0001493152-17-013027.txt : 20171114 0001493152-17-013027.hdr.sgml : 20171114 20171114081805 ACCESSION NUMBER: 0001493152-17-013027 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 64 CONFORMED PERIOD OF REPORT: 20170930 FILED AS OF DATE: 20171114 DATE AS OF CHANGE: 20171114 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DSwiss Inc CENTRAL INDEX KEY: 0001652561 STANDARD INDUSTRIAL CLASSIFICATION: PERFUMES, COSMETICS & OTHER TOILET PREPARATIONS [2844] IRS NUMBER: 474215595 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 333-208083 FILM NUMBER: 171198429 BUSINESS ADDRESS: STREET 1: A-08-06, TROPICANA AVENUE, STREET 2: TROPICANA GOLF & COUNTRY RESORT, CITY: PETALING JAYA, SELANGOR, STATE: N8 ZIP: 47410 BUSINESS PHONE: 603-86053638 MAIL ADDRESS: STREET 1: A-08-06, TROPICANA AVENUE, STREET 2: TROPICANA GOLF & COUNTRY RESORT, CITY: PETALING JAYA, SELANGOR, STATE: N8 ZIP: 47410 10-Q 1 form10-q.htm

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934

 

For The Quarterly Period Ended September 30, 2017

 

or

 

[  ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from _______________to _______________

 

Commission File Number 333-208083

 

DSwiss, Inc.

(Exact name of registrant issuer as specified in its charter)

 

Nevada   47-4215595

(State or other jurisdiction
of incorporation or organization)

   (I.R.S. Employer
Identification No.)

 

A-08-06, Tropicana Avenue,

Tropicana Golf & Country Resort,

47410, Petaling Jaya,

Selangor, Malaysia

 

(Address of principal executive offices, including zip code)

 

Registrant’s phone number, including area code (603) 8605-3638

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

YES [X] NO [  ]

 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (section 232.405 of this chapter) during the preceding twelve months (or shorter period that the registrant was required to submit and post such files).

YES [  ] NO [X]

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

 

Large Accelerated Filer [ ] Accelerated Filer [  ] Non-accelerated Filer [  ] Smaller reporting company [X]

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes [  ] No [X]

 

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

 

Class  Outstanding at November 14, 2017 
Common Stock, $.0001 par value   206,904,600 

 

 

 

 
 

 

TABLE OF CONTENTS

 

      Page
PART I FINANCIAL INFORMATION    
ITEM 1. UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS:    
  Condensed Consolidated Balance Sheets as of September 30, 2017 and December 31, 2016   F-2
  Condensed Consolidated Statements of Operations and Comprehensive Income for the Three and Nine Months Ended September 30, 2017 and 2016   F-3
  Condensed Consolidated Statements of Changes in Stockholders’ Equity for the Nine Months Ended September 30, 2017   F-4
 

Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2017 and 2016

   F-5
 

Notes to the Condensed Consolidated Financial Statements

   F-6 - F-16
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS   2-6
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK   6
ITEM 4. CONTROLS AND PROCEDURES   6
PART II OTHER INFORMATION    
ITEM 1 LEGAL PROCEEDINGS   7
ITEM 2 UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS   7
ITEM 3 DEFAULTS UPON SENIOR SECURITIES   7
ITEM 4 MINE SAFETY DISCLOSURES   7
ITEM 5 OTHER INFORMATION   7
ITEM 6 EXHIBITS   8
  SIGNATURES   9

 

 
 

 

DSWISS, INC.

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

 

  Page
Condensed Consolidated Financial Statements  
   
Condensed Consolidated Balance Sheets as of September 30, 2017 (unaudited) and December 31, 2016 (audited) F-2
Condensed Consolidated Statements of Operations and Comprehensive Income for the Three and Nine Months Ended September 30, 2017 and 2016 (unaudited) F-3
Condensed Consolidated Statements of Changes in Stockholders’ Equity for the Nine Months Ended September 30, 2017 F-4
Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2017 and 2016 (unaudited) F-5
Notes to the Condensed Consolidated Financial Statements F-6-F-16

 

F-1
 

 

PART I FINANCIAL INFORMATION

 

ITEM 1. UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS:

 

DSWISS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

As of September 30, 2017 and December 31, 2016

(Currency expressed in United States Dollars (“US$”), except for number of shares)

 

   September 30, 2017   December 31, 2016 
   Unaudited   Audited 
ASSETS          
CURRENT ASSETS          
Cash and cash equivalents  $571,019   $782,963 
Trade receivables   11,747    2,878 
Prepayment and deposits   17,165    17,143 
Income tax receivables   853    803 
Inventories   54,420    33,582 
Total Current Assets   655,204    837,369 
           
NON-CURRENT ASSETS          
Property and equipment, net   61,057    75,005 
Intangible assets, net   10,366    9,855 
Total Non-Current Assets   71,423    84,860 
           
TOTAL ASSETS  $726,627   $922,229 
           
LIABILITIES AND STOCKHOLDERS’ EQUITY          
CURRENT LIABILITIES          
Trade payables  $4,973   $5,025 
Other payables and accrued liabilities   23,547    39,558 
Hire purchase creditor   199    3,045 
Convertible notes payable   -    638,400 
Amount due to director   29,139    18,685 
Total Current Liabilities   57,858    704,713 
           
NON- CURRENT LIABILITIES          
           
Hire purchase creditor   15,317    14,874 
           
TOTAL LIABILITIES  $73,175   $719,587 
           
STOCKHOLDERS’ EQUITY          
Preferred stock, $0.0001 par value, 200,000,000 shares authorized, None issued and outstanding          
Common stock, $0.0001 par value, 600,000,000 shares authorized, 206,904,600 and 203,342,600 shares issued and outstanding as of September 30, 2017 and December 31, 2016 respectively  $20,690   $20,394 
Additional paid in capital   1,395,426    757,322 
Accumulated other comprehensive losses   (19,636)   (38,420)
Accumulated losses   (774,672)   (569,258)
TOTAL STOCKHOLDERS’ EQUITY  $621,808   $170,038 
NON CONTROLLING INTEREST   31,644    32,604 
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY  $726,627   $922,229 

 

See accompanying notes to condensed consolidated financial statements.

 

 F-2
 

 

DSWISS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

For the three and nine months ended September 30, 2017 and 2016

(Currency expressed in United States Dollars (“US$”), except for number of shares)

(Unaudited)

 

    Nine Months Ended September 30     Three Months Ended September 30  
    2017     2016     2017     2016  
REVENUE   $ 135,433     $ 116,847     $ 42,367     $ 20,978  
                                 
COST OF REVENUE     (22,706 )     (74,294 )     882       (10,887 )
                                 
GROSS PROFIT     112,727       42,553       43,249       10,091  
                                 
OTHER INCOME     678       7       57       -  
                                 
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES     (168,298 )     (250,558 )     (52,774 )     (108,398 )
                                 
OPERATING EXPENSES     (143,196 )     (120,501 )     (55,916 )     (42,848 )
                                 
OTHER OPERATING EXPENSES     (8,285 )     (16,419 )     (3,835 )     (6,680 )
                                 
PROFIT/(LOSS) BEFORE INCOME TAX     (206,374 )     (344,918 )     (69,219 )     (147,835 )
                                 
INCOME TAX PROVISION     -       -       -       -  
                                 
NET PROFIT/(LOSS)     (206,374 )     (344,918 )     (69,219 )     (147,835 )
Non-Controlling Interest     960       6,599       460       1,397  
Other comprehensive income/(loss):                                
- Foreign currency translation adjustment     18,784       (327 )     (5,363 )     (6,251 )
                                 
Comprehensive income/(loss)     (186,630 )     (338,646 )     (74,122 )     (152,689 )
                                 
Net income/(loss) per share- Basic and diluted     (0.00 )     (0.00 )     (0.00 )     (0.00 )
                                 
Weighted average number of common shares outstanding – Basic and diluted     206,263,921       203,343,512       206,904,600       203,345,317  

 

See accompanying notes to condensed consolidated financial statements.

 

 F-3
 

 

DSWISS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

For the nine months ended September 30, 2017

(Currency expressed in United States Dollars (“US$”))

(Unaudited)

 

   Common Stock   Additional Paid-In Capital   Accumulated Comprehensive Income / (Loss)   Accumulated Surplus / (Deficit)   Non-Controlling Interest   Total Equity 
   Number of shares   Amount   Amount   Amount   Amount   Amount   Amount 
Balance as of December 31, 2016 (audited)   203,940,100   $20,394   $757,322   $(38,420)  $(569,258)  $32,604   $202,642 
Shares issued upon conversion of convertible notes principal at $0.10 per share   280,000    28    27,972    -    -    -    28,000 
Shares issued upon conversion of convertible notes principal at $0.20 per share   2,317,000    232    463,168    -    -    -    463,400 
Shares issued upon conversion of convertible notes principal at $0.40 per share   367,500    36    146,964    -    -    -    147,000 
Foreign currency translation adjustment   -    -    -    18,784    -    -    18,784 
Net profit/(loss)   -    -    -    -    (205,414)   (960)   (206,374)
Balance as of September 30, 2017 (unaudited)   206,904,600   $20,690   $1,395,426   $(19,636)  $(774,672)  $31,644   $653,452 

 

See accompanying notes to condensed consolidated financial statements

 

 F-4
 

 

DSWISS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

For the nine months ended September 30, 2017 and 2016

(Currency expressed in United States Dollars (“US$”), except for number of shares)

(Unaudited)

 

   Nine Months Ended September 30 
   2017   2016 
CASH FLOWS FROM OPERATING ACTIVITIES:          
Net (loss)  $(206,374)  $(344,918)
Adjustments to reconcile net profit/(loss) to net cash used in operating activities:          
Depreciation and amortization   18,431    14,727 
Amortization for intangible assets   234    497 
Changes in operating assets and liabilities:          
Trade payables   3,680    655 
Trade receivables   (3,254)   12,901 
Other payables and accrued liabilities   (16,242)   (23,653)
Inventories   (18,972)   (26,185)

Prepayment and deposits

   (8,415)   (5,964)
Net cash used in operating activities   (230,912)   (371,940)
           
CASH FLOWS FROM INVESTING ACTIVITIES:          
Purchase of property and equipment   -    (25,600)
Intangible assets   (756)   - 
           
Net cash used in investing activities   (756)   (25,600)
           
CASH FLOWS FROM FINANCING ACTIVITIES:          
Advance from directors   9,200    4,497 
Issuance of share capital   296    8,086 
Additional paid in capital   638,104    - 
Proceeds from non-controlling interest   -    35,876 
Convertible note payables   (638,400)   424,900 
Hire purchase finance   (2,938)   - 
         
Net cash provided by financing activities   6,262    473,359 
           
Effect of exchange rate changes on cash and cash equivalent   13,462    (12,424)
           
Net increase / (decrease) in cash and cash equivalents   (211,944)   63,395 
Cash and cash equivalents, beginning of period   782,963    437,202 
CASH AND CASH EQUIVALENTS, END OF PERIOD  $571,019   $500,597 
SUPPLEMENTAL CASH FLOWS INFORMATION          
Income taxes paid  $-   $- 
Interest paid  $-   $- 

 

See accompanying notes to condensed consolidated financial statements.

 

 F-5
 

 

DSWISS, INC.

NOTES TO CONDENSED FINANCIAL STATEMENTS

For the nine months ended September 30, 2017

(Currency expressed in United States Dollars (“US$”), except for number of shares)

(UNAUDITED)

 

1. DESCRIPTION OF BUSINESS AND ORGANIZATION

 

DSwiss, Inc. is organized as a Nevada Limited Liability Company, incorporated on May 28, 2015. For the purposes of financial statement presentation, DSwiss, Inc. and its subsidiaries are herein referred to as “the Company” or “we”. The principal activity of the Company and its subsidiaries is to supply high quality beauty products directly to clients through wholly owned subsidiaries. Our beauty supplies include, but are not limited to, beverages to assist in weight loss, anti-aging cream, and products designed to improve the overall health and wellness of clients.

 

The accompanying unaudited condensed consolidated financial statements of DSwiss, Inc. at September 30, 2017 and 2016 have been prepared in accordance with generally accepted accounting principles (“GAAP”) for interim financial statements, instructions to Form 10-Q, and Regulation S-X. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted. These condensed consolidated financial statements should be read in conjunction with the financial statements and notes thereto included in our annual report on Form 10-K for the year ended December 31, 2016. In management’s opinion, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair presentation to make our financial statements not misleading have been included. The results of operations for the periods ended September 30, 2017 and 2016 presented are not necessarily indicative of the results to be expected for the full year. The December 31, 2016 balance sheet has been derived from our audited financial statements included in our annual report on Form 10-K for the year ended December 31, 2016.

 

We have historically conducted our business through DSwiss Sdn Bhd, a private limited liability company, incorporated in Malaysia. DSwiss Holding Limited, incorporated in Seychelles, is an investment holding company with 100% equity interest in DSwiss (HK) Limited, a company incorporated in Hong Kong, which subsequently hold 100% equity interest in DSwiss Sdn. Bhd. On August 31, 2015, DSwiss, Inc. was restructured to be the holding company parent to, and succeed to the operations of, DSwiss Holding Limited. The former unit holder of DSwiss Holding Limited became the unit holder of DSwiss, Inc. and DSwiss Holding Limited became a wholly-owned subsidiary of DSwiss, Inc. This transaction was accounted for as a transaction among entities under common control and the assets, liabilities, revenues and expenses of DSwiss Holding Limited were carried over to and combined with DSwiss, Inc. at historical cost, and as if the transfer occurred at the beginning of the period. Prior periods have been retrospectively adjusted for comparative purposes.

 

We have invested in DSwiss Biotech Sdn Bhd, a company incorporated in Malaysia, and owned 40% equity interest. We have invested in DS Asia Co., Ltd, incorporated in Thailand, and owned 49% equity interest. We have incorporated a new company namely DSwiss International Trading (Shenzhen) Limited in China, with 100% equity interest.

 

The Company, through its subsidiaries and its variable interest entities (“VIEs”), mainly supplies high quality beauty products. Details of the Company’s subsidiaries and associates:

 

  Company name   Place and date of
incorporation		   Particulars of issued
capital		   Principal activities   Proportional of
ownership interest
and voting power
held
                   
1. DSwiss Holding Limited   Seychelles,
May 28, 2015 		  1 share of ordinary share of US$1 each   Investment holding   100%
                   
2. DSwiss (HK) Limited   Hong Kong,
May 28, 2015 		  1 share of ordinary share of HK$1 each   Supply of beauty products   100%
                   
3. DSwiss Sdn Bhd   Malaysia,
March 10, 2011		   2 shares of ordinary share of RM 1 each   Supply of beauty products   100%
                   
4. DSwiss Biotech Sdn Bhd(1)   Malaysia,
March 17, 2016		   250,000 shares of ordinary share of RM 1 each   Supply of biotech products   40%
                   
5. DS Asia Co., Ltd(1)   Thailand,
April 27,2016		   20,000 shares of ordinary share of THB 25 each   Trading beauty products   49%
                   
6. DSwiss International Trading (Shenzhen) Limited 德瑞絲國際貿易(深圳)有限公司   PRC,
June 21, 2016		   413,392 shares of ordinary share of RMB 1 each   Trading beauty products   100%

 

(1) Based on the contractual arrangements between the Company and other investors, the Company has the power to direct the relevant activities of these entities unilaterally, and hence the Company has control over these entities.

 

 F-6
 

 

DSWISS, INC.

NOTES TO CONDENSED FINANCIAL STATEMENTS

For the nine months ended September 30, 2017

(Currency expressed in United States Dollars (“US$”), except for number of shares)

(UNAUDITED)

 

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Basis of presentation

 

The accompanying condensed consolidated financial statements are prepared in accordance with generally accepted accounting principles in the United States of America (“US GAAP”).

 

The Company has adopted its fiscal year-end to be December 31.

 

Basis of consolidation

 

The condensed consolidated financial statements include the accounts of the Company, its subsidiaries and its VIEs in which the Company is the primary beneficiary. All inter-company accounts and transactions have been eliminated upon consolidation.

 

Use of estimates

 

Management uses estimates and assumptions in preparing these financial statements in accordance with US GAAP. Those estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities in the balance sheets, and the reported revenue and expenses during the periods reported. Actual results may differ from these estimates.

 

Revenue recognition

 

In accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 605, “Revenue Recognition”, the Company recognizes revenue from sales of goods when the following four revenue criteria are met: (1) persuasive evidence of an arrangement exists; (2) delivery has occurred; (3) selling price is fixed or determinable; and (4) collectability is reasonably assured.

 

Revenue from supplies of beauty products is recognized when title and risk of loss are transferred and there are no continuing obligations to the customer. Title and the risks and rewards of ownership transfer to and accepted by the customer when the products are collected by the customer at the Company’s office. Revenue is recorded net of sales discounts, returns, allowances, and other adjustments that are based upon management’s best estimates and historical experience and are provided for in the same period as the related revenues are recorded. Based on limited operating history, management estimates that there was no sales return for the period reported.

 

Cost of revenue

 

Cost of revenue includes the purchase cost of retail goods for re-sale to customers and packing materials (such as boxes). It excludes purchasing and receiving costs, inspection costs, warehousing costs, internal transfer costs and other costs of distribution network in cost of revenues.

 

Shipping and handling fees

 

Shipping and handling fees, if billed to customers, are included in revenue. Shipping and handling fees associated with inbound and outbound freight are expensed as incurred and included in selling and distribution expenses.

 

Shipping and handling fees are expensed as incurred for the nine months ended September 30, 2017 were $2,411, while for the nine months ended September 30, 2016 were $2,736.

 

 F-7
 

 

DSWISS, INC.

NOTES TO CONDENSED FINANCIAL STATEMENTS

For the nine months ended September 30, 2017

(Currency expressed in United States Dollars (“US$”), except for number of shares)

(UNAUDITED)

 

Selling and distribution expenses

 

Selling and distribution expenses are primarily comprised of travelling and accommodation, transportation fees such as petrol, toll and parking and shipping and handling fees.

 

Cash and cash equivalents

 

Cash and cash equivalents are carried at cost and represent cash on hand, demand deposits placed with banks or other financial institutions and all highly liquid investments with an original maturity of three months or less as of the purchase date of such investments.

 

Inventories

 

Inventories consisting of products available for sell, are stated at the lower of cost or market value. Cost of inventory is determined using the first-in, first-out (FIFO) method. Inventory reserve is recorded to write down the cost of inventory to the estimated market value due to slow-moving merchandise and damaged goods, which is dependent upon factors such as historical and forecasted consumer demand, and promotional environment. The Company takes ownership, risks and rewards of the products purchased. Write downs are recorded in cost of revenues in the Condensed Consolidated Statements of Operations and Comprehensive Income.

 

Property and equipment

 

Property and equipment are stated at cost less accumulated depreciation and impairment. Depreciation of plant, equipment and software are calculated on the straight-line method over their estimated useful lives or lease terms generally as follows:

 

Classification   Estimated useful lives
Computer and software   5 years
Furniture and fittings   5 years
Office equipment   10 years
Motor vehicle   5 years
Renovation   5 years

 

Expenditures for maintenance and repairs are expensed as incurred.

 

Intangible assets

 

Intangible assets are stated at cost less accumulated amortization. Intangible assets represented the registration costs of trademarks in Hong Kong, China, and Malaysia, which are amortized on a straight-line basis over a useful life of five years.

 

The Company follows ASC Topic 350 in accounting for intangible assets, which requires impairment losses to be recorded when indicators of impairment are present and the undiscounted cash flows estimated to be generated by the assets are less than the assets’ carrying amounts. There was no impairment losses recorded on intangible assets for the nine months ended September 30, 2017.

 

Income taxes

 

Income taxes are determined in accordance with the provisions of ASC Topic 740, “Income Taxes” (“ASC Topic 740”). Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted income tax rates expected to apply to taxable income in the periods in which those temporary differences are expected to be recovered or settled. Any effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.

 

ASC 740 prescribes a comprehensive model for how companies should recognize, measure, present, and disclose in their financial statements uncertain tax positions taken or expected to be taken on a tax return. Under ASC 740, tax positions must initially be recognized in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions must initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts.

 

The Company conducts major businesses in Malaysia and Hong Kong, and is expanding to China and Thailand. The Company is subject to tax in these jurisdiction. As a result of its business activities, the Company will file tax returns that are subject to examination by the foreign tax authority.

 

 F-8
 

 

DSWISS, INC.

NOTES TO CONDENSED FINANCIAL STATEMENTS

For the nine months ended September 30, 2017

(Currency expressed in United States Dollars (“US$”), except for number of shares)

(UNAUDITED)

 

Net income/(loss) per share

 

The Company calculates net income/(loss) per share in accordance with ASC Topic 260, “Earnings per Share.” Basic income/(loss) per share is computed by dividing the net income/(loss) by the weighted-average number of common shares outstanding during the period. Diluted income per share is computed similar to basic income/(loss) per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common stock equivalents had been issued and if the additional common shares were dilutive.

 

Foreign currencies translation

 

Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded in the Condensed Consolidated Statements of Operations and Comprehensive Income.

 

The reporting currency of the Company is United States Dollars (“US$”) and the accompanying financial statements have been expressed in US$. In addition, the Company’s subsidiaries and VIEs in Malaysia, Hong Kong, China and Thailand maintain their books and records in their local currency, Ringgits Malaysia (“RM”), Hong Kong Dollars (“HK$”), Chinese Renminbi (“RMB”) and Thai Baht (“THB”) respectively, which is functional currency as being the primary currency of the economic environment in which the entity operates.

 

In general, for consolidation purposes, assets and liabilities of its subsidiaries whose functional currency is not US$ are translated into US$, in accordance with ASC Topic 830-30, “Translation of Financial Statement”, using the exchange rate on the balance sheet date. Revenues and expenses are translated at average rates prevailing during the period. The gains and losses resulting from translation of financial statements of foreign subsidiary are recorded as a separate component of accumulated other comprehensive income within the statements of stockholders’ equity.

 

Translation of amounts from RM into US$1, HK$ into US$1, RMB into US$1 and THB into US$1 has been made at the following exchange rates for the respective periods:

 

   As of and for the nine months ended 
   September 30 
   2017   2016 
         
Period-end RM : US$1 exchange rate   4.22    4.46 
Period-average RM : US$1 exchange rate   4.26    4.45 
Period-end HK$ : US$1 exchange rate   7.81    7.75 
Period-average HK$ : US$1 exchange rate   7.81    7.75 
Period-end RMB : US$1 exchange rate   6.65    6.36 
Period-average RMB : US$1 exchange rate   6.67    6.37 
Period-end THB : US$1 exchange rate   33.53    36.44 
Period-average THB : US$1 exchange rate   33.38    36.38 

 

 F-9
 

 

DSWISS, INC.

NOTES TO CONDENSED FINANCIAL STATEMENTS

For the nine months ended September 30, 2017

(Currency expressed in United States Dollars (“US$”), except for number of shares)

(UNAUDITED)

 

Fair value of financial instruments:

 

The carrying value of the Company’s financial instruments: cash and cash equivalents, account receivables, accounts payables, other payables and accrued liabilities and amount due to directors approximate at their fair values because of the short-term nature of these financial instruments.

 

The Company also follows the guidance of the ASC Topic 820-10, “Fair Value Measurements and Disclosures” (“ASC 820-10”), with respect to financial assets and liabilities that are measured at fair value. ASC 820-10 establishes a three-tier fair value hierarchy that prioritizes the inputs used in measuring fair value as follows:

 

Level 1: Observable inputs such as quoted prices in active markets;

 

Level 2: Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and

 

Level 3: Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions.

 

Segment reporting

 

ASC Topic 280, “Segment Reporting” establishes standards for reporting information about operating segments on a basis consistent with the Company’s internal organization structure as well as information about geographical areas, business segments and major customers in financial statements. For the nine months ended September 30, 2017, the Company operates in four reportable operating segment in Malaysia, Thailand, China and Hong Kong.

 

Recent accounting pronouncements

 

FASB issues various Accounting Standards Updates relating to the treatment and recording of certain accounting transactions. On June 10, 2014, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) No. 2014-10, Development Stage Entities (Topic 915) - Elimination of Certain Financial Reporting Requirements, Including an Amendment to Variable Interest Entities Guidance in Topic 810, Consolidation, which eliminates the concept of a development stage entity (DSE) entirely from current accounting guidance. The Company has elected adoption of this standard, which eliminates the designation of DSEs and the requirement to disclose results of operations and cash flows since inception.

 

In May 2014, the FASB issued Accounting Standards Update No. 2014-09, “Revenue from Contracts with Customers” (“ASU 2014-09”). ASU 2014-09 supersedes the revenue recognition requirements in “Revenue Recognition (Topic 605)”, and requires entities to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. ASU 2014-09 is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Early adoption is not permitted. In August 2015, the FASB issued an Accounting Standards Update to defer by one year the effective dates of its new revenue recognition standard until annual reporting periods beginning after December 15, 2017 (2018 for calendar-year public entities) and interim periods therein. Management is currently assessing the impact the adoption of ASU 2014-09 and has not determined the effect of the standard on our ongoing financial reporting. We do not expect the adoption of this new standard to have a material impact on our consolidated financial statements.

 

In August 2014, the FASB issued ASU 2014-15, “Presentation of Financial Statements - Going Concern, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern” (“ASU 2014-15”), which establishes management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and, if so, to provide related footnote disclosures. ASU 2014-15 provides a definition of the term “substantial doubt” and requires an assessment for a period of one year after the date that the financial statements are issued or available to be issued. Management will also be required to evaluate and disclose whether its plans alleviate that doubt. The guidance is effective for the annual periods ending after December 15, 2016 and interim periods thereafter with early adoption permitted. The Company is currently evaluating the impact the adoption of ASU 2014-15 on the Company’s financial statement presentation and disclosures. We do not expect the adoption of this new standard to have a material impact on our consolidated financial statements.

 

The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and do not believe the future adoption of any such pronouncements may be expected to cause a material impact on its financial condition or the results of its operations.

 

 F-10
 

 

DSWISS, INC.

NOTES TO CONDENSED FINANCIAL STATEMENTS

For the nine months ended September 30, 2017

(Currency expressed in United States Dollars (“US$”), except for number of shares)

(UNAUDITED)

 

3. VIE STRUCTURE AND ARRANGEMENTS

 

On June 27, 2016, DSwiss (HK) Limited (“DSHK”) entered into a Management Services Agreement (the “Management Services Agreement I”) which entitles DSHK to substantially entitled to all of the economic benefits of DSwiss Biotech Sdn Bhd (“DSBT”) in consideration of services provided by DSHK to DSBT. Pursuant to the Management Services Agreement I, DSHK has the exclusive right to provide to DSBT management, financial and other services related to the operation of DSBT’s business, and DSBT is required to take all commercially reasonable efforts to permit and facilitate the provision of the services provided by DSHK. As compensation for providing the services, DSHK is entitled to receive a fee from DSBT, upon demand, equal to 100% of the annual net profits of DSBT during the term of the Management Services Agreement I. DSHK may also request, on ad hoc basis, quarterly payments of the aggregate fee, which payments will be credited against DSBT’s future payment obligations.

 

The Management Services Agreement I also provides DSHK, or its designee, with a right of first refusal to acquire all or any portion of the equity of DSBT upon any proposal by the sole shareholder of DSBT to transfer such equity. In addition, at the sole discretion of DSHK, DSBT is obligated to transfer to DSHK, or its designee, any part or all of the business, personnel, assets and operations of DSBT which may be lawfully conducted, employed, owned or operated by DSHK, including:

 

(a) business opportunities presented to, or available to DSBT may be pursued and contracted for in the name of DSHK rather than DSBT, and at its discretion, DSHK may employ the resources of DSBT to secure such opportunities;

 

(b) any tangible or intangible property of DSBT, any contractual rights, any personnel, and any other items or things of value held by DSBT may be transferred to DSHK at book value;

 

(c) real property, personal or intangible property, personnel, services, equipment, supplies and any other items useful for the conduct of the business may be obtained by DSHK by acquisition, lease, license or otherwise, and made available to DSBT on terms to be determined by agreement between DSHK and DSBT;

 

(d) contracts entered into in the name of DSBT may be transferred to DSHK, or the work under such contracts may be subcontracted, in whole or in part, to DSHK, on terms to be determined by agreement between DSHK and DSBT; and

 

(e) any changes to, or any expansion or contraction of, the business may be carried out in the exercise of the sole discretion of DSHK, and in the name of and at the expense of, DSHK; provided, however, that none of the foregoing may cause or have the effect of terminating (without being substantially replaced under the name of DSHK) or adversely affecting any license, permit or regulatory status of DSBT.

 

In addition, DSHK entered into certain agreements with Jervey Choon, (the “DSBT shareholder”), including

 

(i) a Call Option Agreement allowing DSHK to acquire the shares of DSBT as permitted by Malaysia laws;
   
(ii) a Shareholders’ Voting Rights Proxy Agreement that provides DSHK with the voting rights of the DSBT; and
   
(ii) an Equity Pledge Agreement that pledges the shares in DSBT.

 

This VIE structure provides DSHK, a wholly-owned subsidiary of DSwiss Holding Limited, which is the wholly-owned subsidiary of DSwiss Inc, with control over the operations and benefits of DSBT without having a direct equity ownership in DSBT.

 

On June 27, 2016, DSHK entered into a Management Services Agreement (the “Management Services Agreement II”) which entitles DSHK to substantially entitled to all of the economic benefits of DS Asia Co., Ltd (“DSAC”) in consideration of services provided by DSHK to DSAC. Pursuant to the Management Services Agreement II, DSHK has the exclusive right to provide to DSAC management, financial and other services related to the operation of DSAC’s business, and DSAC is required to take all commercially reasonable efforts to permit and facilitate the provision of the services provided by DSHK. As compensation for providing the services, DSHK is entitled to receive a fee from DSAC, upon demand, equal to 100% of the annual net profits of DSAC during the term of the Management Services Agreement II. DSHK may also request, on ad hoc basis, quarterly payments of the aggregate fee, which payments will be credited against DSAC’s future payment obligations.

 

The Management Services Agreement II also provides DSHK, or its designee, with a right of first refusal to acquire all or any portion of the equity of DSAC upon any proposal by the sole shareholder of DSAC to transfer such equity. In addition, at the sole discretion of DSHK, DSAC is obligated to transfer to DSHK, or its designee, any part or all of the business, personnel, assets and operations of DSAC which may be lawfully conducted, employed, owned or operated by DSHK, including:

 

(a) business opportunities presented to, or available to DSAC may be pursued and contracted for in the name of DSHK rather than DSAC, and at its discretion, DSHK may employ the resources of DSAC to secure such opportunities;

 

 F-11
 

 

 

(b) any tangible or intangible property of DSAC, any contractual rights, any personnel, and any other items or things of value held by DSAC may be transferred to DSHK at book value;

 

(c) real property, personal or intangible property, personnel, services, equipment, supplies and any other items useful for the conduct of the business may be obtained by DSHK by acquisition, lease, license or otherwise, and made available to DSAC on terms to be determined by agreement between DSHK and DSAC;

 

(d) contracts entered into in the name of DSAC may be transferred to DSHK, or the work under such contracts may be subcontracted, in whole or in part, to DSHK, on terms to be determined by agreement between DSHK and DSAC; and

 

(e) any changes to, or any expansion or contraction of, the business may be carried out in the exercise of the sole discretion of DSHK, and in the name of and at the expense of, DSHK; provided, however, that none of the foregoing may cause or have the effect of terminating (without being substantially replaced under the name of DSHK) or adversely affecting any license, permit or regulatory status of DSAC.

 

In addition, DSHK entered into certain agreements with each of Ms. Weraya Limpasuthum, Ms. Kanittha Tharanut, (collectively, the “DSAC shareholders”), including

 

(iv) a Call Option Agreement allowing DSHK to acquire the shares of DSAC as permitted by Thailand laws;
   
(v) a Shareholders’ Voting Rights Proxy Agreement that provides DSHK with the voting rights of the DSAC; and
   
(vi) an Equity Pledge Agreement that pledges the shares in DSAC.

 

This VIE structure provides DSHK, a wholly-owned subsidiary of DSwiss Holding Limited, which is the wholly-owned subsidiary of DSwiss Inc, with control over the operations and benefits of DSAC without having a direct equity ownership in DSAC.

 

 F-12
 

 

DSWISS, INC.

NOTES TO CONDENSED FINANCIAL STATEMENTS

For the nine months ended September 30, 2017

(Currency expressed in United States Dollars (“US$”), except for number of shares)

(UNAUDITED)

 

4. PROPERTY AND EQUIPMENT

 

   As of 
   September 30, 2017   December 31, 2016 
Computers and software  $86,651   $81,103 
Furniture and fittings  $3,493   $2,797 
Office equipment  $9,519   $8,465 
Motor vehicles  $30,362   $29,085 
Renovation  $18,083   $17,069 
Total property and equipment  $148,108   $138,519 
Accumulated depreciation  $(87,051)  $(63,514)
Property and equipment, net  $61,057   $75,005 

 

Depreciation expense for the three and nine months ended September 30, 2017 were $7,080 and $21,240, respectively.

 

Depreciation expense for the three and nine months ended September 30, 2016 were $5,481 and $14,727, respectively.

 

5. INTANGIBLE ASSETS

 

   As of 
   September 30, 2017   December 31, 2016 
Trademarks  $11,573   $10,542 
Amortization  $(1,207)  $(687)
Intangible assets, net  $10,366   $9,855 

 

Amortization for the three and nine months ended September 30, 2017 were $159 and $511, respectively.

 

Amortization for the three and nine months ended September 30, 2016 were $171 and $497, respectively.

 

6. PREPAYMENT AND DEPOSITS

 

   As of 
   September 30, 2017   December 31, 2016 
Prepayment  $16,700   $16,691 
Deposits  $465   $452 
Total prepayment and deposits  $17,165   $17,143 

 

7. INVENTORIES

 

   As of 
   September 30, 2017   December 31, 2016 
Finished goods, at cost  $54,420   $33,582 
Total inventories  $54,420   $33,582 

 

8. OTHER PAYABLES AND ACCRUED LIABILITIES

 

   As of 
   September 30, 2017   December 31, 2016 
Other payables  $11,377   $18,000 
Accrued audit fees  $8,073   $14,300 
Accrued other expenses  $1,085   $1,922 
Accrued professional fees  $3,012   $5,336 
Total other payables and accrued liabilities  $23,547   $39,558 

 

 F-13
 

 

DSWISS, INC.

NOTES TO CONDENSED FINANCIAL STATEMENTS

For the nine months ended September 30, 2017

(Currency expressed in United States Dollars (“US$”), except for number of shares)

(UNAUDITED)

 

9. INCOME TAXES

 

For the nine months ended September 30 2017 and 2016, the local (United States) and foreign components of income/(loss) before income taxes were comprised of the following:

 

   Nine Months Ended September 30 
   2017   2016 
Tax jurisdictions from:          
- Local  $(46,155)  $(40,578)
- Foreign, representing          
Seychelles  $(1,729)  $(1,690)
Hong Kong  $(66,082)  $(148,732)
Malaysia  $(68,154)  $(123,913)
PRC  $(23,799)  $(17,779)
Thailand  $(455)  $(12,226)
Loss before income tax  $(206,374)  $(344,918)

 

The provision for income taxes consisted of the following:

 

   Nine Months Ended September 30 
   2017   2016 
Current:        
- Local  $-   $- 
- Foreign  $-   $- 
           
Deferred:  $    $  
- Local  $-   $- 
- Foreign  $-   $- 
Income tax expense  $-   $- 

 

The effective tax rate in the periods presented is the result of the mix of income earned in various tax jurisdictions that apply a broad range of income tax rates. The Company has subsidiaries that operate in various countries: United States, Seychelles, Hong Kong, Malaysia, PRC and Thailand that are subject to taxes in the jurisdictions in which they operate, as follows:

 

United States of America

 

The Company is registered in the State of Nevada and is subject to the tax laws of the United States of America.

 

Seychelles

 

Under the current laws of the Seychelles, DSwiss Holding Limited is registered as an international business company which governs by the International Business Companies Act of Seychelles and there is no income tax charged in Seychelles.

 

Hong Kong

 

DSwiss (HK) Limited is subject to Hong Kong Profits Tax, which is charged at the statutory income tax rate of 16.5% on its assessable income.

 

Malaysia

 

DSwiss Sdn Bhd and DSwiss Biotech Sdn Bhd are subject to Malaysia Corporate Tax, which is charged at the statutory income tax rate range from 20% to 25% on its assessable income.

 

PRC

 

DSwiss International Trading (Shenzhen) Limited is operating in the PRC subject to the Corporate Income Tax governed by the Income Tax Law of the People’s Republic of China with a unified statutory income tax rate of 25%.

 

Thailand

 

DS Asia Co., Ltd is subject to the Corporate Income Tax governed by the Thailand Revenue Department. Companies and juristic partnerships with a paid-in capital not exceeding 5 million Thai baht (THB) at the end of any accounting period and income from the sale of goods and/or the provision of services not exceeding THB 30 million in any accounting period will be subject to tax range from 0% - 20%.

 

 F-14
 

 

DSWISS, INC.

NOTES TO CONDENSED FINANCIAL STATEMENTS

For the nine months ended September 30, 2017

(Currency expressed in United States Dollars (“US$”), except for number of shares)

(UNAUDITED)

 

10. CONCENTRATIONS OF RISK

 

The Company is exposed to the following concentrations of risk:

 

(a) Major customers

 

For the three months ended September 30, 2016, there were no customers who accounted for 10% or more of the Company’s revenues.

 

For the three months ended September 30, 2017, the customers who accounted for 10% or more of the Company’s sales and its outstanding receivable balance at period-end are presented as follows:

 

   For three months ended September 30 
   2017   2016   2017   2016   2017   2016 
   Revenues   Percentage of Revenues   Accounts Receivable, Trade 
Customer A  $9,852   $-    23%   -%  $-   $- 
Customer B  $7,882   $-    19%   -%  $-   $- 
   $17,734   $-    43%   -%  $-   $- 

 

For nine months ended September 30, 2017 and 2016, the customers who accounted for 10% or more of the Company’s sales and its outstanding receivable balance at period-end are presented as follows:

 

   For nine months ended September 30 
   2017   2016   2017   2016   2017   2016 
   Revenues   Percentage of Revenues   Accounts Receivable, Trade 
Customer A  $45,000   $14,600    33%   12%  $-   $- 
Customer B  $35,945   $-    27%   -%  $-   $- 
Customer C  $19,813   $-    15%   -%  $-   $- 
   $100,758   $14,600    75%   12%  $-   $- 

 

(b) Major vendors

 

For three months ended September 30, 2017 and 2016, the vendors who accounted for 10% or more of the Company’s purchases and its outstanding payable balance at period-end are presented as follows:

 

   For three months ended September 30 
   2017   2016   2017   2016   2017   2016 
   Purchases   Percentage of Purchases   Account Payable, Trade 
Vendor A  $4,770   $9,227    64%   42%  $-   $- 
Vendor B  $2,671   $7,946    36%   37%  $-   $- 
Vendor C  $-   $4,078    -%   19%  $-   $- 
   $7,441   $21,251    100%   98%  $-   $- 

 

For nine months ended September 30, 2017 and 2016, the vendors who accounted for 10% or more of the Company’s purchases and its outstanding payable balance at period-end are presented as follows:

 

   For nine months ended September 30 
   2017   2016   2017   2016   2017   2016 
   Purchases   Percentage of Purchases   Account Payable, Trade 
Vendor A  $29,216   $40,736    64%   55%  $6,539   $- 
Vendor B  $14,919   $23,650    33%   32%  $-   $744 
   $44,135   $64,386    97%   87%  $6,539   $744 

 

All vendors are located in Malaysia.

 

(c) Exchange rate risk

 

The Company cannot guarantee that the current exchange rate will remain stable, therefore there is a possibility that the Company could post the same amount of income for two comparable periods and because of the fluctuating exchange rate actually post higher or lower income depending on exchange rate of RM converted to US$, HK$ converted into US$, RMB converted into US$ and THB converted into US$ on that date. The exchange rate could fluctuate depending on changes in political and economic environments without notice.

 

 F-15
 

 

DSWISS, INC.

NOTES TO CONDENSED FINANCIAL STATEMENTS

For the nine months ended September 30, 2017

(Currency expressed in United States Dollars (“US$”), except for number of shares)

(UNAUDITED)

 

11. COMMITMENTS AND CONTINGENCIES

 

The Company entered into a new agreement with an independent third party to lease office premises in Malaysia on a monthly basis, for the operations of the Company. The rent expense for the period ended September 30, 2017 and September 30, 2016 were $5,278 and $11,747 respectively.

 

As of September 30, 2017, the Company has future minimum rental payments of $8,797 for office premises due under a non-cancellable operating lease in the next fifteen months.

 

Period ending December 31:    
2017  $1,759 
2018  $7,038 
   $8,797 

 

12. SUBSEQUENT EVENTS

 

In accordance with ASC Topic 855, “Subsequent Events “, which establishes general standards of accounting for and disclosure of events that occur after the balance sheet date but before financial statements are issued, the Company has evaluated all events or transactions that occurred after September 30, 2017 up through the date was the Company presented these unaudited condensed financial statements.

 

During the period, the Company did not have any material recognizable subsequent event. 

 

 F-16
 

 

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 

The information contained in this quarter report on Form 10-Q is intended to update the information contained in our Annual Report on Form 10-K for the year ended December 31, 2016 and presumes that readers have access to, and will have read, the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and other information contained in such Form 10-K. The following discussion and analysis also should be read together with our consolidated financial statements and the notes to the consolidated financial statements included elsewhere in this Form 10-Q.

 

The following discussion contains certain statements that may be deemed “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements appear in a number of places in this Report, including, without limitation, “Management’s Discussion and Analysis of Financial Condition and Results of Operations.” These statements are not guarantees of future performance and involve risks, uncertainties and requirements that are difficult to predict or are beyond our control. Forward-looking statements speak only as of the date of this quarterly report. You should not put undue reliance on any forward-looking statements. We strongly encourage investors to carefully read the factors described in our Form S-1 Amendment No.8, dated July 20, 2016 in the section entitled “Risk Factors” for a description of certain risks that could, among other things, cause actual results to differ from these forward-looking statements. We assume no responsibility to update the forward-looking statements contained in this transition report on Form 10-Q. The following should also be read in conjunction with the unaudited Condensed Consolidated Financial Statements and notes thereto that appear elsewhere in this report.

 

Company Overview

 

DSwiss, Inc., a Nevada corporation (“the Company”) was incorporated under the laws of the State of Nevada on May 28, 2015. DSwiss Holding Limited owns 100% of DSwiss (HK) Limited, a Hong Kong Company, which owns 100% of DSwiss Sdn Bhd, the operating Malaysia Company of which is described below. In 2016, DSwiss (HK) Limited invested in DSwiss Biotech Sdn Bhd, incorporated in Malaysia, and owned 40% equity interest. DSwiss (HK) Limited also invested in DS Asia Co., Ltd, incorporated in Thailand, and owned 49% equity interest. We have incorporated a new company namely DSwiss International Trading (Shenzhen) Limited in China, with 100% equity interest owned by DSwiss (HK) Limited.

 

Our Company is a beauty supply company formed with the goal of supplying high quality beauty products directly to our clients. Our beauty supplies include, but are not limited to, beverages to assist in burning and reducing fat, anti-aging creams, and products designed to improve the overall health and physical appearance of our clients. Currently we supply our products solely in Malaysia and Hong Kong, however we have intentions to expand to Singapore, Indonesia, Thailand, Macau and China in the next year, and subsequent to that we will make efforts to expand throughout the world.

 

At this time we operate exclusively online through our website: http://www.dswissbeauty.com/

 

Our company continuously strives to improve the already high standard of our goods and services through ongoing research and market development. We are going to penetrate into South East Asia markets through the recruitment of distributors and via the social media like Facebook and Instagram. We foresee to spend a substantial amount in marketing and advertising in the coming year. At DSwiss we are determined to bring new products to markets that we have not yet explored.

 

Products which meet the definition of a medicinal scope need to be registered with the Drug Control Authority (DCA), Ministry of Health Malaysia. Manufacturing, marketing, importation and the sale of unregistered products is a violation of the Drug Control Regulations and Cosmetics Act 1984 of Malaysia and enforcement action can be taken.

 

Among the products offered by DSwiss, “Coffee Plus”, “Kiwi Cell Detox” and “Triple Stem Cell” are not controlled by the DCA since the medicinal component of the products is no more than 20%.

 

For the remaining products offered by DSwiss, “Silk Mask”, “Coffee Slimming Scrub” and “Peppermint Slimming Gel” are classified as drug and cosmetic items and need to be registered with the DCA. These products have been approved by DCA with a validity period for 2 years starting from December 2016.

 

We always strive to offer products as high quality as possible, and hope that this assurance from an esteemed regulatory body will also serve to prove our continuing commitment to providing quality goods.

 

DSwiss have own brand Quantum Resonant Magnetic Analyzer which is DSwiss Quantum Resonant Magnetic Analyzer. DSwiss Quantum Resonant Magnetic Analyzer is a Hi-tech innovation project, which is related to medical, bio-informatics, electronic engineering, etc. It is based on quantum medical, and scientifically analyzes the human cell’s weak magnetic field collected by advanced electronic device. The analyzer can work out the customer’s health situation and main problem. According to the checking result, the analyzer can figure out the reasonable treatment recommendation. The quantum resonant magnetic analyzer is the individualized guide of comprehensive healthy consulting and updated healthy sciences, and its characteristics and advantages are comprehensive, non-invasive, practical, simple, quick, economical and easy to popularize. We can see DSwiss Quantum Resonant Magnetic Analyzer can help our customers to more concern about their health and skin condition.

 

Our expected growth is planned to occur primarily through the implementation of our social media marketing strategy. DSwiss already has a strong relationship with social media (eg. Facebook, Instagram and Wechat). The global presence social media has helped provide to us has been an invaluable resource, and as we continue to expand our business operations and spread our brand awareness we intend to primarily utilize social media to reach our customers. The benefits of social media are countless, but perhaps the most imperative to our future success is our ability to connect with customers directly, to receive their feedback almost instantaneously. On that note, the feedback we have received from our clients has been overwhelmingly positive, which has helped us to create a robust brand image.

 

While DSwiss has been focused almost exclusively upon pursuing operations within Asia, we do have plans to expand outward and become a household name across the world. Our strategy to do so going forward is by forming partnerships with local companies in various countries that may be willing to stock our products or promote them to their own customers. We believe that by forging strategic relationships and partnerships we can expand our operations across the globe at a greater pace and with greater certainty than we would if we tried to expand on our own.

 

Results of Operation

 

For Three and Nine Months Ended September 30, 2017 and September 30, 2016.

 

For three and nine months ended September 30, 2017, we realized revenue in the amount of $42,367 and $135,433 respectively, while for three and nine months ended September 30, 2016 we realized revenues in the amount of $20,978 and $116,847 respectively. Our gross profits for the three and nine months ended September 30, 2017 were $43,249 and $112,727 respectively, which is greater than $10,091 and $42,553 for three and nine months ended September 30, 2016 respectively. We attribute the increase in revenue and gross profit to increase of market exposure and the introduction of new products in 2017. We believe that in order to retain and maintain more customers in the future we must increase our marketing efforts and or develop new products.

 

  2 

 

 

*Our gross margins may not be comparable to those of other entities, since some entities include all the costs related to their distribution network in cost of revenue. Our cost of revenue includes only the purchase cost of products and packing materials, and does not include any allocation of inbound freight charges, purchasing and receiving costs, inspection costs, warehousing costs, internal transfer costs, and the other costs associated with the distribution network.

 

Our net loss for three and nine months ended September 30, 2017 were $69,219 and $206,374 respectively, while for three and nine months ended September 30, 2016 were $147,835 and $344,918 respectively. We attribute this decrease of net loss due to lower cost incurred during product sales and acquiring market share.

 

The introduction of Malaysia Goods & Services Tax (GST) is still has effect on the selling price and hence the revenue. Malaysia Goods & Services Tax of 6% was implemented on April 1, 2015. It has therefore been the primary cause as the resultant of the total increase of selling price on the products that are offered by the Company.

 

Liquidity and Capital Resources

 

For the nine months ended September 30, 2017, we had cash and cash equivalents of $571,019. We have negative operating cash flows and our working capital has been and will continue to be significant. As a result, we depend substantially on our previous financing activities to provide us with the liquidity and capital resources we need to meet our working capital requirements and to make capital investments in connection with ongoing operations. The Company expects its current capital resources to meet our basic operating requirements for approximately twelve months.

 

Operating Activities

 

For the nine months ended September 30, 2017, net cash used in operating activities was $230,912, compared to net cash used of $371,940 in the prior year. The operating cash flow performance primarily reflects the decrease in net operating loss compared to the prior year.

 

Investing Activities

 

For the nine months ended September 30, 2017, net cash used in investing activities was $756, reflecting the cost in register of trademarks. For the nine months ended September 30, 2016, net cash used in investing activities was $25,600, reflecting the purchase of property and equipment.

 

Financing Activities

 

For the nine months ended September 30, 2017, net cash generated by financing activities was $6,262 reflecting proceed from the advance from the director.. For the nine months ended September 30, 2016, net cash generated from finance activities was $473,359 reflecting proceed from issuance of convertible notes.

 

  3 

 

 

Capital Expenditures

 

Our capital expenditures primarily relate to the acquisition of property and equipment. There are no capital expenditures for the nine months ended September 30, 2017.

 

Credit Facilities

 

We do not have any credit facilities or other access to bank credit.

 

Contractual Obligations, Commitments and Contingencies

 

We currently have a lease agreement in place with respect to office premises in Malaysia to commence our business operations.

 

Off-balance Sheet Arrangements

 

We have no significant off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in our financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to our stockholders as of September 30, 2017.

 

  4 

 

 

Recent accounting pronouncements

 

FASB issues various Accounting Standards Updates relating to the treatment and recording of certain accounting transactions. On June 10, 2014, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) No. 2014-10, Development Stage Entities (Topic 915) - Elimination of Certain Financial Reporting Requirements, Including an Amendment to Variable Interest Entities Guidance in Topic 810, Consolidation, which eliminates the concept of a development stage entity (DSE) entirely from current accounting guidance. The Company has elected adoption of this standard, which eliminates the designation of DSEs and the requirement to disclose results of operations and cash flows since inception.

 

The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and do not believe the future adoption of any such pronouncements may be expected to cause a material impact on its financial condition or the results of its operations

 

Additional Information

 

VIE STRUCTURE AND ARRANGEMENTS

 

On June 27, 2016, DSwiss (HK) Limited (“DSHK”) entered into a Management Services Agreement (the “Management Services Agreement I”) which entitles DSHK to substantially entitled to all of the economic benefits of DSwiss Biotech Sdn Bhd (“DSBT”) in consideration of services provided by DSHK to DSBT. Pursuant to the Management Services Agreement I, DSHK has the exclusive right to provide to DSBT management, financial and other services related to the operation of DSBT’s business, and DSBT is required to take all commercially reasonable efforts to permit and facilitate the provision of the services provided by DSHK. As compensation for providing the services, DSHK is entitled to receive a fee from DSBT, upon demand, equal to 100% of the annual net profits of DSBT during the term of the Management Services Agreement I. DSHK may also request ad hoc quarterly payments of the aggregate fee, which payments will be credited against DSBT’s future payment obligations.

 

The Management Services Agreement I also provides DSHK, or its designee, with a right of first refusal to acquire all or any portion of the equity of DSBT upon any proposal by the sole shareholder of DSBT to transfer such equity. In addition, at the sole discretion of DSHK, DSBT is obligated to transfer to DSHK, or its designee, any part or all of the business, personnel, assets and operations of DSBT which may be lawfully conducted, employed, owned or operated by DSHK, including:

 

(a) business opportunities presented to, or available to DSBT may be pursued and contracted for in the name of DSHK rather than DSBT, and at its discretion, DSHK may employ the resources of DSBT to secure such opportunities;

 

(b) any tangible or intangible property of DSBT, any contractual rights, any personnel, and any other items or things of value held by DSBT may be transferred to DSHK at book value;

 

(c) real property, personal or intangible property, personnel, services, equipment, supplies and any other items useful for the conduct of the business may be obtained by DSHK by acquisition, lease, license or otherwise, and made available to DSBT on terms to be determined by agreement between DSHK and DSBT;

 

(d) contracts entered into in the name of DSBT may be transferred to DSHK, or the work under such contracts may be subcontracted, in whole or in part, to DSHK, on terms to be determined by agreement between DSHK and DSBT; and

 

(e) any changes to, or any expansion or contraction of, the business may be carried out in the exercise of the sole discretion of DSHK, and in the name of and at the expense of, DSHK; provided, however, that none of the foregoing may cause or have the effect of terminating (without being substantially replaced under the name of DSHK) or adversely affecting any license, permit or regulatory status of DSBT.

 

In addition, DSHK entered into certain agreements with Jervey Choon, (the “DSBT shareholder”), including

 

(i) a Call Option Agreement allowing DSHK to acquire the shares of DSBT as permitted by Malaysia laws;
   
(ii) a Shareholders’ Voting Rights Proxy Agreement that provides DSHK with the voting rights of the DSBT; and
   
(iii) an Equity Pledge Agreement that pledges the shares in DSBT.

 

This VIE structure provides DSHK, a wholly-owned subsidiary of DSwiss Holding Limited, which is the wholly-owned subsidiary of DSwiss Inc, with control over the operations and benefits of DSBT without having a direct equity ownership in DSBT.

 

  5 

 

 

On June 27, 2016, DSHK also entered into a Management Services Agreement (the “Management Services Agreement II”) which entitles DSHK to substantially entitled to all of the economic benefits of DS Asia Co., Ltd (“DSAC”) in consideration of services provided by DSHK to DSAC. Pursuant to the Management Services Agreement II, DSHK has the exclusive right to provide to DSAC management, financial and other services related to the operation of DSAC’s business, and DSAC is required to take all commercially reasonable efforts to permit and facilitate the provision of the services provided by DSHK. As compensation for providing the services, DSHK is entitled to receive a fee from DSAC, upon demand, equal to 100% of the annual net profits of DSAC during the term of the Management Services Agreement II. DSHK may also request ad hoc quarterly payments of the aggregate fee, which payments will be credited against DSAC’s future payment obligations.

 

The Management Services Agreement II also provides DSHK, or its designee, with a right of first refusal to acquire all or any portion of the equity of DSAC upon any proposal by the sole shareholder of DSAC to transfer such equity. In addition, at the sole discretion of DSHK, DSAC is obligated to transfer to DSHK, or its designee, any part or all of the business, personnel, assets and operations of DSAC which may be lawfully conducted, employed, owned or operated by DSHK, including:

 

(a) business opportunities presented to, or available to DSAC may be pursued and contracted for in the name of DSHK rather than DSAC, and at its discretion, DSHK may employ the resources of DSAC to secure such opportunities;

 

(b) any tangible or intangible property of DSAC, any contractual rights, any personnel, and any other items or things of value held by DSAC may be transferred to DSHK at book value;

 

(c) real property, personal or intangible property, personnel, services, equipment, supplies and any other items useful for the conduct of the business may be obtained by DSHK by acquisition, lease, license or otherwise, and made available to DSAC on terms to be determined by agreement between DSHK and DSAC;

 

(d) contracts entered into in the name of DSAC may be transferred to DSHK, or the work under such contracts may be subcontracted, in whole or in part, to DSHK, on terms to be determined by agreement between DSHK and DSAC; and

 

(e) any changes to, or any expansion or contraction of, the business may be carried out in the exercise of the sole discretion of DSHK, and in the name of and at the expense of, DSHK; provided, however, that none of the foregoing may cause or have the effect of terminating (without being substantially replaced under the name of DSHK) or adversely affecting any license, permit or regulatory status of DSAC.

 

In addition, DSHK entered into certain agreements with each of Ms. Wereya Limpasuthum, Ms. Kanittha Tharanut, (collectively, the “DSAC shareholders”), including

 

(iv) a Call Option Agreement allowing DSHK to acquire the shares of DSAC as permitted by Thailand laws;
   
(v) a Shareholders’ Voting Rights Proxy Agreement that provides DSHK with the voting rights of the DSAC; and
   
(vi) an Equity Pledge Agreement that pledges the shares in DSAC.

 

This VIE structure provides DSHK, a wholly-owned subsidiary of DSwiss Holding Limited, which is the wholly-owned subsidiary of DSwiss Inc, with control over the operations and benefits of DSAC without having a direct equity ownership in DSAC.

 

Item 3 QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

 

As a “smaller reporting company” as defined by Item 10 of Regulation S-K, the Company is not required to provide information required by this Item.

 

ITEM 4 CONTROLS AND PROCEDURES.

 

Evaluation of Disclosure Controls and Procedures:

 

We carried out an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) as of September 30, 2017. This evaluation was carried out under the supervision and with the participation of our Chief Executive Officer and our Chief Financial Officer. Based upon that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that, as of September 30, 2017, our disclosure controls and procedures were not effective due to the presence of material weaknesses in internal control over financial reporting.

 

A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the company’s annual or interim financial statements will not be prevented or detected on a timely basis. Management has identified the following material weaknesses which have caused management to conclude that, as of September 30, 2017, our disclosure controls and procedures were not effective: (i) inadequate segregation of duties and effective risk assessment; and (ii) insufficient written policies and procedures for accounting and financial reporting with respect to the requirements and application of both US GAAP and SEC guidelines.

 

Changes in Internal Control over Financial Reporting:

 

There were no changes in our internal control over financial reporting during the quarter ended September 30, 2017, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

 

  6 

 

 

PART II — OTHER INFORMATION

 

Item 1. Legal Proceedings

 

We know of no materials, active or pending legal proceedings against us, nor are we involved as a plaintiff in any material proceedings or pending litigation. There are no proceedings in which any of our directors, officers or affiliates, or any beneficial shareholder are an adverse party or has a material interest adverse to us.

 

Item 1A. Risk Factors.

 

We are a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934 and are not required to provide the information under this item.

 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

 

None.

 

Item 3. Defaults Upon Senior Securities

 

None

 

Item 4. Mine Safety Disclosures

 

Not applicable.

 

Item 5. Other Information.

 

As of May 31, 2017, Mr. Chua Lee Yee resigned from the positions with the Company, including that of Chief Financial Officer, Secretary, Treasurer and Director of the Company. The resignation was not the result of any disagreement with the Company on any matter relating to the Company’s operations, policies or practices. Mr. Chua Lee Yee has been the Chief Financial Officer, Secretary, Treasurer and Director of the Company since September 8, 2015.

 

As of May 31, 2017, Mr. Cheng Zhee Long resigned from the position of the Director of the Company. The resignation was not the result of any disagreement with the Company on any matter relating to the Company’s operations, policies or practices. Mr. Cheng Zhee Long has been the Director of the Company since September 10, 2015.

 

As of May 31, 2017, Mr. Heung Wing Wai resigned from the position of the Director of the Company. The resignation was not the result of any disagreement with the Company on any matter relating to the Company’s operations, policies or practices. Mr. Heung Wing Wai has been the Director of the Company since May 28, 2015.

 

As of May 31, 2017, Mr. Leong Ming Chia, our Chief Executive Officer, was appointed as the new Chief Financial Officer, Secretary and Treasurer of the Company.

 

As of May 31, 2017, the Board of Director of the Company appointed Mr. Wong Sui Ting to the Board.

 

The biography for the new director of the Company is set forth below:

 

WONG SUI TING serves as a Director in the Company. Mr. Wong holds a Bachelor of Business (Accounting) from Monash University since year 1995. Also, he is an Associate Member of Malaysia Institute of Accountancy (MIA, Chartered Accountant) since 1999 and CPA Australia since 1998.

 

Mr. Wong co-founded Qinetics Solutions Sdn Bhd in 2000 and acts as Chief Financial Officer since the establishment. He was tasked with overseeing and managing the overall financial affairs and operations of Qinetics, playing an active role in corporate decisions and strategies. In 2011, Mr. Wong co-founded and acts as Chief Executive Officer of Forum Digital Sdn Bhd. His responsibility in the company is to oversee the operation and in charge of business development of the company.

 

Mr. Wong’s experience in accounting and the financial industry, as well as his knowledge of business development, has led the Board of Directors to reach the conclusion that he should serve as the director of the Company. On May 31, 2017, Mr. Wong was appointed as the director of the Company.

 

Form 8-K has been filed with Securities and Exchange Commission on June 6, 2017 addressing issue mentioned above.

 

  7 

 

 

ITEM 6. Exhibits

 

Exhibit No.   Description
     
31.1   Rule 13(a)-14(a)/15(d)-14(a) Certification of principal executive officer*
     
32.1   Section 1350 Certification of principal executive officer *
     
101.INS   XBRL Instance Document*
     
101.SCH   XBRL Schema Document*
     
101.CAL   XBRL Calculation Linkbase Document*
     
101.DEF   XBRL Definition Linkbase Document*
     
101.LAB   XBRL Label Linkbase Document*
     
101.PRE   XBRL Presentation Linkbase Document*

 

* Filed herewith.

 

  8 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  DSWISS, INC.
  (Name of Registrant)
     
Date: November 14, 2017    
     
  By: /s/ Leong Ming Chia
  Title:

Chief Executive Officer,

Chief Financial Officer

President, Director, Secretary, Treasurer

   

(Principal Executive Officer)

(Principal Financial Officer)

 

  9 

 

 

 

 EX-31.1 2 ex31-1.htm

 

EXHIBIT 31.1

 

CERTIFICATION

 

I, LEONG MING CHIA, certify that:

 

1. I have reviewed this quarterly report on Form 10-Q of DSwiss, Inc. (the “Company”) for the quarter ended September 30, 2017;

 

2. Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and

15d-15(f)) for the registrant and have:

 

  a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
     
  b. Designed such internal control over financial reporting, or caused such internal control to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles.
     
  c. Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
     
  d. Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

  a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
     
  b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: November 14, 2017 By: /s/ Leong Ming Chia
    LEONG MING CHIA
   

Chief Executive Officer,

Chief Financial Officer

President, Director, Secretary, Treasurer

   

(Principal Executive Officer)

(Principal Financial Officer)

 

 
 

 

 EX-32.1 3 ex32-1.htm

 

EXHIBIT 32.1

 

CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

In connection with the Quarterly Report of DSwiss, Inc. (the “Company”) on Form 10-Q for the period ended September 30, 2017 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), The undersigned hereby certifies, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge and belief:

 

(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

 

Date: November 14, 2017 /s/ Leong Ming Chia
  By: LEONG MING CHIA
    Chief Executive Officer, President, Director
    (Principal Executive Officer)
(Principal Financial Officer)

 

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement has been provided to the Company and will be retained by the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

 

 
 

 

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ASU 2014-09 supersedes the revenue recognition requirements in &#8220;Revenue Recognition (Topic 605)&#8221;, and requires entities to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. ASU 2014-09 is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Early adoption is not permitted. In August 2015, the FASB issued an Accounting Standards Update to defer by one year the effective dates of its new revenue recognition standard until annual reporting periods beginning after December 15, 2017 (2018 for calendar-year public entities) and interim periods therein. Management is currently assessing the impact the adoption of ASU 2014-09 and has not determined the effect of the standard on our ongoing financial reporting. We do not expect the adoption of this new standard to have a material impact on our consolidated financial statements.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">In August 2014, the FASB issued ASU 2014-15, &#8220;Presentation of Financial Statements - Going Concern, Disclosure of Uncertainties about an Entity&#8217;s Ability to Continue as a Going Concern&#8221; (&#8220;ASU 2014-15&#8221;), which establishes management&#8217;s responsibility to evaluate whether there is substantial doubt about an entity&#8217;s ability to continue as a going concern and, if so, to provide related footnote disclosures. ASU 2014-15 provides a definition of the term &#8220;substantial doubt&#8221; and requires an assessment for a period of one year after the date that the financial statements are issued or available to be issued. Management will also be required to evaluate and disclose whether its plans alleviate that doubt. The guidance is effective for the annual periods ending after December 15, 2016 and interim periods thereafter with early adoption permitted. The Company is currently evaluating the impact the adoption of ASU 2014-15 on the Company&#8217;s financial statement presentation and disclosures. We do not expect the adoption of this new standard to have a material impact on our consolidated financial statements.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and do not believe the future adoption of any such pronouncements may be expected to cause a material impact on its financial condition or the results of its operations.</p> Q3 Based on the contractual arrangements between the Company and other investors, the Company has the power to direct the relevant activities of these entities unilaterally, and hence the Company has control over these entities. 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Index Key Document Type Document Period End Date Amendment Flag Current Fiscal Year End Date Entity Filer Category Entity Common Stock, Shares Outstanding Trading Symbol Document Fiscal Period Focus Document Fiscal Year Focus Statement of Financial Position [Abstract] ASSETS CURRENT ASSETS Cash and cash equivalents Trade receivables Prepayment and deposits Income tax receivables Inventories Total Current Assets NON-CURRENT ASSETS Property and equipment, net Intangible assets, net Total Non-Current Assets TOTAL ASSETS LIABILITIES AND STOCKHOLDERS’ EQUITY CURRENT LIABILITIES Trade payables Other payables and accrued liabilities Hire purchase creditor Convertible notes payable Amount due to director Total Current Liabilities NON- CURRENT LIABILITIES Hire purchase creditor TOTAL LIABILITIES STOCKHOLDERS’ EQUITY Preferred stock, $0.0001 par value, 200,000,000 shares authorized, None issued and outstanding Common stock, $0.0001 par value, 600,000,000 shares authorized, 206,904,600 and 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Document and Entity Information - shares
 9 Months Ended
Sep. 30, 2017
Nov. 14, 2017
Document And Entity Information    
Entity Registrant Name DSwiss Inc  
Entity Central Index Key 0001652561  
Document Type 10-Q  
Document Period End Date Sep. 30, 2017  
Amendment Flag false  
Current Fiscal Year End Date --12-31  
Entity Filer Category Smaller Reporting Company  
Entity Common Stock, Shares Outstanding   206,904,600
Trading Symbol DQWS  
Document Fiscal Period Focus Q3  
Document Fiscal Year Focus 2017  
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Condensed Consolidated Balance Sheets - USD ($)
Sep. 30, 2017
Dec. 31, 2016
CURRENT ASSETS    
Cash and cash equivalents $ 571,019 $ 782,963
Trade receivables 11,747 2,878
Prepayment and deposits 17,165 17,143
Income tax receivables 853 803
Inventories 54,420 33,582
Total Current Assets 655,204 837,369
NON-CURRENT ASSETS    
Property and equipment, net 61,057 75,005
Intangible assets, net 10,366 9,855
Total Non-Current Assets 71,423 84,860
TOTAL ASSETS 726,627 922,229
CURRENT LIABILITIES    
Trade payables 4,973 5,025
Other payables and accrued liabilities 23,547 39,558
Hire purchase creditor 199 3,045
Convertible notes payable 638,400
Amount due to director 29,139 18,685
Total Current Liabilities 57,858 704,713
NON- CURRENT LIABILITIES    
Hire purchase creditor 15,317 14,874
TOTAL LIABILITIES 73,175 719,587
STOCKHOLDERS’ EQUITY    
Preferred stock, $0.0001 par value, 200,000,000 shares authorized, None issued and outstanding
Common stock, $0.0001 par value, 600,000,000 shares authorized, 206,904,600 and 203,342,600 shares issued and outstanding as of September 30, 2017 and December 31, 2016 respectively 20,690 20,394
Additional paid in capital 1,395,426 757,322
Accumulated other comprehensive losses (19,636) (38,420)
Accumulated losses (774,672) (569,258)
TOTAL STOCKHOLDERS’ EQUITY 621,808 170,038
NON CONTROLLING INTEREST 31,644 32,604
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 726,627 $ 922,229
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Sep. 30, 2017
Dec. 31, 2016
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Preferred stock, par value $ 0.0001 $ 0.0001
Preferred stock, shares authorized 200,000,000 200,000,000
Preferred stock, shares issued
Preferred stock, shares outstanding
Common stock, par value $ 0.0001 $ 0.0001
Common stock, shares authorized 600,000,000 600,000,000
Common stock, shares issued 206,904,600 203,342,600
Common stock, shares outstanding 206,904,600 203,342,600
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Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Income Statement [Abstract]        
REVENUE $ 42,367 $ 20,978 $ 135,433 $ 116,847
COST OF REVENUE 882 (10,887) (22,706) (74,294)
GROSS PROFIT 43,249 10,091 112,727 42,553
OTHER INCOME 57 678 7
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES (52,774) (108,398) (168,298) (250,558)
OPERATING EXPENSES (55,916) (42,848) (143,196) (120,501)
OTHER OPERATING EXPENSES (3,835) (6,680) (8,285) (16,419)
PROFIT/(LOSS) BEFORE INCOME TAX (69,219) (147,835) (206,374) (344,918)
INCOME TAX PROVISION
NET PROFIT/(LOSS) (69,219) (147,835) (206,374) (344,918)
Non-Controlling Interest 460 1,397 960 6,599
Other comprehensive income/(loss):        
- Foreign currency translation adjustment (5,363) (6,251) 18,784 (327)
Comprehensive income/(loss) $ (74,122) $ (152,689) $ (186,630) $ (338,646)
Net income/(loss) per share- Basic and diluted $ (0.00) $ (0.00) $ (0.00) $ (0.00)
Weighted average number of common shares outstanding – Basic and diluted 206,904,600 203,345,317 206,263,921 203,343,512
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Condensed Consolidated Statements of Changes in Stockholders’ Equity (Unaudited) - 9 months ended Sep. 30, 2017 - USD ($)
Common Stock [Member]
Additional Paid-in Capital [Member]
Accumulated Comprehensive Income/(Loss) [Member]
Accumulated Surplus/(Deficit) [Member]
Non-Controlling Interest [Member]
Total
Balance at Dec. 31, 2016 $ 20,394 $ 757,322 $ (38,420) $ (569,258) $ 32,604 $ 202,642
Balance, shares at Dec. 31, 2016 203,940,100          
Shares issued upon conversion of convertible notes principal at $0.10 per share $ 28 27,972 28,000
Shares issued upon conversion of convertible notes principal at $0.10 per share, shares 280,000          
Shares issued upon conversion of convertible notes principal at $0.20 per share $ 232 463,168 463,400
Shares issued upon conversion of convertible notes principal at $0.20 per share, shares 2,317,000          
Shares issued upon conversion of convertible notes principal at $0.40 per share $ 36 146,964 147,000
Shares issued upon conversion of convertible notes principal at $0.40 per share, shares 367,500          
Foreign currency translation adjustment 18,784 18,784
Net profit/(loss) (205,414) (960) (206,374)
Balance at Sep. 30, 2017 $ 20,690 $ 1,395,426 $ (19,636) $ (774,672) $ 31,644 $ 653,452
Balance, shares at Sep. 30, 2017 206,904,600          
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Sep. 30, 2017
$ / shares
Statement of Stockholders' Equity [Abstract]  
Debt convertible, conversion price per share $ 0.10
Debt convertible, conversion price per share one 0.20
Debt convertible, conversion price per share two $ 0.40
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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net (loss) $ (206,374) $ (344,918)
Adjustments to reconcile net profit/(loss) to net cash used in operating activities:    
Depreciation and amortization 18,431 14,727
Amortization for intangible assets 234 497
Changes in operating assets and liabilities:    
Trade payables 3,680 655
Trade receivables (3,254) 12,901
Other payables and accrued liabilities (16,242) (23,653)
Inventories (18,972) (26,185)
Prepayment and deposits (8,415) (5,964)
Net cash used in operating activities (230,912) (371,940)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of property and equipment (25,600)
Intangible assets (756)
Net cash used in investing activities (756) (25,600)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Advance from directors 9,200 4,497
Issuance of share capital 296 8,086
Additional paid in capital 638,104
Proceeds from non-controlling interest 35,876
Convertible note payables (638,400) 424,900
Hire purchase finance (2,938)
Net cash provided by financing activities 6,262 473,359
Effect of exchange rate changes on cash and cash equivalent 13,462 (12,424)
Net increase / (decrease) in cash and cash equivalents (211,944) 63,395
Cash and cash equivalents, beginning of period 782,963 437,202
CASH AND CASH EQUIVALENTS, END OF PERIOD 571,019 500,597
SUPPLEMENTAL CASH FLOWS INFORMATION    
Income taxes paid
Interest paid
XML 17 R8.htm IDEA: XBRL DOCUMENT v3.8.0.1
Description of Business and Organization
 9 Months Ended
Sep. 30, 2017
Accounting Policies [Abstract]  
Description of Business and Organization

1. DESCRIPTION OF BUSINESS AND ORGANIZATION

 

DSwiss, Inc. is organized as a Nevada Limited Liability Company, incorporated on May 28, 2015. For the purposes of financial statement presentation, DSwiss, Inc. and its subsidiaries are herein referred to as “the Company” or “we”. The principal activity of the Company and its subsidiaries is to supply high quality beauty products directly to clients through wholly owned subsidiaries. Our beauty supplies include, but are not limited to, beverages to assist in weight loss, anti-aging cream, and products designed to improve the overall health and wellness of clients.

 

The accompanying unaudited condensed consolidated financial statements of DSwiss, Inc. at September 30, 2017 and 2016 have been prepared in accordance with generally accepted accounting principles (“GAAP”) for interim financial statements, instructions to Form 10-Q, and Regulation S-X. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted. These condensed consolidated financial statements should be read in conjunction with the financial statements and notes thereto included in our annual report on Form 10-K for the year ended December 31, 2016. In management’s opinion, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair presentation to make our financial statements not misleading have been included. The results of operations for the periods ended September 30, 2017 and 2016 presented are not necessarily indicative of the results to be expected for the full year. The December 31, 2016 balance sheet has been derived from our audited financial statements included in our annual report on Form 10-K for the year ended December 31, 2016.

 

We have historically conducted our business through DSwiss Sdn Bhd, a private limited liability company, incorporated in Malaysia. DSwiss Holding Limited, incorporated in Seychelles, is an investment holding company with 100% equity interest in DSwiss (HK) Limited, a company incorporated in Hong Kong, which subsequently hold 100% equity interest in DSwiss Sdn. Bhd. On August 31, 2015, DSwiss, Inc. was restructured to be the holding company parent to, and succeed to the operations of, DSwiss Holding Limited. The former unit holder of DSwiss Holding Limited became the unit holder of DSwiss, Inc. and DSwiss Holding Limited became a wholly-owned subsidiary of DSwiss, Inc. This transaction was accounted for as a transaction among entities under common control and the assets, liabilities, revenues and expenses of DSwiss Holding Limited were carried over to and combined with DSwiss, Inc. at historical cost, and as if the transfer occurred at the beginning of the period. Prior periods have been retrospectively adjusted for comparative purposes.

 

We have invested in DSwiss Biotech Sdn Bhd, a company incorporated in Malaysia, and owned 40% equity interest. We have invested in DS Asia Co., Ltd, incorporated in Thailand, and owned 49% equity interest. We have incorporated a new company namely DSwiss International Trading (Shenzhen) Limited in China, with 100% equity interest.

 

The Company, through its subsidiaries and its variable interest entities (“VIEs”), mainly supplies high quality beauty products. Details of the Company’s subsidiaries and associates:

 

  Company name   Place and date of
incorporation		   Particulars of issued
capital		   Principal activities   Proportional of
ownership interest
and voting power
held
                   
1. DSwiss Holding Limited   Seychelles,
May 28, 2015 		  1 share of ordinary share of US$1 each   Investment holding   100%
                   
2. DSwiss (HK) Limited   Hong Kong,
May 28, 2015 		  1 share of ordinary share of HK$1 each   Supply of beauty products   100%
                   
3. DSwiss Sdn Bhd   Malaysia,
March 10, 2011		   2 shares of ordinary share of RM 1 each   Supply of beauty products   100%
                   
4. DSwiss Biotech Sdn Bhd(1)   Malaysia,
March 17, 2016		   250,000 shares of ordinary share of RM 1 each   Supply of biotech products   40%
                   
5. DS Asia Co., Ltd(1)   Thailand,
April 27,2016		   20,000 shares of ordinary share of THB 25 each   Trading beauty products   49%
                   
6. DSwiss International Trading (Shenzhen) Limited 德瑞絲國際貿易(深圳)有限公司   PRC,
June 21, 2016		   413,392 shares of ordinary share of RMB 1 each   Trading beauty products   100%

 

(1) Based on the contractual arrangements between the Company and other investors, the Company has the power to direct the relevant activities of these entities unilaterally, and hence the Company has control over these entities.
XML 18 R9.htm IDEA: XBRL DOCUMENT v3.8.0.1
Summary of Significant Accounting Policies
 9 Months Ended
Sep. 30, 2017
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Basis of presentation

 

The accompanying condensed consolidated financial statements are prepared in accordance with generally accepted accounting principles in the United States of America (“US GAAP”).

 

The Company has adopted its fiscal year-end to be December 31.

 

Basis of consolidation

 

The condensed consolidated financial statements include the accounts of the Company, its subsidiaries and its VIEs in which the Company is the primary beneficiary. All inter-company accounts and transactions have been eliminated upon consolidation.

 

Use of estimates

 

Management uses estimates and assumptions in preparing these financial statements in accordance with US GAAP. Those estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities in the balance sheets, and the reported revenue and expenses during the periods reported. Actual results may differ from these estimates.

 

Revenue recognition

 

In accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 605, “Revenue Recognition”, the Company recognizes revenue from sales of goods when the following four revenue criteria are met: (1) persuasive evidence of an arrangement exists; (2) delivery has occurred; (3) selling price is fixed or determinable; and (4) collectability is reasonably assured.

 

Revenue from supplies of beauty products is recognized when title and risk of loss are transferred and there are no continuing obligations to the customer. Title and the risks and rewards of ownership transfer to and accepted by the customer when the products are collected by the customer at the Company’s office. Revenue is recorded net of sales discounts, returns, allowances, and other adjustments that are based upon management’s best estimates and historical experience and are provided for in the same period as the related revenues are recorded. Based on limited operating history, management estimates that there was no sales return for the period reported.

 

Cost of revenue

 

Cost of revenue includes the purchase cost of retail goods for re-sale to customers and packing materials (such as boxes). It excludes purchasing and receiving costs, inspection costs, warehousing costs, internal transfer costs and other costs of distribution network in cost of revenues.

 

Shipping and handling fees

 

Shipping and handling fees, if billed to customers, are included in revenue. Shipping and handling fees associated with inbound and outbound freight are expensed as incurred and included in selling and distribution expenses.

 

Shipping and handling fees are expensed as incurred for the nine months ended September 30, 2017 were $2,411, while for the nine months ended September 30, 2016 were $2,736.

  

Selling and distribution expenses

 

Selling and distribution expenses are primarily comprised of travelling and accommodation, transportation fees such as petrol, toll and parking and shipping and handling fees.

 

Cash and cash equivalents

 

Cash and cash equivalents are carried at cost and represent cash on hand, demand deposits placed with banks or other financial institutions and all highly liquid investments with an original maturity of three months or less as of the purchase date of such investments.

 

Inventories

 

Inventories consisting of products available for sell, are stated at the lower of cost or market value. Cost of inventory is determined using the first-in, first-out (FIFO) method. Inventory reserve is recorded to write down the cost of inventory to the estimated market value due to slow-moving merchandise and damaged goods, which is dependent upon factors such as historical and forecasted consumer demand, and promotional environment. The Company takes ownership, risks and rewards of the products purchased. Write downs are recorded in cost of revenues in the Condensed Consolidated Statements of Operations and Comprehensive Income.

 

Property and equipment

 

Property and equipment are stated at cost less accumulated depreciation and impairment. Depreciation of plant, equipment and software are calculated on the straight-line method over their estimated useful lives or lease terms generally as follows:

 

Classification   Estimated useful lives
Computer and software   5 years
Furniture and fittings   5 years
Office equipment   10 years
Motor vehicle   5 years
Renovation   5 years

 

Expenditures for maintenance and repairs are expensed as incurred.

 

Intangible assets

 

Intangible assets are stated at cost less accumulated amortization. Intangible assets represented the registration costs of trademarks in Hong Kong, China, and Malaysia, which are amortized on a straight-line basis over a useful life of five years.

 

The Company follows ASC Topic 350 in accounting for intangible assets, which requires impairment losses to be recorded when indicators of impairment are present and the undiscounted cash flows estimated to be generated by the assets are less than the assets’ carrying amounts. There was no impairment losses recorded on intangible assets for the nine months ended September 30, 2017.

 

Income taxes

 

Income taxes are determined in accordance with the provisions of ASC Topic 740, “Income Taxes” (“ASC Topic 740”). Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted income tax rates expected to apply to taxable income in the periods in which those temporary differences are expected to be recovered or settled. Any effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.

 

ASC 740 prescribes a comprehensive model for how companies should recognize, measure, present, and disclose in their financial statements uncertain tax positions taken or expected to be taken on a tax return. Under ASC 740, tax positions must initially be recognized in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions must initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts.

 

The Company conducts major businesses in Malaysia and Hong Kong, and is expanding to China and Thailand. The Company is subject to tax in these jurisdiction. As a result of its business activities, the Company will file tax returns that are subject to examination by the foreign tax authority.

  

Net income/(loss) per share

 

The Company calculates net income/(loss) per share in accordance with ASC Topic 260, “Earnings per Share.” Basic income/(loss) per share is computed by dividing the net income/(loss) by the weighted-average number of common shares outstanding during the period. Diluted income per share is computed similar to basic income/(loss) per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common stock equivalents had been issued and if the additional common shares were dilutive.

 

Foreign currencies translation

 

Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded in the Condensed Consolidated Statements of Operations and Comprehensive Income.

 

The reporting currency of the Company is United States Dollars (“US$”) and the accompanying financial statements have been expressed in US$. In addition, the Company’s subsidiaries and VIEs in Malaysia, Hong Kong, China and Thailand maintain their books and records in their local currency, Ringgits Malaysia (“RM”), Hong Kong Dollars (“HK$”), Chinese Renminbi (“RMB”) and Thai Baht (“THB”) respectively, which is functional currency as being the primary currency of the economic environment in which the entity operates.

 

In general, for consolidation purposes, assets and liabilities of its subsidiaries whose functional currency is not US$ are translated into US$, in accordance with ASC Topic 830-30, “Translation of Financial Statement”, using the exchange rate on the balance sheet date. Revenues and expenses are translated at average rates prevailing during the period. The gains and losses resulting from translation of financial statements of foreign subsidiary are recorded as a separate component of accumulated other comprehensive income within the statements of stockholders’ equity.

 

Translation of amounts from RM into US$1, HK$ into US$1, RMB into US$1 and THB into US$1 has been made at the following exchange rates for the respective periods:

 

    As of and for the nine months ended  
    September 30  
    2017     2016  
             
Period-end RM : US$1 exchange rate     4.22       4.46  
Period-average RM : US$1 exchange rate     4.26       4.45  
Period-end HK$ : US$1 exchange rate     7.81       7.75  
Period-average HK$ : US$1 exchange rate     7.81       7.75  
Period-end RMB : US$1 exchange rate     6.65       6.36  
Period-average RMB : US$1 exchange rate     6.67       6.37  
Period-end THB : US$1 exchange rate     33.53       36.44  
Period-average THB : US$1 exchange rate     33.38       36.38  

  

Fair value of financial instruments:

 

The carrying value of the Company’s financial instruments: cash and cash equivalents, account receivables, accounts payables, other payables and accrued liabilities and amount due to directors approximate at their fair values because of the short-term nature of these financial instruments.

 

The Company also follows the guidance of the ASC Topic 820-10, “Fair Value Measurements and Disclosures” (“ASC 820-10”), with respect to financial assets and liabilities that are measured at fair value. ASC 820-10 establishes a three-tier fair value hierarchy that prioritizes the inputs used in measuring fair value as follows:

 

Level 1: Observable inputs such as quoted prices in active markets;

 

Level 2: Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and

 

Level 3: Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions.

 

Segment reporting

 

ASC Topic 280, “Segment Reporting” establishes standards for reporting information about operating segments on a basis consistent with the Company’s internal organization structure as well as information about geographical areas, business segments and major customers in financial statements. For the nine months ended September 30, 2017, the Company operates in four reportable operating segment in Malaysia, Thailand, China and Hong Kong.

 

Recent accounting pronouncements

 

FASB issues various Accounting Standards Updates relating to the treatment and recording of certain accounting transactions. On June 10, 2014, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) No. 2014-10, Development Stage Entities (Topic 915) - Elimination of Certain Financial Reporting Requirements, Including an Amendment to Variable Interest Entities Guidance in Topic 810, Consolidation, which eliminates the concept of a development stage entity (DSE) entirely from current accounting guidance. The Company has elected adoption of this standard, which eliminates the designation of DSEs and the requirement to disclose results of operations and cash flows since inception.

 

In May 2014, the FASB issued Accounting Standards Update No. 2014-09, “Revenue from Contracts with Customers” (“ASU 2014-09”). ASU 2014-09 supersedes the revenue recognition requirements in “Revenue Recognition (Topic 605)”, and requires entities to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. ASU 2014-09 is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Early adoption is not permitted. In August 2015, the FASB issued an Accounting Standards Update to defer by one year the effective dates of its new revenue recognition standard until annual reporting periods beginning after December 15, 2017 (2018 for calendar-year public entities) and interim periods therein. Management is currently assessing the impact the adoption of ASU 2014-09 and has not determined the effect of the standard on our ongoing financial reporting. We do not expect the adoption of this new standard to have a material impact on our consolidated financial statements.

 

In August 2014, the FASB issued ASU 2014-15, “Presentation of Financial Statements - Going Concern, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern” (“ASU 2014-15”), which establishes management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and, if so, to provide related footnote disclosures. ASU 2014-15 provides a definition of the term “substantial doubt” and requires an assessment for a period of one year after the date that the financial statements are issued or available to be issued. Management will also be required to evaluate and disclose whether its plans alleviate that doubt. The guidance is effective for the annual periods ending after December 15, 2016 and interim periods thereafter with early adoption permitted. The Company is currently evaluating the impact the adoption of ASU 2014-15 on the Company’s financial statement presentation and disclosures. We do not expect the adoption of this new standard to have a material impact on our consolidated financial statements.

 

The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and do not believe the future adoption of any such pronouncements may be expected to cause a material impact on its financial condition or the results of its operations.
XML 19 R10.htm IDEA: XBRL DOCUMENT v3.8.0.1
VIE Structure and Arrangements
 9 Months Ended
Sep. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
VIE Structure and Arrangements

3. VIE STRUCTURE AND ARRANGEMENTS

 

On June 27, 2016, DSwiss (HK) Limited (“DSHK”) entered into a Management Services Agreement (the “Management Services Agreement I”) which entitles DSHK to substantially entitled to all of the economic benefits of DSwiss Biotech Sdn Bhd (“DSBT”) in consideration of services provided by DSHK to DSBT. Pursuant to the Management Services Agreement I, DSHK has the exclusive right to provide to DSBT management, financial and other services related to the operation of DSBT’s business, and DSBT is required to take all commercially reasonable efforts to permit and facilitate the provision of the services provided by DSHK. As compensation for providing the services, DSHK is entitled to receive a fee from DSBT, upon demand, equal to 100% of the annual net profits of DSBT during the term of the Management Services Agreement I. DSHK may also request, on ad hoc basis, quarterly payments of the aggregate fee, which payments will be credited against DSBT’s future payment obligations.

 

The Management Services Agreement I also provides DSHK, or its designee, with a right of first refusal to acquire all or any portion of the equity of DSBT upon any proposal by the sole shareholder of DSBT to transfer such equity. In addition, at the sole discretion of DSHK, DSBT is obligated to transfer to DSHK, or its designee, any part or all of the business, personnel, assets and operations of DSBT which may be lawfully conducted, employed, owned or operated by DSHK, including:

 

(a) business opportunities presented to, or available to DSBT may be pursued and contracted for in the name of DSHK rather than DSBT, and at its discretion, DSHK may employ the resources of DSBT to secure such opportunities;

 

(b) any tangible or intangible property of DSBT, any contractual rights, any personnel, and any other items or things of value held by DSBT may be transferred to DSHK at book value;

 

(c) real property, personal or intangible property, personnel, services, equipment, supplies and any other items useful for the conduct of the business may be obtained by DSHK by acquisition, lease, license or otherwise, and made available to DSBT on terms to be determined by agreement between DSHK and DSBT;

 

(d) contracts entered into in the name of DSBT may be transferred to DSHK, or the work under such contracts may be subcontracted, in whole or in part, to DSHK, on terms to be determined by agreement between DSHK and DSBT; and

 

(e) any changes to, or any expansion or contraction of, the business may be carried out in the exercise of the sole discretion of DSHK, and in the name of and at the expense of, DSHK; provided, however, that none of the foregoing may cause or have the effect of terminating (without being substantially replaced under the name of DSHK) or adversely affecting any license, permit or regulatory status of DSBT.

 

In addition, DSHK entered into certain agreements with Jervey Choon, (the “DSBT shareholder”), including

 

(i) a Call Option Agreement allowing DSHK to acquire the shares of DSBT as permitted by Malaysia laws;
   
(ii) a Shareholders’ Voting Rights Proxy Agreement that provides DSHK with the voting rights of the DSBT; and
   
(ii) an Equity Pledge Agreement that pledges the shares in DSBT.

 

This VIE structure provides DSHK, a wholly-owned subsidiary of DSwiss Holding Limited, which is the wholly-owned subsidiary of DSwiss Inc, with control over the operations and benefits of DSBT without having a direct equity ownership in DSBT.

 

On June 27, 2016, DSHK entered into a Management Services Agreement (the “Management Services Agreement II”) which entitles DSHK to substantially entitled to all of the economic benefits of DS Asia Co., Ltd (“DSAC”) in consideration of services provided by DSHK to DSAC. Pursuant to the Management Services Agreement II, DSHK has the exclusive right to provide to DSAC management, financial and other services related to the operation of DSAC’s business, and DSAC is required to take all commercially reasonable efforts to permit and facilitate the provision of the services provided by DSHK. As compensation for providing the services, DSHK is entitled to receive a fee from DSAC, upon demand, equal to 100% of the annual net profits of DSAC during the term of the Management Services Agreement II. DSHK may also request, on ad hoc basis, quarterly payments of the aggregate fee, which payments will be credited against DSAC’s future payment obligations.

 

The Management Services Agreement II also provides DSHK, or its designee, with a right of first refusal to acquire all or any portion of the equity of DSAC upon any proposal by the sole shareholder of DSAC to transfer such equity. In addition, at the sole discretion of DSHK, DSAC is obligated to transfer to DSHK, or its designee, any part or all of the business, personnel, assets and operations of DSAC which may be lawfully conducted, employed, owned or operated by DSHK, including:

 

(a) business opportunities presented to, or available to DSAC may be pursued and contracted for in the name of DSHK rather than DSAC, and at its discretion, DSHK may employ the resources of DSAC to secure such opportunities;

 

(b) any tangible or intangible property of DSAC, any contractual rights, any personnel, and any other items or things of value held by DSAC may be transferred to DSHK at book value;

 

(c) real property, personal or intangible property, personnel, services, equipment, supplies and any other items useful for the conduct of the business may be obtained by DSHK by acquisition, lease, license or otherwise, and made available to DSAC on terms to be determined by agreement between DSHK and DSAC;

 

(d) contracts entered into in the name of DSAC may be transferred to DSHK, or the work under such contracts may be subcontracted, in whole or in part, to DSHK, on terms to be determined by agreement between DSHK and DSAC; and

 

(e) any changes to, or any expansion or contraction of, the business may be carried out in the exercise of the sole discretion of DSHK, and in the name of and at the expense of, DSHK; provided, however, that none of the foregoing may cause or have the effect of terminating (without being substantially replaced under the name of DSHK) or adversely affecting any license, permit or regulatory status of DSAC.

 

In addition, DSHK entered into certain agreements with each of Ms. Weraya Limpasuthum, Ms. Kanittha Tharanut, (collectively, the “DSAC shareholders”), including

 

(iv) a Call Option Agreement allowing DSHK to acquire the shares of DSAC as permitted by Thailand laws;
   
(v) a Shareholders’ Voting Rights Proxy Agreement that provides DSHK with the voting rights of the DSAC; and
   
(vi) an Equity Pledge Agreement that pledges the shares in DSAC.

 

This VIE structure provides DSHK, a wholly-owned subsidiary of DSwiss Holding Limited, which is the wholly-owned subsidiary of DSwiss Inc, with control over the operations and benefits of DSAC without having a direct equity ownership in DSAC.
XML 20 R11.htm IDEA: XBRL DOCUMENT v3.8.0.1
Property and Equipment
 9 Months Ended
Sep. 30, 2017
Property, Plant and Equipment [Abstract]  
Property and Equipment

4. PROPERTY AND EQUIPMENT

 

    As of  
    September 30, 2017     December 31, 2016  
Computers and software   $ 86,651     $ 81,103  
Furniture and fittings   $ 3,493     $ 2,797  
Office equipment   $ 9,519     $ 8,465  
Motor vehicles   $ 30,362     $ 29,085  
Renovation   $ 18,083     $ 17,069  
Total property and equipment   $ 148,108     $ 138,519  
Accumulated depreciation   $ (87,051 )   $ (63,514 )
Property and equipment, net   $ 61,057     $ 75,005  

 

Depreciation expense for the three and nine months ended September 30, 2017 were $7,080 and $21,240, respectively.

 

Depreciation expense for the three and nine months ended September 30, 2016 were $5,481 and $14,727, respectively.
XML 21 R12.htm IDEA: XBRL DOCUMENT v3.8.0.1
Intangible Assets
 9 Months Ended
Sep. 30, 2017
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets

5. INTANGIBLE ASSETS

 

    As of  
    September 30, 2017     December 31, 2016  
Trademarks   $ 11,573     $ 10,542  
Amortization   $ (1,207 )   $ (687 )
Intangible assets, net   $ 10,366     $ 9,855  

 

Amortization for the three and nine months ended September 30, 2017 were $159 and $511, respectively.

 

Amortization for the three and nine months ended September 30, 2016 were $171 and $497, respectively.
XML 22 R13.htm IDEA: XBRL DOCUMENT v3.8.0.1
Prepayment and Deposits
 9 Months Ended
Sep. 30, 2017
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Prepayment and Deposits

6. PREPAYMENT AND DEPOSITS

 

    As of  
    September 30, 2017     December 31, 2016  
Prepayment   $ 16,700     $ 16,691  
Deposits   $ 465     $ 452  
Total prepayment and deposits   $ 17,165     $ 17,143  
XML 23 R14.htm IDEA: XBRL DOCUMENT v3.8.0.1
Inventories
 9 Months Ended
Sep. 30, 2017
Inventory Disclosure [Abstract]  
Inventories

7. INVENTORIES

 

    As of  
    September 30, 2017     December 31, 2016  
Finished goods, at cost   $ 54,420     $ 33,582  
Total inventories   $ 54,420     $ 33,582  
XML 24 R15.htm IDEA: XBRL DOCUMENT v3.8.0.1
Other Payables and Accrued Liabilities
 9 Months Ended
Sep. 30, 2017
Payables and Accruals [Abstract]  
Other Payables and Accrued Liabilities

8. OTHER PAYABLES AND ACCRUED LIABILITIES

 

    As of  
    September 30, 2017     December 31, 2016  
Other payables   $ 11,377     $ 18,000  
Accrued audit fees   $ 8,073     $ 14,300  
Accrued other expenses   $ 1,085     $ 1,922  
Accrued professional fees   $ 3,012     $ 5,336  
Total other payables and accrued liabilities   $ 23,547     $ 39,558  
XML 25 R16.htm IDEA: XBRL DOCUMENT v3.8.0.1
Income Taxes
 9 Months Ended
Sep. 30, 2017
Income Tax Disclosure [Abstract]  
Income Taxes

9. INCOME TAXES

 

For the nine months ended September 30 2017 and 2016, the local (United States) and foreign components of income/(loss) before income taxes were comprised of the following:

 

    Nine Months Ended September 30  
    2017     2016  
Tax jurisdictions from:                
- Local   $ (46,155 )   $ (40,578 )
- Foreign, representing                
Seychelles   $ (1,729 )   $ (1,690 )
Hong Kong   $ (66,082 )   $ (148,732 )
Malaysia   $ (68,154 )   $ (123,913 )
PRC   $ (23,799 )   $ (17,779 )
Thailand   $ (455 )   $ (12,226 )
Loss before income tax   $ (206,374 )   $ (344,918 )

 

The provision for income taxes consisted of the following:

 

    Nine Months Ended September 30  
    2017     2016  
Current:                
- Local   $ -     $ -  
- Foreign   $ -     $ -  
                 
Deferred:   $       $    
- Local   $ -     $ -  
- Foreign   $ -     $ -  
Income tax expense   $ -     $ -  

 

The effective tax rate in the periods presented is the result of the mix of income earned in various tax jurisdictions that apply a broad range of income tax rates. The Company has subsidiaries that operate in various countries: United States, Seychelles, Hong Kong, Malaysia, PRC and Thailand that are subject to taxes in the jurisdictions in which they operate, as follows:

 

United States of America

 

The Company is registered in the State of Nevada and is subject to the tax laws of the United States of America.

 

Seychelles

 

Under the current laws of the Seychelles, DSwiss Holding Limited is registered as an international business company which governs by the International Business Companies Act of Seychelles and there is no income tax charged in Seychelles.

 

Hong Kong

 

DSwiss (HK) Limited is subject to Hong Kong Profits Tax, which is charged at the statutory income tax rate of 16.5% on its assessable income.

 

Malaysia

 

DSwiss Sdn Bhd and DSwiss Biotech Sdn Bhd are subject to Malaysia Corporate Tax, which is charged at the statutory income tax rate range from 20% to 25% on its assessable income.

 

PRC

 

DSwiss International Trading (Shenzhen) Limited is operating in the PRC subject to the Corporate Income Tax governed by the Income Tax Law of the People’s Republic of China with a unified statutory income tax rate of 25%.

 

Thailand

 

DS Asia Co., Ltd is subject to the Corporate Income Tax governed by the Thailand Revenue Department. Companies and juristic partnerships with a paid-in capital not exceeding 5 million Thai baht (THB) at the end of any accounting period and income from the sale of goods and/or the provision of services not exceeding THB 30 million in any accounting period will be subject to tax range from 0% - 20%.
XML 26 R17.htm IDEA: XBRL DOCUMENT v3.8.0.1
Concentrations of Risk
 9 Months Ended
Sep. 30, 2017
Risks and Uncertainties [Abstract]  
Concentrations of Risk

10. CONCENTRATIONS OF RISK

 

The Company is exposed to the following concentrations of risk:

 

(a) Major customers

 

For the three months ended September 30, 2016, there were no customers who accounted for 10% or more of the Company’s revenues.

 

For the three months ended September 30, 2017, the customers who accounted for 10% or more of the Company’s sales and its outstanding receivable balance at period-end are presented as follows:

 

    For three months ended September 30  
    2017     2016     2017     2016     2017     2016  
    Revenues     Percentage of Revenues     Accounts Receivable, Trade  
Customer A   $ 9,852     $ -       23 %     - %   $ -     $ -  
Customer B   $ 7,882     $ -       19 %     - %   $ -     $ -  
    $ 17,734     $ -       43 %     - %   $ -     $ -  

 

For nine months ended September 30, 2017 and 2016, the customers who accounted for 10% or more of the Company’s sales and its outstanding receivable balance at period-end are presented as follows:

 

    For nine months ended September 30  
    2017     2016     2017     2016     2017     2016  
    Revenues     Percentage of Revenues     Accounts Receivable, Trade  
Customer A   $ 45,000     $ 14,600       33 %     12 %   $ -     $ -  
Customer B   $ 35,945     $ -       27 %     - %   $ -     $ -  
Customer C   $ 19,813     $ -       15 %     - %   $ -     $ -  
    $ 100,758     $ 14,600       75 %     12 %   $ -     $ -  

 

(b) Major vendors

 

For three months ended September 30, 2017 and 2016, the vendors who accounted for 10% or more of the Company’s purchases and its outstanding payable balance at period-end are presented as follows:

 

    For three months ended September 30  
    2017     2016     2017     2016     2017     2016  
    Purchases     Percentage of Purchases     Account Payable, Trade  
Vendor A   $ 4,770     $ 9,227       64 %     42 %   $ -     $ -  
Vendor B   $ 2,671     $ 7,946       36 %     37 %   $ -     $ -  
Vendor C   $ -     $ 4,078       - %     19 %   $ -     $ -  
    $ 7,441     $ 21,251       100 %     98 %   $ -     $ -  

 

For nine months ended September 30, 2017 and 2016, the vendors who accounted for 10% or more of the Company’s purchases and its outstanding payable balance at period-end are presented as follows:

 

    For nine months ended September 30  
    2017     2016     2017     2016     2017     2016  
    Purchases     Percentage of Purchases     Account Payable, Trade  
Vendor A   $ 29,216     $ 40,736       64 %     55 %   $ 6,539     $ -  
Vendor B   $ 14,919     $ 23,650       33 %     32 %   $ -     $ 744  
    $ 44,135     $ 64,386       97 %     87 %   $ 6,539     $ 744  

 

All vendors are located in Malaysia.

 

(c) Exchange rate risk

 

The Company cannot guarantee that the current exchange rate will remain stable, therefore there is a possibility that the Company could post the same amount of income for two comparable periods and because of the fluctuating exchange rate actually post higher or lower income depending on exchange rate of RM converted to US$, HK$ converted into US$, RMB converted into US$ and THB converted into US$ on that date. The exchange rate could fluctuate depending on changes in political and economic environments without notice.
XML 27 R18.htm IDEA: XBRL DOCUMENT v3.8.0.1
Commitments and Contingencies
 9 Months Ended
Sep. 30, 2017
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies

11. COMMITMENTS AND CONTINGENCIES

 

The Company entered into a new agreement with an independent third party to lease office premises in Malaysia on a monthly basis, for the operations of the Company. The rent expense for the period ended September 30, 2017 and September 30, 2016 were $5,278 and $11,747 respectively.

 

As of September 30, 2017, the Company has future minimum rental payments of $8,797 for office premises due under a non-cancellable operating lease in the next fifteen months.

 

Period ending December 31:      
2017   $ 1,759  
2018   $ 7,038  
    $ 8,797  
XML 28 R19.htm IDEA: XBRL DOCUMENT v3.8.0.1
Subsequent Events
 9 Months Ended
Sep. 30, 2017
Subsequent Events [Abstract]  
Subsequent Events

12. SUBSEQUENT EVENTS

 

In accordance with ASC Topic 855, “Subsequent Events “, which establishes general standards of accounting for and disclosure of events that occur after the balance sheet date but before financial statements are issued, the Company has evaluated all events or transactions that occurred after September 30, 2017 up through the date was the Company presented these unaudited condensed financial statements.

 

During the period, the Company did not have any material recognizable subsequent event. 
XML 29 R20.htm IDEA: XBRL DOCUMENT v3.8.0.1
Summary of Significant Accounting Policies (Policies)
 9 Months Ended
Sep. 30, 2017
Accounting Policies [Abstract]  
Basis of Presentation

Basis of presentation

 

The accompanying condensed consolidated financial statements are prepared in accordance with generally accepted accounting principles in the United States of America (“US GAAP”).

 

The Company has adopted its fiscal year-end to be December 31.
Basis of Consolidation

Basis of consolidation

 

The condensed consolidated financial statements include the accounts of the Company, its subsidiaries and its VIEs in which the Company is the primary beneficiary. All inter-company accounts and transactions have been eliminated upon consolidation.
Use of Estimates

Use of estimates

 

Management uses estimates and assumptions in preparing these financial statements in accordance with US GAAP. Those estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities in the balance sheets, and the reported revenue and expenses during the periods reported. Actual results may differ from these estimates.
Revenue Recognition

Revenue recognition

 

In accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 605, “Revenue Recognition”, the Company recognizes revenue from sales of goods when the following four revenue criteria are met: (1) persuasive evidence of an arrangement exists; (2) delivery has occurred; (3) selling price is fixed or determinable; and (4) collectability is reasonably assured.

 

Revenue from supplies of beauty products is recognized when title and risk of loss are transferred and there are no continuing obligations to the customer. Title and the risks and rewards of ownership transfer to and accepted by the customer when the products are collected by the customer at the Company’s office. Revenue is recorded net of sales discounts, returns, allowances, and other adjustments that are based upon management’s best estimates and historical experience and are provided for in the same period as the related revenues are recorded. Based on limited operating history, management estimates that there was no sales return for the period reported.
Cost of Revenue

Cost of revenue

 

Cost of revenue includes the purchase cost of retail goods for re-sale to customers and packing materials (such as boxes). It excludes purchasing and receiving costs, inspection costs, warehousing costs, internal transfer costs and other costs of distribution network in cost of revenues.
Shipping and Handling Fees

Shipping and handling fees

 

Shipping and handling fees, if billed to customers, are included in revenue. Shipping and handling fees associated with inbound and outbound freight are expensed as incurred and included in selling and distribution expenses.

 

Shipping and handling fees are expensed as incurred for the nine months ended September 30, 2017 were $2,411, while for the nine months ended September 30, 2016 were $2,736.
Selling and Distribution Expenses

Selling and distribution expenses

 

Selling and distribution expenses are primarily comprised of travelling and accommodation, transportation fees such as petrol, toll and parking and shipping and handling fees.
Cash and Cash Equivalents

Cash and cash equivalents

 

Cash and cash equivalents are carried at cost and represent cash on hand, demand deposits placed with banks or other financial institutions and all highly liquid investments with an original maturity of three months or less as of the purchase date of such investments.
Inventories

Inventories

 

Inventories consisting of products available for sell, are stated at the lower of cost or market value. Cost of inventory is determined using the first-in, first-out (FIFO) method. Inventory reserve is recorded to write down the cost of inventory to the estimated market value due to slow-moving merchandise and damaged goods, which is dependent upon factors such as historical and forecasted consumer demand, and promotional environment. The Company takes ownership, risks and rewards of the products purchased. Write downs are recorded in cost of revenues in the Condensed Consolidated Statements of Operations and Comprehensive Income.
Property and Equipment

Property and equipment

 

Property and equipment are stated at cost less accumulated depreciation and impairment. Depreciation of plant, equipment and software are calculated on the straight-line method over their estimated useful lives or lease terms generally as follows:

 

Classification   Estimated useful lives
Computer and software   5 years
Furniture and fittings   5 years
Office equipment   10 years
Motor vehicle   5 years
Renovation   5 years

 

Expenditures for maintenance and repairs are expensed as incurred.
Intangible Assets

Intangible assets

 

Intangible assets are stated at cost less accumulated amortization. Intangible assets represented the registration costs of trademarks in Hong Kong, China, and Malaysia, which are amortized on a straight-line basis over a useful life of five years.

 

The Company follows ASC Topic 350 in accounting for intangible assets, which requires impairment losses to be recorded when indicators of impairment are present and the undiscounted cash flows estimated to be generated by the assets are less than the assets’ carrying amounts. There was no impairment losses recorded on intangible assets for the nine months ended September 30, 2017.
Income Taxes

Income taxes

 

Income taxes are determined in accordance with the provisions of ASC Topic 740, “Income Taxes” (“ASC Topic 740”). Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted income tax rates expected to apply to taxable income in the periods in which those temporary differences are expected to be recovered or settled. Any effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.

 

ASC 740 prescribes a comprehensive model for how companies should recognize, measure, present, and disclose in their financial statements uncertain tax positions taken or expected to be taken on a tax return. Under ASC 740, tax positions must initially be recognized in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions must initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts.

 

The Company conducts major businesses in Malaysia and Hong Kong, and is expanding to China and Thailand. The Company is subject to tax in these jurisdiction. As a result of its business activities, the Company will file tax returns that are subject to examination by the foreign tax authority.
Net Income/(Loss) Per Share

Net income/(loss) per share

 

The Company calculates net income/(loss) per share in accordance with ASC Topic 260, “Earnings per Share.” Basic income/(loss) per share is computed by dividing the net income/(loss) by the weighted-average number of common shares outstanding during the period. Diluted income per share is computed similar to basic income/(loss) per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common stock equivalents had been issued and if the additional common shares were dilutive.
Foreign Currencies Translation

Foreign currencies translation

 

Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded in the Condensed Consolidated Statements of Operations and Comprehensive Income.

 

The reporting currency of the Company is United States Dollars (“US$”) and the accompanying financial statements have been expressed in US$. In addition, the Company’s subsidiaries and VIEs in Malaysia, Hong Kong, China and Thailand maintain their books and records in their local currency, Ringgits Malaysia (“RM”), Hong Kong Dollars (“HK$”), Chinese Renminbi (“RMB”) and Thai Baht (“THB”) respectively, which is functional currency as being the primary currency of the economic environment in which the entity operates.

 

In general, for consolidation purposes, assets and liabilities of its subsidiaries whose functional currency is not US$ are translated into US$, in accordance with ASC Topic 830-30, “Translation of Financial Statement”, using the exchange rate on the balance sheet date. Revenues and expenses are translated at average rates prevailing during the period. The gains and losses resulting from translation of financial statements of foreign subsidiary are recorded as a separate component of accumulated other comprehensive income within the statements of stockholders’ equity.

 

Translation of amounts from RM into US$1, HK$ into US$1, RMB into US$1 and THB into US$1 has been made at the following exchange rates for the respective periods:

 

    As of and for the nine months ended  
    September 30  
    2017     2016  
             
Period-end RM : US$1 exchange rate     4.22       4.46  
Period-average RM : US$1 exchange rate     4.26       4.45  
Period-end HK$ : US$1 exchange rate     7.81       7.75  
Period-average HK$ : US$1 exchange rate     7.81       7.75  
Period-end RMB : US$1 exchange rate     6.65       6.36  
Period-average RMB : US$1 exchange rate     6.67       6.37  
Period-end THB : US$1 exchange rate     33.53       36.44  
Period-average THB : US$1 exchange rate     33.38       36.38  
Fair Value of Financial Instruments

Fair value of financial instruments:

 

The carrying value of the Company’s financial instruments: cash and cash equivalents, account receivables, accounts payables, other payables and accrued liabilities and amount due to directors approximate at their fair values because of the short-term nature of these financial instruments.

 

The Company also follows the guidance of the ASC Topic 820-10, “Fair Value Measurements and Disclosures” (“ASC 820-10”), with respect to financial assets and liabilities that are measured at fair value. ASC 820-10 establishes a three-tier fair value hierarchy that prioritizes the inputs used in measuring fair value as follows:

 

Level 1: Observable inputs such as quoted prices in active markets;

 

Level 2: Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and

 

Level 3: Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions.
Segment Reporting

Segment reporting

 

ASC Topic 280, “Segment Reporting” establishes standards for reporting information about operating segments on a basis consistent with the Company’s internal organization structure as well as information about geographical areas, business segments and major customers in financial statements. For the nine months ended September 30, 2017, the Company operates in four reportable operating segment in Malaysia, Thailand, China and Hong Kong.
Recent Accounting Pronouncements

Recent accounting pronouncements

 

FASB issues various Accounting Standards Updates relating to the treatment and recording of certain accounting transactions. On June 10, 2014, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) No. 2014-10, Development Stage Entities (Topic 915) - Elimination of Certain Financial Reporting Requirements, Including an Amendment to Variable Interest Entities Guidance in Topic 810, Consolidation, which eliminates the concept of a development stage entity (DSE) entirely from current accounting guidance. The Company has elected adoption of this standard, which eliminates the designation of DSEs and the requirement to disclose results of operations and cash flows since inception.

 

In May 2014, the FASB issued Accounting Standards Update No. 2014-09, “Revenue from Contracts with Customers” (“ASU 2014-09”). ASU 2014-09 supersedes the revenue recognition requirements in “Revenue Recognition (Topic 605)”, and requires entities to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. ASU 2014-09 is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Early adoption is not permitted. In August 2015, the FASB issued an Accounting Standards Update to defer by one year the effective dates of its new revenue recognition standard until annual reporting periods beginning after December 15, 2017 (2018 for calendar-year public entities) and interim periods therein. Management is currently assessing the impact the adoption of ASU 2014-09 and has not determined the effect of the standard on our ongoing financial reporting. We do not expect the adoption of this new standard to have a material impact on our consolidated financial statements.

 

In August 2014, the FASB issued ASU 2014-15, “Presentation of Financial Statements - Going Concern, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern” (“ASU 2014-15”), which establishes management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and, if so, to provide related footnote disclosures. ASU 2014-15 provides a definition of the term “substantial doubt” and requires an assessment for a period of one year after the date that the financial statements are issued or available to be issued. Management will also be required to evaluate and disclose whether its plans alleviate that doubt. The guidance is effective for the annual periods ending after December 15, 2016 and interim periods thereafter with early adoption permitted. The Company is currently evaluating the impact the adoption of ASU 2014-15 on the Company’s financial statement presentation and disclosures. We do not expect the adoption of this new standard to have a material impact on our consolidated financial statements.

 

The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and do not believe the future adoption of any such pronouncements may be expected to cause a material impact on its financial condition or the results of its operations.
XML 30 R21.htm IDEA: XBRL DOCUMENT v3.8.0.1
Description of Business and Organization (Tables)
 9 Months Ended
Sep. 30, 2017
Accounting Policies [Abstract]  
Schedule of Variable Interest Entity

The Company, through its subsidiaries and its variable interest entities (“VIEs”), mainly supplies high quality beauty products. Details of the Company’s subsidiaries and associates:

 

  Company name   Place and date of
incorporation		   Particulars of issued
capital		   Principal activities   Proportional of
ownership interest
and voting power
held
                   
1. DSwiss Holding Limited   Seychelles,
May 28, 2015 		  1 share of ordinary share of US$1 each   Investment holding   100%
                   
2. DSwiss (HK) Limited   Hong Kong,
May 28, 2015 		  1 share of ordinary share of HK$1 each   Supply of beauty products   100%
                   
3. DSwiss Sdn Bhd   Malaysia,
March 10, 2011		   2 shares of ordinary share of RM 1 each   Supply of beauty products   100%
                   
4. DSwiss Biotech Sdn Bhd(1)   Malaysia,
March 17, 2016		   250,000 shares of ordinary share of RM 1 each   Supply of biotech products   40%
                   
5. DS Asia Co., Ltd(1)   Thailand,
April 27,2016		   20,000 shares of ordinary share of THB 25 each   Trading beauty products   49%
                   
6. DSwiss International Trading (Shenzhen) Limited 德瑞絲國際貿易(深圳)有限公司   PRC,
June 21, 2016		   413,392 shares of ordinary share of RMB 1 each   Trading beauty products   100%

 

(1) Based on the contractual arrangements between the Company and other investors, the Company has the power to direct the relevant activities of these entities unilaterally, and hence the Company has control over these entities.
XML 31 R22.htm IDEA: XBRL DOCUMENT v3.8.0.1
Summary of Significant Accounting Policies (Tables)
 9 Months Ended
Sep. 30, 2017
Accounting Policies [Abstract]  
Summary of Property and Equipment

Depreciation of plant, equipment and software are calculated on the straight-line method over their estimated useful lives or lease terms generally as follows:

 

Classification   Estimated useful lives
Computer and software   5 years
Furniture and fittings   5 years
Office equipment   10 years
Motor vehicle   5 years
Renovation   5 years
Schedule of Foreign Currencies Translation

Translation of amounts from RM into US$1, HK$ into US$1, RMB into US$1 and THB into US$1 has been made at the following exchange rates for the respective periods:

 

    As of and for the nine months ended  
    September 30  
    2017     2016  
             
Period-end RM : US$1 exchange rate     4.22       4.46  
Period-average RM : US$1 exchange rate     4.26       4.45  
Period-end HK$ : US$1 exchange rate     7.81       7.75  
Period-average HK$ : US$1 exchange rate     7.81       7.75  
Period-end RMB : US$1 exchange rate     6.65       6.36  
Period-average RMB : US$1 exchange rate     6.67       6.37  
Period-end THB : US$1 exchange rate     33.53       36.44  
Period-average THB : US$1 exchange rate     33.38       36.38  
XML 32 R23.htm IDEA: XBRL DOCUMENT v3.8.0.1
Property and Equipment (Tables)
 9 Months Ended
Sep. 30, 2017
Property, Plant and Equipment [Abstract]  
Schedule of Property and Equipment

    As of  
    September 30, 2017     December 31, 2016  
Computers and software   $ 86,651     $ 81,103  
Furniture and fittings   $ 3,493     $ 2,797  
Office equipment   $ 9,519     $ 8,465  
Motor vehicles   $ 30,362     $ 29,085  
Renovation   $ 18,083     $ 17,069  
Total property and equipment   $ 148,108     $ 138,519  
Accumulated depreciation   $ (87,051 )   $ (63,514 )
Property and equipment, net   $ 61,057     $ 75,005  
XML 33 R24.htm IDEA: XBRL DOCUMENT v3.8.0.1
Intangible Assets (Tables)
 9 Months Ended
Sep. 30, 2017
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Intangible Assets

    As of  
    September 30, 2017     December 31, 2016  
Trademarks   $ 11,573     $ 10,542  
Amortization   $ (1,207 )   $ (687 )
Intangible assets, net   $ 10,366     $ 9,855  
XML 34 R25.htm IDEA: XBRL DOCUMENT v3.8.0.1
Prepayment and Deposits (Tables)
 9 Months Ended
Sep. 30, 2017
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Schedule of Prepaid Expenses and Deposits

    As of  
    September 30, 2017     December 31, 2016  
Prepayment   $ 16,700     $ 16,691  
Deposits   $ 465     $ 452  
Total prepayment and deposits   $ 17,165     $ 17,143  
XML 35 R26.htm IDEA: XBRL DOCUMENT v3.8.0.1
Inventories (Tables)
 9 Months Ended
Sep. 30, 2017
Inventory Disclosure [Abstract]  
Schedule of Inventories

    As of  
    September 30, 2017     December 31, 2016  
Finished goods, at cost   $ 54,420     $ 33,582  
Total inventories   $ 54,420     $ 33,582  
XML 36 R27.htm IDEA: XBRL DOCUMENT v3.8.0.1
Other Payables and Accrued Liabilities (Tables)
 9 Months Ended
Sep. 30, 2017
Payables and Accruals [Abstract]  
Schedule of Other Payables and Accrued Liabilities

    As of  
    September 30, 2017     December 31, 2016  
Other payables   $ 11,377     $ 18,000  
Accrued audit fees   $ 8,073     $ 14,300  
Accrued other expenses   $ 1,085     $ 1,922  
Accrued professional fees   $ 3,012     $ 5,336  
Total other payables and accrued liabilities   $ 23,547     $ 39,558  
XML 37 R28.htm IDEA: XBRL DOCUMENT v3.8.0.1
Income Taxes (Tables)
 9 Months Ended
Sep. 30, 2017
Income Tax Disclosure [Abstract]  
Schedule of Components Income Loss Before Income Taxes

For the nine months ended September 30 2017 and 2016, the local (United States) and foreign components of income/(loss) before income taxes were comprised of the following:

 

    Nine Months Ended September 30  
    2017     2016  
Tax jurisdictions from:                
- Local   $ (46,155 )   $ (40,578 )
- Foreign, representing                
Seychelles   $ (1,729 )   $ (1,690 )
Hong Kong   $ (66,082 )   $ (148,732 )
Malaysia   $ (68,154 )   $ (123,913 )
PRC   $ (23,799 )   $ (17,779 )
Thailand   $ (455 )   $ (12,226 )
Loss before income tax   $ (206,374 )   $ (344,918 )
Schedule of Provision for Income Taxes

The provision for income taxes consisted of the following:

 

    Nine Months Ended September 30  
    2017     2016  
Current:                
- Local   $ -     $ -  
- Foreign   $ -     $ -  
                 
Deferred:   $       $    
- Local   $ -     $ -  
- Foreign   $ -     $ -  
Income tax expense   $ -     $ -  
XML 38 R29.htm IDEA: XBRL DOCUMENT v3.8.0.1
Concentrations of Risk (Tables)
 9 Months Ended
Sep. 30, 2017
Risks and Uncertainties [Abstract]  
Schedule of Concentration of Risk

For the three months ended September 30, 2017, the customers who accounted for 10% or more of the Company’s sales and its outstanding receivable balance at period-end are presented as follows:

 

    For three months ended September 30  
    2017     2016     2017     2016     2017     2016  
    Revenues     Percentage of Revenues     Accounts Receivable, Trade  
Customer A   $ 9,852     $ -       23 %     - %   $ -     $ -  
Customer B   $ 7,882     $ -       19 %     - %   $ -     $ -  
    $ 17,734     $ -       43 %     - %   $ -     $ -  

 

For nine months ended September 30, 2017 and 2016, the customers who accounted for 10% or more of the Company’s sales and its outstanding receivable balance at period-end are presented as follows:

 

    For nine months ended September 30  
    2017     2016     2017     2016     2017     2016  
    Revenues     Percentage of Revenues     Accounts Receivable, Trade  
Customer A   $ 45,000     $ 14,600       33 %     12 %   $ -     $ -  
Customer B   $ 35,945     $ -       27 %     - %   $ -     $ -  
Customer C   $ 19,813     $ -       15 %     - %   $ -     $ -  
    $ 100,758     $ 14,600       75 %     12 %   $ -     $ -  

 

(b) Major vendors

 

For three months ended September 30, 2017 and 2016, the vendors who accounted for 10% or more of the Company’s purchases and its outstanding payable balance at period-end are presented as follows:

 

    For three months ended September 30  
    2017     2016     2017     2016     2017     2016  
    Purchases     Percentage of Purchases     Account Payable, Trade  
Vendor A   $ 4,770     $ 9,227       64 %     42 %   $ -     $ -  
Vendor B   $ 2,671     $ 7,946       36 %     37 %   $ -     $ -  
Vendor C   $ -     $ 4,078       - %     19 %   $ -     $ -  
    $ 7,441     $ 21,251       100 %     98 %   $ -     $ -  

 

For nine months ended September 30, 2017 and 2016, the vendors who accounted for 10% or more of the Company’s purchases and its outstanding payable balance at period-end are presented as follows:

 

    For nine months ended September 30  
    2017     2016     2017     2016     2017     2016  
    Purchases     Percentage of Purchases     Account Payable, Trade  
Vendor A   $ 29,216     $ 40,736       64 %     55 %   $ 6,539     $ -  
Vendor B   $ 14,919     $ 23,650       33 %     32 %   $ -     $ 744  
    $ 44,135     $ 64,386       97 %     87 %   $ 6,539     $ 744  
XML 39 R30.htm IDEA: XBRL DOCUMENT v3.8.0.1
Commitments and Contingencies (Tables)
 9 Months Ended
Sep. 30, 2017
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Future Minimum Rental Payments for Operating Leases

As of September 30, 2017, the Company has future minimum rental payments of $8,797 for office premises due under a non-cancellable operating lease in the next fifteen months.

 

Period ending December 31:      
2017   $ 1,759  
2018   $ 7,038  
XML 40 R31.htm IDEA: XBRL DOCUMENT v3.8.0.1
Description of Business and Organization (Details Narrative)
Sep. 30, 2017
DSwiss Holding Limited Seychelles [Member]  
Equity ownership interest rate percentage 100.00%
DSwiss HK Limited Hong Kong [Member]  
Equity ownership interest rate percentage 100.00%
DSwiss Biotech Sdn, Bhd, Malaysia [Member]  
Equity ownership interest rate percentage 40.00%
DS Asia Co Ltd, Thailand [Member]  
Equity ownership interest rate percentage 49.00%
DSwiss International Trading Shenzhen Limited, China [Member]  
Equity ownership interest rate percentage 100.00%
XML 41 R32.htm IDEA: XBRL DOCUMENT v3.8.0.1
Description of Business and Organization - Schedule of Variable Interest Entity (Details)
 9 Months Ended
Sep. 30, 2017
DSwiss Holding Limited [Member]  
Company name DSwiss Holding Limited
Place and date of incorporation Seychelles, May 28, 2015
Particulars of issued capital 1 share of ordinary share of US$1 each
Principal activities Investment holding
Proportional of ownership interest and voting power held 100.00%
DSwiss (HK) Limited [Member]  
Company name DSwiss (HK) Limited
Place and date of incorporation Hong Kong, May 28, 2015
Particulars of issued capital 1 share of ordinary share of HK$1 each
Principal activities Supply of beauty products
Proportional of ownership interest and voting power held 100.00%
DSwiss Sdn Bhd [Member]  
Company name DSwiss Sdn Bhd
Place and date of incorporation Malaysia, March 10, 2011
Particulars of issued capital 2 shares of ordinary share of RM 1 each
Principal activities Supply of beauty products
Proportional of ownership interest and voting power held 100.00%
DSwiss Biotech Sdn Bhd [Member]  
Company name DSwiss Biotech Sdn BhdDSwiss Biotech Sdn Bhd [1]
Place and date of incorporation Malaysia, March 17, 2016
Particulars of issued capital 250,000 shares of ordinary share of RM 1 each
Principal activities Supply of biotech products
Proportional of ownership interest and voting power held 40.00%
DS Asia Co., Ltd [Member]  
Company name DS Asia Co., LtdDS Asia Co., Ltd [1]
Place and date of incorporation Thailand, April 27,2016
Particulars of issued capital 20,000 shares of ordinary share of THB 25 each
Principal activities Trading beauty products
Proportional of ownership interest and voting power held 49.00%
DSwiss International Trading (Shenzhen) Limited [Member]  
Company name DSwiss International Trading (Shenzhen) Limited
Place and date of incorporation PRC, June 21, 2016
Particulars of issued capital 413,392 shares of ordinary share of RMB 1 each
Principal activities Trading beauty products
Proportional of ownership interest and voting power held 100.00%
[1] Based on the contractual arrangements between the Company and other investors, the Company has the power to direct the relevant activities of these entities unilaterally, and hence the Company has control over these entities.
XML 42 R33.htm IDEA: XBRL DOCUMENT v3.8.0.1
Summary of Significant Accounting Policies (Details Narrative) - USD ($)
 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Accounting Policies [Abstract]    
Shipping and handling fees $ 2,411 $ 2,736
Finite-lived intangible asset, useful life 5 years  
Minimum percentage of income tax benefit greater than 50%  
XML 43 R34.htm IDEA: XBRL DOCUMENT v3.8.0.1
Summary of Significant Accounting Policies - Summary of Property and Equipment (Details)
 9 Months Ended
Sep. 30, 2017
Computer and Software [Member]  
Property, Plant and Equipment [Line Items]  
Expected useful life 5 years
Furniture and Fittings [Member]  
Property, Plant and Equipment [Line Items]  
Expected useful life 5 years
Office Equipment [Member]  
Property, Plant and Equipment [Line Items]  
Expected useful life 10 years
Motor Vehicle [Member]  
Property, Plant and Equipment [Line Items]  
Expected useful life 5 years
Renovation [Member]  
Property, Plant and Equipment [Line Items]  
Expected useful life 5 years
XML 44 R35.htm IDEA: XBRL DOCUMENT v3.8.0.1
Summary of Significant Accounting Policies - Schedule of Foreign Currencies Translation (Details)
Sep. 30, 2017
Sep. 30, 2016
Period-End RM : US$1 Exchange Rate [Member]    
Foreign Currency Exchange Rate, Translation 4.22 4.46
Period-Average RM : US$1 Exchange Rate [Member]    
Foreign Currency Exchange Rate, Translation 4.26 4.45
Period-End HK$ : US$1 Exchange Rate [Member]    
Foreign Currency Exchange Rate, Translation 7.81 7.75
Period-Average HK$ : US$1 Exchange Rate [Member]    
Foreign Currency Exchange Rate, Translation 7.81 7.75
Period-End RMB : US$1 Exchange Rate [Member]    
Foreign Currency Exchange Rate, Translation 6.65 6.36
Period-Average RMB : US$1 Exchange Rate [Member]    
Foreign Currency Exchange Rate, Translation 6.67 6.37
Period-End THB : US$1 Exchange Rate [Member]    
Foreign Currency Exchange Rate, Translation 33.53 36.44
Period-Average THB : US$1 Exchange Rate [Member]    
Foreign Currency Exchange Rate, Translation 33.38 36.38
XML 45 R36.htm IDEA: XBRL DOCUMENT v3.8.0.1
VIE Structure and Arrangements (Details Narrative)
Jun. 27, 2016
Management Services Agreement I [Member]  
Percentage of annual net profit 100.00%
Management Services Agreement II [Member]  
Percentage of annual net profit 100.00%
XML 46 R37.htm IDEA: XBRL DOCUMENT v3.8.0.1
Property and Equipment (Details Narrative) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Property, Plant and Equipment [Abstract]        
Depreciation expense $ 7,080 $ 5,481 $ 21,240 $ 14,727
XML 47 R38.htm IDEA: XBRL DOCUMENT v3.8.0.1
Property and Equipment - Schedule of Property and Equipment (Details) - USD ($)
Sep. 30, 2017
Dec. 31, 2016
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, Gross $ 148,108 $ 138,519
Less: Accumulated depreciation (87,051) (63,514)
Property, plant and equipment, Net 61,057 75,005
Computer and Software [Member]    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, Gross 86,651 81,103
Furniture and Fittings [Member]    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, Gross 3,493 2,797
Office Equipment [Member]    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, Gross 9,519 8,465
Motor Vehicles [Member]    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, Gross 30,362 29,085
Renovation [Member]    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, Gross $ 18,083 $ 17,069
XML 48 R39.htm IDEA: XBRL DOCUMENT v3.8.0.1
Intangible Assets (Details Narrative) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Goodwill and Intangible Assets Disclosure [Abstract]        
Amortization of intangible assets $ 159 $ 171 $ 234 $ 497
XML 49 R40.htm IDEA: XBRL DOCUMENT v3.8.0.1
Intangible Assets - Schedule of Intangible Assets (Details) - USD ($)
Sep. 30, 2017
Dec. 31, 2016
Goodwill and Intangible Assets Disclosure [Abstract]    
Trademarks $ 11,573 $ 10,542
Amortization (1,207) (687)
Intangible assets, net $ 10,366 $ 9,855
XML 50 R41.htm IDEA: XBRL DOCUMENT v3.8.0.1
Prepayment and Deposits - Schedule of Prepaid Expenses and Deposits (Details) - USD ($)
Sep. 30, 2017
Dec. 31, 2016
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]    
Prepayment $ 16,700 $ 16,691
Deposits 465 452
Total prepayment and deposits $ 17,165 $ 17,143
XML 51 R42.htm IDEA: XBRL DOCUMENT v3.8.0.1
Inventories - Schedule of Inventories (Details) - USD ($)
Sep. 30, 2017
Dec. 31, 2016
Inventory Disclosure [Abstract]    
Finished goods, at cost $ 54,420 $ 33,582
Total inventories $ 54,420 $ 33,582
XML 52 R43.htm IDEA: XBRL DOCUMENT v3.8.0.1
Other Payables and Accrued Liabilities - Schedule of Other Payables and Accrued Liabilities (Details) - USD ($)
Sep. 30, 2017
Dec. 31, 2016
Payables and Accruals [Abstract]    
Other payables $ 11,377 $ 18,000
Accrued audit fees 8,073 14,300
Accrued other expenses 1,085 1,922
Accrued professional fees 3,012 5,336
Total other payables and accrued liabilities $ 23,547 $ 39,558
XML 53 R44.htm IDEA: XBRL DOCUMENT v3.8.0.1
Income Taxes (Details Narrative) - USD ($)
 9 Months Ended
Sep. 30, 2017
Dec. 31, 2016
Additional paid in capital $ 1,395,426 $ 757,322
Provision of services not exceeding THB 30 million  
DSwiss HK Limited Hong Kong [Member]    
Percentage of statutory income rate 16.50%  
DSwiss Biotech Sdn Bhd [Member] | Minimum [Member]    
Percentage of statutory income rate 20.00%  
DSwiss Biotech Sdn Bhd [Member] | Maximum [Member]    
Percentage of statutory income rate 25.00%  
DSwiss International Trading (Shenzhen) Limited [Member]    
Percentage of statutory income rate 25.00%  
DS Asia Co Ltd, Thailand [Member] | Minimum [Member]    
Percentage of statutory income rate 0.00%  
DS Asia Co Ltd, Thailand [Member] | Maximum [Member]    
Percentage of statutory income rate 20.00%  
Additional paid in capital $ 5,000,000  
XML 54 R45.htm IDEA: XBRL DOCUMENT v3.8.0.1
Income Taxes - Schedule of Components Income Loss Before Income Taxes (Details) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Tax jurisdictions from Local     $ (46,155) $ (40,578)
Loss before income tax $ (69,219) $ (147,835) (206,374) (344,918)
Seychelles [Member]        
Tax jurisdictions from Foreign     (1,729) (1,690)
Hong Kong [Member]        
Tax jurisdictions from Foreign     (66,082) (148,732)
Malaysia [Member]        
Tax jurisdictions from Foreign     (68,154) (123,913)
PRC [Member]        
Tax jurisdictions from Foreign     (23,799) (17,779)
Thailand [Member]        
Tax jurisdictions from Foreign     $ (455) $ (12,226)
XML 55 R46.htm IDEA: XBRL DOCUMENT v3.8.0.1
Income Taxes - Schedule of Provision for Income Taxes (Details) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Income Tax Disclosure [Abstract]        
Current: Local    
Current: Foreign    
Deferred: Local    
Deferred: Foreign    
Income tax expense
XML 56 R47.htm IDEA: XBRL DOCUMENT v3.8.0.1
Concentrations of Risk (Details Narrative)
 3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Customers [Member]        
Concentration risk percentage 10.00% 10.00% 10.00% 10.00%
Vendors [Member]        
Concentration risk percentage 10.00% 10.00% 10.00% 10.00%
XML 57 R48.htm IDEA: XBRL DOCUMENT v3.8.0.1
Concentration of Risk - Schedule of Concentration of Risk (Details) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Major Customers [Member]        
Revenues $ 17,734 $ 100,758 $ 14,600
Percentage of revenues 43.00% 75.00% 12.00%
Accounts receivable, trade
Major Customers [Member] | Customer A [Member]        
Revenues $ 9,852 $ 45,000 $ 14,600
Percentage of revenues 23.00% 33.00% 12.00%
Accounts receivable, trade
Major Customers [Member] | Customer B [Member]        
Revenues $ 7,882 $ 35,945
Percentage of revenues 19.00% 27.00%
Accounts receivable, trade
Major Customers [Member] | Customer C [Member]        
Revenues     $ 19,813
Percentage of revenues     15.00%
Accounts receivable, trade    
Major Vendors [Member]        
Revenues $ 7,441 $ 21,251 $ 44,135 $ 64,386
Percentage of revenues 100.00% 98.00% 97.00% 87.00%
Accounts receivable, trade $ 6,539 $ 744
Major Vendors [Member] | Vendor A [Member]        
Revenues $ 4,770 $ 9,227 $ 29,216 $ 40,736
Percentage of revenues 64.00% 42.00% 64.00% 55.00%
Accounts receivable, trade $ 6,539
Major Vendors [Member] | Vendor B [Member]        
Revenues $ 2,671 $ 7,946 $ 14,919 $ 23,650
Percentage of revenues 36.00% 37.00% 33.00% 32.00%
Accounts receivable, trade $ 744
Major Vendors [Member] | Vendor C [Member]        
Revenues $ 4,078    
Percentage of revenues 19.00%    
Accounts receivable, trade    
XML 58 R49.htm IDEA: XBRL DOCUMENT v3.8.0.1
Commitments and Contingencies (Details Narrative) - USD ($)
 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Commitments and Contingencies Disclosure [Abstract]    
Rent expense $ 5,278 $ 11,747
Operating leases, future minimum payments receivable $ 8,797  
XML 59 R50.htm IDEA: XBRL DOCUMENT v3.8.0.1
Commitments and Contingencies - Schedule of Future Minimum Rental Payments for Operating Leases (Details)
Sep. 30, 2017
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
2017 $ 1,759
2018 7,038
Operating lease $ 8,797
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