Cover
Cover | 12 Months Ended |
Dec. 31, 2022 | |
Entity Addresses [Line Items] | |
Document Type | S-1 |
Amendment Flag | false |
Entity Registrant Name | SIMSON WELLNESS TECH. CORP. |
Entity Central Index Key | 0001912838 |
Entity Tax Identification Number | 37-1990282 |
Entity Incorporation, State or Country Code | NV |
Entity Address, Address Line One | No.35-4 |
Entity Address, Address Line Two | Jalan 8/146 |
Entity Address, Address Line Three | Bandar Tasik Selatan |
Entity Address, City or Town | Kuala Lumpur |
Entity Address, Postal Zip Code | 57000 |
City Area Code | 603 |
Local Phone Number | 90562222 |
Entity Filer Category | Non-accelerated Filer |
Entity Small Business | true |
Entity Emerging Growth Company | true |
Elected Not To Use the Extended Transition Period | false |
Business Contact [Member] | |
Entity Addresses [Line Items] | |
Entity Address, Address Line One | No.35-4 |
Entity Address, Address Line Two | Jalan 8/146 |
Entity Address, Address Line Three | Bandar Tasik Selatan, |
Entity Address, City or Town | Kuala Lumpur |
Entity Address, Postal Zip Code | 57000 |
City Area Code | 603 |
Local Phone Number | 90562222 |
Contact Personnel Name | Sim Eng Peng |
Consolidated Balance Sheet
Consolidated Balance Sheet - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 31,986 | $ 610,947 |
Other receivables | 664,396 | 1,300 |
Total Current Assets | 696,382 | 612,247 |
NON-CURRENT ASSET | ||
Intangible assets | 6,002 | |
Total Non-Current Asset | 6,002 | |
TOTAL ASSETS | 696,382 | 618,249 |
CURRENT LIABILITIES | ||
Other payables and accrued liabilities | 122,367 | 62,191 |
Income tax payable | 4,796 | |
Total Current Liabilities | 122,367 | 66,987 |
NON-CURRENT LIABILITY | ||
Redeemable preference shares | 243,719 | |
Total Non-Current Liability | 243,719 | |
TOTAL LIABILITIES | 366,086 | 66,987 |
STOCKHOLDERS’ EQUITY | ||
Preferred shares, $0.0001 par value; 200,000,000 shares authorized; None issued and outstanding | ||
Common Shares, par value $0.0001; 600,000,000 shares authorized, 86,623,800 shares issued and outstanding as of December 31, 2022 and December 31, 2021 | 8,662 | 8,662 |
Additional paid-in capital | 625,978 | 625,978 |
Exchange reserve | (12,006) | 260 |
Accumulated other comprehensive profit | ||
Accumulated losses | (292,338) | (83,638) |
TOTAL STOCKHOLDERS’ EQUITY | 330,296 | 551,262 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 696,382 | $ 618,249 |
Consolidated Balance Sheet (Par
Consolidated Balance Sheet (Parenthetical) - $ / shares | Dec. 31, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Preferred stock, stated 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 | 600,000,000 | 600,000,000 |
Common stock, shares issued | 86,623,800 | 86,623,800 |
Common stock, shares outstanding | 86,623,800 | 86,623,800 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Loss - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Income Statement [Abstract] | ||
REVENUE | $ 3,239 | $ 8,137 |
COST OF REVENUE | ||
GROSS PROFIT | 3,239 | 8,137 |
OTHER INCOME | 8,169 | 25,244 |
SELLING AND DISTRIBUTION EXPENSES | ||
GENERAL AND ADMINISTRATIVE EXPENSES | (224,161) | (93,865) |
LOSS BEFORE INCOME TAX | (212,753) | (60,484) |
INCOME TAX PROVISION | 4,053 | (4,796) |
NET LOSS | (208,700) | (65,280) |
Other comprehensive loss: | ||
- Foreign exchange translation adjustment | (103) | (401) |
TOTAL COMPREHENSIVE LOSS | $ (208,803) | $ (65,681) |
Net loss per share, basic | $ (0.0029) | $ (0.0008) |
Net loss per share, diluted | $ (0.0029) | $ (0.0008) |
Weighted average number of common shares outstanding - Basic | 86,623,800 | 60,055,028 |
Weighted average number of common shares outstanding - Diluted | 86,623,800 | 60,055,028 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Shareholders' Equity - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | Retained Earnings [Member] | Total |
Beginning balance, value at Dec. 31, 2020 | $ 10 | $ (11) | $ (18,358) | $ (18,359) | |
Beginning balance, shares at Dec. 31, 2020 | 100,000 | ||||
Issuance of share capital - founder’s shares | $ 8,490 | 8,490 | |||
Issuance of share capital - founder's shares | 84,900,000 | ||||
Share issued in private placement completed on 25 May, 2021 at $0.05 per share | $ 41 | 20,599 | 20,640 | ||
Share issued in private placement completed 25 May, 2021 at $0.05 per share, shares | 412,800 | ||||
Shares issued in private placement completed on 02 Sep, 2021 at $0.50 per share | $ 121 | 605,379 | 605,500 | ||
Shares issued in private placement completed on 02 Sep, 2021 at $0.50 per share, shares | 1,211,000 | ||||
Exchange Reserve | 271 | 271 | |||
Net loss | (65,280) | (65,280) | |||
Ending balance, value at Dec. 31, 2021 | $ 8,662 | 625,978 | 260 | (83,638) | 551,262 |
Ending balance, shares at Dec. 31, 2021 | 86,623,800 | ||||
Exchange Reserve | (12,266) | (12,266) | |||
Net loss | (208,700) | (208,700) | |||
Ending balance, value at Dec. 31, 2022 | $ 8,662 | $ 625,978 | $ (12,006) | $ (292,338) | $ 330,296 |
Ending balance, shares at Dec. 31, 2022 | 86,623,800 |
Consolidated Statement of Cha_2
Consolidated Statement of Changes in Shareholders' Equity (Parenthetical) - $ / shares | Sep. 02, 2021 | May 25, 2021 |
Private Placement [Member] | ||
Subsidiary, Sale of Stock [Line Items] | ||
Shares issued price per share | $ 0.50 | $ 0.05 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss before taxation | $ (212,753) | $ (60,484) |
Add: Adjustment for gain on negative goodwill | (23,713) | |
Intangible assets written off | 31,246 | |
Operating loss before changes in working capital | (181,507) | (84,197) |
Changes in operating assets and liabilities: | ||
Account receivable | 534 | |
Other receivables | (656,349) | 18,626 |
Amount due from related company | (6,747) | |
Other payables and accrued liabilities | 60,176 | 14,341 |
Cash used in operations | (784,427) | (50,696) |
Tax paid | (743) | |
Net cash used in operating activities | (785,170) | (50,696) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchase of intangible assets | (25,244) | (6,002) |
Gain on negative goodwill | 23,713 | |
Net cash (used in)/generated from investing activities | (25,244) | 17,711 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Issuance of redeemable preference shares | 243,719 | |
Issuance of shares | 634,630 | |
Net cash flow generated from financing activities | 243,719 | 634,630 |
Effect of exchange rate changes on cash and cash equivalent | (12,266) | 271 |
Net changes in cash and cash equivalents | (578,961) | 601,916 |
Cash and cash equivalents, beginning of year | 610,947 | 9,031 |
CASH AND CASH EQUIVALENTS, END OF YEAR | 31,986 | 610,947 |
SUPPLEMENTAL CASH FLOWS INFORMATION | ||
Income taxes paid | 743 | |
Interest paid |
ORGANIZATION AND BUSINESS BACKG
ORGANIZATION AND BUSINESS BACKGROUND | 12 Months Ended |
Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION AND BUSINESS BACKGROUND | 1. ORGANIZATION AND BUSINESS BACKGROUND SIMSON WELLNESS TECH. CORP. was incorporated on October 06, 2020 under the laws of the state of Nevada. The Company, through its subsidiary, Simson Wellness Sdn. Bhd., engages in providing referral services to optical manufacturers and distributors to retail optical shop owners (“optical retailers”) throughout Malaysia via its optical retailer database system. On December 22, 2020, the Company acquired 100 On December 28, 2021, Simson Wellness Tech. Corp., the Labuan Company acquired 100 Details of the Company’s subsidiaries: SCHEDULE OF DETAILS OF COMPANY SUBSIDIARIES Company name Place/date of incorporation Particulars of Principal activities 1. Simson Wellness Tech. Corp. Labuan October 19, 2020 100 1 Investment holding and Optical technology solution 2. Simson Wellness Sdn. Bhd. Malaysia September 17, 2020 100,000 1 Referral service and Optical technology solution For purposes of consolidated financial statement presentation, Simson Wellness Tech. Corp. and its subsidiaries are hereinafter referred to as the “Company”. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of presentation The consolidated financial statements for Simson Wellness Tech. Corp. and its subsidiaries for the year ended December 31, 2022 and December 31, 2021 are prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) and include the accounts of Simson Wellness Tech. Corp. and Simson Wellness Sdn. Bhd. intercompany accounts and transactions have been eliminated on consolidation. The Company has adopted Dec 31 as its fiscal year end. Basis of consolidation The consolidated financial statements include the accounts of the Company and its subsidiaries. All inter-company accounts and transactions have been eliminated upon consolidation. Going Concern The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. As reflected in the accompanying financial statements, for the year ended December 31, 2022, the Company suffered operating losses of $ 208,700 292,338 The Company’s ability to continue as a going concern is dependent upon improving its profitability and the continuing financial support from its shareholders. Management believes the existing shareholders or external financing will provide the additional cash to meet the Company’s obligations as they become due. No assurance can be given that any future financing, if needed, will be available or, if available, that it will be on terms that are satisfactory to the Company. Even if the Company is able to obtain additional financing, if needed, it may contain undue restrictions on its operations, in the case of debt financing, or cause substantial dilution for its stock holders, in the case of equity financing. Use of estimates Management uses estimates and assumptions in preparing these financial statements in accordance with US GAAP. Those estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities in the balance sheets, and the reported revenue and expenses during the periods reported. Actual results may differ from these estimates. Intangible assets The Company follows ASC 360 in accounting for intangible assets, which requires impairment losses to be recorded when indicators of impairment are present and the undiscounted cash flows estimated to be generated by the assets are less than the assets’ carrying amounts. For the years ended December 31, the Company determined there were no indicators of impairment of intangible assets. The amortization is provided on straight line method so as to write off the amortization amount of the respective classes of intangible assets as follows: SCHEDULE OF AMORTIZATION STRAIGHT LINE METHOD Rate % Intangible asset 20 % The amortization commences when the intangible asset is available and ready for use. At the end of each reporting period, the residual values, useful lives and amortization methods for the intangible assets are reviewed for reasonableness. Any change in estimate of the intangible assets to be adjusted prospectively over its remaining useful life, commencing in the current period. 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. Redeemable preference shares The obligations to issue additional shares of the Company’s redeemable preference shares at a fixed price at future dates were determined to be freestanding financial instruments within the scope of ASC 480, Distinguishing Liabilities From Equity Income taxes Income taxes are determined in accordance with the provisions of ASC Topic 740, “ Income Taxes ASC 740 prescribes a comprehensive model for how companies should recognize, measure, present, and disclose in their financial statements uncertain tax positions taken or expected to be taken on a tax return. Under ASC 740, tax positions must initially be recognized in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions must initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts. Revenue recognition Revenue recognized when it is probable that the economic benefits associated with the transaction will flow to the enterprise and the amount of the revenue can be measured reliably. Revenue is measured at the fair value of consideration received or receivable. a. The Company follows the guidance of Accounting Standards Codification (ASC) 606, Revenue from Contracts, ASC 606 creates a five-step model that requires entities to exercise judgment when considering the terms of contracts, which includes i) Identifying the contracts or agreements with a customer, ii) Identifying our performance obligations in the contract or agreement, iii) Determining the transaction price, iv) Allocating the transaction price to the separate performance obligations, and v) Recognizing revenue as each performance obligation is satisfied. The Company only applies the five-step model to contracts when it is probable that the Company will collect the consideration it is entitled to in exchange for the services it transfers to its clients. b. Interest income Interest is recognized on receipt basis. Net income/(loss) per share The Company calculates net income/(loss) per share in accordance with ASC Topic 260, “Earnings per Share.” Trade receivables Trade receivables are recorded at the invoiced amount and do not bear interest. Management reviews the adequacy of the allowance for doubtful accounts on an ongoing basis, using historical collection trends and aging of receivables. Management also periodically evaluates individual customer’s financial condition, credit history, and the current economic conditions to make adjustments in the allowance when it is considered necessary. Trade balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. Foreign currencies translation Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded in the statements of operations. The reporting currency of the Company is United States Dollars (“US$”). The Company’s subsidiary in Labuan maintains its books and record in United States Dollars (“US$”) respectively, and Ringgits Malaysia (“MYR”) is functional currency as being the primary currency of the economic environment in which the entity operates. In general, for consolidation purposes, assets and liabilities of its subsidiary whose functional currency is not the US$ are translated into US$, in accordance with ASC Topic 830-30, “ Translation of Financial Statement Translation of amounts from MYR into US$1 has been made at the following exchange rates for the respective years: SCHEDULE OF FOREIGN EXCHANGE RATES As of and for the As of and for the year ended December 31, 2022 December 31, 2021 Year/Period-end MYR : US$1 exchange rate 4.3900 4.1650 Year/Period-average MYR : US$1 exchange rate 4.4004 4.1456 Year/Period-end MYR : SGD 1 exchange rate 3.2740 3.0853 Year/Period-average MYR : SGD 1 exchange rate 3.1913 3.0842 Year/Period-end MYR : HKD 1 exchange rate 0.5630 0.5342 Year/Period-average MYR : HKD 1 exchange rate 0.5619 0.5333 Year/Period-end MYR : CNY 1 exchange rate 0.6322 0.6547 Year/Period-average MYR : CNY 1 exchange rate 0.6540 0.6428 Related parties Parties, which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Companies are also considered to be related if they are subject to common control or common significant influence. Fair value of financial instruments The carrying value of the Company’s financial instruments: cash and cash equivalents, account receivables, other receivables, accounts payables, accrued liabilities and other payables approximate at their fair values because of the short-term nature of these financial instruments. The Company also follows the guidance of the ASC Topic 820-10, “Fair Value Measurements and Disclosures” (“ASC 820-10”), with respect to financial assets and liabilities that are measured at fair value. ASC 820-10 establishes a three-tier fair value hierarchy that prioritizes the inputs used in measuring fair value as follows: Level 1 Level 2 Level 3: Recent accounting pronouncements The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and do not believe the future adoption of any such pronouncements may be expected to cause a material impact on its financial condition or the results of its operations. In May 2019, the FASB issued ASU 2019-05, which is an update to ASU Update No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which introduced the expected credit losses methodology for the measurement of credit losses on financial assets measured at amortized cost basis, replacing the previous incurred loss methodology. The amendments in Update 2016-13 added Topic 326, Financial Instruments—Credit Losses, and made several consequential amendments to the Codification. The amendments in this Update address those stakeholders’ concerns by providing an option to irrevocably elect the fair value option for certain financial assets previously measured at amortized cost basis. For those entities, the targeted transition relief will increase comparability of financial statement information by providing an option to align measurement methodologies for similar financial assets. Furthermore, the targeted transition relief also may reduce the costs for some entities to comply with the amendments in Update 2016-13 while still providing financial statement users with decision-useful information. In November 2019, the FASB issued ASU No. 2019-10, which to update the effective date of ASU No. 2016-13 for private companies, not-for-profit organizations and certain smaller reporting companies applying for credit losses, leases, and hedging standard. The new effective date for these preparers is for fiscal years beginning after December 15, 2022. ASU 2019-05 is effective for the Company for annual and interim reporting periods beginning January 1, 2023 as the Company is qualified as a smaller reporting company. The Company is currently evaluating the impact ASU 2019-05 may have on its consolidated financial statements. FASB issues various Accounting Standards Updates relating to the treatment and recording of certain accounting transactions. On June 10, 2014, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) No. 2014-10, Development Stage Entities (Topic 915) Elimination of Certain Financial Reporting Requirements, including an Amendment to Variable Interest Entities Guidance in Topic 810, Consolidation, which eliminates the concept of a development stage entity (DSE) entirely from current accounting guidance. The Company has elected adoption of this standard, which eliminates the designation of DSEs and the requirement to disclose results of operations and cash flows since inception. |
COMMON STOCK
COMMON STOCK | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
COMMON STOCK | 3. COMMON STOCK SCHEDULE OF SHARE ISSUANCE Founder share issuance (USD 0.0001) from October 6, 2020 - February 19, 2021 Sim Eng Peng 26,100,000 Nplus Sdn. Bhd. 7,460,000 AMCARE Sdn. Bhd 7,460,000 Westlife Sdn. Bhd 4,415,000 S&E Optical Sdn Bhd 4,415,000 Dynamic Optical Sdn. Bhd 1,925,000 Guan Kok Lan 10,875,000 IT Optical Talent Sdn. Bhd 8,000,000 Inki Strategic Partner Sdn. Bhd 6,350,000 Greenpro Asia Strategic Fund SP 3,000,000 Greenpro Venture Capital Limited 5,000,000 Total 85,000,000 Between the period of October 6, 2020 to February 19, 2021, the Company sold shares of common stock to 11 foreign parties, all of which do not reside in the United States. A total of 85,000,000 0.0001 8,500 SCHEDULE OF SHARE ISSUANCE Private Placement share issuance (USD 0.05) on May 25, 2021 Goe Hian Cai 50,000 Khoo Kian Joo 50,000 Sim Eng Dee 50,000 Sim Siew Chui 50,000 Goe Hui Xin 30,000 Sim Pei Yee 30,000 Sim Pei Shan 25,000 So Kean Yong 25,000 Teh Chin Yee 25,000 E Chew Kiew 23,200 Sim Ken Wee 18,600 Tye Siew Po 15,000 Kellylous Anam 10,000 Sim Eng May 10,000 Wong Lee Wah 1,000 Total 412,800 On May 25, 2021, the Company sold shares of common stock to 15 foreign parties, all of which do not reside in the United States. A total of 412,800 0.05 20,640 Private Placement share issuance (USD 0.50) from July 22, 2021 - September 2, 2021 Lim Kwee Choon 1,000,000 Mohamed Nazir Bin Meraslam 200,000 Chong Thiam Seong 10,000 Cheong Fook Loong 1,000 Total 1,211,000 Between the period of July 22, 2021 to September 2, 2021, the Company sold shares of common stock to 4 foreign parties, all of which do not reside in the United States. A total of 1,211,000 0.50 605,500 As of December 31, 2022 and December 31, 2021, the Company has an issued and outstanding common stock of 86,623,800 |
INTANGIBLE ASSETS
INTANGIBLE ASSETS | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
INTANGIBLE ASSETS | 4. INTANGIBLE ASSETS SCHEDULE OF INTANGIBLE ASSETS As of December 31, 2022 As of December 31, 2021 E-commerce platform beginning balance 6,002 - Addition $ 25,244 $ 6,002 Written off (31,246 ) - Total intangible assets $ - $ 6,002 |
CASH AND CASH EQUIVALENTS
CASH AND CASH EQUIVALENTS | 12 Months Ended |
Dec. 31, 2022 | |
Cash and Cash Equivalents [Abstract] | |
CASH AND CASH EQUIVALENTS | 5. CASH AND CASH EQUIVALENTS As of December 31, 2022 and December 31, 2021, the Company recorded cash and cash equivalents of $ 31,986 610,947 |
OTHER RECEIVABLES
OTHER RECEIVABLES | 12 Months Ended |
Dec. 31, 2022 | |
Receivables [Abstract] | |
OTHER RECEIVABLES | 6. OTHER RECEIVABLES Other receivables consisted of the following as of December 31, 2022 and December 31, 2021. SCHEDULE OF OTHER RECEIVABLES As of As of December 31, 2021 Other receivables $ 664,396 $ 1,300 Total other receivables $ 664,396 $ 1,300 As of December 31, 2022, the amount of $ 664,396 1,300 |
OTHER PAYABLES AND ACCRUED LIAB
OTHER PAYABLES AND ACCRUED LIABILITIES | 12 Months Ended |
Dec. 31, 2022 | |
Payables and Accruals [Abstract] | |
OTHER PAYABLES AND ACCRUED LIABILITIES | 7. OTHER PAYABLES AND ACCRUED LIABILITIES Other payables and accrued liabilities consisted of the following as of December 31, 2022 and December 31, 2021. SCHEDULE OF OTHER PAYABLES AND ACCRUED LIABILITIES As of December 31, 2022 As of December 31, 2021 Accrued audit fees 16,442 16,460 Accrued tax agent fees - 800 Other payables 105,925 44,931 Total other payables and accrued liabilities $ 122,367 $ 62,191 As of December 31 2022, the amount of $ 42,659 43,852 |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | 8. INCOME TAXES For the year ended December 31, 2022 and December 31, 2021, the local (United States) and foreign components of loss before income taxes were comprised of the following: SCHEDULE OF COMPONENTS OF LOSS BEFORE INCOME TAXES For the December 31, 2022 For the December 31, 2021 Tax jurisdictions from: - Local $ (153,513 ) $ (87,800 ) Tax jurisdictions from: Local $ (153,513 ) $ (87,800 ) - Foreign, representing Labuan (17,122 ) 20,070 Malaysia (42,118 ) 7,246 Tax jurisdictions from: Foreign (42,118 ) 7,246 Loss before income tax $ (212,753 ) $ (60,484 ) The provision for income taxes consisted of the following: SCHEDULE OF PROVISION FOR INCOME TAXES For the For the Current: - Local $ - $ - Current - Local $ - $ - - Foreign, representing - Labuan $ (4,796 ) $ 4,796 - Malaysia $ 743 $ - Current -Foreign $ 743 $ - -Income tax expense $ (4,053 ) $ 4,796 The effective tax rate in the periods presented is the result of the mix of income earned in various tax jurisdictions that apply a broad range of income tax rates. The Company has subsidiaries that operate in various countries: United States and Malaysia that are subject to taxes in the jurisdictions in which they operate, as follows: United States of America The Company is registered in the State of Nevada and is subject to the tax laws of the United States of America. As of December 31, 2022, the operations in the United States of America incurred $ 259,344 Malaysia Under the current laws of the Labuan, Simson Wellness Tech. Corp. is governed under the Labuan Business Activity Act, 1990. The tax charge for such company is based on 24% of net audited profit. Simson Wellness Sdn Bhd is subject to Malaysia Corporate Tax, which is charged at the statutory income tax rate range of 17 24 Under the amendment of Income Tax Act 1967 by the Finance Act 2020 and with effect from year of assessment 2020, companies with paid-up capital of MYR 2.5 million or less, and with annual business income of not more than MYR 50 million are subject to Small and Medium Enterprise Corporate Tax at 17% on chargeable income up to MYR 600,000 (2020: MYR 600,000) except for companies with investment holding nature or companies does not have gross income from business sources are subject to corporate tax at 24% on chargeable income The following table sets forth the significant components of the aggregate deferred tax assets of the Company as of December 31, 2022 and December 31, 2021: SCHEDULE OF COMPONENTS OF DEFERRED TAX ASSETS As of As of December 31, 2021 Deferred tax assets: Net operating loss carry forwards -United States of America $ 54,462 $ 17,564 -Malaysia - - Net operating loss carry forwards - - Deferred tax assets, gross $ 54,462 $ 17,564 Less: valuation allowance (54,462 ) (17,564 ) Deferred tax assets $ - $ - |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2022 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | 9. RELATED PARTY TRANSACTIONS SCHEDULE OF RELATED PARTY TRANSACTIONS As of As of December 31, 2021 - Revenue $ (3,239 ) $ (8,137 ) - Operating expenses $ 124,790 $ 93,600 The related party transactions are generally transacted in an arm-length basis at the current market value in the normal course of business. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | 10. COMMITMENTS AND CONTINGENCIES As of December 31, 2022, the Company has no |
CONCENTRATIONS OF RISK
CONCENTRATIONS OF RISK | 12 Months Ended |
Dec. 31, 2022 | |
Risks and Uncertainties [Abstract] | |
CONCENTRATIONS OF RISK | 11. CONCENTRATIONS OF RISK The Company is exposed to the following concentration of risk: (a) Major customers For the year/period ended December 31, 2022 and December 31, 2021, the customers who accounted for total Company’s revenues and its accounts receivable balance at year/period-end are presented as follows: SCHEDULE OF REVENUES BY CONCENTRATION OF RISK As of As of USD % USD % Tapaszto Optic - - % 1,049 13 % Infar International - - % 6,833 84 % Cross Optical - - % 255 3 % Simson Trading Sdn. Bhd. 3,239 - % - - % Total 3,239 100 % 8,137 100 % (b) Credit risk (c) Exchange rate risk The Company cannot guarantee that the current exchange rate will remain stable, therefore there is a possibility that the Company could post the same amount of income for two comparable periods and because of the fluctuating exchange rate actually post higher or lower income depending on exchange rate of MYR converted to US$ on that date. The exchange rate could fluctuate depending on changes in political and economic environments without notice. |
SEGMENT INFORMATION
SEGMENT INFORMATION | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting [Abstract] | |
SEGMENT INFORMATION | 12. SEGMENT INFORMATION ASC 280, “Segment Reporting” establishes standards for reporting information about operating segments on a basis consistent with the Company’s internal organization structure as well as information about services categories, business segments and major customers in financial statements. In accordance with the “Segment Reporting” Topic of the ASC, the Company’s chief operating decision marker has been identified as the Chief Executive Officer and President, who reviews operating results to make decisions about allocating resources and assessing performance for the entire Company. Existing guidance, which is based on a management approach to segment reporting, establishes requirements to report selected segment information quarterly and to report annually entity-wide disclosures about products and services, major customers, and the countries in which the entity holds material assets and reports revenue. All material operating units qualify for aggregation under “Segment Reporting” due to their similar customer base and similarities in economic characteristics; nature of products and services; and procurement, manufacturing and distribution processes. The Company had no inter-segment sales for the periods presented. Summarized financial information concerning the Company’s reportable segments is shown as below: SCHEDULE OF REVENUE AND ASSETS BY GEOGRAPHICAL AREAS By Geography: Nevada Labuan Malaysia Total For the year ended December 31, 2022 Nevada Labuan Malaysia Total Revenue $ - $ - $ 3,239 $ 3,239 Cost of revenue - - - - Depreciation and amortization - - - - Net loss before taxation (153,513 ) (17,122 ) (42,118 ) (212,753 ) Total assets $ - $ 31,412 $ 664,970 $ 696,382 Nevada Labuan Malaysia Total For the year ended December 31, 2021 Nevada Labuan Malaysia Total Revenue $ - $ - $ 8,137 $ 8,137 Cost of revenue - - - - Depreciation and amortization - - - - Net profit/(loss) before taxation (87,800 ) 20,070 7,246 (60,484 ) Total assets $ - $ 563,141 $ 55,108 $ 618,249 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2022 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | 13. SUBSEQUENT EVENTS Between the period of March 31, 2023 to December 5, 2023, the Company bought back the founder shares issued to Greenpro Asia Strategic Fund SP ( 3,000,000 5,000,000 0.0001 8,000,000 0.0001 800 |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of presentation | Basis of presentation The consolidated financial statements for Simson Wellness Tech. Corp. and its subsidiaries for the year ended December 31, 2022 and December 31, 2021 are prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) and include the accounts of Simson Wellness Tech. Corp. and Simson Wellness Sdn. Bhd. intercompany accounts and transactions have been eliminated on consolidation. The Company has adopted Dec 31 as its fiscal year end. |
Basis of consolidation | Basis of consolidation The consolidated financial statements include the accounts of the Company and its subsidiaries. All inter-company accounts and transactions have been eliminated upon consolidation. |
Going Concern | Going Concern The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. As reflected in the accompanying financial statements, for the year ended December 31, 2022, the Company suffered operating losses of $ 208,700 292,338 The Company’s ability to continue as a going concern is dependent upon improving its profitability and the continuing financial support from its shareholders. Management believes the existing shareholders or external financing will provide the additional cash to meet the Company’s obligations as they become due. No assurance can be given that any future financing, if needed, will be available or, if available, that it will be on terms that are satisfactory to the Company. Even if the Company is able to obtain additional financing, if needed, it may contain undue restrictions on its operations, in the case of debt financing, or cause substantial dilution for its stock holders, in the case of equity financing. |
Use of estimates | Use of estimates Management uses estimates and assumptions in preparing these financial statements in accordance with US GAAP. Those estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities in the balance sheets, and the reported revenue and expenses during the periods reported. Actual results may differ from these estimates. |
Intangible assets | Intangible assets The Company follows ASC 360 in accounting for intangible assets, which requires impairment losses to be recorded when indicators of impairment are present and the undiscounted cash flows estimated to be generated by the assets are less than the assets’ carrying amounts. For the years ended December 31, the Company determined there were no indicators of impairment of intangible assets. The amortization is provided on straight line method so as to write off the amortization amount of the respective classes of intangible assets as follows: SCHEDULE OF AMORTIZATION STRAIGHT LINE METHOD Rate % Intangible asset 20 % The amortization commences when the intangible asset is available and ready for use. At the end of each reporting period, the residual values, useful lives and amortization methods for the intangible assets are reviewed for reasonableness. Any change in estimate of the intangible assets to be adjusted prospectively over its remaining useful life, commencing in the current period. |
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. |
Redeemable preference shares | Redeemable preference shares The obligations to issue additional shares of the Company’s redeemable preference shares at a fixed price at future dates were determined to be freestanding financial instruments within the scope of ASC 480, Distinguishing Liabilities From Equity |
Income taxes | Income taxes Income taxes are determined in accordance with the provisions of ASC Topic 740, “ Income Taxes ASC 740 prescribes a comprehensive model for how companies should recognize, measure, present, and disclose in their financial statements uncertain tax positions taken or expected to be taken on a tax return. Under ASC 740, tax positions must initially be recognized in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions must initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts. |
Revenue recognition | Revenue recognition Revenue recognized when it is probable that the economic benefits associated with the transaction will flow to the enterprise and the amount of the revenue can be measured reliably. Revenue is measured at the fair value of consideration received or receivable. a. The Company follows the guidance of Accounting Standards Codification (ASC) 606, Revenue from Contracts, ASC 606 creates a five-step model that requires entities to exercise judgment when considering the terms of contracts, which includes i) Identifying the contracts or agreements with a customer, ii) Identifying our performance obligations in the contract or agreement, iii) Determining the transaction price, iv) Allocating the transaction price to the separate performance obligations, and v) Recognizing revenue as each performance obligation is satisfied. The Company only applies the five-step model to contracts when it is probable that the Company will collect the consideration it is entitled to in exchange for the services it transfers to its clients. b. Interest income Interest is recognized on receipt basis. |
Net income/(loss) per share | Net income/(loss) per share The Company calculates net income/(loss) per share in accordance with ASC Topic 260, “Earnings per Share.” |
Trade receivables | Trade receivables Trade receivables are recorded at the invoiced amount and do not bear interest. Management reviews the adequacy of the allowance for doubtful accounts on an ongoing basis, using historical collection trends and aging of receivables. Management also periodically evaluates individual customer’s financial condition, credit history, and the current economic conditions to make adjustments in the allowance when it is considered necessary. Trade balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. |
Foreign currencies translation | Foreign currencies translation Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded in the statements of operations. The reporting currency of the Company is United States Dollars (“US$”). The Company’s subsidiary in Labuan maintains its books and record in United States Dollars (“US$”) respectively, and Ringgits Malaysia (“MYR”) is functional currency as being the primary currency of the economic environment in which the entity operates. In general, for consolidation purposes, assets and liabilities of its subsidiary whose functional currency is not the US$ are translated into US$, in accordance with ASC Topic 830-30, “ Translation of Financial Statement Translation of amounts from MYR into US$1 has been made at the following exchange rates for the respective years: SCHEDULE OF FOREIGN EXCHANGE RATES As of and for the As of and for the year ended December 31, 2022 December 31, 2021 Year/Period-end MYR : US$1 exchange rate 4.3900 4.1650 Year/Period-average MYR : US$1 exchange rate 4.4004 4.1456 Year/Period-end MYR : SGD 1 exchange rate 3.2740 3.0853 Year/Period-average MYR : SGD 1 exchange rate 3.1913 3.0842 Year/Period-end MYR : HKD 1 exchange rate 0.5630 0.5342 Year/Period-average MYR : HKD 1 exchange rate 0.5619 0.5333 Year/Period-end MYR : CNY 1 exchange rate 0.6322 0.6547 Year/Period-average MYR : CNY 1 exchange rate 0.6540 0.6428 |
Related parties | Related parties Parties, which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Companies are also considered to be related if they are subject to common control or common significant influence. |
Fair value of financial instruments | Fair value of financial instruments The carrying value of the Company’s financial instruments: cash and cash equivalents, account receivables, other receivables, accounts payables, accrued liabilities and other payables approximate at their fair values because of the short-term nature of these financial instruments. The Company also follows the guidance of the ASC Topic 820-10, “Fair Value Measurements and Disclosures” (“ASC 820-10”), with respect to financial assets and liabilities that are measured at fair value. ASC 820-10 establishes a three-tier fair value hierarchy that prioritizes the inputs used in measuring fair value as follows: Level 1 Level 2 Level 3: |
Recent accounting pronouncements | Recent accounting pronouncements The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and do not believe the future adoption of any such pronouncements may be expected to cause a material impact on its financial condition or the results of its operations. In May 2019, the FASB issued ASU 2019-05, which is an update to ASU Update No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which introduced the expected credit losses methodology for the measurement of credit losses on financial assets measured at amortized cost basis, replacing the previous incurred loss methodology. The amendments in Update 2016-13 added Topic 326, Financial Instruments—Credit Losses, and made several consequential amendments to the Codification. The amendments in this Update address those stakeholders’ concerns by providing an option to irrevocably elect the fair value option for certain financial assets previously measured at amortized cost basis. For those entities, the targeted transition relief will increase comparability of financial statement information by providing an option to align measurement methodologies for similar financial assets. Furthermore, the targeted transition relief also may reduce the costs for some entities to comply with the amendments in Update 2016-13 while still providing financial statement users with decision-useful information. In November 2019, the FASB issued ASU No. 2019-10, which to update the effective date of ASU No. 2016-13 for private companies, not-for-profit organizations and certain smaller reporting companies applying for credit losses, leases, and hedging standard. The new effective date for these preparers is for fiscal years beginning after December 15, 2022. ASU 2019-05 is effective for the Company for annual and interim reporting periods beginning January 1, 2023 as the Company is qualified as a smaller reporting company. The Company is currently evaluating the impact ASU 2019-05 may have on its consolidated financial statements. FASB issues various Accounting Standards Updates relating to the treatment and recording of certain accounting transactions. On June 10, 2014, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) No. 2014-10, Development Stage Entities (Topic 915) Elimination of Certain Financial Reporting Requirements, including an Amendment to Variable Interest Entities Guidance in Topic 810, Consolidation, which eliminates the concept of a development stage entity (DSE) entirely from current accounting guidance. The Company has elected adoption of this standard, which eliminates the designation of DSEs and the requirement to disclose results of operations and cash flows since inception. |
ORGANIZATION AND BUSINESS BAC_2
ORGANIZATION AND BUSINESS BACKGROUND (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
SCHEDULE OF DETAILS OF COMPANY SUBSIDIARIES | Details of the Company’s subsidiaries: SCHEDULE OF DETAILS OF COMPANY SUBSIDIARIES Company name Place/date of incorporation Particulars of Principal activities 1. Simson Wellness Tech. Corp. Labuan October 19, 2020 100 1 Investment holding and Optical technology solution 2. Simson Wellness Sdn. Bhd. Malaysia September 17, 2020 100,000 1 Referral service and Optical technology solution |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
SCHEDULE OF AMORTIZATION STRAIGHT LINE METHOD | The amortization is provided on straight line method so as to write off the amortization amount of the respective classes of intangible assets as follows: SCHEDULE OF AMORTIZATION STRAIGHT LINE METHOD Rate % Intangible asset 20 % |
SCHEDULE OF FOREIGN EXCHANGE RATES | Translation of amounts from MYR into US$1 has been made at the following exchange rates for the respective years: SCHEDULE OF FOREIGN EXCHANGE RATES As of and for the As of and for the year ended December 31, 2022 December 31, 2021 Year/Period-end MYR : US$1 exchange rate 4.3900 4.1650 Year/Period-average MYR : US$1 exchange rate 4.4004 4.1456 Year/Period-end MYR : SGD 1 exchange rate 3.2740 3.0853 Year/Period-average MYR : SGD 1 exchange rate 3.1913 3.0842 Year/Period-end MYR : HKD 1 exchange rate 0.5630 0.5342 Year/Period-average MYR : HKD 1 exchange rate 0.5619 0.5333 Year/Period-end MYR : CNY 1 exchange rate 0.6322 0.6547 Year/Period-average MYR : CNY 1 exchange rate 0.6540 0.6428 |
COMMON STOCK (Tables)
COMMON STOCK (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Subsidiary, Sale of Stock [Line Items] | |
SCHEDULE OF SHARE ISSUANCE | SCHEDULE OF SHARE ISSUANCE Founder share issuance (USD 0.0001) from October 6, 2020 - February 19, 2021 Sim Eng Peng 26,100,000 Nplus Sdn. Bhd. 7,460,000 AMCARE Sdn. Bhd 7,460,000 Westlife Sdn. Bhd 4,415,000 S&E Optical Sdn Bhd 4,415,000 Dynamic Optical Sdn. Bhd 1,925,000 Guan Kok Lan 10,875,000 IT Optical Talent Sdn. Bhd 8,000,000 Inki Strategic Partner Sdn. Bhd 6,350,000 Greenpro Asia Strategic Fund SP 3,000,000 Greenpro Venture Capital Limited 5,000,000 Total 85,000,000 |
Private Placement [Member] | |
Subsidiary, Sale of Stock [Line Items] | |
SCHEDULE OF SHARE ISSUANCE | SCHEDULE OF SHARE ISSUANCE Private Placement share issuance (USD 0.05) on May 25, 2021 Goe Hian Cai 50,000 Khoo Kian Joo 50,000 Sim Eng Dee 50,000 Sim Siew Chui 50,000 Goe Hui Xin 30,000 Sim Pei Yee 30,000 Sim Pei Shan 25,000 So Kean Yong 25,000 Teh Chin Yee 25,000 E Chew Kiew 23,200 Sim Ken Wee 18,600 Tye Siew Po 15,000 Kellylous Anam 10,000 Sim Eng May 10,000 Wong Lee Wah 1,000 Total 412,800 Private Placement share issuance (USD 0.50) from July 22, 2021 - September 2, 2021 Lim Kwee Choon 1,000,000 Mohamed Nazir Bin Meraslam 200,000 Chong Thiam Seong 10,000 Cheong Fook Loong 1,000 Total 1,211,000 |
INTANGIBLE ASSETS (Tables)
INTANGIBLE ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
SCHEDULE OF INTANGIBLE ASSETS | SCHEDULE OF INTANGIBLE ASSETS As of December 31, 2022 As of December 31, 2021 E-commerce platform beginning balance 6,002 - Addition $ 25,244 $ 6,002 Written off (31,246 ) - Total intangible assets $ - $ 6,002 |
OTHER RECEIVABLES (Tables)
OTHER RECEIVABLES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Receivables [Abstract] | |
SCHEDULE OF OTHER RECEIVABLES | Other receivables consisted of the following as of December 31, 2022 and December 31, 2021. SCHEDULE OF OTHER RECEIVABLES As of As of December 31, 2021 Other receivables $ 664,396 $ 1,300 Total other receivables $ 664,396 $ 1,300 |
OTHER PAYABLES AND ACCRUED LI_2
OTHER PAYABLES AND ACCRUED LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Payables and Accruals [Abstract] | |
SCHEDULE OF OTHER PAYABLES AND ACCRUED LIABILITIES | Other payables and accrued liabilities consisted of the following as of December 31, 2022 and December 31, 2021. SCHEDULE OF OTHER PAYABLES AND ACCRUED LIABILITIES As of December 31, 2022 As of December 31, 2021 Accrued audit fees 16,442 16,460 Accrued tax agent fees - 800 Other payables 105,925 44,931 Total other payables and accrued liabilities $ 122,367 $ 62,191 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
SCHEDULE OF COMPONENTS OF LOSS BEFORE INCOME TAXES | For the year ended December 31, 2022 and December 31, 2021, the local (United States) and foreign components of loss before income taxes were comprised of the following: SCHEDULE OF COMPONENTS OF LOSS BEFORE INCOME TAXES For the December 31, 2022 For the December 31, 2021 Tax jurisdictions from: - Local $ (153,513 ) $ (87,800 ) Tax jurisdictions from: Local $ (153,513 ) $ (87,800 ) - Foreign, representing Labuan (17,122 ) 20,070 Malaysia (42,118 ) 7,246 Tax jurisdictions from: Foreign (42,118 ) 7,246 Loss before income tax $ (212,753 ) $ (60,484 ) |
SCHEDULE OF PROVISION FOR INCOME TAXES | The provision for income taxes consisted of the following: SCHEDULE OF PROVISION FOR INCOME TAXES For the For the Current: - Local $ - $ - Current - Local $ - $ - - Foreign, representing - Labuan $ (4,796 ) $ 4,796 - Malaysia $ 743 $ - Current -Foreign $ 743 $ - -Income tax expense $ (4,053 ) $ 4,796 |
SCHEDULE OF COMPONENTS OF DEFERRED TAX ASSETS | The following table sets forth the significant components of the aggregate deferred tax assets of the Company as of December 31, 2022 and December 31, 2021: SCHEDULE OF COMPONENTS OF DEFERRED TAX ASSETS As of As of December 31, 2021 Deferred tax assets: Net operating loss carry forwards -United States of America $ 54,462 $ 17,564 -Malaysia - - Net operating loss carry forwards - - Deferred tax assets, gross $ 54,462 $ 17,564 Less: valuation allowance (54,462 ) (17,564 ) Deferred tax assets $ - $ - |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Related Party Transactions [Abstract] | |
SCHEDULE OF RELATED PARTY TRANSACTIONS | SCHEDULE OF RELATED PARTY TRANSACTIONS As of As of December 31, 2021 - Revenue $ (3,239 ) $ (8,137 ) - Operating expenses $ 124,790 $ 93,600 |
CONCENTRATIONS OF RISK (Tables)
CONCENTRATIONS OF RISK (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Risks and Uncertainties [Abstract] | |
SCHEDULE OF REVENUES BY CONCENTRATION OF RISK | For the year/period ended December 31, 2022 and December 31, 2021, the customers who accounted for total Company’s revenues and its accounts receivable balance at year/period-end are presented as follows: SCHEDULE OF REVENUES BY CONCENTRATION OF RISK As of As of USD % USD % Tapaszto Optic - - % 1,049 13 % Infar International - - % 6,833 84 % Cross Optical - - % 255 3 % Simson Trading Sdn. Bhd. 3,239 - % - - % Total 3,239 100 % 8,137 100 % |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting [Abstract] | |
SCHEDULE OF REVENUE AND ASSETS BY GEOGRAPHICAL AREAS | The Company had no inter-segment sales for the periods presented. Summarized financial information concerning the Company’s reportable segments is shown as below: SCHEDULE OF REVENUE AND ASSETS BY GEOGRAPHICAL AREAS By Geography: Nevada Labuan Malaysia Total For the year ended December 31, 2022 Nevada Labuan Malaysia Total Revenue $ - $ - $ 3,239 $ 3,239 Cost of revenue - - - - Depreciation and amortization - - - - Net loss before taxation (153,513 ) (17,122 ) (42,118 ) (212,753 ) Total assets $ - $ 31,412 $ 664,970 $ 696,382 Nevada Labuan Malaysia Total For the year ended December 31, 2021 Nevada Labuan Malaysia Total Revenue $ - $ - $ 8,137 $ 8,137 Cost of revenue - - - - Depreciation and amortization - - - - Net profit/(loss) before taxation (87,800 ) 20,070 7,246 (60,484 ) Total assets $ - $ 563,141 $ 55,108 $ 618,249 |
SCHEDULE OF DETAILS OF COMPANY
SCHEDULE OF DETAILS OF COMPANY SUBSIDIARIES (Details) | 12 Months Ended |
Dec. 31, 2022 $ / shares shares | |
Simson Wellness Tech Corp [Member] | |
Subsidiary investee name | Simson Wellness Tech. Corp. |
Place of incorporation | Labuan |
Date of incorporation | October 19, 2020 |
Shares issued | shares | 100 |
Share price | $ / shares | $ 1 |
Principal activities | Investment holding and Optical technology solution |
Simson Wellness Sdn Bhd [Member] | |
Subsidiary investee name | Simson Wellness Sdn. Bhd. |
Place of incorporation | Malaysia |
Date of incorporation | September 17, 2020 |
Shares issued | shares | 100,000 |
Share price | $ / shares | $ 1 |
Principal activities | Referral service and Optical technology solution |
ORGANIZATION AND BUSINESS BAC_3
ORGANIZATION AND BUSINESS BACKGROUND (Details Narrative) | Dec. 28, 2021 | Dec. 22, 2020 |
Simson Wellness Tech Corp [Member] | ||
Equity interest percentage | 100% | |
Simson Wellness Sdn Bhd [Member] | ||
Equity interest percentage | 100% |
SCHEDULE OF AMORTIZATION STRAIG
SCHEDULE OF AMORTIZATION STRAIGHT LINE METHOD (Details) | Dec. 31, 2022 |
Accounting Policies [Abstract] | |
Intangible asset, Rate | 20% |
SCHEDULE OF FOREIGN EXCHANGE RA
SCHEDULE OF FOREIGN EXCHANGE RATES (Details) | Dec. 31, 2022 | Dec. 31, 2021 |
Period End MYRUS Dollar 1 Exchange Rate [Member] | ||
Trading Activity, Gains and Losses, Net [Line Items] | ||
Exchange rate | 4.3900 | 4.1650 |
Period Average MYRUS Dollar 1 Exchange Rate [Member] | ||
Trading Activity, Gains and Losses, Net [Line Items] | ||
Exchange rate | 4.4004 | 4.1456 |
Period End MYRSG Dollar 1 Exchange Rate [Member] | ||
Trading Activity, Gains and Losses, Net [Line Items] | ||
Exchange rate | 3.2740 | 3.0853 |
Period Average MYRSG Dollar 1 Exchange Rate [Member] | ||
Trading Activity, Gains and Losses, Net [Line Items] | ||
Exchange rate | 3.1913 | 3.0842 |
Period End MYRHK Dollar 1 Exchange Rate [Member] | ||
Trading Activity, Gains and Losses, Net [Line Items] | ||
Exchange rate | 0.5630 | 0.5342 |
Period Average MYRHK Dollar 1 Exchange Rate [Member] | ||
Trading Activity, Gains and Losses, Net [Line Items] | ||
Exchange rate | 0.5619 | 0.5333 |
Period End MYRCNY 1 Exchange Rate [Member] | ||
Trading Activity, Gains and Losses, Net [Line Items] | ||
Exchange rate | 0.6322 | 0.6547 |
Period Average MYRCNY 1 Exchange Rate [Member] | ||
Trading Activity, Gains and Losses, Net [Line Items] | ||
Exchange rate | 0.6540 | 0.6428 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Accounting Policies [Abstract] | ||
Net income loss | $ 208,700 | $ 65,280 |
Accumulated deficit | $ 292,338 | $ 83,638 |
SCHEDULE OF SHARE ISSUANCE (Det
SCHEDULE OF SHARE ISSUANCE (Details) - shares | 1 Months Ended | 5 Months Ended | |
May 25, 2021 | Sep. 02, 2021 | Feb. 19, 2021 | |
Founder Share [Member] | |||
Subsidiary, Sale of Stock [Line Items] | |||
Share issuance | 85,000,000 | ||
Founder Share [Member] | Sim Eng Peng [Member] | |||
Subsidiary, Sale of Stock [Line Items] | |||
Share issuance | 26,100,000 | ||
Founder Share [Member] | Nplus Sdn Bhd [Member] | |||
Subsidiary, Sale of Stock [Line Items] | |||
Share issuance | 7,460,000 | ||
Founder Share [Member] | AMCARE Sdn Bhd [Member] | |||
Subsidiary, Sale of Stock [Line Items] | |||
Share issuance | 7,460,000 | ||
Founder Share [Member] | Westlife Sdn Bhd [Member] | |||
Subsidiary, Sale of Stock [Line Items] | |||
Share issuance | 4,415,000 | ||
Founder Share [Member] | S and E Optical Sdn Bhd [Member] | |||
Subsidiary, Sale of Stock [Line Items] | |||
Share issuance | 4,415,000 | ||
Founder Share [Member] | Dynamic Optical Sdn Bhd [Member] | |||
Subsidiary, Sale of Stock [Line Items] | |||
Share issuance | 1,925,000 | ||
Founder Share [Member] | Guan Kok Lan [Member] | |||
Subsidiary, Sale of Stock [Line Items] | |||
Share issuance | 10,875,000 | ||
Founder Share [Member] | IT Optical Talent Sdn Bhd [Member] | |||
Subsidiary, Sale of Stock [Line Items] | |||
Share issuance | 8,000,000 | ||
Founder Share [Member] | Inki Strategic Partner Sdn Bhd [Member] | |||
Subsidiary, Sale of Stock [Line Items] | |||
Share issuance | 6,350,000 | ||
Founder Share [Member] | Greenpro Asia Strategic Fund SP [Member] | |||
Subsidiary, Sale of Stock [Line Items] | |||
Share issuance | 3,000,000 | ||
Founder Share [Member] | Greenpro Venture Capital Limited [Member] | |||
Subsidiary, Sale of Stock [Line Items] | |||
Share issuance | 5,000,000 | ||
Private Placement [Member] | |||
Subsidiary, Sale of Stock [Line Items] | |||
Share issuance | 412,800 | 1,211,000 | |
Private Placement [Member] | Goe Hian Cai [Member] | |||
Subsidiary, Sale of Stock [Line Items] | |||
Share issuance | 50,000 | ||
Private Placement [Member] | Khoo Kian Joo [Member] | |||
Subsidiary, Sale of Stock [Line Items] | |||
Share issuance | 50,000 | ||
Private Placement [Member] | Sim Eng Dee [Member] | |||
Subsidiary, Sale of Stock [Line Items] | |||
Share issuance | 50,000 | ||
Private Placement [Member] | Sim Siew Chui [Member] | |||
Subsidiary, Sale of Stock [Line Items] | |||
Share issuance | 50,000 | ||
Private Placement [Member] | Goe Hui Xin [Member] | |||
Subsidiary, Sale of Stock [Line Items] | |||
Share issuance | 30,000 | ||
Private Placement [Member] | Sim Pei Yee [Member] | |||
Subsidiary, Sale of Stock [Line Items] | |||
Share issuance | 30,000 | ||
Private Placement [Member] | Sim Pei Shan [Member] | |||
Subsidiary, Sale of Stock [Line Items] | |||
Share issuance | 25,000 | ||
Private Placement [Member] | So Kean Yong [Member] | |||
Subsidiary, Sale of Stock [Line Items] | |||
Share issuance | 25,000 | ||
Private Placement [Member] | Teh Chin Yee [Member] | |||
Subsidiary, Sale of Stock [Line Items] | |||
Share issuance | 25,000 | ||
Private Placement [Member] | E Chew Kiew [Member] | |||
Subsidiary, Sale of Stock [Line Items] | |||
Share issuance | 23,200 | ||
Private Placement [Member] | Sim Ken Wee [Member] | |||
Subsidiary, Sale of Stock [Line Items] | |||
Share issuance | 18,600 | ||
Private Placement [Member] | Tye Siew Po [Member] | |||
Subsidiary, Sale of Stock [Line Items] | |||
Share issuance | 15,000 | ||
Private Placement [Member] | Kellylous Anam [Member] | |||
Subsidiary, Sale of Stock [Line Items] | |||
Share issuance | 10,000 | ||
Private Placement [Member] | Sim Eng May [Member] | |||
Subsidiary, Sale of Stock [Line Items] | |||
Share issuance | 10,000 | ||
Private Placement [Member] | Wong Lee Wah [Member] | |||
Subsidiary, Sale of Stock [Line Items] | |||
Share issuance | 1,000 | ||
Private Placement [Member] | Lim Kwee Choon [Member] | |||
Subsidiary, Sale of Stock [Line Items] | |||
Share issuance | 1,000,000 | ||
Private Placement [Member] | Mohamed Nazir Bin Meraslam [Member] | |||
Subsidiary, Sale of Stock [Line Items] | |||
Share issuance | 200,000 | ||
Private Placement [Member] | Chong Thiam Seong [Member] | |||
Subsidiary, Sale of Stock [Line Items] | |||
Share issuance | 10,000 | ||
Private Placement [Member] | Cheong Fook Loong [Member] | |||
Subsidiary, Sale of Stock [Line Items] | |||
Share issuance | 1,000 |
COMMON STOCK (Details Narrative
COMMON STOCK (Details Narrative) - USD ($) | 1 Months Ended | 5 Months Ended | |||
May 25, 2021 | Sep. 02, 2021 | Feb. 19, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Subsidiary, Sale of Stock [Line Items] | |||||
Common stock, shares issued | 86,623,800 | 86,623,800 | |||
Common stock, shares outstanding | 86,623,800 | 86,623,800 | |||
Founder Share [Member] | |||||
Subsidiary, Sale of Stock [Line Items] | |||||
Stock sold during period, shares | 85,000,000 | ||||
Sale of stock, price per share | $ 0.0001 | ||||
Proceeds from sale of stock | $ 8,500 | ||||
Private Placement [Member] | |||||
Subsidiary, Sale of Stock [Line Items] | |||||
Stock sold during period, shares | 412,800 | 1,211,000 | |||
Sale of stock, price per share | $ 0.05 | $ 0.50 | |||
Proceeds from sale of stock | $ 20,640 | $ 605,500 |
SCHEDULE OF INTANGIBLE ASSETS (
SCHEDULE OF INTANGIBLE ASSETS (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
E-commerce platform beginning balance | $ 6,002 | |
Addition | 25,244 | 6,002 |
Written off | (31,246) | |
Total intangible assets | $ 6,002 |
CASH AND CASH EQUIVALENTS (Deta
CASH AND CASH EQUIVALENTS (Details Narrative) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Cash and Cash Equivalents [Abstract] | ||
Cash and cash equivalents | $ 31,986 | $ 610,947 |
SCHEDULE OF OTHER RECEIVABLES (
SCHEDULE OF OTHER RECEIVABLES (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Receivables [Abstract] | ||
Other receivables | $ 664,396 | $ 1,300 |
Total other receivables | $ 664,396 | $ 1,300 |
OTHER RECEIVABLES (Details Narr
OTHER RECEIVABLES (Details Narrative) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Receivables [Abstract] | ||
Other receivables | $ 664,396 | $ 1,300 |
SCHEDULE OF OTHER PAYABLES AND
SCHEDULE OF OTHER PAYABLES AND ACCRUED LIABILITIES (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Payables and Accruals [Abstract] | ||
Accrued audit fees | $ 16,442 | $ 16,460 |
Accrued tax agent fees | 800 | |
Other payables | 105,925 | 44,931 |
Total other payables and accrued liabilities | $ 122,367 | $ 62,191 |
OTHER PAYABLES AND ACCRUED LI_3
OTHER PAYABLES AND ACCRUED LIABILITIES (Details Narrative) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Defined Benefit Plan Disclosure [Line Items] | ||
Other payables | $ 105,925 | $ 44,931 |
Related Party [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Other payables | $ 42,659 | $ 43,852 |
SCHEDULE OF COMPONENTS OF LOSS
SCHEDULE OF COMPONENTS OF LOSS BEFORE INCOME TAXES (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Tax jurisdictions from: Local | $ (153,513) | $ (87,800) |
Loss before income tax | (212,753) | (60,484) |
Labuan [Member] | ||
Tax jurisdictions from: Foreign | (17,122) | 20,070 |
MALAYSIA | ||
Tax jurisdictions from: Foreign | $ (42,118) | $ 7,246 |
SCHEDULE OF PROVISION FOR INCOM
SCHEDULE OF PROVISION FOR INCOME TAXES (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Current: | ||
Current - Local | ||
-Income tax expense | (4,053) | 4,796 |
Labuan [Member] | ||
Current: | ||
Current -Foreign | (4,796) | 4,796 |
MALAYSIA | ||
Current: | ||
Current -Foreign | $ 743 |
SCHEDULE OF COMPONENTS OF DEFER
SCHEDULE OF COMPONENTS OF DEFERRED TAX ASSETS (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Operating Loss Carryforwards [Line Items] | ||
Deferred tax assets, gross | $ 54,462 | $ 17,564 |
Less: valuation allowance | (54,462) | (17,564) |
Deferred tax assets | ||
Domestic Tax Authority [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Net operating loss carry forwards | 54,462 | 17,564 |
Foreign Tax Authority [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Net operating loss carry forwards |
INCOME TAXES (Details Narrative
INCOME TAXES (Details Narrative) | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | |
Net operating loss carryforward | $ 259,344 |
Labuan [Member] | |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | |
Income tax condition, description | Under the amendment of Income Tax Act 1967 by the Finance Act 2020 and with effect from year of assessment 2020, companies with paid-up capital of MYR 2.5 million or less, and with annual business income of not more than MYR 50 million are subject to Small and Medium Enterprise Corporate Tax at 17% on chargeable income up to MYR 600,000 (2020: MYR 600,000) except for companies with investment holding nature or companies does not have gross income from business sources are subject to corporate tax at 24% on chargeable income |
Labuan [Member] | Minimum [Member] | |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | |
Foreign income tax rate | 17% |
Labuan [Member] | Maximum [Member] | |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | |
Foreign income tax rate | 24% |
SCHEDULE OF RELATED PARTY TRANS
SCHEDULE OF RELATED PARTY TRANSACTIONS (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Related Party Transaction [Line Items] | ||
- Revenue | $ 3,239 | $ 8,137 |
- Operating expenses | 124,790 | 93,600 |
Related Party [Member] | ||
Related Party Transaction [Line Items] | ||
- Revenue | $ (3,239) | $ (8,137) |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details Narrative) | Dec. 31, 2022 USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments or contingencies | $ 0 |
SCHEDULE OF REVENUES BY CONCENT
SCHEDULE OF REVENUES BY CONCENTRATION OF RISK (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Concentration Risk [Line Items] | ||
Revenue | $ 3,239 | $ 8,137 |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Tapaszto Optic Ltd [Member] | ||
Concentration Risk [Line Items] | ||
Revenue | $ 1,049 | |
Concentration risk percentage | 13% | |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Infar International Pte Ltd [Member] | ||
Concentration Risk [Line Items] | ||
Revenue | $ 6,833 | |
Concentration risk percentage | 84% | |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Cross Optical [Member] | ||
Concentration Risk [Line Items] | ||
Revenue | $ 255 | |
Concentration risk percentage | 3% | |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Simson Trading Sdn Bhd [Member] | ||
Concentration Risk [Line Items] | ||
Revenue | $ 3,239 | |
Concentration risk percentage | ||
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Customers [Member] | ||
Concentration Risk [Line Items] | ||
Revenue | $ 3,239 | $ 8,137 |
Concentration risk percentage | 100% | 100% |
SCHEDULE OF REVENUE AND ASSETS
SCHEDULE OF REVENUE AND ASSETS BY GEOGRAPHICAL AREAS (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenue | $ 3,239 | $ 8,137 |
Cost of revenue | ||
Depreciation and amortization | ||
Net profit/(loss) before taxation | (212,753) | (60,484) |
Total assets | 696,382 | 618,249 |
NEVADA | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenue | ||
Cost of revenue | ||
Depreciation and amortization | ||
Net profit/(loss) before taxation | (153,513) | (87,800) |
Total assets | ||
Labuan [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenue | ||
Cost of revenue | ||
Depreciation and amortization | ||
Net profit/(loss) before taxation | (17,122) | 20,070 |
Total assets | 31,412 | 563,141 |
MALAYSIA | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenue | 3,239 | 8,137 |
Cost of revenue | ||
Depreciation and amortization | ||
Net profit/(loss) before taxation | (42,118) | 7,246 |
Total assets | $ 664,970 | $ 55,108 |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) - Subsequent Event [Member] | 8 Months Ended |
Dec. 05, 2023 USD ($) $ / shares shares | |
Subsequent Event [Line Items] | |
Share price | $ / shares | $ 0.0001 |
Working capital | $ | $ 800 |
Restricted Stock [Member] | |
Subsequent Event [Line Items] | |
Total number of shares sold | 8,000,000 |
Sale of stock share price | $ / shares | $ 0.0001 |
Asia Strategic Fund SP [Member] | |
Subsequent Event [Line Items] | |
Brought back shares | 3,000,000 |
Greenpro Venture Capital Limited [Member] | |
Subsequent Event [Line Items] | |
Brought back shares | 5,000,000 |