Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2024 | Aug. 16, 2024 | |
Cover [Abstract] | ||
Entity Registrant Name | YUBO INTERNATIONAL BIOTECH LIMITED | |
Entity Central Index Key | 0000895464 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity Small Business | true | |
Entity Shell Company | false | |
Entity Emerging Growth Company | false | |
Entity Current Reporting Status | Yes | |
Document Period End Date | Jun. 30, 2024 | |
Entity Filer Category | Non-accelerated Filer | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2024 | |
Entity Common Stock Shares Outstanding | 119,816,343 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity File Number | 000-21320 | |
Entity Incorporation State Country Code | NY | |
Entity Tax Identification Number | 11-3074326 | |
Entity Address Address Line 1 | Room 105 | |
Entity Address Address Line 2 | Building 5 | |
Entity Address Address Line 3 | 31 Xishiku Avenue | |
Entity Address City Or Town | Xicheng District | |
Entity Address Region | Beijing | |
Entity Address Country | CN | |
City Area Code | 040 | |
Local Phone Number | 0677-6010 | |
Security 12g Title | Class A common stock, par value $0.001 per share | |
Entity Interactive Data Current | Yes |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 |
Current assets | ||
Cash | $ 7,700 | $ 6,359 |
Receivables | 210,592 | 79,654 |
Prepaid expenses | 177,572 | 138,673 |
Inventory | 86,852 | 214,575 |
Due from related parties | 278,688 | 285,974 |
Total Current Assets | 761,404 | 725,235 |
Property and equipment, net | 293,246 | 375,209 |
Intangible assets, net | 57,489 | 54,408 |
Operating lease right of use asset | 499,012 | 391,913 |
Lease security deposit | 117,431 | 120,502 |
Total Assets | 1,728,582 | 1,667,269 |
Current liabilities | ||
Accounts payable and accrued expenses (including accounts payable and accrued expenses of VIE without recourse to the Company of $845,574 and $658,638 of June 30, 2024 and December 31, 2023, respectively) | 922,345 | 825,631 |
Advances from prospective customers/distributors (including advances from prospective customers/distributors of VIE without recourse to the Company of $423,090 and $434,151 as of June 30, 2024 and December 31, 2024, respectively) | 423,090 | 434,151 |
Due to related parties (including due to related parties without recourse to the Company of $2,155,212 and $1,749,277 as of June 30, 2024 and December 31, 2023, respectively) | 2,305,213 | 1,859,276 |
Operating lease liabilities - current (including operating lease liabilities - current of VIE without recourse to the Company of $301, 810 and $276,386 as of June 30, 2024 and December 31, 2023, respectively) | 301,810 | 276,386 |
Total Current Liabilities | 3,952,458 | 3,395,445 |
Non-current liabilities | ||
Operating lease liabilities - non-current (including operating lease liability - non- current of VIE without recourse to the Company of $197,202 and $115,527 as of June 30, 2024 and December 31, 2023, respectively) | 197,202 | 115,527 |
Total Liabilities | 4,149,660 | 3,510,972 |
Shareholders' Deficit: | ||
Preferred stock, par value $0.01 per share, 5,000,000 shares authorized, none issued | 0 | 0 |
Additional Paid in Capital | 2,989,483 | 2,935,190 |
Accumulated deficit | (5,790,315) | (4,885,509) |
Accumulated other comprehensive income (loss) | 157,531 | (13,204) |
Total deficit attributable to common shareholders | (2,523,481) | (1,843,703) |
Non-controlling interests | 102,403 | 0 |
Total Deficit | (2,421,078) | (1,843,703) |
Total Liabilities and Shareholders' Equity | 1,728,582 | 1,667,269 |
Common Stock Class A [Member] | ||
Shareholders' Deficit: | ||
Common stock value | 119,816 | 119,816 |
Common Stock Class B [Member] | ||
Shareholders' Deficit: | ||
Common stock value | $ 4 | $ 4 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 |
Accounts payable and accrued expense VIE without recourse | $ 845,574 | $ 658,638 |
Advances from prospective customers/distributors without recourse | 423,090 | 434,151 |
Due to related parties without recourse | 2,155,212 | 1,749,277 |
Operating lease liabilities current of VIE without recourse | 301,810 | 276,386 |
Operating lease liability non current of VIE without recourse | $ 197,202 | $ 115,527 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock Class A | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common Stock, Shares Authorized | 1,000,000,000 | 1,000,000,000 |
Common stock, issued | 119,816,343 | 119,816,343 |
Common stock, outstanding | 119,816,343 | 119,816,343 |
Common stock Class B | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common Stock, Shares Authorized | 3,750,000 | 3,750,000 |
Common stock, issued | 4,447 | 4,447 |
Common stock, outstanding | 4,447 | 4,447 |
CONSOLIDATED STATEMENTS OF OPER
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 | |
Revenue | ||||
Sales of products and services | $ 0 | $ 1,430 | $ 3,488 | $ 153,880 |
Cost of goods and services sold | 0 | (545) | (827) | (96,839) |
Gross Profit | 0 | 885 | 2,661 | 57,041 |
Operating expenses: | ||||
Employee compensation | 177,820 | 148,610 | 327,367 | 305,420 |
Occupancy | 109,289 | 52,777 | 239,937 | 163,594 |
Depreciation and amortization of property and equipment | 41,408 | 15,512 | 84,712 | 22,103 |
Amortization of intangible assets | 3,400 | 2,810 | 6,634 | 5,778 |
Other operating expenses | 138,519 | 148,452 | 223,868 | 243,954 |
Total Operating Expenses | 470,436 | 368,161 | 882,518 | 740,849 |
Income (loss) from operations | (470,436) | (367,276) | (879,857) | (683,808) |
Other Income (Expenses) | ||||
Loss on obsolete inventory | (127,895) | 0 | (127,895) | 0 |
Interest expenses | (17) | (51) | (101) | (186) |
Total Other Income (Expenses) | (127,912) | (51) | (127,996) | (186) |
Loss before Provision for Income Tax | (598,348) | (367,327) | (1,007,853) | (683,994) |
Provision for Income Tax | 0 | 0 | 0 | 0 |
Net loss | (598,348) | (367,327) | (1,007,853) | (683,994) |
Net loss attributable to non-controlling interest | (70,838) | 0 | (103,047) | 0 |
Net loss attributable to common stock holders | $ (527,510) | $ (367,327) | $ (904,806) | $ (683,994) |
Net loss per share basic and diluted | $ 0 | $ 0 | $ (0.01) | $ (0.01) |
Weighted average common shares outstanding basic and diluted | 119,820,790 | 119,820,790 | 119,820,790 | 119,820,790 |
Comprehensive income (loss) | ||||
Net loss to the Company | $ (527,510) | $ (367,327) | $ (904,806) | $ (683,994) |
Net loss to NCI | (70,838) | 0 | (103,047) | 0 |
Foreign currency translation adjustment to the Company | 70,211 | 55,463 | 170,735 | 98,748 |
Foreign currency translation adjustment to the NCI | (6,749) | 0 | (12,634) | 0 |
Total comprehensive income (loss) | $ (534,886) | $ (311,864) | $ (849,752) | $ (585,246) |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS DEFICIT (Unaudited) - USD ($) | Total | Common stock Class A | Common stock Class B | Accumulated Deficit | Accumulated other comprehensive Income (loss) | Total Stockholders' Deficit | Noncontrolling Interest | Additional Paid-In Capital |
Balance, shares at Dec. 31, 2022 | 119,816,343 | 4,447 | ||||||
Balance, amount at Dec. 31, 2022 | $ (565,373) | $ 119,816 | $ 4 | $ (3,690,426) | $ 70,043 | $ (565,373) | $ 0 | $ 2,935,190 |
Net loss | (316,667) | 0 | 0 | (316,667) | 0 | (316,667) | 0 | 0 |
Foreign currency translation adjustment | 0 | $ 0 | $ 0 | 0 | 43,285 | 43,285 | 0 | 0 |
Balance, shares at Mar. 31, 2023 | 119,816,343 | 4,447 | ||||||
Balance, amount at Mar. 31, 2023 | (838,755) | $ 119,816 | $ 4 | (4,007,093) | 113,328 | (838,755) | 0 | 2,935,190 |
Balance, shares at Dec. 31, 2022 | 119,816,343 | 4,447 | ||||||
Balance, amount at Dec. 31, 2022 | (565,373) | $ 119,816 | $ 4 | (3,690,426) | 70,043 | (565,373) | 0 | 2,935,190 |
Net loss | (683,994) | |||||||
Balance, shares at Jun. 30, 2023 | 119,816,343 | 4,447 | ||||||
Balance, amount at Jun. 30, 2023 | (1,150,619) | $ 119,816 | $ 4 | (4,374,420) | 168,791 | (1,150,619) | 0 | 2,935,190 |
Balance, shares at Mar. 31, 2023 | 119,816,343 | 4,447 | ||||||
Balance, amount at Mar. 31, 2023 | (838,755) | $ 119,816 | $ 4 | (4,007,093) | 113,328 | (838,755) | 0 | 2,935,190 |
Net loss | (367,327) | 0 | 0 | (367,327) | 0 | (367,327) | 0 | 0 |
Foreign currency translation adjustment | 55,463 | $ 0 | $ 0 | 0 | 55,463 | 55,463 | 0 | 0 |
Balance, shares at Jun. 30, 2023 | 119,816,343 | 4,447 | ||||||
Balance, amount at Jun. 30, 2023 | (1,150,619) | $ 119,816 | $ 4 | (4,374,420) | 168,791 | (1,150,619) | 0 | 2,935,190 |
Balance, shares at Dec. 31, 2023 | 119,816,343 | 4,447 | ||||||
Balance, amount at Dec. 31, 2023 | (1,843,703) | $ 119,816 | $ 4 | (4,885,509) | (13,204) | (1,843,703) | 0 | 2,935,190 |
Net loss | (409,505) | 0 | 0 | (377,296) | 0 | (377,296) | (32,209) | 0 |
Foreign currency translation adjustment | 94,639 | 0 | 0 | 0 | 100,524 | 100,524 | (5,885) | 0 |
Capital contributions to subsidiary by non-controlling interests | 97,979 | 0 | 0 | 0 | 0 | 0 | 97,979 | 0 |
Transfer of 27% interest in subsidiary (Yubo Jingzhi) to noncontrolling interest | 0 | $ 0 | $ 0 | 0 | 0 | 54,293 | (54,293) | 54,293 |
Balance, shares at Mar. 31, 2024 | 119,816,343 | 4,447 | ||||||
Balance, amount at Mar. 31, 2024 | (2,060,590) | $ 119,816 | $ 4 | (5,262,805) | 87,320 | (2,066,182) | 5,592 | 2,989,483 |
Balance, shares at Dec. 31, 2023 | 119,816,343 | 4,447 | ||||||
Balance, amount at Dec. 31, 2023 | (1,843,703) | $ 119,816 | $ 4 | (4,885,509) | (13,204) | (1,843,703) | 0 | 2,935,190 |
Net loss | (1,007,853) | |||||||
Balance, shares at Jun. 30, 2024 | 119,816,343 | 4,447 | ||||||
Balance, amount at Jun. 30, 2024 | (2,421,078) | $ 119,816 | $ 4 | (5,790,315) | 157,531 | (2,523,481) | 102,403 | 2,989,483 |
Balance, shares at Mar. 31, 2024 | 119,816,343 | 4,447 | ||||||
Balance, amount at Mar. 31, 2024 | (2,060,590) | $ 119,816 | $ 4 | (5,262,805) | 87,320 | (2,066,182) | 5,592 | 2,989,483 |
Net loss | (598,348) | 0 | 0 | (527,510) | 0 | (527,510) | (70,838) | 0 |
Foreign currency translation adjustment | 63,462 | 0 | 0 | 0 | 70,211 | 70,211 | (6,749) | 0 |
Capital contributions to subsidiary by non-controlling interests | 174,398 | $ 0 | $ 0 | 0 | 0 | 0 | 174,398 | 0 |
Balance, shares at Jun. 30, 2024 | 119,816,343 | 4,447 | ||||||
Balance, amount at Jun. 30, 2024 | $ (2,421,078) | $ 119,816 | $ 4 | $ (5,790,315) | $ 157,531 | $ (2,523,481) | $ 102,403 | $ 2,989,483 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Cash flows from operating activities: | ||
Net loss | $ (904,806) | $ (683,994) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 92,568 | 27,881 |
Loss on obsolete inventory | 127,895 | 0 |
Changes in operating assets and liabilities: | ||
Receivables | (130,938) | 2,532 |
Prepaid expenses | (38,899) | (90,410) |
Inventory | (172) | 110,072 |
Due from related parties | 7,286 | 14,308 |
Lease security deposit | 3,071 | 6,095 |
Accounts payable and accrued expenses | 96,714 | (141,619) |
Advances from prospective customers/distributors | (11,061) | (36,315) |
Due to related parties | 445,937 | 205,271 |
Net cash used in operating activities | (312,405) | (185,694) |
Cash flows from investing activities: | ||
Sale of Equipment | 81,963 | 0 |
Net cash provided in investing activities | 81,963 | 0 |
Cash flows from financing activities: | ||
Capital contributions to subsidiary (EpiAis) by non-controlling interest | 272,377 | 0 |
Net cash provided by financing activities | 272,377 | 0 |
Effect of exchange rate changes | 40,594 | 172,672 |
Net increase (decrease) in cash | 1,341 | (13,022) |
Cash at beginning of period | 6,359 | 18,220 |
Cash at end of period | 7,700 | 5,198 |
Supplemental Cash Flow Information: | ||
Income taxes paid | 0 | 0 |
Interest paid | $ 101 | $ 186 |
ORGANIZATION
ORGANIZATION | 6 Months Ended |
Jun. 30, 2024 | |
ORGANIZATION | |
ORGANIZATION | NOTE 1 – ORGANIZATION Yubo International Biotech Limited (formerly Magna-Lab Inc.) (the “Company”), a New York corporation, acquired Platinum International Biotech Co. Ltd. (“Platinum”) in a “reverse merger” transaction on January 14, 2021. On January 14, 2021 (the “Closing Date”), the Company closed a voluntary share exchange transaction with Platinum International Biotech Co., Ltd., a company organized under the laws of the Cayman Islands (“Platinum”), pursuant to that certain Agreement and Plan of Share Exchange, dated January 14, 2021 (the “Exchange Agreement”), by and among the Company, Platinum, Yubo International Biotech (Beijing) Limited, a company organized under the laws of the People’s Republic of China (“PRC”) (“Yubo Beijing”), and certain selling stockholders named therein. In accordance with the terms of the Exchange Agreement, on the Closing Date, the Company issued a total of 117,000,000 shares of its Class A common stock to the Selling Stockholders, who were then stockholders of Platinum (the “Selling Stockholders”), in exchange for 100% of the issued and outstanding capital stock of Platinum (the “Exchange Transaction”). As a result of the Exchange Transaction, the Selling Stockholders acquired more than 99% of the Company’s issued and outstanding capital stock, Platinum became the Company’s wholly-owned subsidiary, and the Company acquired the business and operations of Platinum and Yubo Beijing. Immediately prior to the Exchange Transaction, the Company had 117,875,323 shares of Class A common stock and 4,447 shares of Class B common stock issued and outstanding. Immediately after the Exchange Transaction and the surrender and cancellation of 116,697,438 shares held by Lina Liu, the controlling shareholder, Chief Financial Officer, Treasurer and Secretary of the Company, the Company had 118,177,885 shares of Class A common stock and 4,447 shares of Class B common stock issued and outstanding. Platinum was incorporated on April 7, 2020 under the laws of the Cayman Islands as a holding company. On May 4, 2020, Platinum incorporated a wholly owned subsidiary Platinum International Biotech (Hong Kong) Limited (“Platinum HK”) in Hong Kong. On September 4, 2020, Platinum HK incorporated a wholly foreign owned enterprise (“WFOE”) Yubo International Biotech (Chengdu) Limited (“Yubo Chengdu”) in Chengdu, China. On September 11, 2020, Yubo Chengdu entered into a series of Variable Interest Entity (“VIE”) agreements with the owners of Yubo International Biotech (Beijing) Limited (“Yubo Beijing”). Pursuant to the VIE agreements, Yubo Beijing became Yubo Chengdu’s contractually controlled affiliate. The purpose and effect of the VIE Agreements is to provide Yubo Chengdu with all management control and net profits earned by Yubo Beijing. Yubo Beijing was incorporated on June 14, 2016. For the year ended December 31, 2020 (commencing April 2020), Yubo Beijing sold approximately 850 nebulizers to customers in the People’s Republic of China (“PRC”). In 2021, 2022 and 2023, Yubo Beijing sales also included sales of skincare products, hair care products, healthy beverages, and male and female personal care products. Commencing in the quarterly period ended September 30, 2023, Yubo Beijing started selling health management and health maintenance service agreements to customers. Upon executing the series of VIE agreements in September 2020, Yubo Beijing has been considered a Variable Interest Entity (“VIE”) of Yubo Chengdu, its primary beneficiary. Accordingly, Yubo Beijing has been consolidated under the guidance of FASB Accounting Standards Codification (“ASC”) 810, Consolidation. The officers, directors, and controlling beneficial owners of Yubo Beijing from its inception on June 14, 2016 were also officers, directors, and controlling beneficial owners of Platinum. Accordingly, the accompanying consolidated financial statements include Yubo Beijing’s operations from its inception on June 14, 2016. On January 21, 2021 and December 31, 2020, respectively, the Company formed two new wholly owned subsidiaries: Yubo Jingzhi Biotechnology (Chengdu) Co. Ltd. (“Yubo Jingzhi”) as a subsidiary of Yubo Beijing and Yubo Global Biotechnology (Chengdu) Co. Ltd (“Yubo Global”) as a subsidiary of Platinum HK. On October 10, 2023, Yubo Beijing acquired a wholly owned subsidiary Phoenix Club Bio-Medical Technology (Chengdu), Co., Ltd. (“Yubo Phoenix”) , a company incorporated on April 12, 2021. Prior to October 10, 2023, Yubo Phoenix had minimal business operations. On January 27 2024, the Company acquired a 51% equity interest in EpiAis Biomedical Engineering (Shenzhen) Co., Ltd (“Yubo Shenzhen”), a company incorporated on January 26, 2024. On February 27, 2024, the Company sold 27% of the subscribed capital of Yubo Jingzhi to an affiliated investor for no consideration. The Company retains 73% ownership of Yubo Jinghzi. Yubo International Biotech Limited and its consolidated subsidiaries and VIE are collectively referred to herein as the “Company” unless specific reference is made to an entity. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 2024 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Principles of Consolidation The consolidated financial statements include the accounts of the Company, its majority owned subsidiaries, and its consolidated VIE for which the Company is the primary beneficiary. All transactions and balances among the Company, its subsidiaries and consolidated VIE have been eliminated upon consolidation. The accompanying consolidated financial statements reflect the activities of the following entities: Name Background Ownership Yubo International Biotech Limited (“Yubo New York”) · · Platinum International Biotech Co. LTD (“Platinum”) · · · 100% owned by Yubo New York Platinum International Biotech (Hong Kong) Limited. (“Platinum HK”) · · · 100% owned by Platinum Yubo International Biotech (Chengdu) Limited (“Yubo Chengdu”) · · · · 100% owned by Platinum HK Yubo International Biotech (Beijing) Limited (“Yubo Beijing”) · · · · VIE of Yubo Chengdu WFOE Yubo Jingzhi Biotechnology (ChengDu) Co. Ltd. (“Yubo Jingzhi”) · 73% owned by Yubo Beijing Yubo Global Biotechnology (Chengdu) Co. Ltd (“Yubo Global”) · 100% owned by Platinum HK Phoenix Club Bio-Medical Technology (Chengdu) Co., LTD (“Yubo Phoenix”) · 100% owned by Yubo Beijing EpiAis Biomedical Engineering Co., Ltd. (“Yubo Shenzhen”) · 51% owned by Yubo Beijing On September 11, 2020, our wholly-owned subsidiary, Yubo Chengdu, entered into the following contractual arrangements with Yubo Beijing and the shareholders of Yubo Beijing (the “Yubo Shareholders”), as applicable, each of which is enforceable and valid in accordance with the laws of the PRC: Exclusive Consulting Services Agreement Pursuant to the Exclusive Consulting Services Agreement among Yubo Beijing, Yubo WFOE, and the Yubo Shareholders, Yubo WFOE agrees to provide, and Yubo Beijing agrees to accept, exclusive management services provided by Yubo WFOE. Such management services include but are not limited to financial management, business management, marketing management, human resource management and internal control of Yubo Beijing. The Exclusive Consulting Services Agreement will remain in effect until the acquisition of all assets or equity of Yubo Beijing by Yubo WFOE is complete (as more fully described in the Exclusive Purchase Option Agreement below). Exclusive Purchase Option Agreement Under the Exclusive Option Agreement among Yubo Beijing, Yubo WFOE, and the Yubo Shareholders, the Yubo Shareholders granted Yubo WFOE an irrevocable and exclusive purchase option to acquire Yubo Beijing’s equity and/or assets at a nominal consideration. Yubo WFOE may exercise the purchase option at any time. Equity Pledge Agreement Under the Equity Pledge Agreement among Yubo WFOE and the Yubo Shareholders, the Yubo Shareholders pledged all of their equity interests in Yubo Beijing, including the proceeds thereof, to guarantee all of Yubo WFOE’s rights and benefits under the Exclusive Consulting Services Agreement and the Exclusive Option Agreement. Prior to termination of this Equity Pledge Agreement, the pledged equity interests cannot be transferred without Yubo WFOE’s prior consent. The Yubo Shareholders covenants to Yubo WFOE that among other things, it will only appoint/elect the candidates for the directors of Yubo Beijing nominated by Yubo WFOE. Financial Statements of Yubo Beijing (VIE) The consolidated assets and liabilities of Yubo Beijing (VIE) and its subsidiaries at June 30, 2024 and December 31, 2023 consist of: June 30, 2024 December 31, 2023 (Unaudited) Cash $ 4,005 $ 2,570 Receivables (net) 164,615 32,476 Prepaid Expenses 151,146 107,921 Inventory 86,852 214,575 Due from related parties 278,688 285,974 Property and equipment (net) 293,246 375,209 Intangible assets (net) 57,489 54,409 Operating lease right of use asset 499,012 391,913 Lease security deposit 96,199 98,777 Receivables from other consolidated entities (A) 552,114 391,764 Total assets 2,183,366 1,955,588 Accounts payable and accrued expenses 845,574 658,638 Advances from prospective customers/distributors 423,090 434,151 Due to related parties 2,155,212 1,749,277 Operating lease liabilities 499,012 391,913 Payables to other consolidated entities (A) 945,217 794,759 Total liabilities 4,868,105 4,028,738 Shareholders’ equity $ (2,684,739 ) $ (2,073,150 ) (A) Eliminated in consolidation. See Note 16 for a condensed consolidating balance sheet of the Company at June 30, 2024 and a condensed consolidating statement of operations of the Company for the six month ended June 30, 2024. Foreign Currency Translation The accompanying consolidated financial statements are presented in United States dollars (“$”), which is the reporting currency of the Company. The functional currency of Platinum and Platinum HK is the United States dollar. The functional currency of the Company’s subsidiaries and VIE located in the PRC is the Renminbi (“RMB”). For the entities whose functional currencies are the RMB, results of operations and cash flows are translated at average exchange rates during the period ($1=7.1675 RMB for the six months ended June 30, 2024 and $1=7.0775 RMB for the six months ended June 30, 2023), assets and liabilities are translated at the current exchange rate at the end of the period ($1=7.2651 RMB at June 30, 2024 and $1=7.0800 RMB at December 31, 2023), and equity is translated at historical exchange rates. The resulting translation adjustments are included in determining other comprehensive income (loss). Transaction gains and losses, which were not significant for the periods presented, are reflected in the consolidated statements of operations. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and judgments that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities on the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company bases its estimates and judgments on historical experience and on various other assumptions and information that are believed to be reasonable under the circumstances. Estimates and assumptions of future events and their effects cannot be perceived with certainty and, accordingly, these estimates may change as new events occur, as more experience is acquired, as additional information is obtained and as our operating environment changes. Significant estimates and assumptions by management include, among others, useful lives and impairment of long-lived assets, and income taxes including the valuation allowance for deferred tax assets. While the Company believes that the estimates and assumptions used in the preparation of the financial statements are appropriate, actual results could differ from those estimates. Estimates and assumptions are periodically reviewed and the effects of revisions are reflected in the financial statements in the period they are determined to be necessary. Cash and Cash Equivalents Cash and cash equivalents include cash on hand, cash in bank accounts, cash in time deposits, certificates of deposit and all highly liquid instruments with original maturities of three months or less. Inventories Inventories now mainly consisting of beauty care products, are stated at the lower of cost utilizing the weighted average method or net realizable value. Net realizable value is the estimated selling price in the ordinary course of business less the estimated selling costs. The valuation of inventory requires the Company to estimate excess and slow-moving inventories. The Company evaluates the recoverability of the inventory based on expected demand and market conditions. Property and Equipment Property and equipment consist of leasehold improvements and office equipment. All property and equipment are stated at historical cost net of accumulated depreciation. Repairs and maintenance are expensed as incurred. Property and equipment are depreciated on a straight-line basis over the following periods: Leasehold improvements Remaining term of lease Air conditioning equipment 5 years Office equipment 3 years Intangible Assets Intangible assets consist of distribution software and patents and are stated at historical cost less accumulated amortization. Amortization of intangible assets is calculated on a straight-line basis over the shorter of the contractual terms or the expected useful lives of the respective assets. The amortization period by major asset classes is as follows: Distribution software 5 years Patents 20 years Impairment of Long-Lived Assets The Company’s long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. Recoverability of an asset to be held and used is measured by a comparison of the carrying amount of the asset to the future undiscounted cash flows expected to be generated by the asset. If such asset is considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the asset exceeds its fair value. Impairment evaluations involve management’s estimates on asset useful lives and future cash flows. Actual useful lives and cash flows could be different from those estimated by management which could have a material effect on our reporting results and financial position. Fair value is determined through various valuation techniques including discounted cash flow models, quoted market values and third-party independent appraisals, as considered necessary. Fair Value of Financial Instruments The Company adopted ASC 820 “Fair Value Measurements,” which defines fair value, establishes a three-level valuation hierarchy for disclosures of fair value measurement and enhances disclosure requirements for fair value measures. The three levels are defined as follows: Level 1 — inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2 — inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the assets or liabilities, either directly or indirectly, for substantially the full term of the financial instruments. Level 3 — inputs to the valuation methodology are unobservable and significant to the fair value. Financial instruments include cash, receivables, due from related parties, accounts payable and accrued expenses, advances from prospective customers/distributors and due to related parties. The carrying values of these financial instruments approximate their fair values due to the short-term maturities of these instruments. For the periods presented, there were no financial assets or liabilities measured at fair value. Leases We determine if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) assets, operating lease liabilities - current, and operating lease liabilities - noncurrent on the balance sheets. The initial lease liability is equal to the future fixed minimum lease payments discounted using the Company’s incremental borrowing rate, on a secured basis. The initial measurement of the right-of-use asset is equal to the initial lease liability plus any initial direct costs. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. Revenue Recognition The Company derives its revenue from (1) the sale of health management and health maintenance service agreements (commencing in the quarterly period ended September 30, 2023 and (2) the sale of health and personal care products. The Company adopted ASC 606 requires the use of a five-step model to recognize revenue from contracts with customers. The five-step model requires entities to exercise judgment when considering the terms of contracts, which includes (1) identifying the contracts or agreements with a customer, (2) identifying our contract with performance obligations in the contract or agreement, (3) determining the transaction price, (4) allocating the transaction price to the separate performance obligations, and (5) recognizing revenue as each performance obligation is satisfied. Allowance for Doubtful Accounts Trade accounts receivable arise from the sale of products and services on trade credit terms. On a quarterly basis, we review all significant accounts as to their past due balances, as well as collectability of the outstanding trade account receivables for possible write off. It is our policy to write off the account receivable against the allowance account when we deem the receivable to be uncollectible. Additionally, we review orders from dealers that are significantly past due, and we ship product only when our ability to collect payment from our customer for the new order is probable. Our allowance for doubtful accounts reflects our best estimate for losses inherent in the trade accounts receivable balance. We determine the allowance based on known troubled accounts, weighting probabilities of future conditions and expected outcomes, and other currently available evidence. Advertising Costs Advertising costs are expensed as incurred. Income Taxes The Company follows the liability method in accounting for income taxes in accordance with ASC topic 740 (“ASC 740”), Income Taxes. The Company applies the provisions of ASC 740 to account for uncertainty in income taxes. ASC 740 clarifies the accounting for uncertainty in income taxes by prescribing the recognition threshold a tax position is required to meet before being recognized in the consolidated financial statements. The Company will classify interest and penalties related to unrecognized tax benefits, if and when required, as part of income tax expense in the consolidated statements of operations. Net Income (Loss) per Share Basic net income (loss) per share is computed by dividing net loss by the weighted average number of Class A and Class B common shares outstanding during the period. Diluted net income (loss) per share reflects the potential dilution that could occur if dilutive securities (such as stock options and convertible securities) were exercised or converted into common shares. For the periods presented, the Company had no dilutive securities outstanding. Comprehensive Income (Loss) Comprehensive income (loss) is defined as the increase (decrease) in equity of the Company during a period from transactions and other events and circumstances excluding transactions resulting from investments by owners and distributions to owners. Comprehensive income (loss) is reported in the consolidated statements of operations and comprehensive income (loss), including net income (loss) and foreign currency translation adjustments, presented net of tax. New Accounting Pronouncements In February 2016, the FASB issued Accounting Standards Update No. 2016-02 (ASU 2016-02) “Leases (Topic 842)”. ASU 2016-02 requires a lessee to recognize in the statement of financial position a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. We adopted ASU 2016-02 for interim and annual reporting periods beginning after December 15, 2018. For finance leases, a lessee is required to do the following: · Recognize a right-of-use asset and a lease liability, initially measured at the present value of the lease payments, in the balance sheet. · Recognize interest on the lease liability separately from amortization of the right-of-use asset in the statement of comprehensive income. · Classify repayments of the principal portion of the lease liability within financing activities and payments of interest on the lease liability and variable lease payments within operating activities in the statement of cash flows. For operating leases, a lessee is required to do the following: · Recognize a right-of-use asset and a lease liability, initially measured at the present value of the lease payments, in the balance sheet. · Recognize a single lease cost, calculated so that the cost of the lease is allocated over the lease term on a generally straight-line basis. · Classify all cash payments within operating activities in the statement of cash flows. Other than increasing assets and liabilities at the inception of the respective leases (See Note 8), ASU 2016-02 has not had a significant effect on the Company’s financial position or results of operations. The Company does not believe other recently issued but not yet effective accounting standards, if currently adopted, would have a material impact on its consolidated financial position, statements of operations or cash flows. |
GOING CONCERN
GOING CONCERN | 6 Months Ended |
Jun. 30, 2024 | |
GOING CONCERN | |
GOING CONCERN | NOTE 3 – GOING CONCERN The Company’s financial statements as of June 30, 2024 and December 31, 2023 have been prepared using generally accepted accounting principles in the United States of America applicable to a going concern, which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company has not yet established an ongoing source of revenues and cash flows sufficient to cover its operating costs and allow it to continue as a going concern. At June 30, 2024, the Company had cash of $7,700 and negative working capital of $3,191,054. For the six months ended June 30, 2024 and June 30, 2023, the Company had losses of $1,007,853 and $683,994, respectively. These factors among others raise substantial doubt about the ability of the Company to continue as a going concern for a reasonable period of time. In order to continue as a going concern, the Company will need, among other things, additional capital resources. Management’s plan is to obtain such resources for the Company by obtaining capital from management and significant shareholders sufficient to meet its operating expenses and seeking third party equity and/or debt financing. However, management cannot provide any assurances that the Company will be successful in accomplishing any of its plans. These financial statements do not include any adjustments related to the recoverability and classification of assets or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. |
INVENTORY
INVENTORY | 6 Months Ended |
Jun. 30, 2024 | |
INVENTORY | |
INVENTORY | NOTE 4 – INVENTORY Inventory consisted of the following: June 30, December 31, 2024 2023 (Unaudited) Nebulizers and components $ 4,092 $ 47,718 Oral liquid health products — 67,242 Beauty care products 82,760 97,988 Other — 1,627 Total Inventory $ 86,852 $ 214,575 |
DUE FROM RELATED PARTIES
DUE FROM RELATED PARTIES | 6 Months Ended |
Jun. 30, 2024 | |
DUE FROM RELATED PARTIES | |
DUE FROM RELATED PARTIES | NOTE 5 – DUE FROM RELATED PARTIES Due from related parties consisted of: June 30, December 31, 2024 2023 (Unaudited) Beijing Zhenhuikang Biotechnology Co., LTD (“Zhenhuikang”) (1) $ 278,688 $ 285,974 Total Due from Related Parties $ 278,688 $ 285,974 (1) Zhenhuikang is controlled by Beijing Zhenxigu Medical Research Center LP (“Zhenxigu”). Zhenxigu is controlled by Mr. Yulin Cao, a director and significant stockholder of Yubo Beijing. The due from related parties receivable is non-interest bearing and due on demand. |
PROPERTY AND EQUIPMENT
PROPERTY AND EQUIPMENT | 6 Months Ended |
Jun. 30, 2024 | |
PROPERTY AND EQUIPMENT | |
PROPERTY AND EQUIPMENT | NOTE 6 – PROPERTY AND EQUIPMENT Property and equipment, net, consisted of the following: June 3 0 , December 31, 2024 2023 (Unaudited) Leasehold improvements $ 270,396 $ 514,288 X-Ray equipment 19,079 — Air conditioning equipment 19,321 19,826 Office equipment 26,811 27,512 Total property and equipment 335,607 561,626 Less accumulated depreciation and amortization (42,361 ) (186,417 ) Property and equipment, net $ 293,246 $ 375,209 For the three months ended June 30, 2024 and 2023, depreciation and amortization of property and equipment was $41,408 and $15,512, respectively. For the six months ended June 30, 2024 and 2023, depreciation and amortization of property and equipment was $84,712 and $22,103, respectively. |
INTANGIBLE ASSETS
INTANGIBLE ASSETS | 6 Months Ended |
Jun. 30, 2024 | |
INTANGIBLE ASSETS | |
INTANGIBLE ASSETS | NOTE 7 – INTANGIBLE ASSETS Intangible assets, net, consisted of the following: June 30, December 31, 2024 2023 (Unaudited) Distribution software $ 34,070 $ 34,961 Experience center software 38,956 39,974 Patents acquired from related party 10,903 11,188 Wechat application 11,011 — Total intangible assets 94,940 86,123 Less: Accumulated amortization (37,451 ) (31,715 ) Intangible assets, net $ 57,489 $ 54,408 For the three months ended June 30, 2024 and 2024, amortization of intangible assets expense was $3,400 and $2,810, respectively. For the six months ended June, 2024 and 2024, amortization of intangible assets expense was $6,634 and $5,778, respectively. At June 30, 2024, the expected future amortization of intangible assets expense was: Year ending December 31, 2024 $ 13,160 Year ending December 31, 2025 16,913 Year ending December 31, 2026 13,302 Thereafter 14,114 Total $ 57,489 |
OPERATING LEASE RIGHT OF USE AS
OPERATING LEASE RIGHT OF USE ASSET AND OPERATING LEASE LIABILITY | 6 Months Ended |
Jun. 30, 2024 | |
OPERATING LEASE RIGHT OF USE ASSET AND OPERATING LEASE LIABILITY | |
OPERATING LEASE RIGHT OF USE ASSET AND OPERATING LEASE LIABILITY | NOTE 8 – OPERATING LEASE RIGHT OF USE ASSETS AND OPERATING LEASE LIABILITIES On August 1, 2019, Yubo Beijing executed a lease agreement with Jiu Si Cheng Investment Management (the “Landlord”) to rent approximately 746 square meters of office space in Beijing China. The lease provided for an initial term of 2 years and 4 months from August 2, 2019 to November 30, 2021 with a right to renew for an additional term of 2 years and 8 months from December 1, 2021 to July 31, 2024. In December 2021, the Company renewed the lease. The lease provided for monthly rent of RMB 166,845 ($22,965) through July 31, 2023 and RMB 176,833 ($24,340)) for the year ended July 31, 2024. As of June 30, 2024, Yubo Beijing was past due in the amount of RMB 2,650,538 ($364,832). This amount is included in accounts payable and accrued expenses in the accompanying consolidated balance sheet at June 30, 2024. Effective March 1, 2021, Yubo Global executed a lease agreement with Chengdu Liangkang Investment Co. to rent approximately 6,960 square meters of laboratory space in Chengdu China. The lease provided for a lease term of 5 years from March 1, 2021 to February 28, 2026. The lease provided for monthly rent of RMB 299,277 ($41,194) through February 28, 2024 and RMB 317,233 ($43,665) from March 1, 2024 to February 28, 2026. In the fourth quarter of 2022, the lease was terminated with an effective date of September 1, 2021. Also in the fourth quarter of 2022, effective September 1, 2021, Yubo Jingzhi executed a lease agreement with Sichuan Anyi Hengke Tech Co. to rent approximately 1,282 square meters of laboratory space in the same building in Chengdu China as that relating to the terminated lease discussed in the preceding paragraph. This lease provides for monthly rent of RMB 56,611 ($7,792) from September 1, 2021 to February 28, 2024 and monthly rent of RMB 58,449 ($8,045) from March 1, 2024 to February 28, 2026. On April 1, 2024, Yubo Shenzhen signed two leases with Shenzhen Material Group Limited · 712 square meter office space at Unit 605-09, 6th Floor, Material Holdings Landmark Building Shenzhen at a monthly rent of RMB 97,686 ($13,446). The lease began April 1, 2024 and ends on March 15, 2026 · 160 square meter office space at Shenzhen HALO Plaza Phase 3, 2nd Floor, 205 at a monthly rent of RMB 17,280 ($2,378). The lease began April 1, 2024 and ends on November 17, 2025. At June 30, 2024, the future undiscounted minimum lease payments under the four noncancellable capitalized operating leases are as follows: As of June 30, 2024 Year ending December 31, 2024 171,653 Year ending December 31, 2025 289,503 Year ending December 31, 2026 57.335 Total 518,491 The operating lease liabilities totaling $499,012 at June 30, 2024 as presented in the Consolidated Balance Sheet represents the discounted (at a 4.75% estimated incremental borrowing rate) value of the future lease payments of $518,491 at June 30, 2024. For the three months ended June 30, 2024 and June 30, 2023, occupancy expense attributable to leases was $109,289 and $52,777, respectively. For the six months ended June 30, 2024 and June 30, 2023, occupancy expense attributable to leases was $239,937 and $163,594, respectively. |
ADVANCES FROM PROSPECTIVE CUSTO
ADVANCES FROM PROSPECTIVE CUSTOMERS DISTRIBUTORS | 6 Months Ended |
Jun. 30, 2024 | |
ADVANCES FROM PROSPECTIVE CUSTOMERS DISTRIBUTORS | |
ADVANCES FROM PROSPECTIVE CUSTOMERS/DISTRIBUTORS | NOTE 9 – ADVANCES FROM PROSPECTIVE CUSTOMERS/DISTRIBUTORS Advances from prospective customers/distributors consists of: In RMB In USD Source of Advance June 30 , 2024 December 31, 2023 June 30 , 2024 December 31, 2023 (Unaudited) (Unaudited) Advancer 1 ¥ 1,544,748 ¥ 1,544,748 $ 212,627 $ 218,185 Advancer 2 550,000 550,000 75,704 77,684 Advancer 3 500,000 500,000 68,822 70,621 Advancer 4 348,000 348,000 47,900 49,153 Advancer 5 50,000 50,000 6,882 7,062 Advancer 6 50,000 50,000 6,882 7,062 Advancer 7 31,012 31,012 4,269 4,380 Advancer 8 31 31 4 4 ¥ 3,073,791 ¥ 3,073,791 $ 423,090 $ 434,151 The related verbal agreements between Yubo Beijing and the eight advancers provide for the eight advancers to purchase inventory from Yubo Beijing or enter into such other arrangements with Yubo Beijing as the parties mutually agree. Pending formal approval of any such arrangements, all of the eight remaining PRC advancers have the right to request the return of their advances. |
DUE TO RELATED PARTIES
DUE TO RELATED PARTIES | 6 Months Ended |
Jun. 30, 2024 | |
DUE TO RELATED PARTIES | |
DUE TO RELATED PARTIES | NOTE 10 – DUE TO RELATED PARTIES Due to related parties consisted of the following: June 30, December 31, 2024 2023 (Unaudited) Mr. Yang Wang (1) $ 436,622 $ 446,992 Mr. Jun Wang (2) 1,704,910 1,287,157 Ms. Huang Li (3) 53,681 55,127 Mr. Jin Wei (4) 30,000 30,000 Mr. Yanxi Wang 55,000 30,000 Ms. Xiuqin Xu 15,000 — Ms. Lina Fang 10,000 10,000 Total $ 2,305,213 $ 1,859,276 (1) Mr. Yang Wang controls 20.85% of the outstanding Class A common stock of Yubo New York and is a director of the Company and Yubo Beijing. (2) Mr. Jun Wang controls 33.34% of the outstanding Class A common stock of Yubo New York and is the CEO of the Company and Yubo Beijing. (3) Ms. Huang Li is a shareholder of Focus One Technology Group Limited (“Focus One”). Focus One owns 9.62% of the issued and outstanding Class A common stock of the Company. (4) Mr. Jin Wei controls 9.62% of the outstanding Class A commons stock of Yubo New York. The due to related parties payables are noninterest bearing and are due on demand. |
SHAREHOLDERS EQUITY
SHAREHOLDERS EQUITY | 6 Months Ended |
Jun. 30, 2024 | |
SHAREHOLDERS EQUITY | |
SHAREHOLDERS' EQUITY | NOTE 11 – SHAREHOLDERS’ EQUITY Yubo Biotech International Limited The Company has three types of stocks: Preferred stock – par value 0.01 per share, 5,000,000 shares authorized, none issued. Common Stock Class A – par value 0.001 per share, 1,000,000,000 shares authorized, 119,816,343 shares issued and outstanding at June 30, 2024 and December 31, 2023. Common Stock Class B – par value 0.001 per share, 3,750,000 shares authorized, 4,447 shares issued and outstanding at June 30, 2024 and December 31, 2023. On January 14, 2021, the Company issued 117,000,000 shares of Class A common stock in connection with the acquisition of Platinum, as follows: Name of Selling Shareholder Number of Exchange Shares Percentage of Exchange Shares FLYDRAGON INTERNATIONAL LIMITED (controlled by Mr. Jun Wang) 39,943,800 34.14 % CHINAONE TECHNOLOGY LIMITED (controlled by Mr. Yang Wang) 19,211,400 16.42 % BOAO BIOTECH LIMITED (controlled by Mr. Yulin Cao) 24,967,800 21.34 % FOCUS DRAW GROUP LIMITED (controlled by Ms. Lina Liu) 13,829,400 11.82 % FOCUSONE TECHNOLOGY GROUP LIMITED (controlled by Mr. Jin Wei) 11,524,500 9.85 % DRAGONCLOUD TECHNOLOGY LIMITED (Controlled by Mr. Yang Wang) 5,768,100 4.93 % CHEUNG HO SHUN 1,755,000 1.50 % TOTAL 117,000,000 100.00 % On September 2, 2022, the Company issued 1,638,458 shares of its Class A Common stock to World Precision Medicine Technology, Inc. (“World Precision”) in settlement of a $819,229 liability due to World Precision. Platinum International Biotech Co., LTD (Cayman Islands) (“Platinum”) Platinum has authorized 500,000,000 ordinary shares with a par value of $0.0001 per share with 10,152,284 shares issued and outstanding at June 30, 2024 and December 31, 2023. On April 7, 2020, Platinum issued a total of 10,000,000 ordinary shares to six entities as follows: Entity Shares 1. Flydragon International Limited (controlled by Mr. Jun Wang) 3,466,000 2. Chinaone Technology Limited (controlled by Mr. Yang Wang) 1,667,000 3. Boao Biotech Limited (controlled by Mr. Yulin Cao) 2,167,000 4. Dragoncloud Technology Limited (controlled by Mr. Yang Wang) 500,000 5. Focus Draw Group Limited (controlled by Ms. Lina Liu) 1,200,000 6. Focusone Technology Group Limited (controlled by Mr. Jin Wei) 1,000,000 Total 10,000,000 On September 11, 2020, Platinum sold 152,284 ordinary shares to Mr. Cheung Ho Shun for $750,000 cash. On January 21, 2021, Yubo New York acquired all 10,152,284 ordinary shares of Platinum outstanding. Yubo International Biotech (Chengdu) Limited (“Yubo Chengdu”) Yubo Chengdu has subscribed capital of $1,500,000 which has not yet been paid by its shareholder. The subscribed capital is due for payment on January 1, 2040. Yubo International Biotech (Beijing) Limited (“Yubo Beijing”) Yubo Beijing has subscribed capital of $1,376,444 (RMB 10,000,000), all of which was paid by its shareholders as of December 31, 2021. Restricted net assets The Company’s ability to pay dividends is primarily dependent on the Company receiving distributions of funds from its subsidiaries or its VIE. Relevant PRC statutory laws and regulations permit payments of dividends by Yubo Beijing, Yubo Chengdu, Yubo Jingzhi, Yubo Global, Yubo Phoenix, and Yubo Shenzhen ( collectively, the “PRC subsidiaries and VIE”) only out of their retained earnings, if any, as determined in accordance with PRC accounting standards and regulations and after it has met the PRC requirements for appropriation to statutory reserves. Paid in capital of the PRC subsidiaries and VIE included in the Company’s consolidated net assets are also non-distributable for dividend purposes. The results of operations reflected in the accompanying consolidated financial statements prepared in accordance with U.S. GAAP differ from those reflected in the statutory financial statements of the PRC subsidiaries and VIE. . The PRC subsidiaries and VIE are required to set aside at least 10% of their after-tax profits each year, if any, to fund certain statutory reserve funds until such reserve funds reach 50% of its registered capital. In addition, the PRC subsidiaries and VIE may allocate a portion of their after-tax profits based on PRC accounting standards to an enterprise expansion fund and a staff bonus and welfare fund at its discretion. The statutory reserve funds and the discretionary funds are not distributable as cash dividends. Since inception to June 30, 2024, the PRC subsidiaries and VIE have not generated any profit and had negative retained earnings as of June 30, 2024. As a result, these entities have not accrued statutory reserve funds. The ability of the Company’s PRC subsidiaries and its VIE to make dividends and other payments to the Company may also be restricted by changes in applicable foreign exchange and other laws and regulations. Foreign currency exchange regulation in China is primarily governed by the following rules: · Foreign Exchange Administration Rules (1996), as amended in August 2008, or the Exchange Rules; · Administration Rules of the Settlement, Sale and Payment of Foreign Exchange (1996), or the Administration Rules. Currently, under the Administration Rules, Renminbi is freely convertible for current account items, including the distribution of dividends, interest payments, trade and service related foreign exchange transactions, but not for capital account items, such as direct investments, loans, repatriation of investments and investments in securities outside of China, unless the prior approval of the State Administration of Foreign Exchange (the “SAFE”) is obtained and prior registration with the SAFE is made. Foreign-invested enterprises that need foreign exchange for the distribution of profits to its shareholders may affect payment from their foreign exchange accounts or purchase and pay foreign exchange rates at the designated foreign exchange banks to their foreign shareholders by producing board resolutions for such profit distribution. Based on their needs, foreign-invested enterprises are permitted to open foreign exchange settlement accounts for current account receipts and payments of foreign exchange along with specialized accounts for capital account receipts and payments of foreign exchange at certain designated foreign exchange banks. Although the current Exchange Rules allow the convertibility of Chinese Renminbi into foreign currency for current account items, conversion of Chinese Renminbi into foreign exchange for capital items, such as foreign direct investment, loans or securities, requires the approval of SAFE, which is under the authority of the People’s Bank of China. These approvals, however, do not guarantee the availability of foreign currency conversion. The Company cannot be sure that it will be able to obtain all required conversion approvals for its operations or that the Chinese regulatory authorities will not impose greater restrictions on the convertibility of Chinese Renminbi in the future. Currently, all of the Company’s revenues are generated in Renminbi. Any future restrictions on currency exchanges may limit the Company’s ability to use its retained earnings generated in Renminbi to make dividends or other payments in U.S. dollars or fund possible business activities outside China. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 6 Months Ended |
Jun. 30, 2024 | |
RELATED PARTY TRANSACTIONS | |
RELATED PARTY TRANSACTIONS | NOTE 12 – RELATED PARTY TRANSACTIONS On February 27, 2020, Yubo Beijing executed an Entrustment Technical Service Agreement with Beijing Zhenhuikang Biotechnology Co. LTD (“Zhenhuikang”), an entity controlled by Mr. Yulin Cao (who is a director of Platinum and Yubo Beijing). The Agreement provides for Zhenhuikang to, among other things, assist Yubo Beijing in the preparation of 300 sets of endometrial stem cell harvesting packages. As amended July 2, 2020, the Agreement provides for Yubo Beijing to pay Zhenhuikang at the rate of RMB 666 per set or RMB 199,800 total ($27,501 at the 7.2651 current exchange rate at June 30, 2024). As of June 30, 2024, preparation of the stem cell harvesting packages has not yet commenced, no payments to Zhenhuikang have been made, and no expense or liability has been recorded. On May 11, 2021, World Precision Medicine Technology Inc., a company owned and controlled by Cheung Ho Shun, a shareholder of Yubo International Biotech Limited, provided the Company $600,000 in a working capital loan. On November 24, 2021, April 14, 2022 and September 7, 2022, World Precision Medicine Technology, Inc. provided the Company additional loans of $70,000, $50,000, and $99,229, respectively. The four loans were due on demand and non-interest bearing. In September 2022, the $819,229 loans owed to World Precision Medicine Technology Inc. were settled by conversion into 1,638,458 shares of Class A common stock at $0.50 per share. See NOTE 11 – SHAREHOLDERS’ EQUITY above. |
INCOME TAX
INCOME TAX | 6 Months Ended |
Jun. 30, 2024 | |
INCOME TAX | |
INCOME TAX | NOTE 13 – INCOME TAX Cayman Islands Under the current laws of the Cayman Islands, Platinum is not subject to tax on income or capital gains. In addition, payments of dividends by Platinum to its shareholders are not subject to withholding tax in the Cayman Islands. Hong Kong Platinum HK was incorporated under the Hong Kong tax law where the statutory income tax rate is 16.5%. Platinum HK has had no taxable income or loss from May 4, 2020 (inception) to June 30, 2024. People’s Republic of China Yubo International Biotech (Beijing) Limited (“Yubo Beijing”), Yubo International Biotech (Chengdu) Limited (“Yubo Chengdu”), Yubo Jingzhi Biotechnology (Chengdu) Co. LTD. (“Yubo Jingzhi”), Yubo Global Biotechnology (Chengdu) Co. Ltd (“Yubo Global”), Phoenix Club Biomedical Technology, (Chengdu) Co., LTD (“Yubo Phoenix”), and EpiAis Biomedical Engineering (Shenzhen) Co., Ltd. (“Yubo Shenzhen”) were incorporated in the PRC and are subject to PRC Enterprise Income Tax (“EIT”) on their taxable income in accordance with the relevant PRC income tax laws. On March 16, 2007, the National People’s Congress enacted a new enterprise income tax law, which took effect on January 1, 2008. The law applies a uniform 25% enterprise income tax rate to both foreign invested enterprises and domestic enterprises. Yubo Chengdu has had no taxable income or loss from September 4, 2020 (inception) to June 30, 2024. Yubo Beijing has had net losses of $231,193 for the year ended December 31, 2019, $597,713 for the year ended December 31, 2020, $649,871 for the year ended December 31, 2021, $961,446 for the year ended December 31, 2022, $846,852 for the year ended December 31, 2023, and $598,846 for the six months ended June 30, 2024. Yubo Global had a net loss of $488,790 for the year ended December 31, 2021, net income of $23,257 for the year ended December 31, 2022, a net loss of $20,859 for the year ended December 31, 2023, and a net loss of $3,595 for the six months ended June 30, 2024 . Yubo Jingzhi had a net loss of $1,207 for the year ended December 31, 2021, a net loss of $145,763 for the year ended December 31, 2022, a net loss of $284,501 for the year ended December 31, 2023, and a net loss of $185,821 for the six months ended June 30, 2024. Yubo Phoenix had a net loss $71,009 for the six months ended June 30, 2024. Yubo Shenzhen had a net loss of $108,583 for the six months ended June 30, 2024. These losses can be carried forward for five years to reduce future years’ taxable income through year 2024 to year 2029. Based on management’s present assessment, the Company has not yet determined it to be more likely than not that future utilization of the net operating loss carryforwards will be realized. Accordingly, the Company has recorded a 100% valuation allowance against the deferred tax asset at June 30, 2024 and December 31, 2023. The components of deferred tax assets were as follows: June 30, 2024 December 31, 202 3 (Unaudited) (Unaudited) Net operating losses carry forward $ 1,293,198 $ 1,051,235 Valuation allowance (1,293,198 ) (1,051,235 ) Deferred tax assets, net $ — $ — The reconciliation of the provisions for (benefits from) income tax by applying the PRC tax rate to income (loss) before provisions for income tax and the actual provisions for income tax is as follows: For the six months ended June 30, 2024 For the six months ended June 30, 2023 (Unaudited) ( Income tax (benefit) at 25% $ (251,963 ) $ (170,999 )) Net loss of Platinum 10,000 12,474 Increase in valuation allowance 241,963 158,525 Provision for income taxes $ — $ — Accounting for Uncertainty in Income Taxes The tax authority of the PRC government conducts periodic and ad hoc tax filing reviews on business enterprises operating in the PRC after those enterprises complete their relevant tax filings. Therefore, the Company’s PRC entities’ tax filings results are subject to change and may lead to tax liabilities. ASC 740 requires recognition and measurement of uncertain income tax positions using a “more-likely-than-not” approach. The management evaluated the Company’s tax positions and concluded that no liability for uncertainty in income taxes was necessary as of June 30, 2024 and December 31, 2023. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 6 Months Ended |
Jun. 30, 2024 | |
COMMITMENTS AND CONTINGENCIES | |
COMMITMENTS AND CONTINGENCIES | NOTE 14 – COMMITMENTS AND CONTINGENCIES Credit risk Cash deposits with banks are held in financial institutions in the PRC, which are insured with deposit protection up to RMB 500,000 (approximately $68,822 at June 30, 2024). Accordingly, the Company has a concentration of credit risk from time to time relating to the uninsured part of bank deposits. The Company has not experienced any losses in such accounts and believes it is not exposed to significant credit risk. Risks of Variable Interest Entity Structure Although the structure the Company has adopted is consistent with longstanding industry practice, and is commonly adopted by comparable companies in China, the PRC government may not agree that these arrangements comply with PRC licensing, registration or other regulatory requirements, with existing policies or with requirements or policies that may be adopted in the future. There are uncertainties regarding the interpretation and application of PRC laws and regulations including those that govern the Company’s contractual arrangements, which could limit the Company’s ability to enforce these contractual arrangements. If the Company or its variable interest entity is found to be in violation of any existing or future PRC laws, rules or regulations, or fail to obtain or maintain any of the required permits or approvals, the relevant PRC regulatory authorities would have broad discretion to take action in dealing with such violations or failures, including levying fines, revoking business and other licenses of the Company’s variable interest entity, requiring the Company to discontinue or restrict its operations, restricting its right to collect revenue, requiring the Company to restructure its operations or taking other regulatory or enforcement actions against the Company. In addition, it is unclear what impact the PRC government actions would have on the Company and on its ability to consolidate the financial results of its variable interest entity in the consolidated financial statements, if the PRC government authorities were to find the Company’s legal structure and contractual arrangements to be in violation of PRC laws, rules and regulations. If the imposition of any of these government actions causes the Company to lose its right to direct the activities of Yubo Beijing or the right to receive their economic benefits, the Company would no longer be able to consolidate Yubo Beijing. |
MAJOR CUSTOMER
MAJOR CUSTOMER | 6 Months Ended |
Jun. 30, 2024 | |
MAJOR CUSTOMER | |
MAJOR CUSTOMERS | NOTE 15 – MAJOR CUSTOMERS Two customers accounted for 46.82% and 23.41%, respectively, of total sales for the six months ended June 30, 2023. |
CONDENSED CONSOLIDATING BALANCE
CONDENSED CONSOLIDATING BALANCE SHEET AND STATEMENT OF OPERATIONS | 6 Months Ended |
Jun. 30, 2024 | |
CONDENSED CONSOLIDATING BALANCE SHEET AND STATEMENT OF OPERATIONS | |
CONDENSED CONSOLIDATING BALANCE SHEET AND STATEMENT OF OPERATIONS | NOTE 16–CONDENSED CONSOLIDATING BALANCE SHEET AND STATEMENT OF OPERATIONS A condensed consolidating balance sheet of the Company as of June 30, 2024 follows: Yubo International Biotech Limited (Parent Platinum (Cayman Islands) and Yubo Yubo Chengdu Yubo Beijing (VIE) and Company) Platinum HK Global (WFOE) Subsidiaries Eliminations Consolidated ASSETS Total Current Assets $ — $ — $ 76,098 $ — $ 685,306 $ — $ 761,404 Investment in subsidiaries and variable interest entity (VIE) (2,421,078 ) 930,000 — — — 1,491,078 — Intercompany receivables — — 430,590 — 552,114 (982,704 ) — Other assets — — 21,232 — 945,946 — 967,178 Total Assets $ (2,421,078 ) $ 930,000 $ 527,920 $ — $ 2,183,366 $ 508,374 $ 1,728,582 LIABILITIES AND SHAREHOLDERS’ EQUITY Total current liabilities $ — $ 150,000 $ 76,772 $ — $ 3,725,686 $ — $ 3,952,458 Intercompany payables — — 43,358 — 945,217 (988,575 ) — Other liabilities — — — — 197,202 — 197,202 Total Liabilities — 150,000 120,130 — 4,868,105 (988,575 ) 4,149,660 Shareholders' Deficit: Capital stock and additional paid in capital — 1,569,229 823,897 — 1,644,850 (928,673 ) 3,109,303 Accumulated deficit (2,421,078 ) (789,229 ) (416,107 ) — (4,589,523 ) 2,425,622 (5,790,315 ) Accumulated other comprehensive income (loss) — — — — 157,531 — 157,531 Non-controlling interests — — — — 102,403 — 102,403 Total Deficit (2,421,078 ) 780,000 407,790 — (2,684,739 ) 1,496,949 (2,421,078 ) Total Liabilities and Shareholders' Equity $ (2,421,078 ) $ 930,000 $ 527,920 $ — $ 2,183,366 $ 508,374 $ 1,728,582 A condensed consolidating statement of operations of the Company for the six months ended June 30, 2024 follows: Yubo International Biotech Limited (Parent Platinum (Cayman Islands) and Yubo Chengdu Yubo Beijing (VIE) and Company) Platinum HK Yubo Global (WFOE) Subsidiaries) Eliminations Consolidated Sales of product and services $ — $ — $ — $ — $ 3,488 $ — $ 3,488 Cost of goods and services sold — — — — (827 ) — (827 ) Gross profit — — — — 2,661 — 2,661 Total operating expenses — 40,000 3,592 — 838,926 — 882,518 Loss from operations — (40,000 ) (3,592 ) — (836,265 ) — (879,857 ) Other income (expense) — — (3 ) — (127,993 ) — (127,996 ) Equity in net loss of subsidiaries and variable interest entity (VIE) (1,007,853 ) — — — — 1,007,853 — Net Loss $ (1,007,853 ) $ (40,000 ) $ (3,595 ) $ — $ (964,258 ) $ 1,007,853 $ (1,007,853 ) |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Jun. 30, 2024 | |
SUBSEQUENT EVENTS | |
SUBSEQUENT EVENTS | NOTE 17 – SUBSEQUENT EVENTS On July 1, 2024, Yubo Beijing executed an agreement with Jiu Si Cheng Management, landlord of our former office space lease in Beijing China (see Note 8). The agreement provided for Yubo Beijing to vacate the space no later than July 31, 2024 (which occurred) and for Yubo Beijing to pay the landlord past due rent of RMB 2,061,473 ($283,750) in two installments: RMB 500,000 ($68,822) before July 31, 2024 (which occurred) and RMB1,561,473 ($214,928) before August 31, 2024. On August 5, 2024, Yubo Beijing executed a lease agreement with Beijing Bohui Business Management Services Co. Ltd. for office space in Beijing China for a term of two years from August 26, 2024 to August 25, 2026. The lease provides for Yubo Beijing to pay landlord a security deposit of RMB 110,000 ($15,140) and to pay monthly rent of RMB 55,000 ($7,570). |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Jun. 30, 2024 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Basis of Presentation | The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). |
Principles of Consolidation | The consolidated financial statements include the accounts of the Company, its majority owned subsidiaries, and its consolidated VIE for which the Company is the primary beneficiary. All transactions and balances among the Company, its subsidiaries and consolidated VIE have been eliminated upon consolidation. The accompanying consolidated financial statements reflect the activities of the following entities: Name Background Ownership Yubo International Biotech Limited (“Yubo New York”) · · Platinum International Biotech Co. LTD (“Platinum”) · · · 100% owned by Yubo New York Platinum International Biotech (Hong Kong) Limited. (“Platinum HK”) · · · 100% owned by Platinum Yubo International Biotech (Chengdu) Limited (“Yubo Chengdu”) · · · · 100% owned by Platinum HK Yubo International Biotech (Beijing) Limited (“Yubo Beijing”) · · · · VIE of Yubo Chengdu WFOE Yubo Jingzhi Biotechnology (ChengDu) Co. Ltd. (“Yubo Jingzhi”) · 73% owned by Yubo Beijing Yubo Global Biotechnology (Chengdu) Co. Ltd (“Yubo Global”) · 100% owned by Platinum HK Phoenix Club Bio-Medical Technology (Chengdu) Co., LTD (“Yubo Phoenix”) · 100% owned by Yubo Beijing EpiAis Biomedical Engineering Co., Ltd. (“Yubo Shenzhen”) · 51% owned by Yubo Beijing On September 11, 2020, our wholly-owned subsidiary, Yubo Chengdu, entered into the following contractual arrangements with Yubo Beijing and the shareholders of Yubo Beijing (the “Yubo Shareholders”), as applicable, each of which is enforceable and valid in accordance with the laws of the PRC: Exclusive Consulting Services Agreement Pursuant to the Exclusive Consulting Services Agreement among Yubo Beijing, Yubo WFOE, and the Yubo Shareholders, Yubo WFOE agrees to provide, and Yubo Beijing agrees to accept, exclusive management services provided by Yubo WFOE. Such management services include but are not limited to financial management, business management, marketing management, human resource management and internal control of Yubo Beijing. The Exclusive Consulting Services Agreement will remain in effect until the acquisition of all assets or equity of Yubo Beijing by Yubo WFOE is complete (as more fully described in the Exclusive Purchase Option Agreement below). Exclusive Purchase Option Agreement Under the Exclusive Option Agreement among Yubo Beijing, Yubo WFOE, and the Yubo Shareholders, the Yubo Shareholders granted Yubo WFOE an irrevocable and exclusive purchase option to acquire Yubo Beijing’s equity and/or assets at a nominal consideration. Yubo WFOE may exercise the purchase option at any time. Equity Pledge Agreement Under the Equity Pledge Agreement among Yubo WFOE and the Yubo Shareholders, the Yubo Shareholders pledged all of their equity interests in Yubo Beijing, including the proceeds thereof, to guarantee all of Yubo WFOE’s rights and benefits under the Exclusive Consulting Services Agreement and the Exclusive Option Agreement. Prior to termination of this Equity Pledge Agreement, the pledged equity interests cannot be transferred without Yubo WFOE’s prior consent. The Yubo Shareholders covenants to Yubo WFOE that among other things, it will only appoint/elect the candidates for the directors of Yubo Beijing nominated by Yubo WFOE. |
Financial Statements of Yubo Beijing (VIE) | The consolidated assets and liabilities of Yubo Beijing (VIE) and its subsidiaries at June 30, 2024 and December 31, 2023 consist of: June 30, 2024 December 31, 2023 (Unaudited) Cash $ 4,005 $ 2,570 Receivables (net) 164,615 32,476 Prepaid Expenses 151,146 107,921 Inventory 86,852 214,575 Due from related parties 278,688 285,974 Property and equipment (net) 293,246 375,209 Intangible assets (net) 57,489 54,409 Operating lease right of use asset 499,012 391,913 Lease security deposit 96,199 98,777 Receivables from other consolidated entities (A) 552,114 391,764 Total assets 2,183,366 1,955,588 Accounts payable and accrued expenses 845,574 658,638 Advances from prospective customers/distributors 423,090 434,151 Due to related parties 2,155,212 1,749,277 Operating lease liabilities 499,012 391,913 Payables to other consolidated entities (A) 945,217 794,759 Total liabilities 4,868,105 4,028,738 Shareholders’ equity $ (2,684,739 ) $ (2,073,150 ) (A) Eliminated in consolidation. See Note 16 for a condensed consolidating balance sheet of the Company at June 30, 2024 and a condensed consolidating statement of operations of the Company for the six month ended June 30, 2024. |
Foreign Currency Translation | The accompanying consolidated financial statements are presented in United States dollars (“$”), which is the reporting currency of the Company. The functional currency of Platinum and Platinum HK is the United States dollar. The functional currency of the Company’s subsidiaries and VIE located in the PRC is the Renminbi (“RMB”). For the entities whose functional currencies are the RMB, results of operations and cash flows are translated at average exchange rates during the period ($1=7.1675 RMB for the six months ended June 30, 2024 and $1=7.0775 RMB for the six months ended June 30, 2023), assets and liabilities are translated at the current exchange rate at the end of the period ($1=7.2651 RMB at June 30, 2024 and $1=7.0800 RMB at December 31, 2023), and equity is translated at historical exchange rates. The resulting translation adjustments are included in determining other comprehensive income (loss). Transaction gains and losses, which were not significant for the periods presented, are reflected in the consolidated statements of operations. |
Use of Estimates | The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and judgments that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities on the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company bases its estimates and judgments on historical experience and on various other assumptions and information that are believed to be reasonable under the circumstances. Estimates and assumptions of future events and their effects cannot be perceived with certainty and, accordingly, these estimates may change as new events occur, as more experience is acquired, as additional information is obtained and as our operating environment changes. Significant estimates and assumptions by management include, among others, useful lives and impairment of long-lived assets, and income taxes including the valuation allowance for deferred tax assets. While the Company believes that the estimates and assumptions used in the preparation of the financial statements are appropriate, actual results could differ from those estimates. Estimates and assumptions are periodically reviewed and the effects of revisions are reflected in the financial statements in the period they are determined to be necessary. |
Cash and Cash Equivalents | Cash and cash equivalents include cash on hand, cash in bank accounts, cash in time deposits, certificates of deposit and all highly liquid instruments with original maturities of three months or less. |
Inventories | Inventories now mainly consisting of beauty care products, are stated at the lower of cost utilizing the weighted average method or net realizable value. Net realizable value is the estimated selling price in the ordinary course of business less the estimated selling costs. The valuation of inventory requires the Company to estimate excess and slow-moving inventories. The Company evaluates the recoverability of the inventory based on expected demand and market conditions. |
Property and Equipment | Property and equipment consist of leasehold improvements and office equipment. All property and equipment are stated at historical cost net of accumulated depreciation. Repairs and maintenance are expensed as incurred. Property and equipment are depreciated on a straight-line basis over the following periods: Leasehold improvements Remaining term of lease Air conditioning equipment 5 years Office equipment 3 years |
Intangible Assets | Intangible assets consist of distribution software and patents and are stated at historical cost less accumulated amortization. Amortization of intangible assets is calculated on a straight-line basis over the shorter of the contractual terms or the expected useful lives of the respective assets. The amortization period by major asset classes is as follows: Distribution software 5 years Patents 20 years |
Impairment of Long-Lived Assets | The Company’s long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. Recoverability of an asset to be held and used is measured by a comparison of the carrying amount of the asset to the future undiscounted cash flows expected to be generated by the asset. If such asset is considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the asset exceeds its fair value. Impairment evaluations involve management’s estimates on asset useful lives and future cash flows. Actual useful lives and cash flows could be different from those estimated by management which could have a material effect on our reporting results and financial position. Fair value is determined through various valuation techniques including discounted cash flow models, quoted market values and third-party independent appraisals, as considered necessary. |
Fair Value of Financial Instruments | The Company adopted ASC 820 “Fair Value Measurements,” which defines fair value, establishes a three-level valuation hierarchy for disclosures of fair value measurement and enhances disclosure requirements for fair value measures. The three levels are defined as follows: Level 1 — inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2 — inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the assets or liabilities, either directly or indirectly, for substantially the full term of the financial instruments. Level 3 — inputs to the valuation methodology are unobservable and significant to the fair value. Financial instruments include cash, receivables, due from related parties, accounts payable and accrued expenses, advances from prospective customers/distributors and due to related parties. The carrying values of these financial instruments approximate their fair values due to the short-term maturities of these instruments. For the periods presented, there were no financial assets or liabilities measured at fair value. |
Leases | We determine if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) assets, operating lease liabilities - current, and operating lease liabilities - noncurrent on the balance sheets. The initial lease liability is equal to the future fixed minimum lease payments discounted using the Company’s incremental borrowing rate, on a secured basis. The initial measurement of the right-of-use asset is equal to the initial lease liability plus any initial direct costs. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. |
Revenue Recognition | The Company derives its revenue from (1) the sale of health management and health maintenance service agreements (commencing in the quarterly period ended September 30, 2023 and (2) the sale of health and personal care products. The Company adopted ASC 606 requires the use of a five-step model to recognize revenue from contracts with customers. The five-step model requires entities to exercise judgment when considering the terms of contracts, which includes (1) identifying the contracts or agreements with a customer, (2) identifying our contract with performance obligations in the contract or agreement, (3) determining the transaction price, (4) allocating the transaction price to the separate performance obligations, and (5) recognizing revenue as each performance obligation is satisfied. |
Allowance for Doubtful Accounts | Trade accounts receivable arise from the sale of products and services on trade credit terms. On a quarterly basis, we review all significant accounts as to their past due balances, as well as collectability of the outstanding trade account receivables for possible write off. It is our policy to write off the account receivable against the allowance account when we deem the receivable to be uncollectible. Additionally, we review orders from dealers that are significantly past due, and we ship product only when our ability to collect payment from our customer for the new order is probable. Our allowance for doubtful accounts reflects our best estimate for losses inherent in the trade accounts receivable balance. We determine the allowance based on known troubled accounts, weighting probabilities of future conditions and expected outcomes, and other currently available evidence. |
Advertising Costs | Advertising costs are expensed as incurred. |
Income Taxes | The Company follows the liability method in accounting for income taxes in accordance with ASC topic 740 (“ASC 740”), Income Taxes. The Company applies the provisions of ASC 740 to account for uncertainty in income taxes. ASC 740 clarifies the accounting for uncertainty in income taxes by prescribing the recognition threshold a tax position is required to meet before being recognized in the consolidated financial statements. The Company will classify interest and penalties related to unrecognized tax benefits, if and when required, as part of income tax expense in the consolidated statements of operations. |
Net Income (Loss) per Share | Basic net income (loss) per share is computed by dividing net loss by the weighted average number of Class A and Class B common shares outstanding during the period. Diluted net income (loss) per share reflects the potential dilution that could occur if dilutive securities (such as stock options and convertible securities) were exercised or converted into common shares. For the periods presented, the Company had no dilutive securities outstanding. |
Comprehensive Income (Loss) | Comprehensive income (loss) is defined as the increase (decrease) in equity of the Company during a period from transactions and other events and circumstances excluding transactions resulting from investments by owners and distributions to owners. Comprehensive income (loss) is reported in the consolidated statements of operations and comprehensive income (loss), including net income (loss) and foreign currency translation adjustments, presented net of tax. |
New Accounting Pronouncements | In February 2016, the FASB issued Accounting Standards Update No. 2016-02 (ASU 2016-02) “Leases (Topic 842)”. ASU 2016-02 requires a lessee to recognize in the statement of financial position a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. We adopted ASU 2016-02 for interim and annual reporting periods beginning after December 15, 2018. For finance leases, a lessee is required to do the following: · Recognize a right-of-use asset and a lease liability, initially measured at the present value of the lease payments, in the balance sheet. · Recognize interest on the lease liability separately from amortization of the right-of-use asset in the statement of comprehensive income. · Classify repayments of the principal portion of the lease liability within financing activities and payments of interest on the lease liability and variable lease payments within operating activities in the statement of cash flows. For operating leases, a lessee is required to do the following: · Recognize a right-of-use asset and a lease liability, initially measured at the present value of the lease payments, in the balance sheet. · Recognize a single lease cost, calculated so that the cost of the lease is allocated over the lease term on a generally straight-line basis. · Classify all cash payments within operating activities in the statement of cash flows. Other than increasing assets and liabilities at the inception of the respective leases (See Note 8), ASU 2016-02 has not had a significant effect on the Company’s financial position or results of operations. The Company does not believe other recently issued but not yet effective accounting standards, if currently adopted, would have a material impact on its consolidated financial position, statements of operations or cash flows. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Schedule of consolidated financial statements reflect the activities | Name Background Ownership Yubo International Biotech Limited (“Yubo New York”) · · Platinum International Biotech Co. LTD (“Platinum”) · · · 100% owned by Yubo New York Platinum International Biotech (Hong Kong) Limited. (“Platinum HK”) · · · 100% owned by Platinum Yubo International Biotech (Chengdu) Limited (“Yubo Chengdu”) · · · · 100% owned by Platinum HK Yubo International Biotech (Beijing) Limited (“Yubo Beijing”) · · · · VIE of Yubo Chengdu WFOE Yubo Jingzhi Biotechnology (ChengDu) Co. Ltd. (“Yubo Jingzhi”) · 73% owned by Yubo Beijing Yubo Global Biotechnology (Chengdu) Co. Ltd (“Yubo Global”) · 100% owned by Platinum HK Phoenix Club Bio-Medical Technology (Chengdu) Co., LTD (“Yubo Phoenix”) · 100% owned by Yubo Beijing EpiAis Biomedical Engineering Co., Ltd. (“Yubo Shenzhen”) · 51% owned by Yubo Beijing |
Schedule of assets and liabilities of Yubo Beijing (VIE) | June 30, 2024 December 31, 2023 (Unaudited) Cash $ 4,005 $ 2,570 Receivables (net) 164,615 32,476 Prepaid Expenses 151,146 107,921 Inventory 86,852 214,575 Due from related parties 278,688 285,974 Property and equipment (net) 293,246 375,209 Intangible assets (net) 57,489 54,409 Operating lease right of use asset 499,012 391,913 Lease security deposit 96,199 98,777 Receivables from other consolidated entities (A) 552,114 391,764 Total assets 2,183,366 1,955,588 Accounts payable and accrued expenses 845,574 658,638 Advances from prospective customers/distributors 423,090 434,151 Due to related parties 2,155,212 1,749,277 Operating lease liabilities 499,012 391,913 Payables to other consolidated entities (A) 945,217 794,759 Total liabilities 4,868,105 4,028,738 Shareholders’ equity $ (2,684,739 ) $ (2,073,150 ) |
Schedule of Property and Equipment | Leasehold improvements Remaining term of lease Air conditioning equipment 5 years Office equipment 3 years |
Schedule of amortization period of intangible assets | Distribution software 5 years Patents 20 years |
INVENTORY (Tables)
INVENTORY (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
INVENTORY | |
Schedule of inventory | June 30, December 31, 2024 2023 (Unaudited) Nebulizers and components $ 4,092 $ 47,718 Oral liquid health products — 67,242 Beauty care products 82,760 97,988 Other — 1,627 Total Inventory $ 86,852 $ 214,575 |
DUE FROM RELATED PARTIES (Table
DUE FROM RELATED PARTIES (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
DUE FROM RELATED PARTIES | |
Schedule of Due from related parties | June 30, December 31, 2024 2023 (Unaudited) Beijing Zhenhuikang Biotechnology Co., LTD (“Zhenhuikang”) (1) $ 278,688 $ 285,974 Total Due from Related Parties $ 278,688 $ 285,974 |
PROPERTY AND EQUIPMENT (Tables)
PROPERTY AND EQUIPMENT (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
PROPERTY AND EQUIPMENT | |
Schedule of Property and equipment | June 3 0 , December 31, 2024 2023 (Unaudited) Leasehold improvements $ 270,396 $ 514,288 X-Ray equipment 19,079 — Air conditioning equipment 19,321 19,826 Office equipment 26,811 27,512 Total property and equipment 335,607 561,626 Less accumulated depreciation and amortization (42,361 ) (186,417 ) Property and equipment, net $ 293,246 $ 375,209 |
INTANGIBLE ASSETS (Tables)
INTANGIBLE ASSETS (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
INTANGIBLE ASSETS | |
Schedule of Intangible assets | June 30, December 31, 2024 2023 (Unaudited) Distribution software $ 34,070 $ 34,961 Experience center software 38,956 39,974 Patents acquired from related party 10,903 11,188 Wechat application 11,011 — Total intangible assets 94,940 86,123 Less: Accumulated amortization (37,451 ) (31,715 ) Intangible assets, net $ 57,489 $ 54,408 |
Schedule of amortization of intangible assets expense | Year ending December 31, 2024 $ 13,160 Year ending December 31, 2025 16,913 Year ending December 31, 2026 13,302 Thereafter 14,114 Total $ 57,489 |
OPERATING LEASE RIGHT OF USE _2
OPERATING LEASE RIGHT OF USE ASSET AND OPERATING LEASE LIABILITY (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
OPERATING LEASE RIGHT OF USE ASSET AND OPERATING LEASE LIABILITY | |
Schedule of Minimum lease payments | As of June 30, 2024 Year ending December 31, 2024 171,653 Year ending December 31, 2025 289,503 Year ending December 31, 2026 57.335 Total 518,491 |
ADVANCE FROM PROSPECTIVE CUSTOM
ADVANCE FROM PROSPECTIVE CUSTOMERDISTRIBUTER TABLE (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
ADVANCES FROM PROSPECTIVE CUSTOMERS DISTRIBUTORS | |
Schedule of Advances from Prospective Customers/Distributors | In RMB In USD Source of Advance June 30 , 2024 December 31, 2023 June 30 , 2024 December 31, 2023 (Unaudited) (Unaudited) Advancer 1 ¥ 1,544,748 ¥ 1,544,748 $ 212,627 $ 218,185 Advancer 2 550,000 550,000 75,704 77,684 Advancer 3 500,000 500,000 68,822 70,621 Advancer 4 348,000 348,000 47,900 49,153 Advancer 5 50,000 50,000 6,882 7,062 Advancer 6 50,000 50,000 6,882 7,062 Advancer 7 31,012 31,012 4,269 4,380 Advancer 8 31 31 4 4 ¥ 3,073,791 ¥ 3,073,791 $ 423,090 $ 434,151 |
DUE TO RELATED PARTIES (Tables)
DUE TO RELATED PARTIES (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
DUE TO RELATED PARTIES | |
Schedule of Due to related parties | June 30, December 31, 2024 2023 (Unaudited) Mr. Yang Wang (1) $ 436,622 $ 446,992 Mr. Jun Wang (2) 1,704,910 1,287,157 Ms. Huang Li (3) 53,681 55,127 Mr. Jin Wei (4) 30,000 30,000 Mr. Yanxi Wang 55,000 30,000 Ms. Xiuqin Xu 15,000 — Ms. Lina Fang 10,000 10,000 Total $ 2,305,213 $ 1,859,276 |
SHAREHOLDERS EQUITY (Tables)
SHAREHOLDERS EQUITY (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
SHAREHOLDERS EQUITY | |
Schedule of acquisition of Platinum | Name of Selling Shareholder Number of Exchange Shares Percentage of Exchange Shares FLYDRAGON INTERNATIONAL LIMITED (controlled by Mr. Jun Wang) 39,943,800 34.14 % CHINAONE TECHNOLOGY LIMITED (controlled by Mr. Yang Wang) 19,211,400 16.42 % BOAO BIOTECH LIMITED (controlled by Mr. Yulin Cao) 24,967,800 21.34 % FOCUS DRAW GROUP LIMITED (controlled by Ms. Lina Liu) 13,829,400 11.82 % FOCUSONE TECHNOLOGY GROUP LIMITED (controlled by Mr. Jin Wei) 11,524,500 9.85 % DRAGONCLOUD TECHNOLOGY LIMITED (Controlled by Mr. Yang Wang) 5,768,100 4.93 % CHEUNG HO SHUN 1,755,000 1.50 % TOTAL 117,000,000 100.00 % |
Schedule of ordinary shares | Entity Shares 1. Flydragon International Limited (controlled by Mr. Jun Wang) 3,466,000 2. Chinaone Technology Limited (controlled by Mr. Yang Wang) 1,667,000 3. Boao Biotech Limited (controlled by Mr. Yulin Cao) 2,167,000 4. Dragoncloud Technology Limited (controlled by Mr. Yang Wang) 500,000 5. Focus Draw Group Limited (controlled by Ms. Lina Liu) 1,200,000 6. Focusone Technology Group Limited (controlled by Mr. Jin Wei) 1,000,000 Total 10,000,000 |
INCOME TAX (Tables)
INCOME TAX (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
INCOME TAX | |
Schedule of deferred tax assets | June 30, 2024 December 31, 202 3 (Unaudited) (Unaudited) Net operating losses carry forward $ 1,293,198 $ 1,051,235 Valuation allowance (1,293,198 ) (1,051,235 ) Deferred tax assets, net $ — $ — |
Schedule of Provisions for (benefit from) income tax | For the six months ended June 30, 2024 For the six months ended June 30, 2023 (Unaudited) ( Income tax (benefit) at 25% $ (251,963 ) $ (170,999 )) Net loss of Platinum 10,000 12,474 Increase in valuation allowance 241,963 158,525 Provision for income taxes $ — $ — |
CONDENSED CONSOLIDATING BALAN_2
CONDENSED CONSOLIDATING BALANCE SHEET AND STATEMENT OF OPERATIONS (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
CONDENSED CONSOLIDATING BALANCE SHEET AND STATEMENT OF OPERATIONS | |
Schedule of condensed consolidating balance sheet | Yubo International Biotech Limited (Parent Platinum (Cayman Islands) and Yubo Yubo Chengdu Yubo Beijing (VIE) and Company) Platinum HK Global (WFOE) Subsidiaries Eliminations Consolidated ASSETS Total Current Assets $ — $ — $ 76,098 $ — $ 685,306 $ — $ 761,404 Investment in subsidiaries and variable interest entity (VIE) (2,421,078 ) 930,000 — — — 1,491,078 — Intercompany receivables — — 430,590 — 552,114 (982,704 ) — Other assets — — 21,232 — 945,946 — 967,178 Total Assets $ (2,421,078 ) $ 930,000 $ 527,920 $ — $ 2,183,366 $ 508,374 $ 1,728,582 LIABILITIES AND SHAREHOLDERS’ EQUITY Total current liabilities $ — $ 150,000 $ 76,772 $ — $ 3,725,686 $ — $ 3,952,458 Intercompany payables — — 43,358 — 945,217 (988,575 ) — Other liabilities — — — — 197,202 — 197,202 Total Liabilities — 150,000 120,130 — 4,868,105 (988,575 ) 4,149,660 Shareholders' Deficit: Capital stock and additional paid in capital — 1,569,229 823,897 — 1,644,850 (928,673 ) 3,109,303 Accumulated deficit (2,421,078 ) (789,229 ) (416,107 ) — (4,589,523 ) 2,425,622 (5,790,315 ) Accumulated other comprehensive income (loss) — — — — 157,531 — 157,531 Non-controlling interests — — — — 102,403 — 102,403 Total Deficit (2,421,078 ) 780,000 407,790 — (2,684,739 ) 1,496,949 (2,421,078 ) Total Liabilities and Shareholders' Equity $ (2,421,078 ) $ 930,000 $ 527,920 $ — $ 2,183,366 $ 508,374 $ 1,728,582 |
Schedule of condensed consolidating statement of operations | Yubo International Biotech Limited (Parent Platinum (Cayman Islands) and Yubo Chengdu Yubo Beijing (VIE) and Company) Platinum HK Yubo Global (WFOE) Subsidiaries) Eliminations Consolidated Sales of product and services $ — $ — $ — $ — $ 3,488 $ — $ 3,488 Cost of goods and services sold — — — — (827 ) — (827 ) Gross profit — — — — 2,661 — 2,661 Total operating expenses — 40,000 3,592 — 838,926 — 882,518 Loss from operations — (40,000 ) (3,592 ) — (836,265 ) — (879,857 ) Other income (expense) — — (3 ) — (127,993 ) — (127,996 ) Equity in net loss of subsidiaries and variable interest entity (VIE) (1,007,853 ) — — — — 1,007,853 — Net Loss $ (1,007,853 ) $ (40,000 ) $ (3,595 ) $ — $ (964,258 ) $ 1,007,853 $ (1,007,853 ) |
ORGANIZATION (Details Narrative
ORGANIZATION (Details Narrative) - shares | 1 Months Ended | ||||
Jan. 14, 2021 | Feb. 27, 2024 | Jan. 27, 2024 | Jun. 30, 2024 | Dec. 31, 2023 | |
EpiAis Biomedical Engineering (Shenzhen) Co., Ltd [Member] | |||||
Ownership percentage | 51% | ||||
Yubo Jinghzi [Member] | |||||
Ownership percentage | 73% | ||||
Capital sold | 27% | ||||
Liu Lina [Member] | |||||
Cancellation of shares held by related party | 116,697,438 | ||||
Exchange Agreement [Member] | Maximum [Member] | |||||
Ownership percentage | 99% | ||||
Common stock Class B | |||||
Common stock shares issued | 4,447 | 4,447 | |||
Common stock shares outstanding | 4,447 | 4,447 | |||
Common Class A [Member] | Lina Liu [Member] | |||||
Common stock shares issued | 118,177,885 | ||||
Common stock shares outstanding | 118,177,885 | ||||
Common Stock Class A [Member] | Exchange Agreement [Member] | |||||
Common stock shares issued | 117,000,000 | ||||
Common Stock Class B [Member] | Lina Liu [Member] | |||||
Common stock shares issued | 4,447 | ||||
Common stock shares outstanding | 4,447 | ||||
Platinum and Yubo Beijing [Member] | Common stock Class B | |||||
Common stock shares issued | 4,447 | ||||
Common stock shares outstanding | 4,447 | ||||
Platinum and Yubo Beijing [Member] | Common Class A [Member] | |||||
Common stock shares issued | 117,875,323 | ||||
Common stock shares outstanding | 117,875,323 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details ) | 6 Months Ended |
Jun. 30, 2024 USD ($) | |
YuboGlobal | |
Name of company | A PRC |
Ownership percentage | 100% |
Date of incorporation | December 20, 2020 |
Yubo International Biotech (Beijing) Limited [Member] | |
Name of company | A PRC limited liability company |
Date of incorporation | June 14, 2016 |
Subscribed capital | $ 1,454,038 |
Voting interest equity | VIE of Yubo Chengdu WFOE |
Platinum International Biotech Co. LTD [Member] | |
Name of company | A Cayman Island company |
Ownership percentage | 100% |
Date of incorporation | April 7, 2020 |
Platinum HK [Member] | |
Name of company | A Hong Kong company |
Ownership percentage | 100% |
Date of incorporation | May 4, 2020 |
Yubo International Biotech (Chengdu) Limited [Member] | |
Name of company | A PRC company and deemed a wholly foreign owned enterprise |
Ownership percentage | 100% |
Date of incorporation | September 4, 2020 |
Subscribed capital | $ 1,500,000 |
Yubo Jingzhi [Member] | |
Name of company | A PRC company |
Ownership percentage | 73% |
Date of incorporation | January 21, 2021 |
Phoenix Club Bio-Medical Technology [Member] | |
Name of company | A PRC |
Ownership percentage | 100% |
Date of incorporation | April 12, 2021 |
EpiAis Biomedical Engineering Co., Ltd. [Member] | |
Name of company | A PRC company |
Ownership percentage | 51% |
Date of incorporation | January 26, 2024 |
Yubo International Biotechs Limited [Member] | |
Name of company | A holding company |
City of incorporation | New York |
SUMMARY OF SIGNIFICANT ACCOUN_5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 1) - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 |
Receivables (net) | $ 210,592 | $ 79,654 |
Prepaid Expenses | 177,572 | 138,673 |
Inventory | 86,852 | 214,575 |
Due from related parties | 278,688 | 285,974 |
Intangible assets (net) | 57,489 | 54,408 |
Operating lease right of use assets | 499,012 | 391,913 |
Accounts payable and accrued expense | 922,345 | 825,631 |
Operating lease liabilities | 301,810 | 276,386 |
Total Liabilities | 4,149,660 | 3,510,972 |
Shareholders' equity | (2,523,481) | (1,843,703) |
Yubo Beijing [Member] | ||
Cash | 4,005 | 2,570 |
Receivables (net) | 164,615 | 32,476 |
Prepaid Expenses | 151,146 | 107,921 |
Inventory | 86,852 | 214,575 |
Due from related parties | 278,688 | 285,974 |
Property and equipment (net) | 293,246 | 375,209 |
Intangible assets (net) | 57,489 | 54,409 |
Operating lease right of use assets | 499,012 | 391,913 |
Lease security deposits | 96,199 | 98,777 |
Receivables from other consolidating entities (A) | 552,114 | 391,764 |
Total assets | 2,183,366 | 1,955,588 |
Accounts payable and accrued expense | 845,574 | 658,638 |
Advances from prospective customers/distributors | 423,090 | 434,151 |
Due to related parties | 2,155,212 | 1,749,277 |
Operating lease liabilities | 499,012 | 391,913 |
Payables to other consolidating entities (A) | 945,217 | 794,759 |
Total Liabilities | 4,868,105 | 4,028,738 |
Shareholders' equity | $ (2,684,739) | $ (2,073,150) |
SUMMARY OF SIGNIFICANT ACCOUN_6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 2) | 6 Months Ended |
Jun. 30, 2024 | |
Air conditioning equipment [Member] | |
Leasehold improvements, remaining term of lease | 5 years |
Office Equipment [Member] | |
Leasehold improvements, remaining term of lease | 3 years |
SUMMARY OF SIGNIFICANT ACCOUN_7
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 3) | 6 Months Ended |
Jun. 30, 2024 | |
Distribution software [Member] | |
Intangible assets, amortization period | 5 years |
Patents [Member] | |
Intangible assets, amortization period | 20 years |
SUMMARY OF SIGNIFICANT ACCOUN_8
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |||
Assets and liabilities currency translation | 1=7.2651 | 1=7.0800 | |
Currency translation description | 1=7.1675 | 1=7.0775 |
GOING CONCERN (Details Narrativ
GOING CONCERN (Details Narrative) - 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 | |
GOING CONCERN | ||||||
Net loss | $ (598,348) | $ (409,505) | $ (367,327) | $ (316,667) | $ (1,007,853) | $ (683,994) |
Cash | 7,700 | 7,700 | ||||
Working capital | $ (3,191,054) | $ (3,191,054) |
INVENTORY (Details)
INVENTORY (Details) - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 |
Total Inventory | $ 86,852 | $ 214,575 |
Nebulizers and components [Member] | ||
Total Inventory | 4,092 | 47,718 |
Oral liquid and health products [Member] | ||
Total Inventory | 0 | 67,242 |
Beauty care products [Member] | ||
Total Inventory | 82,760 | 97,988 |
Other [Member] | ||
Total Inventory | $ 0 | $ 1,627 |
DUE FROM RELATED PARTIES (Detai
DUE FROM RELATED PARTIES (Details) - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 |
Due from related parties | $ 278,688 | $ 285,974 |
Beijing Zhenhuikang Biotechnology Co., LTD [Member] | ||
Due from related parties | $ 278,688 | $ 285,974 |
PROPERTY AND EQUIPMENT (Details
PROPERTY AND EQUIPMENT (Details) - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 |
PROPERTY AND EQUIPMENT | ||
Leasehold improvements | $ 270,396 | $ 514,288 |
X-Ray equipment | 19,079 | 0 |
Air conditioning equipment | 19,321 | 19,826 |
Office equipment | 26,811 | 27,512 |
Total property and equipment | 335,607 | 561,626 |
Less accumulated depreciation and amortization | (42,361) | (186,417) |
Property and equipment, net | $ 293,246 | $ 375,209 |
PROPERTY AND EQUIPMENT (Detai_2
PROPERTY AND EQUIPMENT (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
PROPERTY AND EQUIPMENT | ||||
Depreciation and amortization of property and equipment | $ 41,408 | $ 15,512 | $ 84,712 | $ 22,103 |
INTANGIBLE ASSETS (Details)
INTANGIBLE ASSETS (Details) - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 |
INTANGIBLE ASSETS | ||
Distribution software | $ 34,070 | $ 34,961 |
Experience centre software | 38,956 | 39,974 |
Patents acquired from related party | 10,903 | 11,188 |
Wechat application | 11,011 | 0 |
Total intangible assets | 94,940 | 86,123 |
Less: Accumulated amortization | (37,451) | (31,715) |
Intangible assets, net | $ 57,489 | $ 54,408 |
INTANGIBLE ASSETS (Details 1)
INTANGIBLE ASSETS (Details 1) - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 |
INTANGIBLE ASSETS | ||
Year ending December 31, 2024 | $ 13,160 | |
Year ending December 31, 2025 | 16,913 | |
Year ending December 31, 2026 | 13,302 | |
Thereafter | 14,114 | |
Intangible assets, net | $ 57,489 | $ 54,408 |
INTANGIBLE ASSETS (Details Narr
INTANGIBLE ASSETS (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
INTANGIBLE ASSETS | ||||
Amortization of intangible assets | $ 3,400 | $ 2,810 | $ 6,634 | $ 5,778 |
OPERATING LEASE RIGHT OF USE _3
OPERATING LEASE RIGHT OF USE ASSET AND OPERATING LEASE LIABILITY (Details) | Jun. 30, 2024 USD ($) |
OPERATING LEASE RIGHT OF USE ASSET AND OPERATING LEASE LIABILITY | |
2024 | $ 171,653 |
2025 | 289,503 |
2026 | 57,335 |
Total lease payments | $ 518,491 |
OPERATING LEASE RIGHT OF USE _4
OPERATING LEASE RIGHT OF USE ASSET AND OPERATING LEASE LIABILITY (Details Narrative) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 USD ($) ft² | Jun. 30, 2023 USD ($) | Jun. 30, 2024 USD ($) ft² | Jun. 30, 2023 USD ($) | |
Operating lease liabilities | $ | $ 499,012 | $ 499,012 | ||
Borrowing rate | 4.75% | |||
Occupancy expense | $ | 109,289 | $ 52,777 | $ 239,937 | $ 163,594 |
Value of the future lease payments | $ | $ 518,491 | $ 518,491 | ||
September 1, 2021 [Member] | Sichuan Anyi Hengke Tech Co. [Member] | ||||
Lease agreement, description | This lease provides for monthly rent of RMB 56,611 ($7,792) from September 1, 2021 to February 28, 2024 and monthly rent of RMB 58,449 ($8,045) from March 1, 2024 to February 28, 2026 | |||
Area of land | ft² | 1,282 | 1,282 | ||
April 1, 2024 [Member] | Shenzhen Material Group Limited [Member] | ||||
Lease agreement, description | 712 square meter office space at Unit 605-09, 6th Floor, Material Holdings Landmark Building Shenzhen at a monthly rent of RMB 97,686 ($13,446). The lease began April 1, 2024 and ends on March 15, 2026 | |||
April 1, 2024 [Member] | Shenzhen Material Group Limited One [Member] | ||||
Lease agreement, description | 160 square meter office space at Shenzhen HALO Plaza Phase 3, 2nd Floor, 205 at a monthly rent of RMB 17,280 ($2,378). The lease began April 1, 2024 and ends on November 17, 2025. | |||
March 1 2021 [Member] | Chengdu Liangkang Investment [Member] | ||||
Lease term | 5 years | |||
Lease agreement, description | The lease provided for monthly rent of RMB 299,277 ($41,194) through February 28, 2024 and RMB 317,233 ($43,665) from March 1, 2024 to February 28, 2026. In the fourth quarter of 2022, the lease was terminated with an effective date of September 1, 2021 | |||
Area of land | ft² | 6,960 | 6,960 | ||
August 1, 2019 [Member] | Jiu Si Cheng Investment Management [Member] | ||||
Lease agreement, description | The lease provided for an initial term of 2 years and 4 months from August 2, 2019 to November 30, 2021 with a right to renew for an additional term of 2 years and 8 months from December 1, 2021 to July 31, 2024. In December 2021, the Company renewed the lease. The lease provided for monthly rent of RMB 166,845 ($22,965) through July 31, 2023 and RMB 176,833 ($24,340)) for the year ended July 31, 2024. As of June 30, 2024, Yubo Beijing was past due in the amount of RMB 2,650,538 ($364,832). | |||
Area of land | ft² | 746 | 746 |
ADVANCES FROM PROSPECTIVE CUS_2
ADVANCES FROM PROSPECTIVE CUSTOMERSDISTRIBUTORS (Details) - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 |
Advances from prospective customers | $ 423,090 | $ 434,151 |
PRC Entities One [Member] | ||
Advances from prospective customers | 212,627 | 218,185 |
PRC Entities Two [Member] | ||
Advances from prospective customers | 75,704 | 77,684 |
PRC Entities Three [Member] | ||
Advances from prospective customers | 68,822 | 70,621 |
PRC Entities Four [Member] | ||
Advances from prospective customers | 47,900 | 49,153 |
PRC Entities Five [Member] | ||
Advances from prospective customers | 6,882 | 7,062 |
PRC Entities Six [Member] | ||
Advances from prospective customers | 6,882 | 7,062 |
PRC Entities Seven [Member] | ||
Advances from prospective customers | 4,269 | 4,380 |
PRC Entities Eight [Member] | ||
Advances from prospective customers | $ 4 | $ 4 |
DUE TO RELATED PARTIES (Details
DUE TO RELATED PARTIES (Details) - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 |
Due to related parties | $ 2,305,213 | $ 1,859,276 |
Ms. Xiuqin Xu [Member] | ||
Due to related parties | 15,000 | 0 |
Mr. Yang Wang [Member] | ||
Due to related parties | 436,622 | 446,992 |
Mr. Jung Wang [Member] | ||
Due to related parties | 1,704,910 | 1,287,157 |
Ms. Huang Li [Member] | ||
Due to related parties | 53,681 | 55,127 |
Mr. Jin Wei [Member] | ||
Due to related parties | 30,000 | 30,000 |
Mr. Yanxin Wang [Member] | ||
Due to related parties | 55,000 | 30,000 |
Ms. Lina Fang [Member] | ||
Due to related parties | $ 10,000 | $ 10,000 |
DUE TO RELATED PARTIES (Detai_2
DUE TO RELATED PARTIES (Details Narrative) | Jun. 30, 2024 |
Mr. Yang Wang [Member] | |
Class A common stock rate | 20.85% |
Mr. Jung Wang [Member] | |
Class A common stock rate | 33.34% |
Ms. Huang Li [Member] | |
Class A common stock rate | 9.62% |
Mr. Jin Wei [Member] | |
Class A common stock rate | 9.62% |
SHAREHOLDERS EQUITY (Details)
SHAREHOLDERS EQUITY (Details) - shares | Jan. 14, 2021 | Apr. 07, 2020 |
Flydragon International Limited [Member] | ||
Common stock shares issued | 39,943,800 | 3,466,000 |
Number of shares selling percentage | 34.14% | |
Chinaone Technology Limited [Member] | ||
Common stock shares issued | 19,211,400 | 1,667,000 |
Number of shares selling percentage | 16.42% | |
Boao Biotech Limited [Member] | ||
Common stock shares issued | 24,967,800 | 2,167,000 |
Number of shares selling percentage | 21.34% | |
Focus Draw Group Limited [Member] | ||
Common stock shares issued | 13,829,400 | 1,200,000 |
Number of shares selling percentage | 11.82% | |
Focusone Technology Group Limited [Member] | ||
Common stock shares issued | 11,524,500 | 1,000,000 |
Number of shares selling percentage | 9.85% | |
Dragoncloud Technology Limited [Member] | ||
Common stock shares issued | 5,768,100 | 500,000 |
Number of shares selling percentage | 4.93% | |
Cheung Ho Shun [Member] | ||
Common stock shares issued | 1,755,000 | |
Number of shares selling percentage | 1.50% | |
Total [Member] | ||
Common stock shares issued | 117,000,000 | 10,000,000 |
Number of shares selling percentage | 100% |
SHAREHOLDERS EQUITY (Details Na
SHAREHOLDERS EQUITY (Details Narrative) - USD ($) | 1 Months Ended | |||||||
Sep. 11, 2020 | Jan. 21, 2021 | Jun. 30, 2024 | Dec. 31, 2023 | Sep. 02, 2022 | Dec. 31, 2021 | Jan. 14, 2021 | Apr. 07, 2020 | |
Preferred stock, par value | $ 0.01 | $ 0.01 | ||||||
Preferred shares authorized | 5,000,000 | 5,000,000 | ||||||
Subscribed capital paid | $ 1,376,444 | |||||||
Platinum International Biotech Co. LTD [Member] | ||||||||
Ordinary shares, par value | $ 0.0001 | $ 0.0001 | ||||||
Ordinary shares, authorized | 500,000,000 | 500,000,000 | ||||||
Ordinary shares issued | 10,152,284 | 10,152,284 | 10,000,000 | |||||
Ordinary shares outstanding | 10,152,284 | 10,152,284 | ||||||
Sale of ordinary shares | 152,284 | |||||||
Sale of ordinary shares in cash | $ 750,000 | |||||||
Ordinary shares acquired | 10,152,284 | |||||||
Common stock Class A | ||||||||
Settlement liabilities amount | $ 819,229 | |||||||
Common stock shares outstanding | 119,816,343 | 119,816,343 | ||||||
Common stock shares issued | 119,816,343 | 119,816,343 | ||||||
Shares issued | 1,638,458 | |||||||
Common stock, authorized | 1,000,000,000 | 1,000,000,000 | ||||||
Common stock, par value | $ 0.001 | $ 0.001 | ||||||
Common stock Class B | ||||||||
Common stock shares outstanding | 4,447 | 4,447 | ||||||
Common stock shares issued | 4,447 | 4,447 | ||||||
Common stock, authorized | 3,750,000 | 3,750,000 | ||||||
Common stock, par value | $ 0.001 | $ 0.001 | ||||||
Common stock Class B | Platinum and Yubo Beijing [Member] | ||||||||
Common stock shares outstanding | 4,447 | |||||||
Common stock shares issued | 4,447 | |||||||
Common Class A [Member] | Platinum and Yubo Beijing [Member] | ||||||||
Common stock shares outstanding | 117,875,323 | |||||||
Common stock shares issued | 117,875,323 | |||||||
Shares issued | 117,000,000 | |||||||
Subscribed capital | 1,500,000 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 6 Months Ended | ||||
May 11, 2021 | Jun. 30, 2024 | Sep. 07, 2022 | Apr. 14, 2022 | Nov. 24, 2021 | |
Description of loans owed to World Precision Medicine | the $819,229 loans owed to World Precision Medicine Technology Inc. were settled by conversion into 1,638,458 shares of Class A common stock at $0.50 per share | ||||
Entrustment Technical Service Agreement [Member] | |||||
Amount payable for harvesting | $ 27,501 | ||||
Exchange rate | $ 7.2651 | ||||
World Precision Medicine Technology Inc [Member] | |||||
Additional loan amount | $ 99,229 | $ 50,000 | $ 70,000 | ||
Mr. Yulin [Member] | Joint Research and Development [Member] | |||||
Working capital loan | $ 600,000 |
INCOME TAX (Details)
INCOME TAX (Details) - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 |
INCOME TAX | ||
Net operating losses carry forward | $ 1,293,198 | $ 1,051,235 |
Valuation allowance | (1,293,198) | (1,051,235) |
Deferred tax assets, net | $ 0 | $ 0 |
INCOME TAX (Details 1)
INCOME TAX (Details 1) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
INCOME TAX | ||||
Income tax (benefit) at 25% | $ (251,963) | $ (170,999) | ||
Net loss of Platinum | 10,000 | 12,474 | ||
Increase in valuation allowance | 241,963 | 158,525 | ||
Provision for income tax | $ 0 | $ 0 | $ 0 | $ 0 |
INCOME TAX (Details Narrative)
INCOME TAX (Details Narrative) - USD ($) | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2024 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statutory income tax rate | 16.50% | |||||
Valuation allowance against deferred tax asset | 100% | 100% | ||||
Income tax rate | 25% | |||||
Yubo Beijing [Member] | ||||||
Net losses | $ 598,846 | $ 846,852 | $ 961,446 | $ 649,871 | $ 597,713 | $ 231,193 |
YuboGlobal | ||||||
Net losses | 3,595 | 20,859 | 23,257 | 488,790 | ||
Yubo Jingzhi [Member] | ||||||
Net losses | 185,821 | $ 284,501 | $ 145,763 | $ 1,207 | ||
Yubo Phoenix [Member] | ||||||
Net losses | 71,009 | |||||
Yubo Shenzhen [Member] | ||||||
Net losses | $ 108,583 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details Narrative) | Jun. 30, 2024 USD ($) |
COMMITMENTS AND CONTINGENCIES | |
Cash deposits | $ 68,822 |
MAJOR CUSTOMERS (Details Narrat
MAJOR CUSTOMERS (Details Narrative) | 6 Months Ended |
Jun. 30, 2023 | |
Customer One [Member] | |
Customers accounted for sale percentage | 46.82% |
Customer Two [Member] | |
Customers accounted for sale percentage | 23.41% |
CONDENSED CONSOLIDATING BALAN_3
CONDENSED CONSOLIDATING BALANCE SHEET AND STATEMENT OF OPERATIONS (Details) - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 |
Total Current Assets | $ 761,404 | $ 725,235 |
Investment in subsidiaries and variable interest entity (VIE) | 0 | |
Intercompany receivables | 0 | |
Other assets | 967,178 | |
Total Assets | 1,728,582 | 1,667,269 |
Total Current Liabilities | 3,952,458 | 3,395,445 |
Intercompany payables | 0 | |
Other liabilities | 197,202 | |
Total Liabilities | 4,149,660 | 3,510,972 |
Capital stock and additional paid in capital | 3,109,303 | |
Accumulated deficit | (5,790,315) | (4,885,509) |
Accumulated other comprehensive income (loss) | 157,531 | (13,204) |
Non-controlling interests | 102,403 | |
Total Deficit | (2,421,078) | |
Total Liabilities and Shareholders' Equity | 1,728,582 | $ 1,667,269 |
Yubo International Biotech Limited | ||
Total Current Assets | 0 | |
Investment in subsidiaries and variable interest entity (VIE) | 2,421,078 | |
Intercompany receivables | 0 | |
Other assets | 0 | |
Total Assets | 2,421,078 | |
Total Current Liabilities | 0 | |
Intercompany payables | 0 | |
Other liabilities | 0 | |
Total Liabilities | 0 | |
Capital stock and additional paid in capital | 0 | |
Accumulated deficit | (2,421,078) | |
Accumulated other comprehensive income (loss) | 0 | |
Non-controlling interests | 0 | |
Total Deficit | (2,421,078) | |
Total Liabilities and Shareholders' Equity | 2,421,078 | |
Platinum (Cayman Islands) and Limited Platinum HK | ||
Total Current Assets | 0 | |
Investment in subsidiaries and variable interest entity (VIE) | 930,000 | |
Intercompany receivables | 0 | |
Other assets | 0 | |
Total Assets | 930,000 | |
Total Current Liabilities | 150,000 | |
Intercompany payables | 0 | |
Other liabilities | 0 | |
Total Liabilities | 150,000 | |
Capital stock and additional paid in capital | 1,569,229 | |
Accumulated deficit | (789,229) | |
Accumulated other comprehensive income (loss) | 0 | |
Non-controlling interests | 0 | |
Total Deficit | 780,000 | |
Total Liabilities and Shareholders' Equity | 930,000 | |
YuboGlobal | ||
Total Current Assets | 76,098 | |
Investment in subsidiaries and variable interest entity (VIE) | 0 | |
Intercompany receivables | 430,590 | |
Other assets | 21,232 | |
Total Assets | 527,920 | |
Total Current Liabilities | 76,772 | |
Intercompany payables | 43,358 | |
Other liabilities | 0 | |
Total Liabilities | 120,130 | |
Capital stock and additional paid in capital | 823,897 | |
Accumulated deficit | (416,107) | |
Accumulated other comprehensive income (loss) | 0 | |
Non-controlling interests | 0 | |
Total Deficit | 407,790 | |
Total Liabilities and Shareholders' Equity | 527,920 | |
Yubo Chengdu (WFOE) | ||
Total Current Assets | 0 | |
Investment in subsidiaries and variable interest entity (VIE) | 0 | |
Intercompany receivables | 0 | |
Other assets | 0 | |
Total Assets | 0 | |
Total Current Liabilities | 0 | |
Intercompany payables | 0 | |
Other liabilities | 0 | |
Total Liabilities | 0 | |
Capital stock and additional paid in capital | 0 | |
Accumulated deficit | 0 | |
Accumulated other comprehensive income (loss) | 0 | |
Non-controlling interests | 0 | |
Total Deficit | 0 | |
Total Liabilities and Shareholders' Equity | 0 | |
Eliminations | ||
Total Current Assets | 0 | |
Investment in subsidiaries and variable interest entity (VIE) | 1,491,078 | |
Intercompany receivables | 982,704 | |
Other assets | 0 | |
Total Assets | 508,374 | |
Total Current Liabilities | 0 | |
Intercompany payables | 988,575 | |
Other liabilities | 0 | |
Total Liabilities | 988,575 | |
Capital stock and additional paid in capital | (928,673) | |
Accumulated deficit | 2,425,622 | |
Accumulated other comprehensive income (loss) | 0 | |
Non-controlling interests | 0 | |
Total Deficit | 1,496,949 | |
Total Liabilities and Shareholders' Equity | 508,374 | |
Yubo Beijing (VIE) and Subsidiaries | ||
Total Current Assets | 685,306 | |
Investment in subsidiaries and variable interest entity (VIE) | 0 | |
Intercompany receivables | 552,114 | |
Other assets | 945,946 | |
Total Assets | 2,183,366 | |
Total Current Liabilities | 3,725,686 | |
Intercompany payables | 945,217 | |
Other liabilities | 197,202 | |
Total Liabilities | 4,868,105 | |
Capital stock and additional paid in capital | 1,644,850 | |
Accumulated deficit | (4,589,523) | |
Accumulated other comprehensive income (loss) | 157,531 | |
Non-controlling interests | 102,403 | |
Total Deficit | (2,684,739) | |
Total Liabilities and Shareholders' Equity | $ 2,183,366 |
CONDENSED CONSOLIDATING BALAN_4
CONDENSED CONSOLIDATING BALANCE SHEET AND STATEMENT OF OPERATIONS (Details 1) - 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 | |
Sales of products and services | $ 0 | $ 1,430 | $ 3,488 | $ 153,880 | ||
Cost of goods and services sold | 0 | (545) | (827) | (96,839) | ||
Gross Profit | 0 | 885 | 2,661 | 57,041 | ||
Total Operating Expenses | 470,436 | 368,161 | 882,518 | 740,849 | ||
Loss from operations | (470,436) | (367,276) | (879,857) | (683,808) | ||
Other income (expense) | (127,912) | (51) | (127,996) | (186) | ||
Net loss | $ (598,348) | $ (409,505) | $ (367,327) | $ (316,667) | (1,007,853) | $ (683,994) |
Yubo International Biotech Limited | ||||||
Sales of products and services | 0 | |||||
Cost of goods and services sold | 0 | |||||
Gross Profit | 0 | |||||
Total Operating Expenses | 0 | |||||
Loss from operations | 0 | |||||
Other income (expense) | 0 | |||||
Equity in net loss of subsidiaries and variable interest entity (VIE) | (1,007,853) | |||||
Net loss | (1,007,853) | |||||
Platinum (Cayman Islands) and Limited Platinum HK | ||||||
Sales of products and services | 0 | |||||
Cost of goods and services sold | 0 | |||||
Gross Profit | 0 | |||||
Total Operating Expenses | 40,000 | |||||
Loss from operations | (40,000) | |||||
Other income (expense) | 0 | |||||
Equity in net loss of subsidiaries and variable interest entity (VIE) | 0 | |||||
Net loss | 40,000 | |||||
Yubo Chengdu (WFOE) | ||||||
Sales of products and services | 0 | |||||
Cost of goods and services sold | 0 | |||||
Gross Profit | 0 | |||||
Total Operating Expenses | 0 | |||||
Loss from operations | 0 | |||||
Other income (expense) | 0 | |||||
Equity in net loss of subsidiaries and variable interest entity (VIE) | 0 | |||||
Net loss | 0 | |||||
Eliminations | ||||||
Sales of products and services | 0 | |||||
Cost of goods and services sold | 0 | |||||
Gross Profit | 0 | |||||
Total Operating Expenses | 0 | |||||
Loss from operations | 0 | |||||
Other income (expense) | 0 | |||||
Equity in net loss of subsidiaries and variable interest entity (VIE) | 1,007,853 | |||||
Net loss | 1,007,853 | |||||
Yubo Beijing VIE And Subsidiaries | ||||||
Sales of products and services | 3,488 | |||||
Cost of goods and services sold | (827) | |||||
Gross Profit | 2,661 | |||||
Total Operating Expenses | 838,926 | |||||
Loss from operations | (836,265) | |||||
Other income (expense) | (127,993) | |||||
Equity in net loss of subsidiaries and variable interest entity (VIE) | 0 | |||||
Net loss | (964,258) | |||||
Statement of Operation Consolidated | ||||||
Sales of products and services | 3,488 | |||||
Cost of goods and services sold | (827) | |||||
Gross Profit | 2,661 | |||||
Total Operating Expenses | 882,518 | |||||
Loss from operations | (879,857) | |||||
Other income (expense) | (127,996) | |||||
Equity in net loss of subsidiaries and variable interest entity (VIE) | 0 | |||||
Net loss | (1,007,853) | |||||
Yubo Global | ||||||
Sales of products and services | 0 | |||||
Cost of goods and services sold | 0 | |||||
Gross Profit | 0 | |||||
Total Operating Expenses | 3,592 | |||||
Loss from operations | (3,592) | |||||
Other income (expense) | (3) | |||||
Equity in net loss of subsidiaries and variable interest entity (VIE) | 0 | |||||
Net loss | $ (3,595) |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) - Subsequent Event [Member] - USD ($) | Aug. 05, 2024 | Jul. 01, 2024 |
Landlord past due rent total | $ 283,750 | |
Landlord past due rent installment one | 68,822 | |
Landlord past due rent installment two | $ 214,928 | |
Landlord security deposit for office space | $ 15,140 | |
Payment monthly rent | $ 7,570 |