property, plant and equipment, net | 2,205,480 | 2,331,335 |
Computer Hardware [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Kitchen utensils | 43,609 | 42,430 |
Property Plant And Equipment, Gross | 43,609 | 42,430 |
Furniture and Fittings [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Kitchen utensils | 120,998 | 117,343 |
Property Plant And Equipment, Gross | 120,998 | 117,343 |
Handphone [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Kitchen utensils | 6,585 | 5,070 |
Property Plant And Equipment, Gross | 6,585 | 5,070 |
Landscape [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Kitchen utensils | 3,691 | 3,691 |
Property Plant And Equipment, Gross | 3,691 | 3,691 |
Land, Buildings and Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Kitchen utensils | 1,875,962 | 1,875,962 |
Property Plant And Equipment, Gross | 1,875,962 | 1,875,962 |
Machinery [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Kitchen utensils | 222,173 | 206,544 |
Property Plant And Equipment, Gross | 222,173 | 206,544 |
Motor Vehicle [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Kitchen utensils | 282,675 | 243,630 |
Property Plant And Equipment, Gross | 282,675 | 243,630 |
Office Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Kitchen utensils | 60,227 | 60,011 |
Property Plant And Equipment, Gross | 60,227 | 60,011 |
Building Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Kitchen utensils | 170,180 | 159,013 |
Property Plant And Equipment, Gross | 170,180 | 159,013 |
Signboard [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Kitchen utensils | 7,766 | 5,470 |
Property Plant And Equipment, Gross | 7,766 | 5,470 |
Tools and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Kitchen utensils | 15,847 | 15,794 |
Property Plant And Equipment, Gross | 15,847 | 15,794 |
Kitchen Utensils [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Kitchen utensils | 2,004 | 2,004 |
Property Plant And Equipment, Gross | $ 2,004 | $ 2,004 |
PROPERTY, PLANT AND EQUIPMENT_3
PROPERTY, PLANT AND EQUIPMENT, NET (Details Narrative) - USD ($) | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation expense | $ 102,516 | $ 93,429 | |
Property, plant and equipment | 2,811,717 | $ 2,736,962 | |
Motor Vehicle [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment | 282,675 | 243,630 | |
Motor Vehicle [Member] | Finance Leases Agreement [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment | 83,962 | 85,974 | |
Land, Buildings and Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment | 1,875,962 | 1,875,962 | |
Land, Buildings and Improvements [Member] | Secure Banking Facilities [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment | $ 1,760,057 | $ 1,817,013 |
SCHEDULE OF INTANGIBLE ASSETS (
SCHEDULE OF INTANGIBLE ASSETS (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Trademark | $ 681 |
SCHEDULE OF OBLIGATION UNDER FI
SCHEDULE OF OBLIGATION UNDER FINANCE LEASE (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Obligation Under Finance Lease | ||
Not later than one year | $ 38,821 | $ 33,817 |
Later than one year but not later than two years | 36,916 | 35,535 |
Later than two years but not later than five years | 34,786 | 46,446 |
Lease liability | 110,523 | 115,798 |
Current portion | 38,821 | 33,817 |
Non-current portion | $ 71,702 | $ 81,981 |
OBLIGATION UNDER FINANCE LEAS_2
OBLIGATION UNDER FINANCE LEASE (Details Narrative) - Motor Vehicle [Member] | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Minimum [Member] | ||
Effective interest rate | 4.40% | 4.40% |
Maximum [Member] | ||
Effective interest rate | 5.28% | 5.28% |
SCHEDULE OF BANK BORROWINGS (De
SCHEDULE OF BANK BORROWINGS (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Short-Term Debt [Line Items] | ||
Bank Borrowings | $ 671,712 | $ 615,762 |
Current portion | 155,414 | 54,567 |
Non-current portion | 516,298 | 561,195 |
Bank Overdrafts [Member] | ||
Short-Term Debt [Line Items] | ||
Bank Borrowings | 103,127 | |
Term Loan [Member] | ||
Short-Term Debt [Line Items] | ||
Bank Borrowings | $ 568,585 | $ 615,762 |
BANK BORROWINGS (Details Narrat
BANK BORROWINGS (Details Narrative) - Facilities Agreement [Member] - USD ($) | Oct. 10, 2016 | Sep. 30, 2021 |
Bank Overdrafts [Member] | ||
Short-Term Debt [Line Items] | ||
Secured facility | $ 1,705,086 | |
Term Loan [Member] | ||
Short-Term Debt [Line Items] | ||
Secured facility, term | The term loan is payable by 240 monthly installments of US$4,492 each including interest, commencing from October 10, 2016 and subject to interest at 4% per annum flat | |
Secured facility, payment | $ 4,492 | |
Secured facility, interest rate | 4% |
SCHEDULE OF OPERATING LEASE RIG
SCHEDULE OF OPERATING LEASE RIGHT AND LEASE LIABILITY (Details) - USD ($) | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Lease Right-of-use Asset And Lease Liabilities | |||
Balance as of December 31, 2020 | $ 41,527 | ||
Amortization for the nine months ended September 30, 2021 | (3,847) | ||
Foreign translation difference | (1,742) | ||
Balance | 35,938 | ||
Balance as of December 31, 2020 | 41,527 | ||
Imputed interest | 1,516 | ||
Gross repayment | (5,363) | ||
Foreign exchange translation | (1,742) | ||
Balance as of September 30, 2021 | 35,938 | ||
Lease liability current portion | (5,387) | $ (5,399) | |
Lease liability non current portion | $ 30,551 | $ 36,128 |
SCHEDULE OF MATURITIES OF OPERA
SCHEDULE OF MATURITIES OF OPERATING LEASE OBLIGATION (Details) | Sep. 30, 2021 USD ($) |
Lease Right-of-use Asset And Lease Liabilities | |
December 31, 2021 | $ 1,320 |
December 31, 2022 | 5,460 |
December 31, 2023 | 5,762 |
December 31, 2024 | 6,081 |
December 31, 2025 | 6,419 |
December 31, 2026 | 6,773 |
December 31, 2027 | 4,123 |
Total | $ 35,938 |
SCHEDULE OF MEASUREMENT OF LEAS
SCHEDULE OF MEASUREMENT OF LEASE LIABILITIES (Details) | 9 Months Ended |
Sep. 30, 2021 USD ($) | |
Lease Right-of-use Asset And Lease Liabilities | |
Operating cash flow to operating lease | $ 5,363 |
Right-of-use assets obtained in exchange for operating lease | $ 43,692 |
Remaining lease term for operating lease (years) | 5 years 9 months 18 days |
Weighted average discount rate for operating lease | 5.40% |
LEASE RIGHT-OF-USE ASSET AND _3
LEASE RIGHT-OF-USE ASSET AND LEASE LIABILITIES (Details Narrative) - USD ($) | 9 Months Ended | |||
Aug. 07, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Lease Right-of-use Asset And Lease Liabilities | ||||
Lease liability | $ 43,692 | $ 35,938 | $ 41,527 | |
Right-of-use asset | $ 43,692 | 35,938 | $ 41,527 | |
Lease description | Initial lease liabilities are measured at present value of the sum of remaining rental payments as of August 1, 2020, with discounted rate of 5.40% adopted from Malayan Banking (Maybank) Berhad’s base lending rate as a reference for discount rate, as this bank is the largest bank and national bank of Malaysia | |||
Amortization operating lease right of use asset | $ 3,847 |
SCHEDULE OF OTHER PAYABLES AND
SCHEDULE OF OTHER PAYABLES AND ACCRUED LIABILITIES (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
PayablesAndAccrualsLineItems [Line Items] | ||
Deposit received from customers | $ 254,967 | $ 230,493 |
Share subscription receipts in advance | 110,000 | 110,000 |
Total | 476,862 | 587,923 |
MALAYSIA | ||
PayablesAndAccrualsLineItems [Line Items] | ||
Common outstanding from non-trade payable | 30,107 | 99,524 |
Common outstanding from third parties | 911 | |
Accrued other expenses | 52,081 | 109,959 |
Payroll | 23,856 | 63,763 |
Payroll deduction | 10,730 | 32,044 |
Professional Fee | 3,683 | 3,243 |
Commission | 12,450 | 5,137 |
Expenses | 1,362 | 5,772 |
UNITED STATES | ||
PayablesAndAccrualsLineItems [Line Items] | ||
Other payables | 59,814 | 135,721 |
Accrued other expenses | 1,750 | |
UNITED STATES | ||
PayablesAndAccrualsLineItems [Line Items] | ||
Other payables | $ 29,707 | $ 35,286 |
SCHEDULE OF PROFIT OR LOSS BEFO
SCHEDULE OF PROFIT OR LOSS BEFORE INCOME TAX (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Local | $ (54,188) | $ (58,232) | ||
Profit before income tax | $ 18,249 | $ 119,729 | 159,391 | 298,425 |
MALAYSIA | ||||
Foreign, representing | 213,579 | 375,486 | ||
HONG KONG | ||||
Foreign, representing | (17,775) | |||
CHINA | ||||
Foreign, representing | $ (1,054) |
SCHEDULE OF PROVISION FOR INCOM
SCHEDULE OF PROVISION FOR INCOME TAX (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Tax expense - Current | ||||
Local | ||||
Deferred | ||||
Local | ||||
Income tax (expenses) | ||||
MALAYSIA | ||||
Tax expense - Current | ||||
Foreign | ||||
Tax expense- Prior year, Foreign | ||||
Deferred | ||||
Foreign | ||||
HONG KONG | ||||
Tax expense - Current | ||||
Foreign |
SCHEDULE OF DEFERRED TAX ASSETS
SCHEDULE OF DEFERRED TAX ASSETS (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Deferred tax assets: | ||
Total | $ 103,481 | $ 91,239 |
Less: valuation allowance | (123,275) | (111,896) |
Deferred tax assets | (19,794) | (20,657) |
UNITED STATES | ||
Deferred tax assets: | ||
Local | 123,275 | 111,896 |
MALAYSIA | ||
Deferred tax assets: | ||
Foreign | (19,794) | (20,657) |
CHINA | ||
Deferred tax assets: | ||
Foreign | ||
HONG KONG | ||
Deferred tax assets: | ||
Foreign |
INCOME TAXES (Details Narrative
INCOME TAXES (Details Narrative) - USD ($) | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
UNITED STATES | ||
Cumulative net operating loss | $ 587,024 | $ 461,206 |
Net operating loss carryforward expiration | begin to expire in 2041 | |
Valuation allowance | $ 123,275 | $ 96,853 |
MALAYSIA | ||
Income tax rate, percentage | 24% | |
HONG KONG | ||
Income tax rate, percentage | 16.50% | |
CHINA | ||
Income tax rate, percentage | 25% |
STOCKHOLDERS_ EQUITY (Details N
STOCKHOLDERS’ EQUITY (Details Narrative) - shares | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2020 | Sep. 30, 2021 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Issued and outstanding common stock percentage | 0.992% | ||
Common stock, shares issued | 362,905,561 | 362,905,561 | |
Common stock, shares outstanding | 362,905,561 | 362,905,561 | |
Common Stock [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Number of shares issued | 3,600,000 | 3,600,000 |
SCHEDULE OF CONCENTRATION RISK
SCHEDULE OF CONCENTRATION RISK BY MAJOR CUSTOMER AND MAJOR SUPPLIERS (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Concentration Risk [Line Items] | ||||
Revenues | $ 596,169 | $ 989,461 | $ 1,877,591 | $ 2,449,661 |
Revenue from Contract with Customer Benchmark [Member] | Customer Concentration Risk [Member] | Customer A [Member] | ||||
Concentration Risk [Line Items] | ||||
Revenues | $ 152,423 | $ 972,239 | ||
Percentage of revenues | 15% | 39% | ||
Revenue from Contract with Customer Benchmark [Member] | Customer Concentration Risk [Member] | Customer B [Member] | ||||
Concentration Risk [Line Items] | ||||
Revenues | $ 367,506 | $ 260,229 | ||
Percentage of revenues | 37% | 11% | ||
Revenue from Contract with Customer Benchmark [Member] | Customer Concentration Risk [Member] | Customer C [Member] | ||||
Concentration Risk [Line Items] | ||||
Revenues | $ 152,869 | |||
Percentage of revenues | 26% | |||
Revenue from Contract with Customer Benchmark [Member] | Customer Concentration Risk [Member] | Customer [Member] | ||||
Concentration Risk [Line Items] | ||||
Revenues | $ 152,869 | $ 519,929 | $ 1,232,468 | |
Percentage of revenues | 26% | 52% | 50% | |
Revenue from Contract with Customer Benchmark [Member] | Supplier Concentration Risk [Member] | Supplier A [Member] | ||||
Concentration Risk [Line Items] | ||||
Percentage of revenues | 95% | 64% | 75% | 57% |
Purchases | $ 581,042 | $ 633,555 | ||
Revenue from Contract with Customer Benchmark [Member] | Supplier Concentration Risk [Member] | Supplier B [Member] | ||||
Concentration Risk [Line Items] | ||||
Percentage of revenues | 18% | 23% | ||
Purchases | $ 99,328 | $ 250,203 | ||
Revenue from Contract with Customer Benchmark [Member] | Supplier Concentration Risk [Member] | Supplier C [Member] | ||||
Concentration Risk [Line Items] | ||||
Percentage of revenues | 12% | 10% | ||
Purchases | $ 65,418 | $ 78,657 | ||
Revenue from Contract with Customer Benchmark [Member] | Supplier Concentration Risk [Member] | Supplier [Member] | ||||
Concentration Risk [Line Items] | ||||
Percentage of revenues | 95% | 94% | 85% | 80% |
Purchases | $ 251,404 | $ 517,043 | $ 659,699 | $ 883,758 |
Revenue from Contract with Customer Benchmark [Member] | Supplier Concentration Risk [Member] | Supplier A [Member] | ||||
Concentration Risk [Line Items] | ||||
Purchases | 251,404 | 362,297 | ||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer A [Member] | ||||
Concentration Risk [Line Items] | ||||
Accounts receivable, trade | 44,747 | 44,747 | ||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer B [Member] | ||||
Concentration Risk [Line Items] | ||||
Accounts receivable, trade | ||||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer C [Member] | ||||
Concentration Risk [Line Items] | ||||
Accounts receivable, trade | ||||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer [Member] | ||||
Concentration Risk [Line Items] | ||||
Accounts receivable, trade | 44,747 | 44,747 | ||
Accounts Receivable Net [Member] | Customer Concentration Risk [Member] | Customer A [Member] | ||||
Concentration Risk [Line Items] | ||||
Accounts receivable, trade | ||||
Accounts Receivable Net [Member] | Customer Concentration Risk [Member] | Customer B [Member] | ||||
Concentration Risk [Line Items] | ||||
Accounts receivable, trade | 93,184 | 93,184 | ||
Accounts Receivable Net [Member] | Customer Concentration Risk [Member] | Customer [Member] | ||||
Concentration Risk [Line Items] | ||||
Accounts receivable, trade | 93,184 | 93,184 | ||
Accounts Payable [Member] | Supplier Concentration Risk [Member] | Supplier A [Member] | ||||
Concentration Risk [Line Items] | ||||
Account Payable, Trade | 33,625 | 139,152 | 33,625 | 139,152 |
Accounts Payable [Member] | Supplier Concentration Risk [Member] | Supplier B [Member] | ||||
Concentration Risk [Line Items] | ||||
Account Payable, Trade | ||||
Accounts Payable [Member] | Supplier Concentration Risk [Member] | Supplier C [Member] | ||||
Concentration Risk [Line Items] | ||||
Account Payable, Trade | ||||
Accounts Payable [Member] | Supplier Concentration Risk [Member] | Supplier [Member] | ||||
Concentration Risk [Line Items] | ||||
Account Payable, Trade | 33,625 | 139,152 | 33,625 | 139,152 |
Accounts Payable Net [Member] | Supplier Concentration Risk [Member] | Supplier A [Member] | ||||
Concentration Risk [Line Items] | ||||
Account Payable, Trade | 125,357 | 135,320 | 125,357 | 135,320 |
Accounts Payable Net [Member] | Supplier Concentration Risk [Member] | Supplier B [Member] | ||||
Concentration Risk [Line Items] | ||||
Account Payable, Trade | ||||
Accounts Payable Net [Member] | Supplier Concentration Risk [Member] | Supplier C [Member] | ||||
Concentration Risk [Line Items] | ||||
Account Payable, Trade | 19,664 | 19,664 | ||
Accounts Payable Net [Member] | Supplier Concentration Risk [Member] | Supplier [Member] | ||||
Concentration Risk [Line Items] | ||||
Account Payable, Trade | $ 145,021 | $ 135,320 | $ 145,021 | $ 135,320 |
SCHEDULE OF OTHER INCOME (Detai
SCHEDULE OF OTHER INCOME (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Other Income and Expenses [Abstract] | ||
Other income | $ 14,013 | $ 193 |
Realized gain on foreign exchange | 3,888 | 1,999 |
Total | 17,901 | 2,192 |
Gain on disposal of subsidiary | $ 17,505 |
SCHEDULE OF RELATED PARTIES TRA
SCHEDULE OF RELATED PARTIES TRANSACTIONS (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Related Party Transaction [Line Items] | ||
Rental Income | $ 8,580 | |
Fusion Nutri Sdn Bhd [Member] | ||
Related Party Transaction [Line Items] | ||
Rental Income | 5,005 | |
Renew M Sdn [Member] | ||
Related Party Transaction [Line Items] | ||
Rental Income | $ 3,575 |
SCHEDULE OF SEGMENT REPORTING I
SCHEDULE OF SEGMENT REPORTING INFORMATION (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||
Revenues | $ 596,169 | $ 989,461 | $ 1,877,591 | $ 2,449,661 | |||||
Cost of revenues | (366,366) | (588,637) | (1,006,315) | (1,422,514) | |||||
Depreciation and amortization | (106,423) | (93,429) | |||||||
Net (loss)/income before taxation | 18,249 | $ 49,493 | $ 91,649 | 137,234 | $ 170,476 | $ 8,219 | 159,391 | 315,930 | |
Assets | 3,565,301 | 3,592,689 | 3,565,301 | 3,592,689 | $ 3,769,186 | ||||
UNITED STATES | |||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||
Revenues | |||||||||
Cost of revenues | |||||||||
Depreciation and amortization | |||||||||
Net (loss)/income before taxation | (54,188) | (58,232) | |||||||
Assets | |||||||||
HONG KONG | |||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||
Revenues | |||||||||
Cost of revenues | |||||||||
Depreciation and amortization | |||||||||
Net (loss)/income before taxation | (17,775) | ||||||||
Assets | |||||||||
Shenzhen [Member] | |||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||
Revenues | |||||||||
Cost of revenues | |||||||||
Depreciation and amortization | |||||||||
Net (loss)/income before taxation | (1,054) | ||||||||
Assets | 2,368 | 2,368 | |||||||
MALAYSIA | |||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||
Revenues | 1,877,591 | 2,449,661 | |||||||
Cost of revenues | (1,006,315) | (1,422,514) | |||||||
Depreciation and amortization | (106,423) | (93,429) | |||||||
Net (loss)/income before taxation | 213,579 | 392,991 | |||||||
Assets | $ 3,565,301 | $ 3,590,321 | $ 3,565,301 | $ 3,590,321 |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) - Common Stock [Member] - shares | 3 Months Ended | 12 Months Ended | 14 Months Ended |
Mar. 31, 2020 | Dec. 31, 2020 | Nov. 17, 2022 | |
Subsequent Event [Line Items] | |||
Stock issued during period, shares | 3,600,000 | 3,600,000 | |
Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Stock issued during period, shares | 127,500 | ||
Issued and outstanding shares percentage | 0.035% |