Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2021 | May 11, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jun. 30, 2021 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2021 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 333-228130 | |
Entity Registrant Name | WISEMAN GLOBAL LIMITED | |
Entity Central Index Key | 0001756640 | |
Entity Tax Identification Number | 32-0576335 | |
Entity Incorporation, State or Country Code | NV | |
Entity Address, Address Line One | Building 2, Duoli Hi Tech Industrial Park | |
Entity Address, Address Line Two | No.9, Jinlong 1st Road, Baolong Street | |
Entity Address, Address Line Three | Longgang District | |
Entity Address, City or Town | Shenzhen City | |
Entity Address, Country | CN | |
Entity Address, Postal Zip Code | 518116 | |
City Area Code | 86 | |
Local Phone Number | 755 8489 9169 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
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 | 102,400,000 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 139,517 | $ 67,777 |
Accounts receivable | 78,130 | 188,360 |
Inventories | 405,304 | 466,363 |
Loan to related parties | 310,846 | 128,665 |
Prepayments | 141,017 | 230,279 |
Deposits paid and other receivables | 299,747 | 473,979 |
TOTAL CURRENT ASSETS | 1,375,628 | 1,555,713 |
NON-CURRENT ASSETS | ||
Right of use asset, net | 25,897 | 75,520 |
Property, plant and equipment, net | 10,383 | 11,928 |
TOTAL NON-CURRENT ASSETS | 36,280 | 87,448 |
TOTAL ASSETS | 1,411,908 | 1,643,161 |
CURRENT LIABILITIES | ||
Other payables and accrued liabilities | 185,147 | 204,910 |
Income tax payable | 320,831 | 317,113 |
Lease liability | 22,804 | 67,532 |
CURRENT LIABILITIES | 598,311 | 643,190 |
NON-CURRENT LIABILITIES | ||
Lease liability | 3,325 | 8,126 |
TOTAL NON-CURRENT LIABILITIES | 3,325 | 8,126 |
TOTAL LIABILITIES | 601,636 | 651,316 |
COMMITMENTS AND CONTINGENCIES | ||
STOCKHOLDERS’ EQUITY | ||
Preferred stock – Par value $0.0001; Authorized: 200,000,000 None issued and outstanding | ||
Common stock – Par value $ 0.0001; Authorized: 800,000,000 Issued and outstanding: 102,400,000 shares as of June 30, 2021 and 102,400,000 shares as of December 31, 2020 | 10,240 | 10,240 |
Additional paid-in capital | 726,760 | 726,760 |
Accumulated other comprehensive income | 50,269 | 41,692 |
Accumulated profits | 23,003 | 213,153 |
TOTAL STOCKHOLDERS’ EQUITY | 810,272 | 991,845 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | 1,411,908 | 1,643,161 |
Related Party [Member] | ||
CURRENT ASSETS | ||
Amount due from related parties | 1,067 | 290 |
CURRENT LIABILITIES | ||
Advance from related parties | 774 | |
Director [Member] | ||
CURRENT LIABILITIES | ||
Advance from related parties | $ 68,755 | $ 53,635 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 200,000,000 | 200,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 800,000,000 | 800,000,000 |
Common stock, shares issued | 102,400,000 | 102,400,000 |
Common stock, shares outstanding | 102,400,000 | 102,400,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations And Comprehensive Loss (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Income Statement [Abstract] | ||||
REVENUE | $ 79,745 | $ 34,551 | $ 117,013 | $ 136,231 |
COST OF REVENUE | (59,212) | (17,728) | (62,039) | (74,826) |
GROSS PROFIT | 20,533 | 16,823 | 54,974 | 61,405 |
OTHER INCOME, NET | 238 | 128,179 | 8,195 | 201,650 |
OPERATING EXPENSES | ||||
General and administrative | (122,515) | (228,707) | (244,887) | (426,146) |
LOSS FROM OPERATION BEFORE INCOME TAX | (101,744) | (83,705) | (181,718) | (163,091) |
INTEREST INCOME | 9 | 35 | 21 | 69 |
LOSS BEFORE INCOME TAX | (101,735) | (83,670) | (181,697) | (163,022) |
INCOME TAX EXPENSES | (8,453) | (3,014) | (8,453) | (3,014) |
NET LOSS | (110,188) | (86,684) | (190,150) | (166,036) |
Other comprehensive income/(loss): | ||||
- Foreign currency translation income (loss) | 10,944 | 2,450 | 8,577 | (14,369) |
COMPREHENSIVE LOSS | $ (99,244) | $ (84,234) | $ (181,573) | $ (180,405) |
NET LOSS PER SHARE, BASIC AND DILUTED | $ 0 | $ 0 | $ 0 | $ 0 |
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING, BASIC AND DILUTED | 102,400,000 | 102,400,000 | 102,400,000 | 102,400,000 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Loss [Member] | Total |
Beginning balance, value at Dec. 31, 2019 | $ 10,240 | $ 726,760 | $ 803,938 | $ (9,464) | $ 1,531,474 |
Beginning balance, shares at Dec. 31, 2019 | 102,400,000 | ||||
Net loss for the period | (79,352) | (79,352) | |||
Foreign currency translation | (16,822) | (16,822) | |||
Ending balance, value at Mar. 31, 2020 | $ 10,240 | 726,760 | 724,586 | (26,286) | 1,435,300 |
Ending balance, shares at Mar. 31, 2020 | 102,400,000 | ||||
Beginning balance, value at Dec. 31, 2019 | $ 10,240 | 726,760 | 803,938 | (9,464) | 1,531,474 |
Beginning balance, shares at Dec. 31, 2019 | 102,400,000 | ||||
Net loss for the period | (166,036) | ||||
Foreign currency translation | (14,369) | ||||
Ending balance, value at Jun. 30, 2020 | $ 10,240 | 726,760 | 637,902 | (23,836) | 1,351,066 |
Ending balance, shares at Jun. 30, 2020 | 102,400,000 | ||||
Beginning balance, value at Mar. 31, 2020 | $ 10,240 | 726,760 | 724,586 | (26,286) | 1,435,300 |
Beginning balance, shares at Mar. 31, 2020 | 102,400,000 | ||||
Net loss for the period | (86,684) | (86,684) | |||
Foreign currency translation | 2,450 | 2,450 | |||
Ending balance, value at Jun. 30, 2020 | $ 10,240 | 726,760 | 637,902 | (23,836) | 1,351,066 |
Ending balance, shares at Jun. 30, 2020 | 102,400,000 | ||||
Beginning balance, value at Dec. 31, 2020 | $ 10,240 | 726,760 | 213,153 | 41,692 | 991,845 |
Beginning balance, shares at Dec. 31, 2020 | 102,400,000 | ||||
Net loss for the period | (79,962) | (79,962) | |||
Foreign currency translation | (2,367) | (2,367) | |||
Ending balance, value at Mar. 31, 2021 | $ 10,240 | 726,760 | 133,191 | 39,325 | 909,516 |
Ending balance, shares at Mar. 31, 2021 | 102,400,000 | ||||
Beginning balance, value at Dec. 31, 2020 | $ 10,240 | 726,760 | 213,153 | 41,692 | 991,845 |
Beginning balance, shares at Dec. 31, 2020 | 102,400,000 | ||||
Net loss for the period | (190,150) | ||||
Foreign currency translation | 8,577 | ||||
Ending balance, value at Jun. 30, 2021 | $ 10,240 | 726,760 | 23,003 | 50,269 | 810,272 |
Ending balance, shares at Jun. 30, 2021 | 102,400,000 | ||||
Beginning balance, value at Mar. 31, 2021 | $ 10,240 | 726,760 | 133,191 | 39,325 | 909,516 |
Beginning balance, shares at Mar. 31, 2021 | 102,400,000 | ||||
Net loss for the period | (110,188) | (110,188) | |||
Foreign currency translation | 10,944 | 10,944 | |||
Ending balance, value at Jun. 30, 2021 | $ 10,240 | $ 726,760 | $ 23,003 | $ 50,269 | $ 810,272 |
Ending balance, shares at Jun. 30, 2021 | 102,400,000 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (190,150) | $ (166,036) |
Adjustments to reconcile net profit to net cash used in operating activities: | ||
Depreciation | 6,308 | 24,614 |
Amortization of ROU asset | 45,772 | 135,187 |
Change in lease liability | (50,342) | (135,144) |
Changes in operating assets and liabilities: | ||
Accounts receivable | 112,255 | 608,327 |
Inventories | 66,109 | (343,756) |
Deposits paid, prepayments and other receivables | 221,635 | (379,494) |
Accounts payable | (30,817) | |
Other payables and accrued liabilities | (21,190) | (382) |
Net cash provided by/(used in) operating activities | 190,397 | (287,501) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Advance to related parties | (134,312) | |
Net cash used in investing activities | (134,312) | |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from sale of common stock | ||
Advance from a director | 15,170 | 14,097 |
Net cash provided by financing activities | 15,170 | 14,097 |
Effect of exchange rate changes in cash and cash equivalents | 485 | (1,782) |
Net increase/(decrease) in cash and cash equivalents | 71,740 | (275,186) |
Cash and cash equivalents, beginning of period | 67,777 | 362,771 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 139,517 | 87,585 |
SUPPLEMENTAL CASH FLOWS INFORMATION | ||
Income taxes paid | 7,740 | |
Right-of-use assets obtained in exchange for operating lease obligations | $ 25,897 | $ 191,915 |
ORGANIZATION AND BUSINESS ACQUI
ORGANIZATION AND BUSINESS ACQUISITIONS | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
ORGANIZATION AND BUSINESS ACQUISITIONS | 1. ORGANIZATION AND BUSINESS ACQUISITIONS Wiseman Global Limited (“WISM”) was incorporated in Nevada on July 17, 2018, and before the transaction described below, WISM is engaged distributing a full line of major household appliances and related products in PRC region including Shenzhen and Hong Kong. Name Place/date of incorporation Principal activities Wisdom Global Group Co., Limited Seychelles / May 17, 2018 Investment holding Wiseman Global Limited (“Wiseman HK”) Hong Kong / July 31, 2018 Distributing a full line of major household appliances and related products Shenzhen Wiseman Smart Industrial Co., Limited (“SWSICL”) PRC / March 18, 2019 Distributing a full line of major household appliances and related products Shenzhen Wiseman Industrial Development Co., Limited (“SWIDCL”) PRC / December 29, 2017 (Acquired on August 12, 2019) Distributing a full line of major household appliances and related products Wiseman Global Limited is a company that operates through its wholly owned subsidiary, Wisdom Global Group Co., Limited, a Company incorporated in Seychelles. It should be noted that our wholly owned subsidiary, Wisdom Global Group Co., Limited owns 100 On September 7, 2018, Wisdom Global Group Co., Limited acquired 100 100 Shenzhen Wiseman Smart Industrial Co., Limited, a wholly-owned subsidiary of Wiseman HK, was incorporated in the PRC on March 18, 2019. On August 12, 2019, SWSICL acquired 100 Wiseman Global Limited and its subsidiaries are hereinafter referred to as the “Company”. |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
BASIS OF PRESENTATION | 2. BASIS OF PRESENTATION The accompanying consolidated financial statements of the Company are prepared pursuant to the rules and regulations of the U.S. Securities and Exchanges Commission (“ SEC US GAAP |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Use of Estimates The preparation of the consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Management makes these estimates using the best information available at the time the estimates are made; however actual results could differ materially from those estimates. Cash and Cash Equivalents Cash and cash equivalents are carried at cost and 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. The Chinese Renminbi is not freely convertible into foreign currencies. Under the PRC Foreign Exchange Control Regulations and Administration of Settlement, Sales and Payment of Foreign Exchange Regulations, the Company is permitted to exchange Chinese Renminbi for foreign currencies through banks that are authorized to conduct foreign exchange business. Accounts Receivable Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of accounts receivable. The Company extends credit to its customers in the normal course of business and generally does not require collateral. The Company’s credit terms are dependent upon the segment, and the customer. The Company assesses the probability of collection from each customer at the outset of the arrangement based on a number of factors, including the customer’s payment history and its current creditworthiness. If in management’s judgment collection is not probable, the Company does not record revenue until the uncertainty is removed. Management performs ongoing credit evaluations, and the Company maintains an allowance for potential credit losses based upon its loss history and its aging analysis. The allowance for doubtful accounts is the Company’s best estimate of the amount of credit losses in existing accounts receivable. Management reviews the allowance for doubtful accounts each reporting period based on a detailed analysis of trade receivables. In the analysis, management primarily considers the age of the customer’s receivable, and also considers the creditworthiness of the customer, the economic conditions of the customer’s industry, general economic conditions and trends, and the business relationship and history with its customers, among other factors. If any of these factors change, the Company may also change its original estimates, which could impact the level of the Company’s future allowance for doubtful accounts. If judgments regarding the collectability of receivables were incorrect, adjustments to the allowance may be required, which would reduce profitability. Accounts receivable are recognized and carried at the original invoice amount less an allowance for any uncollectible amounts. An estimate for doubtful accounts receivable is made when collection of the full amount is no longer probable. Bad debts are written off as identified. No allowance for doubtful accounts was made for the period ended June 30, 2021. Revenue Recognition Revenue is generated through sale of goods, consultancy, integration and installation services. Revenue is recognized when a customer obtains control of promised goods or services and is recognized in an amount that reflects the consideration that the Company expects to receive in exchange for those goods or services. In addition, the standard requires disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The amount of revenue that is recorded reflects the consideration that the Company expects to receive in exchange for those goods and services. The Company applies the following five-step model in order to determine this amount: (i) identification of the promised goods and services in the contract; (ii) determination of whether the promised goods and services are performance obligations, including whether they are distinct in the context of the contract; (iii) measurement of the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations; and (v) recognition of revenue when (or as) the Company satisfies each performance obligation. The Company adopted ASU 2014-09, Revenue from Contracts with Customers (Topic 606). Under Topic 606, the Company records revenue when persuasive evidence of an arrangement exists, delivery has occurred, the fee is fixed or determinable and collectability is probable. The Company records revenue from the sale of product upon shipment or delivery of the products to the customer. The Company allows for 12-month warranties to be purchased on the products. Our warranty includes the repair works for the unfunctional products, and the costs of the spare parts are not included in our warranty. In management’s opinion, there is no provision made for warranty provided. The revenue that generated through sale of goods are $ 80,658 36,355 Other Income For the six months ended June 30, 2021, we recorded an amount of $ 8,195 201,650 The net other income incurred during the six months ended June 30, 2021 is derived from income from face mask trading, and distribution income. Net other income generated through face mask trading is $ 1,287 6,908 The face mask trading is the temporary business, which the Company expects to discontinue the face mask trading on the fiscal year ended 2021. The discontinue is due to the low profit margin due to the highly competitive market in face mask trading. The net other income incurred during the six months ended June 30, 2020 is derived from rental income, income from face mask trading, and distribution income. The net other income that generated through rental income is $ 120,000 54,869 26,781 Shipping and handling costs Costs for shipping and handling activities, including those activities that occur subsequent to transfer of control to the customer, are recorded as cost of sales and are expensed as incurred. The Company accrues costs for shipping and handling activities that occur after control of the promised good has transferred to the customer. Earnings Per Share The Company reports earnings per share in accordance with ASC 260 “ Earnings Per Share The Company’s basic earnings per share is computed by dividing the net income available to holders by the weighted average number of the Company’s ordinary shares outstanding. Diluted earnings per share reflects the amount of net income available to each ordinary share outstanding during the period plus the number of additional shares that would have been outstanding if potentially dilutive securities had been issued. 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. Income Taxes The Company accounts for income taxes using the asset and liability method prescribed by ASC 740 “ Income Taxes New U.S. federal tax legislation, commonly referred to as the Tax Cuts and Jobs Act (the “ U.S. Tax Reform The U.S. Tax Reform modified the U.S. Internal Revenue Code by, among other things, reducing the statutory U.S. federal corporate income tax rate from 35% to 21 Foreign Currency 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 statements of operations. The reporting currency of the Company is United States Dollars (“US$”). The Company’s subsidiary in Seychelles, Hong Kong and PRC maintains its books and record in United States Dollars (“US$”), Hong Kong Dollars (“HK$”) and Chinese Renminbi (“CNY¥”) respectively. In general, for consolidation purposes, assets and liabilities of its subsidiary whose functional currency is not the US$ are translated into US$, in accordance with ASC Topic 830-30, “Translation of Financial Statement”, using the exchange rate on the balance sheet date. Revenues and expenses are translated at average rates prevailing during the period. The gains and losses resulting from translation of financial statements of foreign subsidiary are recorded as a separate component of accumulated other comprehensive income within the statement of stockholders’ equity. Translation of amounts from the local currencies of the Company into US$ has been made at the following exchange rates for the respective periods: SCHEDULE OF FOREIGN CURRENCIES TRANSLATION EXCHANGE RATE June 30, 2021 As of and for the June 30, 2021 Period-end HK$ : US$1 exchange rate 7.75 Period-average HK$ : US$1 exchange rate 7.75 Period-end CNY¥ : US$1 exchange rate 6.46 Period-average CNY¥ : US$1 exchange rate 6.46 Foreign currency translation exchange rate Fair Value Measurement Accounting Standards Codification (“ ASC Fair Value Measurements and Disclosures This ASC establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are described below: Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2: Quoted prices in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability; and Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity). Recently issued and adopted accounting pronouncements In February 2016, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02, Leases (Topic 842). Under the new guidance, lessees will be required recognize the following for all leases (with the exception of short-term leases) at the commencement date: 1) A lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis; and 2) A right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. The new lease guidance simplified the accounting for sale and leaseback transactions primarily because lessees must recognize lease assets and lease liabilities. Lessees will no longer be provided with a source of off-balance sheet financing. The amendments in this ASU are effective for fiscal years beginning after December 15, 2018, including interim periods within those years. This standard takes effect for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. According to this new standard, the Company records both right-of-use asset and lease liability of $ 25,897 In June 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments In August 2018, the FASB issued ASU 2018-13, Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, In August 2020, the FASB issued ASU 2020-06, Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40) to simplify accounting for certain financial instruments. ASU 2020-06 eliminates the current models that require separation of beneficial conversion and cash conversion features from convertible instruments and simplifies the derivative scope exception guidance pertaining to equity classification of contracts in an entity’s own equity. The new standard also introduces additional disclosures for convertible debt and freestanding instruments that are indexed to and settled in an entity’s own equity. ASU 2020-06 amends the diluted earnings per share guidance, including the requirement to use the if-converted method for all convertible instruments. ASU 2020-06 is effective January 1, 2024 for the Company and should be applied on a full or modified retrospective basis, with early adoption permitted beginning January 1, 2021. The Company has determined not to early adopt ASU 2020-06. The implementation of this accounting treatment is not expected to have a material effect on the Company’s financial statements. The Company reviews new accounting standards as issued. Management has not identified any other new standards that it believes will have a significant impact on the Company’s consolidated financial statements. |
ACCOUNTS RECEIVABLE
ACCOUNTS RECEIVABLE | 6 Months Ended |
Jun. 30, 2021 | |
Credit Loss [Abstract] | |
ACCOUNTS RECEIVABLE | 4. ACCOUNTS RECEIVABLE The receivable and allowance balances as of June 30, 2021 and December 31, 2020 are as follows: SCHEDULE OF ACCOUNTS RECEIVABLE June 30, 2021 December 31, 2020 (unaudited) (audited) Accounts receivable $ 78,130 $ 188,360 Less: allowance for doubtful accounts - - Accounts receivable, net $ 78,130 $ 188,360 |
INVENTORIES
INVENTORIES | 6 Months Ended |
Jun. 30, 2021 | |
Inventory Disclosure [Abstract] | |
INVENTORIES | 5. INVENTORIES Inventories consisted of the following as of June 30, 2021 and December 31, 2020: SCHEDULE OF INVENTORIES June 30, 2021 December 31, 2020 (unaudited) (audited) Finished goods $ 405,304 $ 466,363 Inventories $ 405,304 $ 466,363 Inventories consisting of products available for sell, are stated at the lower of cost or market value. |
LOAN TO RELATED PARTIES
LOAN TO RELATED PARTIES | 6 Months Ended |
Jun. 30, 2021 | |
Loan To Related Parties | |
LOAN TO RELATED PARTIES | 6. LOAN TO RELATED PARTIES The details of the loan to related parties are stated as below: SCHEDULE OF LOAN TO RELATED PARTIES Related Parties June 30, 2021 December 31, 2020 (unaudited) (audited) Party A $ 103,368 $ 22,976 Party B 106,836 13,786 Party C 100,642 91,903 Total loan to related parties $ 310,846 $ 128,665 The loan to related parties are unsecured, with interest-bearing of 7 Party A is a company which is owned 66 Party B is a company which is our CEO is the majority shareholder. Party C is a company which is the director is the company representative of the Company. |
PREPAYMENTS
PREPAYMENTS | 6 Months Ended |
Jun. 30, 2021 | |
Disclosure Prepayments Abstract | |
PREPAYMENTS | 7. PREPAYMENTS As of June 30, 2021, the Company prepayments consist of the prepayment for the professional fees, purchases, and renovation fees. |
DEPOSITS PAID AND OTHER RECEIVA
DEPOSITS PAID AND OTHER RECEIVABLES | 6 Months Ended |
Jun. 30, 2021 | |
Deposits Paid And Other Receivables | |
DEPOSITS PAID AND OTHER RECEIVABLES | 8. DEPOSITS PAID AND OTHER RECEIVABLES Deposits paid and other receivables consisted of the following as of June 30, 2021 and December 31, 2020: SCHEDULE OF DEPOSITS PAID AND OTHER RECEIVABLES June 30, 2021 December 31, 2020 (unaudited) (audited) Deposits paid $ 1,672 $ 1,654 Loan to third parties 220,901 393,237 Rental income receivables 60,000 60,000 Others 17,174 19,088 Total deposits paid and other receivables $ 299,747 $ 473,979 The loan to third parties are unsecured, with interest-bearing varies of 3 7 1 5 |
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 6 Months Ended |
Jun. 30, 2021 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY, PLANT AND EQUIPMENT | 9. PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment consisted of the following as of June 30, 2021 and December 31, 2020: SCHEDULE OF PROPERTY, PLANT AND EQUIPMENT June 30, 2021 December 31, 2020 (unaudited) (audited) Office equipment $ 16,130 $ 16,003 Less: accumulated depreciation (5,747 ) (4,075 ) Property, plant and equipment, net $ 10,383 $ 11,928 Depreciation expense for the six months ended June 30, 2021 and June 30, 2020 was $ 6,308 24,614 189,356 |
OTHER PAYABLES AND ACCRUED LIAB
OTHER PAYABLES AND ACCRUED LIABILITIES | 6 Months Ended |
Jun. 30, 2021 | |
Payables and Accruals [Abstract] | |
OTHER PAYABLES AND ACCRUED LIABILITIES | 10. OTHER PAYABLES AND ACCRUED LIABILITIES Other payables and accrued liabilities consisted of the following as of June 30, 2021 and December 31, 2020: SCHEDULE OF OTHER PAYABLES AND ACCRUED LIABILITIES June 30, 2021 December 31, 2020 (unaudited) (audited) Other payables $ 122,350 $ 44,312 Accrued other expenses 52,229 99,329 Receipt in advance 10,568 61,269 Total other payables and accrued liabilities $ 185,147 $ 204,910 |
SHAREHOLDERS_ EQUITY
SHAREHOLDERS’ EQUITY | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
SHAREHOLDERS’ EQUITY | 11. SHAREHOLDERS’ EQUITY As of June 30, 2021, the Company had a total of 102,400,000 There are no |
ADVANCE FROM A DIRECTOR
ADVANCE FROM A DIRECTOR | 6 Months Ended |
Jun. 30, 2021 | |
Advance From Director | |
ADVANCE FROM A DIRECTOR | 12. ADVANCE FROM A DIRECTOR As of June 30, 2021 and December 31, 2020, there is an advance from a director of $ 68,755 53,635 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 6 Months Ended |
Jun. 30, 2021 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | 13. RELATED PARTY TRANSACTIONS Name of Related Parties Relationship with the Company SHENZHEN WISEMAN SMART TECHNOLOGY GROUP CO., LIMITED A company which is owned 66 WENZHI WU The family member of the CEO and the Director of the Company. WISEMAN CHIPS SMART TECHNOLOGY (SHENZHEN) CO., LIMITED The director is the company representative of the Company. XIANGXI WISEMAN INVESTMENT DEVELOPMENT CO., LIMITED A company which is our CEO is the majority shareholder. JINPENG LAI The CEO and the Director of the Company. SCHEDULE OF RELATED PARTY TRANSACTIONS Six Months Ended June 30, 2021 Year Ended Revenue: - SHENZHEN WISEMAN SMART TECHNOLOGY GROUP CO., LIMITED $ - $ 380 -WISEMAN CHIPS SMART TECHNOLOGY (SHENZHEN) CO., LIMITED - 1,780 - XIANGXI WISEMAN INVESTMENT DEVELOPMENT CO., LIMITED 69,808 - Cost of revenue: - SHENZHEN WISEMAN SMART TECHNOLOGY GROUP CO., LIMITED $ - $ 10,017 -WISEMAN CHIPS SMART TECHNOLOGY (SHENZHEN) CO., LIMITED - 14,627 Other income (cost): - SHENZHEN WISEMAN SMART TECHNOLOGY GROUP CO., LIMITED $ (5,776 ) $ (230,821 ) Inventories: - SHENZHEN WISEMAN SMART TECHNOLOGY GROUP CO., LIMITED $ 29,120 $ 34,523 Prepayment - SHENZHEN WISEMAN SMART TECHNOLOGY GROUP CO., LIMITED $ - $ 135,512 Deposit paid and other receivables: - SHENZHEN WISEMAN SMART TECHNOLOGY GROUP CO., LIMITED $ - $ 1,654 Loan to related parties: - SHENZHEN WISEMAN SMART TECHNOLOGY GROUP CO., LIMITED $ 103,368 $ 22,976 -WISEMAN CHIPS SMART TECHNOLOGY (SHENZHEN) CO., LIMITED $ 100,642 $ 91,903 - XIANGXI WISEMAN INVESTMENT DEVELOPMENT CO., LIMITED $ 106,836 $ 13,786 Amount due to related parties: - WENZHI WU $ 774 $ 290 Advance from a director: - JINPENG LAI $ 15,170 $ 50,974 |
INCOME TAX
INCOME TAX | 6 Months Ended |
Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
INCOME TAX | 14. INCOME TAX The Company is an U.S. entity and is subject to the United States federal income tax. No provision for income taxes in the United States has been made as the Company had no United States taxable income for the six months ended June 30, 2021. Wisdom Global Group Co., Limited was incorporated in the Republic of Seychelles and, under the laws of Seychelles, is not subject to income taxes. The Company operates in Hong Kong and files tax returns in the Hong Kong jurisdiction. Wiseman Global Limited was incorporated in Hong Kong and is subject to Hong Kong income tax at a tax rate of 16.5 2 258,000 SWISCL and SWIDCL were incorporated in the PRC and with the enterprise income tax rate of 25 No Provision for income tax expense will be projected at year end date. The tax expense of $ 8,453 for the year ended December 31, 2020 from Wiseman Global Limited which was incorporated in Hong Kong. Effective and Statutory Rate Reconciliation 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 following table summarizes a reconciliation of the Company’s income taxes expenses: SCHEDULE OF EFFECTIVE INCOME TAX RATE RECONCILIATION 2021 2020 Six months ended June 30, 2021 2020 (unaudited) (unaudited) Computed expected benefits (25 )% (25 )% Effect of foreign tax rate difference 2 % 3 % Tax losses not recognized 23 % 23 % Under provision of income tax in respect of prior year 4 % 2 % Temporary difference not recognized (0 )% (1 )% Income tax expense 4 % 2 % Six months ended June 30, 2021 2020 (unaudited) (unaudited) PRC statutory tax rate 25 % 25 % Computed expected benefits $ (47,537 ) $ (41,509 ) Effect of foreign tax rate difference 3,329 5,159 Tax losses not recognized 44,385 38,213 Under provision of income tax in respect of prior year 8,453 3,014 Temporary difference not recognized (177 ) (1,863 ) Income tax expense $ 8,453 $ 3,014 The following table sets forth the significant components of the aggregate deferred tax assets of the Company as of June 30, 2021: SCHEDULE OF DEFERRED TAX ASSETS 2021 2020 Six months ended June 30, 2021 2020 (unaudited) (unaudited) Deferred tax assets: Net operating loss carry forwards - United States of America $ 80,297 $ 53,470 - Hong Kong - - - PRC - 8,079 Net operating loss carry forwards - 8,079 Less: valuation allowance (80,297 ) (61,549 ) Deferred tax assets $ - $ - Management believes that it is more likely than not that the deferred tax assets will not be fully realizable in the future. Accordingly, the Company provided for a full valuation allowance against its deferred tax assets of $ 80,297 9,655 Value Added Tax (“VAT”) In accordance with the relevant taxation laws in the PRC, the normal VAT rate for domestic sales is 17 13 |
RIGHT-OF-USE ASSET AND LEASE LI
RIGHT-OF-USE ASSET AND LEASE LIABILITIES | 6 Months Ended |
Jun. 30, 2021 | |
Right-of-use Asset And Lease Liabilities | |
RIGHT-OF-USE ASSET AND LEASE LIABILITIES | 15. RIGHT-OF-USE ASSET AND LEASE LIABILITIES The Company implemented new accounting policy according to the ASC 842, Leases, on August 1, 2019 on a modified retrospective basis and did not restate comparative periods. Under the new policy, the Company recognized approximately US$ 25,897 4.75 As of June 30, 2021 and December 31, 2020, the right-of use asset and lease liabilities are as follows: SCHEDULE OF RIGHT-OF USE ASSET AND LEASE LIABILITIES June 30, 2021 December 31, 2020 (unaudited) (audited) Within 1 year $ 18,178 $ 68,897 After 1 year but within 5 years 8,361 8,271 Total lease payments $ 26,539 $ 77,168 Less: unrecognized lease obligations (410 ) (1,510 ) Less: imputed interest (232 ) (138 ) Total lease obligations 25,897 75,520 Less: current obligations (22,804 ) (67,532 ) Long-term lease obligations $ 3,325 $ 8,126 Other information: SCHEDULE OF OTHER INFORMATION 2021 2020 Six months ended June 30, 2021 2020 (unaudited) (unaudited) Cash paid for amounts included in the measurement of lease liabilities: - - Operating cash flow from operating lease $ 71,336 $ 80,220 Right-of-use assets obtained in exchange for operating lease liabilities 25,897 191,915 Remaining lease term for operating lease (years) 0.75 4.83 Weighted average discount rate for operating lease 4.75 % 5.0697 % |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Jun. 30, 2021 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | 16. SUBSEQUENT EVENTS The Company has evaluated subsequent events from the balance sheet date through May 12, 2023, the date the Company issued unaudited consolidated financial statements in accordance with ASC Topic 855, “ Subsequent Events |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates The preparation of the consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Management makes these estimates using the best information available at the time the estimates are made; however actual results could differ materially from those estimates. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents are carried at cost and 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. The Chinese Renminbi is not freely convertible into foreign currencies. Under the PRC Foreign Exchange Control Regulations and Administration of Settlement, Sales and Payment of Foreign Exchange Regulations, the Company is permitted to exchange Chinese Renminbi for foreign currencies through banks that are authorized to conduct foreign exchange business. |
Accounts Receivable | Accounts Receivable Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of accounts receivable. The Company extends credit to its customers in the normal course of business and generally does not require collateral. The Company’s credit terms are dependent upon the segment, and the customer. The Company assesses the probability of collection from each customer at the outset of the arrangement based on a number of factors, including the customer’s payment history and its current creditworthiness. If in management’s judgment collection is not probable, the Company does not record revenue until the uncertainty is removed. Management performs ongoing credit evaluations, and the Company maintains an allowance for potential credit losses based upon its loss history and its aging analysis. The allowance for doubtful accounts is the Company’s best estimate of the amount of credit losses in existing accounts receivable. Management reviews the allowance for doubtful accounts each reporting period based on a detailed analysis of trade receivables. In the analysis, management primarily considers the age of the customer’s receivable, and also considers the creditworthiness of the customer, the economic conditions of the customer’s industry, general economic conditions and trends, and the business relationship and history with its customers, among other factors. If any of these factors change, the Company may also change its original estimates, which could impact the level of the Company’s future allowance for doubtful accounts. If judgments regarding the collectability of receivables were incorrect, adjustments to the allowance may be required, which would reduce profitability. Accounts receivable are recognized and carried at the original invoice amount less an allowance for any uncollectible amounts. An estimate for doubtful accounts receivable is made when collection of the full amount is no longer probable. Bad debts are written off as identified. No allowance for doubtful accounts was made for the period ended June 30, 2021. |
Revenue Recognition | Revenue Recognition Revenue is generated through sale of goods, consultancy, integration and installation services. Revenue is recognized when a customer obtains control of promised goods or services and is recognized in an amount that reflects the consideration that the Company expects to receive in exchange for those goods or services. In addition, the standard requires disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The amount of revenue that is recorded reflects the consideration that the Company expects to receive in exchange for those goods and services. The Company applies the following five-step model in order to determine this amount: (i) identification of the promised goods and services in the contract; (ii) determination of whether the promised goods and services are performance obligations, including whether they are distinct in the context of the contract; (iii) measurement of the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations; and (v) recognition of revenue when (or as) the Company satisfies each performance obligation. The Company adopted ASU 2014-09, Revenue from Contracts with Customers (Topic 606). Under Topic 606, the Company records revenue when persuasive evidence of an arrangement exists, delivery has occurred, the fee is fixed or determinable and collectability is probable. The Company records revenue from the sale of product upon shipment or delivery of the products to the customer. The Company allows for 12-month warranties to be purchased on the products. Our warranty includes the repair works for the unfunctional products, and the costs of the spare parts are not included in our warranty. In management’s opinion, there is no provision made for warranty provided. The revenue that generated through sale of goods are $ 80,658 36,355 |
Other Income | Other Income For the six months ended June 30, 2021, we recorded an amount of $ 8,195 201,650 The net other income incurred during the six months ended June 30, 2021 is derived from income from face mask trading, and distribution income. Net other income generated through face mask trading is $ 1,287 6,908 The face mask trading is the temporary business, which the Company expects to discontinue the face mask trading on the fiscal year ended 2021. The discontinue is due to the low profit margin due to the highly competitive market in face mask trading. The net other income incurred during the six months ended June 30, 2020 is derived from rental income, income from face mask trading, and distribution income. The net other income that generated through rental income is $ 120,000 54,869 26,781 |
Shipping and handling costs | Shipping and handling costs Costs for shipping and handling activities, including those activities that occur subsequent to transfer of control to the customer, are recorded as cost of sales and are expensed as incurred. The Company accrues costs for shipping and handling activities that occur after control of the promised good has transferred to the customer. |
Earnings Per Share | Earnings Per Share The Company reports earnings per share in accordance with ASC 260 “ Earnings Per Share The Company’s basic earnings per share is computed by dividing the net income available to holders by the weighted average number of the Company’s ordinary shares outstanding. Diluted earnings per share reflects the amount of net income available to each ordinary share outstanding during the period plus the number of additional shares that would have been outstanding if potentially dilutive securities had been issued. |
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. |
Income Taxes | Income Taxes The Company accounts for income taxes using the asset and liability method prescribed by ASC 740 “ Income Taxes New U.S. federal tax legislation, commonly referred to as the Tax Cuts and Jobs Act (the “ U.S. Tax Reform The U.S. Tax Reform modified the U.S. Internal Revenue Code by, among other things, reducing the statutory U.S. federal corporate income tax rate from 35% to 21 |
Foreign Currency Translation | Foreign Currency 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 statements of operations. The reporting currency of the Company is United States Dollars (“US$”). The Company’s subsidiary in Seychelles, Hong Kong and PRC maintains its books and record in United States Dollars (“US$”), Hong Kong Dollars (“HK$”) and Chinese Renminbi (“CNY¥”) respectively. In general, for consolidation purposes, assets and liabilities of its subsidiary whose functional currency is not the US$ are translated into US$, in accordance with ASC Topic 830-30, “Translation of Financial Statement”, using the exchange rate on the balance sheet date. Revenues and expenses are translated at average rates prevailing during the period. The gains and losses resulting from translation of financial statements of foreign subsidiary are recorded as a separate component of accumulated other comprehensive income within the statement of stockholders’ equity. Translation of amounts from the local currencies of the Company into US$ has been made at the following exchange rates for the respective periods: SCHEDULE OF FOREIGN CURRENCIES TRANSLATION EXCHANGE RATE June 30, 2021 As of and for the June 30, 2021 Period-end HK$ : US$1 exchange rate 7.75 Period-average HK$ : US$1 exchange rate 7.75 Period-end CNY¥ : US$1 exchange rate 6.46 Period-average CNY¥ : US$1 exchange rate 6.46 Foreign currency translation exchange rate |
Fair Value Measurement | Fair Value Measurement Accounting Standards Codification (“ ASC Fair Value Measurements and Disclosures This ASC establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are described below: Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2: Quoted prices in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability; and Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity). |
Recently issued and adopted accounting pronouncements | Recently issued and adopted accounting pronouncements In February 2016, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02, Leases (Topic 842). Under the new guidance, lessees will be required recognize the following for all leases (with the exception of short-term leases) at the commencement date: 1) A lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis; and 2) A right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. The new lease guidance simplified the accounting for sale and leaseback transactions primarily because lessees must recognize lease assets and lease liabilities. Lessees will no longer be provided with a source of off-balance sheet financing. The amendments in this ASU are effective for fiscal years beginning after December 15, 2018, including interim periods within those years. This standard takes effect for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. According to this new standard, the Company records both right-of-use asset and lease liability of $ 25,897 In June 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments In August 2018, the FASB issued ASU 2018-13, Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, In August 2020, the FASB issued ASU 2020-06, Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40) to simplify accounting for certain financial instruments. ASU 2020-06 eliminates the current models that require separation of beneficial conversion and cash conversion features from convertible instruments and simplifies the derivative scope exception guidance pertaining to equity classification of contracts in an entity’s own equity. The new standard also introduces additional disclosures for convertible debt and freestanding instruments that are indexed to and settled in an entity’s own equity. ASU 2020-06 amends the diluted earnings per share guidance, including the requirement to use the if-converted method for all convertible instruments. ASU 2020-06 is effective January 1, 2024 for the Company and should be applied on a full or modified retrospective basis, with early adoption permitted beginning January 1, 2021. The Company has determined not to early adopt ASU 2020-06. The implementation of this accounting treatment is not expected to have a material effect on the Company’s financial statements. The Company reviews new accounting standards as issued. Management has not identified any other new standards that it believes will have a significant impact on the Company’s consolidated financial statements. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
SCHEDULE OF FOREIGN CURRENCIES TRANSLATION EXCHANGE RATE | Translation of amounts from the local currencies of the Company into US$ has been made at the following exchange rates for the respective periods: SCHEDULE OF FOREIGN CURRENCIES TRANSLATION EXCHANGE RATE June 30, 2021 As of and for the June 30, 2021 Period-end HK$ : US$1 exchange rate 7.75 Period-average HK$ : US$1 exchange rate 7.75 Period-end CNY¥ : US$1 exchange rate 6.46 Period-average CNY¥ : US$1 exchange rate 6.46 Foreign currency translation exchange rate |
ACCOUNTS RECEIVABLE (Tables)
ACCOUNTS RECEIVABLE (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Credit Loss [Abstract] | |
SCHEDULE OF ACCOUNTS RECEIVABLE | The receivable and allowance balances as of June 30, 2021 and December 31, 2020 are as follows: SCHEDULE OF ACCOUNTS RECEIVABLE June 30, 2021 December 31, 2020 (unaudited) (audited) Accounts receivable $ 78,130 $ 188,360 Less: allowance for doubtful accounts - - Accounts receivable, net $ 78,130 $ 188,360 |
INVENTORIES (Tables)
INVENTORIES (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Inventory Disclosure [Abstract] | |
SCHEDULE OF INVENTORIES | Inventories consisted of the following as of June 30, 2021 and December 31, 2020: SCHEDULE OF INVENTORIES June 30, 2021 December 31, 2020 (unaudited) (audited) Finished goods $ 405,304 $ 466,363 Inventories $ 405,304 $ 466,363 |
LOAN TO RELATED PARTIES (Tables
LOAN TO RELATED PARTIES (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Loan To Related Parties | |
SCHEDULE OF LOAN TO RELATED PARTIES | The details of the loan to related parties are stated as below: SCHEDULE OF LOAN TO RELATED PARTIES Related Parties June 30, 2021 December 31, 2020 (unaudited) (audited) Party A $ 103,368 $ 22,976 Party B 106,836 13,786 Party C 100,642 91,903 Total loan to related parties $ 310,846 $ 128,665 |
DEPOSITS PAID AND OTHER RECEI_2
DEPOSITS PAID AND OTHER RECEIVABLES (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Deposits Paid And Other Receivables | |
SCHEDULE OF DEPOSITS PAID AND OTHER RECEIVABLES | Deposits paid and other receivables consisted of the following as of June 30, 2021 and December 31, 2020: SCHEDULE OF DEPOSITS PAID AND OTHER RECEIVABLES June 30, 2021 December 31, 2020 (unaudited) (audited) Deposits paid $ 1,672 $ 1,654 Loan to third parties 220,901 393,237 Rental income receivables 60,000 60,000 Others 17,174 19,088 Total deposits paid and other receivables $ 299,747 $ 473,979 |
PROPERTY, PLANT AND EQUIPMENT (
PROPERTY, PLANT AND EQUIPMENT (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Property, Plant and Equipment [Abstract] | |
SCHEDULE OF PROPERTY, PLANT AND EQUIPMENT | Property, plant and equipment consisted of the following as of June 30, 2021 and December 31, 2020: SCHEDULE OF PROPERTY, PLANT AND EQUIPMENT June 30, 2021 December 31, 2020 (unaudited) (audited) Office equipment $ 16,130 $ 16,003 Less: accumulated depreciation (5,747 ) (4,075 ) Property, plant and equipment, net $ 10,383 $ 11,928 |
OTHER PAYABLES AND ACCRUED LI_2
OTHER PAYABLES AND ACCRUED LIABILITIES (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Payables and Accruals [Abstract] | |
SCHEDULE OF OTHER PAYABLES AND ACCRUED LIABILITIES | Other payables and accrued liabilities consisted of the following as of June 30, 2021 and December 31, 2020: SCHEDULE OF OTHER PAYABLES AND ACCRUED LIABILITIES June 30, 2021 December 31, 2020 (unaudited) (audited) Other payables $ 122,350 $ 44,312 Accrued other expenses 52,229 99,329 Receipt in advance 10,568 61,269 Total other payables and accrued liabilities $ 185,147 $ 204,910 |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Related Party Transactions [Abstract] | |
SCHEDULE OF RELATED PARTY TRANSACTIONS | SCHEDULE OF RELATED PARTY TRANSACTIONS Six Months Ended June 30, 2021 Year Ended Revenue: - SHENZHEN WISEMAN SMART TECHNOLOGY GROUP CO., LIMITED $ - $ 380 -WISEMAN CHIPS SMART TECHNOLOGY (SHENZHEN) CO., LIMITED - 1,780 - XIANGXI WISEMAN INVESTMENT DEVELOPMENT CO., LIMITED 69,808 - Cost of revenue: - SHENZHEN WISEMAN SMART TECHNOLOGY GROUP CO., LIMITED $ - $ 10,017 -WISEMAN CHIPS SMART TECHNOLOGY (SHENZHEN) CO., LIMITED - 14,627 Other income (cost): - SHENZHEN WISEMAN SMART TECHNOLOGY GROUP CO., LIMITED $ (5,776 ) $ (230,821 ) Inventories: - SHENZHEN WISEMAN SMART TECHNOLOGY GROUP CO., LIMITED $ 29,120 $ 34,523 Prepayment - SHENZHEN WISEMAN SMART TECHNOLOGY GROUP CO., LIMITED $ - $ 135,512 Deposit paid and other receivables: - SHENZHEN WISEMAN SMART TECHNOLOGY GROUP CO., LIMITED $ - $ 1,654 Loan to related parties: - SHENZHEN WISEMAN SMART TECHNOLOGY GROUP CO., LIMITED $ 103,368 $ 22,976 -WISEMAN CHIPS SMART TECHNOLOGY (SHENZHEN) CO., LIMITED $ 100,642 $ 91,903 - XIANGXI WISEMAN INVESTMENT DEVELOPMENT CO., LIMITED $ 106,836 $ 13,786 Amount due to related parties: - WENZHI WU $ 774 $ 290 Advance from a director: - JINPENG LAI $ 15,170 $ 50,974 |
INCOME TAX (Tables)
INCOME TAX (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
SCHEDULE OF EFFECTIVE INCOME TAX RATE RECONCILIATION | The following table summarizes a reconciliation of the Company’s income taxes expenses: SCHEDULE OF EFFECTIVE INCOME TAX RATE RECONCILIATION 2021 2020 Six months ended June 30, 2021 2020 (unaudited) (unaudited) Computed expected benefits (25 )% (25 )% Effect of foreign tax rate difference 2 % 3 % Tax losses not recognized 23 % 23 % Under provision of income tax in respect of prior year 4 % 2 % Temporary difference not recognized (0 )% (1 )% Income tax expense 4 % 2 % Six months ended June 30, 2021 2020 (unaudited) (unaudited) PRC statutory tax rate 25 % 25 % Computed expected benefits $ (47,537 ) $ (41,509 ) Effect of foreign tax rate difference 3,329 5,159 Tax losses not recognized 44,385 38,213 Under provision of income tax in respect of prior year 8,453 3,014 Temporary difference not recognized (177 ) (1,863 ) Income tax expense $ 8,453 $ 3,014 |
SCHEDULE OF DEFERRED TAX ASSETS | The following table sets forth the significant components of the aggregate deferred tax assets of the Company as of June 30, 2021: SCHEDULE OF DEFERRED TAX ASSETS 2021 2020 Six months ended June 30, 2021 2020 (unaudited) (unaudited) Deferred tax assets: Net operating loss carry forwards - United States of America $ 80,297 $ 53,470 - Hong Kong - - - PRC - 8,079 Net operating loss carry forwards - 8,079 Less: valuation allowance (80,297 ) (61,549 ) Deferred tax assets $ - $ - |
RIGHT-OF-USE ASSET AND LEASE _2
RIGHT-OF-USE ASSET AND LEASE LIABILITIES (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Right-of-use Asset And Lease Liabilities | |
SCHEDULE OF RIGHT-OF USE ASSET AND LEASE LIABILITIES | As of June 30, 2021 and December 31, 2020, the right-of use asset and lease liabilities are as follows: SCHEDULE OF RIGHT-OF USE ASSET AND LEASE LIABILITIES June 30, 2021 December 31, 2020 (unaudited) (audited) Within 1 year $ 18,178 $ 68,897 After 1 year but within 5 years 8,361 8,271 Total lease payments $ 26,539 $ 77,168 Less: unrecognized lease obligations (410 ) (1,510 ) Less: imputed interest (232 ) (138 ) Total lease obligations 25,897 75,520 Less: current obligations (22,804 ) (67,532 ) Long-term lease obligations $ 3,325 $ 8,126 |
SCHEDULE OF OTHER INFORMATION | Other information: SCHEDULE OF OTHER INFORMATION 2021 2020 Six months ended June 30, 2021 2020 (unaudited) (unaudited) Cash paid for amounts included in the measurement of lease liabilities: - - Operating cash flow from operating lease $ 71,336 $ 80,220 Right-of-use assets obtained in exchange for operating lease liabilities 25,897 191,915 Remaining lease term for operating lease (years) 0.75 4.83 Weighted average discount rate for operating lease 4.75 % 5.0697 % |
ORGANIZATION AND BUSINESS ACQ_2
ORGANIZATION AND BUSINESS ACQUISITIONS (Details Narrative) | Jun. 30, 2021 | Aug. 12, 2019 | Sep. 12, 2018 | Sep. 07, 2018 |
Wisdom Global Group Co. [Member] | ||||
Percentage of acquired equity interest | 100% | 100% | ||
Wiseman Smart Industrial Co. [Member] | ||||
Percentage of acquired equity interest | 100% | |||
Wisdom Global Group Co. [Member] | ||||
Equity ownership percentage | 100% |
SCHEDULE OF FOREIGN CURRENCIES
SCHEDULE OF FOREIGN CURRENCIES TRANSLATION EXCHANGE RATE (Details) | Jun. 30, 2021 |
Period-end HKD [Member] | |
Offsetting Assets [Line Items] | |
Foreign currency translation exchange rate | 7.75 |
Period-average HKD [Member] | |
Offsetting Assets [Line Items] | |
Foreign currency translation exchange rate | 7.75 |
Period-end CNY [Member] | |
Offsetting Assets [Line Items] | |
Foreign currency translation exchange rate | 6.46 |
Period-average CNY [Member] | |
Offsetting Assets [Line Items] | |
Foreign currency translation exchange rate | 6.46 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Product Information [Line Items] | |||||
Revenue from sale of goods | $ 80,658 | ||||
Revenue | $ 79,745 | $ 34,551 | 117,013 | $ 136,231 | |
Other income, net | 238 | $ 128,179 | $ 8,195 | $ 201,650 | |
Federal income tax rate | 25% | 25% | |||
Right-of-use asset | 25,897 | $ 25,897 | $ 75,520 | ||
Lease liability | $ 25,897 | $ 25,897 | $ 75,520 | ||
Tax Cuts and Jobs Act [Member] | |||||
Product Information [Line Items] | |||||
Income tax examination description | The U.S. Tax Reform modified the U.S. Internal Revenue Code by, among other things, reducing the statutory U.S. federal corporate income tax rate from 35% to 21% for taxable years beginning after December 31, 2017 | ||||
Federal income tax rate | 21% | ||||
Other Income Generated Through Trading [Member] | |||||
Product Information [Line Items] | |||||
Other income | $ 1,287 | $ 54,869 | |||
Other Income Generated Through Distribution [Member] | |||||
Product Information [Line Items] | |||||
Other income | 6,908 | 26,781 | |||
Generated Through Rental Income [Member] | |||||
Product Information [Line Items] | |||||
Other income | $ 120,000 | ||||
Integration and Installation Services [Member] | |||||
Product Information [Line Items] | |||||
Revenue | $ 36,355 |
SCHEDULE OF ACCOUNTS RECEIVABLE
SCHEDULE OF ACCOUNTS RECEIVABLE (Details) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Credit Loss [Abstract] | ||
Accounts receivable | $ 78,130 | $ 188,360 |
Less: allowance for doubtful accounts | ||
Accounts receivable, net | $ 78,130 | $ 188,360 |
SCHEDULE OF INVENTORIES (Detail
SCHEDULE OF INVENTORIES (Details) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Inventory Disclosure [Abstract] | ||
Finished goods | $ 405,304 | $ 466,363 |
Inventories | $ 405,304 | $ 466,363 |
SCHEDULE OF LOAN TO RELATED PAR
SCHEDULE OF LOAN TO RELATED PARTIES (Details) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Defined Benefit Plan Disclosure [Line Items] | ||
Total loan to related parties | $ 310,846 | $ 128,665 |
Party A [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total loan to related parties | 103,368 | 22,976 |
Party B [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total loan to related parties | 106,836 | 13,786 |
Party C [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total loan to related parties | $ 100,642 | $ 91,903 |
LOAN TO RELATED PARTIES (Detail
LOAN TO RELATED PARTIES (Details Narrative) | Jun. 30, 2021 |
Interest bearing | 7% |
Party A [Member] | |
Ownership percentage | 66% |
SCHEDULE OF DEPOSITS PAID AND O
SCHEDULE OF DEPOSITS PAID AND OTHER RECEIVABLES (Details) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Deposits Paid And Other Receivables | ||
Deposits paid | $ 1,672 | $ 1,654 |
Loan to third parties | 220,901 | 393,237 |
Rental income receivables | 60,000 | 60,000 |
Others | 17,174 | 19,088 |
Total deposits paid and other receivables | $ 299,747 | $ 473,979 |
DEPOSITS PAID AND OTHER RECEI_3
DEPOSITS PAID AND OTHER RECEIVABLES (Details Narrative) | 6 Months Ended |
Jun. 30, 2021 | |
Minimum [Member] | |
Percentage of interest rate | 3% |
Loan repayable, term | 1 month |
Maximum [Member] | |
Percentage of interest rate | 7% |
Loan repayable, term | 5 months |
SCHEDULE OF PROPERTY, PLANT AND
SCHEDULE OF PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Abstract] | ||
Office equipment | $ 16,130 | $ 16,003 |
Less: accumulated depreciation | (5,747) | (4,075) |
Property, plant and equipment, net | $ 10,383 | $ 11,928 |
PROPERTY, PLANT AND EQUIPMENT_2
PROPERTY, PLANT AND EQUIPMENT (Details Narrative) - USD ($) | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation expense | $ 6,308 | $ 24,614 | |
Disposed fixed assets | $ 189,356 |
SCHEDULE OF OTHER PAYABLES AND
SCHEDULE OF OTHER PAYABLES AND ACCRUED LIABILITIES (Details) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Payables and Accruals [Abstract] | ||
Other payables | $ 122,350 | $ 44,312 |
Accrued other expenses | 52,229 | 99,329 |
Receipt in advance | 10,568 | 61,269 |
Total other payables and accrued liabilities | $ 185,147 | $ 204,910 |
SHAREHOLDERS_ EQUITY (Details N
SHAREHOLDERS’ EQUITY (Details Narrative) - shares | Jun. 30, 2021 | Dec. 31, 2020 |
Equity [Abstract] | ||
Common stock, shares issued | 102,400,000 | 102,400,000 |
Common stock, shares outstanding | 102,400,000 | 102,400,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
ADVANCE FROM A DIRECTOR (Detail
ADVANCE FROM A DIRECTOR (Details Narrative) - Related Party [Member] - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Defined Benefit Plan Disclosure [Line Items] | ||
Advance from a director | $ 774 | |
Director [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Advance from a director | $ 68,755 | $ 53,635 |
SCHEDULE OF RELATED PARTY TRANS
SCHEDULE OF RELATED PARTY TRANSACTIONS (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Related Party Transaction [Line Items] | |||||
Revenue | $ 79,745 | $ 34,551 | $ 117,013 | $ 136,231 | |
Cost of revenue | 59,212 | $ 17,728 | 62,039 | $ 74,826 | |
Inventories | 405,304 | 405,304 | $ 466,363 | ||
Deposit paid and other receivables | 299,747 | 299,747 | 473,979 | ||
Loan to related parties | 310,846 | 310,846 | 128,665 | ||
Related Party [Member] | |||||
Related Party Transaction [Line Items] | |||||
Advance from a director | 774 | 774 | |||
Shenzhen Wiseman Smart Technology Group Co., Limited [Member] | |||||
Related Party Transaction [Line Items] | |||||
Revenue | 380 | ||||
Cost of revenue | 10,017 | ||||
Other income (cost) | (5,776) | (230,821) | |||
Inventories | 29,120 | 29,120 | 34,523 | ||
Prepayment | 135,512 | ||||
Deposit paid and other receivables | 1,654 | ||||
Loan to related parties | 103,368 | 103,368 | 22,976 | ||
Wiseman Chips Smart Technology (Shenzhen) Co., Limited [Member] | |||||
Related Party Transaction [Line Items] | |||||
Revenue | 1,780 | ||||
Cost of revenue | 14,627 | ||||
Loan to related parties | 100,642 | 100,642 | 91,903 | ||
Xiangxi Wiseman Investment Development Co., Limited [Member] | |||||
Related Party Transaction [Line Items] | |||||
Revenue | 69,808 | ||||
Loan to related parties | 106,836 | 106,836 | 13,786 | ||
WENZHI WU [Member] | Related Party [Member] | |||||
Related Party Transaction [Line Items] | |||||
Advance from a director | 774 | 774 | 290 | ||
JINPENG LAI [Member] | |||||
Related Party Transaction [Line Items] | |||||
Advance from a director | $ 15,170 | $ 15,170 | $ 50,974 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) | Jun. 30, 2021 |
Shenzhen Wiseman Smart Technology Group Co., Limited [Member] | |
Ownership percentage | 66% |
SCHEDULE OF EFFECTIVE INCOME TA
SCHEDULE OF EFFECTIVE INCOME TAX RATE RECONCILIATION (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |||||
Computed expected benefits | (25.00%) | (25.00%) | |||
Effect of foreign tax rate difference | 2% | 3% | |||
Tax losses not recognized | 23% | 23% | |||
Under provision of income tax in respect of prior year | 4% | 2% | |||
Temporary difference not recognized | (0.00%) | (1.00%) | |||
Income tax expense | 4% | 2% | |||
PRC statutory tax rate | 25% | 25% | |||
Computed expected benefits | $ (47,537) | $ (41,509) | |||
Effect of foreign tax rate difference | 3,329 | 5,159 | |||
Tax losses not recognized | 44,385 | 38,213 | |||
Under provision of income tax in respect of prior year | 8,453 | 3,014 | |||
Temporary difference not recognized | (177) | (1,863) | |||
Income tax expense | $ 8,453 | $ 3,014 | $ 8,453 | $ 3,014 | $ 8,453 |
SCHEDULE OF DEFERRED TAX ASSETS
SCHEDULE OF DEFERRED TAX ASSETS (Details) - USD ($) | Jun. 30, 2021 | Jun. 30, 2020 |
Less: valuation allowance | $ (80,297) | $ (61,549) |
Deferred tax assets | ||
UNITED STATES | ||
Net operating loss carry forwards | 80,297 | 53,470 |
HONG KONG | ||
Net operating loss carry forwards | ||
CHINA | ||
Net operating loss carry forwards | $ 8,079 |
INCOME TAX (Details Narrative)
INCOME TAX (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Effective income tax rate | 25% | 25% | |||
Effective income tax amount | $ 3,329 | $ 5,159 | |||
Deferred taxes | $ 0 | ||||
Provision of income tax | 8,453 | $ 3,014 | 8,453 | 3,014 | $ 8,453 |
Deferred tax assets valuation allowance | 80,297 | $ 61,549 | 80,297 | $ 61,549 | |
Operating loss carryforwards, valuation allowance | $ 9,655 | $ 9,655 | |||
CHINA | |||||
Effective income tax description | Hong Kong income tax at a tax rate of 16.5%. (the first HK$ 2 million (equivalent US$ 258,000) of profits earned by the company will be taxed at half the current tax rate (i.e., 8.25%) whilst the remaining profits will continue to be taxed at the existing 16.5% tax rate.) | ||||
Effective income tax rate | 25% | ||||
Percentage for value added tax for domestic sales | 17% | ||||
Percentage for preferential value added tax | 13% | ||||
HONG KONG | |||||
Effective income tax rate | 16.50% | ||||
Effective income tax amount | $ 2 | ||||
UNITED STATES | |||||
Effective income tax amount | $ 258,000 |
SCHEDULE OF RIGHT-OF USE ASSET
SCHEDULE OF RIGHT-OF USE ASSET AND LEASE LIABILITIES (Details) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Right-of-use Asset And Lease Liabilities | ||
Within 1 year | $ 18,178 | $ 68,897 |
After 1 year but within 5 years | 8,361 | 8,271 |
Total lease payments | 26,539 | 77,168 |
Less: unrecognized lease obligations | (410) | (1,510) |
Less: imputed interest | (232) | (138) |
Total lease obligations | 25,897 | 75,520 |
Less: current obligations | (22,804) | (67,532) |
Long-term lease obligations | $ 3,325 | $ 8,126 |
SCHEDULE OF OTHER INFORMATION (
SCHEDULE OF OTHER INFORMATION (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Right-of-use Asset And Lease Liabilities | ||
Operating cash flow from operating lease | $ 71,336 | $ 80,220 |
Right-of-use assets obtained in exchange for operating lease liabilities | $ 25,897 | $ 191,915 |
Remaining lease term for operating lease (years) | 9 months | 4 years 9 months 29 days |
Weighted average discount rate for operating lease | 4.75% | 5.0697% |
RIGHT-OF-USE ASSET AND LEASE _3
RIGHT-OF-USE ASSET AND LEASE LIABILITIES (Details Narrative) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Right-of-use Asset And Lease Liabilities | ||
Lease liability | $ 25,897 | $ 75,520 |
Right-of-use asset | $ 25,897 | $ 75,520 |
Operating lease discounted rate | 4.75% |