Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2023 | Aug. 14, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jun. 30, 2023 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2023 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 333-252500 | |
Entity Registrant Name | YCQH AGRICULTURAL TECHNOLOGY CO. LTD | |
Entity Central Index Key | 0001794276 | |
Entity Tax Identification Number | 61-1948707 | |
Entity Incorporation, State or Country Code | NV | |
Entity Address, Address Line One | No. 1104 | |
Entity Address, Address Line Two | Ren Min Nan Road No. 45 | |
Entity Address, Address Line Three | Wuhou District, Chengdu | |
Entity Address, City or Town | Sichuan Province | |
Entity Address, Country | CN | |
Entity Address, Postal Zip Code | 610000. | |
City Area Code | +86 | |
Local Phone Number | 13981161812 | |
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 | 101,400,000 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Current assets | ||
Cash and cash equivalents | $ 44,855 | $ 232,706 |
Inventories | 25,098 | 59,444 |
Prepayment, deposits and other receivables | 211,013 | 19,747 |
Total current assets | 280,966 | 311,897 |
Non-current Assets | ||
Property, plant and equipment, net | 353 | |
Intangible asset, net | 6,134 | |
Right-of-use assets, net | 56,552 | 79,394 |
Total non-current assets | 63,039 | 79,394 |
TOTAL ASSETS | 344,005 | 391,291 |
Current liabilities | ||
Other payables and accrued liabilities | 95,668 | 94,214 |
Deferred revenue | 118,868 | |
Amount due to a director | 448,435 | 321,933 |
Lease liability – current portion | 39,523 | 40,523 |
Total current liabilities | 583,626 | 575,538 |
Non-current liabilities | ||
Lease liability – non-current portion | 17,029 | 38,871 |
Total non-current liabilities | 17,029 | 38,871 |
TOTAL LIABILITIES | 600,655 | 614,409 |
STOCKHOLDERS’ DEFICIT | ||
Preferred stock, $0.0001 par value; 200,000,000 shares authorized; 0 issued and outstanding | ||
Common stock, $ 0.0001 par value; 800,000,000 shares authorized; 101,400,000 shares and 101,400,000 shares of common stock issued and outstanding as of June 30, 2023 and December 31, 2022, respectively | 10,140 | 10,140 |
Additional paid-in capital | 148,860 | 148,860 |
Accumulated other comprehensive income | (280) | 7,869 |
Accumulated deficit | (415,370) | (389,987) |
TOTAL STOCKHOLDERS’ DEFICIT | (256,650) | (223,118) |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 344,005 | $ 391,291 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Jun. 30, 2023 | Dec. 31, 2022 |
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 outstanding | 101,400,000 | 101,400,000 |
Common stock, shares issue | 101,400,000 | 101,400,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Income Statement [Abstract] | ||||
REVENUE | $ 1,677 | $ 10,864 | $ 155,971 | $ 24,826 |
COST OF REVENUE | (147) | (6,428) | (33,717) | (14,248) |
GROSS PROFIT | 1,530 | 4,436 | 122,254 | 10,578 |
OPERATING EXPENSES | ||||
Selling and distribution | (495) | |||
General and administrative | (96,821) | (40,511) | (146,968) | (72,399) |
LOSS FROM OPERATION BEFORE INCOME TAX | (95,291) | (36,075) | (25,209) | (61,821) |
INTEREST INCOME | 14 | 4 | 64 | 7 |
LOSS BEFORE INCOME TAX | (95,277) | (36,071) | (25,145) | (61,814) |
INCOME TAX EXPENSES | (238) | |||
NET LOSS | (95,277) | (36,071) | (25,383) | (61,814) |
Other comprehensive income: | ||||
- Foreign currency translation loss | (8,636) | (5,374) | (8,149) | (5,099) |
TOTAL COMPREHENSIVE LOSS | $ (103,913) | $ (41,445) | $ (33,532) | $ (66,913) |
NET LOSS PER SHARE, BASIC | $ 0 | $ 0 | $ 0 | $ 0 |
NET LOSS PER SHARE, DILUTED | $ 0 | $ 0 | $ 0 | $ 0 |
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING, BASIC | 101,400,000 | 101,400,000 | 101,400,000 | 101,400,000 |
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING, DILUTED | 101,400,000 | 101,400,000 | 101,400,000 | 101,400,000 |
Condensed Consolidated Statem_2
Condensed Consolidated Statement of Shareholders' Equity (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Beginning balance, value at Dec. 31, 2021 | $ 10,140 | $ 148,860 | $ (315,537) | $ 17,703 | $ (138,834) |
Balance, shares at Dec. 31, 2021 | 101,400,000 | ||||
Net profit (loss) | (25,742) | (25,742) | |||
Foreign currency translation | 275 | 275 | |||
Balance at Mar. 31, 2022 | $ 10,140 | 148,860 | (341,279) | 17,978 | (164,301) |
Balance, shares at Mar. 31, 2022 | 101,400,000 | ||||
Beginning balance, value at Dec. 31, 2021 | $ 10,140 | 148,860 | (315,537) | 17,703 | (138,834) |
Balance, shares at Dec. 31, 2021 | 101,400,000 | ||||
Net profit (loss) | (61,814) | ||||
Balance at Jun. 30, 2022 | $ 10,140 | 148,860 | (377,350) | 12,604 | (205,746) |
Balance, shares at Jun. 30, 2022 | 101,400,000 | ||||
Beginning balance, value at Mar. 31, 2022 | $ 10,140 | 148,860 | (341,279) | 17,978 | (164,301) |
Balance, shares at Mar. 31, 2022 | 101,400,000 | ||||
Net profit (loss) | (36,071) | (36,071) | |||
Foreign currency translation | (5,374) | (5,374) | |||
Balance at Jun. 30, 2022 | $ 10,140 | 148,860 | (377,350) | 12,604 | (205,746) |
Balance, shares at Jun. 30, 2022 | 101,400,000 | ||||
Beginning balance, value at Dec. 31, 2022 | $ 10,140 | 148,860 | (389,987) | 7,869 | (223,118) |
Balance, shares at Dec. 31, 2022 | 101,400,000 | ||||
Net profit (loss) | 69,894 | 69,894 | |||
Foreign currency translation | 487 | 487 | |||
Balance at Mar. 31, 2023 | $ 10,140 | 148,860 | (320,093) | 8,356 | (152,737) |
Balance, shares at Mar. 31, 2023 | 101,400,000 | ||||
Beginning balance, value at Dec. 31, 2022 | $ 10,140 | 148,860 | (389,987) | 7,869 | (223,118) |
Balance, shares at Dec. 31, 2022 | 101,400,000 | ||||
Net profit (loss) | (25,383) | ||||
Balance at Jun. 30, 2023 | $ 10,140 | 148,860 | (415,370) | (280) | (256,650) |
Balance, shares at Jun. 30, 2023 | 101,400,000 | ||||
Beginning balance, value at Mar. 31, 2023 | $ 10,140 | 148,860 | (320,093) | 8,356 | (152,737) |
Balance, shares at Mar. 31, 2023 | 101,400,000 | ||||
Net profit (loss) | (95,277) | (95,277) | |||
Foreign currency translation | (8,636) | (8,636) | |||
Balance at Jun. 30, 2023 | $ 10,140 | $ 148,860 | $ (415,370) | $ (280) | $ (256,650) |
Balance, shares at Jun. 30, 2023 | 101,400,000 |
Condensed Consolidated Statem_3
Condensed Consolidated Statement of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net profit/(loss) | $ (25,383) | $ (61,814) |
Adjustments to reconcile net profit to net cash used in operating activities: | ||
Change in operating lease ROU assets | 19,070 | 8,255 |
Depreciation and amortization | 129 | |
Changes in operating assets and liabilities: | ||
Inventories | 31,523 | 14,248 |
Prepayment, deposits and other receivables | (192,035) | (4,171) |
Other payables and accrued liabilities | 4,735 | (11,012) |
Deferred revenue | (113,221) | |
Change in lease liability | (19,070) | (8,255) |
Net cash used in operating activities | (294,252) | (62,749) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchase of plant and equipment | (369) | |
Purchase of intangible asset | (6,245) | |
Net cash used in investing activities | (6,614) | |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Amount due to director | 126,502 | 49,621 |
Net cash provided by financing activities | 126,502 | 49,621 |
Effect of exchange rate changes on cash and cash equivalents | (13,487) | (163) |
Net decrease in cash and cash equivalents | (187,851) | (13,291) |
Cash and cash equivalents, beginning of year | 232,706 | 33,038 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 44,855 | 19,747 |
SUPPLEMENTAL CASH FLOWS INFORMATION | ||
Cash paid for income taxes | ||
Cash paid for interest paid |
ORGANIZATION AND BUSINESS BACKG
ORGANIZATION AND BUSINESS BACKGROUND | 6 Months Ended |
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION AND BUSINESS BACKGROUND | 1 ORGANIZATION AND BUSINESS BACKGROUND YCQH Agricultural Technology Co. Ltd., was incorporated on October 15, 2019 under the laws of the State of Nevada of which Ms. Wang Min was appointed the President, Secretary, Treasurer and sole director of our board. The Company primarily operates in bio-carbon-based fertilizer (“BCBF”) trading business, including wholesale and retail sale to customer mainly based in People Republic of China, sourcing directly from producers in China. The Company does not maintain and operate any production and manufacturing of BCBF facility or machine and equipment. On July 25, 2022, the Company ventures into online retailing business through e-commerce platform, retailing a series of daily use products covering from healthcare products, cosmetic products, fashion products, household products and so forth to customer mainly based in People Republic of China. On April 19, 2023, the Company ventures into beauty products trading business which includes retail sale to customer mainly based in People Republic of China, sourcing directly from producers in China. The Company acts as the intermediary role and does not keep any form of inventory throughout the online retail transaction. Company name Place/date of incorporation Principal activities YCQH Holding Limited (“YCQH Seychelles”) Seychelles / October 11, 2019 Investment holding YCQH Agricultural Technology Co. Limited (“YCQH HK”) Hong Kong / October 10, 2019 Investment holding YCWB Agricultural Technology Co. Limited (“YCWB”) SiChuan Province, China /December 10, 2019 Operates in bio-carbon-based fertilizer trading business SCQC Agriculture Co. Limited (“SCQC”) SiChuan Province, China /November 1, 2019 (acquired on June 15, 2020) Operates in bio-carbon-based fertilizer trading business XMYC Trading Co. Limited (“XMYC”) XiaMen Province, China /April 19, 2023 (acquired on April 19, 2023) Operates in beauty products trading business On December 16, 2019, the Company acquired YCQH Holding Limited, a company incorporated in Republic of Seychelles. In the same day YCQH Seychelles acquired YCQH Agricultural Technology Co. Limited, a company incorporated in Hong Kong. On December 10, 2019, the YCQH HK incorporated YCWB Agricultural Technology Co. Limited, a wholly foreign owned enterprise, in SiChuan Province, China, with Ms. Wang Min as the legal representative. On June 15, 2020, the Company through subsidiary YCWB Agricultural Technology Co. Limited acquired SCQC Agriculture Co. Limited, a company incorporated in SiChuan Province, China for a consideration of CNY 1,169,996 165,605 1,168,554 165,401 On April 19, 2023, the Company through subsidiary YCWB Agricultural Technology Co. Limited incorporated XMYC Trading Co. Limited, a company incorporated in XiaMen City, China with an investment capital of CNY 500,000 68,931 The Company’s executive office is located at No. 1104, Ren Min Nan Road, No. 45, Wuhou District, Chengdu, Sichuan Province, China 610000. |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 6 Months Ended |
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [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”) and in conformity with generally accepted accounting principles in the U.S. (“US GAAP”). All material inter-company accounts and transactions have been eliminated on consolidation. The Company has adopted December 31 as its fiscal year end. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Use of estimates The preparation of the condensed 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. 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. Property, Plant and Equipment Property, plant and equipment are stated at cost, with depreciation and amortization provided using the straight-line method over the following periods: SCHEDULE OF PLANT AND EQUIPMENT DEPRECIATION AND AMORTIZATION Asset Categories Depreciation Periods Office equipment 4 Intangible Asset Intangible assets are stated at cost, with amortization provided using the straight-line method over the following periods: SCHEDULE OF INTANGIBLE ASSETS WITH AMORTIZATION Asset Categories Amortization Periods Trademark 10 Prepayment, Deposits and Other Receivables Prepayments and deposits are mainly cash deposited or advance payments made to third parties for future purchases or future services such as rent or other general expenses. This amount is refundable and bears no interest. The Company will recognize an allowance account for doubtful accounts to the extent it is probable that a portion or all of a particular account will not be collected. Management reviews its prepayments and deposits on a regular basis to determine if the allowance is adequate and adjusts the allowance when necessary. The Company’s management continues to evaluate the reasonableness of the allowance policy and update it if necessary. No allowance for doubtful accounts was made for the six months ended June 30, 2023 and 2022. Lease The Company adopted the ASU No. 2016-02, on October 15, 2019 (date of inception). The Company leases office space for fixed periods with pre-emptive extension options. The Company recognizes lease payments for its short-term lease on a straight-line basis over the lease term. As of June 30, 2023, the Company has one In determining the present value of the unpaid lease payments, ASC 842 requires a lessee to discount its unpaid lease payments using the interest rate implicit in the lease or, if that rate cannot be readily determined, its incremental borrowing rate. As most of the Company leases do not provide an implicit rate, the Company uses its incremental borrowing rate as the discount rate for the lease. The Company adopted 4.75% as its incremental borrowing rate which is estimated to approximate the interest rate on a collateralized basis with similar terms and payments. Revenue Recognition The Company generates two streams of revenue. The first stream of revenue is generated through sale of goods, primarily Bio-Carbon-Based-Fertilizer (“BCBF”) and beauty products. 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: (F) 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 second stream of revenue is generated through online retailing business, adopting ASU 2016-08, Revenue from Contracts with Customers (Topic 606) – Principal versus Agent Considerations. Under this policy, the Company should determine whether it is a principal or an agent when there is third party involved in providing goods and services to a customer. In our online retailing business, the Company was identified as an agent as the Company do not retain any form of inventory nor provides any form of after sales service and logistic but merely rely on supplier to fulfill such purposes. As such, revenue is being recognized on net basis, i.e. gross revenue received from customer deduct the cost of purchase to supplier. Shipping, Storage and Handling costs Costs for shipping, storage and handling activities, including those activities that occur subsequent to transfer of control to the customer, are recorded as selling and distribution expense and are expensed as incurred. The Company accrues costs for shipping, storage 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”, which requires presentation of basic and diluted earnings per share in conjunction with the disclosure of the methodology used in computing such earnings per share. Basic earnings per share excludes dilution and is computed by dividing income available to common stockholders by the weighted average common shares outstanding during the period. Diluted earnings per share takes into account the potential dilution that could occur if securities or other contracts to issue common stock were exercised and converted into common stock. Further, if the number of common shares outstanding increases as a result of a stock dividend or stock split or decreases as a result of a reverse stock split, the computations of a basic and diluted earnings per share shall be adjusted retroactively for all periods presented to reflect that change in capital structure. 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. Inventories Inventories consist of finished goods and are stated at the lower of cost or net realizable value using the first-in first-out method. Net realizable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and the estimated costs necessary to make the sale. The Company reviews its inventories regularly for possible obsolete goods and establishes reserves when determined necessary. 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”. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial reporting and tax bases of assets and liabilities using enacted tax rates that will be in effect in the years in which the differences are expected to reverse. The Company records a valuation allowance to offset deferred tax assets if based on the weight of available evidence, it is more-likely-than-not that some portion, or all, of the deferred tax assets will not be realized. The effect on deferred taxes of a change in tax rates is recognized as income or loss in the period that includes the enactment date. 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$”). The Company’s subsidiary in Seychelles, Hong Kong and PRC have functional currencies in United States Dollars (“US$”), Hong Kong Dollars (“HK$”) and Chinese Renminbi (“CNY¥”) respectively. In general, for consolidation purposes, assets and liabilities of its subsidiaries whose functional currency is not the US$ are translated into US$, in accordance with ASC Topic 830-30, “Translation of Financial Statement”, using the exchange rate on the balance sheet date. Revenues and expenses are translated at average rates prevailing during the period. The gains and losses resulting from translation of financial statements of foreign subsidiaries are recorded as a separate component of accumulated other comprehensive income within the statement of stockholders’ equity. Translation of amounts from the local currencies of the Company into US$ has been made at the following exchange rates for the respective periods: SCHEDULE OF FOREIGN CURRENCIES TRANSLATION For the six months ended June 30, 2023 For the six months ended June 30, 2022 Period-end HK$ : US$1 exchange rate 7.75 7.75 Period-end CNY¥ : US$1 exchange rate 7.25 6.70 Period-average HK$ : US$1 exchange rate 7.75 7.75 Period-average CNY¥ : US$1 exchange rate 6.97 6.50 Foreign currency exchange rate, translation 6.97 6.50 Fair Value Measurement Accounting Standards Codification (“ASC”) 820 “Fair Value Measurements and Disclosures”, which defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. The statement clarifies that the exchange price is the price in an orderly transaction between market participants to sell the asset or transfer the liability in the market in which the reporting entity would transact for the asset or liability, that is, the principal or most advantageous market for the asset or liability. It also emphasizes that fair value is a market-based measurement, not an entity-specific measurement, and that market participant assumptions include assumptions about risk and effect of a restriction on the sale or use of an asset. 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 accounting pronouncements In June 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments (Topic 326). ASU 2016-13 requires entities to use a forward-looking approach based on current expected credit losses (“CECL”) to estimate credit losses on certain types of financial instruments, including trade receivables. This may result in the earlier recognition of allowances for losses. ASU 2016-13 is effective for the Company beginning January 1, 2023, and early adoption is permitted. 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 unaudited condensed consolidated financial statements. Economic and political risks Substantially all the Company’s services are conducted in the People’s Republic of China (“PRC”), of which operations in the PRC are subject to special considerations and significant risks not typically associated with companies in rest of the world. These include risks associated with, among others, the political, economic and legal environment and foreign currency exchange. The Company’s results may be adversely affected by changes in the political conditions in the PRC, and by changes in governmental policies with respect to laws and regulations, anti-inflationary measures, currency conversion, remittances abroad, and rates and methods of taxation. |
GOING CONCERN UNCERTAINTIES
GOING CONCERN UNCERTAINTIES | 6 Months Ended |
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
GOING CONCERN UNCERTAINTIES | 4. GOING CONCERN UNCERTAINTIES The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. The Company incurred a loss of $ 25,383 415,370 302,660 The Company’s cash position may not be significant enough to support the Company’s daily operations. While the Company believes in the viability of its strategy and in its ability to raise additional funds, there can be no assurances to that effect. The Company’s ability to continue as a going concern is dependent upon its ability to improve profitability and the ability to acquire funding through public offering. If funding from public offering is insufficient, then the Company shall rely on the financial support from its controlling shareholder. These and other factors raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that financial statements are issued. These financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result in the Company not being able to continue as a going concern. |
INVENTORIES
INVENTORIES | 6 Months Ended |
Jun. 30, 2023 | |
Inventory Disclosure [Abstract] | |
INVENTORIES | 5. INVENTORIES As of June 30, 2023 and December 31, 2022, the Company inventories consist of following: SCHEDULE OF INVENTORIES As of June 30, 2023 As of December 31, 2022 Finished goods $ 25,098 $ 59,444 Total inventories $ 25,098 $ 59,444 No |
PREPAYMENT, DEPOSITS AND OTHER
PREPAYMENT, DEPOSITS AND OTHER RECEIVABLES | 6 Months Ended |
Jun. 30, 2023 | |
Prepayment Deposits And Other Receivables | |
PREPAYMENT, DEPOSITS AND OTHER RECEIVABLES | 6. PREPAYMENT, DEPOSITS AND OTHER RECEIVABLES As of June 30, 2023 and December 31, 2022, prepayment, deposits and other receivables consist of following: SCHEDULE OF PREPAYMENT, DEPOSITS AND OTHER RECEIVABLES As of June 30, 2023 As of December 31, 2022 Deposits for Hong Kong Company Secretary $ 13 $ 13 Staff Advancement & Prepaid Staff Cost 40,553 43 Rental Deposit & Prepayment 19,783 14,416 Supplier Deposit & Prepayment 137,251 1,730 Prepayment for IT service fee 9,618 Prepaid transfer agent fee and OTCIQ renewal 3,795 3,545 Total prepayment, deposits and other receivables $ 211,013 $ 19,747 |
PROPERTY, PLANT AND EQUIPMENT,
PROPERTY, PLANT AND EQUIPMENT, NET | 6 Months Ended |
Jun. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY, PLANT AND EQUIPMENT, NET | 7. PROPERTY, PLANT AND EQUIPMENT, NET SCHEDULE OF PLANT AND EQUIPMENT As of June 30, 2023 As of December 31, 2022 Office equipment 369 - Total property, plant and equipment $ 369 $ - Less: Accumulated depreciation (16 ) - Property, plant and equipment, net $ 353 $ - For the six months ended June 30, 2023, the Company has invested $ 369 For the six months ended June 30, 2022, the Company does not invest in property, plant and equipment. Depreciation expenses for three and six months ended June 30, 2023 amounted to $1 6 6 Depreciation expenses for three and six months ended June 30, 2022 amounted to $ 0 |
INTANGIBLE ASSET, NET
INTANGIBLE ASSET, NET | 6 Months Ended |
Jun. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
INTANGIBLE ASSET, NET | 8. INTANGIBLE ASSET, NET SCHEDULE OF INTANGIBLE ASSET, NET As of June 30, 2023 As of December 31, 2022 Trademark 6,245 - Total intangible asset $ 6,245 $ - Less: Accumulated amortization (111 ) - Intangible asset, net $ 6,134 $ - For the six months ended June 30, 2023, the Company has invested $ 6,245 For the six months ended June 30, 2022, the Company does not invest in intangible asset. Amortization expenses for three and six months ended June 30, 2023 amounted to $ 111 111 Amortization expenses for three and six months ended June 30, 2022 amounted to $ 0 |
OTHER PAYABLES AND ACCRUED LIAB
OTHER PAYABLES AND ACCRUED LIABILITIES | 6 Months Ended |
Jun. 30, 2023 | |
Payables and Accruals [Abstract] | |
OTHER PAYABLES AND ACCRUED LIABILITIES | 9. OTHER PAYABLES AND ACCRUED LIABILITIES As of June 30, 2023 and December 31, 2022, other payables and accrued liabilities consist of following: SCHEDULE OF OTHER PAYABLES AND ACCRUED LIABILITIES As of June 30, 2023 As of December 31, 2022 Other payables $ 85,818 $ 69,069 Accrued audit fee 4,000 645 Accrued professional fee 5,850 24,500 Total other payables and accrued liabilities $ 95,668 $ 94,214 As of June 30, 2023, the Company has other payables of $ 85,818 |
AMOUNT DUE TO A DIRECTOR
AMOUNT DUE TO A DIRECTOR | 6 Months Ended |
Jun. 30, 2023 | |
Amount Due To Director | |
AMOUNT DUE TO A DIRECTOR | 10. AMOUNT DUE TO A DIRECTOR SCHEDULE OF RELATED PARTY TRANSACTION As of June 30, 2023 As of December 31, 2022 Amount due to a director $ 448,435 $ 321,933 As of June 30, 2023, the Company has an outstanding payable of $ 448,435 126,502 |
SHAREHOLDERS_ EQUITY
SHAREHOLDERS’ EQUITY | 6 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
SHAREHOLDERS’ EQUITY | 11. SHAREHOLDERS’ EQUITY As of June 30, 2023 and December 31, 2022, the Company has 101,400,000 101,400,000 During the six months ended June 30, 2023, the Company has not issued any shares. The Company has 800,000,000 200,000,000 no |
LEASE RIGHT-OF-USE ASSET AND LE
LEASE RIGHT-OF-USE ASSET AND LEASE LIABILITIES | 6 Months Ended |
Jun. 30, 2023 | |
Lease Right-of-use Asset And Lease Liabilities | |
LEASE RIGHT-OF-USE ASSET AND LEASE LIABILITIES | 12. LEASE RIGHT-OF-USE ASSET AND LEASE LIABILITIES On November 11, 2020, the management of the Company through indirect wholly owned subsidiary SCQC Agriculture Co. Limited enter into a tenancy agreement to rent an office with an area of approximate 133 9,200 1,450 two years On December 01, 2022, the management of the Company through indirect wholly owned subsidiary SCQC Agriculture Co. Limited enter into a tenancy agreement to rent an office with an area of approximate 232 24,900 3,604 two years The initial recognition of operating lease right and lease liability as follows: SCHEDULE OF OPERATING LEASE RIGHT AND LEASE LIABILITY Right-of-use assets, net as of December 31, 2021 $ 15,243 New lease recognized for the year ended December 31, 2022 82,685 Less: amortization (17,712 ) Foreign exchange translation (822 ) Right-of-use assets, net as of December 31, 2022 79,394 Lease liability as of December 31, 2021 $ 15,243 New lease recognized for the year ended December 31, 2022 82,685 Add: imputed interest 598 Less: principal repayment (18,309 ) Foreign exchange translation (823 ) Lease liability as of December 31, 2022 $ 79,394 As of June 30, 2023, operating lease as follows: Right-of-use assets, net as of December 31, 2022 $ 79,394 Amortization for the period ended June 30, 2023 (3,261 ) Foreign exchange translation (19,581 ) Right-of-use assets, net as of June 30, 2023 $ 56,552 As of June 30, 2023, operating lease liability as follows: Lease liability as of December 31, 2022 $ 79,394 Add: imputed interest for the period ended June 30, 2023 853 Less: gross repayment for the period ended June 30, 2023 (21,427 ) Foreign exchange translation (2,268 ) Lease liability as of June 30, 2023 $ 56,552 Lease liability current portion $ 39,523 Lease liability non-current portion $ 17,029 Maturities of the loan for each of the five years and thereafter are as follows: 2023 $ 19,527 2024 37,025 Other information: SCHEDULE OF COMPONENTS OF LEASE EXPENSE Six months ended June 30 2023 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flow to operating lease $ 21,427 Remaining lease term for operating lease (years) 1.42 Weighted average discount rate for operating lease 4.75 % |
CONCENTRATION OF RISK
CONCENTRATION OF RISK | 6 Months Ended |
Jun. 30, 2023 | |
Risks and Uncertainties [Abstract] | |
CONCENTRATION OF RISK | 13. CONCENTRATION OF RISK Customer Concentration For the three months ended June 30, 2023, the Company generated total revenue of $ 1,677 10,864 SCHEDULE OF CUSTOMER CONCENTRATION RISK For the three months ended June 30 2023 2022 2023 2022 2023 2022 Revenues Percentage of revenues Accounts receivable, trade Customer A $ - $ 4,295 - % 39 % $ - $ - Customer B - 2,684 - % 25 % - - Customer C - 2,012 - % 19 % - - Customer D - 1,602 - % 15 % - - Customer E - 271 - % 2 % - - Others 1,677 - 100 % - % - - Total $ 1,677 $ 10,864 100 % 100 % $ - $ - For the six months ended June 30, 2023, the Company generated total revenue of $ 155,971 24,826 For the six months ended June 30 2023 2022 2023 2022 2023 2022 Revenues Percentage of revenues Accounts receivable, trade Customer A $ - $ 8,898 - % 36 % $ - $ - Customer B - 5,079 - % 20 % - - Customer C - 4,432 - % 18 % - - Customer D - 2,770 - % 11 % - - Customer E - 1,994 - % 8 % - - Customer F - 1,653 - % 7 % - - Customer G 21,672 - 14 % - % - - Others 134,299 - 86 % - % - - Total $ 155,971 $ 24,826 100 % 100 % $ - $ - Vendor Concentration For the three months ended June 30, 2023, the Company incurred cost of revenue of $ 147 6,428 SCHEDULE OF VENDOR CONCENTRATION RISK For the three months ended June 30 2023 2022 2023 2022 2023 2022 Cost of revenue Percentage of Cost of revenue Accounts payable, trade Vendor A $ - $ 6,428 - % 100 % $ - $ - Vendor B 147 - 100 % - % - - Total $ 147 $ 6,428 100 % 100 % $ - $ - For the six months ended June 30, 2023, the Company incurred cost of revenue of $ 33,718 14,248 For the six months ended June 30 2023 2022 2023 2022 2023 2022 Cost of revenue Percentage of Cost of revenue Accounts payable, trade Vendor A $ 33,570 $ 14,248 100 % 100 % $ - $ - Vendor B 147 - 0 % - % - - Total $ 33,717 $ 14,248 100 % 100 % $ - $ - |
INCOME TAXES
INCOME TAXES | 6 Months Ended |
Jun. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | 14. INCOME TAXES The Company being a United States entity is subject to the United States federal income tax at 21 YCQH Holding Limited was incorporated in the Republic of Seychelles and, under the laws of Seychelles, is not subject to income taxes. YCQH Agricultural Technology Co. Limited was incorporated in Hong Kong and is subject to Hong Kong income tax at a tax rate of 16.5 2 258,000 8.25 16.5 YCWB Agricultural Technology Co. Limited and SCQC Agriculture Co. Limited were incorporated in the PRC and subject to the company income tax rate of 25 3 5,000,000 1 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 2023 2022 For the Six Months Ended June 30 2023 2022 Computed expected expenses/(benefits) (25 )% 25 % Effect of foreign tax rate difference 4 % (2 )% Deferred tax assets not recognized 61 % (23 )% Temporary difference not recognized (39 )% - % Income tax expense 1 % - % 2023 2022 For the Six Months Ended June 30 2023 2022 PRC statutory tax rate 25 % 25 % Computed expected expenses/(benefits) (6,346 ) 15,453 Effect of foreign tax rate difference 1,020 (969 ) Deferred tax assets not recognized 15,492 (14,484 ) Temporary difference not recognized (9,928 ) - Income tax expense 238 - The following table sets forth the significant components of the aggregate deferred tax assets of the Company as of June 30, 2023: SCHEDULE OF DEFERRED TAX ASSETS As of June 30, 2023 As of December 31, 2022 Deferred tax assets: Net operating loss carry forwards - United States of America $ 62,263 $ 57,096 - Hong Kong 624 606 - People Republic China 26,545 26,345 Deferred tax assets, net operating loss carryforwards Less: valuation allowance (89,432 ) (84,047 ) 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 $ 89,432 |
SEGMENT REPORTING
SEGMENT REPORTING | 6 Months Ended |
Jun. 30, 2023 | |
Segment Reporting [Abstract] | |
SEGMENT REPORTING | 15. SEGMENT REPORTING 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. The Company has three reportable segments based on business unit, bio-carbon-based fertilizer (“BCBF”) trading business, online retailing business and beauty products trading business and two 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. SCHEDULE OF SEGMENT REPORTING For the Six Months Ended and As of June 30, 2023 By Business Unit BCBF Trading Business Online Retailing Business Beauty Products Trading Business Total Revenue $ 57,622 $ 97,077 $ 1,272 $ 155,971 Cost of revenue (33,570 ) - (147 ) (33,717 ) Selling and distribution expenses (495 ) - - (495 ) General and administrative expenses (83,457 ) (21,245 ) (42,266 ) (146,968 ) Loss from operations (59,900 ) 75,832 (41,141 ) (25,209 ) Total assets $ 261,377 $ - $ 82,628 $ 344,005 Capital expenditure $ - $ - $ 6,614 $ 6,614 For the Six Months Ended and As of June 30, 2022 By Business Unit BCBF Trading Business Total Revenue $ 24,826 $ 24,826 Cost of revenue (14,248 ) (14,248 ) General and administrative expenses (72,399 ) (72,399 ) Loss from operations (61,821 ) (61,821 ) Total assets $ 100,393 $ 100,393 Capital expenditure $ - $ - For the Six Months Ended and As of June 30, 2023 By Country United States China Total Revenue $ - $ 155,971 $ 155,971 Cost of revenue - (33,717 ) (33,717 ) Selling and distribution expenses - (495 ) (495 ) General and administrative expenses (24,604 ) (122,364 ) (146,968 ) Loss from operations (24,604 ) (605 ) (25,209 ) Total assets $ 15,454 $ 328,551 $ 344,005 Capital expenditure $ - $ 6,614 $ 6,614 For the Six Months Ended and As of June 30, 2022 By Country United States China Total Revenue $ - $ 24,826 $ 24,826 Cost of revenue - (14,248 ) (14,248 ) General and administrative expenses (23,067 ) (49,332 ) (72,399 ) Profit Loss from operations (23,067 ) (38,754 ) (61,821 ) Profit/Loss from operations (23,067 ) (38,754 ) (61,821 ) Total assets $ 17,260 $ 83,133 $ 100,393 Capital expenditure $ - $ - $ - |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Jun. 30, 2023 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | 16. SUBSEQUENT EVENTS In accordance with ASC Topic 855, “Subsequent Events”, which establishes general standards of accounting for and disclosure of events that occur after the balance sheet date but before financial statements are issued, the Company has evaluated all events or transactions that occurred after June 30, 2023 up through the date the Company issued the financial statements. No subsequent events have occurred that would require recognition or disclosure in the financial statements. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Use of estimates | Use of estimates The preparation of the condensed 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. 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. |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment are stated at cost, with depreciation and amortization provided using the straight-line method over the following periods: SCHEDULE OF PLANT AND EQUIPMENT DEPRECIATION AND AMORTIZATION Asset Categories Depreciation Periods Office equipment 4 |
Intangible Asset | Intangible Asset Intangible assets are stated at cost, with amortization provided using the straight-line method over the following periods: SCHEDULE OF INTANGIBLE ASSETS WITH AMORTIZATION Asset Categories Amortization Periods Trademark 10 |
Prepayment, Deposits and Other Receivables | Prepayment, Deposits and Other Receivables Prepayments and deposits are mainly cash deposited or advance payments made to third parties for future purchases or future services such as rent or other general expenses. This amount is refundable and bears no interest. The Company will recognize an allowance account for doubtful accounts to the extent it is probable that a portion or all of a particular account will not be collected. Management reviews its prepayments and deposits on a regular basis to determine if the allowance is adequate and adjusts the allowance when necessary. The Company’s management continues to evaluate the reasonableness of the allowance policy and update it if necessary. No allowance for doubtful accounts was made for the six months ended June 30, 2023 and 2022. |
Lease | Lease The Company adopted the ASU No. 2016-02, on October 15, 2019 (date of inception). The Company leases office space for fixed periods with pre-emptive extension options. The Company recognizes lease payments for its short-term lease on a straight-line basis over the lease term. As of June 30, 2023, the Company has one In determining the present value of the unpaid lease payments, ASC 842 requires a lessee to discount its unpaid lease payments using the interest rate implicit in the lease or, if that rate cannot be readily determined, its incremental borrowing rate. As most of the Company leases do not provide an implicit rate, the Company uses its incremental borrowing rate as the discount rate for the lease. The Company adopted 4.75% as its incremental borrowing rate which is estimated to approximate the interest rate on a collateralized basis with similar terms and payments. |
Revenue Recognition | Revenue Recognition The Company generates two streams of revenue. The first stream of revenue is generated through sale of goods, primarily Bio-Carbon-Based-Fertilizer (“BCBF”) and beauty products. 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: (F) 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 second stream of revenue is generated through online retailing business, adopting ASU 2016-08, Revenue from Contracts with Customers (Topic 606) – Principal versus Agent Considerations. Under this policy, the Company should determine whether it is a principal or an agent when there is third party involved in providing goods and services to a customer. In our online retailing business, the Company was identified as an agent as the Company do not retain any form of inventory nor provides any form of after sales service and logistic but merely rely on supplier to fulfill such purposes. As such, revenue is being recognized on net basis, i.e. gross revenue received from customer deduct the cost of purchase to supplier. |
Shipping, Storage and Handling costs | Shipping, Storage and Handling costs Costs for shipping, storage and handling activities, including those activities that occur subsequent to transfer of control to the customer, are recorded as selling and distribution expense and are expensed as incurred. The Company accrues costs for shipping, storage 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”, which requires presentation of basic and diluted earnings per share in conjunction with the disclosure of the methodology used in computing such earnings per share. Basic earnings per share excludes dilution and is computed by dividing income available to common stockholders by the weighted average common shares outstanding during the period. Diluted earnings per share takes into account the potential dilution that could occur if securities or other contracts to issue common stock were exercised and converted into common stock. Further, if the number of common shares outstanding increases as a result of a stock dividend or stock split or decreases as a result of a reverse stock split, the computations of a basic and diluted earnings per share shall be adjusted retroactively for all periods presented to reflect that change in capital structure. 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. |
Inventories | Inventories Inventories consist of finished goods and are stated at the lower of cost or net realizable value using the first-in first-out method. Net realizable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and the estimated costs necessary to make the sale. The Company reviews its inventories regularly for possible obsolete goods and establishes reserves when determined necessary. |
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”. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial reporting and tax bases of assets and liabilities using enacted tax rates that will be in effect in the years in which the differences are expected to reverse. The Company records a valuation allowance to offset deferred tax assets if based on the weight of available evidence, it is more-likely-than-not that some portion, or all, of the deferred tax assets will not be realized. The effect on deferred taxes of a change in tax rates is recognized as income or loss in the period that includes the enactment date. |
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$”). The Company’s subsidiary in Seychelles, Hong Kong and PRC have functional currencies in United States Dollars (“US$”), Hong Kong Dollars (“HK$”) and Chinese Renminbi (“CNY¥”) respectively. In general, for consolidation purposes, assets and liabilities of its subsidiaries whose functional currency is not the US$ are translated into US$, in accordance with ASC Topic 830-30, “Translation of Financial Statement”, using the exchange rate on the balance sheet date. Revenues and expenses are translated at average rates prevailing during the period. The gains and losses resulting from translation of financial statements of foreign subsidiaries are recorded as a separate component of accumulated other comprehensive income within the statement of stockholders’ equity. Translation of amounts from the local currencies of the Company into US$ has been made at the following exchange rates for the respective periods: SCHEDULE OF FOREIGN CURRENCIES TRANSLATION For the six months ended June 30, 2023 For the six months ended June 30, 2022 Period-end HK$ : US$1 exchange rate 7.75 7.75 Period-end CNY¥ : US$1 exchange rate 7.25 6.70 Period-average HK$ : US$1 exchange rate 7.75 7.75 Period-average CNY¥ : US$1 exchange rate 6.97 6.50 Foreign currency exchange rate, translation 6.97 6.50 |
Fair Value Measurement | Fair Value Measurement Accounting Standards Codification (“ASC”) 820 “Fair Value Measurements and Disclosures”, which defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. The statement clarifies that the exchange price is the price in an orderly transaction between market participants to sell the asset or transfer the liability in the market in which the reporting entity would transact for the asset or liability, that is, the principal or most advantageous market for the asset or liability. It also emphasizes that fair value is a market-based measurement, not an entity-specific measurement, and that market participant assumptions include assumptions about risk and effect of a restriction on the sale or use of an asset. 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 accounting pronouncements | Recently issued accounting pronouncements In June 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments (Topic 326). ASU 2016-13 requires entities to use a forward-looking approach based on current expected credit losses (“CECL”) to estimate credit losses on certain types of financial instruments, including trade receivables. This may result in the earlier recognition of allowances for losses. ASU 2016-13 is effective for the Company beginning January 1, 2023, and early adoption is permitted. 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 unaudited condensed consolidated financial statements. |
Economic and political risks | Economic and political risks Substantially all the Company’s services are conducted in the People’s Republic of China (“PRC”), of which operations in the PRC are subject to special considerations and significant risks not typically associated with companies in rest of the world. These include risks associated with, among others, the political, economic and legal environment and foreign currency exchange. The Company’s results may be adversely affected by changes in the political conditions in the PRC, and by changes in governmental policies with respect to laws and regulations, anti-inflationary measures, currency conversion, remittances abroad, and rates and methods of taxation. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
SCHEDULE OF PLANT AND EQUIPMENT DEPRECIATION AND AMORTIZATION | Property, plant and equipment are stated at cost, with depreciation and amortization provided using the straight-line method over the following periods: SCHEDULE OF PLANT AND EQUIPMENT DEPRECIATION AND AMORTIZATION Asset Categories Depreciation Periods Office equipment 4 |
SCHEDULE OF INTANGIBLE ASSETS WITH AMORTIZATION | Intangible assets are stated at cost, with amortization provided using the straight-line method over the following periods: SCHEDULE OF INTANGIBLE ASSETS WITH AMORTIZATION Asset Categories Amortization Periods Trademark 10 |
SCHEDULE OF FOREIGN CURRENCIES TRANSLATION | 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 For the six months ended June 30, 2023 For the six months ended June 30, 2022 Period-end HK$ : US$1 exchange rate 7.75 7.75 Period-end CNY¥ : US$1 exchange rate 7.25 6.70 Period-average HK$ : US$1 exchange rate 7.75 7.75 Period-average CNY¥ : US$1 exchange rate 6.97 6.50 Foreign currency exchange rate, translation 6.97 6.50 |
INVENTORIES (Tables)
INVENTORIES (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Inventory Disclosure [Abstract] | |
SCHEDULE OF INVENTORIES | As of June 30, 2023 and December 31, 2022, the Company inventories consist of following: SCHEDULE OF INVENTORIES As of June 30, 2023 As of December 31, 2022 Finished goods $ 25,098 $ 59,444 Total inventories $ 25,098 $ 59,444 |
PREPAYMENT, DEPOSITS AND OTHE_2
PREPAYMENT, DEPOSITS AND OTHER RECEIVABLES (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Prepayment Deposits And Other Receivables | |
SCHEDULE OF PREPAYMENT, DEPOSITS AND OTHER RECEIVABLES | As of June 30, 2023 and December 31, 2022, prepayment, deposits and other receivables consist of following: SCHEDULE OF PREPAYMENT, DEPOSITS AND OTHER RECEIVABLES As of June 30, 2023 As of December 31, 2022 Deposits for Hong Kong Company Secretary $ 13 $ 13 Staff Advancement & Prepaid Staff Cost 40,553 43 Rental Deposit & Prepayment 19,783 14,416 Supplier Deposit & Prepayment 137,251 1,730 Prepayment for IT service fee 9,618 Prepaid transfer agent fee and OTCIQ renewal 3,795 3,545 Total prepayment, deposits and other receivables $ 211,013 $ 19,747 |
PROPERTY, PLANT AND EQUIPMENT_2
PROPERTY, PLANT AND EQUIPMENT, NET (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
SCHEDULE OF PLANT AND EQUIPMENT | SCHEDULE OF PLANT AND EQUIPMENT As of June 30, 2023 As of December 31, 2022 Office equipment 369 - Total property, plant and equipment $ 369 $ - Less: Accumulated depreciation (16 ) - Property, plant and equipment, net $ 353 $ - |
INTANGIBLE ASSET, NET (Tables)
INTANGIBLE ASSET, NET (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
SCHEDULE OF INTANGIBLE ASSET, NET | SCHEDULE OF INTANGIBLE ASSET, NET As of June 30, 2023 As of December 31, 2022 Trademark 6,245 - Total intangible asset $ 6,245 $ - Less: Accumulated amortization (111 ) - Intangible asset, net $ 6,134 $ - |
OTHER PAYABLES AND ACCRUED LI_2
OTHER PAYABLES AND ACCRUED LIABILITIES (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Payables and Accruals [Abstract] | |
SCHEDULE OF OTHER PAYABLES AND ACCRUED LIABILITIES | As of June 30, 2023 and December 31, 2022, other payables and accrued liabilities consist of following: SCHEDULE OF OTHER PAYABLES AND ACCRUED LIABILITIES As of June 30, 2023 As of December 31, 2022 Other payables $ 85,818 $ 69,069 Accrued audit fee 4,000 645 Accrued professional fee 5,850 24,500 Total other payables and accrued liabilities $ 95,668 $ 94,214 |
AMOUNT DUE TO A DIRECTOR (Table
AMOUNT DUE TO A DIRECTOR (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Amount Due To Director | |
SCHEDULE OF RELATED PARTY TRANSACTION | SCHEDULE OF RELATED PARTY TRANSACTION As of June 30, 2023 As of December 31, 2022 Amount due to a director $ 448,435 $ 321,933 |
LEASE RIGHT-OF-USE ASSET AND _2
LEASE RIGHT-OF-USE ASSET AND LEASE LIABILITIES (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Lease Right-of-use Asset And Lease Liabilities | |
SCHEDULE OF OPERATING LEASE RIGHT AND LEASE LIABILITY | The initial recognition of operating lease right and lease liability as follows: SCHEDULE OF OPERATING LEASE RIGHT AND LEASE LIABILITY Right-of-use assets, net as of December 31, 2021 $ 15,243 New lease recognized for the year ended December 31, 2022 82,685 Less: amortization (17,712 ) Foreign exchange translation (822 ) Right-of-use assets, net as of December 31, 2022 79,394 Lease liability as of December 31, 2021 $ 15,243 New lease recognized for the year ended December 31, 2022 82,685 Add: imputed interest 598 Less: principal repayment (18,309 ) Foreign exchange translation (823 ) Lease liability as of December 31, 2022 $ 79,394 As of June 30, 2023, operating lease as follows: Right-of-use assets, net as of December 31, 2022 $ 79,394 Amortization for the period ended June 30, 2023 (3,261 ) Foreign exchange translation (19,581 ) Right-of-use assets, net as of June 30, 2023 $ 56,552 As of June 30, 2023, operating lease liability as follows: Lease liability as of December 31, 2022 $ 79,394 Add: imputed interest for the period ended June 30, 2023 853 Less: gross repayment for the period ended June 30, 2023 (21,427 ) Foreign exchange translation (2,268 ) Lease liability as of June 30, 2023 $ 56,552 Lease liability current portion $ 39,523 Lease liability non-current portion $ 17,029 Maturities of the loan for each of the five years and thereafter are as follows: 2023 $ 19,527 2024 37,025 |
SCHEDULE OF COMPONENTS OF LEASE EXPENSE | Other information: SCHEDULE OF COMPONENTS OF LEASE EXPENSE Six months ended June 30 2023 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flow to operating lease $ 21,427 Remaining lease term for operating lease (years) 1.42 Weighted average discount rate for operating lease 4.75 % |
CONCENTRATION OF RISK (Tables)
CONCENTRATION OF RISK (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Risks and Uncertainties [Abstract] | |
SCHEDULE OF VENDOR CONCENTRATION RISK | SCHEDULE OF CUSTOMER CONCENTRATION RISK For the three months ended June 30 2023 2022 2023 2022 2023 2022 Revenues Percentage of revenues Accounts receivable, trade Customer A $ - $ 4,295 - % 39 % $ - $ - Customer B - 2,684 - % 25 % - - Customer C - 2,012 - % 19 % - - Customer D - 1,602 - % 15 % - - Customer E - 271 - % 2 % - - Others 1,677 - 100 % - % - - Total $ 1,677 $ 10,864 100 % 100 % $ - $ - For the six months ended June 30, 2023, the Company generated total revenue of $ 155,971 24,826 For the six months ended June 30 2023 2022 2023 2022 2023 2022 Revenues Percentage of revenues Accounts receivable, trade Customer A $ - $ 8,898 - % 36 % $ - $ - Customer B - 5,079 - % 20 % - - Customer C - 4,432 - % 18 % - - Customer D - 2,770 - % 11 % - - Customer E - 1,994 - % 8 % - - Customer F - 1,653 - % 7 % - - Customer G 21,672 - 14 % - % - - Others 134,299 - 86 % - % - - Total $ 155,971 $ 24,826 100 % 100 % $ - $ - Vendor Concentration For the three months ended June 30, 2023, the Company incurred cost of revenue of $ 147 6,428 SCHEDULE OF VENDOR CONCENTRATION RISK For the three months ended June 30 2023 2022 2023 2022 2023 2022 Cost of revenue Percentage of Cost of revenue Accounts payable, trade Vendor A $ - $ 6,428 - % 100 % $ - $ - Vendor B 147 - 100 % - % - - Total $ 147 $ 6,428 100 % 100 % $ - $ - For the six months ended June 30, 2023, the Company incurred cost of revenue of $ 33,718 14,248 For the six months ended June 30 2023 2022 2023 2022 2023 2022 Cost of revenue Percentage of Cost of revenue Accounts payable, trade Vendor A $ 33,570 $ 14,248 100 % 100 % $ - $ - Vendor B 147 - 0 % - % - - Total $ 33,717 $ 14,248 100 % 100 % $ - $ - |
SCHEDULE OF VENDOR CONCENTRATION RISK | SCHEDULE OF VENDOR CONCENTRATION RISK For the three months ended June 30 2023 2022 2023 2022 2023 2022 Cost of revenue Percentage of Cost of revenue Accounts payable, trade Vendor A $ - $ 6,428 - % 100 % $ - $ - Vendor B 147 - 100 % - % - - Total $ 147 $ 6,428 100 % 100 % $ - $ - For the six months ended June 30, 2023, the Company incurred cost of revenue of $ 33,718 14,248 For the six months ended June 30 2023 2022 2023 2022 2023 2022 Cost of revenue Percentage of Cost of revenue Accounts payable, trade Vendor A $ 33,570 $ 14,248 100 % 100 % $ - $ - Vendor B 147 - 0 % - % - - Total $ 33,717 $ 14,248 100 % 100 % $ - $ - |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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 2023 2022 For the Six Months Ended June 30 2023 2022 Computed expected expenses/(benefits) (25 )% 25 % Effect of foreign tax rate difference 4 % (2 )% Deferred tax assets not recognized 61 % (23 )% Temporary difference not recognized (39 )% - % Income tax expense 1 % - % 2023 2022 For the Six Months Ended June 30 2023 2022 PRC statutory tax rate 25 % 25 % Computed expected expenses/(benefits) (6,346 ) 15,453 Effect of foreign tax rate difference 1,020 (969 ) Deferred tax assets not recognized 15,492 (14,484 ) Temporary difference not recognized (9,928 ) - Income tax expense 238 - |
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, 2023: SCHEDULE OF DEFERRED TAX ASSETS As of June 30, 2023 As of December 31, 2022 Deferred tax assets: Net operating loss carry forwards - United States of America $ 62,263 $ 57,096 - Hong Kong 624 606 - People Republic China 26,545 26,345 Deferred tax assets, net operating loss carryforwards Less: valuation allowance (89,432 ) (84,047 ) Deferred tax assets $ - $ - |
SEGMENT REPORTING (Tables)
SEGMENT REPORTING (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Segment Reporting [Abstract] | |
SCHEDULE OF SEGMENT REPORTING | SCHEDULE OF SEGMENT REPORTING For the Six Months Ended and As of June 30, 2023 By Business Unit BCBF Trading Business Online Retailing Business Beauty Products Trading Business Total Revenue $ 57,622 $ 97,077 $ 1,272 $ 155,971 Cost of revenue (33,570 ) - (147 ) (33,717 ) Selling and distribution expenses (495 ) - - (495 ) General and administrative expenses (83,457 ) (21,245 ) (42,266 ) (146,968 ) Loss from operations (59,900 ) 75,832 (41,141 ) (25,209 ) Total assets $ 261,377 $ - $ 82,628 $ 344,005 Capital expenditure $ - $ - $ 6,614 $ 6,614 For the Six Months Ended and As of June 30, 2022 By Business Unit BCBF Trading Business Total Revenue $ 24,826 $ 24,826 Cost of revenue (14,248 ) (14,248 ) General and administrative expenses (72,399 ) (72,399 ) Loss from operations (61,821 ) (61,821 ) Total assets $ 100,393 $ 100,393 Capital expenditure $ - $ - For the Six Months Ended and As of June 30, 2023 By Country United States China Total Revenue $ - $ 155,971 $ 155,971 Cost of revenue - (33,717 ) (33,717 ) Selling and distribution expenses - (495 ) (495 ) General and administrative expenses (24,604 ) (122,364 ) (146,968 ) Loss from operations (24,604 ) (605 ) (25,209 ) Total assets $ 15,454 $ 328,551 $ 344,005 Capital expenditure $ - $ 6,614 $ 6,614 For the Six Months Ended and As of June 30, 2022 By Country United States China Total Revenue $ - $ 24,826 $ 24,826 Cost of revenue - (14,248 ) (14,248 ) General and administrative expenses (23,067 ) (49,332 ) (72,399 ) Profit Loss from operations (23,067 ) (38,754 ) (61,821 ) Profit/Loss from operations (23,067 ) (38,754 ) (61,821 ) Total assets $ 17,260 $ 83,133 $ 100,393 Capital expenditure $ - $ - $ - |
ORGANIZATION AND BUSINESS BAC_2
ORGANIZATION AND BUSINESS BACKGROUND (Details Narrative) - SCQC Agriculture Co Limited [Member] | Apr. 19, 2023 USD ($) | Apr. 19, 2023 CNY (¥) | Jun. 15, 2020 USD ($) | Jun. 15, 2020 CNY (¥) | Jun. 15, 2020 CNY (¥) |
Restructuring Cost and Reserve [Line Items] | |||||
Fair value of consideration paid | $ 68,931 | ¥ 500,000 | $ 165,605 | ¥ 1,169,996 | |
Total net book value | $ 165,401 | ¥ 1,168,554 |
SCHEDULE OF PLANT AND EQUIPMENT
SCHEDULE OF PLANT AND EQUIPMENT DEPRECIATION AND AMORTIZATION (Details) | Jun. 30, 2023 |
Office Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Depreciation periods | 4 years |
SCHEDULE OF INTANGIBLE ASSETS W
SCHEDULE OF INTANGIBLE ASSETS WITH AMORTIZATION (Details) | Jun. 30, 2023 |
Trademarks [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Amortization periods | 10 years |
SCHEDULE OF FOREIGN CURRENCIES
SCHEDULE OF FOREIGN CURRENCIES TRANSLATION (Details) | Jun. 30, 2023 | Jun. 30, 2022 |
Period-End HK$ : US$1 Exchange Rate [Member] | ||
Trading Activity, Gains and Losses, Net [Line Items] | ||
Foreign currency exchange rate, translation | 7.75 | 7.75 |
Period-End CNY¥ : US$1 Exchange Rate [Member] | ||
Trading Activity, Gains and Losses, Net [Line Items] | ||
Foreign currency exchange rate, translation | 7.25 | 6.70 |
Period-AverageHK$ : US$1 Exchange Rate [Member] | ||
Trading Activity, Gains and Losses, Net [Line Items] | ||
Foreign currency exchange rate, translation | 7.75 | 7.75 |
Period-Average CNY¥ : US$1 Exchange Rate [Member] | ||
Trading Activity, Gains and Losses, Net [Line Items] | ||
Foreign currency exchange rate, translation | 6.97 | 6.50 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) | 6 Months Ended |
Jun. 30, 2023 Lease | |
Accounting Policies [Abstract] | |
Number of operating lease | 1 |
GOING CONCERN UNCERTAINTIES (De
GOING CONCERN UNCERTAINTIES (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||
Net Income (Loss) Attributable to Parent | $ 95,277 | $ (69,894) | $ 36,071 | $ 25,742 | $ 25,383 | $ 61,814 | |
Retained Earnings (Accumulated Deficit) | 415,370 | 415,370 | $ 389,987 | ||||
working capital deficit | $ 302,660 | $ 302,660 |
SCHEDULE OF INVENTORIES (Detail
SCHEDULE OF INVENTORIES (Details) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Inventory Disclosure [Abstract] | ||
Finished goods | $ 25,098 | $ 59,444 |
Total inventories | $ 25,098 | $ 59,444 |
INVENTORIES (Details Narrative)
INVENTORIES (Details Narrative) | Jun. 30, 2023 USD ($) |
Inventory Disclosure [Abstract] | |
Inventories allowance | $ 0 |
SCHEDULE OF PREPAYMENT, DEPOSIT
SCHEDULE OF PREPAYMENT, DEPOSITS AND OTHER RECEIVABLES (Details) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Prepayment Deposits And Other Receivables | ||
Deposits for Hong Kong Company Secretary | $ 13 | $ 13 |
Staff Advancement & Prepaid Staff Cost | 40,553 | 43 |
Rental Deposit & Prepayment | 19,783 | 14,416 |
Supplier Deposit & Prepayment | 137,251 | 1,730 |
Prepayment for IT service fee | 9,618 | |
Prepaid transfer agent fee and OTCIQ renewal | 3,795 | 3,545 |
Total prepayment, deposits and other receivables | $ 211,013 | $ 19,747 |
SCHEDULE OF PLANT AND EQUIPME_2
SCHEDULE OF PLANT AND EQUIPMENT (Details) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | $ 369 | |
Less: Accumulated depreciation | (16) | |
Property, plant and equipment, net | 353 | |
Office Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | $ 369 |
PROPERTY, PLANT AND EQUIPMENT_3
PROPERTY, PLANT AND EQUIPMENT, NET (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Property, Plant and Equipment [Line Items] | |||||
Office equipment | $ 369 | $ 369 | |||
Depreciation | 6 | $ 0 | 6 | $ 0 | |
Office Equipment [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Office equipment | $ 369 | $ 369 |
SCHEDULE OF INTANGIBLE ASSET, N
SCHEDULE OF INTANGIBLE ASSET, NET (Details) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Trademark | $ 6,245 | |
Total intangible asset | 6,245 | |
Less: Accumulated amortization | (111) | |
Intangible asset, net | $ 6,134 |
INTANGIBLE ASSET, NET (Details
INTANGIBLE ASSET, NET (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||||
Trademark | $ 6,245 | $ 6,245 | |||
Amortization expenses | $ 111 | $ 0 | $ 111 | $ 0 |
SCHEDULE OF OTHER PAYABLES AND
SCHEDULE OF OTHER PAYABLES AND ACCRUED LIABILITIES (Details) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Payables and Accruals [Abstract] | ||
Other payables | $ 85,818 | $ 69,069 |
Accrued audit fee | 4,000 | 645 |
Accrued professional fee | 5,850 | 24,500 |
Total other payables and accrued liabilities | $ 95,668 | $ 94,214 |
OTHER PAYABLES AND ACCRUED LI_3
OTHER PAYABLES AND ACCRUED LIABILITIES (Details Narrative) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Payables and Accruals [Abstract] | ||
Other payables | $ 85,818 | $ 69,069 |
SCHEDULE OF RELATED PARTY TRANS
SCHEDULE OF RELATED PARTY TRANSACTION (Details) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Amount Due To Director | ||
Amount due to a director | $ 448,435 | $ 321,933 |
AMOUNT DUE TO A DIRECTOR (Detai
AMOUNT DUE TO A DIRECTOR (Details Narrative) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | ||
Due to related parties | $ 448,435 | $ 321,933 |
Director [Member] | ||
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | ||
Due to related parties | 448,435 | |
Wang Min [Member] | ||
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | ||
Due to related parties | $ 126,502 |
SHAREHOLDERS_ EQUITY (Details N
SHAREHOLDERS’ EQUITY (Details Narrative) - shares | Jun. 30, 2023 | Dec. 31, 2022 |
Equity [Abstract] | ||
Common stock, shares outstanding | 101,400,000 | 101,400,000 |
Common stock, shares authorized | 800,000,000 | 800,000,000 |
Preferred stock, shares authorized | 200,000,000 | 200,000,000 |
Preferred stock, shares outstanding | 0 | 0 |
Preferred stock, shares issued | 0 | 0 |
SCHEDULE OF OPERATING LEASE RIG
SCHEDULE OF OPERATING LEASE RIGHT AND LEASE LIABILITY (Details) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Dec. 31, 2022 | |
Lease Right-of-use Asset And Lease Liabilities | ||
Right-of-use assets, beginning balance | $ 79,394 | $ 15,243 |
New lease recognized | 82,685 | |
Amortization | (3,261) | (17,712) |
Foreign exchange translation | (19,581) | (822) |
Right-of-use assets, ending balance | 56,552 | 79,394 |
Lease liability, beginning balance | 79,394 | 15,243 |
New lease recognized | 82,685 | |
Add: imputed interest | 853 | 598 |
Less: gross repayment | (21,427) | (18,309) |
Foreign exchange translation | 2,268 | (823) |
Lease liability, ending balance | 56,552 | 79,394 |
Foreign exchange translation | (2,268) | 823 |
Lease liability current portion | 39,523 | 40,523 |
Lease liability non-current portion | 17,029 | $ 38,871 |
2023 | 19,527 | |
2024 | $ 37,025 |
SCHEDULE OF COMPONENTS OF LEASE
SCHEDULE OF COMPONENTS OF LEASE EXPENSE (Details) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Dec. 31, 2022 | |
Lease Right-of-use Asset And Lease Liabilities | ||
Operating cash flow to operating lease | $ 21,427 | $ 18,309 |
Remaining lease term for operating lease (years) | 1 year 5 months 1 day | |
Weighted average discount rate for operating lease | 4.75% |
LEASE RIGHT-OF-USE ASSET AND _3
LEASE RIGHT-OF-USE ASSET AND LEASE LIABILITIES (Details Narrative) - Tenancy Agreement [Member] - SCQC Agriculture Co Limited [Member] | Dec. 01, 2022 USD ($) m² | Dec. 01, 2022 CNY (¥) m² | Nov. 11, 2020 USD ($) m² | Nov. 11, 2020 CNY (¥) m² |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Area of land | 232 | 232 | 133 | 133 |
Payments for rent | $ 3,604 | ¥ 24,900 | $ 1,450 | ¥ 9,200 |
Lease term | 2 years | 2 years | 2 years | 2 years |
SCHEDULE OF VENDOR CONCENTRATIO
SCHEDULE OF VENDOR CONCENTRATION RISK (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Concentration Risk [Line Items] | ||||
Cost of revenues | $ 33,717 | $ 14,248 | ||
Revenue Benchmark [Member] | Product Concentration Risk [Member] | ||||
Concentration Risk [Line Items] | ||||
Percentage of cost of revenue | 100% | 100% | 100% | 100% |
Cost of revenues | $ 147 | $ 6,428 | $ 33,717 | $ 14,248 |
Accounts payable trade | ||||
Customer A [Member] | Revenue Benchmark [Member] | Product Concentration Risk [Member] | ||||
Concentration Risk [Line Items] | ||||
Revenues | $ 4,295 | $ 8,898 | ||
Percentage of cost of revenue | 39% | 36% | ||
Accounts receivable, trade | ||||
Customer B [Member] | Revenue Benchmark [Member] | Product Concentration Risk [Member] | ||||
Concentration Risk [Line Items] | ||||
Revenues | $ 2,684 | $ 5,079 | ||
Percentage of cost of revenue | 25% | 20% | ||
Accounts receivable, trade | ||||
Customer C [Member] | Revenue Benchmark [Member] | Product Concentration Risk [Member] | ||||
Concentration Risk [Line Items] | ||||
Revenues | $ 2,012 | $ 4,432 | ||
Percentage of cost of revenue | 19% | 18% | ||
Accounts receivable, trade | ||||
Customer D [Member] | Revenue Benchmark [Member] | Product Concentration Risk [Member] | ||||
Concentration Risk [Line Items] | ||||
Revenues | $ 1,602 | $ 2,770 | ||
Percentage of cost of revenue | 15% | 11% | ||
Accounts receivable, trade | ||||
Customer E [Member] | Revenue Benchmark [Member] | Product Concentration Risk [Member] | ||||
Concentration Risk [Line Items] | ||||
Revenues | $ 271 | $ 1,994 | ||
Percentage of cost of revenue | 2% | 8% | ||
Accounts receivable, trade | ||||
Other Customer [Member] | Revenue Benchmark [Member] | Product Concentration Risk [Member] | ||||
Concentration Risk [Line Items] | ||||
Revenues | $ 1,677 | $ 134,299 | ||
Percentage of cost of revenue | 100% | 86% | ||
Accounts receivable, trade | ||||
Customers [Member] | Revenue Benchmark [Member] | Product Concentration Risk [Member] | ||||
Concentration Risk [Line Items] | ||||
Revenues | $ 1,677 | $ 10,864 | $ 155,971 | $ 24,826 |
Percentage of cost of revenue | 100% | 100% | 100% | 100% |
Accounts receivable, trade | ||||
Customer F [Member] | Revenue Benchmark [Member] | Product Concentration Risk [Member] | ||||
Concentration Risk [Line Items] | ||||
Revenues | $ 1,653 | |||
Percentage of cost of revenue | 7% | |||
Accounts receivable, trade | ||||
Customer G [Member] | Revenue Benchmark [Member] | Product Concentration Risk [Member] | ||||
Concentration Risk [Line Items] | ||||
Revenues | $ 21,672 | |||
Percentage of cost of revenue | 14% | |||
Accounts receivable, trade | ||||
Vendor A [Member] | Revenue Benchmark [Member] | Product Concentration Risk [Member] | ||||
Concentration Risk [Line Items] | ||||
Percentage of cost of revenue | 100% | 100% | 100% | |
Cost of revenues | $ 6,428 | $ 33,570 | $ 14,248 | |
Accounts payable trade | ||||
Vendor B [Member] | Revenue Benchmark [Member] | Product Concentration Risk [Member] | ||||
Concentration Risk [Line Items] | ||||
Percentage of cost of revenue | 100% | 0% | ||
Cost of revenues | $ 147 | $ 147 | ||
Accounts payable trade |
CONCENTRATION OF RISK (Details
CONCENTRATION OF RISK (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Concentration Risk [Line Items] | ||||
Cost of Revenue | $ 33,717 | $ 14,248 | ||
Revenue Benchmark [Member] | Product Concentration Risk [Member] | ||||
Concentration Risk [Line Items] | ||||
Cost of Revenue | $ 147 | $ 6,428 | 33,717 | 14,248 |
Revenue Benchmark [Member] | Product Concentration Risk [Member] | No Customer [Member] | ||||
Concentration Risk [Line Items] | ||||
Total Revenue | 1,677 | |||
Revenue Benchmark [Member] | Product Concentration Risk [Member] | Five Customers [Member] | ||||
Concentration Risk [Line Items] | ||||
Total Revenue | 10,864 | |||
Revenue Benchmark [Member] | Product Concentration Risk [Member] | One Customer [Member] | ||||
Concentration Risk [Line Items] | ||||
Total Revenue | 155,971 | |||
Revenue Benchmark [Member] | Product Concentration Risk [Member] | Six Customers [Member] | ||||
Concentration Risk [Line Items] | ||||
Total Revenue | $ 24,826 | |||
Cost of Goods and Service Benchmark [Member] | Supplier Concentration Risk [Member] | Single Vendor [Member] | ||||
Concentration Risk [Line Items] | ||||
Cost of Revenue | $ 147 | $ 6,428 | 14,248 | |
Cost of Goods and Service Benchmark [Member] | Supplier Concentration Risk [Member] | Two Vendors [Member] | ||||
Concentration Risk [Line Items] | ||||
Cost of Revenue | $ 33,718 |
SCHEDULE OF EFFECTIVE INCOME TA
SCHEDULE OF EFFECTIVE INCOME TAX RATE RECONCILIATION (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Income Tax Disclosure [Abstract] | ||||
Computed expected expenses/(benefits) | (25.00%) | 25% | ||
Effect of foreign tax rate difference | 4% | (2.00%) | ||
Deferred tax assets not recognized | 61% | (23.00%) | ||
Temporary difference not recognized | (39.00%) | |||
Income tax expense | 1% | |||
PRC statutory tax rate | 25% | 25% | ||
Computed expected expenses/(benefits) | $ (6,346) | $ 15,453 | ||
Effect of foreign tax rate difference | 1,020 | (969) | ||
Deferred tax assets not recognized | 15,492 | (14,484) | ||
Temporary difference not recognized | (9,928) | |||
Income tax expense | $ 238 |
SCHEDULE OF DEFERRED TAX ASSETS
SCHEDULE OF DEFERRED TAX ASSETS (Details) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Less: valuation allowance | $ (89,432) | $ (84,047) |
Deferred tax assets | ||
UNITED STATES | ||
Deferred tax assets, net operating loss carryforwards | 62,263 | 57,096 |
HONG KONG | ||
Deferred tax assets, net operating loss carryforwards | 624 | 606 |
CHINA | ||
Deferred tax assets, net operating loss carryforwards | $ 26,545 | $ 26,345 |
INCOME TAXES (Details Narrative
INCOME TAXES (Details Narrative) $ in Millions | 6 Months Ended | ||||
Jun. 30, 2023 USD ($) | Jun. 30, 2023 CNY (¥) | Jun. 30, 2023 HKD ($) | Jun. 30, 2022 | Dec. 31, 2022 USD ($) | |
Current tax rate | 25% | 25% | 25% | 25% | |
Foreign income tax rate | (4.00%) | (4.00%) | (4.00%) | 2% | |
Income tax rate | 1% | 1% | 1% | ||
Deferred tax assets, valuation allowance | $ | $ 89,432 | $ 84,047 | |||
UNITED STATES | |||||
Current tax rate | 21% | 21% | 21% | ||
HONG KONG | |||||
Current tax rate | 8.25% | 8.25% | 8.25% | ||
Foreign income tax rate | 16.50% | 16.50% | 16.50% | ||
Tax amount | $ 258,000 | $ 2 | |||
PRC [Member] | |||||
Income tax rate | 25% | 25% | 25% | ||
Value added tax rate differential | 3% | 3% | 3% | ||
PRC revenue | ¥ | ¥ 5,000,000 | ||||
Value added tax, percentage | 1% | 1% | 1% |
SCHEDULE OF SEGMENT REPORTING (
SCHEDULE OF SEGMENT REPORTING (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Segment Reporting Information [Line Items] | |||||
Revenue | $ 1,677 | $ 10,864 | $ 155,971 | $ 24,826 | |
Cost of revenue | (33,717) | (14,248) | |||
Selling and distribution expenses | (495) | ||||
General and administrative expenses | (96,821) | (40,511) | (146,968) | (72,399) | |
Profit/Loss from operations | (95,291) | (36,075) | (25,209) | (61,821) | |
Total assets | 344,005 | 100,393 | 344,005 | 100,393 | $ 391,291 |
Capital expenditure | 6,614 | 6,614 | |||
UNITED STATES | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | |||||
Cost of revenue | |||||
Selling and distribution expenses | |||||
General and administrative expenses | (24,604) | (23,067) | |||
Profit/Loss from operations | (24,604) | (23,067) | |||
Total assets | 15,454 | 17,260 | 15,454 | 17,260 | |
Capital expenditure | |||||
CHINA | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 155,971 | 24,826 | |||
Cost of revenue | (33,717) | (14,248) | |||
Selling and distribution expenses | (495) | ||||
General and administrative expenses | (122,364) | (49,332) | |||
Profit/Loss from operations | (605) | (38,754) | |||
Total assets | 328,551 | 83,133 | 328,551 | 83,133 | |
Capital expenditure | 6,614 | 6,614 | |||
BCBF Trading Business [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 57,622 | 24,826 | |||
Cost of revenue | (33,570) | (14,248) | |||
Selling and distribution expenses | (495) | ||||
General and administrative expenses | (83,457) | (72,399) | |||
Profit/Loss from operations | (59,900) | (61,821) | |||
Total assets | 261,377 | 100,393 | 261,377 | 100,393 | |
Capital expenditure | |||||
Online Retailing Business [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 97,077 | ||||
Cost of revenue | |||||
Selling and distribution expenses | |||||
General and administrative expenses | (21,245) | ||||
Profit/Loss from operations | 75,832 | ||||
Total assets | |||||
Capital expenditure | |||||
Beauty Products Trading Business [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 1,272 | ||||
Cost of revenue | (147) | ||||
Selling and distribution expenses | |||||
General and administrative expenses | (42,266) | ||||
Profit/Loss from operations | (41,141) | ||||
Total assets | 82,628 | 82,628 | |||
Capital expenditure | $ 6,614 | $ 6,614 |
SEGMENT REPORTING (Details Narr
SEGMENT REPORTING (Details Narrative) | 6 Months Ended |
Jun. 30, 2023 Integer | |
Segment Reporting [Abstract] | |
Number of reportable segments | 2 |