Cover
Cover - $ / shares | 6 Months Ended | |
Jun. 30, 2024 | Aug. 22, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jun. 30, 2024 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2024 | |
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.1002, Block 2, No.5 | |
Entity Address, Address Line Two | Annex 5, No.188 | |
Entity Address, Address Line Three | Beizhan East Road | |
Entity Address, City or Town | Shapingba District, Chongqing | |
Entity Address, Country | CN | |
Entity Address, Postal Zip Code | 400030 | |
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 | |
Entity Listing, Par Value Per Share | $ 0.0001 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 |
Current assets | ||
Cash and cash equivalents | $ 1,481 | $ 95,938 |
Inventories | 105,138 | 113,688 |
Prepayment, deposits and other receivables | 209,547 | 132,747 |
Total current assets | 316,166 | 342,373 |
Non-current Assets | ||
Right-of-use assets, net | 34,954 | |
Total non-current assets | 34,954 | |
TOTAL ASSETS | 316,166 | 377,327 |
Current liabilities | ||
Trade payables | 2,247 | 12,597 |
Other payables and accrued liabilities | 11,969 | 32,242 |
Deferred revenue | 159 | 14,782 |
Amount due to a director | 455,160 | 501,890 |
Lease liability – current portion | 34,954 | |
Total current liabilities | 469,535 | 596,465 |
TOTAL LIABILITIES | 469,535 | 596,465 |
STOCKHOLDERS’ DEFICIT | ||
Common stock, $0.0001 par value; 800,000,000 shares authorized; 101,400,000 shares of common stock issued and outstanding as of June 30, 2024 and December 31, 2023, respectively | 10,140 | 10,140 |
Additional paid-in capital | 148,860 | 148,860 |
Accumulated other comprehensive income | (3,215) | 1,860 |
Accumulated deficit | (309,154) | (379,998) |
TOTAL STOCKHOLDERS’ DEFICIT | (153,369) | (219,138) |
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT | $ 316,166 | $ 377,327 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2024 | Dec. 31, 2023 |
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 | 101,400,000 | 101,400,000 |
Common stock, shares outstanding | 101,400,000 | 101,400,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Income/(Loss) (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Income Statement [Abstract] | ||||
REVENUE | $ 2,539 | $ 1,677 | $ 292,405 | $ 155,971 |
COST OF REVENUE | (220) | (147) | (65,117) | (33,717) |
GROSS PROFIT | 2,319 | 1,530 | 227,288 | 122,254 |
OPERATING EXPENSES | ||||
Selling and distribution | (48,619) | (51,058) | (495) | |
General and administrative | (31,703) | (96,821) | (98,694) | (146,968) |
PROFIT (LOSS) FROM OPERATION BEFORE INCOME TAX | (78,003) | (95,291) | 77,536 | (25,209) |
INTEREST INCOME | 15 | 14 | 83 | 64 |
OTHER INCOME | 1,379 | 1,379 | ||
PROFIT (LOSS) BEFORE INCOME TAX | (76,609) | (95,277) | 78,998 | (25,145) |
INCOME TAX EXPENSES | (8,154) | (8,154) | (238) | |
NET INCOME (LOSS) | (84,763) | (95,277) | 70,844 | (25,383) |
Other comprehensive income: | ||||
- Foreign currency translation loss | (2,373) | (8,636) | (5,075) | (8,149) |
TOTAL COMPREHENSIVE INCOME (LOSS) | $ (87,136) | $ (103,913) | $ 65,769 | $ (33,532) |
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' Deficit (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balance 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) for the period | 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 | ||||
Balance 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) for the period | (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 | ||||
Balance 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) for the period | (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 | ||||
Balance at Dec. 31, 2023 | $ 10,140 | 148,860 | (379,998) | 1,860 | (219,138) |
Balance, shares at Dec. 31, 2023 | 101,400,000 | ||||
Net profit (loss) for the period | 155,607 | 155,607 | |||
Foreign currency translation | (2,702) | (2,702) | |||
Balance at Mar. 31, 2024 | 10,140 | 148,860 | (224,391) | (842) | (66,233) |
Balance at Dec. 31, 2023 | $ 10,140 | 148,860 | (379,998) | 1,860 | (219,138) |
Balance, shares at Dec. 31, 2023 | 101,400,000 | ||||
Net profit (loss) for the period | 70,844 | ||||
Balance at Jun. 30, 2024 | $ 10,140 | 148,860 | (309,154) | 3,215 | (153,369) |
Balance, shares at Jun. 30, 2024 | 101,400,000 | ||||
Balance at Mar. 31, 2024 | $ 10,140 | 148,860 | (224,391) | (842) | (66,233) |
Net profit (loss) for the period | (84,763) | (84,763) | |||
Foreign currency translation | 2,373 | 2,373 | |||
Balance at Jun. 30, 2024 | $ 10,140 | $ 148,860 | $ (309,154) | $ 3,215 | $ (153,369) |
Balance, shares at Jun. 30, 2024 | 101,400,000 |
Condensed Consolidated Statem_3
Condensed Consolidated Statement of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net profit/(loss) | $ 70,844 | $ (25,383) |
Adjustments to reconcile net profit to net cash used in operating activities: | ||
Change in operating lease ROU assets | 34,293 | 19,070 |
Depreciation and amortization | 129 | |
Changes in operating assets and liabilities: | ||
Inventories | 5,819 | 31,523 |
Prepayment, deposits and other receivables | (80,541) | (192,035) |
Other payables and accrued liabilities | (20,134) | 4,735 |
Deferred revenue | (14,440) | (113,221) |
Change in lease liability | (34,293) | (19,070) |
Account payables | (9,939) | |
Net cash used in operating activities | (48,391) | (294,252) |
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 | (44,325) | 126,502 |
Net cash provided by (used in) financing activities | (44,325) | 126,502 |
Effect of exchange rate changes on cash and cash equivalents | (1,741) | (13,487) |
Net decrease in cash and cash equivalents | (94,457) | (187,851) |
Cash and cash equivalents, beginning of period | 95,938 | 232,706 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 1,481 | 44,855 |
SUPPLEMENTAL CASH FLOWS INFORMATION | ||
Cash paid for income taxes | 8,154 | |
Cash paid for interest paid |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Pay vs Performance Disclosure [Table] | ||||||
Net Income (Loss) | $ (84,763) | $ 155,607 | $ (95,277) | $ 69,894 | $ 70,844 | $ (25,383) |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Jun. 30, 2024 | |
Insider Trading Arrangements [Line Items] | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
ORGANIZATION AND BUSINESS BACKG
ORGANIZATION AND BUSINESS BACKGROUND | 6 Months Ended |
Jun. 30, 2024 | |
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. 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”) ChongQing 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 and daily use products online retailing 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 On September 25, 2023, the Company through subsidiary YCWB Agricultural Technology Co. Limited disposed XMYC Trading Co. Limited, with a consideration of CNY 0.1 0.01 The Company’s executive office is located at No.1002, Block 2, No.5, Annex 5, No.188, Beizhan East Road, Shapingba District, Chongqing, China. |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 6 Months Ended |
Jun. 30, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
BASIS OF PRESENTATION | 2. BASIS OF PRESENTATION The accompanying condensed 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, 2024 | |
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. 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 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. The lease liability is initially and subsequently measured at the present value of the unpaid lease payments at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for lease payments made at or before the lease commencement date, plus any initial direct costs incurred less any lease incentives received. Costs associated with operating lease assets are recognized on a straight-line basis within operating expenses over the term of the lease. 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 On March 5, 2024 the management entered into a tenancy agreement to rent an office for a monthly rental of CNY 9,000 1,258 two years On May 31, 2024, the management of the Company terminated the tenancy agreement of the office. From June 21, 2024, the management of the Company uses part of the leased office space of Chongqing Jiushengguang Enterprise Management Consulting Co., LTD. free of charge. Please refer to Note 10 for the details of the lease. 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”). 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. While another revenue stream is our online retailing business. In online retailing business we have differentiate into two distinct revenue streams: sales revenue with inventory risk and sales revenue without inventory risk. Initially, the Company act as an agent in transactions, meaning we place orders with suppliers upon receiving orders from customers. The suppliers will then directly send the goods to the customer based on our order info. A reporting entity assumes the role of agent in a transaction and arranges for the other party to provide the specified goods or service. Consequently, product sales revenue is recorded net of cost of sales, as we act as an agent and do not bear inventory risk. During the last quarter of 2023, we transitioned to purchasing stock from several suppliers and outsource the inventory warehouse to few suppliers and we are liable for the inventory risk hence we are principal in this extent. Similar to previous operations, contracts are formed when customers place orders in the app, and the performance obligation remains unchanged. Revenue recognition continues to be based on the point in time when customers assume control and legal ownership of the purchased products, without deducting any associated costs, as this reflects the normal transactional relationship between seller and buyer. We recognize revenue when customers take control and legal ownership of the purchased products. From the quarter four of 2023 onwards, the company will continue operate as sales income from BCBF and online retailing business with and without inventory risk. As such, revenue derived from online retailing business is being recognized on net basis, i.e. gross revenue received from customer deduct the cost of purchase to supplier. Besides, adopting ASC 606-10-55-42, we give an option to customers, which they will be received of cash back from their purchased amount in the online platform. Hence, cash back is a material right, so we will net off the cash back portion with the revenue instead of recognize the whole purchased amount as revenue. Deferred revenue The Company’s accounting policy related to deferred revenue is to recognize revenue for performance obligations that have not yet been fulfilled. As of June 30, 2024 and December 31, 2023, the Company recognized amounts of $ 159 14,782 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. Advertising costs The Company’s accounting policy related to advertising costs for annual reporting purposes is to expense costs incurred in marketing events for example event venue fees, emcee fees and others, as of the first date the advertisements take place. All marketing expenditures are expensed in the annual period in which the expenditure is incurred. For the six months ended June 30, 2024 and 2023, the Company did not incurred expenses for advertising costs. 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. During the last quarter of 2023, we transitioned to purchasing stock from several suppliers and outsource the inventory warehouse to few suppliers and we are liable for the inventory risk hence we are principal in this extent. Our inventory is stored and managed at the facilities of third-party logistics providers. These arrangements involve contractual agreements outlining the terms of storage, handling, and distribution of our inventory. Besides, the third-party logistics providers are responsible for maintaining the quality and condition of the inventory in accordance with our specifications. Each third-party logistics provider uses its own inventory management system to track the movement and availability of our products. They will send us a copy of the movement and balance of inventory at the end of the month, which we then compare with the inventory movement worksheet maintained by our company. This allows us to identify any inventory discrepancies promptly. The third-party logistics providers facilitate the distribution of our inventory to our customers and fulfillment centers as per our instructions. Additionally, the logistics providers are responsible for our inventory in any aspect of damaged goods due to their responsibility, for example, stolen inventory, damaged goods due to warehouse conditions, and other factors. 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$, in accordance with ASC Topic 830-30, “Translation of Financial Statement”, using the exchange rate on the balance sheet date. Revenues and expenses are translated at average rates prevailing during the period. The gains and losses resulting from translation of financial statements of foreign subsidiaries are recorded as a separate component of accumulated other comprehensive income within the statement of stockholders’ equity. The shareholders’ equity accounts were stated at their historical rate. Cash flows are also translated at average translation rates for the periods, therefore, amounts reported on the statement of cash flows will not necessarily agree with changes in the corresponding balances on the consolidated balance sheets. Translation of amounts from the local currencies of the Company into US$ has been made at the following exchange rates for the respective periods: SCHEDULE OF FOREIGN CURRENCIES TRANSLATION As of and for the six months ended As of and for the six months ended June 30, 2024 June 30, 2023 Period-end HK$ : US$1 exchange rate 7.81 7.75 Period-end CNY¥ : US$1 exchange rate 7.27 7.25 Period-average HK$ : US$1 exchange rate 7.82 7.75 Period-average CNY¥: US$1 exchange rate 7.21 6.97 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 November 2023, the FASB issued ASU 2023-07, Improvement to Reportable Segment Disclosures (Topic 280). ASU 2023-07 aims to improve segment disclosures through enhanced disclosures about significant segment expenses. The standard requires all public entities, including those public entities that have a single reportable segment, shall disclose all of the following for each period for which an income statement is presented. However, reconciliations of balance sheet amounts for reportable segments to consolidated balance sheet amounts are required only for each year for which a balance sheet is presented. This standard will be effective for the Company in fiscal year of 2024. The Company is currently evaluating the impact of the additional disclosure requirements on the Company’s condensed consolidated 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 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, 2024 | |
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 is currently in a net liability position and incurred a net cash used in operating activities of $ 48,391 309,154 153,369 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, 2024 | |
Inventory Disclosure [Abstract] | |
INVENTORIES | 5. INVENTORIES As of June 30, 2024 and December 31, 2023, the Company inventories consist of following: SCHEDULE OF INVENTORIES As of June 30, 2024 As of December 31, 2023 Finished goods $ 105,138 $ 113,688 Total inventories $ 105,138 $ 113,688 No |
PREPAYMENT, DEPOSITS AND OTHER
PREPAYMENT, DEPOSITS AND OTHER RECEIVABLES | 6 Months Ended |
Jun. 30, 2024 | |
Prepayment Deposits And Other Receivables | |
PREPAYMENT, DEPOSITS AND OTHER RECEIVABLES | 6. PREPAYMENT, DEPOSITS AND OTHER RECEIVABLES As of June 30, 2024 and December 31, 2023, prepayment, deposits and other receivables consist of following: SCHEDULE OF PREPAYMENT, DEPOSITS AND OTHER RECEIVABLES As of June 30, 2024 As of December 31, 2023 Deposits for Hong Kong Company Secretary $ 13 $ 13 Staff Advancement & Prepaid Staff Cost 101,268 9,810 Rental Deposit & Prepayment 1,512 13,498 Supplier Deposit & Prepayment 101,454 107,581 Prepaid transfer agent fee and OTCIQ renewal 5,300 1,845 Total prepayment, deposits and other receivables $ 209,547 $ 132,747 |
OTHER PAYABLES AND ACCRUED LIAB
OTHER PAYABLES AND ACCRUED LIABILITIES | 6 Months Ended |
Jun. 30, 2024 | |
Payables and Accruals [Abstract] | |
OTHER PAYABLES AND ACCRUED LIABILITIES | 7. OTHER PAYABLES AND ACCRUED LIABILITIES As of June 30, 2024 and December 31, 2023, other payables and accrued liabilities consist of the following: SCHEDULE OF OTHER PAYABLES AND ACCRUED LIABILITIES As of June 30, 2024 As of December 31, 2023 Other payables $ 1,669 $ 3,047 Accrued audit fee 10,300 28,550 Accrued professional fee - 645 Total other payables and accrued liabilities $ 11,969 $ 32,242 |
AMOUNT DUE TO A DIRECTOR
AMOUNT DUE TO A DIRECTOR | 6 Months Ended |
Jun. 30, 2024 | |
Amount Due To Director | |
AMOUNT DUE TO A DIRECTOR | 8. AMOUNT DUE TO A DIRECTOR SCHEDULE OF RELATED PARTY TRANSACTION As of June 30, 2024 As of December 31, 2023 Amount due to a director $ 455,160 $ 501,890 As of June 30, 2024, the Company has an outstanding payable of $ 455,160 to our director, Ms. Wang Min, which is unsecured and non-interest bearing with no fixed terms of repayment. During the six months ended June 30, 2024, the Company repaid a net amount of $ 46,730 |
SHAREHOLDERS_ EQUITY
SHAREHOLDERS’ EQUITY | 6 Months Ended |
Jun. 30, 2024 | |
Equity [Abstract] | |
SHAREHOLDERS’ EQUITY | 9. SHAREHOLDERS’ EQUITY As of June 30, 2024 and December 31, 2023, the Company has 101,400,000 101,400,000 During the six months ended June 30, 2024, 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, 2024 | |
Lease Right-of-use Asset And Lease Liabilities | |
LEASE RIGHT-OF-USE ASSET AND LEASE LIABILITIES | 10. LEASE RIGHT-OF-USE ASSET AND LEASE LIABILITIES On December 1, 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 square meter for monthly rental of CNY 24,900 (approximate $ 3,604 ) for a period of two years . On December 01, 2023, the monthly rental is reduced from CNY 24,900 to CNY 23,000 (approximate $ 3,241 ) for the remaining period. On February 29, 2024, the management of the Company through indirect wholly owned subsidiary SCQC Agriculture Co. Limited terminated the tenancy agreement of the office. On March 5, 2024 the management enter into a tenancy agreement to rent an office for a monthly rental of CNY 9,000 (approximate $ 1,258 ) for a period of two years . On May 31, 2024, the management of the Company terminated the tenancy agreement of the office. Zhu Peiyuan, a manager of the Company, has an indirect holding in Chongqing Jiushengguang Enterprise Management Consulting Co., LTD. (“Chongqing Jiushengguang”). Chongqing Jiushengguang’s leased office space is located at No. 188 and No. 5, East Beizhan Road, Shapingba District, Chongqing. From June 21, 2024, the management of the Company, through indirect wholly owned subsidiary SCQC Agriculture Co. Limited, uses part of the office space free of charge. As of December 31, 2023, operating lease right-of-use assets as follows: SCHEDULE OF OPERATING LEASE RIGHT AND LEASE LIABILITY Right-of-use assets, net as of December 31, 2022 $ 79,394 Amortization for the period ended November 30, 2023 (36,159 ) Right-of-use assets as of Nov 30, 2023 43,235 Reassessment of lease (3,150 ) Amortization of December 31, 2023 (3,109 ) Foreign exchange translation (2,022 ) Right-of-use assets, net as of December 31, 2023 $ 34,954 As of December 31, 2023, operating lease liability as follows: Lease liability as of December 31, 2022 $ 79,394 Add: imputed interest for the period ended November 30, 2023 2,509 Less: gross repayment for the period ended November 30, 2023 (38,668 ) Operating lease liability as of Nov 30, 2023 43,235 Reassessment of lease (3,150 ) Add: imputed interest of December 31, 2023 138 Less: gross repayment of December 31, 2023 (3,247 ) Foreign exchange translation (2,022 ) Lease liability as of December 31, 2023 $ 34,954 |
CONCENTRATION OF RISK
CONCENTRATION OF RISK | 6 Months Ended |
Jun. 30, 2024 | |
Risks and Uncertainties [Abstract] | |
CONCENTRATION OF RISK | 11. CONCENTRATION OF RISK Customer Concentration For the three months ended June 30, 2024, the Company generated total revenue of $ 2,539 1,677 SCHEDULE OF CUSTOMER CONCENTRATION RISK For the three months ended June 30 2024 2023 2024 2023 2024 2023 Revenues Percentage of revenues Accounts receivable, trade Customer A $ 1,148 $ - 45 % - $ - $ - Customer B 1,148 - 45 % - - - Others 243 1,677 10 % 100 % - - Total $ 2,539 $ 1,677 100 % 100 % $ - $ - For the six months ended June 30, 2024, the Company generated total revenue of $ 292,405 155,971 For the six months ended June 30 2024 2023 2024 2023 2024 2023 Revenues Percentage of revenues Accounts receivable, trade Customer A $ - $ 21,672 - 14 % $ - $ - Customer B 58,481 - 20 % - - - Customer C 38,013 - 13 % - - - Others 195,911 134,299 67 % 86 % - - Total $ 292,405 $ 155,971 100 % 100 % $ - $ - Vendor Concentration For the three months ended June 30, 2024, the Company incurred cost of revenue of $ 220 147 SCHEDULE OF VENDOR CONCENTRATION RISK For the three months ended June 30 2024 2023 2024 2023 2024 2023 Cost of revenue Percentage of Cost of revenue Accounts payable, trade Vendor A $ - $ 147 - 100 % $ - $ - Others 220 - 100 % - - - Total $ 220 $ 147 100 % 100 % $ - $ - For the six months ended June 30, 2024, the Company incurred cost of revenue of $ 65,117 33,717 For the six months ended June 30 2024 2023 2024 2023 2024 2023 Revenues Percentage of revenues Accounts payable, trade Vendor A $ - $ 33,570 - 100 % $ - $ - Vendor B 7,603 - 12 % - - - Vendor C 10,940 - 17 % - - - Vendor D 21,173 - 32 % - - - Others 25,401 147 39 % - - - Total $ 65,117 $ 33,717 100 % 100 % $ - $ - |
INCOME TAXES
INCOME TAXES | 6 Months Ended |
Jun. 30, 2024 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | 12. 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 2024 2023 For the Six Months Ended June 30 2024 2023 Computed expected expenses/(benefits) 25 % ( 25 %) Effect of foreign tax rate difference 1 % 4 % Deferred tax assets not recognized 30 % 61 % Temporary difference not recognized (46 %) (39 %) Income tax expense 10 % 1 % 2024 2023 For the Six Months Ended June 30 2024 2023 PRC statutory tax rate 25 % 25 % Computed expected expenses/(benefits) 17,852 (6,346 ) Effect of foreign tax rate difference 946 1,020 Deferred tax assets not recognized 24,040 15,492 Temporary difference not recognized (34,684 ) (9,928 ) Income tax expense 8,154 238 The following table sets forth the significant components of the aggregate deferred tax assets of the Company: SCHEDULE OF DEFERRED TAX ASSETS As of June 30, 2024 As of December 31, 2023 Deferred tax assets: Net operating loss carry forwards - United States of America $ 77,344 $ 72,534 - Hong Kong 805 790 - People Republic China 31,478 25,201 Deferred tax assets, net operating loss carryforwards Less: valuation allowance (109,627 ) (98,525 ) 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. Despite the Company starting to turn a net profit for the year according to reporting figures, economic uncertainties dictate that the Company will only adjust its valuation allowance policy if it can sustain net profits over consecutive reporting periods. Therefore, the Company has provided for a full valuation allowance against its deferred tax assets of $ 109,627 |
SEGMENT REPORTING
SEGMENT REPORTING | 6 Months Ended |
Jun. 30, 2024 | |
Segment Reporting [Abstract] | |
SEGMENT REPORTING | 13. 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 reportable segments based on country, United States and China. 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, 2024 By Business Unit BCBF Trading Business Online Retailing Business Total Revenue $ 16 $ 292,389 $ 292,405 Cost of revenue (10 ) (65,107 ) (65,117 ) Selling and distribution expenses - (51,058 ) (51,058 ) General and administrative expenses - (98,694 ) (98,694 ) Profit from operations 6 77,530 77,536 Total assets $ 316,166 - $ 316,166 Capital expenditure - - - 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 ) Profit (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 By Country United States China Total For the Six Months Ended and As of June 30, 2024 By Country United States China Total Revenue $ - $ 292,405 $ 292,405 Cost of revenue - (65,117 ) (65,117 ) Selling and distribution expenses - (51,058 ) (51,058 ) General and administrative expenses (22,906 ) (75, 788 ) (98,694 ) Profit (loss) from operations (22,906 ) 100, 442 77,536 Total assets $ 5,551 $ 310,615 $ 316,166 Capital expenditure $ - $ - $ - By Country United States China Total 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 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Jun. 30, 2024 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | 14. 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, 2024 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, 2024 | |
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. |
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 |
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. The lease liability is initially and subsequently measured at the present value of the unpaid lease payments at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for lease payments made at or before the lease commencement date, plus any initial direct costs incurred less any lease incentives received. Costs associated with operating lease assets are recognized on a straight-line basis within operating expenses over the term of the lease. 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 On March 5, 2024 the management entered into a tenancy agreement to rent an office for a monthly rental of CNY 9,000 1,258 two years On May 31, 2024, the management of the Company terminated the tenancy agreement of the office. From June 21, 2024, the management of the Company uses part of the leased office space of Chongqing Jiushengguang Enterprise Management Consulting Co., LTD. free of charge. Please refer to Note 10 for the details of the lease. |
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”). 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. While another revenue stream is our online retailing business. In online retailing business we have differentiate into two distinct revenue streams: sales revenue with inventory risk and sales revenue without inventory risk. Initially, the Company act as an agent in transactions, meaning we place orders with suppliers upon receiving orders from customers. The suppliers will then directly send the goods to the customer based on our order info. A reporting entity assumes the role of agent in a transaction and arranges for the other party to provide the specified goods or service. Consequently, product sales revenue is recorded net of cost of sales, as we act as an agent and do not bear inventory risk. During the last quarter of 2023, we transitioned to purchasing stock from several suppliers and outsource the inventory warehouse to few suppliers and we are liable for the inventory risk hence we are principal in this extent. Similar to previous operations, contracts are formed when customers place orders in the app, and the performance obligation remains unchanged. Revenue recognition continues to be based on the point in time when customers assume control and legal ownership of the purchased products, without deducting any associated costs, as this reflects the normal transactional relationship between seller and buyer. We recognize revenue when customers take control and legal ownership of the purchased products. From the quarter four of 2023 onwards, the company will continue operate as sales income from BCBF and online retailing business with and without inventory risk. As such, revenue derived from online retailing business is being recognized on net basis, i.e. gross revenue received from customer deduct the cost of purchase to supplier. Besides, adopting ASC 606-10-55-42, we give an option to customers, which they will be received of cash back from their purchased amount in the online platform. Hence, cash back is a material right, so we will net off the cash back portion with the revenue instead of recognize the whole purchased amount as revenue. |
Deferred revenue | Deferred revenue The Company’s accounting policy related to deferred revenue is to recognize revenue for performance obligations that have not yet been fulfilled. As of June 30, 2024 and December 31, 2023, the Company recognized amounts of $ 159 14,782 |
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. |
Advertising costs | Advertising costs The Company’s accounting policy related to advertising costs for annual reporting purposes is to expense costs incurred in marketing events for example event venue fees, emcee fees and others, as of the first date the advertisements take place. All marketing expenditures are expensed in the annual period in which the expenditure is incurred. For the six months ended June 30, 2024 and 2023, the Company did not incurred expenses for advertising costs. |
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. During the last quarter of 2023, we transitioned to purchasing stock from several suppliers and outsource the inventory warehouse to few suppliers and we are liable for the inventory risk hence we are principal in this extent. Our inventory is stored and managed at the facilities of third-party logistics providers. These arrangements involve contractual agreements outlining the terms of storage, handling, and distribution of our inventory. Besides, the third-party logistics providers are responsible for maintaining the quality and condition of the inventory in accordance with our specifications. Each third-party logistics provider uses its own inventory management system to track the movement and availability of our products. They will send us a copy of the movement and balance of inventory at the end of the month, which we then compare with the inventory movement worksheet maintained by our company. This allows us to identify any inventory discrepancies promptly. The third-party logistics providers facilitate the distribution of our inventory to our customers and fulfillment centers as per our instructions. Additionally, the logistics providers are responsible for our inventory in any aspect of damaged goods due to their responsibility, for example, stolen inventory, damaged goods due to warehouse conditions, and other factors. |
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$, in accordance with ASC Topic 830-30, “Translation of Financial Statement”, using the exchange rate on the balance sheet date. Revenues and expenses are translated at average rates prevailing during the period. The gains and losses resulting from translation of financial statements of foreign subsidiaries are recorded as a separate component of accumulated other comprehensive income within the statement of stockholders’ equity. The shareholders’ equity accounts were stated at their historical rate. Cash flows are also translated at average translation rates for the periods, therefore, amounts reported on the statement of cash flows will not necessarily agree with changes in the corresponding balances on the consolidated balance sheets. Translation of amounts from the local currencies of the Company into US$ has been made at the following exchange rates for the respective periods: SCHEDULE OF FOREIGN CURRENCIES TRANSLATION As of and for the six months ended As of and for the six months ended June 30, 2024 June 30, 2023 Period-end HK$ : US$1 exchange rate 7.81 7.75 Period-end CNY¥ : US$1 exchange rate 7.27 7.25 Period-average HK$ : US$1 exchange rate 7.82 7.75 Period-average CNY¥: US$1 exchange rate 7.21 6.97 |
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 November 2023, the FASB issued ASU 2023-07, Improvement to Reportable Segment Disclosures (Topic 280). ASU 2023-07 aims to improve segment disclosures through enhanced disclosures about significant segment expenses. The standard requires all public entities, including those public entities that have a single reportable segment, shall disclose all of the following for each period for which an income statement is presented. However, reconciliations of balance sheet amounts for reportable segments to consolidated balance sheet amounts are required only for each year for which a balance sheet is presented. This standard will be effective for the Company in fiscal year of 2024. The Company is currently evaluating the impact of the additional disclosure requirements on the Company’s condensed consolidated 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 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, 2024 | |
Accounting Policies [Abstract] | |
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 As of and for the six months ended As of and for the six months ended June 30, 2024 June 30, 2023 Period-end HK$ : US$1 exchange rate 7.81 7.75 Period-end CNY¥ : US$1 exchange rate 7.27 7.25 Period-average HK$ : US$1 exchange rate 7.82 7.75 Period-average CNY¥: US$1 exchange rate 7.21 6.97 |
INVENTORIES (Tables)
INVENTORIES (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Inventory Disclosure [Abstract] | |
SCHEDULE OF INVENTORIES | As of June 30, 2024 and December 31, 2023, the Company inventories consist of following: SCHEDULE OF INVENTORIES As of June 30, 2024 As of December 31, 2023 Finished goods $ 105,138 $ 113,688 Total inventories $ 105,138 $ 113,688 |
PREPAYMENT, DEPOSITS AND OTHE_2
PREPAYMENT, DEPOSITS AND OTHER RECEIVABLES (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Prepayment Deposits And Other Receivables | |
SCHEDULE OF PREPAYMENT, DEPOSITS AND OTHER RECEIVABLES | As of June 30, 2024 and December 31, 2023, prepayment, deposits and other receivables consist of following: SCHEDULE OF PREPAYMENT, DEPOSITS AND OTHER RECEIVABLES As of June 30, 2024 As of December 31, 2023 Deposits for Hong Kong Company Secretary $ 13 $ 13 Staff Advancement & Prepaid Staff Cost 101,268 9,810 Rental Deposit & Prepayment 1,512 13,498 Supplier Deposit & Prepayment 101,454 107,581 Prepaid transfer agent fee and OTCIQ renewal 5,300 1,845 Total prepayment, deposits and other receivables $ 209,547 $ 132,747 |
OTHER PAYABLES AND ACCRUED LI_2
OTHER PAYABLES AND ACCRUED LIABILITIES (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Payables and Accruals [Abstract] | |
SCHEDULE OF OTHER PAYABLES AND ACCRUED LIABILITIES | As of June 30, 2024 and December 31, 2023, other payables and accrued liabilities consist of the following: SCHEDULE OF OTHER PAYABLES AND ACCRUED LIABILITIES As of June 30, 2024 As of December 31, 2023 Other payables $ 1,669 $ 3,047 Accrued audit fee 10,300 28,550 Accrued professional fee - 645 Total other payables and accrued liabilities $ 11,969 $ 32,242 |
AMOUNT DUE TO A DIRECTOR (Table
AMOUNT DUE TO A DIRECTOR (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Amount Due To Director | |
SCHEDULE OF RELATED PARTY TRANSACTION | SCHEDULE OF RELATED PARTY TRANSACTION As of June 30, 2024 As of December 31, 2023 Amount due to a director $ 455,160 $ 501,890 |
LEASE RIGHT-OF-USE ASSET AND _2
LEASE RIGHT-OF-USE ASSET AND LEASE LIABILITIES (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Lease Right-of-use Asset And Lease Liabilities | |
SCHEDULE OF OPERATING LEASE RIGHT AND LEASE LIABILITY | As of December 31, 2023, operating lease right-of-use assets as follows: SCHEDULE OF OPERATING LEASE RIGHT AND LEASE LIABILITY Right-of-use assets, net as of December 31, 2022 $ 79,394 Amortization for the period ended November 30, 2023 (36,159 ) Right-of-use assets as of Nov 30, 2023 43,235 Reassessment of lease (3,150 ) Amortization of December 31, 2023 (3,109 ) Foreign exchange translation (2,022 ) Right-of-use assets, net as of December 31, 2023 $ 34,954 As of December 31, 2023, operating lease liability as follows: Lease liability as of December 31, 2022 $ 79,394 Add: imputed interest for the period ended November 30, 2023 2,509 Less: gross repayment for the period ended November 30, 2023 (38,668 ) Operating lease liability as of Nov 30, 2023 43,235 Reassessment of lease (3,150 ) Add: imputed interest of December 31, 2023 138 Less: gross repayment of December 31, 2023 (3,247 ) Foreign exchange translation (2,022 ) Lease liability as of December 31, 2023 $ 34,954 |
CONCENTRATION OF RISK (Tables)
CONCENTRATION OF RISK (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Risks and Uncertainties [Abstract] | |
SCHEDULE OF CUSTOMER CONCENTRATION RISK | SCHEDULE OF CUSTOMER CONCENTRATION RISK For the three months ended June 30 2024 2023 2024 2023 2024 2023 Revenues Percentage of revenues Accounts receivable, trade Customer A $ 1,148 $ - 45 % - $ - $ - Customer B 1,148 - 45 % - - - Others 243 1,677 10 % 100 % - - Total $ 2,539 $ 1,677 100 % 100 % $ - $ - For the six months ended June 30 2024 2023 2024 2023 2024 2023 Revenues Percentage of revenues Accounts receivable, trade Customer A $ - $ 21,672 - 14 % $ - $ - Customer B 58,481 - 20 % - - - Customer C 38,013 - 13 % - - - Others 195,911 134,299 67 % 86 % - - Total $ 292,405 $ 155,971 100 % 100 % $ - $ - |
SCHEDULE OF VENDOR CONCENTRATION RISK | SCHEDULE OF VENDOR CONCENTRATION RISK For the three months ended June 30 2024 2023 2024 2023 2024 2023 Cost of revenue Percentage of Cost of revenue Accounts payable, trade Vendor A $ - $ 147 - 100 % $ - $ - Others 220 - 100 % - - - Total $ 220 $ 147 100 % 100 % $ - $ - For the six months ended June 30 2024 2023 2024 2023 2024 2023 Revenues Percentage of revenues Accounts payable, trade Vendor A $ - $ 33,570 - 100 % $ - $ - Vendor B 7,603 - 12 % - - - Vendor C 10,940 - 17 % - - - Vendor D 21,173 - 32 % - - - Others 25,401 147 39 % - - - Total $ 65,117 $ 33,717 100 % 100 % $ - $ - |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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 2024 2023 For the Six Months Ended June 30 2024 2023 Computed expected expenses/(benefits) 25 % ( 25 %) Effect of foreign tax rate difference 1 % 4 % Deferred tax assets not recognized 30 % 61 % Temporary difference not recognized (46 %) (39 %) Income tax expense 10 % 1 % 2024 2023 For the Six Months Ended June 30 2024 2023 PRC statutory tax rate 25 % 25 % Computed expected expenses/(benefits) 17,852 (6,346 ) Effect of foreign tax rate difference 946 1,020 Deferred tax assets not recognized 24,040 15,492 Temporary difference not recognized (34,684 ) (9,928 ) Income tax expense 8,154 238 |
SCHEDULE OF DEFERRED TAX ASSETS | The following table sets forth the significant components of the aggregate deferred tax assets of the Company: SCHEDULE OF DEFERRED TAX ASSETS As of June 30, 2024 As of December 31, 2023 Deferred tax assets: Net operating loss carry forwards - United States of America $ 77,344 $ 72,534 - Hong Kong 805 790 - People Republic China 31,478 25,201 Deferred tax assets, net operating loss carryforwards Less: valuation allowance (109,627 ) (98,525 ) Deferred tax assets $ - $ - |
SEGMENT REPORTING (Tables)
SEGMENT REPORTING (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Segment Reporting [Abstract] | |
SCHEDULE OF SEGMENT REPORTING | SCHEDULE OF SEGMENT REPORTING For the Six Months Ended and As of June 30, 2024 By Business Unit BCBF Trading Business Online Retailing Business Total Revenue $ 16 $ 292,389 $ 292,405 Cost of revenue (10 ) (65,107 ) (65,117 ) Selling and distribution expenses - (51,058 ) (51,058 ) General and administrative expenses - (98,694 ) (98,694 ) Profit from operations 6 77,530 77,536 Total assets $ 316,166 - $ 316,166 Capital expenditure - - - 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 ) Profit (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 By Country United States China Total For the Six Months Ended and As of June 30, 2024 By Country United States China Total Revenue $ - $ 292,405 $ 292,405 Cost of revenue - (65,117 ) (65,117 ) Selling and distribution expenses - (51,058 ) (51,058 ) General and administrative expenses (22,906 ) (75, 788 ) (98,694 ) Profit (loss) from operations (22,906 ) 100, 442 77,536 Total assets $ 5,551 $ 310,615 $ 316,166 Capital expenditure $ - $ - $ - By Country United States China Total 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 |
ORGANIZATION AND BUSINESS BAC_2
ORGANIZATION AND BUSINESS BACKGROUND (Details Narrative) | Apr. 19, 2023 USD ($) | Apr. 19, 2023 CNY (¥) | Jun. 15, 2020 USD ($) | Jun. 15, 2020 CNY (¥) | Sep. 25, 2023 $ / shares | Sep. 25, 2023 ¥ / shares | Jun. 15, 2020 CNY (¥) |
SCQC Agriculture Co. Limited [Member] | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Fair value of consideration paid | $ 165,605 | ¥ 1,169,996 | |||||
Total net book value | $ 165,401 | ¥ 1,168,554 | |||||
XMYC Trading Co. Limited [Member] | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Fair value of consideration paid | $ 68,931 | ¥ 500,000 | |||||
Per share price | (per share) | $ 0.01 | ¥ 0.1 |
SCHEDULE OF FOREIGN CURRENCIES
SCHEDULE OF FOREIGN CURRENCIES TRANSLATION (Details) | Jun. 30, 2024 | Jun. 30, 2023 |
Period-end HK$ : US1 Exchange Rate [Member] | ||
Trading Activity, Gains and Losses, Net [Line Items] | ||
Period-average CNY¥: US$1 exchange rate | 7.81 | 7.75 |
Period-end CNY¥ : US$1 Exchange Rate [Member] | ||
Trading Activity, Gains and Losses, Net [Line Items] | ||
Period-average CNY¥: US$1 exchange rate | 7.27 | 7.25 |
Period-average HK$ : US$1 Exchange Rate [Member] | ||
Trading Activity, Gains and Losses, Net [Line Items] | ||
Period-average CNY¥: US$1 exchange rate | 7.82 | 7.75 |
Period-average CNY¥ : US$1 Exchange Rate [Member] | ||
Trading Activity, Gains and Losses, Net [Line Items] | ||
Period-average CNY¥: US$1 exchange rate | 7.21 | 6.97 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) | Mar. 05, 2024 USD ($) | Mar. 05, 2024 CNY (¥) | Jun. 30, 2024 USD ($) | Dec. 31, 2023 USD ($) | Jun. 30, 2023 USD ($) |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Allowance for doubtful accounts | $ 0 | $ 0 | |||
Incremental borrowing rate | 4.75% | ||||
Monthly rental payment | ¥ | ¥ 9,000 | ||||
Deferred revenue | $ 159 | $ 14,782 | |||
Tenancy Agreement [Member] | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Monthly rental payment | $ 1,258 | ||||
Lease term | 2 years | 2 years |
GOING CONCERN UNCERTAINTIES (De
GOING CONCERN UNCERTAINTIES (Details Narrative) - USD ($) | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Net cash used in operating activities | $ 48,391 | $ 294,252 | |
Accumulated deficit | 309,154 | $ 379,998 | |
Working capital deficit | $ 153,369 |
SCHEDULE OF INVENTORIES (Detail
SCHEDULE OF INVENTORIES (Details) - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 |
Inventory Disclosure [Abstract] | ||
Finished goods | $ 105,138 | $ 113,688 |
Total inventories | $ 105,138 | $ 113,688 |
INVENTORIES (Details Narrative)
INVENTORIES (Details Narrative) | Jun. 30, 2024 USD ($) |
Inventory Disclosure [Abstract] | |
Inventories allowance | $ 0 |
SCHEDULE OF PREPAYMENT, DEPOSIT
SCHEDULE OF PREPAYMENT, DEPOSITS AND OTHER RECEIVABLES (Details) - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 |
Prepayment Deposits And Other Receivables | ||
Deposits for Hong Kong Company Secretary | $ 13 | $ 13 |
Staff Advancement & Prepaid Staff Cost | 101,268 | 9,810 |
Rental Deposit & Prepayment | 1,512 | 13,498 |
Supplier Deposit & Prepayment | 101,454 | 107,581 |
Prepaid transfer agent fee and OTCIQ renewal | 5,300 | 1,845 |
Total prepayment, deposits and other receivables | $ 209,547 | $ 132,747 |
SCHEDULE OF OTHER PAYABLES AND
SCHEDULE OF OTHER PAYABLES AND ACCRUED LIABILITIES (Details) - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 |
Payables and Accruals [Abstract] | ||
Other payables | $ 1,669 | $ 3,047 |
Accrued audit fee | 10,300 | 28,550 |
Accrued professional fee | 645 | |
Total other payables and accrued liabilities | $ 11,969 | $ 32,242 |
SCHEDULE OF RELATED PARTY TRANS
SCHEDULE OF RELATED PARTY TRANSACTION (Details) - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 |
Amount Due To Director | ||
Amount due to a director | $ 455,160 | $ 501,890 |
AMOUNT DUE TO A DIRECTOR (Detai
AMOUNT DUE TO A DIRECTOR (Details Narrative) - USD ($) | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Outstanding payable | $ 455,160 | $ 501,890 | |
Repaid, net amount | 44,325 | $ (126,502) | |
Director [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Outstanding payable | 455,160 | ||
Wang Min [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Repaid, net amount | $ 46,730 |
SHAREHOLDERS_ EQUITY (Details N
SHAREHOLDERS’ EQUITY (Details Narrative) - shares | Jun. 30, 2024 | Dec. 31, 2023 |
Equity [Abstract] | ||
Common stock, shares issued | 101,400,000 | 101,400,000 |
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 issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
SCHEDULE OF OPERATING LEASE RIG
SCHEDULE OF OPERATING LEASE RIGHT AND LEASE LIABILITY (Details) - USD ($) | 1 Months Ended | 11 Months Ended |
Dec. 31, 2023 | Nov. 30, 2023 | |
Lease Right-of-use Asset And Lease Liabilities | ||
Right-of-use assets, ending balance | $ 43,235 | $ 79,394 |
Amortization | (3,109) | (36,159) |
Reassessment of lease | (3,150) | |
Foreign exchange translation | (2,022) | |
Right-of-use assets, net | 34,954 | 43,235 |
Right-of-use assets, Balance | 43,235 | 79,394 |
Operating lease liability imputed interest | 138 | 2,509 |
Less: gross repayment | (3,247) | (38,668) |
Reassessment of lease | (3,150) | |
Foreign exchange translation | (2,022) | |
Lease liability, Balance | $ 34,954 | $ 43,235 |
LEASE RIGHT-OF-USE ASSET AND _3
LEASE RIGHT-OF-USE ASSET AND LEASE LIABILITIES (Details Narrative) | Mar. 05, 2024 USD ($) | Mar. 05, 2024 CNY (¥) | Dec. 01, 2023 USD ($) | Dec. 01, 2023 CNY (¥) | Dec. 01, 2022 USD ($) m² | Dec. 01, 2022 CNY (¥) m² |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Monthly rental amount | ¥ | ¥ 9,000 | |||||
Tenancy Agreement [Member] | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Monthly rental amount | $ | $ 1,258 | |||||
Lease term | 2 years | 2 years | ||||
Tenancy Agreement [Member] | SCQC Agriculture Co. Limited [Member] | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Area of land | m² | 232 | 232 | ||||
Monthly rental amount | $ 1,258 | ¥ 9,000 | $ 3,241 | ¥ 23,000 | $ 3,604 | ¥ 24,900 |
Lease term | 2 years | 2 years | 2 years | 2 years |
SCHEDULE OF CUSTOMER CONCENTRAT
SCHEDULE OF CUSTOMER CONCENTRATION RISK (Details) - Revenue Benchmark [Member] - Product Concentration Risk [Member] - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Concentration Risk [Line Items] | ||||
Percentage of revenue | 100% | 100% | 100% | 100% |
Customer A [Member] | ||||
Concentration Risk [Line Items] | ||||
Revenues | $ 1,148 | $ 21,672 | ||
Percentage of revenue | 45% | 14% | ||
Accounts receivable, trade | ||||
Customer B [Member] | ||||
Concentration Risk [Line Items] | ||||
Revenues | $ 1,148 | $ 58,481 | ||
Percentage of revenue | 45% | 20% | ||
Accounts receivable, trade | ||||
Other Customer [Member] | ||||
Concentration Risk [Line Items] | ||||
Revenues | $ 243 | $ 1,677 | $ 195,911 | $ 134,299 |
Percentage of revenue | 10% | 100% | 67% | 86% |
Accounts receivable, trade | ||||
Customers [Member] | ||||
Concentration Risk [Line Items] | ||||
Revenues | $ 2,539 | $ 1,677 | $ 292,405 | $ 155,971 |
Percentage of revenue | 100% | 100% | 100% | 100% |
Accounts receivable, trade | ||||
Customer C [Member] | ||||
Concentration Risk [Line Items] | ||||
Revenues | $ 38,013 | |||
Percentage of revenue | 13% | |||
Accounts receivable, trade |
SCHEDULE OF VENDOR CONCENTRATIO
SCHEDULE OF VENDOR CONCENTRATION RISK (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Concentration Risk [Line Items] | ||||
Cost of revenues | $ 65,117 | $ 33,717 | ||
Product Concentration Risk [Member] | Revenue Benchmark [Member] | ||||
Concentration Risk [Line Items] | ||||
Cost of revenues | $ 220 | $ 147 | $ 65,117 | $ 33,717 |
Percentage of cost of revenue | 100% | 100% | 100% | 100% |
Accounts payable trade | ||||
Product Concentration Risk [Member] | Vendor A [Member] | Revenue Benchmark [Member] | ||||
Concentration Risk [Line Items] | ||||
Cost of revenues | $ 147 | $ 33,570 | ||
Percentage of cost of revenue | 100% | 100% | ||
Accounts payable trade | ||||
Product Concentration Risk [Member] | Vender Other [Member] | Revenue Benchmark [Member] | ||||
Concentration Risk [Line Items] | ||||
Cost of revenues | $ 220 | $ 25,401 | $ 147 | |
Percentage of cost of revenue | 100% | 39% | ||
Accounts payable trade | ||||
Product Concentration Risk [Member] | Vendor B [Member] | Revenue Benchmark [Member] | ||||
Concentration Risk [Line Items] | ||||
Cost of revenues | $ 7,603 | |||
Percentage of cost of revenue | 12% | |||
Accounts payable trade | ||||
Product Concentration Risk [Member] | Vendor C [Member] | Revenue Benchmark [Member] | ||||
Concentration Risk [Line Items] | ||||
Cost of revenues | $ 10,940 | |||
Percentage of cost of revenue | 17% | |||
Accounts payable trade | ||||
Product Concentration Risk [Member] | Vendor D [Member] | Revenue Benchmark [Member] | ||||
Concentration Risk [Line Items] | ||||
Cost of revenues | $ 21,173 | |||
Percentage of cost of revenue | 32% | |||
Accounts payable trade |
CONCENTRATION OF RISK (Details
CONCENTRATION OF RISK (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Concentration Risk [Line Items] | ||||
Cost of Revenue | $ 65,117 | $ 33,717 | ||
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Two Customer [Member] | ||||
Concentration Risk [Line Items] | ||||
Total revenue | $ 2,539 | $ 1,677 | 292,405 | |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | One Customer [Member] | ||||
Concentration Risk [Line Items] | ||||
Total revenue | 155,971 | |||
Revenue Benchmark [Member] | Product Concentration Risk [Member] | ||||
Concentration Risk [Line Items] | ||||
Cost of Revenue | $ 220 | $ 147 | 65,117 | $ 33,717 |
Revenue Benchmark [Member] | Product Concentration Risk [Member] | Three Vendors [Member] | ||||
Concentration Risk [Line Items] | ||||
Cost of Revenue | $ 65,117 |
SCHEDULE OF EFFECTIVE INCOME TA
SCHEDULE OF EFFECTIVE INCOME TAX RATE RECONCILIATION (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Income Tax Disclosure [Abstract] | ||||
Computed expected expenses/(benefits) | 25% | 25% | ||
Effect of foreign tax rate difference | 1% | 4% | ||
Deferred tax assets not recognized | 30% | 61% | ||
Temporary difference not recognized | (46.00%) | (39.00%) | ||
Income tax expense | 10% | 1% | ||
PRC statutory tax rate | 25% | 25% | ||
Computed expected expenses/(benefits) | $ 17,852 | $ (6,346) | ||
Effect of foreign tax rate difference | 946 | 1,020 | ||
Deferred tax assets not recognized | 24,040 | 15,492 | ||
Temporary difference not recognized | (34,684) | (9,928) | ||
Income tax expense | $ 8,154 | $ 8,154 | $ 238 |
SCHEDULE OF DEFERRED TAX ASSETS
SCHEDULE OF DEFERRED TAX ASSETS (Details) - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 |
Less: valuation allowance | $ (109,627) | $ (98,525) |
Deferred tax assets | ||
UNITED STATES | ||
Deferred tax assets, net operating loss carryforwards | 77,344 | 72,534 |
HONG KONG | ||
Deferred tax assets, net operating loss carryforwards | 805 | 790 |
CHINA | ||
Deferred tax assets, net operating loss carryforwards | $ 31,478 | $ 25,201 |
INCOME TAXES (Details Narrative
INCOME TAXES (Details Narrative) $ in Millions | 6 Months Ended | ||||
Jun. 30, 2024 USD ($) | Jun. 30, 2024 CNY (¥) | Jun. 30, 2024 HKD ($) | Jun. 30, 2023 | Dec. 31, 2023 USD ($) | |
Foreign income tax rate | (1.00%) | (1.00%) | (1.00%) | (4.00%) | |
Income tax rate | 10% | 10% | 10% | 1% | |
Valuation allowance, deferred tax assets | $ | $ 109,627 | $ 98,525 | |||
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, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Segment Reporting Information [Line Items] | |||||
Revenue | $ 2,539 | $ 1,677 | $ 292,405 | $ 155,971 | |
Cost of revenue | (65,117) | (33,717) | |||
Selling and distribution expenses | (48,619) | (51,058) | (495) | ||
General and administrative expenses | (31,703) | (96,821) | (98,694) | (146,968) | |
Loss from operations | (78,003) | (95,291) | 77,536 | (25,209) | |
Total assets | 316,166 | 344,005 | 316,166 | 344,005 | $ 377,327 |
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 | (22,906) | (24,604) | |||
Loss from operations | (22,906) | (24,604) | |||
Total assets | 5,551 | 15,454 | 5,551 | 15,454 | |
Capital expenditure | |||||
CHINA | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 292,405 | 155,971 | |||
Cost of revenue | (65,117) | (33,717) | |||
Selling and distribution expenses | (51,058) | (495) | |||
General and administrative expenses | (75) | (122,364) | |||
Loss from operations | 100 | (605) | |||
Total assets | 310,615 | 328,551 | 310,615 | 328,551 | |
Capital expenditure | 6,614 | 6,614 | |||
BCBF Trading Business [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 16 | 57,622 | |||
Cost of revenue | (10) | (33,570) | |||
Selling and distribution expenses | (495) | ||||
General and administrative expenses | (83,457) | ||||
Loss from operations | 6 | (59,900) | |||
Total assets | 316,166 | 261,377 | 316,166 | 261,377 | |
Capital expenditure | |||||
Online Retailing Business [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 292,389 | 97,077 | |||
Cost of revenue | (65,107) | ||||
Selling and distribution expenses | (51,058) | ||||
General and administrative expenses | (98,694) | (21,245) | |||
Loss from operations | 77,530 | 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) | ||||
Loss from operations | (41,141) | ||||
Total assets | 82,628 | 82,628 | |||
Capital expenditure | $ 6,614 | $ 6,614 |