0001493152-18-015649.txt : 20181113 0001493152-18-015649.hdr.sgml : 20181113 20181113064633 ACCESSION NUMBER: 0001493152-18-015649 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 72 CONFORMED PERIOD OF REPORT: 20180930 FILED AS OF DATE: 20181113 DATE AS OF CHANGE: 20181113 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: 181174951 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) 7624-3213 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, 2018

 

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   (I.R.S. Employer
incorporation or organization)   Identification No.)

 

Unit 18-11, 18-12 & 18-01, Tower A, Vertical Business Suite
Jalan Kerinchi, 59200, Kuala Lumpur, Malaysia
(Address of principal executive offices, including zip code)

 

Registrant’s phone number, including area code (603) 2770-4032

 

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, every Interactive Data File required to be submitted 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 such files).

YES [X] NO [  ]

 

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.

 

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

 

Emerging growth company [X]

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [  ]

 

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

Yes [  ] No [X]

 

APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PRECEDING FIVE YEARS:

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.

Not Applicable

 

APPLICABLE ONLY TO CORPORATE ISSUERS:

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 13, 2018
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, 2018 and December 31, 2017 F-2
  Condensed Consolidated Statements of Operations and Comprehensive Income for the Three and Nine Months Ended September 30, 2018 and 2017 F-3
  Condensed Consolidated Statements of Changes in Stockholders’ Equity for the Nine Months Ended September 30, 2018 F-4
 

Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2018 and 2017

 F-5
  Notes to the Condensed Consolidated Financial Statements F-6 - F-18
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 2-7
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 7
ITEM 4. CONTROLS AND PROCEDURES 7
PART II OTHER INFORMATION  
ITEM 1 LEGAL PROCEEDINGS 8
ITEM 2 UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 8
ITEM 3 DEFAULTS UPON SENIOR SECURITIES 8
ITEM 4 MINE SAFETY DISCLOSURES 8
ITEM 5 OTHER INFORMATION 8
ITEM 6 EXHIBITS 9
SIGNATURES 10

 

 1 
 

 

DSWISS, INC.

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

 

  Page
Condensed Consolidated Financial Statements  
   
Condensed Consolidated Balance Sheets as of September 30, 2018 and December 31, 2017 F-2
Condensed Consolidated Statements of Operations and Comprehensive Income for the Three and Nine Months Ended September 30, 2018 and 2017 F-3
Condensed Consolidated Statements of Changes in Stockholders’ Equity for the Nine Months Ended September 30, 2018 F-4
Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 2018 and 2017 F-5
Notes to the Condensed Consolidated Financial Statements F-6 - F-18

 

 F-1 
 

 

PART I FINANCIAL INFORMATION

 

Item 1. Condensed consolidated financial statements:

 

DSWISS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

AS OF SEPTEMBER 30, 2018 AND DECEMBER 31, 2017

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

 

   September 30, 2018   December 31, 2017 
   Unaudited   Audited 
ASSETS          
CURRENT ASSETS          
Cash and cash equivalents  $236,458   $498,516 
Trade receivables   11,721    11,741 
Prepayment and deposits   48,185    76,360 
Income tax receivables   -    886 
Inventories   27,436    19,126 
Total Current Assets   323,800    606,629 
           
NON-CURRENT ASSETS          
Plant and equipment, net   100,030    56,634 
Intangible assets, net   10,085    10,212 
Total Non-Current Assets   110,115    66,846 
           
TOTAL ASSETS  $433,915   $673,475 
           
LIABILITIES AND STOCKHOLDERS’ EQUITY          
CURRENT LIABILITIES          
Trade payables  $27,849   $3,754 
Other payables and accrued liabilities   27,199    26,226 
Hire purchase payables   7,600    3,571 
Amount due to a director   29,246    40,541 
Total Current Liabilities   91,894    74,092 
           
NON- CURRENT LIABILITIES          
Hire purchase payables   51,643    12,126 
           
TOTAL LIABILITIES  $143,537   $86,218 
           
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 206,904,600 shares issued and outstanding as of September 30, 2018 and December 31, 2017 respectively  $20,690   $20,690 
Additional paid in capital   1,395,426    1,395,426 
Accumulated other comprehensive loss   (17,429)   (7,313)
Accumulated profit losses   (1,124,794)   (853,637)
TOTAL STOCKHOLDERS’ EQUITY  $273,893   $555,166 
NON CONTROLLING INTEREST   16,485    32,091 
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY  $433,915   $673,475 

 

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, 2018 AND 2017

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

(Unaudited)

 

  

Nine months ended

September 30,

   Three months ended
September 30,		 
   2018   2017   2018   2017 
REVENUE   168,442    135,433    16,254    42,367 
                     
COST OF REVENUE   (138,469)   (22,706)   (34,121)   882 
                     
GROSS PROFIT   29,973    112,727    (17,867)    43,249 
                     
OTHER INCOME   4,022    678    2,292    57 
                     
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES   (189,630)   (168,298)   (55,399)   (52,774)
                     
OPERATING EXPENSES   (110,481)   (143,196)   (38,944)   (55,916)
                     
OTHER OPERATING EXPENSES   (20,131)   (8,285)   (4,579)   (3,835)
                     
LOSS BEFORE INCOME TAX   (286,247)   (206,374)   (114,497)   (69,219)
                     
INCOME TAX PROVISION   -    -    -    - 
                     
NET LOSS   (286,247)   (206,374)   (114,497)   (69,219)
Non-Controlling Interest   15,090    960    3,939    460 
Other comprehensive income/(loss):                    
- Foreign currency translation adjustment   (10,116)   18,784    (9,595)   (5,363)
                     
Total comprehensive loss   (281,273)   (186,630)   (120,153)   (74,122)
                     
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    206,263,921    206,904,600    206,904,600 

 

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, 2018

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

(Unaudited)

 

   COMMON STOCK   ADDITIONAL   ACCUMULATED       NON-     
   Number of shares   Amount   PAID-IN
CAPITAL		   COMPREHENSIVE
LOSS		  

ACCUMULATED

LOSSES

   CONTROLLING INTEREST   TOTAL
EQUITY		 
Balance as of December 31, 2017 (audited)   206,904,600    20,690    1,395,426    (7,313)  $(853,637)  $32,091   $587,257 
Foreign currency translation adjustment   -    -    -    (10,116)   -    -    (10,116)
Net loss   -    -    -    -    (271,157)   -    (271,157)
Non-Controlling Interest   -    -    -    -    -    (15,090)   (15,090)
Balance as of September 30, 2018 (unaudited)   206,904,600    20,690    1,395,426    (17, 429)   (1,124,794)   

17,001

    

290,894

 

 

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, 2018 AND 2017

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

(Unaudited)

 

   

Nine months ended

September 30,

  
    2018     2017  
CASH FLOWS FROM OPERATING ACTIVITIES:                
Net loss     (286,247 )     (206,374 )
Adjustments to reconcile net loss to net cash used in operating activities:                
Depreciation and amortization     18,334       18,431  
Amortization for intangible assets     127       234  
Loss on disposal of vehicle     2,726       -  
Changes in operating assets and liabilities:                
Income tax recovered      886       -  
Trade payables     24,095       3,680  
Trade receivables     20       (3,254 )
Other payables and accrued liabilities     973       (16,242 )
Inventories     (8,826 )     (18,972 )
Prepaid expenses and deposits     28,175       (8,415 )
Net cash used in operating activities     (219,737 )     (230,912 )
                 
CASH FLOWS FROM INVESTING ACTIVITIES:                
Purchase of plant and equipment     (83,512 )     -  
Purchase of intangible assets     -       (756 )
Proceeds from disposal of vehicle     19,056       -  
Net cash used in investing activities     (64,456 )     (756 )
                 
CASH FLOWS FROM FINANCING ACTIVITIES:                
(Repayment to)/Advance from directors     (11,295 )     9,200  
Issuance of share capital     -       296  
Additional paid in capital     -       638,104  
Convertible note payables     -       (638,400 )
Repayment of hire purchase     (17,532 )      (2,938 )
Proceeds from hire purchase     61,078       -  
                 
Net cash provided by financing activities     32,251       6,262  
                 
Effect of exchange rate changes on cash and cash equivalent     (10,116 )     13,462  
                 
Net decrease in cash and cash equivalents     (262,058 )     (211,944 )
Cash and cash equivalents, beginning of period     498,516       782,963  
CASH AND CASH EQUIVALENTS, END OF PERIOD     236,458       571,019  
SUPPLEMENTAL CASH FLOWS INFORMATION                
Income taxes paid     -       -  
Interest paid     710       -  

 

See accompanying notes to condensed consolidated financial statements.

 

 F-5 
 

 

DSWISS, INC.

NOTES TO CONDENSED FINANCIAL STATEMENTS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2018

(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, 2018 and 2017 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, 2017. 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, 2018 and 2017 presented are not necessarily indicative of the results to be expected for the full year. The December 31, 2017 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, 2017.

 

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 subsequent 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 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,
June 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, 2018

(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, 2018 were $2,555, while for the nine months ended September 30, 2017 were $2,411.

 

 F-7 
 

 

DSWISS, INC.

NOTES TO CONDENSED FINANCIAL STATEMENTS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2018

(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

 

The Company consider all highly liquid instruments with a maturity of three months or less at the time of issuance to be cash equivalent.

 

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 is no impairment losses recorded on intangible assets for the nine months ended September 30, 2018.

 

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, 2018

(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 maintains their books and record in their local currency, Ringgits Malaysia (“MYR”), 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 MYR 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,		 
   2018   2017 
         
Period-end MYR : US$1 exchange rate   4.14    4.42 
Period-average MYR : US$1 exchange rate   4.09    4.26 
Period-end HK$ : US$1 exchange rate   7.83    7.81 
Period-average HK$ : US$1 exchange rate   7.85    7.81 
Period-end RMB : US$1 exchange rate   6.87    6.65 
Period-average RMB : US$1 exchange rate   6.80    6.67 
Period-end THB : US$1 exchange rate   32.33    33.53 
Period-average THB : US$1 exchange rate   33.01    33.38 

 

 F-9 
 

 

DSWISS, INC.

NOTES TO CONDENSED FINANCIAL STATEMENTS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2018

(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, trade receivables, deposits, trade payable, other payables, and accounts payable 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, 2018, the Company operates in four reportable operating segment in Malaysia, Thailand, China and Hong Kong.

 

Recent accounting pronouncements

 

In February 2016, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02, Leases (Topic 842). Under the new guidance, lessees will be required recognize the following for all leases (with the exception of short-term leases) at the commencement date: 1) A lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis; and 2) A right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. The new lease guidance simplified the accounting for sale and leaseback transactions primarily because lessees must recognize lease assets and lease liabilities. Lessees will no longer be provided with a source of off-balance sheet financing. The amendments in this ASU are effective for fiscal years beginning after December 15, 2019, including interim periods within those years. The Company is evaluating this ASU and has not determined the effect of this standard on its ongoing financial reporting. 

 

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, 2018

(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 
 

 

DSWISS, INC.

NOTES TO CONDENSED FINANCIAL STATEMENTS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2018

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

(UNAUDITED)

 

(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, 2018

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

(UNAUDITED)

 

4. STOCKHOLDERS’ EQUITY

 

On September 8, 2015, the Company issued a total of 200,000,000 shares of restricted common stock to two additional founders, Mr. Leong Ming Chia and Greenpro Venture Capital Limited, with a par value of $0.0001 per share for an additional working capital of $20,000.

 

On September 10, 2015, the Company further issued a total of 450,000 shares of restricted common stock to Mr. Chua Lee Yee, Mr. Cheng Zhee Long and Ms. Ng Siew Yen, with a par value of $0.0001 per share for an additional working capital of $450.

 

On September 15, 2015, the Company consummated the sale to fifty-five shareholders of the Company, of an aggregate of 2,792,600 shares of its common stocks with par value of $0.0001, at a price of $0.1 per share, or $279,260 in the aggregate, pursuant to certain subscription agreements.

 

On March 17, 2016, we have invested in DSwiss Biotech Sdn Bhd, a Company incorporated in Malaysia, and owned 40% equity interest with non-controlling interest of $33,437. On April 27, 2016, we have invested in DS Asia Co., Ltd, incorporated in Thailand, and owned 49% equity interest with non-controlling interest of $7,120. 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.

 

For the year ended December 31, 2016, the Company issued an aggregate of 597,500 shares of its common stock at $0.8 per share, for aggregate gross proceeds of $478,000 for initial public offering.

 

On March 1, 2017, various note holders converted $638,400 in principal into 2,964,500 shares of common stock. The conversion price ranged from $0.1 to $0.4 per share.

 

As of September 30, 2018, the Company had a total of 206,904,600 of its common stock issued and outstanding. There are no shares of preferred stock issued and outstanding.

 

5. PROPERTY AND EQUIPMENT

 

  

As at

September 30, 2018

  

As at

December 31, 2017

 
Computers and software  $89,291   $90,268 
Furniture and fittings   6,087    3,063 
Office equipment   9,407    9,586 
Renovation   18,502    32,107 
Motor vehicles   78,823    18,843 
Total property and equipment  $202,110   $153,867 
Accumulated depreciation   (102,080)   (97,233)
Property and equipment, net  $100,030   $56,634 

 

Depreciation expense for the three and nine months ended September 30, 2018 were $4,571 & $18,334 respectively.

 

Depreciation expense for the three and nine months ended September 30, 2017 were $7,080 and $18,431 respectively.

 

 F-13 
 

 

DSWISS, INC.

NOTES TO CONDENSED FINANCIAL STATEMENTS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2018

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

(UNAUDITED)

 

6. INTANGIBLE ASSETS

 

  

As at

September 30, 2018

  

As at

December 31, 2017

 
Trademarks  $12,063   $11,629 
Amortization   (1,978)   (1,417)
Intangible assets, net  $10,085   $10,212 

 

Amortization for the three and nine months ended September 30, 2018 was $256 and $127 respectively.

 

Amortization for the three and nine months ended September 30, 2017 was $159 and $234 respectively.

 

7. PREPAID EXPENSES AND DEPOSITS

 

  

As at

September 30, 2018

  

As at

December 31, 2017

 
Prepaid expenses  $6,503   $3,334 
Deposits   33,799    65,098 
Other Receivable   7,883    7,928 
Total prepaid expenses and deposits  $48,185   $76,360 

 

8. INVENTORIES

 

  

As at

September 30, 2018

  

As at

December 31, 2017

 
Finished goods, at cost  $27,436   $19,126 
Total inventories  $27,436   $19,126 

 

9. OTHER PAYABLES AND ACCRUED LIABILITIES

 

  

As at

September 30, 2018

  

As at

December 31, 2017

 
Other payables  $37   $10,712 
Accrued audit fees   2,500    15,000 
Accrued other expenses   24,662    514 
Total payables and accrued liabilities  $27,199   $26,226 

 

 F-14 
 

 

DSWISS, INC.

NOTES TO CONDENSED FINANCIAL STATEMENTS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2018

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

(UNAUDITED)

 

10. HIRE PURCHASE PAYABLES

 

The Company purchased a motor vehicle under a finance lease agreement with the effective interest rate of 2.38% per annum, due through June, 2025, with principal and interest payable monthly. The obligation under the finance lease is as follows:

 

  

As of

September 30, 2018

  

As of

December 31, 2017

 
Finance lease  $68,709   $18,033 
Less: interest expense   (9,466)   (2,336)
Net present value of finance lease  $59,243   $15,697 
           
Current portion  $7,600   $3,571 
Non-current portion   51,643    12,126 
Total  $59,243   $15,697 

 

As of September 30, 2018, the maturities of the finance lease for each of the years are as follows:

 

2018   1,862 
2019   7,702 
2020   8,113 
2021   8,523 
2022   8,934 
2023   9,344 
2024   9,754 
2025   5,011 
Total  $59,243 

 

11. INCOME TAXES

 

For the nine months ended September 30, 2018 and 2017, the local (United States) and foreign components of income/(loss) before income taxes were comprised of the following:

 

   2018   2017 
         
Tax jurisdictions from:          
- Local  $(22,337)  $(46,155)
- Foreign, representing          
Seychelles   (1,775)   (1,729)
Hong Kong   (98,682)   (66,082)
Malaysia   (145,316)   (68,154)
PRC   (17,352)   (23,799)
Thailand   (171)   (455)
           
Loss before income tax  $(285,633)  $(206,374)

 

The provision for income taxes consisted of the following:

 

   2018   2017 
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 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 rate range from 18% to 24% on its assessable income.

 

People’s Republic of China (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-15 
 

 

DSWISS, INC.

NOTES TO CONDENSED FINANCIAL STATEMENTS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2018

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

(UNAUDITED)

 

12. CONCENTRATIONS OF RISK

 

The Company is exposed to the following concentrations of risk:

 

(a) Major customers

 

For three months ended September 30, 2018 and 2017, the customers who accounted for 10% or more of the Company’s revenue and its outstanding receivable balance at period-end are presented as follows:

 

   For three months ended September 30 
   2018   2017   2018   2017   2018   2017 
   Revenues   Percentage of revenues   Accounts receivable,
trade		 
                         
Customer A  $9,675    9,852    60%   23%  $-    - 
Customer B   5,886    7,882    36%   19%   -    - 
   $15,561    17,734    96%   42%  $-    - 

 

 F-16 
 

 

DSWISS, INC.

NOTES TO CONDENSED FINANCIAL STATEMENTS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2018

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

(UNAUDITED)

 

For nine months ended September 30, 2018 and 2017, the customers who accounted for 10% or more of the Company’s revenue and its outstanding receivable balance at period-end are presented as follows:

 

   For nine months ended September 30 
   2018   2017   2018   2017   2018   2017 
   Revenues   Percentage of revenues   Accounts receivable,
trade		 
                         
Customer A  $94,237    45,000    56%   33%   -    - 
Customer B   -    35,945    -    27%   -    - 
Customer C   -    19,813    -    15%   -    - 
   $94,237    100,758    56%   75%   -    - 

 

(b) Major vendors

 

For three months ended September 30, 2018 and 2017, 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 
   2018   2017   2018   2017   2018   2017 
   Purchase   Percentage of
purchases		   Accounts payable,
trade		 
                         
Vendor A  $28,996    4,770    86%   64%  $-    - 
Vendor B   4,560    2,671    14%   36%   -    - 
   $33,556    7,441    100%   100%  $-      

 

For nine months ended September 30, 2018 and 2017, 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 
   2018   2017   2018   2017   2018   2017 
   Purchase   Percentage of
purchases		   Accounts payable,
trade		 
                         
Vendor A  $46,394    29,216    57%   64%  $-    6,539 
Vendor B   16,846    14,919    21%   33%   -    - 
   $63,240    44,135    78%   97%  $-    6,539 

 

All vendors are located in Malaysia.

 

 F-17 
 

 

DSWISS, INC.

NOTES TO CONDENSED FINANCIAL STATEMENTS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2018

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

(UNAUDITED)

 

13. COMMITMENTS AND CONTINGENCIES

 

(a) Rent expenses

 

For nine months ended September 30, 2018 and 2017, the Company has incurred rent expenses solely for the office premises in Malaysia on a monthly basis as follows:

 

  

Nine Months Ended

September 30, 2018

  

Nine Months Ended

September 30, 2017

 
Rent Expenses  $11,531   $9,405 
   $11,531   $9,405 

 

(b) Rent prepayment and deposit

 

  

As at

September 30, 2018

  

As at

December 31, 2017

 
Rent Prepayment (1)  $4,104   $3,967 
Rent Deposit (2)   16,418    1,322 
   $20,522   $3,967 

 

  (1) Rent prepayment solely for the office premises in Malaysia and due under a cancellable operating lease in the next six months for Malaysia office premises.
  (2) Rent deposit is refundable upon maturity of tenancy agreement and pre-maturity cancellation will be forfeited.

 

(c) The Company purchased a motor vehicle under a finance lease agreement with the effective interest rate of 2.38% per annum, due through June, 2025, with principal and interest payable monthly. The obligation under the finance lease is as follows:

 

  

As of

September 30, 2018

  

As of

December 31, 2017

 
Finance lease  $68,709   $18,033 
Less: interest expense   (9,466)   (2,336)
Net present value of finance lease  $59,243   $15,697 
           
Current portion  $7,600   $3,571 
Non-current portion   51,643    12,126 
Total  $59,243   $15,697 

 

As of September 30, 2018, the maturities of the finance lease for each of the years are as follows:

 

2018   1,862 
2019   7,702 
2020   8,113 
2021   8,523 
2022   8,934 
2023   9,344 
2024   9,754 
2025   5,011 
Total  $59,243 

 

14. SUBSEQUENT EVENTS

 

In accordance with ASC Topic 855, “Subsequent Events “, which establishes general standards of accounting for and disclosure of events that occur after the balance sheet date but before financial statements are issued, the Company has evaluated all events or transactions that occurred after September 30, 2018 up through the date was the Company presented these unaudited condensed financial statements.

 

 F-18 
 

 

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, 2017 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.

 

 2 
 

 

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 the Three and Nine Months Ended September 30, 2018 and September 30, 2017.

 

For the three and nine months ended September 30, 2018, we generated a revenue of $16,254 and $168,442 respectively, while for the three and nine months ended September 30, 2017 we realized revenues in the amount of $42,367 and $135,433 respectively. We suffered gross losses for the three ended September 30, 2018 amounted to $17,867. We attribute the gross losses suffered for this period was mainly due to the increase in cost of revenue as compare to the revenue obtained. However, we managed to generate gross profits of $29,973 for nine months ended September 30, 2018, which still resulted lower than $43,249 and $112,727 for the three and nine months ended September 30, 2017 respectively. We attribute the increase in revenue and decrease of gross profit due to higher cost of revenue in 2018. We believe that in order to improve the gross profit margin, we must look for alternative suppliers of services and material to reduce the cost or retain and attract more customers in the future by increasing our marketing efforts and or develop new products.

 

 3 
 

 

*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 losses for the three and nine months ended September 30, 2018 were $114,497 and $286,247 respectively, while for the three and nine months ended September 30, 2017 were $69,219 and $206,374 respectively. We attribute this increase due to additional cost incurred to increase product sales and 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. However, Malaysia Goods & Services Tax of 6% has been reduced to 0% from June 1, 2018 until the reintroduction of Sales and Services Tax that was implemented on September 1, 2018.

 

The cost of sales also increased because of the increase in revenue.

 

The increases in general and administrative expenses are a result of advertising and compliance costs as a public company.

 

Liquidity and Capital Resources

 

For the nine months ended September 30, 2018, we had cash and cash equivalents of $236,458. 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, 2018, net cash used in operating activities was $219,737, compared to net cash used of $230,912 in the prior year. The operating cash flow performance primarily reflects the decrease in trade payable, increase in prepayment deposits, resulted net loss as well as depreciation and amortization compared to the prior year.

 

Investing Activities

 

For the nine months ended September 30, 2018, net cash used in investing activities was $64,456, reflecting the cost in purchase of property, plant and equipment and proceed from disposal of property, plant and equipment. For the nine months ended September 30, 2017, net cash used in investing activities was $756, reflecting the cost in register of trademarks.

 

Financing Activities

 

For the nine months ended September 30, 2018, net cash provided by financing activities was $32,251 resulted from the proceeds from bank loans. For the nine months ended September 30, 2017, net cash decreased by finance activities was $6,262 resulted from hire purchase financing and a conversion of notes payable to share capital amounted to $638,400.

 

 4 
 

 

Capital Expenditures

 

Our capital expenditures primarily relate to the acquisition of property and equipment. Capital expenditures of $80,373 have been incurred for the nine months periods ended September 30, 2018.

 

Credit Facilities

 

We have credit access to as the Company purchased a motor vehicle under a finance lease agreement with the effective interest rate of 2.38% per annum, due through June, 2025, with principal and interest payable monthly.

 

Contractual Obligations, Commitments and Contingencies

 

We currently have a lease agreement in place with respect to purchase a motor vehicle 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, 2018.

 

 5 
 

 

Recent accounting pronouncements

 

In February 2016, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02, Leases (Topic 842). Under the new guidance, lessees will be required recognize the following for all leases (with the exception of short-term leases) at the commencement date: 1) A lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis; and 2) A right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. The new lease guidance simplified the accounting for sale and leaseback transactions primarily because lessees must recognize lease assets and lease liabilities. Lessees will no longer be provided with a source of off-balance sheet financing. The amendments in this ASU are effective for fiscal years beginning after December 15, 2019, including interim periods within those years. The Company is evaluating this ASU and has not determined the effect of this standard on its ongoing financial reporting. 

 

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.

 

 6 
 

 

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, 2018. 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, 2018, 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, 2018, 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, 2018, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

 

 7 
 

 

PART II — OTHER INFORMATION

 

Item 1. Legal Proceedings

 

We know of no material, 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.

 

None.

 

 8 
 

 

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.

 

 9 
 

 

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 13, 2018    
     
  By: /s/ Leong Ming Chia
  Title: President, Chief Executive Officer,
Chief Financial Officer, Treasurer, Secretary and Director
    (Principal Executive Officer, Principal Financial Officer)

 

 10 
 

 

 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, 2018;

 

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 13, 2018    
     
  By: /s/ Leong Ming Chia
    LEONG MING CHIA
    President, Chief Executive Officer,
Chief Financial Officer, Treasurer, Secretary and Director
    (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, 2018 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 13, 2018    
     
  By: /s/ Leong Ming Chia
    LEONG MING CHIA
    President, Chief Executive Officer,
Chief Financial Officer, Treasurer, Secretary and 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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Prepaid expenses and deposits [Text Block] Proceeds from additional paid in capital. Renovation [Member] Repayment of hire purchase. Schedule of prepayment and deposit of rent [Table Text Block] Seychelles [Member] Shipping and handling fees. Subscription Agreements [Member] Thailand [Member] United States of America [Member] Vendor A [Member] Vendor B [Member] Vendor C [Member] Vendors [Member]. Rent Deposit. Prepayment and deposit of rent, total. Summary of property and equipment useful life [Table Text Block] Paid-in capital amount. Income from sale of goods. Period-Average MYR : US$1 Exchange Rate [Member] Period-Average MYR : US$1 Exchange Rate [Member] Schedule of Obligation Under the Finance Lease [TableText Block] Finance lease, effective interest rate percentage. Hire purchase payables current and non-current. Amount of lessee's undiscounted obligation for lease payments due in six fiscal year. Amount of lessee's undiscounted obligation for lease payments due in seventh fiscal year. Amount of lessee's undiscounted obligation for lease payments due in eighth fiscal year. Proceeds from hire purchase. PeriodAveragMYRUsDollar1ExchangeRateMember Assets, Current Assets, Noncurrent Assets Liabilities, Current Liabilities Stockholders' Equity Attributable to Parent Liabilities and Equity Cost of Revenue [Default Label] Gross Profit Selling, General and Administrative Expense Operating Expenses Net Income (Loss) Attributable to Noncontrolling Interest Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest Shares, Outstanding Gain (Loss) on Disposition of Other Assets Increase (Decrease) in Income Taxes Receivable Increase (Decrease) in Accounts Receivable Increase (Decrease) in Other Accounts Payable and Accrued Liabilities Increase (Decrease) in Inventories Increase (Decrease) in Prepaid Expense and Other Assets Net Cash Provided by (Used in) Operating Activities Payments to Acquire Property, Plant, and Equipment Payments to Acquire Intangible Assets Net Cash Provided by (Used in) Investing Activities Repayments of Related Party Debt Property and equipment Repayments of Debt RepaymentOfHirePurchase Net Cash Provided by (Used in) Financing Activities Cash and Cash Equivalents, Period Increase (Decrease) Inventory Disclosure [Text Block] Inventory, Policy [Policy Text Block] Property, Plant and Equipment, Policy [Policy Text Block] Intangible Assets, Finite-Lived, Policy [Policy Text Block] Income Tax, Policy [Policy Text Block] Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment Finite-Lived Intangible Assets, Accumulated Amortization Finance Lease, Interest Expense PrepaymentAndDepositOfRent EX-101.PRE 9 dqws-20180930_pre.xml XBRL PRESENTATION FILE XML 10 R1.htm IDEA: XBRL DOCUMENT v3.10.0.1
Document and Entity Information - shares
 9 Months Ended
Sep. 30, 2018
Nov. 13, 2018
Document And Entity Information    
Entity Registrant Name DSwiss Inc  
Entity Central Index Key 0001652561  
Document Type 10-Q  
Document Period End Date Sep. 30, 2018  
Amendment Flag false  
Current Fiscal Year End Date --12-31  
Entity Filer Category Non-accelerated Filer  
Entity Small Business Flag true  
Entity Emerging Growth Company true  
Entity Ex Transition Period false  
Entity Common Stock, Shares Outstanding   206,904,600
Trading Symbol DQWS  
Document Fiscal Period Focus Q3  
Document Fiscal Year Focus 2018  
XML 11 R2.htm IDEA: XBRL DOCUMENT v3.10.0.1
Condensed Consolidated Balance Sheets - USD ($)
Sep. 30, 2018
Dec. 31, 2017
CURRENT ASSETS    
Cash and cash equivalents $ 236,458 $ 498,516
Trade receivables 11,721 11,741
Prepayment and deposits 48,185 76,360
Income tax receivables 886
Inventories 27,436 19,126
Total Current Assets 323,800 606,629
NON-CURRENT ASSETS    
Plant and equipment, net 100,030 56,634
Intangible assets, net 10,085 10,212
Total Non-Current Assets 110,115 66,846
TOTAL ASSETS 433,915 673,475
CURRENT LIABILITIES    
Trade payables 27,849 3,754
Other payables and accrued liabilities 27,199 26,226
Hire purchase payables 7,600 3,571
Amount due to a director 29,246 40,541
Total Current Liabilities 91,894 74,092
NON- CURRENT LIABILITIES    
Hire purchase payables 51,643 12,126
TOTAL LIABILITIES 143,537 86,218
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 206,904,600 shares issued and outstanding as of September 30, 2018 and December 31, 2017 respectively 20,690 20,690
Additional paid in capital 1,395,426 1,395,426
Accumulated other comprehensive loss (17,429) (7,313)
Accumulated profit losses (1,124,794) (853,637)
TOTAL STOCKHOLDERS' EQUITY 273,893 555,166
NON CONTROLLING INTEREST 16,485 32,091
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 433,915 $ 673,475
XML 12 R3.htm IDEA: XBRL DOCUMENT v3.10.0.1
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares
Sep. 30, 2018
Dec. 31, 2017
Statement of Financial Position [Abstract]    
Preferred stock, par value $ 0.0001 $ 0.0001
Preferred stock, shares authorized 200,000,000 200,000,000
Preferred stock, shares issued
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 206,904,600 206,904,600
Common stock, shares outstanding 206,904,600 206,904,600
XML 13 R4.htm IDEA: XBRL DOCUMENT v3.10.0.1
Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Income Statement [Abstract]        
REVENUE $ 16,254 $ 42,367 $ 168,442 $ 135,433
COST OF REVENUE (34,121) 882 (138,469) (22,706)
GROSS PROFIT (17,867) 43,249 29,973 112,727
OTHER INCOME 2,292 57 4,022 678
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES (55,399) (52,774) (189,630) (168,298)
OPERATING EXPENSES (38,944) (55,916) (110,481) (143,196)
OTHER OPERATING EXPENSES (4,579) (3,835) (20,131) (8,285)
LOSS BEFORE INCOME TAX (114,497) (69,219) (286,247) (206,374)
INCOME TAX PROVISION
NET LOSS (114,497) (69,219) (286,247) (206,374)
Non-Controlling Interest 3,939 460 15,090 960
Other comprehensive income/(loss):        
- Foreign currency translation adjustment (9,595) (5,363) (10,116) 18,784
Total comprehensive loss $ (120,153) $ (74,122) $ (281,273) $ (186,630)
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 206,904,600 206,904,600 206,904,600 206,263,921
XML 14 R5.htm IDEA: XBRL DOCUMENT v3.10.0.1
Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - 9 months ended Sep. 30, 2018 - USD ($)
Common Stock [Member]
Additional Paid-In Capital [Member]
Accumulated Comprehensive Loss [Member]
Accumulated Losses [Member]
Non-Controlling Interest [Member]
Total
Balance at Dec. 31, 2017 $ 20,690 $ 1,395,426 $ (7,313) $ (853,637) $ 32,091 $ 587,257
Balance, shares at Dec. 31, 2017 206,904,600          
Foreign currency translation adjustment (10,116) (10,116)
Net loss (271,157) (286,247)
Non-Controlling Interest 15,090 15,090
Balance at Sep. 30, 2018 $ 20,690 $ 1,395,426 $ (17,429) $ (1,124,794) $ 17,001 $ 290,894
Balance, shares at Sep. 30, 2018 206,904,600          
XML 15 R6.htm IDEA: XBRL DOCUMENT v3.10.0.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (286,247) $ (206,374)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 18,334 18,431
Amortization for intangible assets 127 234
Loss on disposal of vehicle 2,726
Changes in operating assets and liabilities:    
Income tax recovered 886
Trade payable 24,095 3,680
Trade receivable 20 (3,254)
Other payables and accrued liabilities 973 (16,242)
Inventories (8,826) (18,972)
Prepaid expenses and deposits 28,175 (8,415)
Net cash used in operating activities (219,737) (230,912)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of plant and equipment (83,512)
Purchase of intangible assets (756)
Proceeds from disposal of vehicle 19,056
Net cash used in investing activities (64,456) (756)
CASH FLOWS FROM FINANCING ACTIVITIES:    
(Repayment to)/Advance from directors (11,295) 9,200
Issuance of share capital 296
Additional paid in capital 638,104
Convertible note payables (638,400)
Repayment of hire purchase (17,532) (2,938)
Proceeds from hire purchase 61,078
Net cash provided by financing activities 32,251 6,262
Effect of exchange rate changes on cash and cash equivalent (10,116) 13,462
Net decrease in cash and cash equivalents (262,058) (211,944)
Cash and cash equivalents, beginning of period 498,516 782,963
CASH AND CASH EQUIVALENTS, END OF PERIOD 236,458 571,019
SUPPLEMENTAL CASH FLOWS INFORMATION    
Income taxes paid
Interest paid $ 70
XML 16 R7.htm IDEA: XBRL DOCUMENT v3.10.0.1
Description of Business and Organization
 9 Months Ended
Sep. 30, 2018
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, 2018 and 2017 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, 2017. 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, 2018 and 2017 presented are not necessarily indicative of the results to be expected for the full year. The December 31, 2017 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, 2017.

 

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 subsequent 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 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,
June 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 17 R8.htm IDEA: XBRL DOCUMENT v3.10.0.1
Summary of Significant Accounting Policies
 9 Months Ended
Sep. 30, 2018
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, 2018 were $2,555, while for the nine months ended September 30, 2017 were $2,411.

 

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

 

The Company consider all highly liquid instruments with a maturity of three months or less at the time of issuance to be cash equivalent.

 

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 is no impairment losses recorded on intangible assets for the nine months ended September 30, 2018.

 

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 maintains their books and record in their local currency, Ringgits Malaysia (“MYR”), 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 MYR 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,		  
    2018     2017  
             
Period-end MYR : US$1 exchange rate     4.14       4.42  
Period-average MYR : US$1 exchange rate     4.09       4.26  
Period-end HK$ : US$1 exchange rate     7.83       7.81  
Period-average HK$ : US$1 exchange rate     7.85       7.81  
Period-end RMB : US$1 exchange rate     6.87       6.65  
Period-average RMB : US$1 exchange rate     6.80       6.67  
Period-end THB : US$1 exchange rate     32.33       33.53  
Period-average THB : US$1 exchange rate     33.01       33.38  

 

Fair value of financial instruments:

 

The carrying value of the Company’s financial instruments: cash and cash equivalents, trade receivables, deposits, trade payable, other payables, and accounts payable 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, 2018, the Company operates in four reportable operating segment in Malaysia, Thailand, China and Hong Kong.

 

Recent accounting pronouncements

 

In February 2016, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02, Leases (Topic 842). Under the new guidance, lessees will be required recognize the following for all leases (with the exception of short-term leases) at the commencement date: 1) A lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis; and 2) A right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. The new lease guidance simplified the accounting for sale and leaseback transactions primarily because lessees must recognize lease assets and lease liabilities. Lessees will no longer be provided with a source of off-balance sheet financing. The amendments in this ASU are effective for fiscal years beginning after December 15, 2019, including interim periods within those years. The Company is evaluating this ASU and has not determined the effect of this standard on its ongoing financial reporting. 

 

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 18 R9.htm IDEA: XBRL DOCUMENT v3.10.0.1
VIE Structure and Arrangements
 9 Months Ended
Sep. 30, 2018
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 19 R10.htm IDEA: XBRL DOCUMENT v3.10.0.1
Stockholders' Equity
 9 Months Ended
Sep. 30, 2018
Equity [Abstract]  
Stockholders' Equity

4. STOCKHOLDERS’ EQUITY

 

On September 8, 2015, the Company issued a total of 200,000,000 shares of restricted common stock to two additional founders, Mr. Leong Ming Chia and Greenpro Venture Capital Limited, with a par value of $0.0001 per share for an additional working capital of $20,000.

 

On September 10, 2015, the Company further issued a total of 450,000 shares of restricted common stock to Mr. Chua Lee Yee, Mr. Cheng Zhee Long and Ms. Ng Siew Yen, with a par value of $0.0001 per share for an additional working capital of $450.

 

On September 15, 2015, the Company consummated the sale to fifty-five shareholders of the Company, of an aggregate of 2,792,600 shares of its common stocks with par value of $0.0001, at a price of $0.1 per share, or $279,260 in the aggregate, pursuant to certain subscription agreements.

 

On March 17, 2016, we have invested in DSwiss Biotech Sdn Bhd, a Company incorporated in Malaysia, and owned 40% equity interest with non-controlling interest of $33,437. On April 27, 2016, we have invested in DS Asia Co., Ltd, incorporated in Thailand, and owned 49% equity interest with non-controlling interest of $7,120. 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.

 

For the year ended December 31, 2016, the Company issued an aggregate of 597,500 shares of its common stock at $0.8 per share, for aggregate gross proceeds of $478,000 for initial public offering.

 

On March 1, 2017, various note holders converted $638,400 in principal into 2,964,500 shares of common stock. The conversion price ranged from $0.1 to $0.4 per share.

 

As of September 30, 2018, the Company had a total of 206,904,600 of its common stock issued and outstanding. There are no shares of preferred stock issued and outstanding.
XML 20 R11.htm IDEA: XBRL DOCUMENT v3.10.0.1
Property and Equipment
 9 Months Ended
Sep. 30, 2018
Property, Plant and Equipment [Abstract]  
Property and Equipment

5. PROPERTY AND EQUIPMENT

 

   

As at

September 30, 2018

    

As at

December 31, 2017

  
Computers and software   $ 89,291     $ 90,268  
Furniture and fittings     6,087       3,063  
Office equipment     9,407       9,586  
Renovation     18,502       32,107  
Motor vehicles     78,823       18,843  
Total property and equipment   $ 202,110     $ 153,867  
Accumulated depreciation     (102,080 )     (97,233 )
Property and equipment, net   $ 100,030     $ 56,634  

 

Depreciation expense for the three and nine months ended September 30, 2018 were $4,571 & $18,334 respectively.

 

Depreciation expense for the three and nine months ended September 30, 2017 were $7,080 and $18,431 respectively.
XML 21 R12.htm IDEA: XBRL DOCUMENT v3.10.0.1
Intangible Assets
 9 Months Ended
Sep. 30, 2018
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets

6. INTANGIBLE ASSETS

 

   

As at

September 30, 2018

    

As at

December 31, 2017

  
Trademarks   $ 12,063     $ 11,629  
Amortization     (1,978 )     (1,417 )
Intangible assets, net   $ 10,085     $ 10,212  

 

Amortization for the three and nine months ended September 30, 2018 was $256 and $127 respectively.

 

Amortization for the three and nine months ended September 30, 2017 was $159 and $234 respectively.
XML 22 R13.htm IDEA: XBRL DOCUMENT v3.10.0.1
Prepaid Expenses and Deposits
 9 Months Ended
Sep. 30, 2018
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Prepaid Expenses and Deposits

7. PREPAID EXPENSES AND DEPOSITS

 

   

As at

September 30, 2018

    

As at

December 31, 2017

  
Prepaid expenses   $ 6,503     $ 3,334  
Deposits     33,799       65,098  
Other Receivable     7,883       7,928  
Total prepaid expenses and deposits   $ 48,185     $ 76,360  
XML 23 R14.htm IDEA: XBRL DOCUMENT v3.10.0.1
Inventories
 9 Months Ended
Sep. 30, 2018
Inventory Disclosure [Abstract]  
Inventories

8. INVENTORIES

 

   

As at

September 30, 2018

    

As at

December 31, 2017

  
Finished goods, at cost   $ 27,436     $ 19,126  
Total inventories   $ 27,436     $ 19,126  
XML 24 R15.htm IDEA: XBRL DOCUMENT v3.10.0.1
Other Payables and Accrued Liabilities
 9 Months Ended
Sep. 30, 2018
Payables and Accruals [Abstract]  
Other Payables and Accrued Liabilities

9. OTHER PAYABLES AND ACCRUED LIABILITIES

 

   

As at

September 30, 2018

    

As at

December 31, 2017

  
Other payables   $ 37     $ 10,712  
Accrued audit fees     2,500       15,000  
Accrued other expenses     24,662       514  
Total payables and accrued liabilities   $ 27,199     $ 26,226  
XML 25 R16.htm IDEA: XBRL DOCUMENT v3.10.0.1
Hire Purchase Payables
 9 Months Ended
Sep. 30, 2018
Related parties  
Hire Purchase Payables

10. HIRE PURCHASE PAYABLES

 

The Company purchased a motor vehicle under a finance lease agreement with the effective interest rate of 2.38% per annum, due through June, 2025, with principal and interest payable monthly. The obligation under the finance lease is as follows:

 

   

As of

September 30, 2018

    

As of

December 31, 2017

  
Finance lease   $ 68,709     $ 18,033  
Less: interest expense     (9,466 )     (2,336 )
Net present value of finance lease   $ 59,243     $ 15,697  
                 
Current portion   $ 7,600     $ 3,571  
Non-current portion     51,643       12,126  
Total   $ 59,243     $ 15,697  

 

As of September 30, 2018, the maturities of the finance lease for each of the years are as follows:

 

2018     1,862  
2019     7,702  
2020     8,113  
2021     8,523  
2022     8,934  
2023     9,344  
2024     9,754  
2025     5,011  
Total   $ 59,243  
XML 26 R17.htm IDEA: XBRL DOCUMENT v3.10.0.1
Income Taxes
 9 Months Ended
Sep. 30, 2018
Income Tax Disclosure [Abstract]  
Income Taxes

11. INCOME TAXES

 

For the nine months ended September 30, 2018 and 2017, the local (United States) and foreign components of income/(loss) before income taxes were comprised of the following:

 

    2018     2017  
             
Tax jurisdictions from:                
- Local   $ (22,337 )   $ (46,155 )
- Foreign, representing                
Seychelles     (1,775 )     (1,729 )
Hong Kong     (98,682 )     (66,082 )
Malaysia     (145,316 )     (68,154 )
PRC     (17,352 )     (23,799 )
Thailand     (171 )     (455 )
                 
Loss before income tax   $ (285,633 )   $ (206,374 )

 

The provision for income taxes consisted of the following:

 

    2018     2017  
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 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 rate range from 18% to 24% on its assessable income.

 

People’s Republic of China (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 27 R18.htm IDEA: XBRL DOCUMENT v3.10.0.1
Concentrations of Risk
 9 Months Ended
Sep. 30, 2018
Risks and Uncertainties [Abstract]  
Concentrations of Risk

12. CONCENTRATIONS OF RISK

 

The Company is exposed to the following concentrations of risk:

 

(a) Major customers

 

For three months ended September 30, 2018 and 2017, the customers who accounted for 10% or more of the Company’s revenue and its outstanding receivable balance at period-end are presented as follows:

 

    For three months ended September 30  
    2018     2017     2018     2017     2018     2017  
    Revenues     Percentage of revenues     Accounts receivable,
trade		  
                                     
Customer A   $ 9,675       9,852       60 %     23 %   $ -       -  
Customer B     5,886       7,882       36 %     19 %     -       -  
    $ 15,561       17,734       96 %     42 %   $ -       -  

 

For nine months ended September 30, 2018 and 2017, the customers who accounted for 10% or more of the Company’s revenue and its outstanding receivable balance at period-end are presented as follows:

 

    For nine months ended September 30  
    2018     2017     2018     2017     2018     2017  
    Revenues     Percentage of revenues     Accounts receivable,
trade		  
                                     
Customer A   $ 94,237       45,000       56 %     33 %     -       -  
Customer B     -       35,945       -       27 %     -       -  
Customer C     -       19,813       -       15 %     -       -  
    $ 94,237       100,758       56 %     75 %     -       -  

 

(b) Major vendors

 

For three months ended September 30, 2018 and 2017, 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  
    2018     2017     2018     2017     2018     2017  
    Purchase     Percentage of
purchases		     Accounts payable,
trade		  
                                     
Vendor A   $ 28,996       4,770       86 %     64 %   $ -       -  
Vendor B     4,560       2,671       14 %     36 %     -       -  
    $ 33,556       7,441       100 %     100 %   $ -          

 

For nine months ended September 30, 2018 and 2017, 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  
    2018     2017     2018     2017     2018     2017  
    Purchase     Percentage of
purchases		     Accounts payable,
trade		  
                                     
Vendor A   $ 46,394       29,216       57 %     64 %   $ -       6,539  
Vendor B     16,846       14,919       21 %     33 %     -       -  
    $ 63,240       44,135       78 %     97 %   $ -       6,539  

 

All vendors are located in Malaysia.
XML 28 R19.htm IDEA: XBRL DOCUMENT v3.10.0.1
Commitments and Contingencies
 9 Months Ended
Sep. 30, 2018
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies

13. COMMITMENTS AND CONTINGENCIES

 

(a) Rent expenses

 

For nine months ended September 30, 2018 and 2017, the Company has incurred rent expenses solely for the office premises in Malaysia on a monthly basis as follows:

 

   

Nine Months Ended

September 30, 2018

    

Nine Months Ended

September 30, 2017

  
Rent Expenses   $ 11,531     $ 9,405  
    $ 11,531     $ 9,405  

 

(b) Rent prepayment and deposit

 

   

As at

September 30, 2018

    

As at

December 31, 2017

  
Rent Prepayment (1)   $ 4,104     $ 3,967  
Rent Deposit (2)     16,418       1,322  
    $ 20,522     $ 3,967  

 

  (1) Rent prepayment solely for the office premises in Malaysia and due under a cancellable operating lease in the next six months for Malaysia office premises.
  (2) Rent deposit is refundable upon maturity of tenancy agreement and pre-maturity cancellation will be forfeited.

 

(c) The Company purchased a motor vehicle under a finance lease agreement with the effective interest rate of 2.38% per annum, due through June, 2025, with principal and interest payable monthly. The obligation under the finance lease is as follows:

 

   

As of

September 30, 2018

    

As of

December 31, 2017

  
Finance lease   $ 68,709     $ 18,033  
Less: interest expense     (9,466 )     (2,336 )
Net present value of finance lease   $ 59,243     $ 15,697  
                 
Current portion   $ 7,600     $ 3,571  
Non-current portion     51,643       12,126  
Total   $ 59,243     $ 15,697  

 

As of September 30, 2018, the maturities of the finance lease for each of the years are as follows:

 

2018     1,862  
2019     7,702  
2020     8,113  
2021     8,523  
2022     8,934  
2023     9,344  
2024     9,754  
2025     5,011  
Total   $ 59,243  
XML 29 R20.htm IDEA: XBRL DOCUMENT v3.10.0.1
Subsequent Events
 9 Months Ended
Sep. 30, 2018
Subsequent Events [Abstract]  
Subsequent Events

14. SUBSEQUENT EVENTS

 

In accordance with ASC Topic 855, “Subsequent Events “, which establishes general standards of accounting for and disclosure of events that occur after the balance sheet date but before financial statements are issued, the Company has evaluated all events or transactions that occurred after September 30, 2018 up through the date was the Company presented these unaudited condensed financial statements.
XML 30 R21.htm IDEA: XBRL DOCUMENT v3.10.0.1
Summary of Significant Accounting Policies (Policies)
 9 Months Ended
Sep. 30, 2018
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, 2018 were $2,555, while for the nine months ended September 30, 2017 were $2,411.
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

 

The Company consider all highly liquid instruments with a maturity of three months or less at the time of issuance to be cash equivalent.
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 is no impairment losses recorded on intangible assets for the nine months ended September 30, 2018.
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 maintains their books and record in their local currency, Ringgits Malaysia (“MYR”), 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 MYR 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,		  
    2018     2017  
             
Period-end MYR : US$1 exchange rate     4.14       4.42  
Period-average MYR : US$1 exchange rate     4.09       4.26  
Period-end HK$ : US$1 exchange rate     7.83       7.81  
Period-average HK$ : US$1 exchange rate     7.85       7.81  
Period-end RMB : US$1 exchange rate     6.87       6.65  
Period-average RMB : US$1 exchange rate     6.80       6.67  
Period-end THB : US$1 exchange rate     32.33       33.53  
Period-average THB : US$1 exchange rate     33.01       33.38  
Fair Value of Financial Instruments

Fair value of financial instruments:

 

The carrying value of the Company’s financial instruments: cash and cash equivalents, trade receivables, deposits, trade payable, other payables, and accounts payable 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, 2018, the Company operates in four reportable operating segment in Malaysia, Thailand, China and Hong Kong.
Recent Accounting Pronouncements

Recent accounting pronouncements

 

In February 2016, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02, Leases (Topic 842). Under the new guidance, lessees will be required recognize the following for all leases (with the exception of short-term leases) at the commencement date: 1) A lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis; and 2) A right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. The new lease guidance simplified the accounting for sale and leaseback transactions primarily because lessees must recognize lease assets and lease liabilities. Lessees will no longer be provided with a source of off-balance sheet financing. The amendments in this ASU are effective for fiscal years beginning after December 15, 2019, including interim periods within those years. The Company is evaluating this ASU and has not determined the effect of this standard on its ongoing financial reporting. 

 

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 31 R22.htm IDEA: XBRL DOCUMENT v3.10.0.1
Description of Business and Organization (Tables)
 9 Months Ended
Sep. 30, 2018
Accounting Policies [Abstract]  
Schedule of Variable Interest Entity

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,
June 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 32 R23.htm IDEA: XBRL DOCUMENT v3.10.0.1
Summary of Significant Accounting Policies (Tables)
 9 Months Ended
Sep. 30, 2018
Accounting Policies [Abstract]  
Summary of Property and Equipment Useful Life

. 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

    As of and for the nine months ended
September 30,		  
    2018     2017  
             
Period-end MYR : US$1 exchange rate     4.14       4.42  
Period-average MYR : US$1 exchange rate     4.09       4.26  
Period-end HK$ : US$1 exchange rate     7.83       7.81  
Period-average HK$ : US$1 exchange rate     7.85       7.81  
Period-end RMB : US$1 exchange rate     6.87       6.65  
Period-average RMB : US$1 exchange rate     6.80       6.67  
Period-end THB : US$1 exchange rate     32.33       33.53  
Period-average THB : US$1 exchange rate     33.01       33.38  
XML 33 R24.htm IDEA: XBRL DOCUMENT v3.10.0.1
Property and Equipment (Tables)
 9 Months Ended
Sep. 30, 2018
Property, Plant and Equipment [Abstract]  
Schedule of Property and Equipment

   

As at

September 30, 2018

    

As at

December 31, 2017

  
Computers and software   $ 89,291     $ 90,268  
Furniture and fittings     6,087       3,063  
Office equipment     9,407       9,586  
Renovation     18,502       32,107  
Motor vehicles     78,823       18,843  
Total property and equipment   $ 202,110     $ 153,867  
Accumulated depreciation     (102,080 )     (97,233 )
Property and equipment, net   $ 100,030     $ 56,634  
XML 34 R25.htm IDEA: XBRL DOCUMENT v3.10.0.1
Intangible Assets (Tables)
 9 Months Ended
Sep. 30, 2018
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Intangible Assets

   

As at

September 30, 2018

    

As at

December 31, 2017

  
Trademarks   $ 12,063     $ 11,629  
Amortization     (1,978 )     (1,417 )
Intangible assets, net   $ 10,085     $ 10,212  
XML 35 R26.htm IDEA: XBRL DOCUMENT v3.10.0.1
Prepaid Expenses and Deposits (Tables)
 9 Months Ended
Sep. 30, 2018
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Schedule of Prepaid Expenses and Deposits

   

As at

September 30, 2018

    

As at

December 31, 2017

  
Prepaid expenses   $ 6,503     $ 3,334  
Deposits     33,799       65,098  
Other Receivable     7,883       7,928  
Total prepaid expenses and deposits   $ 48,185     $ 76,360  
XML 36 R27.htm IDEA: XBRL DOCUMENT v3.10.0.1
Inventories (Tables)
 9 Months Ended
Sep. 30, 2018
Inventory Disclosure [Abstract]  
Schedule of Inventories

   

As at

September 30, 2018

    

As at

December 31, 2017

  
Finished goods, at cost   $ 27,436     $ 19,126  
Total inventories   $ 27,436     $ 19,126  
XML 37 R28.htm IDEA: XBRL DOCUMENT v3.10.0.1
Other Payables and Accrued Liabilities (Tables)
 9 Months Ended
Sep. 30, 2018
Payables and Accruals [Abstract]  
Schedule of Other Payables and Accrued Liabilities

   

As at

September 30, 2018

    

As at

December 31, 2017

  
Other payables   $ 37     $ 10,712  
Accrued audit fees     2,500       15,000  
Accrued other expenses     24,662       514  
Total payables and accrued liabilities   $ 27,199     $ 26,226  
XML 38 R29.htm IDEA: XBRL DOCUMENT v3.10.0.1
Hire Purchase Payables (Tables)
 9 Months Ended
Sep. 30, 2018
Related parties  
Schedule of Obligation Under the Finance Lease

The obligation under the finance lease is as follows:

 

   

As of

September 30, 2018

    

As of

December 31, 2017

  
Finance lease   $ 68,709     $ 18,033  
Less: interest expense     (9,466 )     (2,336 )
Net present value of finance lease   $ 59,243     $ 15,697  
                 
Current portion   $ 7,600     $ 3,571  
Non-current portion     51,643       12,126  
Total   $ 59,243     $ 15,697  
Schedule of Maturities of Finance Lease

As of September 30, 2018, the maturities of the finance lease for each of the years are as follows:

 

2018     1,862  
2019     7,702  
2020     8,113  
2021     8,523  
2022     8,934  
2023     9,344  
2024     9,754  
2025     5,011  
Total   $ 59,243  
XML 39 R30.htm IDEA: XBRL DOCUMENT v3.10.0.1
Income Taxes (Tables)
 9 Months Ended
Sep. 30, 2018
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Loss Before Income Taxes

For the nine months ended September 30, 2018 and 2017, the local (United States) and foreign components of income/(loss) before income taxes were comprised of the following:

 

    2018     2017  
             
Tax jurisdictions from:                
- Local   $ (22,337 )   $ (46,155 )
- Foreign, representing                
Seychelles     (1,775 )     (1,729 )
Hong Kong     (98,682 )     (66,082 )
Malaysia     (145,316 )     (68,154 )
PRC     (17,352 )     (23,799 )
Thailand     (171 )     (455 )
                 
Loss before income tax   $ (285,633 )   $ (206,374 )
Schedule of Provision for Income Taxes

The provision for income taxes consisted of the following:

 

    2018     2017  
Current:                
- Local   $ -     $ -  
- Foreign     -       -  
                 
Deferred:                
- Local     -       -  
- Foreign     -       -  
                 
Income tax expense   $ -     $ -  
XML 40 R31.htm IDEA: XBRL DOCUMENT v3.10.0.1
Concentrations of Risk (Tables)
 9 Months Ended
Sep. 30, 2018
Risks and Uncertainties [Abstract]  
Schedule of Concentrations of Risk

For three months ended September 30, 2018 and 2017, the customers who accounted for 10% or more of the Company’s revenue and its outstanding receivable balance at period-end are presented as follows:

 

    For three months ended September 30  
    2018     2017     2018     2017     2018     2017  
    Revenues     Percentage of revenues     Accounts receivable,
trade		  
                                     
Customer A   $ 9,675       9,852       60 %     23 %   $ -       -  
Customer B     5,886       7,882       36 %     19 %     -       -  
    $ 15,561       17,734       96 %     42 %   $ -       -  

 

For nine months ended September 30, 2018 and 2017, the customers who accounted for 10% or more of the Company’s revenue and its outstanding receivable balance at period-end are presented as follows:

 

    For nine months ended September 30  
    2018     2017     2018     2017     2018     2017  
    Revenues     Percentage of revenues     Accounts receivable,
trade		  
                                     
Customer A   $ 94,237       45,000       56 %     33 %     -       -  
Customer B     -       35,945       -       27 %     -       -  
Customer C     -       19,813       -       15 %     -       -  
    $ 94,237       100,758       56 %     75 %     -       -  

 

For three months ended September 30, 2018 and 2017, 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  
    2018     2017     2018     2017     2018     2017  
    Purchase     Percentage of
purchases		     Accounts payable,
trade		  
                                     
Vendor A   $ 28,996       4,770       86 %     64 %   $ -       -  
Vendor B     4,560       2,671       14 %     36 %     -       -  
    $ 33,556       7,441       100 %     100 %   $ -          

 

For nine months ended September 30, 2018 and 2017, 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  
    2018     2017     2018     2017     2018     2017  
    Purchase     Percentage of
purchases		     Accounts payable,
trade		  
                                     
Vendor A   $ 46,394       29,216       57 %     64 %   $ -       6,539  
Vendor B     16,846       14,919       21 %     33 %     -       -  
    $ 63,240       44,135       78 %     97 %   $ -       6,539  
XML 41 R32.htm IDEA: XBRL DOCUMENT v3.10.0.1
Commitments and Contingencies (Tables)
 9 Months Ended
Sep. 30, 2018
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Rent Expenses

For nine months ended September 30, 2018 and 2017, the Company has incurred rent expenses solely for the office premises in Malaysia on a monthly basis as follows:

 

   

Nine Months Ended

September 30, 2018

    

Nine Months Ended

September 30, 2017

  
Rent Expenses   $ 11,531     $ 9,405  
    $ 11,531     $ 9,405  
Schedule of Prepayment and Deposit of Rent

   

As at

September 30, 2018

    

As at

December 31, 2017

  
Rent Prepayment (1)   $ 4,104     $ 3,967  
Rent Deposit (2)     16,418       1,322  
    $ 20,522     $ 3,967  

 

  (1) Rent prepayment solely for the office premises in Malaysia and due under a cancellable operating lease in the next six months for Malaysia office premises.
  (2) Rent deposit is refundable upon maturity of tenancy agreement and pre-maturity cancellation will be forfeited.
Schedule of Obligation Under the Finance Lease

The obligation under the finance lease is as follows:

 

   

As of

September 30, 2018

    

As of

December 31, 2017

  
Finance lease   $ 68,709     $ 18,033  
Less: interest expense     (9,466 )     (2,336 )
Net present value of finance lease   $ 59,243     $ 15,697  
                 
Current portion   $ 7,600     $ 3,571  
Non-current portion     51,643       12,126  
Total   $ 59,243     $ 15,697  
Schedule of Maturities of Finance Lease

As of September 30, 2018, the maturities of the finance lease for each of the years are as follows:

 

2018     1,862  
2019     7,702  
2020     8,113  
2021     8,523  
2022     8,934  
2023     9,344  
2024     9,754  
2025     5,011  
Total   $ 59,243  
XML 42 R33.htm IDEA: XBRL DOCUMENT v3.10.0.1
Description of Business and Organization (Details Narrative)
Sep. 30, 2018
Apr. 27, 2016
DSwiss HK Limited [Member] | Seychelles [Member]    
Equity ownership interest rate percentage 100.00%  
DSwiss Holding Limited [Member] | Hong Kong [Member]    
Equity ownership interest rate percentage 100.00%  
DSwiss Biotech Sdn, Bhd [Member] | Malaysia [Member]    
Equity ownership interest rate percentage 40.00%  
DS Asia Co., Ltd [Member] | Thailand [Member]    
Equity ownership interest rate percentage 49.00% 49.00%
DSwiss International Trading (Shenzhen) Limited [Member] | China [Member]    
Equity ownership interest rate percentage 100.00%  
XML 43 R34.htm IDEA: XBRL DOCUMENT v3.10.0.1
Description of Business and Organization - Schedule of Variable Interest Entity (Details)
 9 Months Ended
Sep. 30, 2018
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$1 each
Principal activities Supply of beauty products
Proportional of ownership interest and voting power held 100.00%
DSwiss Sdn Bhd [Member]  
Company name DSwiss Sdn Bhd
Place and date of incorporation Malaysia, June 10, 2011
Particulars of issued capital 2 shares of ordinary share of RM 1 each
Principal activities Supply of beauty products
Proportional of ownership interest and voting power held 100.00%
DSwiss Biotech Sdn Bhd [Member]  
Company name DSwiss Biotech Sdn Bhd [1]
Place and date of incorporation Malaysia, March 17, 2016
Particulars of issued capital 250,000 shares of ordinary share of RM 1 each
Principal activities Supply of biotech products
Proportional of ownership interest and voting power held 40.00%
DS Asia Co., Ltd [Member]  
Company name DS Asia Co., Ltd [1]
Place and date of incorporation Thailand, April 27, 2016
Particulars of issued capital 20,000 shares of ordinary share of THB 25 each
Principal activities Trading Beauty products
Proportional of ownership interest and voting power held 49.00%
DSwiss International Trading (Shenzhen) Limited [Member]  
Company name DSwiss International Trading (Shenzhen) Limited
Place and date of incorporation PRC, June 21, 2016
Particulars of issued capital 413,392 shares of ordinary share of RMB 1 each
Principal activities Trading Beauty products
Proportional of ownership interest and voting power held 100.00%
[1] Based on the contractual arrangements between the Company and other investors, the Company has the power to direct the relevant activities of these entities unilaterally, and hence the Company has control over these entities.
XML 44 R35.htm IDEA: XBRL DOCUMENT v3.10.0.1
Summary of Significant Accounting Policies (Details Narrative)
 9 Months Ended
Sep. 30, 2018
USD ($)
Number
Sep. 30, 2017
USD ($)
Accounting Policies [Abstract]    
Shipping and handling fees | $ $ 2,555 $ 2,411
Finite-lived intangible asset, useful life 5 years  
Minimum percentage of income tax benefit greater than 50%  
Number of Reportable Segments | Number 4  
XML 45 R36.htm IDEA: XBRL DOCUMENT v3.10.0.1
Summary of Significant Accounting Policies - Summary of Property and Equipment Useful Life (Details)
 9 Months Ended
Sep. 30, 2018
Computer and Software [Member]  
Property, Plant and Equipment [Line Items]  
Property and equipment estimated useful lives 5 years
Furniture and Fittings [Member]  
Property, Plant and Equipment [Line Items]  
Property and equipment estimated useful lives 5 years
Office Equipment [Member]  
Property, Plant and Equipment [Line Items]  
Property and equipment estimated useful lives 10 years
Motor Vehicle [Member]  
Property, Plant and Equipment [Line Items]  
Property and equipment estimated useful lives 5 years
Renovation [Member]  
Property, Plant and Equipment [Line Items]  
Property and equipment estimated useful lives 5 years
XML 46 R37.htm IDEA: XBRL DOCUMENT v3.10.0.1
Summary of Significant Accounting Policies - Schedule of Foreign Currencies Translation (Details)
Sep. 30, 2018
Sep. 30, 2017
Period-End MYR : US$1 Exchange Rate [Member]    
Foreign currency exchange rate, translation 4.14 4.42
Period-Average MYR : US$1 Exchange Rate [Member]    
Foreign currency exchange rate, translation 4.09  
Period-End HK$ : US$1 Exchange Rate [Member]    
Foreign currency exchange rate, translation 7.83 7.81
Period-Average HK$ : US$1 Exchange Rate [Member]    
Foreign currency exchange rate, translation 7.85 7.81
Period-End RMB : US$1 Exchange Rate [Member]    
Foreign currency exchange rate, translation 6.87 6.65
Period-Average RMB : US$1 Exchange Rate [Member]    
Foreign currency exchange rate, translation 6.80 6.67
Period-End THB : US$1 Exchange Rate [Member]    
Foreign currency exchange rate, translation 32.33 33.53
Period-Average THB : US$1 Exchange Rate [Member]    
Foreign currency exchange rate, translation 33.01 33.38
Period-Average MYR : US$1 Exchange Rate [Member]    
Foreign currency exchange rate, translation   4.26
XML 47 R38.htm IDEA: XBRL DOCUMENT v3.10.0.1
VIE Structure and Arrangements (Details Narrative)
Jun. 27, 2016
Management Services Agreement I [Member]  
Percentage of annual net profit 100.00%
Management Services Agreement II [Member]  
Percentage of annual net profit 100.00%
XML 48 R39.htm IDEA: XBRL DOCUMENT v3.10.0.1
Stockholders' Equity (Details Narrative) - USD ($)
 12 Months Ended
Mar. 01, 2017
Sep. 15, 2015
Sep. 10, 2015
Sep. 08, 2015
Dec. 31, 2016
Sep. 30, 2018
Dec. 31, 2017
Apr. 27, 2016
Mar. 17, 2016
Common stock, par value           $ 0.0001 $ 0.0001    
Non-controlling interest           $ 16,485 $ 32,091    
Debt amount converted into shares, value $ 638,400                
Debt amount converted into common shares 2,964,500                
Common stock issued           206,904,600 206,904,600    
Common stock outstanding           206,904,600 206,904,600    
Preferred stock, shares issued              
Preferred stock, shares outstanding              
Minimum [Member]                  
Conversion price per share $ 0.1                
Maximum [Member]                  
Conversion price per share $ 0.4                
DSwiss Biotech Sdn Bhd [Member] | Malaysia [Member]                  
Equity interest percentage                 40.00%
Non-controlling interest                 $ 33,437
DS Asia Co., Ltd [Member] | Thailand [Member]                  
Equity interest percentage           49.00%   49.00%  
Non-controlling interest               $ 7,120  
Fifty Five Shareholders [Member] | Subscription Agreements [Member]                  
Common stock, par value   $ 0.0001              
Stock issued during period, shares, new issues   2,792,600              
Shares issued price per share   $ 0.1              
Stock issued during period, value, new issues   $ 279,260              
Restricted Stock [Member] | Mr. Leong Ming Chia and Greenpro Venture Capital Limited [Member]                  
Stock issued during period, shares, restricted stock award, gross       200,000,000          
Common stock, par value       $ 0.0001          
Stock issued during period, value, restricted stock award, gross       $ 20,000          
Restricted Stock [Member] | Mr. Chua Lee Yee, Mr. Cheng Zhee Long and Ms. Ng Siew Yen [Member]                  
Stock issued during period, shares, restricted stock award, gross     450,000            
Common stock, par value     $ 0.0001            
Stock issued during period, value, restricted stock award, gross     $ 450            
Initial Public Offering [Member]                  
Stock issued during period, shares, new issues         597,500        
Shares issued price per share         $ 0.8        
Aggregate gross proceeds of initial public offering         $ 478,000        
XML 49 R40.htm IDEA: XBRL DOCUMENT v3.10.0.1
Property and Equipment (Details Narrative) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Property, Plant and Equipment [Abstract]        
Depreciation expense $ 4,571 $ 7,080 $ 18,334 $ 18,431
XML 50 R41.htm IDEA: XBRL DOCUMENT v3.10.0.1
Property and Equipment - Schedule of Property and Equipment (Details) - USD ($)
Sep. 30, 2018
Dec. 31, 2017
Property, Plant and Equipment [Line Items]    
Total property and equipment $ 202,110 $ 153,867
Accumulated depreciation (102,080) (97,233)
Property and equipment, net 100,030 56,634
Computer and Software [Member]    
Property, Plant and Equipment [Line Items]    
Total property and equipment 89,291 90,268
Furniture and Fittings [Member]    
Property, Plant and Equipment [Line Items]    
Total property and equipment 6,087 3,063
Office Equipment [Member]    
Property, Plant and Equipment [Line Items]    
Total property and equipment 9,407 9,586
Renovation [Member]    
Property, Plant and Equipment [Line Items]    
Total property and equipment 18,502 32,107
Motor Vehicles [Member]    
Property, Plant and Equipment [Line Items]    
Total property and equipment $ 78,823 $ 18,843
XML 51 R42.htm IDEA: XBRL DOCUMENT v3.10.0.1
Intangible Assets (Details Narrative) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Goodwill and Intangible Assets Disclosure [Abstract]        
Amortization of intangible assets $ 256 $ 159 $ 127 $ 234
XML 52 R43.htm IDEA: XBRL DOCUMENT v3.10.0.1
Intangible Assets - Schedule of Intangible Assets (Details) - USD ($)
Sep. 30, 2018
Dec. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]    
Trademarks $ 12,063 $ 11,629
Amortization (1,978) (1,417)
Intangible assets, net $ 10,085 $ 10,212
XML 53 R44.htm IDEA: XBRL DOCUMENT v3.10.0.1
Prepaid Expenses and Deposits - Schedule of Prepaid Expenses and Deposits (Details) - USD ($)
Sep. 30, 2018
Dec. 31, 2017
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]    
Prepaid expenses $ 6,503 $ 3,334
Deposits 33,799 65,098
Other Receivable 7,883 7,928
Total prepaid expenses and deposits $ 48,185 $ 76,360
XML 54 R45.htm IDEA: XBRL DOCUMENT v3.10.0.1
Inventories - Schedule of Inventories (Details) - USD ($)
Sep. 30, 2018
Dec. 31, 2017
Inventory Disclosure [Abstract]    
Finished goods, at cost $ 27,436 $ 19,126
Total inventories $ 27,436 $ 19,126
XML 55 R46.htm IDEA: XBRL DOCUMENT v3.10.0.1
Other Payables and Accrued Liabilities - Schedule of Other Payables and Accrued Liabilities (Details) - USD ($)
Sep. 30, 2018
Dec. 31, 2017
Payables and Accruals [Abstract]    
Other payables $ 37 $ 10,712
Accrued audit fees 2,500 15,000
Accrued other expenses 24,662 514
Total payables and accrued liabilities $ 27,199 $ 26,226
XML 56 R47.htm IDEA: XBRL DOCUMENT v3.10.0.1
Hire Purchase Payables (Details Narrative) - Finance Lease Agreement [Member]
 9 Months Ended
Sep. 30, 2018
Finance lease, effective interest rate percentage 2.38%
Finance lease, description The effective interest rate of 3.94% per annum, due through June, 2025, with principal and interest payable monthly
XML 57 R48.htm IDEA: XBRL DOCUMENT v3.10.0.1
Hire Purchase Payables - Schedule of Obligations Under Finance Lease (Details) - USD ($)
 9 Months Ended 12 Months Ended
Sep. 30, 2018
Dec. 31, 2017
Leases [Abstract]    
Finance lease $ 68,709 $ 18,033
Less: interest expense (9,466) (2,336)
Net present value of finance lease 59,243 15,697
Current portion 7,600 3,571
Non-current portion 51,643 12,126
Total $ 59,243 $ 15,697
XML 58 R49.htm IDEA: XBRL DOCUMENT v3.10.0.1
Hire Purchase Payables - Schedule of Maturities of Finance Lease (Details) - USD ($)
Sep. 30, 2018
Dec. 31, 2017
Leases [Abstract]    
2018 $ 1,862  
2019 7,702  
2020 8,113  
2021 8,523  
2022 8,934  
2023 9,344  
2024 9,754  
2025 5,011  
Total $ 59,243 $ 15,697
XML 59 R50.htm IDEA: XBRL DOCUMENT v3.10.0.1
Income Taxes (Details Narrative)
 9 Months Ended
Sep. 30, 2018
USD ($)
DSwiss HK Limited [Member] | Hong Kong [Member]  
Percentage of statutory income rate 16.50%
DSwiss Sdn Bhd and DSwiss Biotech Sdn Bhd [Member] | Malaysia [Member] | Minimum [Member]  
Percentage of statutory income rate 18.00%
DSwiss Sdn Bhd and DSwiss Biotech Sdn Bhd [Member] | Malaysia [Member] | Maximum [Member]  
Percentage of statutory income rate 24.00%
DSwiss International Trading (Shenzhen) Limited [Member] | People's Republic of China (PRC) [Member]  
Percentage of statutory income rate 25.00%
DS Asia Co., Ltd [Member] | Thailand [Member] | Minimum [Member]  
Percentage of statutory income rate 0.00%
DS Asia Co., Ltd [Member] | Thailand [Member] | Maximum [Member]  
Percentage of statutory income rate 20.00%
DS Asia Co., Ltd [Member] | Thailand [Member] | Maximum [Member] | Thai Baht [Member]  
Paid-in capital amount $ 5,000,000
Income from sale of goods $ 30,000,000
XML 60 R51.htm IDEA: XBRL DOCUMENT v3.10.0.1
Income Taxes - Schedule of Components of Income Loss Before Income Taxes (Details) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Tax jurisdictions from local     $ (22,337) $ (46,155)
Loss before income tax $ (114,497) $ (69,219) (286,247) (206,374)
Seychelles [Member]        
Tax jurisdictions from foreign     (1,775) (1,729)
Hong Kong [Member]        
Tax jurisdictions from foreign     (98,682) (66,082)
Malaysia [Member]        
Tax jurisdictions from foreign     (145,316) (68,154)
People's Republic of China (PRC) [Member]        
Tax jurisdictions from foreign     (17,352) (23,799)
Thailand [Member]        
Tax jurisdictions from foreign     $ (171) $ (455)
XML 61 R52.htm IDEA: XBRL DOCUMENT v3.10.0.1
Income Taxes - Schedule of Provision for Income Taxes (Details) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Income Tax Disclosure [Abstract]        
Current: local    
Current: foreign    
Deferred: local    
Deferred: foreign    
Income tax expense
XML 62 R53.htm IDEA: XBRL DOCUMENT v3.10.0.1
Concentrations of Risk (Details Narrative)
 3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Customers [Member]        
Concentration risk percentage 10.00% 10.00% 10.00% 10.00%
Vendors [Member]        
Concentration risk percentage 10.00% 10.00% 10.00% 10.00%
XML 63 R54.htm IDEA: XBRL DOCUMENT v3.10.0.1
Concentrations of Risk - Schedule of Concentrations of Risk (Details) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Revenues $ 16,254 $ 42,367 $ 168,442 $ 135,433
Major Customers [Member]        
Revenues $ 15,561 $ 17,734 $ 94,237 $ 100,758
Percentage of revenues & purchases 96.00% 42.00% 56.00% 75.00%
Accounts receivable, trade
Major Customers [Member] | Customer A [Member]        
Revenues $ 9,675 $ 9,852 $ 94,237 $ 45,000
Percentage of revenues & purchases 60.00% 23.00% 56.00% 33.00%
Accounts receivable, trade
Major Customers [Member] | Customer B [Member]        
Revenues $ 5,886 $ 7,882 $ 35,945
Percentage of revenues & purchases 36.00% 19.00% 0.00% 27.00%
Accounts receivable, trade
Major Customers [Member] | Customer C [Member]        
Revenues     $ 19,813
Percentage of revenues & purchases     0.00% 15.00%
Accounts receivable, trade
Major Vendors [Member]        
Percentage of revenues & purchases 100.00% 100.00% 78.00% 97.00%
Purchase $ 33,556 $ 7,441 $ 63,240 $ 44,135
Accounts payable, trade $ 6,539 $ 6,539
Major Vendors [Member] | Vendor A [Member]        
Percentage of revenues & purchases 86.00% 64.00% 57.00% 64.00%
Purchase $ 28,996 $ 4,770 $ 46,394 $ 29,216
Accounts payable, trade $ 6,539 $ 6,539
Major Vendors [Member] | Vendor B [Member]        
Percentage of revenues & purchases 14.00% 36.00% 21.00% 33.00%
Purchase $ 4,560 $ 2,671 $ 16,846 $ 14,919
Accounts payable, trade
XML 64 R55.htm IDEA: XBRL DOCUMENT v3.10.0.1
Commitments and Contingencies - Schedule of Rent Expenses (Details) - USD ($)
 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Office Premises [Member] | Malaysia [Member]    
Rent Expenses $ 11,531 $ 9,405
XML 65 R56.htm IDEA: XBRL DOCUMENT v3.10.0.1
Commitments and Contingencies - Schedule of Prepayment and Deposit of Rent (Details) - USD ($)
Sep. 30, 2018
Dec. 31, 2017
Commitments and Contingencies Disclosure [Abstract]    
Rent Prepayment [1] $ 4,104 $ 3,967
Rent Deposit [2] 16,418 1,322
Prepayment and Deposit of Rent, Total $ 20,522 $ 3,967
[1] Rent prepayment solely for the office premises in Malaysia and due under a cancellable operating lease in the next six months for Malaysia office premises.
[2] Rent deposit is refundable upon maturity of tenancy agreement and pre-maturity cancellation will be forfeited.
XML 66 R57.htm IDEA: XBRL DOCUMENT v3.10.0.1
Commitments and Contingencies - Schedule of Obligation Under the Finance Lease (Details) - USD ($)
 9 Months Ended 12 Months Ended
Sep. 30, 2018
Dec. 31, 2017
Commitments and Contingencies Disclosure [Abstract]    
Finance lease $ 68,709 $ 18,033
Less: interest expense (9,466) (2,336)
Net present value of finance lease 59,243 15,697
Current portion 7,600 3,571
Non-current portion 51,643 12,126
Total $ 59,243 $ 15,697
XML 67 R58.htm IDEA: XBRL DOCUMENT v3.10.0.1
Commitments and Contingencies - Schedule of Maturities of Finance Lease (Details) - USD ($)
Sep. 30, 2018
Dec. 31, 2017
Commitments and Contingencies Disclosure [Abstract]    
2018 $ 1,862  
2019 7,702  
2020 8,113  
2021 8,523  
2022 8,934  
2023 9,344  
2024 9,754  
2025 5,011  
Total $ 59,243 $ 15,697
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